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1UG 9
BUS. ADM
1937
.UBftAKY
COPYRIGHTED IN 1937 BY WILLIAM B.
DANA COMPANY, NEW
VD1
¥U
1 d. R
It J.
,88u®d Weekly, 60 Cents
a
Copy-
, lfi-00 per year
BROOKLYN
YORK;
ENTERED AS SECOND-CLASS MATTER JUNE 23. 1879, ATTHE P08T OPPIOE AT NEW YORK, NEW YORK, UNDER THE ACT OP MARCH 3, I87».
NEW YORK, AUGUST 7,1937
William cor. Spruce Sts.,N.Y.City
*
NO. 3763.
».
TRUST
THE
CHASE
COMPANY
Chartered
NATIONAL BANK
1866
Kidder, Peabody
George V, McLaughlin
President
NEW YORK
NEW YORK
&
OF
Go.
CITY
The
BOSTON
PHILADELPHIA
BROOKLYN
THE
OF
NEW
YORK
chase is
tra-
ditionally a bankers' bank.
Member Federal Deposit Insurance
For
Corporation
many
served
it has
years
large number
a
of banks and bankers
as
New York-
White, Weld & Co.
correspondent
and
depository.
reserve
Members New York Stock Exchange
Member Federal
Deposit Insurance Corporation
Boston
New York
Amsterdam
London
Bonds
Correspondent
United States
Quotations Facilities Corporation
Government
Paris
v! Securities
>
The
Hallgartenfk Go.
FIRST BOSTON
Brown Harriman & Co.
Incorporated
CORPORATION
63 Wall
Established 1850
NEW YORK,
BOSTON
CHICAGO™
.
!
,
Telephone: BOwIing Green 9-5000
«;».
Boston
NEW YORK
PHILADELPHIA
AND OTHER
SAN FRANCISCO
Philadelphia
San Francisco
Chicago
Washington
PRINCIPAL CITIES
Representatives in other leading Cities
London
Chicago
Street, New York
Wertheim & Co.
120
The
Broadway
State and
New York
Amsterdam
London
carl m. loeb & co.
-
61
Amsterdam
;•••••
Company
,;
.
BROADWAY
Capital Funds
NEW YORK
Berlin
London
Municipal Bonds
New\brkTrust
.
.
•
$37,500,000
*s
Barr Brothers & Co.
INC.
New York
Paris
Chicago
IOO BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
Service
EDWARD B. SMITH & CO.
31 Nassau Street
PHILADELPHIA
CLEVELAND
New York
European Representative's Office:
WILLIAM STREET
LONDON, E. G 4
HORNB LOWER
&
WEEKS
Established 1888
40 Wall Street
Correspondent
Edward B. Smith & Co., Inc.
St. Louis
*
NEW YORK
r
r
,
Members New York, Boston, Chicago,
Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
i
I
BOSTON
LONDON
8 KING
CHICAGO
Banks and
Dealers since" 1888
f
Minneapolis
to
NEW YORK
Cleveland, Philadelphia and
Detroit Stock Exchanges
i
Financial
II
Aug. 7, 1937
Chronicle
BAKER, WEEKS
& HARDEN
Becker & Co.
G.
A.
J. & W. Seligman & Co.
Investment Securities
Incorporated
Members
Established 1893
New York Stock Exchange
No. 54 Wall Street
New York Curb Exchange
Philadelphia Stock Exchange
Investment Securities
NEW YORK
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
Graybar Building, New York
Chicago
New York
London
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
SELIGMAN BROTHERS
6
Lothbury, London, E. C. 2
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
And Other Cities
Correspondents
Bourse
Foreign
Leading Out-of-Town
Australasia and tyew Zealand
Investment Bankers and Brokers
BANK OF
NEW SOUTH WALES
(ESTABLISHED 1817)
NEWARK
BIRMINGHAM
New
MARX & CO.
(With
which the Western Australian Bank and The
Australian Bank of Commerce, Ltd., are amalgamated)
Jersey State & Municipal Bonds
Paid up Capital
Reserve Fund
Reserve
Newark Bank & Insurance Stocks
£23,710,000
BIRMINGHAM, ALABAMA
Aggregate Assets 30th Sept., 1936. £115,150,000
A. C. DAVIDSON, General Manager
.
MUNICIPAL AND
SOUTHERN
CORPORATION BONDS
£8,780,000
6,150,000
8,780,000
Liability of Proprietors
J. S. RIPPEL & CO.
18 Clinton St.
Newark, N. J.
780 BRANCHES
tralasian
Produce
AGENCIES
in
the
Banking
Business.
and
Wool
other
Credits arranged.
Head
DETROIT
AND
Australian States, New Zealand, Fiji,
Papua,
Mandated Territory of New Guinea, and London.
The Bank transacts every description of Aus¬
Office:
George Street,
London Offices:
HARTFORD
29 Threadneedle
47
SYDNEY
Street, E.C.2
Berkeley Square, W.l
Agency arrangements with Banks throughout
the U. S. A.
MICHIGAN MUNICIPALS
Specialists in Connecticut
and
Securities
CORPORATION BONDS
WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
Detroit Stock Exchange
334 BUHL
New York Curb. Assoc.
Chicago Stock Exch.
DETROIT
BLDG.,
PUTNAM & CO.
Members New York Stock Exchange
6 CENTRAL ROW
Tel. 5-0151.
NATIONAL BANK
of EGYPT
HARTFORD
A. T. T. Teletype—Hartford 35
Head Office
Cairo
.
FULLY PAID CAPITAL
RESERVE FUND
PALM
BEACH
AND
WEST
PALM
.
.
.
£3,000,000
.
,
3,000,000
.
BEACH
LONDON AGENCY
6 and
PUBLIC UTILITY BONDS
7, King William Street, E. C. 4
Specializing in
Branches in all the
FLORIDA BONDS
principal Towns in
EGYPT and the SUDAN
Charles A. Parcel Is & Co.
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
CARLBERG & COOK, INC.
Palm Beach—West Palm
Bell System Teletype:
Beach, Fla.
W-Palm Beach No. 84
Royal Bank of Scotland
Incorporated by Royal Charter 1727
MIAMI
Capital (fully paid)
LOUIS
£3,780,192
Reserve
ST.
£3,944,171
fund
Deposits
We buy and sell
own
for
Florida Municipal Bonds
(bratiGAN.MiWvR e(b.
--
Over
our
200
account
INC.—
Ingraham Bldg.,
£66,800,985
St/x
Co.
&
Years of
Commercial
CHIEF FOREIGN
3
BA/NT LOU 19
Banking
DEPARTMENT
Bishopsgate, London, England
HEAD
OFFICE—Edinburgh
9090UVE st
General Manager
MIAMI
William Whyte
Bell System Teletype MMI 80
Total number of offices, 254
Members St. Louis Stock Exchange
Associated Bank, Williams Deacon's
Bank, Ltd.
MILWAUKEE
Hong Kong & Shanghai
BANKING
Missouri and Southwestern
WISCONSIN
Stocks and Bonds
CORPORATION SECURITIES
Bought—Sold—Quoted
EDGAR, RICKER & CO.
750 North Water
Street,
Milwaukee, Wis.
CORPORATION
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Authorized Capital (Hongkong
Smith, Moore & Go.
St. Louis
The First Boston 1
Corp. Wire
St. Louis Stock
Exchange
Currency) HJ50,000,000
Paid-up Capital (Hongkong Currency)_H$20,000,000
Fund in Sterling
£6,500.000
Reserve Lund in Silver (Hongkong Cur¬
Reserve
rency)
Reserve
kong
HS10.000,000
Liability
of Proprietors
Currency)
A. G.
72 WALL
(Hong¬
H*20.000.000
KELLOGG, Agent
STREET, NEW YORK
Volume
Financial
145
Dividends
Chronicle
m
Dividends
Dividends
DIVIDENDS
American Woolen
ARMOUR and COMPANY
COMPANY
>
SOCONY-VACUUM
OIL COMPANY
(ILLINOIS)
INCORPORATED
INCORPORATED
On
Dividend
Aug. 3,
No. 121
1937
July 16 a dividend of twenty
cents
(20c.) per share on the
stock of the above
common
poration
of
Board
The Board of Directors has this
September
day declared a dividend of
Twentyfive Cents (25^£) per
share on the Capital Stock of this
Corporation of the par value
of Fifteen Dollars ($15.00) each,
payable September 15, 1937,
stockholders
to
close
the
of
of
record
business,
at
three
business
August 25,
and
a
a
1937.
quarterly dividend
three-fourths
dividend of
half
per
Preferred
Cumulative
Convertible
corporation
of
the
Dividend
record
at
the
September 10,
No.
110
quarterly dividend of forty cents
(40i) per share has been declared on
the outstanding common stock of this
Company, payable September 1, 1937,
stockholders of record
at
the close
of business August 14, 1937.
will be mailed.
Checks
and
of
July 16
one
and
(1%%)
three-fourths
share
per
Preferred
on
per
the
1937,
stockholders of record
L.
declared
quarterly dividend of one and
a
Company, for
1937, payable
the
quarter
the
same
on
ending
August
at
the
Sept. 10, 1937.
LALUMIER, Secretary
of the close of business
as
meeting
cent
per
the
a dividend of one and
(1%%) per share was
Seven
Per
Cent
Cumulative
Company, for the quarter
ending Aug. 31, 1937, payable by check Septem¬
ber 15, 1937, to stockholders of record as of the
close of business August 31, 1937.
W.
SOUTHERN
R.
EMERSON. Treasurer.
CALIFORNIA
EDISON
COMPANY LTD.
Los Angeles, California
The regular quarterly dividend of 37He. per
on
the outstanding Series "B"
6% Pre¬
Stock (being Series "B" Preferred Stock
share
ferred
Dividend No. 54)
was declared on July 30, 1937,
September 15, 1937, to stock¬
Aug. 20, 1937.
Checks will
be mailed from Los Angeles September 14th.
for
payment
on
holders of record
E. L. NOETZEL, Treasurer
on
B.
T.
STORY, Treasurer.
kaufmann department
stores; inc.
Preferred Dividend No. 98
Pittsburgh, Pa., August 5,1937.
The Directors have declared a dividend of
$1.75 per share on the Preferred Stock, payable
September 30, 1937, to all holders of record
September 10, 1937.
Cheques will be mailed.
OLIVER
M.
KAUFMANN, Treasurer.
Directory of Stock
and
LOEW'S INCORPORATED
*
'THEATRES
Bond
Houses
EVERYWHERE"
"Security Dealers of North America"
August 7th, 1937.
THE Board of Directors onAugust 4th, 1937
declared
dividend of $3.00 per share on
Published
a
semi-annually
the Common Stock of this Company, pay¬
of August, 1937 to stock¬
holders of record at the close of business on
able
on
the 25th day
the 14th day of August,
mailed.
1937. Checks will be
BERNSTEIN
DAVID
Vice-President 6* Treasurer
A
1,202 Page Book containing over 11,000 listings arranged
alphabetically by States and Cities with full details such as:
Street address
Officers
or
Partners
Department Heads
Branches maintained with street address
Notices
The First National Bank of Covina, located at
Govina, In the State of California, is closing Its
affairs.
All note holders and other creditors of
the association are therefore hereby notified to
present the notes and other claims for payment.
Dated
and
name
of resident manager
Character of business and class of securities handled
Stock Exchange memberships held
Correspondents
Private wire connections
Local &
*
Long Distance Telephone Numbers
B. B. JENKS, Cashier.
May 25, 1937.
HERBERT D. SEIBERT & CO.
Incorporated
Harper & Turner
INC.
Publishers
Hew York City
Telephone—BEekman
STOCK
EXCHANGE
BUILDING
PHILADELPHIA
Business Established 1912
j
95 Spruce Street
Investment Bankers
31,
by check September 15, 1937, to
Capital
Directors, payable Oct. 1, 1937,
E.
ILLINOIS
stockholders of record
August 31, 1937.
Stock of the above corporation
was
declared by the Board of
close of business
ELECTRIC
one-half per cent (1H%) Per share on the Six
Per
Cent
Cumulative Preferred Stock of the
declared
quarterly dividend
AND
The Board of Directors of Oklahoma Gas and
Electric Company, at a meeting held on July 28,
Preferred Stock of the
a
Cumulative
to
GAS
COMPANY
three-fourths
The Borden Company
i
OKLAHOMA
CHICAGO
At
COMPANY
OF DELAWARE
cent
A
LALUMIER, Secretary
ARMOUR
On
Treasurer
Prior
1937.
E. L.
close.
not
F. S. CONNETT,
above
declared by
the Board of Directors, both
payable
October 1,
1937, to
of
will
August 4, 1937.
were
close of business
books
dollar and
one
Stock
shareholders
73ofdMv5
Transfer
Checks will be mailed
($1.50) per share on the
and
outstanding $6.00
Checks will be mailed.
Common
Company held today, a
quarterly dividendon the Preferred
stock of $1.00 a share on account
of arrears was declared, payable
September
15, 1937 to
stock¬
holders of record September1,193 7.
{!%%) per share on the
7% Cumulative Preferred Stock,
issued
W. D. Bickham, Secretary
Woolen
cent
o'clock P.M., August 19, 1937.
The transfer books do not close.
to
ATDirectors ofof the American
a meeting
the Board of
holders of record at the close of
On July 16 a
of one and
Fourth Ave., New York, N.Y.
225
cor¬
declared by the
Directors,
payable
15, 1937, to share¬
was
3-1767
Vol. 145
No. 3763.
AUGUST 7, 1937
CONTENTS
Editorials
Financial Situation
The Seat of
page
811
_
Authority in Legislation.
. - -
823
Six Anonymous Sub-Presidents.
825
The Political
826
Significance of the War in China
Comment and Review
Monthly Range of Prices
on
the N. Y. Stock Exchange. 864
New
Capital Flotations in the United States During
July
827
Week
on
the European Stock Exchanges
815
Foreign Political and Economic Situation
816
820 & 882
Foreign Exchange Rates and Comment
832
Course of the Bond Market—.
Indications of Business Activity
833
Week
on
the New York Stock Exchange
813
Week
on
the New York Curb Exchange
881
News
Current Events and Discussions
..
846
Bank and Trust Company Items
879
General
928
Corporation and Investment News
Dry Goods Trade
974
State and
975
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
882 & 893
Dividends Declared...
887
Auction Sales
927
New York Stock Exchange—Stock Quotations
894
.
New York Stock
Exchange—Bond Quotations
894 & 904
New York Curb
Exchange—Stock Quotations
910
New York Curb Exchange—Bond Quotations
914
Other
Exchanges—Stock and Bond Quotations
916
Canadian Markets—Stock and Bond Quotations
921
Over-the-Counter Securities—Stock & Bond Quotations
.
924
Reports
Foreign Bank Statements
Course of Bank
819
...
Clearings
882
Federal Reserve Bank Statements
891
General
928
Corporation and Investment News
Commodities
The Commercial Markets and the
Cotton
Breadstuffs
Published Every Saturday
Crops
965
...
967
972
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, B. 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, S15.00 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 or the fluctuation in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds
The Financial Situation
IT good
HAS
now become painfully evident sustained
that the
and
the
courage
that
Congress in its
court issues
matters
resistance
under
be
President
the
short
and
the
in
True,
longer
than
more
sporadic, and
is described in
seal
is perhaps to be
when
to go home, the House and Senate Tax Avoid-
Committee
ance
greater
but effective opposition to the President is
seen,
gress
tempers
somewhat
disobey the President
Meanwhile, despite the anxiety of members of Con-
that other
now
consideration.
little
a
readiness to
to
not at its command
are
are
to
seem
Other Measures
sense
_
tax
mated
on
Thursday asked Congress for what
dispatches
press
law
loopholes
that
turn
paths
not
but
into the
to
by-ways.
no
legislators
A
part, however, Con¬
gress
again docilely takes
"We
that
of
as
Pennsylvania
to say
more
Avenue,
possibly
have
may
mering.
not
get
It
the
as
may
President
wage
seen,
at least several
may
To the few who
for
the
or
structive ideas in
is
been
to
reason
Senate
The
has
on
of
for
ure
some
the
was
doubt
House
the
at
President
as
of
measure,
Sen¬
remains
to
be
seen
the bill will take.
sirable
at
this
measure,
writing.
of
a
at
reason
of
ing
for
voters
the
radical
are
strong."
consummation
change
could
No
be
are
a
It
as
groups
was
in the lower
however, has
form
the
a
of
which
hardly
spokesman
the
draft
It
of
adoption of a grossly undehowever, seems all but inevitable
course
not
a
shadow
for any law of this* general nature
on
conviction
willing
bargain with
autumn to
necessary
having
a
if
a
consummated
sides to
farmers
guise of loans and
of
now
become
a
the
consummate
session
such
a
the
further
the
con¬
poli-
Senator
sort of White House
President
special
in
a
Washington
as
expressing
would
of
be
Congress
quite
this
"deal" if it seemed
for the
now
purposes in hand.
In fine, Congress
definitely defied and signally defeated
the President in the matter of "packing" the Supreme
Court, is
to
now
eager
to
enjoy the political
get back into the fold and
blessings that
likely to flow from various New Deal
I
is
Congressmen,
Capitol Hill, is quoted
call
to
appear
would result in further sub¬
to
that
session
President
the operations of the farmers.
Barkley, who has
The
The
There is of
over
now
modified,
final
ticians
large
substan¬
begins to
now
bloc
trol
the result of what
a
this
strengthening of
wholly undesirable bill.
what
on
probability of
to be very
driving
the circumstances that compel this
measure, somewhat
a
the
also that the
assertion.
by certain
in
tial.
are
than
subsidies
seems
encouraging
more
said
are
occupied
legislation at
ele¬
meaning though
effected
well
scale,
bid for the support
and those members of
"tale of little
a
turning
housing
President apparently
strongly desirous of hous¬
was
sale
are now
Washington, and with the
with those of the
are
Republican Club
than
present.
good
bill
a
purely local considerations.
but still
in¬
pos¬
by Senator Wagner.
be
to
such.
as
Democratic Party whose sympathies
more
time
favorably reported the
hasty,
Housing lobbies
those drawn and
adopted by the Committee
of the National
Labor-Committee of the House,
true,
sired
not
consent
house arising out of
is
they do
Republicans of the country.
As things now stand such resolutions
reasons.
as
for
rejoicing
technically in its ranks, and make
the words
largely
least,
legislation of the type de¬
that
course
no
more
with the President than are the
ideas of the more conservative and
intelligent
meas¬
said to be opposition
it
is .of
independent
the
to whether
would
the
say
good,
their attention to
genuine and intelligent
passed
one
for
present,
that
ments
avowing that
purely local
There
at
very
,
supported the
at
to
meanwhile
that the Repub¬
bring itself to give the
distinguished line¬
openly
age
he had
whole
a
cause
The trouble last
year
lican Party could not
thoroughly iniquitous
ator
prospect
is
Leaders in the House
justify the belief
really inspired
all thoughtful citizens.
Republicans than they
the
one
as
great
Democratic Party
the House
to
wages-hours bill,
to
for
be
or
which are much more in accord with
those
of many influential men
who call themselves
good
any.
and sent
a
hope
this report,
effective and perhaps
the President has
captured a large
wing of the party with his New Deal
ideas,
general,
of
appearance
the
point of hard fact represent the ideas of
substantial part of the party in other
than a purely Pickwickian sense.
The truth
con¬
any
the
moment
these
as
in
a
uous, or would be if there
had
could
doctrines
The trouble
discouragingly conspic¬
ever
If past actions
message.
indications
would
among
is
of
even
but
can
Republican Party
there
replace the New Deal
medly,
encouraging
that such
the absence of any
program
to
in response to
.
within the next few weeks.
sides
all
what
Congress will actually do
must
.
weeks.
some
it would be idle
course
itively injurious legislation
an
meas¬
moment
On
both
consumer.
ses¬
Presidency, these words will doubtless bring
will become law before ad¬
journment.
that
that
the utterances of the
party candidate for the
unfore¬
a
and
be
can
all
to undertake to
guess
forget the platform of
the Republican
Party last year and many of
ought not to be
considered
labor
as
for
recess
Of
ownership of private
and in the human and property
rights which flow from such ownership."
present
that
well
as
from prices paid by the
We believe in individual
come
desires,
the
a
ele¬
proper
do
sion, at least not without
property
or
barring
are as
Congress
thus asked at this
is
and
the cost of production as are
wages.
We believe that capital is entitled to its
fair
aglim-
gone
but,
ures
earnings,
.
persuaded to
ments in
much work done
as
from
wages
the elimination of child labor
out enacting further
major
legislation at this session
to have
and
-
•
whether
from
would adjourn with¬
seem
•
consequently, high wages come only
large earnings, which in turn, come
only from large production.
We believe that
charges such as workmen's compensation and
process.
been entertained that Con¬
gress
doubt in the minds of the
man
production
It
some
members of the Committee
believe
a
that there is
appears
that
in the
Any hopes that
a
little
a
esti-
action that is desired.
Meaning?
in
equality of opportunity;
beginning as a wage-earner may,
so
frequently happens, rise to the head of
great industry; that earnings come from
orders from the other end
albeit with
Tale of Little
On
Tuesday evening last the National
Affairs Committee of the National
Republican
Club adopted resolutions which in
part read
as follows:
For the
most
is
it
Treasury loses $100,000,000 to
$200,000,000 annually."
It attaches to this suggestion a long list of rather specific recommendations
indicating the nature of the
saner
farther
stray
which
the
take the bit in their teeth
they
"quick action to
as
through
are
believed
measures
and
the favor of
which
to
a
President with billions of dollarsJwith
political machine
and
that the
discern
constructed.
one,
One conclusion,
must be drawn from all
deep regret be it said.
this—with
is
ever
discouraging
a
most elaborate and largest
support the
This conclusion
practical politicians have been able to
sweeping revulsion of feeling among the
no
rank and file against
the New Deal type of economic
and social quackery.
As
matter of
a
fact, this devotion to ancient fal¬
to be virtually world-wide.
to
sort of reversion to medieval notions
represent
a
thoughtful
persons
It seems
supposed had been
thoroughly exposed and refuted that they could
so
never
again gain foothold in the minds of intelligent
phenomenon it is, difficult to ac¬
A strange
men.
satisfactorily.
count for
found
is to be
with
Although here and there
commentator
a
publicity seeker
or
knowledge than understanding and more
more
gifted with glibness of tongue than with wisdom
who is
a
noisy believer in these ancient myths and
the programs
based
them, it is greatly to be
questions reasonably acquainted with history
ness
under the
are
upon
serious minded students of busi¬
doubted whether
proudly labeled "bold
and
spell of these delusions in any very
substantial numbers.
The trouble
in the
school
seems
the
having been spoon-fed from the accumulated
have
fathers
sible
so
questions about which they think
well informed, have
in large numbers
astray by the demagogues of the day who
been led
now
erudi¬
past, but having no real grasp of the true
themselves
times the facilities of their fore¬
many
disseminating their superficially plau¬
for
quackery.
A little learning on the part of a
great many is apparently proving to be a very
seri¬
thing indeed.
ous
Whatever the
this
with
afire
modern
(but really age-old)
Germany, Fascism in Italy, the New
United
con¬
Deal in the
in
States, and by other names or no names
particular in most of the other countries of the
world. From all accounts staid old England, ripe
with the
experience of the ages, ordinarily exhibit¬
to have become
and usu¬
greatest only are,"
virtually enslaved to much of
type of nonsense.
Indeed it is one of her noted
ing "animated moderation" in all things,
ally "rich in common sense as the
seems
this
publicists and economists who is, perhaps, more
than any
other
man,
living
or
dead, responsible for
monetary madness that afflicts the
the
earth today.
another col¬
produced by closely
Apparently we shall be obliged to await
lapse similar to that of 1929 and
similar causes to learn what many
had
of us supposed
long ago been learned from many
comparable
.experiences of the past century or two.
A
Of
er
course
Problem' for the
Business Man
all this places the man
of affairs, wheth¬
difficult position. It
be safely taken for granted that sooner or
the human race will come to its senses and
large or small, in a most
may
later
"bungle through" to a better management of its
affairs. The trial and error method now employed—
educated at
and file
find
a
way
to manage his affairs so
that he can
from this era of mismanagement and folly
as much of his savings intact as possible and
entrusted to his care through
bring the enterprises
with
as
He, if he is reason¬
little damage as may be.
alert, has one great advantage
over many similarly placed in such previous periods
as that of the 1920's.
This advantage lies in the
fact that he is acutely conscious of the flimsy nature
ably open-minded and
of
existing "prosperity," if such
of the unstable
it can be called, and
foundations upon which it rests. He
is forewarned and
therefore in one degree or another
forearmed. In all too large a degree
ness men
came
who really ought to have
what dulled to
There is little excuse for any
such lack of realization
of the real nature of the sit¬
existing, and it is to be doubted whether
uation now
substantial number of business leaders are be¬
ing deceived or are deceiving
at
prosperity about
their senses became some¬
the hazards on all sides, long before
crash.
the inevitable
in the past busi¬
known better be¬
intoxicated with the apparent
them, and in consequence
themselves in this way
present.
But
mere awareness
of the existence of a problem
automatically produce its solu¬
tion. Certainly such is not the case in the present
instance. The practical executive today must face
the hostility of socialistic or semi-socialistic gov¬
ernments, practically the world over. In many in¬
stances he must moreover bear constantly in mind
does
not, of course,
the fact that these
too often have
governments, like those that all
preceded them, have their favorites,
and to these favorites
explanation, the world seems to be
glomeration of inconsistent doctrines that consti¬
tute the warp and woof of the economic policies of
what is known as Communism in Russia, Hitlerism
in
not, however, live in
he wish to have the rank
his expense. He must somehow
long run. Neither does
to be that
world, having sipped
lightly of the wine of knowledge and in many cases
inwardness of the
The business man does
past.
any
the vast rank and file of the
tion of the
experimentation"—-is ob¬
exceedingly expensive, but
long run lessons will be learned in the hard
of experience just as they have been in the
viously both needless and
with
Phenomenon
lacies appears
which most
*
emerge
World-Wide
A
Aug. 7, 1937
Chronicle
Financial
812
largesse is more freely and
for a long
this of itself
still other difficulties to * be
more
boldly given than at any other time
while
past.
creates,
faced.
But as hard a situation as
there
are
Government is today more
decades at least an active
man,
than for many
competitor of the business
and a competitor which has the power and
stack the cards in its own favor.
does not hesitate to
uncertainty as to
economic planners
and managers are nothing if not inconsistent and
unpredictable. They are not merely sorely afflicted
But
perhaps worst of all is the
what may
with
be done next. Modern
socialistic
They are controlled
notions.
by
school of politics,
when they are not themselves such politicians. There
is no consistency in them and little continuity in
their policies and programs. Their ears are too con¬
stantly and keenly tuned to the continually shifting
winds of popular fancy. They not only readily yield
to what they themselves call "pressure groups"—
when it seems politically expedient to do so—but as
a matter of fact, in this country at least,
actively
encourage the organization of such groups and in¬
politicians trained in the old
vite
In
demands.
these
circumstances
the
business
hardly avoid the role of a speculator.
often difficult for him to
He must be
man
can
It is indeed
avoid the role of gambler.
constantly trying to guess what irre¬
sponsible governments will do next, and when they
have done it undertake to estimate the net effect
Volume
of
Financial
145
more
or
less unprecedented
tunately, prudence
such
and
in
care
Unfor-
objectives.
management are in
conditions often penalized while gambling is
rewarded.
Mortality among business enterprises
ultimately be high in any event. Such schools
must
of
experience
are not
admirably adapted to the de-
velopment of really able executives,
of the most
one
situation.
The
faced.
a
fact which is
regrettable features of the current
picture is not pleasing, but is
that exists and therefore must be
The business executive
one
frankly and fully
only
can
the best
use
judgment he possesses, steadfastly refuse to be beguiled, and hold fast to his courage, hoping that
better conditions
are nearer
at hand than
are
clearly
sight.
m
FJANKING statistics
night reflect
for the week to
Wednesday
ber bank balances with the Federal Reserve
and
banks,
correspondingly large drop of excess reserves
legal requirements. The decrease for the week
is recorded at
excess
$110,060,000,
fell
reserves
figure in several
to
with
account
trend
or
the lowest
A somewhat
which
so
of the United States in June
tendency toward
f^e
an
distinctly marked its
and
upon
building
its general
the Reserve banks
up
accounts
for
aggregate of
excess
appears,
have only
small
a
which makes the
reserves,
tendency of particular interest to the New
institutions.
The
course, when the
from
cur-
York
matter
will
adjust itself, of
Treasury disburses large amounts
its
general account.
Also significant in the
banking report is the reflection of a further
current
flow of gold to the United
less
pronounced than
of French
States.
The movement
during the recent period
monetary uncertainty, but it resulted in
increase of
than
this
part, while the customary increase of
in circulation also contributed to the end.
Metropolitan banks, it
our
monetary gold stocks by
$29,000,000 in the statement week.
no
ditions to the metallic stocks
are
less
The aggre-
gate of $12,462,000,000 is still another record.
Ad-
being accumulated
in the Inactive
Gold
tially
$1,200,000,000 mark.
over
the
Fund, which is
the
on
0f
$9,155,491,000,
weekly period.
export side.
excess
Like the earlier months
June exports and imports
year,
months the
gain in imports
The
ports.
in
merce
months
both
were
sharper than in
was
ex-
of the Department of Corn-
summary
discussing the figures for the first six
for the
accounts
imports, to
more
pronounced rise in
extent, by the fact that average
some
13%
higher than in the
while export
prices
only 8% greater.
were
were
1936 period
same
Conse-
quently the gain in values of 33% in exports and
45% in imports is not indicative of increases in
a
Aug. 4 reflects total
reserves
decline of $12,001,000 for the
This drop
was
onty $500,000 lower
were
occasioned mainly
at
$8,833,399,000.
Month-end requirements caused the usual increase
of money
in actual
in circulation, and Federal Reserve
use
moved up
volume of
notes
$28,603,000 to $4,222,016,000.
corresponding size.
increases in
much
Actually the volume
the two branches of
closer,
exports
being
trade
ing of
a
decline of member bank
reserve
balances by
$139,741,000 to $6,635,764,000; an increase of the
Treasury general account balance by $80,960,000 to
$308,778,000;
increase of foreign bank deposits
by $10,051,000 to $195,093,000, and an increase of
non-member
926,000.
The
an
bank
The value of
exports in June
was
imports, $285,946,000 leaving
reserve
ratio
was
the year to June
with
an
403,000, but industrial advances
$21,082,000.
were
of United
off
were
down
$514,000
Open market holdings of bankers'
$123,000 to $3,078,000, while holdings
States Government securities
unchanged in total at $2,526,190,000.
were
quite
$265,363,000 and
import
an
excess
of
30 to $147,321,000, in comparison
adverse balance of
$9,548,000 in the
sponding period of 1936. In May exports
were
corre-
$289,-
912,000 and imports $284,892,000 which resulted in
favorable balance
June
1936
for the
of
exports
of
month
$185,693,000
a
$5,020,000.
In
less
by
were
$5,384,000 than the $191,077,000 of imports,
The increase in June 1937
June
011S
was
exports
over
the previ-
largely in the gain in shipments of
machinery and vehicles, metals and manufactures
anj non-metallic minerals.
Agricultural commodity
exports continued to lag and unmanufactured cotton
shipments
were
only 248,303 bales valued at $16,-
835,103 in comparison with 306,464 bales worth $19,707,000 in June 1936 and 346,155 bales with
0f
a
value
$24,643,069 in May 1937.
The
table
considerable list
oils, oilseeds and
shown of from
were
0f
import gain in June
a
from
over
last year
raw
silk in which
spread
corn, vege-
group
gains
$11,100,000 to $3,700,000. Gains
cocoa,
continued
Gold
was
including rubber,
$2,000,000 to $3,000,000
meats, hides,
were
reported in
coffee, flaxseed, etc., etc.
to flow
to
these
shores
in
enor-
quantity, imports in June amounting to $262,103,000 which raised the total for the six months to
mous
wep
a
over
billion dollars.
Exports meanwhile for
^he gjx m0nths amounted to
In Jline i936
^937
no
more
imp0rts
were
than
$148,000'.
$277,851,000 and in May
$155,366,000.
Silver
imports
were
$3,165,000 in May
Exports,
as
in
$6,025,000
montilg
compared
and $23,981,000 in
many
preceding months,
few hundred thousand dollars.
with
June 1936.
were
only a
Imports for the six
aggregated $34,525,000.
unchanged at 79.7%.
$186,000 to $15,-
23%
$20,583,000 and raising the unfavorable balance for
deposits by $4,554,000 to $124,-
Discounts by the System increased
very
approximately
Total
deposits with the 12 banks fell $44,176,000 to
$7,264,561,000, with the account variations consist-
were
greater and imports 28% greater, in the 1937 period,
over
decline of till cash, for gold certificate hold-
a
ings
bills
in the first
May remains
substantially higher in value than in the correspondjng month of 1936 and also similar to the preceding
substan-
now
The combined condition statement of the 12 Federal Reserve banks for
to
so
only month of 1937 to date in which the
Was
re-
import balance
course
four months of the current
year
mysterious
in
money
rent
that the aggregate of
so
$700,000,000,
years.
Treasury insistence
by
sumed the
a
over
an
T^OREIGN trade
i
about
rather sharp reduction of mem-
a
Foreign Trade in June
prices of imports in the six months period
Federal Reserve Bank Statement
of
813
hastily drawn, often ambiguous statutes which
have
is
Chronicle
The New York Stock Market
TITTLE business
1—1
was
done
the New York stock
on
market this week, but an undertone of quiet
optimism prevailed, especially with regard to metal
stocks and
were
not
a
few other groups.
impressive, but they
higher levels.
The price changes
were
mostly toward
Business activity is well sustained,
Financial
814
when seasonal factors
Strikes
in
making their
against
for
taken into consideration.
appearance,
again
industries
increases
are
however, which militates
Demands
sharp upswing in quotations.
any
wage
are
important
some
perturbing, particularly in
are
the rail
transportation industry, for the payments
already
are
at highest figures in
history.
Some
Chronicle
while
Aug.
also improved.
export copper
actual variations were small.
-On
New
the
touched
touched
Stock
York
Exchange 23
new
On the New York Curb
low levels.
19
trying session, but
created,
a
most unfavorable impression is
the other hand, by the debate on the
on
high levels and
unfortunate
the most
aspects of the National Re¬
Developments in the Far
Administration.
covery
East occasioned concern,
but the foreign atmosphere
has been
so
that the
edge of apprehension is dulled.
persistently unfavorable in recent
the. New
on
at
York
Stock
Exchange
.
years
Business
under
was
1,000,000 shares in every session, and it seldom even
The vacation season is in
approached that mark.
full
swing, of
the
which is the
There
well sustained advance in stocks dur¬
ing the brief session last Saturday, with steel and
motor
made
ites
best
in
shares
The
demand.
thin
market
possible gains of 1 to 3 points in market favor¬
light volume.
on a
When business was resumed
Monday the trend again was upward in a select
on
while others drifted downward.
of stocks,
group
shares;
on
902,650
Friday,
On the New York Curb Exchange
shares; on Wednesday,
shares; on Thursday, 794,760 shares, and on
679,430 shares.
the sales last
Saturday were 87,410 shares; on Mon¬
Wednesday, 204,390 shares; on Thursday, 200,605
shares, and on Friday, 200,945 shares.
Important labor legislation, at present under con¬
and
threats
Trading
was
session
undertaken in a desultory fashion, and
market in the final hour.
was
recessions than advances in
were more
session
There
irregular
Metal stocks and rubber manu¬
Tuesday.
on
an
facturing issues improved, while steel and motor
stocks lost
was
some
of their previous
The trend
gains.
generally favorable on Wednesday, with carrier
issues
leading the advance on indications that a rela¬
tively modest advance of wages might suffice to
were
oversold,
modest
Carrier issues probably
the strike threats.
overcome
moreover, as
they spurted sharply on
buying.
Metal and oil stocks were other
favored groups.
The trend on Thursday was irregu¬
recessions
with
lar,
Although price
than
advances in motor cars
automobile
the
while metal shares
were
numerous
gains.
were
an¬
by leading companies, this failed to stimu¬
nounced
late
more
small and
peared in
Rails
stocks.
lower,
Movements yesterday
improved.
uncertain.
worked
Modest liquidation ap¬
steel, motor and
other manufacturing
This sudden display of
due in the main to the American Iron
steel shares,
The news had a beneficial effect
On
and the list in general as well.
market failed
the
Tuesday
After a rather dull
Institute's estimate of a higher rate of
Steel
and
to
lethargy this week.
Monday, pronounced activity claimed the
on
strength
abroad failed
war
irregular price trends obtained.
on
Steel and rubber stocks joined the trend,
of
the stock market from its
arouse
ingot production.
utility, rail and oil shares declined.
224,195 shares; on
day, 161,795 shares; on Tuesday,
Copper and other base metal shares reflected best
while
sales at
Monday they were 791,070 shares; on
Tuesday, 897,200
inquiry, although farm machinery issues also im¬
proved.
Stock Exchange the
York
New
half-day session on Saturday last were 389,590
the
sideration,
important factor.
more
was a
which keeps trading down, but
Call loans on
Exchange remained unchanged
1%.
On the
general atmosphere remains one of uncertainty,
course,
low levels.
new
the New York Stock
and hours bill, which would restore some of
wages
touched
stocks
stocks
high levels for the year while 52 stocks
new
since
is attempting to end the current
The foreign
huge stabilization funds, and
the various
of
ence
aspects of the political situation are encouraging,
now
1937
exchange markets were under the steadying influ¬
Exchange 17 stocks touched new
Congress
7,
to
carry
through the
Irregularity was
prices closed
mostly lower.
Railway issues staged a rally on
Wednesday and moved up from fractions to two
points or more.
Significant in the irregularly
higher trend was the good showing made by the
steel and copper shares.
The course of the market
turned irregularly lower on Thursday, with narrow
strong rally of the previous day.
prevalent throughout the session, and
price changes again the rule.
and
Railway, steel, motor
sprinkling of public utility shares suffered
a
recessions, while the copper stocks managed to hold
their
Little change was noted in yester¬
ground.
day's dealings, and most stocks drifted lower
the
with
in
exception of the copper shares, which were
General Electric closed yesterday at
good demand.
56*4 against 57% on Friday of last week;
dated Edison Co. of N. Y. at
at
Elec.
lumbia
Gas &
Service
of N. J. at
Consoli¬
36% against 38%; Co¬
13% against 1434; Public
42% against 43% ; J. I. Case
issues, but merchandising and metal shares reflected
Threshing Machine at 186% against 180; Interna¬
demand.
tional Harvester at
In
the listed bond
sessions.
all
nearly
market the tone was good in
States
United
securities slowly improved, and
bonds also
absence
bonds
on
of
new
were
flotations.
Speculative
carrier
offset the losses.
hardly changed.
rally
Other domestic
Foreign dollar bonds
idle, with Japanese issues occasionally under
pressure
because of the events in China.
commodity markets trends were
and cotton fell
in
of the
uncertain in most sessions, but a
Wednesday
groups were
best rated corporate
in demand, largely because
were
were
Government
In the
Grains
sharply last Monday, but recovered
subsequent sessions.
vance,
diverse.
Metal prices tended to ad¬
with lead and zinc both higher in our market,
&
Co.
62% against 63%; Wool worth
at
49%,
against
117% against 114%; Sears, Roe¬
95% against 94%; Montgomery Ward
buck & Co. at
against 172%.
and
American Tel.
at 48%
& Tel. at 171
Western Union closed yesterday at
46% against 49% on Friday of last week; Allied
Chemical
Pont
de
&
Dye at 235 against 239%;
E. I. du
161 against 160%;
National
Nemours at
International
Nickel at 65 against 65%; National Dairy Products
at 20 against 21; National Biscuit at 23% against
23% ; Texas Gulf Sulphur at 38% against 38%;
Cash
Register at 35% against 34%;
Continental
Kodak
at
Can
at
57%
against
56%;
Eastman
180% against 180 ; Standard Brands at
12% against 12%; Westinghouse Elec. & Mfg. at
Volume 145
Financial
Chronicle
154 ex-div.
against 151%; Lorillard at 21% against
United States Industrial Alcohol at 33%
21%;
against 32%;
Canada Dry at 25% against 24%;
Schenley Distillers
at
42% against 42%, and Na¬
tional Distillers at
on
yesterday at 44%c., unchanged from the close
Friday of last week.
as
Steel
Steel at
Tube
at
Friday of last week;
on
119% against
115%;
Bethlehem
98% against 95%, and Youngstown Sheet &
89% against 88%.
In the motor group,
at
Auburn Auto closed
was
pence per ounce
Friday of last week, and spot silver in New York
the present week.
day at 116% against 115%
against 20%
closed
transfers
Inland
price of bar silver yesterday
20 pence
per ounce as
29% against 30%.
The steel
stocks, influenced by a higher estimated
rate of ingot
production, advanced to higher ground
United States Steel closed yester¬
815
In London the
on
In
the
matter
of
the
foreign : exchanges, cable
London closed yesterday at
on
against $4.97% the close
and
cable
3.75%c.
transfers
Paris
on
closed
against 3.75c. the close
as
week.
|4.98 9/16
Friday of last week,
on
yesterday at
Friday of last
on
'
.:
(
European Stock Markets
yesterday at 20% against 19%
Friday of last week; General Motors at 56%
against 53%; Chrysler at 115% against 113%, and
Hupp Motors at 3% against 4. In the rubber group,
on
Goodyear Tire & Rubber closed yesterday at 42%
against 40% on Friday of last week; United States
Rubber at 60
against 58, and B. F. Goodrich at 39%
against
37%.
pressure
this week and show losses when compared
The
with the close
on
railroad
shares
further
met
Friday of last week.
Pennsylvania.
yesterday at 37% against 36% on Friday
of last week; Atchison
Topeka & Santa Fe at 77%
against 79%; New York Central at 39% against
RR. closed
39%; Union Pacific at 125 against 126; Southern
Pacific at 47% against
47%; Southern Railway at
CHEERFUL exchanges in the the rule European
conditions were leading this week
stock
on
financial
centers.
The London
market
closed
was
for the Bank
holiday on Monday, but in the modest
dealings of the business sessions a well sustained
advance
recorded.
was
There
was a
little uncertain¬
ty at Paris, but gains predominated, largely because
the Bank
of
France discount rate
was
lowered
late the market for rentes and the
buying interest
quickly spread to other securities.
the German market
interesting to note that
found
in
all
the
small and
were
reasons
Movements
irregular.
for optimism were
European centers this week, al¬
though the situation appeared to differ in
against 29.
portant respect from that of previous weeks.
N. J. closed
international
yesterday at 68% against 68% on Fri¬
day of last week; Shell Union Oil at 27% against
28%, and Atlantic Refining at 28% against 29%.
the
im¬
no
The
in
There
on
It is
28% against 32%, and Northern Pacific
at 28%
Among the oil stocks, Standard Oil of
on
Tuesday to 4% from 5%. This cut served to stimu¬
was
a good
inquiry for copper stocks this
week, with Anaconda Copper closing yesterday at
61% against 57% on Friday of last week; American
Smelting & Refining at 95% against 93%, and
Phelps Dodge at 53% against 50%.
are
as
not
especially significant, but optimism prevails
to autumn
mous
week
business, largely because of the
and
crops
the
ending today
Iron
enhanced
implied thereby.
power
Steel
and
against 84.3%
last year.
were
Steel
farm
enor¬
purchasing
operations
for
the
at
85.5%
of
capacity
Production of electric
Electric Institute
kilowatt
for
the
week
to
is reported
power
by the Edison
at
2,256,335,000
July 31 against
was
Chautemps regime to curtail borrowings im¬
pressed investors, along with the reduction of the
Bank rate.
The German Reich took comfort from
an
easing of the foreign exchange shortage, occasioned
"flood"'of
a
maintained
in
summer
the
Britain
and
currency
Germany
level of trade.
visitors.
Business is well
principal industrial nations of
Europe, and record
are
There was
circulation figures in
held to reflect the high
some
restoration of finan¬
cial confidence in France.
estimated by the American
Institute
last week and 71.4% at this time
hours
regarded as • improved
London, mainly because of the renewed spirit of
amity with Italy. In France the determination of
by
Current variations in trade and industrial
reports
outlook
The London
tional
Stock
Exchange observed the tradi¬
August Bank holiday last Monday with
a sus¬
pension of dealings, and little expectation prevailed
of any
active business for the current month. When
trading
resumed
was
on
limited, but the tone
Tuesday, attendance
was
cheerful.
was
Gilt-edged is¬
2,258,776,000 kilowatt hours in the preceding week
and 2,088,284,000 kilowatt hours in the
correspond¬
peared in industrial stocks. Gold and diamond min¬
ing week of last
ing securities moved sharply upward, in reflection of
Car loadings
year.
freight for the week to July 31
of
revenue
782,660
were
cars,
according to the Association of American Railroads.
This
was an
week and of
increase of
35,131
11,680
cars over
cars over the
the
same
previous
week of 1936.
As
indicating the course of the commodity mar¬
kets, the September option for wheat in Chicago
closed yesterday at 112%c. as against
118%c. the
close
on
Chicago
Friday of last week.
closed
90%c. the close
oats at
yesterday
on
at
September
100%c.
The spot
on
September
as
against
Friday of last week.
as
Friday of last week.
was
18.69c.
Friday of last week.
day at 14c., the close
against 11.23c. the
The
as
spot
closed
close
on
price for rubber
against 18.38c. the close
on
Domestic copper closed yester¬
on
were
slightly better, while larger
the sustained
reports from Wall
dertone
its
on
trial
on
Street also occasioned
small scale
stocks
a
good
advance,
Wednesday, with the
suffered
un¬
The gilt-edged section resumed
with
home rails
good traffic returns.
gains than losses
Favorable
Anglo-American issues. Business
again good.
modest
trend
a
of the world.
many parts
deal of interest in
remained
ap¬
price of the yellow metal and the busi-
boom in
ness
gains
from
were
joining the
Some of the indus¬
profit-taking, but
recorded at the end.
more
Com¬
modity issues and Anglo-American trading favorites
irregular. Optimism remained the prevailing
were
price for cotton here in New York
yesterday at 11.28c.
yesterday
at
against
as
Friday of last week.
Chicago closed yesterday at 29%c.
29%c. the close
corn
sues
Friday of last week.
note
on
tained
Thursday. Gilt-edged issues
and
stocks.
while
demand
Base metal
small
issues.
ward
fresh
gains
Chinese and
on
shares moved
were
were
well main¬
appeared for industrial
forward
registered in
briskly,
gold mining
Japanese issues drifted down¬
the indications of
increasing disturbances
*
Financial Chronicle
816
in the Far East.
The tone
was
firm yesterday in
gilt-edged issues and industrial stocks, but Anglo-
essary
Aug. 7, mi
preliminary is re-establishment of the old
amity between England and Italy, and to this task
addressed
Prime Minister Neville Chamberlain has
American securities softened.
the Paris Bourse was slow on Mon-
himself vigorously. It became known in London last
day, owing in part to the closing of the London ex-
Saturday that Mr. Chamberlain had sent a personal
change. The main trend was upward, however, with
communication to Premier Benito Mussolini, presumably with the aim of dispelling apprehensions of
an English attack on Italy in reprisal for the conquest of Ethiopia and in order to minimize any possibility of a threat by Rome to British communications through the Mediterranean. The note brought
a response on Monday. Texts were not made public,
Trading
French
on
equities in better demand than rentes.
month-end carryover was
the
The
arranged at 5%%, against
previous settlement at 5%%, and the reduction
impressed the Bourse favorably. Gold-mining issues
other
and
rate
led
foreign securities were in excellent deof France discount
of the Bank
Reduction
mand.
Tuesday encouraged the market, and rentes
on
general advance in that session. Trading was
a
active, with French equities in excellent demand,
while interest
also extended to the
ties listed
the Bourse.
better
on
whole.
a
as
foreign securi-
Commodity stock
were
Fresh gains in rentes developed
Wednesday, following the overnight announce-
on
ment of conversion terms for an issue
this year.
maturing later
This indication that the French Governproblem far in advance was
ment intends to meet its
regarded
favorable sign, and demand for rentes
as a
French equities also were
keen.
was
securities
international
in request, but
uncertain.
were
After
a
good start on Thursday, profit-taking developed on
the
and
Bourse
changes for the day were small,
Rentes closed
higher, but small net recessions pre-
dominated in
equities, while foreign securities also
After
dull.
were
an
uncertain opening yesterday,
prices advanced, and small gains were the rule at
activity
reported on the Berlin Boerse,
was
Monday, and changes for the day were inconsequenA few
tial.
or
two
speculative favorites moved up a point
modest
on
inquiry,
ties reflected
were
than
were
good inquiry. Movements on Tuesday
lower levels, but operations
toward
mostly
entirely professional in nature and lit-
almost
tie business
recessions
but
Fixed-interest securi-
equally numerous in equities.
were
was
recorded. Potash stocks were softer
others, but machinery, chemical and electrical
securities also lost ground.
stood the mild pressure.
in full
were
remained
crease
made
stagnant.
were
Gains
improved.
ties and most of the
again
Only
few issues with-
a
With the vacation season
swing, business remained dull on Wednesday,
but the tone
quickly
that a spirit of
cordiality pervaded these exchanges,
There were indications that the current
diplo-
relations between
London and Rome. It was indicated in the British
capital on Wednesday that the extent of the Italian
dictator's apprehensions of a British attack were
communicated to London from Berlin. Evidently,
the German Foreign Office essayed the delicate mission of harmonizing the Anglo-Italian views. Premier Mussolini was said to have informed Chancellor Hitler of his fears in a personal letter to the
matic episode far transcends the
German
dictator, and from that point the matter
developed rapidly through public assurances in London that no attack is contemplated and that the
equivalent. So conof an impending
by Britain, according to some reports, that he
word "vendetta" has no English
vinced was the Italian Premier
move
asked the German leader for assurances of support
aggression. Prime Minister
in the event of British
the close.
Little
but the impression was conveyed
general in equi-
were
previous recessions of the week
but fixed-income securities
up,
Most movements on Thursday
toward higher levels, and a modest in-
of business also
was
noted.
The advance was
irregular, with some speculative favorites up a point
or
fixed-interest
Some buying
two, while others were neglected.
of
stocks led
a
obligations
modest upswing
was
Bank
reported.
yesterday
on rumors
of
consolidations.
uropean
r
onci
Chamberlain and Foreign Secretary Anthony Eden
bow are
believed to have dispelled such fears. Cor-
diality again marks the official
tions, while a further
Anglo-Italian rela-
indication of the trend is af-
forded by resumption of full Italian press
relations
with England.
gain, which is of
troubled state of European affairs. Whether it will lead to a wider move
of amity remains a question, for that involves all
the profound discontent of the "unsatisfied" nations
and the determination of the satiated group to hold
their positions and possessions. No definite information so far is available as to the nature of the fourPower pact now likely to be revived. This sounds
rather like the Italian idea, which Britain and
France found unacceptable when it first was suggested several years ago. The Anglo-French proposal was for ^a five-Power Western European defensive alliance, to include Belgium. But even a
modest move in such directions probably would run
up against the German demands for colonies and
access to raw materials, and perhaps for a free
hand in parts of Eastern Europe.
It may be, on
All this represents a distinct
great moment in the present
the other hand, that some sort of general adjustment
.
lation
^
already is envisioned through the
economic studies
GREAT BRITAIN appears to be takingEuropean thethe Belgian Premier, Paul van Zeeland, made at
the initi- by suggestion of the British and French Governagain for that elusive
ative
once
conciliation which has been
Governments since the
be
mere
general aim of London
treaties
were
shown to
Strong
improve Anglo-Italian relations now
reported to be a first step toward revival of the
proposed
There is
at
a
starting points for fresh conflicts.
endeavors to
are
war
some
four-Power accord in Western
already
some
future
date,
talk of
a
meeting in London,
of representatives of Great
Britain, France, Italy and Germany.
Europe.
But the nec-
ments. If the Spanish war can be kept
from spread-
ing and the Sino-Japanese conflict does not arouse
fresh animosities, the next few months may be
high-
ly interesting in Europe.
c
•
u
r*
#i w
Spanish Civil War
AANLY desultory fighting was reported this week
V-y on the main fronts in the Spanish civil war,
but in the more outlying areas the struggle was con-
Volume
tinued
Financial
145
in
the
the
suburbs
bitter
most
Sporadic attacks
of
fashion
imaginable,
counter-attacks
and
Madrid,
with
position quite unimportant.
remain
in
efforts.
their
trenches
and
the endeavor to raise the
retained, although
the
insurgent
clared
in
on
the
effort
losses.
being to
siege of the capital
were
to
In the
the
General
change in its
regain
the
lost
area
gents made modest gains.
his
on
con-
peace in Europe.
David Lloyd
George, former Liberal Prime Minister, urged the
government to permit both sides to buy
in Great Britain and to clear
freely
arms
the absurd
away
pre-
tensions about non-intervention,
I
Smo-Japanese War
PREPARATIONS for large-scale warfare
were
rushed in northern China this week by the
men
*
near
territory
figures
no
de-
own
clift and maintaining
Jose
government forces,
supplied
Basque
revolutionary
no
ground was lost again in
some
Wednesday that the rebels lost 20,000
Madrid, but he
policy of endeavoring to localize the Spanish
by the loyalists in
counter-offensive.
Miaja, commander of
of
for further
prepare
Most of the gains made
The British Government, he added,
come.
contemplates
Loyalists and rebels
alike appeared to be content for the time
time to
817
in
occurred
variations
the
Chronicle
Japanese invaders and the troops of the Nanking
Nationalist Government, with some real clashes
own
to the north the insur-
finally developing
Thursday, northwest of Pei-
on
however, took place to the east of Madrid, where the
Ping.
Heavy concentrations of Chinese central
regime forces were reported south of Peiping and
rebels drove south in the effort to cut communica-
to the northwest of the former capital.
tions between
militarists
front
Madrid
The most active fighting,
and
Valencia.
This
Teruel
is
only of strategic value, and the loyalists
apparently did not anticipate the attack, for sweep-
ing advances
Thursday
loyalists
were
On
sharp battle took place in which the
a
claimed
fense of the
Airplanes
reported by the insurgents.
were
indicating that the de-
success,
at
area
length had been undertaken,
employed
on a
modest scale by both
sides, which also reflected the need for
respite
a
after the battles around Madrid.
war
was
less pronounced
fact that non-intervention
than
a
Spanish
than formerly, despite the
currently is little
more
The London committee of 27 nations
name.
continued its discussions of the British
compromise
plan,
whereunder
belligerent
rights
would
be
granted to General Franco and his insurgent regime
on
the basis of
from
either
monious
a
withdrawal of all
Spanish contestants.
debates
took
Russia
Long and acri-
place with regard to
cedure, and reports of compromise
denied.
foreign troops
refused
pro-
persistently
consider
to
were
belligerent
their
best to
hamper
Japanese
such
move-
ments, principally through airplane bombing of the
long and numberless troop trains moving north¬
ward. But the Chinese claimed that repairs to the
railways were effected as rapidly as damage was
done by the Japanese, and they continued to dispatch troops and supplies to the
area
in which
a
major Far Eastern war now is regarded as all but a
certainty. The fact that war has not been declared
nothing, of
means
International tension with regard to the
did
official
for
course,
in
declarations
made without
wars are
these
days
of
anti-war
treaties. On the other hand, negotiations still are
proceeding between Japanese and Chinese diplomatists, and relations have not been severed,
Some hope for the avoidance of
a
first class
war
in China still is to be found in the universal realiza-
tion that it would
prove
disastrous to both the
Japanese invaders and the Chinese defenders.
nese
finances already
are
voting of enormous
eager
Japa-
strained severely, and the
sums
for the expedition
to China proper does not improve matters.
Gold
is being shipped from Tokio in huge amounts to the
rights for insurgent forces, and the storm within
United States, and it is reported that shipments to
the committee
London also
raged chiefly around the head of Ivan
Maisky, the Russian Ambassador to London.
man
the financial strain somewhat better, but the diff¬
to withdraw their "volunteers," attacked the
out further additions.
Soviet
harshly.
There
was a
time about the French
little confusion for
stand, but this
was
a
cleared
through publication of the official reply to the
British
compromise plan.
cedure
of
withdrawal"
Paris called for the "proof
foreign
granting belligerent rights.
troops
General
Franco
reported
were
this
House of
Spanish
Commons last
regime of
week,
doubtless will prove of assistance to the
The problem of the
before
Closer diplomatic rela-
tions between the Vatican and the rebel
the
war was
which
There
was
a
farce, but Foreign
members
would
were
informed that
be made behind
absent, and
no
no
situation
in
a
fully.
that
only
ques-
Eastern
Also pertinent is the prob-
lem of the long continued animosity between Nan-
king and the powerful communist
groups,
while in
the background looms th6 delicate matter of the
Soviet Russian attitude.
reasons
Nor
are
these the only
for believing it possible that real
war
will
be averted, or discontinued soon after it is begun,
It is considered quite obvious that the journey was
essayed
on
the basis of Nanking intimations of
desire to negotiate.
Militating against all the
they
Captain Eden also
a
peace
efforts, however, is the growing difficulty of find-
formula that also would "save face" for
ing
both sides in this developing dispute,
"discreditable deal"
are
ex-
decisive change in the
Spain is unlikely for
left Tientsin on Wednesday for conversations
with Chinese authorities in Shanghai and Nanking.
not
essential modification of the British
pressed the opinion that
can grasp
Involved in the general
of prestige
The
completely.
their backs while
compromise plan permitted.
internal
that
firmly determined
to let non-intervention break down
minds
nuances
The Japanese Ambassador to China, Shigeru Kawa-
Secretary Anthony Eden assured the House
are
are
goe,
good deal of criticism from
European nations
tion
debated in
week, just before the
members of the non-intervention
culties of the Nanking regime arelhick enough with-
insurgents.
British Parliament adjourned for the long summer
recess.
many
The Chinese, fight-
spokesmen, who want to see belligrights granted to General France before they
agree
up
contemplated.
ing a defensive war, probably would be able to stand
and Italian
erent
are
Ger-
some
a peace
Fighting this week was intermittent,
nese
Tientsin
ago.
as
the Chi-
forces are withdrawn far from the Peipingarea
in which the clashes started
a
month
Late last week the Japanese "cleaned up" the
native quarter of Tientsin by cruel and indiscriminate
airplane bombing,
which they claimed
was
#
818
Financial
*
directed
police.
Chinese
the
against
only
soldiery
French
and
Near Peiping, some of the Chinese forces
which
were
turned
on
considered
the
friendly to
the
fested
Japanese
invaders, and small battles occurred.
The fierce resentment of the Chinese also
mani¬
was
by quiet infiltrations of armed men into areas
controlled
by
themselves
facing organized attacks.
overshadowed
are
occurrences
who
invaders,
the
transfers of Nanking-
suddenly
by
found
But all such
the
enormous
Nationalist regime forces to
points from which defensive sortees would be found
advantageous, in the event of real war.
forces concentrated
south
of
mainly at
r
The Chinese
point about 50 miles
Peiping, and at Kalgan, 100 miles to the
northwest of the former
moved
a
capital.
Chronicle
Japanese armies
the
may
the
impasse is not found
London
well develop, if
other
and
diplomatic
a
out of
way
In Washington,
soon.
the developments
capitals
are
milligrams,
of Oct.
provided in the devaluation law
as
1, 1936, was granted by the French Cabinet
month, and from the further gold "profit" of
last
depleted Treasury was replenished
devaluation the
and
rente defense fund of
a
6,000,000,000 francs set
That fund was viewed in the financial markets
up.
merely a device for support of French Govern¬
as
Finance Minister Georges Bonnet
ment securities.
insisted, however, that there would be no "artificial
action" and that the fund would operate
check raids
involves
than
a
difference is, perhaps, little more
a
matter of
It is
evident,
opinion.
the other hand, that some vig¬
on
budget and early adjustment
net toward a balanced
of
being made by M. Bon¬
and proper moves are
orous
financial
other
Heavy increases of
problems.
and pledges
decreed recently,
were
chiefly to
Whether this distinc¬
public credit.
on
tion
taxation
being followed with close and anxious interest.
Authority for reducing
monetary policy.
gold content of the franc to the lower limit of
43
rapidly toward both points, and major bat¬
tles
Aug. 7, 1937
were
given that expenditures also would be curtailed.
British Parliament
ADJOURNMENT
the usual
last
Saturday,
of
the
summer
Parliament for
British
brought to
recess
Technically, the session only
a means
for
suspended, with
was
a
pro¬
body in recent years.
This, however,
resumption scheduled for Oct. 21.
rapid summoning of
both Houses in the event of any emergency
The session will be long
the interim.
close,
of the most interesting and
one
ductive sessions of that ancient
merely provides
a
during
remembered
It
extraordinary or supplementary budget that
is the
keeps French finances in
a
chronically unhealthy
state, and M. Bonnet announced late last week a
series of decrees which not
only reduced such con¬
templated expenditures for the 1938 fiscal year to
17,000,000,000 francs, but also set that figure as a
The main items in the supplemen¬
legal maximum.
tary budget, which is met by borrowing, are 11,100,-
000,000 francs for armaments, 3,600,000,000 francs
for
public works, and 2,300,000,000 francs for pen¬
is
for the abdication bill which marked the end of the
sion
brief
000,000 francs will have to be borrowed to meet the
of
reign of Edward VIII, and for the coronation
George VI.
the London
remarks,
the
.
Of
were
extensions
the
program,
of the
unemployment insurance scheme, the in¬
of the
crease
practical significance, as
the legislative measures dealing with
rearmament
national
more
correspondent of the New York "Times"
Exchange Equalization Fund by £200,-
000,000, and other bills passed by the members in
At least equally
the session.
funds.
It
railway deficit and the requirements of the French
municipalities,
office the
extraordinary budget was placed at 47,-
000,000,000 francs,
These
significant were the
nature
relates
The principal
to
the
ill-fated
"growth of profits" taxation for meeting a large
The clamor of pro¬
part of the rearmament costs.
test forced withdrawal of that measure and
stitution for it of
The House of Commons also refused
profits taxes.
to be
stampeded into approval of the Royal Commis¬
sion report
this
the sub¬
ordinary increase of corporate
an
for the partitioning of Palestine, and
problem will be studied for some time to come
before
final decision is made.
any
Foreign diffi¬
culties, with their ever-recurring interpellations of
Cabinet Ministers,
being
even more
a
it is
financial
a
Chautemps
exist in
French
little of the
that
French funds is
view of the
The delay
because only
the
war scares
Tuesday another step in
leaf from the book of depres¬
and United States
4%%
a
bonds
Treasury
Holders of such
new
redeemable next
4% issue maturing Aug.
nouncement
discount
was
rate
October.
obligations were offered in exchange
5, 1938, and an¬
made at the same time of a reduced
It is now
by the Bank of France.
Minister aims
within the
that would reduce the burden on the bud¬
fairly clear that the French Finance
at
a
general debt conversion operation
next year
get, much as the Liberty loan and War
sions aided the American and
loan conver¬
British Treasuries.
Foreign Money Rates
repatriation
were
Friday of last week, and 9-16% for three months'
bills as against 9-16% on Friday of last week. Money
on call at London on Friday was
At Paris the
market rate remains at 5}/$% and in Switzerland
1%.
open
It
Discount Rates of Foreign
Central Banks
a
of
quite understandable, however, in
unending
to be moving in
far has returned to
so
in
a
financing by the British
on
French regime of
circles
Taking
favorable impression, and
a
on
Governments, he acted early to meet a maturity of
Some disappointment appears
official
fugitive capital
country.
new
seems
important reduction
an
IN LONDON open market discount rates9-16% on
bills
Friday
9-16% as against for short
delicate and difficult matter to restore
confidence, but the
the right direction.
to
sion
probably kept the session from
government tampers with its currency
Premier Camille
Bonnet announced
fruitful than it proved to be.
French Finances
AFTER
created
moves
his program.
this
that
so
has been effected.
jected to Cabinet proposals and effected important
of
Before M. Bonnet assumed
francs, for new money.
M.
occurrence
that total governmental borrow¬
so
ing for the 1938 year is estimated at 25,000,000,000
several occasions when the House of Commons ob¬
changes in legislative or procedure.
expected that a further 7,500,-
and the vagaries of
THE Bank3 of France reduced itsThe 5% rate had
discount rates on
August
from 5% to 4%.
been
in effect since
lowered from 6%.
are
July 6, 1937 at which time it was
Present rates at the leading centers
shown in the table which follows:
Volume
Financial
145
Chronicle
819
BANK OF
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
FRANCE'S COMPARATIVE STATEMENT
Date
vious
Established
Rale
Argentina..
3Y
Mar.
Austria.
3H
July
Chanaoes
Date
vious
for Week
July 29, 1937
July 31, 1936
Aug. 2, 1935
Established
Rale
Francs
Francs
Francs
Rale in
Pre¬
Effect
Pre¬
Effect
Aug. 6
Francs
Rate in
Aug. 6
Country
Country
Holland
10 1935
1 1936
4~
2
Dec.
2 1936
2Y
Gold holdings
4 H
Credit bals. abroad,
3Y
Hungary...
4
Batavla
4
July
1 1935
4H
India
3
Aug. 28 1935
Nov. 29 1935
Belgium
2
May 15 1935
2H
Ireland
3
June
30 1932
Bulgaria
Canada....
6
Aug. 15 1935
7
4H
May
18 1936
2H
Mar. 11 1935
Japan
3.29
Apr.
6 1936
Chile......
4
Jan.
24 1935
Java
Jan.
14 1937
Colombia
4
July
18 1933
5
Jugoslavia.
Feb.
1 1935
6H
Lithuania..
5H
July
1 1936
6
3
Jan.
1 1936
3H
Morocco
6X
May 28 1935
4Y
5
Norway
4
Dec.
5 1936
3Y
.
.
Italy
4H
Czechoslo¬
vakia
;
3
5
4
Jan.
2 1937
4
Oct.
19 1936
3J-6
Poland
5
England...
2
June 30 1932
5
Sept. 25 1934
Finland
4
Dec.
4 1934
2^
5^
4^
Portugal...
Estonia
France
4
Aug
3 1937
5
4
Sept.30 1932
5
Sweden
6
Jan.
7
Switzerland
Danzig
Denmark
Germany
.
.
_
.
Greece
4 1937
Bank of
3 Yx
5
3.65
14,465,866
16,068,335
7,972,426
+ 952,000,000 10,261,037,697
6,040,747,507
6,647,110,221
936,978,274
1,253,570,542
1,231,018,158
+ 1,000,000
4
French commercial
a
billi discounted.,
b Bills bought abr'd
Adv. against secure.
+ 51,000,000
+ 39,000,000
3,256,075,716
4,064,383,770 3,555,221,521
+ 1,396,000,000 89,307,987,540 85,892,335,440 82,213,778,445
Credit current accts. + 6,125,000,000 18,375,169,990
7,848,651,186 13,129,296,074
c Temp. advs. with¬
Note circulation
4
out int. to State..
Propor'n of gold
25 1933
5
Dec.
13 1934
Rumania..
4H
Dec.
7 1934
6
South Africa
3X
May
15 1933
4
Spain
5
July
10 1935
5H
23,886,809,745 14,333,423,448
No change
on
hand to sight llab.
6
Oct.
+ 2.92%
75.13%
58.61%
51.70%
5Y
Includes bills purchased In France,
a
resenting drafts
Treasury
on
In the current statement
2X
Dec.
1 1933
3
Nov. 25 1936
2
per
on
b Includes bills discounted abroad,
Rep¬
c
10-billion-franc credit opened at Bank.
gold valuation is at rate of 43 mg. gold, 0.9 fine,
franc;
1H
....
+ 6,817,614,339 55,677,171,399 54,941,706,991 71,630,295,919
previously and subsequent to Sept. 26, 1936, gold valuation was 49
franc; prior to Sept. 26, 1936, there were 65.5 mg. of gold to the franc.
Bank of
England Statement
per
mg.
Germany Statement
THE statement forgain of £5,177 in gold holdings, THE statement forincrease in gold of July showed
the week ended Aug. 4 shows
slight the last quarter and bullion of
another
further small
a
raising the total to another
which compares, with
culation
rose
£503,877,000, also
with
£244,004,028
of
Thus, the circulation
year.
last
increase
an
Monday's
in
the
dropped
circulation
liabilities
decade.
and
rise
fell
to
the
in
outstanding of
and
other
reserves
to
ment securities fell off
Of the latter
from bankers accounts and
was
£327,609 from other accounts.
£35,951.
a
19.10% last week and
deposits £9,096,285.
£8,768,676
securities
of
proportion
the
of
consequence
Public deposits dropped £719,-
a year ago.
amount
Reserves this
16.60%, the lowest in at least
The proportion was
33.30%
000
£5,534,000
brought
holiday
amount
£10,744,000 in the past two weeks.
week
Cir¬
ago.
all-time high, which compares
an
£454,406,397 last
about
a year
additional £5,539,000 to a total of
an
requirements
peak of £327,521,344,
new
Loans
37,000 marks, the total of which is
and
other
vestments
27,000 marks.
which decreased
the
2% Bank rate.
marks.
The reserve, ratio stands now at 1.46%,
compared with 1.72% a year ago. Below we furnish
a comparison of the different items for three
years:
REICHSBANK'S COMPARATIVE STATEMENT
items with comparisons
on
other
for Week
Assets—
BANK
OF
ENGLAND'S
different
Advances
show the
COMPARATIVE
Silver and other coin...
Investments
Other assets
years:
Aug. 5,
Aug. 7,
1936
1935
Aug. 8,
1934
Aug. 9,
1933
503.877.000 454,406,397 411,835,000 392,806,331 384,974,512^
17,240.000
9.809.000
17,605,824
23,882,943
19,412,087
132.485,284 131,185,924 120,507,816 117,661,236 140,692,030
Bankers' accounts.
92,667,605
95,490,557
82,662,217 82,001,205 92,893,707
Other accounts
36,994,727
38,518,319
37,845,599
35,660,031
47,898.323
Govt, securities
87,201,044
110,205,305 89,943,310
83,253,781
88,295,963
Other securities
26,591,393 27.410,074
27,193,701
17,057,710 23,410,498
Dlsct. & advances
8.938,075
14,078,313
6,445,380
11,035,865
6,985,141
Securities
20,146,013
18,471,999
13,115,388
10,072,569 12,374,633
Reserve notes & coin
23,643,000
49,597,631
41,508,000
59,380,598 66,555,409
Coin and bullion
327,521,345 244,004,028 193,344,135 192,186,929 191,529,921
Propor. of res. to llab
16.60%
33.30%
30.13%
41.95%
41.56%
Bank rate
2%
2%
2%
2%
2%
curr.
+ 534,000,000 5,111,000,000 4,470,883,000 3,877,783,000
+ 65,959,000
732,114,000
787,240,000
742,940,000
+ 8,587,000
216,283,000
248,973,000
223,032,000
to note clrcul'n.
reserve,,
July 29 showed
expansion of 6,817,614,339 francs
an
gold holdings, the total of which is
171,399Tfrancs.
Gold
a
year
941,706,991 francs and the
Notes
year
circulation
in
aggregated 54,-
ago
also
compared
Increases
year.
abroad
outstanding
of
with
were
55,677,-
now
before 71,630,295,919
recorded
namely 1,396,000,000 francs,
the total of notes
francs,
up
a
which
of
85,892,335,440
brought
francs
securities
rent
ratio
rose
to
commercial
2.57%
Money Market
Below
we
was
a
year
Banks
lowered
on
it
The
was
posits at
years:
ebb for
excess
that
was
again rapidly.
of discount bills
the
de¬
was
reserve
deposits
would
The Treasury sold two series
aggregating $100,000,000,
one
series
$50,000,000 due in 135 days being awarded at
0.228%
average,
due
273
both
in
computed
Dealings in
were
while another series of $50,000,000
days
was
on
an
awarded at 0.467%
average,
annual bank discount basis.
bankers' bills
and
commercial
quiet, at unchanged rates.
Call loans
New York Stock
actions,
while time loans remained
maturities to 90
datings.
paper
on
the
Exchange held to 1% for all trans¬
at
1%%
for
days, and at 1%% for four to six
months'
cur¬
reserve
but this
years,
The expectation, already being realized
yesterday,
of
some
only in transfers of Federal funds at Vi
%%.
mount
low
a
unchanged in all departments.
city found their
tabulation showed brokers' loans down
The New York
Stock Exchange
$12,570,073
during July, to $1,173,757,508.
reserve
New York
58.61%.
Aug. 3 to 4% from
furnish the various items with
parisons for preceding
this
in
the New York money
were
bought
and in creditor
ago
dull in
was
week, and rates
against
advances
in
6,125,000,000 francs.
51.70%;
The discount rate
5%.
francs,
of 39,000,000 francs
accounts of
last
also shown in credit balances
1,000,000 francs, in French
51,000,000
large
to 89,307,987,540
bills discounted of 952,000,000 francs, in bills
abroad
1.72%
1.46%
SAVE for the usual month-end turnover, business
market this
to
OWINGTto the further revaluation in the dated
a Bank's weekly statement gold
gain,
—0.18%
New York
reflected
Bank of France Statement
francs.
•
__
....
in
1935
Reichsmarks
Propor'n of gold & for'n
Circulation
Public deposits
Other deposits
1936 July 31,
Reichsmarks
Liabilities—
Notes in circulation
STATEMENT
Other liabilities
1937
1937 July 31,
Reichsmarks
No change
Oth. daily matur. obllg.
Aug. 4,
r
+ 37,000
69,111,000
71,925,000
93,996,000
19,359,000
24,524,000
30,156,000
—192,000
5,844,000
5,353,000
5,887,000
+ 680,915,000 5,344,989,000 4,712,933,000 3,838,432,000
—106,147,000
125,967,000
137,456,000
158,268,000
+ 15,427,000
52,256,000
66,750,000
52,268,000
—27,000
403,381,000
530,308,000
660,906,000
+ 18,577,000
734,218,000
573,248,000
651,571,000
Bills of exch. & checks-
was
July 31,
Reichsmarks
made in
for previous
f
Changes
Of which depos. abr'd
Res've in forn' currency
we
rose
An increase was registered in bills of ex¬
change and checks of 680,915,000 marks, in advances
of 15,427,000 marks, in other assets of 18,577,000
marks, in other daily maturing obligations of 65,959,000 marks, and in other liabilities of 8,587,000
£633,471 and securities,
Below
Notes in circulation
marks.
No change
£669,422.
marks,
and in¬
106,147,000 marks,
Govern¬
on
£4,206,000 and loans
rose
coin
534,000,000 marks, which brought the total up to
5,111,000,000 marks.
Circulation last year stood
at 4,470,883,000 and the previous year 3,877,783,000
The latter consists of discounts
advances, which
a year ago.
Reserves in foreign currency fell off 192,000
silver
Gold and bullion..
and
69,111,000
now
marks, compared with 71,925,000 marks
com¬
Money Rates
DEALING in detail with call loan rates
Exchange from day to day, 1%
Stock
on the
the
was
ruling quotation all through the week for both
new
Financial
820
The market for time money
and renewals.
loans
quiet, no transactions having been reported
this week.
Rates continued nominal at 1 %% up to
continues
90
six months' maturities.
prime commercial paper has been
days and 1 %% for four to
market for
The
active this week. Paper has been in good supply
requirements. Rates are unchanged
very
but still short of
at
1% for all maturities.
THE market for prime bankers' acceptances been
quiet this week.
The demand has has
been
good but very few bills have been offered.
There
has been no change in the rates.
The official quota¬
tions
and including 90 days are %%
asked; for bills running for four
7-16%
and
bid
Bank of New
issued by the Federal Reserve
as
York for bills up to
%% asked; for five and six
9-16% asked. The bill-buying
York Reserve Bank is %% for bills
months, 9-16% bid and
United States is largely offset
sterling arising not
New
days, %% f°r 91- to 120-day
1% for 121- to 180-day bills. The Federal
Bank's holdings of acceptances decreased
running from 1 to 90
bills and
Reserve
Open market dealers
$3,201,000 to $3,078,000.
from
quoting the same rates as those reported by the
Federal Reserve Bank of New York.
The rates for
are
open
market acceptances are as follows:
SPOT DELIVERY
Bid
Ashed
X
.
ht
X
7i«
X
7i«
X'
——30 DaysBid
Ashed
60 Days
Bid
Ashed
Ashed
Bid
bills
X
*i«
9is
X
90 Days——
Prime eligible
Bid
Bid
®i6
bills
Prime eligible
120 Days
Ashed
150 Days
Ashed
—180 Day*—
WITHIN THIRTY DAYS
FOR DELIVERY
H % bid
X% bid
Eligible member banks
Eligible non-member banks
Discount Rates of
the Federal Reserve Banks
by other demands for
only here but in many other
countries.
As for
in busi¬
Indies has not
several weeks, the marked upswing
Holland and the Dutch East
in
ness
only stemmed the flow of guilders to
has had an influence in the transfer of
New York, but
Dutch balances
United States, to this extent proving
an adverse factor with respect to the dollar.
Another
factor adverse to the dollar and acting in favor of
sterling is the continuance of tourist demand for
European currencies, for which exchange on London
is a dominating factor.
This phase of the market
should rapidly come to an end before the close of
from the
August.
As during some weeks past, the partial
dollar balances to New York
transfer of Japanese
is
months, %% bid and
rate of the
7, 1937
demand to cover imports from the
factor of seasonal
away
Bankers' Acceptances
Aug.
Chronicle
a
firming influence on
sterling.
these several factors
In addition to
from
a
great many foreign
affecting the
is a heavy flow of
dollar-sterling rates, there
funds
centers to London due not
only to the necessity of keeping balances there but
a desire for safety in view of the world-wide unrest.
to
Dehoarding
of gold in
ceased within the past
London has practically
This is evidenced
few weeks.
by the fact that gold on offer in the London market
has fallen to the lowest level in several years.
A
gold taken in the open market from
large part of the
of foreign hoarders and is
deposit with the London banks.
The grave fear which swept over owners of gold a
few weeks ago that the United States might lower
its gold price has subsided completely, with the result
that there is no longer a rush to unload gold on
day to day is for account
again being left on
New York.
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
The following is
the
for
various
the schedule of rates now in effect
classes of paper at the different
Reserve banks:
DISCOUNT RATES OF
FEDERAL RESERVE BANKS
Rate in
Date
Previous
Established
Rate
Effect on
Federal Reserve Bank
Aug. 6
8 1934
2X
Feb.
2 1934
2
Jan.
17 1935
2
Feb.
New York
IX
Philadelphia
2
May
Boston..
2X
2
Cleveland
IX
Richmond
2
11 1935
May
9 1935
Atlanta
2
Jan.
14 1935
2X
2
19 1935
2X
Chicago
Jan.
St. Louis
2
Jan.
3 1935
2X
May 14 1935
2X
Minneapolis.
Kansas City..
2
2
May 10 1935
2X
Dallas
2
May
8 1935
2X
San Francisco
2
Feb.
16 1934
2X
2 X
Gold received in New
ported daily by the Federal
criterion.
Although gold
On
of
because
the
August bank holiday.
touched
cable transfers
a
new
On Friday
high for the year of
The range for bankers' sight this week has
$4.97% and $4.98 9-16, compared with
$4.98%.
been between
a
range
of between $4.96 11-16
and $4.98
last week.
transfers has been between
$4.97% and $4,98% compared with a range of be¬
The
range
for
cable
tween $4.96 13-16
and $4.98% a week ago.
exchanges
Dollars are
still sought for on commercial account and to a
greater extent and rather earlier than is the seasonal
custom.
Under normal conditions of exchange such
underlying conditions of the foreign
The
are
as
in
no
way
different from last week.
existed before the World War,
dollars, which seldom began
caused sterling to
change
on
before the end of August,
of ex¬
At present, however, the
work adversely in terms
New York.
seasonal demand for
on
offer in the London open
market
considered that there
are much higher quantities reaching there from day
to day, and these greater quantities are believed to
be promptly absorbed by the British Exchange
Equalization Fund, cooperating with Washington in
the program of sterilizing gold arrivals unnecessary to
the general credit structure.
Were it not for these
compensating equalization fund operations, the gold
arriving in this country from Great Britain would
be in still larger volume.
The British fund is oper¬
ating not only to curtail the gold flow to the United
States, but also to arrest the upward trend of sterling
which, but for the fund's operations, might easily
have gone to $5 or higher at any time during the past
is at such a low
STERLING exchange displays a firm were closed
Monday the London markets undertone.
Reserve Bank of New
$67,204,900, the smallest amount
for any month since February, when $64,123,400
arrived.
July's imports compared with receipts of
$185,583,600 in June. Despite this falling off in
imports of gold, it must not be concluded that the
gold movement to this side is on the wane.
On the
contrary, it may be expected to continue at about
present level for as long as business conditions here
continue to improve, and certainly for as long as
the United States pays the world's highest gold price
of $35.00 an ounce.
The excessive imports in June
York, amounted to
are no
Exchange
Course of Sterling
York during July, as re¬
ebb, it must be
several weeks.
Not
only has dehoarding of
but the continuous
note
criculation
to
part at least foreign
gold ceased in London,
expansion of the British bank's
all-time
highs indicates that in
hoarders still crave British cur-
Volume
With the record expansion in note circulation,
rency.
the Bank of
to
Financial
145
holdings
England also expands its hold
Beyond question
of the British note circulation is due
increasingly high record levels.
the
to
major part
steady improvement in British trade,
at this time
by the August holidays, with their cus¬
that British note circulation will go
week
still higher in the
the
two, when there should be
or
Canadian exchange
1-16% to
The
rate
cus¬
place recently in the London securities market, and
business
than
usual
being transacted
is
par.
on
Paris, the London
and the price paid for
market gold price,
open
gold by the United States:
MEAN LONDON CHECK RATE ON
Saturday, July 31
Monday, Aug. 2
Tuesday, Aug. 3
PARIS
Wednesday, Aug. 4
132.76
Aug. 5
132.81
Friday,
Hoi.
132.80
Thursday,
132.80
Aug. 6
--_.132.84
in
Saturday, July 31
Monday, Aug. 2
Tuesday, Aug. 3
PRICE
Thursday,
139s. 7Kd.
139s. 8d.
Aug. 5
Friday,
Holiday
Aug. 6
FOR GOLD BY THE
PAID
139s. 63^d.
Wednesday, Aug. 4
139s. 8^d.
139s. 6^d.
UNITED STATES
(FEDERAL
RESERVE BANK)
the
security markets, which
during the holiday
and
generally inactive
are
The high level of trade
season.
industry and the high prevailing
levels
wage
are
largely responsible for the current optimism with
demand, and it would
not confined to
especially
that the demand is
Gilt-edged issues
respect to securities.
in
relatively
LONDON OPEN MARKET GOLD PRICE
pronounced improvement in sentiment has taken
more
was
following tables show the mean London check
tomary falling off at the end of August.
A
during the week
Montreal funds ranged from a discount of
steady.
It is believed
tomary vacation currency demands.
next
accentuated
821
Chronicle
seem
Current instances of
professionals.
this attitude have been the heavy
of the recent
made to Midland County
Open market
able
approval, if not its guar¬
oversubscription
A similar substantial
tinue
bills
Call
all times at
9-16%,
are
six-months'
against bills is avail¬
money
%%. Two- and three-months'
Gold
23-32%.
available
and
the
in
by the
quietly absorbed
amounts
Equalization Fund,
Exchange
19-32%,
bills
market at fixing hour each day and not
for
accounting
Council's £3,500,000 issue.
four-months'
bills
London open
was
rates in Lombard Street con¬
money
unchanged.
at
oversubscription
Iraq £1,000,000 loan, which has received
the British Government's
anty.
are
as
was
follows: On
Saturday last, £31,000;
on
Monday, August bank
holiday,
on
Tuesday, £226,000,
Saturday, July 31
Monday, Aug. 2
Tuesday, Aug. 3
on
offer;
Wednesday, £273,000,
Friday, £349,000.
on
on
Thursday, £98,000, and
gold movement for the week ended Aug. 4,
was
as
follows:
$2,681,000 from India
On
firm, London was closed because
The
August holiday.
range was
$4.97 11-16@
On
Tuesday the pound showed
previously reached
on
July 28, $4.98%.
The
a
year
range
$4.98%@$4.98% for bankers' sight and $4.98%
was
On Wednesday the
@$4.98% for cable transfers.
pound
was
Bankers' sight
steady.
and
@$4.98 5-16
On
high for the
transfers,
cable
$4.97 15-16
was
$4.98@$4.98%.
Thursday sterling was steady and in demand.
The range was
$4.97%@$4.98% for bankers' sight
and $4.97 15-16@$4.98 5-16 for
cable transfers.
On
Friday the undertone of sterling was firm and reached
high for the
cable
for
The
year.
transfers.
range was
$4.98 3-16@
sight and $4.98%@$4.9%
bankers'
for
$4.98 9-16
Closing quotations
on
Friday
$4.98% for demand and $4.98 9-16 for cable
Commercial sight bills
transfers.
finished at $4.98%;
60-day bills at $4.97 7-16; 90-day bills at $4.97 3-16;
(60 days) at $4.97 7-16, and
documents for payment
Cotton and grain for
payment closed at $4.98%.
None
2,201,000 from Canada
was
$4.97%
was
$4.97%@$4.97%.
7-day grain bills at $4.97%.
Exports
I mports
Bankers' sight
firmer undertone and touched the
as re¬
GOLD MOVEMENT AT NEW YORK, JUL 29-AUG. 4, INCLUSIVE
firm, practically unchanged
transfers
for cable transfers.
were
ported by the Federal Reserve Bank of New York,
35.00
$4.98% for bankers' sight and $4.97%@$4.98 7-16
on
At the Port of New York the
35.00
Aug. 6_-
close.
cable
Monday sterling
a new
none
Aug. 5
Friday,
was
from the previous
of the
Thursday,
day-to-day rates sterling exchange
Saturday last
@$4.97%;
$35.00
35.00
35.00
Referring to
on
Wednesday, Aug. 4
$35.00
630,000 from England
Continental and Other Foreign Exchange
239,000 from Holland
$5,751,000 total
Net Change in
last
$12,838,000 of gold
above
affecting the monetary situation were outlined in
these columns last week: The
received at San Francisco from Japan.
The
as now
$321,000
that approximately
Note—We have been notified
was
THE French francimportant features then from
situation is unchanged
week.
The
Gold Earmarked for Foreign Account
Decrease:
the week ended on
Wednesday.
On Thursday there were no imports
or
exports of the metal or change in gold held ear¬
fund in operating
marked for foreign account.
of the rentes
of
gold
India
were
was
and
no
figures
are
for
On Friday $1,371,000
received of which $824,700
$546,300
came
from
exports of the metal,
or
earmarked for foreign account.
It
Friday that $7,831,000 of gold
was
Francisco
from
came
England.
change
was
from
There
in gold
reported
on
received at San
Japan.
Gold held in the inactive fund, as indicated in the
daily Treasury statements issued during the week
follows. The day-to¬
day changes are our own calculations:
ended last Wednesday, was as
GOLD
HELD
IN
THE TREASURY'S INACTIVE
Date—
July
Amount
29
$1,202,013,559
on
The loan rate on short
the Bank of France.
Aug. 3.
also set at 5% by
5% rediscount rate had been in effect only since
July 6, when it was reduced from 6%.
had been in effect
rate
when it
was
of
course,
Nevertheless
Aug.
2
1,220,808,966
+7,562,817
Aug.
3
1,228,214,440
+7,405,474
Aug.
4
1,230,766,976
+2,552,536
money
there in comparison
and New York
are
ease
a year
in
money
the
rates
with those prevailing in London
exceedingly firm and accommoda¬
Bank of France
totaled 48,859,557,060
ings
part of the
conditions
tion is not available for any purpose
est of terms.
14, 1937,
raised from 4%.
The reduction in the rate is,
+$236,499
The 6%
only since June
market.
+154,168
The
was
Paris
+11,078,422
July
5% to 4%
advances
France lowered its rediscount rate
Daily Change
1,213,246,149
$126,458,926
from
to
1,202,167,727
Wednesday
Bank of
program
31
$28,989,916
extremely adverse trade balance.
feature of the
The
special fund to operate in support
market, and finally, the discouraging
Government's
July 30
Increase for Month of
exclusively in spot exchange as heretofore; the estab¬
lishment of the
FUND
July
Increase for the Week Ended
policy of the exchange
in the futures market rather than
gold
except
on
reserves on
(Auriol) francs.
short¬
July 23
Gold hold¬
earlier aggregated 54,831,945,813 francs,
Financial
822
and
two
of
aggregated
earlier
years
(Chau-
France, showing gold at 55,677,171,399
temps) francs, is
gold of
49
the revaluation basis according
July 22, with 43 milligrams of
on
decree law of
to the
milligrams fine per franc,
900
instead of
The metallic reserves are thus in-
milligrams.
by about 6,818,000,000 francs and the pro-
creased
within
clearly that the
Popular Front idea of stimulating national economy
by direct action involving any large artificial expansion of credit has been definitely discarded.
The
Government's authority to proceed by decrees comes
but the limit on expenditures shows
to an end on Aug. 31.
Belgian currency has been exceptionally steady for
than a year.
During this time belga futures
ceeds
represented in the revaluation are now applied
the new fund created to support French rentes on
to
In the
early part of the week, as during the previous
days, the franc was inclined to steadiness and per-
10
more
haps firmness in view of the more optimistic tone
and
rarely at a slight discount.
more
entertained
favorable opinion
outcome of the
to the immediate
as
However, since
Chautemps policies.
abroad that in view of the
changed French situation the Belgian Government
may decide upon a new valuation for the belga.
The following table shows the relation
Wednesday, the franc has displayed an undertone of
There
weakness.
in both the spot
been
has
some
evident
pressure
The spot rate,
and forward franc.
leading European currencies to the
dollar:
Old Dollar
however, has not reflected the developments inas¬
much as the French control countered the movement
3.92
6.63
13.90
16.95
5.26
8.91
19.30
32.67
22.96^ to 22.98^
Holland
40.20
68.06
55.14^ to 55.19
b France
(franc)
Italy (lira)
need to emphasize the present softness,
no
a
judgment in view of the dull conditions prevailing
in the market.
In Paris, no less than in London,
greatly
is
due
restricted
to
the
August
holidays.
S ?utnomgoid
Developments during the past few days show that
the
further export
return of
capital to France.
there
that
aware
There is less inducement for
of capital at the present time, but it
yet be said that there is any real evidence of
not
can
genuine beginning of confidence in
a
government.
new
be
can
The Government is fully
no
quick revival of con-
fidence.
conditions
to the Government
since the tourist
agitation is at
the
income
on
is at its
season
height and political
minimum owing to the holidays,
a
collections.
benefit of
Minister
and severity.
Finance
Bonnet's decrees amount to the
abandon-
the
of
last
range
vestiges of the Blum policies and
impose sacrifices which will be tolerable only if some
revival
of business
increases
results.
in
to
and
direct
enacted in
already
addition
In
national taxation, the taxpayer faces an
rise
heavy
indirect
equally sharp
municipal taxation, including the prices of
public transport and other services financially
con-
trolled by municipalities.
A
the financial
problems of Paris, which during the
has steadily increased its debt and still has
finances
are
2,00$,000,000
a
decrees to raise
three-fourths of the deficit.
tion, M. Bonnet has ordered
reduced
year
to
its
works
whereby
prospective
the French center finished
3.75, against 3.743-^ on Friday of last week; cable
transfers
at
Antwerp belgas
3.7534, against 3.75.
cloged at 16.833,/ for bankers> sight and at 16.83%
cable
for
Final
transfers,
16.83% and 16.83%.
against
quotations for Berlin marks were 40.23 for
hankers'
sight bills and 40.23 for cable transfers, in
comparison with 40.24 and 40.24.
at
5
Italian lire closed
26^ for bankers> sigbt bms and at, 5.26% for
against 5.26)4 and 5.26)4•
Austrian
schillings closed at 18.86j against 18.85; exchange on
Czechoslovakia at 3.48%, against
aregt
0
at
againgt
2
againgt 0.74;
74)
on
3.48%;
Buch-
on
Poland at
18.93,
Finland at 2.2o%, against
Greek exchange ciosed at 0.91%, against
lg 93; and
20^
on
91%
—•—
F^XCHANGE on the countries neutral during the
IZj war presents no new features of importance.
These
currencieif
are
strongly inclined to move in
sympathy with the firmer sterling quotations.
This
applies particularly to the Scandinavian units.
Swiss
francs
are
Siwss authorities have
steady and the
declared that the changed position of the French
franc
can
have
no
Holland guilders
influence
on
the Swiss position.
especially strong and the Dutch
are
weeks in preventing
an
undue rise in the price of
guilders in comparison with sterling.
Bankers' sight
a
slash in expenditures
the
sight
Amsterdam finished
on
on
Friday
bills
Government
borrowing for the
has
coming
at
55.10,
55.12.
against
Swiss francs
closed at 22.97% for checks and at 22.97% for cable
transfers,
25,000,000,000 francs from 47,000,000,000
francs.
Friday
on
Friday of last week,
transfers at 55.15%, against 55.17; and commercial
new
On the other side of these reforms increasing taxa-
public
on
on
placed practically under national
subway and surface transport fares sufficiently to
for
sight bills
Paris closed
on
132.83
at 55.15, against 55.17 on Friday of last week; cable
tutelage and it is ordered by the
cover
5.26^
francs for 1938.
prospective deficit of
Its
16.84H
exchange fund has been active during the past several
striking example is offered by the treatment of
years
in New York
0
,
3.75%
to
5.26^ to
andaiiowed to "net" on June so.
decrees issued last week for financial reform
impressive in their
ment
particularly favorable to
the technical side of trading,
are
Treasury is also reaping the
tax
New
are
againgt
132.88j
cable transfers,
At present
while
at
3.74^ to
16.83
New dollar parity as before devaluation of the European currencies
The London check rate
at
there has been
-
(guilder)
foreign exchange traders are inclined to reserve
trading
Range
This Week
Paritya
Switzerland (franc)
by supporting francs steadily through the sale of
sterling to hold the sterling-franc rate steady.
There is
of the
United States
New Dollar
Parity
Belgium (belga)
as
However, in
the past few weeks the discount on belga futures has
shown a tendency to widen. This is probably due
by the French market as a consequence of the t to rumors now prevalent
taken
sometimes at a premium
have generally ruled flat,
the market.
1937
7,
The Government promises a third batch of decrees
a few days with a view to stimulating business,
71,276,631,639
The present return of the Bank
(Poincaire) francs.
Aug.
Chronicle
against
and
22.96%
22.96%.
Copen-
hagen checks finished at 22.26 and cable transfers at
22.26, against 22.23 and 22.23.
Checks
on
Sweden
closed at 25.70 and cable transfers at 25.70, against
25.67 and 25.67; while checks
on
Norway finished at
25.05 and cable transfers at 25.05, against 25.02 and
25.02.
Spanish pesetas
are
not quoted in New York.
Volume
Financial Chronicle
145
823
The gold of the Bank of France
EXCHANGE on steady, moving in close sympathy
exceptionally the South American countries is
with
sterling and strongly favoring the several na¬
was
revalued on July 23, 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 equalled
£1 sterling at par; on basis of 49
mgs. about 165 francs equaled £1 sterling, and at
43 mgs. there are about 190 francs to £1.
tional units.
This is especially true of the Argentine
The international trade of the South American
peso.
countries is
in
imports.
of
season
The Seat of Authority in Legislation
steadily improving both in exports and
These countries
unusually
Argentine
paper
prosperous
Friday, official
on
problem of the character and extent of the
legislative function of Congress appears to have
export trade.
closed
pesos
The
anticipating a new
are
ceived
curious elucidation at the first
some
quotations, at 33.23 for bankers' sight bills, against
session,
33.18
Senate which is holding
Friday of last week; cable transfers at 33.23,
against 33.18.
The unofficial or free market close
was
on
30.20
@ 30.30, against 30.20@30.28.
milreis, official rates,
unofficial
or
free
Brazilian
8.90 against 8.89.
The
were
market
milreis
in
is
6.70@6.72,
Chilean exchange is nominally
against 6.70@6.75.
quoted at 5.19, against 5.19.
Peru is nominal at
EXCHANGE pn the close sympathycountries con¬
Far Eastern with sterling.
The
Japanese authorities assert positively that there
will be
The
change in the
no
Japanese
operations
has
in
on
rearmament
one
program
and
military
the Asiatic continent it would
brought about
This is
relationship to sterling.
yen
seem
serious adverse trade balance.
a
factor which has been
responsible for the
heavy shipments of gold from Japan to the United
States in recent months.
of the
current
For the first six months
Japan showed
year
a
highly advan¬
Federal Government.
Monday
of the
period last
year to a
total of 1,601,000,000
However, imports increased by 42.1% to
of
2,242,000,000
involving
yen,
an
jects and
drew
of
is
understood
for the issue
£20,000,000.
dispatch
that
Finance Minister in
ment
on
a
prolific writer
on
political sub¬
the reorganization
up
In
plan.
Merriam
remarks Professor
his
as
the
Was re¬
saying that the
bill before the Select Committee "aimed at the
tablishment of
for
a
more
policies."
government
Senator
definite
es¬
planning authority
"Don't
consider,"
you
O'Mahoney of Wyoming asked, "that the
planning functions of government should be legis¬
lative rather than executive?"
Professor Merriam
tion
in
was
To this
pointed ques¬
reported as replying,
substance, that Congress "was usually occupied
with immediate
problems and had not the time to
; '
look into the future."
According to the Constitution, all the legislative
power
which the Federal Government possesses is
aided
The exercise of this,
Congress.
power
is
by the requirement that the President shall
from time to time
"give to the Congress information
of the state of the
A Reuter London
it
only witness heard
ported by the New York "Times"
mer¬
half-year
The
member of the President's committee
a
vested in
ending in June.
the bill for
Department of Political Science in the Uni¬
total
a
unfavorable
chandise balance of 641,000,000 yen for the
yen.
on
Professor Charles E. Merriam, head
was
versity of Chicago,
tageous improvement in exports of 26.7% over the
same
hearings
reorganization of the Executive branch of the
which
—^—
move
Monday, of the Select Committee of the
on
course
26.00, against 26.00.
tinues to
the
re¬
public
on
H.
Dr.
Aug. 3 stated that
H.
Kung,
London, has reached
of
an
Chinese
an agree¬
English loan to China of
This loan, it is understood, is to be
placed in London, and the proceeds are to remain
in London to be drawn upon by the Chinese Govern¬
ment as required.
Thus far there has been no
official confirmation of such
a
transaction and it is
no details have been arranged.
Closing quotations for yen checks yesterday were
29.05 against 28.98 on Friday of last week.
Hong¬
kong closed at 31.00@311-16 against 3013 16@30.80;
Shanghai at 29.60@29%, against 29 9-16@29 25-32;
Manila at 50.25, against 50.25; Singapore at 58 9-16,
against 58.50; Bombay at 37.65, against 37.59; and
Calcutta at 37.65, against 37.59.
understood that
Gold Bullion in
Union, and recommend to their
consideration such
measures
essary
been
judge
nec¬
normally completed until
a
bill which
passed by both houses has received the
President's
approval.
Beyond information and rec¬
ommendation, however, the Constitution gives the
President
no
part in legislation Whatever, and his
veto, if he disapproves of what Congress has done,
be over-ridden if a two-thirds majority in each
may
houses wishes to do
has been
in his
ate
so.
Yet if Professor Merriam
correctly reported, Congress would appear,
opinion, to be so far "occupied with immedi¬
prbolems"
as
to be incapable of exercising ef¬
fectively one of the most important functions in¬
legislation, namely, planning for the fu¬
herent in
It is so
ture.
European Banks
he shall
and expedient," and the process of legisla¬
tion is not
has
as
busy with what is just before its eyes
that there is no time to look ahead.
bullion (converted into pounds sterling at
THE following table indicates the amounts of gold
The contention
par
of
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
are shown for the corresponding dates in the
previous
four years:
France
Germany b
Spain
Italy
Netherl'ds
-
Nat. Belg'm
Switzerland
Sweden..__
Denmark
1937
1936
1935
1934
1933
£
£
£
£
327,521,345
293,037,744
England
_
_
Norway
Total week.
the
With
Mr.
is, of course, entirely in accord
policy which Mr. Roosevelt has pursued.
hardly
an
Roosevelt
exception, the
has
messages
"recommended"
the
in which
important
parts of his program have been accompanied, or
shortly followed, by drafts of bills embodying, in
£
Banks of—
with
2,487,600
c87,323,000
a25,232,000
104,823,000
104,530,000
83,479,000
25,880,000
6,549,000
244,004,028
439,533,656
2,370,050
88,092,000
42,575,000
53,508,000
106,862,000
49,723,000
24,077,000
6,553,000
6,604,000
193,344,135
573,042,367
3,191,000
90,775,000
60,450,000
57,372,000
100,971,000
45,399,000
19,794,000
7,394,000
6,602,000
192,186,929
643,892,657
2,559,200
90,555,000
69,609,000
71,950,000
75,016,000
61,498,000
15,335,000
7,397,000
6,577,000
191,529,921
656,649,326
11,624,700
90,386.000
73,416,000
64,500,000
76,872,000
61,461,000
legislative form, the proposals which he has made.
Most of these draft bills have been prepared under
his direction
the
"brain
troduction
13,872,000
7,397,000
6,569,000
or
House
1,067,464,689 1,063,901,734 1,158,334,502 1,236,575,786 1,254,276,947
in
no
6.602,000
Prev. week. 1,070,084,045 1,058,333,210 1,240,432,404 1,235.062.284 1.250,700.698
Amount held Dec. 31, 1936, latest figure available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which is now
a
reported at £967,950.
c
Amount held Aug. 1, 1936, latest figure available
by members of the "brain trust" or by
staff members of
Executive departments in which
trust" influence predominated, the in¬
of the bills by members of the
being only
way
a necessary
Senate
formal procedure
indicative of the actual origin of the
Once the bills were before Congress, Mr.
measures.
Roosevelt has interested himself actively in
i
securing
Financial
824
their
adoption, expressing freely his views regard¬
ing suggested amendments, refusing stubbornly, in
some
to approve any change, putting pressure
cases,
members to vote as he wished, and
upon
even
ap¬
Chronicle
terference
of
Aug. 7, 1937
by the President with the proceedings
It.
Congress and with those of its committees.
subjects Senators and Representatives to pressure
White
from the
House, with the possibility of
po¬
pealing to the public for the purpose, apparently, of
litical
black-listing for members whose opinions and
breaking down opposition and securing the
votes
cannot
support.
sary
Let it be said at once, to
that there is
mission of
avoid misunderstanding,
by the President if he thinks
that his recommendations can be most
clearly and
Other Presidents have
fully presented in that way.
occasionally done the same thing, although he has
them
method.
There is
his
in
all
outdone
consistent
use
be
It invites
controlled.
the
of
use
patronage, and of discrimination in the allocation
constitutional objection to the sub¬
no
draft bill
a
neces¬
■
4
of
that
of
appropriations for relief and public works, to
reward
punish members who support
or
It encourages the
Executive demands.
public opinion against Congress, and invites
array
attacks
by organized groups with special interests
look
who
or oppose
President to
to
radical
a
threatens the
President
for
It
support.
integrity of the Federal judiciary,
par¬
why, if he
ticularly the Supreme Court, with the amazing as¬
asked, his opinion about proposed changes should
is
sumption that the President knows better than the
the other
tial
moreover,
reason,
known.
not be made
on
no
Nothing in the Constitution,
hand, nor in the nature of the presiden¬
office, authorizes the President to inject him¬
self into the deliberations of
velt has
sure
Congress,
as
Mr. Roose¬
done, and to put political and personal pres¬
upon
the members to give him what he wants.
His constitutional
function ends when he has
ommended what he
regards
and
decisions
adverse
that
should be
are
people's rights. Its logical outcome is
substitutes
arbitrary
authority
for
There is
rec¬
pendence
which Mr. Roosevelt's
Executive
The
interference
or
threats, what
opinion of the President that
a
than four years
is
from
far
inde¬
has been
course
Yet it is of crucial impor¬
should not be
In the subordinate role which for
carries with
opinion of the incumbent of the presidential
constitutional
that the mistakes of the past
tance
repeated.
to the
the
recover
steadily undermining.
given piece of legislation is "necesary and desirable"
it, naturally, the weight which is due
gov¬
greater need at the moment than that
no
should
from
the free
ernment which the Constitution establishes.
Congress
shall be done.
the
Executive
an
dictatorship which, under the formal guise of law,
"necessary and desir¬
as
interpreted,
affront to
an
Thereafter, it is for Congress to determine,
able."
free
courts how the Constitution
more
Congress has played, Congress itself
blameless.
In
the
critical
situation
office, but it in no sense implies an obligation on the
which existed when Mr. Roosevelt first took
part of Congress to do what is recommended.
it
yielded easily, with scanty show of reflection, to
a
leadership which seemed to promise immediate
The
making of laws is exclusively the function of Con¬
anil while harmony between the President
gress,
and
Congress is obviously desirable, there is noth¬
ing in the Constitution to suggest that Congress is
safety and speedy
asked
dent
expected to follow in any direction in which the
reason
President may
still
try to lead, or that because he is
recovery,
majorities revolutionary
out
more
of bounds.
and approved by large
measures
for them and
because the Presi¬
public clamor put sober
It has
revolutionary
office,
continued to
measures, and
accept
only tardily
authorized to recommend he is also impowered to
drew
command.
opinion, when the President attacked the indepen¬
The
of its
point is particularly worth stressing because
bearing
upon
the question of planning.
Ac¬
back, under
dence of the
pressure
from
Supreme Court.
the demands of labor
an
outraged public
It has surrendered to
leaders, farmers and economic
cording to Professor Merriam, the proposed reorgan¬
planners, and has voted billions in
ization of executive
for
expenditure at Executive discretion.
the
warnings which
departments aims to establish,
for the benefit of government
nite
policies, "a
more
defi¬
planning authority." Assuming, merely for the
of the argument,
sake
to which the term as
"necessary"
commonly used refers, is either
"desirable," whose function is it to
The whole history of Federal planning un¬
plan?
the
der
or
that planning, in any form
Roosevelt
Administration
emphasizes the
theory that the primary responsibility rests with
the
President, that plans are to originate with him,
that
and
Congress, while of course permitted to
debate, has no real function except to acquiesce in
the President
what
is
The lip-service that
proposes.
paid to Congress in "inviting" its attention to
this
or
that
President's
project represents
no
admission,
on
the
part, that Congress has a full right of
a
few
money
courageous
members sounded have been shown
and eredit
Now that
and patriotic
to be
true, Ex¬
ecutive
usurpation is found to have intrenched itself
behind
a
tive
well
formidable
of laws and administra¬
mass
regulations which it will need hard fighting
wise
as
much
statesmanship to
the Executive has
as
overcome,
for by
as
so
gained, the Congress has
lost.
If
the
sharp change of front which has lately
shown itself is to
tutional
no
recover
for
Congress the consti¬
position which is its right, there must be
repetition of such mistakes.
ity in legislation is still,
as
The seat of author*
it always has been, in
Congress, not in the Executive, and for Executive
domination
of the
legislative function there is
no
independent judgment and is as free to reject as it is
constitutional
to
thority will be mischievous, however, if it is not
accept what is submitted to it. The form of legis¬
lative
approval is retained, but its substance is im¬
The disastrous effects of this
ecutive
across
what
development of Ex¬
usurpation have already been written large
the face of the record.
the
President
demands
The
the
assumption that
Congress
is
ex¬
pected to give relegates Congress to the position
of
a
rubber stamp.
It
opens
the
way
to direct in¬
whatever.
wisely and deliberately used,
promises
pugned by the intrusion of Executive fiat.
warrant
and
are
intelligent action.
rushed
some
if face-saving
au¬
com¬
allowed to take the place of positive
hope that in the
session
or
Legislative
It is, perhaps, too much to
short remainder
objectionable
through, and
pressure
done with the calendar
of the present
measures
and let weary
home, but there should be
will not be
will be strong to have
no
members
hurried
or
go
listless
Financial Chronicle
Volume 145
surrender of
principle in order to placate Mr. Roose¬
for his favor in the next election.
velt and angle
There is
hold
where light is most essential to the progress and
to the liberties of the human race.
In the
gratifying evidence that Mr. Roosevelt's
Congress has been weakened and that
upon
825
-
European countries which have made the
most progress
toward republicanism, the actuality
independent opinion is making itself felt, but what
of
has been
tively established by the adequate device of
accomplished in either of these directions
will be lost if the
gains of the moment
are
not fol¬
lowed up.
responsibility under monarchs has been effec¬
rounding the potentate with Ministers who
actual executives and whose
Six
It is
six
Anonymous Sub-Presidents
persons
of
out
and
obscurity
authority
unaffected
sub-Presidents
appoint them assistant Presidents of the United
tionably
States,
of the powers
without defined authority, for it
we assume
is certain that nowhere in the
United
Constitution of the
States, not yet wholly and for all
obsolete,
placing the
England,
be
there
can
powers
"in
found
purposes
authority
any
for
of the Presidency, as they say in
commission."
Yet
these
persons,
possess,
rendered
the
they would, almost
neces¬
if not most,
many,
that European Kings long ago sur¬
Ministers
their
to
or
peoples
as
act, presumably under
general and special delegations and authorizations,
often
merely verbal, whenever and wherever their
degree that
with earnestness and
suggested would unques¬
them,
These sub-Presidents would
dent in
to
of either
price of retaining thrones shorn of authority.
presumably possessing the confidence of the Presi¬
high degree, would everywhere be listened
among
to their
ambitious
a
semblance
by no
responsibility.
or
The six
to
is plenary, while
Queen remains in a security of personal
or
immunity
proposed, seriously it would appear, to take
unknown
King
the
responsibility, both to
the electorate and to the courts,
the
sur¬
are
spirits moved them and exactly in the
energetic
an
possibly
or
President
enervated
and
found it
an
exhausted
convenient and
sarily, regularly and most effectively exercise that
agreeable to divide and subdivide his responsibili¬
pseudo-authority which is often
ties.
real
authority
formally
exercised under
nition and
publicity.
by
exercised
and
therefore
It may be too late for coun¬
of complaisance is
new act
fatigued but indulgent
a
potent than
the inevitable restraints of recog¬
sel, but before this
mitted
more
com¬
Congress
it
They would transmit or give orders and direc¬
tions to Cabinet officers and to
control
proposal fails to comport with the normal standards
missive
of the American
neering,
republic.
is, by definition,
It is often called
is scarcely a
a
democratic-
democracy, but that
a
democracy in which Nevada casts
by the great and populous State of New York,
in which
any
as
votes in a coordinate Senate as can be cast
many
President, selected by States which, upon
a
basis df comparison,
are
ercises the veto power over
United States
in every
or
even
legislation.
collection of
a
State there
unequally effective
ex¬
inequalities of representa¬
are
tion, especially in the upper houses of the State
and in the methods
Legislatures
Governors,
in
and
and
great
of
selection of
populous
regions
large sections of those of voting age are deliberately
No, the United
deprived of the right of suffrage.
States is in
United
States
republic.
that
no
strict
is
in every
And the
which
democracy.
sense
a
But the
representative-
of representation,
genuine and effective, is
very essence
renders
responsibility.
sense a
it
There must be direct, regular and
vanishing point with the personal equation, sub¬
and
acquiescent
assertive
or
of the individual.
Presidents
will
be
of power;
men
and
domi¬
In short, these sub-
subtle, hidden,
insidious, and elusive power; but power, neverthe¬
less; power to be reckoned with; power completely
conscious of the ends
fied with its
its
of
it desires,
completely satis¬
methods, impatient perhaps sometimes
opportunities
and
their limitations;
but
forceful, determined, persevering.
power,
That
Nor is the
democracies, for
degree of the differentiation between the
transmitting and the giving might easily vary to
the
The United States
Congress and legislation to continue),
over
the
and
might be well to inquire by how much the newest
polity.
Congressional lead¬
(assuming the present condition of White House
ers
undefined
such
and
should be vested in nameless
neither
electorate
the
to
enormous
authority
appointees responsible
nor
to
the
legislative
branch of government may be the chief objection
this
to
proposal, but it is by no means the only
substantial
objection.
The Cabinet itself is not well defined under the
American
It is without authority as
system.
a
whole; there is no coordinate responsibility; meas¬
presented
ures
action,
legislative
for
although
emanating from the Administration, may not have
the
support of individual members of the Cabinet
(for example, it was at all times well known that
frequent
responsibility
the
Secretary of the Treasury Shaw, under Theodore
polls,
when the multiplicity of functions and
Roosevelt, was opposed to the rate-making features
or
officers
make
such
bility impracticable
substituted
that
its
the electorate
to
universally
or
simple
at
responsi¬
undesirable there must be
substantial
or
nearest
equivalent,
being that the name of the functioning
ap¬
pointee and that of the appointing officer, himself
elective,
shall
ber
or
subject to confirmation by the Senate,
always be known or accessible to every
of the electorate who
be affected
there be
or
in any way
mem¬
shall believe himself to
interested.
Nowhere must
anonymity, for anonymity is the precise
of the
Hepburn Act); and Cabinet members cannot
sit in Congress
united
tem
half.
and there defend and advocate their
policies", if
Yet it is the American
any.
and it has served for
A very
his "Kitchen
other
Andrew Jackson had
objectionable to the people of his time, and which
justification in history. Similarly,
has found little
Theodore Roosevelt resorted to
"Tennis Cabinet" much more
perished.
Where there has been
anonymity in government there has
come darkness
a
Cabinet," which proved to be highly
sponsibility; wherever it exists both have been de¬
and have
sys¬
century and
obtained seemingly controlling
sources.
antithesis and the bane of representation and re¬
feated
a
few Presidents have seemed to think
little of it and have
advice from
nearly
of his time considered
the counsels of his
than the wisest
men
desirable and, although the
time has not arrived to
weigh the acts of his Ad-
Financial
826
ministration
in
the
balance,
against the
one
or
Aug.
Chronicle
it has in the
wisest
sion, and to the fulfillment of that
of
them
origin.
The
Wilson,
who
had
and
higher
instance is
third
his
ignored
substantially
responsible
more
that of Woodrow
Cabinet
In this matter
dominating Power in Eastern Asia.
other, it is already recognized that the best and
7, 1937
higest degree a sense of national mis¬
mission its Asi¬
policy is keyed. It has taken note of the domi¬
atic
nating position which the United States, by reason
geographical situation and wealth, has longcontinents, and of the bold¬
during the last four years of his Presidency, and it
of its
resulted, whether from that omission or from some
held
in the American
ness
with which various
subtle
more
that, whatever one may think
cause,
European Powers, before
War, appropriated to themselves "spheres
of his
ideals, he failed in maintaining that relation
the World
to the
Congress and to the people which might have
of influence" in addition to their colonial
sub-Presidents
six
The
obviously,
would,
neces¬
sarily, and from the first, constitute the equivalent
of
"kitchen
a
with
cabinet";
these offices
avoid the
we
consideration—they
of capitals
use
not merited.
are
When
created the country will have
are
six,
perhaps seven, "Tommy" Corcorans, but not seven,
six, with the inimitable and subtle capacity
or
even
or
genius of the original.
There are no more such
the circumstances of the
well
as
rights
have
new
a
advisers
confidants,
and
personally, and, of course, taken from that
selected
body of engaging youth upon whom he
numerous
much
so
of
group
has
been
know
selfish
vicious,
unprofitable,
and
who
precisely how to make over the future
by
legislative fiat and the strong arm of government
(but seldom agree among themselves upon any of
changes or conditions they would
the details of the
impose), and who are utterly reckless in expendi¬
tures of
taxpayers' moneys and in the incurring of
indebtedness
measureless
must
with
which
the
future
Significance of the War in
China
is
It
by
no
means
North China will
clear as yet that the war in
a
large-scale conflict
Japan and China will
necessarily be employed. There is reason for think¬
fullsometime
ing that Japan, on its part, is not ready for a
fledged
in the
near
Chinese
future is actually
began with Peiping and spread from
which
appears
to have been followed by a lull
consolidation of
the
of
maintenance
the
railway
with the advance of Chinese
lishment of local
nese
domination
comparative
the Japanese
in
position,
interference
troops, and the estab¬
control,
governing authorities under Japa¬
are
ease
the principal
with which
incidents.
If the
Chinese resistance
thus far has been overcome is an accurate measure
of China's
no
why Japan should not, at its
reason
venture
fighting ability, there would seem to be
further advance, but war in
a
phatically,
with Japan, only
national
policy,"
needs to
"an
discretion,
China is em¬
instrument of
Japanese policy that
be considered.
There is
settled
no
and it is
doubt in any informed
determination
quarter of the
itself the
northwestern
and
With
advance,
and
an
ob¬
because
Chinese provinces, an
easily overcome.
political ambition goes also a pressing need
a
the
A population of 70,000,000,
and markets.
for land
in
of islands not well adapted by nature to
group
growth of food, bears hard upon the food sup¬
ply, and the high birth rate accentuates the prob¬
The
lem.
rapid spread of economic nationalism,
joined to the currency disorders which have accom¬
the depression years, has operated to re¬
panied
foreign outlets for Japanese goods and im¬
strict
pede access to the raw materials, especially cotton,
minerals, which Japanese industry needs.
and
occupation of Manchuria, primarily an agricul¬
tural
region,
due in large part to economic
was
motives, but for climatic reasons migration to the
has
been large
not
enough to ease very
greatly the population5 pressure in Japan, and the
economic benefits have
on
the whole, rather
higher standard of living than the very low
a
that
one
been,
If the Japanese population is to be
disappointing.
given
now
prevails it must have more land, and if
Japanese industry is to continue to expand it must
have wider
torial
the
The obvious place
markets.
for terri¬
expansion is in China, while if Japan achieves
political domination of China the outlet for its
manufactured
gobds will, presumably, be enlarged.
Any charge of deliberate aggression, on the other
hand, would be denied and resented by the Japa¬
Government.
nese
There is
no
intention, in the Jap¬
view, of arbitrarily appropriating any part
anese
of China's
territory
under tribute to
or
of laying China economically
Japan.
Official Japanese opinion
professes to regard China as a backward country,
little
developed politically or economically, and in¬
capable, without outside assistance, of establishing
stable government.
The attitude
or
maintaining
of
Japan, accordingly, is officially one of paternal¬
ism
and
a
cooperation, mixed, of course, with disap¬
resentment when its professed good
pointment
or
offices
rebuffed.
The
was
are
„
background of Japanese policy at this point
very
well stated
the New York
of Japan to make
Japanese
a
opposition which, but for Russian influence, would
situation is
clear, but the success of Japan in the opera¬
not too
which
country is expected to
The actual military
become involved.
there
On the
Nanking Government are such
to indicate that the whole
tions
contemplated.
side, neither the military operations nor
attitude of the
the
as
with China even if such a war
war
for
intrigues are believed to encourage, in the
mainland
develop into
in which the full resources of
field
be rather
The
The Political
other special
hence offers
economic development and
northern
oil
,;4:;
struggle.
or
If for the time be¬
the Asiatic mainland.
on
Russian
relies, and among whom he finds preferred
inspiration, who know that everything in the past
exercise territorial
or
ing it centers its attention upon Russia and China,
it is because China is still backward in political
would not assist him to locate
But the President would
the general prin¬
China, and to the other Powers
to
as
which claim
vious
readily find them.
as
ciple is concerned, its policy applies to Soviet Rus¬
sia
and
them, and he would
region, what other Powers
As far
done elsewhere.
have
available, and if there were the President's helpers
not
dependen¬
cies, and it aspires to do in Asia, in ways suited to
resulted in their realization.
spondent at Tokio.
newspaper
on
Wednesday in a dispatch to
"Times" from its experienced corre¬
Citing the contention of the
"Asalii" that the aim of Japan is not
Volume
145
territorial
the
Financial
Chronicle
aggression but eventual cooperation, and
statement that
"the ultimate
objective of that
827
Although, to most
persons at this distance, the
military operations of Japan in North China
recent
cooperation is not sacrifice by China for the bene¬
have the essential characteristics of
fit of
suggestion of outside intervention has been made,
Japan but mutual help
on
an
equal footing,
aggression,
no
thereby promoting Oriental civilization and contrib¬
and it
uting to the. prosperity of East Asia," the corre¬
Whatever moral judgment
may be passed upon Jap¬
spondent continues: "Incredible
Japanese
are
permeated with
a
as
it may seem,
the
belief that they have
anese
seems
unlikely that
will be forthcoming.
any
policy, the day of intervention
Passed.
The
successful
defiance
of
to have
seems
the
League of
received
nothing but rebuffs and insults from the
Nations when
Chinese
Government
put an end to the hope of intervention by the League,
nese
since
the
[Chi¬
Kuomintang
Nationalist Party] consolidated its power.
pan's view is that she
wants to be
a
Ja¬
friend to lead,
Japan occupied Manchuria not only
but also left the
dominating members of the League
virtually committed to a general hands-off policy.
develop and defend China, and
The likelihood of intervention
ated
when
so Japan is humili¬
by China's hostile refusal. The Chinese masses'
deep fear of and animosity toward Japan are treat¬
ed
if
as
they
were noxious
products of the Kuomin¬
tang and Communist Propaganda.
anese
statesman,
publicist
or
Not
single Jap¬
a
newspaper
has
ever
suggested that the Manchurian affair, the Shanghai
bombardment, the Jehol campaign, the creation of
the East
Hopei regime, the orgy of smuggling
ciated with that
been
regime, and other events
may
Britain, the Power best able to
is
more
than
strong measures,
armament program
in expectation of trouble
home, and is not prepared to jeopardize
treaty with Japan which, it is hoped, will be profit¬
to
British
trade.
(Continued
a
the head of Farm Loan and
publicly-offered governmental
securities.
Refunding operations were relatively
large during July, as we find no less than $93,328,828 out
of the grand total of $343,577,370
comprised refunding,
with $250,248,542
representing strictly new capital.
We
mention here that our complications, as
always, are very
comprehensive and include the stock, bond and note issues
by corporations, by holding, investment and trading com¬
panies, and by States and municipalities—foreign and
agency
domestic—and also Farm Loan issues and direct
public
offerings by governmental agencies.
United States Government financing was
along the usual
lines d ring July, and consisted of one
single and three
double offerings of Treasury bills.
The details in respect
to these offerings are recorded in our remarks further below.
In view of the importance of the United States Government
financing, we set forth a summary of all Treasury issues
marketed during July, giving full particulars of the various
offerings.
Treasury
Financing
During
the
Month
of
July, 1937
Secretary of the Treasury Morgenthau on June 29 an¬
a
new
offering of $50,000,000 or thereabouts of
273-day Treasury bills.
The bills were dated July 7 and
will mature on
April 6, 1938.
Tenders to the offering
totaled $133,100,000, of which $50,010,000 was
accepted.
The average price for the bills was
99.628, the average
rate on a bank discount basis
being 0.490%.
Issued to
replace maturing bills.
Mr. Morgenthau on July 8 announced a new bill
offering
of
$100,000,000 or thereabouts, consisting of 155-day
Treasury bills and 273-day Treasury bills in the amounts
of $50,000,000 or thereabouts.
Both issues were dated
July 14, the 155-day bills maturing on Dec. 16 and the
273-day bills falling due April 13, 1938.
Tenders for the
155-day bills totaled $120,248,000, of which $50,060,000
nounced
accepted.
The
the
average
price of the bills
was
99.819,
average rate on a bank discount basis being
0.419%.
Applications for the 273-day bills amounted to $141,935,000,
of which $50,000,000 was
accepted.
The average price for
the bills was 99.610, the
average rate on a bank discount
basis being 0.514%.
This financing provided for the re¬
funding of $50,060,000 of maturing bills, leaving $50,000,000
debt.
On
July 15 Mr. Morgenthau announced another new bill
offering of $100,000,000 or thereabouts, consisting of 148-day
Treasury bills and 273-day Treasury bills in the amounts of
$50,000,000 or thereabouts, respectively.
Both issues were
nearer
pending
able
grand total of $382,057,701, February showed $521,550,323 of new issues, while
for January the grand total was
$617,121,520.
The grand
total of $343,577,370 for July comprised $138,731,774 of
corporate
issues, $86,845,596 in the form of State and
municipal securities, and $118,000,000 of issues falling under
New
a
have
The
on
internal
page
disorders
of
832)
New Capital Flotations in the United States During
the Month
and for the Seven Months Since the First of January
it is found that March accounted for
as new
use
occupied with the development of its
asso¬
The grand total of new capital flotations in this
country
during the month of July aggregated $313,577,370.
This
total compares with $559,649,812 recorded fo*
June, with
$261,441,234 for May, and $317,092,098 reported for April.
During the months comprising the first quarter of the year
was
further lessened
Italy defied the League in its conquest of
Ethiopia. No European Power today cares to come
to grips with
Japan, at least over China. Great
responsible for Chinese fears."
The
was
of July
dated July 21, the 148-day bills maturing Dec. 16 and the
273-day bills coming due April 20, 1938.
Tenders for the
148-day bills amounted to $144,990,000, of which $50,136,000
was
accepted. The average price for the bills was 99.837,
the average rate on a bank discount basis being
0.397%.
Applications for the 273-day bills totaled $156,436,000, of
which $50,015,000 was accepted.
The average price for the
bills was 99.620, the average rate on a bank discount basis
being 0.502%.
This financing provided for the refunding
of $50,060,000 of maturing bills, leaving $50,091,000 as an
addition to the public debt.
Acting Secretary of the Treasury Magill on July 22 an¬
nounced a further new bill offering of $100,000,000 or
thereabouts, consisting of 142-day Treasury bills and 273-day
Treasury bills in the amounts of $50,000,000 or thereabouts,
respectively.
Both issues were dated July 28, the 142-day
bills maturing Dec. 17, and the 273-day bills
falling due
April 27, 1938.
Tenders for the 142-day bills amounted to
$137,791,000, of which $50,012,000 was accepted.
The
average prica for the bills was 99.853, the average rate on
a bank discount basis being 0.372%.
Subscriptions for the
273-day bills totaled $151,608,000, of which $50,032,000
was accepted.
The average price for the bills was 99.632,
the average rate on a bank discount basis being
0.485%.
This financing provided for the refunding of $50,159,000 of
maturing bills, leaving $49,885,000 as new debt.
In the following we show in tabular form the Treasury
The
financing done during the first seven months of 1937.
results show that the government disposed of $3,689,595,300,
of which $2,285,251,000 went to take up existing issues and
$1,404,344,300 represented an addition to the public debt.
For July by itself the disposals aggregated $350,265,000,
of which $200,289,000 constituted refunding and $149,976,000 represented an addition to the government debt:
UNITED STATES TREASURY FINANCING DURING THE FIRST SEVEN
MONTHS OF
Amount
Date
Offered
Due
Dated
Dec.
31 Jan.
71
days
Deo.
31 Jan.
6
273
days
Jan.
7 Jan.
13
273
Jan.
14 Jan.
20
days
273 days
Jan.
21 Jan.
27
273
28 Feb.
3
273
Feb.
4 Feb.
10
Feb.
11 Feb.
17
days
273 days
273 days
Feb.
18 Feb.
24
273
Jan.
Jan.
Feb.
6
days
Amount
Applied for
Accepted
105,265,000
131.040,000
125,862.000
124,392,000
134,878,000
total.
Price
50,055.000 Average
50,125,000 Average
50,022,000 Average
50,015,000 Average
50,038,000 Average
Yield
99.961 *0.199%
99.760 ♦0.316%
99.747 ♦0.333%
99.738 *0.346%
99.726 *0.361%
250,255,000
days
191,855,000
179,465,000
154,486,000
134,519,000
total.
Feb,
Mar.
Feb.
Mar.
Mar.
Mar. 10
Mar.
1937
Mar. 10
Average
Average
Average
Average
99.696 *0.401%
99.717 *0.373%
99.717 *0.373%
99.708 *0.386%
200,461,00C
105
days
273 days
98
days
273
days
Mar.
Decl5'36
Mar.
Mar. 17
92
Mar.
Mar. 17
273
Mar.
Mar. 24
85
days
12-lffyrs.
days
days
Mar.
Mar. 24
273
Mar.
Mar. 31
79
days
days
Mar.
Mar. 31
273
days
Marc h total.
50,385,000
50,025,000
50,027,000
50,024,000
111,863,000
114,519,000
153,617,000
130,196,000
483,910,000
140,722,000
106,662,000
88,640,000
99,782,000
122,846,000
178,883,000
50,023,000 Average
50,004,000 Average
99.935 *0.224%
99.695 *0.402%
50,055,000 Average
99.951 *0.179%
50,010,000 Average
99.666 *0.454%
100
483,910,000
2.60%
99.956 *0.173%
50,081,000 Average
99.602 *0.625%
50,012,000 Average
99.896 *0.440%
50,020,000 Average
99.461 ♦0.711%
50,177,000 Average
50,153,000 Average
50,004,000 Average
984,449,000
99.901 *0.450%
99.512 *0.643%
0
828
Financial
Chronicle
of
Date
Amount
Offered
Doled
Mar. 31 Apr.
Amount
Applied for
Due
Accepted
7
72
days
79,650,000
50,044,000 Average
99.897
7
273
days
159,783,000
273
days
120,121,000
99.494
154,224.000
60,049,000 Average
50,022,000 Average
50,025,000 Average
134,330,000
50,300,000 Average
99.469
days
150,313,000
99.787
273 days
139,477,000
50,024,000 Average
50,052,000 Average
8 Apr.
15 Apr.
21
148
days
Apr.
15 Apr.
21
273
dayB
Apr. 22 Apr. 28
Apr. 22 Apr. 28
141
total...
Apr. 29 May
5
Apr. 29 May
6
May
6 May 12
May
6 May 12
May
May
May
May
13
13
20
20
135 days
273
days
128
days
273
days
122
132,280,000
135,389,000
138,172,000
164,302,000
50,045,000 Average
99.801
99.440 ♦0.738%
99.820 *0.507%
50,027,000 Average
50,140.000 Average
99.452
May 19
May 19
273
days
169,035,000
50,044,000 Average
99.480
May 20
115
days
273 days
50,182,000 Average
50,019,000 Average
99.863
May 26
171,119,000
185,551,000
171,777,000
days
108 days
140,170,000
50,112,000 Average
273 days
3 June
273 days
50,030,000 Average
50,000,000 Average
June
7 June
2 years
179,085,000
131,178,000
2,499,349,100
June
7 June
5 years
June 10 June
273 days
June 17 June
273 days
2,496.326,400
140,238,000
127,407,000
June 24 June
273 days
123,676,000
total..
99.532
426,494,300
99.586 *0.545%
100
426,290,000
99.888 *0.375%
99.574 *0.662%
100
50,045,000 Average
50,120,000 Average
50,015,000 Average
1.375%
1.75%
99.566 *0.572%
99.562 *0.578%
0.619 99.531%
1,153,106,300
June 29 July
273 days
133,100,000
July
8 July
155 days
July
July
120,248,000
141,935,000
July
July
July
July
July
273 days
148 days
July
273 days
'
99.838
*0.723%
*0.479%
*0.085%
0.430%
0.617%
400,543,000
May 28 June
May 28 June
July
142 days
273 days
50,010, 000 Average
50,060, 000 Average
50,000, 000 Average
50,136 000 Average
50,015, 000 Average
50,012 000 Average
50,032, 000 Average
144,990,000
150,436,000
137,791,000
July
151,608,000
total
July
*0.531%
99.776
50,014,000 Average
50,072,000 Average
June
June
99.458
*0.513%
*0.061%
*0.667%
*0.545%
*0.701%
*0.543%
*0.716%
99.499
350,510.000
total...
May
Yield
14
Mar. 31 Apr.
Apr.
Apr.
April
Price
99.628 *0.490%
99.819 *0.419%
99.610 *0.514%
99.837 *0.397%
99.620 *0.502%
99.853
99.632
*0.372%
*0.485%
350,265,000
Average rate
on a bank discount basis.
U8E OF FUNDS
Jan.
6
Jan.
6
Total Amount
Type of
Security
Dated
71-day
Accepted
Treas. bills
273-day Treas. bills
Jan,
13
Jan.
20....
273-day
Treas. bills
273-day
Treas.
$50,055,000
50.125.000
New
Refunding
$50,180,000
bills
50,022,000
50,015,000
50,038.000
50,038,000
$200,255,000
$50,385,000
50,025,000
50,027,000
50,024,000
$50,385,000
$200,461,000
$50,000,000
50,015,000
273-day Treas. blllp
$250,255,000
Jan. 27....
Indebtedness
$200,461,000
Total.
50,022.000
Feb.
3.
273-day
10.
Treas. bills
273-day Treas. bills
Feb.
17.
273-day
Feb.
24.
273-day Treas. bills
Treas. bills
Total.
Mar.
3
105-day Treas. bills
Mar.
3
273 day
the refunding
portion was $87,210,363, or more than 52%
total; in April it was $86,535,499, or more than 53%
in March it was $181,055,483, or more than
56% of the total; in February it was $224,520,551,
or more than 63% of the total.
In January the refunding
portion was $203,516,962, or nearly 69% of the total.
of the
of
the total;
In July a year ago the amount for
refunding was $224,583,078,
representing about 70% of that month's total.
Refunding
issues of importance during July, 1937, were as follows:
450,000 shares The American Rolling Mill Co. 4M% cum.
conv. pref.
stock, of which $22,184,075 was used for re¬
funding and $2,028,495 was used to retire preferred stock;
$24,000,000 Aluminum Co. of America 15-year deb. 3Ms,
1952, of which $19,000,000 comprised refunding and 201,520
shares Armstrong Cork Co. common stock, of which $8,400,000 was used to retire long-term debt.
The largest corporate offering during July was 450,000
shares The American Rolling Mill Co. 4M% cum. conv.
pref. stock, priced at 101, to yield about 4.45%. Other
issues of
importance were: $25,000,000 Westchester Light¬
ing Co. gen. mtge. 3Ms, July 1, 1967, offered at 102M, to
yield about 3.35%, and $24,000,000 Aluminum Co. of
America 15-year deb. 3Ms, 1952, sold
privately to insurance
companies.
-...A.
Included in the financing done during the month of July
was
an
offering of $60,000,000 Commodity Credit Corp.
1% series B collateral trust notes dated Aug. 2, 1937,
and due May 2, 1938; $30,000,000 Federal Intermediate
Credit Banks 1M% debentures, dated July 15, 1937, and
due in six and nine months, offered at a
premium over par
value and $28,000,000 Federal Home Loan Banks one-year
1M% consolidated debentures, series B, July 1, 1938, priced
3-16, to yield about 1.04%.
There was one conspicuous offering made during July
carrying rights to acquire stock on a basis of one kind or
at 100
another.
$50,023,000
$50,027,000
bills
50,004,000
bills
50,055,000
50,010,000
50,035,000
50,030,000
483,910,000
50,081,000
483,910,000
50,012,000
Mar. 31
79-day Treas. bills
50,153,000
Mar. 31
273-day Treas. bills
50,004,000
2J^%
Mar. 17
Mar. 17
Mar. 24
Treas. bills
50,012,000
50,020,000
American
Rolling
Mill
Co.
4M%
conv.
'in the following we furnish a complete summary of the
financing—corporate, State and city, foreign govern¬
ment, as well as Farm Loan issues—brought out in the
United States during July, and the seven months ended
with July:
"C
50,081" 000
Mar. 24
Treas. bonds
92-day Treas. bills
273-day Treas. bills
85-day Treas. bills
273-day Treas. bills
273-day
Dec. 15. '36
The
new
Treas.
Mar. 10
follows:
was as
shares
pref. stock, convertible into common stock
prior to July 15, 1947, at prices ranging from $40 to $50
per share.
50,025,000
50,027,000
50,024,000
$50,000,000
It
450,000
$50,000,000
98-day Treas,
Mar. 10
7,
and
$79,431,774 represented stock
offerings.
The portion of the month's corporate flotations
used for refunding purposes was no less than $56,780,528,
or more than 40 % of the total.
In June the refunding portion
was $149,341,150, or more than
35% of the total.
In May
cum.
Feb.
Aug.
issues
short-term
SUMMARY
50,008,000
CORPORATE,
AND
FOREIGN GOVERNMENT.
FARM
LOAN,
MUNICIPAL FINANCING
50,189,000
50,015,000
OF
50,142,000
1937
50,177,000
New Capital
Refunding
Total
%
$
$
Month of July—
Corporate—
Total.
$984,449,000
$733,980,000
$250,409,000
$50,044,000
50,049,000
$50,000,000
$50,093,000
50.022,000
50,022,000
50,025,000
50,300,000
50,000.000
50,024,000
50,000,000
Domestic—
Long-term bonds and notes
Apr.
7.
Apr.
7.
Apr.
14.
72-day Treas.
273-day Treas.
bills
bills
273-day Treas. bills
148-day Treas. bills
273-day Treas. bills
Apr. 21.
Apr. 21.
Apr. 28.
141-day Treas. bills
273-day Treas. bills
Apr. 28.
Short-term
__
» ... „
39,114,892
„*
„
36,677,694
.
Common stocks
5d,325~,o6o
19,985,108
200,000
.....
28~,232"570
5,958,660
Preferred stocks
8,562,850
59,100.000
200,000
64,910,264
14,521,510
Canadian—
Long-term bonds and notes
.
_
Short-term
50,076,000
Preferred stocks
50,052,000
...
Common stocks
Total
$350,516,000
$200,022,000
$150,494,000
$50,000,000
$50,059,000
50,000,000
50,099,000
50,064,000
50,120.000
Other foreign—
Long-term bonds and notes
May
May
5.
5.
May 12.
May 12.
May 19.
135-day Treas.
273-day Treas.
Treas.
bills
50,072,000
bills
50,027,000
122-day Treas. bills
273-day Treas. bills
50,140,000
Short-term
50,014,000
273-day Treas.
May 26.
May 26.
$50,045,000
bills
128-day
May 19.
bills
Treas.
115-day
273-day Treas.
bills
50,044,000
50,182,000
bills
--------
Preferred stocks
Common stocks
W
Total corporate
50,019,000
*'»'■»«■
-
-
-
81,951,246
56,780,528
138,731.774
89,bbbT666
29,obbT666
ii8~,bbb"6b6
79,297,296
7,548,300
86,845,596
250,248,542
93,328,828
343,577,370
Canadian Government
Other foreign government
50,000,000
50,201,000
Farm Loan and Government
agencies
♦Municipal—States, cities, &c
United States Possessions
Total.
$400,543,000
$200,064,000
$200,479,000
50,000,000
50,142,000
June
2.
108-day Treas. bills
50,112, 000
June
2.
273-day Treas. bills
June
9.
273-day Treas. bills
50,030, 000
50,000, 000
June
15.
426,494, 300
426,290, 000
300,000,000
50,045 000
June 23.
1H % Treas. notes
1%% Treas. notes
273-day Treas. bills
273-day Treas. bills
50,120 000
50,045,000
50,120,000
June 30.
273-day Treas. bills
50,015 000
50,015,000
$1,153,106,300
$550,180,000
Grand total
June 15.
June
16.
Seven Months Ended July 31—
orporate—
Domestic—
50,000,000
552,784"306
Long-term bonds and notes
156,975,055
164,487,656
Short-term
662,522,736 1,167,169,200
65,000,000
20,823,920
378,714,683
221,739,628
248,361,908
83,874,252
870,285,255
988,960,536 1,859,245,791
504,646,464
44,176,080
Common stocks
Canadian—
Long-term bonds and notes
Total.
Short-term
$602,926,300
...
Preferred stocks
July
7.
273-day Treas. bills
50,010,000
50,010,000
July
14.
155-day Treas. bills
14.
21.
273-day Treas.
50,060,000
50,000,000
50,060,000
July
July
50,136,000
50,060,000
July
21.
28.
273-day
Treas.
July
142-day
Treas. bills
July
28.
273-day Treas. bills
148-day Treas. bills
bills
50,000,000
_
Other foreign—
Long-term bonds and notes
Short-term
50,091,000
Preferred stocks.
50,015,000
50,012,000
50,032,000
50,159,000
49,885,000
$350,265,000
$200,298,000
$149,976,000
Common stocks
Total corporate
Canadian Government
Total
Grand
bills
Common stocks
total.
$3,689,595,300 $2,285,251,000 $1,404,344,300
Other foreign government
Farm Loan and Government agencies
132",0bb"666
149,314,000
85,000,000
85,000,000
134,000,000
281,314,000
♦Municipal—States, cities, &c
511,562,676
131,859,635
643.422,311
134,000,000
United States Possessions
Features of July Private
Financing
Proceeding further with our analysis of the corporate
during July, we observe that industrial
and miscellaneous issues accounted for
$106,631,774 as
against $247,553,617 reported for them in June.
Public
utility offerings amounted to only $29,150,000 during July,
as
compared with $155,324,000 for that group in June,
while railroad
financing in July totaled but $2,950,000, as
Grand
*
total
1,513,847,931 1,489,134,171 3,002,982,102
These figures do not Include funds obtained by States
and municipalities from
flotations announced
any agency of the Federal Government.
compared to $15,410,000 recorded for June.
The total corporate securities of all kinds
put out during
July was, as already stated, $138,731,774, of which $59,100,000 comprised long-term bonds and
notes, $200,000 consisted
tables on the two succeeding pages we compare
foregoing figures for 1937 with the corresponding fig¬
ures for the four years
preceding, thus affording a five-year
comparison.
We also furnish a detailed analysis for the
five years of the corporate offerings, showing separately
the amounts for all the different classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during July, including
every
issue of any kind brought out in that month.
In the
the
i-
o
Total
1933
> *c13,061"g76 6,08,7£650 7,051725
"13 *3 2
95, 4807 35,0 " 0 30,950 1,250, 0 162,59 862
6,708,750 46,051725
New
13 ,3 2
40 ,0
Capital 18,30 0 f.578,914
Total
498.72,0 10, 0 30,945.0 2,8,0
541,970 10,5 0 87,468 5 4,56,0 64,508.65
Total
Refundi g 471,8530 1,0 0 5,0 ,0
486, 530
Capital 26,85 70 25,94 0 2,8,0
259,140 2,0 ,0 8,72,85 24,75649
YGFoftverhdramonugmnicpll.eysFOJMITUFESTIUSNAVHHARLNSERD
FOJITMVALFEUINUfYOHALACRRSPDNMGL
2,08,0 8,951 8
Refundi g 219.5,38 2,0 ,0 1,52,0 1, 02,7 0
24,58307
Capital 39,28642 7,19~,85 23,729
59,10 0 20 ,0 064,910264 1,521 0
138,71 4 18,0 . 086,45 96 34,57 30
Refundi g 19,85108 28,32".576 8,562,850
56,780528 29,0 0 7,548,30 93,28
81,95 246 89,0 0 79,27 96 250,4852
New
FGCOOVREPRENIGMNATT,,
Total
1937
OSUMFARY
New
$
Refundi g
$
Capital
40 ,0
40 ,0 0
651,0 0
235,614.9
COGNORRPEUFPWAITE
CAHANR DTE
bStaneyds
$
/
30 ,0 0
1,578,914 10, 0 43,50 0 1,568,714 "406",0
"3lo",20 1,578,914 7,0 ,0 1,0 0
1,268",714
18,30 0
314,620 51,09 0 74,92"40 27,81250
65634, 6 ", 471,8530 10, 0
10, 0 5,0 ,0
8,76 , 6 4,218,750
25,0 0 5,089670
3,198534
2,0 ,0
4.30 , 0 486, 530
3,2 3,0 z z z 25,0 0 28, 3 0 591,320 9.429,0 3,910, 0 1 ,9406 4,218,750
Refundi g 4,80 0 139,68740 2,0 ,0 1,0 5,4 0 1,674 68 "50 ",0 20,3710 219,5 38 2,0 ,0
New
Total
Refundi g
Capital
New
%
294,3254
350, 0 30 ,0 0
4 8,0 0
19,0 0
80 ,0 0 2,052,674 50 ,0
18,36940
537,108
20 ,0 0
20 ,0 0
59,10 0
20 ,0 0
20 ,0 0
39,14892
'
7,125,0 1,723,650 30,57 814 4,890, 0 10,35260 1,49,50 80 ,0 025,39 42 2,052,674 50 ,0 0 7,125,0 17,4650 69,80 456
I",9O ",6 47,59 08 467,50 24,568",50 1,437,50 "210", 0 3,251, 76 79,43174 2,950, 0 29,150 71.597,08 467,50 29,018",50 1,437,50 350, 0 510, 0 3,251, 76 138,71. 4
36,795420 4 8,0 0 43,21 570 162,850 12,957",108
24,12570 162,850 12.406
19,85108
2,950, 0 26,802 0 5,0 ,0 3,712,892 350", 0 30 ,0 0
2,6 7, 20 4 ,80 0 139,68740 4,0 ,0 1,0540 10 ,0 0 13,476 8 725,0 0 50 ,0 0 20,3 710 24.583,07
10 ,0 0 1,802,7 0 725,0 0
15,692 0 39,28642
2,950, 0 27,50 24,0 0 4,250, 0
"316",20 20,78914
29,30 0 541,9750
59,680
26,85 670
4,890, 0 10,35260 1,49 *5 6 7,025.932
40 .0 0
1,568,714
5,0 ,0 329,16 0 51,09 0 74, 92",40 27,81250
2,0 ,0
$
145,78914
125,0
25,0 0 3,230 651,0 0 38,5910 5,0 0 86,"43 ,0 32,0 0
10. ,0 5,6 ",0 3,2 3,6
591.320 9,429,0 3,910, 0
310,20
93,0 0 32,50 0
.
1,90 , 0 23,84528 304,650 12. 4850 1,437,50
56,780528
2,950, 0 28,702 0 28,34528 304,650 16,0 1392 1,437,50 350, 0 510, 0 3,251. 76 81,95 246
210, 0 31,27561",
42,63 54
notes. notes. notes. Governmt governmGavcites,.M&unicpalt—S,Poesin fdilnuocbtadooinseet JULY BNooteasn—ds &cop,manufctres oie amannufcdtrig &c ht&roalddciinngg,, BNooteans—ds &coper,manuft acesori amannufcdtrig &c h&troacldd_iinngg,, utiles&ccoopael,r.manuft acesoriindamuasnnutfrcidtrlig b&uildncgs, ht&roaclddi_inn.gg,, utiles&ccoopal,,manufctres oieindamuansnutfrcidtrlig b&uildcngs, &htroacldd—iinngg,, csoercpuritate
JULY boands bonads boands
OF Long-term Short-em.Prefstorcekd Comstocokn Long-term Short-emPrefstrocekd Comstocokn Long-term Short-em Prefstorcekd Comstocokn corpate toal Tfighuersees MOFONTH
Long-term Railroads util es sctoeall,,Equipment Maotnords industrial buildngs,Rub er Ship ing trust ,Miscelanous Short-em Railroads util es sctoeall,,Equipment Moatnords industral buildngs,Rub er Ship ingtrust ,Miscelanous
Corpate— Domestic— Candi — Foreign— Candian foreign Loaann USntaiteeds
MONTH
75,0 0
75,0 0
.
36,0 0 259,140 2,0 ,0
Capital
1937
7,0 ,0 1,0 0
1
310,20
1,268,714
93,80 0
4,30,0 498,720 10,6 "0
49,60 149,80 2,0 ,0 2,50,0
Total
1936
30 ,0 0
32,5910 5,0 0 83",20 6 32,0 0
New
69,80 456 3,5 0 103,64.50
20 ,0 0
Capital 39,14.892 36.7,694 5,98,60
1936
50,4 0 50, 0 43,50
50, 0 43,0 0 32,50 0
$
59,680
294,3 .54 2.08,0 42.306,158 38.7 ,692
Total
40 ,0 0
50, 0
Refundi g 50, 0
Total
5,089670 71,90 59 135,0 127, 6179
New
$
New
1935
43,061 0
75,0 0
Capital
10,5 0 15,6714 4,30, 0 517,382476
30, 0 1,061,0 12,06" 0 30,6b",0
30, 0
13,061 0
1,08 ,56 95, 4807
7,0 ,0 2,042,901 5 6,838 40,81 382 1,320,120 1,08 ,56 52,893 07 7,0 ,0 2,042,901 5 6,838 40,81 382 1,320,120 1,08,56 52.893,07
$
1934
20,78914 105, 0 8,329078 213.607,92
New
1,061,0 12,06" 0
Refundi g
75,0 0
75,0 0
5 6,838
13,06 0 7,6 ",0 2,042,901 "5856"38,70,81.382 1,320,120 1,08,56 82,93807 1,061,0 7,0 ,0 2,042,901 12,0 0 70,81 382 1,3201 -
_—
-
New
125,0 30, 0 6,48 12 16,98412
Refundi g 50, 0 75.0, 0
to
Capital
145.78,914 135,0 0 94,8139 375,9213
3
1936
1933
52,893 07 35,0 0 28,5492 1,250, 0 17,69304
50,4 .0 93,80 0 1,578",914
%
GO
fcr
a:: : o- 561,01,0 J3 12,06 a
Total
43,061 0 1,845,813 4,906813
Refundi g 13,061 0 30, 56
Capital
1934
K,
N, &
ft)
i
Total
o
&
^
2.
Other
Grand
Total
Total
*
Other Farm
*
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
Stocks— Railroads Public
ste l,Equipment and
Iron
trust ,Miscelanous
Motors Other Land,Rub er Ship ingTnv.
Oil
Total
Total—
Railroads Public Irsoten,l,Equipment Moatonrds Other
Oil
Land,Rub er
trust , eous
Ship ingInv. iscelan
M
Total
O
5
S
00
CO
£•
&
0
0
as
as
»-*»
O
►-«
fr
to
13
v©
<*|
Total
$
"l3 ",3 2 1,60 , 0
134,62950 74,13670 1,03 750 93,46503
314,982560, 0 45,90" 0256,801 1,40,0 679,1846
"
l",60 ", 0 20,46297860, 0 19,32 890
Refundi g 1 ,085057, 3670 32,17 8
S
1933
Capital 23,610 16,0 01,03 75061,4725
$
"
13 ,3 2
$
281.75,86
186,40 1 29,5 0 2,908,0 27,6539
1,20 , 0
347, 92 43,0" 0614,38 74
1,20b",0
Capital 57,93 0 31,05 0 2,908,0 27,6539
_ _
19,57409
1, 459,80
861.093",70 687,49174,98,0 2,6503,617
S
Total
1,0351,0 42,10 057,4180 8,367,0
105,7304 8,45,0 3,07 0 8,367,0
568,0 0
SbSfFroGtmtaauoeonhivcgdyiepnrldsnemsyal.FTMEOAJFH3NVUERDOILV1YSR
FGFOLOAMRVFUEIETNSRMIANGOECHMJN3DNVPURDTLG,L1Y
New
2.50,749054,70 157,2841 08.3621 38,0 0
Refundi g 2,15043,5 35,76250 18,79 38 10,732 43 30, 0
2,34576,3 48,0 0 5,0 031,9860 245, 60341.750, 0 3,08645,970
Capital 369,2154 18,70 5038,490673 97,53 78 8,0 ,0
532,9 6 21,9"0 ,0 41,3265471,075,0 96, 483
$
$
1936
$
New
Total
1937
CORPATE,
SOUM AFRY
$
Refundi g 62,5 736 20,83920 21,739628 83,7425
COITUSRPNHIAEED
.
1,67 9,20 65,0 0 378,14683248,361908
1,85924,7185,0 0134,0 0 281,340 643,2 1
98,6053 85,0 0134,0 0 149,3 0 13,85963
-
•-I
Capital 504,6 4 4,17608 156,97 05 164,8765
8
New
3,0298,102
1,4893,17
870,25 132,O "0 51,627
GONREUPFWI
~
75
588"0,
20,16"249
525,0 0
"310",20 9,0 ,0 30,58419 20,5610 89,530 58 ,750 25,7 6249 50 ,0 0 40 ,0 525,0 0 310",20 9,250, 0
347, 92
~
9,405,0
250, 0
16,470 56,12 0
$
525"
31,05 ,0 "58 ",750 "061,2249 "666, "310",20 9,0 .0 30,58419 54,109 03,408 58 ,750 20,46 249 50 ,0 0 40 ,0 0 525,0 0 "3*10",20 9,250, 0 19,57409
4,37180 65,80 0 85,7310 603,27 50 138,0 0 13,941"60 164,25170 50, 0 893,0 0 5,1580
1. ,45980
19,37180 24,37180 58,29680 582,350 12,4806 2,41",do128,6740 41,28 50
60 ,0 0
453,21490 1,0965 ,034 198, 4752 20,73450 135,4 156 240, 19634,239,0 311,0307", 2,180453, 15,0 0 2,0 ,0
8,125,0 2, 87,50
~
2, 12",50 245,0 0
4
650, 0
285, 07 521,4380 87,1350 1,0,0 10, 0 6,90 0140,85 0 25,4 0 "2050 0027,58 0 1,67 9,20 5,80,0 20,85 0
645,31890 ,19608274, 950 3.682,40 4,135,0 310,652 41 289,40913 8,51,0 "60 ",0 1,9250 1 ,02750 2,87139,62
35,08",530 129,530481 468,21490 1, 896,12 204,9275 20,73450523,90 195,4730 258,47321 4,239,0 74,15",630 2,34576,3
7, 50", 0 35,76250 21~,"8 7~,i28 4,078,0 ,90 51,869174 16, 437 9
"
30,1580 95,80 796
25,0 0 41,370 27,41320 ,492 50 25,1934 1,50 035,64350 9,218,750 893,0 0 25,0 0 15,6904
8,4 5,0 1,785,2 05,0 ,0 4,651,750 ,0 ,0
8,125,0 4,50 , 0 245,0 0 7, 50, 0 54, 70 24,13 287,2 9,50 7,462,40 4,135,0 20.74 ,913 50 ,0 0 1 ,9250 53,9 2750
135,26041 265,94732
$
27,865.20
6,0 ,0 3 ,6150 5,0 ",60
6,0 ,0 2,485,0
Capital 162,04 69,0 46 6,285 482,496,50 '31,548"34 23,9580373,567,0 60 , 0 17,92" 0 37,62154 15,0 0 1,250, 0
5,26 ,0
6,0 ,0 42,10 0 6,785,2 0 5,0 ,0 4,651,750 5,0 ,0
523
18,70 50 2,96",0 3,15,0 7,462,40 3,61,0 83,65.8674,597,164 50 ,0 0 1,925",0 18,6420 136,04251 17,04 72,61546 9,436748 9,58,9503,61,0 15,20 1 30,76 01 4,312.0 60 ,0 01,9250 36,857120 532,9 26
New
2,40 ", 0
250"
35,90", 0 65,0 0 89,18394 2,408974 467,50 12,7 053218,35 21 2,031 8 3,176,9 0 8,735 21 627.06,591 291,607 631,476394179,54397 1,567,50 2,712053287,65 821 62,87 38 25,4 .0 3,826,90 "000,152,70521
1,8592471
Refundi g 104,320 437,52968 4 ,076 50 4,934,60 31,58 18,34 0 18,5430 3~,20",50 62,5 736 1,450, 018,573920 "80 ",0
20,83920 84,05694 52,401 70162,850 53,06 1428,10675 "682 50 26,391",859 305.613,80 105,782.0 540.9 ,312 96,47 120162,8504,934,60 85,42 03 106,45 76 18,5430 682,50 29,52",359 98,6053
8418, 70 3,90832 43,05890 1,0,0 5,065,40 35,41 212,49750 6,902,0 650, 0 250, 0 24,38 50 604, 64 4,350. 02,76,08 1.60",0
Capital
1,53847,91 CAHARNTDE
■
Refundi g
130.45,0
615,3890 1,6528,0 265,0 23, 0 167,01"50 264.0 , 07,806,0 "60 ",6 649,306", 2,58.074,9 30, 0 1,850, 02,0 .0
Total
1936
30 ,0 0 50 ,0 0
105,73 04
New
2,871396248,0 0 5,0 035,29860 56,72581 2,85.0 3,976015,83
Total
250, 0
4,7 4,0 897,1396 20,O ",0 1,6 5,0 6,0 ,0
27,41320 18,70 0 2,51934 660,550 ",28,4760 4,218,750893,0 0
Capital
15,6904 9,50",0 435,96 50 601,9254
—;_—
Refundi g 58,2968057,350 12,4806 2,4 1,0 127,0 40 35,281 50
32,17 8 84,0250 57,960 785,605,40 12,0 0 36",895",0 5,9 ",10 20,462978
75,0 0
2,958,0
57,93 0 7,0 ,0 23,0 0
40 ,0 0
59,136,70 27,71487", 30,17",0
7,"O "O,6 2,042,901 "859",26959,7845 1,470,120 1,08 ,56 72,314 07 12,0 0 34,2 10 2,042,901 859,26959,87 45 1,470,120 90 ,0 0 1,08 ,56 75,0 0
16,0,0
12,53 07
85,7310 576,24 0 13,0 0 7",941",6 15,0 39,50 0 893,0 0 4,74,0 20,O ",06 6,0 ,0 4,10,0 6,0 ,0
1,0351,0
Total
YEARS
FYEOIVARS
Capital
S
128,4602 63,9470 32,50 0
New
1935
5,9 ,16
70,9470 5,0 0 3,258,0 50 ,0 0
186,40 10
1496 34,08
~
10 ,0 0
23,610 16,50",6
Refundi g 102,5 0 23,652 0 2,308, 0
Capital 47,109 01,4308
95,80 796 851,93"70 251, 35674,30, 0 2,063 8,063
Refundi g 897,13963 ,6150 24,37180
$
1935
1934
75,0 0
75,0 0
75, 36,70 9,147, 8 2,042,901 859~,26989,48 51 ,470,120 1,08,56 104,632085 96,04250 92,18 9787,648,30112,0 0 859,26996,734511,470,12090 .0 05,9 ,10 1,08 ,56 314,9825
7,2 7,0 39,7 520 5,605,40 12,0 0 5,10 ", 0 5,9 ,10
1 ,0850 7,27,0 23,9520 5,605,40 12,0 0 5,0 ,0
2,308, 0 "40 ",0 6
Total
27,86520 274,30b" 91,73 102 593,86302
t
New
134,62950
New
159,O "0 52,6 32 801,26731
$
9
90 ,0 0
Capit l 12,0 0 10,7210
1,3952,03
Refundi g 128,4602 98,205 0
$
1934
8,765,0 43,290 l",725,0 "0 ",0
Refundi g 76, 5 0 32,5180 1,725,0
1933
12,53 07 45,90",0 237,49 21 1,40,0 397, 2598
New
Total
Total
35,90 4,17608 4,382,70 40, 7904 304,65012,7 053165,29 673,924.573 2,49 ,490 62,34",62 321,46 71 185,3 70 90,567082 3,06 8541,40 ,65017, 45320,3 791 56,42 0736,902, 0 3,14,90 250, 0 12,67812 870,25
Total
$
$
1937
$
New
EJ3NUDL1Y notes. notes. _ notes. _ governmt. acies_&t P,oesin_. ifnucldse J3UL1Y Notes— manufctrig h&ocld_ing, . Notes— manufctrig h&oldicng, manufctrig _ h&oldicng, &c_ . manufctrig _ h&oldcing,
bonads stock. stock bonads stock stock__.Foreign— bonads ___ stock stock_ corpateGovernmt Goanvdt,Municpal—Stes, toal fdignurooest MEONNDTHS LBonoga-ntendrmdsRailroads utiles_ &scctooepaell,r,,Equmipnmufetnt aacensodri.indausntridl b&uci_ld.-ngs, Shipingttrraudsitng,,Miscelanous SBhoorta-nedmsRailroads utiles &scctooepall,,E.qumipanmufectnrets andoi indausntridl b&uildncgs, Shipng_. Miscelanous Railroads utiles Equmiapnmufetnt aacensodri indausntrdl b&uildncgs, Miscelanous_ . Railroads utiles. Equmiapnumfetnt aacensodri.indaustril .b&uilcd_ngs, . Miscela:nous csoercpuritate
ttrruasditng,, &scctooepaell,r,, Ship ingttrraudsitng,, scctooepaell,r,, Ship:_in_gttrraudsitng,,
MONTHS Corpate— Domestic— Long-termShort-emPrefredCom onCandi — Long-termShort-emPrefredCom onOtherLong-termShort-emPrefredCom on CandianOfotrheerignLoan USntaiteeds
Total
7
Farm
*
Grand
These
Total
*
7
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Total
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Stocks—
Total
Public Iron, Motors Other Oil__ Land,Rub er
Inv.
Total—
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Total
Volume
Financial
145
DETAILS OF NEW CAPITAL FLOTATIONS
LONG-TERM
BONDS
AND
FIVE
dit.ons
MATURING
LATER
for
RAILROADS
& Hutzler and associates at
100.135%.
trust 3s,
K,
$2,950,000
UTILITIES
$1,000,000 Iowa Public Service Co. 1st M. 5s, 1967.
Construct and
pay for property additions.
Placed privately at par with
Equitable Life Assurance Society of the United States.
500,000 Kansas Electric Power Co. 1st M. 3MS« A, Dec. 1, 1966.
Property additions.
Placed privately at 915Ms with Travelers
Insurance Co., Hartford, Conn.
Gas Co. 1st M. 4^s, June 1, 1952.
Refunding.
off demand notes, and other corporate purposes.
Price,
by Chandler & Co.,
750,000 Macon
92; to yield about 5.27%.
Offered
Inc., and G. L. Ohrstrom & Co., Inc.
102^;
pany.
Price,
Morgan Stanley
yield
to
Se¬
and
,
$27,250,000
IRON, STEEL, COAL, COPPER, &c.
$24,000,000 Aluminum Co, of America 15-year deb. 3^s, 1952.
Re¬
funding and provide for plant expansion.
Sold privately to
insurance companies.
INDUSTRIAL AND MANUFACTURING
$100,000 David M. Lea & Co., Inc. (Richmond, Va.) 1st M. 4s,
4Hs and 5s, Feb. 1, 1938-47.
Refunding and reduce bank
debt.
Price, 100; to yield 4.00% to 5.00%.
Offered by
Co., Inc.
Gallaher &
3,500,000 Liquid Carbonic Corp. (Del.) conv. deb. 4s, June 15, 1947.
Repay bank loans and provide for capital improvements,
replacements and additions to plants, and provide working
capital.
Price, 102H; to yield about 3.70%.
Convertible
into common stock up to and incl. March 15, 1947, at rates
ranging from 36 shares to 25 shares for each $1,000 debenture.
Offered by Munds, Winslow & Potter; Spencer Trask & Co.;
Merrill, Lynch & Co., and Cassatt & Co., Inc.
Other
underwriters were:
Glore, Forgan & Co.; E. H. Rollins &
Sons, Inc.; Blair, Bonner & Co.; Farwell, Chapman & Co.,
and Laurence M. Marks & Co.
650,000 Munising Paper Co. 1st M. 5s, 1947.
Refunding and
provide working capital.
Price, 100; to yield 5.00 %.
Offered
by Securities Co. of Milwaukee, Inc., and Bacon, Whipple
& Co.
$4,250,000
Joseph's
Hospital
(Alton, 111.) 1st M. 3s and 4s,
Real estate mortgage.
Price
by Dempsey-Tegeler & Co., St.
Nov. 15, 1937-May 15, 1947.
application.
Louis, Mo.
on
Offered
RUBBER
$300,000 Cambridge
Rubber
Provide additional
Co.
conv.
deb. 53^s, July 1, 1946.
Sold at 100 to D. W.
working capital.
Merritt & Co.
SHORT-TERM
BONDS
AND
AND
(ISSUES MATURING UP TO
NOTES
INCLUDING
FIVE
YEARS)
INDUSTRIAL AND MANUFACTURING
OTHER
INDUSTRIAL
200,000 National Tool Co. (Cleveland) conv. deb. 6s, Aug. 1, 1942.
Acquire assets of predecessor company.
Price, 101; to yield
about 5.77%.
Convertible into common stock at rate of
$2.50 per share.
Each $1,000 debenture carries a nonto purchase as a unit 50 shares of common
$5 per share at any time prior to redemption or
maturity.
Offered by F, J. Young & Co., Inc.
at
9,068,400 Armstrong Cork Co. 201,520 shares common stock.
Re¬
deem 4%
debs, and provide additional working capital.
Price, 45.
Offered by company to holders of its common
stock.
Underwritten by Edward B. Smith & Co.; Kidder,
Peabody & Co.; Mellon Securities Corp.; Lazard Freres &
Co., Inc., and Kuhn, Loeb & Co.
Pneumatic Tool Co. 70,000 shares prior pref.
53^% debs., repay short-term notes and
Price, 50.
Offered by Lee Hig¬
ginson Corp.; Hayden, Stone & Co.; Brown Harriman & Co.,
Inc., and Goldman, Sachs & Co.
Other underwriter was
3,500,000 Chicago
Redeem
other corporate purposes.
J. A. Sisto & Co.
606,000 Detroit Paper Products Corp. 24,240 shares 6% conv.
pref. stock.
Acquire and rehabilitate paper mill and provide
working capital.
Price, 25.
Each share convertible into
three shares of common stock prior to July 1, 1942, and
thereafter into 23^ shares of common stock until June 30,
1947.
Offered by company to holders of its common stock.
Underwritten by Russell Maguire & Co., Inc.; M. J. Hall
& Co., Inc., and Weed, Hall, Berndt & Co.
54,000 Ever-Plastics Corp. 36,000 shares common stock.
for sales promotion and working capital. Price, 134.
by Leigh Chandler & Co., Inc.
a
stated par value are
taken
no par value and all classes of common
offering prices.
PUBLIC
while preferred
stock are computed
ar par,
stocks of
at their
UTILITIES
$1,900,000 Washington (D. C.) Gas Light Co. 20,000 shares $4.50
conv.
pref. stock.
Provide for payment of bank loans,
expansion and additions to plant and distribution system.
Price, 95; to yield 4.74%.
Convertible into common stock
at
rate
of three
shares
of
common
for each
70,000 Globe Hoist Co. (Des Moines, Iowa).
stock.
Working capital.
Price, 14.
& Co. and Olmsted, Metcalf & Co.
&
Olds;
Folger,
Nolan &
275,000 Industrial Machine Corp.
110,000 shares common stock.
Working capital, purchase of machinery, payment of loans
and
other
corporate
Co.,
Inc.,
Price,
Offered
23^.
by
Corp.,
50,000 shares $4.50 div. cum.
5,075,000 Monsanto Chemical Co.
pref. stock, series A.
Capital additions, replacements and
improvements to plants, processes and facilities.
Price,
101H.
Offered by Edward B. Smith & Co.
capital.
Price, 3.
38,000 shares $1.50 cum.
950,000 United States Plywood Corp.
conv. preferred stock.
Pay temporary bank loans incurred
in refunding, pay existing bank loans and commercial paper
and provide working capital.
Price, 25.
Convertible up to
May 31, 1940, into common stock at rates ranging from
1M shares to 5-6ths share of common for each share of
preferred.
Offered by Bond & Goodwin, Inc., and C. B.
Ewart & Co., Inc.
$24,568,500
OIL
$187,500 Louisiana
Oil
812,500 Reliance Steel Corp. (Ohio) 32,500 shares $1.50 cum.
conv.
preference stock.
Additions and improvements and
additional working capital.
Price, 25.
Offered by Mitchell,
Herrick & Co., Inc.; Riter & Co.; Otis & Co., and Kalman
& Co., Inc.
1,088,323 Reynolds Metals Co. 64,019 shares common stock.
Ad¬
ditional working capital.
Price, 17.
Offered by company
to holders of its common stock.
Underwritten by Lehman
Producing
Co.
150,000 shares common
provide
for
drilling,
1U.
Offered by H. M.
Retire
current
obligation,
acquisitions and equipment.
Price,
Jenness & Co., Inc., Boston.
stock.
•
1,250,000 Smith & Brothers Refinery Co., Inc.
125,000 shares 6%
cum. pref. stock.
Additional plant equipment, retire notes
payable, pay current accounts payable, acquisitions, working
capital, and development purposes.
Price, 10.
Each share
carries a warrant to purchase two shares of common stock
on or before June 1, 1947, at rates ranging from $5 to $10 per
share.
Offered by W. Earle Phinney & Co., Chicago.
$1,437,500
RUBBER
Inc.
40,000 shares common stock.
Retire promissory notes issued in payment of dividends and
provide working capital.
Price, 5M •'
Offered by James J
Boylan, New York.
$210,000 Brown
Rubber Co.,
IRON, STEEL, COAL, COPPER, &c.
376,000 Consumers Steel Products Corp. 117,500 shares common
stock.
Expansion, enlargement and working capital.
Price,
3.20.
Offered by Hammons & Co., Inc., and Walter Lyon
& Co., Inc.
Co.
115,000
shares
common
plant expansion and working
Offered by Hiltz & Co., Inc.
210,000 Tyler Fixture Corp. (Mich.).
14,000 units, each unit
comprising one share 7 % pref. stock A and one share common
stock.
Retire current debt, provide additional space and
equipment, and working capital.
Price, 15 per unit.
Offered
by Campbell, McCarty & Co. and Van Grant & Co., both
of Detroit, Mich.
and William W.
$45,000,000 The American Rolling Mill Co. 450,000 shares 4>£% cum.
>..
conv.
pref. stock.
Redemption of 5% debentures, repay
bank loans incurred in redemption of 6% pref. stock, series
B, additions, betterments ana improvements to plants, pay
bank loans and provide working capital.
Price, 101; to yield
4.45%.
Convertible into common stock prior to July 15,
1947, at prices ranging from $40 to $50 per share.
Offered
by W. E. Hutton & Co.; Edward B. Smith & Co.; The First
Boston Corp.; Brown Harriman & Co., Inc.; Kidder, Peabody
& Co.;
Glore, Forgan & Co., and Lee Higginson Corp.
Other underwriters were:
Goldman, Sachs & Co.; Blyth
& Co., Inc.; Bonbright & Co., Inc.: Hayden, Stone & Co.;
Baker, Weeks & Harden; Cassatt &; Co., Inc.; Nallgarten
& Co.; W. C. Langley & Co.; Stone & Webster and Blodget,
Inc.; White, Weld & Co.; Mellen Securities Corp., and
Kuhn, Loeb & Co,
purposes.
Tobey & Co.; Watson & White; The First Cleveland
and Neergaard, Miller & Co.
Mackall Jr., all of Washington, D. C.
Brothers and Reynolds & Co.
5,000 shares capital
Offered by Jackley
179,100 Harvey Hubbell, Inc.
8,955 shares common stock.
Work¬
ing capital.
Price, 20.
Offered by Paul H. Davis & Co.
and H. M. Byllesby & Co., Inc.
share of $4.50
pref. stock.
Offered by Y. E. Booker & Co • Auchincloss
Parker & Redpath; Johnston, Lemon & Co.; Brown, Goodwyn
Provide
Offered
4,000.000 Food Machinery Corp.
40,000 shares 43^% cum. conv.
pref. stock.
Repay bank loans incurred to redeem present
4M % pref. stock, provide for current notes payable, and other
corporate purposes.
Price,
103; to yield 4.37%.
Con¬
vertible on basis of 2 M shares of common stock for one share
of pref. during the calendar years 1937 and 1938, and on the
basis of two shares of common for one share of pref. after
1938.
Offered by Kidder, Peabody & Co. and Mitchum,
Tully & Co.
STOCKS
Preferred stocks of
MANUFACTURING
11,000 American Furniture Co., Inc. 2,000 shares common stoclc.
Working capital.
Price, 5H •
Offered by Hartley, Rogers
& Co., Inc., and Scott, Horner & Mason, Inc.
detachable warrant
stock
AND
&
345,000 Taylor-Young
Airplane
stock.
Payment of debt,
LAND, BUILDINGS, Sec.
$350,000 St.
OTHER
com¬
Kidder, Peabody & Co.; Lee Higginson Corp.; Mellon
Corp.; Schoellkopf, Hutton & Pomeroy, Inc.,
Dillon, Read & Co.
curities
Corp. 55,000 shares common
discharge current debt and
note,
$225,000 Ahlberg Bearing Co. 75,000 shares common stock.
Pur¬
chase machinery and equipment and provide working capital,
Price, 3.
Offered by William R. Stuart & Co., Chicago.
Offered by
about 3.35%.
Car
mortgage
working capital.
Price, 8.
Offered by Allen
Co.; L. J. Schultz & Co., and D. A. Lomasney & Co.
1967.
&
Co., Inc.; Kuhn, Loeb & Co.; Blyth
& Co., Inc.; Brown Harriman & Co., Inc.: Lazard Freres &
Co.. Inc.; The First Boston Corp.; Edward B. Smith & Co.;
Bonbright & Co., Inc.; Lehman Brothers and Clark, Dodge
&
Co.
Other underwriters were:
Kean, Taylor & Co.;
Steel
Retire
provide
stock.
25,000,000 Westchester Lighting Co. gen. M. 3Ks, July 1,
Provide for repayment of advances payable to parent
OTHER
stock.
equipment.
Priced to yield from
Offered by E. H. Rollins & Sons, Inc.
1,200,000 Spokane Portland & Seattle RR. Co. equip, trust 25^8,
1958-47.
New equipment.
Priced to yield from 0.85% to
2.50%.
Offered by Paine, Webber & Co. and Estabrook & Co.
pay
shares
EQUIPMENT MANUFACTURERS
New
PUBLIC
capital stock.
Provide
Price, 7.
Offered by Amott,
Co. 24,325
purchases
$47,597,098
$467,500 Youngstown
Co. equip,
RR.
England
250,000 Lehigh & New
July 1, 1938-47.
0.75% to 2.65%.
Steel
material
raw
Baker & Co., Inc.
$1,500,000 Chicago Great Western RR. Co. equip, trust 3^8, Dec. 1,
1937-June
1,
1947.
New equipment.
Sold to Salomon
Bros.
to
170,275 Sweet's
YEARS)
Corp. 30,000 shares common stock.
Adplant, new equipment and general corporate
Price, 5.
Offered by Field-McDonald & Co.,
Materials
purposes.
Detroit.
(ISSUES
NOTES
THAN
DURING
150,000 Steel
1937
JULY,
831
Chronicle
MISCELLANEOUS
$1,035,000 American
Fidelity & Casualty Co.. Inc.
stock.
Working capital.
Fuller, Rodney & Co.
common
90,000 shares
Price, 113^.
Offered by
330,176 Kane's, Inc.
16,305 shares conv. pref. stock. Additional
branch stores, enlarge inventories and reduce bank loans.
Price, 2034.
Convertible at rate of two shares of common
stock for each share of preferred stock.
Offered by Rawls
&
Co., Inc., and Watson & White.
610,000 Seaboard Finance Corp.
20,000 shares $2 cum. div. conv.
pref. stock.
Working capital.
Price, 303^Convertible
into common stock at rate of three shares of common for one
share of pref. until Dec. 31, 1939, and 2H shares
until July 1, 1942.
Offered by Leach Bros., Inc.;
thereafter
Johnston,
Lemon & Co.; H. P. Wood & Co., and Reynolds & Co.
195,000 Shipside Contracting Co. 15,000
units, each unit com¬
prising one share 6% pref. stock and one share of common
stock.
Pay for land, construct new barge terminal and
warehouse.
Price, 13.
Offered by F. M. Elkinton & Co.,
Houston, Texas.
1,081,200 Thrifty Drug Stores Co., Inc.
19,248 shares 6% cumpref. stock and 100,000 shares common stock.
Expansion
of business and other corporate purposes.
Pref. priced at
24 H
Common priced at 6.
Also offered in units of one
share of pref. and two shares of common at price of 36 H •
Offered by Conrad. Bruce & Co.; Fuller, Rodney & Co., and
King, Crandall & Latham Co., Inc.
•
$3,251,376
832
Financial
LOAN AND GOVERNMENTAL
FARM
AGENCY ISSUES
Chronicle
of American
$28,000,000 Federal Home Loan Banks one-year 1*4% consol. debs.,
series B, July 1, 1938.
Provide funds for loan purposes.
Price, 100 3-16; to yield about 1.04%.
Offered by the 12
member banks of the System.
30,000,000 Federal Intermediate Credit Banks 1%% debs., dated
July 15, 1937, and due in six and nine months.
Refunding;
provide new capital for ordinary business.
Priced at a pre¬
mium over par value.
Offered by Chas. R. Dunn, New
York, Fiscal Agent.
60,000,000 Commodity Credit Corporation 1% series B coll. trust
notes, dated Aug. 2, 1937, and due May 2, 1938.
Provide
funds for use in ordinary course of business.
Offered by
Commodity Credit Corporation.
also irritate
ISSUES NOT
Co.,
Furniture
Inc.
98.541
shares
Rogers
Price, 5H.
Offered by Hartley,
Inc., and Scott, Horner & Mason, Inc.
stock.
common
&
Co.,
292,500 American Stamping Co.
45,000 shares common stock.
Price, 6*4Offered by Paul W. Cleveland & Co., Inc.;
Murdoch, Dearth & White, Inc., and Festus J. Wade Jr. & Co.
525,000 Brown Rubber Co.. Inc.
100,000 shares common stock.
Price, 5*4'
Offered by James J. Boylan, New York.
459,375 Chicago
Rivet & Machine Co.
25,000 shares common
stock.
Price, market, about 18%.
Offered by Thomas &
Griffith, New York, and Brown, Schlessman, Owen & Co.,
Denver, Colo.
1,200,000 Esquire-Coronet, Inc.
75,000 shares capital stock.
16.
Offered by Lawrence Stern & Co., Inc.
308,000 Globe Hoist Co. (Des
capital stock.
Price, 14.
Olmsted, Metcalf & Co.
130,185 The
Iowa).
Moines,
Offered
22,000 shares
Jackley & Co. and
by
Greenwich
Price,
Gas Co.
8,679 shares common
Offered by F. L. Putnam & Co., Inc.;
15.
Johnson & Co., and Amott, Baker &
684,612 Harrisburg
Price, 13%.
Price,
exist.
It is not
Co., Inc.
"
Steel
Corp.
49,790 shares common stock.
Offered by D. M. S. Hegarty & Co., Inc.
1,007,440 Harvey
Hubbell, Inc.
50,372
shares
Price, 20.
Offered by Paul H. Davis &
Byllesby & Co., Inc.
stock.
common
Co.,
and
676,000 Thomas J. Lipton, Inc.
26,000 shares 6% cum.
stock.
Price, 26.
Offered by Hallgarten & Co.
J.
Price, 17.
or
Chinese
the
local
nese
Lipton, Inc.
100,000 shares
Offered by Hallgarten & Co.
common
pref.
States
Plywood Corp.
53,475 shares common
Price, 17.
Offered by Bond & Goodwin, Inc., and
of
Significance of the War in
China
tional
such
Russia has enough to do to hold its access to the
There has been
this
but
week,
the
Japan would automatically bring into
German-Japanese agreement which binds
Moreover,
expiration of the London Naval Treaty has left
and the Nine-Power
showed
a dead letter.
Beyond some
friendly representations intended to keep up a show
diplomatic hin¬
drance.
United
States, meantime, has had occasion
the embarrassments inherent in the
lost
declaration of
Since there has been
by either Japan
war
not clear that there is
as
a
proclamation
were
so
The
war
trade
with
of
imposes
belligerents would
On the
39
railroad
group
ground
general
87
at
have
bonds
Ys-
off
were
this
week.
trade with this
and
Co.,
the
which
6 points to
out
of
advanced
its purchases,
able to protect
China has
no
and the Japanese
navy
is fully
Japanese merchant vessels in transit.
bonds
Great Western
speculative
among
4s,
touched
Co.
in
a
a
of
which fell to
1st & ref. 5s,
1957,
1 Ys
have
to 98;
had
a
of
issues
have
been
Gas
in fares
on
an
im¬
High-grade utilities
with virtually
1st
no
change.
4s, 1965, however, estab¬
exhibited
have
a
moderately
remained
Walworth 4s,
Building
steady.
w.
w.,
was
1955, at 84%
points to 108%.
Y2 point to 108.
rose
rise
in
1949,
1941, advanced
up
were
Studebaker
3%-point
a
Oils
material
Certain-teed Products 5%s,
gains.
of 1%
firming
Steels have been buoyant.
strong;
recovery
advances
&
the other hand,
on
increase
an
range,
narrow
fractional
4%s, 1956,
&
Hudson
The
2 points to 85; Penn-Dixie Cement 6s,
rose
new
a
Power
high at 107%.
new
coppers
bonds
Utilities
the
previous lows.
price tendency this week.
and
medium-
67%, reflecting improved sentiment arising
very
Industrial
and
firmness, the exceptions
for
debentures
Southern California
joyed
difficulty in paying
fractionally.
%; Lehigh Val¬
Defaulted railroad
Chicago
been
announcement
an
moved
The
Ameri¬
country that would be needed,
point to 107.
points; New Haven 4%s, 1967, at
tendency
Manhattan RR.
rose
upon
Japanese merchant marine is ample for all the
un¬
Govern¬
unchanged;
were
declined Ys
being the Western Union 4%s, 1950
bers
the
industrial
have been steady.
116%
at
1940,
4s,
grade utility bonds has
issued,
operate to
any
dropped IY2 points.
The
were
.Japan and the disadvantage of China.
Japan would probably have
for
China, it is
to decide that war
declaring
the restrictions which the Act
benefit
no
yet any "war" to which
hand, if Mr. Roosevelt
exists and
can
or
Neutrality Act would properly apply.
other
Nashville
a
as
1996,
4s,
1959, at 37 declined 1 Yi
lished
present Neutrality Act.
the
Western
&
by
States
United
portant branch of the company's lines.
to reflect
upon
in
fluctuations.
no
ley 4s, 2003, at 52
Light
no
na¬
Otherwise most groups were
week's levels.
last
Some
here and there.
advances
from
&
recorded
advances were
have gained.
also
Second-grade
tegrity of China, is
The
great
Baltimore & Ohio 5s, 1995, at 76% were up
low
Japan need look for
The
of
war
The lower-grade rails have profited most,
groups.
changed
Treaty of 1922, which guarantees the territorial in¬
of concern,
large-scale
a
strength evident in the bond market
some
no
moderate
have
navy,
is
High-grade railroad bonds
naturally to sympathize with Japan.
Japan free to develop its
be expected to advance.
China would be successful.
a war
ments
Pacific against Japanese pressure, and is well aware
the
by such steps that the Japanese pene¬
The Course of the Bond Market
827)
fight Bolshevism.
territory it has
defense, and few observers believe that
Louisville
a
of the
some
for China
alternative
East, and Italy, if it is interested in the matter at
the two countries to
A
accordingly, is to be
agreements,
attempt to restore and maintain law and
It is
order.
Norfolk
with
Chi¬
In anticipation of such an event, Japan
necessary
France do not invite any entanglement in the Far
seem
The stability of
occupied and represent its military operations as a
issues
all, would
local
continue to hold
with
page
which
governments in the North is slight, ban¬
expected.
of
$8,962,985
(Concluded from
local outbreak for
a
responsible, and negotiate settle¬
are
stock.
C. B. Ewart & Co., Inc.
The Political
check, Japan will be able to
as
ditry is rife and control of troops is precarious.
breach
125,000 Steel
Materials
Corp.
25,000
shares
common
stock.
Price, 5.
Offered by Field-McDonald & Co., Detroit, Mich.
stock.
see
policy which
If the Nanking Gov¬
ments with local authorities.
330,000 Reliance Steel Corp. (Ohio). 30,000 shares common stock.
Price, 11.
Offered by Mitchell, Herrick & Co., Inc.; Riter
& Co.; Otis & Co., and Kalman & Co., Inc.
909,075 United
in
held
the situation
tration of China may
3.695 shares conv. pref. stock.
Price, 20*4.
Convertible at rate of two shares of common stock for each
share of pref. stock.
Offered by Rawls & Co., Inc., and
Watson & White.
1,700,000 Thomas
defeated
treat
shall
we
continuance of the
a
be successfully ignored and its forces
can
H. M.
73,823 Kane's, Inc.
effect
improbable, therefore, that
in North China
will
stock.
R. H.
state of
a
which, to the J apanese mind, does not legally
war
ernment
REPRESENTING NEW FINANCING
$541,975 American
war
partisanship, but it would
Japan by its assumption of
Japan has previously followed.
$118,000,000
that
neutrality, accordingly, would not only
to China an act of
seem
Aug. 7. 1937
s
2%.
Rub¬
6s, 1945,
conv.
en¬
Remington Rand
Among the wider
General
Castings
Steel
5%s, 1949, to 81.
The
bond
firming
market
speculative
strong,
tendency
noticeable
has
continued
issues,
Polish
with gains
of
this
bonds
from
two
issues remained irregularly weak
lately
week.
have
in
the
Among
been
foreign
the
more
conspicuously
to four points.
Japanese
in reflection of the
grave
developments in China.
no
marine for
navy
of importance, and its merchant
foreign trade is small.
A proclamation
Moody's computed bond
are
prices
and bond
given in the following tables:
yield
averages
Financial
Volume 145
MOODY'S
(REVISED)
MOODY'S BOND PRICES
833
Chronicle
All
U. S.
Oovt.
1937
Croups*
tic
Baa
RR.
U.
Indus.
6— 109.49
101.70
114.72
111.03
100.88
84.55
93.85
102.12
110.24
6- 109.50
101.76
114.72
110.83
100.70
84.55
94.01
102.12
93.69
102.12
Aaa
Corp*
Averages
Aug.
Aa
4- 109.50
101.76
114.93
110.83
100.70
84.41
3
P.
120
Daily
Corporate by
by Ratings
Domes
Bonds
YIELD AVERAGES
(REVISED)
)
Pric
120 Domestic
120 Domestic Corporate
AH
120 Domestic
120 Domestic Corporate *
120
1937
Daily
BOND
{Based on Individual Closing
(Based on Average Yields)
30
Corporate by Croups
Domes-
Averages
icCorp.
by Ratings
A
Aa
Aaa
For
Baa
P.
RR.
U.
Indus.
6__
3.90
3.23
3.41
3.95
5.00
4.37
3.88
5..
3.90
3.23
3.42
3.90
5.00
4.36
3.88
3.40
110.04
4„
3.90
3.22
3.42
3.96
5.01
4.38
3.88
3.40
3.97
5.01
4.39
3.88
5.09
3.45
110.04
eigns-
3.46
Aug.
...
'
i
109.49
101.58
114.93
110.63
100.53
84.41
93.53
102.12
110.04
3..
3.91
84.41
93.69
102.12
109.84
2
3.91
3.24
3.42
3.96
3.88
3.47
100.70
4.38
110.83
—
101.58
114.51
5.01
2„ 109.48
100.70
84.41
93.85
101.94
July 31-
3.96
3.47
110.83
3.42
3.89
114.51
3.24
4.37
101.58
3.91
5.01
July 31- 109.53
30- 109.52
100.70
101.94
30-
3.91
3.23
3.43
3.96
4.37
3.47
110.63
93.86
3.89
114.72
5.02
101.58
109.84
109.84
109.84
29-
3.91
3.23
3.43
3.96
5.01
4.35
3.90
3.47
—-
94.17
101.76
...
—
3.43
3.22
'
29- 109.40
101.58
114.72
110.63
100.70
101.94
109.64
28-.
3.90
3.24
3.43
3.96
94.65
101.94
109.64
27-
3.90
3.24
3.43
3.95
4.97
4.32
3.89
101.76
109.64
26-
3.90
3.24
3.43
3.95
4.96
4.30
3.90
3.48
94.97
101.76
109.44
24-
3.90
3.24
3.43
3.95
4.96
4.30
3.90
...
3.48
94.97
...
5.13
3.48
100.70
94.49
3.89
110.63
4.33
101.76
114.51
4.98
28- 109.35
84.28
84.41
84.83
---
3.49
27- 109.27
101.76
114.51
110.63
100.88
84.96
26- 109.27
101.76
114.51
110.63
100.88
100.88
85.10
85.10
85.10
85.24
85.24
24- 109.25
101.76
114.51
110.63
23- 109.22
101.76
114.09
11C.63
100.88
22-
101.58
113.89
110.04
100.88
109.12
101.58
113.89
110.24
100.70
101.58
21-. 109.11
114.09
110.04
100.70
_
—
94.97
101.76
109.24
23-
3.90
3.26
3.43
3.95
4.96
4.30
3.90
3.50
5.13
94.97
101.58
109.05
22-
3.91
3.27
3.46
3.95
4.95
4.30
3.91
3.61
...
101.58
108.85
21-
3.91
3.27
3.45
3.96
4.95
4.30
3.91
3.52
...
94.97
4.29
3.91
3.52
...
...
95.13
101.58
108.85
20-
3.91
3.26
3.46
3.96
4.94
95.13
101.58
108.85
19—
3.91
3.26
3.46
3.96
4.94
4.29
3.91
3.52
94.97
101.58
108.85
17-
3.91
3.26
3.45
3.97
4.95
4.30
3.91
3.52
19-
109.00
101.58
114.09
110.04
100.70
85.38
85.38
17-
108.90
101.58
114.09
110.24
100.53
85.24
WeetUy—
July 10- 108.90
94.97
101.58
108.85
July 16—
3.91
3.27
3.45
3.97
4.30
3.52
5.20
100.53
85.24
3.91
113.89
110.24
4.95
101.58
95.13
101.06
109.24
9—
3.91
3.27
3.45
3.97
3.50
5.15
100 53
85.24
3.94
110 24
4.29
101.58
113 89
4.95
9— 108.59
100.18
108.66
2-
3.95
3.28
3.47
4.00
5.05
4.34
3.99
3.53
5.17
83.87
94.33
5.05
4.34
4.01
3.53
6.12
'20-
109.05
Weekly—
2— 108.39
100.38
113.68
109.84
100.00
June 25— 108.30
100.70
113.48
109.04
99.83
93.87
94.33
99.83
108.60
June 25..
3.90
3.29
3.48
4.01
100.70
109.24
18—
3.92
3.27
3.45
3.98
4.96
4.29
3.50
5.13
100.35
95.13
3.96
85.10
100.88
109.24
11-.
3.90
3.27
3.44
3.96
4.92
4.24
3.95
3.50
5.11
18- 108.44
11— 108.53
113.89
101.41
101.76
113.89
110.24
85.65
100.70
110.43
95.95
100.70
109.05
4-
3.91
3.29
3.45
3.98
5.19
95.46
3.51
110 24
85.65
3.96
113 48
100.35
4.27
101 58
4.92
4— 108.59
100.53
108.85
May 28-
3.92
3.30
3.46
3.98
—..
95.62
3.52
100.35
85.65
3.97
110.04
4.26
101.41
113.27
4.92
May 28- 108.73
109.84
100.35
100.88
108.60
21-
3.91
3.31
3.47
3.98
5.27
113.07
4.27
101.58
4.89
21- 108.22
95.46
3.53
86.07
3.95
100.88
108.27
14..
3.93
3.35
3.49
4.01
5.33
99.83
95.13
3.55
109.44
86.21
3.95
112.25
4.29
101.23
4.88
14— 107.97
100.18
87.21
101.23
108.08
7—
3.91
3.34
3.51
5.37
109.05
95.78
3.50
101.58
4.25
3.93
112.45
4.81
7- 108.03
3.99
100.70
106.92
Apr. 30—
3.90
3.39
3.55
4.03
4.86
4.30
3.96
5.41
99.48
94.97
3.62
86.60
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3.64
5.31
V
111.43
108.27
Apr. 30-. 107.59
100.70
23.. 107.17
100.70
111.23
107.09
99.48
86.92
95.29
100.70
106.54
23..
95.62
100.70
106.54
16-
3.96
3.41
3.57
4.03
3.64
5.33
87.21
3.90
107.88
99.48
4.26
100.70
111.03
4.81
16- 107.79
99.31
105.41
9-
4.03
3.48
3.61
4.09
4.92
4.33
4.04
3.70
5.33
4.01
3.66
5.3G
9.. 107.23
99.48
109.64
107.11
98.45
85.65
94.49
110.63
107.49
98.80
86.64
95.13
99.83
106.17
2-
3.99
3.43
3.59
4.07
4.85
2.. 107.19
100.18
4.29
100.70
107.30
Mar. 25—
3.93
3.37
3.53
4.03
4.70
4.23
3.96
3.60
5.33
87.93
96.11
4.76
4.23
3.95
3.60
5.26
99.48
Mar 25— 108.40
101.23
111.84
108.27
19- 109.32
101.23
111.84
108.46
99.14
87.93
96.11
100.88
107.30
109.24
100.35
89.40
97.45
101.76
108.27
12„
102.30
110.76
112.86
-U9-
3.93
3.37
3.54
4.05
12-
3.87
3.32
3.50
3.98
4.66
4.15
3.90
3.55
5.30
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
5.24
r
5-
111.82
103.74
114.09
110.43
101.76
90.76
98.45
103.38
109.44
5—
110.83
102 12
103.93
109.84
109.44
Feb. 26-
3.78
3.23
3.42
3.88
4.08
5.13
114.72
98.62
4.47
103.93
4.58
112.18
90.59
3.78
Feb. 20..
19-
3.77
3.25
3.42
3.86
4.55
4.06
3.77
3.49
5.13
4.02
3.76
3.46
5.18
98.97
104.11
91.51
99.00
104.30
110.04
11—
3.75
3.22
3.41
3.84
4.52
105.04
110.63
5„
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
5.19
91 06
ICO.00
3.80
4.52
4.00
3.72
3.39
5.34
5.39
112.12
104.11
114.30
110.83
102.48
91.05
11— 112.20
104.48
114.93
111.03
102.84
19..
115.78
105.04
5.. 112.34
103.38
111.84
112.21
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
29—
3.70
3.14
3.35
117.72
113.27
104.30
92.38
105.79
112.05
22-
3.66
3.09
3.30
3.76
4.47
3.93
3.36
106.17
101.23
3.68
22.. 112.39
112.25
15-
3.65
3.07
3.29
3.75
4.47
3.93
3.06
3.35
3.35
5.43
29.
Jan.
15—
112.53
106.36
118.18
113.48
104.48
92.28
101.23
100.17
8-
112.71
100 30
117.94
113.89
104.48
91.97
101 23
100.17
112.25
106.17
112.45
106.54
1
1937 107.01
118.16
113.89
104.67
92.43
101.41
99.48
Hlgh 1937 112.78
Low
Jan.
109.64
107.11
98 28
82 66
93.06
99.31
3.08
3.27
3.75
4.49
3.93
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.09
4.42
4.04
3.70
5.43
4.03
3.48
3.61
4.10
5.14
3.86
3.22
3.45
4.01
4.77
4.24
3.86
3.49
5.82
4.38
3.56
3.86
4.49
5.62
4.97
4.26
3.91
6.08
1 Yr. Ago
102.48
114.93
87.78
99.83
110.24
95.95
102.48
Aug. 6 '36
109.44
2 Yrs.Aao
2 Yrs.Ago
93.69
Aug. 6 '35 109.02
*
3.65
1937
High 1937
105.41
Yr. Ago
Aug. 6 '36 110.30
108.08
76.64
91.97
102.48
84.96
95.62
Aug. 6 '35
101.58
basis of one "typical" bond (4% coupon,
level or the average movement of actual price quotations.
They merely serve to Illustrate In a more
yield averages, the latter being the truer picture of the bond market.
These prices are computed from average
THE
STATE
yields
on tne
TRADE—COMMERCIAL
OF
EPITOME
Business
activity
continues
on
the
upward
trend,
ment
the
of 1936.
previous week and 92.5 for the corresponding week
Petroleum runs to stills reached a new high level
and
loadings, steel activity and bituminous coal produc¬
car
both
ing period a year ago was
particularly if the exptcted buying for
requirements gets under way this month.
The
"Iron Age" further
states that the automobile industry,
slower than expected in making volume purchases for 1938
models, will come into the market in a bigger way within
the next two of three weeks.
It is said that the railroads
August,
autumn
faced with
an
and
as
facilities,
autumn traffic volume that may tax their
a
are
consequence
making preparations
reflected in the new ihquiries for railroad equip¬
ment.
It is pointed out that while new purcha
now would
not relieve a possible car shortage this fall, the equipment
would be received in time to replace cars that might get
into bad order from excessive usage.
Electr^ power out¬
for it,
as
put for the week ended July 31 totaled 2,256,335,000 kilo¬
watt hours,
week
a
Plans
which is a gain of 8.0% over the corresponding
but a slight drop from the previous week.
year ago,
for
stepping up retail prices of all General Motors
were announced yesterday.
Following closely
automobiles
the price increase announced by Ford Motor Co. and
of General Motors's Chairman, Alfred P.
upon
the
statement
Jr., that price boosts were inevitable, Cadillac, La
Oldsmobile, Pontiac, Chevrolet and Buick divisions
of the corporation disclosed that the retail listings are to
be increased.
Because many producers were understood
Sloan
Salle,
to
be
waiting price actions by
authoritative
ucts
will
sources
follow
the
Ford and General Motors,
indicated a belief that all other prod¬
same
course.
All have been affected
period
The gain over the correspond¬
35,131 cars, or 4.7%. There was
nothing spectacular in the weather reports of the week.
Relatively cool weather prevailed in the eastern and the
more western portions of the country, and abnormally high
temperatures from the west Gulf Coast and Rio Grande
Valley northward to Canada.
From the northern Ohio Val¬
ley eastward and northward maximum temperatures did
not reach 90 degrees and were in the low 70's in some
northeastern sections.
On the other hand, high readings
were reported from the Southwest, with 100 degrees or over
in a large area
extending from southern Nebraska and
western Missouri southwestward to the
Mexican border.
The highest temperature reported was 108 at Phoenix, Ariz.,
on
July 28, though 104 occurred at Concordia and Dodge
City, Kan., and Abilene, Tex.
At the close of the week
abnormally cool weather had advanced into the Northwestern States, with a temperature of 36 degrees reported from
Yellowstone Park on the morning of Aug. 3.
A general need
of moisture was reported in many places between the Appa¬
lachian Mountains on the east and the Rockies on the west.
Crops in general, however, are not as yet suffering ma¬
terially over extended areas, according to government re¬
ports.
The week was generally favorable for outside opera¬
tions, with harvests and threshing advancing favorably.
In the New York City area the weather has been generally
hot the past week, with clear skies.
Today it was fair and
warm, with temperatures ranging
from 72 to 86 degrees.
The forecast was for partly cloudy and continued warm.
Overnight at Boston it was 72 to 88 degrees; Baltimore, 76
immediately preceding week.
companies' backlogs of orders are declining steadily, though
still substantial enough to assure a good rate of operations
are
of last
by sportswear, knit goods, cotton dresses, coats,
gloves, men's suits, polo shirts and slacks.
Car loadings figures just released show a total of 782,660
cars
last week, a gain of 11,680 cars, or 0.2% over the
the carriers.
through
month of
handbags, filet
be the forerunner of a secondary buying movement for
This authority points out, however, that steel
may
for the
many cases
of new inquiries for railroad equipment,
domestic and foreign, which, the "Iron Age" states,
the form
in
start
1936, according to Dun & Bradstreet trade review. Rec¬
ord sales for the comparative period were chalked up in
unexpected development is reported in the steel indus¬
try
excellent
of
according to this authority, showed declines for the week.
An
an
events, retail sales this week were 3% to 8% ahead
week and were 8% to 20% heavier than in the like
Electric output and automotive activity,
tion showed gains.
report
Merchants were considerably encouraged by the
sharp pick-up in trade and believed that the average gain
for the current month would be 10% or better.
As a result
of
the continued hot
weather and August promotional
most
ity rose to 102.3 as compared with a revised figure of 101.0
for the
stores
August.
industries being decidedly favorable.
"Journal of Commerce" wreekly index of business activ¬
from
reports
maturing in 30 years) and do not purport to show either the average
comprehensive way the relative levels and the relative movement of
by the increased cost of materials and higher wage scales.
Retail trade in New York and Brooklyn's leading depart¬
Friday Night, Aug. 6, 1937.
The
5.41
8Low
3.66
..
834
Financial
Chronicle
to
90; Pittsburgh, 68 to 88; 'Portland, Me., 70 to 85; Chicago,
Cincinnati, 68 to 84; Cleveland, 72 to 82; Detroit,
70 to 86; Charleston, 76 to 88;
Milwaukee, 72 to 88; Sa¬
vannah, 76 to 92; Dallas, 70 to 102; Kansas City. 74 to 98 ;
Springfield, Mo., 70 to 90; Oklahoma City, 76 to 104; Salt
Lake City, 72 to 90; Seattle, 56 to 70; Montreal, 70 to
82,
Revenue
Aug. 7, 1937
Freight
70 to 86;
Car
Loadings
in
Cars
11,680
Rise
Week Ending July 31
totals of selected income and balance sheet items of Class I
Loadings of revenue freight for the week ended July 31
1937, totaled 782,660 cars. This is a gain of 11,680 cars or
1.5% from the preceding week; an increase of 35,130 cars,
or
4.7%, from the total for the like week of 1936, and an
increase of 187,363 cars, or 31.5% over the total loadings
for the corresponding week of 1935.
For the week ended
July 24, 1937, loadings were 5.5% above those for the like
week of 1936, and 29.5% over those for the corresponding
week of 1935. Loadings for the week ended July 17, 1937,
showed a gain of 6.9% when compared with 1936 and a rise
of 29.9% when comparison is made with the same week of
steam
1935.
These figures are subject to revision and
from 136 reports representing 142 steam
The first 18 major railroads to report for the week ended
July 31,1937, loaded a total of 366,157 cars of revenue freight
on their own lines,
compared with 358,179 cars in the preced¬
ing week and 350,097 cars in the seven days ended Aug. 1,
1936.
A comparative table follows:
and
Winnipeg, 64 to 96.
■
Selected
Income
and
Steam
The
Bureau
of
Balance
Statistics
Commission has issued
Sheet
Items
of
Class
I
Railways for May
of
the
Interstate
statement
a
Commerce
showing the aggregate
railways in the United States for the month of May.
were compiled
railways.
The
present statement excludes returns for Class I switching and
terminal companies.
The report in full is as follows:
TOTALS
FOR THE UNITED
STATES
(ALL REGIONS)
REVENUE
For the Month of May
1937
LOADED
FREIGHT
1936
1937
AND
RECEIVED
Loaded
1,604,360
11,023,941
40,648,064
11,315,861
41,442,474
237,735
Interest deductions
220,368
Other deductions
Total fixed charges
•
8,797,023
7,835,583
$52,879,315 $51,680,221 $281,525,322 $237,325,627
Rent for leased roads
54,537,763
203,818,508
1,176,575
55,431,423
207,785,660
1,102,511
$51,909,740 $52,978,703 $259,532,846 $264,319,594
Income after fixed charges
Contingent charges
Net Income,
1,533,463
969,575
1,017,473
a
dl,298,482
1,009,973
d$47,898 d$2,308,455
21,992,476
5,175,068
d26,993,967
5,082,568
$16,817,408 d$32,076,535
and
equipment)
16,281,127
16,169,678
81,199,021
80,684,681
2,995,171
Federal income taxes
2,362,143
15,431,804
8,958,035
Baltimore & Ohio RR
Chesapeake A Ohio Ry
Chicago Burlington A Qulncy RR.
Chicago Mllw St Paul A Pac Ry._
Chicago A North Western Ry
3,439,542
12,870,114
7,819,909
35,247,741
12,729,411
Aug 1
1936
1937
25,378
21,535
31,872
22,698
6,467
6,086
5;303
17,340
10,979
16,879
10,797
8,023
15,605
22,904
33,802
1937
10,629
18,067
18,773
18,033
21,599
23,099
8,755
8,936
8,135
16,707
16,732
18,286
10,705
10,681
11,071
3,074
2,163
5,181
2,492
1,603
1,973
2,124
2,086
4,848
4,787
2,965
1,458
1,926
3,109
2,887
Missouri Pacific RR
17,280
15,634
17,204
8,952
New York Central Lines.
45,058
45,185
41,974
39,915
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas
RR
New York Chicago A St Louis Ry.
Norfolk A Western Ry
7,856
1,234
1,713
8,817
39,512
8,443
37,892
9,968
5,859
5,515
5,890
21,379
22,415
4,678
71,673
68,546
46,171
6,215
6,325
5,820
5,096
7,924
30,755
5,921
7,301
7,367
7,280
4,409
44,372
5,285
6,836
30,292
29,723
x8,815
x9,114
x8,216
6,217
6,232
7,422
7,322
7,698
Pere Marquette Ry_
Southern Pacific Lines
Wabash Ry__
x
2,649
8,352
24,468
72,300
Pennsylvania RR
33,912,466
8,355,354
July 31 July 24
1936
21,634
Total
16.013,696
AUQ. 1
1937
25,019
34,290
24,242
Atchison Topeka & Santa Fe Ry.
Dividend appropriations:
On common stock
On preferred stock
Received from Connections
Weeks Ended—
1937
Pittsburgh A Lake Erie RR
Depredation (way A structures
Own Lines
July 31 July 24
$54,483,675 $53,213,684 $290,322,345 $245,161,210
Inc. avail, for fixed charges..
Fixed charges:
on
Weeks Ended—
67,427,359
M Is cell, deductions from Income
CONNECTIONS
1936
Net railway operating income- $43,662,952 $41,797,048 $237,645,045
$187,733,851
Other income.
10,820,723 11,416,636
52,677,300
Total Income
FROM
(Number ol Cars)
For the Five Months of
10,279
9,547
4,585
43,313
5,045
6,331
366,157 ,358,179 350,097 207,860 201,536 197,497
Excludes
Interchanged between S. P. Co .-Pacific Lines and
cars
Texas & New
Orleans RR. Co.
TOTAL
LOADINGS
AND
Balance at End of May
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
1
1937
1936
Weeks Ended—
Selected Asset Items—
Investments In stocks, bonds, Ac., other than those
of affiliated companies.
Cash
July 31, 1937
$699,876,651
466,827,975
_
Demand loans and deposits
Time drafts and deposits
10,329,263
41,144,370
Special deposits
312,050,823
10,627,346
Loans and bills receivable
Traffic and car-service balances
62,328,384
receivable
Net balance receivable from
agents and conductors.
Miscellaneous accounts receivable
Materials and supplies.
Interest and dividends receivable
56,196,802
147,563,612
366,600,051
-
Rents receivable
Other current assets
27,630,018
2,029,288
7,199,550
..
437,323,479
3,774,699
30,787,294
87,740,545
3,378,911
59,452,032
50,881,539
146,661,032
299,847,065
28,695,324
2,411,169
6,033,936
Chicago Rock Island A Pacific Ry.
Illinois Central System
$144,215,756
$277,441,218
$222,804,812
80,814,316
259,158,779
129,963,348
Interest matured unpaid
Dividends matured unpaid
$242,420,997
75,434,836
241,284,763
87,279,834
458,115,753
2,145,525
440,319,309
19,798,911
119,892,943
41,012,116
21,161,484
578,711,001
.
1,667,042
Funded debt matured
unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
480,299,893
19,777,272
120,940,971
40,550,228
26,469,510
Total current liabilities
$1,961,157,172 $1,748,866,471
Loading of
This
cars.
$135,459,473
131,844,992
taxes
$59,188,735
134,330,259
as
reporceu
mciuaes
cnarges
01
jm.zoz,/zi
ior
J\aay,
$16,045,853 for the five months of 1937, $1,453,272 for May, 1936, and $7,-
163,866 for the five months of 1936
on
account of accruals
for excise taxes levied
under the Social Security Act of
1935; also $4,694,911 for May, 1937 and $22,991,440
for the five months of
1937, $4,077,191 for May, 1936, and $12,057,104 for the five
months of 1936 under the
requirements of an Act approved Aug. 29, 1935, levied
an excise tax
upon carriers and an income tax
upon their employees, and for other
July 24 reported
1 Includes payments which will
become due on account of principal of long-term
(other than funded debt matured unpaid) within six months after close of
debt
Includes obligations which mature not
d Deficit or other reverse items.
c
increase of 39,999 cars, or 5.5%
above the corresponding
cars,
an
more
Grain and
2,521
cars
cars
net
changes for silk, hides, silver, steel and copper.
The movement of the Index
during the week, with com¬
parisons, is as follows:
July 30
July 31
Aug. 2
Aug. 3
Aug. 4
Aug. 5
Aug. 6
-...205.5
204.9
Month ago, July 6
Year ago. Aug. 6
204.4
.
2 weeks ago, July 23
No Index
1936 High—Dec. 28
207.7
206.4
183.7
_._208.7
206.5
208.5
Low—May 12
1935 High—April 5
162.7
-.228.1
208.1
Low—June 14
198.2
products
grain
loading totaled
51,648
cars,
an
165,609
increase
above the preceding week, but a decrease of 3,351
the corresponding
above the
week in 1936.
cars
of
below
It was, however, an increase of 18,291
week in 1935.
same
and grain products
In the Western districts alone, grain
loading for the week ended July 24 totaled 32,206 cars,
decrease of 2,657 cars below the preceding week.
Live-stock loading amounted to 9,401 cars, a decrease of 1,080
cars
below
the preceding week, 4,247 cars below the same week in 1936 and
271 cars
1,252
cars
week in
same
live stock for
the
week
1935.
In the Western districts alone, loading of
ended July
24 totaled 6,825
cars,
a
decrease of
below the preceding week.
Forest products loading totaled 41,899 cars, a decrease of 188 cars below
the preceding week, but an increase of 7,199 cars above the same week
in
1936, and 13,217
cars
above the
same
week in 1935.
Ore loading amounted to 77,470 cars, a decrease of 2,263 cars below
the
preceding wbek, but
In
an increase
1936, and 42,770
cars
of 22,296 cars above the corresponding week
above the corresponding week in 1935.
Coke loading amounted to 10,473 cars, an increase of 105
of
decline in wheat.
Prices of cocoa, rubber, corn, lead, cotton
and sugar also rose, while wool and coffee declined.
There
freight totaled
Coal loading amounted to 108,766 cars, an increase of 3,336 cars above
preceding week,
Moody's Index of Staple Commodity Prices advanced
moderately this week, closing at 208.1 on Friday, as com¬
pared with 205.5 a week ago.
The principal changes were the
sharp rise in hogs and the
lot
the preceding week, but a decrease of 4,180 cars below the
corresponding
week in 1936.
than two years after date of issue,
Moody's Commodity Index Advances
carload
increase of 2,655 cars above the preceding week, 3,272 cars above
the corresponding week in 1936 and 10,631 cars above the same week in
1935.
cars
week in
1,861
cars
week in
same
All districts,
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri., |
freight for the week ended July 24, totaled 770,980
revenue
was an
reviewing the
follows:
corresponding week in 1936.
above the
no
as
32,278
Miscellaneous freight loading totaled 305,714 cars, a decrease of 4,181
below the preceding week, but an increase of 17,149 cars above the
(Public No. 400, 74th Congress.)
month of report.
were
72,131
25,844
week in 1936, and an increase of 175,408 cars, or
29.5%, above the corre¬
below the
purposes.
14,009
73,497
The Association of American Railroads in
week ended
liability:
United States Government taxes
Other than United States Government
muuiue
14.130
74,469
Total
a
net
14,968
-
Loading of merchandise less than
payable
Audited accounts and wages payable
Miscellaneous accounts payable
mo
Aug. 1,1936
28.129
31,238
cars
Loans and bills payable, c
Traffic and car-service balances
and
1937
32,506
St. Louis-San Francisco Ry
$1,510,527,482 $1,156,987,025
Selected Liability Items—
Funded debt
maturing within six months.b
«
26,995
sponding week in 1935.
Total current assets
Tax
July 24,
$689,540,112
above the
same
week in
cars
above the
1936 and 5,913
cars
1935.
except the Pocahontas, reported increases in the number
loaded
with
1936.
All
revenue
frieght,
compared
with
the
corresponding
districts reported increases compared with the
corre¬
sponding week in 1935.
Loading of
revenue
freight in 1937 compared with the two previous
years
follows:
1937
Five
weeks In
Four weeks in
January
February
Four weeks in March
Four weeks in
April
Five weeks in M ay
1936
1935
3,316,886
2,974,553
2,512,137
2,766,107
2,778,255
3,003,498
2,955,241
2,415,147
2,330,492
2,408,319
2,302,101
2,976,522
2,543,651
3,351,564
2,786,742
Week of July
3
Week of July 10.
Week of July 17..
806,168
649,703
682,205
724,277
770,075
720,359
Week of July 24
770,980
730,981
595,572
21,957,534
19,409,114
17,385,601
Four weeks in June
.
Total
3,897,704
2,887,975
2,465,735
471,126
565,502
592,672
Volume
Financial
145
In the following
■
Total Revenue
from Connections
532
& Maine
Chicago Indianapolis & Loulsv.
529
579
1,172
1,191
1,114
8,241
1,764
Bangor & Aroostook..
Boston
1937
Southern District—(Concl.)
Eastern District—
Ann Arbor
690
1,075
7,364
1,268
355
257
9,143
2,151
9,217
7,971
1,675
2,023
57
66
15
114
68
1,178
4,263
8,732
1,090
917
4,654
8,904
4,477
8,011
2,095
6,988
1,984
6,848
6,639
Central Indiana
Central Vermont...
Delaware & Hudson
Delaware Lackawanna & West.
6,117
504
Detroit Toledo & Ironton
442
215
134
151
1,489
Detroit & Mackinac
2,890
2.191
1,033
Erie
7,360
1,824
2,297
14,152
6,462
1,802
1,269
7,478
1,761
282
244
44
40
37,892
11,222
1,678
9,968
5,719
37,491
11,349
1,843
9,058
6,150
4,524
376
368
352
2,632
13,743
4,895
11,850
4,212
14,362
7,054
1,840
5,321
Grand Trunk Western
151
Lehigh Valley.
Maine Central
Monongahela
Montour
164
173
8,940
2,843
3,602
2,506
...
1,354
3,879
Lehigh & New England
1,093
7,606
2,856
Lehigh & Hudson River
2,411
41,258
1,722
6,987
2,794
3,753
2,302
33,959
9,324
1,640
4.192
5,156
4,741
45,185
10,114
1,244
5,515
7,418
6,325
New York Central Lines
N. Y. N. H. & Hartford.
New York Ontario «fc Western
N. Y. Chicago <fc St. Louis...
Pittsburgh & Lake Erie
Pere Marquette
10,265
1,812
5,722
7,246
5,894
974
-
5,285
415
144
28
51
463
253
338
223
1,302
Pittsburgh Shawmut & North.
215
373
Pittsburgh <fc Shawmut
1,200
1,627
955
1,632
633
652
562
1,020
981
Wabash..
6,217
6,419
Wheeling & Lake Erie
5,000
4,323
4,852
3,421
7,322
3,142
7,938
3,419
155,203
152,700
129,458
151,920
149,777
Pittsburgh & West Virginia—
Rutland
Total......
—
646
620
464
642
82,260
6,010
26,108
4,008
16,879
3,247
15,262
2,499
453
Cambria <fc Indiana
314
322
8
7
1,013
6,079
Buffalo Creek & Gauley
937
1,201
371
438
355
904
859
425
341
306
8,601
21,142
7,529
20,802
6,072
18,094
4,068
3,946
13,905
3,494
3,413
14,525
444
441
327
715
657
177
159
138
802
698
98,870
95,124
79,228
63,324
60,324
2.617
10,681
2,890
8,936
3,471
2,767
10,607
3,165
8,145
4,091
Piedmont Northern
Richmond Fred. & Potomac...
Seaboard Air Line..
Southern System.
Tennessee Central..
Winston-Salem
...
Southbound...
Total
Northwestern DistrictBelt Ry. of
Chicago
Chicago
Chicago
Chicago
676
St. P. Minn. & Omaha
Duluth Missabe & Northern...
15,499
1,995
16,634
3,244
9,387
1,147
5,714
1,001
12
14
Long Island
Green Bay & Western
Superior & Ishpenning
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
530
413
7,670
4,984
572
302
232
172
21,975
15,582
3,311
3,418
515
484
573
561
3,512
2,333
92
102
2,292
6,898
1,327
5,509
8,093
1,857
2.618
4,240
2,143
2,420
Atch. Top & Sante Fe
Alton
351
382
295
1,536
1,448
1,221
121,183
188,912
51,855
48,262
25,374
3,922
21,658
3,268
19,432
2,656
6,086
2,411
5,417
2,534
645
291
223
124
55
18,773
1,738
14,498
2,777
18,398
1,558
13,490
13,724
8,023
7,937
706
758
895
885
833
2,428
2,561
2,034
8,581
2,617
1,659
2,866
8,406
3,009
1,525
10,978
2,087
System.
Bingham & Garfield
Chicago Burlington & Qulncy.
Chicago & Illinois Midland..^
5,361
11,002
10,309
625
49
38
284
28
54
119
40
25
34
682
760
2,093
2,397
Denver & Rio Grande Western
1,216
44,372
1,257
42,980
Fort Worth & Denver City...
17.387
7,706
15,096
5,567
1
0
1,137
899
56,735
11,448
5,977
68
Reading Co
17,206
26
30
West Virginia Northern
3,755
Western Maryland
3,348
3,041
6,713
5,616
Chicago Rock Island & Pacific
Chicago & Eastern Illinois
Colorado
& Southern
Illinois
157,929
Total
147,996
116,841
111,380
101,738
380
331
12
1,174
974
1,018
838
1,355
1,828
1,477
1,335
1,486
1,094
782
119
88
951
941
591
528
293
259
91
35
73
23,762
22,178
18,159
5,844
362
488
212
1,343
14,440
13,667
11,428
5,427
1,270
9,084
216
146
165
5
5
1,680
1,607
1,419
2,124
2,117
118,535
108,952
89,822
55,839
52,589
235
Terminal
Northern
Nevada
North Western Pacific
Peoria <fc Pekin Union
Pacific
(Pacific)
Toledo Peoria & Western
Utah
Western Pacific
Pocahontas District—
...
—
22,904
21,379
23,374
21,835
20,253
18,655
10,797
4,409
1,285
10,197
4,852
1,209
965
745
3,611
3,780
891
49,785
43,433
17,382
16,406
Total
Southwestern
Total.,
District—
Alton & Southern
160
164
4,910
4,596
178
152
180
542
283
230
102
104
228
205
2,649
1,973
2,316
2,232
1,972
,458
,926
,000
1,199
1,738
1,072
2,111
1,156
—
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern..
Southern District—
Alabama Tennessee & Northern
234
186
161
218
221
Atl. & W. P.—W. RR. of Ala..
761
685
1,435
1,163
Atlanta Birmingham & Coast..
931
732
590
499
3,540
4,491
2,735
366
4,137
2,485
1,086
1,575
Georgia...
7,553
4,220
1,081
1,489
7,419
4,332
Charleston & Western
613
550
Line
Carolina
6,417
1,144
1,872
385
245
Missouri-Kansas-Texas Lines..
148
309
278
Missouri Pacific
386
526
422
40
96
90
1,399
296
440
362
1,051
11,163
1,035
20,517
1,425
16,580
10,726
20,872
Nashville
346
1,691
20,881
19,218
16,205
5,184
4,796
Mobile & Ohio
Nashville-Chattanooga <fe St. L.
1,911
2,880
1,630
1,398
1,859
2,276
2,398
2,733
Prices
During
Index
Week
textiles were the chief commodities
lower, although losses were also suffered by silk, apples, lemons,
The entire livestock group, on the other hand,
also reached by butter and eggs, cocoa,
Week Ended
2,929
8,818
12
31
103
98
133
116
8,309
2,363
6,530
4,623
2,690
8,290
7,290
4,081
2,442
4,137
2,573
2,079
2,679
3,768
18,473
3,125
1,987
5,198
3,932
2,452
238
216
47
96
77
76
37
52
55,241
47,878
60,097
57,478
5,619
4,191
3,443
4,078
18,884
Further Declined During
July 31 According to National
Fer¬
Continuing the downward trend of the previous week,
commodity prices further declined during the
week ended July 31, reaching the same level (88.3%) as a
the index compiled by the National
on the
1926-28 average of
100%, last week the index registered 88.3% as compared
with 88.6% in the preceding week.
A year ago it stood at
79.5%.
The announcement by the Association, under
date of Aug. 2, continued:
month ago, according to
Fertilizer Association.
The second consecutive
102.4
products
products
July
27,
1937
Aug. 4, 1936
103.5
89.0
81.6
85.7
r77.4
71.3
Fuels..
7)91.1
r91.2
90.2
Metals
108.9
108.9
88.9
products
Building materials
70.5
70.5
66.5
Chemicals
89.8
89.8
85.9
Miscellaneous
79.4
78.9
68.1
94 9
r95.1
85.0
All commodities
Revised.
Based
weekly decline in the all-commodity index was
and textiles. Influenced
quotations receded sharply last week and
with a drop in the price of cotton more than offset the rise in livestock
prices, thereby taking the farm product group index to the lowest level
reached in four weeks.
Although changes in the food group were mixed
during the week, advancing meat prices were sufficient to raise the group
index 1.6% above the level of the preceding week.
With no items advanc¬
ing the textile group index continued its downward trend as a result of
lower quotations for cotton, cotton goods, silk and hemp.
The miscel¬
laneous commodity group index also registered a further decline due largely
primarily by falling prices for grains, cotton
by favorable crop reports grain
85.9
3,109
8,443
32
wholesale
caused
WEEKLY INDEX OF WHOLESALER
COMMODITY PRICES
"ANNALIST"
r
4,344
13,499
67
Wholesale Commodity Prices
rubber and hides and leather.
Preliminary,
4,705
16,339
tilizer Association
P76.2
p
Total
Aug. 3
Aug. 3, 1937
Food
4,848
15,634
* Previous figures.
(1926=100)
Textile
251
1,559
2,696
strong, and higher prices were
Farm
268
Wetherford M. W. & N. W
reported:
THE
85
Wichita Falls & Southern
Commodity
bituminous coal and tin.
was
St. Louis
347
341
grains and cotton and cotton
oranges,
Terminal RR. Assn. of
369
360
was again marked by divergent price move¬
declines outweighing advances, and the "Annal¬
Index of Wholesale Commodity Prices slipped
off 0.2 points to 94.9 on Aug. 3 from 95.1 (revised) on
July 27," it was announced by the "Annalist" on Aug. 5.
move
146
486
46
Texas & Pacific
132
"The week
to
226
277
Southwestern
131
ments, with
ist" Weekly
The
943
207
55,646
St. Louis
Texas & New Orleans
241
Decline of 0.2 Point Noted in "Annalist" Weekly
It further
928
624
152
Quanah Acme & Pacific
St. Louis-San Francisco
202
Note—Previous year's figures revised.
Wholesale
204
555
Natchez & Southern
161
Mississippi Central
510
325
Missouri & Arkansas
200
Macon Dublin & Savannah
Ended
1,512
328
1,725
Illinois Central System.
&
705
884
1,010
Georgia
Georgia & Florida
Gulf Mobile & Northern
76
49
903
32
171
Litchfield & Madison
209
366
,152
,072
177
Midland Valley
181
31
1,607
1,295
*.
244
452
152
1,666
203
Louisiana Arkansas & Texas.
1,172
Gainesville Midland
267
2,164
183
Louisiana & Arkansas
176
Florida East Coast
of
222
1,922
1,518
Gulf
City Southern
340
Greenville
&
Durham <fc Southern.*
Louisville
Kansas
2,080
635
Kansas Oklahoma &
1,393
Clinchfield
8,198
748
49,357
Virginian
894
4,180
Norfolk & Portsmouth Belt Line
17
372
Union Pacific System
Norfolk & Western
2,330
1,442
2,928
1,439
2,017
1,953
Denver & Salt Lake
Southern
Columbus
3,558
350
1,601
135,440
Total..
803
Union (Pittsburgh)
Coast
10,016
214
1,783
Spokane International
Spokane Portland & Seattle...
299
68,224
13,389
13,900
Pennsylvania System
of
200
307
964
4,861
3,305
1,817
7,858
10,656
Great Northern
234
1,186
71,673
13,449
Penn-Reading Seashore Lines.
Central
4,126
13,687
1,014
7,259
620
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
96
Pennsylvania..
Ligonler Valley
Atlantic
22,393
24,133
Duluth South Shore & Atlantic.
Lake
811
21,456
2,664
473
Great Western
Mllw. St. P. & Pacific.
853
21,141
2,717
20,998
3,928
24,613
1,380
9,128
Chicago.
& Northern Western..
735
Cornwall
Chesapeake & Ohio
1,066
960
1,038
Norfolk Southern
561
Central RR. of New Jersey
&
1936
1937
608
33,802
7,015
Ohio
Bessemer & Lake Erie
Cumberland
1935
1936
Central Western District—
Allegheny District—
Akron Canton & Youngstown
Baltimore &
Received
from Connections
1,240
13,800
Detroit & Toledo Shore Line..
Total Loads
Freight Loaded
Railroads
1936
1937
1935
1936
1937
ENDED JULY 24
Total Revenue
Total Loads Received
Freight Loaded
Railroads
During this period a total of 85 roads showed increases
when compared with the same week last year:
FROM CONNECTIONS (NUMBER OF OARS)—WEEK
AND RECEIVED
FREIGHT LOADED
REVENUE
loadings
week ended July 24.
undertake to show also the
we
roads and systems for the
for separate
835
Chronicle
to
recessions in
in the fertilizer
nitrate of soda.
were
the prices of rubber and cattle feed.
A small advance
material index resulted from a rise in the price of Chilean
Changes in the other commodity groups during the
relatively small.
week
Financial
836
F Thirty-one
Chronicle
1937
7
Aug.
price series included in the index declined during the week,
(1920=100)
while only 19 advanced; in the preceding week there were 25 declines and
23
advances; in
preceding week there were 22
the second
declines and
July
44 advances.
Compiled by The National Fertilizer Association.
Latest
Per Cent
Aug.
July
Aug.
Aug.
Aug.
10
3
1
3
4
6
1937
1937
1936
1935
1934
1933
87.5
87.5
87.8
87.7
87.2
80.3
79.6
75.1
69.2
87.7
88.4
91.1
90.5
89.7
81.5
78.4
66.6
58.7
86.5
86.0
86.1
86.8
85.3
81.0
83.4
71.8
65.1
products.. 108.4 107.6 107.6 106.4 106.6
94.1
90.0
85.1
Farm products
Foods
Week
Ago
Ago
July 24,
July 3,
Aug. 1,
1937
Group
July
17
1937
All Commodities
Year
Month
Week
the
to
(1926-1928=100)
July 31,
1937
1937
1936
Each Group
Bears
July
24
1937
INDEX
Preced'g
July
31
1937
Commodity Groups
WEEKLY WHOLESALE COMMODITY PRICE
Hides and leather
90.4
87.3
Foods
25.3
85.9
85.9
Textile products
77.6
77.9
77.7
77.9
77.4
70.3
70.0
71.1
70.8
Fuel and lighting materials..
Total Index
78.8
78.6
78.4
78.3
78.1
77.0
75.0
74.7
66.0
Metals and metal products..
95.4
95.4
95.3
95.3
95.1
86.3
85.8
86.2
80.8
materials
96.7
96.8
96.8
96.9
96.9
86.8
85.3
87.1
80.9
83.6
83.8
83.4
83.0
83.1
78.9
78.5
75.5
73.4
,
82.2
Fats and oils
23.0
76.7
77.6
76.2
77.6
Building
Cottonseed oil
<
83.6
86.0
86.8
95.5
Chemicals and drugs
86.9
89.0
88.2
77.4
Housefurnishing goods
91.6
91.6
91.3
91.0
82.6
81.9
83.0
75.4
62.2
66.9
69.8
70.8
Miscellaneous
78.2
79.2
79.2
78.9
78.8
70.5
67.5
69.9
65.0
Raw materials.
85.3
85.7
87.3
86.9
86.5
79.7
♦
Farm
products
Cotton
93.0
Grains.
92.7
*
*
♦
103.5
107.1
95.0
91.5
90.4
86.7
86.9
87.0
86.8
86.5
75.5
*
73.0
Semi-manufactured articles..
*
87.1
Fuels
86.5
86.5
89.1
88.9
88.6
88.6
88.0
81.7
*
*
87.5
87.4
87.2
87.1
86.6
80.1
79.8
76.9
71.5
86.2
86.3
86.2
86.1
85.9
79.4
77.9
78.4
73.
Livestock
86.1
79.7
Finished products
Miscellaneous commodities..
87.2
S8.1
87.3
76.4
All
8.2
Textiles
76.5
77.9
78.5
70.2
105.7
17.3
10.8
7.1
Metals
105.7
105.3
84.4
6.1
Building materials
88.8
88.8
89.8
Chemicals
95.6
95.6
94.6
94.6
Fertilizer materials
72.4
72.2
72.7
66.5
.3
Fertilizers.
78.6
78.6
77.3
Farm machinery
96.4
96.4
96.1
88.6
88.3
79.5
commodities
other
♦
than
than
92.6
88.3
other
products
73.1
.3
All
82.0
1.3
commodities
farm
.3
and
drugs
All groups combined
100.0
products and foods..
farm
"■Not computed.
Increase
of
June
Department Store Sales During:
6.2% in
Compared
as
with
Year
Ago
United States
Department of Labor Reports Wholesale
First Half of
July 31
Labor Statistics,
mained
commodity prices of the Bureau of
United States Department of Labor,
unchanged at 87.5% of the 1926
last week of
re¬
In issuing the
announce¬
ment Mr. Lubin stated:
9-0% above
above the year's low of early January
April 3.
It is 0.3% above the level of
and miscellaneous commodity groups declined during the week.
Foods, hides and leather products, fuel and lighting materials, and house-
The metals and metal products group remained
unchanged at last week's level.
declined
compared with
0.5%
to
below
1.4%
point
a
material prices
a year ago raw
a
month
ago
and
a year ago,
raw ma¬
As
ago.
by 7%.
Wholesale
They
are up
0.2% and
respectively.
prices continued to advance, reaching a new high for the
point reached since May 1930.
month
a
prices of semi-manufactured commodities fell 0.2%.
14.8% above
are
and the highest
Aug. 1, 1936.
The index for the large group "all commodities other than farm products"
0.1% and is 1.0% above
a
month ago and 9.2%
above
a
year
ago.
The group "all commodities other than farm products and foods" declined
0.1%.
The index for this group is 0.3% above the July 3 level and 8.6%
above that
The
of
number
of last year.
following is from the Commissioner's
Due largely to a decrease of 10.9%
wheat,
rye,
cotton,
Lower prices
lemons,
but
months,
Rochester,
department
dried
Central
Bridgeport,
and
Livestock
potatoes.
Sharp increases
week's farm products index—87.7—is 2.2%
New
York
also compared less
month.
Sales
State
territory
were shown in
below
a
the
This
month ago but 7.6%
yarns,
of last year, as compared
manila hemp,
were
this
district
daily basis
5.6%
were
the increase was
7.4% higher than in the corresponding period
with
an
increase of 8.9% between the first half
'-t 4
substantially higher than last year, while apparel store stocks were
Collections were lower this year
only slightly higher.
than last in the
department stores, but were slightly better in the apparel stores.
Per Cent
Percentage Change from,
a Year Ago
Stock-
Net Sales
Locality
of
Accounts
Outstanding
May 31.
on
Hand
Collected in June
Feb. to
End of
June
Month
1930
June
1937
+ 5.5
...
Northern New Jersey
52.8
50.6
+ 10.9
+ 7.6
+ 16.9
50.2
48.8
+ 4.4
+ 14.4
61.0
+ 11.0
+ 13.0
42.1
42.6
+ 8.2
Rochester
+20.9
+ 14.0
Buffalo
+ 6.9
+ 7.4
New York
+ 9.4
+ 18.2
45.3
45.2
—3.7
Southern New York State
+ 7.6
Central Now York State
41.7
41.9
-1.0
36.0
36.7
—
1.3
+6.9
+ 5.5
+ 6.6
+ 12.1
+ 7.1
+2.4
+ 3.1
—0.1
Westchester and Stamford
higher, and
+8.3
+ 4.9
+ 5.4
Northern New York State
Hudson River Valley District
Capital District
50.8
+ 9.4
+ 6.4
Elsewhere
Average prices for clothing, knit goods, and woolen and worsted
were
in
stores
average
Department store stocks of merchandise on hand at the end of June
Lower prices for fats and oils resulted in a decline of 0.2% in the chemicals
fertilizer materials
Falls,
Stamford
Westchester and
of 1935 and 1936.
goods were firm.
on
Niagara
During the first half of 1937 total sales of the reporting department
stores in this district were
and cotton twine caused the index for the textile products group to decline
Quotations
Brooklyn,
and
and
larger than in the two previous months.
Bridgeport
Automobile tries and tubes and paper and.pulp remained unchanged.
silk, silk
York
State,
and in
leading apparel
higher than last year, and on an
Syracuse..
raw
New
in
York
prices
year ago.
and drugs group index.
slightly
favorably with a year ago in June than in the previous
of
and
Wholesale prices of cattle feed fell 13.2% and crude rubber declined 3.8%.
0.4%.
New
reported for barley, corn, oats,
beans,
Weakening prices for cotton goods,
was
daily sales than in the past two to four
located
stores
announcement
for cattle, hogs, sheep, live poultry, apples, oranges, and alfalfa hay.
a
shopping days between this
reported smaller gains in sales than in May, and sales of stores in the
in grains, the farm products group
were
poultry prices averaged 4.7% higher.
above
of
recorded larger advances in average
Aug. 5:
Index declined 0.8%.
somewhat smaller
Reporting stores In Buffalo, Syracuse, Northern New Jersey, Southern
Finished product
year
The current index—89.1—is 1.3% above
the index for the week ended July 3 and 9.1% above that for
rose
the
in
year, a
May, but after allowing for
and last, the increase in average daily sales
larger than in May."
The Bank also notes:
Northern
Largely due to declining prices of agricultural commodities, the
group
shown
New York State, Hudson River Valley District, and the Capital District,
building materials, chemicals and
drugs,
terials
in
that
than
differences
month
a
a year ago.
The farm products, textile products,
furnishing goods advanced.
6.2% higher than last
were
year
The all-commodity index is 3.3%
ago and
Bank of New York reports in its
reporting department stores in the Second (New York)
increase
Aug. 5 by Commissioner Lubin.
and 0.9% below the high of
the
District
an announcement made on
July, according to
Metropolitan Area of New York in
''Monthly Review" of Aug. 1 that "in June total sales of
during the
average
Ago
July
Federal Reserve
The
The index of wholesale
Noted in
Also
Commodity Prices Unchanged During Week Ended
by
Reported
New York Reserve Bank—Increase Over Year
—0.7
+6.6
+ 9.1
All department stores
+ 6.2
+ 7.4
+ 18.8
49.2
47.9
Apparel stores
+5.6
+ 6.2
+ 1.4
44.8
45.0
Niagara Falls
mixed fertilizers did not change.
A
minor
decline—0.1%—was registered for building materials, largely
because of lower prices for lumber, paint materials, sand and gravel.
age wholesale prices
Aver¬
for brick and tile, cement, and structural steel
were
June sales and stocks in the principal departments are compared with
steady.
Due to
higher prices for carpets, the housefurnishing goods group ad¬
vanced 1.2% to
92.7% of the 1926
those of
a
year
previous in the following table.
Wholesale prices for furniture
average.
highest level since October
1929.
■
i
'
were
.
Compared with
"
•
index to rise 0.6%.
Cereal products,
2.9% and fruits and vegetables fell 1.2%.
ter,
were
cocoa
were
higher for but¬
beans,
eggs,
and pepper.
Lower prices
coffee,
glucose, lard, cornstarch, edible tallow, coconut oil, and cotton seed
a
year ago.
The index for the fuel and
a
Quotations
This week's food index—86.5—is 1.4% above a month ago and 6.8%
aDove
to
the other hand, declined
reported for oatmeal, hominy grits, corn meal, flour, prunes,
copra,
oil.
on
cheese, fresh fruits, fresh beef at New York, lamb, cured and fresh
pork, veal, dressed poultry,
slight increase in
declined
lighting materials
average
and anthracite and
Advancing prices for
scrap
group rose
prices for electric current.
coke remained
Compared with
June 30, 1936
reported in prices of shoes.
Advances of 3.5% in meats and 0.3% in dairy products caused the foods
group
June 30, 1937
June, 1936
Pronounced advances in prices of
No changes
Hand
Percentage Change
June, 1937
Classification
hides and skins, together with rising prices for sole leather and luggage, were
responsible for the increase.
on
Percentage Change
The hides and leather products group, with an advance of 0.7%, reached
the
Stock
Net Sales
remained steady.
fractionally due
Bituminous coal
+ 18.4
+ 20.6
Shoes
+ 12.4
+24.0
Men's and boys' wear
Women's ready-to-wear accessories
Linens and handkerchiefs
+ 10.7
+ 32.7
-.
+ 9.9
+ 20.0
+ 9.9
+ 23.1
Hosiery
+ 8.8
+ 22.7
Women's and misses' ready-to-wear
Furniture
+ 7.6
+ 30.0
+ 7.6
+ 49.9
Silverware and Jewelry
Men's furnishings
+ 6.4
+ 15.3
+ 4.8
+ 34.4
Cotton goods
+ 3.9
+ 33.3
Toilet articles and drugs
Books and stationery.
+ 2.7
+ 15.2
+ 2.6
+ 24.3
Musical Instruments and radio
+2.1
+26.1
+ 2.0
+ 10.8
Homo furnishings
unchanged.
steel and antimony did not affect the index for
the metals and metal products group as a whole.
Toys and sporting goods
Luggage and other leather goods
—0.5
Silks and velvets
—4.2
+ 22.0
+ 5.2
A
Woolen goods
—21.1
+ 27.3
decline in prices of pig tin caused the nonferrous metals subgroup to decrease
Miscellaneous
+ 6.0
+ 8.9
0.2%.
It remained at 95.4.
Average prices for agricultural implements, motor vehicles, and
plumbing and heating fixtures
The index
of the
Bureau
were
firm.
of Labor
Statistics includes
784
price series
weighted according to their relative importance in the country's markets
and is based
on
the average
for the
year
1926
as
100.
The following table shows index numbers for the main groups of com¬
The
of
following, regarding sales in the metropolitan area
New York during the first half of July, is also from the
"Review":
During the first
stores
in
the corresponding
1934, and Aug. 5, 1933:
decline from June
half
of July
the metropolitan
modities for the past five weeks and for Aug. 1, 1936, Aug. 3, 1935, Aug. 4,
area
total sales of the reporting department
of New York were 3.5%
period of last year,
was
indicated.
but
more
higher than in
than the usual seasonal
a
Volume
June
Financial
145
Sales
of Wholesale
Reserve District
New York
Firms in
Federal
9.7% Above Year Ago
"In June total sales of the
reporting wholesale firms in
the Second (New York) District averaged 9.7% higher than
last year," according to the Federal Reserve Bank of New
York, "the smallest increase since last November."
The
Bank also has the following to say in its "Monthly Review
of Aug. 1:
The jewelry
concerns
Chronicle
The average daily production of electricity for public use in June was
327,101,000 kwh., 4.4% more than the average daily production in May.
The normal change from May to June is
The production of electricity by use
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
two
past
three months,
or
and the paper firms recorded the most
substantial advance in sales since December, 1936.
For the first six months of 1937 total sales of the reporting
in this district averaged 13.6% higher
concerns
half of 1935 and
firms reported a substantially
larger amount of merchandise on hand this year than last, and the jewelry
concerns recorded a small increase in stocks, following three months in
had
recessions
1937
April
May
June
July
yll.7
17.5
13.7
12.5
12.3
...
August
September..
October....
November..
December..
Total
x
1936
7
11
39
36
4
15
39
34
12
11
39
43
8
14
43
7
13
44
43
7
9,247,000,000
8.601,000.000
8,906,000,000
8,893,000,000
9,088.000,000
9,160,000,000
9,682.000,000
9,814,000.000
9,722.000,000
10,176,000,000
9,785,000,000
10,528.000.000
12.6
9,849,712,000
8.965,323,000
9,957,310,000
9,595,364,000
9,715,118,000
9,813,039,000
March
1937
Kilowatt-Hrs.
Ktlowatt-Hrs.
January
February,..
Water Power
Over
1936
16
38
36
45
16
32
14
31
18
31
15
33
13
35
14
113602000.000
34
15
36
Special comparison between actual comparable data lor respective periods,
Compensated lor extra Saturday In February, 1936.
Note—The output and luel consumption shown In above tables lor the year 1937
exactly comparable with similar data lor corresponding months ol previous
years due to the lollowlng changes:
Beginning with the report lor January, 1937,
the output and luel consumption lor street and Interurban railways, electrified
steam railroads, and miscellaneous Federal, State and other plants were grouped
in separate tables.
Also, all manufacturing plants, which formerly produced some
electricity lor public use but no longer produce any except tor their own use, have
been eliminated.
The figures, therefore, in the table lor 1937 for the entire United
States are approximately 4.7% lower than they would be on the former basis.
The
percentage changes In output from corresponding months of the previous year have
been dropped as the electricity produced in any State varies with transfers ol energy
from one State to another, with stream flow conditions and other factors, And Is
not necessarily an index of the consumption within the State.
y
1936.
The grocery, drug, hardware, and diamond
which
1936
Over
1936
wholesale
between the first
1937
1936
1937
Over
than in the corresponding
period of 1936, as compared with an increase of 8.4%
%lnc. % Inc. % Produced by
Inc.
x
1937
recorded the smallest advance in sales since January,
much below
the very large increases reported for several preceding months.
Sales of
the stationery concerns also showed a smaller gain than in the past few
months, and the sales comparisons of the shoe and men's clothing firms
were not as favorable as in May;
The grocery and drug concerns, how¬
ever, registered slightly larger advances than in the previous month, and
the cotton goods firms reported a smaller decrease in sales than in May.
Sales of the hardware concerns, and yardage sales of silk goods reported,
by the National Federation of Textiles, showed larger increases than in
+2.0%.
of water power in June was 38%
of the total.
1936, and the gain in diamond sales, while substantial, was
the
837
been
reported.
of collections averaged
The rate
somewhat lower in June than a year ago.
C.
P.
Percentage Change
June, 1937, Compared
with June, 1936
Commodity
of Month
1936
+ 12.6
Men's clothing
Stock End
+25.6
Shoes....
Drugs and drug sundries
x
m
Stationery
+ 27 6
+ 25.4
+ 10.5
+3.7
♦+25.8
39.4
-
~
-
-
1937, amounted to 9,733,358 net tons.
over
1936.
June 1,
Bituminous
coal
1937, and
stocks
This
an
53.6
+ 20.1
June,
+89.6
149,820 tons
+26.7
when compared with consumption in the
+ 7.5
J
/
58.5
60.9
was
an
Increase of 0.8%
increase of 46.4% over July 1,
Increased
28.4
1
+ 9.7
on
increased 5.8% when compared with June 1,
0.1%
and
anthracite
1937.
terms
+ 13.6
Of this amount
were
consumption, there
3,501,887 tons
were
of coal in
bituminous coal and
anthracite, increases of 10.4% and 6.6%,
of days'
stocks
1937.
Electric utility power plants consumed 3,651,707 net tons
In
Weighted average
the stocks
+ 11.4
-.
\ 28.5
+0.8
+ 4.9
Coal Stocks and Consumption
The total stocks of coal held by electric utility power plants on July I,
45.7
51.8
mtm.
+ 66.3
+ 13.2
x
-
48.4
....
—
45.4
54.1
m
+ 15.0
+ 6.1
Jewelry
+ 12.0
65.0
m
+ 13.8
+ 10.0
Paper
x
+9.2
Diamonds
90.3
44.4
44.4
mm
mm
1.4
+ 4.0
Hardware
from 1936
43.0
mm
+ 41.2
—
1937
1937
48.4
—2.5
*
Rayon and silk goods
Net Sales
89.5
+ 12.4
Cotton goods
C.
Change in
Mos.
Net
Sales
Groceries
P.
of Accounts
Oulstancfg May 31
Collected in June
are not
respectively,
preceding month.
supply, which is calculated at the current rate of
was
enough
bituminous .coal on July 1 to last 73 days
*
Quantity figures reported by the National Federation of Textiles, Inc., not
included in weighted average for total wholesale trade,
x Reported by Depart¬
ment of Commerce.
and enough anthracite for 256 days' requirements.
Electric
Output for Week Ended July 31 Totals
2,256,335,000 Kwh.
Chain Store Sales in New York Federal Reserve District
During June Reported 1.3% Above June, 1936
According to the Aug. 1 "Monthly Review" of the New
York Federal Reserve Bank, total June sales of the reporting
chain store system in the Second (New York) District "were
1.3% higher than last year, a smaller increase than in
May."
The "Review" further says:
The
Edison Electric Institute, in its
weekly statement,
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended July 31, 1937, totaled 2,256,335,000 kwh., or 8.0%
above the 2,088,284,000 kwh. produced in the corresponding
The Institute's statement follows:
week of 1936.
The candy chain store systems registered a substantial decline in sales,
grocery
sion
in
two
and
years,
the ten-cent and variety and shoe chain stores
recorded smaller advances in sales than in the previous month.
There
was
a
between June,
decrease of 1% in the total number of stores in operation
1936, and June,
1937, due chiefly to
reduction In the
a
-number of units operated by grocery chains, so that the percentage increase
in sales per store
of all chains combined
was somewhat
larger than for total
Hi For the first
with
Week Ended
Week Ended
Week Ended
Week Ended
July 31, 1937
Major Geographic
Regions
July 24.1937
July 17,1937
July 10, 1937
1.5
....
10.1
8.5
5.8
8.2
7.4
10.0
5.8
Central Industrial....
10.1
9.8
12.9
8.3
New England
Middle Atlantic
six months of 1937 total sales of the reporting chain stores
4.7% larger than in the corresponding period of 1936,
an
increase of
as
compared
6.9% between the first half of 1935 and 1936.
Percentage Change
June, 1937
Compared with
June, 1936
Type of Store
Number
Total
Sales per
Total
Sales
Store
Sales
Sales per
Store
12.1
10.7
10.0
13.5
15.2
19.1
22.2
7.4
7.0
9.3
7.8
8.0
7.6
13.2
7.2
Pacific Coast
—3.7
—7.7
—4.1
+ 1.2
+7.3
+ 6.3
—0.4
+3.6
+ 3.8
+2.3
Shoe
+ 4.3
Candy.
0
—19.1
—19.1
+5.6
—12.8
—12.1
Total
—1.0
+ 1.3
+2.4
+4.7
+ 5.8
DATA FOR RECENT WEEKS (THOUSANDS OF
Per
—4.0
+ 6.5
of
Electricity for Public Use During
June Reaches 9,813,039,000 Kwh.
The Federal Power Commission in its
monthly electrical
report disclosed that the production of electricity for public
use in the United States
during the month of June, 1937,
totaled 9,813,039,000 kwh.
This is a gain of 7% when
compared with the 9,160,000,000 kwh. produced in June,
1936.
For the month of May, 1937, output totaled 9,715,118,000 kwh.
Of the June, 1937, output a total of 3,708,014,000 kwh.
was produced by water
power and 6,105,025,000 kwh. by
fuels.
The Survey's statement follows:
ELECTRICITY
STATES
FOR PUBLIC
USE
IN
UNITED
(IN KILOWATT-HOURS)
June
5
June 12......
...
June 19-.... ...
i..
3.....
10
17
July
24.....
July
31.....
July
Aug.
7
Aug. 14
DATA
i.
...
April, 1937
630,379,000
2,356,405,000
2,319,910,000
Mountain
Pacific
Total United States
+ 13.2
1,766,010
1,415,704
2,099,712
2,088,284
2,079,137
2.079,149
+ 7.6
1,807,037
1,823,521
1.821,398
1,433.993
1,440,386
1.426.986
1,415,122
2,256.335
RECENT
MONTHS
1929
1,456,961
1.341,730
Cent
1937
1935
1932
1929
from
1936
9,791,969
January.....
February
mmm
March
-
April
May—
-
-
—
-
-
.
...
-
-
8,926,760
9,908,259
9,584,251
9.703,394
8,664,110
8,025,886
8,375,493
8,336,990
8,532,355
+ 13.0
+ 11.2
+ 18.3
+ 15.0
7,762,513
7,048,495
7,500,566
+ 13.7
7,544,845
7,382,224
June....
8,640,147
7,404,174
9,163,490
9,275,973
9,262,845
9,670.229
9,237,905
7,796,665
8.078,451
September—
-
-
-
October
November
June, 1937
1,440,541
1.615.085
1,689,925
1.699,227
1,702,501
1,723,428
1,592,075
1,711,625
1,727,225
1,723,031
1,724.728
1,729,667
Change
December—
---
9,850,317
9,595,364,000
9,715,118,000
9,813.039,000
Edison Electric Institute:
481,918,000
1,819,371
1,381,452
1,435,471
1.441,532
(THOUSANDS OF KILOWATT-HOURS)
1936
462,817,000
1,147,669,000
,
2,319,582,000
2,276,915,000
+8.0
Per
1937
Month of
Sales
1,178,958,000
400,460,000
-
West South Central
608,768,000
2.029.704
1,989,798
2,005.243
2,029,639
1,945,018
644,757,000
1,174,131,000
419,420,000
626,357,000
502,421,000
1,242,767.000
616,848,000
-
May, 1937
1,956,230
1,628,520
1,724,491
1.742,506
1,774,654
1,772,138
1,655.420
1,922,108
2,213,783
2,238,332
2,238,268
2,096.266
2,298,005
2,258.776
614,558,000
2,359,548,000
2,216,036,000
688,715,000
1,154,642,000
433,219.000
561,375,000
498,350,000
1.286,596,000
South Atlantic
East South Central.
1932
+ 10.9
+ 13.8
+ 11.3
+ 11.6
+ 10.3
+7.2
2,131.092
2,214,166
...
FOR
August
Total by Water Power and Fuel
East North Central
West North Central
1935
July
THE
Division
New England
Middle Atlantic
Cent
1937
—0.5
July
OF
KILOWATT-HOURS)
from
July
PRODUCTION
0.7
Change
1936
1937
Week Ended
June 26
Production
2.3
1936
Ten-cent and variety-..
Grocery
1.9
11.4
Rocky Mountain
West Central
Total United States.
Percentage Change
January-June, 1937
Compared with
January-June, 1936
of Stores
2.8
Southern States......
sales.
were
PERCENTAGE INCREASE OVER PREVIOUS YEAR
chain store sales, moreover, showed the largest year to year reces¬
Total.
....
of
107035740
Electricity to
Consumers
and
7,795,422
8,388,495
8,197,215
8,521,201
7,011,736
6,494,091
6,771,684
6,294.302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638.424
7,585,334
6,850,855
7,380,263
7,285,359
7,486,635
7,220,279
7,484,727
7,773,878
7,523.395
8,133,485
7,681,822
7,871,121
93,420,266 77,442,112 90,277,153
Revenues from Ultimate
1937
During May,
The following statistics covering 100% of the electric
light and power industry were released on July 28 by the
Financial
838
AND DISPOSAL OF
SOURCE
EMPLOYMENT
FACTORY
ENERGY AND SALES
Aug.
Chronicle
PAYROLLS—INDEXES
AND
Month of May
1936
1937
By fuel
Payrolls
Change
Without Seasonal
Without Seasonal
Adjusted for
Seasonal Varia'n
Adjustment
Adjustment
June
June
June
May
June
1937
1936
1937
1937
1936
1937
1937
1936
90.4 101.2 102.3
90.1 102.8 105.2
81.1
99.9
84.7 104.4 107.5
295,738,000
151,206,000
107,615,000
85,782,000
+95.6
+25.5
79.0
97.6 103.6 104.8
95.9 100.8 102.3
83.9
403,353,000
236,988,000
+70.2
Durable
Deductions
84.6
105.4 106.2
Non-durable goods
Ooods—
102.4 108.7
Iron and steel
Machinery
44,571,000
44,860,000
—0.6
113,900,000
112,930,000
+0.9
•+ 0.4
+ 13.7
99.0
83.8
98.4
98.0
Durable goods
from Supply—
Energy used in electric railway departments
Energy used In electric and other depts
May
101.6 102.2
Total
Additions to Supply—
Energy purchased from other sources
Net international imports—
June
+ 11.9
8,453,157,000
9,458,512,000
generated.
June
91.4 111.6 124.7
90.8 103.1 110.1
128.6 125.6 103.9 128.4 126.1 103.6 136.4 134.9
128.3 105.3 125.8 134.1
+9.3
+15.5
4,901,914,000
3.551,243,000
5,355,385,000
4,103,127,000
-
May
1937
*(Net):
By water power
Total kilowatt-hours
!
Employment
Percent
Kilowatt-hours Generated
GROUPS
BY
INDUSTRIES (a)—(1923-1925=100)
AND
CONSUMERS
TO ULTIMATE
1937
7,
95.8
98.7
126.6
equipment.. 122.7 122.2 102.2
Transportation
Railroad repair shops
158,471,000
157,790,000
distribution
9,703,394,000
Energy lost in transmission, distribution, &c
Kilowatt-hours sold to ultimate consumers. .
1,589,030,000
8,532,355,000
1,447,631,000
8,114,364,000
7,084,724,000
+14.5
1,323,205,000
1,399,253,000
1,164,724,000
1,266,203,000
3,975,184,000
179,907,000
134.1 133.3 112.4 138.1 140.0 115.8 132.3 143.8 107.1
69.1
67.1
60.1
58.5
63.6
64.2
58.2
62.4
63.9
Non-ferrous metals
115.6 115.4
Automobiles
95.5 112.1
113.1
79.9
Lumber and products
71.9
71.7
64.2
72.5
71.6
64.8
72.3
68.2
55.8
Stone, clay and glass
Non-Durable Goods—
70.3
71.3
63.0
73.9
74.4
66.4
71.1
72.0
55.8
105.6 107.6
98.1 103.6 107.3
96.2
91.6
96.2
76.8
101.4 103.2
91.8
99.8 102.2
90.3
94.0
98.0
112.5 115.3 110.3 109.8 116.5 107.6
86.8
95.1
93.6
89.0
95.9
96.0
83.1
88.9
76.6
80.4
81.6
64.6
114.1 114.7 110.3 112.0 107.9 107.9 115.8 111.6
55.6
53.6
60.2
59.9
60.0
60.3
61.2
60.1
98.9
+13.6
Total
-
Total energy for
(Kwh.)—
Sales to Ultimate Consumers
Textiles and products
Domestic service
Commercial—Small light and power
(retail).
4,727,100,000
(wholesale)
Large light and power
+9.8
146,787,000
345,998,000
Municipal street lighting
Railroads—Street and interurban
+ 18.9
—18.4
353,781,000
—2.2
77,016,000
+34.5
67,909,000
+0.8
7,084,724,000
$164,014,600
103,582,000
68,439,000
Electrified steam
Municipal and miscellaneous
A.
+10.5
Fabrics
apparel
B. Wearing
Leather products..
Food products
8,114,364,000
-
$174,287,000
+ 14.5
+6.3
except
124.6 108.5 136.2 136.2 103.3
refining— 128.2 126.1 112.2 123.6
petroleum
PerCent
1936
Change
89.8 103.8
88.8 100.8 103.6
99.6 101.7
89.0
109.2
and payrolls without seasonal adjustment,
complied by the Bureau of Labor Statistics.
Index of factory employment adjusted
for seasonal variation compiled by F. R. Board of Governors.
Underlying figures
a
1937
117.8 141.3 138.3 112.3
125.4 125.4 117.2 126.0 124.1
refining
B. Petroleum
Rubber products
12 Months Ended May 31
75.2
50.1
Tobacco products
89.2
98.8 104.9 105.9
108.2 108.0 100.0 106.9 107.7
Paper and printing..
136.7 105.4
Chemicals & petroleum prod. 127.7 126.0 113.2 124.1 124.6 110.3 137.4
A. Chem. group,
Total sales to ultimate consumers.
Total revenue from ultimate consumers
96.4 114.5 115.5
ending nearest middle of month and have been adjusted
June 1937 figures are preliminary.
for payroll period
are
employment
factory
of
Indexes
to
the Census of Manufactures through 1933.
Kilowatt-hours Generated *{Net):
+ 19.7
72,150,131,000 60,280,695,000
By water power
39,065,607,000 37,075,588,000
Total kilowatt-hours generated
...
+5.4
111215 738,000 97,356,283,000
—
+14.2
+ 17.6
3,788,102,000
(net)
Energy used In electric railway & other depts 2,124,041,000
112879 799,000
Total energy for distribution
Energy lost in transmission, distribution, &c 17,790,206,000
Kilowatt-hours sold to ultimate consumers.. 95,089,593,000
Total revenue from ultimate consumers
$2,119,839,800
3,220,907,000
Purchased energy
Important Factors—
Per cent of energy generated by water power
+ 14.7
+7.4
+ 16.2
+8.2
38.1
35.1
Domestic Service (Residential Use)—
755
+8.6
4.88
—6.6
$2.87
Basic Information as of
695
4.56
Avge. ann. consumption per customer (kwh.)
Average revenue per kilowatt-hour (cents)..
Average monthly bill per domestic customer
$2.83
+1.4
May 31
Reserve Bank
Reserve Bank in
Federal
The New York
—2.8
2,185,443,000
98,391,747,000
16,565,076,000
81,826,671,000
$1,959,989,500
of Business Activity of Federal
of New York
Indexes
presenting its
monthly indexes of business activity in its"Monthly Review"
of Aug. 1 states that "the data now available on the dis¬
tribution of goods in July show no consistent change from
June.
Merchandise and miscellaneous freight car loadings
in the first 17 days of the month" says the Bank, "were
practically unchanged from the June rate, while shipments
of bulk commodities were somewhat higher.
On the other
hand, department store sales reported to this bank by stores
in New York City and northern New Jersey showed more
than the usual seasonal recession from June."
continues:
23,979,600
9,011,900
498,700
24,046,600
Generating capacity (kw.)—Steam.
9,515,600
616,500
Water power
Internal combustion
The Bank
1936
1937
Some reduction appears to have occurred
of general
from May to June In the level
business activity and the distribution of goods.
Registrations
of
Total generating capacity In
34,178,700
33,490,200
(825,930)
(292,740)
22,007,802
3,847,204
554,600
71,139
kilowatts. ..
(595,253)
(220,627)
Number of Customers—
of
67,000 units from the May estimate, which is considerably more than the
—
Domestic service
Commercial—Small light and power
Large light and power
Other ultimate consumers
21.245,808
3,782,806
493,307
63,747
were
25,584,668
26,480,745
Total ultimate consumers
reported to the Federal Power Commission, with deductions for certain plants
not considered electric light and power enterprises.
As
are
estimated at 325,000 units, a reduction
Merchandise and miscellaneous freight car loadings
lower than in the previous month,
increase occurred in shipments of bulk
declines
and less than the usual seasonal
Larger than seasoal
commodities.
shown in the volume of advertising
were
and in mail order house
unchanged from
of year. Sales of
department stores throughout the United States and of chain stores were
little changed after seasonal adjustment, however, and about the usual
sales,
gains
District department store sales
Second
and
May, whereas
*
for June
passenger cars
usual seasonal decline.
domestic)
(Included with commercial, large)
Farms In Eastern area (Included with
Farms In Western area
new
were
some
shown
were
advance ordinarily occurs at this time
in
the
volume
of
country and in sales of new ordinary
check
transactions throughout the
life insurance policies.
The Bank's June indexes follow:
Monthly
Business
Indexes of
Board
of
of
Governors
(Adjusted for seasonal variations .for usual year to year growth,
Federal Reserve System for June
and where necessary for
The Board of Governors of the Federal Reserve
issued
July 27, its monthly indexes of indus¬
production, factory employment, &c.:
trial
follows,
as
price changes)
System
1936
1937
1937
1937
June
on
April
May
June
Primary Distribution—
Without
Variation
Seasonal Adjustment
June,
May,
June,
June,
May,
June,
1937
General
1937
1936
1937
1937
1936
Industrial production,
118
104
104
105
pll5
pi 15
122
118
123
105
116
100
pll8
117
101
pll8
-
I
pi 14
pll5
total
Manufactures..
Minerals
Construction contracts, value: ft
Total
p60
56
52
p70
68
60
Residential
p43
44
36
p47
52
39
All other..
p74
66
65
p89
81
78
Factory payrolls c
-
90.4
—
plOl.2
102.3
90.1
P102.8
102.2
pl01.6
Factory employment c
105.2
81.1
78
Department store sales, value..
80
73
79
80
73
p93
Freight car loadings
93
87
p 89
95
84
Production Indexes by Groups and
Industries—
Manufactures—Tron and
steel/
119
134
112
pl26
Textiles
123
107
Food products
119
146
112
pl20
123
101
80
Leather and shoes
83
88
78
82
87
130
Automobiles
135
118
147
163
134
pl20
Cement
132
Minerals—Bituminous coal
103
78
150
147
pll6
121
92
93
164
157
p80
80
74
99
66
70
p74
63
72
p71
p6 5
63
62
crude
pl73
176
146
pl77
177
86
104
108
shipment
122
159
80
240
238
115
116
103
111
117
103
98
101
76
69
75
70
Zinc
Silver...
Lead
70
72
p
Preliminary
a
Indexes of production, car loadings and department store sales based
r
on
dally
averages.
month.
W. Dodge data centered at second
•
Indexes of factory employment and payrolls without seasonal adjustment com¬
by
Bureau of Labor Statistics.
Index of factory employment adjusted for
seasonal variation compiled by Federal Reserve Board of Governors.
--
91
90
92
92
85
88
86
71
64
62r
62
99
88
98
97
97
102
105
100
76
............
_
Advertising
83
82
80
98p
87 p
101
New passenger car registrations
Gasoline consumption..
.
._
General Business Activity—
Bank debits, outside New York City
Bank debits, New York City
96
93
101
96
67
67
67
--
66p
43
36r
35
70
69
70
68
45
42
43
75
74
74 p
92
103
104
103p
83
96
96
95 p
67
72
65
32
37
29
35
54
51
51
65
Velocity of demand deposits, outside N. Y. City.
Velocity of demand deposits, New York City
50
New life Insurance sales
.
Employment, manufacturing, United States
Employee hours, manufacturing, United States..
New corporations formed In New York State
Residential building contracts
Non-residential building & engineering contracts
,
36p
74p
63
152
_
162
204
205
162p
207p
146
_
Composite Index of wages*
Cost of living*r
162
191
General price level*
V
Preliminary,
151
152
r
Revised.
152 p
* 1913 average=100; not
adjusted for trend.
Business
Activity During June Continued Downward
Trend, According to National Industrial Confer¬
157
Revised.
b Based on three-month moving average of F.
-
87
Department store sales, United States.r
Department store sales, Second Districts
Chain grocery sales..
Other chain store sales
98
101
Petroleum,
87
■
Distribution to Consumer—
149
Anthracite
e
93
161
75
155
■
Tobacco manufactures
plied
84
Mall order house sales.
Indexes—
Iron ore
90
Exports
1923-1925=100)a
76
78
88
Car loadings, merchandise and miscellaneous
Adjusted for
Seasonal
79
76
67
Imports
(Index numbers of Board of Governors,
71
Car loadings, other..
BUSINESS INDEXES
ence
Board
Business
which
has
activity in June continued the downward trend
been
according to
the
in
evidence
regular
since
December
of last
year,
monthly survey of business con¬
ditions made by the National Industrial Conference Board.
The decline was traceable largely to a sharp reduction in
iron and steel output, the Board's survey points out, caused
by widespread strikes of several independent steel producers
and
a
considerably
greater-than-seasonal
decline
in
the
Volume 145
Chronicle
Financial
transportation industry.
In its survey, issued July 26, the
Manufacturing
Conference Board also stated:
In
the
above
as
first
the
June
result
a
Sharp
zinc,
level,
of
and
on
electric
These
of
July,
in
labor
than
advanced appreciably
adjusted
offset
was
basis,
considerably
occurred
machine tool
increases in
in
improved
orders
freight
to
approximately
2,600,000 units
model
which
the
of
began
year
pleted,
for
the
2,900,000
compared
as
with
corresponding months of 1936.
Oct.
on
units
car
1,
represents
1936, about
gain
a
1935-36
season.
It
output
of
1937
models
will
ceeded
in
1929,
of
4,100,000
10%
June,
the
5,000,000
only
figure
a
loss
peak
in
production
for
the
half-year
period.
in
six
months
increased
of
37
States during
increase
an
1937
of
June,
30%
registered
May
reported
as
June,
over
gain
a
During the months of
year.
slackening
the demand
peak
of
in
but
declined
in
it
for
April
is
month
one
net
it
of
this
of
1936,
21%
of
and
and
the
over
June there
An
year.
however,
almost
retail
physical
prospect
continued
but
first
was
examination
reveals that 3
decided
a
of
strong
is
volume
of
remained
of
sales
increased
industrial
question
a
trade
gains
has
steadily
turnover
these months
rate
tribution
months of
less
in
of
of
in
in
June,
than
in
June
goods
will
retail
improve
Various
Federal
St.
in
The
and
sales
by
corresponding
little difference between
the
production in
than
in
department
month
a
output
for
the first
of
amount
of
the first
and
4,423
District,"
June last
store
year
.
Dis¬
year.
sales,
ago.
year
3.8%
was
.
.
June
five
bales,
1937
14.3% greater
was
months,
daily
a
on
3,856
bales.
as
when
the
daily
amount
of
employed
persons
and
Massachusetts
boots
of
of
amount
of
due
and
shoes
in
of
cotton
during June
aggregate
and
seasonal
between
last
the
year
in
It
was
Industrial
activity
$21,586,796,
in
pro¬
compared with
as
13.6%
by
and
greater
establishments
amount
an
a
776
year
3.9%
in
larger than
ago.
farm
work
has
this
in the Third
of
manufactures
District
rate
in
Aug. 2.
"has
been
Industrial production
larger than in the
the
industrial
condition
and
been
the
The
measure
reports
of
cash
same
disputes.
The
various
income
up
for
volume
of
was
crops
of
the
crude
larger than last
have measured
.
retail
.
and
as
July
indicate
of
go
a
jds
cessions.
seasonal
and
oil
Farm activity and
year.
to
up
reported
the
thus
average
far
in
of
past
1937,
has
.
.
model
an
changes.
district
.
early
July,
month by vacation
the
in
Retail
first
six
and they declined
year
.
seasonally
over
unsettling
from
last
effect
May to
trade
on
June in
in the
year
latest
in
several
Gains
in
employment
Sharon,
Springfield
been
retarded
than
by
in
since
and
and
in
New
weather
several
June
Castle,
Toledo,
and
.
at
.
conditions,
recent
May
over
Pa.,
Ohio.
prospects
The largest
years.
has just been harvested.
1919
July in the
Fifth
District
"showed
evidence
of
the
usual
midsummer dulness, and this year the recession was
greater
than last year because trade in June and
July, 1936, was
stimulated
Employment
settled
and
markets
by
the
payment
changed
no
new
South
in
little
of
ones
Carolina
workers
in
last
month,
importance
next
warehouses.
.
with
May,
17%
and used
showed practically
prices
middle
of
production
the
bonus
in
July.
May
.
in
net
.
all
give
than
on
employment to
textile
were
tobacco
of
a
few
in
mills
the
in June in comparison
June
in
strikes
Opening
Cotton
.
last
Cotton
year.
change between the middle of June and
Tobacco
.
local
some
consumption
cotton
more
no
will
.
District slightly increased' cotton
but
developed.
month
Fifth
the
of
The Bank also said:
lines,
and
manufacturing
in
June
exceeded
cigars
and
cigarettes
were
made
in
larger numbers than in June, 1936, while snuff and smoking tobacco out¬
put declined this year.
Retail trade in the Fifth District in June, as
reflected in department store sales, averaged between 5% and 6% above
the
dollar
the
average
From
District
the
volume
of trade
higher.
was
for
which
district.
good,
conditions
have been
in
and
and
figures
favorable
Sixth
were
was
in
June,
agricultural
prospects
higher than at this time last
There
but outside of Washington
better last month in all
year,
trade
plant beds
acreage
so
last
1936.
conditions
for tobacco in the middle and'
mold
increased
show
standpoint,
tobacco
seriously damaged
June
available than
are
except
Blue
in
Wholesale
data
production
a
are
held
this
that
the
down
year
1936,
Fifth
sections
in
the
and
of
fields
Nearly
acreage.
over
the
in
upper
beetle
flea
all
weather
condition figures are distinctly
crop
year.
(Atlanta)
District
increases in cotton mill activity, coal
mining,
pig iron production, and in construction contracts awarded
in the Sixth District in June,
but trade at both retail and
according to the "Monthly Review" of
July 31 of the Federal Reserve Bank of Atlanta, which said;
June
sales
by 49 reporting retail firms declined
6.3 % larger than in June, 1936.
trade
sales
in
decline.
Other
generally
June
year.
indicators
registered
10.5%
did
not
was
but
1920.
somewhat larger than seasonal
.
The decline from May, however,
.
.
Wholesale trade, reflected in sales by 70 firms, declined further in June
by 4.6%, although sales of groceries, drugs and furniture increased.
sales were
22.3% larger than
for that month since
Cash receipts
and
1927.
a year ago,
and the June index
was
June
the highest
Total sales in the January-June period were
year.
.
.
.
from the sale of principal farm products declined 5.8%,
Government
payments 73%
from April to May,
but the total
was
14.7% larger than a year ago, and the five months total of $305,000,000
is
49% greater than for that part of 1936.
Employment and payrolls at
more
...
than
6,000
firms
in
this
District
reporting to the Bureau of Labor Statistics increased slightly from April to
May, largely because of
a resumption
of coal mining in Alabama following
Decreases in Florida
were
primarily in canning, cigar
manufacturing, retail and wholesale trade, and at hotels.
Early
re¬
from May,
As in May, the retail trade index for June, based on sales by 28 firms, was
Seventh
relating to
seasonal
15%
Total sales by these firms in the first
greater than in the first half of last year.
the highest for that month since
the strike in April.
wholesale
services
the
to
this
shown
24.2% greater than in that part of last
to the usual change but continued larger than last
the, distribution
same
value of building contracts increased sub¬
farmers,
of
only
Erie,
raised in this section
a
largest since 1930.
dollar
at
whole in the first half of this year was 18%
period of 1936, despite interruptions which accom¬
as
stantially during June and
years
continued
while production of coal and
It also had the following to say:
increased."
panied
well
The Bank said that the
May,
as
June
in
The
con¬
According to the July 31 "Monthly Review" of the Rich¬
Federal Reserve Bank, business in June and
early
were
prevailing for several months past,"
noted by the Federal Reserve Bank of
Philadelphia
"output
of unfilled
in
district
six months of 1937 were
at the levels
in its "Business Review" of
buying
new
seasonally in
of
incident
was
had
Cincinnati,
reported
Third (Philadelphia) District
sustained
of
wholesale declined,
reported
corresponding month
than
part
May.
12%
whole.
a
according to
curtailment
be
to
number
larger..
sales
was
in
than
establishments
In June,
reported
in
payrolls,
Industries.
to
goods.
was
30.7%
retail
in
the
Labor
June
in
3.3%
manufacturing
in
principally
and
wages
volume
Massachusetts
was
centers
mond
crops
decrease
a
3.1%
employment
was
reported
was
representative
were
1936,
paid
dollar
there
Department of
decreases
month
in
was
decline
a
than
less
was
ranged
average
than
June
and
result
a
better
declined
of
Pittsburgh,
better in
wheat crop
basis, by mills
average
This
May
Massachusetts
it
a
exceeded that of
large volume
latter
counties
reduction
Dayton,
five lines
consumed,
was
but
of
ago.
29.8% higher
larger than in June two years ago.
53.8%
Between
the
a
cotton
raw
district during
The
97 and
was
1937 the rate of manufac¬
employment at Cleveland, Canton, MasYoungstown, where smaller increases in sales were evident than
district
hundred
First
New
six months
period
not
the
up
the
from
situation
a
reported at
were
June
gain
labor
June 15."
year,
the
1923-25 average
before and
year
nearly 12% larger than last
in
a
caused
and
the
held
principal
store
and'
artificially
largely
higher
was
measured
as
the
and shoe
duction
to
the
Fifth (Richmond) District
the aggregate level in
activity in
corresponding
that
a
by curtailments
in
were
seasonally
district
silon
also
sales
Department
cities
which
sharply reduced in
and
1937
than
month.
•
in
England during June was about 15%
less than in May and was
nearly 6% more than in June last year.
Due
to a high rate of production
during the first quarter of the current
the
of the
in April this index
had on hand prior to the strike."
"Monthly Business Review" of July 21,
production,
rather
automobile
pay¬
increase
reported the Federal Reserves Bank of Boston in its June 30
"Monthly Review." It stated:
that
95%
was
mills
its
shut-downs
Columbus,
of seasonal nature, and there was
of
during
:
Auto
was
sinec
higher
income,
an
First (Boston) District
and
prevalent
a high
season," the Federal Reserve Bank of
possible because
in
tinued
during
"Between May and June the
changes which took place in
the levels of business activity in New
England were
4,015
are
May
which reduced operations in several
summer
steel
Bank,
upward
level
declined
result in
the
high
a
agricultural
may
whether
at
the
was
orders
machine
Boston, Philadelphia, Cleveland, Richmond, Chicago,
Louis, Minneapolis, Kansas City and San Francisco:
any
from
over-
We give below excerpts from the
monthly reports on busi¬
of the various Federal Reserve banks.
The following
remarks
are
from the reports of the Reserve banks of
in
than
of
ness
this
somewhat
the usual seasonal amount, was followed by a
Reserve Districts
The
higher
was
invariably followed by several months
Summary of Business Conditions
in
been
This Bank's index of productive activity,
variation,
but
half
While
total
has
change
no
quite
were
month before;
Cleveland said that "this
continue
the
machinery
building materials they
some
virtually
that
the
for
materially in the face of rising retail prices.
Boot
textiles
During the first half of
20%
was
than
and
showed
disputes
a
as
84.
more than
this
volume
The
and
higher
and
...
seasonal
same
was
other
rate for
sharply during May and June from the all-
period of years,
a
the
February.
The
castings
like period; since 1930.
by
business.
dollar
trade,
orders
over
any
lower
rolls,
industrial
steel industry
the
attained
orders
June,
including
quite generally appear to have decreased in recent
W.
by the F.
for business and office space is
improving, there is still an
most
Machine tool
The
since
that the "recession in June industrial activity
in the Fourth District, due almost entirely to strikes in the
large cities of the country.
A general shortage of
is
indicated, but new construction of this type, especially by
professional builders, is being adversely affected by
advancing costs.
trend
further
especially true of
In noting
homes
of
slackened
Fourth (Cleveland) District
of
in the pace of residential building, but this was offset by
activity in non-residential and public utility construction.
While
supply in
tool
has
to have been
resumption of operations after the July holiday at
last
time
lines
most
earlier.
year
the
or
ago
any
July.
Building awards in
Dodge Corp., showed
of
products,
factory products
turing output
28,800,000 tons was 35% above that for the first half of 1936, and
only
1% below the corresponding months of 1929.
With labor disturbances
alleviated, and strike-affected mills resuming operations, all indications now
point to greater-than-seasonal activity in the industry
during the remainder
first
a
of
adjustment
June,
year
ex¬
Production
goods
appears
textile products
of
all-time
of
than
in
orders
most
despite
after
certainty that total
mark,
steel
greater part of the latter month.
com¬
corresponding months
reasonable
a
sales
for
Output
of
of
Unfilled
and
smaller
nearly 5,700,000 units were produced.
ingot production declined sharply during June, as strikes caused
1,000,000 tons, thereby preventing ;what would' have been an
Steel
a
appears
reach
volume
weeks
current
units have been
the
over
total
the
and
This
cotton
of
larger.
when
now
iron
heavy
the
construc¬
a
Since
manufactured
month.
and woolen textiles, hosiery and floor
coverings.
Demand
building materials also decreased early in July, after continuing
fairly active for several previous months.
Compared with a year before,
bituminous coal, newsprint production, and cotton
consumption.
Automobile production, on a
seasonally adjusted basis, rose to a new
recovery peak during June, bringing output for the first six months of
year
most
for many
steel,
iron,
and
automobile output,
for
last
of
certain
tion,
this
market
middle
and
sentiment
production,
power
more
output
the
disturbances.
seasonally
a
The
however,
business
and
check
a
losses,
loadings.
weeks
two
839
"Although
further
(Chicago) District
lessening
of activity was evident
during June in several phases of Seventh District industry.
a
Financial
840
a few
the preceding
month," said the Federal Reserve Bank of Chicago in its
"Business Conditions Report" of July 28.
"The prospects
for Seventh District crops remained unusually good," the
Bank noted, "and the distribution of commodities continued
in substantial volume except for the influence of seasonal
trends."
Continuing, the Bank stated:
especially in
goods
heavier
the
Chronicle
Eleventh
production groups,
by labor disturbances in recent
months, the production and sale of goods in the first half of this year
Despite
exceeded
the
level
the
margin.
The
of
resumption
as
seasonal
with
accordance
these mills early in July caused the rate to
building construction in this area was the heaviest since March, 1931, and
the movement of building materials in general was larger.
Also, business
expanded, following a recession in May, and
casting foundries increased though orders de¬
Aggregate industrial employment and payrolls in the Seventh
were
smaller in June than a month earlier, due to the reduced
steel
at
foundries
casting
clined.
District
activity in the steel and automobile industries.
Following
in
phases
1937
of
than
shoe trade
retail
in
half
first
the
last
of
substantial.
from
the
" * ";v;.
v,
of these
in the first six months
of
most
year,
preceding
All
being
gains
the
In
Bank.
virtually all branches
recorded
were
pre-depression
over
of activity investigated by this Bank, notable
a year ago, and all similar periods since the
during the first half
In many lines results achieved
era.
best recorded since the first six months
of 1930, and in some instances reached new high levels for the period in
which these records have been kept.
During June the rate of industrial
of
the
present
production
tion
amount
than
year
June,
May to
These results were obtained in spite of the artificial
purchasing resulting from the soldiers'
bonus payment
ago.
stimulation
a
to
June,
of
Wholesale distribution increased from May to June, with
showing contraseasonal gains.
With the exception of
1936.
number
lines
substantial increases over a year ago.
all lines showed
clothing,
Taken
last
cultivation about 7% larger than
Livestock and ranges improved somewhat in June and the
year.
volume.
cattle continued in large
.
in this District has shown a rapid expansion
The output of petroleum
since the first of the year,
and at the middle of July the daily production
Total production for
than the December average.
about 18% larger
was
of sheep and
Marketings
of July.
forepart
23% in excess of that in the same period of 1936.
Twelfth (San Francisco) District
1 "Monthly Review" of the San Francisco Fed¬
eral Reserve Bank said that business activity during June,
The Aug.
preceding two months, "fluctuated narrowly with
Industrial output and employment were
in the
as
little net change.
The follow¬
increases
A decline
in
retail
trade, as measured by department store sales, was only of
seasonal proportions, while measures of the movement of goods showed
wage
Industrial
advanced
in
sharply
base
1923-25
the
May
in
to
109% in
for in large part by increases in wage
the Pacific Northwest.
June and early
July
were
favorable for the
Widespread and unusually heavy rainfall benefited
in the Pacific Northwest, but damaged the
wheat
in
crop
of
in
during
development of crops.
cherry
seasonally both in California and in
adjusted' index of payrolls, however,
Bank's
accounted
mills
conditions
important
.
104%
was
lumber
most
.
increased
This
from
advance
Weather
the
.
Northwest.
This
rates
change.
employment
Pacific
June.
reflecting
rates received by workers from mid-May to mid-June.
concerted
little
however,
considerably,
advanced
payrolls
Factory
in
crop
localities.
some
.
.
.
July Flour Production Statistics
Inc. summarizes the comparative flour
production as totaled for the mills reporting in the following
milling centers.
These mills annually account for approxi¬
mately 65% of the total estimated United States flour
production.
General
Mills,
Production
prospects in the district underwent distinct improve¬
whole,
a
as
Cotton has made rapid growth, and, although
late, is in good condition, with the area in
Distribu¬
decreased in less than the average seasonal
and the June volume was measurably larger
retail channels
from
in
whole remained approximately the same as in May, when
for
seasonal
influences, and
there was also little
employment and payrolls in the principal industries.
through
a
This District is harvesting its largest wheat crop
1936.
and the crop is being marketed at prices above those obtaining
at harvest time last year.
made
in
variation
the
were
year
a
as
is
allowance
be larger than in
since 1931,
the
the Bank in its July 30 "Monthly Review":
noted by
increases
year," according to the
The following was also
months this
Reserve
Federal
Louis
of
effect
the
earlier
characterized
trade and the distribution of the
...
Developments in the agricultural and livestock industries were generally
ing is also from the review:
seasonal depressants,
Eighth District business and industry during June and the
first half of July continued the upward trends which have
St.
soldiers'bonus.
approximately as large as in April and May."
v-
Eighth (St. Louis) District
"Notwithstanding
from the preceding month
slightly above the volume in June last year, when buying was
were
unusually heavy on account of the tourist
the half-year was
.
increased non-seasonally.
heavier sales volumes
had
distribution
of
.
recessions
seasonal
than
less
showed
while the
month,
.
Department store sales and the retail
improved in June.
trade
furniture
and
Department
the same month last year.
seasonal decline of 13%
a
decline in May, business of reporting wholesale trade groups
a
district
this
showed
store sales
malleable
from
shipments
The dollar volume of wholesale trade was maintained at about the May
level and was 14% higher than in
favorable, and, on the basis of the July 1 report of the Department of
the furniture industry was further reduced in
trend.
On the other hand, the volume of new
in
June," it was stated by the Dallas Federal Reserve Bank in
"Monthly Business Review" of Aug. 1.
The Bank further
reported:
its
Agriculture, production of the district's principal cash and feed crops will
for the
The manufacture of automobiles continued to decline
and activity
June,
wholesale and retail in
in large volume during
Chicago district remained
operations at
sharply again.
in
continued
District
Eleventh
strikes at independent mills continued', but the
of steel operations
through June,
satisfactory
a
the
V'.--i
v'"' -'""'i'vv-.
rate
average
by
period
1936
corresponding
V
curtailed
rise
the
of
exerted
effect
deterrent
District
(.Dallas)
"Distribution of merchandise at
lines recorded expansion following a decline in
1937
7
Aug.
according to the United
States Department of Agriculture indications point to above average yields
for a majority of the principal productions.
of Flour (Number of Barrels)
during June and the first half of July, and
ment
Ninth
Southwest
(Minneapolis) District
Minneapolis,
of
its
in
_
Pacific Coast
"Monthly Review" of July 28, states that "indexes of the
volume of business in the Ninth District were all
__
Grand total of all mills
1,568,171
1,031,224
2,421,815
1,680,840
349,220
Lake, Central, and Southern
Bank
Reserve
Federal
The
July, 1936
July, 1937
Northwest
2,238,423
1,988,446
464,336
6,259,376
5,483,099
reporting
June
higher than in any other June for many years,
little lower
than in
other recent months."
but were a
Bank
The
Industrial Employment
further noted:
in
both city and country department stores.
The
country stores, however, was smaller than in any other month
preceding
at
increase
be larger than in the same month
June continued to
in
Retail trade
the
current
business
year.
.
of
agricultural
with
dealing
half
first
the
During
.
industries
of
volume
1937
products
were
mostly smaller than in the same period one year earlier.
.
.
.
Farmers' cash income in the Ninth District as estimated in this office
for June
nearly
was
received
prices
the
large
in June last year, largely because of high
as
the
eight major
crops
hogs.
,
.
.
this district was estimated on
in
the United States Department of Agriculture to be more than
as last year and' larger than the average for each crop for
July 1 by
twice
as
dairy products and
for
of
Production
Labor Perkins
at
year
country
store sales were 10% larger and city store sales 6% larger than in the
first half of 1936, resulting in an 8% increase for the district.
...
Wholesale sales of
groceries, hardware and shoes were all larger in
June than a year ago but, as has been the case in other recent months, the
the
in
On the basis of reports
10
preceding
with
years
exception
the
of
wheat,
durum
flax
and
fewer
workers were employed in June than in May and
weekly payrolls decreased $2,100,000 in the combined
manufacturing and non-manufacturing industries surveyed
monthly by the United States Bureau of Labor Statistics,
Secretary of Labor Frances Perkins announced July 26.
"Between June, 1936 and June 1937, it is estimated that
nearly 1,400,000 workers have been returned to employ¬
ment in these combined industries," Secretary Perkins said.
"Weekly payrolls have increased nearly $67,000,000." She
further stated:
Tenth (Kansas City)
with
District
the
gains
In the
unusual combination of large
Tenth District "the
is the outstanding factor in the
present situation," said the "Monthly Review" of July 30
of the Federal Reserve Bank of Kansas City.
The review
good
and
crops
prices
in
Rains
crop
corn
July make the farm outlook the best in
has been harvested and
is
number
small.
Dollar
and
in
of
change
of
Colorado
large
marketings,
have
held
value
13
in
of
the
non-manufacturing
16
The declines in the remaining three non-manufacturing
shown in
and
in
factory
anthracite
employment, were sufficient
and
non-metallic
coal
bituminous
mining,
crude
mining,
petroleum
sales
at
reporting
department
stores
in
the
district
as
compared
with
June of last
independent retail stores
year.
Sales
Wyoming and in
sales
of
June
of motor vehicle
wholesale
sales
dealers
was
a
13%
decrease in
greater
increases
are
shown
for all
reporting trade
i
•
all States.
than a year
metal mining,
producing,
public
building construction.
The
decrease
of
1.1%
in factory employment indicates a
decrease of
Decreases in
factory employment between May and June have been shown in nine of the
preceding 18
in
years
10 instances.
for which data are available and payrolls have decreased
The June,
1937 index of factory employment (101.2) is,
with the exception of the two immediately
recorded in
any
preceding months, the maximum
month since November,
1929.
The June payroll index
(102.8) is also, with the exception of the two preceding months, the highest
registered since
indicate
over
an
November,
employment gain
1929.
of 12.3%,
the year interval, and a rise
Thirty-eight
of
the
except hardware.
89
of 26.8%,
separate
reported gains in employment.
Comparisons with
more
or
or
June,
1936,
than 900,000 workers,
nearly $44,100,000, in weekly
manufacturing
industries
surveyed
The non-durable goods group reported a
slightly larger decline, than the durable goods industries, largely because of
seasonal recessions in
ago,
about 11% greater.
groups
combined
offeet the
payrolls.
.
generally above a year ago
were
to
utilities, retail trade, laundries, dyeing and cleaning, insurance, and private
level
and total sales for the first six months of the year were
Sales
large
Missouri, but generally declined some¬
Kansas, Nebraska and Oklahoma.
Sales of grocery stores showed
increase and
The
very
is promising.
5
volume
June sales
an
A
years.
corn
13% from May to June, about the usual seasonal amount.
little
showed
what
despite
prices,
...
declined
in
the prospect for
fairly well, but
lower.
The price of beef cattle and hogs is sharply higher.
The
of cattle coming to the market is large, but hog receipts continue
Wheat
shown
(wholesale trade, year-round hotels, and brokerage)
decrease
quarrying
were
approximately 89,000 wage earners over the month interval.
continued:
wheat
'V.:V
Employment gains
industries surveyed.
industries
potatoes.
supplied by approximately 107,000
establishments, it is estimated that approximately 46,000
large
as
and Payrolls in United States
During June Below May According to Secretary of
a
number of important branches.
Employment in the durable goods
group
June and the non-durable goods group
decreased 1.0% from May to
showed a decline of 1.1%.
Com¬
parisons of employment in these two groups in June, 1937 with June. 1936
Volume
Financial
145
gains of 16.9%
INDEX NUMBERS
in the durable goods group and 8.0% in the non¬
durable goods group.
841
Chronicle
The June level of employment in the durable goods
show
0.9% below the index base average (1923-25=100), while in the
group was
non-durable
goods group, the employment index was 3.6%
in the index base
For
period.
these groups in the index base period there were 1,036 wage earners
in the non-durable goods group in
(Three-year average 1923-25=100.0)
of
Manufacturing Industries
xJune,
numbers,
combined
workers in the reporting establishments.
16
non-manufacturing industries showed
approximately 43,000 workers
in number of employees
gains in
the
increase
was
private building
1937
1936
102.3
90.1
102.8
105.2
81.1
99.9
84.7
104.4
107.5
79.0
104.8
95.9
100.8
102.3
83.9
84.6
declines
Durable Goods
products,
including machinery
Blast furnaces, steel works, and
rolling mills-.
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery
(not including sliver
an
showed a further gain in
companies
i
The decreases in the non-manufacturing industries
reported
were
the month interval
over
increases
in
employment in
110.1
91.4
111.6
124.7
112.0
99.7
125.7
145.6
81.9
93.8
74.5
93.3
113.4
74.7
70.7
71.5
64.2
59.8
62.4
45.9
86.1
and plated cutlery), and edge
94.5
89.0
76.2
86.9
67.0
Forglngs, iron and steel
72.2
74.0
58.6
71.8
74.1
48.2
96.8
'98.5
77.2
96.2
117.4
77.8
Plumbers' supplies
Steam and hot-water
93.2
95.9
85.3
76.9
77.1
63.2
85.7
tools
in
of the non-manufacturing
number
a
103.1
109.7
Hardware
3.2%
were
brokerage, 0.8% in year-round hotels, and 0.5% in wholesale trade.
The
1937
103.6
not
Employment
nearly 6,000 employees.
was
construction industry
gain of 2.2%.
a
June,
1936
Iron and steel and their
gain in the five industries
The net
June (2.8%) and electric light and power and manufactured gas
which
Seasonal
in retail trade establishments.
10,000 workers.
of
net gain
a
laundry and dyeing and cleaning industries resulted in
of nearly
reported
May,
1937
99.0
Durable goods
Non-durable goods.
The largest gain
the month interval.
over
(18,000)
comprising the mining group
the
xJune,
101.2
All industries-
June,
preliminary tabulation showing wage-rate increases over the
a
month to 160,000
The
reported in substantial
wage earners were
May,
1937
Wage-rate increases to factory
in
Payrolls
Employment
employed
June, 1937 and 990 in the durable goods
group.
in
PAYROLLS IN
higher than
1,000 workers employed in each
every
OF EMPLOYMENT AND
MANUFACTURING INDUSTRIES
heating
apparatus and steam fittings.
industries raised the June levels to the maximum registered in recent years.
Stoves
79.7
81.7
65.2
76.2
82.5
55.2
119.1
Employment in the metalliferous mining industry reached the highest level
since
116.9
104.2
106.4
106.7
87.0
60.4
Structural & ornamental metal-
July, 1930.
industry,
manufactured gas
July 1931.
higher than that
In the electric light and power and
employment
above
was
of
that
was
of any month over the preceding six years for which
records are available.
In the general merchandising group of retail stores,
composed of depart¬
ment,
variety,
June, 1937 level
was
76.9
68.4
82.0
78.5
107.6
104.9
100.9
116.2
111.7
98.1
Tools (not including edge tools,
machine tools, files and saws)
Wire work
101.4
103.3
79.8
114.6
113.9
79.9
134.2
work
the
above the June levels of 1929 and succeeding years.
In
reporting the remarks of Secretary Perkins, an an¬
issued by the United States Department of
Labor (office of the Secretary) also had the following to say
regarding employment conditions in the manufacturing and
non-manufacturing industries of the United States:
nouncement
179.6
182.8
147.6
188.0
189.1
128.4
126.1
103.6
136.4
134.9
95.8
Agricultural Implements
Cash registers, adding machines
138.6
139.7
123.6
178.7
183.9
131.4
and calculating machines
Electrical machinery, apparatus
and supplies
135.8
133.5
111.6
147.0
149.0
107.4
117.7
117.8
89.7
124.3
123.5
83.3
149.6
148.8
126.9
155.3
156.5
112.1
Foundry <fc machine-shop prods.
Machine tools
112.5
111.7
119.2
119.4
152.8
149.6
116.1
164.5
161.6
109.6
Radios and phonographs
Textile machinery and parts...
merchandising stores and mail order houses,
general
78.8
Tin cans and other tinware
month since
any
Employment in dyeing and cleaning establishments
185.1
139.9
200.4
158.4
108.5
154.9
62.4
Machinery,
not
including
trans¬
portation equipment
Engines, turbines, tractors, and
water wheels
90.0
83.7
-
Manufacturing Industries
87.3
87.5
70.3
93.6
95.3
153.8
153.7
84.3
151.1
155.2
126.6
128.3
105.3
125.8
134.1
98.7
Aircraft
828.3
823.2
592.7
755.6
739.4
508.7
due to labor disputes in the blast furnace-steel works-rolling mill industry.
Automobiles
138.1
140.0
115.8
132.3
143.8
107.1
The June employment figures compare favorably with those of previous
Cars, electric & steam-railroad.
77.6
77.7
57.1
93.0
89.9
54.0
Locomotives
59.5
58.8
35.2
51.4
47.3
22.4
Shipbuilding
103.0
106.7
98.0
114.8
118.7
98.1
Factory
employment
decreased 2.3%
over
declined
1.1%
from
the month interval.
years, decreased employment
May
to
and
June
payrolls
These decreases were partially
having been shown between May and June in
nine of the preceding 18 years for which data are available.
Payrolls have
declined in 10 of these 18 years.
and
payroll
indexes
(101.2
102.8,
and
respectively)
above the level recorded in any month since November, 1929.
in June,
1937
Employment
12.3% above the June, 1936 level (90.1).
was
stand
The payroll
64.2
53.6
58.5
69.1
67.1
60.1
62.2
63.4
62.0
66.7
66.4
61.9
63.6
58.2
69.5
67.4
Non-ferrous metal3 & their prods.
Aluminum manufactures
114.5
115.5
95.5
112.1
113.1
79.9
129.5
125.8
107.2
135.6
134.8
94.3
Brass, bronze & copper products
122.5
125.7
99.9
125.4
126.5
83.8
from
121.6
123.4
103.8
118.5
89.6
88.6
73.4
71.3
69.1
51.8
95.5
99.7
75.8
93.8
101.6
68.8
74.5
74.4
62.4
69.0
69.7
46.1
Clocks and
The most
and
May to June
were
shown in 38 of the 89
pronounced increases in employment over the month interval
seasonal.
Among the industries showing seasonal gains
phonographs, 32.3%; canning and preserving, 19.0%;
10.8%; beverages, 7.3%; butter, 6.6% and beet
ment
in
plants
manufacturing explosives
sugar,
5.3%
rose
ice
5.8%.
and
radios
were
cream,
Employ¬
gains
ranging
from 2.9 to 2.1 % were reported in the
aluminum, tin can and other tinware,
structural metal work, machine tool, and cement industries.
Gains of
1.9% each
were shown in
the rayon and allied products, fur-felt hat, and
stove
industries; and gains of 1.7% each were reported in the baking,
furniture, cash register, and smelting and refining copper, lead and zinc
industries.
Employment in the petroleum refining industry
reported a gain of 1.4% and steam railroad repair shops and
locomotive building establishments showed gains of 1.2% each. Among the
remaining industries reporting increases
(0.7%), silk and
»were
rayon
chemicals (0.8%), foundries
goods (0.4%), and paper and
recessions
women's
were
finishing
textiles
clothing
(8.0%),
(8.1%),
oil-cake-meal
men's
a
net decline in
employment of 10.1%.
Rubber boot and shoe plants reported a decline of
6.9%
in number of
reported decreases
Employment in the shipbuliding industry
major importance in which smaller decreases in employment
shown
were
woolen and worsted goods (2.4%), knit, goods
(2.8%), cotton goods
(2.1%), book and job printing (2.0%). boots and shoes, (1.7%), and auto¬
mobiles, (1.3%).
were
returns
supplied
industries.
ments
representative
establishments
computed
are
in
89
from
manufacturing
The base used in computing these indexes is the 3-year
average,
1923-1925, taken
Reports
factory employment and payrolls
by
as
J. 00. They have not been adjusted for seasonal variation.
June, 1937, from 22,858 manufacturing establish¬
were received in
employing 4,431,030 wage earners, whose
pay period
ending nearest June 15
were
73.6
78.5
76.7
58.7
57.3
57.3
49.7
58.1
54.9
44.0
55.4
54.7
52.0
57.4
52.9
73.9
74.4
66.4
71.1
72.0
55.8
54.2
55.0
49.4
48.7
49.1
39.3
69.9
68.5
61.8
75.4
71.4
56.3
112.4
112.3
99.2
119.2
118.9
90.5
43.9
44.9
42.6
37.0
41.3
36.5
79.8
81.7
71.4
70.4
75.0
51.9
103.6
107.3
Glass
weekly earnings during the
$114,359,838.
The
following tabulation shows the percentages of change in the Bureau's
genera] indexes of factory employment and payrolls from May to June in
products
Pottery
-
Non-Durable Goods
Textiles and their products
Dyeing and finishing textiles.
in¬
De¬
crease crease
1919
..
1.2
1929..
.8
..
1921
..
1922
..
1923
..
1924
..
1925
..
1926
..
1927
1928
..
..
_
_
1.1
.7
-
-
1931
—
1933..
3.0
1934..
.1
--
0
-
•
1936
—
1937—
.6
t
2.0
De¬
crease crease
106.5
75.8
90.7
95.7
81.9
95.3
106.2
87.8
82.9
86.8
74.7
69.3
75.0
121.7
112.4
119.5
125.1
104.1
78.7
72.1
68.4
68.4
56.1
61.5
85.9
87.9
78.9
78.8
81.4
116.5
107.6
83.1
88.9
107.0
111.5
104.4
87.6
89.9
79.4
138.0
Clothing, women's.
152.6
140.0
91.7
105.9
86.0
Corsets and allied garments.
89.7
91.4
86.3
86.3
91.8
81.9
141.9
126.2
104.0
106.0
96.6
136.8
Men's furnishings
76.6
51.4
50.7
37.3
38.6
120.2
110.8
103.2
101.6
94.6
93.6
95.1
86.8
80.4
81.6
64.6
93.7
Shirts and collars.
56.0
119.1
Millinery
95.3
86.3
73.1
74.1
57.8
35.1
98.0
99.1
92.9
108.4
110.0
112.0
107.9
107.9
115.8
111.6
98.9
136.8
134.6
128.4
134.2
130.3
115.1
222.4
Leather
Food and kindred products
207.4
199.1
259.2
236.9
220.7
-
Beverages
-
-
89.8
94.9
91.1
76.4
71.3
71.0
99.6
126.3
122.1
108.5
102.7
68.9
Canning and preserving
Confectionery
89.0
118.5
Butter
71.2
68.6
68.2
69.2
59.7
73.7
73.8
72.3
73.9
73.4
67.0
90.9
82.0
84.4
81.6
75.8
72.5
89.1
89.3
85.8
99.3
99.0
49.4
46.7
48.6
55.2
51.1
50.1
74.6
78.3
80.0
68.2
71.6
66.6
60.0
59.9
60.2
55.6
53.6
50.1
56.4
Flour
55.9
55.0
69.6
66.4
56.0
—
Slaughtering and meat packing.
Sugar, beet
-
Sugar refining, cane
Tobacco manufactures
81.2
Chewing and smoking tobacco
and snuff
60.4
Printing and publishing:
Book and job
Newspapers and periodicals.
and allied products,
53.9
52.0
49.4
98.8
104.9
105.9
89.2
103.6
91.3
104.4
106.2
85.9
120.6
Paper and pulp
60.8
107.7
103.1
Boxes, paper...
60.3
106.9
Cigars and cigarettes
Paper and printing
120.2
108.8
124.4
121.8
95.1
95.3
97.3
87.8
91.3
94.6
78.1
105.4
106.1
102.6
103.7
104.7
96.5
Chemicals
refining
refining.
-
124.1
In~
De¬
Year
crease crease
Druggists' preparations
Explosives-
124.5
110.3
137.4
136.7
105.4
123.6
124.6
108.5
136.2
136.2
103.3
138.6
137.5
118.6
154.6
152.5
113.3
28.5
45.5
47.8
37.9
41.2
42.3
108.7
108.3
100.4
119.6
118.0
99.4
95.5
90.7
82.7
103.4
103.2
83.5
74.1
104.6
59.1
79.3
116.2
54.9
2.2
1929..
1.5
Paints and varnishes
139.7
140.2
128.9
143.4
145.0
120.9
1.5
1930—
3.3
Rayon and allied products.-
391.4
384.0
336.2
392.0
382.0
276.8
Soap
103.6
103.3
96.3
116.3
113.8
94.9
126.0
124.1
117.8
141.3
138.3
112.3
100.8
103.6
89.8
103.8
109.2
89.0
72.7
56.6
153.5
110.5
102.7
89.5
1921
3.3
1922..
4.3
1923..
.2
1.5
1924
1925—
1926
.3
1.1
•
-
.2
—
—
'
—
—
-
1931..
4.9
1932..
7.1
Petroleum refining
Rubber products
1933.. 10 1
71.0
76.3
68.9
68.8
other than boots,
shoes, tires, and inner tubes.
141.5
146.6
121.5
145.0
Rubber tires and inner tubes..
92.7
93.7
82.8
98.0
5.4
—
1927—
1928
2.4
—
1.9
,
101.5
90.8
111.4
1920—
2.3
6.7
1935—
0
.1
—
—
1932
1.9
<*
89.1
98.2
118.8
1919-
.2
1930..
105.6
109.3
-
Fertilizers—
1920
65.8
109.8
Clothing, men's
and petroleum
In¬
Year
75.2
100.7
79.0
Woolen and worsted goods..
"
Year
98.0
100.3
84.4
Wearing apparel
Payrolls
De¬
76.8
94.0
83.2
118.4
Hats, fur-felt
Knit goods
Silk and rayon goods
Cottonseed—Oil, cake & meal
In¬
96.2
90.3
102.2
96.4
Cotton small wares
Ice cream
91.6
102.2
103.4
Carpets and rugs
Cotton goods—
Baking
96.2
99.8
101.7
Fabrics
Other than petroleum
Employment
crease crease
45.4
Chemicals
each of the 19 years, 1919 to 1937, inclusive:
Year
*
Marble, granite, slate & other
Boots and shoes
decreased 3.4% and firms
manufacturing rubber goods other than rubber
footwear and tires and tubes also reported a decline of
3.4%. Industries of
of
87.4
Leather and Its manufactures
workers and sugar refining and cutlery establishments
The indexes
55.8
88.9
Cement
June employ¬
received from the reporting firms.
of 4.7% and 3.7%,
respectively.
63.1
124.6
68.2
Brick, tile, and terra cotta
supplied for a number of plants affected by the
Estimates have therefore been made which will be revised when
are
84.8
166.0
72.3
Stone, clay, and glass products..
ment reports could not be
actual data
85.4
166.2
64.8
Sawmills
furnace-steel works-rolling mill industry, the labor difficulties in certain
localities resulted in
77.5
138.6
71.6
Mill work
nishings
strikes.
87.5
88.9
162.1
Lumber:
fur¬
(3.6%), and confectionery (3.3%).
Employment in the bolt,
nut, washer and rivet industry decreased 12.7%, in the lightning equipment
industry, 4.3%, and in the men's clothing industry, 4.0%.
In the blast
91.7
162.8
ware—
Furniture
dyeing and
(4.9%),
122.3
72.5
Stamped and enameled
Lumber and allied products
Other industries reporting seasonal
(9.6%), millinery
cottonseed
ware
Smelting and refining—Copper,
lead, and zinc—
The seasonal decrease of 29.1% in employment in the fertilizer
industry
the most pronounced decline shown.
60.1
time-
....
pulp (0.4%).
was
and
Jewelry..
Lighting equipment
Silverware and plated
1.6%,
rose
sawmills
and machine shops
watches
recording devices
industries surveyed and increases in payrolls were reported in 40 industries.
were
-
Steam railroad
index (81.1) show, an increase of 26.S%.
Gains in employment
72.5
64.4
Railroad repair shops
Electric railroad
With the exception of the two
immediately preceding months, the June
employment
Typewriters and parts.
Transportation equipment
-
-
.4
1934..
3.1
Rubber boots and shoes
2.0
1935..
2.9
Rubber goods,
-
—
1.6
1936..
1937..
,2
2 3
--
x
June, 1937 indexes preliminary, subject to revision.
,
842
Financial
Non-Manufacturing Industries
satisfactory.
The 16 non-manufacturing industries surveyed, with indexes of employ¬
ment and payrolls for June, 1937, where available, and percentage changes
from May, 1937 and June, 1936, are shown below. The 12-month average
for 1929 is used as the index base or 100, in computing the index numbers
for the non-manufacturing industries.
Information for earlier years is not
where
Aug.
Favourable
also
conditions
growing
1937
7,
continue
Ontario,
in
harvesting of fall wheat is about completed and the cutting of early
barley is well advanced.
In the Maritime Provinces warm, dry
and
oats
weather has continued,
needed in many
aiding the growth of most crops, but rain is
now
Damage to grain crops in Nova Scotia is feared
parts.
from army worms which have appeared in large
numbers in
some sections.
In British Columbia warm weather continues, with beneficial rains in the
available from the Bureau's records.
INDEXES OF EMPLOYMENT
Chronicle
AND
NON-MANU¬
PAYROLL TOTALS IN
FACTURING INDUSTRIES IN JUNE 1937 AND COMPARISON WITH
interior, and grain
Haying conditions
maturing satisfactory.
crops are
good, with excellent
are
crops.
MAY 1937 AND JUNE 1936
,
(Average 1929—100)
<
Statement
Employment
Payrolls
P. C. Change from
Industry
May,
June,
June,
May,
June,
1937x
1937
1936
1937x
1937
1936
„
_
—0.5
+6.8
76.2
+0.2
+11.5
90.4
+0.5
+ 1.1
+ 12.0
+0.6
+5.7
+6.7
74.4
102.8
92.0
+0.6
+13.2
+0.5
+5.4
70.7
+ 1.2
+11.6
+0.9
+8.9
88.5
—1.1
+14.3
3,346,108 short tons,
-t-2.2
-r6.7
100.1
+2.6
+ 13.6
total
_
chandising
Telephone and telegraph
light and power
78.5
and manufactured gas..
Electrlc railroad and motor
96.4
>
Electric
73.4
+0.2
+2.3
71.1
M ining—Anthracite
51.1
—0.2
50.9
Bituminous coal
78.1
+3.1
73.0
+ 14.7
+7.7
Metalliferous
79.2
+ 0.2
+0.4
+1.2
+27.9
77.0
—3.3
Quarrying & non-metallic.
55.1
+0.4
+3.1
52.1
+1.5
Crude petroleum producing
78.5
+2.4
+6.5
69.3
+2.3
+ 1.5
+6.5
+21.4
+ 18.7
+59.8
+ 18.4
+ 17.7
Services:
87.0
—0.8
+3.6
y73.9
+0.4
Laundries
93.6
+3.7
+7.3
85.4
+4.0
+5.4
78.6
+5.0
+6.3
z
—3.2
Z
+0.2
+2.8
+3.6
+ 1.2
+10.2
Dyeing and cleaning
Brokerage
92.2
Insurance
B uildlng^constructlon
z
z
—3.4
z
+ 1.2
+3.1
z
x
Preliminary.
y
Cash payments only; value of board, room, and tips cannot be
Data are not available for 1929 base.
:
+ 10.9
+ 12.6
+ 13.4
+7.9
+6.0
+26.2
verted to
sugar
Report
of
Lumber
Distribution
January-June,
21%
was
greater
shipments.
greater
than
showed
The
than
cane
July 24, 1937,
reported
business
shipments.
production
booked
and
11%
production
Reported
production reported for the week ended July 24,
1937, by 5% fewer mills, was 6% less than the output (re¬
vised figure)
of the preceding week; shipments were 3%
less than shipments of that week; new orders were
5%
above that week's orders, according to
reports to
Lumber
Manufacturers Association from
1937,
regional
covering the
operations of leading hardwood
Production in the week ended July 24,
was shown
by mills reporting for both 1937 and 1936
11% above output in the corresponding week of 1936;
shipments were 15% above last year's shipments of the
as
week
same
and
1936 week.
orders
new
The
of
hardwoods
booked orders
of
Mills,
were:
and
1937,
24,
production,
;
All
531
mills
combined;
produced 278,308,000
shipped
249,664,000
feet;
Revised figures for the preceding week
296,248,000
feet;
257,188,000
shipments,
regions except Southern pine reported orders below production during
ended July 24, 1937.
All but West Coast, California redwood
Northern
pine,
West
above
Coast
those
reported
hardwoods
of
and
showed
regions
redwood
above
lower
Northern
pine and
reported
corresponding
shipments
for
consumption,
By refiners,
67,606
mills,
raw
shipments
orders
the
were
week
last
of
than
below
only
last
last
production.
regions
to
All
year.
All
year.
production
orders
report
271,196
but
the
short
tons
219,643,000
Shipments
10% below
from
8,832,000 feet,
feet,
hardwood
90
week's
and
tively,
a
mills
9,467,000
feet;
give
Shipments
production
year
ago
239,330,000
reported
the
for
of
it
feet
Mill
groups
stocks
compared with
do
shipments,
In
week
8,132,000
of the
240,832,000
not
1,442,140 short tons
include
for
raws
on
to
determine
softwood
feet;
feet,
the
and'
feet
case
a
quotas
and Public Resolution No.
The statement of charges against the 1937
areas.
during the first six months
of the
year
released
was
on
sugar
8.
July
[This statement given in "Chronicle" of July 31, page 674.—Ed.l
The
TABLE
following is the statistical statement of the AAA:
1—RAW
AND
SUGAR:
REFINERS'
DELIVERIRES FOR
JUNE, 1937 *
STOCKS, RECEIPTS, MELTINGS.
DIRECT CONSUMPTION FOR JANUARY-
+V+Y+V'
(In Short Tons. Raw Sugar Value)
Stocks
Source of
Jan.
Supply
'/-'A
Deliveries
on
1,
Receipts
Meltings
Lost by Stocks
on
for Direct
Fire,
June 30,
Consumption
1937
cfcC.
1937
36
Cuba
42,366 1,098,591 1,057,304
4,172
Hawaii
Puerto Rico
36,369
55,862
Philippines
79,445
483,915
2,320
0
524,829
110
0
53,706
11,947
Continental,
522,007
522,783
489,691
445,225
1,398
0
55,015
46,042
100,706
146,397
72,141
319
32
0
0
3,535
2,087
0
0
7,099
59,011
56,988
0
0
0
531
531
0
0
0
199,685 2,796,S55 2,717,276
a.
8,032
36
271,196
Virgin Islands
Other countries
Miscellaneous
<
1,448
9,122
(sweep¬
ings, &c.)___.
Complied in the AAA Sugar Sectipn from reports submitted on Forms SS-15A
by 18 companies representing 23 refineries.
The companies are:
American Sugar
Refining Co.; Arbuckle Brothers; J. Aron & Co., Inc.; California & Hawaiian Sugar
Refining Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.; William Hender¬
Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.; National
Sugar Refining Co. of New Jersey; Ohio Sugar Co.; Pennsylvania Sugar Co.;
Revere Sugar Refinery;
Savannah Sugar Refining Corp.; South Coast Corp.;
Sterling Sugars, Inc.; Sucrest Corp., and Western Sugar Refinery.
son;
a Includes sugars received at refineries in Louisiana from their own
sugar mills
and not chargeable to continental quota until marketed as refined
sugar.
TABLE 2—STOCKS, PRODUCTION, AND DISTRIBUTION OF CANE AND
BEET SUGAR BY UNITED STATES REFINERS AND PROCESSORS,
JANUARY-JUNE, 1937
(In Terms of Short Tons Refined Sugar
as
Produced)
were
11,569,000 feet.
of
year
and
mills
was
shipments
and
264,747,000
were,
respec¬
received,
orders
10,366,000
9,127,000
_
249,080
890,208
2,543,980
*2,169,495
Production
a588,125
623,565
317,762
feet,
feet
and
Compiled by the AAA Sugar Section from reports submitted by refiners and beet
sugar factories.
*
Deliveries include sugar delivered against sales for export.
Exports of refined
sugar during the first six months of 1937 amounted to 40,594 tons, based on reports
of the Department of Commerce for
January-May. and a Sugar Section estimate
for the month of June.
a Larger than actual deliveries
by
through reprocessing, &c.
and
TABLE
3—STOCKS,
SUMPTION
a small amount
representing losses in transit,,
AND
RECEIPTS,
SUGAR
DELIVERIES
SPECIFIED
FROM
DIRECT-CON¬
OF
AREAS,
JANUARY-JUNE,j
1937
orders,
(In Terms of Short Tons of Refined Sugar)
Source
of Supply
Cuba..
Y.
Jan.1,1937
Deliveries
crop
report,
Rains, varying from scattered showers to heavy downpours, have been
crop
a
few points in Saskatchewan.
conditions remain unsatisfactory over most of the
province, with conditions in Alberta varying from good to
those in
Manitoba
on
the whole favourable.
a
virtual failure
Improvement has
been shown in the feed situation and the condition of pastures in the Prairies
In Quebec
growing crops has
warm,
continued
showery weather which has been ideal for
during the week, and the outlook remains
Receipts
317,762
*52,051
Hawaii.
weekly
Saskatchewan
1,139,288
2,559,659
2,775,620
941,327
15,679
218,-
hardwoods, 79 identical
ago
Beet Factories
feet,
week
same
was
Initial stocks of refined Jan. 1, 1937...
Refiners and
Factories
Refiners
10,215,000 feet.
beneficial in Manitoba and Alberta and at
generally.
date last year.
same
consumption requirements and establish quotas for various
sugar-producing
Final stocks of refined June 30, 1937.
9,476,000
as
issued Aug. 5, the Bank of
Montreal reports that "crops in the Prairie Provinces are
ripening rapidly and harvesting, which has commenced,
will be general in about 10 days."
The Bank further said:
and with
equal 1,446,907 short
the
1936, which require the Secretary of Agriculture
Stocks on
In
Raw sugar held by
processing held by importers other
+
Y \ /
of the Jones -Costigan Act
109, approved June 19,
Deliveries
feet.
Reports
238,939,000
last
were
Crops in Canadian Prairie Provinces Ripening Rapidly
According to Bank of Montreal
its
de¬
The data, which cover the first six months of the year, were obtained in
Southern
production
for the
Production
205,146,000
201,322,000 feet.
business
new
451 identical
was
and
production
8,290,000 feet and
In
These
tons; refined sugar held by refiners, 623,565 short
short
by 461 soft¬
266,739,000
was
reported
as
the
week
same
Production
24% below production.
or
077,000 feet and
mills
18% below
or
reported
as
production.
Identical
feet,
(Table 4).
corresponding
reported for the week ended July 24, 1937,
19% below production.
Last
tons
factories, 588,125
sugar
These stocks, converted to raw value,
as
Hardwood
pine.
regions
above
Southern
softwood
Northern
except
year
hardwoods reported
totaled
mills.
or
Reports
or
orders
mills
same
short
Domestic Beet
Lumber
feet,
period
the
value, total 3,346,108 short tons.
1936 week.
wood
during
2,128,901
Stocks of sugar on hand June 30 were as follows:
Total.......
week
and
form
follows:
above orders of the
feet; orders, 217,845,000 feet.
the
con¬
1935 and 1936.)
years
*
July
softwoods
229,119,000 feet.
557
7%
were
Association further reported:
During- the week ended
feet
(The
are
the Na¬
tional
and softwood mills.
was
sugar
National
associations
1937
tons; refined sugar held by beet factories, 317,762 short tons; and direct
heavier than in corresponding week of 1936.
were
during
(Table 2); by importers, 368,238 short tons (Table 3); and by
continental
liveries, converted to
Ended
business booked
All items
in
as
sugar,
than refiners.
recession from the preceding high week.
New
was heavier.
Shipments were slightly less.
some
of
1937,
the administration
week's
new
reported
consumption
(deliveries shown in Table 2, less exports); by beet
refiners,
period last
same
totaled 3,410,456 short tons.
domestic
produced to meltings of raw sugar during the
tons,
weekly average of production and
1929
for
value by using the factor 1.0571, which is the ratio of refined
raw
short tons.
computed.
Movement—Week
The lumber industry
during the week ended
stood at 80% of the 1929
of
deliveries
consumption sugar held by importers (in terms of refined sugar), 164,986
'
July 24, 1937
74%
Deliveries during the
value.
raw
in terms of raw sugar value,
refiners'
Such
Weekly
statistical
Total deliveries of sugar during the first six months of 1937 amounted to
short tons
Hotels1,(year-round)
monthly
said:
year,
bus operationg & maint.
31* its
July
on
covering the first half of 1937, consolidating
reports obtained from cane refiners, beet sugar processors,
importers, and others.
In issuing the statement the Section
90.3
_
merchandising.
Other than general mer¬
z
issued
statement
Public Utilities:
ilJk
Sugar Section of the Agricultural Adjustment Ad¬
ministration
87.1
Retail
General
Sugar Statistics of AAA for First Half
Index
June,
Trade—Wholesale
The
P. C. Change from
Index
of
of 1937—Deliveries Below Year Ago
or
Usage
258,379
Stocks on
June SO, 1937
*111,434
0
3,843
3,843
0
330
111,958
74,199
38,089
3,450
37,593
26,584
14,459
Puerto Rico
Philippines
England
271
5
China and
183
0
83
3,918
4,967
57,796
areas
Total
475,428
368,238
93
83
*1,960
Hongkong..,
Other foreign
0
*911
164,986
Compiled In the AAA Sugar Section from reports and information submitted
on
Forms SS-15A and SS-3 by importers and distributors of direct-consumption sugar.
*
Includes sugar in bond and in customs' custody and control.
TABLE
4—DELIVERIES
OF
DIRECT-CONSUMPTION
CONTINENTAL
Deliveries of
direct-consumption
CANE
to 67,606 tons, in terms of refined
sugar,
SUGAR
FROM
SUGAR MILLS
and Florida mills amounted
during the first six months of 1937.
sugar by Louisiana
Volume
Financial
145
Chronicle
of
July World Coffee Consumption Reported 2.5% Below
July, 1936
duplicate material from report forms required of the oil
industry.
It was disclosed that Federal agencies
co-operating in the revision program, which started
after operators protested a July 1 orcfer requiring an individ¬
ual well status report.
The first regional session will be
held in Dallas on Aug. 23.
Petroleum taxes, standing as the only major source of tax
income which did not decline during the depression, were
almost twice as large in the 1937 fiscal year as in 1929, the
American Petroleum Industries Committee reported.
Taxes
on the
industry and its products rose from 6.4% to 11.7%
of the country's collections since 1929.
The committee
reported that total internal revenue for the 1937 fiscal year
was
$4,386,748,168 (exclusive of $265,755,938 in social
security levies), against $2,939,054,000 in 1929.
There were no crude oil price changes .\
%
and gas
also are
World consumption of coffee during July, the first month
of
the
new
crop season,
totaled 1,873,982 bags, against
1,922,173 bags during July, 1936, a decrease of 2.5%, the
New York Coffee & Sugar Exchange revealed on Aug. 4.
Following the trend of the season which just ended, Bra¬
zilian coffees made up 998,267 bags of
the total disappear¬
against 1,097,979 in 1936, a decrease of 9.1%, while
all other growths totaled 875,715
bags, against 824,194 bags
the
July previous, an increase of 6.3%.
The Exchange
ance,
added:
Disappearance in the U. S.
a
year
a
of
Brazillian
decrease
*
Europe,
the
of
deliveries
of
8.7%.
9% at 426,000
417,000,
U.
or
were
870,000
Deliveries
of
391,000.
versus
increase
an
S.
8.5%
declined
485,267
aggregated
bags,
of
6.5%.
against
Brazils
in
800,000
Europe totaled 87,000
coffees
a
De¬
an
,
Prices of Typical Crudes per Barrel at Wells
July
1936,
(All gravities where A. P. I. degrees are not shown)
increase
an
Bradford, Pa
Lima (Ohio Oil
444,000 against
were
delivered
112,000
against
July
594,979,
407,194,
during
Europe showed
Deliveries of others
Brazilian
from
1936.
in
against
18.4%, while all others totaled 431,715 against
6%.
increase
an
of
growths
of
increase of
In
during the month,
the totals being 916,982 bags against 1,002,173
ago,
liveries
yera
843
to
other
ago,
a
1.25
Corning, Pa
than
1.42
Illinois
1.40
General
Cummings this week amplified his
investigations of independent oil
about
jobbers in the East and disclosed that Federal agents were
also investigating a number of
large oil companies in the
East to determine whether they are
violating the Sherman
Anti-Trust Act.
Although refusing to divulge the exact nature of the
charges under consideration, Attorney General Cummings
at his press
conference in Washington on Aug. 4 said they
"very likely" would include a charge of conspiring to "peg"
gasoline prices throughout the East.
He added that the
probe has bteen under way for a month.
With the denial by Federal Judge Patrick T. Stone of new
motions by defendants for bills of
particulars in Madison,
Wis., on Aug. 3, the way was cleared for the trial on Oct. 4
of the Department of Justice anti-trust cases
against major
oil companies and their executives. In
addition, three trade
publications were indicated.
The motions overruled by Judge Stone would have re¬
quired the Government to specify its charges that three trade
publications engaged in a
conspiracy with
major
oil
companies to raise gasoline prices artificially and in violation
of Federal antitrust statutes in 10 Middle
Western States.
The ruling was a denial of
supplemental motions by the
"National Petroleum News," "Piatt's
Oilgram" and the
Shell Petroleum
Corp., and an original motion by the Chi¬
"Journal of Commerce."
am
not going to
require the Government to supply
you with anything more than it has been found
possible to
provide." Judge Stone said in his ruling. "I'm not going to
require the Government to furnish you with something
you already have."
Daily average crude oil production in the United States
set a new record
high for the second consecutive period when
output rose 15,500 barrels during the week ended July 31 to
total 3,591,900
barrels, according to statistics compiled by the
American Petroleum Institute.
The production for the
final week of July was
167,100 barrels above the market
cago
"I
demand estimate for the month of the United States
Bureau
of Mines.
All of the
ana
Big Five—Texas, Oklahoma, California, Louisi¬
and Kansas—exceeded both their State allowables
and
the
figure recommended by the Bureau of Mines with Cali¬
fornia the only one to show a decline from the
previous
week's
production.
1,433,000 barrels in
476
and
the
—MOTOR FUEL STOCKS OFF SHARPLY—REFINERY RATES
SET NEW
Texas production rose 13,600 barrels to
contrast to the State allowable of
1,385,-
629,y00-barrels.
California output dipped 11,400
Aug. 5—Standard of Indiana announced, effective Aug. 9, that it would
restore to normal
advanced sharply after having scored net declines of
than 1,500,000 barrels in an
unexpected drop in the
two weeks.
were
Missouri where subnormal prices are now in effect.
dealers
on
307,551,000 barrels,
up
third-grade gasoline
was
Indiana and
made.
U. S. Gasoline (Above 65 Octane), Tank Car Lots .F.O.B.
.08
Gulf
.07 k
08 k'
Tide Water Oil Co
.08k
Shell Eastern
.07 k
Richfield OIKCai.)
.07k
.07 k
Stand. OH N. J..$.07k
Socony-Vacuum.
_
Wamer-Qulnlan..
Refinery
Other Cities—
New York—
New York-
eastern
No change in prices to
Texas
Chicago
New
Orleans.
Gulf
$.05
-.05 k
.06JS-.07
ports—
.0514
.05H-.05%
Tulsa
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas.
New York—
(Bayonne)
I
..$.05k
$.04
Los Angeles..
I New Orleans.$.05k-.05k
|
.03k-.05
.03k--04
Tulsa
Fuel Oil, F.O.B. Refinery or Terminal
Diesel 28-30 D
New Orleans C
California 24 plus D
N. Y. (Bayonne)—
Bunker C
>..$1.35
$1.05
Phila., Bunker C
$1.00-1.25
|1.35
2.20
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
27 plus
$.04k
I Chicago,
28-30 D
I Tulsa..
$.053
'
$.02k-.03
•
Gasoline, Service Station, Tax Included
s
New York
$.19
s
Brooklyn.
.19
s
I Newark
|
Boston
...$.165
—...
.18
IBuffalo.
$.175
I Chicago...—
177
Not including 2% city sales tax.
more
previous
Aug. 3 reported stocks
412,000 barrels on the week.
The Bureau of Mines
tank-wagon prices to consumers of third-grade gasoline,
kerosene and tractor fuel at most points in Illinois,
.
July 24 and
gasoline slumped 1,148,-
barrels
barrels
659,600 barrels, against 602,990 recommended
by the
Central Committee of California Oil Producers
and 605,500
set by the Bureau of Mines.
Stocks of domestic and foreign
petroleum held in the United
States reversed their trend in the week ended
HOLDINGS SPURT-
FUEL OIL
MOUNT
during the week ended July 31 despite a new
high refinery operating rate.
The American Petroleum
Institute report placed stocks at the end of this period at
70,872,000 barrels, compared with 72,020,000 a week earlier.
On the like 1936 date, stocks were 62,446,000 barrels.
Refinery holdings of gasoline were off 1,507,000 barrels
during the final week of July. This decline was only par¬
tially offset by increases of 262,000 barrels in stocks held at
bulk terminals, and of 97,000 barrels in unfinished gasoline
holdings. The heavy drain upon stocks reflected the con¬
tinued sensational improvement in consumption over 1936.
Refinery operations climbed 1.3 points to set a new alltime record high for the industry for the second time during
July. The new high of 86% of capacity was accompanied
by a gain in daily average runs of crude oil to stills of45,000
barrels, the aggregate figure of 3,425,000 barrels also repre¬
senting a new high in the industry's history.
The sharpest increase for any seven-day period thus far
this season in stocks of gas and fuel oils was scored during
the July 24 period when total inventories rose 1,949,000
barrels to 108,209,000 barrels.
Daily average production
of cracked gasoline rose 35,000 barrels to 775,000 barrels
daily.
Petroleum products exported through Los Angeles harbor
during July reached the highest total since March, 1932.
Shipments last month of 7,206,557 barrels compared with
6,380,118 in the previous month and 4,620,812 barrels during
July of 1936. The sharp rise in movements is due to increased
demand from Japan, Russia and other foreign nations.
Representative price changes follow:
264,050 barrels daily, against the State quota of
263,850
barrels, compared with the joint State-Federal allowable of
195,600 barrels.
Oklahoma production gained 400 barrels
to 637,450
barrels, against a joint State-Federal allowable of
EXPORTS
Stocks of finished and unfinished
000
1,375,100-barrel figure recommended by the
barrels and the Federal recommendation of
253,000 barrels.
Kansas climbed 2,700 barrels
daily to reach a total of 207,150
to
PEAK—GAS AND
The Standard Oil Co. of Indiana announced on Aug. 5
that, effective the following Monday, it would restore to
the normal basis tank-wagon prices to consumers of thirdgrade gasoline, kerosene and tractor fuel at most points in
Illinois, Indiana and eastern Missouri where subnormal
prices are now in effect. The company pointed out there
would be no change in prices to dealers on third-grade
gasoline.
Bureau of Mines.
A 4,950-barrel increase in Louisiana
lifted production there
to
—-—--
REFINED PRODUCTS—STANDARD OF INDIANA LIFTS PRICES
GASOLINE
statement
Petrolia. Canada—
1-22
1.21
1.30
2.10
Its
Products—Department of Justice
Investigating Maior Oil Companies in East—Madi¬
son Trials Start Oct.
4—Daily Average Crude Out¬
put Sets New High—Petroleum Stocks Advance
Attorney
.v
1.25
,
and
1.42
v
Sunburst, Mont
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over.—...
0.90
Rodessa, Ark., 40 and above
Smackover, Ark
24 and over
recent
Central Field, Mich
Mld-Cont't, Okla., 40 and above.- 1.30
Petroleum
Rusk, Texas, 40 and over—
Darst Creek
..
1.35
Western Kentucky
decline
22.3%.
$1.27
1.35
1.09
Eldorado, Ark., 40
$2.82
Co.)
on
An increase of
472,000 barrels in
holdings of domestic crude
offset only partially by a decline of 60,000 barrels in
stocks
foreign crude oil.
The Texas Railroad Commission, which met
in Austin
on
Aug. 3 with a committee of the Mid-Continent Oil and
Gas Association, announced that it will hold
a
Daily Average Crude Oil Output Up 15,500 Barrels in
Week Ended July 31
The
American
Petroleum
Institute
estimates
that
the
was
of
series of
ional
re-
meetings throughout the State to consider elimination
daily average gross crude oil production for the week ended
July 31, 1937, was 3,591,900 barrels.
This was a gain
of 15,500 barrels from the output of the previous week.
The
current week's figures remained above the 3,561,750 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
844
Financial
oil-producing States during July.
Daily average produc-
Chronicle
Aug.
7
May 1936 while sales for house heating purposes increased
Industrial and commercial uses, increased 16.9%.
tion for the four weeks ended July 31, 1937, is estimated at
3,561,750 barrels.
The daily average output for the week
ended Aug. 1, 1936, totaled 2,948,000 barrels.
Further
28.3.%.
details,
18.1%,
reported by the Institute, follow:
as
Imports of petroleum for domestic
Natural gas
sales for domestic purposes showed an in¬
7.0% for the month, while industrial sales gained
of
crease
-:
;
and receipts in bond at principal
use
United States ports for the week ended July 31 totaled 1,405.000 barrels,
daily average of 200,714 barrels, compared with a daily average of 177,286
barrels for the week ended July 24 and 182,071 barrels daily for the four
Weekly Coal Production Statistics
a
weeks ended
There
July 31.
receipts of California oil at Atlantic and Gulf Coast ports
were no
for the week ended July 31, compared with a daily average of 59,714 barrels
for the week ended July 24 and 27,321 barrels for the four weeks ended
July
31.'-'.Vvestimated daily potential refining
capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,425,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines
as
of the end of week, 70,872,000 barrels of finished and unfinished
gasoline and 108,209,000 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,
Bureau of Mines' basis, produced an average of 775,000 barrels daily
on a
during the week.
States Department of the Interior in its current weekly coal
report stated that the total production of soft coal for the
week ended July 24 is estimated at 7,247,000 net tons.
This
is an increase of 115,000 tons, or 1.6% over the output in
the
Reports received from refining companies owning 88.9% of the 4,102,000
barrel
The National Bituminous Coal Commission of the United
^
;
'
■'' A.\.
'
;
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
The accumulative production of bitu¬
tons.
This is 10.5%
ahead of 1936, but is far behind the active year 1929.
Crude oil production in 1937 which is shown below for
comparison in terms of equivalent coal continues to run
about 18% ahead of 1936 and is about 26% ahead of 1929.
The weekly anthracite report of the U. S. Bureau of Mines
disclosed that total production of Pennsylvania anthracite
during the week ended July 24 is estimated at 473,000 tons.
Compared with the preceding week this shows a decrease
of 102,000 tons or 17.7%.
The consolidated report of both
of the aforementioned organizations follows:
preceding week.
coal
minous
date is 253,371,000
to
BEEHIVE
ESTIMATED UNITED STATES PRODUCTION OF COAL AND
B. of M„
State
Interior
A''/' AAv
COKE
Four
Dept. of
Allowable
Calcu¬
Week
Change
Weeks
Ended
from
Ended
Previous
July 31
1937
Aug. 1
Week
1936
(July)
Oklahoma
629,700
195,600
Panhandle Texas
West Texas
■
;VYAA
■;
East Central Texas
East Texas
Southwest Texas
Coastal Texas
Total Texas...
637,650
+400
+2,700
631,050
200,300
541,100
207,150
80,950
—250
73,200
33,600
205,950
125,300
470,800
238,700
204,500
79,000
61,675
67,848
177,040
118,649
466,000
221,973
193,291
North Texas
West Central Texas...
—150
77,900
73,100
33,800
202,600
123,050
469,300
235,550
204,850
61,950
59,850
26,300
180,250
57,650
429,100
155,500
181,700
—200
+2,150
+2,150
+1,000
+8,650
+250
156,000
1,375,100 1,385,476 1,433,000 +13,600 1,420,050 1,152,300
North Louisiana
July 24, 1937
Commercial
Wyoming
Montana
Colorado
New Mexico
mr
6819,000
11,200
63,200
10,533
25,100
4,183
5,729,000
output.
5,699,000
4,743,000
+4,950
259,250
231,900
28,700
122,200
45,100
56,700
18,300
5,000
114,450
+500
+750
+150
+3,600
+700
28,200
120,650
44,300
29,650
113,200
35,500
39,150
15,700
4,650
74,150
*602,990
54,850
17,700
4,850
114,400
—350
2,932,300 +26,900 2,895,600 2,393,300
659,600 —11,400
554,700
666,150
3,591,900 +15,500 3,561,750 2,948,000
j
va v/o/ili-uiiua vjjl1 -t1uuuctjlb
.
any estimate of any
oil which
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED JULY
1,436,000
h29,969,000
176,800
Commercial
h32,172,000
189,800
-
fuel
Daily average..
Crude Runs
Stocks of Finished and
to Stills
Unfinished Gasoline
2,049,700
11,713
745,300
4,259
3,880,600
163,739,000
138,628,000
129,740.000
United States total.—
Daily average
Crude petroleum: c
Coal equivalent of
a
weekly output
Includes for purposes
production of lignite and
of historical comparison and statistical convenience the
anthracite and semi-anthracite outside of Pennsylvania,
Unfin'd
rmisnea
Reporting
in
C.
Daily
Total
P.
C.
P.
Aver¬
tial
Rate
Total barrels produced during the week converted to equivalent coal
barrel of oil ana 13.100 B.t.u. per pound of coal,
d Subject to revision,
e Revised,
f Sum of 30 full weeks ending July 24, 1937,
and corresponding 30 weeks of 1936 and 1929.
Note that method of computing
the cumulation differs slightly from that used In previous reports of this series
ft Estimated,
h Sum of 29 weeks ending July 17.
1 Excludes mine fuel, j Com¬
parable data not yet available.
operations,
c
nwaiiming 6,000,000 B.t.u. per
ESTIMATED WEEKLY PRODUCTION OF
669
Oper¬
At Re¬
age
ated
fineries
669 100.0
584
87.3
Appalachian.
146
129
88.4
111
86.0
Ind., 111., Ky
Okla., Kan.,
525
485
92.4
461
95.1
of final annual returns from the operators.)
Week Ended—
and
Terms., Nap'tha
Distil.
&c.,
Gas
July
State
Fuel
July 17 July 10 July 18 July 20 July 20
Oil
4,844
1,103
7,741
11,950
1,466
3,166
1,322
449
380
84.6
315
82.9
3,948
870
940
6,564
567
Inland Texas
355
201
56.5
129
357
793
757
95.5
747
98.7
356
La. Gulf
1,502
6,591
175
Texas Gulf..
1,942
164
158
96.3
149
94.3
831
694
267
3,323
1,624
8,985
2,570
91
58
63.7
38
65.5
271
1,442
8,553
121
81
414
No. La .-Ark.
Rocky Mtn.
64.2
69.7
59
95.2
821
..
62
746
90.9
543
88.9
3,136
86.0
^
72.8
3,645
California.
89
v
2,552
88
2",405
Est. Unreptd
457
289
36,826
2,790
22,885
720
790
1,501
68,955
7,331 105,489
320
2,720
4,102
4,102
4,102
4,102
3,425
39,616
41,123
3,380
23,605
23,343
7,651 108,209
7,554 106,260
x
Summary
od
of
Bureau of
Gas
Mines ba<*is.
35,062
z
July,
1936,
20,860
6,524 108,721
for
of
Gas As¬
amounted
to
$64,904,700 in May
1937,
as
com¬
pared with $60,577,900 for the corresponding month of 1936,
an
increase of 7.1%.
The manufactured gas industry
reported revenues of $30,766,300 for the month, an increase of 2.2% over the figure
of 30,007,200 reported for the same month of the
preceding
The natural gas utilities reported revenues
or 12.0% more than for May 1986.
of $34,-
138,400,
Total sales of manufactured gas for the month were
30,-
757,600,000 cubic feet, an increase of 6.4%. Natural gas
utility sales for the month amounted to 105,168,000,000 cu¬
bic feet, an increase of 14.3%.
Manufactured gas sales for domestic uses, such
ing,
2
141
323
27
18
64
71
66
57
66
109
1
water
heating,
refrigeration,
etc.,
were
as
2.4%
cook¬
below
*
*
*
389
74
165
s
s
640
558
662
494
857
1,268
221
219
218
167
291
451
Iowa
14
7
47
41
65
Kansas and Missouri
79
71
82
79
104
134
698
597
658
516
859
735
113
101
106
84
205
202
23
18
28
19
43
2
3
3
5
15
17
40
34
45
33
51
41
32
31
27
18
48
Illinois..
-
Indiana.
Kentucky—Eastern
—
_,
Maryland.
Michigan.
;
—
—
slO
42
<
52
sl4
385
359
338
281
480
854
2,019
1,698
2,022
1,651
2,666
3,680
91
59
93
113
15
-
13
12
13
21
26
57
87
239
—+»
Texas
-
78
23
39
36
24
245
229
195
151
225
31
25
26
16
38
37
1,549
1,508
1,606
1,269
1,979
1,519
481
447
493
388
677
866
76
77
87
115
1
s3
s4
5,529
9,370
11,208
—
—
61
60
Wyoming
.
*
7,132
Total bituminous coal....
a
14
87
97
Ohio
and
13
15
15
North and South Dakota
Other Western States.c
sociation showed that manufactured and natural
gas utility
revenues
8
3
188
Georgia and North Carolina
Virginia
Washington..
West Virginia—Southern.a
Northern, b
Month
The current monthly
summary of the American
s
1
14
—
Utah
dally average.
Company Statistics
May 1937
1923
218
Tennessee.
z2,958
Estimated
year.
Colorado
Pennsylvania bituminous
U. S.B.of M.
xJuly 31 *36
Avge.
1929
1935
26
--
_
New Mexico
July 24 '37
r
2
Alabama
Montana.
xEst.tot.U.S.
July 31 '37
1936
234
Alaska
Western
Reported
1937 p
11,394
266
Arkansas and Oklahoma
Mo
COAL, BY STATES
of Net Tons]
(The current weekly estimates are based on railroad carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
and State sources or
1937 p
East Coast-.
authorized
and dredge coal and coal shipped by truck from
washery
b Includes
22,175
of
A
Poten¬
V;. A? J
Beehive coke:
ments and are
Stocks
.
'
District
h38,559,000
227,500
■
j
i
production.!
[In Thousands
Daily Refining
Capacity
295,753,000
1,667,000
229,337,000
1,299,000
253,371,000
Total, Including mine fuel
31, 1937
"V
1929
1936
Pennsylvania anthracite: b
Note
The figures Indicated above do not Include
might have been surreptitiously produced.
■■
136,500
780,000
Bituminous coal: a
264,050
-
1937
date f—
Calendar year to
84,150
147,750
Total United States. 3,423,800
xr
575,000
95,800
548,000
78,000
450,000
67,200
Daily average—
Crude petroleum: c
Coal equivalent of ^weekly
114,500
605,500
473,000
-
United States total
88,650
170,600
Total East of Calif-- 2,818,300
California^.
7,288,000
1,215,000
1,189.000
Beehive coke:
Total, including mine
Michigan
July 25. 1936
e
7,132,000
production.!
+2,450
+2,500
28,400
122,100
39,800
52,900
16,200
4,700
100,800
...
17, 1937
1,208,000
Daily average
263,850
253,000
Arkansas
A July
7,247,000
Total, Including mine fuel
Daily average.
Pennsylvania anthracite: b
Total, including mice fuel
Daily average
Eastern.
-
Week Ended—
91,850
172,200
Coastal Louisiana
Total Louisiana
WITH DATA ON PRODUCTION OF CRUDE
A A •:
'
Bituminous coal: a
629,700
195,600
Kansas
•
Ended
July 31
1937
July 1
lations
(IN NET TONS)
PETROLEUM
Week
Includes operations on the N. &
on the B. & O. in Kanawha,
*
6,420
♦
7,034
W.; C. & O.; Virginian; K. & M.; B. C. & G.»
Mason and Clay Counties,
b Rest of State,
Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon.
p Preliminary,
r Revised.
8 Alaska. Georgia, North Carolina and South Dakota Included with "other Western
States."
* Less than 1,000 tons.
including
Lead
Panhandle District
Advanced
and
to 6.25 Cents,
New York,
Buying—Copper Sales Larger
on
Active
"Metal and Mineral Markets," in its issue of Aug. 5
reported that continued activity in lead brought about , an
advance in the price of one-quarter cent per pound, the first
change in this metal since April 7.
Copper sold in larger
volume, chiefly because some consumers must now replenish
their stocks.
Rumors of a higher copper market here were
not taken seriously in the industry.
The feature in zinc
was
the continued buying of foreign metal for domestic
Volume
145
Financial
Chronicle
845
consumption, owing to the temporary shortage in the home
product.
Tin stocks increased during July. The publications
furnaces operating at the rate of 115,445 tons daily, against 181
further stated:
producing 105,975 tons daily.
sales totaling 29,063
week.
previous
tons,
The improved
the price situation
and
compared with
fairly well covered under present conditions.
14 cents, Valley.
Demand
fairly active during the
13,118 tons in the
the part of some consumers to
on
in
keep
The quotation continued at
chiefly for last-quarter metal.
was
Sales of copper in the domestic market
during July totaled 62,297 tons,
which compares with 35,395 tons in June and
a
little under 50,000 tons a month.
been reduced from
months of the current year averaged
seven
Orders
the books of producers have
on
high of approximately 400,000 tons early in the year
to about 200,000 tons.
This total is still regarded as large, but it is un¬
evenly distributed.
It is reported that some consumers have reduced
their
inventories
a
the
to
should be booked daily
London
and
prices
where
point
from
moved
substantial
a
market abroad.
higher.
The
business
of
volume
in
tension
factors
were
in
Far
the
East
in
copper
London
official
warehouses
show
little
change,
Corp.;
Iron
Demand for lead in the last week
of 6.25 cents,
basis
was
in
of
excess
undertone at the close
Laughlin Steel Corp.
All
St.
Louis,
early
Sales for the week on
strong in all directions.
was
The
waiting list at the higher level.
a
consumers
represented
were
during July, with shipments to
Shipments of refined lead to
in
the
buying
STATES
48,000 tons
a
BY
MONTHS
TONS
1936
31,380
33,251
31,201
28,430
25,276
20,935
18,348
19,798
17,484
20,787
39,201
47,656
45,131
52,243
57,098
57,561
55.449
65,351
62,886
65,816
80,125
28,621
42,166
65,900
55,713
85,432
113,055
114,104
64,338
51,750
86,208
103,584
28,412
24,536
54,134
54,138
74,331
108,876
July
18,461
57,821
49,041
17,115
19,763
20,800
21,042
83,686
87,475
112,866
August
17,615
43,754
36,174
38,131
39,510
34,012
29,935
30,679
31,898
33,149
23,733
36,199
43,592
January..
February.
March...
September..
October
November..
December..
12
mos.
average
59,142
50,742
OF
COKE
producers
enter this country
can
a
January
and high grade will be more than sufficient to cover the temporary
seven
91,010
96,512
98,246
67,950
100,485
57,556
83,658
OF
FERROMANGANESE
x
Ferromanganese
1936
1937
3.211,500
2,999,218
reporting greater output of ore.
cents, St. Louis.
2,025,885
1,823,706
3,459,473
3,391,665
3.537,231
3,107,506
y
1936
2,040,311
2,403,683
2,648,401
23.060
24,766
24,228
27,757
26,765
24,988
22,725
19,667
2,586,240
34,632
34,415
18,363
15,549
19,706,593
13,528,226
170,857
128,058
3,498,858
2,594,268
23,913
20,205
20,658
March
April __i
a
Hall year
tight market for spot metal, and until
in good volume to eliminate the temporary shortage of
The market continues firm at
59,216
AND
Pig Iron
February
relieve the stiaution foreign zinc is expected to
are
IRON
1937
May
Meanwhile, producers
56,816
63,820
68,864
period of 42,356 tons
same
Some believe the tonnage already purchased from abroad of both
deficiency here.
PIG
larger than in June.
month, according to estimates in the trade.
Inquiries for zinc continue midst
57.448
1937
.103,597
107,115
111,596
(GROSS TONS)
Zinc
July
August
2,711,721
September
2,730,393
October
2,991,887
2,947,365
3,115,037
November
December
15,919
19,805
•
24,368
25.715
Sales for the week
again were in good volume, consumers booking 6,519 tons, chiefly for future
Unfilled orders of prime Western decreased slightly to 76,390
delivery.
1932—GROSS
1935
June
common
1,
1934
first half of 1937 averaged
basis Aug. 4 at 6.25 cents, New York.
metal.
JAN
decreased
The American Smelting & Refining Co. established its contract settling
domestic
SINCE
1933
movement.
Actual consumption of lead at present is at the rate of about
month.
Lorain
a
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
PRODUCTION
consumers somewhat
consumers in the
52,106 tons monthly, against production in the
a
Corpi.,
Aliquippa furnace of the Jones &
The buying has been
indications the stocks of refined lead probably
present
an
.
The number of available furnaces making pig iron has been reduced from
grades totaled 11,057 tons, which
common
10,200 tons in the week previous.
of
classes
Susquehanna unit of the Na-'
a
240 to 238 by the dismantling of the Lucy furnaces of the
Carnegie-Illinois
Steel Corp.
above the average in volume for the last four weeks.
From
banked included
offerings by producers,
the price was advanced
New York, and 6.10 cents,
open-market transactions in the
with
or
tional Steel Corp., a Cambria furnace of Bethlehem Steel
furnace of the National Tube Co., and
June
The advance of one-quarter cent did not check the buying
interest, and most sellers reported
compares
Co.
Furnaces blown out
First six months.
and the market strengthened to the extent that
Aug. 4.
Republic Steel
Martin's Ferry, Wheeling Steel Corp.; two South Chicago and
one
Indiana Harbor, Youngstown Sheet & Tube Co.; two Madeline, Inland
Steel Co.; one Mary, Sharon Steel Corp.; and the Jisco furnace of the Globe
Lead
the
the following: One Clairton, Carnegie-
were
one
April
May
Intake of scrap by custom smelters here in July totaled 9,081 tons.
to
The United States Steel Corp.
off blast, independent producers blew in
one
Among the furnaces blown in
for supplies.
holding at slightly under 20,000 tons.
on
192
July 1,
on
1932
stocks of refined copper in the hands of producers.
of
banked.
or
1, the
blown in during the
were
Illinois Steel Corp.; one Haselton, four River, one Betty,
supporting the
The July statistics for the entire industry are expected to show an in¬
Stocks
Fifteen furnaces
Aug.
on
Consumption of copper abroad is improving and buyers
who have been holding off for months are coming in
crease in
furnaces making iron
now on.
slightly
of improved conditions here
reports
gain of 11
12 and took three off blast and merchant producers blew in two furnaces.
175,484 tons in July last
Domestic sales in the first
year.
net
a
put on one furnace and took
was
buying reflected increased confidence
desire
a
was
month and four were blown out
Copper
Buying of copper in tbe domestic market
last week,
There
Year
x
30,618,797
These totals do not include charcoal pig iron,
y
254,728
,
Included in pig iron figures.
tons.
Tin
The July statistics showed that the world's visible supply of tin, including
the
Eastern
total supply
month
was a
increased
carryovers,
a
2,355
long
year
Buying here
ago.
The
tons.
25,646 tons, against 23,291
was
was
tons
the previous
week.
Prices here averaged
a
inactive,
shade lower
United States deliveries for July amounted
4,980 tons, against 6,645 tons in June,
Chinese tin,
cents; 4,
99%,
was
quoted nominally
as
follows:
July 29, 57.750
57.250 cents; 31, 57.250 cents; Aug. 2, 57.500 cents; 3
cents; 30,
57.625
,
57.750 cents.
Correction—Chinese tin, 99%, July 26, 57.875 cents,
DAILY PRICES OF METALS ("E. & M. J." QUOTATIONS)
Straits
Electrolytic Copper
Tin
Lead
Zinc
New York
Dom.,Refy. Exp., Refy.
Backlogs Declining
New York
St. Louis
better deliveries to customers, but are still substantial
enough
assure
a
continued high rate of production through
August, particularly if the expected upturn in buying for
autumn requirements gets under
way this month, of which
there are already scattered indications.
A leading Chicago
producer, for example, has booked the largest volume of
new business in four weeks,
largely a reflection of the out¬
standing activity in farm machinery and equipment.
The
"Age" further reported:
The automobile industry, slower than expected in making volume
pur¬
chases for 1938 models, will come into the market in
59.000
6.00
5.85
7.00
the next two
13.775
14.100
58.500
6.00
5.85
7.00
for
13.775
14.100
58.500
6.00
5.85
7.00
14.100
58.750
6.00
5.85
7.00
13.775
14.125
68.875
6.00
5.85
7.00
4
13.775
14.150
59.000
6.25
6.10
7.00
_
.
13.775
58.771
14.096
6.042
5.892
7.00
An
Lead
Zinc
Spot
56%
57716
3M
56'3,6
575,6
Holi day
(Bid)
3M
Commerce Commission
might
64^
64^
252%
The "Iron
cars,
Rys., while
23
railroads.
It
was
freight rate advances
would
now
until
late
in
the
year,
not
on new work almost
immediately.
from the Texas & Pacific for
The Cambria & Indiana is
cars.
the Virginian will rebuild 1,000 gondola cars
Sorocabana Rys. of Brazil.
Holi day
Holi
22'316
227,6
50
day
235,6
23 X
23 X
2354
Up Almost 9% in
Daily Rate
Age" in its issue of Aug. 5 stated that production
pig iron in July, at 3,498,858 gross tons, compares
with 3,107,506 in June.
The daily rate last month rose
almost 9% over that in June or from 103,584 to
112,866
tons, which was almost up to the rate which prevailed before
the strikes in May.
The "Age" further reported:
on
large capacity in its own shops, and the Peoria & Pekin Union has ordered
Export inquiry includes 45 locomotives for the South African
cars.
an
order for 500 steel box
cars
has been placed
here by the
Foreign inquiry for steel is showing renewed signs of life.
such as Greece and Turkey, which usually buy from Germany,
to this country.
Countries
are
looking
British mills have bought 100,000 tons of semi-finished
but still haven't enough to supply their needs,
with their finished steel output sold to the end of the year.
Some business
steel
on
the
Continent,
semi-finished
at our domestic
of coke
the
in¬
new
perhaps the
autumn traffic volume that may tax their
1,000 box cars and 100 hopper
in the market for 500
in
Iron Output
an
shops are in position to take
23
22%
Prices for lead and zinc are the official buyers' prices for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers'
prices.
All are in pounds sterling per long ton (2,240 lb.).
July Pig
total
relieve a
possible car
shortage this fall, the equipment would be received in time to replace
cars that might get into bad order from excessive
usage.
A number of
3M
22%
5713,6
57 X
by
decision
a
equipment purchases
purchases
2254
22 X
57'3,6
57 H
new
Spot
260%
3
While
2254
Hoi.
4
announce
additional
postpone
3M
261
Aug.
movement
of
appearance
both domestic and foreign,
buying
but the roads are faced with
facilities.
227,6
2254
6i%
Aug.
to
Spot
263)4
Holi day
260 %
262 X
secondary
22 %
64
261%
259%
a
minimum,
a
thought that the pending wage controversy and the failure of the Interstate
of
Spot
buying at
running considerably behind shipments.
The largest domestic railroad inquiry is
Electro.
July 29^
July 30.
Aug. 2
of
bigger way within
a
ushering in the fall buying movement
automobile
unexpected development at this time is the
500 to
Tin, Std.
With
quiries for railroad equipment,
car
Copper
three weeks, perhaps
volume of new steel business is
Daily London Prices
Copper, Std.
or
industry generally.
forerunner
Average prices for calendar week ended July 31 are:
Domestic copper f.o.b.
refinery, 13.775c.; Export copper, 14.008c.; Straits tin, 58.896c.; New York lead,
6.00c.; St. Louis lead, 5.85c.; St. Louis zinc, 7.00c.; and silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
Continues
to
14.000
13.775
Average
Production
85%
The Aug. 5 issue of the " Iron Age " stated that steel
companies' backlogs of orders are steadily declining, affording
St. Louis
July 31
Aug. 2
Aug. 3
Aug.
Steel
at
13.775
July 29
July 30
but
a
fair call for nearby metal abroad, chiefly from Japan, which
support to the market.
some
than in
to
Arnheim
the end of July
previous and 16,759 tons
but there
gave
and
at
and finished steel has
been
negotiated
here
for
Britain
prices.
The domestic steel situation continues to show the contrary trends of
recent
weeks—the smallest
volume
high rate of steel production and
of
an
new
business in
many
months,
a
excited and steadily advancing scrap
market, which in the past week has received impetus from
a
larger volume
of steel mill purchases.
Ingot
production
There has
85%, and
been
a
a
is
estimated
at
85%,
unchanged
sharp increase in the Youngstown
gain of one point in the Cleveland-Lorain
from
area,
area,
last
week.
from 78%
to
both districts
Financial
846
Chronicle
"Steel"
showing that difficulties resulting from recent strikes have been overcome.
The
Pittsburgh
operating
holding steadily,
down one point
rate is
84%,
to
Chicago is
St. Louis, where a decline of
100 to 90%, and
several points has occurred.
Scrap dealers
are
Advances of 50 cents at Pittsburgh and Chicago
for the
same
and
unchanged price at Philadelphia have raised the "Iron
an
Age" scrap
and $3.34 above the
composite to $20.42, within $1.50 of the year's peak
June low of $17.08.
3,498,858
tons, against 3,107,506 tons in
gross
June, when many
of
The daily rate of 112,866 tons in July was a gain
furnaces
were
9%
the daily average of 103,584 tons in June, but did not quite reach
over
idle.
the highest for the year thus far.
There
On Aug. 1 the
number in blast was 193, operating at a rate of 115,445 tons a day.
All
but 45 of the potentially active furnaces are in service, and many of those
the May figure of 114,104 tons,
was
a
idle
net
are
Lake
were
Superior
month, at
shipments last
ore
10,704,457 tons,
:
THE "IRON
AGE"
Finished
2.605c.
2.605c.
2.159c.
-
One year ago
These products represent
85% of the United States output.
High
2.605c.
Mar.
1936
2.330c.
Low
2.330c.
Mar.
9
Dec. 28
2.130c.
2.084c.
of the August
1
2.124c.
Jan.
8
Apr, 24
3
2.008c.
1.867c.
Jan.
Oct.
Apr.
2
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
Oct.
2.273c.
*
2.018c.
7
Jan.
Dec.
The
Deliveries
tonnages.
One week ago
One year ago
furnace and foundry Irons at Chicago,
Philadelphia,
Valley,
Buffalo,
$23.25
Mar.
$20.25
9
Feb.
16
19.73
1935
-
Nov. 24
18.73
Aug. 11
18.84
1936
Nov.
17.83
May 14
5
16.90
Jan.
Dec.
5
13.56
Jan.
£■;;;
-
no
due
is
demand.
of automotive
lack
to
Tin plate
Plate backlogs extended to four weeks
books.
announcement has been made on fourth quarter price for gal¬
vanized sheets
jobber
the leading southern
allowances
flat
on
producer has scheduled a change in
galvanized
merchant
and
sheets
galvanized
This is viewed as an effort to harmonize northern and
roofing and siding.
southern mill policies.
Farm
continue activity and profitable crops
Other steel
equipment manufacturers
summer
indicate that this will be continued into the fall.
buying power from agricultural districts.
Resumption of operations by National Tube Co. at Lorain, Ohio, after
vacation, with advances of 2 points at Youngstown,
a
point at Chicago
1
brought the national operating rate
1 point in eastern Pennsylvania
The Cleveland district rose
Chicago rose 1 point
84%, 3 points above the preceding week.
31 points to 82%, equal to the best rate this year.
85%, Youngstown 2 points to 80 and eastern Pennsylvania 1 point to
to
Pittsburgh was unchanged at 83%, Wheeling at 92, Buffalo at 88,
71%.
Birmingham at 96, New England at 90 and Cincinnati at 93.
Detroit lost
3 points to 92% and St. Louis 13 points to 80%.
Eastern platemakers are interested in new
bids on the liner for the United
bids have been rejected in each of several openings.
Jan.
5
13.56
Dec.
6
May
1
Previous
The craft will require
about 16,000 tons of hull steel.
Virtual absence of the Ford Motor Co. from the automotive picture again
turned out
and Ford
production to
a
total of 86,448 units.
General Motors
48,892, slightly under the 50,040 the previous week.
were
the
same
as
Chrylser
the former week with 26,550 and 655, respec¬
V"V.
tively.
3
14.81
17.90
-
1932
While
27
16.90
1934
1933
being bettered in practically all
in many cases.
or more
last week held down
Low
High
1937
are
being pressed by canmakers and are operating at full capacity,
are
with large tonnages still on
and
Southern Iron at Cincinnati.
18.84
new
weeks, but sheet deliveries by some mills
States Lines, which will be taken by the Maritime Commission.
Based on average of basic Iron at Valley
$23.25
23.25
One month ago
condition
latter
producers
9
Pig Iron
Aug. 3, 1937, $23.25 a Gross Ton
every
still 15 to 20 weeks on hot-rolled and six to seven weeks on cold-reduced.
are
to
2
Mar. 10
2.0150.
2.199c.
-
way.
bending
are
possible, to provide capacity for
as
lines, and some can be obtained at what is regarded as a normal delay.
and
1933
1935
steelmakers, who
by
far
Steel for 1938 model automobiles is relied on to provide some
bookings.
wire, rails, black pipe, sheets and hot
rolled strips.
1937
1934
as
products used on the farm are also moving well, reflecting the increased
Steel
Based on steel bars, beams, tank plates,
Lb.
One week ago
One month ago
1930
fall programs get under
This opinion is generally held
effort to clear their books
this
COMPOSITE PRICES
"
Aug. 3, 1937. 2.605c. a
The quiet
of August, with the latter part
and the highest July movement
the third largest monthly movement
record.
on
the low point in buying.
July probably represents
of the month expected to show an upturn as
gain of 12 active furnaces during the month.
high cost units that cannot be run at a profit under present con¬
ditions.
appearing that the bottom of the summer lull has been reached
are
that
Bars can be shipped in one to two
Recovery from steel strikes is shown by July pig iron production, which
totaled
Signs
and
On bids for automotive
Michigan, dealers' bids showed a variation of as much as $2.50
material.
Cleveland, in its summary of the iron and
Aug. 2 stated:
of
condition is likely to continue through part
scouring the country for material and frequently are
bidding above the prices that mills have paid.
scrap in
1937
7,
steel markets, on
most other districts except Detroit, where opera¬
as are
tions have declined from
Aug.
A+-1"'
Scrap prices are rising rapidly, revealing the strength which has been
remained out of the
repressed during the mid-summer season when melters
1931..
15.90
Jan.
6
14.79
Dec.
15
market.
1930
18.21
Jan.
7
15.90
Deo.
16
Pittsburgh
Steelmaking grades
and in the
$1 to $1.50 last week at Chicago, $1 at
rose
Dining July this
Pennsylvania district
eastern
*
market has retrieved two-thirds of the losses encountered in early summer.
Steel Scrap
,
Based
Aug. 3, 1937, $20.42 a Gross Ton
One week ago
$20.08
One month ago
One year ago
17.42
on
No.
1
melting
heavy
14.25
High
In
some
Mar. 30
$17.08
June
15
sentiment is that
no
17.75
1936
Dec. 21
12.67
June
9
to cover ahead in
expectation of
Dec. 10
10.33
Apr.
23
1934
13.00
Mar. 13
9.50
12.25
Aug.
8
6.75
Jan.
1932
8.50
Jan.
12
6.43
July
5
1931
11.33
Jan.
6
8.50
Dec.
29
1930
15.00
Feb.
18
11.25
Dec.
9
3
The American Iron and Steel Institute on Aug. 2 an¬
nounced that 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 85.5%
of capacity for the week beginning Aug. 2, compared with
84.3% one week ago, 67.3% one month ago, and 71.4% one
year ago.
This represents an increase of 1.2 points, or
1.4% from the estimate for the week ended July 26, 1937.
Weekly indicated rates of steel operations since Aug. 3,
1936, follow:
1936—
Aug.
Nov. 16...
3
71.4%
Aug. 10
70.0%
Nov. 23
Aug. 17
72.2%
72.5%
71.5%
-.68.2%
72.5%
Nov. 30
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
74.4%
Sept. 28._„.75.4%
Oct.
5
75.3%
Oct. 12
75.9%
Oct. 19
74.2%
26
Dec.
Dec.
7
14
Dec. 21
Deo.
28
74.1% Feb. 22
1!
74.3% Mar.
76.9% Mar. 8
76.6%
79.2%
77.0%
77.0%
4
Mar. 15
Mar. 22
89.6%
90.7%
89.9%
Mar. 29
Apr.
Apr.
5
12
79.4% Apr.
19
1937—
Jan.
82.5%
85.8%
87.3%
88.9%
7.....76.2%
76.6%
75.9%
June 28
.75.0%
July
5
67.3%
July 12
82.7%
July 19
82.5%
78.8 % Apr. 26
80.6% May
3
25
77.9% May 10
84.3%
85.5%
2
91.2%
1
2
74.3%
74.7%
Feb.
Nov.
Feb.
8
Nov.
9
74.0%
Feb.
15
91.0%
79.6% May 17
80.6% May 24
Higher
scrap
practically to the level of
of the
year,
in April.
prices raised the iron and steel composite 16 cents to $40.27.
Finished steel composite is unchanged at $61.70.
Steel
ingot production for the week ended Aug. 2, is placed
85% of capacity according to the "Wall Street Journal"
of Aug. 5.
This compares with 82 % in the previous week and
with 83% two weeks ago.
The "Journal" further reported:
at
U. S.
Steel is estimated at 83}$%, against 78% in the week
81% two weeks
ago.
before and
Leading independents are credited with 86%, com¬
pared with 84% in the two preceding weeks.
The following table gives a comparison of the percentage
with the nearest corresponding week
in
points,
of production
of previous years, together with the
from the week immediately preceding:
+3
1936
67
46
40 H
+
1934
14
31
—
H
H
58
+
94
1927
65}$
}$
—1
15}$
98
76
J4
—
—1
58
68
—3
—4
29
64}$
—2
72
26}$
+1
33
—2
1928
91.0%
81.6% May 31—..77.4%
+ 1}$
—1
24
H
—
1929.
90.0%
—1
—1
13
55
1932
+2
76
50}$
H
51
26
1933
86
+5}$
+1
72
1935
83}$
+1
85
Independents
United States Steel
Industry
1937
1930
26
92.3%
Jan
This is an increase of $3 since
$20.
the end of April and within $1.08 of the high point
1931
July
11
rise of $1 in the scrap composite, to
June 21
Aug
18
a
June 14
90.3%
Jan.
Melters have not yet been led
rise.
June
91.3%
Jan.
a
the final week of June and brings the composite
approximate changes,
1937—
1937—
1936—
change will be made.
Advancing prices of steelmaking scrap in all consuming centers has caused
Sept. 25
1933
Pig iron is the
expected while in others the
quarters an advance is
13.42
1
1936
quarter, most producers
the course of the scrap and export
exception, makers desiring to watch
$21.92
1937
Oct.
have been generally covered for fourth
having followed the lead of Carnegie-Illinois Steel Corp.
markets.
Low
•
Prices
steel
quotations at Pittsburgh, Philadelphia
and Chicago.
53
Vi
T
—2
91
+1
•
—1
^
69
—1
—3}$
63
—2
_
Current Events and Discussions
The Week with the Federal Reserve Banks
During
the week ended Aug.
balances decreased
bank
reserves
$140,000,000.
resulted
from
4
member bank reserve
The reduction in member
increases
of
$81,000,000
in
parison with the preceding week and with the corresponding
date last year, will be found on pages 892 and 893.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
Aug. 4, 1937, were as follows:
Increase
Treasury deposits with Federal Reserve banks, $44,000,000
in
money
in circulation and $15,000,000 in non-member
deposits and other Federal Reserve accounts, and from a
decrease of $2,000,000 in® Treasury currency.
Excess re¬
serves
of member banks on Aug. 4 were estimated to be
approximately $700,000,000, a decrease
of $110,000,000
for the week.
Inactive gold included in the gold stock and
in Treasury cash amounted to $1,231,000,000 on Aug. 4,
an increase of $29,000,000 for the week.
The principal changes in holdings of bills and securities were an increase
of $5,000,000 in United States Treasury bills and a decrease of
in United States
$5,000,000
Treasury notes.
The statement in full for the week ended Aug. 4
com¬
or Decrease
Since
Bills bought
U. S. Government securities
Industrial
advances
(not
July 28, 1937
$
Bills discounted
£
15,000,000
3,000,000
2,526,000,000
(—)
Aug. 5, 1936
$
+11,000,000
-
-
+96,000,000
including
515,000,000 commitm'ts—June 00)
Other Reserve bank credit
21,000,000
—1,000,000
—4,000,000
+2,000,000
—8,000,000
—1,000,000
2,561,000,000
12,462,000,000
2,572,000,000
+1,000,000
+29,000,000
—2,000,000
+98,000,000
+1,812,000,000
+76,000,000
Member bank reserve balances
6,636,000,000 —140,000,000
Money in circulation
6,468,000,000
3,605,000,000
309,000,000
+44,000,000
+29,000,000
+81,000,000
+631,000,000
+305,000,000
+1,178,000,000
578,000,000
+15,000,000
Total Reserve bank credit...
Gold stock
Treasury currency
Treasury cash
Treasury deposits with F. R. banks-
in
(+)
Aug. 4, 1937
Non-member deposits and other Fed¬
eral Reserve accounts...
—130,000,000
+3,000,000
Volume
Returns
Financial
145
of
Member
Banks
in
York
New
Chronicle
847
Increase
and
City
Chicago—Brokers' Loans
July 28, 1937
Below is the statement of the Board of Governors of the
Federal Reserve
System for the New York City member
b'anks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
bhnks, which latter will not be available until the coming
Monday:
Liabilities—
Demand
*
CENTRAL RESERVE
Assets—
Loans—total
industrial,
Aug. 5
Aug. 4
1936
1937
Otherwise secured & unsec'd
Open market
Loans
to
240
1,503
*
32
31
1,496
*
444
425
*
160
and dealers
160
*
29
29
*
1,141
52
55
75
76
14
14
945
tions to
40
Other loans for purchasing or
carrying securities
272
Loans to banks
272
134
Real estate loans
134
124
133
110
228
*
240
29
2
15
5
2
25
Otherwise secured & unsec'd
197
185
2,978
U. S. Govt, obligations
*
24
3,004
*
42
*
36
907
3,863
917
*
1,124
Obligations fully guaranteed by
United States Government...
446
451
491
100
100
92
973
966
1,120
294
292
2,311
2,458
2,369
561
580
302
573
Other securities
Reserve with Fed. Res. bank...
Cash in vault
49
51
Aug. 1 that it
Spain
to any other country without a permit.
or
The orders became effective
July 31.
Spain was last referred to in the "Chronicle"
of July 31, page 680. It was reported unofficially this week
that the Vatican had decided to recognize the rebel govern¬
ment headed by General Franco, who would appoint an
Ambassador to Vatican City.
Meanwhile, on Aug. 4,
General Jose Miaja, commander of Spanish loyalist troops,
declared that the insurgents had lost 20,000 men fighting
against Government troops west of Madrid, and had suf¬
fered a disastrous collapse of morale.
Associated Press
Madrid advices of Aug. 4 quoted him as follows:
The
*
Other loans:
On securities
on
had prohibited the enlistment of Canadians on either side in
the Spanish civil war, and had forbidden the export of muni¬
*
1,175
paper
brokers
The Canadian Government announced
and
238
—918,000,000
+179,000,000
+32,000,000
Forbids Export of Munitions to Spain—Re¬
ported Vatican Has Recognized Insurgent Govern¬
ment—Loyalists
Claim
Credit for
Collapse of
Enemy Morale
1936
agricultural loans:
On securities
601,000,000
32,000,000
Comparable figures not available.
Chicago
July 28 Aug. 5
1937
$$$$$$
8,428
8,399
8,627
2,016
2,001
2,079
4,031
3,978
3,153
715
692
561
Loans and Investments—total..
Commercial,
July 28
1937
—57,000,000
—23,000,000
+ 14,000,000
430,000,000
Canada
New York City
1937
$
+183,000,000
+253,000,000
—393,000,000
CITIES
(In Millions ol Dollars)
Aug. 4
(—•
July 29.1936
$
5,020,000,000
Foreign banks
Borrowings
or
Decrease
Since
+ 15,000,000
+ 17,000,000
+ 1,000,000
15,033,000,000
5,268,000,000
Domestic banks
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
$
deposits—adjusted
Time deposits
United States Government deposits
Inter-bank deposits:
(+)
July 21, 1937
in
war
50
27
29
30
67
68
74
137
147
.194
445
446
451
62
62
69
~5,978
732
239
6,073
759
224
6,195
1,508
1,521
1,507
573
454
453
434
triumphant,
191
42
32
101
and checking further
1,897
555
29
1,918
2,460
532
548
652
553
381
7
7
6
Other liabilities
388
396
344
17
18
22
Capital account
1,482
1,474
1,427
241
240
223
Balances with domestic banks..
Other assets—net
Demand
deposits—adjusted
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
....
The
chief of the
"The
25
2
....
Brunete
inflicted
Government's
advances
asserted
forces
his
were
operation was
staggering losses
the western salient.
on
clearly
the
on
success,"
a
Insurgents,
ment's offensive power and forced the
,
forces
central
though the Insurgents succeeded in recapturing Brunete
even
"because it
he said,
demonstrated
Insurgents hastily to
the
Govern¬
battle
summon
units from other civil war fronts.
Says Franco's Plans Are Spoiled
*
Comparable figures not available.
General Miaja declared one of the principal achievements of the counter-
offensive
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As
shatter
to
was
General
Francisco
Franco's
entire
summer
"It
the first time we had carried out
was
an
attack demonstrating our
offensive power, and for the first time the enemy discovered we had passed
explained above, the statements of the New York and
Chicago member banks are given out on Thursday simul¬
taneously with the figures for the Reserve banks them¬
selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
from the defensive to the offensive, proving a great danger to their
of Governors of the Federal Reserve
towns,
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 July 28:
The condition statement of weekly reporting member banks in 101
leading
cities shows the following principal changes for the week ended,
July 28:
Increase of $44,000,000
States
reserve
in loans and $43,000,000 in holdings of United
direct obligations;
a
decrease
of
$71,000,000 in
balances with Federal Reserve banks; and an increase of
$14,000,000
Government
from Federal Reserve banks.
In borrowings
and agricultural loans .declined $17,000,000 at
banks in New York City and increased somewhat in
of the other districts, all reporting member banks
showing a net
reduction of $1,000,000 for the week.
at
Loans to banks increased $19,000,000
reporting banks in New York City.
in New York
Holdings
"Other loans" increased $11,000,000
City and $14,000,000 at all reporting member banks.
of
United
States
Government
Government declined $7,000,000 in New York City.
Holdings of "other
securities" declined $10,000,000.
Demand deposits-adjusted increased $21,000,000 in the
Chicago district,
in the Cleveland district and $15,000,000 at all
reporting
banks.
Time deposits increased $16,000,000 in New York
City
at all reporting member banks.
Deposits credited to
$17,000,000
domestic banks declined in most of the districts, the
aggregate net decrease
being $57,000,000.
at
line,"
.
"One of the consequences of this is the news that the enemy has ordered
mobilization of all
"We have
our
men
clearly
between the ages of 18 and 45.
proved we have admirable defensive powers.
With
forces occupying Brunete, Signoa, Villaneuva de la Canada and Villadel
nueva
all the
"A
Pardillo, the Rebels made the maximum effort, concentrating
means
great
at their
disposal to reoccupy them.
of aviation
mass
constantly
operated
particularly Brunete, dropping bombs
of artillery shelled us continually.
mass
"In
brief,
they
did
everything
they
on
could,
Brunete, they desisted from further attacks.
over
our
these
conquered
A great
positions.
and,
having
reoccupied
In fact, they could not break
defenses."
our
Associated Press advices from Hendaye, on the FrancoSpanish Frontier, yesterday (Aug. 6) reported the admission
by the insurgent command that Huesca, General Franco's
upper Aragon stronghold, has been virtually surrounded.
Franco's
Deposits credited to foreign banks declined $27,000,000
officers
reported that
the attacking troops
threatening
were
the city of 24,000 from three sides and from the skies.
Since the start of the long campaign against Huesca 50,000 Government
bombs and shells
were
Almost 500 civilians
estimated to have crashed into the ancient capital.
were
said to have been killed in these bombardments.
where dwelt the kings
of Madrid and about
northeast
of ancient Aragon, is about 210 miles
140 miles northwest of Barcelona,
of autonomous Catalonia, the Madrid-Valencia ally.
declared that Huesca
was
capital
Insurgent authorities
"almost impregnable" behind heavy fortifications.
Gen. Sebastian Pozas, commander of the Loyalist forces in the northeast,
after two
$11,000,000
and
v
Huesca,
direct
obligations increased
$38,000,000 in New York City and $43,000,000 at all reporting member
banks.
Holdings of obligations fully guaranteed by the United States
member
said General Miaja.
The advices also noted:
Commercial, industrial
reporting member
most
war
plans.
months
been turned into
a
of reorganizing
the Catalan forces, said that they had
strong offensive army and that they threatened to sever
insurgent communications on the long Aragon front.
An Ottawa dispatch of Aug. 1 to the Montreal "Gazette"
(by F. C. Mears, "Gasette" resident correspondent), gave
the following details of Canadian action regarding Spain;
reporting banks in New York City.
Borrowings of weekly reporting member banks amounted
on
July 28,
to
$32,000,000
increase of $15,000,000 being reported by member banks in
New York City.
an
principal assets and liabilities of the
member banks, together with changes for the
week and year ended July 28, 1937, follows:
Increase
(+)
Decrease
or
Assets—
$
Loans and investments—total
22,283,000,000
-9,784,000,000
Loans—total
Commercial, industrial, and agri¬
July 21, 1937
§
July 29, 1936
5
4-70,000,000
—95 000 000
+44,000,000 + 1,490,000!000
581,000,000
Otherwise secured and unsec'd
Open market paper.a
+2,000,000
*
3,844,000,000
464,000,000
—3,000,000
+5,000,000
*
securities, b
+6,000,000
701,000,000
—2,000,000
+1,000,000
+21,000,000
1,163,000,000
Loans to banks
150,000,000
Other loans:
On securities
721,000,000
Otherwise secured and unsec'd
U. S. Govt, direct obligations
Other securities
Reserve with Fed. Res. banks
Cash in vault
Balances with domestic banks
establish
an
effective
con¬
engaged in the Spanish hostilities, and the former gives
the customs law and widening the scope of that measure.
Order-in-Council
providing for more rigorous
"prohibits the export from Canada of arms,
war
arms
traffic control
material, aircraft, aircraft
engines or munitions to Spain or Spanish territory, directly or indirectly."
This
Canada undertakes to prevent the movement of munitions into
means
Spain either through her own ports or through Portugal, but
as
the latter
Already
*
there is
believed
to
munitions from Canada to
enforcing the regulations.
have
been
a
considerable
movement
of
Spain Ada Portugal in the month of June,
while there was for the first time since the war began a complete stoppage of
1,363,000,000
guaranteed
ment in the armies
+236,000 000
Canadian exports to
Spain direct there
or
Real estate loans
fully
to
final approval to the regulations authorized under the legislation amending
war
and dealers in
United States Government
designed
Canada may have some difficulty in
On securities
Obligations
are
the export of war munitions and over enlistment in foreign forces.
country is not yet ready to be subjected to the scrutiny by other parties,
cultural loans:
loans for
purchasing
carrying securities..
over
The
(—)
Since
July 28, 1937
Other
trol
The latter results from last session's legislation designed to prevent enlist¬
A summary of the
reporting
Loans to brokers
Three Orders-in-Council approved by the Cabinet last Wednesday and
just released for publication
+19 000 000
+92 000'000
8,283,000,000
+2,000,000
*
+12,000,000
*
+43,000,000 —1.173 000
1,188,000,000
3,028,000,000
5,231,000,000
—7,000,000
—10,000,000
—71,000,000
311,000,000
+11,000,000
—74 000 000
1,753,000,000
—32,000,000
—690 000 000
797,000,000
was
a
quadrupling of exports to
Portugal, and as over 90% of these were airplanes, airplane parts and rubber
*
000
tire
casings
there is
a
strong presumption that most of these eventually
reached war territory.
Strike Forces Bank in
Tampico, Mexico, to Close
by
—84 000 000
—328 000 000
+372'000
000
According to United Press advices from Tampico, Mexico,
the branch in that city of the National Bank of Mexico
suspended operations on July 30 after employees struck to
force acceptance of a collective contract.
The advices,
Financial
848
dated
July 30, revealed that similar bank closings already
reported in Guadalajara and San Luis Potosi.
have
been
♦
States
China
China—Entire
North
on
War
Reported
Placed
Basis
Hopes for
a
speedy end to the conflict between Japanese
forces and troops of the Northern Chinese army brightened
late this week, as emergency conferences by Chinese Govern¬
leaders
ment
conducted
were
Outbreak of
Nanking.
at
fighting in China was described in the "Chronicle" of July
3a, pages 679 and 680.
Two Japanese armies this week
continued to advance southward through Hopeh province to
meet oncoming Chinese Government troops.
In Washing¬
ton, Senator Lewis oh Illinois demanded that the United
States withdraw its troops from North China, asserting
that their presence in Tientsin endangered American peace.
He declared that any time these American troops might
clash with Japanese soldiers.
The Sino-Japanese situation was summarized as follows
in the following Shanghai dispatch of Aug. 5 to the New
York "Times":
Brought together by the most serious crisis in China's modern history,
a
in
leaders, some of whom
potent group of the nation's outstanding military
wield dictatorial power in their own sections
one
time
or
another been bitter military and
of whom have at
and many
political rivals, met yesterday
Nanking to consider the Japanese threat to the integrity of China,
General Pai Chung-hsi,
One of the most powerful to join the group was
who flew up
but it has
refused to discuss this.
Copies of the full communique are being mailed
from London and will be
yesterday morning from Kwangsi Province, where he exercises
Also arriving at
of Peiping,
who fled the city a week ago in the face of a Japanese attack, and General
Shih Ching-ling, both representing the defeated Twenty-ninth Army.
Brazilian
New York
Plan to Be Formulated for Future Service on
Bonds—Debt Situation Discussed in
Troops from
United
of
for payment of the current coupons,
temporary arrangement
1937
made available to bondholders here in due course.
Conferences by Chinese Leaders Lead to Hope of End
of Conflict with Japan—Senator Lewis Demands
Withdrawal
Aug. 7,
Chronicle
.
July 30 by the Minister of
Finance of Brazil and the Foreign Bondholders Protective
Announcement
was
made
on
that they had carried on con¬
regarding the Brazilian debt service.
The various aspects of the problem were discussed, the an¬
nouncement disclosed, including the desire of the Brazilian
Government to find a definitive solution to this problem.
As
a result of these conversations the Minister will, upon
his
return to Brazil, draw up in conjunction with the repre¬
sentatives of the States and Municipalities, a proposal which
he will then submit to the Council as the basis of an arrange¬
ment for the future service of the bonds.
Inc., New York,
Council,
versations in New York
—
Bulgaria Extends to Oct. 30 Offer for Settlement of
Partly-Paid Coupons on 7% Settlement Loan 1926
and
7%% Stabilization Loan 1928
Speyer & Co. and J. Henry Schroder Banking Corp., as
American fiscal agents for the Kingdom of Bulgaria 7 %
Settlement Loan 1926 and 73^% Stabilization Loan 1928,
have been advised of an announcement by the League
Loans Committee (London) that the offer referred to in
their communique of Nov. 16, 1936, of an additional pay¬
ment in settlement of the balances due on part-paid coupons
matured after Jan. 1, 1935 has been extended.
Although
personal rule in partnership with General Li Tsung-jen.
the great
Nanking yesterday were General Chin Teh-chun, former Mayor
in acceptance of the
who recall that they
Others in the gathering included Generals
Province,
Hsi-shan of Shansi,
Yen
Chiang Kai-shek and
and
division
an
Yu Han-mou of Kwangtung
Generalissimo
Chien of Hunan,
Ho
imposing representation of
Nanking staff officers
leaders.
Chiang and Pai Confer
the fact that Chiang Kai-shek and Pai
Chung-hsi, who had been bitter
personal enemies since the dispute that followed their successful cooperation
in the Nationalist Northern expedition from Canton
alone into
the late hours of last night,
10 years ago, conferred
according to semi-official Central
7
News dispatches from the capital.
Expecting to join the Nanking conversations is General Tsai Ting-kai,
famous leader of the
now
dispersed Nineteenth Route Army, which fought
General Tsai was reported to have left Canton
the Japanese here in 1932.
last night for the capital to offer his services in a war against
(0
Japan.
A United
Press dispatch from Nanking, Aug. 6, to
New York "Journal of Commerce" of Aug. 6, said that
entire Chinese Nation had been placed on a war basis;
the
the
the
advices stated:
China's supreme war council,
siding, placed the entire nation
with Generalissimo Chiang Kai-Shek pre¬
on a war
Government divisions resisting a
basis today and ordered Central
Japanese attack northwest of Peiping "to
fight to the death."
For the first time in Chinese
of the nation
as
were
history, the financial and economic resource
placed under the personal control of the Generalissimo,
chief of the Government and the army, and made entirely
the needs of the
The step was described as a mobilization of the national
:
Given
economic system
,
control of all Chinese banks, securities and
measure
envisages
commodities
ex¬
1
virtual
prohibition
of trading in
of the
yuan,
already under regulation, will be limited
further through use of credits obtained in the United States
and Britain by
Dr. H. H. Kung, Finance Minister, who has been active in
both Washing¬
London since he attended the Coronation of King George VI in
ton and
;
May.
The whole nation
was
electrified
by reports from London that Kung,
during his recent visit there, had arranged in principle for credits totaling
£20,000,000 ($99,660,000 at today's exchange rate).
an
of the Treasury
unrevealed amount of
United States gold, paying for it with China's ample silver reserves.
Thus
the
Central
was
good
up to
Chinese
while that of Japan was described as growing steadily worse.
a
record figure
The Japanese
North China
expedition continued to mount.
Service of Greek External
Debt
Speyer & Co., New York, announced on Aug. 5 that it
by cablegram that the League Loans Com¬
mittee, London, and the British Council of Foreign Bond¬
holders were to publish in London yesterday (Aug. 6) a
communique regarding the Greek External Debt situation.
The Speyer announcement also said:
has been advised
It
was
announced
on
July 16 that the Greek Government
Bend representatives to London to
resume
the
delegation
an
was
These negotia¬
agreement having been reached, as
was not authorized to increase the offer made in
permanent settlement on the basis of 50% payment of interest.
has
again been rejected and the Government
about to
direct negotiations regarding a
final settlement of the service of the Greek External Debt.
tions have now been ended without
the
Argentine
Nation
323^% of Aug. 1 Coupons on State of Santa Catharina
(Brazil) 8% Gold Bonds, due Feb.^1, 1947, Made
Halsey, Stuart & Co. Inc., as special agent, is notifying
holders of State of Santa Catharine, Brazil, 25-year 8%
sinking fund gold bonds, due February 1, 1947,
deposited with them on behalf of the
sufficient to make a payment, in
lawful currency of the United States of America, of 323^%
of the face amount of the coupons due Aug. 1, 1937, amount¬
ing to $13 for each $40 coupon, $6.50 for each $20 coupon
and $1.30 for each $4 coupon.
An announcement in the
that funds have been
State of Santa Catharina,
matter continued:
Pursuant to the Decree of the Chief of the Provisional
Government of
if accepted by the holders of the
be accepted in full payment of such coupons and
of the claims for interest represented
thereby.
Holders may obtain payment
presentation and surrender of their coupons for final cancellation at
office of Halsey, Stuart & Co. Inc., 201 South La Salle Street, Chicago,
upon
the
New York City.
No present provision
has been made for the coupons maturing prior to
Aug. 1, 1934, but they should be retained for future adjustment.
of 323^% of Face Amount
City of Rio de Janeiro (Brazil)
63^% External Bonds, due Feb. 1, 1953
Funds Remitted for Payment
of Aug. 1
on
of
and new domestic bond
issues in Tokyo were considered certain as expenses of Japan's
Fail to Reach Settlement
Government
Company.
and 35 Wall Street,
about $50,000,000.
Government here had forfeited its financial position
adverse trade balance has reached
the
of
sinking fund 6% gold bonds, State Railway issue
of 1927, dated September 1, 1927, due Sept .1, 1960, are
being notified that all of these bonds now outstanding have
been recalled for redemption at par and accrued interest.
These bonds also become payable September 1, at either
the Chase National Bank or City Bank Farmers Trust
bonds and coupons, must
The Finance Minister earlier had arranged with Secretary
understood this credit
Holders
external
the United States of Brazil, such payment,
Purchased United States Gold
Henry Morgenthau in Washington to purchase
•
1 Outstanding External
6% Gold Bonds of 1923, Series A, and 6% Gold
Bonds, State Railway Issue of 1927
Holders of Government of the Argentine Nation external
sinking fund 6% gold bonds of 1923, Series "A", due Sept. 1,
1957, are being notified that all of these bonds now outstand¬
ing have been called for redemption at par and accrued
interest.
The bonds will become payable at the principal
office of The Chase National Bank of the City of New York,
11 Broad Street, on September 1.
external
Government
bonds to avoid price fluctuations.
The exchange value
;•
Redeem Sept.
to
Available
Ministry
changes and transportation.
The
^
Argentine
Complete Control
Draft regulations were drawn up giving the dictator, through his
of Finance,
■■
subservient to
military.
for defense.
3235.
to meet Japanese
A feature of the talks
aggression was discussed by the assembled leaders.
was
offer, the bondholders' organizations,
recommended the offer for acceptance,
announce
that the payments offered will remain available
at the usual paying bankers for a further three months, i.e.,
up to and including Oct. 30, 1937.
The offer was referred to in our issue of Nov. 21, 1936,
page
The question of organizing China's military resources
majority of coupons have already been surrendered
was
June for
a
This offer
then urged to
make
a
Holders of
Coupons
on
City of Rio de Janeiro (Federal District of the
United States of Brazil) 63^% external sinking fund bonds,
due Feb. 1, 1953, are being notified that funds have been
remitted to White, Weld & Co. and Brown
man & Co., special agents, for the payment
Brothers Harriof Aug. 1, 1937
of their
interest coupons of this loan at the rate of 323^ %
dollar face amount, or $10.5625 per $32.50 coupon.
on City of Porto Alegre (Brazil) 7%
Bonds, External Loan of 1928 to be Paid at
32^2% of Face Amount
August 1 Coupons
Gold
Rate
of
Ladenburg, Thalmann & Co., as special agent, is notifying
of City of Porto Alegre, United States of Brazil,
40-year 7 % sinking fund gold bonds, external loan of 1928,
holders
Volume
Financial
145
that funds have been deposited
Chronicle
The figures given
with them sufficient to make
payment, in lawful currency of the United States of
America, of 32^% of the face amount of the coupons due
a
Aug. 1, 1957, amounting to $11.37^ for each $35.00 coupon
$5.68% for each $17.50 coupon.
Pursuant to the
Decree of the Chief of the Provisional Government, such
payment, if accepted by the holders, must be accepted in
full payment of such coupons and of the claims for interest
represented thereby.
No present provision, the notice states, has been made for
the coupons maturing Feb. 1, 1932 to Feb. 1,1934, inclusive,
but they should be retained for future adjustment.
and
849
for total round-lot volume for the New York Stock
Exchange and the New York Curb Exchange represent the volume of all
round-lot sales of stock effected on those exchanges as distinguished from
the
volume
The total round-lot volume for the
reported by the ticker.
week ended July 10 on the New
York Stock Exchange, 5,412,820 shares,
Curb Exchange, total round-lot volume in
the same week, 1,191,590 shares
exceeded by 6.3% the thicker volume (exclusive
The
published are based upon reports filed with the New York
data
Exchange
Stock
members.
of rights and warrants).
New York Curb Exchange by their respective
and the
These reports are classified as follows:
New
-
,
York
New York
Stock
Curb
Exchange
Number of reports received
Funds Remitted for Payment of 4% of August 1 Coupons
on State of New Mexico Middle Rio Grande District
On the New York
8.3% larger than the volume reported on the ticker.
was
Exchange
1,073
866
198
--
103
Reports showing transactions:
As specialists
Other than
specialists
as
Initiated
The State of New Mexico Middle Rio Grande Conservancy
District is notifying holders of its 53^% Conservancy bonds
that funds have been remitted for the payment of August 1
coupons at the rate of 4% per annum.
Payment at this
rate will be made by Bankers Trust Company, New York
subject to agreement by the
coupon
holder that such partial
floor
258
Initiated
% Bonds
on
off
floor
303
146
495
575
Reports showing no transactions
The
than
number
the
of reports
in
number of reports
the
classifications may
various
received
71
total
more
because, at times, a single report
classification.
may carry entries in more than one
*
Note—On the New York Curb Exchange the round-lot transactions of specialists
"in Btocks in which registered" are not strictly comparable with data similarly desig¬
nated for the New York Stock Exchange, since specialists on the New York Curb
Exchange perform the functions of the New York Stock Exchange odd-lot dealer as
payment will be accepted in full satisfaction of the amount
well as those of the specialist.
due.
NEW
YORK
EXCHANGE—TRANSACTIONS
STOCK
FOR ACCOUNT OF MEMBERS *
Week Ended July
Offering of $27,000,000 of 1%% Debentures of Federal
IN
Total for
Federal Intermediate
Credit banks
Aug. 5 sold
approximately $27,000,000 of 1H% debentures, half to
mature on Dec. 15, 1937, and half on May 16, 1938.
The
debentures, dated Aug. 16, 1937, were priced at a premium
over
par value.
The issue was reported by Charles R.
Dunn, fiscal agent in New York for the banks, as having
been over-subscribed in about
The debentures sold
are
an
the
on
Week
Total volume of round-lot sales effected
the Exchange
Initiated on
the floor—Bought
333,440
414,590
Sold
Total
748,030
Initiated off the floor—Bought
Sold
joint and several obligations
There is maturing on
Total
Round-lot
482,945
transactions
of
specialists
in
Trading
New York Stock Exchange During
Week Ended July 31 Reported by SEC
on
stocks
registered—Bought
in
ODD-LOT
IN
TRANSACTIONS
STOCKS,
RIGHTS
OF
AND
ODD-LOT
WARRANTS
DEALERS
ON
EXCHANGE WEEK ENDED
THE
JULY
AND
NEW
478,810
_
Sold
536,740
1,015,550
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which registered—Bought..
31.
9.38
1,039,745
1,206,780
Sold
Total
2,246,525
20.75
Transactions for account of odd-lot dealers in stocks in which
registered:
1.
In round lots—Bought
Sold
2.
In odd lots (including odd-lot transactions of specialists):
278,580
106,300
Total
384,880
Bought
720,071
892,294
Sold
Total
NEW
1,612,365
CURB
YORK
SPECIALISTS
YORK
4.46
which
The Securities and
Exchange Commission promulgated on
Aug. 5 a summary for the week ended July 31, 1937, of the
daily corrected figures on odd-lot transactions of odd-lot
dealers and specialists in stocks, rights and warrants on the
New York Stock Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended July 24 were given in these columns
of July 31, page 682. '
The data published are based upon
reports filed daily with
the Commission by odd-lot dealers and
specialists.
The
following are the figures for the week ended July 31:
6.91
227,495
255,450
_
Total
Odd-Lot
a
transactions of members except transactions of
specialists and odd-lot dealers in stocks in which registered:
1.
of the 12 Intermediate Credit bankfe.
Aug. 16 about $32,000,000 of the securities.
With the com¬
pletion of the financing there will be approximately $188,000,000 of the debentures outstanding.
Per
Cent
5,412,820
Round-lot
2.
hour.
on
STOCKS
10, 1937
Intermediate Credit Banks—Issue Over-subscribed
The
ALL
(SHARES)
FOR
STOCK
EXCHANGE—TRANSACTIONS
ACCOUNT
1937
OF
MEMBERS *
IN
ALL
STOCKS
(SHARES)
Week Ended July, 10 1937
Total for
Purchases
(Customers' Orders
to
Buy)
(Customers' Orders
to
Sell)
Trade Date
No. Ord.
July
Shares
Total volume of round-lot sales effected on the Exchange
Per
Week
Sales
Cent*
1,191,590
Round-lot
Value
No. Ord.
Shares
transactions of members, except transactions of
specialists in stocks in which registered:
Value
1.
6,268
5,215
162,681
138,124
6,495,606
5,715
July
26.
27
6,083,879
5,005
139,176
122,969
28
6,207
7,505,415
5,525
138,945
5,697,308
July
July
29
4,322
5,188,396
4,449
112,415
6,866
9,331,307
6,784
165,444
7,799,063
760,620
834,604,603
27,478
678,949
on
the floor—Bought
42,350
5,098,556
30 and 31.
162,259
111,288
186,268
Initiated
5,280,063
5,381,293
July
$30,156,283
Total for week
28,878
Sold
35,500
Total....
2.
77,850
Initiated off the
floor—Bought
Sold
Total
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended
July 10
Round-lot
On the New York Curb
Exchange, members traded for
during the week ended July 10, according
to the SEC, to the amount of
489,570 shares, against total
transactions of 1,191,500 shares, a
percentage of 20.54%.
In the
preceding week (ended July 3) member trading on the
Curb Exchange was
19.45% of total transactions of 856,160
shares, the member trading having been reported
by the
Commission at 333,105 shares.
The data issued
by the Commission is in the series of
current figures
being published weekly in accordance with its
program embodied in its report to Congress last June on the
"Feasibility and Advisability of the Complete Segregation
their
own
of the
in
stocks
in
4.36
which
149,025
158,685
Total
307,710
r.
12.91
v
Total round-lot transactions for accounts of all members:
Bought
235,375
Sold
254,195
.
Total
489,570
20.54
Odd-lot transactions of specialists in stocks in which registered:
Bought
96,581
68,771
Sold
Total
*
The term
partners,
165,352
"members" includes
including
special
all
Exchange members, their firms and their
partners.
a Percentage
of members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
actions includes both purchases and sales, while the total Exchange volume Includes
only sales.
account
Functions of Broker and Dealer/'
The figures for
July 3 were given in these columns of July 31,
In making available the data for the week
ended July 10 the Commission stated:
the week ended
pages
specialists
registered—Bought
announced
by the Securities and Exchange Commission
yesterday (Aug. 6).
Member trading on the Stock Exchange
during the latest week amounted to 2,246,525 shares, the
Commission noted, or 20.75% of total transactions on the
Exchange of 5,412,820 shares.
This compares with 1,618,045 shares of stock
bought and sold on the Exchange for
the account of members
during the previous week ended
July 3, which was 21.56% of total transactions that week of
3,752,450 shares.
of
Sold
While the percentage
Stock Exchange during
of trading in stocks on the New York
the week ended July 10 by all mem¬
bers, except odd-lot dealers, for their own account was
lower than in the
preceding week, the percentage of member
trading on the New York Curb Exchange was larger, it was
104,010
transactions
3.27
44,000
60,010
681-682.
Market
Value
of
Listed
Stocks
on
New
York
Stock
Exchange Aug. 1, $59,393,594,170, Compared with
$54,882,327,205 July 1—Classification of
Listed
Stocks
Thb New York Stock
Exchange announced
on
Aug. 4 that
of Aug. 1, 1937, there were 1,242 stock issues
aggregating
1,403,960,689 shares listed on the New York Stock Exchange
with*a total market value of $59,393,594,170.
This com¬
as
with 1,236 stock issues aggregating 1,399,549,739
shares, listed on the Exchange July 1, with a total market
value of $54,882,327,205, and with 1,199 stock
issues, aggre¬
gating 1,341,445,972 shares, with a total market value of
$54,066,925,315 on Aug. 1, 1936.
In making public the
Aug. 1 figures, the Exchange said:
pares
Financial Chronicle
850
borrow¬
collateral amounted to $1,173,757,509.
The
ings in New York City on
the market value of all listed
ratio of these member total borrowings to
1.98%.
Member borrowings are not
listed share collateral from those on
stocks, on this date, was therefore
requiring that
broker
as
with
usually will exceed the true relationship
net
industrial
table listed stocks are classified by leading
with the aggregate market value and
groups
price for each:
average
;
*
the
of
in
brokers
Aver.
Price
a
Financial.--..
Chemicals—--
-
Building-.-.
manufacturing
Electrical equipment
Foods
-
Rubber and tires
—
Farm machinery--Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum—
Railways and equipments
9.79
39.36
2,211,198,601
2,335,801,994
6,609,197.851
561,128,635
2,722,183,964
5,059,312,116
3,165,496,607
287.742,401
1.937,387,364
1,408,519,585
3,688,519,298
182,001,843
334,405,620
427,140,721
13,719,300
42,483,943
116,652,618
215,482,950
1,572,193,405
36,761,215
883,353,956
1,272,189,032
35.65
37.82
54.14
96.36
41.04
37.87
30.94
41.78
Gas and electric (operating)
(holding)
—
Communications (cable, tel. &
Miscellaneous utilities
radio)
44.32
3,552,929,004 74.27
321,827,787 27.95
2,195,559,999 31.21
17.09
1,659,594,488
3,823,065,157 101.86
18.35
196,154,541
17.13
393,315,396
Steel, Iron and coke
Textiles
-
Aviation
equipment
482,874,938
Miscellaneous businesses
....
Garments
7.28
46,259,823
124,174,779
230,631,611
1,668,112,829
41,371,922
Tobacco
42.69
15,251,926
Shipping services
Ship operating and building
Leather and boots
49.108,746
62.98
583,983,464
Retail merchandising
Business and office
11.45
76.35
41.89
2,995,186,873
5,227,269,587
Paper and publishing...
Gas and electric
29.72
22.97
15.27
U. S. companies operating abroad
20.97
35.25
62.68
24.63
30.40
974,101.767
Foreign companies (lncl. Cuba & Can.)
35.96
1,386,269.306
record
21.84
72.56
38.91
57.33
36.66
52.38
89.17
26.01
38.09
35.00
is
distribution.
14.50
security,
98 28
We
give below
15.03
37.78
a
the
customer,
amount and
name,
of
to
designed'
is
which
any
inducing
or
on
from
third
a
The
exchange.
an
paying
paying any other
to buy any security of
however, does not prohibit
person
rule,
salary
a
of
the subject of
in distributing a
are
engaged
person
practice
the
eliminate
to
securities
in
prohibits
to
in
person
a
his
regular
own
ordinary duties include the solicitation or execution
brokerage orders on an exchange so long as the payment is not made
induce the purchase of a specific security.
whose
addition
In
rules
other
to
the revocation
by
provided
penalties
subsequent
occurring
for
grounds
the
the
Act,
effective
their
to
date
violation
will
of a broker
suspension of the registration
or
of
constitute
dealer.
the
The following is the text of
Rule
MCI.
Section
15(c)
a
created,
made,
that
activity
soliciting
broker-dealer
these
39.21
related to the market
market for the
or controlled by himself
at a price
or
not he is a broker or dealer, from
or
issuer
same
employment
59.08
two-year compilation of the total market
value and the average price of stockfe listed on the Exchange:
the
the
than
rule
This
whether
for
person
the
33.00
of
name
prohibition
exchange
stimulating
27.54
42.30 54.882,327,205
59,393,594,170
-
on
These
In such a case, he is prohibited from representing
national securities exchange
other
exists
important
66.26
27.57
imposed:
are
accounts.
associates.
his
An
26.24
23.28
cited,
just
discretionary
for
unless he has reasonable grounds to believe that a
or
19.81
the
"at the market"
offered
being
security
33.01
secondary
or
security not admitted to trading on a
a
price,
or
All listed Stocks
include
ing "at the market."
that
37.98
14.03
primary
the
date and time when the transaction took
place.
If the present record kept by a broker-dealer is in such form as
to
satisfy the requirements of the rule, no additional record need be
made.
Such record must be preserved for a period of at least 12 months.
When a broker or dealer is engaged' in the distribution of securities
traded exclusively over-the-counter, restrictions are placed upon his offer¬
29.75
6.55
those
to
trade
who
security and
the
of
price
42.91
17.04
addition
in
dealers
or
should
which
$
in
a
discretionary accounts, the broker-dealer is also required to make
immediately after effecting any transaction for such an account
ing for
Value
34.42
a
or
prohibit trading which is excessive either in size of frequency
the financial resources and character of the account.
In trad¬
of
view
Market
3,921,006,680
1,398,760,371
6.185,872,487
819,894,724
2,177,305,170
3,295,010,380
524.648,539
1,007,714,611
420,232,478
may
dealer having such an interest and at the
fee from the customer for giving investment counsel
limitations,
Further
Aver.
$
interested
financially
security
a
receiving
time
Price
38.73
he
before
This disclosure
issuer.
required to give written notice to the customer of the existence of his
before the completion of the transaction.
is
Value
4,428,214,339
1,471,143,399
6,536,613,791
891,206,175
2,391,946,759
3,399,135,062
542,805,215
1,095,366,142
480,629,269
57,537,861
2,445,711,826
2,578,120,601
7,157,248,534
security of that
any
is required
issuer
an
relationship
such
interest
Market
Autos and accessories
is
who
broker
A
distribution
limitations
July 1, 1937
in
of
existence
the
with
of control
relationship
a
customer
provided it is followed by written disclosure before the completion
transaction.
"Control" is a question of fact to be determined
oral
those
Aug. 1, 1937
in
the
to
transaction
a
of
giving
according to the circumstances of each particular case.
same
thereof 2.16%.
In the.following
a
as
or
broker-dealer
be
July 1, 1937, New York Stock Exchange member
borrowings on collateral amounted to $1,186,327,581.
The ratio of these member total borrowings to
the market value of all listed stocks,' on that date, was
As of
total
further study to the feasibility of a rule
broker-dealer state to his customer whether he is acting
dealer before making any contract of purchase or sale or
is
customer.
disclose
to
effects
listed shares and their market values.
between borrowings on all
the
A
broken down to separate those only on
other collateral; thus these ratios
1937
Commission
The
Aug. 1, 1937, New York Stock Exchange member total net
As of
used
Definitions—As
rules:
new
in
adopted
rule
any
pursuant
to
the Act:
of
(a) The term "customer" shall not include a broker or dealer.
Market
Average
Market
Price
Value
Price
(b) The term "the completion of the transaction" means:
Average
Value
$54,066,925,315
40.30
(1) In the case of a customer who purchases a security through or from a broker
dealer, except as provided in paragraph (2), the time when such customer pays the
broker or dealer any part of the purchase price, or, If payment is effected by a book¬
keeping entry, the time when such bookkeeping entry is made by the broker or dealer
54,532,083.004
55,105,218,329
40.56
for any part
58,507,236,527
60,019,557,197
43.36
or
1935—
Aug.
1
Oct.
1
Nov.
1
Dec.
1936—
1
Sept.
1
$38,913,092,273
39,800,738,378
40,479,304,580
43,002,018,069
44,950,590,351
$29.76
46,954,681,555
60,164,547,052
51,201,637,902
Aug.
1
30.44
Sept.
1.—
30.97
Oct.
1
32.90
Nov.
1
34.34
Dec.
1
35.62
Jan.
1
37.98
Feb.
1
38.61
Mar.
1
38.85
Apr.
1
35.74
May
1
37.35
June
1
1936—
Jan.
1
Mar.
1
Apr.
1
May
1
June
1
July
1
51,667,867,515
47,774,402,524
49,998,732,557
50.912,398.322
$38.00
July
1
Aug.
SEC
44.26
1937—
1
Feb.
40.88
45.30
—.
(3) In the case of a customer who sells a security through or to a broker orrdealer,
except as provided in paragraph (4), If the security Is not in the custody of the broker
45.46
or
44.02
59,878,127,946
61,911,871,699
62,617,741,160
62,467,777,302
57,962,789.210
57,323,818,936
54,882,327,205
1
46.26
practices
of
41.27
customer:
39.21
42.30
59,393,594,170
which
comprehensive
a
manipulative,
are
of
the
fraudulent
or
and
viola¬
therefore in
are
Securities
announced
was
deceptive
Commission.
Exchange Act of 1934, as amended,
Aug. 3 by the Securities and Exchange
on
The
rules, effective Oct. 1, 1937, apply, it is
explained by the Commission, to practices in the over-thecounter markets affecting all types of securities, including
those which
registration
rules
who
securities
said the
the
on
The
which
fact
or
made
is
the
other
tion
as
the
broker
and
of
The completion of
purchased,
the
delivers
or
transfer
all
connection
when
of
as
facts
disclose
security
well
will
as
be
the
the statement
to
the
effect or meaning
any
material
is
being
from
discloses
which
in the transaction.
name
of
the
the
If he is
person
on
the
the date and time of the transac¬
furnished
upon
the confirmation
or
other
request.
Further,
must disclose the
remuneration
The
(c)
the
of
received
by
the
sold
mean
pays
or
a
for
the time when the
the security
bookkeeping entry
customer's account
or
being
showing
is
the
other
or
of the
in
to
by
to
to
in
rules
has
or
MC4.
made, not misleading,
are
other
or
adoptedl
reasonable grounds
fraudulent device
pursuant
or
con¬
15(c)
Section
to
15(c)
designed
in,
effect
to
induce
(1)
his
for
broker
for
in
and
the
the
the
received
Rule
other
he
is
other
was
or
to
M05.
and
as
for the account
dealer, at
acting as
as
a
when
a
Disclosure
fraudulent device
used
as
of
a
in
customer
by such
sale
or
Sec¬
any
customer of,
before the completion of
some
for such customer,
broker
broker for
a
and
other
some
other
person;
person,
and
as
(2)
in
a
as
or
a
any
broker for such customer or for both such
either
person,
amount
be received'
merits
"manipulative,
term
or
the
name
to whom it was
such
transaction
of the person from
sold for such customer
took
place
information will be furnished upon the request
source
standing,
the
sends to such customer written notification
or
is
purchased
time
or
that
way
any
a
Com¬
therein.
contrivance,"
purchase or
or
customer
acting
some
and
he
account,
such
security
date
that such
own
both
which
customer
whether
or
the
broker
transaction, gives
disclosing
dealer
or
in
dealer
of
the
financial
the
or
transactions
or
device
with
to
or
indicates
broker
of
failure
Transactions—The
of
registration
the
the
hereby defined to include any act of any broker
is
security unless such
or
approved'
or
registered
fraudulent
that
registration,
upon
transaction
any
of the Act,
each such
such
such
device or contriv¬
is hereby defined to include
15(b),
Section
to
passed
of
dealer
or
Registration—
as to
other fraudulent
or
of the Act,
15(c)
broker
a
Confirmation
other
or
deceptive,
revoke
or
conduct
security
dealer
and
any
omission
deceptive,
pursuant
deny
or
deceptive,
wrom
or
misleading.
or
other
in
Section
dealer,
or
any
case
and
fact
material
a
Misrepresentation by Brokers and Dealers
used
as
Rule
any
device
defined
hereby
of this rule shall not be limited by any specific definitions
Commission
or
Sec¬
deceit
or
fraudulent
is
Act,
made with knowledge or
is
untrue
"manipulative,
business,
tion
fraud
in order to make the statements made,
necessary
"manipulative,
representation
broker
or
15(c)
of
statement
contained
term
any
in
practice, or
act,
a
as
Act.
ance,"
the payment
deceptive,
Section
omission
or
it
scope
term
the
The
of
in
fact
statement
trivance"
and
defined to
untrue
believe that
of
used
as
any
operate
light of the circumstances under which they
which
to
would
operates or
"manipulative,
The term
contrivance,"
or
hereby defined to include
is
which
used
as
include
the
device
"manipulative,
term
contrivance,"
a
Misrepresentation—(a)
person.
The
transactions
to
transaction.
by the customer of the purchase price.
if
broker-dealer is required
the
the broker-dealer makes
the security
as
the
acting
commissions
with
is also
dealer
or
fact,
confirmation
written
a
of business
course
or
broker
the
is likewise prohibited1.
the transaction
the
A
inducing
reasonable grounds to believe that
transaction,
a
he must also
source
in
broker
customer
of
these
practice
material
a
or
brokerage transaction,
a
(b)
and
fraudulent
of the Act,
business
of
any
upon
sale by any untrue statement of a
Misrepresentation
dealer
or
transaction,
that
of
case
amount
the
of
15(c)
course
Fraud
other
or
Rule MC3.
among
exempted
in
from
dealer
or
person.
or
state
knowledge
the customer
to
state
or
the
in
as
broker,
a
side
with
to
act,
any
any
which the broker-dealer is
capacity in
acting
exclusively
broker
a
purchase
a
omission
completion
send
or
deceive
or
misleading.
or
registration
prohibit
security by
any
any
tion
mission
from inducing
omission
give
dealers,
government,
substance
defraud
would
Before
business
and
the
Thus,
exchange.
those brokers
rules:
in
it is untrue
of
as
sale of
or
material
or
securities
exempted from
or
State and municipal bonds,
Commission, which further commented as follows
rules
prohibited
national
transact
such
new
purchase
a
on
applicable to
are
others,
registered, unregistered
are
MC2.
Rule
deceptive,
defining
rules
B
(4) In the case of a customer who sells a security through or to a broker or dealer
broker or dealer prior to the time when deliv¬
ery is requested or notification is given that delivery is due, the time when such
broker or dealer makes payment to or into the account of such customer.
and who delivers such security to such
state
in the over-the-counter markets
tion
of
set
the security is delivered to the broker or
the time when the broker or dealer transfers the
Adopts Rules for Security Transactions in OverMarkets—Define
Manipulative, De¬
ceptive and
Fraudulent Practices—Regulations
Apply to All Brokers and Dealers Effective Oct. 1
adoption
dealer at the time of sale, the time when
dealer, and if the security is in the custody of the broker or dealer at the time of sale,
security from the account of such
41.80
the-Counter
Tlie
of the purchase price;
(2) In the case of a customer who purchases a security through or from a broker
dealer and who makes payment therefor prior to the time when payment Is re¬
quested or notification is given that payment is due, the time when such brokerior
dealer delivers the security to or into the account of such customer;
B
or
of
any
commission
or
or
the
fact
of such customer,
other
remuneration
by him in connection with the transaction.
of Control—The term "manipulative, deceptive,
or
contrivance,"
as
used in Section 15(c)
of the
Volume 145
Act,
is
hereby
defined
to
include
controlling,
trolled, by,
security,
or
under
designed
transaction
such
in,
security
with
tract
Financial
discloses
for
such
such
the
broker
such
the
the
purchase
for
the
sale
such
of
issuer of
any
any
such
any
disclosure, if not made in writing, is supplemented by the giving
of
ing
written
Rule
lative,
15(c)
broker
other
who
is
acting for
of
or
designed
transaction
security
any
broker
such
Rule
dealer
designed
which
effect
to
such
broker
discretionary
excessive
in
size
character
of
such
(b)
The
or
broker
the
the
Act,
MC8.
is
hereby
reasonable
price
cially
Solicitation
state
ties
in the
interested'
of
commerce
with
the
of
or
1,173,757,508
(1) and (2) above
report issued by the Exchange a month ago.
Below
Demand
362,955,569
335,809,469
406,656,137
547,258,152
by
or
secondary
or
of
mails,
any
of
or
or
Dec. 31
price
a
has
or
for whom
distribution,
31.
any
to Facilitate
of any
Apr. 30
559,186,924
Feb. 29
Mar. 31
571.304,492
Aug. 31
691,906,169
Sept. 30
.598,851,729
Oct.
31
661,285,603
708,177,287
Dec. 31
768,439,342
secur¬
or has
offered ot agreed to pay, directly or Indirectly, to any person, any compensation for
sllcltlng another to purchase any security of the same issuer on any national securities
exchange, or for purchasing any security of the same Issuer on any such exchange for
any account other than the account of the person who has
paid
is to pay such com¬
or
pensation.
No
primary
cause
securities
exchange by
indirectly,
chase
on
to
any
such
who pays
person
(c)
on
to
is
or
such
for
of the
offering
or
security
any
exchange,
such
pay
on
or
whose
broker
a
ordinary
orders
on
the
part,
national
a
ordinary
directly
purchase
directly
another
for
30
719,105,327
307,266,765
734.435.343
340.396.796
Mar. 31
792,419,705
804.749,884
366,264,500
382,529,500
374.376,346
Jan.
Apr. 30
May 29
issuer
of his
than
the
Wagner Labor Act Criticized
in
on
the
a
security
broker
is
of
by
such
salary
represents
such
person
of
and
such
by
such
exchange
of
or
Rule
GB3.
be
of
use
in
mails,
employ,
than
security
or
facility
national
a
defined
"manipulative,
Rule
OA1.
by
least
the
any
of
to
12
the
other
sale of
any
to
commerce,
securities
or
exchange,
be
fraudulent
act,
exchange,
to
of
the
use
or
security otherwise
any
practice,
included
device
or
or
within
or
course
the
of
as
such
records
Rule MC7—Every broker or
15(c) shall keep and preserve
as
such
broker
or
dealer
may
be
required to make pursuant to the provisions of Rule MC7.
of
Labor
Relations
as
Act
worker
a
Organized
do,
may
criticized
is
as
one¬
"unfair labor practice"
an
in
article
an
Labor" in the
July
on
"The
of
"The
issue
Girard Letter," published by the Girard Trust Co. of Phila¬
The article asserts that coercion and intimidation
delphia.
"quite
are
as
reprehensible
as
the
on
the
the part of labor organizers
on
employers,"
part of
and declared
that workers
In discussing recent
said:
opportunity and the wish to do so.
problems of collective bargaining, the article
Government
Wagner
in
Act
To
upheld
third
a
of
man-days
that
of
occurred
employment
in
lost.
were
which
jobs.
Over
industrial
And
the
strikes
the World
more
since
their
left
in
were
month
any
workers
million
month
same
Court there
Supreme
had
a
the
during
by the
than
States
Almost
continues to
6how
figures
was
United
the
War.
three
warfare
rage.
this
extent
some
trend
be
may
explained
as
characteristic
a
of
been a marked upturn in busi¬
activity accompanied by advancing prices and a rising cost of living,
ness
has been
there
labor
marked increase in industrial controversy.
a
seeks
always
there has
for whenever
periods,
recovery
share
to
on
factors
additional
Relations
rising
a
scale
At such times
in the larger
which
itself,
Act
operative,
are
has
one
labor
stimulated
which
of
earnings
the
is
of
And
activities.
Labor
despite
be said to the contrary the ensuing difficulties should not all
be blamed upon the recalcitrance of employers.
Much is due to labor's
insistence on
demands in excess of what is specifically granted in the
what
may
Labor
that
to
while
been
has
and
Act,
methods
It
done
is
its
its
gain
new
responsibility
not
willingness in some
ends.
The crux of
powers
develop
to
the
on
granted
instances to resort to illegal
the situation lies in the fact
for the labor movement, little
part
have been
labor
of
organizations
commensurate with these greater powers.
our
purpose here to discuss
the advisability
a
of
sense
of
legislation
limiting union activities, or other of the
proposals put forward as possible labor reforms, but it would seem
timely, in the light of recent events, to call attention to the fact that
requiring
incorporation,
union
if
of
increase
an
a
responsibility
fair solution
Tolerance,
welfare,
trial
Decline
Bank Asserts
Responsibilities as Well as
Assume
various
Under
of Section
that
term
contrivance,"
15(c) of the Act.
of Records
provisions
months
interstate
national
Commission
or
Section
Preservation
subject
at
of
securities
deceptive,
such term is used in
dealer
instrumentality
anything
of
primary | or secondary distribution of
participating or otherwise financially
in connection with the purchase
on
business
any
Must
National
Today
Employment of Manipulative and Deceptive Devices—It
for any broker or dealer, directly or
indirectly, by the
means
of
or
One-Sided in Article
as
business.
unlawful
any
1,173,757,508
Letter"—Philadelphia
sided in that it fails to define
the
of
person
any
only
duties
is not paid, in whole
inducement
1,158,684.205
1,187,279,384
1,152,212,988
1,186,327,581
-
-
Employers
The
him
brokerage
if
securities
the
in
dealer
or
the
for
the
salary
any
employed
execution
or
by
discharge
national
of
account
interested.
shall
"Girard
Labor
million
regularly
person
employment,
indirectly,
or
of
such
367,495,246
836,864,420
31
1,026,372,092
1,074.832.139
336,893,088
June 30
777,836,642
818,832,335
or
pur¬
for purchasing such security
solicitation
exchange,
the
to
compensation.
any
the
securities
course
sale
or
to
include
compensation
regular
which
dealer
or
duties
shall
national
a
The provisions of this rule shall not apply in respect to
by
paid
the
in
issuer,
any
issuer
for soliciting
other
account
any
of
same
974,928,018
984,004,702
1,051.425,161
should be protected in their right to work when they have
interested
agreeing to pay,
or
compensation
any
any
exchange
of
security
any
paying
person
such security
any
the
sale of
or
otherwise financially
or
distribution
secondary
or
purchase
a
participating
person,
988,543,241
967,381,407
973,784,584
971.531,244
1937
Feb. 27
Problems
such compensation; or
induce an offer to buy such security, or deliver such
ity after sale, if, In connection with such distribution, such person has paid,
969,997,839
372,679,615
313,642,415
275,827,415
282.985.819
securi¬
or
996,894,018
1,063,950,736
407,052,915
396.076,915
381,878,415
Nov. 30
security
national
243,792,915
375,107,915
410,810,915
581.490,326
31
July
924,704,335
924,320,544
292,695,852
June 30
instrumentality of inter¬
any
324,504,713
a
otherwise finan¬
or
781,221,869
792,421,569
846,113,137
938,441,652
391,183,500
600,199,622
631,624,692
753,101,103
688,842,821
July
by
or
768,934,748
772,031,468
1936—
Jan.
such
control with him.
facility of
any
at
is
security exists other
distribution
means
that
any person
No person, participating
use
inter¬
which
knows
Exchange
an
customer
a
or
dealer
or
of the
financially
security
exchange
for such
on
includes
15(c)
made to
or
31
Nov. 30
of
the security,
Section
any
Oct.
Total Loans
349,335,300
372,553.800
418,266,300
456,612,100
439,457,000
May 29
record
the market"
common
Purchases
transaction
transaction such
otherwise
broker
under
any
place.
securities
market
for
his agent
or
price of
in
Time Loans
j
Sept. 30
any
representation
or
Loans
j
or for purchasing any security of the same issuer on any such
(2) sell, offer to sell
(b)
two-year compilation of the figures:
a
to
exchange for any account other than the account of the person who pays or is to
pay
furnish
we
defined
dealer
$28,572,650
The scope of the above compilation is exactly the same as in the loan
exchange—
securities exchange,
for
Combined total of time and demand borrowings
Total face amount of "Government securities"
pledged as collateral
t
for the borrowings included in items
419,599,448
399,477,668
(1) pay or offer or agree to pay, directly or indirectly, to any person any compen¬
sation for soliciting another to purchase any security of the same issuer on a national
in
615,000
$336,893,088
July 31
Aug. 31
"manipulative, deceptive,
used
as
such
a
or
primary
shall, by the
issuer,
47,427,291
or
which
with whom he is associated in such
GB2.
any
term
controlled by him,
or
Distribution of Securities—(a)
of
took
customer "at
unless
controlled by, controlling
Rule
transaction
national
a
on
grounds to believe that
is acting or
person
Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
City of New York
device
power
amount and
is participating
offered to such
that made, created,
than
broker
transaction
any
$336,278,088
York
trust companies
or
is hereby
the Act,
secondary distribution of
trading
market
the
to
such
name,
include
dealer who
to
of
the
New
from
Time
$789,437,129
collateral
on
fraudulent
other
discretionary
Market—The
or
borrowings
and
effect with or
contrivance,"
to
primary
is being
security
related
(2)
respect
resources
financial
or
or
defined
admitted
not
the
or
of
the
at
Net
banks
are
dealer designed to
when such
device
or
the
in
in
which such
record
a
time
Sales
broker
a
ested
he
and
15(c)
any
customer,
The detailed tabulation follows:
Demand
(1)
or
sale which
or
immediately after effecting such
makes
fraudulent
broker
any
account
purchase
of
of
act
de¬
Section
in
used
as
employee is vested
or
of
deceptive,
or
with
unless
such
date
Rule
other
by
of
interested
"manipulative,
term
customer's
agent
view
in
respect to
vested
dealer
or
name
and
is
sale
or
such
which
of
1937, aggregated $1,173,757,508.
of each such
notification of the
written
The
any
his
or
Section
in
in
account
employee
purchase
of,
1935—
act of any broker
any
customer's
any
customer
financially
include any
for
or
frequency
used
as
$836,864,420
transactions
any
customer
such
the completion
contrivance,"
or
defined to
"manipulative,
as
dates.
The demand loans on July 31 totaled
compared with $818,832,335 June 30 and
at the end of July, 1936; time loans at the
latest date were reported at $336,893,088, against
$367,495,246 and
$396,076,915, respectively, a month and a year ago.
The monthly compilation of the Stock
Exchange for
July 31, 1937, as issued by the Exchange Aug. 4, follows:
account.
term
contrivance,"
include
or
otherwise
customer
device
dealer
or
power
any
some
earlier
interest.
or
with
such
by
distribution
Accounts—(a)
hereby
is
sale
or
before
such
to
fraudulent
of the Act,
of
and
of
promise
of
account
is
or
or
has
or
secondary
at
Discretionary
the
purchase
or
dealer,
receives
for
or
the
participation
other
or
with
sends
or
such
MC7.
ceptive,
15(c)
gives
of
used in
as
act
any
customer
two
$836,864,420,
$571,304,492
New York Stock Exchange member total net
borrowings on collateral,
participating
or
include
to
both such
$967,381,407, the figure for the end of July,
an increase of $206,376,101.
Demand loans outstanding on July 31 were above June 30
and July 31, 1936, while time loans were less than on the
1937, represents
contracted for and carried in New York, as of the close of business
July 31,
who
primary
is
for
contrivance,"
or
defined
851
amounted to
receiving
induce
the.
broker
transaction
existence
in
send¬
or
Chronicle
advising such customer with respect to securi¬
for
to
or
dealer
or
unless
any
device
hereby
customer or
a
effect
to
in,
is
dealer
customer
a
fraudulent
Act,
from
ties,
to
the
person,
fee
any
other
or
of
such
at or before the completion of the transaction.
of Interest in Distributions—The term "manipu¬
Disclosure
deceptive,
Section
a
disclosure
MC6.
con¬
security,
unless
and
control,
of,
customer
sale of such
or
con¬
customer
a
entering into
purchase
existence
of
by
before
dealer
or
the
with,
account
or
dealer,
or
customer
cutomer
for
or
broker
any
control
common
with
induce
to
or
unless
or
to
effect
to
of
act
any
ought
of the labor
respect
reason,
to
accompany
of
power
the
public
increase
an
problem is to be obtained.
for
and
law
consideration
for
the part of both management and labor, are essential to indus¬
on
progress
and a fair solution of our labor problems.
of
$12,570,073 in Outstanding Brokers' Loans
on
New York Stock Exchange During July—Total
July
31
Reported
at
$1,173,757,508—However,
Amount
Is
National
$206,376,101 Above Year Ago
According to the monthly compilation of the New York
Stock Exchange, issued
Aug. 4, outstanding brokers' loans
on
the Exchange decreased $12,570,073
during July to
$1,173,757,508 July 31 from $1,186,327,581 June 30.
This *
drop followed an increase of $34,114,593 in June.
However,
as
compared with July 31, 1936, when the loans outstanding
City Bank of New York Says July^Business
Outlook Strengthens Expectations of Fall Upturn
—Views Labor Troubles
The
New
view
is
York that
expressed
by
on
the
Decline
National
City
Bank
of
"the business outlook has improved during
July, and expectations of a fall upturn have been strength¬
ened
as
troubles
This
compared with
and
political
observation
is
a
month or two back,
uncertainties
made
by
the
were
bank,
at
in
when labor
their
its
worst.
August
852
Financial
"Monthly Letter," issued Aug. 2. The 'bank likewise points
out that "crop
prospects, favorable since the beginning of
the season, continue
The
is
exceptionally good," and it notes:
depressing influence of the decline in the stock
passing off, both having recovered
sales of
earlier
over
despite
months.
Commodity
adjustment
In
bond
and
of
referring
to
prices also have rallied
farm
some
labor
a
prices
to
troubles
new
being
as
the
on
the
on
decline,
the bank has the
following to say, in part:
The
labor
most
situation.
each
as
ers
serious
day's
might
where
to
no
trouble,
of
and
the
the
which
in
nevertheless
had
ruptions
varying
of
irresponsible
to
interrupted,
a
respite
that
the
the
been
people
work
from
this
No
would
one
but
it
the
recent
is
suffered
from
eration
it
be
can
up-trend
will
the
can
that
get
the
Motors
other
or
of
inter¬
due
tactics
of
will.
public
respite
minority
The
In
this
of
ahead
basis
of
unsettlement,
with
their
the
to
be
reestablished
in industrial
to
maintain
real
by the 12 Federal Land banks in the
aggregated $20,937,000 compared to
$15,881,000 for the first half of 1936, according to an an
nouncement July 28 by the Farm Credit
Administration,
first
half
of
1937
which further said:
Farmers bought 6,757 farms and. 1,114 part farms from the land banks
in the first six months of this year, compared to 5,496 and 894
respectively,
in the like period of 1936.
In the New
Orleans district, including Louisiana, Mississippi and Ala¬
bama, 2,413 farms
were
sold for $4,639,000, compared to $3,306,000 the
first halt of last year.
The
second
number of properties
largest
to
was
sold
farmers
to
The
NUMBER OF FARMS SOLD
AND
BY FEDERAL LAND
BANKS
CONSIDERATION
the
would
Jan. 1 to June 30, 1936 Jan. 1 to June 30, 1937
had
Number
to
Con¬
Number
Con¬
Farms
keep
sideration
Farms
sideration
back
Motors
is in
future
near
sight,
than
in
who
have
figure
their
men
can
efficiency and! check
in
the
Springfield
189
$551,000
241
402
860
988,000
1,546,000
547
Columbia
anxieties
the
following tabulation shows the number and amount
by Federal Land banks districts:
of sales
opinion.
General
They
in
Pacific Northwest who bought from the Federal Land Bank of Spokane
885 farms for $2,365,000.
Baltimore
productive
the
of
one
+
at
all
costs
U appeared in the "Chronicle" of
2059-2060.
FCA Reports Farms Sold by Federal Land Banks
During
First Half of 1937 Above First Six Months of 1936
are
labor
have
due
peace
business
work.
pages
the side of the
have
long period of industrial
a
of Regulation
1936,
important
public
on
which
unions
disapproval.
will
is
unfavorable
opinion is
a
trade
that
the most
as
this
an
and
indications
industries
stand
The text
March 28,
agreement,
months,
production
major
drive,
force
their
of
Relieved
are
hours,
Moreover,
interruptions ended abruptly.
claim
past.
and
union
four
high
against
General
"sit-downs"
up
planning, with greater assurance; and
plant efficiency has been reduced they can tackle the job of restor¬
Naturally confidence is strengthened, and if teamwork and coop¬
where
ing it.
the
The
plain that there will be less trouble in the
which
costs,
and
wages
months'
up,
the
that
the
against
evidence
the sit-downs
case,
of
assurance
power.
Hence the
shown that public
intolerant of
of
go
Unquestionably
into
ran
now
tie
even
at
subsequent
costs
and
month.
drive
has
out
the
disappears.
decline,
the
six
a
General Rule
there seemed
their
up
work¬
minorities.
prevail
majority, and
away
primarily
hundred
two
in
no
long
as
Maintenance
gave
ineffective.
from the unionization
of
It
.
.
with
seriousness
conditions
on
development
.
contend
and1 confidence
are
seemed
February signed
recalcitrant
or
Where these
troubles
unions
and
the
of
groups of
time
a
tactics.
aimed!
the outlook
costs,
up
conditions
not
were
in
out
grew
minority
and for
these
against
working
etrikes
with
Corporation,
fact
run
recruiting for the unions and building
settlements
least
operations,
defense
to
Notwithstanding the foregoing, a bank may make and may maintain any loan
for the purpose specified above, without regard to the limitations
prescribed above,
if the loan comes within any of the following descriptions: "
The sale of farms
prospect
that
majority wanted to work;
pay
since
at
fall
assurance
emphasized the danger
industrial
the
to the
as
impossible to feel
was
successful
standards
but
It
news
disrupt
plants
be
apprehensions
2—Exceptions
1937
7,
average,
prospects.
crop
Aug.
"Section
markets
substantial part
of their losses, and
security issues to raise capital for the industries have improved
new
Chronicle
Louisville
402
$762,000
1,461,000
1,253,000
789
1,783
1,311,000
3,306,000
2,413
533
1,273,000
653
1,559,000
St. Paul
415
569
Omaha
197
1,780,000
2,051,060
New Orleans
at, T^iiis
_
Wichita
315
Houston
530
1,395,000
1,125,000
1,040,000
1,210,000
Berkeley
Spokane
185
363
608,000
situation
1,582,000
4,639,000
305
499
1,712,000
866,000
907,000
344
263
579
Total
1,528,000
885
2,365,000
6,390
-
$15,881,000
7,871
$20,937,000
dispelled.
♦
Scope of Regulation "U," Governing Margins, Broad¬
ened by Board of Governors of Federal Reserve
System—Rule Amended to Apply Also to Bank
Loans
to
Security Dealers Made Prior
May 1,
to
$298,917,000 Tendered to Offering of $100,000,000 of
Two Series of Treasury Bills—$50,000,000
Accepted
for 135-Day Bills at Rate of
0.228% and $50,047,000
for 273-Day Bills at Rate of 0.467%
1936—Change Effective Sept. 1
The Board of
Governors
of
the
Tenders
Federal
announced
applied only to loans made
System
on
heretofore
Reserve
July 30 that it has amended its Regulation U,
which relates to loans
by 'banks for the purpose of purchas¬
ing or carrying stocks registered on a national securities
exchange, to extend the scope of the regulation, which has
1936,
after
or
May 1,
that it will apply also to loans made prior to that
amendment will become effective Sept. 1, 1937.
so
date.
on
The
At the same time the Board also announced that it has
revised the "Forward" to the regulation to accord with the
regulation
revised.
as
The
"Forward," of which only the
first paragraph has been revised, now reads as follows:
This
regulation is issued pursuant to the provisions of
Securities Exchange Act of 1934.
The
regulation
whether
does
securities
on
restrict
not
or
the
otherwise,
of
right
for
bank
a
in
bank
addition
to
reduce
any
to
standing
loan,
or
that
to
required by the regulation,
loan,
call
to
any
obtain
additional
outstanding
amendment
Amendment
Section
as
No.
to
Regulation U
3
of Regulation
amended,
of said
"incurred
"While
words
of
1
previous time,"
any
on
bank
a
"After
said
The two
credit,
agricultural,
for
of
or
out¬
any
was
announced
any
section;
U—Effective Sept.
1,
in
so
the
amended by
second
May 1,
any
section
after
the
loan,
such
whenever
made,
for
the"
the
such
loan has been made, a" in the third paragraph
that the said Section 1 as thus amended will read as
as
determined by the bank in good faith for any collateral other
than stocks.
the purpose of this regulation,
the entire indebtedness of any borrower to
any bank incurred on or after May 1, 1936, or at any previous time, for the purpose
of purchasing or carrying stocks
registered on a national securities exchange shall
be considered a single loan; and all the collateral
securing such indebtedness shall
be considered in determining whether or not the loan
bank maintains any such loan,
time permit withdrawals
or
complies with this regulation.
whenever made, the bank shall not at
substitutions
of
collateral
that
would
cause
the
maximum loan
value of the collateral at such time to be less than the amount of
In case such maximum loan value has become less than the amount of
the loan, a bank shall not permit withdrawals or substitutions that would increase
the deficiency; but the amount of the loan
may be increased if there is provided
additional collateral having maximum loan value at least
equal to the amount of
the increase.
2.
Section
as
that
were
offered in
amountJofA$50,-
the
on
bids
to
the
two
issues
were
made
Aug. 2 by Acting Secretary Taylor:
$165,122,000.
Total accepted $50,000,000
273-Day Treasury Bills, Maturing May 4, 1938
$133,795,000.
Total accepted $50,047,000
Range:
99.674—Equivalent rate approximately 0.430%.
Low
99.639—Equivalent rate approximately 0.476%.
Average price 99.646—Equivalent rate approximately 0.467%.
(At the low price of 99.639 only 53 % of the amount bid for was accepted.
New
the
Offering of $100,000,000 of Treasury Bills In Two
Series—Both to Be Dated Aug. 11, 1937—$50,000,000
of
129-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 Aug. 11, 1937, in amount of $100,000000, or thereabouts, was made on Aug. 5 by Roswell Magill,
Acting Secretary of the Treasury.
Tenders to the offering
will be received at the Federal Reserve
banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Aug. 9,
but not at the
Treasury Department, Washington.
There is a maturity of Treasury bills on Aug. 11 in amount
of $50,145,000.
The new bills to be dated Aug. 11 will be
129-day bills, maturing Dec. 18, 1937, and 273-day bills,
maturing May 11, 1938; each series will be offered in amount
of
$50,000,000, or thereabouts. The bills will be sold on a
discount basis to the highest bidders, 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
pointed out.
tender
His
is
made,
Acting Secretary Magill
Aug. 5 also said:
announcement of
The bills will be issued in bearer form
only, and in amounts
tions
of
$1,000, $10,000,
$100,000,
$500,000,
and
or
denomina¬
$1,000,000
(maturity
value.)
2
of
6aid
regulation
is
"may" for the word' "thereafter" in
so
of
follows
Total applied for
inserting the words "or
paragraph of said
1936," and by substituting the words
national securities exchange in an amount exceeding the maximum loan value
as prescribed from time to time for stocks in the supplement to
the loan.
bills
1937
of the collateral,
a
m.
99.995—Equivalent rate approximately 0.013 %.
Low
99.899—Equivalent rate approximately 0.269%.
'
Average price 99.915—Equivalent rate approximately 0.228%.
(At the low price of 99.899 only 87% of the amount bid for was accepted.)
fol¬
as
is hereby further amended in the following
regulation is
after
maintains
this regulation and
While
p.
High
insufficient
*
any
Federal
2
Range:
does it require
nor
because
Section 1—General Rule
For
as
Total applied for
or
On and after May 1, 1936, no bank shall make
any loan secured directly or in¬
directly by any stock for the purpose of purchasing or carrying any stock registered
a
series of
Details
1938.
available
follows:
on
to
000,000 each.
One series was 135-day securities, maturing
Dec. 17, 1937, and the other 273-day bills, maturing
May 4,
respects:
at
the
at
up
High
Regulation U,
words
thereof
the Treasury Taylor.
Of the tenders received, Mr.
Taylor said, $100,047,000 were accepted for the two series.
As noted in our issue of July 31, page 687, the tenders to
the offering were invited on July 29.
lows by the Board:
1.
received
were
branches
of
collateral.
The
the
135-Day Treasury Bills, Maturing Dec. 17, 1937
extend
to
collateral
loan
and
Time, Aug. 2, to the offering of $100,000,000 or thereabouts of two series of Treasury bills dated
Aug. 4,1937, it was announced on Aug. 2 by Acting Secretary
purpose,
or
for any other purpose except the purchasing or
carrying of stocks registered on a national securities exchange.
The regulation does not
prevent a bank from taking for any loan col¬
a
$298,917,000
Eastern Standard
industrial
lateral
of
banks
Section 7 of the
commercial,
any
Reserve
unlettered
follows:
portion
of
amended
the
said
by substituting
unlettered
section
as
the
portion of said
thus
amended
word
section
will
read
No
tender
for
an
amount
less
than
$1,000 will be considered.
Each
tender must be in multiples of
$1,000.
The price offered must be expressed
on the basis of
100, with not more than three decimal
places,
ETactions must not be used.
e. g.,
99.125.
Volume 145
Financial
Chronicle
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from
ment securities.
of
10% of the face
are
amount of
privileges
others
be accompanied by a deposit
must
trust
or
Treasury bills applied for, unless the tenders
company.
Immediately after the closing hour for receipt of tenders
1937, all tenders received
Aug. 9,
on
of the
acceptable prices tor each series
probably
pressly
follow
will
the following morning.
on
as soon as
respect shall be final.
advised
of the
or
of its district.
President Roosevelt
taxation,
except
as to
other disposition of the
No
taxes.
loss
Treasury bills shall be allowed
President
amended,
as
-A
7\
-
Roosevelt
the sale
or
deduction,
or
on
control
are
on
Crops
made.
to
enact
of
oppose
a
conference
press
of Federal
renewal
a
on
loans
until Congress adopts a farm program
production
of the crops on which the loans
The President contends that failure of Congress
farm program similar to the invalidated Agri¬
a
cultural Adjustment Act might prove disastrous to the farm
\
v
crops unless and
for
and this notice
v.
Oppose Federal Loans
informed
Aug. 3 that he would
from
as a
to
Program Is Enacted—Measure Submitted to
Providing Loans on Cotton—Action on
General Farm Legislation This Session Deemed
Improbable—Movement for Special Session Started
prescribe the terms of the Treasury bills and govern the conditions of their
:'>;777 :;7
after retirement?"
upon
Farm
otherwise recognized, for the
purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
issue.
by the
Senate
bank
principal and interest, and any
Treasury Department Circular No. 418,
retire
Court?"
a new
removed
are
Control Legislation Is Adopted—Tells Press
Conference Farm Economy Is Endangered Unless
other disposition thereof will also be exempt, from all
estate and inheritance
or
Until
11, 1937, pro¬
■■'7'
or
impeached
are
The Congress could easily meet the problem by making
financial provision for resigned Justices."
Payment at the
of existing deposits when so notified by the Federal Reserve
Treasury bills will be exempt,
when and if called
serve
vided, however, any qualified depositary will be permitted to make pay¬
by credit for Treasury bills maturing Dec. 18, 1937, allotted to it
The
the
Those submitting tenders
acceptance or rejection thereof.
other immediately available funds on Aug.
gain from the sale
Would
"Of course.
such
for itself and its customers
up to any amount for which it shall be qualified
excess
Court.
new
object to appointment of
that until they resign,
say
ment
in
a
"there is no vacancy there to fill."
"Would the Senator vote to impeach Justice Van Devanter if he refused
to
of tenders,
price offered for Treasury bills allotted must be made at the Federal Reserve
banks in cash
appoint
hand of God," Mr. Borah
replied,
Any tender which does not specifically refer to a
particular series will be subject to rejection.
will be
"I
possible thereafter,
and to allot less than the amount
applied for, and his action in any
would
at once—then would the Senator
The Secretary of the Treasury ex¬
the right to reject any or all tenders or parts
reserves
President
"Suppose the Supreme Court, for their country's good, should all
thereof
to the closing hour will be opened and public announcement
up
at the Federal Reserve banks or branches
the
they could not be removed except by impeachment," Mr.
Borah insisted.
"Congress could not get rid of nine insane men except
through impeachment, and that's what they did in the days when
they
observed the Constitution."
accompanied by an express guaranty of payment by an incorporated
bank
and
Senator from Idaho object?"
"I say that
responsible and recognized dealers in invest¬
Tenders from
853
economy of the country.
President Roosevelt
to
Home in
Spend Week End
Hyde Park, N. Y.
He added that the making of loans
purchase of surplus crops by the government would
place a great strain on the resources of the Treasury unless
production of the crops was controlled.
on, or
Summer
at
President Roosevelt departed from
Washington late last
The
night (Aug. 6) by special train to spend the week end at his
summer home in
Hyde Park, N. Y. Announcement that the
President would leave
Washington was made at a press con¬
ators
Mississippi, Democrats, had submitted to
joint
resolutions, one calling upon
Corporation to make loans of 12c.
ference yesterday.
Roosevelt
Implies
He
Will
President Roosevelt indicated at his
press conference
the bench.
•
v
to
on
to consider
(Aug.
House
that
there
mean
be
will
no
"Won't you clarify your stand
recess
appointment?"
a
that he had said all that
Speaker
Senator Borah Raises
as
prospective
it convened this
Supreme
Court
floor to deny that there
Van Devanter.
impeachment,
therefore
still
was
noon
a
"It
be
Senator
part
of the
do
gained
'
Cummings had raised
Retirement
gave up active service on the Bench
Justice remained in the judicial
system, subject to
assignment to duties by the Chief Justice.
Justice of the Supreme Court, or what?" he
demanded.
is called into service because he is still
regarded as a Justice of the
a
"He
other
"Now, I ask the Senate
Supreme Court.
There is
to consider how you can retire
no
way except
Texas
Mr.
or
In reply to a question from Senator Barkley, Mr. Borah
said that Justice
Devanter could very properly appear at the October
Van
term
M.
died
Van
or
a
Ashurst,
of
Chairman
be
of
a
the
Judiciary Committee, agreed that
of the Supreme Court until he
member
a
successor
to
him
as
an
active
Justice could be named.
"The
President
certainly cannot fill
post
until there is
a
vacancy,
and I challenge any Senator to show a vacancy
now," Mr. Borah replied.
"Suppose all members of the Supreme Court should become insane,"
Mr.
Ashurst put in.
"Congress would
of
course
far
grant them retirement
I
as
next
there
will
except
the
know,
session
with
this
next
the Presi¬
say
it
program,
season,
so
is
that
not
we
year."
taken
was
to
confidences when I
hold
to
that
mean
Congress
session
in
Senate
the
and
until all pending
it appeared likely that nothing would be done
this session, with
July 28 of the House Agricultural Committee
on
announced
after
Speaker
a
conference
Bankhead
in
which
Chairman
Rayburn,
Representative
and
participated.
in
said
statement,
a
representatives
with
said there still
that
a
of national
legislation.
a
was
chance
of
conference
farm
his
committee
developed
organizations
for action
wheat crop insur¬
on
legislation, recommended early in the session by President Roosevelt.
committee will consider tomorrow, he said, a Senate bill authoriz¬
The
ing
and
creation
the
wheat
it
said
Jones
next
mittee to hold
crop
of
his
to
year.
that
voluntary.
the
The
there
the granary
surplus crops
years.
on
committee
would
convene
again
in
December
for presentation to the House
Senate
committee
has
authorized
to
after
subcom¬
soon
a
regional hearings this fall.
said
Leaders
age
$100,000,000 government-controlled corporation to
against losses from drought, floods, freezes, insects
price stabilization bill
a
convenes
tions
of a
growers
other natural causes.
Mr.
committee
a
As
legislation
important
statement
was
leader,
work out
impeached, but insisted that
all major parts of the President's
Congress
through
get
we
election
an
Democrat;
Jones,
yesterday
the
seat on the Bench.
Devanter would
was
before
wide differences of views on the
insure
Senator
in October to enact farm legislation.
enact
violating any
if
any
in
on
decision
The
a,Justice of the
by impeachment, resignation
.
the Administration
that
group
July 29:
The Texan
death."
Court and demand
told the
in post¬
pending farm legislation.
The bills in
question, of which the Senate and House versions differ
somewhat, embrace the ever-normal granary plan of Secre¬
tary of Agriculture Wallace and much of the principles of
the farm program recently set forth by President Roosevelt.
Submission of the bills to fthe Senate and House was referred to in our issue of July 24, page 533.
Regarding the
decision of the House committee to postpone action on the
farm bill, we take the following from a Washington dis¬
patch, July 28, appearing in the New York "Times" of
ance
reason.
before
program
next year with no
program
with the Senate Agricultural Committee
Supreme
no
am
urge
action
majority
Court and for
legislative
the "desired" list is given final consideration.
on
agree
Act, under which Mr. Van Devanter
retired
I
leadership will seek
Jones,
a
to
BankheadV
appointment.
I would not be greatly surprised if the
Attorney General
had this matter in view when he gave the President his
opinion on delay."
Senator Borah pointed out that the
Sumners-McCarran
."7a;.■■'■7;'7-777
Congressmen today that the
major
adjournment.
legislation
that
me
the decision
the
Court
—7,
not
The ad¬
1
Bankhead
before
think
not
A week ago
despite the retirement of Justice
"I do not think there is
any vacancy to fill on the Court," Mr. Borah
"That question certainly become acute if the
President sends in an
"Is he
State
its
general farm
special session
adjourn early
House
to
said.
provided that
farm
conclude
hope," he said, "to
assured
legislation-
He said the vacancies could be created in
only three ways—
resignation or death—and that Mr. Van Devanter was
a
of
group
to
B.
a
program
intention
Mi.
on
yesterday in his advisory opinion that
appointment would be constitutional.
recess
can
for
our
poning
Borah
does
program.
dent
his
reporter
to say
next
yesterday
Roosevelt
a
a
hopes
substantial
no
farm
the Senate resumed discussion of the
vacancy,
The Idahoan said he believed
Attorney General
that very question with the President
a
is
legislative
Question
appointment.
a
told
William
need
no
sees
they
the subject; that he could not write the
correspondent's story for him.
soon
Washington,
President
toward adopting a general farm program
he intended
which
convenes
special session in between.
bit more?"
a
from
that
adjournment and consider only a
position.
The President replied
it
:
leaders
Administration
"I
newspaper men that
legislation
of a special session this year.
said:
vices
President at first made it evident that his remark was a
slip of
the tongue.
He hastily warned
against "going off the deep end" on any
prediction as to when the vacancy would be filled.
But he referred again
to his assertion that the
country would not know about the nomination
his
farm
when
advices
intimated
the calling
:
Senate, and laughingly advised
Press
6),
desire
The
as
general
Congress
to
the subject.
United
Catledge.
could state that
formulate
submitted
specific purpose of enacting agricultural legislation, when 40
Senators signed a petition urging a special session on Oct. 15
reported as follows in a Washington
dispatch of Aug. 3 to the New York "Tiims" from Turner
until it went to the
be
a
January.
On Aug. 5 there appeared the possibility that a special
session of Congress would be called in the fall for the
The remarks of Mr. Roosevelt and the
relevant discussion
the Senate were
As
Credit
pound on this year's
and the other directing the Senate Agricultural
could
Aug. 3 that before the adjournment of the present session
of Congress he will send to the
Senate a Supreme Court
nomination to fill the
vacancy created by the retirement of
Justice Van Devanter. On the
preceding day the White House
announced that
Attorney-General Cummings had advised the
President of his right to make a recess
appointment if he so
desired.
Mr. Roosevelt told
reporters that the press would
have no advance notice of an
appointment, which would
first be known when the nomination
actually went to the
Senate.
Meanwhile, on Aug. 3, Senator Borah asserted
that there is no
supreme Court vacancy, since Justice Van
Devanter has only "retired" and has not
"resigned" from
"Does
Senate two
Committee
Make
Supreme
Court
Nomination Before Congress Adjourns—
Senator Borah Holds There Is no
Vacancy Created
by Retirement of Justice Van Devanter 77.7
asked.
the
Commodity
the
cotton crop
President
in
President expressed these views shortly after Sen¬
Hugo L. Black of Alabama and Theodore G. Bilbo of
in
was
"considerable"
opposition
in
the
House
theory advanced by Secretary Wallace, the stor¬
bumper
The committee has
question
whether
years
for release on the market in poor
win agreement of farm organiza¬
yet to
crop
control
should
be
compulsory
or
854
Financial
The
Senate
Agricultural Committee decided
not to recommend
until
its
further farm legislation this session
any
members
had
an
opportunity to consult with the
The committee recommended to the
farmers of the country.
Senate that it be given
$10,000 from the Senate's contingent
special subcommittee to travel about
fund for expenses of a
the country and learn from farmers the kind of
legislation
they desire.
In commenting on the remarks of President Roosevelt at
his press conference, Aug. 3, Washington
advices, that day,
to the New York "Times" of Aug. 4, had the fol¬
special
tonight
as
houses
farm
counted
as
the
It
legislation
to
of
involving
this
action
control,
crop
the
number
for
President's
and
the
challenge
farm
for
in
both
session
on
is
group
showdown
a
loans.
today that
similar tilt between
a
the
White House and
Congress shattered adjournment plans in 1935, the farm group then being
by the late Senator Iluey Long of Louisiana.
The contest this year is expected!
by many observers to be even more
intense than at that time, due to the recent revolts of Southern
conserva¬
led
■
tive
Democrats
naturally,
from
is most
the
President's
concerned
in
the
resolution
cotton
cited
loans,
also
recent
price
or
provided
cotton
interest
an
below
is
lower
any
the
price
and progress of this
Already
Rate
by
the
controversy.
latter
cost
will
before
Secretary of
rate
10c.
of
.
.
of
not
disturb
than
more
pound,"
a
3
and1 said
%%.
that
to the farmer,
the
economic
and
this
advancement
Senate
was
Agriculture.
With
that
on
bill
a
on
introduced
wheat at
bumper
a
corn
by
be fixed
in
crop
commodity have been
Senator
to
rate
a
prospect,
expected
Government
Agencies
The view that with "the
complexity of the rapidly shifting
scene
at present it would be
dangerous to
adjust ourselves to any rigid pattern" in the stabilization
of the value of the dollar is
expressed by President Roose¬
international
velt.
Although the President thus indicated his views to
Senator Thomas (Dem.) of Oklahoma on
May 20 last, it was
only this week
that^ his letter to Senator Thomas
public, when it was presented
subcommittee of the Senate Committee
during
Federal
hearing
a
Reserve
price stability.
ment
the
System
as
a
to regulate the value of
power
monetary
the
on
Reserve
System
the
was
with
Board
made
the
3
a
of
with
view
a
it
to
Governors
available;
attainment of the objective would require
cooperation of other agencies of the government is im¬
practical." According to the Governors, "economic
stability
rather than price stability should be the
general objective of
public policy."
President Roosevelt, in setting forth his
Senator
have
the
same
I
am
the
dollar
though these
and
will
are
orderly
nance
that
sure
with
your
fluctuations
in
seeking the "kind
objective
the
be
attained
not
of
An
respect
the
the
to
dollar.
The
at
present
pattern.
be
It
is
rewarded
were
the
For
time
doubtful
with
that
I
reason
formalized
a
therefore
You
would
international
this
to
it
more
the
do
even
rest
may
whether
situation
assured
to
as
of
being
the
a
great
dollar,
step
as
To
other
whole
economy,
and
by its
It
to
adjust
success
ourselves
the
on
which
lines
we
to
you
could
rigid
any
suggest will
justly
expect,
to
commit
ourselves
this
at
we
are
watching all
developments
in
the
the
promotion
of
international
economic
said:
tion,
as
and
determined1 efforts
endanger
money
stability
exerting
of
use
sustained
to
the
keep
that
sound
a
banking
is insufficient and
the broader object of
or
the
of
Federal
the attainment
that
of
Reserve
the
eco¬
System,
objective would
the government
policies
declared
of monetary and
influence business activity,
to
respect
taxation,
expenditures,
labor.
and
objective
of
stability,
and
economic
maintain
with
agriculture
trade,
the
be
coordination
which
the
Government
it
be
should
Reserve
the
of
the
United
recognized
System
to use all
to contribute to a concerted: effort by all agencies of the govern¬
this
attainment of
objecive.
With tlie
publication of these views, Senator Bridges (Re¬
publican) of New Hampshire introduced a bill to repeal the
Thomas amendment to the Agricultural Adjustment Act per¬
President
mitting tlie
in
AAA
the
to
authorize
$3,000,000.
to
up
currency
This
enacted
measure
the
issuance
provision
1933,
Roosevelt
of
was
text
in
the
paper
contained
of
which
3415.
page
Measure Authorizing Con¬
Auxiliary Naval Vessels
A bill authorizing the building of six navgl auxiliary vessels
was
signed by President Roosevelt on July 30.
The bill
does not provide any funds but limits the total that may be
expended to $50,000,000.
It requires that at least half of
the ships be constructed in Government navy yards, and
provides that bidders on the Pacific Coast be given a 6%
preference over those in the East.
This preference, it is
explained, is expected to encourage shipbuilding on the
Pacific Coast, thereby promoting the interest of national
defense.
The type of ship's authorized to be constructed,
and their estimated costs, was reported as follows in United
Press advices from Washington, July 30:
Signs
Six
of
struction
The ships authorized are a seaplane tender to cost $12,265,850, a destroyer
tender to cost $11,519,200; a mine sweeper to cost $1,557,000; a submarine
tender to cost $12,606,200;
cost
fleet tug to cost $1,761,000 and
a
oiler to
an
$8,496,800.
+
President
Roosevelt
Chemical
Vetoes
Warfare
Bill
Service
to
Change
Name of
Corps—
Chemical
to
Hopes
for Eventual Abolishment of Service and
Opposed to Anything Making Permanent Any
Bureau Engaged in Study of War Gases
Is
In
a
message to
vetoed
bill
a
Warfare
Congress, on Aug. 4, President Roosevelt
changes the name of the "Chemical
which
Service" to the
"Chemical Corps."
In indicating
opposition to the proposed change, the President states
that he is doing everything in his power "to discourage the
his
of
use
do
to
and
gases
nations."
He
other
adds
chemicals
that he does
in
not
between
war
the government
anything "to aggrandize or make permanent any
bureau of the Army or Navy engaged in these
studies," and he hopes "the time will
cal
any
want
Warfare
Service
be
can
when the Chemi¬
come
entirely abolished."
veto
in
message
The fol¬
full:
Senate:
the
return
to
the
price level
should
be
made
are
disastrous
to
prevent
is
such
beyond
herewith, without
change the
bill
The
"Chemical
It
is
Service
as
in
"Chemical
than
has
to
have
power
I
to
a
other
far
to
the
Army.
have
policy
the
of
in
any
in
Warfare
this
contrary
the
of
or
Service
a
in
to
this
to
House, Aug.
4,
the
to
which
are
to
the
name
its
functions
call
Such
for
is
use
It
name.
in
its
inhuman
for.
the
While,
of
everything
do
stand
to discourage
nations.
States
change
use
of gases and
unfortunately,
study
of
the
the
use
of the United
of
States
make permanent any special bureau of the
be
calling
it
public
I hope the time will
entirely
the
come
when
abolished.
"Chemical
Corps"
is,
in my
policy.
FRANKLIN
White
desirable
Army
keeping with
warfare.
in
power
can
sound
It is
the
Warfare
Corps."
between
United
Service by
to
"Corps."
government
Navy engaged in these studies.
dignify
The
Service
Chemical
have changed
more
objection
this
ques¬
fluctuations
Warfare
the
I do not want the government
anything to aggrandize
Chemical
a
civilization should
my
war
the
of
warfare,
To
been
chemicals
of
use
than
of
supply branches
the "Chemical
what modem
chemicals
or
Service."
Chemical
functions
rather
important
the
necessities
To
Senate bill 1284, entitled "An
Warfare
present
major
those
doing everything in
chemicals
do
of
as
more
is
the
only
would
defensive
to
the
"Service"
a
line
outlaw
contrary
am
the
Service"
and
that
Corps
a
designate it
been
and
thought
those of
are
designate
approval,
Corps."
my
included
call
to
proposes
my
the Chemical
of
name
D.
ROOSEVELT.
1937.
economic
stability.
The Board is convinced, however, that the broader
objective of maximum
sustainable
utilization
attempting
to maintain
of
a
the
Nation's
fixed
stability should not be the sole
a
economic
should be sought through
particularly
toward the
judgment,
would
goal
foreign
to
ment
I
definitely
might well be premature and might
than good, both at home and abroad.
in
in
and
supply of
believes
Board
policies of
should
its powers
mainte¬
Eccles, in presenting the views of the Board,
fluctuations
the
including
Army
wide
continuously
condition,
concern
fact that
the
the
up,
major
lending,
the
That
particular
recognizing
sum
that
but
the value
cooperation.
Governor
suggested.
a
stability rather than
price stability should be the general objective of public policy.
It is con¬
that this objective cannot be achieved by monetary
policy alone,
and devices,
action
that
as
full
as
vinced
I
of
forward
well
often
stability by
to
the
on
purpose,
require the cooperation of other agencies of the government, is impractical.
Act
means
number of other
countries, was rightly interpreted
in the attainment of the external stability
a
this
an
if
the
lowing is the President's
a view to making any
timely contribution we can.
understanding reached last September, first from England and
France, and' then with
if
To
have undergone clarification.
that
of
harm
more
the
stability
without
monetary sphere with
The monetary
be sustained
the dollar value
by the achievement of balanced
procedure
of
measure
believe
economic
for
adequate supply of money will not
the banking structure through which
even
unsound
generation hence
that stabilization
me
dangerous
be
course
that
an
a
However, in view of the complexity of the rapidly shifting international
scene
index
conducive
be
can
attempt to make either price
nomic
achieved.
once
in
as
power
merely by monetary
but much
throughout
recovery
with
value
of dollar which
with
agree
necessary,
as
price
future."
near
also
you
to
funds
proposed,
necessarily refer
general agreement
is under way.
special
purchasing and debt-paying
hope to attain in the
we
of
sympathy
unnecessary
United States is still
will
Thomas, said:
complete
of
is
cannot
of
the fact that the
in
recognizes
operate
structure
written
the
elimination
resources
functions adequately
its
must
state¬
Eccles, Chairman of the Board of Gover¬
it said that "an attempt to make either price
stability
or
the broader object of economic
stability the particular
concern of the Federal Reserve
System, without recognizing
am
Board
perform
by Marriner S.
I
productive
contribute
flow of
a
1937
7,
not
banking machinery of the country in sound condition.
The
nors,
views to
stability
no
satisfactory
a
may
influence to maintain
country's
the
Agricul¬
authority
dollar
Along with the President's letter
embodying the views of
Federal
in
Aug.
on
the Senator's bill to designate the
on
price
the general wholesale commodity price index is
constitutes
Monetary authorities
an
President
Roosevelt,
became
for
There is
appeared in our issue of May 20, 1933,
daily.
of Dollar—
Governors of Federal Reserve
System Move to Give
System Control Over Economic or Price
Stability
Would Require
Cooperation of Other
ture
what
Proposals
of prices.
is
means
although
It
"such
"Any Rigid Pattern" in Stabilization
a
feasible.
average
monetary
of
States
.
Commenting on Monetary Pro¬
posals of Senator Thomas, Regards as Dangerous
before
be
or
by
prices
duty of the Board of Governors of the Federal
production
greatly
the
loans
to extend
matter
individual
question
group,
country."
pending
President
The
Provided
Gillette of Iowa directing government loans
proposals
,
by Senators Black and Bilbo, and directing 12c.
price declines to "almost
price for
a
offered
leadership.
current
Low Interest
The
it
index
some
being revised1
were
substantial
A
agitation
renew
accept
crop
recalled
adjournment/date
development.
to
now
certain
renewal
was
this
of
expected
general
on
the Congressional
result
a
is
to
as
would
nor
to
Aug.
of
deflation
lowing to say:
Predictions
Stabilization
23
July
on
Chronicle
level
or
of
resources
cannot
be
achieved
by
prices, and that, therefore, price
principal objective of monetary policy.
It
the
was pointed out in a Washington dispatch, Aug.
4, to
New York "Times" that the outlawry of chemicals and
gas
in warfare has long been a policy of the United States.
The
dispatch added:
/
/
*
Volume
This
Financial
145
country is signatory to
neither
of
which
Limitations
failed to
The
is
these was
but
signed at the Armaments
became
when
inoperative
France
was
protocol signed at Geneva
a
1925-26, which
in
Relations Committee but
re¬
was
then recom¬
was
proposed construction under the Wagner
unit
or
$1,000
the
Senate
from
Columbia Tax Measure
to
which
is
the District of Columbia Tax bill,
on
attached
the Miller-Tydings retail
completed on Aug. 4, when
Senate approval of the conference report on the combined
legislation was recorded.
Agreement by a Senate-House
conference committee to permit the rider to be placed on
price maintenance
the
District tax
as
a
rider
measure, was
measure
was
reached
week ago
a
and
rider.
regarded
as
opposed to the price maintenance bill, but at his press con¬
on
Aug. 3 he declined to commit himself on the
question as to whether he would veto the legislation. Under
date of Aug. 4 Washington advices to the New York "Times"
ference
said:
Although the District of Columbia bill, carrying provisions for several
estimated
taxes
to
yield $8,875,000, finally completed its course through
Congress, officials of the city were still afraid it might be vetoed because
of the attachment of the
Miller-Tydings bill.
£1 The
taxes provided were: On gross receipts of businesses and professional
two-fifths of 1%, estimated to yield $3,000,000; increase in the real
men,
estate tax,
mated
to
estimated to yield $3,125,000; weight tax on automobiles, esti¬
yield $500,000;
inheritance and
new
yield $800,000; increases in the
to
yield
$200,000,
estimated
to
and
yield
added
estate
tax on net insurance
enforcement
taxes, estimated to
premiums, estimated
for existing
provisions
taxes,
$200,000.
This district is in this plight: If the bill is vetoed and the veto
sustained,
it cannot borrow to meet
operating expenses and must
through
go
remainder of this month
and
The Commissioners
count.
possibly September without funds
increase the tax
can
real
on
the
to its
estate
ac¬
make
to
these taxes
will not
begin to
into the Treasury until
come
The
W^agner Housing Bill, in amended form, was passed
by the Senate yesterday (Aug. 6) by a vote of 64 to 16.
Before final action on the bill an amendment was
adopted
yesterday, by a vote of 40 to 37, placing the administration
of the Act under
Secretary Ickes' Department of the In¬
terior. On Aug. 5 Mr. Ickes was
reported as stating that he
favored the bill "in principle" but that its administration
should be placed under a regular Government
department
instead of under a proposed
independent agency. «.Con¬
sideration of the bill was begun by the Senate on
Aug. 2,
and with a view to
hastening a vote on the measure the
Senate on Aug. 4 resorted to a voluntary
"gag" rule. As to
the "gag" rule, Associated Press accounts from
Washington,
Aug. 4 said:
limitation
longer than ten minutes
From
bill itself.
Fifteen minutes
was
once
nor
authorize
a
initial
an
bond issue of
appropriation
$700,000,000 during the next
of $26,000,000
to
make
loans
was
of
one
the
major
points
President
in
Roosevelt's
legislative program.
of which
Byrd,
were
(Democrat)
Federal
$1,000 per
room
on
restrictive and
clarifying amendments,
of
changes
Virginia,
aid
at
was
restriction
that
no
of
more
cost
a
a
new
housing
than
exclusive of land cost and
proposed
$4,000
by
project
Senator
could
be
family unit,
a
or
of slum demolition.
expense
The Senate eliminated from the bill
ized the
a section which would have author¬
Government to build and operate demonstration
projects at the
rate of $25,000,000 a year.
It
added
proportionate slum clearance.
each housing project
It specified that not
be accompanied by
more
than 20%
of all
funds should be spent in any one State.
The
membership
of
the
proposed
administration
board
* A
provision
of Senator
President
requiring
housing construction
reduced
or
Roosevelt's
slum clearance
cent
over
section
sumers
►
of
L.
Confer¬
Roosevelt
bill amendments
previously adopted by the House Com¬
mittee.
As passed by the Senate the Labor Standard Board
of 5 created under the bill would be
empowered to fix a
minimum hour wage at not to exceed 40 cents an hour and
determine
maximum work week, which could not
upon a
be fixed below 40 hours.
On July 28 the House committee
fixing minimum
wages at not to
the maximum work week
as
adopted
low
as
amendment
hour, and
an
exceed 70 cents
35 hours.
an
The
adoption
by the committee of this amendment, offered on July 28
by Representative Wood was noted in our July 31 issue,
692.
page
The bill which the House Committee ordered
Aug. 4 accepts the 40 cents on hour and 40 hours
in the Senate bill.
In the Senate
bill,
reported on
as proposed
passed July 31
as
the Administrations Child Labor
proposals were stricken out,
and replaced
by the Wheeler-Johnson provisions governing
child labor, these
provisions barring shipment of child labor
goods into a State in violation of the laws of that State, in
addition to prohibiting such
shipments from Interstate
Commerce.
In its account of the House Committee's action this
week,
the New York "Journal of Commerce" had the
following to
in advices from its Washington bureau Aug. 4:
say
Yielding to the
pressure
of the American Federation of Labor for changes
in the language of the legislation to make certain that the
The amendments included in the bill
the labor leader provide
bargaining rights
by the Committee at the request of
that:
The Board has jurisdiction over wages and hours in any occupation
1.
only if it finds that collective
bargaining agreements in respect to them
do not cover a substantial number of employees of such occupation, or that
existing facilities for collective bargaining in such occupation
are
inadequate
ineffective.
or
2.
Wage and hour standards established by collective bargaining agree¬
ments in any
occupation
are
prima facie of the appropriate wage and hour
standard in the occupation.
The board cannot lower the wage standard or increase the hour stand¬
3.
ards
those already
from
prevailing in the occupation in the community
considered.
The Board cannot
4.
establish
any
wage
hour classification in
or
any
community which adversely affects the prevailing wage or hour standar 1
in the same or other communities.
Prison made goods are to be prohibited shipment in interstate con>-
5.
merce.
The label
6.
provision of the original Act,
NRA blue eagle, is
eliminated, so
as to protect
which is
a
survival of the
industry from that require¬
ment.
7.
work is
Government
removed from
the Walsh-Healey
under
Act,
as
the
control
before.
of the
Board
Incidentally
this
and
pro¬
vision of the bill, which was eliminated, would have brought Government
contracts
of as low as $2,000 under jurisdiction of the Board.
ferred
that
on Aug. 4, Mr. Green con¬
Aug. 3 with President Roosevelt, and in indicating
misunderstanding of President Roosevelt's intentions
on
a
in
regard to the bill had temporarily halted its legislative
progress advices Aug. 3 from Washington to the New York
The
on
the
Government loans for housing
going Federal rate
authorizing
housing societies
Labor
House
Committee,
in the morning
which
was
of
loans
was increased
cost
an
to
consider
the
early date, ad¬
presentative Norton of
New Jersey, that the President wanted consideration
postponed for a day so that the Administration could suggest amendments
to the
bill, which passed the Senate last week.
subsequently developed that the President
It
delay.
had
not asked
for
any
...
Norton by William
intervention apparently was convyed to Mrs.
Green, President of the American Federation of Labor,
who called her out of the committee room just
with Mr.
Roosevelt later in the day,
after the meeting had
con¬
After Mr. Green had conferred
the labor leader said that "If there
misunderstanding the blame is on me."
and
President
At his press
(or what the money
scheduled
with a view of reporting it at
journed without taking any action, on the assurance of its Chairman, Re¬
added at the request
one-
the
Government).
A
F.
substitute the Senate bill for the House measure.
Under
the Committee action it was
agreed to embody in the Senate
has been any
approval
was
Barkley of Kentucky, the majority leader.
The interest rate
half per
A.
passage
vened, with 19 of its 21 members present.
was
from five to three and made bi-partisan in character.
grants for
of
Follows
Green with President
The idea of Presidential
requirement that
a
Green
by the Senate on July 31 by a vote
of 56 to 28 of the so-called
wage and hour bill, the House
Labor Committee
by a vote of 17 to 2 agreed on Aug. 4 to
adopted.
principal
built with
of Mr.
Following the
measure
(•One of the
by
President
"Times" said in part:
Most of the discussion centered
many
too
was
Prior to the Committee action
to public housing authorities for the construction of low-rent
dwellings and slum clearance.
measure
was
Less than 40 Hours—
at not
Committee—Action
placed
andjgrants
The
limit
amendment
40 to 39 vote.
of
ence
quote:
we
and
years
the
The
44 to 39.
was
Accepted
permitted
Associated Press advices from Washington
yester¬
The bill would
three
Senator could speak more than
no
the
on
amendment.
an
day (Aug. 6)
a
that
.
Senate Passes Wagner
Housing Bill In Amended Form—
Places
Administration
of
Act
Under
Secretary
Ickes' Department of Interior
new
of
family
offered by William Green, President.
'
.//'■
for discussion of
cost
a
of labor are adequately protective the Committee accepted 7 amendments
..
I-* Under the
by
ago
leaders
reconsider.
to
Amendments
property bear the added $8,000,000 needed to balance the budget, but col¬
lections from
late in September.
motion
a
Maximum Work Week
to
It is reported that President Roosevelt is still
the
Wage and Hour Bill Passed by Senate—Senate Measure
in Amended Form
Accepted by House Committee—
Committee Agrees to Minimum Hourly Wage as
Proposed by Senate Not to Exceed 40 Cents and
on
Aug. 3 the House adopted the conference report which the
Senate agreed to the next day.
As was indicated in our
July 31 issue the Senate on July 23 approved the retail price
bill as a rider to the Emergency Tax Bill for the District of
Columbia.
The latter was passed by the House on June 18,
the Senate District Committee in reporting it to the Senate
on July 2
attaching to it the price maintenance bill.
On
July 29 Senate and House conferees on the tax bill agreed to
recommend the adoption by their respective Houses of the
administration
tabled
The vote to table
Congress Completes Action on Miller-Tydings Resale
Price Maintenance Legislation Attached As Rider
limit
to
housing bill to $4,000
a room.
Despite protests
low,
District of
of
of the housing organiza¬
making $4,000 a year or more.
Before passage the Senate reaffirmed its decision
adopted several days
to
by Senator King (Democrat)
Utah, to require Senate confirmation of all officers
by the Senate and is still pending in the committee.
Congressional action
amendment
an
tion
ratify.
other
ported favorably by the Foreign
mitted
of
One
1921-22
of
855
The Senate also added
two international agreements to this effect,
effective.
Conference
Chronicle
with him some
States
His
Views
conference the President said that Mr. Green had discussed
general principles that the A. F. of L. chieftain advocated
for the Wages and
Hours Bill, but had not shown him any actual amend¬
ments.
loans
was
to
limited-profit
organizations
con¬
eliminated.
Construction of playgrounds in connection with each project
mandatory.
and
As
the
was
made
for
his
own
legislation
reached
wages
part,
Mr. Roosevelt said that he favored including in
safeguard for the Walsh-Healey
by collective bargaining, as well as
Act and for agreements
the principle that minimum
should not be set lower than going rates in the various localities.
Financial
856
Previously the divided attitude of the American Federation of Labor
Mr. Green told Senators that he
had confused the issue of the Senate.
favored Senate passage of the Black-Connery
bill on the theory that it could
John
P.
trades department, publicly urged
the Committee on Education and Labor,
building
of the
Senators to recommit the bill to
which would have meant the end of the legislation for this
began
Commerce" had the following to say:
of all reference to
Adopted by
"double-barrel" bill
as
a
rider.
administrative board
child labor and attacks the problem in the following
vote of 56 to 29, the rider relieves the
a
of any authority over
Restores to the statute books the old Keating child labor law
1.
prohibiting
Jan.
1,
2.
shipment
of
merchandise in interstate
any
directly
commerce
Goods Act as
It would prohibit the
be
plainly marked that child labor
when
commerce
Exemption
an
for packers of perishable agri¬
covered by law.
The first
of strength, however,
real test
after Senator Connally
came
offered his motion to recommit the bill to the Committee on
hastily devised and ill considered, and that
was
deliberation.
.
Education and
He told the Senate that the present measure
for further study.
Labor
the whole matter ought to
of Congress, to give ample time for
Connally made much of the plea sent to the Senate
Mr.
further
.
.
Frey, President of the metal trades department
building trades department, who asked that the bill
be recommitted.
President of the American Federation
He remarked that William Green,
when he asked in a statement that it
of Labor, had given the bill no praise
written in the House.
yesterday by
of the American
Williams, President of the organization's
Federation of Labor, and J. W.
be passed in the hope that a measure more
used in the production.
cooperative
milk cream or butter fat, and
exempt railway express companies already
plants in a dairy production area handling
shipment of such goods into States which bar their sale and can only
transported in interstate
of these exempting
Borah put through an exemption for
cultural products, Senator
John P.
Applies the principle of the Ashurst-Sumners Prison
was
Wins
Borah
Senator Dieterich obtained an exemption
after
1938.
alternative to goods produced by child labor.
an
who voted for anything that
the measure, a number
promise of weakening
amendments were adopted.
be put off until the next session
manner:
McNary's exemp¬
&c., from the
adopted.
was
Senator George got the Senate to
before its
child labor and the attach¬
change made in the bill by the Senate
of the Wheeler-Johnson child labor
been set on Thursday, when Senator
of perishable foodstuffs, sea foods, sponges,
With the help of most of the Republicans,
July 31 a motion to recommit the Senate bill for further
study by its committee was offered by Senator Connelly
(•Democrat) of Texas, but the Senate rejected the motion by
a note of 36 for to 48 in opposition.
Regarding the Senate
action on July 31 a Washington account to the "Journal of
ment
tossing
bill's hours limitations
gave
passage was the elimination
under an
be shut off at 3 P. M., members
in amendments to the Wages and Hours Bill to exempt
tion of processors
session.
On
The most important
11 o'clock this morning,
the Senate convened at
as
The example had
and "W. J.
President of the metal trades department,
Frey,
President
soon
agreement by which all debate was to
specialized industries in their own States.
be amended in the House to meet the views of his organization.
Williams,
As
1937
7
Aug.
Chronicle
satisfactory to labor could be
•
...
Other Amendments
Bombardment
Other amendments adopted
by the Senate included the following:
Senator Connally, hoping to garner
Granting exemption to employees engaged in the handling or processing
of milk and
Exempting employees engaged in the processing and packing of farm
Exempting employees engaged in the gathering, preparing and packing of
Unsuccessful
attempts
made to amend the bill so as to
were
60 days to pass on them: to lift application of the law to concerns
five persons or
employing
less; to impose a direct prohibition against shipments
veritable bombardment of amendments.
a
proposal of Senator Borah to exempt employees
a
came
engaged
of processing of milk and cream in plants owned by farmer
The amendment was adopted on a roll-call vote, 65 to 25.
proposal by Senator Dieterich to exempt employees
engaged
processing and packing farm products during harvest seasons.
It was
Next
require
become effective until Congress has had
orders of the board shall
no
First
in the handling
cooperatives.
perishable fruits.
that
This started
amendments.
pw
products during harvest seasons.
the maximum strength for his motion
withdraw it temporarily pending the outcome of
recommit, asked to
to
by farmer co-operatives.
in plants owned
cream
of Amendments
in
was
a
adopted 51 to 33.
provision exempting employees
Senator Overton attempted to write in a
of
prison-made goods in interstate commerce, and to exempt persons engaged
engaged in ginning and baling cotton from both the wage and hours pro¬
in the ginning and
visions of the Act.
baling of cotton.
a
From
Aug. 4
the
"Journal
quote
we
Commerce"
of
follows
as
as
roll call
Washington advices
to the House Committees
action Aug. 4.
Chairman Norton (Dem., N. J.), announced that the vote on
reporting
the bill to the House
was
Chairman O'Connor
advised
come
that
up on
She said she has already conferred with
special rule would be granted permitting the measure to
a
the
measure
would be allowed to
come up
this session because of the sweep¬
There was so
viva
As
it
a
substantial
majority and probably will be in the hands of the President for his signature
Other
Changes
The vote
from the child labor restrictions provided the
that their employment was not injurious to
Johnson to have the pro¬
substituted for the child
Labor Standards Board found
health, happiness or educational
use
of child labor,
was
double-barreled
The effect of the change was to give to
the ad¬
ministrative board regulatory authority over the use of child
labor.
though the bill states that children under 16
a
creed
or
Board
should
of the Labor
effective until after they
become
not
should
color of the workers involved.
Connally proposed that the orders and decrees
Senator
Standards
exempt
of railway express com¬
Act.
specific provision that all actions of the board
be taken without regard to the race,
eliminated and the language
reported originally to the Senate by the Senate Labor
restored.
amendment offered by, Senator George to
and hours provisions employees
wage
panies who are covered in the Railway Labor
Senator Davis lost
was
rejected.
failed to have children under 16 years of age exempted
Senator Pepper
A voice vote adopted an
The so-called Wheeler-Johnson rider, which contained a
it
but was
goods,
55 to 29.
was
visions of the Johnson-Wheeler Child Labor Bill
following:
was
prison-made
Then followed the successful effort of Senator
Made
Among other changes made to the bill by the committee today were the
as
on
the Vice-President holding that a similar
preparing and packing perishable fruits in season.
engaged in gathering,
from the
Committee
restrictions
advancement.
by the end of next week.
prohibition against the
for
point of order,
a
labor section.
the Wood amendment.
House, but the leadership is confident that it will be passed by
of the bill
asked
Bone
on
Senator Schwellenbach was successful with a proposal to exempt persons
there is still considerable opposition to the legislation in the
is,
ex¬
vote
voce
Senator
ruled out
Wood amendment in the House, it was said, that the
bill probably would have been defeated entirely had it been allowed to come
up containing
39.
by
Reynolds who yesterday attempted to amend the bill
of the Act,
tried again, this time to exempt hirers of five persons or fewer.
He could
not command sufficient strength to force a roll call and his proposal lost by
House in the past whether
ing changes made to it previously by the Labor Committee.
much opposition to the
amendment and it was turned down again, 46 to
amendment had been offered by Senator McAdoo and
the floor, probably Tuesday.
There has been considerable speculation in the
He later obtained
This was rejected by viva voce vote.
same
empting employers of ten persons or less from the application
(Dem.. N. Y.), of the Rules Committe and has been
17 to 2.
the
on
Senator
had been
Congress and laid before the Senate and House for 60 says.
sent to
The
not be em¬
years
of
age may
Al¬
amendment
killed 47 to 37.
was
Census of Unemployment
ployed in industry, the board is given wide authority to grant exceptions
to this rule.
The
By
,
exemption provided in the Senate bill for local retailers, which had
been deleted previously by the House committee, was restored with a limi¬
tation, however,
who
are
exempting only employees of local retail establishments
employed
as
retained, but
new
language
was
trade agreements negotiated
applicable to imported goods was
added to provide protection to the reciprocal
increasing in
mendations
an amount out
are to
of products
by the State Department.
sliding scale work week, dependent on the number of
a
that imports are
of proportion to domestic production recom¬
8,000,000 people were found to be unemployed,
week could be established, by stages, as
unemployment sank to the level of 2,000,000 or less.
Then followed in turn the Connally motion to
bill to the Johnson Wheeler child labor measure.
The
Senate
accepted,
73
to
11,
Of the 56 votes recorded oh the passage of the bill in the
Senate on July 31, 51 were those of Democrats, 2 were those
of Republicans (Senator Davis of Pennsylvania, formerly
Secretary of Labor, and Senator Lodge of Massachusetts);
those of Farmer Labbrites, viz Senators Lundeen and
Shipstead, and 1 Progressive vote, Senator La Follette.
1/he 28 votes against the bill were those of 15 Democrats and
13 Republicans.
The argument that the bill is unconstitutional was ad¬
vanced by Senator Byrnes, according to a Washington dis¬
patch July 31 to the New York "Times" which reported
him as saying that he had reached this conclusion after
study of the Supreme Courts decisions in the Wagner Act
amendment of Senator Bailey re¬
an
quiring confirmation by the Senate of the appointment
of the board receiving an annual salary
authority to curtail the quotas.
recommit, the Copeland
anti-lynching amendment and another by Senator Bridges restricting the
In the case
trade agreements the State Department is given
than
more
the establishment
unemployed found
The substitute would have provided a 30-
with the provision that a 40-hour
It is now proposed
be made to the President for duty increases.
covered by
of
*
that when the Tariff Commission finds after investigation
Barred
offered by Senator Maloney,
calling for a census of unemployment, to be followed by
in the country, was rejected.
hour week if
outside salesmen.
A previous amendment making the bill
vote of 45 to 37, the subsitute bill
a
of $4,000 or more.
amendment limiting the operation of the Act to
of any employee
Another Bailey
Jan. 20, 1940, was shouted
down by voice vote.
ceased and Vice-President Garner
With this the barrage of amendments
ordered the final vote.
2
cases
and
the
Schechter
decision
which
invalidated
the
National Recovery Act.
He was likewise quoted as saying
that "few men on this floor know what will be the effect of
this measure—I admit I don't."
On July 31 Senator
Copeland sought to attach as a rider to the bill the anti-lynching
bill, (which he had unsuccessfully on July 26 endeavored to
attach to the bill limiting the length of freight trains) the
Senate rejecting Senator Cop eland's move on July 31 by a
vote of 47 to 39.
Regarding the Senate action on the wage
and hour bill we quote as follows from the Washington advices
July 31 to the "Times".
Inquiry
Government's
into
Called
for
in
Silver Purchase
Resolution
of
Senator
Program
Townsend—
Senator Pittman Denies
A
Alleged Charges
resolution
investigation of the Govern¬
calling for
an
ment's silver purchase program was
Aug. 4 by Senator Townsend
on
the
repeal
in
the
is
quoted
"The
of the Silver Purchase Act of 1934 is proposed
resolution.
people
the
of
of
were
the
corporations
their
acting
silver
upon
to
York "Journal
direct
liance
things
Senator
Townsend
and'
holdings
individual
to
our
manner
and to
what extent
speculators profited
Government and to
through
what
extent
the advice of those who were assisting in the framing
Administration's
According
other
entitled to know in what
are
foreign
they
Among
saying:
as
powerful
sale
introduced in the Senate
(Rep.) of Delaware, and
program."
Washington
of Commerce,"
advices Aug. 4 to the New
Senator Townsend makes no
accusations, contenting himself at this time with re¬
upon
stories that have appeared from
apparently ready to present to any investi-
newspaper
time to time, -but
Volume
Financial
145
gating committee something
also
quote
Release
from
of
the
Senator
Pittman,
charges
of
the
full
been
the
of
presented
to
a
gold.
brought
of
sponsor
collusion
the
In part we
substantial.
more
statement
the
and
law,
illegal
rejoinder
prompt
a
that
"the
by
declared
who
influence
group
Department,"
point.
refuted
all
are
which,
They
transaction
of
of
the
silver, the
which
silver
The
fore
Treasury
special
another
Senator
Purchase
amount
committee
committee
Townsend
referred
Senator
make
become
to
declaring
and the amount against
further
member
a
there
is
of
the special
were correct in saying that "we can
change prices through
monetary management, even with the dollar tied to gold."
invited
he
"Maybe that
committe.
is sound, but I don't agree with you," Mr.
"Money
Lists
Charges and
tionships
United
between
States
50%
tax
of
large
speculative
on
Act
of
silver
stocks
of
silver
provided
in this
by
for
officials
and
speculators
the needs of management.
of
country
to
8
escape
the
of
is
detrimental
trade
to
*
because
That's what
we
Leon replied.
It
are
subordinates
suffering from
country."
He already had touched
the
this point in the prepared statement which
on
he read before the sub-committee.
Treasury Department
Section
to
in nearly every
from collusive rela¬
range
charges that the
to open
profits
said,
management
trade
Charges
Townsend
international
Government,
holders
permitted
Purchase
Senator
rumors,
He asked
Mr. Leon if he
necessity
no
and
investigation,
that he favored
increasing the gold price beyond $35 an ounce.
report be¬
preliminary
a
that
of its former weight.
He said that those who had
profited principally from this
country's gold purchase policy had been the shareholders in gold
mines,
80% of which were said to be owned by foreigners.
He declared that
"powerful vested interests have been created on the
adversity of all other
forms of economic
activity."
Mr. Thomas added for the record that what he had
said did not mean
paid for
purchased, the price
make
will
to
Pittman
to
"touching the entire
to silver since the
reports disclose the total
Treasury,
content to approximately 60%
astrous."
issued."
are
Mr. Roosevelt fixed the present
price of $35 an ounce for gold by
Mr. Leon, who has just returned from
Europe, told Mr. Thomas that
the effect of the revaluation
rumor, said to have started abroad, was "dis¬
and
regard
These
referring to the unused authority contained in the Gold
Revaluation Rumor
reports
whom
the
in
Borah
Thomas,
King,
with
Act.
through
of silver
certificates
Pittman,
the Treasury
Department
purchased,
adjournment,
for
from
Silver
silver
Senators
of
obtained
the
of
enactment
amount
the
consisted
group
was
diminishing the gold
he
matter,
The
He
Purchase
Act, under which the President was empowered to fix the gold
content of the dollar at
any point between its existing level and 50% of that,
from
evplained, had
of silver-States Senators who had inquired into
Treasury
857
diminish "slightly" the gold content of the
dollar, thus raising the price of
advices:
same
Nevada,
corruption,
report
McNary.
r
the
Townsend
Chronicle
the
Among those who were heard on the bill by the committee
Aug. 5 were Dr. King of New York University, Robert
Silver
on
1934.
Harriss of Harriss & Vose,
♦
Cotton brokers of New York,
George Le Blance former Vice-President
Hearing Before Senate Committee
Thomas
to
Regulate
Bill
on
Commodity
of
Prices
of the Equitable
Trust Co. of New York, Ambrose W.
Benkert, New York
broker, former Senator Robert L. Owen, and Dr. Joseph E.
Senator
Through
Dollar Stabilization—Would Empower Federal Re¬
System to Regulate Currency Values— Man¬
aged Money Opposed by Rene Leon—James H. R.
Goodbar, of the Society for the Stability of Money.
Associated Press in reporting the view advanced at the
serve
Cromwell
Supports Theory
Opposition to money management was expressed by Rene
Leon, monetary expert of Princeton, N. J. at a hearing on
Aug. 4 before a Sub-committee of the Senate Agricultural
Committee
late
the bill of Senator Thomas which would
regu¬
on
agricultural and commodity prices through the stabiliza¬
tion of the dollar.
Under the bill the Board of Governors of
the Federal Reserve System would be empowered to
regulate
Opposition to this by the Board is in¬
monetary values.
dicated in another item in this issue in which the views of
President Roosevelt on Senator Thomas'
monetary proposals
given.
An opposite view to that of Mr. Leon is
taken by James H. R. Cromwell, who before the sub-com¬
also
are
mittee
argued in favor of a managed monetary system in the
Mr. Cromwell, co-author of a book entitled
"In Defense of Capitalism" suggested to the committee three
amendments to the Thomas bill, which, in his
opinion, would
enable the proposed monetary
authority to carry out the
measure's objectives.
They were, said a Washington dis¬
patch to the New York "Times":
United States.
1.
Complete control
over
the
reserve
requirements of member banks of
Transformation of the Federal
Reserve Board into
with authority to make grants to the
Treasury of
a
money to
bank of issue,
be injected into
the
monetary system on the "consumption side of the cycle."
He ex¬
plained that such grants would be in the form of credit which Congress could
Authorization
of "inducement loans" running for ten
years at
a
"negative interest" rate of 6%, to be regarded as subsidies to agriculturists
and industrialists who were
economic emergency, thus
Mr.
Leon, it was noted in the Washington advices the
day to the New York "Journal of Commerce" told the
same
sub-committee that the condition of trade freedom is
a
free
and if for any reason this freedom is denied,
form of economic activity is instantly affected.
From
money system
every
advices
same
we
quote:
"Money management in
negation
a
essentially the auxiliary of trade and not its ruler,
because, by subordinating trade to the requirements of money management,
it makes
us
the slaves of those responsible for the distortion of our
economic
life.
"One looks around
us and what do we see?
Managed currencies, ex¬
change controls, clearing agreements, equalization funds, &c.
Call them
what you will, they all are merely different expressions and
distinct forms
must
same
put
"Be
are
to
000,000,000 would approximately treble the present price level.
Mr. Le Blanc said that if
currency control powers had been given to the
Federal Reserve Board when it
avoided most of
that
a
trade coercion and economic enslavement to which
democracies
an
it
end
because, by them,
remembered
that
in
their
their
existence
very
approach
to
an
is
their decisions by the force of circumstances which
and thus compelled, they make a virtue of
necessity.
"It remains for us to create those conditions which
operation
less
creating them,
attractive
we
and
need make
no
less
profitable
threat
nor use
than
Nations
are
driven
they cannot resist
"A statement from
Former
Senator
the
He expressed
Administration that prices
Robert
Owen
belief
a
proper
were
too low might
the
subcommittee
V
of
Oklahoma
that "a positive mandate" to maintain
the Federal
to
President
chasing
Reserve Board
Roosevelt's
or
a
announced
told
stable price level should be given
a
new
monetary authority to carry out
objective
of
dollar
a
with
stable
pur¬
power.
Senator Frazier, a committee member, asserted that the Reserve Board
already had the power to "do the job."
"I haven't much confidence in
a
Board which requires specific directions
from Congress under the circumstances," he added.
Mr. Harriss said "controlled expansion" of the
currency was inevitable.
Eventually, he declared,
creation
of
the
currency
and "the
monetary
must be issued against the Treasury's
the better."
sooner
authority proposed
by
He said he favored
Senator
Thomas and
suggested that it be composed of members of the Federal Reserve Board
and modeled
the British monetary agency.
on
"Let
House
will render
co-operation
nonco-
and,
in
of any form of coercion what¬
claim and practice the same freedom
as
others; let
us
divorce
dollar from gold as the pound sterling is divorced from
gold; let us
age our dollar as others manage their own currencies; let us lock
Control
risk
our sliver
they will
and, biding our time pass to
never
accept.
Rather than
us
the risk of exchange.
so
much
as
consider it,
they will abandon currency management and make ready to discuss the
immediate restoration of
an
international system money."
Aug. 4 hearing, the "Times," in ad¬
dition to what we give above as to Mr. Cromwell's
proposals,
also had the following to
say in its Washington dispatch
Aug. 4.
Senator
months
Thomas
that the
denounced
current
in
the
last
two
or
three
gold content of the dollar would be increased and held
them responsible for a
values.
rumors
He
$15,000,000,000 shrinkage in real estate, stock and
held
that
no
person
had the power to
"revalue" the
dollar upward, measured in gold, without specific authorization
by Congress.
He added that the President might, under
of
ments
hydro-electric
conservation,
House
authority of existing law.
and
for
July 29.
on
resolution
power
other
and
water
resources,
purposes,"
soil
passed by the
was
The House substituted the language of
for
that
adopted by the Senate
contained
in
June 14.
on
similar
a
resolution
The Senate is
now
re¬
quired to pass upon the measure as approved by the House.
In commenting on the action of the House in passing the
resolution, Washington advices, July 29, to the New York
"Times" of July 30 had the following to say:
No
opposition
Congress's
Roosevelt
Most
for
was
voiced
action
final
flood
this
the
to
session
conservation
their
this
of
large
could be ready
report
was
that it Would
regarded
as
advanced by President
by
the
of
program
assembled
McClellan of Arkansas.
for Congress
the House Flood Control
session
in
which
basic data necessary for formulating a
hydro-electric development already has been
Army engineers, said Representative
that
resolution,
along the line
problems.
the
of
and
control
flood
by the
He predicted
January session.
Committee took the position earlier
be unwise to proceed with
the authorization
for projects which might not fit into the eventual pro¬
and, with this in mind, gave their approval only to a measure for
gram,
amounts
River
flood
lower
control,
and
to
a
bill for continuation
River, plans for both
Mississippi
range
of
work
on
the
program.
The resolution
the
of
for
and
the
and
of which
are
part
a
of the
long-
passed today fits in with the President's plans, members
committee
planning
power,
In its account of the
to Senate
prehensive national plan for the prevention and control of
floods of all the major rivers of the United States,
develop¬
up our
gold and
Program—Sent
joint resolution directing the War Department to con¬
duct an investigation with a view to formulating a "com¬
our
man¬
Resolution Requesting War Depart¬
Submijt "Comprehensive" Plan for Flood
to
A
Ohio
us
Adopts
ment
Members of
soever.
other
created, 25 years ago, "we would have
was
financial difficulties since then."
have the necessary effect," he said.
threatened.
agreement,
soldom actuated by the desire to co-operate; they more often
This
our
slightly higher price level "would help matters now, if under
control."
its
form," Mr. Leon declared, "is
any
of the fact that money is
of the
the Govrnment would simply issue currency
retire bonds." he explained.
"To lower it, reverse the process,"
He said he believed retirement of the
present debt of more than $36,-
willing to increase their production in time of
taking up unemployment and tending to prevent
"restricting of the monetary flow."
the
"To raise the price level,
and
it saw fit—for the reduction of taxes, for example.
use as
3.
that day stated in part:
on
Dr. King said regulation of the price level
by means of open market opera¬
tions would be "very simple and sound."
sterilized gold reserve,
the Federal Reserve System.
2.
hearing
said,
as
it
recognizes
that,
in
connection
with
the
construction of flood-control projects, regard should be had
potential
value
of
dams
in
the
development
of
hydro-electric
the value of utilizing water thus stored in reservoirs for irrigation
reclamation purposes, and the retardation of water flow in aid to flood
control
and soil-erosing prevention.
Changes in Lea
Bill
Extending
Powers
of SEC over
Reorganiza¬
Protective Committees and Corporate
tions
was announced on July 30 by Representative Lea
extending the jurisdiction of the Securities and
Exchange Commission over corporate reorganization pro-
Revision
of his
bill
Financial
858
the scope of the revised bill
closely with the control of
It is stated that
ceedings.
is restricted in that it deals more
protective committees and persons performing similar
tions.
Advices from Washington July 30 to the New
"Journal of Commerce" said:
func¬
York
original bill have been retained.
omitted from the legislation the manner in which plans are to be proposed, contents of plans, necessity of
court approval in advance of solicitation, advisory reports on plans by the
SEC, intervention by the SEC in reorganization proceedings, and repatria¬
tion of securities of foreign governments and political subdivisions.
provisions of the
While fundamental
Chairman Lea said that his
As
a
Committee has
result of elimination of
controls over plans,
exemption from registra¬
Act is to be restricted to the solicitation
in certificates of deposit and the like, exemption
requirements of the Securities
tion
itself and to transactions
eliminated.
Fundamental provisions left in the bill for control of protective commit¬
tees are those dealing with disclosure, those covering proxies and deposit
agreements and disqualification of persons with materially conflicting
interests from serving on committees.
Provision is also made for lifting the
underwriter disqualification from those who are not principal underwriters.
for securities issued under
such plans being
explanation by Mr. Lea of the changes, was given as
follows in a dispatch July 30 to the New Tork "Times":
have
been
of voluntary readjustments to
substantially
which the bid is to be
applicable
Included in the class of voluntary
narrowed.
and consolidations, and sales of
substantially all of the assets of a company in whole or in part for securities.
Modifications and exchanges of securities are included only if such modi¬
fications or exchanges are part of a program involving a major portion of the
securities of the issuer, or if they affect securities upon which there is a
default in principal or interest or in an accumulation of unpaid dividends.
A change in the definition of "deposit" makes clear that solicitations of
deposits are subject to the bill only if the authority thereby conferred to act
on behalf of the security holders involves the exercise of discretion.
This
change is of particular importance with respect to solicitations by or on be¬
half of a municipality; the revision makes clear that the normal municipal
financing and refinancing operations will not be affected. ,
Greater flexibility with respect to the informational requirements has
been introduced by the elimination of the detailed schedules contained in
the original bill.
Civil liability for false or misleading statements or omis¬
sions in documents filed with the commission also has been eliminated.
The criminal penalties with respect to trading by committeeimembers in
securities of the issuer or certificat es of deposit therefor have been eliminated.
In place of this it is required that the assents, proxies or deposit agreement
impose prohibitions or restrictions on such trading by any committee mem¬
readjustments to be covered are mergers
ber
«_
or
by nonresident
Declarations are now to become
effective on the fifteenth day after filing,
proceedings are instituted.
unless refusal order
"Times" had the
recommendations:
would affect domestic and foreign
incorporated yachts and country estates,
deductions for losses, interest and business
expense, multiple trusts and non-resident aliens.
These were the principal
devices that President Roosevelt and Secretary of the Treasury Morgenthau
pointed out as growing in popularity for evasion and avoidance of taxes.
on Tax Evasion Completes Work on
Overcome Loop Holes in Tax LawsReport Proposes Drastic Increases in Taxes of
Domestic Holding
Companies and Measures to
Force Dissolution of Foreign Holding Companies of
Committee
Program to
Americans
Completing
holding companies,
incorporated talents, artificial
Aug. 4 its work of devising measures to
the Joint Con¬
Prevention of Tax Evasion and
loop holes in the Federal tax laws,
gressional Committee on
avoidance submitted to Congress
on
Aug. 5 its report em¬
The report is in response to
Congress on June 1 by President Roosevelt for
legislation to "plug" holes in the tax laws, and his message
asking action by Congress was given in these columns June
5, page 3763.
Hearings by the House Ways and Means Committee on
the recommendations of the Investigating Committee are
bodying its recommendations.
the request to
The report of the Investigat¬
expected to be held next week.
ing Committee says:
of the public hearings held by the investigating
made by the President of the
his message. The committee strongly urges that legislation
printed record
The
committee
amply sustains the statements
United States in
recommended be enacted at the earliest possible moment
the revenue, and in order that all may bear their fair
along the lines
policies issued by fake foreign insurance com¬
reached adequately by existing law. It also disregarded,
for the present, the question of pension trusts, as it found that their use
had not resulted in any material loss to the Treasury.
premium life insurance
panies" could be
Existing Exemptions Hit
suggestions regarding tax treatment
The
allowances for
under existing law,
48% be changed to
ton
as
advices from Washing¬
$2,000.
proposing for enactment at this session a
innovation in the taxation
It
$100,000,000
income tax leaks, also recommended
of foreign personal holding companies.
suggested that the undistributed net income
be figured in the gross income
just
Treasury officials, who co-operated with
an
of such companies should
of the American owners of the companies
if it actually had been distributed to them.
as
the joint committee in making
of many prominent citizens,
investigation which brought in the names
estimated roughly
would
that enactment
increase of
mean an
reasonable expectation
Repeal of the existing
trusts was
recommended.
$1,000
a year,
of American citizens'
corporations
Take similar action against
who incorporate
5.
Disallow
persons,
avoidance method.
such as actors and musicians,
their talents.
<
artificial deductions for losses from sales or
exchanges of
property.
6.
Stimulate prompt payment of accrued interest
instead of allowing them to be taken as
7.
Eliminate
the
$1,000
multiple trust arrangement.
exemption
and business expenses
artificial deductions.
allowed
strengthen the powers of the
The
each
of the
from
officials of the
Americanfcitizens of their
would|encourage their
establishing punitive taxes on those
which remain
Dec. 31, 1937.
creating the Investigating
measure
Committee was
signed by President Roosevelt on June 11, as noted in our
issue of June 12, page 3929.
In our June 19 issue, page
4098, we indicated the membership of the Committee, and
gave the text of the resolution calling for the investigation;
statements made to the Committee by Secretary Morgen¬
thau and Under Secretary of the Treasury were referred to
The hearings of the Committee were
26, page 4265, and the
public hearings was reported in the "Chron¬
icle" of July 24, page 534.
There was also a reference to
the Committee on page 691 of our July 31 issue.
on
4104-4105.
pages
referred to in these columns June
conclusion of its
Granted Right to Appeal to
Aluminum Co. of America
Supreme Court in Seeking to Pre¬
Government from Proceeding with Dissolution
United
States
Suit
In
Philadelphia,
court
of three
July
on
the
special
"expediting"
appeal of
America to carry to the United States
Court its fight
Supreme
27,
Court judges granted the
Circuit
to prevent the government
from
proceeding with its suit for the dissolution of the company.
It is noted in the Philadelphia "Inquirer" that the same
"expediting court" the previous week (on July 21)
Pittsburgh injunction against the government's
a
validated prosecution
of
of the company
vacated
suit and
in the Federal courts
York.
New
the
From
The
"Inquirer" of July 28 we also quote:
The
trusts in a
Walter
be
a
special court, however, refused to
all
halted
Davis,
incorporation of yachts and country estates as a tax
yielding
...
personal holding companies, and
immediate dissolution by
in existence after
personal holding companies
and tax their undistributed net
income just as if it had been distributed to the shareholders.
3. Redefine personal holding companies so as to make ineffective the
4.
could spread it over 50 trusts, each
Refuses Supersedeas
65 and 75%.
Apply tax law pressure to encourage dissolution
of the busi¬
$1,000 exemption from taxation of income from
The report pointed out that an individual with
year
and escape taxation altogether.
interest in foreign
of the committee's recommendations
Restrict deductions permitted domestic
would result in a
to the conduct
Punitive Taxes Favored
decision.
holding
a
The committee would also
have
personal
$50,000
income of
an
follows:
2.
that the operation of the property
that such property was necessary
...
eight-point legislative program of the Investigating
Committee is summarized by the Associated Press, as
foreign
carried on bona fide for profit,
in the course of business
or
the rent or other com¬
highest obtainable; that the property was held
and that there was
unless they could establish that
such organizations
$100,000,000 in Federal revenues.
and increase their surtaxes to
yachts, country estates,
and other forms of real property were incor¬
porated to the tax advantage of their real owners. The property is trans¬
ferred to a corporation which operates it at a loss by renting it to the real
owner at a low figure and charging all operating expenses against its income.
It recommended that no reductions be allowed against gross income of
The
1.
explained the technique whereby
The committee
the Aluminum Co. of
8-point program of legislation to plug
an
provide a 65% rate on the amount of the undistributed
of $2,000 and 75% of the amount in excess of
racing stables, town houses
personal holding companies'
one means of preventing tax
Aug. 5, which also stated:
The committee,
companies the committee recommended that the
which range from 8% on the first $2,000 up to
not in excess
net income
vent
recommended
holding
such entities to the level
multiple personal holding
rates
Drastic increases in domestic
are
of domestic personal
intended, in a general way, to reduce exemptions and
permitted to individuals, in an effort
to decrease the attractiveness of this form of organization to very wealthy
citizens.
Some of the existing exemptions were branded as outright dis¬
criminations in favor of personal holding companies.
It was explained that the present graduated income-tax rates lend them¬
selves to avoidance by citizens with large incomes distributed through a
number of personal holding companies, and added that "no low minimum
rate can be provided without enabling wealthy individuals to escape sub¬
stantial taxes through the formation of multiple personal holding companies."
To overcome the tax advantage enjoyed
through the formation of
companies appeared
share of the tax burden.
avoidance, said the Associated Press
holding
the devices "based on single
stated that, in its opinion,
The committee
in order to protect
taxes
devoted to domestic personal
other single reputed tax evasion devise.i
in the report was
Greater space
companies than to any
Internal Revenue Bureau to require returns
.
on
they offered today
proposals
The
personal
ness.
overcome
Washington dispatch Aug. 5 to the New York
following to say regarding the Committee's
In part a
profit,
Joint
the larger incomes
and compel them
returns.
to file tax
pensation received was the
interests.!
its affiliated
normal and surtax on net incomes
aliens from American sources
Subject to the
8.
derived
An
The types
Aug. 7, 1937
Chronicle
It
court,
J.
refused
to
allow a supersedeas which would
the Supreme Court has handed down a
injunction it vacated last week.
reinstate the
composed of three Federal
Circuit Court judges, J. Warren
and John Biggs Jr., secured assurance from
Rice, representing the government, that the company would
10 days in which to seek a supersedeas, or staying order, from
Whitaker Thompson
L.
allowed
justice
until
proceedings
also
of
the
Supreme Court.
Government to
Wait
General Cummings, also declared
the government would probably make no move to try the case in New
York until the Supreme Court had ruled on the appeal.
He explained that the government opposed the staying order only because
it did not want to have its hands tied in preparation of the trial.
Although the aluminum company has 60 days in which to file an appeal,
it
took this action yesterday immediately after the "expediting court"
had formally handed down its last week's ruling favoring the government.
Mr.
Rice, special assistant to Attorney
Volume
145
Financial
Justice
Associate
the
carried',
Justice
to
man
Owen
whom the
since
he
is
Roberts
J.
Roberts,
company's
from
the
in
former
the
Anti-Trust
Court
Supreme Court,
a
was
seen
Philadelphia and is generally assigned to
suit,
brought
under
Aluminum, Ltd., (Canadian subsidiary of the Aluminum
Co. of America, transacts business in New York
City and is
the
Clayton Anti-Trust
July 16, stated:
government's proceedings
law.
Judge Leibell reserved decision
of
Associated
some
weeks
Press
steamboats at
referred to in
had bfeen
under
accounts,
at the end
ago
of
a
of Fall
United
However,
the
not
was
which
is
government,
owned
an
through
and
Attorney,
virtually
it
engaged
in business
within the
contended
others,
controlled
or
of
arm
the
Edward
that
J.
Ennis,
all
the
stock
On Aug. 2 the Aluminum
pended service
During 45
concern.
Co.
of
subsidiaries.
on
was
1930 to
Supreme Court its fight against anti-trust proceedings,
by three Circuit
judges at Philadelphia that the Department of Justice could
on
Mr. Wall testified that the
River Line had increased from
more than $18,000 In
as well as motor
The New Haven
Line, he said, had
been profitable and in
never
Reserve System Held
Subject^ to
Unemployment Insurance Law—Ruling
By State Attorney General Bennett
Opposition
Freight
ruling that banks and trust companies, in New York
State, members of the Federal Reserve System, are subject
to the State Unemployment Insurance
Law, is announced
by State Attorney General John J. Benne.tt, Jr. His ruling
was given
to Glenn A. Bowers, head of the Division of
Placement and Unemployment
Insurance of the State
Department of Labor, in response to Mr. Bowers' advices
of
of
the
the
Federal
United
Reserve System are "instru¬
and therefore neither
States"
York
"Herald-Tribune"
from
which
we
Conceding that National banks
not
are
~
being
held
"instrumentalities
an
of
the
United
subject to the law
States,"
the
quote,
noted
that
the
Attorneys
General
of
Louisiana
and
New
Jersey
anything but favorable."
"If your railroad union leaders
would give some
attention to the funda¬
doctrines being sponsored
by the government they
would learn
that tonnage available for
transportation has been
mental
and
Employees of Federal WPA
not Taxable
by State According to Ruling by New
York State Attorney General Bennett
Salaries and wages of officers and
employees of the Federal
Progress Administration are not taxable by New
York State, according to a ruling
by State Attorney Ge eral
John J. Bennett Jr., which was
given o- July 27 at the re¬
quest of Tax Commissioner Mark Graves.
Mr.
Bennett,
according to United Press advices from Alba y, stated that
recent amendments to the tax law
"cannot alter the inherent
traditional and constitutional
immunity and sovereignty of
the United States Government as established
by the law of
decided cases.
,
advices further quote Mr. Bennett
same
as
If, therefore the employees and officers of the Federal WPA
employees of the United States Government or any
saying:
officers
are
"There
be plenty of jobs for rail
labor when this
country returns
Then such artificial
schemes as the train
limit bill will not be
necessary."
to
agency thereof in a
function, the exemption is fundamental.
It would be unseemly for the State of New
York, in the light of its own
experience, and with the substantial benefits derived from
this Federal
was
Grants
For
not
a
proper governmental
function.
Illinois
Old-Age Assistance Suspended
By Social Security Board
old-age assistance
old-age assistance plan in that
State substantially
complies with the requirements of State
and Federal laws" was indicated in
United Press accounts
from Washington on
July 30 which added:
The Board gave these
reasons
Failure of the Board
Board's auditors
to
for
suspending grants-in-aid
to establish
determine
Failure of the State
of applicants and
on
whether
Federal funds
have
(4)
a
give reasonably prompt decision
extent of their need.
(3) Failure of the State
by law with such
to
to
Illinois:
accounting records permitting the
and correctly expended.
(2)
Cites Safety Statistics
Senator McCarran's contention that
the bill
in
was
part a safety meas¬
refuted, Mr. Grommon contended,
by the Transportation
Associa¬
tion of America's statistics
which show a
15% increase in the
average
freight train length since 1923, and a 66%
decrease in the
casualty rate.
The Duluth, Missabe and Northern
Railroad, Mr. Grommon
pointed
ure
is
out, operates more trains which exceed
seventy cars in length than
does
In 1932, he
said, it ran almost 7,000
trains of more than 70 cars and did not
kill a
any other road in the United States.
been legally
adoption of the bill by the Senate
issue of July 31, page 688.
eligibility
to afford those
asking a fair hearing as required
hearing promptly and in accordance with their
rights.
Failure to provide counties with clear and
adequate instructions
administration of the program.
Illinois has received from the Social
Secretary
more
our
letter to
a
Secretary of
is
of
urged by
(Democrat) of New York,
Treasury Morgenthau, made
the
public at Washington on Aug. 1.
In urging this action
the
hope is expressed by Mr. Celler that the
Treasury officials
have realized the
impotency of the tax as
discouragement it has been
ducer "and the
covery."
the
Representative Celler declares
source
"Its
of
if
most
of
he
says,
removal,"
methods
the
to
provisions
avoid
umpire is
the
trouble
our
"would
lead
tax.
with
cut
to
the
can
in
favor
"We
have
had
the
judge its effects.
chants and
other
1, 1936,
"Officials
approximately
ministration
efficacy of
taxpayers.
high
in
feel
the
this
present rate since
I have consulted
form
your
time
of
There
seems
department
n»s
tax.
come
Your
1934.
scores
to
and
at
of
pro¬
economic
"this
tax
income
tax
never
of
revenue
re¬
is
tax."
avoidance.
of
use
You
prejudiced
that
down
the
a
to
unreasonable
have fair
play
the
Mr. Celler also said:
on
than $9,500,000
since the State's old-age assistance
plan became effective on July
matching a similar amount appropriated by the State for
115,000 needy aged persons.
Repeal of the capital gains and losses taxes
Representative Emanuel Celler
in
to
Security Board
noted in
was
Repeal of Capital Gains and Losses Taxes
Urged by
Representative Celler in Letter to
Unreasonable
on
'
man.
The
Treasury Morgenthau
to
The suspension of
grants to Illinois for
until "administration of the
(1)
will
volume production basis.
a
single
or
governmental
program, to assert that it
greatly reduced because
of
forced curtailment of production and
every element of the
country has
suffered by these illogical theories.
Works
The
similar nature
"The philosophy of
'abundance through
scarcity' inaugurated
by Con¬
gress during the past few years has
been more
responsible for the dimin¬
ution of jobs on the railroads
than any other
thing," Mr. Grommon de¬
clared.
Pennsylvania, West Virginia, Wisconsin
Officers
a
was
on
"Farmer to Carry Cost"
and the District of Columbia.
of
Limiting
will carry the cost of the
increased freight rates
which wiU
result from the law, Mr. Grommon
said, and "once the full
consequences
of this measure are known
to the farmers of
the country, their
reaction
will be
that state member banks of the Reserve
System are not "in¬
strumentalities of the United States," and that
administrative rulings "of
like import" have been issued in
Salaries
Bill
The farmer
General
Reserve.
He
of
read twice, re¬
Interstate Commerce,
reported without amend¬
ment and then
"jammed through the Senate
without any regard
whatever
to the public interest or
to those who
pay the freight."
opposite view with respect to state member banks of the
Federal
have held
Senate
had been heard in
ferred to the Committee
because of
Attorney
by
Mr. Grommon's letter
admitted that earlier legislation
of
public, but that this particular bill
the banks nor their employees were
subject to the State's
unemployment insurance law. Albany advices Aug. 4 to
added:
Passage
Farmers
Will
Carry Cost of
Resultant Increased
Freight Costs
Homer B. Grommon, President of
the Farmers' National
Grain Dealers'
Association, in a letter to Senator
McCarTan,
opposes the action of the Senate in
passing on July 26 the
bill limiting the
length of freight trains to 70 cars.
Mr.
Grommon asserts that the bill was
passed without a public
hearing, according to the Chicago "Journal of
Commerce"
of Aug. 2, from which we
quote:
that various
members
to
Association—Says
banks had asked for refunds
following a ruling
by the Internal Revenue Bureau that State banks which
New
of its best years in
1936, but has
Trains to 70 Cars Voiced
by President
Grommon
of
Farmers'
National
Grain
Dealers
A
the
one
recent years has been
unable to earn its fixed
Federal
New York
are
For this decline he blamed the
de¬
brought about the collapse of the textile in¬
freight and motor bus competition.
Pointing out
charges.
mentalities
sus¬
the witness stand,
that expenses had not
decreased with revenue, Mr. Wall told
Judge Hincks
that since 1936 it had
been necessary to spend
$1.40 for every $1 in revenue
on the Fall
River Line.
-
Earlier reference to the government's action against the
Aluminum Co. appeared in these columns June
19, page 4101.
of
romantic place in
July 12.
minutes
more
dustry,
a
beset recently by strikes and it
than $500,000 in 1936.
pression, which he said had
asked the tribunal to pass on the decision
Members
the strength of evidence offered
on
charge of traffic for the railroad and
the only witness heard.
England, has been
deficit of the Fall
America, in carrying to
the
proceed with the suit in the New York Federal Court.
Mr. Wall
the history of New
of
by Aluminum Co., its officers and directors,
parent
to say:
on
a New Haven
to the New York "Times" of July 28,
The Fall River
Line, which for generations has had
United
assistant
Aluminum,
municipalities
River, Mass., and Newport, R. I., said
in
its
States
is
that
prove
private sale.
Judge Hincks granted the
petition
by Frank A. Wall, Vice-President
States.
to
a
The filing of the petition was
issue of July 24, page 545.
The petition
objected to by representatives of the
which went
hearings in which the Canadian corporation, which was formed; to take
of foreign securities held by Aluminum Co. of America,
pro¬
witnesses
and
Sale of Nine Vessels
our
dispatch, of July 27,
series
possession
duced
Line
Haven, Conn. However, the court, upon the
plea of a bond¬
holder, temporarily refused the trustees the right to sell the
On July 16 Federal
Judge Leibell in New York ruled that
the
the
River
England
Aot..
therefore amenable to
Fall
Steamship Co., a railroad subsidiary, and to sell
the nine steamboats owned
by the two lines, was granted on
July 27 by Judge Carroll C. Hincks in Federal Court in New
Sherman
the
of
The petition of the trustees of the
New York, New Haven
& Hartford Railroad
for permission to abandon the
90-year
old Fall River
Line and the New Haven line of the New
cases
Co., 19 subsidiary corporations and 43 individuals,
the Treasury, Andrew W. Mellon, are
dissolution
Abandonment
Subsidiary—Defers
Secretary of
government's
859
Allows
as
stay would most likely be
\
Besides the Aluminum
including
named
of the
request for
involving this circuit.
Chronicle
May Hear Plea
government."
Sufficient time
experts,
has elapsed
nanufacturers, mer¬
be universal
condemnation.
in
least
judgment
other
to
is
branches
revalue
and
invaluable."
of
the
regauge
Ad¬
the
stock.
flow but not the
the
tax
"(2) Net capital gains are considered
capital losses are not considered at
as a
all.
part of taxable income, but
This Gtrikes me as being a
The
accentuates
This short-sighted
"(4)
both
hinders
restricts and
capital assets and
is especially
.
slows down business. Of
employed and less goods are
This is certainly contrary to the Administration's
circulation of money and
It retards the
"(5)
this
that less laborers
means
produced for everybody.
basic program of a 'more
The tax
"(6)
structures
ing
capital to lie idle. It
corporations from selling
more
on
companies and
.
are
abundant life.'
capital gains makes our
already confused corporation
corporations to perpetuate hold¬
subsidiary corporations that might otherwise be dis¬
It encourages
top-heavy.
solved.
gains are the result of inflation, changes in
the price level or the reduced purchasing power of the dollar.
To tax
such capital gains is adding insult to injury.
Not only do we fail to
stabilize the price level, but we tax the people on the result of our failure.
"(8) The tax often 'soaks the poor' and is inconsistent with the prin¬
ciple of 'ability to pay.' It usually falls on the weak and poor, who are
compelled to part with their capital assets.
"(9) As a revenue producer the capital gains tax leaves much to be
desired.
It has led to great fluctuations in our revenue receipts.
It pro¬
motes a fiscal feast in times of abundance and causes a fiscal famine in
Many times, capital
"(7)
times of
depression."
Urges Repeal
Asks End of $2,000
Capital Net Losses
Goods Industries Committee, meeting on
Consumers' Goods
Industries Committee
Gains Tax—Also
Limitation on Deduction of
Capital
of
The
Consumers'
York City, adopted a resolution favoring im¬
mediate repeal of the capital gains tax with respect to sales
or exchanges of capital assets held for more than one year.
George A. Sloan, Chairman of the Committee, in annouDcing
this action pointed out that the resolution also urged repeal
Aug. 3 in New
of the $2,000
limitation on deduction of capital net losses
sale or exchange of assets held for one
sustained from the
year
less and the
or
enactment of three
/pending bills by
the cajmal gains tax
supplementary legislation anticipating $ie repeal of
$2,000 limitation.
Mr. Sloan said, in part:
Congress
"In
providing for repeal of
and
the
Roosevelt included
mediate need
for a
become apparent.
public interest in
income tax
Federal
the merits of various suggested changes in the
effect, especially in provisions thereof imposing the
and the surtax on undistributed corporate profits. It
law now in
capital gains tax
is
of the President
is now making a comprehensive study of existing revenue laws for the pur¬
pose of preparing recommendations for remedial legislation.
14' 'The members of the Consumers' Goods Industries Committee (drawn
from
large area of American manufacturing industries), having observed
and discussed with others the effects of the capital gains tax and the new
surtax on undistributed profits, have reached the conclusion that it would
be in the public interest for the Committee to record and declare its position
with respect to the modification or repeal of these levies."
understood that the
Treasury Department,
at the suggestion
Flexible Railroad Capital Structure
of Savings
Created—Report by Dr. Bussing
Banks Trust Co. Recommends Planned
Be
of Bonded
Reduction
Indebtedness of Railroads
flexible railroad capital structure
is recommended to American railroads and to banks which
have invested large sums in railroad obligations, in a report
made public Aug. 1 by Dr. Irvin Bussing, economist of
Savings Banks Trust Co. in New York.
The recommenda¬
tion includes consistent planned reduction of bonded in¬
debtedness of railroads with considerably greater emphasis
in the future on stock financing as against bond financing.
Under the title "Railroad Debt Reduction," Dr. Bussing
has developed a new formula for debt reduction and has,
by way of illustration, applied the formula to the financial
history of three railroads now in bankruptcy—the Chicago
& North Western, the Rock Island, and the Chicago Mil¬
waukee & St. Paul.
Although railroad financing is the
subject immediately under discussion in the report, the
author expresses his belief that the l'ogic and the formula
developed are equally applicable to the financial policy of
The
other
creation of a more
debtors.
President of the Bowery Savings Bank
Chairman of the Railroad Investment
Committee of the National Association of Mutual Savings
Banks, declares in a foreword:
'
It is perhaps the first comprehensive study of the problem that has
been made
available to ^students and men of practical affairs connected
Henry
and for
Bruere,
many years
It does
but contemplates rather
a
flexible capital structure not burdened too heavily with
fixed Charges which, on the one hand, during periods of low
earnings would permit a sounder allocation of such earn¬
ings as were available and, on tlie other hand, would permit
an
adjustment of prices charged (in this case, freight
rates) to meet
competition.
both sides of the question, the report considers
the five principal arguments against the reduction of rail¬
road debt.
One is the probability that stockholders gen¬
erally expect about twice as much return as bondholders,
and therefore the capital costs would be higher if
Looking at
stock
states:
replaced bonds to a greater degree.
But, it
This argument involves a confusion of thought; the whole question
one
of relative safety.
The form of the investor's claim is largely im¬
material.
Basically it is earning capacity and priority of rights to earn¬
second
The
is
count.
ings that
argument holds
gesture to amortize obligations
curring new debt with the other.
that it is a meaningless
with one hand while in¬
But this argument, it
is
maintained only when the company is expand¬
ing and is not necessarily true even then if the debt reduc¬
tion formula is flexible, permitting the company to purchase
its own obligations or use the fund for improvements.
The
conclusion is that the rigid form of sinking fund is less
desirable than the flexible formula which is presented in
held, can be
report.
the
preparing the
In
formula Dr. Bussing has
taken into
variables: the ratio of bonds to stock, the
amount of interest paid, the amount of dividends paid, and
a multiplier which depends upon the necessity and capacity
for debt reduction in each instance.
Without going into
account
four
mathematical formula, it is stated that the
against net earnings after inter¬
est, governed in amount by tlie necessity for debt reduction
and by the capacity for debt reduction.
As to the report, the Savings Banks Trust Co. further
details of the
the
annual charge
result is an
with specific illustrations of the application of the
to the three railroads mentioned above.
In the
North Western, application of the formula from
1883-1934 would have enabled the road to retire approximately 40% of its
net debt and to
go through the period 1931-193,4 without default.
In
order to accomplish this, dividends from 1883-1931 would have had to be
decreased from an average of 6.14% to about 5.34%.
But in view of a
possible savings in interest charges through the operation of the
reduction fund
and the improvement in the company's credit position,
the policy may have cost the stockholders nothing and saved their invest¬
report concludes
The
formula
reduction
debt
first
case,
the Chicago and
debt
ment
a
Proposal that More
accomplished.
debt reduction could be
rigid formula, however,
observes:
budget message to Congress on April 20, 1937,
therein a statement to the effect that im¬
careful survey of the present Federal tax structure has
Since that date, press reports have evidenced increased
transmitting his
President
future of per¬
not favor a
funds to more productive enterprises. It
in that it keeps capital funds out of new enterprises.
harmful
course,
tax forces
individuals and
their
transferring
enterprise can contemplate a
no
which
of
depressions.
deeper
usual arguments ad¬
look with
amounts
virtually to perpetual debt."
In view of the typical life
cycle of any industry, with its periods of youth, maturity
and old age, the report suggests that there is generally a
period during which net earnings much more than offset
early losses and provide, in effect, an ample capacity out
complete recovery
and
critically considers the
invested
petual earning capacity and therefore it cannot
equanimity upon the practice of retaining what
poor
"(3)
change
of
policy.
...
present capital gains tax constitutes a barrier to a more
and is an ever present danger to the prosperity of our
people.
It interferes with normal business transactions and
the fluctuations of the business
cycle. It helps produce bigger booms
pretty
for many years
securities.
vanced for and against the reduction of railroad debt.
In
the former case the thesis is advanced that "in this world
...
net
in railroad
report
The
make such amortization
State, which have
York
New
large sums
Among his
year."
undertaken on
The study was
of
arguments were the following, ac¬
cording to Washington advices to the New York "Times":
"(1) The present capital gains tax does not distinguish between capital
and income.
Capital is the stock from which income flows. We should
one
periods when earnings
reduction during
will
debt
possible.
behalf of the savings banks
It merits careful thought and discussion and
afford an aid in developing a policy of railway
I hope, to
found,
be
debt.
railroad
with
submitted by Mr. Celler,
who said that "in an attempt to correct these maladjust¬
ments, defects and inequities which are so noticeable in the
present law, I have introduced a bill which calls for the
modification of these provisions.
It would eliminate from
the computation of taxable income the capital gain or 'oss
realized from the sale of capital assets held more than
the tax were
Nine objections to
Aug, 7, 1937
Chronicle
Financial
860
A
besides.
similar situation
would have
resulted by the
application of the formula
Island, where an initial reduction in the average
from 4.47% to 3.44% during the period
1881-1930 would have brought about a supportable debt during the period
of relatively low average earnings, 1930-1934.
Actually, if the reduction
fund so accumulated had been applied to the repurchase of the company's
bonds in normal open market operations, the road's credit position would
probably have improved sufficiently tq enable it to borrow at a rate far
in
the
rate
case
of the Rock
of dividend
to Stockholders
enough below the rate actually
the stockholders and preserved
Chicago
The
Milwaukee
paid' during the
their investment
St. Paul &
period to have indemnified
besides.
Pacific situation develops
similar
point where the application of the formula from 18831918 would have reduced bonded debt or prevented its increase by $61,000,000, thus bringing the capital structure more nearly into balance.
It would not have solved the difficulty which arose for that road out of
the
construction of the Puget Sound extension, but would have called
thinking up to the
attention
very
study is
The
National
early that an
unsound capital structure was
supplemented by a number
Industrial Conference
Public
Debt
Amounted to
Tlie gross
taking shape.
of tables.
Board Reports Gross
United States on June 30,
$436.39 Per Capita
of
public debt of the
1937,
United States amounted to
June 30, 1937, according to an esti¬
mate by the National Industrial Conference Board.
This
figure is based on a total public debt of slightly over $56,000,000,000.
As recently as June 30, 1929, the per capita
public debt was only $277.23. In its estimate issued July 21,
$436.39 per capita on
Board also said:
debt amounted to $281.63 on June 30, 1937, which
may be compared with $129.66 on Dec. 31,
1930, when the lowest point
of the post-war period was reached.
In the period from 1930 to 1937,
when Federal debt more than doubled, State and local debt showed only
the Conference
Per
minor
capita Federal
changes.
^
Volume
The
Financial
145
tremendous
incurred
deficit
by
the
Government accounts
Federal
capital public debt.
For the
period from Jan. 1, 1931, when the Treasury began running a deficit,
to June 30, 1937, the net deficit, or gross deficit less public-debt retire¬
ments, exceeded $19,500,000,000.
For the same period the gross deficit
almost
:
more
was
The
than
is
from
is not
expenditures and tax collections, as
between
difference
points out,
Conference Board
year government obtains a large amount of
such as special assessments, earnings of
public service enterprises, interest, and fines and
receipts amount to about $2,000,000,000 a year for
Each
non-tax
These
Federal,
non-tax
The Commission also
had the following to say regarding
registration statements which became fully effective
during the first half of this year:
the
The smaller aggregate of effectively
governments combined'.
State and local
To
and has been the
Laws
on a study of the first 11,500,000 applications for
security account cards, the Social Security Board
made public on Aug. 2 age and sex data from applications for
participation in the Federal old-age benefits program.
The
applications are distributed into 10 age groups for the ages
of 15 and 64, inclusive.
Of the total 11,415,355 applications
Based
social
women.
The data thus obtained have been compared with
worker" group in the 1930 Census.
in the "gainful
1930
census,
but certain differences are to
similar figures reported
In the main, the dis¬
of the
be found, particularly in the
example, persons under 35 represent
appears in
Despite the withholding of
cing,
effective registrations
shows a proportionately higher per¬
figures: women constitute nearly 27 %
centage of women than do the census
On
July 25 the SSB released a summary of progress as of
July 1, 1937, which showed that all the States, the Terri¬
tories of Alasks and Hawaii, and the District of Columbia
unemployment compensation by June
30, and, since that date, the Board has approved the two
which were still unapproved at the close of the month.
Regarding its
the Board also had the following to
summary,
that approximately 4,000,000 applications for
indicates
accounts were received during the
quarter, and that 29,-
954,821 social security account numbers had been assigned by the end of
June.
One
and
hundred
seventy-one
field offices, which
now
have the
responsibility for assigning account numbers, had been opened by that date.
Five plans for old-age
aid to dependent
assistance, four for aid to the blind, and six for
children were approved by the Board during June.
One
plan for aid to dependent children had been approved previously during the
quarter, and, since July 1, the Nevada plan for old-age assistance has been
Estimates of the Board, based on reports received during the
approved.
1,867,100 needy individuals will receive cash
past months, indicate that
payments during July in 47 States with
sistance plans.
one or more
approved public-as¬
This total does not include estimates for the recently ap¬
proved Nevada plan and a plan for aid to the blind for which Federal funds
have not been
SEC
requested.
Reports
Have
Effectively Registered
During First Half of 1937—
Issues
New
605
Under Securities
Act
Gross
Estimated
Proceeds
$2,664,947,000
Registrations in June
as
The
of
Year
Against
$2,286,506,000
Ago—Effective
In part, this reflects a revival
stock
a
marked
decline in
gistered during the
Slightly
more
total from
same
$1,842,257,000 of such securities re¬
the
period of last year.
which the registrants
than one-half of the net proceeds
estimated to receive from the cash sale of their securities was to
to repay
be used
be used for
indebtedness, while one-fourth of the proceeds was to
plant expansion and for the increase in working capital.
The amounts pro-
The amounts pro¬
posed for these two "new money" uses totaled
$391,451,000, almost 75%
during the first
greater than the amount proposed for the same purpose
half of 1936.
This amount
Act both in
the
absolute
was
also the highest for any
each
were
allotted
total
miscellaneous
somewhat
and
first half year under
Retirement of out¬
percentagewise.
10%,
than
more
leaving
for investment
balance for
the
'
uses,
largest
group of registrants during the first six months of 1937, with an aggregate
of $921,051,000 of securities (40.1% of the total).
Both during this period
and in the first half of 1936, the registrations by the oil refining companies
Manufacturing companies,
total.
for
more
as
in the first half of 1936, were the
of
one-fourth
than
The electric, gas and water
companies'
manufacturing
the
utility companies were second in size
financial and
third with $321,374,000 securities (14.1% of
$520,839,000 of securities (22.8% of the total) and the
with
companies were
the total).
Approximately $638,315,000
effectively registered dining
other than immediate cash
of securities
the first half of 1937 were intended for purposes
sale for the account of the registrants.
were
Of this amount, about $215,916,000
reserved for
$55,533,000 were
$178,321,000 were
exchange for other securities (approximately one-half of
was
to replace
outstanding preferred stock issues); and
registered for the "account of others"; $182,541,000 were
of
conversion
reserved
securities
having
convertible
features;
against the exercise of options and warrants;
registered
for
amount
in the first half of
After deducting the above amounts,
1937 under the Securities Act of
1933.
while
$1,613,513,000 represented issues of already
$34,678,000
and
After payment
retain
as
net
aggregate
amount,
(2)
estimated
offerings Of newly
Both in percentage of the total
proceeds
net
to
be used
for
plant
and agents,
and issuance.
of such expenses, the registrants estimated that they
would
proceeds $1,581,778,000.
repayment
of indebtedness, toward which $799,667,000, or 50.5% of the half-year's
net cash proceeds were to be applied.
In addition, $176,720,000, or 11.2%
of the cash proceeds, were proposed for the retirement of outstanding
preferred stock issues, a parallel action to the registrants' direct offer of
exchange of $88,277,000 of securities registered during the half-year for
other
outstanding preferred issues.
Approximately $270,393,000, or
17.1%, were to be added to the registrants' working capital and $121,058,000, or 7.7%, were to be used for expenditures for additional plant
and equipment. About 10.8% of the proceeds was to be used for the pur¬
chase of securities for investment, mainly by investment and
trading
The main
use
proposed to be made of these cash funds was the
The registration statements
of securities proposed
was
holders and
public generally, 19.1% to the
1.8% to special persons.
$1,648,191,000
by various selling agents.
registrants' security¬
About 76.7% of the securities was
underwritten, while 12.2% was to be offered by
11.1%
other purposes.
disclosed that 79.1% of the
for cash offering for the account of the registrants
to be offered to the
and
in
initial
for other expenses in connection with flotation
0.7%
securities was proposed to
higher than in the first half of 1935;
were
incurred—3.3% for commissions and discounts to underwriters
Gross proceeds
15% below the first half of 1936, but three times
of
of the registrants.
established
organized
companies.
In connection with the sale of these securities, the registrants
estimated that expenses of 4.0% of the estimated gross proceeds would be
Of these securities,
enterprises
tabulations, the Commission pointed out, show that—
were
there remained $1,648,191,000
registered securities to be offered for sale for the account
companies, and the remainder of 2.7% for various
and
Securities
Exchange Commission on July 29
published its tables showing the total amount of registration
statements for new securities which became fully effective
and
of preferred stock
$6,004,000 for claims, selling commissions and other issuance.
The summary
social security
(1)
than in any previous
total of
From Jan. 1 to June 30, 1937, a
fully effective, together representing 51.5% of total
registrations during the period.
which
say:
The
finan¬
preferred stock issues were
and
of common
effective
of capital
financing through the issuance of rights, a trend stimulated to some
extent by the operation of the 1936 Revenue Act.
For the most part, these
stock issues were of small size, the average estimated gross proceeds per
issue being $2,552,00 for common stocks and $3,681,000 for preferred
stocks. Fixed-interest bearing securities which totaled $791,131,000 showed
issues became
investment
of applicants and only 22% of the census group.
had enacted laws for
other hand.
stock issues and $371,829,000
common
hand,
of effectiveness
substantial amount of contemplated
a
higher in amount during the first six months of 1937
accounted
the age group, 20-24.
This initial study of applicants also
of the sample
of the withdrawal or postponement
standing preferred stock issues and purchase of securities
and older age groups.
54.12% of the sample of applica¬
tions, whereas they were only 50.36% of the Census group of "gainful
workers."
Similarly, 13.95% of the applicants for social security accounts
are over 50 years of age, as contrasted with 17.64%
of the Census group.
The largest percentage of workers in the sample analyzed occurs in the age
group, 25-29, whereas in the census figures for "gainful workers" the peak
For
cause
plant expansion and for the increase in working capital.
account cards follows that
tribution of applicants for social security
younger
from
8,343,385 were from men and 3,071,970
An announcement by the Board continued:
that prevailed during
of registration
has retarded the filing
proposed financing programs on one
of many registration statements on the
$806,344,000 of
analyzed,
this
extent,
some
statements in connection with
half year under the Securities Act.
Analysis of SSB Finds Young Persons Comprise Greater
Proportion of Total Employed Than in 1930—All
States
Now
Have Unemployment Compensation
registered issues is a reflection, in
part, of the less favorable capital market conditions
sources,
department and
general
fees.
per
the period.
debt, the
public
assumed.
frequently
receipts
in
the
to
in
increase
$22,000,000,000.
increase
equivalent
the
for
exclusively
861
Chronicle
the registrants themselves
Although less than 20% of all the
holders,
be offered to existing
stockholders during the
for additional shares at prices below
be offered to the registrants' security
50.3% of the common stock to be sold for cash was to
security holders, reflecting the frequent issuance to
expansion and working capital was the highest for any first half year since
first half of 1937 of rights to subscribe
registration began under the Securities Act;
the market.
common
and
preferred stock issues
(3) Effective registrations of
the
were
highest for any six-month
period under the Act.
also issued by the SEC on July 29 regarding
registration statements in June which showed that
during the month securities with estimated gross proceeds
of $369,065,000 were declared fully effective. This represents
a material increase over the $238,068,000 securities registered
Data
was
effective
According to the SEC, during the first half of the year 402
registration statements for 605 issues of securities with
estimated gross proceeds of $2,286,506,000 became effective
under the Act, which compares with $2,664,947,000
during
the first half of 1936.
The Commission explained that the
figures exclude securities registered exclusively in connection
with exchange plans for companies in reorganization or in
connection with the issuance of certificates of
deposit or
voting trust certificates.
The figures, include, however, such
as represent securities intended for
purposes other than immediate cash sale for the account of
the registrants: ■
\
during the previous month, but is
considerably lower than
$523,439,000 securities effectively registered during
June, 1936.
Included in these amounts, the Commission
said, are securities which have been registered, but are
intended for purposes other than cash sale for the account
of the registrants, approximately as follows:
the
amounts, detailed below,
May, 1937
June, 1936
$6,597,000
$51,213,000
7,602,000
7,067,000
$70,433,000
12,196,000
June, 1937
Reserved for conversion of issues with con-
Jan. 1-June 30,
1937
Reserved
for
conversion
of
issues
with
vertible features
Reserved for the exercise of options
Reserved for other subsequent issuance
Registered for the "account of others"
To be issued in exchange for other securities
To be issued against claims, other assets, &c
Jan. 1,-June 30,
1936
,
Reserved for the exercise of options
29,740"000
1,905,000
'
$182,541,000
$148,607,000
55,533,000
2,192,000
215,916,000
178,321,000
3,812,000
)
54,305,000
22,485,000
150,041,000
118,420,000
520,000
To be issued against claims,
Total.
163,000
other assets, &c
$46,007,000
$638,315,000
$494,378,000
20,269.000
34,051,000
$95,628,000 $137,618,000
Continuing, the Commission announced:
Fixed-Interest bearing securities, for the
Total
669,000
20,013,000
16,475,000
671,000
Reserved for other subsequent issuance
Registered for the "account of others"
To be issued In exchange for other securities
con¬
189,000
first time since February, 1937,
accounted for a larger portion of the total securities
registered than the
Financial
862
18.8%, and short-
Secured bonds totaled 36.9%, debentures
stock Issues.
0.2%, making a total of 55.9% of the total securities registered.
term notes
Common stock issues accounted for
ferred stock issues for 21.3%, while
18.2% of the month's total and pre¬
certificates of participation and warrants
amounted to 4.6%.
electric, gas and water utility companies were
The
of
the largest group
registrants during June, accounting for 38.6% of total registrations.
with 31.9% of the regis¬
Next in size were the manufacturing companies
companies with 14.3% of the
and the financial and investment
trations
Aug. 7, 1937
Chronicle
1936, the securities increased from 3,404,000,000
From 1929 to the end of
Statistics indicated the
banks in Germany for financing
private trade as compared with financing government needs.
Figures for Japan also showed a great increase in government bonds.
From the end of 1932 to March of this year they increased from 3,932,reichsmarks
commercial
of
importance
vanishing
7,716,000,000.
credit
000,000 yen to
Similar expansion in
due to
reichsmarks.
11,415,000,000
to
shown in the United States but it was
was
natural causes.
more
total.
After deduction of securities which were reserved for conversion, options,
&c., securities registered for the "account of others" and securities to be
offered for other than cash considerations, $323,059,000 of securities (of
which 2.2%
of commissions, discounts and other expenses, was
after payment
ceeds
proposed to be used as additional working capital and 7.3% for expenditures
for plant
and equipment; 34.5%
intended for the repayment of in¬
was
stock issues; 4.5% for the
debtedness; 13.4% for the retirement of preferred
purchase of securities for investment; and 3.1%
for various other purposes.
Among the large issues for which registration statements became fully
effective during the month
Union Electric Co. of Missouri, $80,-
were:
000,000 first mortgage and collateral trust bonds, 3%% series, due 1962,
$15,000,000 3% notes due 1942; the E. I. du Pont de Nemours & Co.
and
Credit Co., $35,000,000
2%% debentures, due 1942; New York Telephone
due 1967;
Brands, Inc., issue of 200,000 shares of $4.50 cumulative
$25,000,000 refunding
Co.
preferred stock; Commercial
of 500,000 shares of $4.50 cumulative
issue
and the Standard
bonds, series B,
SH%
mortgage
Observance
About 37.2% of the pro¬
preferred stock.
Commission
in
Sept. 17 of the 150th Anniversary of
Constitution
on
Foundation of the
the
passed an
Commission to
cooperate with the United States Constitution Sesquicentennial Commission on plans for observing the 150th An¬
niversary of the formation of the United States Constitution,
Legislature of the State of New York has
The
Act
creating the following State Constitution
which will
begin Sept. 17, next.
Irwin Steingut, 706 Eastern
Parkway, Brooklyn, N. Y., Chairman.
Y. City.
Meyer Levy, 122 East 42nd St., N.
Albany, N. Y.
Mrs. Edward Corning,
N. Y.
Ray L. Egbert, P. O. Box 1, Staten Island,
Building, Lockport, N. Y.
A. Bartholomew, Whitehall. N. Y.
William H. Lee, 28 Lohrmann
Herbert
registered during June, 1937 accounted
Fixed-interest bearing securities
States
United
With
Co-Operate
issues of newly organized companies) were intended for
were
sale for cash for the account of the registrants.
Constitution Commission Created to
New York State
being the first time since February,
for 55.9% of the total securities—this
1937 that these securities represented a larger portion of total registrations
than the
Total
registrations,
Corp. Denies NLRB Charges and
Constitutionality of Labor Relations
Act—Board Files Complaint Against Weirton Steel
Co., Alleging Use of Terrorism
Republic
and preferred stock issues.
common
common
stock issues amounted to 18.2% of the month's aggregate
preferred stock issues, 21.3%; secured
36.9%; de¬
bonds,
bentures, 18.8%; short-term notes, 0.2%; and certificates of participation
and warrants, 4.6%.
Republic Steel Corporation on Aug. 3 filed in Cleve¬
The
REGISTRATION STATE¬
TYPES OF NEW SECURITIES INCLUDED IN 61
MENTS
EFFECTIVE
FULLY
JUNE,
DURING
Face
Total
Gross
Stock, Ac.:
of
Issues
June,
May,
June,
1937
Amount
Ami.
1937
1936
of Bonds,&c
43
8,264,001
Preferred stock
10
1,410,194
$67,055,355
78,592,350
18.2
48.2
23.0
21.3
14.5
14.8
16,982,943
Common stock
4.6
4.7
0.3
Ctfs. of partic., beneficial
13
interest, warrants, &c_
land
reply which specifically denied all charges against it
a
1937
Per Cent of
No. Units of
No.
Type of Security
Secured bonds
9
36.9
1.1
30.5
5
135,829,000
69,420,000
136,339,632
Debentures.
69,350,769
18.8
31.5
1
750,000
744,375
0.2
by the National Labor Relations Board and which also ques¬
tioned the constitutionality of the National Labor Relations
The
Act.
also asserted that the Steel Workers Or¬
answer
ganizing Committee, an affiliate of the Committee for In¬
dustrial Organization which called a steel strike on May 26,
was "not a labor organization."
The petition by the Republic
was summarized as follows in United Press advices of Aug. 3
from Cleveland:
31.3
Short-term notes
Steel
Challenges
0.1
--
Asking
dismissal of the Board's complaint, the corporation said that:
a
Republic has not violated any provision of the Act.
369,065,424
81
Total.
•
100.0
100.0
100.0
Note—$5,852,885 of common stock and $744,375 of secured bonds were registered
reserve against conversion of other securities.
for
As
registration statements for reorganization and ex¬
change issues which became fully effective during June and
the first half of 1937 we take the following from the announce¬
to
ment of the SEC:
In addition to the
contemplated
Board
The
has
authority
no
regulate relations
to
between employers
production and manufacture.
and employees engaged in local
The Act does not prohibit normal
exercise of the company's right to select,
lay off, or discharge employees, and "if
construed to do so, it is in violation
of the Constitution."
O. C. filed charges "have themselves
Those in whose behalf the S. W.
been
of
guilty
.
and intimidation"
coercion
of violence,
deeds
.
.
against the company and its employees.
new
issues, there were registered in connection
of registrants' securities for
exchanges
with
their own or their
predecessors' securities, and in connection with the issuance of voting trust
certificates
and
statements
from Jan.
statements
during June,
certificates
1
to
of deposit,
June 30,
1937.
registration
46 issues through 21
and four issues through three
1937,
These registered statements covered se¬
curities having approximate values of $129,721,000
for the first six months
of 1937 and $397,000 for the month of June.
THE TYPES OF SECURITIES INCLUDED IN 21
according to their types:
REGISTRATION STATE¬
EXCHANGE* ISSUES WHICH
BECAME FULLY EFFECTIVE JAN. 1-JUNE 30, 1937
engaged in terrorism against the
had
Co.
A hearing on the charges will be held Aug. 9
S. W. O. C.
at New
July 31 filed a complaint charging that the
on
Steel
Based
charges made by the 8. W. O. C., the Board's complaint
on
of
Issues
Type of Security
Jan.-June 1937
Jan.-June 1936
Additional
charges made by the Board were:
That
by
threats
of workers to
and
coercion
company
the
company
obtained the signatures
petition approving a "company union."
a
maintained a system of espionage on the union.
the "hatchet gang," were sponsored by the
That secret police, known as
No.
alleged
subsidiary of E. T. Weir's National Steel Corp.,
opposed the S. W. O. C. by bribes and threats to shut down.
That the company
Approximate Market Value x
Associated Press advices of
Cumberland, W. Va.
July 31 from Pittsburgh described the complaint as follows:
that the steel company, a
The tables below classify the registered securities
MENTS FOR REORGANIZATION AND
The NLRB
Weirton
and indulged in "terroristic acts."
for union activities between July 5,
That 279 workers were discharged
1935 and July 21, 1937.
Common stock
6
__
Preferred stock
$7,941,191
97,963
$20,811,250
6
16,580,669
terest, &c
Secured bonds
3
Debentures..
2
4,188,097
65,551,628
,3,839,321
Certificate of participation,
53,792
3,215,446
2,655,123
15,000
Short-term notes
9
2,607,730
16,142,602
30,434,598
35,579,972
46
Certificates of deposit
$129,721,297
$79,993,085
16
Voting trust certificates
by
discharges,
THE
TYPES
OF
SECURITIES
STATEMENTS
FOR
INCLUDED
IN
REORGANIZATION
REGISTRATION
EXCHANGE* ISSUES
THREE
AND
WHICH BECAME FULLY EFFECTIVE DURING JUNE,
1937
contributions.
The Board's complaint
"The
continued:
through
respondent,
its
No.
of
Issues
dominated the government, administration
prejudice of the liberties of its employees in the exercise of their
June, 1937
May, 1937
June, 1936
and
representation"
the
encourgaed the growth of a "plan of
"Weirton
$5,531,250
$9,501
13,641,921
Preferred stock
Certificate of participation,
The S. W.
O.
C.
on
steel
men
their
as
July 2, last,
collective
petitioned the NLRB to hold an em¬
Officials of the company
2,655*123
CIO
2,26*2*375
Certificates of deposit..
188*097
Voting trust certificates
Refers to securities to be issued in exchange for existing
Represents actual market
value or
Union
Before
21,871,760
declined to comment on the NLRB's action.
Ask
Contract
Workers
Martin,
of
an
Industrial Organization,
Holdings of Government Securi¬
by German Credit and Insurance Institutions
In United Press advices from Geneva,
was
An
Switzerland, Aug. 2,
credit and
increase in
insurance
the amount of government securities
institutions in
Germany was revealed to-day in the
League of Nations' publication, "Commercial Bank."
held by
a
to
on
Motor Co.
Close All
Charges of
of
affiliate
announced
the United Automobile
of the Committee for
on
Aug. 2 that his union
signed contract with the Ford Motor
Co. before the end of the year.
had made such progress
position to close
stated:
enormous
Ford
Power
Ends Hearing
President
America,
intended to demand
Increase Reported in
with
Year—Claims
of
Unfair Labor Practices
Homer
securities,
1-3 of face value where market was not
available.
Will
End
Plants—NLRB
Ford
$396,916 $13,641,921 $32,357,352
Total.
it
favored by a majority of the
agency.
199*318
Short- term notes
ties
bargaining
36,844
Debentures
*
Security
beneficial
interest, &c
Secured bonds
x
Steel Employees'
League."
ployees' election to determine whether it was
Common stock
at
rights of self-organization and collective bargaining."
employee
Type of Security
agents and representatives
social relationships of the community, to the
of justice, business affairs and
serious
officers,
Weirton, in the State of West Virginia, has exerted a prepon¬
its plant in
The company is alleged to have
Approximate Market Value x
or
discriminated against the union.
supported two company unions by financial
That the company illegally
derant influence upon and has
Total
demotions and refusals to re-employ
layoffs,
reinstate employees, the company
beneficial in¬
4
That
every
He asserted that the union
in its organizing drive that it was in a
Ford plant in the United States, if
necessary.
A
hearing
on
charges by the National Labor Relations
engaged in unfair laboi practices
Board that the Ford Co. had
Volume
completed
was
Financial
145
July 30 and John T. Lindsay,
on
NLRB
work on his intermediate
report to the Board.
On July 29 Louis J. Colombo, chief of
the Company's counsel in the case, requested that, the charges
be dismissed on grounds stated in his answer to the Board's
charges. The Detroit "Free Press" on July 30, in indicating
this, went on to say, in part:
trial examiner, immediately began
P He contended that witnesses produced by the Board had
state
failed to prove
with inter¬
labor practices interfering
that the company engaged in unfair
It
declared
was
the
that
which refused to sign
companies
steel
four
National Labor Relations Act.
contracts with the union had violated the
These companies are the Republic Steel Corp.,
the Youngstown Sheet and
Tube Co., the Inland Steel Co. and the Bethlehem Steel Co.
The resolutions by the mine union board
protested against the "complete
the part of the national and
lackadaisical and
unconcerned attitude on
Stare
with
wanton
violations of the civil
rights of the steel workers by the State and local
authorities and officials
authorities
of the steel
the
and
flagrant
corporations."
The report by the S. W. O. O., after
describing the events leading up to
the strikes, said:
commerce.
In his
to
answer
the Board's
things that the Board
Part
of the Board's
tribute
charges were based on
Ford Rouge plant on May 26 to dis¬
of the complaint charged that
employees
The remainder
literature.
union
were
stated among other
assault cases.
the beating of members of
charges the attorney
without jurisdiction to try
was
the union when they appeared at the
dismissed because they were members
of the United Auto¬
mobile "Workers Union .|
The
At
the
reported
was
motion that the charges
Mr.
Colombo
The motion was
be dismissed.
foreign
On the contrary, purported attempts on
of the strike pickets to delay the
activity
of the
the part of some
introduction into the plants of food for
has produced extraordinary
the part of the Federal Government in securing
on
indictments
I
,
doves
Cites Postal Case
j
"Because of direct instructions from Attorney General Cummings, the
Federal
Says Proof Is Lacking
Firearms Act,
"Violations of the national statutes, such as the National
by the steel corporations have produced no activity on the part
national officials.
renewed his
overruled.
District
Attorney
Cleveland,
in
these indictments were
where
these pickets
judge without even
returned, attempted to bying on for trial the cases against
Colombo contended that the witnesses produced by the
the company engaged in unfair labor practices
prove
flagrantly violated.
so
.
.
.
workers on
played the slightest interest in protecting the rights of the steel
strike, which have been
against the strike pickets.
of testimony,
conclusion
follows in the "Free
as
situation has not dis -:
"The Federal government throughout this entire
strikebreakers through the use of the mails,
final
hearing
Press" of July 31:
to
863
Chronicle
Board had failed
interfering with
only three days after they were arraigned before the
affording
The
or interstate commerce.
for the
Laurence A. Knapp, John T. McTernan
Hoey, attorneys for the Board, that they would be
N The trial examiner notified Colombo; Maurice Sugar, attorney
opportunity to obtain and advise with
an
mine
condemned
resolutions
union
policies of the local officials and
the
counsel."
"the anti-labor
practices and
gladly
break the
State officials who have so
United Automobile Workers,
cooperated with Tom Girdler and Eugene Grace in an attempt to
and
steel strikes."
Christopher W.
allowed 10 days in which to file briefs.
Colombo served notice that
produce
evidence
contradict
to
made by John
statements
Godleski, a
witness at the hearing.
congratulate two of the men
Godleski testified that he saw Harry Bennet
the plant May 26 after union
who took part in a riot at
appeared to
representatives
closed its case.
George Blake, the surprise witness, testified that prior to his discharge
last March 15 he had been employed on the trim line at the Rouge plant.
He said that Joe Schroeder, a foreman, had told him to be on the lookout
for union activities along the line and report to
questioned
concerning what had happened in his department that day; was
asked if he
was
call
member of the union and quizzed at
a
length concerning an effort to
then to
a
third, where he was subjected to further
questioning.
service men questioned him.
a
conference
John
with
Lewis, C.
L.
I. O. chairman, Martin
obtained signed contracts with every supply
that the union had
In addition
claimed,
Angeles
the
union
"completely organized"
had
Calif.; Kansas City,
and Oakland,
Ford plants in Los
St. Louis, Dallas, Chicago,
Buffalo, Louisville, Somerville, Mass.; Edgewater, N. J., and Iron Moun¬
corporations
industrialists in this country.
They
their attempt to defeat the
represent the last stand of the reactionaries in
right of labor to organize into independent labor organizations.
of propaganda
program
the
in
newspapers,
workers
on
This propaganda has
"Not
for Industrial Organization
been to the effect that the steel
engaged in wholesale violence.
strike
.
conducted a vicious
through the news and the
reports of columinists, attacking the Committee
The record, however,
.
.
single steel worker engaged in the strike has, as yet,
a
victed of any serious
manufacturing firm that sends parts to the Ford company.
he
The refusal stamps the leaders of these
the most reactionary and vicious
as
advices of Aug. 2 quoted Mr.
United Press Washington
as follows:
After
constitutes an open
wage agreements
Pa.
written
and flagrant violation of the National
of these corporations to enter into
part
discloses the following.
Martin
claimed
the
on
the S. W. O. C. was forced to
of the Bethlehem Steel Corp. at Johnstown,
strike at the plant
a
"The refusal
and the S. W. O. C.
said, he was checked out and
conclusion of the questioning, he
had difficulty in getting paid for the time the
form to the
steel
,
"A few weeks later, for the same reason,
"Throughout the period of the strike, there has been
questioned in the first office, Mr. Blake said, he was taken
to another office and
At the
the proposed written
by the S. W. O. C. which was similar in
by the Carnegie-Illinois Steel Corp. and 268 other
signed
producing and steel fabricating plants.
sit-down strike.
a
After being
►
contract
Labor Relations Act.
taken to the service office and
was
had agreed among
with the Steel Workers
"The heads of these corporations flatly rejected
agreement submitted
call
and took him from his work.
The witness declared that he
themselves not to enter into any written agreement
do
A short time later, he added, a service
patrol duty along the line.
man came
him.
discharged, Mr. Blake said, he was ordered to
On the day he was
some
1937, the Steel Workers Organizing Committee
because the heads of these corporations announced they
10 days to produce testimony to con¬
surprise witness offered by the Government as it
a
;
called a
strike of its members at the plants of the Republic Steel Corp., the Inland
Steel Corp. and the Youngstown Sheet & Tube Co.
This strike was called
"On May 25,
Organizing Committee in regard to wages, hours or other working conditions.
out union literature.
pass
The examiner granted Colombo
tradict
W. O. C. report said;
In its review of the strike the S.
Board for permission to
he would ask the
offense.
been con¬
Only a few fines have been imposed for minor
incidents.
been in effect, local
the strike has
where
of the steel areas
each
"In
authorities acting in complete collusion with officials
tions and the National Guard, have
of the steel corpora¬
violated State and national laws and
infringed in the most flagrant manner upon the civil
have
liberties of the
steel workers.
tain, Mich.
being made in the giant Ford plant at
He said "splendid progress" was
River
Rouge.
89-Day Strike Ends—3,200 Return to Work
Hotels in San Francisco Reopen as
Mr. Martin was asked at a press
conference whether the union was in a
position to close down all but the River Rouge plant at any time.
"Yes." he replied, "and we could close that one
shorter hours and
"We want
Air.
a
higher wages,
generally better working conditions.
year,"
"Ford wages right now are lower than those in the
General Alotors Corp. or
Chrysler Corp.
They are also lower than those
prevailing in the parts supply plants—all on the basis of hourly daily
weekly
of his
Ford puts through a raise it will
workers,"
announce
Rift
and
pay.
"If Mr.
a
added,
he
be because of the unionization
referring to reports that
Ford is about
Between
ington
CIO
and
Roosevelt
Widening—Two
Has
Been
Administration
Charge
Unions
Indifferent
to
Rights
0.
C.
This
action
was
described
as
follows
in
a
single person" had been brought to account for the slayings.
The mine union board demanded that "the national and State authorities
hold to account and bring to justice those persons who actively participated
and the officials of the steel
corporations who are definitely responsible for
identified
managers
Governor Martin L.
Davey of Ohio
areas
of Ohio
was
purpose
of breaking
the strike."
.
.
.
the six striking unions Mon¬
conditions under which the strikers return to work are:
day night the
1.
Arbitration of the work week.
2.
A shorter work
week than the normal 48-hour basis to prevail until the award
made.
is
Preference
3.
for five culinary unions,
dishwashers and waiters.
of employment
tenders, cooks helpers,
Recognition of approximately 50% of the disputed
5. A modified union shop.
6. Arbitration of wages along with hours.
4.
in
.Hence
whom are
of
48
Front
keepers,
cluded
office
and
of the union shop clause but
clerks
are
employees,
recognized, but inside office help, such as book¬
andi the "white collar" workers are ex¬
terms of the agreement.
Simultaneously
be
unions—to
lost absolute assurance of the
for about 75 of the originally disputed 150
members of the Hotel Employees Union.
stenographers, auditors
from
unions
accepted a modified version
recognition
won
the
days of strike
90
week;
40-hour
comprising chefs, bar¬
"confidential employees."
with
effective
signing
four
of
agreements
new
years—the
hotel
with the six striking
approved minor
operators
hour adjustments demanded by 11 unions whose members were
of work by the strike, such as boiler tenders and carpet
out
cleaners.
accused of sending the National
"for the express
by the owners and later were extended to cham¬
But they were not granted to
operators and bellboys.
employees."
of a settlement reached with
the basis
On
thrown
Governor Davey Is Attacked
elevator
bermaids,
the "confidential
"confidential employees"
hotel "workers."
negotiations prior to the 6trike the full demands of five
six months of
In
employees as
these
they should not be included among the
said
wage
these murders.
Guard into the strike
had refused to recognize
employees' union, Local 283, as the collective bar¬
culinary unions were met
The "wanton murder" of 17 steel strikers was alleged and it was declared
a
Hotel
and
Steel
Washington dispatch of July 23 to the New York "Times":
that "not
Bartenders after the hotel owners
Is
Disagreement in major policies between leaders of the
Committee for Industrial Organization, headed by John L.
Lewis, and President Roosevelt was reported this week,
following the action of two major CIO unions which on July
23 accused the Administration of indifference to "flagrant
and wanton violations" of the rights of steel strikers and of
failure to act against law violations by the large steel com¬
panies.
These charges were made by the United Mine
Workers and the Steel Workers Organizing Committee. The
Executive Board of the United Mine Workers unanimously
adopted a report on the steel strike submitted by the
W.
It is stated that the strike involved a loss to the
hotel owners of approximately $8,000,000.
The strike had
been ordered by the Joint Board of Culinary Workers and
gaining agency for some 150 clerks and clerical employees,
said a dispatch from San Francisco, July 30, by the United
Press.
The advices continued :
Strikers
S.
May 1, is said to be the longest hotel strike
which began on
in history.
the hotel
Wash¬
of
hotels was terminated on July 28 and the hotels,
during the dispute, reopened on July 30.
The strike,
to
general wage increase.
Reported
largest
closed
Ford contract, and we -will have it by the end of this
Martin said.
strike of 3,200 workers in 19 of San Francisco's
An 89-day
too."
Air. Martin said the union would ask Ford for recognition,
Observers
sides
but
X
termed
settlement
of
the
backing down from their original
"friendly" strike in a
strike a "50-50" affair, with
both
demands and ending the protracted
few hours of conference aimed at compromise.
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spokesmen for each union held separate conferences with
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agreed that the demands would be taken up on a
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averting a
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would make the added cost to the
carriers
at
Plant of
Apex Hosiery Co. in
Philadelphia
non-operating railroad unions and the Class I
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Agreement for the settlement of the 12-weeks' strike at
plant of the Apex Hosiery Co. in Philadelphia was reached
on July 29, following an all-night conference led by Assistant
Secretary of Labor Edward F. McGrady.
The agreement, it is stated, is based on a compromise of
the closed shop issue, which precipitated the strike.
Ac¬
cording to the Philadelphia "Inquirer" of July 30, the terms
whereby settlement of the strike was effected are:
the
1.
The union, Branch 1 of the Committee for Industrial Organization—
affiliate American Federation of Hosiery
Workers—is to be the sole bargain¬
ing agency for its members, with the check-off system of dues collections
yearly.
Other demands of the unions for a guarantee
of steady work were left
negotiation which will start Sept. 1, next between the unions
and the
These demands were for a guarantee of a
year's work for "full-time" employees, and for two-thirds of a
year's em¬
The non-operating unions, led
by George M. Harrison, Chairman of the
Railway Labor Executives Association, filed notices of their
the
men
were
demands with
employed on March 4, last.
Then, In accordance with the provisions of the Railway Labor
for those who sign authorization
2.
Act, the
cards.
The mill will operate on an open-shop
seven
months.
After
that
time,
3.
basis for a period of at least
if the union
substantial majority of the employees as
will be instituted,
ployment by "stand-by" men, who are largely seasonal workers.
the individual roads on which
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Aug. 7, 1937
Chronicle
Financial
864
can
demonstrate it has a
members, a closed shop system
the union accepting all workers as members.
Elimination of the double-machine shift, by which one knitter oper¬
ates two machines with the aid of
several helpers, and inauguration of the
single-machine shift, with one knitter to each machine.
4.
The union is to be permitted to
solicit members for two hours a day
Volume
Financial
145
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company and the
union are to
agree
be continued.
May 6
(the day on which a mass of
10,000 hosiery workers broke into the plant and installed 250
Apex workers
on|a sit-down strike) are to be returned to their former jobs.
This does
not
apply to those who destroyed property during the struggle on May 6.
6. Other qualifications being equal, the
company will give employment
preference to union members.
o
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June 26, page 427; the eviction of the strikers from the mills
was noted in these columns July 3,
page 46.
The
"Inquirer"
the company's officials proceeded with plans
get its mill at 5th and Luzerne Sts. operating with the
least loss of time; its is expected to be some time before the
damaged machinery can be repaired to enable the mill to
operate normally.
reports that
to
Specify Holidays
7.
Holidays to be observed
are:
July 4,
Labor Day,
Thanksgiving Day.
Dec. 24 (half-day), Christmas, Dec. 31
(half-day), New Year, Easter Mon¬
day and Memorial Day.
If holiday falls
on
Threat
Dr.
George W. Taylor, of the University of Pennsylvania, is to be im¬
partial arbiter in all disagreements under the agreement, with the
exception
closed-shop issue, which is to be decided by Mr. McGrady.
The
agreement
The
runs
until Aug. 31, 1938.
"Inquirer" states that the
company
withdraw its
did not
agree to
$3,000,000 damage suit against the union, it
was
learned, but it was reported to be tacitly understood the
case will not be
vigorously pressed.
The "sit-down" strike at the
Apex Hosiery Mills was held
to be in violation of both the anti-trust law and
the Wagner
Labor Relations Act in
a
decision
on
June 21 handed down
by the United States Circuit Court of Appeals at Phila¬
delphia; reference to the decision appeared in our issue of
General
Trucking Strike in Philadelphia
Food Supply Would Have Been
Seriously Curtailed—Mayor Wilson Declared "State
of Emergency"
following day.
of the
of
Ended—City's
Sunday it is to be observed the
A threatened
general strike of 26,000 truck drivers which
seriously curtailed the food supply of the City of
Philadelphia was called off on Aug. 4 when union leaders
decided against the action after Mayor S. Davis Wilson had
declared a "state of emergency" in the city.
The general
strike had been planned in sympathy with striking truckers
would have
of
the
Great
Atlantic
&
nounced that there had
Pacific
Tea
Co.
been concluded
of 5,000 drivers who walked out on
a
It
was
also
an¬
sympathy strike
Aug. 2 and halted distri¬
produce and foodstuffs throughout Philadelphia.
Conclusion of the dispute was reported as follows in a Phila¬
delphia dispatch of Aug. 4 to the New York "Herald
bution
of
Financial
866
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wise to take
situation verging on
Hoarding had begun.
the critical.
could get neither canned goods nor green vegetables, and, as
Wilson expressed it in
a
of
the
fact
that
coffins
could
be
not
delivered
Grocers
Mayor S. Davis
radio speech tonight, "It is a fact that the
of persons dying in the last few days of contagious diseases were
to
funerals
delayed on
man
driving
a
truck had
widespread throughout the metropolitan
even
to
deliver
serums,
area
anesthetics
and
become so strong
and
that private cars had to
oxygen
be
tanks to hospitals.
Delaware Ave., where the trucks carry off the unloadings of railroad cars
and steamships,
almost
and Dock St., where the food markets
completely
deserted
afternoon
this
are
before
concentrated,
the
strike
was
settled.
»H
HH HH
O
45
3 3 3 aw
H\
inception,
of the general
was
trucking strike,
a
mere
sympathy strike
announced by Mayor Wilson at 3:45 p. m., five hours
after he had proclaimed that
"a state of emergency and apprehension
riot and mob presently exists
within the City of Philadelphia " a procla¬
which
he
promptly followed
patrolmen and by sending
crowds
that
did not
nervous
scores
up
by swearing in
of police
cars
of
1,000 additional
touring the streets to see
congregate.
five hours'
span
of
a
humid day Mayor Wilson con¬
fronted the leaders of the striking truckmen with the forgotten fact that
an
Act passed
Mayor of Philadelphia
in emergencies
by the Pennsylvania Legislature back in 1850, the
as
the executive of
a
"first class city " is empowered,
to call out National Guardsmen, prohibit
assembly of more
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tdui
or more
than two in the open air, and other¬
In bowing
before that threat—and
counsel and officials of Local
an
of L.
A. F.
That
been upheld by the Supreme
ago,
It
a
rising tide of public sentiment—
107 of the Truckmen and Teamsters' Union,
affiliate, saved what face they could by having the Mayor
Atlantic & Pacific Tea Co. to
was
agree not to use
guards on its
against the A. & P. that the strike was first called 12 days
the other truckmen going out, or being coerced to leave their jobs, on
Monday
as
warehouses
Faced
a
sympathetic
also
with
move.
Earlier today, the employees of 30-odd
quit work in the spread of "sympathy."
the union insistence that
strike still existed against the
a
A. & P., Mayor Wilson got that corporation to agree to give up its guards
if police convoys were provided for its
trucks.
the end of the general truck strike, he sent
The settlement
I
I OS
I
^ *1
Court.
trucks.
any
I
its
IN
I
Hf
authority comparable to that of a military dictator.
on
get the Great
of
O
u
x-0-
old law, as the union men soon discovered, had
undertaking
establishments."
Intimidation
« o
than 12 persons in a
correspondent Edward Angly.
day of the strike and the people of Philadelphia would have
more
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at Chestnut and 32d
Immediately after announcing
police to the A. & P
warehouse
St., where they took over the protective work.
In
reporting that trucking continued at above normal
on
Aug. 5, Associated Press advices from Phila¬
delphia stated that only the strike against haulers under
volume
contract to the
A. & P. continued.
It
was
added that the
Mayor held in force the state of emergency which gave him
extraordinary police power until "reasonably certain all
danger is past."
According to
"Times"
an
a
Philadelphia dispatch to the New York
between taxicab drivers and the
agreement
Volume
Financial ". Chronicle
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Yellow Cab Company, averting a tie-up of most of the
city's cabs, was announced early in the morning Aug. 6 by
Mayor Wilson, after a four-hour conference with representa¬
tives of the opposing sides.
The settlement was reached, it
was noted, after
peace had returned to the city's trucking in¬
dustry, crippled for three days by a sympathy strike of
6,000 truck drivers and 4,000 warehouse employees.
from
May to October, 1935.
The firm of M. J. Meehan &
of its partners, are not affected by the decision.
The SEC had the alternative of suspending Mr. Meehan
for a period of not more than 12 months, but it ruled:
Co.,
Having found that respondent has violated Sections 9(a)(1) and 9(a)(2)
Securities Exchange Act, it becomes our duty pursuant to Section
of the
19(a)(3) to impose upon respondent the penalty either of suspension for not
more
*
or any
than 12 months from one or more of the national securities exchanges
of which he is a member or that of expulsion.
M.
E.
Meehan Expelled
by SEC from Three Securities
Exchanges—Held Guilty of Violating Securities
Exchange Act in Dealings in Bellanca Aircraft
Corp. Stock
The Securities and
Exchange Commission
on
Aug. 2
ex¬
pelled Michael J. Meehan, of M. J. Meehan & Co., from
membership
on three national securities exchanges, after
adjudging him guilty of violating two sections of the Securi¬
ties
Exchange Act of 1934 which prohibit manipulation
practices on the stock market.
The Commission expelled
Mr. Meehan from the New York Stock
Exchange, the New
York Curb Exchange, and the Board of Trade of the
City
of Chicago, because of his alleged
participation in and
responsibility for certain transactions in the stock of the
Bellanca Aircraft Corp. on the New York Curb
Exchange,
leads
us
to
conclude
that
the
national securities exchanges
The gravity of his conduct
penalty should be
of which he is
a
expulsion
from
all
the
member.
An order to this effect will accordingly issue.
The action is described
as
the first taken
by the Commission
manipulation sections of the
Exchange Act.
The right is given Mr. Meehan
by the Securities Exchange Act to appeal the" decision in
court.
Regarding the charge made against Mr. Meehan we
under the so-called anti-stock
Securities
quote the SEC
decision
as
follows:
The charge made against the respondent is, in substance, that by the use
of the mails, other instrumentalities of interstate commerce and the facilities
of the New York Curb
purpose
the
Section
Exchange he matched buy and sell orders for the
of creating a false and misleading appearance of active trading in
common
stock
of the
Bellanca
Aircraft
Corporation in
violation
of
9(a)(1) od the Securities Exchange Act; and also that in violation
of Section 9(a)(2)
of that Act, by the
use
of the
same
instrumentalities, he
effected, alone or with other persons a series of transactions in that stock,
Financial Chronicle
868
J? J?1
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creating actual or apparent active trading in it
of inducing its purchase by others.
of inference from the voluminous testimony introduced in the case.
A Washington
dispatch, Aug. 2, to the New York "Times"
Aug. 3, in commenting on the decision of the SEC,
of
The
decision,
in
effect,
supports
the findings
of
William
examiner, who reported, after hearings in which more than
the
stated;
Green, trial
10,000 pages of
taken, that Mr. Meehan had manipulated
stock of Bellanca Aircraft Corp. on the New York Curb Exchange in
testimony and evidence
violation
were
However, the closely typed 38-page decision of the Commission
critically
pertinent 1935
period and found in a number of cases that he did not violate the Act.
These findings, usually at variance with the recommendations of the Com¬
mission's attorneys, were regarded as of importance for their discrimination
between the kind of activity that may be illegal and that which is within
analyzed all of the major activities of Mr. Meehan in the
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Whole
Transaction Described
in Bellanca activities, the decision,
the
building
munications
up
caused
motives and characterized
As the first
like a fiction story, described dramatically
of Bellanca securities, the intensity of the insterstate com¬
which
under
case
the
sharp
The decision showed the importance of motive in construing
the legality
found that motive was the factor which defeated
the position that Congress permitted certain transac¬
of manipulative acts, and
the defense based on
security. The
Meehan's activities in Bellanca demonstrated, said the Com¬
tions aimed at
pegging, fixing, or stabilizing the price of a
mission, that his "obvious purpose" was manipulative
of the Act.
within the prohibi¬
rise
and
fall
in
values,
diagnosed
operations.
the
manipulation sections of the Securities Ex¬
change Act to reach the Commission for decision, the
findings
were essen¬
tially precedential in character.
If the Meehan
paved for
a
attorneys appeal from
As to that part of the respondent's motion for dismissal of
the complaint based on
said
that
an
alleged unconstitutionality of the Act, the Commis¬
"respondent must seek to prevail upon some court to conclude
interstate
character cannot constitutionally
Government."
manipulation of this
be punished by the United States
In
concluding its lengthy decision the Commission said:
Some supplementary observations
and findings are also necessary.
needless to burden these findings with a
ation
the decision, the ground may be
constitutionality of the Securities
court interpretation of the
Exchange Act.
mentalities of interstate commerce
the law.
tions
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Covering the entire period and background of the operator's participation
sion
of the act.
record of Mr.
ff
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and raising its price, for the
These charges, it will be recog¬
nized, make the motives of the respondent an ingredient of the offense.
As to the respondent's motive, there is no direct testimony.
The existence
or non-existence of the required statutory motive must thus be a matter
purpose
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of this scheme.
which he employed
So
also
the mails.
we
It is
recital, item by item, of the instru¬
employed by respondent in the effectu¬
need
not refer to each occasion upon
It should be—in fact, is, under the strict
respondent conducted his operations
These modern mechanisms for the
rapid transfer of ownership in securities cannot conceivably operate without
employing ganglion-like their vast net work of wire communications that
cover the country.
Manipulations that occur upon them, as the history of
language of the statute—enough that
upon
a
national
securities exchange.
Volume
Financial
145
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the last
decade tells us, are interstate.
Not only does their effect course
from city to countryside, but through the use of the
channels of interstate
commerce, buyers and sellers scattered throughout the country are induced
to play their innocent and
losing part in such schemes.
To
paraphase
a
striking metaphor used by Chief Justice Taft in describing the interstate
character of the stockyards, the arteries of interstate
trade in securities
stem from
the securities exchanges as from a heart and the
veins of that
trade flow to them
as to a heart.
Stafford v. Wallace, 258 U. S.
495,516.
Here, however, respondent also used other instrumentalities of interstate
commerce and
the mails.
through the mails.
the
same
means
to
Confirmations of orders placed by him
By interstate telephone he stimulated orders.
were sent
He used
keep in touch with affairs when he happened to be
out
of the city.
We thus find that respondent both used the
mails, the facilities of the
New York Curb Exchange, and also other means and
instrumentalities of
interstate commerce in violating Sections 9(a) (1) and
9(a) (2) of the Securities
Exchange Act.
vides for recognition of the
Cambridge Workers' Association,
Inc., as they formed during a recent strike, as the sole col¬
lective-bargaining agency for the workers.
The
strike,
which had started on June 22, had forced the
closing of the
company's packing and can manufacturing plants.
As a result of the contract signed
July 23 the can manu¬
facturing plant reopened on July 24; the packing plant had
reopened on July 9 following the granting of a 10% wage
increase to the plant's workers.
Mr. Phillips explained on
July 23 that the wage increase under the contract signed that
day will result in "a substantial increase to the can-plant
workers and to
of
the workers in the
packing plants."
points of the agreement, which will remain in effect
until February, 1938, were
enumerated as follows in the
Associated Press advices quoted above:
some
Other
That the company will reemploy all former workers without
discrimina¬
Wage Inctease Given Workers of Phillips Packing Co.
—Plants in Cambridge,
Md., Reopen as Strike Ends
Under
a
contract
signed on July 23 by Albanus Phillips,
Phillips Packing Co., Cambridge, Md.,
wages of employees of the company are increased to the
"minimum wages paid under the National Industrial
Re¬
covery Act," it was reported by the Associated Press in
advices from Cambridge,
July 23. The contract also pro¬
President
of
the
tion
as
openings are found except those who "were guilty of acts of violence
while the plants were closed."
That the plant will not operate on Saturday afternoon
except in event
of emergencies.
That there will be
and that
no
strikes
or
walkouts during time of the
agreement
disputes which cannot be settled otherwise will be referred to
a
board of arbitration.
That the company will deduct from workers' pay dues of the
association
upon
written authorization of the individual workers.
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York Stock Exchange—Quotations after decimal point represent one or more
January
BONDS
Treasury 3>A.
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March
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Low
High
Low
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June
May
April
Low
32ds of a point)
High
Low
High
Low
High
114.26
114.11
116.3
115.12
116.2
105.15
105.6
106.16
105.29
106.22
110.13
110
112.21
111.3
108.4
110.1
109.15
109.30
105.26
105.19
106.28
106.10
107
101
102.28
102.2
102.29
102.8
102.28
107.6
102.10
103.13
103.1
104.14
103.24
104.15
106.29
104.20
105.22
105.12
105.26
105.11
105.24
105.27
107.29
104.24
106.2
106.2
106.25
106.4
106.19
103.25
108
102.20
104
103.18
105
104.6
104.31
120.5
121.14
119.18
120.10
114.26
108.16
109.26
108.9
108.27
114
115.20
114.3
114.23
113.8
114.9
112.27
113.15
109.5
110.18
108.30
106.15
106.28
106.13
107.6
107.30
107.5
106.31
107.27
106.30
107.31
108.24
107.30
119.19
113.16
105.4
108.11
104.2
110.16
114.10
109.12
108.24
112.19
107.12
108.16
109.12
105.28
108.31
104.28
106.27
102.4
106.27
107.14
103.12
107.10
105.16
108.8
111.22
107.31
108.24
107.30
108.9
108.4
108.18
107.28
108.9
103.24
107.31
102.24
104.8
103.18
104.18
104.9
104.20
107.29
108.24
107.22
108.8
105.26
107.23
104.24
106.2
106.4
106.20
105.31
106.20
108.16
109.25
108.10
108.26
105.1
108.11
104
105.10
105.3
106.14
105.29
106.16
104.5
104.26
104.7
104.30
100.8
104.28
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101.3
100.9
100.28
100.4
100.23
101.22
105.15
101.14
103
102.7
102.31
100.2
100.25
100.10
100.20
105.13
106.16
105.9
105.27
100.18
101.28
1948-1951
103.31
104.16
103.24
104.10
99.30
104.1
99.2
100.22
103.1
103.16
102.31
103.17
99.12
103.14
98.4
100.1
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1956-1959
102.26
103.9
103
103.18
99.7
103.14
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100
99.8
101.6
101.21
101.10
101.22
97.28
101.14
96.6
98.4
97.11
1944-1964
1944-1949
1942-1947
1942-1947
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105.25
106.10
105.20
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99.13
99.30
99.27
99.4
99.22
99.31
97.13
100
97.30
105.23
105.2
105.12
102.14
102.7
101.30
102.31
102.28
103.2
103.26
104.10
103.26
104.2
100.23
103.31
99.6
100.28
100.28
101.20
101.8
101.22
104.21
105.3
104.17
105.1
100.26
104.23
99.24
101.22
101.1
102
101.22
102.5
102.21
103.2
102.15
102.30
99.24
102.20
98.28
100.20
99.18
100.10
100
102.18
102.31
102.12
102.25
99.18
102.15
98.16
100
99.9
100
104.30
99.23
100.16
100.2
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I.
O.
and A.
Delegates from
on
a
F. of
L.
Hershey, effected the organization of the Inde¬
pendent Labor Federation of America.
The meeting it is
stated, was held behind closed doors, and according to Asso¬
ciated Press advices from Hershey July 30, one spokesman
for the Independents made it plain that they would com¬
pete for members with the American Federation of Labor
and with John L. Lewis's Committee for Industiral Organi¬
zation.
J. F.
From the
Traynor,
a
same
advices
Kochester attorney, who said he was legal representative
not
represented by
unions throughout
any
United
States
and
workers
union must have a vehicle sufficiently strong to
of an independent union, regardless of
the percentage of total workers represented, have a double
either the C.
I.
O.
or
the A.
F.
of L.
Relations Board representatives.
Registered
of
for
unaffiliated
.
opening sessions
groups
http://fraser.stlouisfed.org/
/
Federal Reserve Bank of St. Louis
in
New
are
York,
burden
when
in the picture before National
1
.
were
persons
New
2
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Maryland, Indiana, Michigan, Illinois and the New England
Delaware,
states.
"'
■
.
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.
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Representative Clare E. Hoffman, of Michigan,
a
.
critic
0. addressed the delegates on July 31, and he
reported as saying, "Whatever you do in organizing an
independent labor movement write into your Constitution a
is
clause
The
barring Communists from membership."
staff correspondent at Hershey of the Philadelphia
"Record" (Warren Mac Allen) stated on July 31 that:
Only the names
of the President, Vice-President and an Honorary Vice-
President were made
a
list of all
public.
But The "Record" obtained and confirmed
officers and directors.
f
It follows:
President—Charles
Union here,
E.
Hallman,
head
"
of the
Independent
which helped break the C.I.
Chocolate
0. strike in Milton,
Hershey's industrial principality three months ago.
Rpmington-Rand strike-breaking system known as "The Mohawk Valley
Formula".
Secretary—Mrs. Maude Painter, of Lebanon, listed as a representative
impress the National Labor Relations Board.
"At present the representatives
-
Vice-President—Reginald Boote, of Iiion, N. Y., who helped build the
j
the
u
s jo a
2 x
# 4)
Workers'
quote:
we
of several independent unions there, said:
"The independent
B
x x
4IH
of the C. I.
dozen States, meeting at Hershey, Pa.,
July 30 and 31, at the call of the Independent Chocolate
Workers of
x
4)
^-2 SrtH 9,2
S
>>>>
Independent Labor Federation of America Formed at
Hershey, Pa., at Meeting Called by Independent
Chocolate Workers of Hershey—Said to
Oppose
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Roosevelt's address,
divide
seas
in which he said "though
the people of France and the people of
the United States find union today in common devotion to
the ideal which the memorial at Montfaucon
symbolizes,"
broadcast from his yacht on the Potomac River, where
was
he
us,
had
been cruising over the week-end.
"Today," said President Roosevelt, "we reaffirm
in the democratic ideal."
he went
"It
was
our
in defense of that
faith
ideal,"
to
on
say, "that we entered the great war 20 years
In the Meuse-Argonne we fought as champions of the
rights of mankind.
Neither France nor the United States
ago.
sought
seeks conquest—neither had nor has imperial
Both desire to live at peace with all nations.
Both
or
designs.
seek
kinship
of liberty wherever they are
Republic of France," the President
in conclusion, "firm in the confidence that a
friendship
found."
said
old
as
grow
"I
as
the
Associated
to
President
his
lovers
the
American
Nation
will
never
be
suffered
to
referred
as
less."
follows
said
with
greet
Press
the
Le
words
advices
remarks
Brun,
of
speaking
from
immediately
"brought forth emotion
/
'
Montfaucon
the other speakers:
after
President
Roosevelt,
hard to control."
■
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prospects
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more
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1781
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and
1918
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expressed
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battlefields
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ceremonies
in
take
place
France
will
be
will,
of
in
here
concluded
French
of
military
not look
anything
their
therefore,
the
over
but
hearts
peace.
Mr.
as
and
in
post-war
the
bands,
troops
those
marched
off
the
who
Americans
many
a
to
had
smiling countryside in the lowering sun
Assuredly they must have gone away
Bullitt's
wish:
monument
a
their
those at Verdun, Ypres and Vimy as
by the people of the United States.
as
not
only
the heroes
to
of
the
Washington Associated Press advices
July 31 stated:
The
which
the
memorial
Montfaucon
the crest of
a
hill.
is
Meuse-Argonne
a
Near its
virtually destroyed
was
by
from
base
shell
began
swept
At
which
monument
thousands
slopes
the top
can
be
in
of
the
monu¬
field,
stretching
England
drive
against
175
towering
of the
during the
is
on
the
Sept.
26,
American
old
closing
feet
village,
weeks
of
American
soldiers
1918, and continued without inter¬
was
signed
on
of
cemetery
who
lost
Nov.
11.
Romagne,
their
lives
on
Five miles
where
are
shell-
the
vicinity.
of the Montfaucon monument is
seen
shaft
the ruins
are
fire
offensive.
great battle
the
granite
rose
ruption for 47 days until the armistice
buried
'
the
dead
war
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but also to living peace."
past
The
friendship,
(Yorktown)
series of dedications of battle
place in France,
us
to victory."
"Franco-American
York "Times":
the first of
"laid
music
here could
repeating
madness
and
know
con¬
who introduced the speak¬
peace
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think
and
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States
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the
As
come
hate
conflict brought no
armaments
thing
place Western
which
in
survive."
United
and
now
Montfaucon
supreme
do nof look promising.
discovered
one
campaign,
civilized
unsettled.
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Meuse-Argonne
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history beside dedications such
as
Yet the
war.
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we
between
declared.
in action,
were
such
memories
anyone,
tinue
publicly
Pershing declared that
is
settled
echo will go far beyond those to whom
Brun
World War battle except Verdun.
any
"It
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of
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America
democracy.
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ideal.
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friendship as old
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confidence that
suffered
and
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to the
devotion
for their sake,
name,
a
France.
are
and cities with their artists and artisans—
Frenchmen.
with
the
of
shadows
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their
France,
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London "Morning Post" Taken
Owner
of
"The
London
Over by Lord Camrose,
Daily Telegraph"
Controlling interest in "The Morning Post," oldest daily
in London, was sold on July 27 to Lord Camrose,
proprietor of "The London Daily Telegraph" for a price
estimated, it is said, between $750,000 and $850,000.
In
recent years "The Morning Post" had been owned by a
group headed by Sir Percy Bates, Chairman of the Board
newspaper
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published under its present control until Aug. 27 when, ac¬
press accounts from London, Lord Camrose will
announce his future plans.
''The Morning Post" after 165
years
of continuous publication is thought likely to be
absorbed by "The Daily Telegraph."
Between
tion
for
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existing
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bibliography
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and
at
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their
meetings
officers,
and
a
life insurance and trust service.
Copies of the handbook may be obtained from the Trust
American
Bankers Association, 22
East
40th
Street, New York City.
Price, 25c. per copy.
Division,
New Handbook,
"Life Insurance and Trust Councils,"
Jointly by Trust Division of American
Published
Bankers
and
Association
National
Association
of
Mrs.
Life Underwriters
Warren Delano Robbins
ment
"Life Insurance and Trust Councils" is the title of
handbook
published jointly
by the
a
Trust Division
new
of
the
American Bankers Association and the National Association
of
Life
Underwriters.
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announcement
in
the
matter
says:
The
a
handbook
ness
the
city,
states
life
district,
insurance
that
"the
underwriters
State,
or
and the pooling of
most
and the
the
of
intelligent
of life
insurance
and
representatives
most
insurance
trust
of
in
helpful
service to
promoting
estate
the
matters."
extension
It
contains
a
"Statement
of
owners
of
is
an
institutions
helpful¬
provide
groups may
estate
and
trust
life
service
The handbook sets forth
objectives, origin and practical steps to be taken in
councils.
council
trust
organized for the purpose of mutual
knowledge, in order that both
and
policyholders, thereby
use
life
and
organizing these
Guiding Principles for Relationships
of
Named to
President's
State
Depart¬
Cousin
Will
Decorate Embassies
Secretary of State Cordull Hull announced on Aug. 3 the
appointment of Mrs. Irene de Bruyn Robbins, widow of
Warren Delano Robbins, first cousin of President
and former Minister
association
in
Post—Widow
to
Canada,
as
Roosevelt
Assistant Chief of the
Foreign Service Buildings Office of the State Department.
Secretary Hull explained that Mrs. Robbins will be in charge
"matters incident to the furnishing and decoration of
diplomatic and consular establishments abroad." She will
receive a salary of $6,500 a year.
Announcement of Mrs.
Robbins appointment was made by Secretary Hull simul¬
taneously with that of Frederick Larkin as Chief of the
of
Office.
Financial
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Boston, First Vice-President; Ernest E. Blum, of Brush,
Slocumb & Co., San Francisco,
Second Vice-President;
Laurence B. Carroll, Prescott, Wright, Snider Co., Kansas
City, Mo., Secretary, and William Perry Brown, Newman,
Harris & Co., New Orleans, Treasurer.
Reference to Mr. Farrell's recent election succeeding Mr.
Daggy appeared in these columns of July 24, page 546.
♦—-—
Annual Convention and
Exposition of Western Division
of American Mining Congress to Be Held at Salt
Lake City, Utah, Sept. 7-10
editor and Vice-President of the
At
a
recent
Program
meeting at Salt Lake City, Utah, a National
Committee,
under
the chairmanship
of
Guy N.
President
Bjorge, General Manager Homestake Mining Co., developed
Security Traders Association—-Other
preliminary plans for the forthcoming Annual Convention
Arthur E. Farrell Nominated to Continue
as
Officers Selected
Arthur E. Farrell, of H. M.
Byllesby & Co., Chicago, who
was
recently elected President of the National Security
Traders Association to fill the vacancy caused by the resigna¬
tion of J. Gentry Daggy, has been unanimously selected by
the nominating committee to the Presidency for the Associa¬
tion's fiscal year beginning Oct. 1.
Other officers selected by
the committee are Joseph Gannon, of May and Gannon,
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Mining Congress.
Division of the American
The meeting is to be held at Salt Lake
City, Sept. 7 to 10. Plans call for discussions by members
Congress, government officials and outstanding mining
on legislation directly bearing upon the mining in¬
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leaders
on problems of mine operation.
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Leipzig Trade Fair to Be Held in Ger-
from Aug. 29 to Sept. 2
will be held from Aug. 29 to
Sept. 2, inclusive, it was announced recently in New York
by the Leipzig Trade Fair, Inc.
The fall Fair marks the
1,978th session of the historic exchange, which has been
held without interruption for over 700 years.More than
Leipzig
Trade
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producing countries will be exhibited, including those of the
United
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men
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oldest industrial
business
the largest
exchange in the world.
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general business recovery is indicated by the increased sales
of the last Fair, which totaled $200,000,000, of which $64,000,000 was for export to all irnrts of the world.
Bankers Association Announces Com¬
New York State
Appointments of New York City Bankers
mittee
According
New
who is
by the President of the
Frank K. Houston,
announcement
to an
State Bankers Association,
York
also
President of the Chemical Bank & Trust Co.,
New York City bankers have been given im¬
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the list of those appointed:
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J.
Fund.
Herbert
Case, R.
-
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on
Agencies.
Lending
Conway,
T.
R.
President Guaranty Trust Co.,
Creighton,
Vice-President
Committee
City Bank Farmers
on
Trust
Activities.
Com¬
Co.,
Dewey,
President
Grace
National
Committee
Bank,
on
Trust
Committee
on
Legis¬
Functions.
Guy Emerson,
Vice-President
Bankers
Trust
Co.,
E.
B.
Landis, Trust Officer Chemical Bank & Trust Co., Committee
Morris
H.
Jr.,
Vice-President
Perkins,
which
Bank
of
Board
of
National
New
York
Trust
City
Co.,
Bank,
Board
Committee
Co.,
Pope,
Chairman
Committee
on
of
Advisory
Committee
Marine
Midland
F.
Read,
Committee
on
b- © o
© rH CO © rH © © M ©
M
Over
counties.
governing
the
officers
all
body
and
is
of
York
State
Frank
chairmen
Bankers Association
K.
Houston,
the
the
President
of
Council bf
Association,
of
The
eight
geo¬
officers of
are:
the
Chemical
Bank
&
Co.
Vice-President,
Co.,
Thomas
A.
Wilson,
President
of
the
Marine
Midland
Binghamton.
Treasurer,
Co.,
Dr.
Joseph
E.
Hughes,
President of the Washington Irving
Tarry town.
Secretary, Clifford F. Post, New York City.
Executive
Activities.
William
rH
4® w434®c?54*4®4* N
subdivisions of the Association.
President,
Trust
F.
31
the
comprises
graphical
Trust
Chairman
Activities.
Bayard
Trust
from
Administration,
Trust
Trustees of Pension Fund.
James
on
on
Functions.
Dave
of
committees
the New
lation.
Trust
1-H
4®
The State Bankers Association functions through 10 com¬
mittees, the members of which carry on its work in their
respective fields.
In all, there are 66 members of these
Functions.
Trust
on
CM M
M rH
rH 1—I
4*
Manager,
W.
Gordon
Brown,
1
New
York
City.
Trust Functions.
Frank
mittee
M.
Totton,
A.
Benson,
mission for Study of
Harold
Second
Vice-President of Chase National
Co.,
Bank,
Com¬
Brooklyn,
Com¬
F.
tions
President of
Dime
Savings
Bank of
Secretary Brooklyn Trust Co., Committee on
W.
Roeder,
Vice-President of Peoples National
Board of Trustees of Pension Fund.
Bank of Brooklyn,
Savings and Loan Associa¬
Reports Increase in Home Loans and Thrift
Accounts During June
Banking Structure.
Klein, Assistant
Legislation.
John
New York State League of
Education.
on
Philip
Vice-President of Central Hanover Bank & Trust
An
increase
in
the amounts
loaned
in the home
lending
field and in the total number of persons making share pay¬
ments in June, 1937, as compared with the month of May,
was
recently
reported
by
Zebulon Y. Woodard,
Executive
Volume
Financial
145
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Vice-President
and
to
Loan
$2,234,547,
associations
was
in
issued by the
at
increase
Of
for
of
the
which
Two
of
$200,000
750
was
additional
State
total
include
to
over
loans
the
actually
and
of
League
750
loans,
of
Savings
amounting
eight
loans
associations
all
of
loaned'
in
State,
we
May.
the
by
94
homes,
new
members,
totaling
were
refinanced,
totaling $109,620,
and
which
327
is
an
A
This
decided
for
made
50%
is
definite
in
in
proof
174,188
that
the
people
paid
in
$533,405;
119
were
public is becoming
a
total
more
oo
COCO
t-4
i-H
rf
r—
rH
I
s- s- tr
[ CM S-
and
Andrew
Phieler
ob
CM
00 iji 00
-Ml
on
were
Aug. 2
elected
Assistant Managers of the Foreign Department.
•
July meeting of the Board of the Morris Plan In¬
dustrial Bank of New York, John W. Fraser, President of
the Roosevelt Savings Bank, Brooklyn, N. Y., and a Director
Brooklyn Trust Co., Brooklyn, N. Y.,
was
elected
a
Director of the Bank.
».
the number of shareholders making
that
t-M
Co., New York, announced
area.
totaling
there
»-<
rH rH
rH
Maher
other
81
loans
Arrangements were made Aug. 1, for sale of
change seat at $23,000,
increase
June,
C.
t-m
©Hjl©S.^©rH®©©©OCM'^®tr
COrH©COOCO®rorH©©©
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Edward
CM eg cm oo cm
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CM CM
Manufacturers Trust
that
of the
were
$1,280,834,
totaling $310,688.
noted
COM*Ht<H#rHO0
rH
At the
the
$4,513,784,
7, the metropolitan
loans
within
to
made
by Group
and
'
says:
amounting
amount
purchase
loaned
hundred
York
A
reported by 94 thrift and home-financing
1,515
loans
construction
were
New
HH
the League, according to the announcement
figure
total
a
of
the
Association, which
Projecting this
arrive
of
Associations.
HHHHH
oo f
i
©00CMCM00©CM©rH©rH©CM©CMC0©®©©®©©C0C0©O
payments
of
was
up
and loan
conscious.
Curb Ex¬
tion.
#
$1,934,815.
savings
a
$4,000 from the previous transac¬
A
for
membership
$12,300,
up
on
the N. Y. Cotton Exchange sold Aug. 5
$300 from the previous sale.
•
ITEMS
ABOUT
BANKS,
TRUST
John K. Moffett has
COMPANIES,
&c.
resigned as a Second Vice-President
Guaranty Trust Co. of New York, effective Aug. 2,
to become Vice-President of the Illinois Glass
Co., with
headquarters in Toledo.
>
of the
f—
Plans
Co.
to
increase
Westchester
the
capital stock of the Mutual Trust
County, Port Chester, N. Y., from
of 12,000 shares of the par value of
$10 each) to $176,250 (consisting of 12,000 shares of com¬
mon stock of the par value of $10 each, 40,000 shares of pre¬
ferred stock "A" of the par value of $1.25 each, and 625
of
$120,000
(consisting
880
Financial
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of
preferred stock
approved
were
Department
on
"B"
by
the
of
the par
New
York
value
State
of $10 a
Banking
July 19.
Bobbins
Paul
Jr.,
President
of
the
Hewitt
Rubber
H.
•
York
State
Banking
23
approved plahs to increase the capital stock of the Bank
of East Syracuse, East Syracuse, N. Y., from $65,000 (con¬
sisting of 16,250 shares of the par value of $4 a share) to
$115,000 (consisting of 16,250 shares of common stock of
the par value of $4 each and 40,000 shares of preferred
stock of the par value of $1.25 each).
Department
on
July
Va., the Richmond "Dispatch" of Aug. 1
carried the following:
Bank &
payment
was
Trust
payment of $75,000 toward the discharge of their loan of
made yesterday
Co.
The
loan
(July 31) by the receivers of the American
floated in order that a 10% dividend
was
might be made to depositors June 1.
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The
receivers
months
seven
have
ahead
been
of
although the
the
rH
paying
than
more
repayment
receivers
F4
1-4
paid
the
program.
three
times
14(4
due
amounts
and
are
Only
$25,000
was
due
that
amount.
The following promotions have been made in the person¬
nel of the National
City Bank of Cleveland, Cleveland, Ohio,
it is learned from the Cleveland
"Plain Dealer" of Aug. 4:
C. S.
Bechberger and L. C. Gilger, heretofore Senior Estates
Trust Officer and Senior Corporate Trust Officer, respec¬
were
promoted to Vice-Presidents in their respective
departments, while Thoburn Mills, formerly
was
advanced to
trust
an
a
Trust Officer,
Assistant Vice-President in the estates
department.
4
Arrangements
completed August 2 for the sale of
the Chicago Stock Exchange at $2,000,
were
membership in
unchanged from the last previous sale.
a
Stockholders of the Oak Park Trust & Savings Bank, Oak
regard to the affairs of the American Bank & Trust
of Richmond,
additional
FH
1
tively,
New
*0
tH
4
Husted, former Buffalo grain milling
operator, were elected directors of the Marine Trust Co. of
Buffalo, N. Y., on Aug. 3.
and
4J4-I04 ©
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♦
Thomas
An
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00
It
IS
#
,
Aug.
Park
(Chicago), 111., have been given the right to subscribe
at $100 per share to the extent of 6%
holdings, according to the Chicago "News"
July 29, which went on to say:
for additional stock
of their present
of
The
posted
offering
as
consists
collateral for
of
a
588
loan
shares
of
$50
par
previously
made by the Reconstruction
issued and1
Finance Corpo-
Volume
*»
Financial
145
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1 Or 2 days when the trend was divided, most of the list going
substantial portion declining.
There was little pews of a general
during the week which might have influenced the market and traders
a
showed
00 N 00
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CURB
the New York Curb Exchange for the week ended yesterday
totaled only 1,079,340 shares but the market moved
steadily upward throughout
BUJlONUJCl'JlOMOH
■
.
Trading volume
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THE
«rH
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Chronicle
were
possible effects
of the hour and
the
clouds
war
over
wage
on company
earnings which might
bill, pending in Congress.
Similarly
China.
'
IN
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In a quiet session on
Saturday in which no more than 87,000 shares were
traded, the list in general moved upward fractionally. Reports of modification
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S
ration
and does
not represent
which
amounts
to
A
<C Ad
14%.
the
outstanding capital stock,
$500,000.
been
made
according to Ellis H.
the
15 to exercise their rights.
sale
of
any
of
the
Pittsburgh Plate Glass
chants' National Bank
elected
& Trust Co.
President
of
of
of
the
National
Mer¬
Bank
&
Aberdeen, S. Dak., to succeed the late H. C.
noting this, the "Commercial West" of July 31
added,in part:
banks
Fargo
It
First
his
Stock
Bank
home
at
Fargo
is
learned
from
the
tional
has
Bank
chants
Mr.
Bassett
remain active in
becoming
of
"Bee" of July 29 that
Cashier of the Omaha Na¬
to become a Vice-President of
and entered
of
that
city
National
Bluffs
effective
the
in
Bank
1926, Mr. Lee became
1.
Railway Co., his resig¬
Mr. Lee was born in
enrploy of the Merchants National
1907
with
an
Street
Aug.
Upon the
the
on
Tuesday and
2% points and Pepperell Manu¬
B.
Brown, President of the Peoples Bank, wThich
opened in Louisville, Ky.,
merger
Omaha
of the
National
Mer¬
Bank
on
June 16, 1936, announced
July 29 that the institution had purchased the Bank of
Louisville
for
an
undisclosed
sum.
Each
in¬
$100,000. Associated Press advices
July 29, authority for this, added:
stitution is capitalized at
from
Louisville
on
The transaction, effected after months of negotiations,
as
of
was
made effective
Brown said.
Mr. Brown formerly was chief executive
the Bancokentucky Co., which closed1 several years ago.
July 28,
Mr.
will
affairs
resigned as
the Omaha & Council
rose
A
Jackson, Miss., banking institution, under the title
Bank & Trust Co., was opened for
business on July 27.
new
the
Commercial
Omaha
Bank, Omaha, Neb.,
Lee
previous
resigns.
now
Commerce of
of
P.
Omaha
affiliates.
will
bank.
James
nation
Corp.
and
the
•
of
are
make
he
James
of
In
on
institution and subsequently became Cashier, the office from
stock,
Fargo, N. Dak., has
Aberdeen
the
less than
unchanged.
was
Vice-President
a
was
Lockheed Aircraft regained the % point lost
on
heretofore
point
of general buoyancy with most issues showing
Arrange¬
unsubscribed
Denney, President of the bank.
Bassett,
one
A
was one
which
for
Monday, lost half of the
Friday trading was again light and lacking in incentive.
The only news
of note was a mark-up in the price of zinc which followed a rise in lead on
!
increase in
an
on
On
r
S
©
S
Present holders will have until Aug.
the
another
number of other gains of 1 to 4
The number of shares traded
American Airways was
«
CU
<u®a)4>csv©vva>t«vu
Both
a
facturing, 1%; both of these are among the high priced issues.
Royal Type¬
writer dropped 2 points more on a 50 share lot trade.
The curb market as a whole, and also most individual groups moved irregu¬
larly on Thursday with volume slightly greater than on the day before.
The
more heavily traded issues moved up or down less than a point, for the most
part, while a number of inactive stocks recorded sizeable changes on small
transactions.
Cord Corp., which was dealt in heavily, dropped % to 4%, thus
about cancelling Wednesday's gain of %.
During the day the stock sold as
high as 5%.
Carrier Corp. touched its high for the year, 62%, earlier in the
day but closed at 61%, off %.
Pepperell Manufacturing Co. rose 1% points
to 117.
Bellanca Aircraft dropped % and Lockheed Aircraft % while Pan-
ootro*t>.tH,ooiOrH©©coeo©'«*iooco
continue to
were
rose
Carrier Ccrp. closed at its high for the day, % point better than the
day.
I <N
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Co.
There
preceding day.
fractional advances.
I C-
t»©©©MCO(NCOOrHTflO
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Jewett.
session it
the
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ft,© M
Trust
in
the stock's downward course.
Youngstown Steel Door
additional % and Lockheed Aircraft, in which transactions were only
Wednesday's market
CO
rH00©©©INCOINCO'-irH©rH
&0 rH iH
•fee,
been
side.
explains
an
rise of the
I
i?
Clarke
earlier
Aluminum Co. of America
1,800 shares compared with 5,100 shares
»
.
©OcOOOO©©tH®l>.COrH
N
have
up
inactive issue,
03 rH rH
ments
Monday's
rH rH
C3 CO ©
«NH
^ §
was
toward the
were in lightly traded stocks.
Royal Typewriter, an
dropped 5 points to 95; second quarter earnings of the company,
published recently, compared unfavorably with first quarter figures which
CO
H
00©COt^©rH©N.CON-OON©00®
rH
more
points but nearly all
I©
rHtr©Ht©lMCONCO'HN©0
rH *H
^22
tO
1% points and closed at 152.
CO Hjl IN CO rH (N © rH T*l © M N
IF3 rH rH
the preceding day, at 61%;
touched 62% a new high for the year.
cPtS°
OOiiO^Q^IOiO^NiOWNS
CO©
"CNH
a.tq
Saturday.
good gain for the third successive day and closed 1%
a
on
on
in considerably greater volume than
rH
r?
rH
»-3
*3
rH rH
■
jS,r?r?^'
00©NN.5lN'-<CO'-l®5i©©©CO©rHrH
R,©N
W-H
rH rH
•
JS*
fejp
points higher than
© h»< Hf< ®> (N CO <N CO rH in ©o <N <N
rH rH
was
Corp. showed
^ N
J»4?
On the down side, Youngstown
and the price movement, although irregular, leaned
HtC^COHf(NCOrH(NOlN-^©lN(N
rH
3% points.
rose
points following its 4% point rise
Tuesday's trading
rH
eo'
H
NM<NiOHpNlOlNN©5ot)OfHOO
fei#1
„
^ HH
2% points and finished at
up 3 more points and closing at 60.
Lockheed Air¬
point in rather heavy volume of transactions, General Tire and Fisk
1
Aluminum Co. of America
joy
.
rose
(3rHH}IOOOO©CO<»©©'fQ-^t^rH©rH©rHO(N'HI
«NHN
rose
company,
Rubber, at the closing were up % and % respectively; but were not at their
highs for the day; both have recently reported improved earnings.
DriverHarris rose 2 more points and closed within % a
point of the year's peak.
a>
«ig5^i
%S*"SS22
air-conditioning
an
higher, with Carrier Corp.
20?
S
&
2fe§11stS® w^a®03
1*£=
B
s2
8-2
ftJ3
-
|<8ao* "sgafiS^rhH
®
•?
! ®"n
!S3
jcflcfl
®
a
*
is $jj
a
•o§hos
aS^S
rH
SB
ifi.
.
!|
Ii
■
•
I
I
■
I
M '
»
I
Corp.,
1
lO
1*H
.
I
I
Oi
I
.
I
i
OS
*
were
started the climb with a
% point gain, which later in the week brought it to a new high for the year.
Several preferred stocks traded in meagre volume had
good rises such as, Evans
Wallower Lead pref., up 6 points, Moody's Investors Service
partic. pref., plus
2 and Gulf States Utilities pref.,
plus 1.
Another light trading period on Monday carried most of the list somewhat
rH
IO*
rH rH rH
40 and Carrier
Among others to rise
points higher at 27%, Driver-Harris
Co., manufacturers of wire and castings, which
«
J? J?
—i
•N
rH CO
tH oo M © o 00 IN © 00 CO
"H
h* IN IN "*
© CO
rH
b. © CO 00
tO
h}
a point or two.
Following the lead of the
"big board" Ford Motor of Canada Class A rose 1
the
on
point and Youngstown Steel Door 41^ points.
^r?
rH"
C00®©©o©©N©rH©©<N©lN®M©t^©
I
enjoyed gains of
motor and steel stocks
!00©H(i©00rHK©(NCO-<JI00©CO
«rH
c
Lea bill providing the Securities
Exchange Commission with broad
with respect to corporate reorganizations, &c., caused a happier mood
pervade the "Street." None of the groups distinguished themselves but a
the
powers
c?#
ftro©-tf©N©cs®00© HCOOb«rH
rH rH
^
©00 COO© ©IN ©CObrH©©COCO hJ< 00 © CO
in
Assistant Cashier of the enlarged
•
In
699)
our
item
appearing in these columns last week
(page
regarding distribution of 2,297,840 shares of Bank of
America
National
Trust
&
shareholders of Transamerica
Savings
Association
stock
Corp., San Francisco,
a
to
typo¬
graphical error occurs, the amount of the cash divided ac¬
companying the stock dividend being printed "a 25% share
cash dividend," whereas it should read "a 25c. per share
cash
dividend."
882
Financial Chronicle
7,
1937
*
THE LONDON
Thursday. This encouragement lent strength to some of the
metals; Consolidated Mining & Smelting closed 5 points
higher, Copper Range rose Vi and Hudson Bay Mining &
Smelting was un 1 point at the close. Cord Corp., about the
most heavily traded stock on the Curb, regained y2 point
of the % point it lost on Thursday.
This reaction was in
line with price movements in motors on the "big board,"
which
on
Thursday fell off following announcement of
price increases by some companies, but moved upward again
on Friday.
The changes at Friday's close from the close on
the previous Friday
utilities;
Edison
revealed small losses in
notable exception, however,
a
Co.,
which
4
rose
Sat.,
and
oils
Canadlan
TRANSACTIONS
YORK
CURB
Aug. 3
125/7/9
475/81/3
272/6
52/3
Marconi
.
Crown Mines
Courtaulds S & Co....
£19
£19)4
£19%
£19%
111/9
20/3
25/3
6/2/6
180/175/-
112/21/26/6/3
2/3
180/-
175/-
112/22/3
27/3
6/3
2/3
180/175/-
112/22/9
28/3
6/3
2/3
180/172/6
4/6
32/9
151/9
151/3
4/6
33/152/6
152/6
5/33/3
153/3
153/1%
5/35/—
155/-
19/6
79/9
13/9
19/9
Gaumont Pictures ord.
Gaumont Pictures A.
were
(E)
Geduld Prop Mines...
Gold Exploration &
EXCHANGE
IMPS
Foreign
Corporate
8445,000
87.410
$26,000
37,000
32,000
13,000
42,000
Monday.
161,795
224,195
1,079,340
35,000
$185,000
85,725,000
$99,000
Palmietkull Gold M
S6,009,000
1,244,000
1,148,000
913,000
Total
$10,000
3,000
27,000
17,000
1,115,000
204,390
200,605
200,945
Mines of Kalgoorlle.
Metal Box
Total
$481,000
90Q.000
1,174,000
1,272,000
1,217,000
965,000
860,000
Tuesday
Wednesday
Thursday.
Friday
27,000
15,000
Rand Fr Est Gold
Holiday
Holiday
Rand Mines
Roan
Jan. 1 to Aug. 6
Unlon
Ltd
Corp
United Molasses
1937
Exchange
1936
1937
1936
West Rand Consol M._
West
Stocks—No. of shares.
1,079,340
6,671,990
71,956,207
302,219,689
$5,725,000
$4,239,000
$279,249,000
8,468,000
£7%
£7%
72/6
74/3
75/9
£47
£5%
8/6
215/74/42/6
172/6
32/33/9
£47%
£5",6
£47%
207/6
72/6
42/9
172/6
32/6
33/1%
£9%
Sub Nigel Mines......
.
£7%
71/3
Shell Transport...
80 Kalgurll Gold M
Unilever
Week Ended Aug. 6
15/6
52/6
£47%
£59,6
8/212/6
70/6
42/6
172/6
32/33/9
Royal Dutch Co
New York Curb
53/9
19/6
80/3
17/6
51/10 %
19/6
80/3
79/9
15/53/1%
£7%
Antelope Cop M.
Triplex Safety Glass...
Sales at
155/-
Lake View South Gold
Foreign
Government
Domestic
Shares)
Saturday
Imp Tob of G B & I..
Bonds (Par Value)
(Number
of
Week Ended
470/81/3
273/9
52/6
125/8/3
460/80/7%
268/9
54/3
Electric & Musical Ind.
Ford Ltd
Hudson Bay Mln & Sm
Aug. 6. 1937
Fri.,
Aug. 6
Thurs.,
Aug. 5
125/8/3
475/80/7)4
267/6
53/3
Distillers Co
Finance of Australia.
Stocks
Wed.,
Aug. 4
125 J7/9
De Beers
Geduld
NEW
THE
AT
received by cable
as
Tues.,
Aug. 2
Central Min & Invest.
Cons Goldflelds of S A.
mostly slightly higher.
DAILY
Mon.,
July 31
British Amer Tobacco.
Commonwealth
was
Metals
points.
Quotations of representative stocks
day of the past week.
each
number of the
a
STOCK EXCHANGE
£9
£9%
£5",6
9/208/9
72/9
33/172/6
33/33/1%
9/-
Witwatersrand
"
$188,754*000
Areas....
£9%
Bonds
Domestic
Foreign government
Foreign corporate
185,000
99,000
__
Total
$6,009,000
5,531,000
45,559,000
6,926,000
$294,643,000
$55,329,000
202,753,000
1,734,760,000
$2,126,267,000
*
THE
BERLIN
STOCK EXCHANGE
Closing prices of representative stocks
each day of the past week:
as
July
Aug.
Aug
31
received by cable
2
3
Aug.
4
-Per Cent of
act
133
135
136
168
116
136
136
136
136
168
168
168
169
116
116
117
119
119
119
119
119
125
125
126
126
125
Deutsche Erdoel (5%)
Deutsche Relchsbahn (German Rys) pf 7%-128
Dresdner Bank (4%)
105
151
150
152
151
151
128
128
Farbenlndustrie I. G.
168
u.
(6%)
Llcht (8%)
Commerz-und Prlvat-Bank A.G. (5%)
Dessauer Gas (7%)
Deutsche Bank und Dlsconto-Gesell.
(5%). 124
151
128
128
105
105
105
105
105
168
167
168
168
168
157
157
156
157
157
156
156
157
157
158
159
159
93
93
93
92
89
127
127
126
127
126
125
100
100
100
97
96
217
215
214
115
215
218
....255
236
236
236
233
(7%)..
Gesfuerel (6%)..
STREET. NEW YORK
System
(3%)
Norddeutscher
Lloyd
Reichsbank (8%)
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation
Rhelnlsche Braunkohle (8%)
Salzdetfurth (7%%)
Pursuant to the
Act of
RATES
x
164
now
cable transfers in the different countries of the world.
give below
FOREIGN
a
We
record for the week just passed:
EXCHANGE
RATES
CERTIFIED
BY
FEDERAL
BANKS TO TREASURY UNDER TARIFF ACT
JULY
RESERVE
OF 1930
,
31, 1937. TO AUG. 6, 1937, INCLUSIVE
Noon Buying Rate for
Cable Transfers in New York
Value in United States Money
Country and Monetary
Unit
July 31
Europe—
Austria, schilling
Belgium, belga
Bulgaria, lev
Aug. 2
Aug. 3
$
$
$
Aug. 4
.188242*
.188371*
Aug. 5
Aug. 6
$
i
164
164
164
163
221
222
221
220
Course of Bank
certifying
daily to the Secretary of the Treasury the buying rate for
165
221
New shares.
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is
93
224
Siemens & Halske (8%)
EXCHANGE
128
118
Mannesmann Roehren
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT!
FOREIGN
168
115
120
Hamburger Elektrizltaetswerke (8%)
Hapag
MANUFACTURERS TRUST COMPANY
Member Federal Reserve
132
133
Berliner Kraft
commercial banks in all parts of the world.
55 BROAD
6
133
133
Berliner Handels-Gesellschaft
New York correspondent for
as
5
134
Allgemelne Elektrlzltaets-Gesellschaft
We
Aug.
Aug.
Par
Clearings
Bank
clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (.Saturday, Aug. 7)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 13.7% above
those for the corresponding week last year.
Our preliminary
total stands at $5,971,189,057, against $5,250,582,445 for
the same week in 1936.
At this center there is a gain for the
week ended Friday of 17.9%.
Our comparative summary
$
.188442*
for the week follows:
.188542*
.188214*
.188271*
.168301
.168301
.168353
.168323
.168342
.168348
.012825*
.012825*
.012825*
.012825*
.012825*
.012825*
koruna
.034855
.034852
.034860
.034860
.034862,
.034862
Denmark, krone
England, pound sterl'g
Finland, markka
France, franc
Germany, relcksmark
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
.222189
.222291
.222379
.222308
.222283
.222408
Chicago
.977291
.979208
.982875
.980458
.980458
.983166
Philadelphia
.021987
.022004
.021962
.021887
.021850
.021862
Boston
178,555,000
.037480
.037502
.037535
.037508
.037492
.037499
Kansas City
.402296
.402258
.402380
.402335
.402314
.402271
St,
.009114*
.009111*
.009107*
.009137*
.009114*
.009115*
.551653
.551634
.551707
.551665
.551507
.551478
.197725*
.197725*
.197725*
.197850*
.197725*
.197725*
Detroit
.052588
.052605
.052602
.052604
.052601
.052600
Cleveland
Czechoslo'kia,
Switzerland, franc...
Yugoslavia, dinar
Per
Clearings—Returns by Telegraph
1937
San Francisco
....
.250133
.250329
.250233
.250191
.250341
Baltimore
.189175
.189175
.189050
.189100
.189050
New Orleans
.045045*
.045058*
.044983*
.045066*
.045062*
.007253*
.007239*
.007253*
.007253*
.007253*
.050166
.050333*
.050571*
.050714*
.051357*
.052100*
.256587
.256650
.256858
.256750
.256725
.229601
.229626
.229698
.229660
.229666
.023080*
.023083*
.023050*
.023083*
.023080*
.023083*
+ 1.4
+ 12.8
111,786,000
110,380,477
+ 17.1
90,881,472
+14.6
+ 21.7
+ 15.5
+ 26.2
65,888,442
59,783,058
.256870
.229751
+ 9.6
.045033*
.007253*
Cent
88,236,616
70,100,000
139,284,935
104,138,930
80,211,425
66,091,265
...
.189100
+ 9.3
81,000,000
130,905,000
.
.250075
+ 17.9
250,962,653
280,000,000
176,157,000
99,519,733
T,mils
Pittsburgh
$2,413,405,311
274,956,296
306,000,000
New York
1936
$2,844,848,269
Week Ending Aug. 7
Asia—
China—
.294687
.294687
.294375
.294479
.294166
.294854
.294854
.294541
.294645
.294333
.294750
Shanghai (yuan) dol
Tientsin (yuan) dol'r
.294687
.294479
.294375
.294645
.294333
.294750
.294854
.294854
.294541
,29464o
.294333
.294750
Hongkong, dollar..
.306156
.306500
.309640
.309656
.309531
.309125
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.375703
.375784
.375903
.375853
.375897
.375985
.291062
.289671
.289810
.289825
.290048
.290010
.583625
.583875
.583875
.583875
.583875
.583875
$4,402,556,754
+ 3.3
!
+14.0
953,531,509
848,025,691
+ 12.4
$5,250,582,445
+ 13.7
.294583
Hankow(yuan) dol'r
+ 15.8
$5,971,189,057
All cities, one day
Total all cities for week
Chefoo (yuan) dol'r
+ 18.7
$3,746,635,029
655,921,725
$5,017,657,548
cities, five days
29,054,000
$4,339,990,893
677,666,655
Twelve cities, five days
Other cities, five days..
Total all
+ 10.6
34,480,000
Australasia—
Australia, pound
New Zealand, pound.
.966666" 3.966562* 3.969285*3. 967589* 3.967142*3.971093*
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
South Africa, pound.. 4.932083* 4.934125* 4.934821*4.935000* 4.934479* 4.936071*
North America—
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland, dollar
.999603
.999771
.999795
.999843
.999843
.999166
.999166
.999166
.999166
.999166
.999166
.277500
277500
277625
.277500
.277500
.277500
.997031
.997070
.996562
.997276
.997321
.997321
,
South America—
Argentina,
peso
Brazil (official) mllrels
(Free) mllrels
Chile, peso
Colombia, peso
Uruguay,peso
.331816*
.331760*
.332140*
.332080*
.331900*
.332140*
.087305*
.087305*
.087321*
.087322*
.087305*
.087322*
.066833
.066987
.066975
.066887
.066837
.066800
.051700*
.051700*
.051700*
.051700*
.051700*
.051700*
.569905*
.569905*
.569905*
.569905*
.569905*
.569905*
.792833*
.792833*
.792833*
.792833
.792833*
.792833*
♦Nominal rates; firm rates not avallablo.
has to be estimated.
statement,
however, which
we
final and complete
previous—the week ended July 31.
present further below, we are able to give
results
.999531
cases
In the elaborate detailed
.996718* 3.994598* 4.000572 * 3. 998750* 3.998020*4.000989*
Africa—
for
the
week
For that week there
was an increase of 6.6%, the aggregate
clearings for the whole country having amounted to
$5,837,825,188, against $5,478,948,378 in the same week
in 1936.
Outside of this city there was an increase of 7.7%,
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 (incluiiing
this city) the totals record a gain of 5.8%, and in the Boston
of
t
Volume
Financial
145
Reserve District of 3.2%, but in the
Chronicle
The
Philadelphia Reserve
District the totals register a loss of 0.9%.
In the Cleveland
Reserve District the totals are larger by 11.2%, in the
Richmond Reserve District by 11.8%, and in the
Reserve
District
by 10.6%.
In the Chicago
Atlanta
Reserve
District the totals have increased by 13.7%, in the St.
Louis Reserve District by of 5.4%, and in the Minneapolis
Reserve District by 2.9%. The Kansas City Reserve District
has to its credit an improvement of 13.3%, the Dallas
Reserve District of 5.1%, and the San Francisco Reserve
District of 5.6%.
In the following we furnish a summary by
districts:
883
following compilation
the clearings by months
covers
since Jan. 1, 1937 and 1936:
MONTHLY CLEARINGS
Clearings Outside New York
Clearings, Total All
Month
1937
1936
1936
1937
1
%
%
+8.2 12,400,970,597 10.876,517,032 +14.0
+8.2 10,750,471,638 9,502,491,474 + 13.1
32,233,110.661 28,937,356,633 + 11.4 13,244,083,177 10,465,721,409 +26.5
%
Jan
$
S
29,924,287,813 27,663.352,857
Feb... 26,070,426,220 24,084,886,600
Mar
__
1st qu. 88,227,824,684 80,685,596,090
SUMMARY OF BANK CLEARINGS
+9.3 36,395,525,412 30,844,729.915 + 18.0
April.. 28,818,231,387 27,067,061,596
May.. 26,605,325,643 24,779,150,469
June.. 28,697,184,405 28,599,694,452
+ 7.3 12,037,903,347 10,326,237,123 + 16.5
+0.3 12,420,968,079 11,274,260,853 + 10.2
2d qu.
Federal Reserve
+ 4.6 37,203,519,223 32,464,138,522 + 14.6
84,120,741;435 80,445,906,517
Inc.or
Federal
Reserve
1st
Boston
2nd
New
1936
1937
Week Ended July 3. 1937
$
Dlsts.
1934
1935
Dec.
6 mos. 172348
%
$
July.
241,668,407
234,271,096
+3.2
232,577,982
3,430,077,352
3,241,181,402
4-5.8
3,730,645,680
3,078,162,507
York. 13
*•
3rd
PhlladelphialO
"
357,837,781
361,129,812
—0.9
339,064,182
303,958,623
4th
Cleveland..
5
"
313,629,651
282,095,416
4-11.2
225,174,005
201,746,713
5th
Richmond
6
"
134,744,797
120,470,359
4-11.8
114,779,848
107,169,723
6th
Atlanta
10
"
127,621,294
115,385,252
4-10.6
100,562,075
96,032,409
7th
Chicago
18
"
519.711.595
457,261,732
"
134,842,645
127,979,543
9th
+7.1
+5.5 12,692,247,296 11,854,065,151
355,995,727
St. Louis... 4
4*13.7
+5.4
426,752,111
8th
+7.0 73,599,044,635 63,308,868,437 + 16.3
566,li9 161131502,607
28,729,500,051 27,302,371,638
.
228,482,780
12 cities
+6.5 12,744,647,797 10,863,640,546 + 17.3
.
Our usual
monthly detailed statement of transactions on
The results for
appended.
are given below:
the New York Stock Exchange is
98,747,696
109,062,026
Minneapolis 7
"
105.230.596
102,285,524
4-2.9
93,175,181
"
167,146,679
130,884,740
117,901,839
"
60,584,545
12th San
"
244,729,846
+ 13.3
57,641,808
+5.1
4-5.6
231,712,601
Fran..11
147,533,833
44,862,067
178,327,493
Description
1936
1937
1936
1937
43,306,260
210,778,128
Seven Months
Month of July
82,143,369
10th Kansas City 10
11th Dallas
6
Stock, number of shares.
20,722,285
295,547,699
249.593,212
34,793,159
Bonds 7
5.837,825,188
Canada
+6.6
5,758,318,025
4,891,975,229
Railroad & miscell. bonds $124,028,000 $220,710,000 $1,369,445,000 $1,689,201,000
2,343,183,708
+7.7
2,138,001,005
1,911,619,208
State, foreign, &c., bonds
24,844,000
11,632,000
296,292,154
.112 cities
5,478,948,378
2,522,660,975
U. S. Government bonds
Total
Outside N. Y. City
303,934,751
—2.5
301,447,085
336,532,327
32 cities
Total
We also furnish today a summary of the clearings
month of
the entire
for the
July.
For that month there was an increase for
body of clearing houses of 5.5%, the 1937 aggre¬
the
volume
totals
show
transactions in share properties ton the
Exchange for the seven months of the years
1937 is indicated in the following:
New York Stock
1934 to
.
District records
1937
No.
gain of 4.4% and in the Philadelphia
a
improvement of 8.8%, the Richmond
Reserve District of 8.0%, and the Atlanta Reserve District
of 10.7%.
The Chicago Reserve District has managed
to enlarge its totals by 8.6%, the St. Louis Reserve Dis¬
trict by 7.5%, and the Minneapolis Reserve District by
3.8%.
In the Kansas .City Reserve District the increase
is 11.5%, in the Dallas Reserve District 21.6%, and in the
San Francisco Reserve District 9.1%.
184,515,000
of
In the New York Reserve District
Reserve District of 1.9%, but in the Boston Reserve Dis¬
trict the totals show a loss of 2.7%.
The Cleveland Reserve
197,222,000
216,671,000
278,741,000
$160,504,000 $282,571,000 $1,864,857,000 $2,070,938,000
The
gate of clearings being $28,792,500,051, and the 1936 aggre¬
gate $27,302,371,638.
23,338,000
38,523,000
Month ol January
No.
No.
Shares
February
First quarter
Shares
No.
Shares
60,884,392
51,016,548
19,409,132
14,404,525
15,850,057
54,565,349
56,829,952
29,900,904
58,671,416
50,248,010
50,346,280
March
an
Shares
1934
1935
1936
67,201,745
159,265,706
179,102,685
49,663,714
141,296,205
Month of April.
34,606,839
22,408,575
May.
18,549,189
16,449,193
39,609,538
20,613,670
29,845,282
25,335,680
16,800,155
June.
Second quarter
30,439,671
22,336,422
21,428,647
Federal
Reserve Dlsts.
July
IJIC.OT
July
Dec.
1935
1934
75,184,668
71,981,117
124,848,382
213,277,322
34,793,159
29,427,720
21,113,076
July
1930
81,651,855
260,754,540
20,722,285
July
1937
69,605,221
228,870,927
Six months
S
S
*
%
of bank clearings at leading cities of the country
for the month of July and since Jan. 1 in each of the last
The
I
1st
Boston
1,186,274,604
1,219,508,912
—27
1,131,929,110
958,562,203
2nd
New
York. 15
"
16,675,095,517
15,975,186,798
16,752,702,541
Philadelphial7
"
1,747,886,063
1,714,777,313
1,489,514,501
four years
13,436,723,215
3rd
+4.4
+1.9
course
is shown in the subjoined statement:
1,341,323,694
14 cities
BANK CLEARINGS AT LEADING
(000,000s
4th
Cleveland..19
"
1,545,577,078
1,420,095,449
910,194,663
Richmond .10
"
647,844,939
+8.8
+8.0
602,026,044 + 10.7
1,046,452,294
5th
599,846,507
501,530,040
434,403,238
490,887,425
423,123,975
+8.6
1,759,012,787
1,483,103,117
618,944,510
+7.5
+3.8
+11.5
430,039,596 +21.6
1,136,348,954
+9.1
490,167,622
447,318,745
492,677,350
432,053,939
346,601,130
910,059,648
725,813,079
643,045,637
343,394,107
292,531,262
997,871,756
802,047,160
6th
Atlanta
16
"
666,482,290
7th
Chicago ...31
2,370,113,585
8th
St.
"
"
9th
Mlnneapollsie
Louis.. 7
665,123,066
10th KansasClty 18
"
"
11th Dallas
11
"
522,840,594
Fran..20
"
1,239,523,221
12th San
Total
511,429,950
1,014,309,144
194 cities
28,792,500,051
32 cities
27,302,371,638
12,692,247,296
Outside N. Y. City
Canada
2,182,860,557
11,854,065,151
1,505,001,375
1,560,946,342
+5.5
+7.1
26,161,329,201
21,518,988,039
9,889,870,779
8,470,595,496
—3.6
1,379,898,636
1,381,540,494
CITIES IN JULY
-Jan.
-July1937
1936
1935
1934
s
$
$
$
St. Louis
432
400
330
Pittsburgh.
647
633
453
403
2,847
4,418
San Francisco
664
627
568
445
4,533
234
2,134
omitted)
1937
New York
Chicago
Boston
Philadelphia
Baltimore
299
"■'V'
317
-
Minneapolis
297
260
254
210
177
583
497
401
351
1,913
3,172
1,601
2,696
455
Kansas City
Cleveland
Federal
385
297
265
2,946
317
274
227
2,033
2,319
1,795
907
3,052
908
332
1936
Dec.
1935
Boston
2nd
New
3rd
Philadelphial7
14 cities
York. 15
"
8,526,267,188
7,912,776,549
118,805,127,864 116,716,786,989
"
12,597,734,969
11,273,313,948
Cleveland..19
"
10,396,992,038
8,572,188,873
5th
Richmond .10
"
4,392,070,124
3,771,671,448
6th
Atlanta
"•
4,930,942,858
4,029,824,448
16
7th
Chicago ...31
°
16,184,081,395
14,103,072,972
8th
St.
••
4,498,048,913
3,952,893,578
9th
Louis..
7
Mlnneapollsie
"
3,181,532,362
2,859,740,356
10th KansasClty 18
11th Dallas
11
"
5,898,830,627
5,190,653,526
"
3,422,394,446
2,816,379,192
12th San
M
8,307,043,386
7,234,572,366
Fran..20
$
I
7,042,571,826
6,654,554,695
+1.8 111,157,868,343 103,006,883,221
+11.7 10,097,247,712
8,897,457,767
+21.3
6,779,354,526
6,011,516,289
+16.4
3,231,010,613
2,900,822,447
+22.4
3,502,633,844
3,058,113,335
+14.8 11,792,740,564
9,924,702,518
+ 13.8
+11.3
+ 13.6
+21.5
+00.0
3,433,249,786
194 cities 201,141,066,170 188,433,874,245
2,608,158,102
2,260,086,391
4,562,717,193
2,089,508,436
6,305,348,975
5,496,793,645
3,566
Louisville
154
143
104
96
1,048
145
154
127
118
930
956
824
805
48
46
40
34
338
299
259
239
97
88
72
60
647
581
470
391
169
148
125
118
1,129
937
828
786
115
113
105
85
753
707
666
576
141
124
105
93
944
797
683
565
Indianapolis
86
86,291,291,931
75,162,933,588
+ 14.8
64,814,832,253
57,056,379,761
10,980,106,457
10,701,034,400
+2.6
9,424,214,325
8,913,021;976
82
70
58
574
480
418
346
172
155
134
117
889
69
54
50
1,155
554
964
71
464
413
178
Richmond
149
122
95
1,145
947
791
809
382
649
Salt Lake City
73
64
54
43
485
410
356
296
Hartford
53
54
51
39
380
356
318
260
Memphis
Seattle
Total
26,106 24,869 24,214 19,913 182,855 172,850 159,992 146,076
2,687
2,433
1,947
1,606
18,286
15,584
12,825
11,213
Other cities
Total all
28,793 27,302 26,161 21,519 201,141
11,854
9,890
8,471
86,291
Outside New York. 12,692
We
+6.7 172,816,839,501 157,288,630,188
Outside N. Y. City
CLEARINGS FOR
1,102
294
3,918,052,405
2,303,938,017
Canada
32 cities
93
356
3,070,139,039
i
Total
106
478
Milwaukee
1934
%
+7.8
139
520
Providence
7 Months
1937
1st
4th
7 Months
$
150
Detroit
Denver
Inc.or
$
New Orleans
1,991
2,613
3,061
1,533
1,236
2,039
1,730
1,463
685
2.097
685
St. Paul.
7 Months
Reserve Dlsts.
2,232
2,922
3,584
1,659
1,407
2,469
1,894
1,623
755
2,594
775
Buffalo
7 Months
■:+
1934
1935
2,539
3,727
4,039
1,859
280
Cincinnati
Omaha
We append another table showing the clearings by Federal
Reserve districts for the seven months for four years:
1 to July 31-
1936
$
$
$
$
16,100 15,448 16,271 13,048 114,850 113,271 108,002 100,232
1,471
1,347
1,125
960
10,053
8,799
7,401
6,324
1,007
1,046
979
829
7,282
6,792
6,069
5,770
1,646
1,612
1,421
1,282
11,924
10,648
9,691
8,513
;
now
add
our
detailed statement
188,434
75,163
172,817 157,289
64,815
57,056
showing the figures
1 for two
for each city separately for July and since Jan.
years
and for the week ended July 31 for four
years:
JULY, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 31
Month of July
Week Ended July 31
7 Months Ended July 31
Clearings atInc.
1937
$
Flrst Federal Reser
Me.—Bangor
Portland
Mass.—Boston
Fall River
re
1936
$
3,856,097
9,996,463
1,006,668,290
2,707,896
Conn.—Hartford
New Haven
Waterbury
R.
I.—Providence
N. H.—Manchester
Total (14 cities)
■'
3,122,637
3,283,043
14,903,536
9,616,214
53,494,069
19,952,519
7,426,500
48,326,000
2,659,198
1,186,274,604
1,219,508,912
1,805,023
1,579,756
Springfield
Dec.
10,263,675
1,045,745,925
2,947,186
1,623,572
1,532,041
3,020,770
14,529,483
8,279,372
54,024,077
18,332,437
6,638,500
45,917,000
3,532,237
Lowell
Worcester
Inc.
1937
%
$
1936
Inc. or
or
Dec.
%
1937
1936
$
$
Dec.
%
1935
$
1934
$
District— Boston—
Holyoke
New Bedford
or
+23.5
21,328,326
—2.6
62,616,897
—3.7
7,282,236,254
21,246,993
11,895,030
—8.1
-1-11.2
18,303,344
63,239,829
6,791,580,879
19,210,840
632,444
597,260
+5.9
—1.0
2,062,008
+7.2
+10.6
207,132,000
2,159,360
200,715,135
411,110
+ 16.5
10,876,237
+9.4
10,950,259
19,923,652
92,901,447
51,824,607
355,875,675
+ 11.8
+8.6
+9.9
+26.7
—1.0
12,237,852
21,630,120
102,117,655
65,641,794
380,427,795
+8.8
+ 11.9
+5.2
135,637,517
54,501,300
337,681,000
118,533,785
+ 14.4
43,282,600
298,708,100
+25.9
—24.7
17,068,655
—2.7
8,526,267,188
532,124
+3.1
+8.7
+2.6
+ 16.1
1,635,021
201,000,000
+29.4
631,243
1,855,374
199,160,181
465,195
—YO
*291*611
"259*441
593,227
2,699,602
—4.5
+3.2
516,883
568,058
~
*280*984
316*238
749,930
586,142
2,765,969
+27.9
2,880,438
+4.1
532,341
1,971,571
10,563,412
3,913,724
1,582,573
+24.6
10,773,274
—1.9
1,343,947
11,726,995
3,734,669
+4.8
4,238,492
2,428,785
1,247,007
7,779,802
3,852,169
+13.0
10,4*75*666
lo",040*665
-HL3
8*.533*806
8*.194*666
17,565,295
—2.8
474,172
589,366
+ 19.5
1,038,915
469,363
7,912,776,549
+7.8
241,668,407
234,271,096
+3.2
232,577,982
228,482,870
+6.9
Chronicle
Financial
884
CLEARINGS
Month of July
Aug.
(Continued)
7 Months Ended July
Week Ended July 31
31
Clearings atInc.
1936
Inc.
or
Second Federal Res
N. Y.—Albany.......
Blnghamton
Buffalo
Elmlra
Jamestown
New York
Rochester
Syracuse
-
Utica
Westchester Co.
Conn.—Stamford
N. J.—Montclalr
Newark
--
Northern N. J
Oranges
Total (15
Dec.
1936
Inc.
or
44,002,981
5,594,991
169,386,960
2,638,683
3,432,736
33,979,510
5,155,612
148,366,973
3,092,207
2,629,658
16,100,252,755 15,448,306,487
38,759,783
34,893,746
22,993,317
17,882,655
4,324,588
3,403,435
16,723,364
14,476,031
16,797,740
19,594,326
1,623,802
1,719,083
90,502,957
87,276,112
154,398,892
150,069,718
3,661,968
4,341,245
$
294 ,043,871
+29.5
+30.5
+4.2
+ 11.1
+28.6
+27.1
+15.5
237 ,802,941
39 ,448,156
+8.5
+14.2
—14.7
'
16,675,095,517 15,975,186,798
rve
2,646,188
*2,800,000
Chester
1,768,030
11,083,355
2,469,341
*2,500,000
1,543,493
9,129,243
6.662.241
5.682,568
2,033,416
2,494,588
Lancaster
35 ,289,737
937
,252,271
,027,532
17 ,014,978
114,849 ,774,239 113,270 ,940,657
251 ,331,906
226 ,174,439
146 ,408,891
123 ,580,899
—14.3
1,128 ,986,100
21 ,539,605
,027,266
20
•
27 024,598
111 536,792
132 274,079
,
*
22 ,383,667
,207,150
110 ,903,515
100
+20.5
+7.6
+35.3
+ 1.4
+11.1
+ 18.5
1,200,042
36,073,304
+7.2
725,959
641,620
15
+ 12.0
16
+14.5
+21.4
10 805,173
+17.2
+10.2
963,252
68
43 665,393
York
8,011,476
Potts vllle
1.474.841
662,130
539,586
+22.7
2,951,443
14,014,020
19,598,400
3,257,193
13,365,109
27,613,900
—29.0
,982,068
76 ,523,908
33 ,561,414
53 ,178,261
10 ,434,865
4 ,206,562
19 ,788,717
109 ,221,308
136 ,575,500
1,747,886,063
1,714,777,313
+ 1.9
12,597,734,969
Norristown
1,646,000,000
7,985,629
Reading
12,013,370
5,686,936
Scranton
Wllkes-Barre
Du Bols
Hazelton
Del.—Wilmington
N. J.—Trenton
Total (17
cities)
Fourth Federal
Res
erve
Cincinnati
454,768,370
52,738,400
2,128,766
1,713,218
8,567,400
Cleveland
Columbus
Hamilton
Lorain
Mansfield
13,810,571
7,241,373
Youngstown
Newark
Toledo
26,754,616
1,092,003
522,519
1,460,648
_
Pa.—Beaver Co
Franklin
—
Greensburg..
647,301,659
8,593,634
10.179,514
789,174
5,915,353
10,716,437
Pittsburgh
Erie
Oil City
Warren
Ky.—Lexington
W. Va.—Wheeling
Total (19
1,545,577,078
pities)
Reser
Va.—Hunglngton .
Fifth Federal
W.
ve
593,026
Columbia
—
N. C.—Durham
Md.—Baltimore
Frederick
D. C.—Washington.
Total (10
..
cities)
Sixth Federal Reser
Tenn.—Knoxville
Nashville
ve
L-
Augusta
Columbus
Macon
Tampa
—
Fla.—Jacksonville
Ala.—Birmingham
Mobile
Montgomery
M
iss.—Hattiesburg
Vicksburg
La.—New Orleans
Total
2,599*268
2*.4*7*3",848
+5.1
2*5*36*638
l",595"776
19.3
3,442,239
301,714
4,064,310
390,669
19,861,410
—15.3
2,628,480
—22.8
519,134
2,478,570
513,031
+0.3
18,461,346
26,659,021
+ 19.0
37,556,648
+
19,917,719
31,734,339
+11.2
Re
3,430,077,352 3,241,181,402
Detroit...-
Flint
Grand
Rapids
Jackson
Lansing
Muskegon..
7
Bay City
Ind.—Fort Wayne
Gary
Indianapolis
Oshkosh
Sheboygan
Water town
Manitowoc
Iowa—Cedar Rapids..
Des Moines
Sioux City
Ames
111.—Aurora
Bloomington
Peoria
—1.9
—9.4
+4.9
+41.1
+50.6
390,783
—16.6
455,937
340.889
268,808
1,492,142
1,306,571
+ 14.2
1,245,206
1,187,979
44
344,000,000
1,458,711
349,000,000
+ 1.4
327,000,000
1,756,328
2,391,267
—16.9
293,000,000
984,358
+13.3
+ 18.0
+ 19.3
—0.6
+
12.0
+ 19.3
+4.5
+0.1
+ 19.6
+5.8
—
976,297
+39.7
1,200,905
2,423,775
1,086,495
1,700,747
2,240,859
1,364,099
1,654,986
—2.7
1,794,706
—6.3
2,493,734
1,283,664
1,493,948
+28.1
+5.4
+ 10.7
143 ,295,000
—4.7
4,275.400
2,900,000
+47.4
3,057,000
2,846,000
11,273,313,948
+ 11.7
357,837,781
361.129,812
—0.9
339,064,182
303,958,023
+30.7
73,162,440
+9.9
1,912,845,241
2,946,038,883
57 527,257
1,600 900,245
+27.2
+ 19.5
+ 18.0
2,319 ,175,045
+27.0
+1.4
379,679,900
330 747,400
—3.0
15,836,058
11,509,041
63,042,818
92,020,766
46,002,183
170,162,524
6,787,359
3,481,103
10,384,764
+44.6
+22.9
+ 18.3
+20.1
+15.6
+ 13.9
+8.8
+38.0
,840,215
14.8
+6.7
7 253,807
43 ,112,979
+ 46.2
X
X
X
X
59,625,131
101,402,473
11,154,500
52,915,592
81,248,227
10,211,300
+ 12.7
44,191,616
+24.8
+9.2
63,391,786
9,512,000
37,968,072
58,106,032
8,007.800
1,840,332
1,382,953
+33.1
1,300,000
1,046,391
+58.7
14
+
75 ,417,045
+22.0
35 ,269,051
138 ,734,445
+22.7
+28.7
X
X
X
+30.4
5 ,275,693
X
X
.
—
m
mmmm
.
,286,868
+ 18.5
47,415,846
67,915,947
10,396,992,038
8,572,188,873
+21.3
11,270,912
7,700,664
73,583,000
963,837,903
31,376,494
52,131,763
30,405,674
92,935,728
+46.4
+ 18.0
'
+21.6
3,727 ,203,886
45 ,358,621
63 ,188,336
4 ,584,092
36 ,923,480
54 ,852,687
.
+5.9
8 ,537,721
4,418,090,568
50,443,094
76,749,134
5,424,369
1-5.6
86,818,000
+10.7
+30.3
+7.2
+6.4
1,155,174,860
41,263,669
57,845,475
36,353,971
3
+2.4
106,778,603
96,618,418
282,095,416
+ 1.2
225,174,005
201,746.713
392,122
286,557
+36.8
160,865
149,297
2,329,000
36,418,066
921,544
2,521,000
31,553,224
—7.6
2,806,000
28,458,967
2,788,000
25,613,141
830,656
753,487
62,309,450
139,607,215
+ 11.2
+21.5
+ 18.3
+28.4
+23.8
136,337,344
.........
313,629,651
+ 19.9
+31.5
+ 11.0
793,610
+15.4
+ 16.1
.......
761.850,193
9,672,288
651,229,631
+ 19.6
+2.9
fl4.8
+21.8
+ 17.0
+8.0
4,392,070,124
3,771,671,448
+ 16.4
134,744,797
120.470.359
+ 11.8
+23.7
+ 16.5
+5.5
448 ,295,853
45,000,000
3,200,131
12,977,559
41,800,000
+17.6
1,386 ,600,000
+21.9
+22.6
+20.2
3,365,047
549 ,590,253
1,666 ,800,000
,828,200
*950,000
—13.4
95,667,740
+6.6
2,134,046,136
11,779,168
+4.8
+10.2
14,411,888
69,376,711
211,800,000
4,858,890
3,126,991
4,212,456
4,463,266
58,913,633
72,556,188
1,858,798,303
5,884,609
3,121,089
3,874,000
538,279
602,026,044
117
,918,136
96
,747,953
32 ,461,671
+ 19.6
+26.4
27 ,688,376
20 ,253,483
........
73,404,442
65,869,122
+ 11.4
63,682,471
21,279,623
19,446,846
+9.4
18,840,889
15,556.342
114,779,848
107,169,723
30
,092,232
,062,950
564 ,201,177
619 ,255,566
52 ,681,510
25 ,140,349
24 ,408,878
40
36
15,259,958
+5.2
+7.7
2,465,048
12,104,487
2,055,416
9,620,106
35,700,000
859,094
35,900,000
816,370
990,733
—4.1
795*318
"95b",207
—1*6*3
8*07*517
697,754
13,609,000
*12,500,000
+8.9
10,450,000
10,502,000
16*.164*628
14*.16*2*,471
14,057,228
1,076,128
+ 14*1
+27.1
12*.563*138
1,367,353
1,249,020
965,620
-136.7
—0.1
+2.2
+9.8
+18.2
+ 12.8
+22.9
+4.1
+25.1
+53.8
+ 15.9
+23.2
+8.1
38
,059,642
446 ,638,061
495 ,122,511
39 ,461,020
+23.3
+ 11.1
+26.3
+25.1
+33.5
34 ,686,000
26 ,831,000
,921,620
,996,718
35 ,556,849
+32.0
8 ,863,591
,857,321
906 ,637,768
+ 12.8
+ 34.2
+21.5
4,0.29,824,448
+22.4
"
+ 14.1
+29.3
46
9
5 ,177,893
1,101 901,878
+10.7
4,930,942,858
12,827,790
3,566,027,098
35,919,478
97,076,699
14,910,969
48,700,428
20,506,452
19,920.511
34,669,625
108,734,474
573,682,630
1,159,498
478,374,038
+56.4
5,166,699
11,475,579
1,907,914
6,336,120
2,310,546
2,543,157
4,856,287
13,313,800
+ 14.3
+ 11.0
6,795,367
22,726,054
3,906,413
87,696,896
2,104,574
3,389,965
568,111
22 ,028,847
3
82,206,000
+8.6
X
V
X
*
X
X
113,219
+ 11.0
24,251,717
21,304,696
115,385,252
+10.6
100,562,075
96,032,409
118,061
—10.1
30,643,898
27,609,962
127,621,294
X
112,054
106,092
+8.1
4 33.5
+26.5
+ 13.7
+9.1
+17.9
+4.4
+4.2
11,289,061
+ 13.6
313,026
169,185
+85.0
401,793
587,077
3,052,361,402
+ 16.8
132,935,073
114,512,981
+ 16.1
104,653,855
81,479,550
33,088,111
+8.6
+ 19.9
+ 16.9
2,487,592
2,537,468
—2*0
2,381,834
2*.422*373
12,753,607
42,182,808
+ 15.5
1,939,976
1,626*584
1*9*3
1,342*411
1,185,900
16,701,481
+22.8
+21.8
80,975,041
16,360,309
31,231,193
81,156,835
479,763,000
37,085,643
+
+ 11.0
1-34.0
1,004", 250
"994", 276
+1*6
*66*5*364
*6*0*7*834
+ 19.6
+24.2
+9.4
16*.547*666
15*853*,000
+4*4
13*399*666
1,278,042
4,865,612
1,138,551
4,767,941
+ 12.3
+2.0
11,868,000
567,821
3,719,202
3,250,451
19*.31*1*939
7,480,801
+1*0*5
16*.6*3*0",285
14,140,996
4,619,583
35,568,907
+3.6
16,461,851
—11.4
46,052,788
153,821,257
33,652,272
647,433,614
14,623,589
22,378,327
3,690,346
9,866,899
33,334,100
257,981,115
93,581,701
689,195
+3.6
+57.1
5,637,154
4,521,044
16,186,651
10,876,557
12,457,091
8,799,075,098
+48.8
23,538,732
126,164,110
30,545,246
35,576,685
+22.5
800,365
+24.7
1,658,361
1,682,987
4,515,674
Sterling...
+9.4
1,813,677
519,680,906
5,903,583
12,739,759
2,061,934
8,456,388
2,923,704
2,890,506
5,298,423
15,699,806
85,788,171
1,470,526,272
Total (31 cities)
—2.6
15
400,132
418,389
289,430
District —Chicago—
Chicago
Springfield
+13.4
1,420,095,449
776,409
139,006,106
Decatur
Rockford
14 015,700
459,269
590,235
325,855
730,246
2,604,626
1,568,172
Milwaukee
-
435,894
14,593,000
South Bend
Terre Haute
Wis.—Madison...
■
+ 13.0
+13.7
7,081,368
22,452,189
5,208,803
96,519,663
2,077,222
3,744,920
551,991
1,338,109
4,786,000
37,514,336
—
+5.8 3,730,645,680 3,078,162,507
-
+20.1
15 ,540.990
5.234.592
8,979,775
4,722,025
1,159,913
serve
Mich.—Ann Arbor..
17,540,384
27,171,522
+4.4
District— Atlanta—
666,482,290
(16 cities)
Seventh Federal
445,749
356,944
577,793
+0.7
+5.7 3,620,317,020 2,980,356,021
6,302,390
6,489,456
+ 17.5
3,423,135
3,446,173
+ 16.5
+13.2
,897,138
,850,800
,563,211
60 ,864,070
36 ,990,124
11 ,746,846
10,648 ,000,000
37 ,698,633
73 ,250,634
33 ,527,406
44 ,470,186
9 ,858,629
3 ,284,583
18 ,777,943
98 ,697,755
+6.6
+1-6
+13.0
+ 19.3
150,242,870
Meridian
1,356,852
9
,445,269
+10.0
+11.6
+2.2
7,264,070
1,344,779
663,027
Jackson
27,697,024
13
11,924 000,000
+ 13.9
599,846.507
17,825,758
Ga.—Atlanta
1,668,744
29,200,000
603,914
—15.5
8,924,515
13
+2.1
958,941
1,362,371
11,713,000
155,240,695
4,542,315
7,345,256
5,010,016
15,218,161
297,260,125
1,821,048
100,333,520
80,793,400
223,500,000
4,966,080
3,951,529
4,210,767
4,902,073
69,611,957
81,875,471
7,234,906
3,249,603
4,846,000
—
—1.9
474,930
1.308.591
633,410,295
7,544,081
9,548,241
647,844,939
S. C.—Charleston
Greenville
8,887,990
254,365,784
385,396,406
52,019,100
2,195,631
1,184,930
5,970,241
11,674,869
6,028,860
23,135,783
316,917,673
1,907,853
110,590,258
Richmond
589,154
3,315,164,213 3,135,764,670
6,766,511
7,948,383
3,734,947
4,351,415
6,640,334
+ 14.5
+ 7.4
+ 7.0
District— Richmond—
1,879,855
12,365,000
171,891,630
5,920,340
7,871,298
5,329,176
13,171,856
Va.—Norfolk
$
$
District- -Cleveland—■
11,612,625
279,670,798
Ohio—Canton
1934
1935
%
+11.3
+ 1.8
—15.6
33,700,000
615,375
+20.7
+4.4 118,805,127,864 116,716,786,989
624 167,975
1,113 860,199
28 ,365,811
+2.9
1,117,614
519,829
+ 10.8
+8.7
13 338,376
+3.7
5,443,873
6,231,861
+23.7
+11.8
12 ,038,991
574 ,329,843
1,001 ,663,252
27 ,177,117
—5.5
1,845,918
2,541,731
1,612,000,000
7,022,757
10,597,779
5,841,365
7,324,001
1,503,329
Lebanon
Philadelphia
or
Dec.
District— Philadelphia-
Bethlehem
Pa.—Altoona
Harrisburg
41
$
$
r
Third Federal Rese
1936
1937
Dec.
Distrlct- -New York—
erve
cities)
1937
$
1937
7, 1937
17,216,336
6,107,265
7,083,716
636,820
2,370,113,585
1.399,077
1,347,075,882
3,784,895
20,781,496
—1.2
+33.3
+ 10.1
—1.3
+ 10.5
—2.8
—4.4
+5.5
—6.8
13,975,904
+9.2
10,052,777,528
28,836,917
126,722,879
43,531,997
+ 19.3
—17.2
513,553
+ 18.1
+7.0
+24.0
2,182,860,557
+8.6
5,169,282
6,618,470
42,438,179
4,582,024
16,184,081,395
140,588,179
26,433,673
581,067,161
12,587,072
19,050,259
3,365,251
8,885,294
30,149,301
240,892,251
98,514,427
+27.3
+ 11.4
+ 16.2
+ 17.5
+9.7
+ 11.0
+ 10.6
+7.1
—5.0
+ 12.2
+ 14.2
m
mm,
mm
tm
mm
*972*.521
*982*,752
—1*0
*902*920
"*591*653
8,750,098
7,601,766
3,697,677
+ 15.1
—14.9
6,602,015
2,970,687
5,504,050
2,998,428
3,177,122
*339", 719
318,445,711
906,258
3,457,152
*447*,724
—24*1
352,966
794,747
277,882,129
+ 14.6
260,322,602
225,241,267
920,484
—1.5
4,315,373
—19.9
643,327
2,496,972
355,995.727
1,185,139
1,795,365
1,027,330
1,305,710
+ 15.4
+37.5
3,837,050
+42.5
+ 19.3
+ 19.4
580,225
2,947,140
792,025
1,287,422
14,103,072,972
+14.8
519,711,595
457,261,732
+ 13.7
426,752,111
+0.4
934,713
681,168
Financial
Volume 145
CLEARINGS
•:
•
;;
■
Month of
Chronicle
885
(Concluded) ■'■.I.¬
7 Months Ended July 31
July
Week Ended July 31
•
Clearings at—
Inc.
erve
-
Quincy
Total (7cities)......
+8.4
143,161,209
68,957,641
+ 7-4
519,573
—29.7
1,047,903,007
554,360,564
2,048,889
2,510,000
+11.0
18,502,000
2,002,373
15,138,000
+16.4
+ 15.4
+ 19.4
+2.3
+22.2
618,944,510
+ 7.5
4,498,048,913
3,952,893,578
107,796,251
2,033,394,750
8,902,717
753,268,288
10,604,098
3,584,181
63,831,959
5,921,000
83,783,162
District— Minneapolis—
"
—
—13.1
836,388
—28.3
9,310,229 ;
+ 1.1
+ 13.7
969,000
837,000
T5.I
+ 15.8
981,030
898,775
+9.2
2,995,994
6,623,664
678,100
3,261,155
3,097,235
8.172,032
—3.3
—18.9
754,100
—10.1
9,788,499
...
Minot
S. Dak.—Aberdeen...
Sioux Falls
-
3,417,768
12,441,357
233,886
511,429,950
Helena
T ipwififcn wn
(16 cities)
Tenth Federal Rese
District— Kansas
rve
City-
533,630
<
694,072
Neb.—Fremont
.
.
.
m
m *
•*
X
X
+5.4
109,062,026
98,747,696
+ 18.5
+4.5
4,040,603
63,001,968
2,597,678
56,771,139
—3.0
20,756,927
18,100,534
1,697,273
1,569,166
24',548"650
25*,307,136
706,879,992
+6.6
+ 7.9
9,829,547
3,473,070
1
+3.2
+6.7
59,808,345
5,211,000
4,945,276
■
^
l",972,368
2,015,271
■
_
--------
105,230,596
—1.8
168,988
:
-25.9
-
17,435,078
+6.4
+ 10.8
+5.4
+4.0
17,357,437
21,187,995
72,482,604
1.712,115
*5*83,820
722*754
—5.8
4,016,368
*.*.'•»
*
"
H[-13.3
48,147,398
+2.2
■
[-13.6
-
•»V —
454,951
717,658
+23.8
'
—
—
--------
m -
---
—---
*6*52*666
*672,362
—3.0
2~,588", 946
2,653,049
—2.4
2,516,422
2,207,655
102,285,524
444,340
-
-
442,246
"
?
"
—
-
—1.6
—4.5
4,208,304
3,848,295
+9.4
+2.9
93,175,181
82,143,369
98,084
+ 72.3
60,085 + 183.9
170,606
—10.2
84,084,909
—2.7
956,385,858
74,531,882
2,781,134
31,180,406
98,170
153,006
—10.6
2,463,334
—2.8
26,892,592
122,186
60,085
2,061,335
26,586,321
+57.8
+40.8
+ 14.5
81,780,904
929,533,840
117,608,063
4,120,103
5,452,256
—5.9
+0.1
24,230.148
2,203,523
583,084,325
19,742,523
2,156,202
497,272,679
18,794,117
+22.7
+2.2
+17.3
109,118,018
14,548,789
3,171,571,387
95,307,141
—9.0
3,607,025
5,237,048
66,004,471
94,611,532
13,918,697
—2.8
3,110,987
32,078,023
--------
----
+14.2
+4.1
--------
_
+6.6
2*.770*232
+15.3
3,577,768
3,475,821
3,959,069
121,741,102
3,612,203
99,978,007
3,908,740
-t-21.8
"621*938
*4*34,058
+43.3
+4.5
2,695,723,032
93,502,896
4,139,661
+ 17.7
+1.9
-
_
—20.3
1,781,716
3,864,934
—9.6
-
--
~
M
-
-
91,896,510
2,854,705
—7.6
1.629,250
2,839,283
--------
80,357,128
3,247,985
579,407
597,789
—3.1
4,018,498
44,617,250
+22.5
+18.9
18,606,709
+ 10.4
+ 14.1
—2.7
294,949,019
20,543,999
943,657,165
20,065,572
248,019,180
797.119,997
+ 18.4
2,966,548
1,391,276
36,410,277
2,881,927
124,047,429
3,050,006
1,221,651
20,017,065
"522"302
430,959
+21.2
497,296
522,472
+ 13.9
8,676,950
7,947,012
+0.2
+9.2
1,014,309,144
910,059,648
+ 11.5
5,898,830,627
5,190.653,526
+ 13.6
167,146,679
147.533,833
+ 13.3
130,884,740
117,901,839
+ 18.6
34,759,840
27,026,691
+21.0
1,190,995
1,112,462
+7.1
967.235
883,899
+42.8
42,074,675
32,239,240
+ 15.5
+20.6
1,515,272,496
138,837,558
1,282,522,306
45*326,310
45,676,726
—0.8
34,280,184
33,944,883
+53.6
+34.0
+22.2
242,185,837
183,618,734
8*,2*99*,281
5*329,023
78.994,000
65,372,000
1,978,000
1,835,000
+55.7
+7.8
980,239,139
*804,167
766,351
+4.9
864,667
+37.5
+22.0
2*.985", 792
2,922,246
+2.2
1,979,659
1,941,433
60,584,545
57,641,808
+5.1
44,862,067
43,306,260
Carthage...
3,073,068
Colo .—Colo. Springs _.
141,493,783
Denver..
,
Casper
(18 cities)
Eleventh Federal R
Texas—Austin
eserve
4,865,458
3,676,158
195,334,917
16,396,932
29,302.033
5,249,006
225,697,352
Dallas
El Paso
19,768,717
Fort Worth
45,008,341
11,919,000
Galveston
8,897,000
Texarkana
La.—Shreveport
Twelfth Federal Re
.
.
serve
Seattle
4,934,002
6,766,238
Idaho—Boise
Portland
Utah—Ogden
Salt Lake City
CalifBakersf ield ....
Pasadena
+21.5
Riverside
3,886,450
—3.7
269,480,000
248,664,000
+ 19.9
+28.9
29,883,123
23,680,632
—0.5
36,660,102
7,237,000
32,440,936
-
-13.0
-
790,056,134
-
[-19.2
—1.0
21,154,258
-
485,464,408
115,469,863
53,131,422
149,266,490
129,695,024
24,966,000
+ 15.3
+43.0
+7.0
—1.6
+ 19.0
+20.3
+ 1.2
127.724,631
28,304,476
1,239,523,221
1,136,348,954
+9.1
Grand total (194 cities) 28,792,500.051
27.302,371,638
8,659,723
—
''
--------
5,254,322
1,516,000
4,807,045
1,729,000
'
•
--------
■
--------
----
X
--L-----
'
—
37**8*03*417
—
—
—
----
33,933,196
8,293,000
+ 11.4
26,676,967
—3.5
788,768
+5.7
7,449,000
554,670
21,000,089
6,890,000
630.220
29*,814,834
27,049,313
+10.2
23,379,381
21,440,376
16*.5*58,973
12,705,090
+30.3
11,854,080
10,621,844
7,999,000
833,972
f-12.8
+13.5
18,760,024
409,881,723
93,728,913
37,427,307
129,422,316
122,259,930
19,883,000
103,522,986
26,634,059
—13.0
7,030,866
--------
-----
[-27.3
941,703,714
4,532,908,477
13,708,191
Stockton
+20.9
+8.4
K26.2
+21.7
+5.9
+8.1
+6.3
664,156,500
It Santa Barbara.
475,794
--------
----
-
+ 13.8
3,839,300
626.902,146
12,686,203
6,615,362
9,958,362
San Jose
382,477
----
—2.8
+19.6
16,754,305
947,057.895
3,744,000
15,248,242
18,347,495
San Francisco
____
SCO—
3,320,102
64,097,267
13,414,845
5,837,465
19,984,705
18,868,250
4,454,000
Modesto
2,816,379.192
16,278,743
1,144,895,663
10,868,873
23,245,903
6,746,645
88,747.904
912,000
15,465,027
8,345,142
21,390,914
18,562,997
Ariz.—Phoenix
L Berkeley
Long Beach
3,422,394,446
+33.6
+27.5
126.930,942
1,110,000
144,472,910
3,285,687
72,747,638
Ore.—Eugene
+21.6
2,813,408
149,230,644
42,581,000
4,116,137
5,248,574
41.022,000
Spokane
Yakima
+ 16.0
District —San Franc!
*2,800,000
178,377,441
.
+44.3
430,039,596
522.840,594
Total (11 cities)
Wash —Bellingham
113,231,157
+ 18.1
+22.6
+31.9
+20.8
+23.7
+34.5
+22.1
13,530,388
4,602,675
1,388,973
15,692.997
-
--------
••
+ 19.3
1,212,204,476
14,613,909
28,384,841
9,277,224
108,310,190
151,893,777
1,571,297
3,609,326
2,098,896
Port Arthur
—2.9
962,310
185,645,662
Houston
Wichita Falls
+6.6
Dlstric t—Dallas
5,768,975
—
Beaumont
5,685,000
HK18.4
+23.2
■
----
--------
'
'
----
+42.0
+15.3
+6.1
+25.6
3,713,642
3,487,762
+6.5
3,402,324
2,797,917
+23.4
3*.3*82*435
3,070,747
+ 10.2
2,544,485
2,241,810
+0.8
+23.0
130.203,131
108,264,842
2,197,545
2,278,362
136,752,000
2,534,896
1,114,381
1,983,448
244,729,846
231,712,601
--------
+6.3
_
+ 12.2
137*.914*000
+ 14.9
3,118,748
+ 12.9
+12.6
1,312,463
64,877,276
4,039,066,129
72,253,948
39,790,781
57.602,348
8,307,043,386
7,234,572,366
+
83,004,938
44,937,778
+ 14.9
2,259,359
1,057,802
1,396,929
+5.6
210.778,128
+ 17.8
994,402
1,248,448
S&L'
1^. Total (20 cities)
LA
1,795,089,932
8,381,037
3,348,257
70.381,870
Okla.—Tulsa
§
mm
3,059,436
68,037,353
3,625,879
71,077,696
3,288,749
—1.0
Total
eit M
127.979,543
134,842,645
873,097
17,097,692
11,208,103
21,589,178
10,238,518
420,000
+28.7
+ 13.3
+6.2
+30.1
12,767,690
— .—
«
402,000
+ 13.8
+ 11.3
12,638,663
St. Joseph
-
—12.1
634,000
2,859,740,356
864,829
.......
1
-
—
Parsons
_
i.
23,851,923
X
X
X
'
a*
»
+ 1*3.7
+5.4
13,562,610
557,000
3,181.532,362
—3.3
Manhattan..
Wichita
66,500,000
l--_-
+3.8
—3.2
576,568
755,336
Topeka..
$
73,600,000
'
~-
6,228,287
19,760,856
45,352,097
4,274,334
19,226,754
22,333,940
75,368,484
1,684,366
:
811,604
Pueblo
26*.*9*82",933
14,727,355
154,242,709
19,408.663
145,068,470
19,437,182
Omaha...
Kan —Kansas City
Kansas City
30,686,618
14,299,027
833,561
.......
Mo.—Joplln.
89,300,000
13,223,743
Hastings...
Lincoln.
%
+2.9
86,800,000
—21.3
492,677,350
Great Falls
1
+3.5
3,149,856
3,530,709
12,860,033
297,216
Mont.—Billings.
+ 12.1
+20.3
>
+26.0
+4.8
600,015
Fergus Falls
N. Dak.—Fargo
24,617,396
3,796,968
+ 2.9
15,862,069
316,568,969
1,620,104
113,413,711
1,468,924
114,677,281
St. Paul
Winona.
Total
2,539,460,369
20,470,523
3,262,031
908,262,373
464,297,909
713.234
Rochester
1
2,846,820,089
399,939,934
3,142,919
1,407,546
f Huron
$
%
s
•
1,670,580
Minneapolis..
$
1934
1935
Dec.
1936
1937
or
District- -St. Louis—
19,981,306
331.702,769
Grand Forks
Dec.
+8.1
+32.5
rve
Minn.—Duluth
■
%
$
665,123,066
Cape Girardeau
Independence
Ky.—Louisville
Tenn.—Memphis..—
f
Ninth Federal Rese
1936
$
Inc.
or
432,345,878
4.163,241
773,130
153,732,888
70,955,829
365,100
2,787,000
Mo.—St. Louis
111.—Jacksonville....
1937
8
$
Eighth Federal Res
Dec.
1936
1937
Inc.
or
+5.5 201,141,066,170 188,433,874,245
14.8
178,327,493
+6.7
5,837,825,188 5,478,948,378
+6.6 5,758,318,025 4,891,975,229
+ 14.8
2,522,660,975 2,343,183,708
+7.7 2,138,001,005 1,911,619.208
1
k 1
12,692,247,296 11,854,065,151
Outside New York
CANADIAN
CLEARINGS
Month of
+7.1
86,291,291,931
FOR JULY,
75,162,933,588
SINCE JANUARY 1, AND FOR WEEK ENDING JULY 29
Week Ended July 29
7 Months Ended July 31
July
Clearings at—
Inc.
1937
8
► 'Canada—
1,099,653
-r0.7
3,001,039
—4.7
+21.6
+ 1.6
+17.9
+ 1.6
+ 17.0
2,296,499
2,100,759
4,328,351
2,612,224
4,640,031
11,152,760
1,524,339
3,067,399
2,581,647
2,013,767
2,102,874
3.999,279
1,505,001,375
1,560,946,342
165,010,015
Winnipeg
80,490,183
Vancouver
Ottawa
79,054,707
22,666,267
-—
Quebec
-
Hamilton
Calgary
v
St. John..
London
—
-—
_
12,131,867
25,887,248
23,494,271
8,931,471
3,137,226
12,115,198
16,957,822
Victoria
16,305,955
1,416,561
Regina.
Brandon
1,938,853
5,849,217
2,662,327
4,432,668
3,416,497
3,133,070
1,107,698
2,859,928
Lethbrldge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
3,176,660
Kitchener
4,713,938
13,152,420
1,548,467
3,589,160
2,687,392
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total (32
*
%
—1.0
—60.2
!
Montreal
Edmonton
$
Dec.
495,652,340
423,595,619
282,777,757
83,788,267
81,700,153
18,804,708
11,077,273
19,919,088
25,399,562
7,619,457
7,873,003
12,503,709
16,280,992
13,697,734
1,496,455
1,943,281
6,241,581
2,373,251
4,199,865
3,342,722
2,864,513
490,739,303
483,669,377
Toronto----
Halifax
1936
cities)
Estimated,
x
Figures not available.
Inc.
or
+14.2
—41.6
—3.9
—3.2
1937
$
3,809,684,004
3,412,815,446
1,128,486,388
585,224,639
+30.0
642,456,797
146,869,159
76,194,142
160,337,548
—7.5
172,591,445
+ 17.2
67,934,964
47,700,317
84,686,680
+20.5
+9.5
—3.1
1936
$
3,693,324,147
2,940,674,602
1,604,382,947
534,596,099
647,038,438
121,117,434
67,466,566
134,812,888
170,839,898
Inc. or
or
Dec.
1937
$
1936
$
Dec.
%
%
+3.2
97,163,830
99,086,992
—1.9
+ 16.1
92,905,384
84,688,466
+9.7
—29.7
33,820,285
17,238,692
13,654,699
+21.3
4,318,382
+ 12.9
2,401,482
18.9
4,723,991
51,504,557
19,085,038
12,494,151
3,473,560
2,136,501
3,955,580
5,095,081
1,475,051
1,636,432
2,138,883
—34.3
+9.5
—0.7
+
—9.7
+9.3
+ 24.3
+ 12.4
+19.4
—7.6
+1.0
4.707,465
51,229,620
49,560,957
+13.1
■—0.8
+5.9
1,995,442
1,647,319
2,201,194
3,341,807
+11.7
+ 1.6
2,966,311
233,788
2,978,149
2,507,413
313,865
—25.5
+3.8
+ 35.3
+0.7
+2.9
1935
$
89,283,667
74,471,134
51,154,273
15,587,732
34,079,768
3,693,887
1,928,761
3,241,027
4,523,264
1,558,451
1,449,291
2,152,240
3,303,611
3,481,981
270,309
382,299
1,675,209
1934
$
110,747,737
87,047,571
80.152,074
16,304,693
4,011,478
4,340,907
2,235,672
3,620,402
4,658,487
1,601,756
1,565,062
2,630,818
3,539,855
+19.0
116,191,560
106,840,850
—5.3
8,630,228
85,347,400
109,671,536
95,622,394
8,495,907
—0.2
12,549,110
12,924,493
—2.9
439,490
423,608
+3.7
—6.3
40,500,458
39,461,676
17,898,657
15,389,801
25,609,423
21,098,495
17,623,568
6,775,642
18,603,710
16,883,331
1,268,722
406,912
692,315
723,212
+30.4
+21.6
382,069
+8.8
1,225,836
530,461
841,809
692,600
—3.4
+ 12.2
+6.5
t2.2
1-2.6
+16.3
—4.2
524,757
+10.7
643,433
706,950
—9.0
—5.7
222,720
+27.0
520,084
184,861
547,204
172,495
+2.4
+ 16.0
+5.4
+13.9
545,905
175,427
532.759
+2.5
609,119
574.915
+4.2
+9.4
+4.1
+14.0
29.360,695
22,947,495
19,509,798
6,390,291
19,058,581
19,581,153
32,602,951
94,242,334
9,763,532
23,184,647
16,401,809
30,936,874
82,747,062
9,445,622
20,563,221
15,700,246
—0.1
16,671,044
14,500,753
+8.2
28,298,982
13,891,777
13,873,720
25,324,906
—3.6
10,980,106,457
10,701,034,400
+
14.6
+3.4
+ 12.7
+4.5
+ 12.2
+ 18.3
630,934
2,652,611
304,525
328.587
1,374,527
405,674
751,129
713,898
546,289
471,514
930,365
+35.2
976,809
+5.0
511,198
963,344
2,709,589
301,023
753,538
1,861,280
290,085
577,268
+45.6
2,159,919
968,711
1.908,407
300,695
263,830
483,307
637,543
+20.0
557,881
473,543
+4.5
+11.7
1,014,094
436,195
387,124
.997,990
+2.6
296,292,154
303.934,751
405,809
+3.8
+30.5
+ 15.4
+8.6
613,008
538,432
459,719
516,542
304,508
341,261
360,283
+4.8
326,236
+1.6
719,730
761,495
—2.5
301,447,085
336,532,327
Financial
886
GOLD
ENGLISH
THE
AND
SILVER
of
of
July 14, showing no change as
fresh low point
The
for the current year.
dollar parity which on Thursday was 2d con¬
and remained at that level until yesterday when
premium over the
Hd. next day
tracted to
To-day there was again a premium
It disappeared.
Quotations:
_
Per Fine
It
12s. 1.98d.
12s. 1.98d.
12s. 1.74d.
Friday's press that an agreement had been
United States and Brazil under which the
of America undertakes to sell gold to Brazil at such time and
United States
in such amounts as
the Brazilian Government may request up to
$60,000,000
its fiscal agent dollar ex¬
available to that Government or
and to make
which "will safeguard the interests of both coun¬
tries."
The main purpose of this agreement is said to be to facilitate the
establishment of a Brazilian Central Bank, but even without full knowledge
of the details it cannot be doubted that advantages both direct and indirect
change under conditions
News
of gold stocks held in Central banks comes
that the gold holding of the Bank of
revalued at the lower limit of gold content of the franc
concerning revaluation
from two centers,
France is
to be
it being understood
permitted by the Devaluation Law of October last, yiz., 43 milligrams,
while the gold holdings of the Bank of Japan which are reported to amount
of 1 yen 33 sen per gram are to be revalued
10% margin." On the new basis the value of
the Bank's holding is stated to be 1,312,000,000 yen.
In the case of France the resultant profit is to be used to create a Defense
to
500,000,000 yen at the rate
value minus a
at "market
Fund to support rentes,
1209567
The following
mid-day on July 12 to mid-day on
registered from
Imports
British South Africa
Tanganyika Territory
Kenya
£1,561,190
7,969
14,800
135,924
11.125
28,755
British India
British Malaya
Australia
New Zealand
100
Holiday
1103*
1103*
110J*
1103*
100 3*
—
cents) in the United
price of silver per ounce (in
States on the same days has been:
The
U. S.
44 «*
44 %
44 X
443*
44 %
50.00
50.—
50.00
50.00
50.00
50.00
Treasury
77.57
77.57
77.57
77.57
77.57
77.57
mined)
(newly
NOTICES
CURRENT
and withdrawa
W. Waldman,
Corp. announce the resignation
Securities
—Cardinal
J. H. Lothian, Treasurer, and S.
of J. M. Biscoe, President,
Ralph Peters has been elected
President, and Milton C. Craw¬
ford, Vice-President.
& Pomeroy,
Hutton
—Schoellkopf,
Inc.
become associated with them as manager
of their bond department.
40 Exchange Place, New York City, has
—Homer & Co., Inc.,
periodical circular on high grade
-—Paul L. Sipp,
McMahon has
& Co. announce that Richard A.
Wallace Lyon
—W.
that George B.
of its trading department.
announces
Gallagher is now associated with the firm in charge
issued its
railroad and public utility bonds.
Vice-President of First of Michigan Corp., formerly
of
associated with the firm in New York.
member of the New York Stock Exchange, has
—Robert 0. MacCorkle,
been admitted to partnership in
Kohler, Fish & Co.
offices of Atkinson & Co.,
—Announcement is made of the removal of the
Inc. to 39 Broadway, New York City.
Boulton has been appointed
—Ernst & Co. announce that William D.
of their Toronto office.
manager
Luckhurst & Co. as manager
—E. R. Parker has become associated with
of their retail department.
Fund.
H. S. EDWARDS & CO.
and exports of gold
the United Kingdom imports
were
100X
utilized
while in that of Japan, the profit is to be
Exchange Equalization
to create an
1003*
the Chicago office, is now
the U. S. A.
must accrue to
1003*
4%
1960-90..—
director.
the
between
British
1003*
12s. 1.72d.
in
announced
at
74 5*
Holiday
War Loan...
12s. 1.72d.
--139s. 8d.
139s. 8d.
139s. 10.75d.
was
arrived
1398.6 3*4.
British 3 3*%
12s. 1.55d.
}39s. lid.
139s. lid.
-
Aug. 6
20d.
12s.l.51d.
13*d.
Id.
140s.
140s.
July 15
July 16
July 17
July 19
July 20
July 21
Average
Consols, 2 3*%- Holiday
Fri„
Thurs.,
Aug. 5
20 l-16d. 20d.
20d.
20d.
139s.8)*d. 139s.73*<L 139s.6J*d. 139s.8d.
74 11-10
74 11-16
74%
74%
Sliver, per oz._ 20 l-16d.
Gold, p. fineoz.139s.8J4d.
U. S. Treasury.
Equivalent Value
of £ Sterling
1
Wed.,
Aug. 4
Tues.,
Aug. 3
Mom.,
Aug. 2
BarN.Y.(for.). Closed
amounting to Id.
Ounce
as
Sat.,
amounted to £326,406,625
compared with the previous Wednesday.
In the- open market about £950,000 of bar gold was available at the
daily fixing during the week.
Further weakness of the dollar has led to
the establishment of still lower prices, the quotation of yesterday marking
a
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
July 31
England gold reserve against notes
The Bank of
on
CABLE
ENGLISH FINANCIAL MARKET—PER
MARKETS
reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
July. 21,1937:
We
1937
7.
Aug.
Chronicle
July 19:
Mnmhflrfl
f Pittsburgh Stock Exchange
1
Exports
United States of America. £2,335,468
Yugoslavia
—
101,448
Finland.
23,090
UNION
Tel. CJourt-6800
Switzerland
Other countries.
PITTSBURGH, PA.
A. T. & T
Pitb-391
Tel
BROADWAY, NEW YORK
120
11,920
17,364
1,427
Netherlands
New York Curb Exchange (Associate)
BANK BLDG.,
Specialists in Pittsburgh Listed and Unlisted Stacks and Bonds
7,460
o
Germany
315,432
Netherlands
Switzerland
2,824
13,382
724,199
12,031
China
Other countries
Pittsburgh Stock Exchange
July 31 to Aug. 6, both inclusive, compiled from
£2,490,717
£3,335,091
Sale
Two consignments
valued at about £900,000,
of gold from Russia, each
reported to be on their way to London.
The SS. Maloja which sailed from Bombay on
value of about £251,000.
are
the details of United
gold for the month of June, 1937:
The following
of
are
.486,820
182,304
490,339
62.66 8
—
-
-
79,297
17,355
New Zealand
Islands and British Guiana..
of America
British West India
2,818,341
Soviet Union
'715,391
Germany
268,783
321
15,975,690
Belgium
.
ST::::;:::::::
-
:
Finland
- - -
746,459
11,902
Switzerland
Poland
Yugoslavia
has remained
the buying side while
30,950
49,507
1,596,555
7,937
92,558
47,151
475
127,206
6,665
£27,725,792
by tired bull
by the weaker
offerings have comprised resales
operators and small China sales.
Influenced to some extent
dollar, the tone has been heavy and the tendency downward, prices
at 19 13-16d, for cash and 19 J*.d. for forward comparing with 20d.
deliveries on Wednesday last.
The market, though still sluggish, would probably respond
£tn*v* fresh f<&ct)or •
The following were the United Kingdom imports and exports
today
for both
of silver
July 12 to mid-day on July 19:
Exports
Imports
£70,071
5,391
Egypt
Argentina
2,222
Canada
fZTt::::::::::::::::: siiia?
3,539
Other countries
19 15-16d.
19 15-16d.
20d.
19 15-16d.
--19 15-16d.
--19 13-l6d.
The°highest
19.927d.
rate of
United States of America._
Other countries
£127,528
July
19 15-16d.
20d.
July
July
July
July
July
20d.
19 15-16d.
193*d.
19.958d.
64
2,000
*
8%
24
769
18%
Jan
26
Feb
Jan
24%
18
1,081
25%
June
85c
June
1.25
40%
June
583*
111%
102
44%
11%
2%
66%
8%
60
104
Apr
1,774
10
June
13*
58%
7%
June
56
150
15
4
2c
2c
1,000
*
*
6%
34%
3%
1,140
Standard Steel Spring
Victor Brewing Co
6%
*33*
33*
85C
1
193*
June
30
2c
6%
22
1,489
Mar
Feb
Jan
Feb
Mar
Jan
Jan
Feb
27
Mar
Jan
43* May
June
4c
Jan
73*
Jan
35
June
Jan
Jan
Jan
63*
Feb
85c
Aug
1.25
Feb
3
Jan
83*
563*
163J*
Feb
403* June
1323* May
111
300
90c
Jan
113
23*
30
25
4%
4%
41%
153% 155%
Waverly Oil class A
_*
Westinghouse Air Brake. _*
Westingh'se Elec & Mfg. 50
June
Jan
Jan
Mar
10
25c
33*
50
4
1
12%
June
183*
12%
60
*
Jan
June
15
50
356
com
June
5c
1,500
San Toy Mining Co
Shamrock Oil & Gas
14%
4%
72%
5
100
213*
15%
15
200
Feb
Feb
50
518
300
21%
14%
33
Jan
Apr
Pittsburgh Forging Co.._l
Pittsburgh Screw & Bolt. *
63*
Feb
5
Pittsburgh
United States Glass
83*
20J*
Feb
5
Reymer & Bros
Feb
July
10%
1%
6c
.
4
Jan
Mar
276
5c
Steel Fdry.._*
Mar
3
14%
5
~5c
Feb
10%
70%
29%
June
20%
11
12%
4%
100
160
38
2%
65%
277
12
Feb
Jan
Unlisted—
112
Lone Star Gas 63* % pf-100
Pennroad Corp v t c
*
*
3%
112
Apr
Feb
53*
3% June
3%
Mar
No par value.
NATIONAL BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
COMMON
CAPITAL STOCK
INCREASED
Ami.
of Increase
July 23—The First National Bank & Trust
Walton, N. Y.. from $30,000 to $130,000.
Co. of Walton,
July 26—First National Bank of Woodstock,
from $37,500 to $52,500
--
Woodstock, 111.,
July 28—The First National Bank of Green
Pa., from $25,000 to $50,000
$100,000
15,000
Lane, Green Lane,
26,000
NEW YORK
PREFERRED
20d.
96
150
95c
"il %
High
Low
6% June
8% May
54% July
Apr
21%
1% June
50
107 % 108
5
^
Oz. Std.-
(Per Ounce .999 Fine)
14
45
15
..45
16
45
17.
45
19
45
20
45
exchange on New York
July 15 to 21 was
2,800
8,930
5,298
Sweden
2 Mos.
Cash
*
for
Week
8%
60%
25%
2%
4%
363*
443*
*
Mesta Machine Co
5,100
49,400
Hungary
IN
LONDON
-Bar Silver per
Average.
from
—
Aden and dependencies
£120,674
IN
£42,940
13,060
-
Arabia
week:
Quotations during the
July
July
July
July
July
July
British India
37%
Range Since Jan. 1,1937
Shares
7X
20
5
Brewing
Follansbee Bros pref...100
Fort Pittsburgh Brewing. 1
readily to
registered from mid-day on
233*
Mountain Fuel Supply
Indian interest
small with only spasmodic
10
Oil
Nat Fireproofing Corp...*
Phoenix Oil common...25c
SILVER
The market
upon
25,689,281
39,640
£32,016,371
3
50
McKinney Mfg Co
orffiJn
-
Other countries
2%
.1
Lone Star Gas Co
85,770
Netherlands.
Carnegie Metals
Koppers Gas & C pref.. 100
riq'o??
Venezuela..
*
Harb-Walker Refrac..
IS'ool
-
_*
Blaw-Knox Co
Duquesne
£77,507
44,566
11.126
British Malaya
Australia
100
Armstrong Cork Co
Devonian
28,342
Palestine
14
*
Consol Ice Co pref
640,321
British India
United States
Exports
Imports
Tanganyika Territory.
of Prices
High
Low
Columbia Gas & Electric. *
Kingdom imports and exports
Southern Rhodesia
Price
7%
8%
60%
24%
2%
We
Arkansas Nat Gas com
Preferred..
British West Africa
Kenya
Par
Stocks-
Week's Range
Clark tD L) Candy Co.— *
July 17 carries gold to the
Union of South Africa
Peru
Last
official sales lists
Sales
Friday
-
recorded during the period
$4,983* and the lowest $4,963*.
CAPITAL STOCK REDUCED
Amt. Reduced
cents
cents
cents
cents
cents
cents
July?, 27—The First National Bank of Shelby,
from $250,000 to $100,000--—
Shelby, N. C.,
$150,000
BRANCH AUTHORIZED
July
27—Bank of America National Trust &
Savings Assn., San Fran¬
cisco, Calif.
Location of branch: Vicinity of the intersection
Ave. and Pass Ave., City of Burbank, Los
Certificate No. 1359A.
of Olive Ave., Rowland
Angeles County, Calif.
Volume
Financial
145
Chronicle
887
VOLUNTARY LIQUIDATIONS
Amount
Per
July] 23—The Farmers National|Bank of Grayville, 111.: Common
stock, $5,000 preferred stock, $50,000; total
Effective July 6, 1937.
Liquidating agent, O. Earl Hughes.
Grayville, 111.
Succeeded by the Peoples National Bank of
Grayville, 111., Charter No. 14385.
-
Share
$1
$1H
2
Corp. (liquidating)
26—The First National Bank of Kent, Wash.: Common
stock, $35,000; preferred stock, $15,000; total
Effective at close of business July 10,1937.
Liquidating agent,
50.000
Trust Co., of Seattle, Wash.
34 He
General Water, Gas & Electric
(quar.),.
Globe Knitting Works
20c
25,000
-—
July 28—The First National Bank of Coos Bay at Marshfield,
Ore.: Common stock, $50,000; preferred stock, $50,000; total
Effective June 26,1937.
Liquidating agent, J. H. Mackie, care
_
of the
liquidating bank.
Absorbed by the
Bank of Portland, Ore., Charter No. 1553.
First
National
July 29—The First National Bank of Ravena, Ravena, N. Y„_..
Effective at the close of business July 22, 1937.
Liquidating
25,000
agent, John H. Suderley, Coeymans, N. Y.
Absorbed by the
National Commercial Bank & Trust Co. of Albany, N. Y.,
Charter No. 1301.
...
first
current week.
we
show
Then
the
we
the dividends
follow with
a
News
the
second table in which
dividends
previously announced, but which
Further details and record of past
dividend payments in many cases are given
name
announced
been paid.
have not yet
pany
In the
grouped in two separate tables.
bring together all
we
in
"General
our
under the
com¬
Corporation and Investment
Department" in the week when declared:
The dividends announced this week
are:
Per
Name of Company
Share
Ahlberg Bearing Co. class B (quar.)
Alabama Mills, Inc., common
5c
60c
Common
60c
Alabama &
Vicksburg Ry. Co. (s.-a.)
Alexander & Baldwin, Ltd. (quar.)
Allied Stores 5% preferred (quar.)
3%
$2H
91 x
Ambassador Petroleum Co
10c
American Capital Corp. $5H prior pref. (quar.)
American Investment Co. of Illinois (quar.)
American Laundry Machinery (quar.)
Extra
$1H
40c
20c
20c
American Steel Foundries
50c
American Window Glass 7 % preferred
American Woolen Co. preferred
Anglo-Iranian Oil Co., Ltd
73.6c
Archer-Daniels-Midland
50c
Artloom Corp. 7% preferred
Associated Dry Goods Corp. 1st preferred
2nd preferred
—
,,
__
$1H
$ih
$1M
Atlanta & Charlotte Air Line Ry. (s.-a.)
Atlas Powder Co
Atlas Tack
Bandini Petroleum Co.
Extra
;i
Corp
.......
25c
3c
(quar.)
i..J.
7c
i.i;
Baumann (Ludwig) & Co. 7% preferred
Beaumont Mills. Inc., $1H cum. preferred
t$lH
37Hc
Beaunit Mills, Inc
40c
Bendix Aviation Corp
25c
Bigelow-Sanford Carpet Co. (interim)
Preferred (quar.)
*
Blums, Inc. (quar.)
Boott Mills' (quar.)
Border City Mfg. Co
„
$1H
$1H
-
3iyii
.
—
50c
Boston Woven Hose & Rubber Co. common
$2
60c
Bristol-Myers Co. (quar.)
Brown Shoe Co. (quar.)
Bruce (E. L.) Co. 7% cum. pref. (quar.)
3H % cum. pref. (quar.)
Bullock's, Inc
Bunte Bros, preferred (quar.)
Carbons Consolidated, Inc. (resumed)
75c
n%
87 He
50c
$1H
25c
Carman & Co. class A—
_—
Carolina Telep. & Teleg. (quar.)
Carter (Wm.) Co. preferred (quar.)
+$1$l
$1H
Caterpillar Tractor Co. (quar.)
Preferred (quar.)
Extra
Class B
Columbia Broadcasting class A & B (quar.)
Columbian Carbon Co. (special)
Quarterly
Compania Swift Internacional
_
,,
Consolidated Steel Corp. $1% preferred
Consumers Glass Co.
(quar.)
7% preferred (quar.)
Compressed Industrial Gases (quar.)
Continental Casualty Co. (quar.)
Crane Co. new 5% pref. (initial, quar.)
Crown Cork & Seal Co. common (quar.)
$2H cum. preferred (quar.),
Crum & Forster Insurance Shares A&B—_
Preferred (quar.)
Curtis Publishing Co. $7 preferred
Cushman's Sons, Inc., 7% preferred
Dayton Rubber class A
Dictaphone Corp
1
Preferred (quar.)
Distillers Co., Ltd., Am. dep.
Eastern Footwear Corp
Eastern Utilities Associates
v
—
,_
shares,
_
1
Oct.
1
Sept. 30
Aug. 25
Aug. 25
40c
Sept.10
75c
Sept. 10
$1
Sept.10
50c
Sept. 1
t50c
Aug. 20
25c
Sept.15
Sept. 1
50c
Sept.15
30c
Sept. 1
$1M
Sept. 15
50c
Sept. 7
56 He
Sept. 15
30c, Aug. 31
Aug. 31
87>Jc
-,,
$2
55.1c
10c
Eckhardt Becker Brewing Co
4c
Empire & Bay State Telegraph (quar.1
Empire Capital Co. (quar.)
Emsco Derrick & Equipment Co
Employers Reinsurance Corp. (quar.)
Ewa Plantation Co. (quar.)
Faber Coe & Gregg, Inc. (quar.)
Fajardo Sugar
Federal Light & Traction pref. (quar.)
Fishman (M. H.) Co., Inc
Fort Worth Stockyards (quar.)
Special
Garner Royalties, Ltd., A
$1
Oct.
Oct.
50c
12c
conv.
Sept. 15 Sept.
Oct.
1 Sept.
Aug. 10 July
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
Aug. 20 Aug.
Sept. 15 Sept.
Aug.
7 June
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 10 Aug.
Aug. 30 Aug.
Aug. 20 Aug.
Aug. 20 Aug.
Aug. 14 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 13 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Aug.
2 July
Aug.
2
Aug. 14 Aug.
Aug. 20 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.
Aug.
Sept. 1 Aug.
Sept.
Aug.
Sept.
Aug.
75c
$1H
$1H
rec. ord. reg
1 Sept.
$5.85
37 He
t$l
t$l
75c
50c
Chicago Venetian Blind (quar.)
Coca-Cola Co. (quar.)
Coca-Cola International Corp. (quar.)
Colt's Patent Fire Arms Mfg. Co. (quar.)
Columbia Breweries, Inc., ser. B (stock div.),,
1 Oct.
Nov.
Oct.
15c
50c
$1
preferred
6% preferred
Central Surety & Insurance Corp. (s.-a.)
Central Vermont Public Service $6 pref. (qu.)_.
Chase (A. W.), Ltd., partic. pref. (quar.)
Sept. 1 Aug. 20
Aug. 16 July 29
Sept.15
Aug. 25
Aug. 25
Aug. 30
Sept. 1
Sept. 15
Sept. 15
Aug. 14
Aug. 16
Aug. 10
Aug. 10
Sept. 30
Celluloid Corp. participating preferred
Central Arkansas Public Service 7 % pref
Central Illinois Public Service $6
Holders
When
Payable of Record
Oct.
Oct.
Sept.
Preferred (quar.)
Hart-Carter Co. $2 conv. preferred
$2 conv. preferred (quar.)
Hawaiian Commercial &
$1h
Sept. 1
Sept. 15
Aug. 13
Oct.J - 6
Aug. 14
Aug. 14
Aug.
4
$1h
50c
50c
10c
25c
40c
60c
50c
11
37Hc
12Hc
Oct.
1
Sept.
Sept.
Sept.
Sept.
Aug.
Sept. 30
_
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
16
1
1
31
25
16
14
Sept.
Sept.
Sept.
Aug.
Aug.
Aug. 10
1*
Sept. 10
Aug. 14
Aug. 14
Aug. 16
Aug. 16
Aug. 20
Aug. 20
Aug.
5
July 31
July 31
July 31
Sept. 20
Sept. 11
Sept. 11
Sept.13
Aug. 20
Aug. 20
Aug. 27
Aug. 18
Aug. 18
Aug. 15
Aug.
5
Aug. 31
4
16
1
20*
31*
21
21
31
16
37 He
37Hc
15c
7H%
7H%
J50c
5c
50c
50c
91X
$1H
$1H
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
7% preferred (quar.)
Lake Superior District Power
7% pref. (quar.),,
6% preferred (quar.),,
Lansing Co. (quar.)
Lawbeck Corp. 6% pref. A (quar.)
Lee (H. D.) Mercantile (quar.)
Lincoln Stores, Inc. (quar.)
40c
$1H
$1H
$1H
$1H
25c
$1H
25c
25c
(quar.)
50c
$3
Lunkenheimer
Co.
(quar.)
Mallory Hat Co. 7% pref. (quar.)
Marion Manufacturing
Masonite Corp. (quar.)
Extra
37 He
$1H
25c
I
75c
91X
(quar.)
Mead Corp
50c
„
$6 preferred (quar.)
$5H preferredB (quar.),
$1H
91%
Metal Textile Corp. partic. pref. (quar.):
8ias
Carpet Mills, Inc. (quar.)
Extra
;
30c
Montgomery Ward & Co
Class A (quar.)
50c
$1H
$1H
Morse Twist Drill & Machine,
Mt. Diablo Oil Mining &
Development (quar.),,
Mullins Mfg. Corp. pref. (quar.)
National Container Corp. (Del.)
Extra
Nebraska Power Co.
25c
3c
15c
.'
10c
7% pref. (quar.)...
$1H
$1H
91X
91X
6% preferred (quar.)
Neiman-Marcus Co. 7% pref. (quar.)
7% preferred (quar.)
Neisner Bros., Inc. (quar.)
Newmarket Manufacturing
Oct.
Sept.
Oct.
Sept.
Sept.
Aug.
Oct.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Oct.
Nov.
Oct.
Dec.
Sept.
Sept.
Sept
45c
Oct.
20c
Nov.
16Hc
91X
Nov.
Parker-W olverine Co
50c
Pennsylvania Sugar Co
Peoples Telephone Co. (Butler, Pa.) pref. (qu.)_
Pepperell Mfg. Co. (semi-annual)
Pfaudler Co. 6% preferred (quar.)
Pharis Tire & Rubber Co
50c
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Sept.
Sept.
Aug.
July
Sept.
Aug.
Aug.
Sept.
Sept.
$1h
—
Pillsbury Flour Mills (quar.)
Pittsburgh Coke & Iron, $5 preferred (quar.),,
Plymouth Fund, Inc., class A (quar.),,
Portland & Ogdensburg Ry. (quar.)
Puritan Ice 8% preferred (semi-annual)
Purity Bakeries Corp
Rainier Pulp & Paper Co. $2 class A&B
Republic Insurance of Texas (quar.)
Rochester Gas & Electric 6% pref. C and D
5% preferred E (quar.)
Royalty Income Shares, series A
Rustless Iron & Steel $2H preferred (quar.)
Savannah Electric & Power 8% pref. A (quar.),,
7H% preferred B (quar.)
7% preferred C (quar.)
6H% preferred D (quar.)
6% preferred (semi-annual)
Oct.
Oct.
Oct.
Oct.
Oct.
Seaboard Oil Co. of Del
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Second Investment Corp. (R.I.) conv. pref
$
Nov.
Aug.
Sept.
...
prior preferred (quar.)
Sigma Mines, Ltd. (initial)
1
Simplex Paper
Smith-Alsop Paint & Varnish 7% pref
Socony-Vacuum Oil Co
Sonotone Corp. preferred (quar.)
Oct.
16
Sou. Calif. Edison, Ltd., 6% pref. ser. B (qu.),_
Sept.
13
13
Southern Counties Gas of Calif. 6% pref. (quar.)
Southern Pipe Line Co
Oct.
8
24
6
Spear & Co. 1st & 2d pref. (quar.)
Standard Coosa-Thatcher (reduced)
Standard Oil Co. of Calif, (quar.)
17
21
16
10
31
5
15
16
16
14
2
2
20
Extra
Standard Oil Co. of Indiana (quar.),
Extra
Standard Steel Spring Co. stock dividend
Struthers-Wells-Titusville Corp
Stuart
(D. A.) Oil Co., Ltd., class A pref
Technicolor, Inc. (interim)
Texa-i Pacific Coal & Oil Co.
Timken Roller Bearing
(quar.)
(quar.)
Extra
Toledo Edison Co.
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Sept.
Sept.
Aug.
25c
Sept.
25c
Sept.
25c
Sept.
25c
Sept.
100% Aug.
31Hc Aug.
20c
Sept.
50c
Sept.
10c
Sept.
75c
Sept.
25c
Sept.
58 l-3c Sept.
50c
Sept.
41 2-3c Sept.
25c
20
Aug. 16
Aug. 16
Aug. 10
Aug.
July 20
Aug.
Aug.
4
Sept.
Aug. 23
Sept.
Aug. 23
Aug.
Aug.
5
Aug. 25 Aug. 14
Aug.
Aug.
4
July
July 24
July 20
July
Sept.
Sept. 1
Aug.
Aug. 15
Sept.
Aug. 15
Sept.
Sept. 1
Sept.
Aug. 14
Sept.
Aug. 14
Sept.
Aug. 20
Sept.
Sept. 10
Sept.
Sept. 10
Oct.
Sept. 10
Oct.
Sept.il7
Aug.
July 29
Sept.
Aug. 15
Sept.
Aug. 14
Sept.
Aug. 16
July
Julyj 20
Sept.
Aug. 15
Sept.
Aug. 15
Sept.
Aug. 13
Sept.
Aug. 13
Sept.
Aug. 20
Sept.
Sept.
Aug.
10c
Sugar Plantation Co. (monthly)
Pacific Finance of Calif, (quar.)
8% preferred (quar.)
6H% preferred (quar.)
5% preferred (quar.)
16
17
31
21
16
31
31
5
14
14
24
Dec. 24
50c
Otis Steel Co. 1st preferred (quar.)
Paauhau
Aug.
Aug.
Aug.
July
Aug.
July
July
Aug.
Aug.
Aug.
Sept.
Aug. 10
Sept. 20
sltH
(quar.)
Sept.|17
Sept. 1
Aug. 20
Aug. 16
Aug. 20
Julyj 31
Aug. 14
Aug. 3
Oct.
Sept.
Aug.
91X- Aug.
25c
Sept.
$1
Sept.
Sept.
Sept.
91X
Aug.
10c
Sept.
Oshkosh B'Gosh, Inc
Preferred (quar.)
1
Sept.
$2
North River Insurance Co. (N. Y.) (quar.)
10
1
14
14
15
15
Dec.
50c
Northeastern Water & Electric Corp. $4 pref
Nova Scotia Light & Power 6% pref. (quar.)
Ohio River Sand Co. preferred
Ontario Steel Products preferred
lc
$1X
(initial)
National Iron Works, Inc. (increased)
National Pressure Cooker Co. (quar.)
North American Oil Consolidated
4
10
16
20
25
30
11
25
50c
$1X
$1
Kobacker Stores, Inc., common
Preferred (quar.)
Kroehler Mfg. Co. 6% pref. A
(quar.)
6% preferred A (quar.)
Mohawk
75c
20c
*
Loew's, Inc
20
14
Sept. 23
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Ironite Ironer Co. (quar.)
Ironwood & Bessemer Ry. &
Light pref
Keystone Custodian Fund series B-3
Series S-4
Series K-l
Locomotive Firebox
21
16
13
13
20
31
16
4
4
10
16
16
20
15
15
20
$1H
5c
,
Preferred
75c
25c
Imperial Tobacco of Great Britain & Ireland—
Ordinary registered (interim)
Amer. dep. rbts. for ord.
reg. (interim)
International Nickel of Canada
Preferred
Oct.
50c
Sugar Co. (quar.),,.
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp.
(quar.)
Hevden Chemical Corp
Hobart Manufacturing class A
(quar.)
Homes take Mining Co.
(monthly)
Honolulu Plantation
(monthly)
8
5
21
30
14
10
20
20
15
22
4
Oct.
...
15
9
Oct.
Oct.
Preferred
Mining Co
Idaho Maryland Mines
(extra)
DIVIDENDS
are
Aug. 12
60c
25c
35c
•
Hecla
Dividends
Sept.
Nov.
Aug.
Aug.
July
Sept.
$1H
$1H
35c
__
100,000
Holders
(quar.)
Griggs, Cooper & Co. 7% preferred (quar.)
Hammermill Paper
6% preferred (quar
Harbison-Walker Refractories
7% preferred (s.-a.)
Great Western Sugar
(quar.)
July 27—The First National Bank of Merrill, Ore
Effective June 23,1937.
Liquidating agent, J. H. Mackie, care
of the liquidating bank.
Absorbed by the First National
Bank of Portland, Ore.
Charter No. 1553.
When
Payable of Record
Aug.
July
Aug.
Sept.
Sept.
Sept.
Gossard (H. W.) Co
Grant (W.T.) Co
Absorbed by Peoples Bank &
Herber, Kent, Wash.
Company
General Motors Corp
$5 preferred (quar.)
General Stockyards
July
H. J.
Name of
$55,000
Nov. 20
Aug. 31
Aug.
7
July 26
Aug. 27
Aug. 10
Aug. 14
Aug. 15
July j 31
Aug. 20
Aug. 20
Sept. 1
Aug. 14
Sept .|;15
Oct.j 15
Oct.j 15
Oct. 115
Aug. 14
July 22
Aug. 31
Aug.
5
Aug. 20
Aug.
5
Aug. 14
Aug. 20
Aug. 15
Aug. 20
June 30
Aug. 16
Aug.
9
Aug. 10
Aug. 13
Aug. 13
July 31
Aug. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 1
Aug. 14
Aug. 14
Aug.
2
Aug. 3
Aug. 20
Aug. 19*
Sept. 15
Aug. 20
Sept. 13
Aug. 16*
Aug. 16
July 31
Aug. 16
Aug. 16
Aug. 16
Aug. 16
Aug. 10
Aug.| 6
Aug. 16
Aug. 30
Aug. 11
Aug. 17
Aug. 17
Aug. 14
Aug. 14
Aug. 14
Financial
888
When
Per
Name
Union Gas of Canada
Sept. 15 Aug. 20
Sept.
Aug. 16
Sept.
Aug. 16*
Brooklyn Teleg. & Messenger
Brooklyn Union Gas
Buckeye Pipe Line Co
Nov.
Oct.
Buckeye Steel
Sept.
Sept.
Sept.
Aug.
Sept.15
Sept. 15
Sept.
1
Sept.
I
Aug. 16
Aug. 16
Aug. 20
July 29
Sept.
1
Sept.
1
Aug. 16
Aug. 16
Sept. 8
Sept. 8
Sept.15
Sept.15
Aug.
2
Sept. 11
Aug.
6
Aug. 14
Aug. 31
Aug. 31
Aug. 31
Aug. 14
40c
—--
40c
United Biscuit Co. of America common (qu.) Preferred (quar.)
—
United States Envelope Co
Preferred (semi-annual)
United Wall Paper Factories pref. (quar.)
Universal Winding Co. 7% pref. (quar.)
SI X
Veeder-Root, Inc. (quar.)
—---------
_
(quar.)
Yick Chemical Co.
Pacific Ry.
Preferred (semi-annual)
Wellington Fund, Inc. (quar.)
VIcksburg Shreveport &
Oct.
6% pref. (quar.)
(Wm.) & Co., Inc., 7% pref. (quar.)
Western Cartridge Cp.
Whitman
Wilson-Jones Co.
Oct.
—
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Co
(extra)
u
Wisconsin Public Service Co.
7% preferred
e6 H % preferred
6% preferredood (A.)
Below
Steel 7% preferred-
we
1
Sept. 30
Sept. 30
Aug. 20
Extra
Wilcox & Gibbs Sewing Machine
1
Oct.
(s.-an.j_ —
1
16
19
20
20
20
1
15*
Name
Abbotts Dairies, Inc.
of Company
Share
(quarterly)
25o
>
3%
preferred-
$2
Alaska Packers Assn. (quar.)
niH
Albers Bros. Milling, 7% preferred
Allegheny Steel Co
Preferred (quarterly)
Allentown Bethlehem Gas, 7% pref. (quar.)
Allied Laboratories, Inc
Allied Products Corp., class A (quar.)
40c
%IX
25c
—
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Dec
1 Aug. 20
Oct.
Oct.
1 Sept. 13
1 Sept. 13
2c
-—
(quar.)
American Electric Securities Corp., partic. prefAmerican Envelope Co., 7% pref. A (quar.)
7% preferred A (quarterly)
American Equities Co
American Forging & Socket Co
American Hide & Leather preferred (quar.)
American Home Products Corp., (monthly)
American Indemnity Co
American Insurance Co. (Newark, N. J.) (s.-a.)
American Chicle Co.
$1
$1
il
10c
50c
75c
20c
90c
26c
5c
Extra
25c
American Metal Co
25c
*
Extra
$1h
(quar.)
preferred (quarterly)
7% preferred (quarterly)
liS
40c
Re-Insurance
75c
American Smelting & Refining Co. (quar.)
American Sugar Refining (quarterly)
50c
$1%
$1H
MX
(quarterly
American Tobacco Co.
(quarterly)
Common B (quarterly)
American Toll Bridge Co. (quar.)
Quarterly-
2c
-
2c
20c
American Water Works & Electric Co
$1
Anaconda Wire & Cable Co
Archer-Daniels-Midland Co. pref. (quar.)
Armour & Co.
(111.)
$6 preferred (quar.)
7% preferred (quar.)
Armour & Co. (Del.) preferred (quar.)
Armstrong Cork Co. (interim)
Asbestos Mfg. Co., $1.40 pref. (quar.)
Associated Telep. & Teleg., 7% 1st pref
1st $6 preferred
Atchison Topeka & Santa Fe
Atlanta & Charlotte Air Line Ry. (s.-a.)
Atlantic Refining Co., common
Atlas Corp., 6% preferred (quarterly)
Atlas Plywood Corp
Baltimore American Insurance Co. (s.-a.)
$15*
20c
-
50c
Nov. 25
_
Dec.
15 Dec.
5
Aug. 16 July 30
6
Aug. 31 Aug.
Oct.
2 Sept. 7
Oct.
2 Sept. 7
Sept.
1 Aug. 10
Sept. 1 Aug. 10
Sept. 15 Sept. 1
Dec.
15 Dec.
Sept.
Sept.
Aug.
Sept.
15
13
12
15
Oct.
Sept.
1
Aug. 20
Aug. 13
July 21
Aug. 25
Sept. 10
Sept. 10
Sept. 10
Aug. 10
Oct.
20
Nov.
15c
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
63c
Oct.
2
16 Aug.
2
16 Aug.
1 July 39
1 Aug. 20
15 Aug. 20
1 Aug. 10
16 July 22
16 July 31
16 July 31
1 Aug. 16
1 Aug. 16
1 Aug. 31
Oct.
1 Aug. 31
42c
$2
$4H
25c
75c
50c
10c
25c
$2H
25c
25c
3%
$134
$134
15c
25c
25c
Aug.
9 Aug. 2
Sept.
1 Aug. 14
Aug. 31 Aug. 16
Aug. 12 July 10
Dec. 30 Dec.
15
Sept.
1 Aug. 13
Aug. 16 July 31
5
Aug. 16 Aug.
Sept. 15 Sept. 1
1
Dec. 18 Dec.
—
(quar.)
Corp. (quar.)
(quar.)
Preferred
preferred (quar.)
Campbell. Wyant & Cannon
25c
35
Black Clawson Co. (quar.)
$134
6% preferred
25c
Blauner's Inc. common (quar.)
75c
$3 preferred (quar.)
$3 conv. pref. (quar.)
Payable at rate of 1-32 sh. of com. or cash.
Bond & Share Trading Corp 6% pref - (quar.) —
Borden Co. (quarterly)
Boss Manufacturing Co. (quar.)
Blue Ridge Corp.
75c
3734c
40c
$2
685*c
30c
20c
50c
,
—
—
%
Foundry
Pablo, preferred.
Canadian Oil Cos., Ltd. (quarterly)—
Castle (A. M.) & Co. common (quar.)
Canada Wire &
—
Central Massachusetts
Aug. 21
Aug. 14
July 31
July 30
Aug.
2
Aug. 14
Oct.
1 Sept. 15
Oct.
1 Sept. 15
6
Aug. 31 Aug.
Sept. 1
Sept. 1
Aug. 16
Aug. 20
Aug. 16
Sept, 1
1
Oct. 15 Oct.
1-15-38 Dec. 31
4-15-38 Apr, " 1
tl2Hc
50c
25c
Extra. J
(quar.)--
Cedar Rapids Mfg. & Power Co.
Celotex Corp., common (quar.)
—-
75c
40c
Light & Power (quar.) —
50c
$1H
6% preferred (quarterly)
Central Mississippi Valley Electric Prop.—
_
21
1
27
20
20
1
2
2
14
5
31
13
13
31
15
Sept. 15
Aug. 16 July
Aug. 16 July
Aug. 15 July
Aug. 28 Aug.
Sept. 7 Aug.
Aug. 15 Aug.
Aug. 10 Aug.
Aug. 10 Aug.
Aug. 16 July
Aug. 19 Aug.
Aug. 31 July
Aug. 16 July
31
31
31
7
10
1
2
2
31
6
15
31
Oct.
1 Mar. 20
Aug. 16 Aug. 10
Nov. 15 Nov. 10
5
Aug. 16 Aug.
Aug. 10
Sept.
Dec.
(quar.j.
Aug. 10
Dec.
Special guaranteed
Special guaranteed (quar
Colgate-Palmolive-Peet, pref. (quar.)
Nov. 10
Sept.
Guaranteed (quar.)
Nov. 10
Oct.
Sept.
Sept. 30
Aug. 15
Aug. 15
Aug. 15
Aug. 23
Aug. 16
Aug. 16
Sept.
Aug. 14
(quarterly)
_
Colt's Patent Fire Arms Mfg. (quar.)
—
Columbia Gas & Elec. Corp., 6% ser.
5% preferred series No. 33
A (quar.)_
(quar.)
5% preferred series No. 22 (quar.)Columbia Pictures Corp. com. v. t. c., stk. div—
$2.75 conv. prefferred (quar.)
Commonwealth Internal. Corp., Ltd. (quar.) —
Commonwealth Utilities Corp. 6H% P*. C (QU.)
Concord Gas Co. 7% preferred
Confederation Life Assoc. (Ont.)
Dec. 31
90c
MX
20c
MX
Preferred (quarterly)
25c
$2
(quar.)
30c
Container Corp. of America (quar.)—
Continental Can Co., Inc. (quar.)
Continental Cushion Spring Co.
Continental Oil Co. (Del.)
75c
5)4c
(quarterly)
Special
—
Copper weld Steel Co. (quar.)
Corporate Investors, Ltd. (quar.)
Corrugated Paper Box Co., 7% pref. (qu.)
Cosmos Imperial Mills (quar.)
5% preferred (quar.)
Courtaulds, Ltd., Amer. dep. rec. ord. reg
Less British income tax of 25% and deduction
for expenses of depositary.
Crane Co., 7% preferred
Crown Cork & Seal, Ltd. (quar.)
Crown Drug Co. preferred (quar.)
Crown Zellerbach Corp., $5conv. pref. (quar.) —
Crucible Steel Co. of America, preferred
Crum & Forster, preferred (quarterly)
Cuban-American Sugar. preferred
Cuneo Press, preferred (quarterly)
Preferred
-—
—
20
July
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
31
2
13
16
20
5
1
14
14
14
20
Nov. 20
Oct.
1
(quar.)
Sept. 1 Aug. 20
Sept. 1 Aug. 14
1-5-38 Dec. 20
—
—
5
Aug. 10 Aug.
5
Aug. 10 Aug.
Sept. 1 Aug. 14
Dewey & Almy Chemical
Class A
-
Dec.
Common
Common stk. di». of 4-50tbs
Oct.
_
Dec. 23 Dec. 23
Detroit Gasket & Mfg., pref. (quar.)
Detroit Hillsdale & Southwestern RR. (s.-a.)
Diamond Match Co
31
15 Sept. 30
Dec.
.
7% preferred (quarterly)
7% preferred (quarterly)
Denver Union Stockyards, 5H% pref.
5
24
31
8
8
14
31
16
Sept. 15
Aug. 15
Aug. 16
Sept. 1
Sept. 30
Sept. 30
Aug. 16
Sept. 15
Sept.
Sept.
Sept.
Sept
(quar.)
Quarterly
_
15
15
15
15
16
21
17
Aug. 24 July
—
(quarterly)
Oct.
1 Sept.
Oct.
1 Sept.
Aug. 14 July
Aug. 14 July
Aug.
Sept.
Aug.
Sept.
Oct.
Sept.
Aug. 20 Aug.
Aug. 14 July
Aug. 15 Ju.y
Sept. 30 Sept.
Sept. 30 Sept.
Aug. 31 Aug.
Aug. 15 July
Sept. 1 Aug.
Aug. 14 July
Oct.
Deere & Co
Dentists Supply Co. of N. Y.
Mar. 15
Sept. 15 Sept. 1
Aug. 14
Sept.
Aug. 16
Sept.
Aug. 16
Sept.
6
Sept. 15 Aug.
10c
Extra
Consolidated Paper Co. (quar.)
Consol. Retail Stores 8% preferred
4
6
13
20
20
20
9
4
15
14
July 31
Sept.
Aug.
Sept.
July
July
July
Aug.
Aug.
July
Aug.
Sept. 30 Dec. 24
(quarterly)—
Quarterly
Congoleum-Nairn. Inc.
(quarterly)
Connecticut Light & Power Co., 5H% pref
Connecticut River Power Co. 6% pref. (quar.) —
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Edison Co. of N. Y. (quar.)
Consol. Gas Elec. Light & Power Co. of Bait.—
Common (quarterly)
Series A 5% preferred (quarterly)
Consolidated Oil Corp. (quar.)
—
Preferred
Sept. 15
Aug. 15
Aug. 15
Aug. 15
Aug. 16
Aug. 16
Sept.
Aug. 15
Sept. 7
Sept.
Sept.
Aug. 14
7
Aug. 16 Aug.
Sept.
1 Aug. 20
2
Aug. 16 Aug.
Aug. 16 July 31
Oct.
1 Sept. 15
1
Sept
1 Aug.
5
Aug. 16 Aug.
Sept.
1 Aug. 14
Sept. 1 Aug. 10
Sept. 1 Aug. 20
Aug. 28 Aug. • 6
Sept. 10 Aug. 10
(quar.)
—
Champion Paper & Fibre (quar.)
Preferred (quar.)
Chartered Investors $5 pref. (quar )
Chester Water Service $5H pref. (quar.)
Chicago District Electric Generating, $6 pfd
Chicago Mail Order Co. (quar.)
Chicago Yellow Cab
Chile Copper Co
Chrysler Corp., common
Cincinnati Union Terminal Co.. 5% pref. (qu.)_
City of Paris Dry Goods Co. 7% 1st pref. (qu.)7% 1st pref. (quar.)
Clear Spring Water Service preferred
Cleveland & Pittsburgh RR. Co. gtd. (quar.) —
Chain Belt Co.
Common
Sept.
Oct,
Sept.
1 Aug. 14
5
Aug. 16 Aug.
5
Nov. 15 Nov.
6% preferred (quar.)
Centrifugal Pipe Corp. (quar.)—
Quarterly
Century Ribbon Mills
Preferred (quar.)
1 Nov. 15
sh. of Pan
sh. of Dia¬
Payable in
of 2-50ths; the
of
a
Amer. Match Corp. for each
mond Match com. stk. held.
2d & 3d of l-50th each.
of a sh. of Pan Am.
each sh. of Diamond
Pref. stk. div. #f l-50th
Match
Corp.
for
Match preferred stock
Preferred
held.
75c
(semi-ann.)
Preferred (sem -ann )
Diem & Wing Paper Co., 5%
Distillers Co., Ltd.
Extra
75c
preferred (quar.) —
(final)
Dixie-Vortex Co., (quarterly)
Class A (quarterly)
Quarterly
5% Preferred (quar.)
Drug Co. (quar.)
Duplan Silk Corp. (semi-ann.)
Eagle Picher Lead
75c
Preferred
Quarterly
15c
50c
10c
MX
(quar.)
Eastern Utilities Assoc.
MX
—
(quarterly)
Oct.
Sept.
Dec.
Nov. 15 Nov.
50c
Dow
Sept. 10
Sept. 10
Oct.
50c
prefChemical, 5)4% pref. (quar.) __
Dow Chemical Co. (quar )
31
60c
mx
*30c
Dominion-Scottish Investments, Ltd., 5%
1 Aug. 14
Marl'38 Feb 15'38
Sept.
Aug. 15 July
Sept.
Aug. 14
Aug. 14 July 31
Sept. 1 Aug. 20
Sept. 15 Aug. 25
2
Aug. 16 Aug.
2
Aug. 16 Aug.
5
Aug 16 Aug.
5
Aug. 14 Aug
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Aug. 16 Aug.
6
5% pref—
Dominion & Anglo Investment Corp.,
Dominion Bridge, Ltd. (quar.)
Dominion Tar &
$1X
1234%
2)4 %
37 He
62 He
20c
20c
Doctor Pepper Co. (quarterly)
18c
Boston Fund. Inc
Sept. 1 Aug. 25
Sept.
1 Aug. 20
Aug. 16 July 26
Oct.
1 Sept. 3
Oct.
1 Sept. 3
Sept. 15 Aug. 27
Sept.
1
Sept.
1
2
Aug. 16 Aug.
2
Aug. 16 Aug.
5
Sept. 1 Aug.
15c
37Hc
62 He
California Packing
California Water Service
1
25c
c
—
three installments, the 1st
$3
SI..
6234c
MX
Common
Dec.
3
Aug.
7 Aug.
Aug. 24 Aug. 20
Sept. 30 Sept. 22
Sept.
Aug. 14*
Oct.
Sept. 1
Oct.
Sept. 7
Oct.
Sept. 7
Aug. 20
Sept.
Aug. 20
Sept.
Aug. 20
Sept.
Sept. 15 Sept. 5
49c
6% preferred (quarterly)
Bangor & Aroostook RR. Co., common
Cumulative convertible preferred
Bankers & Shippers Ins. Co. of N. Y
Bank of Toronto (quar.)
Barber (W. H.) Co. (quar.)
Barnsdall Oil Co. (quar.)
Bath Iron Works Corp.. payable in stock
Baton Rouge Electric Co. $6 pref. (quar.)
Beacon Mfg. Co., 6% pref. (quar.)
Belden Mfg. Co. (quarterly)
Bellows & Co.. class A (quar.)
Class A (quar.)
Berkshire Fine Spinning Assn.—
$5 preferred (adjustment)
7 % old preferred (resumed)
Best & Co., dommon (quar.)
Bethlehem Steel Corp. 7% preferred (quar.)
5% preferred (quar.)
(quar.)
15
35c
(quar.)
Bourjois, Inc., %2X pref. (quar.)
Brach (E. J.) & Sons (quar.)
Brillo Mfg. Co., Inc., common (quar.)___
Class A (quarterly)
Brooklyn Edison Co. (quarterly)
Brooklyn-Manhattan Transit—
Preferred (quar.)--—
Preferred (quar.)
Dec.
Sept. 1 Aug. 16
Aug. 16 July 26*
Sept. 15 Sept.
1
Sept.
Aug. 20*
Sept.
Aug. 25
Oct.
$15*
5c
Baltimore Radio Show, Inc.
31
Oct.
Extra
Preferred
15
Sept.
75c
American Can Co. (quar.)
Preferred
31 Dec.
Dec.
25c
American Business Shares (quar.)
American
50c
1
(increased)
(quarterly)
American Paper Goods, 7%
Sept. 10
_
Sept. 30 Sept. 15
American Bank Note Co
Preferred
_
Sept. 25 Sept. 1
Sept.
1 Aug. 14
Sept.
1 Aug. 14
Sept. 30 Sept. 15
t$4
$ih
6% preferred (quarterly)
Aluminum Manufacturing. Inc. (quar.)
Preferred
_
50c
Alpha Portland Cement
Aluminium, Ltd., 6% preferred
American Arch Co.
Oct.
t$i .75
7% preferred (quarterly)
Machine.---;
(quarterly)
(quarterly)--Byron, Jackson Co
Calamba Sugar Estate (quar.)
Preferred
Oct.
25c
Mills
Preferred
Payable of Record
43 He
l30c
Extra
Alabama Great Southern RR.,
Ming. & Cone. Co
*12 He
t7Hc
37Hc
Butler Bros,
Holders
87 He
15c
35c
t30c
-----
Burroughs Adding
Sept. 1 Aug. 16
Aug. 14 July 31
Sept. 22 Sept. 2
Sept.
Aug. 16
Sept.
Aug. 16
Oct.
Sept. 15
Aug. 16 July 12
Aug. 10 July 31
Aug. 16 July 31
Sept. 16 Sept. 1
Sept.
Aug. 18
Aug. 10 July 31
Oct.
Sept. 15
$1
Acme Wire Co-_
Addressograph-Multigraph Corp
Agnew-Surpass Shoe Stores (s.-a.)
35c
25c
$15*
12 )4c
Bonus
Burlington
Oct.
$1
Casting--—-—-—
Bunker Hill & Sullivan
40c
40c
—
6)4% preferred (quar.)—
(quar.)
Buffalo Ankerite Gold Mines (quar.)
give the dividends announced in previous weeks
When
Ho ders
Aug.
Sept.
Aug.
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
July
1 Sept.
MX
Co. (quar.)
Buck Hill Falls Co.
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Per
I
Payable\of Record
Payable of Record
J15c
Ltd---
1937
7,
When
Holders
Share
of Company
Union Tank Car Co. (quar.)
Extra-.,
Aug.
Chronicle
_
9
Volume 145
Financial
Per
Name of Company
Share
East Shore Public Service
Co., $6 pref. (quar.)-$6H preferred (quarterly)
Eaton Mfg. Co
Eddy Paper Corp
Shareholdings, preferred
Optional div. of 44-1,000th of
im
75c
75c
Electric
$1H
a
Sept. 1 Aug. 10
Sept. 1 Aug. 10
2
Aug. 16 Aug.
Aug. 30 Aug. 10
5
Sept. 1 Aug.
Preferred
25c
1 Aug. 10
Dec.
1 Nov. 10
Sept.
UK
Electricmaster, Inc. (quar.)
Elgin National Watch
15c
„
...
El Paso Electric Co. (Texas) $6 pref. (qu.)
7 % preferred A (quarterly)
Emporium Capwell Corp., 7% preferred
4H% cumul. preferred A (quarterly)
4H % cumul. preferred A (quarterly)
English Electric Co. of Canada, Ltd.—
S3 non-cum. class A (resumed)
._
50c
tin
<£K
Sept, 15 Aug. 31
Sept. 10 Aug. 31
Dec.
Sept.
1 Aug. 31
Dec.
1 Nov. 30
25c
Extra
Sept. 23 Sept. 11
Oct.
1 Sept. 21
1-2-38 Dec. 23
80c
Fairbanks, Morse & Co. (quar.),
Sept. 1
Sept. 1
Sept. 1
Sept. 30
25c
Preferred (quar.).
Fansteel Metallurgical Corp. $5 pref. (quar.)—
$5 preferred (quar.)
Farmers & Traders Life Insurance (N. Y.)
-—
Extra
Federal Insurance (Jersey City) (quar.).
Firestone Tire & Rubber, 6% preferred A (quar.)
Fiscal Fund, Inc. (beneficial share)—
Bank stock series (stock div.)
Insurance stock series (stock div.)
Fishman (M. H.) Co.. 5H% preferred (s.-a.)
Fitz Simons & Connell Dredge & Dock
Florsheim Shoe Co. class A (quar.)—.......
_.
—
Class B
(quar.)
Food Machinery Corp. (extra)..
Ford Motor Co. of Canada A & B (quar.)...
Free port Sulphur Co
General Cigar Co. 7% pref. (quar.).
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
General Foods Corp. (quar.)
General Metals Corp. (quar.).
—
Globe Democrat Publishing Co., 7% Pref. (qu.).
Globe & Rutgers Fire Ins. Co. 2d pref. (sa.-a.)—
Gorham Mfg. Co., com. voting trust ctfs
Grace National Bank (N. Y.) (s.-a.)——.
Grand Union Co., $3 conv. preferred
Graton & Knight Co. 7% prer. (quar.)
Dredge & Dock Co. (quar.)
Great Lakes Engineering Works (increased)
Great Western Electro-Chemical Co..
Greene Cananea Copper (quar.)....
.....
Preferred
(quar.)
Guelph Carpet & Worsted Spinning Mills—
6 H% preferred (quar.)
Gulf States Utilities, $6 pref. (quar.).
preferred
(quarterly)
Gurd (Chas. A.) & Co., pref (quar.)
Hackensack Water Co. preferred A (quar.)
Hale Bros. Stores, Inc.....
Hamilton Watch Co
-
...
—
6% preferred (quar.)
Hammond Clock, 6% pref. (quar.)...
Hanna
(M. A.) Co., common
$5 cumulative preferred (quar.)
Havana Electric & Utilities, 6% pref—
Heileman (G.) Brewing Co. (quar.)—.
Hercules Powder Co. preferred (quar.).
Hershey Chocolate Corp. (quar.)
Conv. pref. (quar.)
Hlbbard, Spencer, Bartlett & Co. (monthly)
Monthly
Hires (Chas. E.) Co. class A common (quar.)...
Hollander (A.) & Son, Inc. (quar.)
Hollinger Consol. Gold Mines (monthly).
Extra
Holophane Co
Preferred (semi-annual)
Holt (Henry) & Co. $1.80 class A
Hooven & Allison Co. 5% pref. (quar.).
Hormel ( Geo. A.) Co. (quar.)...
6% preferred class A (quar.).
Horn & Hardart (N. Y.) pref. (quar.)
Hotel Barbizon. Inc., vot. tr. ctfs. (quar.)
Hummel-Ross Fibre Corp., common
Huttig Sash & Door Co. 7% preferred (quar.)—
7% preferred (quarterly)
Illinois Zinc Co. (interim)
Illuminating & Power Securities (quar.)
7% preferred (quar.)
Imperial Life Assurance of Canada (quar.)
Quarterly
Indiana Security Corp. 6% preferred (quar.)...
Ingersoll-Rand Co. (increased)
Inland Steel Co. (quar.)
...
—_.
....
—
Hosiery Mills (quar.)
.....
...
...
Iron Fireman Mfg. Co. (quar.)
Quarterly
Jantzen Knitting Mills, preferred (quarterly)
Jarvis (W. B.) Co. (quar.).
Jewel Tea Co.. Inc. (quar.)
Joslin-Schmidt Corp. 7% pref. (quar.)
Kable Bros. Co. 6% preferred (quar.)
Kansas City St. Louis & Chicago RR. 6% pf. gtd
Kansas Utilities Co. 7% preferred (quar.).
Kemper-Thomas Co.7% special preferred (quar.).
7% special preferrred (quar.).
Kendall Co. $6 partic. pref. (quar.)
Kennecott Copper Corp
Special
Kentucky Utilities 7% prior pref. (quar.).
Keokuk Electric 6% preferred (quar.)
Klein (D. E.) & Co., Inc. (quar.).
Kresge (S. S.) Co
Kroehler Mfg. Co., A pref. (quar.);
A, preferred (quarterly)
Lake of the Woods Milling, pref. (qu.).
Landis Machine (quarterly)..
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
j,
...
...
....
12
12
12
15
Oct.
Oct.
Oct.
1 Sept. 10
1 8ept. 20
Sept.
1 Aug. 14
Sept. 15 Aug. 16
Sept. 15 Aug. 16
Sept. 1 Aug. 20
Sept. 1 Aug. 21
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Aug. 25 Aug. 14
Sept. 18 Aug. 28
Sept. 1 Aug. 13
Lanston Monotype Machine Co
*,
La Salle Winea &
Champagne, Inc
Leath & Co.. pref.
(quar.)
Lehigh Portland Cement Co., com. (quar.)
„
Aug. 31 Aug. 21
Aug. 20 Aug. 10
Sept. 15
Nov.
Preferred (quar.)
—
Dec.
Life Savers Corp
Special
.Liggett & Myers Tobacco (quar.)..
Common B (quar.)
Lima Cord Sole & Heel Co
Lima Locomotive Works
(resumed)..
Lincoln National Life Insurance Co.
(qu.)
Lindsay Light & Chemical Co. (resumed)
Link Belt Co.
(quar.)
Preferred (quar.)
Little Miami RR., special
guaranteed (quar.)
Special guaranteed (quar.)
..........
Original capital......
Original capital
Little Long Lac Gold Mines
Dec.
Aug.
2
Sept.15
Sept.15
Aug. 16
Sept.30
Sept. 1
Sept. 15
Sept. 1
Aug. 16
Sept. 30
Sept. 1
Aug. 13
Aug. 16
Aug. 14
Aug. 16
Aug. 16
Aug. 27
Sept. 24
Sept. 1
Aug. 16
Aug. 12
Aug. 12
Sept. 1
20
31
31
31
16
16
Oct.
1
Sept. 1
Sept. 1
Aug. 16
Aug. 16
Sept. 1
Nov.
July
Aug.
Aug.
July
Sept.
Aug.
Sept.
Aug.
July
Sept.
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
Sept.
Aug.
July
July
July
Aug.
Sept.
Aug.
Aug.
July
July
Aug.
5 Oct.
3
13
31
18
14
2
2
3
24
24
17
14
14
30
29
29
12
15
11
14
31
31
12
25
Aug. 17 Aug.
2
Sept. 30 Sept. 20
Dec.
30 Dec.
Aug. 31 Aug.
Aug. 10 July
Aug. 14 July
Oct
1 Sept.
20
20*
31
31
30
1-3-38 Dec. 31
Oct.
Sept. 15
Sept.
Sept,
Sept.
Aug.
9
Aug. 13
Aug. 13
Oct.
Sept. 22
Sept.
Aug.
5
Aug. 16 Aug.
2
Sept. 1 Aug. 10
_
Dec.
1 Nov. 10
Aug. 25 Aug.
Sept. 1 Aug.
Sept. 20 Sept.
Oct.
1 Sept.
Aug. 16 Aug.
Aug. 20 July
Oct.
1 Sept.
Sept.
1
Dec.
20
14
3
20
16
20
20
1
Sept. 1
Sept. 30
Sept.30
Aug. 20
Aug. 16
2
10
20
30
24
Dec. 31 Dec.
24
10
3
3
Sept. 1 Aug. 14
Aug. 15 Aug
«
Nov. 15 Nov
5
Sept. 15 S»pt
5
Dec.
5
15 Dec
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
Aug.
Extra
(quar.)
...
15
15
16 Aug.
16 Aug.
1 Aug.
16 July
16 July
1 Aug.
31 Aug.
Sept.
31
31
5
31
13
16
27
5
5
2
2
10
31
31
16
31
5
Dec.
5
Aug. 16 July
Aug. 16 Aug.
Aug. 16 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct. 10 Sept.
Merck & Co., Inc
Preferred (quarterly)
(initial)
Meesinger Corp. (quar.)
5
Dec.
Merrimac Mills Co.
5
Sept.
Merchants & Mfrs. Securities class A & B (qu.)_
Partic. pref. (partic. div.)
...
Oct.
Midco Oil Corp. vot. tr. ctfs. (quar.)
....
Dec.
m„»
Oct.
Dec.
Dec.
National Bearing Metal (irregular)
National Biscuit Co. (quar.)
Preferred (quar.)
12 He
#i m
—
5% preferred—
National Power & Light Co. (quar.)
National Union Fire Insurance Co
Extra
Neptune Meter Co., $8 pref. (quar.)
Casualty (s.-a.)
Newberry (J. J.) Co. 5% pref. A (quar.)..
New Jersey Zinc
*.
New Jersey Zinc Co
New Amsterdam
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Oct.
....
(quar.)
Lt. & Pow. (quar.).
New York & Queens Elec.
Preferred (quar.)
1
18 Dec.
1 Oct.
16
16
23
16
16
1
9
9
15
1
Sept. 1
Aug. 10
Sept. 10
Sept. 1
Sept. 14
Sept. 1
Aug. 15
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Sept.
Ry. (quar.)
Preferred (quar.)
North American Edison Co. pref. (quar.)
North American Rayon Corp. class A & B
Northam Warren $3 preferred (quar.)
Northern Oklahoma Gas Co. 6% pref. (qu.)
Dec.
—
1
Nov. 26
July
July
Aug.
Aug.
Aug.
July
July
July
Aug.
Sept.
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
Nov. 15 Nov.
(quarterly)
Mills
6% preferred (quar.)—
Northern RR. Co. of N. J., 4% pref. (quar.)
4% preferred (quarterly)
Northwestern Public Service Co. 7% pref
6% preferred
Oahu Sugar Co.. Ltd. (monthly)..
1 Oct.
Aug. 20 Aug.
Sept. 1 Aug.
Oct. 15 Sept.
Aug. 31 Aug.
Aug. 10 July
Sept. 30 Sept.
Sept. 15 Aug.
Nov.
National Linen Service, $7 pref. (s.-a.)
National Paper & Type (new)
1 Nov. 10
Aug.10 July 26
Sept. 1 Aug. 14
Sept. 28 Sept. 18
Nash-Kelvinator
National Liberty Insurance Co. of Amer. (s.-a.)
Extra
15
12
4
20
2
31
25
1-2-38 Jan.
2
Sept
1 Aug. 27
...
Preferred A (quar.)
Preferred B (quar.)
Aug.
Aug.
Aug.
Aug.
July
Aug.
31
2
2
15
15
20
Aug. 16 July 31
Aug. 16 Aug.
2
Aug. 16 Aug.
2
......
National Grocers Co., Ltd., 7% preferred
National Lead Co. (quar.)
30 Oct.
Aug. 25
Aug. 20
Sept. 1
Aug. 16
Aug. 15
Sept.15
Minneapolis-Btoneywell Regulator (quar.)
Missouri Utilities Co. 7% pref. (quar.)
Monmouth Consol. Water Co. (quar.)
Monolith Portland Cement Co. 8% pref
Monsanto Chemical Co. (quar.)
preferredu«.*»«»«»<■>«••»••
M;
'
Represents proportion of the s.-a. dividend
for the unexpired period ending Dec. 1.
Montreal Light, Heat & Power Co. (quar.)
Moody's Investors Service $3 partic. pref
$3 partic. pref. (quar.).
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Morris Plan Insurance Society (quar.)
Quarterly
Morristown Securities Corp
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% pref. (quar.)
Norfolk & Western
1
31
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept. 15 Aug. 15
Sept. 1 Aug.
3
Sept. 15 Sept. 1
Sept. 1 Aug. 21
Oct.
1 Sept. 20
Memphis Natural Gas, pref. (quar.)
Mercantile Acceptance Corp. of Calif.—
6% preferred (quar.)
6% preferred (quar.)..
5% preferred (quar.)
5% preferred (quar.)
Mercantile Stores 7% pref. (quar.)
Class B
16
16
16
21
Nov. 30 Nov. 30
...
McColl-Frontenac Oil (quar.)
Mclntyre Porcupine Mines
Nonquitt
"
29
21
17*
17
23
28
31
31
30
21
1-3-38 Dec. 21
Nov. 15 Nov.
May Dept. Stores Co. (quar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
New York Air Brake Co.
20
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Aug.
Lynch Corp..
Macfadden Publications, Inc., preferred
Macy (R. H.) & Co. (quar.)
Madison Square Garden Corp
Magma Copper Co
Magnin (I.) & Co. , 6% preferred (quar.)
6% preferred (quar.)
Managed Investment, Inc
Quarterly
Manhattan Shirt Co. (quar.)
Manufacturers Casualty Insurance (quar.)
—
30 Oct.
Aug. 14 July
Aug. 21 July
Oct.
1 Sept.
Sept. 1 Aug.
Aug. 10 July
Aug. 25 July
Aug. 16 July
Aug. 16 July
Aug. 16 July
Oct.
1 Sept.
Lunkenhelmer Co., preferred (quarterly)....—
McKesson & Robbing, $3, pref.
5
10
25
21
20
Dec. 31 Dec. 20
Oct1 Sept. 28
1-3-38 Dec. 31
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc., $6H pref. (quar.)
Lone Star Gas Corp
Loose-Wiles Biscuit Co.. 5% preferred (quar.).
Lord & Taylor 1st pref.
(quar.)...
Los Angeles Industries
Louisville & Nashville RR. Co. (irregular)
McWilliams Dredging Co
10 Nov. 26
16 Aug.
1 Aug.
30 Sept.
31 Aug
30 Sept.
Nov. 30 Nov. 20
....
Nineteen Hundred Corp., class A (quar.)
"Class A (quarterly)
Aug.
Sept.
Sept.
Aug.
Aug.
Oct.
1 Sept.
Sept. 13 Aug.
Oct.
1 Sept.
10 Nov. 26
Oct.
(monthly)
Monthly
Monthly
Monthly
Monthly
Preferred (quar.)
Luzerne Co. Gas & Electric Corp., 1st $7 pref
1st $6 preferred (quarterly)...
21
21
26
Aug.
Sept.
Sept.
Aug.
Sept.
........
Loblaw Groceterias class A & B
(quar.)......—
Lockhart Power Co.. 7% pref. (s.-a.)
;
Lock Joint Pipe Co.
Ludlum Steel Co
3
3
Oct.
Sept. 10 Aug. 25
31
14
15
20
26
31
14
14
20
31
1
26
10
3
3
24
4
1
Dec.
Louisville Henderson & St. L. Ry., com. (s.-a.)
5% preferred (s.-a.)
5-20-38
_
Nov.
22
2-18-38
Nov. 16
10 July 31
10 July 31
15 Aug. 31
Aug.
2
Aug.
2
Aug. 17
Aug. 17
20 Aug. 10
20 Aug. 10*
Aug. 30 Aug.
9
Sept. 1 Aug. 14
Oct.
1 Sept. 15
Sept. 10 Aug. 25
15
Aug. 16 July
Aug. 15 July
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 15 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Aug. 15 July
Aug. 14 Aug.
Aug. 12 July
Aug. 14 Aug.
Sept. 13 Sept.
Sept. 13 Sept.
Oct
1 Sept.
Oct.
1 Sept.
_
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Preferred (quar.).
LIbby-O wens-Ford Glass (irregular).
_
.
14
Sept. 14
Sept. 15 Aug. 31
Sept. 10 Sept. 3
8ept.
Aug. 15
1 Sept.
1 Nov. 20
Oct.
Oct.
Lessing's, Inc. (quar.)
Le Tourneau, Inc.
(quar.)
Quarterly.
Lexington Utilities, pref
Holders
When
Payable of Record
Oct.
1 Oct.
3-1-38
6-1-38
International Business Machine Corp
International Harvester 7% pref. (quar.).
Aug.
Aug.
Aug.
Sept.
17 Dec. 15
1 Sept. 10
Dec.
Dec.
Gibraltar Fire & Marine Insurance
Extra
81H
$1H
$1H
$2H
10 Nov. 30
Nov.
Oct.
General American Corp
General Box Co. (increased)
Special
Greyhound Corp. (quar.)
Share
Aug. 10 July
Sept. 1 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
-
Preferred
(quar.)
Fuller Brush Co., 7% preferred (quar.).
Gellman Mfg. Co
Interstate
Sept. 10 Aug. 25
Sept. 15 Sept. 1
15 Sept. 30
Oct. 15 Sept. 30
Oct.
62 He
87 He
(quar.)
...
Extra
1 Nov. 10
56 He
(s.-a.)
7% guaranteed (quar.).
Guaranteed betterment
Guaranteed betterment (quar.
Great Lakes
1 Aug. 10
Dec.
87 He
80c
Erie & Pittsburgh BR. Co., 7% gtd.
$5H
Sept.
25c
(quarterly)
Per
Name of Company
Leslie Salt Co.
(quarterly)
stock or, at option of holder in cash.
guarterly (quarterly)
referred
889
Holders
When
Payable of Record
sh. of com.
Electrographic Corp. (quar.)___
Chronicle
Sept.
Dec.
16 July
12 July
18 Aug.
19 July
1 Aug.
10 Aug.
Aug.
Aug.
16
2
17
10
13
31
10
27
14
31
31
13
2
2
26
27
27
1
1
16
20
20
12
30
23
31
1
31
27
31
31
16
2
16
17
Nov. 16
1 Aug. 21
Nov. 20
Sept.
Aug. 20
Sept.
Aug. 20
Aug. 14 Aug.
5
Financial
890
Share
Company
Occidental Insurance Co.
--
Participating preferred
Oklahoma Gas & Electric 6% pref. (quar.)
7% preferred (quar.)
Oklahoma Natural Gas 6% pref. (quar.)
Ontario Steel Products
Co. preferred (quar.)__-
7% preferred
Oswego & Syracuse RR. (semi-annual)
Otis Elevator Co. (increased)
Preferred (quar.)
Outboard Marine & Mfg. Co. (irregular)
Owens Illinois Glass....
—
Pacific Fire Insurance Co. (quar.)
Pacific Gas & Electric 6% pref.
(quar.)
5H% preferred (quar.)
Pacific Lighting Corp. (quar.)
Parker Pen Co. (quar.)
Parker Rust-Proof Co. com. $2H par (quar.)___
No par common, 37He. payable to no par
common
stockholders when said stock is
turned in for each to $2H par common.
Parkersburg Rig & Reel Co
40c
87 He
(David) Grocery class A (quar.)
Wheel Co. (quar.)_Peninsular Telephone (quar.)
7% preferred (quar.)
7% preferred (quar.)
-7% preferred (quar.)
Peninsular Grinding
40c
$1*
$15*
$15*
Penmans, Ltd. (quar.)
75c
Pennsylvania!Glass Sand
25c
$15*
$1H
:
Penna. Power Co., $6 preferred (quar.)
$0.60 preferred (monthly)
Pennsylvania Salt Mfg. Co
Peoria & Bureau Valley RR. Co. (s.-a.)
Pepeekeo Sugar Co. (monthly)
Phelps, Dodge Corp
Philadelphia Co. 5% Dref. (semi-annual)
Philadelphia Electric Power, 8% pref. (quar.)_.
Philadelphia Suburban Water 6% pref. (quar.)_
Phillips Petroleum Co. (quar.)
55c
$2
$3H
10c
45c
25c
50c
$15*
50c
25c
Extra
50c
Phoenix Finance Corp., 8% pref. (quar.)
8% preferred
-
50c
87 He
..
75c
(quarterly)......
Phoenix Hosiery Co., preferred
Phoenix Securities, $3 conv. pref. A
(quar.)
(Albert) Co. (interim)
Preferred (semi-ann.)
Pitney-Bowes Postage Meter (quar.) —
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)._
Pittsburgh Brewing Co. preferred
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.)7% preferred (quar.)
Pittsburgh Plate Glass Co
Pittsburgh Suburban Water Co. $5H pref
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quar.)
r.)
7% preferred (quar
12Hc
Pick
..
Poor & Co. class A (quar.)
Class A
6% pref. (quar.)..
5H% preferred (quarterly)
Procter & Gamble Co. (quar.)
Prosperity Co., Inc.. 5% pref (quar.)
Public National Bank & Trust (s.-a.)_
Potomac Electric Power,
—
50c
10c
75c
$1
$15*
$15*
$2
$15*
$15*
37Hc
t62Hc
$15*
$15*
Semi-annual
Public Service Corp. of N. J. (quar.).
50c
$15*
37Hc
37Hc
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
Public Service Elec & Gas 7% pref. (quar.)
$5 preferred (quar.)
Pullman. Inc. (quar.)
Quaker Oats, preferred (quar.)__
Quaker State Oil Refining (quar.)
Quebec Power Co. (quar.)
Radio Corp. of Amer., $3H cumul. conv. 1st pf,
Rapid Electrotype Co. (quar.)
Quarterly
Reading Co. (quar.)
1st preferred (quarterly)
2nd preferred (quarterly)
Regent Knitting Mills, non-cumm. pref. (qu.)
Non-cumulative preferred (quarterly)
Remington Rand, Inc., interim
Republic Portland Cement Co. 5% pref. (qu.)_.
5% preferred (quar.)
Reynolds Metals Co., common
5H% cumul. conv. pref. (quarterly)
Rike Kumler Co. (quar.)
Rochester Button Co
$1H preferred (quarterly)
Roll and Paper Co., Ltd
(quar.)
Preferred (quarterly)
Roxborough Knitting Mills. Inc.—
Participating preferred (quar.)
Royal Bank of Canada (quar.)
St. Joseph Lead Co. (quar.)
San Francisco Remedial Loan Assoc. (quar.)__.
Quarterly
2nd preferred (quarterly)
Savannah Gas, 7% pref. (quar.)
Malting (initial)
Standard Royalties, Ltd., preferred
Securities Acceptance Corp. (quar.)
_
Preferred (quarterly)
5% preferred ser. AAA (quarterly)
Silex Co. (Hartford. Conn.) (initial)
8ioux City Gas & Electric pref. (quar.)
Sivyer Steel Castings Co
Smith (S. Morgan1* Co. (auar.)_
Solvay American Corp. 5H%pref
South Bend Lathe Works (quar.)
South Carolina Power Co., $6 pref. (quar.)
Southern Calif. Edison Co., com. (quar.).
Southern Canada Power Co., com. (quar.)
stock dividends
Sept.
40c
95c
43 J*c
Aug.
Aug.
Aug.
Sept.
Aug.
Aug. 14 July
23*
Nov.
10c
United States
40c
Sept.
Sept. 30
Sept. 80
Sept. 30
Sept 30
Aug. 31
Sept. 30
Sept. 30
Sept. 30
Aug. 16
Aug 31
Sept. 15
Aug. 16
40c
15
9 Aug. 19
14|Sept.23
Dec.
35c
Oct.
$15*
$15*
Sept.
25c
Sept.
*2&
25c
3725C
$15*
8c
$2
50c
75c
75c
$15*
43 5* c
40c
7c
lc
20c
37Hc
25c
t20c
$1
$15*
25c
$15*
50c
$lfl
1
15 Dec.
Dec.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
1 Aug.
5
Nov. 15
1 Sept.
1 Aug.
1 Nov.
1 Aug.
1 Sept.
11 Aug.
10
10
1 Aug.
16 Aug.
1 Aug.
9
20
20
23*
30*
27
20
6
16
1 Aug. 14
1 July 31
Sept. 20 Sept. 9
Sept. 30 Sept. 15
Sept.
Sept.
Dec.
'5 Dec.
1
Aug. 30 Aug. 16
Aug. 30 Aug. 16
Sept. 1 Aug. 20
6
Aug. 14 Aug.
1
Sept. 15 Sept.
Sept. 15 Aug. 16
1
Aug. 10 July
Sept. 1 Aug 16
Oct.
Sept. 10
Oct.
Sept. 10
Sept. 1 Aug. 18
Sept. 1 Aug. 18
Oct
Sept. 17
1—3—38 Dec. 20
Aug. 16 July 28
Aug. 16 July 31
Aug. 16 July 31
Sept. 1 Aug. 14
Aug. 10 July 31
Aug. 10 July 31
Aug. 15 July 25
Nov.
1 Nov.
]
37 He
120c
Aug. 16 July 15
Sept. 1 Aug. 14
Oct.
1 Sept. 15
Aug. 15 July 20
Aug. 16 July 31
lHc
2%
Aug. 20 July 31
2
Aug. 16 Aug.
40c
$15*
Optional dlv., $50 cash or 2 shs. of com. for
each 100 shs. held.
$1,125
55c
$2
$1,125
Sept.15 Sept.
Sept. 30
Aug. 16 Aug.
Sept. 15iSept.
1
6
1
15 Oct.
1
Aug. 10 July
28
Oct.
56c
Aug. 16 July
Aug. 16 July
Sept. 19 Aug.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Sept.
Oct.
Sept.
Aug.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 15 Sept.
60c
60c
50c
50c
50c
50c
Oct.
$15*
10c
9%
90c
12Hc
25c
10c
88
25c
t2c
25c
$1H
10c
30c
t75c
h
50c
MX
MX
25c
$1X
58 1-3 c
Aug.
Sept.
Aug.
Aug.
Oct.
Sept.
53c
Oct.
50c
Sept.
50c
Oct.
$2H
Oct.
14
15
10
1
9
Aug.
Aug. 20
July 22
July 31
Sept. 10
10
7
7
Aug. 12
17 Aug.
17 Aug.
30 Aug. 31
30 Aug. 31
Aug. 16
Sept. 15
Aug. 16
Sept. 15
Aug. 16
Sept. 15
10 Sept. 20
1
15 Sept.
Sept.
Dec.
75c
Sept. 30 Sept. 15
Sept. 20 Aug. 31*
75c
Dec.
Oct.
Oct.
-—
8 Nov. 24
30*
20 Nov
Sept .15
Sept .15
25c
90c
,2,1
50c
(quarterly)
121?
(quarterly)
S1H
Western Cartridge 6% pref. (quar.)
Western Public Service, pref. A
Western Tablet & Stationery (quar.)
—
t3Io1c
25c
Westinghouse Air Brake (quar.)
25c
Quarterly
*.
Westinghouse Electric & Mfg
.
$1
7% 1st preferred
West Jersey & Seashore RR. Co. (s.-a.)
6% Special guaranteed (s.-a.)—
West Kootenay Power & Light, pref. (quar.)
Westland Oil Royalty Co., Inc. cl. A (monthly)Class A (monthly)
Westmoreland. Inc. (quarterly)
West Penn Electric 7% pref. (quar.)
6% preferred (quar.)
(quar.)
West Virginia Pulp & Paper Co. pref. (quar.)
Wheeling Electric Co., 6% pref. (quar.)
Whi taker Paper Co
7% preferred (quar.)
White (S. S.) Dental Mfe. Co. (auar.)-Williams (J. B.) Co. (initial)
Preferred (initial)
—
$1H
$1H
$1?*
10c
10c
30c
$15*
$1H
25c
$1H
$1H
1
15 Sept
2
30 Aug.
2
30 Aug.
Aug. 14
10 July 31
27 Dec.
16
6
Aug. 14 Aug.
Sept. 20 Sept,
1
20
Sept. 21 Aug
Sept. lOlSept
1
1
Dec.
10 Dec.
Sept.
1 Aug
21
20 Oct.
Aug. 20 Aug
II
Oct
10
Sept 15 Aug 26
Sept. 15 Aug 20
Sept 15 Aug 20
Oct.
2 Sept 18
.
Aug. 10 July 31
Aug. 31 Aug. 10
Sept.
1 Aug. 16
Dec.
1 Nov. 15
1 Nov. 15
Sept.
Sept.
1 Aug.
1 Aug.
1
9
Dec.
1 Nov.
9
Dec.
Aug. 24 Aug. 14
1
Aug. 15 Aug.
Aug. 25 Aug. 14
Aug. 25 Aug. 14
2
Aug. 20 Aug.
Sept. 1 Aug. 12
5
Aug. 16 Aug.
Oct
30 Sept. 30
1-30-38 Dec 31
9
Aug. 31 Aug.
9
Aug. 31 Aug.
1-3-38 Dec. 15
Dec.
1 Nov. 15
1 Sept. 22
Aug. 15 July 31
Sept. 15 Aug. 31
Oct.
Oct.
1
Sept. 15
Aug. 16 July
Aug. 16 July
Sept. 1 Aug.
Aug. 16 Aug.
Sept. 1 Aug.
Oct.
1 Sept
.
-—
Oct.
30c
25c
25c
12Hc
$1H
(quarterly)
—
-.
$1
Sept.
Aug.
Aug.
Sept.
Aug.
Dec.
t75c
m
"!£
7 % 1st pref
50c
t$l X
60c
50c
(quar.)
$1H
6% preferred (quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Monthly.
Yale & Towne Mfg Co
Youngstown Steel Door Co
•Transfer books not closed for this
15
15
30c
Wagner Electric Corp., common
60c
Vanadium Alloy Steel
$15*
Vapor Car Heating Co., Inc. 7% pref. (quar.)—
$15*
7% preferred (quar.)
25c
Virginia Coal & Iron Co. (quar.)
Vulcan Detinning, preferred (quarterly
Wailuku Sugar
$1,125
Walgreen Co., 4H% preferred w w (quar.)
50c
Walker (Hiram) Gooderham & Worts, Ltd.(qu.)
25c
$1 preferred (quar.)
MX
Waltham Watch, prior preferred (quar.)
Washington Gas Light—
$1,125
$4 H cum. conv. preferred (quar.)
$9
Washington Ry. & Electric Co
—
$15*
5% preferred (quarterly)
MX
5% preferred (quarterly)
$2H
5% preferred (semi-ann.)
$4
Weill (Raphael) & Co. 8% preferred (s.-a.)
10c
Weisbaum Bros. Brower (quar.)
—
10c
Quarterly
75c
Welch Grape Juice Co
25c
Wentworth Mfg., preferred (quar.)
Worcester Salt common
15
14
25c
Utica & Mohawk Cotton Mills (quar.)
Extra
15
25c
(quar.)
Wood, Alexander & James, Ltd.,
Woolworth (F. W.) Co. (quar.)
2
15
50c
Debenture (semi-ann.)
Wilson & Co. (quar.)
WInstead Hosiery Co.
31
50c
Universal Insurance Co. (quar.)__
Utica Clinton & Binghamton RR
Westvaco Chlorine Products
31
1-3-38 Dec.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
53c
United States Steel Corp., preferred
Preferred (quarterly)
.
16
15
10
16
Oct.
581-3 c
United States Rubber Reclaiming, 8% pref—
Preferred
1
Sept. 1 Aug. 20
Sept. 1 Aug. 11
Aug. 10 July 31
Aug. 16 July 31
5
Aug. 16 Aug.
Sept. 1 Aug. 10
Sept. 1 Aug. 10
Sept. 1 Aug. 10
Sept. 1 Aug. 20
Aug. 31 Aug. 21
Aug. 21 July 22
Aug. 14 July 31
I
Sept.
Sept.
Sept. 1 Aug. 14
U
Common (quarterly).:
Wesson Oil & Snowdrift
15
20c
(quar.)
Pipe & Foundry Co., com. (quar.)
United States Playing Card Co.
Extra
18
31 Dec.
Sept.
1 Aug, 14
Sept. 1 Aug. 10
Sept. 1 Aug. 10
Sept. 15 Aug. 25
Sept.
1 Aug. 10
Aug. 25 July 20
$1?*
$1H
$1.80
$1X
$15*
$15*
United States Guarantee Co.
Dec. 21
2
Dec. 31 Dec.
$1
Quarterly
1-3-38
14
30
35c
preferred (guar.)
preferred (quar.)
Sept." 21
Oct.
Dec.
25c
Tlmken-Detroit Axle Co..
14
14
10
16
Sept.
Sept.
Sept.
14
Aug. 14 July 30
Sept. 1 Aug. 16*
Sept. 30 Sept. 15
—
of St. Louis (quar.)
Toburn Gold Mines (quar.)
—-—
Trane Co., common (quar.)
$6 first preferred (quar.)
Trans-Lux Corp. (semi-annually)
Tyer Ruboer Co., 6% pref. (quar.)
Union Gas Co. of Canada (quar.)
Union Oil Co. of Caiif. (quar.)
United Corp. Ltd. $1.50 class A
—-—
United Dyewood Corp., preferred (quar.)
Preferred (quarterly)
United Engineering & Foundry Co. (quar.)
Preferred
(quarterly)
United Gas Corp., pref. (quar.)
United Gas Improvement (quar.)
Preferred (quarterly)
United Light & Rys., 7% pref. (mo.)
7% preferred (monthly)
6.36% preferred (monthly)-.-.
-—
6.36% preferred (monthly)
6% preferred (monthly)
—
6% preferred (monthly)
United N. J. RR. & Canal (quar.)
United States Graphite Co. (quar.)
14
Sept. 30 Sept. 23
435*c
$1H
12Hc
MX
Title Insurance Corp.
Nov. 20
Sept.
1 Aug.
Sept.
1 Aug.
Sept. 1 Aug.
Aug. 16 Aug.
Aug. 16 July
m
—--
—
Tide Water Power Co. $6
Aug. 20
Dec.
Extra—
Oct.
$1
Extra
5
Sept.
158
(quarterly)
Shawinigan Water & Power
Sherwin Williams Co. (quarterly)
Nov. 15 Nov.
2-15-38 Feb.
5
Aug. 16 Aug.
5
Oct.
Sept. 15
Oct.
Sept. 15
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept. 15 Aug. 31
Aug. 10 July 21
Aug. 15 Aug. 10
Sept. 10 Aug. 20
Sept.
Aug. 10
Oct.
Sept. 10
Sept. 1 Aug. 12
Sept.
Aug.
6
Sept. 1 Aug
6
Oct. 10 Sept. 30
1-10-38 Dec. 31
Sept.
Aug. 20
Oct.
Sept. 15
Sept.
Aug.
1
Aug. 15 Aug.
1
Aug. 16 Aug.
2
Oct.
Sept. 15
Aug. 16 Aug.
2
Oct.
Sept. 10
Oct.
Sept. 10
Aug. 20 July 30
Aug, 16 Aug.
5
Aug. 12 July
60c
Extra
Sept.
Aug. 18
Sept.
Aug. 20
Aug. 16 July 27
Oct.
Sept. 15
Aug. 15 Aug.
5
50c
75c
31Hc
(quarterly)--Taylor & Fenn Co. (quar.)
------Tennessee Electric Power Co., 7.2% pref. (qu.)7% preferred (quarterly)
—6% preferred (quarterly)
—
5% preferred (quarterly)
7.2% preferred (monthly)
7.2% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
Texas Corp. (quarterly)
Texas Gulf Sulphur Co. (quarterly)Texas-Nex Mexico Utilities Co., 7% pf. (qu.)__
Texas Pacific Coal & Oil Co. (quar.)
Texas Series C Corp., partic. ctfs
Thatcher Mfg. Co., $3.60 pref. (quar.)
Thompson (John R.) Co. (quar.)—
Tidewater Assoc. Oil Co. (quar.)
50c
87 He
Scott Paper Co., common (quarterly)
Sears Roebuck & Co. (quar.)
Spiegel, Inc., $4H convertible preferred (qu.)_
Square D Co. (quarterly)
Stamford Water Co. (quar.)__
Standard Brands. Inc., $4H pref. (quar.)
(quar.)
Preferred
50c
25c
t25c
40c
Sovereign Investors. Inc
Spencer Kellogg & Sons,
—
Sunray Oil Corp. (interim)__—--------------Superheater Co. (increased)
Sylvania Industrial Corp. (quarterly)
—
Tamblyn (G.) Ltd (quarterly)
—
Tampa Electric Co. (quarterly)
Dec.
50c
$15*
$15*
37 He
$1H
Scotten Dillon Co
Preferred
lc
5% preferred (quarterly)
-Lithograph 7H% pref. (quar.)_
7H% preferred (quar.)
Stein (A.) & Co. common
Sterling Products. Inc. (quar.)..
—
Stix. Baer & Fuller, 7% preferred (quar.)
7% preferred (quar.)
—
Strawbrldge & Clothier preferred A (quar.)
Stromberg-Carlson Telep. Mfg
6H% preferred (quar.)
—
Sun on Co. (quar.)
60c
50c
50c
Savage Arms Corp
6% preferred (quarterly)
Servel, Inc. (quar.)
—
Stanley Works.
Stecher-Traung
60c
$15*
$15*
25c
Extra
Second
20c
40c
$ 1.60 preferred (quarterly)
Standard Utilities. Inc
Sept. 1
Sept. 1
Sept. 1
1
Sept.
2
Aug.
Sept. 1
Sept. 1
Sept. 1
July 24
Aug.
2
Aug. 31
July 26
Oct.
1 Sept.
8
Sept. 15 Sept. 1
65c
$2
8% preferred (quar.)
Seattle Brewing &
40c
Corp. (quarterly)
Extra
Holders
Payable of Record
Share
Company
Preferred
Pender
Preferred (quar.)
Standard Cap & Seal
Aug. 16 Aug.
5
Aug. 16 July 31
Sept. 1 Aug.
5
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 30 Sept. 15
Aug. 14 July 31
Aug. 14 July 31
Aug. 30 Aug.
6
Sept. 20 Aug. 31
Sept. 20 Aug. 31
Aug. 10 July 26
Aug. 15 July 30
Aug. 13 Aug.
6
Aug. 16 July 31
Aug. 16 July 31
Aug. 16 July 20
Sept. 1 Aug. 14
Sept. 1 Aug. 10
A (quar.)
Ohio Power 6% pref. (quar.)__.
Oils & Industries, Inc
Name of
1937
7,
When
Per
Holders
Payable of Record
(quar.)
O'Connor Moffatt & Co. $1 class
|
When
Per
Name 0}
Aug.
Chronicle
25c
25c
15c
$15*
1
Sept.
30
20
10
2
5
20
20
Aug. 14 July 30
2
Aug. 15 Aug.
2
Aug. 15 Aug.
Sept. 1 Aug. 14
Nov.
Nov.
1 Oct.
1 Oct.
Aug. 10 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
Aug. 13 Aug.
Sept. 1 Aug
Oct.
1 Sept.
Oct.
1 Sept
Sept.15 Sept.
15
15
2
10
20
3
20
20
10
1
dividend.
fOn account of accumulated dividends.
t Pavablein Canadian funds and in tne case ol non-residem«»
deduction of a tax of 5% of the amount of such dividend wil be
of Canada
made.
.
Financial
Volume 145
Weekly Return of the New York City
Clearing House
The
weekly statement issued by the New
Clearing House is given in full below:
STATEMENT
OF
MEMBERS
THE
OF
NEW
Condition of the Federal Reserve Bank of
following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 4, 1937,
in comparison with the
date last year:
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 31, 1937
Net Demand
Deposits,
Deposits,
Profits
Averaoe
Average
Surplus and
Capital
previous week and the corresponding
Time
Undivided
♦
•
Clearing Houae
York
New
The
City
York
CLEARING
YORK
891
Chronicle
Members
Aug. 4, 1937
July 28, 1937
Aug. 5, 1936
Assets—
$
Bank of N Y & Trust Co
Bank of Manhattan Co.
National City Bank
Chem Bank A Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
Flrst National Bank
Irving Trust Co..
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Marine Midland Tr Co_.
New York Trust Co
Comm'l Nat Bk A Tr Co
*As
per
official
t
Total reserves
June
30,
3,345,629,000 3,451,403,000 3,344,011,000
Bills discounted:
'
Secured by U. 8. Govt, obligations,
direct or fully guaranteed
4,492,000
2,874,000
4,758,000
2,347,000
1,403,000
1,637,000
7,366,000
7,105,000
3,040,000
1,089,000
5,499,000
1,130,000
5,860,000
1,100,000
7,104,000
Bonds
210,233,000
210,233,000
Treasury notes
Treasury bills
332,270,000
182,526,000
333,705,000
181,091,000
88,263,000
406,823,000
725,029,000
725,029,000
660,561,000
738,983,000
739,124,000
671,805,000-
86,000
12,265,000
142,414,000
10.053,000
12,713,000
85,000
5,638,000
127,631,000
Other bills discounted
350,000
2,587,000
78,442,000
Total bills discounted
46,285", 000
Bills
bought In
open market
Industrial advances
551,000
3,247,000
United States Government securities:
27,388,000
1,646,000
49,662,000
165,475,000
766,752,000
9,374,567,000
State, June 30,
1937;
1,753,000
73,173,000
1,068,000
78,068,000
950,000
77,073,000
notes
-
Total U. S. Government securities..
National,
reports:
894,463,200
Other cash
55,962,000
23,497,000
3,859,000
702,778,000
246,180,000
430,406,000
107,641,600
489,437,000
60,956,200
38,598,000
4,054,900
128,220,000 Cl,862,691,000
50,732,000
3.553,200
75,366,200
<*744,269,000
1,295,900
15,799,000
9,012,200
89,264,000
276,001,000
28,136,700
8,092,800
79,188,000
76,005,000
8,616,700
523,547,000
_
Redemption fund—F. R.
68,112,400
17,508,900
7,000,000
Totals
47,540,000
203,598,000
26,916,000
84,716,000
100,246,000
179,891,500 &1,399,190,000
455,284,000
43,503,300
7,000,000
Public Nat Bk A Tr Co.
386,352,000
57,496,600 al,467,544,000
428,487,000
54,132,100
25,000,000
10,000,000
5,000,000
12,500,000
Title Guar & Trust Co..
Gold certificates on hand and due from
United States Treasury.!
3,267,606,000 3,372,267,000 3,269,085,000
135,762,000
25,769,700
500,000
Bankers Trust Co
10,260,000
13,102,300
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
42,777,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
1937; trust
companies, June 30, 1937.
Includes
c
deposits in foreign branches
as
follows:
a
$271,132,000; b $88,491,000;
Total bills and securities
$117,262,000; d $41,715,000.
The New
Due from foreign banks
Federal Reserve notes of other banks...
York "Times"
publishes regularly each week
and trust companies which
are not members
of the New York Clearing House.
The
following are the figures for the week ended July 30:
of
returns
a
number of banks
Uncollected items
Bank premises
All other assets
BUSINESS
NOT
IN
CLEARING
HOUSE
WITH
THE
CLOSING
FOR THE WEEK ENDED FRIDAY, JULY 30,
NATIONAL AND
STATE
BANKS—AVERAGE
_
Loans,
Other Cash,
Including
4,260,745,000 4,368,058,000 4,193,033,000
OF
Liabilities—
FIGURES
Investments
Bank Notes
Manhattan—
$
Bants and
Gross
Trust Cos.
Deposits
$
%
S
Grace National
22,965,000
120,600
7,481,000
Sterling National
21,487,000
565,000
7,000,000
5,789,400
258,106
1,597,570
110.636
Brooklyn—
People's National
4,893,000
95,000
746,000
TRUST COMPANIES—AVERAGE
Loans
269,000
3,063,376,000 3,186,412.000 3,127,468,000
Deferred availability items
142,963,000
51,091,000
...
Reserve for contingencies...
All other liabilities
FIGURES
Total liabilities
Dep. Other
Bants and
Deposits
974,000
6,014,000
N.
Investments
Ratio
S
$
S
Empire
57,881,000
*6,325,800
Federation
9,039,020
207,505
10,822,072
*1,026,033
20,134,600
*6,628,900
27,864,800 *14,124,700
70,864,220 28,765,802
10,951,100
1,982,023
3,755,600
1,606,017
777,159
760,100
395J00
711,300
of
total
deposit
to
reserve
16,093,231
85,469,148
2,960,000
2,856,161
33,581,000
5,611,839
61,000 112,503,000
Fulton
Lawyers
United States
Brooklyn—
Brooklyn
83,553,000
Kings County
30,108,732
*
7,744,000
8,849,000
and
$
83.7%
$
68,552,000
...
84.0%
965,000
Contingent liability on bills purchased
for foreign correspondents..
40,282,400
Fiduciary
50,825,000
4,260,745,000 4,368,058,000 4,193,033,000
—
F. R. note liabilities combined
Manhattan—
50,231,000
Gross
Trust Cos.
139,501,000
51,095,000
51,474,000
7,744,000
9,117,000
124,535,000
51,474,000
7.744,000
9,117,000
944,000
Capital paid In..
Surplus (Section 7)
Surplus (Section 13b)..
5,397,000
Res. Dep.,
Y. and
Cash
L
Total deposits.
29,025,500
26,602,000
5,813,393
Elsewhere
Disc, and
Foreign bank
Other deposits
$
2,410,300
1,045,000
Trade Bank of N. Y.
reserve acc't
U.S. Treasurer—General account
Dep. Other
Y. and
Elsewhere
934,036,000
921,741,000
817,367,000
2,800,993,000 2,948,013,000 2,776,763,000
132,427,000
116,369,000
132,751,000
70,808,000
67,023,000
25,960,000
59,148,000
55,007,000
191,994,000
Deposits—Member bank
Res. Dep.,
N.
10,854,000
33,009,000
1937
F. R. notes in actual circulation
Disc, and
86,000
7,493,000
146,330,000
10,038,000
12,186,000
*
Total assets.
INSTITUTIONS
V
1,111.000
84.8%
10,887,846
Commitments
10,022,584
23,347,500
to
make
Industrial
ad-
bances
5,399,000
5,462,000
t ' Other cash" does not lnolude Federal Reserve notes
Reserve bant notes
*
a
9,061,000
bank's own Federal
These
over
32,752,968
or
are certificates given by the United States
Treasury for the gold taken
from the Reserve banks when the dollar was. on Jan.
31. 1934. devalued from
59.06 cents, these certificates being worth less to the extent of the
100 cents to
inciuaes
amount
clary, $652,484;
witn
i>eaerai
neserve
as
ionows:
Fulton, $6,355,400; Lawyers,
Jimp
difference, the difference Itself having been appropriated
under the provisions of the Gold Reserve Act of 1934
$13,376,900.
profit by the Treasury
as
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors
of the Federal Reserve System,
giving the principal
and liabilities of the reporting member banks in 101
leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board
of Governors of
the Federal Reserve System upon the figures for the latest week
appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks
items of the
resources
Commencing with the statement of May 19, 1937, various changes
of the Federal Reserve Bank of New York of April 20,
announcement
for
wore
1937,
made in the breakdown of
as
loans
as
reported In this statement, which
a
were
week later.
described In
an
follows:
The
changes in the report form are confined to the classification of loans and discounts.
This classification has been ohanged primarily to show the
amounts to
(1) commercial, Industrial, and agricultural loans, and (2) loans (other than to brokers
and dealers) for the purpose of purchasing or
carrying securities.
The revised form
also eliminates the distinction between loans to brokers and dealers in
securities located
made also to lnolude "acceptances of own bank purchased or discounted"
with
"open market paper," instead of In "all other loans " as at present.
In New York City and those located outside New York
City.
Provision has been
"acceptances and commercial paper bought in open market" under the revised
caption
Subsequent to the above announcement It was made known that the new Items
segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions
was
"commercial,
industrial, and agricultural loans'
and
"other loans" would each be
published In the May 29, 1937, issue of the
"Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON JULY
28, 1937 (In Millions of Dollars)
Federal Reserve Districts—
Total
Boston
New York
Phila.
ASSETS
$
$
$
$
1,319
9,281
1,180
1,886
630
542
704
4,426
466
700
239
263
Loans and Investments—total
22,283
9,784
Loans—total
Cleveland Richmond
Commercial, Indus, and agrlcul. loans:
On securities
Atlanta
$
Chicago
St. Louis
Minneap, Kan. City
Dallas
San Fran.
S
$
3,061
1,008
664
392
720
494
2,114
295
168
282
223
1,010
581
39
253
44
43
14
11
Otherwise secured and unsecured..
Open market paper
49
274
50
9
3,844
19
1.607
13
163
231
37
91
121
561
123
464
97
76
176
157
126
27
314
Loans to brokers and dealers
Other loans for purchasing or carrying
securities
18
10
5
52
11
42
7
1,363
25
1,162
3
26
33
22
4
7
63
6
2
4
3
22
701
36
,353
38
Real estate loans
Loans to banks
38
20
16
91
13
1,163
85
242
15
16
60
56
178
29
27
82
46
150
5
19
110
21
2
368
4
3
6
6
9
1
2
273
48
121
30
25
46
12
Other loans:
On securities
721
Otherwise secured and unseoured..
United States Government obligations
Obligations fully guar, by U. 8. Govt.
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
65
9
14
2
70
797
61
250
58
45
38
45
58
25
8,283
1,188
449
50
28
3,226
31
331
108
857
290
171
1,440
216
24
167
266
493
191
99
679
61
34
31
181
51
3,028
5,231
142
13
47
1,136
2,576
29
284
268
67
77
432
102
44
125
51
239
300
337
122
101
793
138
82
167
110
319
247
125
311
33
67
16
39
19
12
Balances with domestic banks
63
12
1,753
83
6
14
140
10
132
Other assets—net
164
118
100
326
86
84
68
1,265
517
205
149
182
88
106
37
39
94
23
17
23
26
211
15,033
5,268
6,601
1,159
831
1,104
424
340
2,290
402
280
273
496
401
285
906
722
200
180
865
184
121
430
35
144
231
121
18
11
12
1,007
15
45
7
2
7
10
37
1,988
269
328
177
166
746
235
107
389
172
235
LIABILITIES
Demand
deposits—adjusted...
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
5,020
Borrowings
Capital account
208
601
Foreign banks
Other liabilities
965
20
12
555
5
1
1
8
1
1
17
862
"""30
408
"""26
"""l7
6
'"*"22
3,597
236
*"~6
1.608
"""4
227
""315
345
88
361
55
80
329
32
...
31
1
87
Aug. 7, 1937
Chronicle
Financial
892
Weekly Return of the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Aug. 5»
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
The following was
COMBINED
RESOURCES AND
Aug. 4,
Three cipher a (000) omitted
$
$
t8,838,405
8,211,046
9,971
322,491
9,860
313,595
305,738
13,720
288,635
9,158,687
9.169,636
9,161,358
f9,154,114
8.513,401
7.042
9,844
3,459
11,521
2,807
11,006
2,887
3,289
1,856
2,104
9,929
13,303
14,328
14,295
3,960
3.801
4,273
22,012
5,094
22,049
5,818
22,196
3,092
28,888
732,558
732,608
8,835,407
9,549
307,824
t8.835,907
10,399
277,661
10,471
8,836,904
10,241
t312,309
9,155,491
9,167,492
9,162,809
9,152,780
9,123,466
10,026
5,377
10,316
4,901
8,619
11,718
3,553
3,328
9,623
3.395
15,403
15,217
12.172
15,046
13,018
3,078
21,082
3,201
3,280
21,665
3,596
21,759
3,669
21,783
22.152
Redemption fund (Federal Reserve notes)
Other cash *
Total reserves.
-
$
%
8,837,903
8,833,905
9,976
318,928
8,833,399
1937
$
$
8,833,899
9,936
323,657
8,835,406
9,784
312,308
Gold ctfs. on hand and due from U. S. Treas.x
Aug. 5,
1936
9,
June
16,
1937
1937
$
$
$
$
June
June 23,
30,
1937
1937
1937
1937
June
July 7
14,
July
21,
July
1937
1937
ASSETS
28,
July
AUGUST 4, 1937
AT THE CLOSE OF BUSINESS
LIABILITIES OF THE FEDERAL RESERVE BANKS
Bills discounted:
Secured
direct
by U.
S. Government obligations.
fully guaranteed
or
—
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
21,596
732,508
732,508
732,508
732,508
1,162,713
1,162,713
1,165,713
627,969
732,608
1,166,213
1,152,213
625,469
627,469
641,469
324,721
1,496,719
608,787
630.969
1,165,713
627,969
1,168,213
630,969
732,508
1,170,713
622,969
Treasury bills
732,508
1,157,713
635,969
2,526,190
2,526,190
2,526.190
2,526,190
2,526,190
2,526,290
2,526,290
2,430,227
2,526,190
2,526.240
Total U. S. Government securities.....—.
United States Government securities—Bonds. _
Treasury notes
181
...—
Foreign loans on gold
......
2,568,599
2,466,348
2,565,753
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items..
2,563,307
2,566,591
2,564,660
2.562,072
2,565,828
2,567,761
"""222
"""222
"""219
"""219
""219
""219
"""219
28,917
26.890
23,933
759.714
45,601
42,945
23,108
630,603
45,697
21,277
645.445
45,582
43,588
21,950
638,313
45,601
41,977
22,540
32,396
582,875
45,572
44,769
22,025
28,198
601,649
...
2,566,204
"""222
Total bills and securities..
866,372
595,266
45.700
45,687
40,243
Bank premises
45,500
All other assets
42,692
664,235
45,615
41.720
t40,733
12,496,481 tl2.475.824
"""226
""221
49,199
547,616
48,056
44,190
12,702,930 tl2,435,116
11,642,372
12,439,505
12,439,530
12,489.870
12,594,740
12,436,186
4,193,413
4,197,871
4.213,898
4,252,417
4,206,477
4.162,832
4,177,805
t4,200.965
3,979,814
4,222,016
6,635,764
6,775,505
6,858,300
6,826,707
227,818
183,743
161,864
6,854,411
150,928
250,212
6,928,977
84,642
6,004,796
439,391
159,009
6,900,288
92.813
157,400
127,671
5,807,978
308,778
195,093
124,926
6,927,951
90,232
166,963
156,553
147,450
139,671
71,040
119,479
139,470
249,675
7.264.561
606,265
132,442
Total assets
LIABILITIES
Federal Reserve notes In actual circulation....
Deposits—Member banks' reserve account
United States Treasurer—General account..
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
...
Total liabilities
7,212,350
7,278,172
7,328,855
7,325,119
7,292,760
6,764,902
145,854
27,490
27,490
35,871
f35,906
4,886
5,428
8,484
8,644
26,513
34,105
10,347
6,297
35,906
4,443
35.906
851,089
132,240
145,854
27,490
35,931
7.402
591,267
132,196
145,854
27,490
634,198
132,205
145,854
27.490
550,985
130,205
132,514
145,854
27,490
35,872
5,220
625,371
132,355
145,854
27,490
664,852
132,407
145,854
741,434
132,459
145,854
27.490
12,439,530
12,489,870
12.594,740
12,436,186
12,702,930 tl2.435.116
11,642,372
79.7%
79.7%
79.5%
79.6%
79.2%
79.7%
Surplus (Section 7)
7,292,813
645,176
5,004
Deferred availability Items
7,299,873
589,461
12,439,505
...
7,308,737
35,873
Total deposits...
115,621
27,490
Other deposits
95,966
145,854
Foreign banks
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
liability
100,937
172,325
112,381
185,042
120.372
on
purchased
bills
for
35.906
132,302
12,496,481 tl2.475.824
35,940
79.8%
79.7%
79.6%
79.6%
145,501
2.532
2,917
3,212
3,587
4,150
4,138
4,015
4,044
3.745
16,726
15,859
16,171
16,110
16,331
16,733
16.801
16,956
23,453
15,366
12,304
9,624
12,877
11,053
8,044
11.451
12,525
2,290
12,554
12,663
1-15 days bills discounted
151
596
616
28
283
586
511
474
447
162
16-30 days bills discounted
813
918
375
416
774
724
437
915
562
31-60 days bills discounted
761
399
206
400
61-90 days bills discounted
663
414
207
559
406
806
397
843
359
461
622
788
362
822
357
824
842
Over 90 days bills discounted.
15.046
13,018
9,929
13,303
14,328
14,295
3,960
12,172
foreign correspondents
Commitments to make Industrial advances...
Maturity Distribution of Bills and
Short-term Securities—
15,403
15,217
273
1,455
232
1,956
3.098
4
208
3.223
262
438
1-15 days bills bought In open market
190
1,256
1,523
880
225
880
271
233
177
470
16-30 days bills bought In open market
528
133
Total bills discounted
90
232
324
348
419
81-60 days bills bought in open market
173
1,421
647
2,550
1,627
1,627
1,627
1,116
1,187
2,075
2,549
2,549
426
61-90 days bills bought in open market
3,201
3,280
3,596
3,669
3,801
4,273
5,094
5,818
3,092
3,078
784
849
871
903
791
1,434
Over 90 days bills bought In open market
Total bills bought In open market....
1-15 days Industrial advances
657
1.216
749
87
736
246
140
297
94
135
251
767
16-30 days Industrial advances
657
341
721
910
31-60 days industrial advances
674
996
656
920
861
792
813
748
687
465
524
808
969
61-90 days industrial advances
844
1,149
279
589
.
948
25,638
18,788
Total Industrial advances
1-15 days U. 8. Government securities......
16-30 days U. S. Government securities..
81-60 days U. S. Government securities
—
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
Total U. 8. Government securities
....
18,905
18,844
18,809
18,922
19,523
19.343
19,404
21,596
21,665
21,759
21,783
22,152
22,012
22,049
22,196
28,888
21,082
Over 90 days Industrial advances
19,647
32,247
35.561
66,075
34,710
35,063
78,920
132,266
33,561
34,660
70,608
28,580
129,459
70,121
2,317,340
2,164,428
2,526.290
2,430,227
43,375
18,246
140,359
57,821
2,266,389
38,628
27,447
142,926
57,736
2,259,453
33,045
43,375
127,416
65,661
2,256,693
2,526,190
2,526,190
2,526,190
146,834
2,247,174
33,045
61,621
153,359
2.243,102
148,926
2,243,381
2,245.281
44,151
32,247
76,689
58,493
2,314,710
2,526,190
2,526.190
2.526.190
2.526.240
2,526,290
35,561
38,628
57,993
35,063
36,956
70,804
31-60 days other securities
181
Over 90 days other securities
181
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank
Held by
by F. R. Agent
In actual
4,532,357
310,341
Federal Reserve Bank
4,523,643
330,230
4.550,464
298.047
4,508,973
302.496
4,505,873
328,068
4,517,118
315,069
4,284,874
338,430
4,202,049
3,979,814
4,501,262
305,060
4,193,413
4,197,871
4,213,898
4,252,417
4.206.477
4,162,832
4,582,132
4,580,632
4,585,632
4,587,632
11,677
20,000
4.542,632
13,80r
20,000
14,531
20,000
20,000
4,563,632
12,844
20,000
4,552,632
14,579
20,000
4.544.632
15,634
20,000
4,550,132
16,324
20,000
4,289,838
2,634
73,000
4,616,711
Gold ctfs. on hand and due from U.
8. Treas..
By eligible paper
United States Government
securities
Total collateral
does not Include
•
"Other cash'
x
These are certificates
4,615,163
4,617,309
4,622,492
4,596,476
4,582,616
4.576.433
4,580,266
4,586,456
4,365,472
Federal Reserve notes,
1934*
9,984
20,000
dollar was devalued from 100 cents to 59.08
appropriated as profit by the Treasury under
the gold taken over from the Reserve banks when the
certificates being worth less to the extent
of the Gold Reserve Act of
14,860
t Revised figure.
given by the United States Treasury for
Jan. 81, 1934. these
4,552,646
338,748
4,222,016
circulation
the provisions
342,161
4,177,805
Collateral Held by Agent as Security for
Notes Issued to Bank—
cents on
4,540,032
of the difference, the difference Itself having been
Financial
Volume 145
Chronicle
893
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
RESOURCES
%
Gold
certificates on hand and
from United States Treasury
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 4,
AND
Boston
New York
Phila.
S
I
%
'
%
Atlanta
$
$
%
%
%
%
*
San Fran.
Dallas
Louis Minneap. Kan. City
St.
Chicago
5
due
8,833,399
9,784
312,308
notes..
Other cash *
Total reserves
509,616
455,804 3,267,606
9,155,491
Redemption fund—Fed. Res.
Cleveland Richmond
1937
719,819
283,776
456
950
604
848
920
37,760
77,073
24,050
16,789
18,765
494,020 3,345,629
534,270
737.456
232,634 1,731,935
464
1,314
303,461
681,554
189,232
287,902
198,370
275,151
1,112
652
301
413
1,750
44,630
14,873
6,113
61,711
13,698
27,891
247,903 1,777,029
291,136
205,135
304,914
203,343
711,195
13,955
Bills discounted:
Secured by U. S. Govt, obligations,
direct and(or) fully guaranteed..
10,026
5,377
Bills
bought In
921
662
559
594
36
402
613
50
46
270
1,113
1,108
179
2,874
28
127
57
133
536
107
496
7,366
971
708
829
2,221
28
306
651
169
938
720
224
319
293
120
108
384
86
60
87
87
221
3,849
833
1,985
191
816
311
756
600
61,861
38,575
32,184
80,726
60,968
50,865
32,298
51,046
28,041
23,828
37,660
20,688
35,992
56,886
31,249
1,208
28,601
45,202
100,387
635,969
46,349
1,089
5,499
210,233
332,270
182,526
53,708
71,309
112,702
61,911
33,491
27,942
127,585
70,087
24,831
55,146
2,526,190
184,109
725,029
213,336
245,922
133,034
110,991
278.398
111,385
82,176
124,127
98,634
219,049
2,565,753
187,776
738,983
218,475
247,756
135,968
113,511
279,626
112,088
83,643
124,983
100,867
222,077
open market—
Industrial advances
U
4,492
41
3,078
21,082
Total bills discounted.
455
15,403
Other bills discounted
S. Government securities—Bonds.
Total U. S. Govt, securities
Total bills and securities...
Due from foreign banks
Fed. Res. notes of other banks
2,947
53,385
732,508
1,157,713
,
Treasury notes
Treasury bills
84,375
97,767
2,087
63.516
222
16
86
22
20
9
8
26
4
3
6
6
16
365
7,493
945
1,840
1,805
4,004
1,662
529
146,330
51,526
57,719
80,845
26,417
38,581
3,024
10,038
4,878
6,280
4,640
12,186
4,996
4,628
1,657
3,968
2,361
1,650
1,886
22,575
1,250
1,690
4,905
29,339
3,389
2,609
2,746
2,690
21,390
2,212
1,179
17,611
1,492
1,544
1,539
59,973
1,932
49,343
Bank premises..
All other resources
28,198
601,649
45,500
42,692
Total resources.
12,439,505
815,112 1,055,699
496,149
388,486 2,150,138
435,318
310,607
475,099
330,260
974,109
Uncollected Items
747,783 4,260,745
3,190
3,188
LIABILITIES
F. R. notes in actual circulation
4,222,016
287,241
934,036
314,693
433,710
192,915
171,364
971,474
180,336
137,679
166,930
92,553
339,085
6,635,764
350,066 2,800,993
378,418
465,736
169,446
5,002
6,808
3,092
967.933
195,095
9,670
16,586
243,237
2,946
9,189
175,968
12,302
4,474
2,569
5,640
1,709
5,835
6,242
744
5,640
4,759
535,940
20,246
13,809
10.000
184,348 1,052,667
216,842
146,575
258,810
198,669
579,995
81,335
12,770
21,504
1,416
7,805
1,167
27,646
3,834
4,655
16,993
2,891
3,116
39,413
4,044
3,613
28,005
1,142
30,739
10,180
9,645
1,996
2,037
388,486 2,150,138
Deposits:
Member bank reserve account
U. S. Treasurer—General account-
308,778
Other deposits
9,848
132,427
6,765
77,101
195,093
Foreign bank
14,198
70,808
59,148
19,061
9,656
17,894
20,740
216,346
12,819
8,364
3.377
377,002 3,063,376
413,900
531,471
240,906
58,713
14,323
47,508
4,862
4,869
20,138
4,342
5,616
1,007
3,121
3,442
1,497
1,691
433
170
233
815,112 1,055,699
496,149
7.264,561
Deferred availability ltems.
Capltal paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
606,265
132,442
142,963
145,854
9,826
51,474
27,490
35,873
2,874
1,570
9,117
53,219
12,259
13,362
4,325
3,000
5,004
..
59,593
9,369
308
944
.354
All other liabilities
Total liabilities
12 439,505
Contingent liability
51,091
7,744
747,783 4,260,745
12,921
"Other cash" does
2
22,562
754
on bills purchased
for foreign correspondents
Commitments to make Indus .advances
♦
2,890
124,926
Total deposits
60,463
3,879
3,851
1,262
1,847
545
1,003
1,199
2,048
941
261
302
206
194
432
435,318
310,607
475,099
330,260
974,109
,917
223
965
299
281
131
107
354
92
70
89
1,983
5,399
161
938
1,947
314
10
1,039
55
122
302
St., Louis Minneap.
Kan. City
Dallas
%
21'
89
5.366
S
not Include Federal
3,09
Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers
(000) Omitted
Federal Reserve Bank of—
Total
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
New York
Phila.
%
t
S
4,532,357
310,341
In actual circulation
.
Collateral held by
Boston
S
Federal Reserve notes:
4,222,016
Agent
Cleveland Richmond
%
328,535 1,028,126
41,294
94,090
335,119
20,426
460,780
27,070
287,241
314,693
433,710
934,036
Atlanta
Chicago
S
S
$
202,866
4,582,132
Total collateral
4,616,711
States
336,000 1,040,000
496
14,579
20,000
paper
United
100,916
8,363
383,845
26,635
174,925
7,995
971,474
180,336
137,679
166,930
92,553
339 085
9,951
192,915
171,364
Government
337,000
463,000
203,000
922
708
829
6,731
168,000 1,020,000
28
2,181
336,496 1,046,731
Securities
on
337,922
the
463,708
203,829
New
page.
190,181 1,020,028
are
Transactions
at
Sept.
1
Sept.
8 1937.
1937
Asted
Bid
Dec. 29 1937.
Jan.
12 1938.
Jan.
19 1938.
Jan.
26 1938.
Feb.
2 1938.
Feb.
11938
Mar. 16 1938
Feb.
3(1938.
Feb.
23 1938.
Mar.
2 1938
Mar.
9 1938
Oct.
6 1937
Oct.
13 1937
Oct.
20 1937
Oct.
27 1937
0.32%
0.32%
0.32%
3 1937
0.33%
Mar. 23 1938
Nov. 10 1937
0.33%
Mar. 30 1938
Nov. 17 1937
0.33%
0.33%
0.35%
0.35%
April
Nov.
Nov. 24 1937
Dec.
1 1937
Dec.
8 1937
399,000
938
719
190,839
145,651
178,169
103,438
399,719
Dec.
15 1937
22 1937
6 1938
April 13 1938
April 20 1938
April 27 1938
May
5 1938.
0.37%
Deo.
each day
Averages—See
PARIS
Aug. 3
Aug. 4
Aug. 5
Aug. 6
Francs
Francs
Francs
Francs
Francs
7,100
7,100
7,200
7,100
Banque de Paris et Des Pays Baa
Banque de l'Unlon Parislenne—
i,260
1,298
455
1,302
468
325
Dec.
15 1941-..
15 1939...
June
15 1941...
Mar. 15 1939--.
Mar. 15 1941...
June
o*c.
15 1940
15 1940---
1X%
1 X%
1X%
IX %
1X%
1X%
IX %
IX %
Asted
Maturity
Rate
32ds of
710
210
708
210
228
237
235
233
473
480
486
473
1,440
1,230
295
480
1,470
1,280
296
498
1,470
1,280
310
501
1,470
1,280
304
502
648
664
663
658
1,080
667
724
1,090
1,090
670
750
1,110
668
749
1,100
-
Lyon (P L M)
NordRy
Orleans Ry 6%
Bid
Asted
Rentes, Perpetual 3%
Rentes 4%, 1917
-
100.30
101
100.23
100.25
100.20
100.22
June 15 1939.
102
102.2
100
100.2
Sept. 15 1938.
100.30
101
Feb.
100.15
100.17
June
100.19
100.21
Mar. 15 1938.
102.6
102.8
1 1938.
101.5
101.7
15 1938.
102.3
102.5
101.22
101.24
100.21
100.23
—
Schneider & Cle
—
Soclete Francalse Ford
Societe Generale Fonciere
Soclete Lyonnalse
664
738
370
25
1,940
373
26
1,938
375
73.50
72.70
71.90
73.80
72.25
72.40
73.90
73.40
72.60
76.20
74.20
73.90
73.20
366
75.60
76.00
76.40
76.80
94.20
6,270
2,028
1,163
94.60
6,250
93.25
6,380
2,040
1,200
95.10
6,290
2,000
1,208
78
82
80
74
2,030
75.90
124
124
134
....
1,280
1,285
79
130
1,226
1,280
350
339
210
216
213
210
372
382
391
396
113
115
114
113
Wagon-Llts
76.90
77.50
95.80
6,320
1,205
Tublze Artifical Silk, pref
d'Electrlcite--
—-
24
1,950
Societe Marseillaise
Union
1,450
1,290
366
22
1,937
74.90
75.50
1920
Royal Dutch
Rentes 5%.
Saint Gobain C & C
Mar. 15 1940.
1,280
73.10
72.40
71.50
HOLIDAY
Pechiney
Rentes4%, 1918
Rentes 4X%. 1932 A
Rentes 4X%. 1932 B
Mar. 15 1942.
210
708
210
Credit Lyonnalse
99.30
3 H%
——
708
210
-------
Eaux Lyonnalse cap
100.22
Sept. 15 1937.
1,310
49
Credit Commercial de France--
99.26
100.19
50
560
48
Courrieres
100.20
100.17
338
25,700
560
------
Comptolr Natlonale d'Escompte
Coty S A
Int.
Bid
337
25,500
600
1,280
46
Generale d'Electrlcite
Cle Generale Transatlantlque..
point.
Int.
357
549
Cle
Citroen B
Pathe Capital
more
336
25,700
564
25,500
594
1,270
49
575
Canal de Suez cap
Cle Dlstr d'Electrlcite
0.48%
0.50%
or
460
25,600
564
1,230
Canadian Pacific.-------------
Friday, Aug. 6
one
7,200
1,300
444
Energie Electrlque du Nord_.__
Figures after decimal point represent
BOURSE
Aug. 2
L'Alr Llqulde
Dec.
909.
Francs
Quotations for United States Treasury Notes—
Sept. 15 1939...
page
July 31
Kuhlmann
Rate
Exchange,
909.
of the past week:
Energie Electrlque du Littoral-.
Maturity
page
Bank of France
0.38%
a
Stock
York
New
Quotations of representative stocks as received by cable
Asted
0.38%
0.40%
0.40%
0.42%
0.42%
0.44%
0.44%
0.44%
0.47%
0.47%
0.47%
0.47%
0.47%
0.47%
0.48%
0.48%
0.48%
5 1938.
Jan.
0.30%
0.30%
0.30%
0.32%
Sept. 15 1937
Sept. 22 1937
Sept. 29 1937
102,500
169
for discount at purchase.
0.28%
0.28%
0.28%
0.30%
0.30%
Aug. 25 1937.
178,000
651
the
THE
Aug. 18 1937.
145,000
207
Treasury Bills—Friday, Aug. 6
Bid
Aug. 11 1937.
190,632
Daily, Weekly and Yearly—See
Stock and Bond
quoted
44,760
20,000
Exchange—See following
United States
Rates
$
143,123
5,444
998,109
■
U. S. Government securities
York Stock
San Fran.
as
from United States Treasury.
Eligible
S
'
188,077
7,741
187,936
16,572
security
for notes issued to banks:
Gold certificates on hand and due
,
%
—-
7, 1937
Aug.
894
York Stock Exchange
Stock and Bond Sales—New
DAILY, WEEKLY AND YEARLY
Pages—Page One
Occupying Altogether Sixteen
we
furnish
daily record of
a
Daily Record of U. S.
Bond Prices
117.2
{Low.
4HB. 1947-62
117.2
117.1
116.30
117
116.31
117.2
fHlgh
Treasury
117.2
116.29
116.30
116.31
116.31
116.30
116.31
8
11
1
117.1
117.2
3
Total sales in SI,000 units
High
1943-45..
106.30
107
106.29
106.31
106.30
106.29
106.29
106.29
106.30
106,29
106.29
106.29
106.31
2
6
1
5
4
SI.000 units
Total sales in
112.15
112.12
112.15
112.13
112.12
112.10
112.13
112.12
112.15
112.13
7
1
4
2
100.15
27
107.18
15
{Low.
100.14
100.14
100.11
100.16
100.16
100.14
100.14
100.12
100.16
100.16
20
1
7
I
98.31
98.29
99
107.18
107.15
107.12
107.18
107.15
1
4
1
103.19
103.20
103.20
103.24
103.24
103.22
103.26
103.24
103.22
4
10
103.17
103.17
103.20
103.19
Close
103.20
103.19
103.19
103.19
103.20
103.21
9
19
7
11
2
Federal Farm Mortgage
103.22
103.18
16
fHlgh
{Low.
Federal Farm Mortgage
104.8
104.31
104.31
104.30
104.30
104.28
104.30
104.30
104.28
(Close
1
11
4
Total tales in $1,000 units...
3s. 1942-47
105.30
105.31
105.29
106
105.26
105.30
105.29
105.29
105.29
105.30
105.26
105.30
105.29
105.29
106
5
1
1
7
3
103.8
2*8, 1942-47
Home Owners' Loan
104.9
fHlgh
104.6
104.7
104.9
104.9
102.10
102.10
102.10
102.5
'
26
5
103.4
High
106.23
Low
106.18
106.17
106.22
106.23
Close
106.18
106.17
106.22
106.23
4
10
61
103.4
103.5
103.2
103.2
103.1
103.4
(Close
3
103.2
103.2
fHlgh
106.22
103.2
103.2
103.3
Total sales In $1,000 units...
[High
{Low
105.21
105.21
{Low
105.21
105.25
105.20
105.21
105.21
105.25
105.24
105.21
1
2
1
1
1
Total sales in $1,000 units
105.25
1
105.24
[High
105.14
105.19
105.14
105.18
fHlgh
101.10
101.10
101.10
101.10
101.10
101.9
101.10
101.8
101.10
101.9
101.10
101.9
101.10
101.10
101.10
101.9
13
40
22
8
100.31
105.19
2
Home Owners' Loan
5
1
Total sales in $1,000 units...
100.30
100.30
100.29
100.26
100.29
100.30
100.29
100.30
100.29
100.30
1
(Close
100.29
100.30
{Low
2*8, 1942-44
100.29
100.30
fHlgh
105.20
Close
34
1
Total tales in $1,000 units
105.20
105.14
2*s, series B,
105.20
{Low.
1
1
40
10
30
Total sales in $1,000 units..
fHlgh
106.19
106.20
106.20
106.22
101.9
1939-49..{Low.
105.22
105.21
22
(Close
105.22
105.21
16
28
2
101.11
Home Owners' Loan
105.22
105.21
(Close
1
29
48
102.5
106.18
$1,000 units
10
104.9
104.6
102.5
106.22
3s, series A, 1944-62
103.10
104.9
3
Total sales in $1,000 units...
10
104.6
104.3
2
103.10
1
13
1
104.3
104.8
{Low.
(Close
Federal Farm Mortgage
105.26
105.29
103.8
103.8
104.5
104.8
104.30
105.30
103.7
103.7
1
High
Close
103.7
103.10
103.8
Total sales in $1,000 units...
Low.
Low.
103.10
103.7
(Close
103.7
103.7
fHlgh
{Low
3s. 1944-49
1
103.7
Close
High
13
103.22
Total sales in $1,000 units...
103.19
$1,000 units
103.24
I Close
103.16
Total sales (n SI.000 units
99.4
18
{Low.
3*8, 1944-64
103.20
SI,000 units.
99.1
99
9
7
78
103.26
fHlgh
99
99.1
99
8
99.4
98.30
99
99.2
3
99.1
99.1
99.2
99.1
99.2
{Low:
I
Federal Farm Mortgage
107.15
107.12
Low.
3HS. 1949-52
100.18
1
Total sales In $1,000 units...
107.12
SI,000 units
1946-49..
100.17
100.17
17
Total tales in $1,000 units...
1
High
3%s.
100.17
100.15
34
QjQgg
High
Total sales In
100.15
100.18
28
100.16
2*8, 1949-63
Low.
3Hs. 1941-43..
100.17
100.15
100.16
110.25
.Close
Total sales in
100.19
100.13
2*8, 1956-59
110.25
110.27
Total sales in 11,000 units..
3KS. 1940-43..
100.17
100.14
110.25
110.25
I Close
3s. 1946-48
100.18
fHlgh
110.27
fHlgh
Total sales in
1
100.20
(Close
13
{Low.
3s, 1951-65
1
100.14
112.16
Total sales in SI,000 units..
Total sales in
24
100.18
fHlgh
112.15
112.12
(Close
3Hs. 1943 47..
2
SI,000 units...
112.16
112.12
[High
3^8. 1946-66
7
..
{Low.
4s. 1944-54
Total sales in
101.17
2
IC1086
1
101.17
101.17
{Low.
2*8, 1951-54
101.19
101.19
101.17
101.15
$1,000 units.
107.2
106.31
101.17
101.15
101.19
101.15
101.18
1 Close
fHlgh
107.1
106.30
Total sales in
101.19
101.18
101.18
{Low.
2*8, 1948-51
Aug. 6
Aug. 5
101.19
101.17
101.19
fHlgh
Treasury
31
Aug. 4
Aug. 3
Aug. 2
31
July
Prices\july
Bond
107.1
Low.
Close
3 lis.
point.
116.31
117.2
(.Close
Owners' Loan and Federal Farm Mortgage
current week.
Daily Record of U. S.
Aug. 6
Aug. 5
Aug. 4
Aug. 3
Aug.2
No
the transactions in Treasury, Home
Corporation bonds on the New York stock Exchange during the
Quotations after decimal point represent one or more 32ds of a
July 31
day.
Exchange
the New York Stock
United States Government Securities on
Below
they are the only transactions of the
the day's range, unless
NOTICE—Cash and deferred delivery sales are disregarded in
account Is taken of such sales in computing the range for the year.
106.23
106.19
106.19
106.18
106.22
106.20
(Close
106.19
106.20
106.18
106.22
106.22
Total sales in $1,000 units...
1
20
5
2
16
..{Low.
3*8. 1941
Transactions in registered
High
106.29
106.27
106.28
106.31
106.30
106.29
106.27
106.28
106.27
106.29
106.29
2
Treas.
Close
106.29
106.27
106.28
106.28
106.29
107
1
Treas.
Total sales in $1,000 units...
3
1
1
23
6
coupon
bonds were:
107
{Low.
of
sales
only
includes
table
above
Note—The
bonds.
8
3*s, 1944-46.
fHlgh
101.16
101.16
101.16
101.16
101.16
101.16
101.13
101.14
101.12
101.14
101.14
(Close
101.16
101.14
101.14
101.14
101.16
101.14
2
6
58
31
11
19
Total sales in $1,000 units
United States Treasury
United States Treasury
fHlgh
103.11
103.10
103.13
103.12
103.11
Low
103.11
103.10
103.11
103.8
103.11
103.10
Close
103.11
103.10
103.13
103.9
103.11
103.10
Total sales in $1,000 units...
8
29
10
1
17
Bills—See previous page.
Certificates of Indebtedness,
103.13
2*8, 1945-47
9
&c.—See
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
NEW
Tuesday
Monday
Wednesday
Friday
Thursday
On Basis of
YORK STOCK
July 31
Aug. 2
Aug. 3
Aug. 4
Aug. 5
Aug. 6
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
*49%
*54%
62%
*54%
82%
82%
82
50%
49%
*64%
62%
84
83
49%
*49
62%
*54%
84
*49
4934
100
62i2
*54%
83%
8334
8234
62%
8334
"i"600
18%
2458
18%
24%
33%
2%
7H2
73
2% ' 2%
33%
2%
*49
62%
83
4934
*5414
50
83
19
*22%
33
18%
18%
18%
18%
18%
22%
23
18%
22%
18%
22%
23
24%
33
33
33
33
23%
32%
23%
33
19
33
3314
*2%
2%
71%
71%
*2%
*
*2%
71
2%
2%
98%
*
*2%
72%
2%
2%
71%
2%
98%
*
2%
73
72
2%
98%
2%
*2%
*214
72%
2%
2%
98%
11%
2%
11%
*
*
98i2
18%
2478
33%
2%
71%
2%
71%
2%
*
*32%
36%
35
36
*35
*35%
*33
38
*34
39%
*33
38%
*36
38
*33
37
*33
*33
*34
39%
*33
38%
*36
38
*33
38
*33
*30
39%
35%
'35%
36
37
*33
38
*33
39
35%
36
36%
35%
35%
2%
3
35%
*99% 103%
19
19
*237
239
24%
24%
36%
11%
3
36%
n%
2%
3
34%
35
35%
35%
*99% 103
*99
*18
19
19
239
239
239
25
25
24%
11%
36%
35%
103
19%
239
25%
3
*99
103
*18
19%
236% 236%
*24% 24%
1134
1134
2%
3
3712
34%
35%
*99
102l2
*18l4
19
236%
235
24%
24%
*11%
234
3434
3434
*99
1,200
Address Multlgr Corp
3,200
4,400
19%
235
236
24%
24%
Express
20%
20%
79%,
20%
79%
20%
70
80
20
*77
69%
20%
79
70%
20
20%
*77
79
69
41
38%
*38%
95%
96
*95%
96%
95
95%
*93
96
95
95
24%
24%
23%
23%
23%
*5%
6
5%
5%
5%
5%
41
38%
38%
*38%
41
94%
93%
93%
94
94
*93%
96
28%
29
27%
27%
62
60
60
*92%
27%
95%
27%
61
61
*
95%
96
27
27%
*60
62
*60
23
5%
*94
Bid and asked prices: no sales on this
78
*38%
68
94%
20%
1978
*76
5%
38%
68%
*40
20%
7834
6834
2234
5%
41
69%
67%
24
20%
*76
23%
5%
96
day.
67%
6812
7038
2234
2234
22%
5%
*5%
*28%
28%
60
60%
X In receivership,
7
10
28
June 29
Advance Rumely
No par
2
June 16
Air Reduction Inc
No par
Air
64% June 17
2%June17
Way El Appliance. .No par
Co..100
10
1,200
1,900
Allen Industries Inc
27,300
5%
1,000
Alpha Portland Cem
300
1,900
70
Del. delivery,
6%
couv
Amerada
Am Agrlc
preferred
n New stock,
Jan
9
4% Jan 26
Jan
xl% Jan
7
68
Apr
Jan 25
2
Jan
80% Jan
5%
22%
69«4 Feb 11
12%
12%
Feb 11
2%
June 26
69
July 29
May 27
58% Feb 17
62% Feb 18
45% Mar 15
27
Jan 26
98
103
Apr 26
9
17% July
215
June 17
20
June 28
%6>nme 22
15 May 14
per
share
110
12%
Apr
Jan
70
74%
Nov
Feb
16% Nov
35<4
37%
21%
Feb
Oct
Jan
88% Nov
6% Apr
103
Nov
17% Sept
5% Nov
Jan
61% Nov
60% NOV
Jan
60
Apr
26% July
Nov
64% Nov
40%
Oct
Feb
111% Deo
2378 Apr 12
9
157
Jan
245
Aug
33% Jan 16
•uMay 27
21% Mar 6
23
Aug
34
Nov
258% Mar
Jan
20% Nov
69
Jan
90
1
83% Jan 22
35%
Jan
6
4% June 28
34% Jan 5
3934 Jan 28
878 Mar 13
19% May
Mar 15
Mar 11
31% Nov
74
June 21
No par
No par
67
June
22% Aug
50
80
83
June 28
Jan
6
20% June 30
69
Apr 8
10
Cash sale,
36
July
30%June 17
50
r
Apr
9% Apr
17% June
35
No par
Chem (Del)..No par
6% Preferred
69
22% Mar 11
28% Feb 3
34
Corp
American Bank Note
84% Apr 20
34
Amalgam Leath Cos Ino new.l
200
Mar
Mar
100
preferred
Allls-Chalmers Mfg
42
13
No par
Allied Stores Corp
500
15,400
1,400
2,500
6
Highest
8
Mar
91
No par
Allied Mills Co Inc
Mar
69
34%June29
1
Allied Chemical & Dye.No par
55
16*4 Feb 25
6% Feb 18
Allegheny Corp
No par
5* %Pref A with $30 war 100
i'loo
share $
100% Jan 22
10,300
1,300
1,900
per
Mar 11
11
6*%Pret A with $40 war 100
6*%Pref A without war 100
$2.50 prior conv pref.No par
Allegheny SteeJ Co
No par
Aileg & West Ry 6% gtd—100
$
share
June 16
97
Alaska Juneau Gold Mln
1,500
per
2%June 17
Ala & Vlcksburg RR
28
a
4
~i~7o6
63
27%
*60
Jan
22%June
Rights
*77%
share
44% June 29
57
July 6
6384 Jan 6
per
16
No par
No par
Adams-MUlts
103
1834
25
Adams
37%
11%
No par
Straus
1,400
100
$
No par
Acme Steel Co
2,600
36%
38
11%
Abbott Laboratories
Abraham &
98%
1134
3
37%
*11%
Par
Lowest
Highest
Lowest
Shares
50
Year 1936
100-Share Lots
EXCHANGE
the
Week
*49%
Range for Previous
Range Since Jan. 1
STOCKS
Sales
for
Saturday
previous page.
Record
New York Stock
LOW
2*s, 1955-60-101.12 to 101.12
2%s, 1945-47—103.8 to 103.8
101.16
{Low.
2*8. 1955-60
3%s, 1943-47-107.15 to 107.1511 Treas.
3*[s, 1944-46-106.27 to 106.2712 Treas.
x
Ex-div.
85
62%
114%
101%
41%
75%
Mar
9
6%
4
Oct
Nov
81
Deo
84%
5®4
39%
125%
Nov
Dec
Dec
Mar
89
Nov
75
Jan
Jan 22
49
July
Jan 16
36
Dec
55% Apr
4
65
Jan
73
Feb
y Ex-rights.
Nov
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 2
145
HIGH
SALE
PRICES—PER
SHARE,
Sales
NEW YORK STOCK
the
NOT PER CENT
STOCKS
for
Saturday
EXCHANGE
Tuesday
Wednesday
Thursday
Friday
July 31
Monday
Aug. 2
Aug. 3
Aug. 4
Aug. 5
Aug. 6
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*130
66%
135
10934110
157
65
*65%
66%
*65%
66
*129
*132% 137
*130% 139
10934 111
111% 112% 111
■
157
50*2
157
157
*157
159
158
65%
134
112%
158
65
158
2934
*125
50*2
51
52
51%
51%
5034
51%
51U
81
*79
79%
79%
29%
79
79%
79
79%
79%
29%
2934
141
29%
*120
141
29
30
132
132
29%
*120
2984
135
65
*125
158
158
133
110%
46
46
43
*45%
*14%
7%
15
734
48%
15
838
43
*43
44%
*43%
3%
44%
3%
14%
25%
14%
46%
48
44%
3%
*108
934
50
50
*117
122%
*68
*117
70
6 934
11%
11%
*63%
66%
5684
11%
66%
56*4
21%
*153
56%
2184
22%
157
33s
2534
14%
14%
14%
47%
47%
4934
109% 109% *110
112%
20% 20%
20%
2084
*9
9%
9%
9%
52
50
52%
52%
21
*9
25
*42
47
10934
21
48%
15%
8%
44%
44%
3%
25
44%
*24
*44%
3%
*24%
14%
*45%
15%
7%
*153
122% *117
70
6934
1134
66%
56%
22%
157
122%
70
*50%
51
79%
79%
79%
29%
29%
29%
134
12534 *125
56
2134
153
51
*50
*26%
17
136% 136%
14%
14%
21
20%
*85
94
93
94
*10*4
70*4
10%
11
17
15
71
7084
15%
175
*62%
65
57%
14%
*140
58
*61
57%
*65
86% *65
24
23*4
24%
*106
109% *106
*22
25
*7%
7%
*41%
*23
42%
120
*118
*7%
41%
120
108% 108%
11% •12
59
68%
15
*63
58%
86
*65
2434
109%
106
23%
24
23%
7%
7%
42%
42
*118
17
95
11%
70
15%
175
65
5984
86
24%
106
24%
7%
42
....
IO8S4 IO884 *10884 109
12
12
11%
11%
91
90%
*103
49%
50%
171
171%
82
82
83
84
90%
110
14
14
20%
20%
10%
69%
15%
*140
95
12%
71%
15%
175
65
65
59%
60%
*65
86
41%
42
*118
109
10%
12,900
25
American Encaustic Tiling.. 1
Amer European Sees
No par
American Express Co
Amer & For'n Power
17 preferred
17 2d
11%
*89%
*103
12
.100
No par
American Locomotive..No par
Preferred
Amer Metal Co Ltd
Amer Power & Light
$5 preferred
91
90
110
60%
60%
14%
59%
*14%
59%
14%
14%
14%
10%
11
11
10%
14%
10%
*95
105
*95
105
*95
105
800
43%
800
700
82
83%
1,800
1,900
12,900
95
300
11%
70%
16%
15.500
6% preferred
100
Amer Steel Foundries..No par
American Stores
No par
American Sugar Refining..100
Preferred
100
Am Sumatra Tobacco.-No par
Amer Telep & Teleg Co.-.100
American Tobacco
Common class B
Preferred
6,200
m
100
1,200
10
-
11%
500
90%
20,600
18%
18
18%
88
87
87
*84
86
*84
86
*84
100
35,100
*100
108
*100
108
*105
*105
108
52
*51
52
*92%
95
*92%
95
*92%
95
93
93
95
95
86%
*86
*85
86%
79%
50%
*85
51
112
15%
50*4
*7434
77
*11834 122
*12*4
No par
$6.50 conv preferred.No par
7% preferred
100
Armour&Co(Del)pf 7% gtdlOO
Armour <fc Co of Illinois
$6 conv pref
19
*6
*34%
6%
534
5%
*1234
20%
6%
*3634
7
5%
5
87
*85
90
86
2734
28%
32
32
273s
3134
43
*42%
*106% 107
31
30%
*106%
31%
43
26
*15%
*25%
*38%
2434
15%
115
*24%
*100
103%
*38%
*112
13
88%
20%
21
21%
21%
59%
59%
^J15%
98%
*18%
18%
120
*118
*62%
27%
65
2734
25%
*
13
109
15%
*50%
*108
109
15%
15%
15%
51
50%
50%
13
64
25
27%
24%
81
*80
3534
26
26
26%
39
39
*39%
25%
25%
15%
25%
15%
15%
16
27
27
40%
25
24%
15%
15%
*39%
24%
15%
*112
27%
28%
84
24%
*99
115
24%
*112
*25
103% *100
115
25%
*112
115
*25
103% *100
*112
25%
*24%
103% *100
.700
400
1,300
1,300
10
8,800
4,700
3,500
*80
36%
35
84
36%
*80
34%
84
35%
Bid and asked prices; no sales on this day
*80
34%
84
35%
*80
34%
f In receivership,
«...
27*4
Oct
109*4 Sept
11%
Feb
70*4
Feb
7*4 Mar
78
Deo
400
10
2,100
700
900
""266
a Def.
5
4
20
18,900
Feb 18
June 30
37
Apr
50
121% Feb
8
118
May
122
Jan
Mar
6
105%
110%
Jan
46
111
13*4 Feb 27
99% Mar 1
126
Jan
6
Jan
4% June
66%
104
Jan
Aug
24*4 Mar
Jan
Deo
12% Apr
Dec
112
Oct
98
Feb
124
Oct
7
09
Jan
9
90*4
Jan
107
Oct
21% Apr
11
Apr
13% Apr
26% June
49
Dec
9
106
95
Jan
Feb 18
88
June 29
94*4 May
104
Feb
17'
Mar 13
44
Jan 18
37
Mar 11
June 17
Jan
84
128
67% Feb 18
29
15
7%
95
5
Jan 28
Mar
Jan
62% Mar
18% Nov
22% Feb
108
May
27% Nov
3
50%May 14
Jan
116% Feb
6
109
Sept
88% Aug
31% Oot
64% Nov
35% Apr
118% Deo
18% Mar 6
52% Mar 10
No par
68%June 17
94
Mar 11
48
Jan
84
Nov
113*4 Apr 26
ll%June 14
133
Jan 13
*112
Jan
131
Nov
Jan
9
14
June
36*4 Feb
Feb
Mar
Jan
Jan
Jan
2
1
26% June
5% June
26
12
29
29% June
Automobile
No par
13%June 16
No par
5%June15
30
June 15
5%May 18
4*4 June 30
Bangor A Aroostook
Conv 5% prererred
120
Feb
6
Feb
6
15%
47*4 Mar 17
21
Apr
Apr
Feb 11
39
Dec
22
June 28
34
June 29
23%June28
13%June 28
Feb
2
28*4 Feb
9
8
19
14
8
4
11
6
8
43% Feb
5
11434 July
15*4 Feb
84
Jan 16
88% July
30% Feb
73
Jao
4
17
June 22
108
June 17
x61%May 14
24
June 14
No par
22
Apr 28
22
June 23
Boeing Airplane Co
27% June 28
r
75
5
Cash sale.
114
5
Feb
*
July
Ex-dlv.
8
y
9% Dec
94% Deo
94% Deo
27% Nov
41% Oct
24% Nov
49%
Feb
38% Deo
Jan 21
18% June 30
20% Apr 29
47%June 14
Black A Decker Mfg Co No par
New stock,
Jan 21
42
35% Feb 1
20% Jan 16
105*4 Mar
Bloomlngdale Brothers.No par
Blumenthal & Co pref
100
Blaw-Knox Co..
32
11%June 23
No par
Qethlehem Steel (Del)-No par
6% preferred
20
7% preferred
100
Blgelow-8anf Carp Inc. No par
9
30% Feb
54% Mar
10% Jan
46% Jan
7*4 Mar
11*4 Dec
8
43% Mar
June 28
June 17
40% Jan
Beneficial Indus Loan..No par
Best & Co
45
110% Feb
21%June28
111
25
6
Bendlx Aviation
29% Apr
33*4 July
4012 Mar 17
5
No par
100
Bayuk Cigars Inc
1st preferred
Beatrice Creamery—
Apr
2% July
2% July
4
2 7*4 June
60
preferred
Barnsdall Oil Co—
3
28
38% May 13
100%May 11
27%June 29
20% Jan
No par
Barker Brothers
30
120
...100
..60
100
—10
Barber Co Inc...
9%
52%
9%
11%
9%
73%June 30
100
4% preferred
18%
4% June 29
70 June 29
100
Baltimore & Ohio
n
Nov
6
Assented
delivery,
7
Aug
105
900
Nov
July
16
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
4,500
43
3
27%June 28
107
May 21
Beech-Nut Packing Co..—.20
300
111
June
21% Aug
166
600
May
9
55% Mar
1,100
l,4fflT
Jan
97
44% Jan 26
101
100
June 18
Aug
03
$5 preferred w w._..No par
Beech Creek RR Co
60
5,300
1,400
1,400
43,000
2
69% Jan
fBaldwln Loco Works.No par
5 \i%
15%
Deo
preferred— —100
No par
Austin Nichols
50
8,500
2
50
Feb 13
125
$5 prior A
No par
Avla'n Corp of Del (The)
3
1,800
84
35
Auburn
2434 Aug
1
Atlas Tack Corp
Preferred
103%
-
Jan
Sept
Sept
July
37% Jan 12
10% Feb 10
111
June
1
50
Atlas Powder
conv
Mar
49% Mar 24
Preferred assented
24,800
15%
«.
-
Corp
6% preferred
5%
97
112
4% conv pref series A...100
Atlas
100
115
42
42
42
*39
42
*39%
*39%
114% *112
113% *112
112% 112% *112
113%
13
13
*13
13%
13%
13%
13%
13%
*87%
88%
88%
88%
*87%
*87%
20
20
20%
20%
20%
20% 21%
20%
22
21%
21%
21% 22%
21%
21%
21%
60
58
58
59% 59%
58%
59%
58%
98% 100%
98% 100%
9834 100%
98%
99%
19
19
18%
18%
18%
18%
1834
18%
118
118
119
119
*118
*119
119%
119%
66
65
*65
66
64%
64%
64%
*63%
28
28
28
28
27%
27%
27%
27%
25
25%
24%
24% 25%
24%
24%
24%
*25
*25
25
*25
25
28%
28%
28%
-
Jan
100
100
25
600
40%
25%
6% preferred
............
*38%
-
44
101
100
Atlantic Refining
100
5,500
1,300
27
25
5% preferred
200
7,300
Feb
15% Apr 28
85
■
63
*25%
25%
39%
25
25%
119% 119%
25
*
*108
15%
50%
2534
1558
115
88%
2034
21%
*21%
21%
60
5934
98% 100%
*18%
18%
29
36%
110
15%
50%
*39
2534
3934
25%
*87%
25
35%
*108
15%
50%
29
78
78
78
77%
*76%
76%
79%
79%
*120% 122
*11884 122
*120% 122
*120% 122
13
12%
13%
13%
1234
12%
13%
*12%
21
*19
21
21
20%
20%
20%
20%
20%
6
6
6%
6%
6%
6%
6%
6%
6%
39
38
38
*34%
37%
*343S
36% 36% *34%
7
7
7
7%
6%
7%
7%
7%
6%
6
6
6%
5%
5%
534
5%
5%
5%
5
5
5
5
5
5
5
5%
4%
85
87
*84
87
90
*83%
85,
*86%
88%
86
88
88
90
*83%
88%
*83%
88%
*86%
27
28%
27%
27%
26%
27% 28
27%
27%
32
33
31%
30% 32%
32%
31%
31%
31%
44
43
44
44
44
44
44
*42%
*42%
107
107
107
*106% 107
*106% 108% *106% 108%
31
3134
31%
30% 31%
30%
31%
30%
30%
103%
*25
*79
95
92
21%
28%
4
6% pref with warrants..100
16
21%
29%
2
96
30
13%
42
42
*38%
114% *112% 114%
13
*87%
15%
*112
25%
81*4 Jan
Atl G <fc W I 88 Lines..No par
110
Apr
Jan 12
6
100
153s
Jan
Feb
Feb 23
July
18%
25%
2934
24
June 30
4
Assoc Investment Co.-No par
1,700
8
1
4
Jan
7
Atlantic Coast Line RR...100
50%
Deo
63% Aug
145
Sept
26% Jan
190% Nov
102% Feb
Deo
Feb 23
87
9,400
77
*75%
*11834 122
25%
39% July
116*4 May
106
1
51%
110
64
36
Mar
79
100
50%
87
*111
Dry Goods
6% 1st preferred
7% 2d preferred
52%
51
73% Jan
145% Dec
18
Jan
51%
112%
15%
Nov
152*4 Mar
150
20
1
103
Oct
104
185
Feb
14% Jan 18
Nov
Jan
19%
92*4
7%
62*4
3%
29% Jan 13
107
165% Aug
8% June
Jan
49%
15%
40
5% Jan
""266
85
4
June 22
100
Associated
300
96
*13
Mar
88% Mar
Feb
50%
16
87
136
7%
49%
*12%
*20%
28%
4
8%
5034
16
99% Feb
150% Jan 26
20% Feb 3
20% Mar
149% Apr
47%
51
*86s4
25
51%
12,900
Jan
May 21
18
$5 pref without warrants 100
6
*38%
17%
18
Apr 10
105
Atch Topeka & Santa Fe_.100
29%
8
Jan
17% Jan 21
100
July 23
30
24
Jan
Jan 28
99
129
16% Feb 27
9,800
28%
187
Jan
20% Apr
24% Dec
48% Apr
7012 Mar 13
78%
99%
24
56% Jan 11
143*4 Jan 13
25% Jan 25
133%
8»4June 17
99%
*14
6
Jan 21
54% July 12
11
June 18
85
16
Feb
73%
26% Jan 20
Jan
67% Mar
6
99%
25%
29%
68% Jan 29
No par
80%
16
Jan 13
44% Jan
No par
85
6
*25
64%June 29
6% Jan 2
7% preferred
100
Armstrong Cork Co ...No par
79%
97%
29%
June 26
7*4June 28
6
86
*50%
13%
19%
6%
3934
7%
74% May 18
128% May 13
11% June 28
Andes Copper Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd.No par
99
*110
15%
5034
21%June 14
159*4June 29
73*4June 12
Anchor Cap Corp
80%
*24
June 17
124%June 30
100
Jan 28
154
Jan
89% Deo
26*4 Mar
78%
29%
36% Feb
18*4 Apr
167
65% Nov
86
*16
87% Sept
74% Sept
27% Jan
Jan
98
*24
Nov
14% July
Feb
Jan
86%
18%
2934
69
Feb
May
8034
98%
25
Jan
7%
43
35
78%
*16
235%
Feb
24
98%
"77"
July
15
64% Nov
28
81
*24%
29%
*110
*
134
Feb 23
98%
80%
Dec
79% Feb 23
50
98%
Apr
Apr
118
69% Mar 10
*97%
81
98%
51%
*92%
May
10
27
7
108
108
37
1
26
25
Preferred
86
52
21
79
105
18%
*103
Jan
15% Nov
48% Deo
122% Nov
29% Jan
47%May 13
600
-
105
87
52
24
$5 prior conv pref
Anaconda Copper Mining..60
70
1,300
41%
18%
108
3
Jan 21
148
14
15% June 18
100
Amer Zinc Lead & Smelt
Artloom Corp
*51
29% Feb
23% Apr
66
Apr
Jan
Anaconda W & Cable..No par
79,100
86
.
10
13
14
23
15%June 17
$6 preferred
"960
100
79%May
138% Apr
52% June
131% July
48% May
88
Arnold Constable Corp
*105
18%June 17
No par
700
51%
40% June 17
163
No par
800
*50%
1612 Jan 13
87% Jan 18
72% Jan 12
Am Water Wks & Eleo.No par
10%
52
Feb 15
June 17
7
$6 1st preferred
American Woolen
175
—
25
6% preferred
Am Type Founders Inc
6,200
22,700
25
14
*49*4
75
6
8
Jan 20
Mar 10
Feb 1
Mar
5178 Nov
5% Jan
2% Sept
16% Sept
9% Apr
Jan
26
62%
17%
Feb
29%
13%
68*4
129%
46
Jan
66*4
136%
Snuff
13%
*95
125
49%June 28
25
Amer Smelting & Refg.No par
Preferred
100
American
10%
18%
27% Feb 15
17*4 Mar 11
68% Feb 4
Oct
37
105*4 Mar 11
400
1,300
61
105
484 Mar 16
Oct
4%
31%
14,400
11
17%
11% Mar 13
22% Deo
45% Deo
14%
*95
6
Jan
87
18%
1
Feb
25*8
*84
18%
50% Deo
21% July
8% Mar
Jan 18
Mar 19
American Rolling Mill
*10%
62%
June
60%June 15
No par
*14
60%
38% Jan 22
68%
58
69
105
112
Oct
9*4 Mar
60% Deo
Jan 23
109% 109%
90
*103
43%June 15
175
41
61%
11%
90%
Oot
Amer Ship Building Co .No par
68
12
11%
Jan
6% Apr
29*4 Jan
12
Apr
510
61%
41%
June 30
7%June 30
No par
Am Rad & Stand San' y.No par
Preferred
100
175
65*4 Mar 13
52% Mar 3
101%June 28
1838June 28
No par
16 preferred
4
Jan
37
No par
6% conv preferred
100
Amer News N Y Corp..No par
Feb
Mar
13*4 Jan 22
28*4 Nov
40
16
*118
100
14%
Jan 18
17
225
Apr
2% Jan 5
17% Jan 7
12%June 30
No par
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
Sept
Deo
13
American ice
pref
Aug
8%
25
40«4June 17
non-cum
32
101
58% Jan 22
36%June 28
6%
Jan
Apr
Apr
3%
9*4
21
May 20
50
Amer Interaat Corp
16%
89
13% Jan 28
14% Aug 6
6% June 17
37
American Home Products...1
6% preferred
33% Jan 21
99% Mar 2
39*4
5,400
70
109% 109%
18%May 18
No par
30*4 Mar 31
37
17
11%
41%
*41%
May 19
Nov
7% July
20% July
Apr
128
*65
4
113% Oct
35*4 Deo
16% Deo
36% Nov
27
18
55%
81%
83%
67
45
..No par
preferred A
Mar
6% June 15
87% May
Feb 20
22
86
225
Ns par
3
29
128
61
110
10%
60%
65%
100
June 17
88%June 14
5%June 30
10%June 29
Jan 25
23% Mar
Deo
1,000
*93
60%
10
100
29
120% Deo
Dec
95
*65
June 15
13% Jan
Nov
23*4 July
133%
43
*150
Apr 26
25
111
31
55%
55%
*16%
16%
98
Co)..25
100
8
144
55%
71%
No par
^ All eg
Apr
Feb
21
175
Jan 25
Deo
60% Deo
67
45% Mar 11
136% 136%
13%
13%
19%
20%
15%
June 14
30% Apr
36
136% 136%
14
13%
69%
28
115
100
4
7
148
Apr 20
108% July 28
31%May 13
26*4 June 14
22% Apr 27
500
400
*150
4
96%
95%
11%
Feb
174
American Safety Razor.. 18.50
American Seating Co ..No par
50,800
5,800
1,500
3,800
10%
71
104% Feb
32*4June
Deo
137% July
170
22
20%
May
70% Deo
141
Apr 16
90
170% 171
*91
162
80*4 Feb 18
48%
48%
*131
9
Juno 29
6% 1st preferred,.
1,400
169% 171%
82
82%
84
83%
*118
109
59
105
"226
72
•
11
*95
1,800
1,200
14,500
65
23
24%
24%
23%
23%
24%
*106% 109% *106% 109% *106% 109%
24
29
25%
26%
26%
*26%
8
*7%
8%
*7%
*7%
7%
59%
14%
18
9
*70
144
Jan
American Crystal Sugar
700
2,900
10,600
122%
50%
174
7
20%June 17
500
20%
122% *117
50
Deo
American Colortype Co.—10
Am Comm'l Alcohol Corp..20
200
1,600
3,400
113
56%
94% 95% $94% 95%
142% 142% *142% 143%
*56
56%
56%
56%
132% 132% *132% 133%
55%
56%
56%
55%
*17
17
17%
17%
44%
44%
44%
*43%
128% 128%
128% 12#%
23
22
*22%
22%
11
*14
47
10%
64%
110
American Hide & Leather... 1
8%
71
May
9
June 30
7,300
56
71
124
Jan
77
5% preferred
1,700
*94
1034
58%
110
70
*94
65
91
70
122% *117
136% 136%
*140
*103
*117
82%
83
8334
136% 137
14
14%
21
20%
15%
91
55%
Feb 18
16 preferred
..No par
Amer Hawaiian SS Co
.10
16,200
8134
71%
110
*90%
*103
54%
10,500
3,400
2,000
Apr
160
121
46
500
56
56
56
55%
56%
56%
21%
21%
21%
22%
21%
21%
*149% 162
*149% 162
*149% 162
40%
39%
40%
39%
39%
39%
40%
2834
28%
28%
*27%
28%
28% 28%
27
27%
26%
26%
26%
*26%
26%
44%
128% 130
23
*22%
171% 172
175
120
54%
3,500
40
Mar 25
57% Apr 28
Highest
I per share $ per share
90%June 15
152% Apr 12
125
Am Chain & Cable Inc.No par
100
56%
44%
11
*140
52%
800
S per share
100
American Chicle
2,200
% per share
No par
Preferred
Am Coal of N J
400
8
20
9
100
American Car A Fdy
100
22%
49% 5084
95
94
95
93%
9434
95%
142
142
*142% 144
*14234 143%
57%
57%
57%
*56%
*56%
57%
*130
132% *130
132% *130
132%
56%
57%
5534
57%
55%
57%
8334
83%
*135% 137
14%
*13*4
21
2134
113
20%
9
25
300
4212
44%
3%
24%
14%
46%
110
*20%
9
3,700
100
Preferred
900
155
51
82%
110
9
6h% conv pre!
American Can
14%
24%
*14%
11%
27
82%
24%
14%
48%
65%
27
23
*22%
171% 172
24%
14%
47%
11
2834
*129% 130
3%
65%
3934
45%
129% 129%
23
*22%
17134 172%
8134
82%
84
83%
3%
11%
40%
*44%
8%
2,000
Lowest
Highest
Am Brake Shoe & Fdy .No par
48%
*46%
14%
7%
42%
43%
3%
44
65%
29%
45%
24%
14%
14%
48% 49
109% 109%
20% 20%
45
10%
39
*44%
24%
*44
65
*2834
17
3%
8%
44%
45%
3%
45
48%
15%
11%
3834
18
7%
*42%
*47%
*14%
7%
*42%
65
29%
2634
*17
15
10%
38
*50
46%
15
Par
Year 1936
100-Share Lou
Lowest
700
52
65
-*29
26*4
45%
"(f.ioo
158
*106l2 110% *107% 110% *108
110% *108
110% *108% 110% *108% 110%
*2534
29
*2534
29
*2534
29
*2534
29
*2534 29
*2534
29
*16%
16%
*16%
16%
16%
16%
*15
15%
1534
*15%
16%
15%
24
24
24%
24%
24%
24%
2334
2384
23% 24%
24%
24%
26%
26%
26%
26%
26
26%
26%
26% 26%
26%
26%
2634
93
93
*93%
95
93
*93
93%
95
*93
95
9434
95
9
9
8%
8%
834
8%
8%
8%
834
8'
8%
8%
*13
*12
*12%
1334
1334
*13
1334
*13
*13%
1334
13%
13%
*225
300
*174% 300
*174% 300
*174% 300
*174% 300
*174% 300
10%
10%
984
10%
9%
9%
9%
9
9%
9%
9%
9%
57
55%
56
57%
56%
57%
56
57
57
56%
57
57%
2734
28
27% 28%
27% 28
*27
27% 27%
27%
27%
27%
*14%
7%
900
65%
65%
*128
*129% 133
11034 111% 109
Range for Previous
Range Since Jan. 1
On Basis of
Week
66%
895
23*4
Jan
62*4 Jan
105% Mar 11
20
Jan 18
13%
Jan
28% Nov
14% Jan
16% June
110
May
28% Deo
22% Nov
18
Jan
100
Aug
35
Feb
85
Feb
13
Dec
83
June
115
1
42%
112
Oct
Deo
89% May
21%
Jan
32%
Jan
25%
48
Jan
72
Apr
16% Apr
July
16% Mar
20
45*4
Deo
28% Nov
105
77*4
20
Oct
Oct
Nov
Deo
Dec
129% Feb 16
69*4 Feb 10
107% July
Jan 21
28*4 Deo
141« July
18% May
77% July
*34% Deo
24% Deo
Apr
37% Deo
38
29% Mar 10
7
94% Jan 16
4934 Mar 3
32% Jan
Ex-rlghts.
23
16%
Jan
135% Nov
65%
Deo
38% Nov
120
Oct
5 Called for redemption.
STOCKS
fnT
NEW YORK STOCK
EXCHANGE
JOT
Saturday
Monday
July 31
Aug. 2
*43
Week,
$ per share
Shares
$ per share
43%
43%
43%
43%
4458
44%
45%
45%
86
86
85
85
85
Par
Bohn Aluminum &
5,000
45%
86
43%
43%
Aug. 6
$ per share
85
84%
*43
44%
44%
44%
44
44
43
43
42
43
42
43
*24%
25
24%
25
24%
24%
25
24%
44%
45%
45%
46%
45%
45%
9%
*2%
18%
24%
46%
9%
234
18%
24%
45%
24%
44%
9%
24%
45%
46%
4,500
10,000
9%
9%
500
*2%
2%
*85%
87
86
44%
*9
*9
9%
2%
*2%
2%
*2%
9%
*9
*2%
2%
18
2%
18%
18%
44%
18%
17%
9%
9%
*2%
18
18
46%
45%
46%
44%
45%
*45
49
49%
49%
49%
49%
*49
42
42
41%
41%
*40%
41%
41
4
18
45%
3%
*3%
19%
*17%
22%
22%
65
31
30
64%
29%
30
*45%
48
*
105
84%
8%
8%
*84%
54
84%
10%
84
*54
54
9
8%
55
54%
8%
*37
37%
*25%
29%
*18%
*25%
*16
16%
16
17%
16%
17%
28%
28%
28
5%
5%
5%
20
20
29
31%
7%
6%
7%
20%
21%
7
21
*20%
18
18
17
-
-
29
10
10%
10
10%
86
85%
86
8%
8%
55%
16%
32%
32%
17
1,400
Burl'ngton Mills Corp
29%
5%
5%
17
29
29%
5,700
5%
5%
1,200
{Bush Terminal
*18%
*25%
16%
21%
29
*25%
29
16%
16%
32%
32%
21
7%
19%
20
68%
*65
68
*55%
68
64
64
*65
*27%
30
29
29
*29
37
37%
37%
28%
37%
29
37
37%
*35%
29%
36%
*36
*49%
3%
14%
53
*50%
53
*51
53
*51
*50
52
31%
32
31%
24%
24%
24%
25
3%
15%
30%
24%
32
24%
24%
*
★
55%
*45
12%'
*46
*15
15%
*15
48%
*45
48%
96%
96
*
96
96%
97%
"3l"
31%
7
7
182
184
7%
"96%
*14
96
7%
15%
48%
300
*45
30
101% 101%
101% 101%
*19%
20
19%
19%
*13
13%
12%
12%
10%
*9%
10%
*9%
*98% 102
*98% 102
73%
74
73%
13%
14
13%
55
65
53
*57%
59
*16%
20
*71
72
70
51%
50%
51
12%
10%
*9%
*98% 102
12%
12%
74
*19%
13%
13%
7
1,500
*9%
*9%
10%
*98% 102
74%
74%
Case (J I) Co.
19%
75
10%
96%
*94
*94
96
"""900
7% preferred..
Celotex Co
*9%
*57%
17%
1,000
900
70
70%
3,700
52%
53%
17,100
96
*95%
98%
2%
7%
2%
*2%
2%
*2%
2%
*2%
2%
*2%
2%
""lOO
7%
7%
*7
7%
7%
7%
7%
2%
7%
7%
500
2%
7%
*2%
11%
*2%
2%
2%
2%
10%
*8%
2%
10%
10%
10%
10%
9%
10
*7
25
25%
25%
25
25
2%
11
*7
8%
26
26
26
8%
26
2
1%
1%
1%
1%
1%
1%
*1%
4%
4%
4
4%
3%
3%
3
3%
3
4%
3%
4
3%
4%
3%
4%
3%
*1%
11%
11%
*25%
26%
*10%
25%
12
11
10%
10%
11
25%
41%
25%
25%
25%
*40%
2%
25%
2%
24%
*40%
*2%
5%
5%
*5%
40%
*40%
*2%
2%
2%
2%
*5%
6
5%
5%
*40
3%
40%
2%
*5%
40%
2%
6
12
40%
500
11
10
10
26
2
8%
44%
8%
45
*69
8%
45%
*100%
*100%
*108
*108
112
46
47
46
*86%
88
*86%
50
50
28%
28%
8%
45%
46%
*100%
8%
18%
46%
88
*50
51%
28
28%
18%
18%
*102% 102%
*102% 103
55
56
64%
54%
*110
112
*110
*31
39
*31
*36%
16%
37
16%
19
19
*17%
22
36%
16%
18%
*17%
31%
31%
122% *120
*120
29%
*40
14%
29%
42%
15
28%
112
38%
37
16%
19%
22
32
31%
122%
29
13%
38%
*
*50
51%
*50%
■»
-
—
—
«•
—
*110
*31
37%
16%
38%
*110
*31
37%
16%
36%
16%
112
*31
300
30
92%
*83
90
14%
107
14%
3
2%
3
56%
57
13%
13
13
38%
37%
38%
105
65%
62%
105
61%
*103
66%
65%
62%
106
66
*105% 107% *105% 107%
14
14
14%
14%
3
3
2%
2%
56
56
56%
57%
12%
38
12%
38%
Bid and asked prices; no sales on
8%
46%
11%
37%
11%
37%
this day.
29%
122
8% June 26
7
July 9
45%
88
..
45
38%
37
*110
*31
36
29%
29%
122
28%
*28
634% preferred
City Investing Co
City Stores
10
8%
46%
-■
•.
M
3,300
3,600
-
88
.
90
Clark Equipment
C C C & St Louis Ry 5% pf 100
Clev El Ilium $4.50 pf.No par
38%
36
16%
19
28%
29
2,400
50
Cluett Peabody & Co.—No par
Preferred
100
1.300
Coca-Cola Co (The)...No par
14,500
Colgate-Palmollve-Peet No par
Class A
100
6% preferred
600
4,100
No par
5% conv preferred
—
-
1,100
450
92
92
92%
92%
*83
90
64%
63%
10,700
92
Feb 18
Feb 16
74
July 15
No par
July 31
33
Apr 23
90
47% Mar 31
23%June 28
11%
11%
37%
37
{ In receivership,
a
Jan
129
July
Jan
134
Nov
Jan
58
Nov
59
June
2
84
9
55%
77%
13
June
21%
Dec
6
100
Aug
106%
Feb
104% Jan
39% Apr
66% Nov
8% Jan
28% Sept
30
Oct
48
Dec
19
Dec
36%
Feb
Jan 14
19%
Jan
37% Mar
Jan 25
16
Jan
36
51% Feb 10
5
27% Mar
32
31% Aug
125% Apr
1
94
Jan
39% Jan 20
31
May
46% Jan 20
20% Jan 14
39%
Dec
14
Jan
8
90%
8O84
Jan
Jan
44
Jan
69% Jan
56% Apr 8
100
Maris
114
63% July 2
103% May 19
120
8
Jan 12
100% July
80% Jan 26
55
Jan
Jan 25
97
Jan
136% Aug
*45%
51%
108%
103
128
14% June
24%
4% Jan 13
5%
46
June 23
76% Jan 13
Apr
59% Apr
4
19% Feb 11
45% Mar 11
11% Aug
34
Congoleum-Nalrn Inc..No par
Def. delivery,
n
New stock,
r Cash sale.
*
June 28
Ex-dlv.
y
Nov
9I84 Nov
136
21% Jan 21
No par
Oct
Aug
84% Sept
May 19
2%
Jan
Jan
23% July
June 22
Cnnde Nast Pub Ino
Mar
2
2
Aug
$6 preferred series...No par
2,300
Oct
Dec
25% Mar 19
2
1,400
2,600
55%
12%
Apr
13
Commonw'lth A Sou
57%
48
124
29
July
Oct
Deo
29% July 15
3
30
3
38%May 18
Deo
47%
51
15%June17
28% Aug
Oct
111%
No par
Commercial
11%
1
98
Jan
90
14%June 28
28% Aug 6
29% Aug 5
III
May 18
Solvents—No par
10,100
26,700
57
2%
June
Feb
July
Feb
170% Apr
6
Nov
Mar
Jan 14
14
2%
55%
50
13% Nov
46% Mar
48
122% Jan 6
56% Jan 29
75
89«4 Nov
82
132%June
17% Aug
90
Nov
Jan 14
125% July 21
102
23
5012 Feb 26
Jan
106% 106% *106% 107%
14
Jan
Deo
51
13834 Nov
Mar
107%
7
47
101
100
45
113
108
preferred
Jan
Jan
Jan
103% Apr
8
conv
Jan
85%
15%
72%
5
June 28
$4.25 conv pf ser *35.No par
Dec
May 21
80
4J4 %
1484
102% June 21
6% preferred series A... 100
100
...10
Comm'l Invest Trust..No par
Oct
Jan
Jan
Jan
June 14
700
30%
7
2384
10
200
32%
17% Sept
3
6
Columbia Gas A Elec—No par
6% preferred
Commercial Credit
July
47% Aug
June 28
v t c
Jan
3% Apr
1984 Jan
8
7
112% Mar 11
45
Apr 12
100
100
8
Jan
15
1st preferred
3
484
Jan
Feb
Apr
1%
1
32% Apr
98
5%
3% Apr
10% Mar
Jan 18
9,900
38%
June 25
6% June 21
107% July 10
66%
65%
Mar 11
100
107%
106
80
17%June 28
June 17
300
90
*83
27% Jan 14
22% Jan 29
15% Mar 3
62% Feb 13
Columbia Broad SysIncclA2.50
Class B
2.50
2%
Feb
Feb
2%
25
8
60
$2.75 conv preferred-No par
20,000
8% Mar
80
Columbia Plct v t c...No par
13%
3
Jan
12
33% Nov
June 24
21% Feb 18
31
4%
Feb
135% Feb 11
26
4% 2d preferred
900
1
Colo Fuel & Iron Corp. No par
Colorado A Southern.....100
420
2,300
,
Colonial Beacon Oil...No par
42%
14%
May
1% Apr
47%June14
Columbian Carbon
13%
66
Jan
6
No par
Collins & Alkman
1,700
*40%
37%
4
25% May
June 30
94
86
Special guar 4%
1,500
14%
2%
6
3% Mar 18
2
9%June17
46% Jan 22
Clev & Pitts RR Co 7% gtd.50
28%
42%
14
18% Mar
12%May 19
Jan 20
June 18
15%May
Clev Graph Bronze Co (The)-l
10
122% 122%
13%
105
14
4,200
22
*40%
65%
8
32
3% June 28
35
112
*28
105
24%July
10
45%
28%
63%
..No par
...100
100
..6
No par
City Ice & Fuel
120
28%
62
25
5
Co
ChryBler Corp
800
*50
112
No par
Childs Co
17%
108% 109%
*86%
6% preferred
100
Chicago Yellow Cab...No par
Chickasha Cotton Oil
10
Chile Copper
-
50,000
70
70
8%
46%
Preferred
84%
17%
*83
*10019
II2"
2,000
11
65
15%
*91%
107
70
11
115% 116
18%
*17%
90
66
17%
84%
Nov
100
Feb
*58
19%
120% 120%
28% 28%
*40% 42%
100
Mar
4
3% Mar 17
22
28%
13% Mar 17
10% Feb 19
16%
30%
4«4 Mar 16
6% June 17
June 17
2
June 25
*17%
121
3% Jan
8% Deo
2% Feb
14% Dec
2% June 26
4%June 29
*19
28%
1«8 May
2% Jan
1% Apr
{Chic & East 111 Ry Co...100
6% preferred..
100
{Chicago Great Western.. 100
2
19
121
77% Nov
{Chic Rock Isi & Pacific—100
7% preferred
......100
22
29%
Jan
500
18
30%
Jan
51
900
*17%
29%
29%
69
100
5%
19
31%
6
68% Mar 4
Mar 11
90% Mar
June 28
50%June 29
Apr 7
2%
22
16%
Apr
*2%
578
19
92%
66
37
69%
40%
*17%
30%
30%
14%
61% 62%
104% 104%
*110
Jan
2%
*50
38%
36%
16%
Deo
22%
Feb 13
Oct
28%
112
38%
41
27%
27%
*27% "27%
27% 27%
*126% 129% *126% 129% *126% 129% *126% 129%
159
159.
160
160
160
160% *157% 161
58%
*o7%
*57%
58%
*57%
*57%
58%
58%
18
17%
18%
18%
18%
18% *17%
18%
*102% 103
*102% 103
*102% 102%
102% 103
54%
54
54
56
52%
54%
56%
54%
27%
Aug
40%
11%
Deo
19
June 14
65
Dec
Mar
48
91
4% preferred
19% Mar
72%
111
101
63%June 10
4
14%June16
67
Ort
JNuv
T
4
Feb
111
35% Jan
100
Feb 10
82
*08
J&u
8% June
67% Sept
23% Feb 10
ll%June 18
48%June 19
July 13
107
No par
25
Nov
47%
86% Mar 10
35
—
14%
56
56
*100%
8%
46%
47%
*100%
*108l«
112
46
45%
87%
*86%
13%
90
2%
46%
47%
108% 108% *108%
45
45
46%
88
87%
*86%
8%
14%
92%
*105% 107
14
14%
8%
42%
*81%
66%
8%
17%
Chesapeake & Ohio Ry
Preferred series A
12
97% May
Jan 14
115
5
May 13
S3 conv pref erred. ..No par
*69
84%
Chesapeake Corp.
Feb
Apr
6%
3
Chicago Pneumat Tool-No par
*69
1334
*91%
*81%
61%
*91
62
-
*40%
90
104%
-
14%
92%
66
~
42%
*81%
61%
85
5
Checker Cab
14% Mar
300
115% 116%
*40%
*91
*103
17%
•
p.---
112
*126% 129% *126% 129%
159
159
159% 160%
*57% 58%
*57%
58%
18%
17%
*83%
1
6% prior preferred
100
ChampPap & Fib Co 6% pf 100
Common
No par
May
57
24% Jan 11
4,600
11%
*52%
72
June 28
8%June16
40%
11%
17%
II
25
600
85
19
Dec
Apr
35
Jan 15
Dec
1,300
17%
41%
24%
17%
83%
2
Dec
37%
9%
12% Apr
5%
16%
*69
12% Jan 28
Jan 26
6%June17
86
Jan
9
5%
16%
-
May
6% Nov
33
*17%
«*
54
25%
4%
18
84
7
Deo
Sept
12%
17
«»«.
82% Jan
39%
Apr
17
84
Apr
39% Jan 12
June 17
Jan
Dec
110
Dec
19
6% May
*17%
*69
106
8
2% Apr
17%
11
9
7% Mar 17
6% Mar 4
16%
*58
June
48% Mar
19% Feb 17
17%
11%
Nov
32%
9%June 26
21
Apr 28
16%
65
*91
3%June 17
3
June 25
18
11
41%May 20
25
114% 117%
17%
17%
84% 84%
Jan
21% May
11%
5%
July
6484
1
11%
5%
June
143
June 24
115
73%May 18
30
186
100
16%
*58
105
900
18
11%
Feb
100
9
26% Jan 6
106% Jan 6
36% Jan 13
4,500
16,000
16%
65
June 17
85
Jan
Jan
92%
116
3%
*434
11
191% Aug 3
129% Jan 22
4%
17%
115% 117
1
3%
16%
*60
4
4
17%
11%
9% Apr 20
Jan
July
Feb
9%
6% May
6%June 18
102% July
Deo
10384
6% preferred
100
{Chicago & North West'n.100
*1%
*434
65
Jan
l%June 26
16%
117%
91
2
{Chic Mil St P & Pac__No par
6
116
Jan 18
35%June
June 23
1,000
17%
65
106
95% Aug
2,200
16
11%
5
Oct
Jan *100
2
17%
113% 116%
17%
17%
87
26%
*4%
*57
8
3%
25
Feb
Nov
53
Feb
{Chic Ind ALouIsv 4% pref 100
Chicago Mall Order Co
5
15%
5%
52% Jan
102
4%
12
*5
2
13%June 29
July 8
June
1,300
*7
5
5
5
2%
*10%
8%
26%
11
8%
Feb
18%
94% July 28
Certain-Teed Products
18
16
68% Nov
12% May
45% Jan
3,600
59
Jan
Apr
10%
37
60
30
Apr
Deo
Aug
18% Mar 11
103
770
60
17% Mar
100
52
Jan
61% Jan
June
18
Preferred
109
30«4
54
8
44
13%
13%
51%
3
40%
11% July 23
Cerro de Pasco Copper.No par
2%
2%
Aug
16% Nov
Jan
10% Apr
38% Mar 19
61
Jan 14
Jan
107%
Century Ribbon Mills.-No par
98%
11%
54
5,100
*7
2%
June 28
24
23%June 28
Nov
3
6
30
20% Jan 12
37% Feb 13
June 29
Central Vloleta Sugar Co
** mmm+*
6% Mar
29% Deo
88% Deo
33% Oct
4884 Dec
Jan
4
Apr 29
Central RR of New Jersey. 100
800
1,600
*2%
*7%
%
2% Jan
12
96
Central 111 Lt 434%
■
33% Nov
Apr
Apr
51% July 28
6% Feb 25
1
pref-100
Central Foundry Co
*94%
*10%
100
4,100
m
30%
75%
*94
96
No par
Central Agulrre Assoo. .No par
100
10%
74%
109
—100
5% preferred
390
*98% 101
75%
13%
13%
14%
13%
13%
51
52
51%
51%
52% 53%
*108% 109
*108% 109
*108% 109
109
59
59
58%
57% 57%
59%
*57%
*18
20
17%
18%
17%
17%
17%
70
69
71
70
71
70%
69%
52%
53%
51%
51% 52%
51%
52%
*93
16,300
12%
22
2
112
5% preferred
100
Celanese Corp of Amer_ No par
Jan 11
2
138
No par
Caterpillar Tractor
.
2%
3134 Nov
16% Nov
16% Apr
54% June
9
48% Feb
100
Preferred
210
2,200
19%
12%
14%
34% Mar
5% June 24
Mar 22
50
100
110
13%
*98% 101
75%
13%
1
Carriers & General Corp
4,200
21
Dec
Jan
Jan
Apr
Dec
Deo
Jan
3
30
—
185
*101% 102
102
102
Mar
8%
4
25%June29
100
5
Stamped
Carpenter Steel Co
7
55
*108%
*58%
*16%
*108% 109
74%
14%
*102
102%
101% 102
19%
20% 20%
19%
Oct
9
33%
2%
1
Feb
9% Feb 25
47
500
117
117
117
116
118%
120
118% 118% 118
99%
99%
99%
99%
99% 99%
99% 99%
99%
99%
105
*104
*104
105
*104
105
*103% 105
*103% 105
*103% 106
39%
38%
38%
38%
38%
38% 38%
39%
38% 39%
39%
38%
110
110
*109
*109
*108% 110
*108% 110
*108% 110
*108% 110
41
42
41
41% 41%
41% *39% 41%
41% 41%
42%
42%
77
*76
77
77
76
76
77
77%
77%
77%
77%
*77%
32
32
30
30
*30%
*30
*30%
32%
*30% 31%
*30
32%
8
8
8
7%
7%
8
8
8%
8%
8%
8
8%
*115
25
180
189%
39
Aug
Capital Admin class A
1
$3 preferred A
...10
Carolina Clinch & Ohio Ry. 100
60
31
*30%
7
7
185
100
No par
Cannon Mills
20
96
1
Canadian Pacific Ry
__
96
~96~
95%
30
30%
7
7%
188% 189
117% 118
99% 99%
30%
191%
*13%
*
96
"95%
96%
30%
50
Canada Southern Ry
100
15%
48%
*45
*
9
4% Apr 28
Campbell W & C Fdy—No par
Canada Dry Ginger Ale
6
70
46%
9
91
15,000
*46%
June
64
5,000
12%
34%
33% Mar
6% preferred
55%
Dec
Apr
25
9
11% Jan 29
35% Feb
17%June 29
Calumet & Hecla Cons Cop—5
12%
12%
46%
48%
*95"
54
Deo
13%
Callahan Zinc-Lead
Mar
14
59%
29%
28,700
3,500
Aiay
35%
1
No par
15%
115% Sept
Apr
Jan
8%
11%
3
California Packing
Deo
Spnt
20% Apr
2
2
36~406
26
Feb 15
18% Mar
500
32%
13
Oct
115
Jan
Jan
9%
"85
7
36% Mar
4%
*
12%
*46%
15
14%
*45
*
96%
*28%
7%
189
191
*46%
96
*.
31
*7%
184
47%
32
26
Jan
Oct
■
Jarfu
Jan
58% Sept
107% Sent
45% Feb
16%
16%
31%
25%
Dec
28%June 21
54
4
4%
16%
Jan
22%
21%
..No par
100
Byron Jackson Co -——No par
1,000
37
65%
24% Jan 7
12%June 29
—...10
Byers Co (A M)
Partlc preferred
80
29%
*51
54
54
12%
47
65%
*36
37
16%
331%
25%
55%
12%
15%
*45
*
96
31%
54
12%
*46
15%
48%
*15
54
12%
47%
47
47
*54
55%
11%
11%
11%
29%
4
4%
16%
31%
15%
*24%
3%
15%
3%
15%
30%
30
4
15%
4
3%
65
29%
68
29
7%
67
Sept
6% conv preferred———30
Butte Copper & Zinc
6
Butler Bros
2,000
22,800
3,200
32%
7%
20%
106
18% July 14
4%June
{Bush Term Bldg gu pf ctfs 100
__
3,400
16%
32%
7%
7%
21%
*55%
15%
29
Jan
Feb
8%
3
45% Jan 18
15
100
51% Mar
Dec
8% May
16% Aug 3
22% June 30
No par
Debentures
12% Mar
45
14%
65% Mar
Jan
44% May
7
98
9
50% July
40%
9734
117% Mar 12
7% June17
Apr
69
Jan
33
24% Jan 11
24% Feb
Mar
Dec
4%
30%June 28
Burroughs Add Mach—No par
23
Jan
Feb
41
2
62% Jan 14
50
Jan
5% Nov
47
38% Jan 14
53
Jan 12
June 16
50% Apr
1
17%
*19
21
Bulova Watch
Bullard Co
18%
64%
102% Jan
7% June 17
68
No par
No par
No par
Budd Wheel
11%
Jan 13
8
No par
900
8%
June 30
14%June28
102i4June 22
3,000
4,700
35
20
7%
7%
21%
58
35
8%
36
17%
5%
56%
8%
57
59% Feb 11
2%June17
100
Apr
53% Feb 13
47
Jan 23
5
100
7% preferred
6
1% July
1/12% July
43% Apr
23% Feb 23
41% July
39
32% Aug
May 27
4% Jan 11
1
June
Jan
15% Mar 23
l5%June 17
18% June 17
62% July 19
26i4June 12
43% July 1
1634June 17
190
Nov
47
Budd (E G) Mfg
7,300
47
63% Mar
25%
39%June 17
Brown Shoe Co
2,600
2,500
17%
Apr
39
l%June 18
15
Apr 28
Bucyrus-Erle Co
7% preferred
800
100%
46% Apr 13
28
Jan 18
No par
Bruns-Balke-Collender.No par
«. —
102
86
55%
m
800
mjm
10%
29%
32%
—
3,000
17%
17
*
102
+M,
29
16%
17
17%
*
16
5%
20
7
*45%
28%
5%
*18%
*25%
29%
21%
*45%
«•
48
36
*16%
32%
32%
32%
*32
*29%
48
37%
17%
37
16
16%
30%
86
16%
*18%
*25%
64%
18
37%
37%
16%
28%
5%
37%
37%
*16%
27%
5%
*18%
64%
17%
8%
54%
8%
64%
*29%
103
*84
55
300
40% Dec
80% June
38% Apr 28
8% Jan 28
100
No par
Bristol-Myers Co
6
Brooklyn A Queens Tv.No par
$6 preferred
No par
Bklyn-Manh Transit-—No par
$6 preferred series A.No par
Brooklyn Union Gas—No par
700
3%
19%
22%
19%
40
per
48% Feb 13
Jan 22
21%June 25
{Botany Cons Mills class A_60
Bridgeport Brass Co ...No par
Brlggs Manufacturing. No par
share
$ per share $
share
93
4
41% Mar 12
Brlggs & Stratton
3%
*17%
23
8412 Aug
5
Borg-Warner Corp
Boston & Maine RR
—
300
22%
64%
30%
48
10%
1034
84
*3%
22%
29%
17
*100
10%
40
4
*17%
65
18
17
86
10%
49
41
Class B
Borden Co (The)
8,400
4,700
18%
44%
49
40
3%
19%
*45%
18%
44%
50
23
29%
103
17
*...
103
10%
10%
18
17%
17%
17%
17%
18%
18%
18%
*18
*
48
*45%
48
45
41
*64
64%
*64
31
64%
30
64%
*45%
19%
23
23
45
*49
45
49%
*3%
*17%
22%
3%
3%
*17%
19%
22%
3%
*17%
22%
18
480
-
6
No par
No par
16
Highest
Lowest
Highest
$ per
$ per share
37 June 24
Brass
Bon Ami class A
270
86
Ranoe for Previous
Year 1936
100-Share Lots
On Basis of
Lowest
Aug. 5
4
Aug
$ per share
$ per share
$ per share
3
Aug
the
Friday
Thursday
Wednesday
Tuesday
Ranoe Since Jan. 1
Sales
SALE PRICES—PER SHARE. NOT PER CENT
HIGH
AND
LOW
7, 1937
Aug.
New York Stock Record—Continued—Page 3
896
Nov
Feb
Feb
82
Feb
July
15%
Deo
30% Aug
44%
Jan
7
Ex-rlghts. Tf Called for redemption.
x<
Volume
LOW
New York Stock
145
AND
HIGH
SALE
Monday
July 31
23
Aug. 4
Aug. 5
$ per share
$ per share
*14
15%
23
12%
79%
12
76
*14
15%
23%
12%
*13%
23
*-._.
16
*13%
77
*85%
86
*85%
86
*85
90
*85
90
23
*3%
3%
13
13%
38% 38%
*103% 103%
*14
15%
15%
*13%
15%
23%
12%
82%
23
*12%
*76%
22%
12%
12%
82%
85%
*77
90
84%
*85
*85
Aug
*
14
15%
15%
*13%
15%
21%
22%
12
12
*13%
22%
23
11%
12
6%
6%
6%
*6%
*%
%
%
*9%
%
%
%
9%
9%
37%
10%
40%
30
24%
30%
24%
3%
3%
92%
92%
58%
19%
9
9
38
*38
40
29%
*23%
30%
2334
30%
23%
30%
24%
3%
*90%
3%
3%
3%
92
92
92
58
56%
56%
56%
*19%
19%
*19%
39
39
2%
48%
2%
48%
29%
29%
62%
64%
39
*19%
38%
39
2%
48%
30%
62%
2%
48%
29%
*62%
*77
*77
85
85
*84
90
*85
65%
65%
66%
19
81%
*46%
*40
30
19%
83%
47%
40%
30
19%
19%
85
83%
*46%
47%
40%
18%
96%
*40
18%
19
18%
95%
95%
71
71
96%
71%
L
*125
128
1**1%
1%
*10%
12%
9%
*111
9%
113
*38%
39%
10%
10%
76%
*74%
6%
6%
20%
*69%
*47%
20%
*73
'?
73
L„
*125
-
.
y
*
128
*125
1%
*1%
*10%
10%
1%
12%
9
9%
112% 112%
*38
38%
10% 10%
75%
75%
6
6%
20
9
112
*38
10%
75%
6
20%
50
*69%
*47%
50
20%
69%
*47%
75
75
75
*74
74
»138% 139%
27%
*20% 20%
36%
15%
*5%
36%
15%
6
*115% 115%
74
127
1%
10%
9%
112
(1*20%
35
r* 14
*19
61%
60%
*92
19
38%
2%
47%
15%
15%
104
104%
22,000
6%
800
900
%
10%
4,800
43
%
240
30%
29%
30%
24%
24%
3,300
3%
3%
3%
5,700
91%
600
92
92
3%
91%
57%
58%
57
58
*19
^125
1%
*10%
8%
19
19%
38
19%
38%
2,400
2%
2%
2%
11,800
Continental
47%
46%
*29%
62%
47%
12,500
*125
1%
8%
38
74%
6%
'
1%
10%
8%
110
76
128
*1%
12
10%
111
9%
111
600
90
Corn Products
6,500
*1%
*10%
8%
6,200
Crane
100
Pref
85
9
2,800
770
10%
10%
*10%
10%
2,700
74%
75
75
74
74%
900
5%
19%
19%
6
6%
20
20%
69%
*68
71
*68
72
*68
72
49%
*47%
74%
49%
74%
15%
19%
*47%
*72%
*14%
19%
49%
*47%
74%
74%
"""466
*15
15%
18%
200
21
....
60
60
*263s
*15
19%
15%
19%
18%
19,900
7,400
*20%
35%
15%
5%
27
20%
20%
36%
37%
15%
16%
*27
*16
20
19
19
60%
60%
71
27%
20%
400
36%
2,700
Delaware A Hudson
15%
5%
6,200
1.000
*5
>
6
300
*13
"l9"
19
*19
21%
*58
60
*58
60
300
10
1
6
86
Jan 14
62
Feb 27
18% Jan 16
63% Aug
91% Nov
58% Nov
44
49% Nov
Dec
7% May
Apr
28
Apr
1% Sept
y0%
9
Sept
6% Jan
63% Jan
35% May
16% June
99% Mar
4
preferred. .100
Dec
3% Dec
20
Dec
14% Mar
129
44%
24%
114
Deo
Jan
Apr
Dec
Jan
9% Mar
2178 Dec
90
70%
Jan
43%
88%
Deo
Jan
7% Apr
Feb
5
107
143% July 23
3l34Mar 5
52
Jan
27
Jan
Jan
19% Nov
6
Jan
29
Jan
Dec
19%
Apr
36%
Jan
14% Apr
4% Jan
Aug
i26
Jan
Sept
36% May
5
19
Deo
10%
24
,
19%
"56% "Oct
59
58% Mar 17
June 16
Nov
35% Sept
Jan
24% Mar 17
4
140
15% Mar
June 28
33
Deo
7% Mar
50% Deo
46% July
109
5
170
43%
1334June 28
100
9% Apr
non-cum
Mar
20% Feb 11
109% Jan 6
8% Mar 4
25%June 24
177gJune 24
llG%June
5%
Jan 11
43
9078 Mar 10
JDenv & Rio Gr West 6% pf 100
'"""P..
*•** -.100
20
4
143S Jan 12
127
187s Aug 6
99%June 28
Detroit
20
Jan 11
23% Mar
Det & Mackinac Ry CO...100
20
Mar 10
73%May 21
Delaware Lack & Western..50
Diesel-Wemmer-Gilbert
3
3
June 17
10438 Jan
15%
*5%
Apr 13
Apr 15
16%May 13
69% Aug 3
47% July 26
.20
20%
364
8
Jan 28
17% Jan
June 15
5
1
.1
lfi
135
May 20
3778May21
8%June17
No par
Jan
81% Mar
7%June 15
10978 July 21
par
115% 11512. *115% 1151-
6
115
4
No par
137% *136% 138
27
27%
20%
37%
16%
56%
47%
25%
108%
l%May 28
8% July 2
50
Jan
28% Jan 15
10078 Feb 3
June 29
Jan
Jan 28
37
June 29
Preferred
136
27%
37% Nov
Deere & Co
136% 138
Mar
Mar
800
110
Apr
Feb
4
Nov
3,300
*102% 104
Dec
55%
46
447# Deo
46
Apr
69% Oct
82% June
35
121
£l2%June 17
103
25
Nov
Nov
136
Davega Stores Corp
6
Conv 5% pref
25
Dayton Pow & Lt
% Pf-100
103
2% Apr
28% June
4
87% Jan
24% Mar
114% July 27
115
Cushman's Sons 7% pref. .100
88 preferred
No par
Cutler-Hammer Inc...No par
300
102% 103
17% June
35% Apr
35% Nov
109
Oct
16%June 28
Class A
Jan
Jan
Aug
94% July 28
Curtlss-Wright
50
10%
1% Jan
67% Jan
63% Dec
1%
9% Deo
37% Deo
26% Mar
July
39
100
Preferred
June
4
6
...
8
Feb 13
% May
2
41
4
41% June 29
No par
Cudahy Packing
Curtis Pub Co (The)...No
49%
6
w w..No par
Cuba Co (The)
mNo par
Cuba RR 6% pref
100
Cuban-American Sugar
10
Preferred
4,
100
90
12% June
15% May
158
Jan
No par
Preferred
"""366
Feb 27
Apr 6
Apr 6
Apr 13
113i2May 3
100%June 17
100
No par
pref
Deo
12% Nov
10% Mar 16
56% Eeb 3
51
200
74
conv
9% Nov
17%
June 29
6
Crown Zellerbach Corp
27,400
1,000
4,900
Feb
Oct
July
71% Jan 15
171% Jan 14
40
ex-warrants
Apr
Apr
109
5% Sept
15
17
9
23
23
11
19
77
4
547gMay 13
153
Apr 14
68
20%
74%
15%
19%
June 14
61% Aug
378
11%
Feb
48%
4
Jan
Feb
Jan
Jan
Jan
Feb
July
49
14
No par
38%
6
13
No par
*38
20
13
Crown Cork & Seal
38%
5%
x25
28
Jan
7%
20%
106% June
35% Mar
June 17
Crosley Radio Corp
......
110
5%
109%
69%
25%
42%
3%
June 18
18i2June
35%May
2
May
39%May
100
pref
4% Sept
15% Apr
27% Apr
Jan
37% Jan 14
2% June 17
1,500
38%
10%
19%
4
18igJune 17
3,600
1%
1%
13%
52%
37%
28%June 29
18i2June 15
conv
Nov
Nov
10% Jan
Feb 24
Cream of Wheat ctfs
82.25
95
94
101
50
Nov
Jan
Feb
13% Feb 26
1778 Apr 6
10578 Jan 23
x81
85
72%
102
500
100
65% June
73%
5
Jan 12
25
17% preferred
5% conv pref
1,300
2
Mar
Mar 11
Mar
108
20% Jan
25
...
87
5% Jan 20
18% Jan 9
...No par
Co
Deo
95
%May 13
818 Jan 26
100
Coty Inc
7,100
11
110
Refining
Jan
19%
4978 Jan 23
33
1
Preferred
200
128
*125
Motors
33%
June
8% July 31
14i2May 14
Aug 6
4%June 30
Continental Oil of Del
5
Continental Steel Corp.lFo par
Corn Exch Bank Trust Co..20
600
Aug
8
92
104
preferred
..100
Continental Can Inc
20
Continental Diamond Fibre. .5
Continental Insurance...$2.50
39
15
99%June 15
8%
6,800
Jan 14
July 7
1878 Jan 15
June 29
10
No par
47
48
10%
Class B
19
2%
19% Jan 23
Highest
$ per share $ per share
16
Jan
25% Mar
26
31%June 14
100
38%
2%
39
128
v t c
share
per
22
86
Container Corp of America.20
Continental Bak class A Nonpar
10,300
24%
5% preferred
8
June 21
^Consolidated Textile.-No par
Consol Coal Co (Del) v t c._ 25
1,500
10%
43
%
100
preferred
No par
Consol Laundries Corp
.5
Consol Oil Corp
No par
85 preferred
No par
Consol RR of Cuba 6% pf.100
300
10%
_
share
76
Aug 2
83% Apr 9
July 22
2%June 18
100
w w
15
1,700
30%
24%
92%
58%
19%
58
103% 103%
9%
*9%
No par
100
ex-war.
per
12%June29
Consol Film Industries
1
$2 partlc pref..
No par
Consol Edison of N Y..No par
13,800
6%
Year 1936
Lowest
Highest
12
1
preferred
% prior pref
500
36%
42
10%
*41
3%
38
138
140%
27%
27% 27%
20% *20% 20%
36
36% 37%
36%
15% 15%
153s
15%
*5
5
5
5%
115% 115% ^115% 115%
w20
3%
2110
27%
*20%
*14
24
38%
10%
139% 141%
20
*n
%
10%
41%
30%
24%
230
2%
48%
30%
62%
*15
*15% 15%
15%
15%
20
♦19% 20
*19%
*19%
*102% 10234 *102% 102% *102% 102%
If 27%
%
13%
36
7
*6%
%
7%
634 % prior prf
400
*12%
30
29% 29%
*29% 30%
61% 62
62%
*61%
62%
66
66
66%
66%
66%
66%
66%
*158
159% *158
159% *158
159%
159% 159%
7%
7%
8
7%
8%
7%
7%
7%
50
50% 50%
49% 50%
50%
51%
49%
*116% 116% *116% 116%
116% 116% *116
116%
112
113
*112
111% 113
113
113
113
30
30
29% 30%
29%
*29% 30%
29%
*18%
19%
20
20
19%
19%
19%
19%
84
84
83
81%
83%
82%
82%
81%
*46% 47%
48
48
47% 47%
*46%
*46%
*40
*40
40%
*39
*40
40%
40%
40%
18%
19%
19%
20
20
20%
20%
20%
99
97%
97%
*9/
98%
97%
97%
97%
72
72%
72%
72%
72%
71%
73%.
71%
63
159% *158
159%
7%
7%
7%
7%
50% 50%
50% 50%
*116% 116% *116% 116%
113
all2% 112% 113
31
6%
10%
41
50
130
3
Range for Previous
100-Share Lots
21^4 July 2
9% June 14
434 % pref.100
Consolidated Cigar
......
8
No par
Consol Aircraft Corp
3,200
90
Cigar
Conn Ry & Ltg
"
85%
*85
3
Par
Congress
......
82%
82%
85
6%
39
2%
48%
*29%
62%
65%
*157
*30
7
58
19%
On Basis of
Lowest
800
90
84%
3%
3%
*3%
3%
3%
3
3%
3
12%
12% 12%
12%
12%
*12%
13%
38
38% 38%
38
38%
37%
£36%
37%
1038s 103% 103% 103% 102% 103%
103% 103%
9
9
8%
*9%
9%
9%
9%
9%
9%
9%
16
15%
16
16
15%
15%
16
15%
15%
15%
*104% 108% *104% 108% *104% 108% *104% 108% *104% 108%
37%
Range Since Jan. 1
STOCK
Shares
16
897
EXCHANGE
Week
6
*14
*12%
*6%
.
2 per share
% per share
16
the
Friday
4
STOCKS
"
Thursday
$ per share
16
*12
Sales
NOT PER CENT
Tuesday
Aug. 3
Wednesday
Aug. 2
$ per share
*13%
SHARE,
NEW YORK
Saturday
*14
PRICES—PER
Record—Continued—Page
10% Feb 18
5i
46'a
9
22
4
30
J an
7
128
108%
Dec
108% Dec
32% Nov
33% Nov
54% Oct
Feb
9% Feb
23%
Feb
"-A
May 19
4
Apr
11%
May 13
13
June
21%
Jan
76% Feb 19
3612 Feb 2
40% Feb 4
23
Apr 10
42
Jan
63
Dec
27
26%
60%
27%
27
27
27%
27
27%
27%
28
2,600
*32%
33%
33
33
33
33
33%
33%
33%
1,500
16
16
16
153s
15%
33%
15%
*33
*15%
15%
15%
33
Aug 2
£l434June 14
23%
1,000
2,400
Diamond T Motor Car Co-.2
22%
15%
22%
85%
Distil Corp-Seagr's Ltd No par
20% Apr 28
29
85%
100
June 16
96
300
5% pref with warrants. .100
Dixie-Vortex Co
No par
80
20
18
June 28
25
Feb
*35
34
June 21
41%
35
June 15
Oct
46% Feb 17
4*60%
27
22%
22%
22%
19%
*82
*19
*34
36%
*34%
*37%
39%
*8%
38%
*38
36%
38%
39%
*39%
40
*8%
36%
38%
35
35
38%
39%
38%
38%
39%
39%
39%
9
20
19%
39%
85%
19%
19%
*35%
38%
23
85%
33%
15%
22%
85%
19%
9
9
*82
19%
9
*82
85
121% 122
58
59%
122% 122%
57% 59
12234 122%
*44
46%
*44
*44
*26%
28
58
58%
*%
*1%
%
1%
*4%
5
27%
%
*1%
*4%
46%
27%
%
1%
27%
*%
*1%
5
5
46%
27%
%
1%
5
22%
*82
*8%
8%
58
58%
122% 122%
*44
40%
28
*27%
*%
15*2
•22%
22%
85%
*19
20
*19%
36%
*35
36%
38%
38
38%
40
40
40
9
57%
122
*45
27
9%
58
20
9%
45
27%
%
*%
%
1%
*1%
1%
*4%
5
5
*%
*1%
900
800
%
300
4%
""360
15%
4%
*14%
No par
No par
120
161
161
lb",500
300
45
No par
1%June 29
Class B
100
preferred
>u P de Nemours(E
I)& Co 20
Oct
40%
Oct
43
Mar 17
18%
Apr
34%
Mar
9
93
Dec
95%
9
19
Oct
Jan 25
40
Aug
25
4078
Jan
Aug
Jan
Deo
Nov
Deo
Jan 28
41%
Jan
61% June
7%
Apr
Jan
12%
82%
Deo
50%
29
Jan
51
Dec
36%
134
Dec
3
Jan
55
Aug 6
24%June 22
tDuluth S S & Atlantic—100
6% preferred
100
30%
37%
12% Mar 8
77% Jan 25
143% July 13
115% July 27
8%
*134
134% 134%
134% 134% *133% 135
134% *134% 135%
*110
112
*111
112
112. 112
110
111
111
111
>3
12%
13%
12%
13%
13%
13%
13%
13%
13%
180
181
181
180% 180%
180% 180
180%
180% 180%
51
47%May 17
pw Chemical Co
No par
»resser(SR)Mfg conv A No par
Douglas Aircraft
100
*115
June 29
38%May 13
8% July 26
Dominion Stores Ltd ..No par
100" "
1%
26
25
Doehler Die CastlngCo No par
No par
9,400
27
59%June 29
Dome Mines Ltd
2,500
45
27
CI ass A
700
57%
46%
6% participating pref
2,400
124% 125
*1%
5
9%
56
124
*14
15
15%
*14%
*14%
*14%
15%
15%
15
15%
*115
*114% 120
*114% 120
*114% 120
120
*114% 120
161
161% 162%
160% 162
162%
;159% 161
161% 162
134% 134%
112%
12% 12%
22%
*82
Devoe & Taynolds A..No par
Diamond Match
No par
Jan 16
39% Jan
%June 25
1%
Jan
7
5
3% Feb 19
3% June 29
14%June 2
112
May 28
148% Apr 28
8%
Jan 16
17% Jan 19
122
5%
Jan
% May
1% Jan
4% July
13% Aug
8%
18%
Oct
Jan
Oct
Jan
114
Feb
180% Jan 18
133
Apr
184% Nov
135% Feb 19
115% Jan 22
129
Feb
136% Deo
Jan 19
120
Dec
35%
35%
35
35
1,700
4
12%
12%
12%
12%
12
12%
12%
35%
12%
130%June 29
110
Aug 5
9%June 17
151
Apr 29
150
Apr 2
29%June 15
12%
12%
*12%
12%
3,100
1034June 17
16
Mar 17
1578 Nov
39
38%
38%
38
38%
37%
37%
3,800
30% Apr
47% Nov
12%
11%
12
11%
11%
11%
5%
21,800
3
16
10
Apr
5%
11%
5%
3434 Apr 28
9%May 14
45% Feb 11
10%
4%
3834
11%
39%
10%
38%
10%
39
5% Apr
38%
6,400
Elec & Mus Inn Am shares—
4%June 15
6
Dec
23%
21%
35,200
Electric Power & Light-No par
17%
7%
25%
Deo
1,100
32%
Jan
94%
Deo
74
preferred
No par
$6 preferred
No par
-Jec Storage Battery ..No par
26% Jan 14
92% Jan 7
Jan
78
14% June 14
62 May 18
58%June 15
6%
78%
22%
78%
87
8
29%
Jan
32%June 28
44% Jan 16
39%
Dec
87%
55%
Dec
Jan
%
Jan
1%
Feb
1% Jan
2234 Nov
6%
Deo
29%
Deo
*112
180
180
*155
158
35
*4%
23
35%
23%
*78
80
*155
34%
158
158
35%
434
11%
4%
2234
35%
23%
*78
4%
22-%
80
*76
158
35%
5
*156% 159
35%
5%
22%
23
79
79%
5%
22%
78%
75%
35%
*73
74%
35%
1%
4%
1%
4%
35%
*1%
*4%
23%
*55%
77%
77%
75
75
75
35%
35%
35%
35%
35%
1%
*1%
1%
1%
*1%
*4%
23%
*4%
5
24%
5%
1%
5
5
».
5
4%
4%
24
24% 24%
24% 24%
23%
23%
*54
57
55% 55% *55
56%
*55% 56%
*55%
56%
108% 108% *108% 111% *108% 111% *108% 111% *108
111% *108
11
11
11%
*11%
*10%
11%
*10%
11
11%
*10%
11%
*57
62
*57
62
60
60
*60
60%
*63%
72
*60
68
5%1
*57
60%
*65
5%
15%
*22%
16%
*76%
23
5%
15%
2238
5%
15%
22%
16%
17
17
22%
16%
*76%
79
*76%
15%
79
8%
8%
*8%
*21%
2234
3%
3%
21%
3%
3%
23
23
*58
59
*135
....
*3%
3%
*19
23
23%
58%
59
*89
59%
*49%
*19
*89
8
8%
21%
3%
3%
*140
20%
92%
*49%
5%
15
•
92%
49%
*19
*89
200
5
300
23%
4,800
56%
100
111%
10
11
200
60
57
57
*55
62
200
60
60
60
60
*61
65
700
65
65
*62%
69%
*62%
69%
100
5%
5%
15%
22%
5%
5,900
15%
22%
4,900
5%
5%
5%
5%
15%
22%
15%
22%
15%
23%
15.%
15%
22%
23%
17
16%
17
79
*71%
79
8%
3%
3%
58%
1,000
1%
*57
21%
23%
600
35%
70
*3%
*135
50%
20%
62
130
60%
21%
338
159
74
*35%
77%
35%
23%
158
78
77%
*1
159
23%
35%
*1
158
90
3,500
1,300
23%
59
....
49%
20%
92%
8%
21%
3%
*3%
23%
58%
*140
50
20%
*89
8%
*17%
*76%
*8
21%
21%
3%
*3%
3%
*23%
3%
23%
59%
....
50
20%
92%
59%
*140
17%
79
8%
21%
3%
3%
24
59%
....
50%
50%
*19%
21%
92%
*89
*16%
*76%
1,200
17%
700
79
""506
21%
*3%
3%
21%
3%
1,000
3%
220
23%
58%
23%
59%
*140
200
150
3,100
50%
50%
1~366
20
20
1,400
*89
92%
142
*132
142
*132
136
140
140
*135
145
*135
145
*99
101
*99
101
*98
101
*98
101
*98
101
*98
101
7
7
*7%
7%
3%
34%
97%
7
7%
*7%
4%
7%
*34%
7%
7%
4%
4
35%
35
*93
*93
39%
*
39%
39%
7%
7%
4%
35%
10484
39%
7%
7%
7%
7%
4
4
34%
34%
*95
39%
99%
39%
3%
34%
*91
39%
39%
Bid and asked prices; no sales on this day.
cum
preferred
100
Eaton Manufacturing Co
Electric
Boat
17
1
Corp
ndlcott-Johnson
5%
3
7% Feb
Jan
6
Jan 18
Jan 18
60
Feb 11
July 13
115% Jan 19
1734 Jan 16
Aug
July 31
65
Aug
4
4%June 28
9% Jan 15
23% Mar 17
35% Mar 17
28% Mar 17
2d preferred
6
18
Exchange Buffet Corp-No par
25
3
8%
June 23
20% Apr 2
49%May 18
100
preferred
June 29
2%June 30
Fairbanks Co
Fairbanks Morse & Co.No par
150
preferred
100
Fajardo Sug Co of Pr Rico.20
Federal Light & Traction.. 15
$6 preferred
100
Mar 31
45%June 14
16% June 28
53% July
110
Aug
Jan
84%
48
Jan
89% June
55
Jan
97
5% Apr
11
16
Apr
Apr
Jan
29
Oo*
Jan
69
Jan
15% Aug
28
Jan 28
7178 Jan 15
210% Jan 14
70
Jan 11
29% Jan 18
Jan
23% July
434 Mar
8% Apr
7184
Deo
Jan
210%
Dec
31%
Feb
61%
Deo
1834
Apr
27%
4
84
Jan
101%
Dec
Dec
Aug
92
Mar
69% Mar
7% Jan
3
Apr
2,300
Federated Dept Scores. No par
31%July
1
*95
97%
*95
97
100
92% July
6
39%
39%
a
4}i%
"2"100
Def. delivery,
preferred
36
Fidel Phen Fire Ins N Y..2.50
n
New stock,
r
Cash sale,
x
May 12
Ex-dlv.
y
Deo
Jan
Apr
34%
25
3434
122%
129
*33%
Jan
8% Mar
94% Apr 9
6%June 24
34%
40%
Jan
2% June
438
100
34
De®
Sept
Oo*
Jan
6%
June 14
10%
18%
34%
12
1134
37
3
Oct
June
68
Mar 11
Federal.Water Serv A.-No par
Deo
Jan 14
150
1,600
16%
14% Jan 21
34% Mar 3
6% Jan 21
5% Jan 28
80
66% Jan 27
3%
Feb
July
45%
Federal Min & Smelt Co...100
3%
69
116
Feb 19
103
4
Feb
Jan
88%May 25
5% Jan
Feb
7%
""loo
Preferred
40% Nov
81
14% June 28
x75%May 27
7%June 17
50
Jan
78% Jan 30
19%June 29
Eureka Vacuum Cleaner—--5
28%
86% Feb 10
5
13%June 29
..100
100
Evans Products Co
June 15
Federal Screw Works—No par
39%
Feb 23
8
Federal Motor Truck..No par
39%
Mar
29
900
f In receivership.
166
June 15
"2",200
3%
July
60
1st preferred
Deo
152
Jan 11
57
4%
4%
Deo
Aug
conv preferred
No par
1534 preferred w w..No par
16 preferred
No par
Equitable Office Bldg.. No par
100
1238
185
8
Erie Railroad
116
Apr
37% Feb 11
105%June 10
15
5% July
156
1
Engineers Public Service
rlll% June
Jan 19
7%
6%
7%
5
163
2
6%
*7%
3%
6%
7%
Mar
2
54
50
100
preferred
June
17
181% July 20
21% Apr 28
JElk Horn Coal Corp..No par
6% preferred
50
El Paso Natural Gas
3
6%
"
*132
6%
Erie & Pitts RR Co
8%
*8
6% non-voting deb
100
fuquesne Light 5% 1st pf.100
Eastern Rolling Mills
—5
Eastman Kodak (N J)-No par
2
11% Feb 19
11% Feb 25
123% Nov
12% Mar
6
Deo
6
Oct
Jan 14
2%
Jan
43% Mar 4
108% Mar 9
45% Jan 18
20%
Jan
46% Nov
105
Dec
115% Nov
38
Apr
4984 Nov
6
Ex-rtghts.
f Called for redemption.
New York Stock Record—Continued—Page 5
898
Aug. 4
July 31
Aug. 6
$ per share
$ per share
$ per share
Shares
39
39
*31%
*31%
33% 34%
32% 33
*103% 104
103% 103%
42
4184
41%
4184
3284
3184
32% 33%
3834
32%
32%
103%
41
41
32%
3234
*46
48%
*46
50
*32%
36
*32
37
5%
52%
*46
4" 500
*32
37
*32
37
*32
300
1,500
6,700
50
37
5%
434
5
52%
52%
51%
51%
51%
52
116
116
116
4%
434
51% 51%
114% 115
116
200
4%
4%
"4" 100
51%
61%
1,500
115
115
36%
*35
*24%
25%
9934
1334
13%
*2434
*35
25%
*96
9934
*96
*13%
13%
36%
25
13%
1334
13%
13%
14
*96
98
67
67
67
67
6684
6684
12%
12%
12%
12%
12%
*12
*130% 136
*8
*
13584
"T
8%
*26
2678
52%
34%
*3434
*
2534
*52
35%
*
66%
*65%
12%
12
12%
12
26%
*52
26%
26%
*35
*
128
26%
*
128
"57%
58
"56%
5734
"46%
57%
.37%
2%
38
37%
37%
37%
2%
2%
2%
*48
55%
55%
61%
*61%
61%
62%
119% 119% *119% 120%
54
58
56%
56%
*11784 118% *11734 118%
*48
*47
52
10
10
17
17
50
978
50
10%
1778
*45
6178
120
56%
*45
10%
*45
62
*61%
62
2%
2%
*120
120
56%
5734
11734 11734
*48
50
62
2%
55%
62%
120%
57%
117% 118
52
51
52
1034
10%
11%
2%
General
Bronze
1,700
2678
General
Cable
2%
62
11%
4,100
3,300
2%
55%
62
_
~1~606
150
62,100
1,000
53
52%
53%
800
1134
11%
11%
4,500
2,400
17
17
*36
14%
43%
5278
4%
5%
4%
5%
105
37%
384
49%
35
*135
*5034
33%
*70
64%
33%
81
1534
1534
10%
*234
10%
84%
43%
42%
*52%
4%
5%
43
52%
434
5%
105
39%
80%
42%
126
9
83
378
3
3434
*34%
*83%
23
334
9%
21
2134
83%
*81
3%
39
22%
878
4
*33%
38%
21%
49%
22%
*79%
4078
10
*18%
14%
76
122
84
*3
36%
14%
76
38
3778
*9%
37
1434
76%
2234
*101
80%
*79%
40%
40%
120% 12178
9
*884
*81
37
14%
76%
22%
52%
434
5%
83
*101
38
1434
43
22%
*4234
*36
77%
14%
77%
22%
83%
78
*81%
39
3%
*19%
3434
38%
21%
49%
34%
*135%
*5034
33%
*66%
1578
10%
3
*234
9%
2078
35%
*101
39%
*83
84%
42
52%
42%
*52%
52%
4%
434
4%
5%
5-%
105
105
4038
39%
80
79%
42%
43%
126% 129
9
8%
*79%
*81
5%
40%
4%
5%
80%
43%
39%
79%
42%
128%
128
9%
9
9%
83
22%
84%
4134
52%
*101
105
*81
42%
126
14%
*74
84
*81
36%
1434
78
400
54,300
3,400
800
38
22%
48%
49%
48%
50%
34%
34%
3434
34%
*136
39
2334
20
*35%
39%
23
49%
*35
300
1,200
2,300
11,100
35%
35%
39%
3834
39%
23%
2234
23
49%
3478
49%
50%
35%
18,700
1,000
35
40
137% 137%
16
15%
*10%
15%
15%
15%
11,800
10%
10%
1034
1,000
2%
*2%
278
*2%
2%
100
bYi % preferred....
10
Guantanamo Sugar
No par
*41
42
*40
42
41%
42
*29
30
*27
30
34
*33
34
*100
102
44%
135
12
15
15
30
*27
29%
*33
34
*33
14%
105% *105
45
44
44
135
*130
135
12
12
*11%
94
95
94% *94%
*94%
*5
5
5%
*5%
5%
*115% 130
*116% 130
*116%
11%
11%
11%
11%
11%
*100
105% *100% 105% *100
*150% 154% *152% 154% *152%
28
28
28
29%
29%
160
161
*156
161
160%
*127
*126% 131% *126% 133
*55
58
*55
57%
57%
101
103% 103% *101
103% *101
103%
*33
*33
*33
337s
34%
34%
33%
48%
24
24
32
32%
48
48
48
37
*36
2278
2234
2278
61
61
61
93%
15%
15%
81%
2%
278
*36
42%
32%
-
.
*6084
61
61
*15%
23%
*40
44
61%
*60
61%
16%
15
15
Bid and asked prices; do sales on
*>-
24%
24%
32
32
32
1,100
110
110
100
*90
15%
82%
23%
378
4
24%
25
23%
2434
25%
44
42
42
60
*55
this day.
59%
1534
16%
16
Jan
105
Jan 22
100
June
58% Mar
5
30%
Deo
Deo
Jan
37
16%
32
Oct
Deo
Aug
Deo
Nov
125% Nov
105% Mar
55
Deo
Feb 26
120
Jan
1784 Jan 11
12
Jan
107
Feb 26
104
Nov
115
Jan
8
Jan 14
4% Apr
9
Mar
117% July 31
1578 Jan 25
99% Dec
12% Aug
117
May
133
Mar
Apr 13
10%June 22
140
July 27
11% June 30
9978 July 15
May 6
120
Feb
9
166
Jan
6
39% Feb 11
June 17
150% July
25% Apr
135% Deo
18% Nov
21%
Jan
141
Jan
165
Deo
41
Oct
3
84
Jan
150
Deo
2
0784 Jan 21
126
Aug
135
Apr
185
Feb
135% Feb
6778 July 31
Aug 4
111
32% July 13
37
101
Jan 19
June
5
120% Jan 4
3084Mar 9
43% Jan 7
11484 Mar 3
60%June 29
1
Jan 27
58% Sept
102
Sept
80
Jan
119
Feb
4
5284 Feb
35%May 13
578s Mar 25
73
Jan 11
88%June 11
94
30%
Jan
108
June
9
Jan
19%
Jan
4984
124
33*4
42%
Deo
Dec
Oct
Deo
108
Feb
115
Oct
407
Dec
544
Feb
Mar 20
6% preferred
100
v
5% preferred
Illinois Central
2778 Feb 11
No par
1
100
07% Mar 11
30
June
72
Jan 20
58
Jan
25% Mar 11
11
May
41
July 30
58
July
*15%
15%
50
Leased lines 4%
100
RR Sec ctfs series A...1000
New stock,
r
Cash sale
22% July
64»4 June
157a Jan 21
23% Feb 17
4
Apr 24
Jan
110
n
39% June
078 July 1
13%June 17
3
May 11
21 June 28
Apr
2 84 June
100
Hudson Motor Car
5
17% Jan 22
90% Mar 10
678 Jan 21
0284
100
Hupp Motor Car Corp
Jan
8
4
15
12
t c—25
5
Manhattan
41
35
par
59%
delivery,
6
4*4
68
02%
34%
June 17
59%
Def
17% Nov
Jan
May 14
0% preferred series A... 100
a
Oct
Jan
19*4 Mar
Jan
100
t In receivership
95
Jan
Dec
42%
*41
July
14
No par
Class B
Hudson <fe
378
24
*104
Household Fin com stk. No par
8,100
1,100
8,100
8,400
9,900
16%
Jan
47%June 24
June 9
18
June 29
4%
11%
3%
Dec
1% July
Feb 18
May 17
Howe Sound Co
16%
14'4
98
12.60
Houdallle-Hershey cl A.No
Houston Oil of Texas
1634
8
Feb 16
6
7,600
11%
65
65
2(^8 Feb 10
1
9,900
11%
Dec
52% Nov
22% Oct
46% Oct
42% Dec
149% Aug
39% Nov
3
31
Aug
44
May
Mar
108
110
6% Jan
x25% Nov
Apr
9
29% July
15%
11%
Jan
4% Feb
11% Mar
22
4
2
Holly Sugar Corp....-No par
7% preferred
100
82%
4
Jan
14% Deo
96% July
60% Mar
June
21
15
4
1534
6,400
Jan
31
40
No par
Homes take Mining
32%
136
Jan
101% July
81%
3%
11%
16
100
Jan
June
preferred ..No par
5
conv
15%
4
*15
37
5%
Jan
16
30
Hollander & Sons (A)
83%
25
59%
2,700
9134
91%
3%
*42
4834
300
16%
44
70
800
600
1634
24%
400
28%
33
200
42%
10
24% Aug
30%
1447sMay 17
125
May 22
1.05% 105%
Apr
1
8
7
May 14
$4 conv preferred
No par
Hlnde & Dauche Paper Co. 10
Holland Furance
No par
June
1% July
6
8
No par
100
2
3% Apr
30
6% cum preferred
Hersbey Chocolate
200
Jan
59% Mar
3484 Feb
Hercules Powder
35
*33%
42%
Deo
77
4
x24
86% Nov
Apr
8% Apr
Jan 12
69
June 29
No par
Oct
11% Mar 18
128
25
Feb
Dec
31%
9%
4
35%
105%
6
91
10%
118
Feb
Deo
9
100
100
Sept
Jan
Motors
M
Jan
7%
Nov
21% July
xlOO
1078 Feb
140
9134
10%
23%
58
*57%
*10178 10634
—
74
Feb
17% Mar
300
,»
13%
13i2 Jan
25i2 Apr
Hecker Prod Corp v t c-No par
Hercules
0% Nov
116
Feb 27
100
4,400
9
Jan
June 16
2
Helme (G W)
5
484 Jan 11
25
Preferred
63
12
*40
133
mmm,
23
3%
44
2,400
Mar 11
June 17
103
100
w w
Feb 17
Jan
98
2612 Apr 17
1
Hazel-Atlas Glass Co
*88
3%
*40
6J4% preferred
Hayes Body Corp
100
*61%
15%
4
800
61%
83%
24%
310
2278
15%
100
5
22%
61%
81%
6% preferred
Deo
39% Mar 10
27
Hanna (M A) Co $5 pf. No par
Harbison-Walk Refrac.No par
95
478
48%
15%
100
120
95
24%
*110
preferred
July 21
41l2Aug
100
Hat Corp of America cl A
12
*3634
82
3%
......
36%
15
16%
1,000
44%
135
48%
81
4
90
102
6%
Jan
56
3%
10
Hamilton Watch Co ...No par
60
55%
52% Sept
40
Water........25
800
36l»
15%
16®4
32
6% [preferred
Hackensack
1,900
48%
81%
3%
16%
378
*24
-
37
93%
16%
105% 105%
-
14
*11%
*127
.
Dec
2
65%June 18
128sMay 13
lOSsMay 26
7% preferred class A—25
Hall Printing
10
105%
44%
*116
-
4814
81%
3%
334
58
107
*41%
93%
15%
3%
*56%
133
43
61
91%
478
36
22%
93
95
120
*33%
61
15%
378
*
37
*127
*102
22
12
15%
-
*94%
478
*116
12
33%
61%
12%
15%
58
101
2234
1034
2378
133
61%
*91%
10
23%
-
*11%
102
*130
-
50
11%
1134
11%
11%
11%
*100
105%
103
105% *100
154% *152% 154% *152% 154%
30
30
32%
30%
29%
160%
160% *156
160% *156
32%
*109%
48%
48%
-
5
22%
*9
4
-
*42
95
126
105% 105%
24% 24%
3234
61
8078
42%
24
22%
*91%
42%
*10434 106
*35
101
45
*130
-
37%
47% Jan 6
28% Mar 8
6684May 20
42% Jan 2
145% Mar 2
64% Mar 10
27isJune
8% preferred
...100
Gulf Mobile & Northern.. 100
30
14
30
45
5
*109%
101
14%
30
105% *105
135
94%
42%
30
100% *100% 102
*105
117% 117%
11%
11%
*100
105%
*150% 154%
28%
28%
*15678 164
*128
13378
577s
6778
*10434 106
14%
30
14%
29%
100
*11%
500
34
105
44%
30
400
Jan
92
2784 Feb
48% Feb
1
2
90
27% Nov
Oct
684
5% Jan 22
6984 Apr 24
Greene Cananea Copper. ..100
42
42
*27
33
105
*130
43%
30
33
31
30%
43%
*27
33%
Green Bay <fe West RR Co. 100
Green (H L) Co Inc
1
Aug
Jan
Mar 9
Jan 28
Jan 18
Feb 25
484 Feb
4
June
34
Greyhound Corp (The)-No par
10%
30
37
40% Jan
132
13% June
Dec
44% Nov
19% Oct
70
15
1784 June 28
100
July
84
96
34i2June 29
Preferred
30% July
13% Jan 18
June 15
Great Western Sugar.-No par
Deo
31*4
8784 Mar 11
June 12
No par
*258
43%
48%
17
Deo
17
47% Mar 11
2
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
1534
*10%
*33
*35
No par
Deo
71
141
July 29
Jan
Apr
89
8% Feb 19
4
z32
13 conv pref series..-No par
Granite City Steel
Grant (W T)
234
*29
____
Motors
2
Feb
Deo
118% Mar
4% Deo
48%
Jan
7
60% Mar 11
784May 18
81
16
102
Jan
Jan
20% May
33% Apr
32% Apr
115
4
777s June 29
2784 Jan 4
100
106
6%
90%
51%
58%
678
5i2July 30
July 22
Jan
June
57
88% Feb 23
29% Mar 9
June 14
31
110
105
4378 Feb 11
2078 Feb 1
105
100
1034
*40
2378
4
Jan
3% Apr
32% Apr
Dec
Dec
3384 Jan 25
4
80i2June 29
39% Apr 30
51%May 14
No par
234
80
2,800
10%
*32%
*11034
No par
$5 conv preferred
Gotham Silk Hose
278
15%
584 Jan 20
14%June 14
Aug 4
5% preferred
No par
Goodyear Tire & Rubb.No par
16%
10%
*66%
4
117% Jan 22
June 28
76
No par
4H% conv preferred
50
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
80
31
65% Feb
20^8 Jan
No par
*66%
33
47
23%
$6 preferred
Glldden Co (The)
80
33
*40
32%
Corp.No par
*70
*5034
*10%
23%
*32%
*11084
Gen Time Instru
68
64%
64%
33%
11
42%
-No par
J6 preferred.
64l2
33%
-
49
42
104
*5034
3334
*66%
15%
*10%
-
*10%
42
100
1
136% 136% *137%
*5034 64% *5034
32%
33% 33%
105%
5% Jan 13
3
41%May 13
Railway Signal..-No par
6% preferred
Gen Realty & Utilities
Preferred
21
*20
38
*41
*10434 106
Gen
Aug
0i2 Jan 4
2i2June14
10%
5
Jan 19
3
3
46
*92%
110
106
No par
1
10
*11%
June 21
No par
$6 preferred
Gen Public Service
1
45
12
1584
5
11
*11%
Jan
Grand Union Co tr ctfS;
48%
44%
584
Granby Consol M S & P
*46
*130
1
Mar 20
Graham-Paige
*10
4434
15% Feb
19
1,100
11
135
878May 17
15% Apr 13
1
9,200
50
*43
69%
No par
Common
General Printing Ink
8,000
20%
Jan
123% Nov
Jan
$5 conv preferred-—No par
Glmbel Brothers
No par
30
Jan
18%
Gillette Safety Razor.-No par
26,900
118
9
500
1,500
4,000
53%
60% Jan
384
50%
3478
*105
1
3%
23
31
70% Feb 11
122% Feb 2
42i2May21
1034
39
105
July
1
70%
Gen Outdoor Adv A ...No par
3%
22%
31
Nov
3%
39
105
77
1
10%
*35%
3 884
33%
Jan
May
48%June 14
334
2178
80
Aug
3%
21%
39
64%
33%
123
Feb
20%June 28
34%June 14
200
Oct
Oct
124
Gen Theat Equip Corp .No par
3,800
Feb
110
10%
*20
71
4%
Jan
*3
38%
%
Dec
July
10
20
NOV
14
3%
*19%
Deo
44
384 Jan 18
Feb
Jan
58
334
*35%
55
33%
140
6578 Jan 18
10%
334
Apr
9
Jan 13
64% Jan 29
9%
11
*130
113
162
34%
44% Feb
8
3%
*46
*100
N# par
Jan
64% Jan 21
152
Mar 22
June
334
12
1478
100
10
117
60
934
3%
9%
50
3078
l%May 19
3%
384
*3
*46
1478
59% June
6
84
*11
1478
128*4 Nov
48
4,700
5%
*81
84
Jan
Dec
2,100
4%
79%
79%
79%
42%
42%
43%
128%
12834 *126
9
8%
834
17
70%
49
88
105
39%
Deo
Jan
4
June 29
52%
39
60%
Mar
65
48
42
3934
Deo
Gen Steel Cast *6 pref-No par
41%
5%
Jan
28
2,510
500
4%
1184
Jan
4
84%
Oct
Oct
584
4878 Jan
70% Feb
84%
165
7
4
Apr 26
500
Jan
126% Mar 31
52% Jan 23
39i2June 14
10 conv pref series A.No par
No par
$5 preferred
Dec
Nov
112% Apr 28
34%June 30
128
July 26
49«8June 14
30
May 13
General Mills
6% preferred
General Motors Corp
76
20
Feb 11
June 17
85
105
No par
....No par
Gen'l Gas & Elec A
No par
General Foods
Apr
104%
Apr
141
32% Mar
June 14
Jan
Nov
30
105% Aug
17% Nov
*14% Nov
4
June 17
18,900
5%
100
preferred
General Electric
14
Feb
97
IO84
3
22%
434
7% Aug
42% Apr
55
22%
105
No par
163
Dec
8% May
5
86% Feb 17
19% Jan 14
7%June 29
20
16%
31
78
*52
11% May
Nov
No par
2234
42%
52%
Jan
100
General Refractories
600
1484
14%
Jan 16
3,000
6,300
36
36
*73%
100
7% cum preferred
General Cigar Inc
2
1084June 23
134
July 16
No par
No par
Class A
7%
29~700
37%
120%
120% 120% *120
57
57%
56%
56%
117% 11734
117% 117%
*51
700
35%
*45
No par
5
J8 let preferred
l'loo
Aug
62%June 30
6
General Baking._
10
14%
*52%
$6
2,800
2,000
37
22%
Gar Wood Industries Inc
"
8
3%
37
*76%
June 17
105% Jan
10834
*3%
3
11
10%May 13
1,300
17%
17%
17%
17%
*16%
17%
17%
10834
10834 *107
10834 *107
10834 *107
10834 10834 *107
3
3
3%
3%
3%
3%
3%
3%
3%
3%
43
a43
4234
43%
43%
43%
44%
43%
42% 4234
43%
42%
*
*
*
*
*
104%
104%
104% *— 104%
104%
104%
384
3%
"3%
"3%
"~3%
3%
"3%
3%
"3%
3%
"3%
3%
34
*33
33
3334
*33%
*33% 3584
3434
33% 33%
*33% 34
*57
59%
58%
59%
59%
58%
58%
59%
5834
5934
58%
5834
52
53
54
54
53
62
62%
6334
61% 63%
5734
58%
24
24
24
23
2278
2334
23%
2238
24%
24%
23% 24
*107
May 13
98
12%
135%
57
31% Apr
384 Jan
preferred
No par
Gen Am Transportation
5
700
37%
37%
2%
55%
Feb
47%
8
Gen Amer Investors—No par
66%
"55%
3778
Deo
53%
4
33
Apr 26
95
128
58%
37%
2%
22
200
*
128
No par
Gannet Co conv J6 pf--No par
Gamewell Co (The)
200
"57%
Oct
Feb
78
Jan
73
400
600
54
58%
Feb
97«4
35%
Apr
48% Jan
2
2,900
123
3778
Deo
Nov xl35
108
106% Jan 28
19% Feb 1
15% Mar 9
*52
5734
Deo
45%
*39%June 21
*120
37%
July
23% July
Mar 25
3684 July 12
14%
35%
32% Jan 13
117
10
preferred
$3
54
35%
127
03
9
ll%June 14
121
*35
Jan
1
54
35%
1184 Mar
48% Deo
120
9584 July
Galr Co Inc (Robert)
100
~~8~
8%
27
June
Aug
24% Apr
5,900
121
54
120% 120%
35%
134%
"8%
8
*
3% Aug
106
7% Mar 3
15% July 19
13
14
July
25% Mar
32
4% June 14
35
13
9
June 14
25
58% Nov
42% Deo
6684 Deo
34% Deo
Dec
45
Jan 14
83
24%May 14
45
10584 Nov
Apr
18% Jan 12
105%June 22
pref-No par
No par
16 2d preferred
Feb
40
30% Sept
Gabriel Co (The) cl A..No par
40
100
0% conv
June
share 2 per share
40% Sept
20% Jan
36% Deo
*24% Jan
per
100%
9
1,700
""336
13
65
Co..—10
preferred
-100
Fuller (G A) prior
135
7%June 16
Freeport Sulphur
70
June 21
100
Francisco Sugar Co
40
40
99%
14
*
50
7,400
107% Feb
62% Mar
46% Feb
58% Feb
39% Mar
978 Feb
58
Apr
128
Apr
64% Feb
37%June 17
June 23
10
Foster-Wheeler
June 17
108
4H% conv preferred.-.100
No par
F'k'n Simon & Co Inc 7% pf 100
25%
101
J Follansbee Brothers.-No par
Machinery Corp
100
Food
100
99%
14
26%June 30
40
Apr 12
33%May 8
4% Aug 6
47i2 Jan 25
$7 conv preferred...No par
25%
66%
135%
54
*32
No par
Florence Stove Co
No par
Florshelm Shoe class A .No par
Fllntkote Co (The)
40
99%
6634
"~8~
*119% 120%
35%
129
*
8
54
121
12%
26
13
35
800
25%
*96
14%
100
*66
135%
2584
*52
35
128
*120
25%
*
8
*118
52%
121
*119
*95
13%
13%
14
13%
98
25%
*96
99%
100
13%
101
*32
25
25
*96
99%
*98
*13%
35
*33
3658
2434
*96
39% Apr 23
101%June 30
39i2June 21
31
2
39«4 Feb 19
41% Mar 11
Co.No par
Rubber—10
Highest
Lowest
Highest
5 per share
6% preferred series A—100
First National Stores—No par
Firestone Tire &
680
43
4384
*42%
4334
4384
4334 44
4334
43%
4334
*4284
44%
110
*108
110
110
114
*110
*106% 110
*106% 110
*106% 110
11
10%
10%
1034
*9%
1034
*9%
1034
*978
1078
*9%
*10%
*59
65
62
62
*59
65
65
62%
62%
69%
*62%
*62%
31
31
31%
30%
30%
3034
31%
30%
3034
3078
31%
30%
112
110
110
112
112
*111
111% *107
*10478 HQ
*111% 112
*46
48
48
*46%
49%
49%
47%
*45%
49%
47%
*46%
*46%
31
30
31
32
31
*31
*30% 31
*30% 32
30%
30%
5
5
5
5
5
5
5
5
4%
478
434
434
133a
14
14%
13%
1334
13%
1378
13%
1234
1334
13%
I384
*35
Lowest
Fllene's (Wm) Sons
50
100 -Share Lou
$ per share
Par
39
*46
5%
116%
*31%
50
5%
116
39
*46
5%
116
116
*31%
34
3334
33%
33%
33%
103% 103% *102% 103% *103
103%
42
42
41% 41%
41% 41%
31%
31%
3134
31%
3034
31%
37
*32
5%
*4184
39
*31%
33%
the
48
48
On Basis of
Week
$ per share
Aug. 3
$ per share
Friday
Range for Previous
Year 1930
Range Since Jan. 1
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share
Tuesday
*31%
NOT PER CENT
Thursday
Aug. 5
Wednesday
Monday
Aug. 2
*103
SHARE,
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
Saturday
7, 1937
Aug.
7
13%June30
x
Ex-dlv.
y
38
Mar 17
Ex-rights.
44%
33
Feb
Mar
*78% Nov
6%
Jan
13%
Deo
48*4
Jan
65
Deo
3% June
8% Apr
13% May
18% Apr
5% Jan
17% Feb
22% Nov
29% Oct
54% Sept
73% Oct
20
Oct
If Called for redemption.
Volume
LOW
AND
145
New York Stock
HIGH
SALE
PRICES—PER
SHARE, NOT PER CENT
Record—Continued—page
Sales
STOCKS
July 31
Monday
Aug. 2
$ per share
$ per share
1578
*1434
37i2
3734
130
130
*142
...
131
116
253s
*4%
5i8
25%
*478
*8
9
*8
5584
5538
110
*6
110
7
19%
20%
678
203s
*5%
6
6
.
'
*130
118
11734
118
11834
__
132% 132%
800
*142
27l2
2834
28%
5
5
5
5
8
*734
8%
77s
7%
55
55%
110
*109
614
*48%
49
55%
500
110
110
130
73g
75g
734
7%
734
21%
215g
34,700
6I4
6%
*47i2
22%
6%
6%
6%
49%
3,600
49
*47
51
*159
161
160
160
160
160%
15978 1597g
11734 118%
1181s 11914
118l2 120
11734 119%
152l2 152i2 *150
156%
156i2 *150
156% *150
13
13
13%
1384
13ig
13i2
13%
1234
10
9%
953!
978
IOI4
978
1038
958
1212
12i2
123g
1258
12i2
127S
1234
1334
1334'
13%
65
665s
65
6558
6434
65%
64i2
65%
6434
133
13534 *130
*130
133
133
13534 *130
*130
18%
I884
185S
197S
193g
I884
1934
19%
18%
187g
13i2
1358
137s
14
1478
14%
1478
1484
14%
14i2
7%
73g
7%
77s
73g
75g
75g
758
73s
714
102i2 10314 103I4 10634
10534 10734
10484 106%
105i2 107%
*6
7
6*4
7
614
6%
6%
*638
638
6-%
6
*55s
*5%
6%
*558
6l2
*55s
6%
*558
6%
4934 50
50
50
49l2 49i2
507s
507s
51%
*51%
*24% 2512 »2518 2512 *2518 25% *25%
25%
253g
253s
44 I4
4414
*43
4438 44I2 *4358 4478 *44
4438
4438
4334 4334
50
49
*4512 47
4578
50%
4834
475g
100
100
*98i4 100
101
100
101%
100% 100%
113s
115s
12
11%
117S
lli2
11%
1158
12%
11%
66
In ternat
7
1878
1334
738
102
103%
*6*4
678
*5%
6i2
*50
50%
*2434
*44
43%
*98
1134
26%
2578
4414
44
99i2
12i8
2712
27% 2778
1013s *10H4 101-38
1734
*1714
1734
27i2 2778
2712
1013s 1013s
101%
*17'
*17
*17i4
1734
28
*27%
*2712 28
275s 28
27%
12612 126i2 *125
13212 *125
132% 127
70
70
70
*68%
6912 69%
69i2
136
136
136
13434 136
136i4 135i2
*124
124% *124
124% *124
124i2 *124
*
277g
2658
*17~
1734
28
127
27%
1015s
101-%
500
27%
*125
69
69%
136i4
136
12412 *124
In ternat
9,700
*41
42
*41
42
6
6
49
49
49
*3234
36
24
24
3314
235s
41
49
3314
2384
55s
534
*34l2
11
11
*132
140
36
215s
2178
34l2
2184
*165s
187s
19
*28%
19%
*10%
2384
*34%
33
*
*26
19%
19%
100
22
22
22
22
22lg
22
22%
22%
22%
19
21%
21%
33
35
19%
19%
19%
13%
*11%
*12
24%
34
35
2
2
10%
10-%
40%
41
66
66%
67
12%
28%
28%
12%
*99% 103
*101% 103
*160
12%
*28
*100
33%
24%
34%
170
2434
3334
*
22
500
"""960
41
4034
15
41
200
20
1,200
68%
69
70
70
12%
12%
28%
28%
12%
*28%
2834
103
*100
12%
June 30
June 16
Clas3 B
1
380
Kendall Co $6 pt pf A .No par
600
500
Kinney (G R) Co
3,500
300
103
102% 10234
IOI84 10134
*158% 15934 *158% 15934
68
Kresge (S S) Co
Kresge Dept Stores
June 14
July 10
No par
100
preferred
Kress (S H) & Co
170
~~5,800
5%
preferred
100
Lambert Co (The)
No par
No par
Lane Bryant
1,200
Lehigh Valley Coal
6% conv preferred
Lehman Corp (The)...No
Lehn <fc Fink Prod Corp
40%
41%
4,900
15»4
*14%
15%
100
41
41%
1,800
69
69
69%
5,200
12%
2,100
Libby McNeill & Libby No par
29
1,000
Life Savers Corp
B
*21
22
*6734
5984
60
2,800
26
5934
25%
59%
2534
26%
26
26%
4.100
Liquid Carbonic Corp.No
84%
85%
8434
85
84%
84%
8,500
Loew's
60
597s
60
59%
26%
25%
84%
2534
8434
25«4
84%
85%
84%
85%
*105% 106
2%
2%
5434
5434
*7%
7%
28% 28%
*106
106%
21
106
<
139
*21
*85
105
21%
*135
2134
86%
35%
*31%
2
54%
7%
2834
21%
*135
106
2
*105% 106
2
2
56%
5334
5434
53%
54%
7
7
7%
28%
28%
*28%
*105
21%
21%
*135
134
106%
2,600
134
2184
400
85%
8634
1,100
37%
36%
37%
3634
3634
35%
36%
5,500
32%
*31%
32%
*31%
32%
32%
32%
200
36%
*127
44%
129
*127
44%
47%
45%
129
129
10
44
45
2,900
46%
47%
46%
47%
4,900
13
14%
14%
14%
2,500
50
49
50
1,500
Magma Copper
6
6
300
t Manati Sugar
49%
48%
12%
49%
*6
6%
*6
6%
*6
6%
6
6
*6
*5%
6%
*5%
6%
*5%
6%
*5%
6%
*5%
21%
*19%
21%
6%
6%
*5%
Macy (R H) Co Inc
6%
*19
21
19%
50
19
19
19
*15
I884
*15
19
50
*12%
14
*12%
14
*12%
14
*12%
13%
*12%
14
*20
27%'
*20
27%
*20
27
*20
27%
*20
27
*20
27%
*10%
11
*10%
11%
11
*9%
10%
*19%
20%
10%
*19%
10%
20%
10%
*1984
10%1
*19%
*10%
1934
20%
*19%
20%
100
Manhattan Shirt
*4%
*10%
*134
4%
10%
2%
4%
10%
2%
4
900
24%
4%
19
*10%
13
4%
10%
*184
*10%
*23
24
*23
*3
*3
3%
*42%
27%
23%
*8%
44
*42%
27%
27%
24%
24%
87g
9%
54
*51
*36%
*148
*63%
*9%
*51
37
155
*36%
*148
64
6334
934
934
36
*35
*
36
*102% 105
*35
♦
*20
*.
1934
4%
10%
*134
*10%
13
1034
19
*3
44
*4
4%
*42%
10%
*184
2%
12
*10
22
21
*3
334
44
*42%
19%
20%
4
4
1034
10%
10%
2%
1%
134
414
*10
11%
21
19
3
3%
44
27%
27%
27%
2634
25%
24
24%
23%
*42%
2634
24%
27%
24%
9%
8%
884
54
53
37%
155
37%
*148
6334
63%
9%
*9%
36
36
*10234 105
*35%
*
54
54
37%
155
37%
54
53%
37
37%
3%
10%
1%
3
3
3
44
44
27%
24%
26
2684
23%
*8%
23%
9
54
37%
54%
36%
155
*148
64
64
64
64
64
9%
*35%
*
9%
36
105"
*9%
36
105
36
♦
9%
36
36
103"
103
*.i.
*103"
Bid and asked prices; no sales on this day.
J In receivership,
4
4
Apr
61
36
Jan
July
43
Apr
104%
2
Feb
Apr
35%
3%
Jan
Jan
Jan 14
July 28
44
110
Aug
2
June 26
July
7
June 17
10%June 14
May 23
42
Jan 23
3% Feb
2
75% Mar 11
1034 Jan 26
43% Jan 8
110
May 12
140
Deo
20
May
57%
Mar 17
22% July
33
Feb 11
9
127%
Jan
8
27%
Jan
Mar 8
Jan 20
40%
Apr
8%
Jan
MarlO
34%
7% Jan 12
1%
Jan
Jan
63
7
Mar 30
Jan 11
June 28
30
June 24
21% Apr
30
100
9,700
8,700
Marlln-Rockwell
Corp
Marhsll Field & Co
Martin
9% June 29
l%June 24
10%June 30
19
Aug 3
234June 22
(Glenn L) Co
100
100
100
39
1
No par
7
Martin-Parry Corp—-No par
800
Masonlte Corp..
37
800
Mathleson Alkali Wks.No par
64%
"1,266
9%
600
100
36
"""160
Def. delivery,
n
New stock,
142
Cash sale,
Jan
June
32
Deo
12%
Dec
30
17%
2%
8%
1%
6%
1834
2%
May
41
May
17
13
20
Jan 21
39
Jan 20
6% Mar 27
5134 Mar 4
30% Mar 1 o
11%
Jan
Apr
Jan
July
Jan
July
Jan
29% Apr 30
13% Jan 10
74
Feb
5
4134 Jan
8
6% Apr
165
Jan 25
27% Apr
153% Jan
8
June 12
66% Mar 11
15% Jan 11
34
June 23
44
Jan 13
43%
Dec
35
June
3
45
Jan 13
44
Nov
97
July
8
111
Jan 22
103
Jan
51%June
from Intern atlonal
r
7%
7
20-
3% Mar 29
May 14
48%June 28
32%May 30
May 17
No par
7% preferred
100
May Department Stores... 10
Maytag Co
—No par
$3 preferred w w
No par
$3 preferred ex-warr.No par
$6 1st cum pref
No par
July 19
18% Jan 4
19%June 16
1
Oct
Feb
Mar
132%
62%
58%
15%
Jan 14
6% preferred
6% prior preferred
6% 2d preferred
Jan
4134Mar 11,
36
14
5
Oct
May
21% Apr
99
14
100
107
2834 Jan 13
384May 17
4%May 14
25
z3834
28% Feb 8
14734 Jan 20
Jan
Jan
Feb
Feb
Midland Corp..
Oct
19
16%
29%
634
14%
Market Street Ry
9784 Mar
160
25%
5
39
Marine
47%
83% Feb 15
23%May
June 22
82% July
100)
54%
a
Jan
Jan 13
6%June 1518%June 22
3% June 17
d Change of name
*
Mar
Jan 28
175
15%June 14
Modified 5% guar
"""346
155
105
97
114
6
16% Jan 11
600
38
4
50%May 14
534June 17
28% June 17
100
9
9%
*35%
113% Feb
May 20
13% July 12
12
*148
9%
70
44
Jan
May
Jan 16
t Manhattan Ry 7% guar. 100
10,800
21
Jan
9
—No par
200
I84
20
Pref ctfs of deposit
May
12
May
1
100
Preferred
Mandel Bros...
10%
*10
155
36
105
9
12
20%
*18%
*148
63%
36
105"
9
834
19%
89
26% July 26
Maracaibo Oil Exploration.. 1
*
Jan
July
9% Apr
38% May
85% July 30
Certificates of deposit... 100
1334
19
2
7
51%May 14
No par
*12%
*
8%
18% Jan 18
43%June10
21% Feb 11
25% July 29
100
11%
49%
1
384 Jan 18
64% Jan
—-.10
11%
49
Feb
24% Mar 17
25
59
Madison Square Gard..No par
*49
4S%
11%
48%
11%
6% preferred
Mack Trucks Ino
203
Jan
July
15% Apr
94% Apr
5
403gJune 22
*127
45
49
6
No par
1
129
11%
June 17
.No par
Steel...
MacAndrews & Forbes—-.10
44
49
48%
Ludlum
6
19% June 17
2
29% Jan 4
30%May 4
129
July 29
*127
II84
Jan
12
June
2
127
100
45%
49%
27% Mar 11
51% Feb 1
7%
Aug
100
preferred
Apr
15% Mar
20
7%
147
4
105
Louisville & Nashville
30
Feb 30
29
10
Louisville Gas & El A ..No par
71
35% July 6
29% Jan 2
15% Jan 16
79
100
30
21%
87
Feb
2
2
preferred
5%
87
58% Jan
Lorillard (P) Co
80
21%
21%
*31%
21
2134
Jan
19% Dec
17% Dec
28% Jan
1734 June
18% Jan
3% May
Jan
June 30
zl834May 28
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
25
*86
45
*19
900
*2134
32%
48
137
1,000
8734
36%
48
*135
7%
2834
80
8
4634 Apr 14
9% Mar 30
69% Mar 10
20% Mar
1
94% June 14
May 20
Lone Star Cement Corp No par
21%
3584
129
139
2134
3,300
87
32%
45
*135
2134
6,000
23% Dec
2
93
No par
Ino
Jan 14
July
.No par zl05
2%
*21%
3578
*127
139
106% 106% *106
$6.50 preferred
53%
7
*28%
■
Loft
85
32%
45
106%
2IS4
7%
53%
200
27% Jan 18
110
6
151
par
No par
Inc
5
Mar
984 Jan
Lima Locomotive Wks.No par
Link Belt Co
No par
22
85
129
28% 28%
106% 106%
2134
2134
2
Lily Tulip Cup Corp...No par
600
85
21%
85
45
7%
2834
2%
200
*21%
21%
129
47%
*11%
*4734
2
7
7%
139
2
55t4
29
59%
105% 105% *105% 107
2
56
106
*105% 106
59%
100
Mar
Nov
25% Feb 25
25
;
35
75% May
39% July
58% July
Liggett & Myers Tobacco..25
Series
44% Jan 16
1734 Mar
1438 July
5
67»4
26
50
36
Preferred
6
8
13%June 28
l%June 23
8%June 29
z40
200
Jan
July
160
50
par
200
June 14
17
5
No par
Libbey Owens Ford Gl.No par
1,900
Feb 15
15% July
32
Lerner Stores Corp
46
Feb
32
25
No par
21
59%
Jan
May
24
100
4% conv preferred
Lehigh Valley RR
2
67%
58%
41% Jan 14
5
14%
67%
Jan
Apr
12
15% June 15
41%
68
113
23%June 3
18%June 30
Laclede Gas Lt Co St Louis 100
3,600
68
Jan
3584 Aug
19% June
20% Apr
30
6734
67%
15
24% Aug
Jan 13
May 11
31% June 28
18
21
22
10% Apr
47% Jan 23
24% Jan 14
27% Jan 14
105
No par
21
67%
11% Sept
82
20% Apr
4% Apr
74% Feb
Kroger Grocery & Bak.No par
160
*21
31% July 12
20% June 29
8% May 18
10
160
68%
59%
2534
14%June14
37% July 9
5
68
*20%
Apr 29
51
44
2
*100% 102
9934100%
10134 102
101
101%
159% 159% *158% 15934
22
22
*21% 22
87% Jan
4
5
19% Jan 14
109% Feb 4
1
~14%
12%
*28%
Aug
9%June 22
101
May 25
3,200
10%
12%
Jan 30
Apr 15
23% Feb 11
No par
preferred
8%
""900
10%
29
127
6
12%June 17
Kennecott Copper
No par
Keystone Steel & W Co No par
Kimberly Clark
No par
4,700
10%
41%
12%
28%
July
96
34,600
41%
6884
70%
*100
15
25
20
700
*14%
41%
15
103
115% Apr
5
Lehigh Portland Cement
41%
6
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wheel conv cl A1
Lee Rubber & Tire
15
102% 10234
160%
67% Aug
Kayser (J) & Co.
1,200
41%
Jan 16
Jan 18
Jan
3,200
15
12%
121
30
Feb 19
Apr
Jan
25%
3334
41%
28%
25% Jan 26
15%
36%
107%
26%
Jan
25
41%
*1434
934May 14
20%May 27
17
34
41%
June
25
25%
9%
41%
Apr
50
Kaufmann Dept Stores.$12.50
34
9%
15
Feb 19
19%
25%
9%
Mar 11
13
100
10%
41%
52
110
Mar 17
260
2%
Oct
2
29
2,700
15%
Jan
June 17
1
June 28
13%
170
47
Jan
Apr
June 28
19%
2
6
19%
116
34%'
"14%
3
23
June 15
Mar 17
13%
2
884 Jan 30
57% Feb 16
2884 Jan 25
49% Jan 4
June
121
19%
15%
8
43%May 26
24
Jan
136
34
1%
1%
20% Apr
334 Jan
8
City P & L pf ser B No par
Kansas City Southern
100
4% preferred
100
1284
2
6
Jones & Laugh Steel pref-.lOO zl
17% June 29
Kalamazoo Stove & Furn
10
28 June 29
19%
*32%
6
Feb 16
Kan
340
35
♦
10
88
19%
*
6
12134
*32
21
18
Apr
9% Apr
12134 Apr
13% Dec
43% May
125% Feb
334 Apr
2% Jan
2
*11%
1434
9%
6
23
24
12
6
17
5
6
8
13%
25%
34%
170
"14%
16% Feb
10% Feb
584 Jan
90% Jan
5% June
1834 Jan 7
73% Mar 10
13534 Jan
2434 Apr
Jan
33%
19%
*18
May 18
Jan
21
2
15
10
55% Apr 29
127%May 27
126
*18
14%
10%
40%
10%
40%
*1434
*
2
15
1034
33
19%
Jan
Jan
4
Jan
155
140
15%
41%
*9%
2284 July
Apr
160
Mar 18
24
33
2% July
June 17
24
*132
Jan
9% July
120
$8
10%
Apr
2%
4%
6% Jan
15 prior preferred....No par
140
107
120
80
10%
May
100
70
*132
37
No par
3234
140
Oct
Dec
Apr
...No par
Preferred
3234
34%
2
41%
Johns-Manville
9% Apr 14
63% Apr 14
Feb
Jan
5
234
1
Jewel Tea Inc
1,400
64% Apr 20
111% July 16
11% Marl6
28% Mar 11
6%
10%
56%
June 18
33%
24%
*33
14%
*1434
1,000
Jan 18
1384 Jan 20
148%
17
1
Nov
Jan 18
No par
preferred
122
16% Jan 29
15% Apr 9
June 18
*3234
237s
3414
170
"15"
$6
Deo
88% July
162
100
Island Creek Coal
140
144% Apr 30
8% Jan 4
100
Intertype Corp
147
Aug
5
Inter Telep & Teleg
No par
Interstate Dept Stores.No par
Preferred
May
125
4
88
23,300
106
Jan
100
preferred
41% Nov
5
Feb
Aug
100
7%
share $ per share
Jan
15% Nov
120
International Silver
1,000
4%
July 30
131% Mar 6
«*t6May 13
33% Feb 23
6
per
25% May
189
3,600
48
3414
4
$
7
100
41
578
Jan
99% Apr
41% July
3184 Jan
30
3412
33%)
42
146%June 14
400
132% *125
132%
68
69%
67%
136%
136% 136%
124%
124% *124
41
2
No par
.No par
"1:766
*534
Jan
5% preferred
International Salt
International Shoe
100
48
2334
10%
*19
5
Voting trust certifs. .No par
""140
578
4834
2314
10i2
*132
434 Feb 5
16%May 13
Internet Rys of Cent Am..100
130
Jan 21
107% Apr 24
100
41
23i2
11
41
No par
1
*5%
3314
140
19,400
Preferred
41
33U
*10%
Class C
1
5%June 17
Inter Pap & Pow ol A ..No
par
Class B
No par
8,500
23,200
June
%6June 1
173sMay 18
458June 4
1
par
*48%
57g
32-5g
*132
2434
*34%
41
Mining Corp
Canada..No
49
23%
13%
*
*512
*48l2
il" 300
28%
34%
24
35
170
41
57g
100
Preferred
175s
3434
*12
13%
2384
41
49
325g
11
140
*10*2
*132
*5%
*45i2
94
No par
Int Nickel of
60
130
128% 129 t 12812 128% 129
130
129
12934
130
130
130
33
*32i2 33% *3234 33%
33i2 *3284 34
34
*335s
*33% 34
*119i2
*119l2
*119l2
*119l2 120l2 *119% 120% *119% 120%
*17
~18
18
1714 "l7%
18
17% "1Y84
17l4
18
1734
1784
32
*2914
*2914 31U *29i4 31% *2934 3114 *29%
30
30%
*29%
*28
30
30
*2778
*28i4 29
29
*28i2 30
2834
*28%
*28%
*21
23
*21
23
*2218 23
23
23
22%
23
2218
*22%
*97
101
*100
101
101
101
*101
109l2 *101
108
*101
109%
*16
17
*16
1634
17
17
*1614
I6I4
16%
16%
16%
16%
13%
13l2
1312
13i2
*1234
1384
135g
135g
13%
135s
13%
*i234
*104
106
103
104
*103
106
*103
104i2 *10334 104% 104% 106%
60%
6II4
61%
60%
6112
62i4
62
6134
62%
63
625s
62%
16
15%
15l2
*16
1512
16%
163s
16
1638
1584
16%
*157s
143
par
7,400
28
144
par
Int Hydro-Eleo Sys cl A...25
Int Mercantile Marine-No
25,300
265g
*17~
1734
28
Agricultural..No
Interna t Harvester
Preferred
12,100
4,100
101%
265s
♦
June 28
20
Prior preferred
100
Int Business Machines.No
par
100
500
12,600
13534 *130
185s
13i2
124
133% Mar 27
par
6% preferred
100
Intereont'l Rubber....No par
Interlake Iron
.No par
2,900
2H2
No
Lowest
22% Jan 20
47% Apr 20
June 28
Insuranshares Ctfs Ino
1
t Interboro Rap Tr v t 0—.100
d Interchemical
Corp__Ne par
200
*52%
110
8%
100
Rights
Inspiration Cons Copper
45,100
1,200
22i8
6ia
52
5
*784
55
110
110
71s
21
55
55%
29
$ per share
12%June28
33
par
No par
6% preferred
Inland Steel
"4466
Highest
__10
Rayon.."11 No
Ingersoll Rand
..
119% 11934
119%
2734
6
934
123g
132l2
*142
Refining..
Year 1936
100-Share Lots
$ per share
Indian
Industrial
2,900
5
634
11434 11778
66i8
131% *131
On Basis of
Lowest
200
3758
2684
110
"l3%
1238
37
131
15
*14
373g
8
50
65%
Shares
15%
37
*142
...
6U
95s
$ per share
*14
7*8
215g
984
$ per share
1534
37%
3712
132
21
13%
Week
5
7
14»s
Aug. 6
*13
14i2
37i2
2078
160
Aug. 5
Range for Previous
EXCHANGE
2634
*55
110
*47
the
5
5538
160
Friday
2558
160 >8 *154
13%
*9%
•
116
9
50
11484 11514
*154
*142
2558
518
161
*46%
*160
132
...
116
24%
110
14%
37I8
131
*142
114l2 11412
*55%
1578
3784
Thursday
$ per share
$ per share
*14%
37i2
\
NEW YORK STOCK
Wednesday
Aug. 4
Tuesday
Aug. 3
899
Range Since Jan. 1
for
Saturday
6
x
2
Print! ng
Ex-dlv.
y
43% May
13% Apr
Ink Corp
Ex-rights.
If Called tor redemption.
New York Stock Record—Continued—Page 7
900
LOW
Aug. 3
Thursday
Aug. 5
Saturday
$ per share
$ per share
$ per share
2
Aug
July 31
S per
S pel share
share
23
23
18
*1784
18
*85
90
*85
89*2
51
51
5H2
51*2
1834
18
18
2234
1734
21
2184
2H2
2234
2234
1784
18
18
18
1758
2314
1734
*85
90
*85
90
89
89
50
50
50
50
50
50l2
*17
1834
*17
*18*2
1914
3414
34i2
1834
3334
*17
X3334
36i2
1334
3634
1378
36*2
1378
4434
1438
1438
1438
*96
4412
27
27*2
95*4
9514
11*4
11*4
3978
*38*2
3978
2978
6534
*25
29*2
*27
11
11
*38*4
*28
6534
19
1112
38i4
1134
29i2
1914
32 ]8
20 J8
19i2
2038
20l8
2034
20*4
2078
32*4
31
15g
28
32*2
42
9834
*118
120
9834
118
118
*118
1334
1438
108
120
24
1438
14
1378
108
108
1*2
*1*4
1*2
412
*3
3*4
28
738
2514
*738
3538
7*2
3578
718
3458
3512
*7
,
7
7*8
25U
3i2
6378
103l2 103*2
6384
6234
10212 10312
6212
6378
*33
*33
*33
*54
56
"l38
3512
2D8
*72
34lg
34i2
2078
21
1,700
Motor
403g
4038
1,300
Mueller Brass
13i2
700
1312
*88
90
1314
8912
*2134
2234
21l2
75
75
MM
*72
75
*107
MM
MM
*107
*73
75
M
M
M
*10714
M
1334
1834
*3218
13l2
1358
1312
1312
1314
13U
13*4
64
13
*63
64
64
65
65
6512
18i2
6512
*65i2
1878
1858
33
33
33
2114 2134
1314
1314
23l2 2384
2358
2358
*15012 163
*150l2 163
*26
*26
27
2678
13*4
*90
95
*90
13i8
23i8
21l2
*1212
2318
2338
33
163
*154
*2 6'4
27
27
*90
95
*90
*153
95
1812
2178
23 58
*32i4
2134
2178
13
19
1914
32l2
2178
1314
1834
1878
21l2
12,600
3,700
4078
21
MM
60
1*2
3434
21*4
90
*7214
56*8
1*2
34i2
21U
138
33
*33i2
*2158
*1212
23*8
13i2
*154
163
1*2
13
*12i2
12 78
90
*88*2
90
23
*22
2234
*73
75
MMMM
13*4
*107*4
1278
13"
67
18*2
M
37
*33*8
2U2
1234
23*4
13
2338
163
27U
*27l2
*90
2778
2778
95
*154
95
*90
Murphy
20
2,300
1234
700
2338
10,800
163
95
MMM
36
36
35
3534
3578
3638
3578
3638
3512 36i4
3478
20
20
21
20*4
20*8
2014
20l2
2034
20i2 21
21
11212
*110
11212 *111
11212 *111*4 112*2 *111
U2l2 *11018 11212 *111
107*2 107*2
107l2 107l2
109i2 109i2 *10712 110
*109l2 110l2 *109i2 110
1878
1878
1834
1938
1878
1834
1878
1858
19i8
1834
18i2
18l2
*7
*7
7*8
*7
758
7*2 & 7*8
738
738
758
*738
7i2
29*4 2978
30i2
3038 30*2
2978
3038
2934 30i8
30i8
301-1
30*8
7 % cum
100
5% pref ser A w w
M
MMMW
No par
Nat Cash Register
Nat Dairy Products...No par
100
100
pref class A
7%
MM
70
7% pref class B
Nat Depart Stores
3,400
.
100
pref
Nat Bond & Invest Co-No par
8,900
16,200
*3412
2034
1
No par
10
National Acme
National Biscuit
400
2778
(G
Nat Aviation Corp
MM
MMMM
Co
300
No par
*1338
3812
*15438
*128
5134
IH4
*HS
*38
9258
37i8
134
*7l2
912
*41
*53
*106
*31
35
\*31l2
34
*31*2
10
preferred
6%
Nat Distillers Prod
5,900
'
34
-
"
13
127g
12l2
13*4
1214
1338
1314
1312
1338
1312
40
39
40
3914
3912 40
3938
3978
38i2 39
155
155
*15438 159
*15438 155
*15438 159
*15438 159
159
135
*128
135
*128
134*4 *128
134*2
135
13434 13434 *129
52
52
52
*52
52
52
51*2
5234
52i2
5134
52l2
11
11
1034
1058
1034
1058
1058
IDs
107S
III4
11*4
1*2
1*2
*1*8
1*2
*1*8
1*2
*1*8
*Ds
*118
1*2
D2
*2
*83
*38
*2
*3g
*38
*2
*2
*38
*2
h
97
97
9734
953g
95l2
96*8
94l2
96l2
93i2
9312 95
37
4138
3978
385s 3978
3714
37l2
3858
38i2
37l2
37I4
138
139
135
137
137
135
*135*2 1385g *136
135i2 *135
7*4
7*4
*714
*7*4
7*2
*714
734
778
77s
714
7l2
958
958
934
958
958
*958
9i2
912
9i2
958
9i2
42
42
*41
43
*41
43
43 *4
*41l2 43*4
*4134 43*4
53
54
*53
53
*53
*52i2 54
54l2
*52l2
56i8
56*8
106
*18
33
33i4
33l2
*
74
22i2
*15
3412
34
7438
*13
108
*106
106
7334
3834
3934
40U
39*4
40i2
51
51
51
51
84
33i2
73i2
*106
2212
33 78
74
39
4118
5134
84
83
*17
108
3978
*50l2
84
22l2
3434
7438
*106
52
*19*4
33*8
*
"40*4
84
84i2
52
*82
*106
27*2 Feb
3734
1234
9
8
6,000
5
405s
Jan
5»4
Jan
sl7i4 Apr
2
110
Feb
88
Mar
Mar 17
x65
Apr
Mar 10
119
Dec
57*4
Jan 23
138 July
6*4 Jan
4
8
Apr
5
2*2 Aug
234 Jan
1634 June
5*8 Mar
5*2
14i2
6*4 Mar 17
12U Mar 17
378
79
5
MMMMMM
M
MarlO
3534
Jan
46
Feb 17
4112
Dec
66*2 Jan 18
3*2 Feb 26
60*2
Jan
84 Jan
283s Apr
38*2 Jan 15
26
*5'-
Feb 13
51
5% 2d preferred
National Supply of Del
Preferred.
700
700
2,600
1478 July 21
9938Mar 19
70
May
36*2 Feb 11
21
Jan
Mar 13
4478 May
108*2 Jan 26
102i8 July
14
Apr
90
2034 Feb 11
Mar
71
20*2 May
47i2Mar 11
5
24
Mar
12*2 Apr
9
9*2 Apr
183s Jan 21
333s Mar
167
2834
2
3078
3334 Jan 13
No par
No par
3134June23
12112 Feb 26
6*4June 12
9*4 July 23
37
July
No par
50
June 17
5% pref series A
100
100
1
100
400
60,500
5212
900
84*4
{New Orl Tex & Mex
500
-MMMMM
1
Newport Industries
N Y Air Brake
21
107
Dec
9
10
Apr
Apr
Apr
10734 Oct
21
2458 Mar
1078 Jan 28
35
Mar 17
New York Central
2558 June
24
23l2
8
*758
*17l4
23
23l8
*734
17i2
23i2
18
2258
2278
23*4
8
8
*734
8
*17*8
T8I4
17*8
17*4
24
2334
23*2
2,200
1834
128
*234
*58
4*2
127
122
122
*117
129l2
128
*119
128
*119
128
*119
128
*119
128
1
1
1
1
*1
Ds
87
"ik
4i2
1378
1438
3
234
10l2
11
10*2
59
90
90
*10012 101
234
*2i2
241
234
*58
59
8934
90
10012 10012
*2i2
*240
241
234
243
*
87
4^8
*
*1314
234
1078
13t2
*2i2
Ills
1334
234
1178
59
*59
6512
90>4
90l4
9038
10058 1007S
2l2
21
NYC Omnibus Corp.-No par
*2l2
*241
2884
4534
414
2912
28is
45
45
3138
3012
31
4l2
3112
46
*30
28b?
29i8
4534
4*4
2912
~*4~
438
478
3234
*
~"4i"2
65
32
6538
20*2
66*2
20
2038
20
68i2
67l2
2038
68i2
1958
66
67*4
68I4
1514
15i2
1478
1538
1478
15
85
45g
14*4
27s
*212
278
800
1034
11*8
3,800
90*2
2l2
67
*58
63
91
90*2
90*2
101
101
23g
23g
2l2
242
242
*241
243
104
104
106
2,200
150
{ Norfolk Southern
200
Norfolk & Western
54*2
1134
99*4
*9934
9978
29*4
30*4
*
4*2
*30*2
1934
6658
46*8
4*2
5334
115s
5334
11*4
54*2
1158
99
2758
2634
28*4
*99
100
68 *2
1434
1434
20
140
6684
14,500
8,100
1478
1,400
20
Northwestern
*101
109
*101
109
*101
109
*101
109
1434
*101
109
101
4134
*5514
*115*2
16
16
16
600
4134
4134
41
2,800
57
60
MM
M
*116
57
M
M
MM
99*8
9938 10058
*1734
18
1758
1758
*8*2
9
*8i2
9
99
2578
*15*2
10
101
16
4134
16
16
1534
1578
1578
*1538
1534
41
41
4134
4134
4II4
4134
41l2
131
131
131
13034
*125
130l4 130l4 *125
13034 *125
13034 *124
21
2058
2058 2078
1934 2038
2038
2078
2038
2078
19*4 20*4
♦
*128
134
*127
134
*128i2 134
*127*2 134
13312 *127*2 134
86
88
88
86
86
86
"85"
85
*8612 89
87i8
87i8
*24
25
24
24
*24
25
25
*23
24*4
24*4
23i2 23i2
*15i8
2578
2578
26i8
17
16
16
58
*116
58
M
MMM
IOOI4 101
1758
17l2
*8i2
834
26j8
26is
16
16
*57
*116
101
58
--MM
102
17l2
1734
8i2
95s
*57
58
*116
*116
100*2 102*4
17*2
*9
175g
9l2
2612
2912
28
28
16
18i2
17*4
1812
101
60
18,100
MMMMM-
500
300
50
58
*57
MM-M
2
Bid and asked prices; no
sales on this day.
Preferred
Apr
8
50
Oliver Farm Equip
No par
MMMM
MM
8% preferred
Jan 4
5312 Jan 4
234June 28
13
June 28
A
95
100
6% preferred.
1,900
57i4 Feb 3
1738 Jan 21
104i2 Jan
8
658
98
Jan
Jan
Jan 28
97*2 Apr
3658Marll
53i2 Jan 22
678Mar 3
2378 July
50
Aug
105
40
Jan 18
2
Jan
19
Aug
5
12*g Aug
Apr 20
478 July 7
26i2 Feb 16
~17~ July
2278 Apr
73
114
Feb 13
193s Mar 1
45U Jan 21
24*8
Jan
107
Jan
8
Jan
2414 Apr
123
Jan
Feb
3
243s Mar
8
12i2 July
Mar
6
70
July
Mar
8
79
Dec
47
Jan
4
115
June
9
114
July
102U Aug
5
13
July
Mar
658June 17
23*2June 22
380
2d
No par
13
Cash sale.
May
23*8 Apr
5234 Feb.
Jan 12
10
r
105
Jan 26
No par
New stock,
8
75
1st preferred
n
Jan
3478 Jan 14
28
390
Del. delivery,
Jan
114
97
28s4
1758
a
Apr
1*8 Aug
Jan 26
420
preferred..
Mar
93 *2
Apr 29
x82i2 Apr 28
xl7 June 30
Pacific Amer Fisheries Inc...5
17
83
210
134
834
Pacific Coast
July
9*2 Apr
May
Jan 14
140
114
100
Owens-Illinois Glass Co.-12.50
1734
4
57
5434June 29
5
No par
Preferred
Apr
738 Apr
272
22
prior preferred
100
55.50 conv 1 st pref ..No par
Outlet Co
3
75
No par
7%
Outboard Marine & Mfg
5
434Mar
14i2May 18
112*2 Jan 23
100
Otis Steel.
112i4May
3384May 14
126
July 7
No par
.—
June 28
12*4May 14
Oppenhelm Coll & Co ..No par
Elevator
3
17i8
Omnibus Corp (The) vtc No par
Otis
Aug
3*4 Jan 4
26i4May 18
No par
7,700
*27
{ In receivership,
4
June 17
45
Telegraph.__50
Norwalk Tire & Rubb..No par
*
*
Jan
48*4 June 18
50
101*2
1734
884
76i2 Jan 22
10234May 3
63*2June 14
73
June 9
Rights
*15
678 Feb 11
19i2 Feb 11
21
Ohio Oil Co
934Mar
June 28
102
Northern Pacific
Jan
137
Jan
2578June 28
30
119
26i2 Feb 25
100
2,400
3*8 July
10*4 May
Jan 20
Jan
50
16,100
2538 Jan 22
135
3
Northern Central Ry Co
46*8
4l2
3338
2D2 Mar 20
1278 Jan 22
8
958May 18
29*8
Jan
Jan
97®4June 25
93
Mar 23
28s4
♦
Jan
90
1
150
Jan
36*2
Feb 10
No Amer Edison $6 pf. No par
9934
Jan
1734
97
100
preferred.
Apr
2734
1
No par
North Amer Aviation
9
32*2
125
236S4 Apr 29
Adjust 4% pref
Apr
41
104*2 Apr
IOI4 Feb
Mar 12
Jan
7
100
100
North American Co
6%
2
600
9934
43g
*30*2
19*2
6634
3338
30
17,000
1,000
10,600
Jan 22
8i2May 18
No par
400
100
2*sJune 29
No par
57 1st preferred
4134 Jan 18
9812 Feb 10
55*4 Mar 17
72
Mar 17
Jan
778 July
10*4 June
3234 Apr
2
55
100
N Y Steam $6 pref
106
2734
7% preferred
380
6434MarlO
74i8
12*4June 17
{ N Y N H & Hartford—100
Conv preferred
100
940
13*8 Feb 25
57*4 Feb 13
Jan
s4June 25
85
Aug 6
334June 15
N Y Shipbldg Corp part stk..l
14
14
2,900
July
l2*2June 17
121
May 17
125 May 19
{NY Ontario & Western.. 100
11*2
43s
43g
1007s 101*2
30
15*4
2038
10
85
10% preferred
50
{NY Investors Inc..-No par
N Y Lack & West Ry Co.. 100
8634
*59
91
20
M-M
1,000
2 34
11*4
3
llSg
46l8
45g
32l2
M MM
.
4138 Aug 6
137
Aug 2
12*8 Jan 15
Jan
*2
57U Apr
1978 Jan
15f 317s Mar 19
1534 Apr 29
No par
—.50
N Y & Harlem
July
6
No par
5% preferred.
458
14*8
14i2
234
243
1
*7S
1
New York Dock.
78
6
Apr 28
2
Dec
958 May
Jan 11
4
Jan
54
Mar 17
79*2 July
100
*83*2
4l2
10058 1007s
2i2
243
*241
88
""4l"8
414
*7g
*10414 106
*104.12 106
*10412 106
*10412 106
2778
28l2
2834
2812
2712 28
2834 29*8
55
55
55
*5312
5434
5434
5434
5434
12
12>8
1178
1178
1134
1134
1178
12is
*99
*99
9914
9914
*9914
9978
9912
9978
997s
*9934
*9934100
9978
9978 100
*9914
£29
30
12912 *122
14
*1038
170
*122
*
87
14
360
1738
7*2
127
1*8
4i2
734
17
127
129*2
*119
*
8
*119
*127
*1
8
18
13734
37
Jan
Oct
155
109
41
Purchase warrants
*758
*1712
263s June
44
171
9734 Aug
Oct
28
3
7
34*sJune 28
No par
preferred series A
Mar
June 24
73*2 Apr 30
N Y Chic & St Louis Co—100
6%
38
28
No par
Dec
100
8
112i2 Mar 11
112
May 20
26*g Feb
17
Apr
'
*2312
2
Nelsner Bros Inc
4,700
*82
2
Newberry Co (J J)
70
73*2
40*4
39*8
5218
Jan
100
3338
52
.100
...
National Tea Co
Natomas Co
38June25
Dec
103*2 Feb 3
387a Feb 25
1434 Jan 14
2*4 Jan 18
1
Jan 18
78June 15
Oct
Jan
153
Jan 18
858June 17
70
Jan
43
1
a:2458 Jan 28
200
108
32 s8
*
25
10
National Steel Corp
Jan
Mar 15
6178 Jan 22
pf_100
100
Nat Rys of Mex 1st 4%
MMM--
12,500
30.400
Jan
May
69
9
July
Sept
1978 Aug
4078 Jan 23
105*2 Aug
Jan
Jan
2
9®4Mar 17
3458 Mar 17
June 17
44
Jan
Jan
6*2
18isApr22
Mar 11
Jan 22
150
Jan 29
127
Jan
215s
5
Jan
Jan 22
34
3038Junel7
15434 Apr 26
National Power & Lt..-No par
22*2
4l5g
8434
7% preferred A
6% preferred B
Jan
31i2
Jan 16
2'4
1
10
100
100
Nat Mall & St Cast's Co No par
Jan
Dec
55*4 Jan
678 May
16*8 Mar 11
108
Aug 3
June 17
20
Dec
120
June 14
100
Jan
IH2 Apr
124
12
....
Jan
858 Apr
x95
48i2Mar
29
Nat Gypsum Co
National Lead
Dec
4938
106
1738June29
lli4May 18
2234Junel4
145 May 18
25 June 30
93*2 Apr 9
2958 Jan 5
l8*sJune25
xl0734June 1
107 Mar 11
15 June 14
6*2June 17
No par
24i4
122
Nat Enam & Stamplng.No par
1,600
*19*4
22i2
33*2
74
52
*82
108
MMMM
6,900
9,900
1334
22io
83
*31l2
34
3834
108
*65
^
35
Nov
46
Oct
26i4 Feb 23
3538 Mar 10
14
Dec
10U2 Deo
June
Jan 13
72*4 Mar
2
29
share
23i2 Nov
16
38i8
Feb 16
41
7
24
31
30
14
per
37
40*2 Nov
'
*31
35
*30
June
x95
163s Feb
1934July30
67 July 6
102
Apr 8
10*sJune28
58&8 Jan 23
16*2Junel7
30 June 29
100
Murray Corp of America—10
Myers F & E Bros
No par
Nash-Kelvlnator Corp
5
Nashv Chatt & St Louis.-100
11,700
37*2
2134
B...1
No par
No par
C)—-No par
Co class
5% preferred
M
400
1834
2134
M
M
Mfg
92
8
4734Mar
3734June23'
13 July 30
80 June 15
57 conv preferred
3,200
67
1834
M
-5
-1
Co
Munslngwear Inc
100
M
.No par
Wheel
Mulllns
10
7434
67
Motor Products Corp.
Feb
2i4 May
86
4
Jan
June
May
Apr
Jan
share J
29
2
101
85
29
48 May 13
31 July 13
54*2 Aug 3
34May 12
2738june30
17*2June 14
Mother Lode Coalltlon.No par
300
MMMM
3
6
28
Co—.....No par
50
4H4 J.40i2
1314 d 13
89l2 *88i2
22
*2H2
1*2
19
5*2June 17
21 June 28
100
Morris & Essex
3478
21
*107
MM
56*8
56
Morrel (J) &
100
2ll2
4058
*12l2
*88
76
23,800
63*4
36
41
138
*55l8
62*4
*333g
2138
2114
41
MM.
55
35
1,400
2,800
2,300
73g
104
3412
3578
2112
41
2134
35
No par
Preferred series A..
{Missouri Pacific
—-.100
5% conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
Mont Ward & Co Inc.-No par
300
35
34l2
103
Mo-Kan-Texas RR
2,700
41
3578
2118
42
13l2
7*8
2434
3*2
No par
1*2
3578
2158
21i8
13l2
2434
*33g
*7*4
100
100
7% preferred
4% leased line ctfs
Mission Corp
5412
3578
90
7
25*2
3*2
7*2
35
35*2
104
105*2
6234
6312
11
Jan
88*2 Jan
1*4June
2i8 July
258June
2378June
56.50 conv preferred-No par
Minn St Paul & S S Marie. 100
100
2734
35
55
4% conv pref ser B—..100
Minn Mollne Pow lmpl No par
13s
ll2
35
*88
*106
35
2734
6% pf--100
Minn-Honeywell Regu.No par
5412
55
*138
138
*4058
13U
*20l2
35
28*8
7*4
3i2
7U
312
35
10312
3514
100
Jan
per
112i2 Jan 14
3434 Apr 19
3378June 28
108 June 16
94 June21
96 May 14
108 May 4
No par
8% cum 1st pref
MUw El Ry & Lt
2,000
2,500
7i8
738
34i2 35
10312 104
62
63l4
738
Midland Steel Prod
210
28
24
Mid-Continent Petrol
100
*2*4
5
10
Miami Copper
5
24i8 Feb 11
106i4 Mar 2
54i2 Mar 12
28*2 Jan 19
4212 Jan 14
4212 Mar 24
16*4 Mar 17
47i2 Jan 12
9*4June29
34 June 25
30 July 30
58
Apr 28
1434 Apr 29
25*sJune 17
Co.No par
Mesta Machine Co
5
700
3*8
2712
7
6% conv 1st pref
Merch & Mln Trans
8,400
1378
107
4*2
314
2414
358
7i8
3534
Mengel Co. (The)...
M
3i8
2734
15s
4l2
*3
7
MMM
*li4
*114
*214
314
358
1334
MM
No par
No par
No par
1
100
A
56 pref series
1,100
120
21
100
Melville Shoe
80
100
*104
106
12*4June 1
95 June 21
25 Juno 17
93*2May 11
67 July 1
100
*2l2
134
4l2
24
4
14
1334
106
108
*2i4
*234
2712
2458
*99
1
Stores
6% conv preferred
Mead Corp
1,400
41*8
113*8
117*4 117*4
*118
120
MM
1,400
27,500
6,600
32
41*8
113
118*8 118*8
*118
*114
7
7
25
120
3158
3258
4058 41l2 *40
141
113i2 113i2 *11318 114
*99
109
*9834 100
113
113
98*2
32
32»8
4114
4178
114
*3»8
63i4
MMMM
36
July 31
1438May20
84 June 23
4038 Jan 12
16*2 June 21
3234May 10
31*gMay 11
12&8 Jan 6
4234 July 1
McLellan
Lowest
Highest
5 per share
share
per
No par
1
6% conv preferred
100
McGraw Elec Co
5
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
.10
McKesson & Robblns
5
$3 conv preferred
No par
McCrory Stores Corp..
V
19*2
7
*33
*26*2
1,300
40
11*2
66
37s
*
39
29*2
65
*3i2
*101
11*2
*3858
29*2
f
McCall Corp
20
66
1378
21S
F800
600
39
733g
1158
MMMM
95*2
74
*1138
*3858
*26i2
38i2
M
7338
*90
95*2
74
74
*2612
2838
283g
500
4,700
993g
283S
66
10478 105i8
158
158
412
*2i4
314
*278
28
28*4
3
7
2812
95l2
74
11714 H8i2 xll7i2 117l2
14
*24i4
2812
*95
9938
66
a9812
*102U 105
*2714
1334
4434
1434
15
66
*118
120
3
1334
4434
1412
*95*4
15i8
66
114
*97i2 100
11714 117i4
*114
218
1384
4484
1434
*95U
28iS
95i2
1,400
6,200
66
3934
14
5,400
3634
66
32
41
114
*118
3358
36 *2
1878
32
3184
*113
100
66
19i4
W 41
1,300
187g
33
993s
29l2
100
52
33*2
*96
39
90
52
*18
373g
1378
4434
4434
95i2
7334
1138
*85
3314
*4438
14l2
28s8
27l2
7334
III4
*38l2
*7278
73
4,000
2,300
1784
*36i4
9938
*94
74
'
9558
2278
14
14
14
22*4
17*2
3612
14l2
*96
9938
28
28
"73"
14*2
*96
9938
*
14*8
3634
23
Range for Previous
Year 1936
100-Share Lots
Lowest
Par
Shares
share
3312
33U
36i4
3334
4412
1438
4434
45
*44
3312
3634
1378
37
per
1937
EXCHANGE
Week
Aug. 6
$
On Basis of
STOCK
NEW YORK
the
Friday
Wednesday
Aug. 4
Tuesday
Monday
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
Aug. 7,
Pv
June 14
/H
xr
41
23
Jan
7
1538 Feb
1
3*2
40
Mar
3
27i4 Feb
2
8I4 July
4i4 Jan
Jan
fni* foHom nffnn
Volume
LOW
AND
New York Stock
145
HIGH
SALE
PRICES—PER
Record—Continued—Page
Sales
NOT PER CENT
SHARE,
STOCKS
for
jut
Saturday
Monday
Tuesday
July 31
Aug. 2
Aug. 3
$ per share
$ per share
22
*215s
32i2
*44%
884
11*2
2*4
100
22
*25
5
45
"26*2
834
*1138
214
9
12
884
*1138
98
21
*2078
32
31
31
4,000
*44*8
45
44*4
44*4
1,500
31
1,100
Pacific Mills
44*2
878
99
2l4
*67*2
22
2134 2234
15234 15284 *150
22l2
160
1934
*24
25
5
20*4
25*2
22%
*23
5
434
38*2
385s
4*2
38*2
3884
27
27
27
27
384
9*8
1534
384
634
384
878
156s
658
634
65s
46*2
46*2
46l2
98*2
9734
99
4*4
*334
7*2
4
4634
99*4
*334
7%
9*2
16
46*2
98*4
*384
7*8
7*8
*52
3634
»4484
*52
*26*2
3634
16
684
37*4
7
99
5,500
4
*378
4
300
4
384
4
334
52
7*8
*49*2
52
*47
51
27
27
*26
26*2
26
26
3678
36*4
3734
37
38*2
37*4
3784
18,900
49
*4578
*1123g 116
5li*2 52*4
200
36*2
47
47
116
51
51*4
*8
9l2
32
51
51*2
*71
74*2
*71
72*8
71
*76
80*2
*76
80*2
*76
80*2
*76
77*8
*20
22
*20
22
*20
21*4
*20
21
8*2
495g
8*2
44
*
*8*8
*1*4
1878
18*4
*71
52
78
"~5*4
78
"*5*4
5*4
834
*8*4
1*4
8
1*4
13s
9U2
*13%
9U2
91*2
91
15
*1312
91
14
13*2
*69
80
*69
80
*69
623a
635s
6278
6358
62*8
7*4
7*4
*6*2
7*2
*6*2
*
*74
80*2
21
8
5278
*
78
1
*69
80
*69
80
62i2
x61
61*2
60%
*6*2
7*2
*6*2
7*2
*6*2
283s
28*2
*42
46
*11
12
28*2
*16*4
283s
*40*4
46
*40*4
46
*43
45
*10*2
12
*11
12
♦115s
12
287s
29l2
2934
30*4
80
100
7*2
200
1584
3034
30*4
*43
*11
2,700
45
12
12
50
--
54
54
54
*52
55
55
*52
55
53l2
53*2
*166
173
*166
173
*166
173
*166
173
*166*4 173
*175
*175*4
*175*2
*175*2
*175*2
15
1478
15*8
153g
15
1434
15*2
1434
1478
15*8
15*4
29
31
*29
30
29
*28
*28
2984
2758
29*2
2978
— -
-
53*2
—
-
700
173
1434
*26*2
91
....
91
91
*2*8
5*4
5
*1*4
26l2
124
2634
2178
225s
6
2*8
8*2
20*8
2034
52
*12012 123
'*120
*31
323s
*1*4
1*2
26*8
263s
*17
18
*30
2238
6
5*2
2
*178
2
*178
*778
8*4
8
*8
20*4
20
1978
2034
1978
20
20
20
5434
*52
5434
*53
62*4
61*2
1938
778
1934
62
62*8
62
5*8
-
*90
-
-
-
-
-
323s
18
*120
—
3,300
123
31
40
31*4
100
1*2
*1*4
26
3,600
263s
*17
18
22
22*4
22l2
578
57s
*53s
*178
2
83a
*8
_
"2,500
584
2
83s
20*8
2058
19*2
*19*2
2034
*19*2
543s
*52
543g
*53
62
*61®4
62
22*2
300
—
—
*140
153
132
*126
132
*126
132
*126
100
3,900
155
*140
152
*140
152
*140
152
*140
152
*110
112
*110
112
54
54
54*2
53*2
5434
203s
2078
20»4
21*4
20%
21*8
111*4 111*4 *11034 112
*11084 112
54
54
54*4
53*4
53*4
54*2
21
20*2
20*2
2084
20*2
2034
1095g 10934 10934 10984
10912 10984 *10984110
102
*100*2 102
*100*2 102
*100*2 102
14
15
14
14
14
14*4
1334
1418
18
18
1734
1784
1784
1784
1784
*17*2
10
10
9
984
9*4
9*8
9*8
9*4
*100
35,000
109&8 109%
10934 10984
170
101
101
300
1478
*1734
978
101
15
18
10*8
101
14*2
*1734
1484
4,200
18
10*8
1,200
10*2 125,500
'
----
67*2
6734
8*4
3384
8
*33*4
3434
39*2
*33*8
*37
*30
34l2
884
7912
8
*65*2
*23g
25g
22
19*2
18
257s
*21
20
18
2578
1938
*18
----
*100
6 7s4
6784
8%
8*4
3434
3434
39*2
37i2
8*8
33l2
3378
2534
88
6
6
6
39*8
383s
-
*97
'
110
*98
114
70
71
69
71
70l4
8l2
33*2
33*4
*3334
33l2
3484
34*8
*33
3484
40
*40
42
37
*30
37*2
34*4
39l2
3712
9
*2U2
39l2
*30
8*4
*65*2
2%
838
33*2
26
8884
8884
89
95
2558
89*2
*90
19*4
26
89*2
95
584
5*2
5%
39*2
388s
39%
114
*11178 114
114
11412
115
115
115*4 115*2
*90
100
*90*4 100
37
36*2
99
99
*99
100
100
36*4
37
37
3812
383s
40*4
75
75
75
78
8034
75
*71
75
*71
300
37*2
100
9
800
88*2
255s
8884
24
*110
35l2
40
2584
*1784
584
3884
40
*30
88*2
23
6
300
23
1934
*17*2
395s
3,300
2*4
2U4
*18*4
*1784
*25*2
*19
534
385s
"3",600
3378
*65*2
*2U4
100
—
34*2
2*4
24*2
18s4
-
3378
79*2
26
6*8
3934
—
34
79*2
23g
17*2
26*2
*90
—
9,700
*7*2
23
95
—
8*2
8*4
17*2
*90
8*4
8*8
*65*2
2*4
*21*4
1834
25g
8*2
83s
1834
95
38*8
-
8*4
79*2
88
*90
-
6 934
*734
*65*2
*238
26*4
87
95
-
70*8
8%
*30
22
87
115
*37
79*2
25s
2434
1934
*90
79*2
2l4
21*4
100
20
*90
1,000
23
200
95
5,100
700
'«*—
—
—
—
—
90
♦
8,400
500
25*8 "25"
*100*8 104
*1007s
1732
*2
h
*20&s
*205s 22
53
6234
52l2
"25*8
67
----
*64
65
*62
65
*63
1234
*1034
1234
*20*4
2O84
1934
20*4
20*8
*7258
75
75
75
*74
75
355g
36*2
36*2
67
*64
67
*11
1284
*11
1234
2212
*20*2
*20*2
23
*2034
*67*4
69
68
68
*69*2
75
3512
36
36*2
*4*4
37*2
4%
*35
3678
62
412
62
*2'4
278
*234
*6
6*4
6*4
*4
478
65
355s
*4
478
62*2
62*4
284
234
6338
234
6
6*4
6234
234
62*2
278
1,200
5,300
1284
21
*1034
*19*4
"35", 100
65
*1084
3,000
6*4
63s
6l2
*4*8
62
478
63
234
234
638
6*2
36*4
*4*8
62*4
*284
6*8
36*4
50
1,500
1,500
10,300
3
63s
*12
1334
*12
15
*12
15
12
12
*12
15
*12
34
*22
34
*22
34
20
22
*20
34
*20
34
2,000
15
*23
700
♦
Bid and asked prices; no sales on this day,
t In receivership,
a
10
-
50
Def. delivery,
30
Feb
59*2 Nov
110
Mar
11684 June
38
Mar
Apr
Jan
58
Oct
Jan
90
Deo
16
Jan
31
Nov
Petroleum Corp of Am
5
Pfeiffer Brewing Co ...No par
7% preferred
Phoenix
10*8 June
Jan
45*2
Jan
8
2
81*8
Jan'
3*4
Jan
12
Jan 12
8*8
Jan
1678 Mar
44
H^June 16
283sJune 17
40
July 16
25
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa..... 100
10
52
165
100
100
June
June
3
No par
100
1
100
-.25
June 17
Apr 12
Conv pref unstamped
loot 97*4 Apr
Pittsburgh A West Va
100
29 June
Pitts Young A Ash 7% pf.100
167
Feb
Plttston Co (The)
No par
1 June
Plymouth Oil Co
5
24*4 Mar
Pond Creek Pocahon..No par
16*2 June
Poor & Co class B
29
17
16
22
22
29
JPostal Tel & Cable 7 % pf. 100
213sJunel7
4*4 June 15
l*2June 29
7 June 23
Pressed Steel Car Co Inc
1
17i2June 17
...5
50
18 June 26
62 July 31
55*2 Jan 4
No par
Porto Rio Am Tob cl A .No par
Class B...
No par
5% conv 1st pref
5% conv 2d pref
No par
Procter A Gamble
Pure Oil (The)
8% conv preferred......100
5% preferred
....
100
Purity Bakeries
No par
Quaker State OU Ref Corp—10
Radio Corp of Amer. ..No par
$5 preferred B
No par
$3.50 conv 1st pref—No par
tRadlo-Keith-Orph
No par
Raybestos
Manhattan.No
4% 1st preferred
4 % 2d preferred
5
100
Real Silk Hosiery
Reis (Robt) A
1st.
par
..50
..50
50
Reading
No par
100
Co.
preferred
Reliable Stores Corp...No par
10
....1
Preferred with warrants. .25
Co
Remington-Rand
Reliance Mfg
...
107*2June
99
Jan
1384 Aug
16
Apr
734June
103
Jan
63 June
678June
29 May
32 June
36 June
34i2 July
7i2June
62
Apr
2 June
20 June
16i2June
17*2 July
21
Apr
80
97
5
—...5
6% conv
6 % conv
100
preferred
prior pref ser A. 100
Brass
5
Revere Copper A
100
preferred...
100
Reynolds Metals Co...No par
5H% conv pref
...100
Rights
-
Reynolds Spring..
1
Reynolds (R J) Tob class B.10
Common..
..........10
Rltter Dental
El A Pow.
pref
100
-10
n
New stock,
..100
r
Cash sale,
6
July 26
Mar
38*8 Jan
5*2 July
70
July
9*2 Jan 20
x
16
Nov
88
Mar
523s
Deo
1158
Dec
84
Feb
37*4
4934
62*8 Aug
18*4 Deo
Feb 17
Jan
Dec
7*8 June
2
18*4 Deo
Jan
77
Deo
175
Jan 18
155
Mar
160
May
190
Jan
7
176
Feb
187
20
Mar
8
Deo
Mar
8
7*2 Apr
23*2 Dec
1378
43
29
Dec
110
Dec
35*2 Apr
76*2 Jan 22
122
49
Mar 10
4
Jan 12
28
Jan 12
S58 Feb
141
Jan
1*4 May
14
25S
1
July 14
58*8
June
Oct
Jan
5
21
Jan
167
Feb 16
167
July
3
Jan 12
47*4 Mar
1*2 Apr
43s
Oct
Deo
30*2 Dec
9*2 Apr
112*4 Nov
41*4
167
384
Apr
July
Feb
297s Apr 22
ll7s
2158 Apr 14
20
May
2784 Deo
26*2 Mar
33*s Feb 4
ll7s Jan 22
12
Jan
2958 Deo
Jan
11*4
384
13*8
28*4
28*4
73*4
4*8
1*4
37s Jan 22
15*2 Jan 20
317s Feb 11
Feb 11
65*2 Jan 15
Jan
684 May
Feb 10
86
Jan
•
17*2 Oct
1784 Oct
57*2 Oct
40*4 May
II584 Dec
39
Apr
56
Dec
Deo
Deo
Deo
Deo
Dec
Deo
122i2
Feb
50*2 Nov
103*2 Feb
113*8 Apr
113
Jan 20
128
162*8 Jan 25
146
144i2 July
164
July
113*8 Jan 25
112
112*4 Feb
8
128*2 Jan 21
140*8
Apr
Apr
Jan
72*8 Feb
4
3678
24% Feb
3
16
Aug
103
May
Jan
130
114
July
July
Apr
6978 Deo
2478 Mar
*
Feb 15
2334 Feb 25
1878 Jan 21
1284 Mar
103
80
Jan
6
7
Jan 15
91*4
958
16*8
984
83*2
68*2
May
May
Oct
May
Jan
Apr
13384 Apr
117*2 Mar
20*2 Nov
19*4 Oct
14*4 Jan
108*2 June
80
July
5
Jan
1078 Nov
2878
35*2
Jan
Jan
3838 Nov
5084 Oct
Jan 11
39
Jan
50
Deo
4334 Jan 8
133s Jan 16
37
Jan
47
Nov
Jan
1634
10*8 Apr 19
3634 Jan 11
47
49
83
Mar
8
Jan 20
978
Mar
5
65*8 Oct
178 Apr
125s May
223s Feb
8
16
4*8 Mar
30
5
Aug
100
4*8
31
Jan
Deo
Deo
Deo
24*8 Nov
35*2 Mar 31
29*8 Mar
9
94*4 Jan 30
110
Feb 18
17*2 Aug
81
Dec
2
9*2 Feb 18
4
47*4 Mar 11
167g Apr
y
Jan
10134 July
2758 Dec
8
Jan
Ex-dlv.
358
Oct
Mar
56
118*2 Jan 4
5234 Jan 21
17
28
14
14
15
30
28
May 19
May 14
Jan 21
545s Aug
102l2
74i2 Jan 13
2034 Apr 5
333s Jan 18
107
23sJune 29
434June28
11
Jan27
20 Aug 4
I 8t Louis-San Francisco . . 100
6% preferred.....—...100
t St Louis Southwestern.. 100
5% preferred
87*4 Jan
64
11234 Feb 27
49 May 17
59*2June30
1 l»4May 28
19 June 21
60
Apr 27
30 June 28
3*2June 17
43s4 Jan 29
..
Antelope Copper Mines
Ruberoid Co (The)
No par
Lead
734 Apr
68
May
99*8 Sept
4*8 July
71
Roan
St Joseph
66
Jan 16
7
3
8
29
7
17
17
18
26
26
29
126«4JunelO
89 June 10
22i2May 18
101 July 21
"32 July 23
zl6i2Junel4
No par
Mfg
1*2 July
1
20
281
109
Jan 19
97*4J une 21
32 June 29
10
Class A
5k%
3*s Feb
95 *4 July 19
2712 Jan
Rensselaer A Sar RR Co...100
Motor Car..
14
31
51®4June29
1658June 14
No par
No par
100*4 Jan
7*2 Feb
18*4 Jan
8
174*8 Apr 23
12 June 14
24*2June 29
84 June 28
2*4June 21
16
July 26
33s Jan 2
7% gtd conv pref erred. .100
Pittsb Screw & Bolt...No par
Corp
6% preferred..
Pittsburgh United..
18*4 Dec
19*8 Mar
5634 Deo
2558
100
7% cum pref
Pitts Term Coal
Nov
54*2 Jan 14
100
Pittsburgh Steel Co.
122
13*4 Feb 19
1 June 11
Apr 7
ll34June 17
72
July 8
49*2 Jan 4
6
July 30
5
6% preferred
7*2 Feb
46*2 Aug
5978 Mar 10
70
100
Pillsbury Flour Mills
A
1238 June
215s Mar 11
76 June 28
4*4May 20
8 June 17
..No par
8% conv pref
4
7®8May 17
40 June 14
No par
Hosiery.......
Pierce Oil
17
38*2June23
50
7% preferred
Phillips Petroleum
Rutland RR 7%
47g
63*2
Oct
9
63
56
Rhine Westphalia
"""366
Dec
7
7% preferred
50
45
8
400
7934
74
2784 July
Jan 11
115*2 115*2
*99*4 102
40*4
Jan
June
Feb
Jan
Reo
38*4
17
28*4 Apr
334 Deo
73
112i2 Nov
678 Jan
10*2 Mar
11634 Jan 27
19 June 2
16*4June 17
Republic Steel Corp...No par
*77
2884
Apr
Jan
75
76,600
132*4 *125
132*4 *125
132*4 *125
132*4
*
*
90
90
90
90
8934
90
25
25*2
"25*8 25*2 "25" 25*4
25*8
24% 25*4
*101*4 104
104
♦101*4 104
*101*4 104
*101*4 104
*732
9i«
,732
*2
,732 ,732
*2
*2
17.2
21
21
21
22
20*2 20%
21*2
1984
20*2
53
53*2
53*4
5234
5234 53*2
53*2
5212
5284
3*8 June
4*2 Jan
10
ll7s Apr
17*2 Nov
25
71
par
No
i"o"666
*
Aug
Mar
5*4 Jan
47*4 Mar
32*4 Nov
91
100
100
Milk
55s
700
60
69
Deo
87
5% Prior preferred
5% preferred
Pet
3878
5*2
38*8
9
8
638 Jan 23
12*2 Feb 2
76*2 Feb 1
2934 Feb 10
50*4 Mar 17
Jan
Dec
2234 Dec
37*2 Dec
25*8 Apr
64*2 Jan
Preferred
"""600
*121*2 132*4 *12U2 132*4 *126
*4
738 Feb 18
64
10384 Mar
25
174
5
Pullman Inc.....
__
'
54
Apr
.4*8 Jan
658 June
10*8 May
1*8 Jan
758 Jan 14
5
5
6
Aug 3
June 28
4,900
900
200
23
10*2 Jan
July 15
""166
4,500
June
8*8 Aug
17*2 Jan
284 July
4034 May
23?8Mar 11
5% Pi (serof Feb. 1 '29).100 114*2Mar 25
Pub Serv Corp of N J..No par
3684 June 17
$5 preferred
No par
9934 July 2
6% preferred..........100 zll2*2July 30
7% preferred..........100
124 June 24
8% preferred. ........-100
147*2May 11
Pub Ser El A Gas pf $5_No par
110 June 17
170
132
*140
—
600
54%
*126
—
4,900
62
6IS4
-
700
20
132
*126
—
—
2034
135
-
-
------
5
*114
-
-
380
284
18
478
J
1,400
91*2
*238
*15
*127
—
—
11,400
118*2 *117
117*2 1175s *117*2 118*2 117
117% ♦117
11738
43
42%
4278
4278 4338
4238
43*2
43*4
4284
4234
102
102
101
102
102
*101*2 102
10134 *101
10178 102
114*2 114*2 *11438 117*2 *11438 116*2
114l2 *114
11412 114*2 114*2
61
June 16
7*8 Aug
59
6
Pitts Ft W A Chicago
•
-
*
123
26*2
*178
578
234
18
26*8
*17
*5*2
2238
91
1*2
22*4
21*2
--
-
*1*4
83s
*53
613s
6212
*117*2 118
43*2
43*2
*15*2
5
2638
18
*23g
6
2212
*20
52
1934
26*4
91
2
*5*2
*178
8*8
19 78
*20
3238
234
18
-
5
5
1*4
*17
18
*23s
*14*4
5*4
1*4
2658
2238
*534
*178
*8*4
*30
-
92
91
234
18
-
--
92
*120l2 123
1*2
*17
17*2
'
5*4
3238
*1*4
26*2
1*2
*17
538
*30
323s
32%
*15
18
'12&2
*120*2 124
91*2
*238
25g
*14
18
-----
92*8
*2*4
25s
*16
*64
June 29
'
„
74*2 Apr
97*2 Feb
109*2 Deo
Jan
4
Preferred.
50
*4734
1534
44
43*4
*11*2
------
61*2 118,300
Apr
July
18*2
Mar
*69
61%
67
103
90
4
48*2 Mar
80
7*2
Mar 10
10978Mar 18
28®4 Jan 28
200*2 Jan 28
2634 Jan 28
34*8 Jan 5
8*4 Feb 25
4434 Feb 3
29*2 Feb 3
6
65*2 Feb
Phillip Morris A Co Ltd...10
Phillips Jones Corp....No par
63
Oct
Jan
4*4 Apr
4*8 Jan
305s Aug
56 preferred
No par
JPhila Rapid Tran Co
50
100
15*2
135s
2058
43*2June 25
Phila & Read C & I
94
Jan
100
5,400
17
----
112
138
Deo
July
23*2 Deo
100
2,500
1*4
92*2
*13*2
152
Pere Marquette
13s
1%
Jan
Peoria A Eastern
1*4
15*2
140
6
People's G L & C (Chic) -.100
*1358
*16
*71
100
13g
17
♦
6 % conv preferred
9214
15l2
*16
35*2
No par
9134
*13*2
17
*21
pref Ber A
Corp v t cNonpar
Pennsylvania RR
50
Peoples Drug Stores...No par
1*4
17
*65*2
*23s
conv
Penn G1 Sand
92i2
1312
*16*4
884
$7
Jan
June
234June 17
6UMay 18
14*8 Feb 5
35s Jan 2
38*sMay 13
85 June 16
3i8June30
6*4June 16
43*2 July 6
22
Jan 13
34*4 June 28
47 June28
No par
Penn Coal A Coke Corp
10
Penn-Dixle Cement...No par
80
17
34*2
23
(J C)
8*2
*16*4
*28*4
*37
Penney
8*2
93
2
412 Jan 25
121
May 13
1658June 14
121
Patlno Mines & EnterprNo par
Peerless Corp...
3
Penlck & Ford
No par
85g
9234
153
Jan
2934 Apr
zl5i8Junel4
24*2July 28
4
May 14
36*2June 30
Parmelee Transporta'n.No par
Pathe Film Corp
No par
8%
50
3384
1
No par
Parker Rust Proof Co. ..2.50
8%
*4734
*33
Park Utah C M
Parke Davis A Co
*8*8
138
8
4984
67*2
8*8
1
70
*4734
*110
Park-Tllford Inc
55s
4934
*101
10
"*5*4
*48
*166
100
534
54
*175*2
99
Phelps-Dodge Corp...
25
Philadelphia Co 6% pref...50
78
Jan
149
617sJune29
1
6% 1st preferred
6% 2d preferred..
200
44
#_
Paramount Pictures Inc
"*6*4
*47
52
2,200
12,600
5338
60
100
5*4
54
283s
-
100
No par
conv preferred
"~5*4
534
*47
.
53
*43*8
-
—
2,000
8
778
44
100
— —
1858
18*4
18*2
*43
78
100
7412
*76
*20
52*4
43
------
200
76
74*2
183s
5234
43
1,500
9*2
21
8
5278
433s
10
31
76
8
52*2
4338
*
*8
*26
100
300
*20
1858
8
8*2
9*2
31*2
305s
74
*70
52
*
584
8*2
138
8
71
3U2
44
*43
80
"*5*4
1858
8*2
8*2
5038
50*2
*43
1878
*29*8
52
*8
9*2
*27*8
31*2
49
113
51*2
51*2
*8
9*2
32
*2734
7*8
*453s
113
*7*4
1,100
7*4
*49*2
7*2
7*2
7*2
52
27
*113
1858
700
983s
49
1878
4,200
9834
116
185s
678
4684
*46
46
9734
*45
*8
8,900
46
*113
51*4
17,500
17
67S
7*8
800
9&s
9*4
1658
4634
49
9*2
378
37s
9*8
9912
116
51*2
4
17
46*2
*45
*8
600
99
*113
51*2
800
27
4634
49
*25
538
38®4
27
99l2
116
*113
5*8
*38*2
9
16*4
7
684
30,900
53s
273s
4
16*4
200
52
5234
273g
37*4
9*8
25*2
*23
38*2
38*2
*27
378
878
37s
884
378
16
300
5,400
*26
7*2
54
27
.
858
1534
35,300
20
118
12*4 Aug
22
19*2
4
17i8 Jan 20
8% conv preferred
Parafflne Co Inc
21*2
Jan
123s Feb 18
4%
15138 1513s
4484 Dec
14*4 May
9
share
395s Nov
41
July
58% July
47*4 Deo
152
77sJune 17
140
22l8
Jan
107s July 2
2 June 28
110
154
Dec
3O84
5334 Jan 14
4478 Jan
June 28
134*2June
Packard Motor Car
70
101
30
Jan 12
..No par
Pan-Amer Petrol & Transp..5
1 Panhandle Prod A Ref No par
Corp
100
5
5*4
38*2
400
1,300
100
Oil
100
25*2
27
19,300
2*4
38
Highest
$ per share $ per
1184 Apr
678 Jan
Western
*94
*23
27
384
9*8
15l2
634
9
12
20
434
38*2
*35s
878
*2
25
share
3234 Jan 14
per
10
6% preferred
Pac
*68
*1958
2684
2684
2,500
$
share
2
133
Apr 28
20^ May 14
70
20
39
478
*38
20
26*2
100
per
Lowest
Highest
20*4June 16
28*sJune 17
40i2June 21
No par
Pacific Telep & Teleg
96
2178
*153
140*2
"26*2
*1138
25*2
1978
*
90
-
100
*67*2
*99
400
141*2 141*2
238
93
70
100
100
*30*4
878
12
2*4
97
97
70
834
*113s
12
2*8
*92
100
$
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Pacific Ltg Corp
No par
140*2 *138
140*2
27
27
2658
*
27
*67*2
21
3034
3034
3034
141l2 *141
14U2
2*4
Par
31*4
2134
Year 1936
10O-Share Lots
Lowest
32
141
30*4
140*2
20*2
25
3134
44i2
30%
141
On Basis of
EXCHANGE
23
*21
"2634
161
*1978
26
*
Shares
5
.
Range for Previous
Ranoe Since Jan. 1
STOCK
Week
$ per share
$ pe /share
2178
2934
70
*154
20*8
$ per share
3234
141
100
22
22*2
165
20
share
3212
44I2
100
*67*2
*92
100
*155
27
100
70
*67*2
per
215g
3234
3278
45
45
4438
2934
29*8
29*8
141*2 *14078 141
*
139*4
140*2
27
"27"
27*4
9
9
878
1184
11*2
11*2
212
23g
238
*29
*92
22
33
*140*2
139*4
2678
100
22
$
the
Thursday
Aug
NEW YORK
Friday
Aug. 6
Wednesday
Aug. 4
901
8
124
Apr 23
110*4 Mar 10
493s Apr 14
98
Apr 14
139
Apr 17
9534 Jan 26
303s Jan 14
112
77
May
78*4 May
10
Apr
24*4 June
90
Apr
"~25
Nov
90*2 Nov
114
Apr
8*4 Mar
2978 Deo
128
Deo
104*4 Oct
3934 Deo
79i2 Deo
138
Oct
Dec
98
Nov
2212 May
34
Feb
117
Jan
92
8
105
Apr
9j6 July 27
34*4 Jan 22
25
July
36*4 Nov
58
50
Apr
60*2 Nov
Jan
Jan
8
67
Jan 26
14
Feb 23
31*2 Feb
4
86*2 Mar 10
38
June
Mar 11
484 Mar 17
11*8 Feb 25
20'4Mar
5
37*2 Mar 11
Ex-rights.
6558
19i2 Feb
35
Mar
32
7534
Dec
Jan
13%
Feb
Jan
4
984 Feb 19
65
5878 Sept
884 Nov
53s June
22
July
1*2
Jan
23s
Jan
778
18
"16*2 "Feb
5038
Deo
3% Mar
684
Dec
Jan
15
Oct
Jan
37
Oct
% Called for redemption.
New York Stock Record—Continued—Page 9
902
LOW
AND
SALE
HIGH
PRICES—PER
NEW YORK STOCK
EXCHANGE
Aug. 3
Aug. 6
Week
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
$ per share
3414
3438
.3414
99
*95i8
34l2
34i2
99
*95i8
3478
99
*3438
*95i8
35
3414
*95i8
98
3434
*94
95
*2
2
95
9434
2
*9312
1578
15
15
1®4
*1438
3934
3934
40
40
3934
138
138
2lg
*15
*514
41l2
*8l2
94is
30l2
1312
35i2
4234
4234
1]4
434
4034
878
834
834
*8i2
9478
3058
9434
9534
9434
303s
3034
1'4
5
538
42
5i8
13i2
1384
1334
30's
1358
36
3534
36i4
36
*10312 105
178
134
11
11
11U
57
56i4
28
*94
2
1514
1514
2j8
1534
3934
1514
3934
40
U4
ll4
5
5
41
40i2
U4
9514
305s
30
1358
36>4
I3I4
1338
3534
36
8i2
*103'2 104i2
1U2
1158
1134
56i4
35l2
56i2
35
2738
96
3014
103l2 10334
1138
1158
5712
35
*56I8
35
*U4
518
40l2
87g
9618
5i8
4U2
834
834
9512
28
*34I2
35l2
95
40
*103i2 105
*56
*3412
138
*94
9434
30i8
95
93
100
28
28l4
2734
1,100
4,400
2i8
I6I4
2l8
I6I4
40l4
5,200
16
40U
114
138
1,800
2l8
13s
5i8
40&8
878
9634
30i2
1312
*13i4
3578
3618
103i2 103i2
IDs
1138
57l2
5712
35
5
5
3984
*8i2
35
1,800
4,700
.
9
*56i2
900
17,600
6,600
900
4,800
800
3,300
5712
35
600
35
27i8
28
900
300
403g
9584
9634
3018
3014
1314
13U
35i2
3534
1025g 1027g
107g
III4
5712
35
27U
70
3,500
10434 10434
15ig
100
153g
4,300
49
*4834
Par
2,100
No par
Safeway Stores
5% preferred
6% preferred
7% preferred
Savage Arms Corp
No
Schenley Distillers Corp
300
40
28
2734
*104i8 10434 *10458 10434 *104i8 10434 *104i2 10434 *104l2 10434
1434
1434
15U
1458
14i2
1514
*14i4
14l2
1514
14i2
*49
49
49
50
4934
487g
4912
4912
48*4 487S
277«
60
94
On Basis of
preferred
JSchulte Retail Stores
100
100
100
par
5
100
1
100
8% preferred
Scott Paper Co
..No par
J Seaboard Air Line
No par
4-2% preferred
100
*314
3i2
314
3i2
314
314
314
*314
33g
3U
900
58i2
58i2
10034 10034
59
5914
*9934 10034
314
1,900
Jan 11
li8June 24
4
June 29
3658May 3
634June 29
Seaboard Oil Co of Del. IVo par
102
Mar 20
12
June 29
17?s Mar 11
40
May 13
68
preferred
10
Simms Petroleum
'j6 Apr 28
4i4 Apr 21
Jan 27
975s
197
MarlO
54
June 17
120
Mar
27
June 14
54i2 Jan 11
29i4June 28
19i2June 21
10
32
32
32
32
*31
32l2
*31
3212
*21
22
2112
2112
*21
22
2U2
2214
35
35
♦
150
34i2
*
L
3414
35i8
150
*2534
4758
3214
26lg
"2534
48U
4734
3U2
32l4
4514
4538
44l2
55lg
*4878
714
64i2
4514
5314
7ht
*49
7
7
*62
65
95i2
*7
96
96i2
7i8
7lg
378
34l2
150
~26~
4812
3278
*
2178
*111
4
34l2
*
2214
112
*111
4
378
3434
3412
150
*1
112
2214
112
334
3434
150
"25"
217g
*111
4
-
-
M
-
—
"2,100
36
*3414
*
87,100
—
37g
1,100
150
"2414
~2512
2584
48
4734
49&s
4834
50
47ig
2434
4818
32
2912
3D8
30l8
3U8
28i2
30
^
24,100
25,100
42i8
4414
4258
4434
45
4558
4414
4534
6,500
50
50
*49
734
26
53
8
734
65
65
65
*66
96l2
97
98
*97
738
714
7i2
714
*487g
778
75g
25l2
52
67l2
99
52
67
67
99
67
150
101
7i8
1,010
5,900
235g
100
10U2
100
7U
758
L500
*487g
734
778
67
7U
*23
25
*23
24
23
23
*22i8
2334
*22i8
78
*75
78
*75
78
*75
78
*75
78
*75
78
28
2612
27
1,000
185S
18is
3238
26l2
1834
27
18
18
4,000
3238
4934
323g
23
22
323g
49!2
2214
18s4
2858
*3U2
1858
3178
3178
*3U2
3258
*3U2
3238
50
50
50
*49
49l2
*49
2314
225s
22
887S
22l2
86i2
88i2
84
87
85i2
85i2
*83
1214
45
453s
44l2
4412
44
44
*43
12
12i8
12
12i8
12
12 lg
600
44
1214
2218
49
117g
1218
834
834
834
834
858
834
838
858
81S
8i2
8
934
914
958
834
914
9ig
8i2
884
22i2
2158
2212
4512
2U4
44i2
5H2
*258
2158
44l2
884
2U2
87g
2214
5U2
234
87S
2U8
4212
50l4
*258
44i8
4458
4414
4534
46i8
140
700
23,400
8I4
934
540
16,000
*44
*43
46
*5112
52l2
*258
234
*25g
234
4418
4414
4378
52
52
4534
70
69l2
3512
70i8
41
*39l2
64
46
4434
4638
64i8
18i2
46i8
*
40
69i4
*39i2
64
18i2
*153s
1858
1558
2412
13i8
*
2434
1538
2438
1312
13l2
*68i8
69
*68
41
6512
*
35
~6938
6934
*39l2
41
65
65
45l2
43l2
*4212
6434
6434
6512
6512
18
18i2
1434
*145g
227g
2314
9,600
1314
1358
1314
1312
13i8
1312
1318
133g
69
69
69
69
69
69
68
68
17,000
1,100
118
118
50
*40
*42i2
45l2
39
*38
39
*6118
62'2
61i8
*978
*8514
10l2
86
*10i4
*85l4
*8
858
2634
*5
27
538
*22
24
IOI4
*85i4
912
334
9l2
414
858
2734
2U4
2138
2138
9684
23U
*625s
9684
2334
97i2
23U
6234
65
1012
86
*8
5
38i4
*6118
27
*22
*4112
514
*8
2712
5I8
Sterling Products Inc
3412 Jan 2
623s July 22
10
Stewar t-W arner..;
20
May 27
77i2 Jan 11
6% preferred
100
118
Sunshine Mining Co
5H% preferred
Telautograph Corp
10i4June 26
4812June 28
6I2June 16
Tennessee Corp
Texas Corp (The)
57i2 Feb 3
83s Jan 12
1034 Apr 28
50% Jan 18
65is Apr 22
5
25
10
June 14
153s Jan 28
*7i8
85g
914
*75g
263g
98
98
98
2412
237s
24
64l2
6438
647g
•
j
27
4,200
5
1,900
*20*8
227g
200
207s
26,500
1,000
24
2U4
977g
243g
*6412
647g
9718
17
16
13l2 nl6i2
1612
163s
163g
1678
1658
I6I4
16i2
16
16
15
15
15l4
15i2
1434
1534
15i2
1512
14l2
18
18
18
*18
18
*18
18
1712
1834
*18i8
1878
1812
878
87S
*834
834
85s
834
834
85s
834
834
834
858
*10U2 103i2 *101
103l2 *101
103i2 *101
103l2 *101
103i8
103i2 *101
11
IU4
IU4
IU4
*1U8
*1U8
III4
113s
113s
107s
1U2
lli8
17
17
*17
*17
*17 "
*17
*17
17i2
1838
183S
183s
1734
37
3634
3634
3634
3634
365s 3714
3658 365s
36i2
3678
3658
*45
47
*45
47
47
*45
46 84
4514
*45i2
4712 *45
4514
10
9I2
*9i2
934
958
984
912
934
934
*9l2
984
*9i2
*71
76
74
73
*70
*71 I2
73
72
72
*6912
7U2
7U2
19
19
19
19
*18i4
*185s
*18i2
*18i8
185g
*18i8
*181s
1812
334
334
*314
*314
*314
334
3i2
*3i4
334
*314
*3U
35g
90
90
*88
89
90
91
90
88I4
90i2 *90i4 91i4
9012
77
77
80
80
78
8OS4
7914
76i2
80l2
80U
80i2
805g
lOUg lODs 10084 10U2 100»4 10U2 1005s IOII4
IOI84 IOI84
10012 101
25l2 2578
2534
2512 26
2578
25l2
25i2
25i2
25l2
253a
25l8
125
126
126
126
125
125
125
123i2 125i2 12314 126
12514
93
93
93
93
93
93
93
9384
9384
*9U2
*92i2
93U
27
27
26 84
27
*27
27h 27lg
277s
2812
27i2
26U
27l2
2934
303s
30
2978 31
30*8
3034
29l2
29i2
30l2
297g
29i8
15
t In receivership,
a
...
6
1
6,900
3,900
23,200
4,500
400
2,800
pref
100
700
30
900
1,600
15,800
Def. delivery,
3i2June 17
10i4 Jan 25
4034 Jan 25
215s Feb 4
9184May 20
98
1784June 14
June 23
287s Feb 11
6
17
Aug 2
225s Jan 11
2738 Jan 22
U38Mar 8
10
16
20th Cen Fox Film
June 22
Corp No
$1.50 preferred
14
4
109i8 Jan 21
Mar
3
265s Mar
8
12
50
17i2 Jan 22
73
June 14
63
Feb 17
Apr 28
227gJune 28
95
122
July
1
90UMay 7
2434June 14
100
Union Tank Car......No par
United Aircraft Corp.......6
Cash sale.
Feb
407s Mar 13
16i2June 14
2i2June 17
1
r
Nov
27
Jan
60
Dec
3
Jan
684 Mar
425s Dec
23i8May 18
x
Oct
95s July
23
Jan
65s Jan
20*4 Apr
28i2 Apr
15
Nov
123a Nov
684 May
55s Apr
2878
Jan
6
Nov
33
Jan
7i2
Jan
9U June
28
Jan
Ei-div.
y
Mar
8*4 June
85
Oct
8i2 May
3U
8I4
245a
478
26
H84
Jan
Jan
Jan
Jan
Apr
377s Oct
13i2 Nov
263s Nov
357s
Jan
203s Deo
15i2 Dec
938
13
Jan
Dec
55U Dec
878 Deo
4434 Nov
1514 Feb
143s Mar
49
July
487a Nov
6318 Oct
16
110
125s
9ij
135s
3234
8i2
3934
Nov
Feb
Mar
Feb
Nov
July
Mar
Feb
Jan
21*4 Dec
Jan
2778 Deo
7412 Nov
June 10
8i4June 28
66
Apr 29
Union Bag & Pap Corp No par
Union Carbide & Carb.No par
Union Oil California...
25
New stock,
79
3034June 29
June 28
100
4% preferred....
June 12
93i8 Jan
13is Feb
39
par
100
June 14
lODjtJune 28
8I2 Jan 11
No par
Under Elliott Fisher Co No par
Union Pacific
June 28
7i2June 28
No par
Preferred
Aug
13
16
Twin City Rap Trans..No par
n
1
1734June 16
15£8June 17
Ulen & Co
1,500
1334 Mar
10
Twin Coach Co
3,600
7,200
5,000
2,000
6
par
Transamerlca Corp
2
Transcont & West'n Air Inc. 5
Transue & Williams St'l No par
Truscon steel
125
59
23
par
No par
10
Jan
3378 Apr
55
Truax Traer Coal
118
Jan 13
287fi Feb 11
Tri-Continental Corp..No par
$6 preferred
No par
Mar
Feb 19
Mar 22
Timken Detroit Axle
157„
91
48
3
25
Dec
Jan
Dec
64
Tlmken Roller Bearing. No par
100
54i4 Mar
No par
pref
conv
Mar 30
758June 17
Tide Water Assoc Oil
$4.50
958 Mar 15
4
3
8i2 Jan 13
15i4Mar 5
...100
30i2
Jan
70
2
912 Apr 29
85
Apr 6
734June 17
6118 Aug
No par
100
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co. No
700
3,400
Apr
78i2 Nov
24i2 Apr
145s
9i8
June 30
32
1
Third Avenue Ry
com
4234 Apr 29
100
Thermoid Co
$3.60
June 29
No par
Preferred
500
24i8
3
Texas Pacific Land Trust
334
63l2
153s Mar
4,400
*3i2
Bid and asked prices; no sales on thin day,
3978 Jan
2012 Jan
285s Mar
3378Mar
2334 Jan
165$ Jan 22
334
24i2
3
2
9
The Fair.
63i2
784 Mar
47*4 Mar 11
IDaMay 14
...5
300
9734
6134 Feb
285sJune 25
1
86
2114
4
50
Without warrants....
Talcott Inc (James)..
*85l4
2034
Jan
44
334
*758
27l2
Jan
20 !2 July 12
4i8June 17
Swift International Ltd
103g
21 lg
*97
125
25
20
8
31
20
173s Jan 21
1584 Jan 8
86
21l2
6
1784 July 23
...10
(The)
*934
*85U
2118
9734
24i8
6314
Aug
Feb 17
37i2June 29
10
Superheater Co (The)..No par
Superior Oil
1
Superior Steel
100
1038
2U2
97i2
2458
16i2
June 14
Texas & Pacific Ry Co
5
Feb 11
12
Thatcher Mfg..
No par
$3.60 conv pref.....No par
275g
5ig
21
65
100
23
65
Studebaker Corp (The)
1
Sim Oil
......No par
200
5
Jan 29
Mar
17i2 Jan 20
200
*20i2
Dec
Oct
75
335s Jan 29
62i2
273s
5i8
2278
2138
40*4
June 17
41
5
2484 May
June 29
43
27U
5
June 17
43
2278
Dec
708s
Mar
14
*61*8
*934
5i8
31
48
1184May 13
334
48i2 Dec
Jan
33«4June 17
334
25
Jan
55's
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil...10
4,500
32*4
9
17
*38
22
9
17
62l2
914
Feb
Mar
2,500
_
Dec
7214 Dec
76
1
5
Stone & Webster
40
858
50
36i2 July 12
No par
Stokely Bros & Co Inc
43
22
10
*61i8
1338
♦
25
Standard Oil of New Jersey.25
Starrett Co (The) LS_.No par
*38
24
63
Standard Oil of Indiana
*52
93g
62
Jan
*1112
10U
Jan
Apr
Apr
Feb
13*4 Mar
97s Feb
2778 Deo
Feb
133g
914
Apr
475s
2978June 16
15UMay 14
934
July
4384 Nov
18ia Nov
129
Aug
Symington-Gould Corp ww._l
914
Jan
35
*42
28
7
Apr
Apr
Feb 19
62l2
4
8
Jan 12
723s Jan
21*4
143s
1207s
9i2
5's
9i2
2434
2684
50
5,500
1,700
2,300
9l2
Nov
17
14
14
18
40
86
5384 Mar
3938June
40i2June
3058May
63i8May
par1
44
*9
37
Jan
Standard Oil of Calif. .No
*40
103g
Jan
3*4
*6D8
*85i4
Oct
Jan
24i8 Aug
Feb
*38
9i2
Apr
Oct
9212
3634
2
45
IOI4
May
27
Jan 11
38i4
62i2
86
Jan
June
Oct
11434 Nov
984 Mar
4
1778
12
Apr
Oct
1178 Nov
82
6
325g
4,600
2,900
44
June
Mar
25S Aug
177g
7
*38
65
32i4
137g
12i8
1212
4512
3258 Mar
June 17
18ig
1334
3884
8
1238 Jan 22
1438 Mar 8
June 14
3278
14ig
1214
Jan 20
13
1
7
7is
3834
16'4
12812 Feb
33
8
137g
1378
6'4 July
63i4
10U2
534
678
73&S
29*4
1578
133s
36i2June 17
Jan
38i2
3834
14i8
1214
34
Oct
No par
Stand Investing Corp..No par
July
7i8
3834
39
14
5
Jan 18
9512 Apr 28
483s Mar 8
1134Junel7
\ Preferred
No par 120'5i6 Apr 30
Stand Comm Tobacco
1
684June 17
tStand Gas & El Co...No par
5i4May 18
13
13l2
50
2
80j4 July
2734 Apr 26
1
2134June 14
1378
1214
738
3834
14i4
1238
No par
No par
31
18
34i8 Apr
19
2834 Feb 11
50
6434
7i8
38i4
14i8
12i8
1
June 29
2334 Jan 12
19i8June 14
25
64
63
2612 July
44
Sutherland Paper Co
6478
6334
June 14
Swift & Co
6438
678
38i2
*137g
12i8
6258
7i8
3878
16
Sweets Co of Amer
4,000
29,200
6434
5
100
1334
64
2612 Aug
2
600
13i2
13i2
64i4
2
Jan
3,500
20
1338
Feb
1712
800
1312
Feb 26
94
36
24i8
32i2
Mar 17
Jan 7
Jan 28
31
35
35
Mar 16
17SgJune 14
May 22
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
$3 conv preferred A ..No par
Spiegel Inc
2
Standard Brands
1178
77h
104i2
9i2
75
1
No par
Conv $4.50 pref
Square D Co class B
5
July 31
5i4June 14
24
67g
13
93
*13i2
24
5214
135g
Spear & Co
June2o
6i2June 28
58i2 Feb
6
65i8 Jan 20
60i2Mar
17i2
24
*684
5484
49
Jan
3512
*345g
*1312
5214
13l2
6U8
2,200
*115g
1312
64i8
718
12i8
3412
33i2
3,200
8,200
67g
1334
*13i4
12
5
47g
35
7,000
18i8
4434
18lg
4314
5
1214
7
678
183g
433g
478
3434
5434
7
7ig
18 i8
43
678
13i2
7
*52
U9i2 119i2
13l2
1214
52i4
414
500
1334
7
*37s
15
6884
52l4
914
*378
1,400
4,700
1834
7
958
6534
24
5214
9i2
6512
18i2
1434
7
*1238
400
23
*5U2
14
43i2
15
7
39
*42l2
24
5214
59
Standard Oil of Kansas
15
7
7
16,200
35i2
2384
*50l2
14
69l4
15
'
*38*4
4518
68_
24
*U912 120l2
*11912 121
*119l2 121
*119l2 121
1838
1838
I8I4
I8I4
1858
18i8
I8I4
18l8
42
43
42
4212 43
*42i2 43
42l2
5
5
5
5
5i8
514
5l8
5ig
36
3638
35l2
35l2
33l2 33i2
3334
3518
34
*31
*31
33
*33
34i2
3434
3434
1714
1714
*1412
18lg
*1312
17i8
*13i2
17i2
24
24
24
2358 237s
2358
24i«
24i8
32
32i4
3212
32l4
32l8
32l4
323s
32i4
187g
1858
18*8
18i8
*1812
18i2
I8I4
185s
14
14
14
14
1418
14]s
1334
1414
*1012
1214
*11^4
I2I4
*1U2
*lll2
1214
1214
6312
45
*
15
1834
Jan
2&g
41
1858
54U Deo
100
2312
1878
Jan
25g
1538
1858
26i2 Dec
37i4June2
No par
25
1834
4778
100
No par
455g
35i2
697g
44l2
Feb
Mar
5% preferred
prior pref
45
160
32i2 July
prior pref
*
Jan
Jan
cum
~685g
_69i4
Jan
July
Feb
cum
70
*
150
155
7i2
35i2 Aug
Apr
$7
12,500
9,400
2
Mar 29
114
23i2
12s4
$4 preferred
45
Mar
37a July
Apr
26
25
$6
4414
110
433s Mar 17
200
4478'
9
42i2 Jan 12
653s Mar 11
2,200
44U
4
32i2 Jan 13
4812
234
June
30i2 Dec
17i2 Nov
Sept
12i2 May
4
48l2
*25g
2214 Aug
Jan
21
24
*40i2
42
29«4 Feb 15
115
Nov
72
22i2May 13
4034June 28
25
43
21i8
Jan 15
Mar 18
Dec
Sept
100
51
2034
Oct
634 Jan
473s Deo
132
Apr
100
Southern Calif Edison
49
223g
Jan
Southern Railway.
*41
2178
42l2
50l4
234
45l8
4578
35l2
2,200
6,700
4,600
14i2
487s
Southern Pacific Co
$5.50 preferred
87
4578
12
4514
12ls
1838
4578
89
4514
1834
2358
*49
2314
89
*2558
*86i2
50
2278
28i2
1834
28l2
185s
23i8
3234
*49
2858
127i2 Nov
85
63s Feb 26
141
Mobile & Ohio Stk tr ctfs 100
25
Jan
28U Deo
4014 June
32i2June 17
Spalding (A G) & Bros .No par
1st preferred
100
Spang Chalfant & Co 6% pflOO
Sparks WIthington
No par
*75
297g
187g
100
Dec
llU Dec
8
3i2June 14
So Porto Rico Sugar...No par
100
*22's
*28l2
16]4
110
South Am Gold & Platinum.1
1,300
734
7
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5H % pref 100
8% preferred
47i2
2958
26
313s Nov
40is Feb 16
35
Smith & Cor Typewr__No par
Snider Packing Corp
No par
Jan
x3i2 June
19i2 Jan
96
*33
22
1934 Nov
3278 Dec
104i2 Dec
Jan
July
834 July
1934
605s Apr 22
102U Feb 4
9812 Apr 29
100
6% preferred
102
2
42
.--.25
Skelly Oil Co
Marl6
*128 May 10
July 23
35
112
3434 Feb 19
10538 Feb 2
100
5 H % conv
*33
378
Feb
Silver King Coalition Mines.5
Simmons Co
No par
35
2178
89
Jan
Deo
*33
*111
Mar 10
IDs
20'4
10U2 Nov
Nov
2558 Apr 28
35
378
155s
Feb
Dec
Jan
Jan
Sheaffer (W A) Pen Co.No par
Shell Union Oil
..No par
33
22
34
Dec
778 Nov
64
No par
112
595s
Aug
44
45
$6 preferred
Smith (A O) Corp
37g
3i2 July
Jan
320
2134
30i2 Aug
Apr
Apr
105
*111
Apr
Apr
Mar
434
105
4
Feb
30i4
1434
105
22
Dec
43i8
105
112
2i8
87g
8
106
378
2
Jan
1
105
*111
7s
2
Jan 21
10612
300
Jan
Jan
Feb
106
300
Feb
65
105
22
4i4
20i2
44
105
*21
l&s May
77s June
Jan 14
14
106
*31
9
Feb 10
July 21
*105
21i2
2178
Feb
July 28
85i4 Jan
32
3i4
23»8
45i4
2i8
8I2
54'8
IU4
9634
9U Apr 28
Sloss Sheff Steel & Iron...100
2U2
177s Nov
557s Nov
101*4 Mar
Dec
56
160
*3078
2U2
2178
June
93
34
conv
166
500
11
377« July
98i4Mar 15
pref ser A.No par
$3.50
*161
3414
323g
2
114i2,Mar
5134 Mar 17
120
166
3414
2712 Mar
May 13
*161
>
UO's Sept
95
166
3
3
No par
No par
pref
Sharpe & Dohme
conv
59
5912
*9934 10034
*33
Feb
175s Feb 10
165
100
Nov
113
42i2Mar 10
166
59l2
Dec
114
5
166
59i2
99
Aug
Apr 28
*9934 10034
60i8
Dec
108
June 17
168
60
*9934 10U2
96
6
12
$5
4958 Nov
6
Jan
29
Jan
July
Mar
26
4
27
103
No par
165
60
Jan 13
46
Highest
share $ per share
113
No par
Jan
164
60
$ per
share
Shattuck (F G)
Sharon Steel Corp
81
163
*9934 10U2
$ per
Seagrave Corp
No par
Sears, Roebuck & Co ..No par
Servel Inc
1
Rights
*3i4
per
x38
Lowest
Highest
share
31
May 19
95
July 9
99
July 9
104i4June 29
14i8 Jan 4
38&sJune 30
93»4May 18
Ds June 24
12i2June 28
$
Year 1936
100-Share Lots
Lowest
98
*104i2 10658 *104i2 10658 *104i2 10658 *10434 1065s *10434 1065s *10434 1065g
*108i8 109
10834 10884 *108i8 109
10818 108i8
108ig 108ig
*108's 10834
26
*25
26l2
26i2
26i4
26l4
257s
26i2
*2538
26i4 2634
257g
43
43
4278
4314
433g
4278
4214
4212
4234 4234
4258 4234
Range for Previous
Range Since Jan. 1
STOCKS
the
Aug. 2
*95i8
CENT
Sales
July 31
3438
PER
Friday
Tuesday
99
NOT
Thursday
Aug. 5
Monday
3438
*95is
SHARE.
Wednesday
Aug. 4
Saturday
Mar 13
94
Jan 20
25
12i8
56
Apr
1478 Jan
1038 May
7i8 Jan
93
Jan
47s
7i8
22i2
313s
884
65i4
Jan
Apr
June
Apr
May
Jan
275s Apr
2218 Deo
12
110
Feb
Oct
93s Nov
28
Deo
385s Nov
47*4 Nov
17i* Dec
Mar 29
1483* Mar 16
9934 Jan 13
27b
745s
38i2
7158
2084
108ij
90i8
67s Jan 25
100>s Jan 8
9Ds Mar 27
111
Feb 20
28U Feb
31i2 Feb
35!s Mar
Ex-rlghta.
4
June
June
May
Jan
Aug
109
85s
Dec
Jan
1023s Deo
70
Deo
105U Nov
28i2 Feb
14984 Aug
4
225}j
Jan
Jan
Jan
5
205s Apr
323s Feb
100
315s
June
Feb
T Called for redemption
Volume
New York Stock Record—Concluded—Page 10
145
HIGH
AND
SALE
PRICES—PER
Sales
NEW YORK STOCK
the
NOT PER CENT
SHARE,
STOCKS
for
LOW
EXCHANGE
J l/l
Saturday
Monday
July 31
Aug
$ per share
17%
*19
*22%
17%
17%
*115
117
83
22%
83
17
117
83%
33
32%
5%
40*2
5%
40*2
41%
12
12
12
12
20%
■
*97
77
7%
77
13%
108
14
108
*10%
*17%
7*4
55%
18
16%
16%
*15%
16%
*2
18
162
162
*18%
60
32
19
19%
*58
32
*58
32*2
12%
900
5%
18,000
United Carr Fast Corp No par
United Corp
No par
5%
38%
39
38%
39
12
12%
12
12
*20%
21%
6
39%
12%
22
22
100
7%
54
76
75*4
75%
11%
7%
54%
z54
7%
54
75*2
18
*2
96*2
76
19
33
33%
11
11*4
10%
10*2
10%
19*4
18%
18%
18%
*18%
*106%
*106% 110
*106% 110
53
53
*52
53
52%
13
13%
13*4
12%
12%
59
62*8
59%
61%
58*4
18
17%
17%
*17*4
17%
900
95
95
*93
96%
*2
17
15%
18
18
18
18
17%
17%
117
116
117*4
*115*4 118
162% 162% *156% 162% *156% 162%
19
18%
18%
18%
18%
18%
18%
59
*57
59
58
*57%
*57*2 60
34
34
33*4
33%
34%
*33%
33%
11
10%
11%
11%
11%
11%
11%
19
19%
19%
19%
18*4
20%
18%
*107% 110
110
*107*2 110
*107% 110
54
54
54
53
52%
52%
53%
13
12%
12%
11%
12%
13%
12%
116% 118%
117% 119%
132
132%
132% 133
*129
130
*128% 130
83,600
98%
98
*96%
90
91
91%
91%
90*2
91
90
91
90%
91
69
69
69
69
69
68%
117% 119%
118
135% 135%
61
132% 133
119%
*129
130
*129
130
*129
130
129
*156
161
*156
161
*156
161
160% 161
5
*65
80
*18%
6%
6%
19*4
77%
*5*s
*65
19
6%
5
5%
*65
19
19%
*62
72
*62
*18
19%
*18
75%
*73*2
78
*73
78
154
*144
154
*61
2%
2%
2%
2%
2%
*1%
1%
1%
1%
1%
49%
31%
49%
32%
36%
*49
52
30
31
*35*2
37
36%
*105
112
*105
*41%
*
44
41%
*
95
112
*49
31%
35%
*105
41%
*41%
*
95
*73%
*147
78
*73%
154
*61
*147
150
154
*61
2
2%
1%
1%
49
*48
31%
32
1%
32%
*35
35%
112
41%
42%
♦
95
31%
*35%
36*2
*105
41%
1
*41%
*
95
36%
*105
Jan
ll%Mayl7
20*2 Jan 19
10
Apr
23%
39%
125%
169%
20%
62%
Nov
Jan
Nov
Feb
Nov
Nov
31% Aug
4% Oct
59
Apr
10
Aug
18%
71
Jan
21*2
Jan
8*4
8*4
8%
8%
8%
8*2
8%
58
57
*56
57%
110%
110% 110% *108
8
8
*6*2
7*2
70
100
No
No par
par
1st preferred
100
U S Smelting Ref & Min
50
Preferred
50
US Steel Corp
Preferred
*118% 126
80
80
*118
125
4%
*8*2
8*2
100
100
*118
4%
8%
4*2
8%
*118
125
4*2
8%
9
4*2
8%
125
*118
125
*118
*118
125
12
m4mmmm
......
*49
*19%
125
8*4
8%
8%
8%
8%
8%
12
12
12
12
12
12
12
27%
*7%
11%
27%
12
27%
27%
27%
27%
88%
89
89
89
89
89
27%
89%
*65
72
14%
6%
14%
65*4
%
*%
*8*4
9
16%
15%
16%
49%
19%
48*2
49%
*19%
19%
28%
*25%
29%
6%
6%
6%
72
14%
*58
*65
14%
65%
%
14%
*58
*%
8%
*%
*8*4
9
25
*23%
41
*38
79%
*89
1578
72
14%
65%
15%
48%
*19%
16%
48%
15%
48*2
49
15%
*48%
19%
*19%
19%
*19%
*25%
6%
30
*27
30
*26
72
14%
6%
14%
*58
%
%
%
8%
8%
8%
26
*24
27
6%
*69%
14%
64
%
8
.287S
6*4
6978
69
14%
64
*58
6%
1578
4878
19%
14%
*58
%
8%
"lJOO
600
11,600
2,400
m-m
mm
72
No
par
No par
100
*23%
*23
25
*38
—
-
.
.
"600
1,100
*23*4
27
*23%
*36
39
*38
41
40
40
32
31%
31%
31%
31%
39%
31%
39%
32
31%
31%
31%
31%
31%
47*4
47
47%
47
47
47
47%
47%
*4%
47%
4%
47
47%
1,600
2,100
4%
400
*47
4%
*1%
4%
1%
4%
*1%
44%
4%
1%
45
40%
*4*2
*1%
5
44*2
1%
45
45
81
81
*81
82
*81
101
101
100
101
101
44%
81%
101%
102
102
101
102
102
102%
*90
96*2
*120
120*2
*112
113
to
0 0 eTo1
*15
29
8*2
16%
*2%
*6%
2%
7%
94%
120
*112
28*4
8*2
*14
2*4
*6%
49%
50
49%
41
41%
41
152% 153%
153%
*15578 162
162
24
*24
37*2
*37
24
*37
*21%
*30*2
21%
31%
108
*102
*102% 125
59
61%
121
119
120% 120%
*20
23%
23%
*15
24*4
15%
*4%
5%
39%
*4%
39%
10
10
*79%
49%
4078
5
81
49*2
41%
108% 109
112
21%
94%
120% 120%
113% *112% 113%
28
28*2
28%
8*2
*8%
8%
16%
*14%
16%
2%
2%
2%
6
6%
6%
49
50
50*2
41%
41%
41%
155
153% 155
162
*15578 162
24
24
24*2
1%
*1%
44%
*81%
1%
45
100
5
100
.5
100
101
102
101
101%
370
102
102
102
*100
101%
95
95
95%
96%
120
120% *120% 121% *120% 121%
113
114
112% 114%
*113% 116
29
29
29
*28%
28%
28%
8%
8%
8%
8%
*8%
8%
96
31
125
*.
1,200
37%
20
20%
31%
109%
300
109% *102
125
109% *102
24%
*36%
20%
126
20
59
12,900
2,700
96
5%
♦
5*2
70%
*53
*5%
125
58%
120
121
120
24
24%
24
24%
24
15
15
15
15
*4%
*37*2
4%
9%
5%
39%
478
978
*4%
37%
4%
9%
5%
37%
4%
15%
*4%
36%
15%
5*4
39%
*147g
*4%
36%
4%
80
80
80
80
*80
4778
49%
48%
49%
42%
41
42
48% 49%
41% 42%
110% 110%
93%
96
42*4
978
4%
9%
5
36%
478
97g
81
109% 110%
*109
112
*109% 112
93
92%
*91%
92%
92%
95
95
*91%
94
*91%
110
111
111
111
92%
*91%
*96% 104%
*70
70*2
94
94
94
70*2
54*2
96
5%
54%
22%
5%
578
5%
5%
Bid and asked prices; no sales on this day,
5%
5%
95
70%
600
56
500
21%
22%
123% 127
32 000
40%
600
89%
*98%
36%
89%
16,800
367g
3*300
5%
5%
700
t In receivership,
q
J an
5
Jan 23
28
46
Wrlgley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co...1.25
Yellow Truck & Coach
Preferred
-
-
Young Spring & Wire.
Youngstown S & T
5^%
~
preferred
Zenith Radio Corp
Zonlte Products Corp
Def. delivery.
»
New stock,
r
5*2
Jan
9% Apr
44
Feb 17
Nov
Apr
% June
7% Nov
105
Nov
18% Dec
69
2%
Dec
Feb
Jan 25
4%
Jan
12% Dec
Jan 16
15%
Jan
38%
Dec
21
Mar 10
38*4 Feb 19
May 14
Apr
37%
Dec
19*2 Apr
39*2
934 Feb
1
Dec
6*8 June
11*4
2*4 Jan
6
56
Mar 17
Feb
Aug
2%
Jan
33% June
52%
Dec
1
Aug
4
Jan
83% Dec
107
Sept
Feb
90%Junel7 109
81 July 1 zl00% Jan
11
96
Jan
110
Apr
19
87
Feb
102
Sept
123*2 Mar
9
116%
Jan
124*2 Sept
111%
Jan
116% Dec
8%
Apr
"l2%
Apr 10
41%June28
z40%June 29
130% Apr 12
143 May 14
21
38
June 17
14%May 15
33sJune 17
25 June 17
4% Apr28
8%June 16
77 June 14
43%June29
305sJune 18
81
Jan 4
105*4 July 19
84*2 Feb
103
4
78
91%
ll34Mar
23*2 Mar
5
6
83*2 Jan 22
15
34%
Jan 22
123*2
94*2
x
Oct
27*4 Feb 23
19% June
32
July
34% Jan 7
Apr 13
31% Nov
35*4
126
65
Aug
6
Mar 11
Aug
2
34
99
Jan
91
July zl20
21*2 July
84
July
Oct
Nov
Oct
39%
Dec
109%
Feb
124% Aug 2
23*2May 15
33% Feb 16
18%
Jan 25
6% Mar 22
46%
Jan
4
6*4 Jan 25
18%
Feb
13% July
3%
16
2%
Apr
Apr
Jan
6% June
28% Nor
17% Nuv
6% Nov
43
Nov
5*4 Mar
11
Jan
12% Feb 27
91% Mar 2
70
June
87
Jan
65% Jan 20
44%
Apr
71
Nov
Jan 22
23%
Apr
112% Mar 25
112
Aug 6
56
Apr
36% Dec
86% Dec
MarlO
47
Jan
Jan
47
62%
76
Jan
7
y
160
Jan
6
Ex-div.
Feb
z50% Dec
153% Oct
Jan
6
Mar
30 June 17
47fiJune 18
No par
1
Feb
9%
96% Nov
39
May
128
3578June 21
7434June 17
9734June 2
4
33%
39
82*2 July 12
90 May 18
655s July 2
.No par
No par
100
Jan
Jan
Jan
Feb
23*4 Sept
22% June
35*2 Oct
30% Jan 22
100
48 June 15
20*8 Jan 4
123
Apr 28
Apr
5% Aug
72*2 May
57% Mar 6
167% Jan 22
170
Feb
1% Nov
7634June30
cl B..1
100
Cash sale,
7% Mar
19
39% Dec
48%June 10
1
July 15
43i2May 14
White Rk Min Spr ctf.
10
40%
99%
2
18
June 29
50
70%
*53
1834Mar 11
69*2
134
12*4
35*4
4
6% preferred B stamped 100
Wright Aeronautical...No par
*92
Apr
5
99% Mar
20
95
790
4% June
9% Jan
30
Feb
10% Mar
5
20
*91%
3,500
89*2 Au
8
17
18
1
15
Aug
1
Preferred rets
White Motor Co
210
900
Feb
124
1,000
4,400
19,800
Mar 17
Feb
Nov
Jan 4
May 20
July 8
93
9%
81
48% 49
41%
42%
110% 111%
16
19% Feb 11
Jan
4*2
Nov
99
107
93
*80
5
86
137%June
52
100
Preferred
112
9 s<
1,100
18% Mar 16
26i4June28
White Sewing
""700
Aug
2*4 Aug
115
110
36%
4%
Aug
10% Mar 16
29%May27
90
Jan 18
114
Jan 18
-No par
Mach...No par
$4 conv preferred
No par
Wilcox Oil & Gas
----5
Wilson & Co Inc
No par
$6 preferred—
100
Woolworth (F W) Co
10
WorthingtonP&M (Del) No par
Preferred A 7%
100
7% pre! A stamped
100
Preferred B 6%
...100
400
5
70
120
98
Jan
WhiteDent'lMfgCo(The SS)20
6,900
Mar 12
122*2 Jan 11
30
500
24%
15%
131% Aug
May 17
35% July 2
19 June 17
Ry. Co. 100
5J4% conv preferred—100
WheelingSteelCorp—.No par
Dec
41*2 Dec
Jan
Instrum't.No par
Class A
-No par
West vaco Chlor Prod ..No par
5% conv preferred
13%
May
42i4June29
Weston Elec
Wheeling &L Erie
21%
24%
50
50
14
Apr
Jan
5%June25
1st preferred
114% May
Apr
2%
47%
100
Telegraph.100
58% Dec
Mar
4
10%
preferred
Western Union
28% Aug
109
1
2
6%
8*2 Dec
zll4%
4% Mar 17
11*4 Mar 17
100
Jan
1034 Feb 26
100
900
120
*20
24%
70%
70%
70% 70%
54
54%
53%
53%
54%
22%
2278
22%
2278
22%
23%
22*4
23%
125
*123% 127
*121% 127
123% 123*8 *121
*121% 125
*40
*40
*40
40%
40%
40%
40%
40%
40%
40%
89
90
90%
89%
91%
89*2
88%
90%
897g
88*2
*98%
99%
99%
*98%
*98% 100
*98% 100
*98*2 100
37
37
37
37
37%
367g
37
37%
36%
37%
54%
2278
*30
4
4*8
50% Feb
Western Pacific
20
37%
21%
31%
5
June 25
2d preferred
Westinghouse El & Mfg
4,200
167
Jan
Mar
115*2 Jan 8
29% July 12
Co.-.10
100
Westlngh'se Air Brake-No par
155
37
135
110% Apr 9
24 June21
73sJune 17
137sJune 17
Maryland
6,500
24%
15%
41%
10978 110%
preferred
15,600
~58~
59%
60%
58%
61%
"58% 60
61%
120% 120%
121% 124
*117% 123% 119% 119%
121
*117
121
124% 124%
11978 11978 *118
*20
*20
*20
21%
21%
21%
23% *20
42
6%
Western Auto Supply
Western
41%
*23
7
118
41%
*160
6
Feb 15
12% Jan
100
42
24%
74% Apr
115
100
West Penn Power 7% pref.
4%
167
Sept
6
12% Dec
4984 Nov
Mar 13
16%
156% xl5i
Aug
84
12% Apr
20
July 14
47%
24%
37%
21%
30%
80
Sept
Apr
89
1,700
156
May
84
17%
80
6%
46%
*161
72
Feb 26
26% Apr
July
%May
6% Feb
22 June
3334 Apr
100
100
preferred
preferred
48*4 July
Mar 27
8
No par
7%
6%
49% NOV
Aug
116
19% Jan
May
West Penn El class A ..No par
6%
45%
24%
37%
21%
88
Jan
Feb
Apr
lli8May 13
1
6%
162
80
28%
z 110*4
Oct
Dec
40
56
Wesson Oil & Snowdrift No par
$4 conv preferred
5
May 12
57
30% Dec
51% July 15
69
No par
6%
*20%
80%
50%
Webster Elsenlohr
6%
156
Mar
47
2%
24 Junel7
5%June 21
par
5
6%
24
44% Jan 20
115
Apr
6% Mar
5
19
1
Wayne Pump Co
~3~666
21%
*91%
70*2
900
Feb 17
2
6*2 July 15
11% July 28
par
2%
162
June 17
3% Jan 5
7% July 15
par
2%
*20%
10
Waukesha Motor Co
190
1,400
70
par
2%
153
June 29
11734 Feb
5
16%
46%
41%
7
par
2
4812
42%
32
111% Mar 24
40%June 17
80
Mar 27
85
Mar 18
100
No
{Warner Quinlan
No
{Warren Bros
No
$3 convertible pref ..No
Warren Fdy & Pipe—-No
$3.85 conv pref
*14
47%
41%
16*4
No par
Preferred
June
30
39% Mar 11
A—No par
Warner Bros Pictures
1
Jan
July
58*2 Jan 20
Jan
4212 Apr 28
Class B
3%
4
No par
Ward Baking class
57%
24%June 14
48
No par
2%
21%
92%
*54
140
478 Jan 13
2% Jan 20
Walk(H)Good & W Ltd No par
16%
*14
1 % June 17
l%Mayl3
100
2%
*14
Jan
No par
No par
pref with warrants 100
Preferred.
Apr
50
Co
Walworth Co
Aug
153
Jan 18
100
preferred B
Nov
115
Jan 19
108
100
preferred A
4
350
*36%
47g
100
92
165
Jan 21
164
49
270
95%
preferred
Apr
Mar
86
142%May 17
63 June 18
2478June24
84%June 24
11% Jan 4
300
103
37*2
*89%
*70
*81%
83
102
31
31%
*30%
31%
109% *102
109% *102
•
*105
125
*102% 125
*4%
39%
478
978
80*2
49%
3,300
102
83
preferred
Nov
May 17
No par
Chem
8% Nov
102
67% May
21
1
Wells Fargo & Co
1%
45
81
*30%
*15
*1%
45
81
*102
24%
4%
44%
*37
91%
100
*1%
5
300
44
37%
91%
*95
95%
120
110% 110%
92
92%
*100
94%
*4%
_
"
154% Nov
18%June 30
68 May 13
No par
Sales
Walgreen
100
%
8%
27
mm
Jan
July
Waldorf System
m
12,800
64
%
*8*4
m
Jan
Apr
5%
1~500
6*4
14%
m
46%
115%
Jan 22
150
5
{Wabash Railway
700
m
126*2 Mar 11
July
Virginia Ry Co 6% pref.. .100
Vulcan Detinning
100
8%
*7%
♦65
15%
49%
*19%
*25*2
6%
*65
31
8%
Dec
Jan
168
5%
27%
89*2
*7%
Apr
79%
68*2
144
Vicks Shr & Pac Ry Co comlOO
1,200
75*8
75% Jan 18
Oct
Preferred
8*2
Nov
103% Nov
Apr
20%Junel7
124
Apr26
170
49% Nov
101
131
.100
13,200
Jan
160
7% 1st preferred
__
Jan
72% July
5
6% Apr 28
4%
Mar 11
9
48%Junel7
105 June 29
4*4
105
Apr
47
Jan
Vick Chemical Co
5%
7%
16%
Feb 18
Mar
100
pref—No par
mm
19% Jan 12
72% Mar 31
118
Jan
63% Dec
19*4 Dec
9*4 Feb 9
8*8 Fetf 5
84*2 Jan 11
Va El & Pow $6
km
9
Jan
Sept
169
VanRaalteColnc
170
72*4 Mar
104
136
preferred
6%
Mar 30
Apr 29
pref. A
Va-Carolina
112
9%
May 15
Virginia Iron Coal & Coke. 100
4*2
8%
66%June 21
75
Jan 4
126%Junel4
160
4%
9
44%June 14
10 May 13
44% Jan 4
81%Junel7
78 June 17
460
4*2
27%
*7%
4
Jan
Aug
147
Preferred
1,200
4*2
12
*25*2
6%
*60
6,600
4%
27%
*7%
Jan
43% Feb 9
15*s Mar 13
22% Mar 17
120
Corp
Vanadium Corp of Am .No par
mm.
400
8*4
56*4
27%
88%
15%
49*4
19%
8*2
6% Jan 2
13% Apr 23
May
8%
49
Mar 22
100
Preferred
Vadsco
12
*7%
*27%
88%
15%
June 18
24% June
80*4 May
160
No par
U S Tobacco
5,200
95
8*4
28
89
20
futilities Pow & Light A
42%
3
23*2 Mar 22
Universal Pictures 1st pref .100
38
Feb 10
15%June29
U S Realty & Impt
110
Feb
53% Jan 11
class A.iVo par
Universal Leaf Tob
9,700
2,300
3478 Jan 13
137
172
5
Universal-Cyclops Steel Corp 1
*57
58
56*4
57%
58*2
57%
109
109
109
*108
109% 109% *108% 110
8
9
8
878
7%
878
*7*2
7%
23
23
*23
23
23
26
24%
23%
23%
23%
*118% 126
*118*4 126
*118*4 126
*118% 126
*118% 126
*79
81
*79
81
80
80
80%
80*2
80*8
80%
22
22
8%
57%
5
May 10
..50
5% non-cum pref
8*4
15%June
156
300
3078
♦
95
Nov
5
Corp
3,300
112
42
42%
Feb
100
378May 17
65 June 11
52
3078
36%
31%
112
*105
20
Jan
Jan
20 zl03%June 14
1%
*48
52
Apr
2
100
2%
2%
1%
19% Jan
113% July
8
13
U S Rubber
8%
Jan
Dec
Nov
91
Prior preferred
U S Pipe & Foundry
10
14% Nov
109
8*4
9
United Stores class A ..No par
6478
5034 Nov
87
Jan
3
June 11
z5%June30
150
*61
6478
2
52
112
64%
2%
1%
49
64%
2%
1%
June
100
conv pref
conv
Jan 14
11378 Jan 14
24% Mar
100*2 Feb
Feb
29*2 Aug
105
3% Jan 28
No par
conv
17
16%
4
July
32% June
2
8634Marl9
16*8 Feb
Feb
9*4
48% Aug
1*2 Apr 29
92
1
19%
75%
*63
June 14
Mar
Jan
66*2
9*2 Mar 11
63
117
par
100
No
U S Industrial Alcohol.iVo par
U S Leather
No par
72
19%
*73
11
No par
U S Hoffman Mach
$6
80
*144
Jan
1,600
*18
65
Jan
United Stockyards
5
*65
154
15
93
102% July 1
6% Jan 4
15 June 30
10
preferred
8%
2634 Apr 19
45%June 17
75
July 26
par
preferred
Partic &
Apr
40% Apr
10% Apr
8
106*4 Feb 26
3,200
6%
5
5*4
19%
*61
64%
5%
80
*147
*73%
6%
5%
100
5
5
U S Gypsum.
40
6%
6%
5%
7
5%
7
3,600
161
*156
161
*156
*6%
7
80»
129
5,200
7,400
35*8 Nov
J&n 4
18%
Noppr
U S Freight—
400
61%
97%
90*4
*6778
62
135
3,200
Jan
9634 Jan 26
5%June 17
No par
No
9634 Nov
5%
8*2 Jan 14
16
Mar
33% Nov
Jan
22%
Mar 17
4678 Jan 14
4
37*4 Nov
Oct
68
3
June 17
10
Fruit
5)4%
Feb
25*2 Sept
111
1034June29
$6 first preferred
100
70*8
60
97%
61
97
135
1,000
24% Mar
32%Junel5
100
United Gas Improvt
$5 preferred
7%
16*2 Apr
Jan 11
Feb 6
91
35
Jan
Feb 10
__5
United Paperboard
U S & Foreign Secur
30
90%
61%
63%
5
900
2,400
4,900
24,500
7,100
2,600
99
6%
1,900
13
Jan 12
24%
31*4
30*4
11734
Highest
$ per share f per share
No par
preferred..
Conv
June 21
17
6984 Apr 28
29
Apr 30
United Electric Coal Cos
United Eng & Fdy
140
17%
116
96%
70*8
118% 120%
132% 135
17
15%
14%June 15
22%June 17
113%Marl6
United Drug Inc
United Dyewood Corp
Preferred
United
$ per share
share
No par
Preferred
$3
per
Year 1936
Lowest
Highest
....No par
100
U S Distrib Corp
2%
*2%
2*4
97
70*8
United Biscuit
200
2*4
94
115% 118%
700
95%
93
*69
600
2,600
17,100
1,000
11
11
11*4
93
*69
13%
13*2
108% 108%
16,200
*17%
*92*2
*15
58
500
21%
*20*2
*95% 100
7%
8%
53%
53%
76*2
76*2
11*4
*2
19
1,800
2,200
11*4
2%
60*2
11
5%
57g
*95% 100
7%
54%
15%
15%
17%
17%
116*4 116*4
*156% 162%
162
United Carbon
33
*97
18
17
16%
16%
115% 115% *116% 120
*160
700
33
22
*92%
2*4
17
20
14
1378
13%
13%
13%
108%
108% 108% *108
108% 108*4
96%
96%
115*4 115*4
85%
85%
33%
*32%
84%
11
14
800
84%
75*2
13%
10%
96%
2%
5%
39%
7%
24%
15%
84%
100
7%
*23
16%
33%
12
Un Air Lines Transport
5
United Amer Bosch
No par
*19
16%
26%
6,300
23
29
16*4
*115
*33
$
23
22%
*115
84%
Par
Range for Previous
100-Share Lots
Lowest
*19
17*4
23
54
77%
*10%
17%
16%
40%
21%
*97
*107% 108%
11
*2
*92%
5%
11%
22
*53%
76%
13%
Shares
*19
83%
33%
578
*40
100
7%
55%
7%
*53
6
*20%
20*2
100
$ per share
22%
117
33
*98
$ per share
Range Since Jan. 1
On Basis of
Weel
22%
83%
.
Aug. 6
23
*115
40%
.,
Aug. 5
17%
*18%
22%
83's
32%
*32%
5%
Aug. 4
1
$ per share
17%
22%
22%
*19
Friday
Wednesday
Aug. 3
$ per share
22%
23*2
*115
2
.
Thursday
$ per share
Tuesday
903
80%
Oct
90*2 July 30
63
Aug
62*2 Jan 27
33%
Apr
37% Feb 16
8% Jan
83*2 Jan
42*4 July
41% Jan
142
Jan 23
46% Feb 15
101% Mar
115
6
Jan 27
40*4 Feb 17
9*4
Jan 16
Ex-rights,
105
Jan
11% Jan
5% July
140% Sept
79
Feb
51
Nov
23*4
Dec
163*2 Dec
55
Apr
87%
Oct
Aug
42% Nov
122
9%
Jan
f Called for redemption.
904
Aug.
NEW YORK
Bond Record,
NOTICE—Prices
7,
STOCK EXCHANGE
Friday, Weekly and Yearly
"and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the week's range,
unless they are the only transactions of the week, and when selling outside of the
regular 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.
are
Week's
Friday
j»*e
BONDS
Last
fe-s
STOCK EXCHANGE
Week Ended Aug. 6
"H
Range
Sale
N. Y.
Price
£
Bid
&
High
Since
No.
Low
116.31 116.29
O
A
O
107.1
J
D
112.16 112.10
S
110.25
110.27
IVI
J
M
S
J
D
106.29
117.2
30
113.16121.14
107.1
19
104.2
112.16
27
109.12115.20
28
107.12114.9
109.26
107.12
107.18
6
103.22
64
101
104.28
104.31
16
102.10107.30
-
-
-
-
„
D
106
104.28110.18
106.28
105.26
106
27
104.20107.27
S
106.17
106.23
78
104.24108.24
J
D
105.22 105.20
105.25
7
102.20108.24
J
D
105.14
105.20
8
102.24108.18
F
A
106.22 106.18
106.23
44
104.24108.24
A
O
107
IVI
S
M
..Aug.
M
M
mmmmmm
106.27
101.14 101.12
S 103.10 103.8
S
42
107
101.16
127
103.13
74
101.17 101.15
101.19
37
104
109.25
99
104.30
100.18106.16
99.2
104.16
D
100.18 100.15
100.20
95
98.4
103.17
M
S
100.16 100.11
100.16
32
98
103.18
J
D
133
96.6
101.22
M
S
103.26
15
101.7
26
100.11105.17
99.4
98.29
99.4
Federal Farm Mortgage Corp—
Price
Bid
&
Range
Since
Asked
Low
103.22
103.10 103.7
J
J
104.3
104.9
83
101.8
105.23
IVI
1 194:
Colombia (Republic of)
♦6s Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on. Jan 1961 J
_
O
J
♦Colombia Mtge Bank 6 Ms.—1947 A O
♦Sinking fund 7s of 1926
1946 MN
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s._
—.1952
25-year gold 4 Ms
1953
♦Cordoba (City) 7s
1957
♦7s stamped
1957
Cordoba (Prov) Argentina 7s—1942
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on—1951
Cuba (Republic) 5s of 1904
1944
F
s
102.5
102.10
31
99.6
104.10
103.3
103.1
103.5
101.9
101.8
Home Owners' Loan Corp—
May
1194'
IVI N
2Mb series B_.Aug.
1 193!
F
A
100.30 100.26
J
D
28 M
28 M
30 M
90
25%
30 M
32
25 M
38
38
23 M
23 M
2
20M
31
23M
23%
24M
101M
99M
20
30 M
*23 M
101M
MN
100 M
99M
Agricultural Mtge Bank (Colombia)
♦Sink fund 0s Feb coupon on_1947
♦Sink fund 6s Apr coupon on. 1948
Akershus (Dept) Ext 5s
1963
♦Antioqula (Dept) coll 7s A...1945
♦External s f 7s series B
1945
F
68
99.24105.3
101.11
118
98.28103.2
100.31
82
98.16102.31
O
23 M
24
4
23
23 M
24
6
22
100
11
97
J
99%
13M
99%
J
J
J
13
13
IVI N
1945 J
1945 J
♦External s f 7s 1st series
1957 A
♦External sec s f 7s 2d series. 1957 A
♦External sec s f 7s 3d series. 1957 A
J
J
O
O
mmmmmm
O
D
15
12 M
13
12%
12%
12M
12%
12%
12%
101 %
13
............
101M
7
7
....
12
100213210011J6
3
4
8
4
4
15
1002*32
1009^
IOD32
1005,6
IOD32
101132
101M
101M
101M
162"
123
93%
93 M
309
14
16
3
35
19
1955
J
J
107 M
106M
93 M
107 M
External 5s of 1927
1957
M
S
107 M
External g 4Mb of 1928
1956
1957
IVI N
102%
106 M
102
107 M
102 %
41
J
J
104M
104
104M
6
F
A
*24
109M
26%
109M
109M
H7M
118M
4
102
102
3
25
25
2
24M
52 M
24 M
4
43 M
43 M
UM
176
44%
42
20
Austrian (Govt) s f 7s
State) 6MS----1945
Belgium 25-yr extl 6 Ms
1949
Externals f 6s
1955
External 30-year s f 7s
1955
M S
J
J
J
D
118
M S
Bergan (Norway) extl s f 5s...1960
♦Berlin (Germany) s f 6 Ms.—1950 A O
♦External sinking fund 6s.-.1958 J D
♦Brazil (U S
of) external 8s
1941
J
♦External s f 6 Ms of 1920—1957 A
♦External s f 6 Ms of 1927- -1957 A
♦7s (Central Ry)—
Brisbane (City) s f 5s
Sinking fund gold 5s
20-year s f 6s
1952
1957
---1958
1950
mm*
mm,-
O
52 M
43%
43 M
D
42%
D
O
39
3
23
110
65
54
42 %
44 M
s
102%
102M
10
F
A
103
103
23
J
D
103%
103 M
J
1984
J
J
♦Sink fund 7s July coup off.. 1967
J
*28
101M
3
1960
A
F
10-year 2 Ms
Aug 15 1945
25-year 3%s
1961 J
7-year 2Ms
1944 J
30-year 3s
1967 J
♦Carlsbad (City) s f 8s
-1954 J
♦Cent Agric Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s_.July 15 1960 J
♦Farm Loan s f 6s
Oct 15 1960 A
O
91
6s.—Feb 1961
♦Ry ref extl s f 6sJan 1961
♦Extl sinking fund 6s—Sept 1961
♦External sinking fund 6s—.1962
♦External sinking fund 6s.-.1963
♦Chile Mtge Bank 6 Ms
1957
♦Sink fund 6Ms of 1926
1961
♦Extl sinking fund
21
M
30
100M
11M
20%
12
20
20
20M
10%
17 M
11
16M
UM
16M
98M 102
100^32102 M
11M
11M
J
J
S
J
O
91
91M
101
mmrnm
91
14
1
91M
83 M
75
84 M
49
83M
85%
84 M
15
87 M
18
62
63%
16
28
28
29
30
------
...
63M
107 M
107%
113%
113%
99%
99M
99M
95
......
99M
94 M
*57 M
39 %
5
20 M
20
20
20 M
20 M
60
20
20
S
7
36
19
20
20%
7
20
20
20%
20 M
34
18
2
18
17M
18
5
18
IVI N
M
7
20 M
D
1960
20 M
20 H
31
20%
8
Ry) 5s
1951 J D
♦Cologne (City) Germany 5 Ms.1950 M S
53
«...
39%
20 M
O
95
61
22
1
20 %
A
49
99%
39
J
D
100
18
39
A
J
35
39 M
...
O
J
100
39%
......
F
IVI
107M
113M
47 M
40
J
M S
8
93
46 M
20M
IVI N
4
47 %
A
1962
18
2
17M
18M
18M
15M
18
-----
♦Chinese (Hukuang
909.
99 M
83
1
77
90
75
4
70 M
80
J
J
96 M
96 M
95
99
33M
101M
33%
101%
27
36M
S
A
*103 M
M
mm*
mm
alOlM
13
5
5
mmrnm
104%
104%
66 M
65M
100 M 105 M
101
102]
97M 100]
24M
15M
*58 M
24%
11
2
9
72
24M
O
104
A
O
104
104
105%
106%
102%
1952 J
F
External gold 5 Ms
External g 4 Ms
1955
Apr 16 1962 A O
Deutsche Bk Am part ctf 6s.-.1932
§ ♦Stamped extd to Sept 1 1935-. M
102 M
102%
100 M
100 M
103 M 105 M
103% 105 M
27
104 %
102 M 105
56 M
68 H
3
1
A
104 M 106%
100M 102 M
97M 101M
41
45
*55 M
45
50 M
*77 M
79
74M
82M
*75 M
77
72
82
*73 M
Dominican Rep Cust Ad 5Ms.. 1942 M S
1st ser 5Ms of 1926--1940 A O
2d series sink fund 5Ms
...1940 A O
79M
73
82
75
81%
76
76
1969 M S
*74
76
1969 M S
75%
*24 M
75M
*55 M
60
♦El Salvador 8s ctfs of dep new.1948
Estonia (Republic of) 7s
1967
75M
"99M
1945 M S
Finland (Republic) ext 6s
♦Frankfort (City of) s f 6 Ms
1953
M N
French Republic 7 Ms stamped. 1941 J
7 Ms unstamped
1941
5
76
~16
81M
74 M
81
19 M
External 7s stamped
7s unstamped
*24%
100
1949 J
1949
1965 J
D
*108 M
D
107
24 M
*106 M
"II
89 %
99 M
*105M
D
26
"4
24%
110
55 M
98
17%.
105
~~3
100
120
66 M
100M
105 M 109
98
24%
124M
119M
105% 130
100M 124
100%
100 M
"~2
29M
28%
29M
77
27 M
27 M
*25%
28 M
8
20M
18%
"§5%
35%
"35%
"l7
25 M
27 M
29%
29%
30M
15
23 M
German Govt International—
♦5 Ms of 1930 stamped
♦5 Ms unstamped
1965
100'9J2103
100*32 102 M
♦German Rep extl 7s stamped.1949 AO
♦7s unstamped
1949
31M
28M
25%
German Prov & Communal Bks
1003i6 102 M
100^ 102 M
101
102M
99«3zl03
96 M 102
90M
93 M
104M HOM
104M 110
99 M 103 M
98
104M
18M
108
25 M
111
105M 110%
115M 118M
99
18
18M
42 M
102 M
25
24 M
35
59 M
47 M
35
47
35 M
47 M
99M 103M
99M 103
101
105 M
26 M
„
♦(Cons Agric Loan) 6 Ms
♦Greek Government
s
1958
J
1968 F
Haiti (Republic) s f 6s ser A
102 M
102
99 M 102 M
97 M 103
82 M
83 M
75 M
75M
91M
91M
A
32
42
33
42
34
35M
27 M
35%
100M
24 M
101M
24%
*18
J
J
♦Hungarian Land M Inst 7 Ms. 1961 M N
♦Sinking fund 7 Ms ser B
1961 MN
♦Hungary (Kingdom of) 7Ms.-1944 F A
23
23 M
23
23 M
2
21M
23M
3
21M
21%
22 M
1960 MN
113M
H3M
Italy (Kingdom of) extl 7s
1951 J D
Italian Cred Consortium B
1947 M S
Italian Public Utility extl 7s.—1952 J
J
85%
85M
82 %
82 M
5s
Japanese Govt 30-yr s f 6 Ms
1954 F A
Extl sinking fund 5 Ms.1965 MN
Jugoslavia State Mtge Bank—
"22% "~2
1
58M
113M
86%
82 H
74M
72M
63
92 M
74M
96 M
79
79
41
1
160
6
82
41M
♦7s with all unmat coup
1957 A O
7s
1947 F A
(Province of)—
7 Ms June 1 1935 coup on
1950 J D
♦Leipzig (Germany)
16 M
105
*22 M
58%
s f
17
21
105M
""58%
Irish Free State extl
98% 101%
*105 M
Hungarian Cons Municipal Loan—
♦7 Ms unmatured coup on.—1945 J
16
102
75
47 M
111
80
20 M
30M
30M
30M
27 M
gM
115M
93 M
80 M
94
71H
82 M
92 M 100 M
77 M
89 M
29 M
19M
*23
s f
21M
25
107
42
26
Lower Austria
♦Medellin (Colombia) 6 Ms
1954 J D
♦Mexican Irrig assenting 4 Ms. 1943 MN
♦Mexico (US) extl 5s of 1899 £ 1945 Q J
■
100%
100%
11%
12%
1
95
10
11
100M
♦4s of 1904
♦Assenting
♦Assenting
♦Assenting
♦§Treas 6s
80 M
88
56
65M
21M
28M
22
30
104M 110M
111
114M
1945 Q
—1954 J
4s of 1904
1954 J
4s of 1910 large.
4s of 1910 small
of '13 assent(large) '33 J
97
101M
103 M
99 M
98 M
95
60
J
J
f
0Ms
External sink fund 4Ms..
External s f 4Mb
40
4s
30M
48 M
18M
18M
18M
18M
25 M
25
18M
24 M
18M
18M
15M
15%
15M
24 M
21M
21%
21M
15%
22
21%
73
18M
26%
8M
8
11M
6%
5
6
11M
11
5%
*4%
4%
5%
5%
10%
*7
J
1
74
"71M
1
l>»
1
rnmmrn
24
I
1^
"l02
27M
30
30
1
74
74
7
D
MN
F
A
A
106%
105%
64M
104M
104
107 M
33
106
15
-.1965 A
O
102 M
107M
105%
102 M
A
100
100
1956 M
ext loan
Municipal Bank extl s f 5s
♦Nuremburg (City) extl 6s
1970
Oriental Devel guar 6s
Extl deb 5 Ms
1953
1952
1958
1955
—
—.1953
—1963
♦Stamped
Pernambuco (State of)—
——
♦7s Sept coupon off
--.1947
♦Peru (Rep of) external 7s
1959
♦Nat Loan extl s f 6s 1st ser—1960
♦Nat Loan extl s f 6s 2d ser—1961
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
♦External sink fund g8s
S
6
103M
106%
A
S
64
2
103M
O
F
64M
104%
1963 F
54%
40
24 M
17
6
"5% ~~12
D
1944 M
20-year external 6s.-.
Oslo (City) s f 4 Ms
Panama (Rep) extl 5 Ms
♦Extl s f 5s ser A
5M
5
27 M
♦6s series A
1959
New So Wales (State )extl 5s—1957
External s f 5s—
Apr 1958
Norway 20-year extl 6s1943
35
24 M
4M
6%
1952 J
26 M
26 M
25
mmrnm
1959 M S
-
♦Montevideo (City) 7s
s f
3
8
D
(City, Italy) extl 6 Ms—1952 A O
Minas Geraes (State)—
♦Sec extl s f 6 Ms
1958 M S
s
5
4M
*5%
6%
6%
J
Milan
♦Sec extl
12M
7M
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small--
85 M
78 M
15
23 M
40%
34
100 M
1952
1946
33
40%
♦Hamburg (State) 6s
♦Heidelberg (German) extl 7 Ms '50
Helsingfors (City) ext 6 Ms
1960
84 M
77
92%
50 M
*29
D
f ser 7s.-1904 MN
♦Sink fund secured 6s
36
30 M
33 M
100
53M
6
4
240
67
1942
Denmark 20-year extl 6s
1
a 101M
104M
1951
Czechoslovakia (Rep of) 8s
100 M 103 M
100
m
83 M
100
J
..1961
_
83
J
f 6s—
For footnotes see page
_
83M
100
♦Guars f 0S—
♦Chilean Cons Munlc 7s
_
83 M
A
♦Farm Loan 6s ser A Apr 15 1938 A O
♦Chile (Rep)—Extl s f 7s
1942 MN
♦External sinking fund 6s... 1960
93
83
1949 F A
J
Sinking fund 5 Ms.—Jan 15 1953 J
♦Public wks 5 Ms—June 30 1945 J D
♦{Small
1952 MN
s
29 M
101M
*97
♦Sink fund 7 Ms May coup off 1968 MN
♦Guar
101 %
*100 M
*100 M
J
5s
53
30%
90 M 101M
73
♦7s unmatured coupon on..-1946 J
IVI
(City of)—
♦6s July 1 1935 coupon on.—1962 J D
J
Buenos Aires (City) 6 Ms B-2—1955 J
External s f 6s ser C-2
1960 A O
A O
External s f 6s ser C-3
1960
♦Buenos Aires (Prov) extl6s..-1961 M S
♦6s stamped
1961 M S
♦6 Ms stamped1961 F A
Extl s f 4%s-4%s1977 IVI s
Refunding s f 4%s-4%s
1976 F A
Extl re-adj 4%s-4%s—
1976 A O
Extl s f 4%s-4%s
—.1975
Canada (Dom of) 30-yr 4s
18
20
30
Budapest
3% external s f $ bonds
Bulgaria (Kingdom of)—
_
A
♦5 Ms stamp (Canad*an Holder)'65
1001932
100*32
IOD32
100316
------
If Extl 6s Pub Wks May 1927.1961 M N
^Public Works extl 5 Ms
1962
8 f external 4 Ms
1971 MN
S f external conversion 4s...1972 F A
13M
13 M
12M
*12M
J
If Argentine Govt Pub Wks 6s.-1960 A O
Argentine (National Government)—
^External s f 6s of Oct 1925.. 1959 A O 1001932
^External s f 6s series A
1957 M S
lExtl s f 6s of May 1928
1960 IVI N
ifExternal s f 6s (State Ry)_. 1960 M S 1003i6
fExtl 6s Sanitary Works.... 1901 F A
♦Bavaria (Free
_
A
♦Dresden (City) external 7s—1945 MN
24
A
A
f 7s series D.
Australia 30-year 5s
_
F
5 Ms 1st series
♦External s f 7s series C
1958
7
_
F
5 Ms 2nd series
Antwerp (City) external 5s
High
30
External loaD 4 Ms
Foreign Govt. & Municipals-
s
Low
High
Customs Admins 5Ms 2d ser.1961 M S
♦External
Jan. 1
23%
A
1949 F
External 5s of 1914 ser A
Sinking fund 8s ser B
IVI N
3s series A
Week Ended Aug. 6
Range or
Friday
106.10
103.10
J
Treasury
Mar.
Sale
High
103.21 103.16
D L
J
2%s
Last
STOCK EXCHANGE
Foreign Govt. & Mun. (Cont.)
A
3%s
N. Y.
Jan. 1
U. S. Government
Treasury
BONDS
Range
Is
Asked
Low
Week's
Friday
or
Friday
104
101M
99M
*102 M
J D
24 M
F A "24%
78 M
78M
M S
72M
MN
101M
A O
106M
J D
*106 M
MN
62
62M
27
26 M
18
8
33
91
165
"24% "~2
19
79%
74M
26
102 M
54
106 M
1
"62%
"l2
37
5%
5
5
4M
9
9M
9M
9
7M
7M
13
70%
82
13%
25
34
24M
65 M
33
74
60 M
64 M
101M
101H
104 M
105 M
101M
99M
95M
102%
105 M
105
107M
109
105%
103
100
103 M
17
25M
75 M
85
71M 79 M
97 M 102%
104% 107
68
85
60H
76
22 M
19M
27%
21M
19M
19%
45
17M
26
1940 A O
58
62 M
23
47
74
62%
.1947 A O
77
20
60
80
54
58 M
25
45M
64
M
S
M S
J
D
"l9%
A
O
19%
1950 J
J
21M
19%
3
19%
90
17 M
30 M
28
26
Volume 145
New York Bond
BONDS
N. Y. STOCK
EXCHANGE
Week Ended Aug. 6
Last
3
A
0
Sine*
0
29%
No.
29%
6
27X
33H
27%
4
26
31
Low
27%
*96%
24%
24%
109%
111%
32%
1962
1961
1962
17»-194l
"109H
1947
♦Rhlne-MalD-Danube 7a A....I960
Rio do Janeiro
(City of)—
♦8s April coupon off
::::::
1946
100
17H
21
16 H
110%
111%
9
109
24%
24%
113H
3
109
118
99
32%
1
21H
32 H
32
32
1963
92
1
24%
33
3
26
34H
26 %
28H
28
22 %
30%
34
20
29
40
20
26
27%
25
23H
33
28
_._l9-*0
1968
28%
29%
75%
2
25
32 H
14
25H
32H
32
72 H
83H
1966
1967
28H
"^75H
...1962
Roum&nla (Kingdom of) Monopolies
♦7a August
coupon off
1969
♦Saarbruecken (City) 6a
Sao Paulo (City of
Braiil)—
♦8s May coupon ott
;
■
73%
41
39%
1963
30%
♦Extl 6 Ha May coupon off.-1967
San Pamo (State
of)—
•♦8a July coupon oft
1936
f 6 Ha
Taiwan Elee Pow a l
6Ha
29%
97%
%
25
24
71
91
34 H
98
----
-----
25
31H
30 %
27
25 H
10
24
57
11
54
*98 %
"105H
104%
73%
"67 H
1961
74
67
74
1967
100 %
"71%
70%
68%
68 H
—
—- —
105%
13
74%
14
67%
2
76%
38
7
101H
30 H
101H 106
101 %
1947 J
Deb 4Hs stamped
.
1946
"102^
1962
63%
92
63 H
70H
63H
2
78
70
83
100
2
92H 100
57
22
39 H
67
80
19
77H
86 H
1943
lat cons 4a aerlea B
*U1%
..1943
107%
•Albany Perfor Wrap Pap 6a.. 1948
6a with warr asserted
Alb A Suaq lat guar 3
Coll A
conv
1946 A
coll tr 6a
1944 F
..1949 J
6a
Aliegh Val gen
113%
107%
3
110H 115
105X 110
----
59
76
—
"
64
74
101
107
—
— —
10
95
85%
96 H
87%
----
79
93 H
63%
203
57H
72 H
94%
----
101H
93 H
102 H
10
107 H
112H
4
108%
98 H
97
101H
100 H
93 H
100H
100
98 %
25
80
81H
"95
99
*102 %
8 f Income deb
cona gu
A
May
15
103
105H
106%
48
104 H 107
69%
101
Guar gold
131
95
108 %
105 %
109
55
—
—
-----
*112
-
—-
10
20
—
D
O
D
N
J
—
—
—
-
103 %
"37
93
91%
95%
104%
28
71H
8
46%
71%
49%
47%
73%
*60
107
48
36
25
76%
109%
90%
104%
76
109H
89 %
104H
"~3
105 %
97
78%
110%
196
49
91
61
100 H
106 %
108 H
94H
116H
103H
103
104
69
106
100 %
100 %
101 %
65
10? H
89
91
4
99%
76
74%
76%
111
A
65 %
93 H
65%
67
368
8
82 H
76%
74%
1943
J
1951
J
1951
------
108H
113
108H
112H
page
909.
93
32
18H
17
31
85
89
58%
83
73H
90 H
59
12
65 %
3
105 H
104 %
58
100H 103H
"5
118
118%
4
115h
3
114H
113H
113h
116%
114%
103
105H
42
119H
113 %
113H
124 h
94
125H
12
94 %
144
14
109 H 110
113
118H
104 H
104
23
114H 121
114H 121
112H 118H
110H 116H
110H 110
120H 128 H
99 H
89H
102H 105H
115
114
115
10
110
H5H
107 H
23
106
110H
103"
106 h
103
53
*68
103 H
72
99 % 105 %
70% 83%
103
103
"3
111
111H
103
105H
108H 111%
100 M
100 H
125
94 %
w w
1950 M N
D
1981 J
100 H
*83
♦Cent Branch U P 1st g 4s
1948 J D
{♦Central of Ga 1st g 5«—Nov 1945 F A
♦Consol gold 6s
1945 M N
•Rer A gen 5H« series B
1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s.. 1951
♦Mac A Nor Dlv 1st g5s
1946
♦Mid Ga A Atl Dlv pur m 68.1947
♦Mobile Dlv 1st g 6s
Central
....1946
Foundry mtge 6a
104%
26
7
1941
Through 8hort L 1st
Guaranteed g 5a
82
"l6
25
36 H
16%
15%
16
23%
~25
14H
J
D
*29
J
*12
*
h
J
*11
J
*20
19H
23H
34
140H 244
96
125H
loin
ioln
*105h
106 H
103
102
102
104 h
68 h
103
104 %
69 H
100 % 108%
63
75%
51
109 H
51
48
88%
45
78%
109
109H
104
104
"94 %
93 x
96
*88 h
88 h
M N
109
99 H 104 %
46
48 h
*
1992 M
31
30
32
S
40
24
19H
I
23%
27
36 H
23
M
1941 M N
1948 M S
Champion Pap A Fibre deb 4Hal950 M S
Cbes A Ohio 1st eon g 6s
1939 M N
93
40
81H
"27%
J
Certain-teed Prod 5Hs A
100%
24%
26 x
O
•♦Cent RR A Bkg of Ga coll5a 1937 M N
♦5 extended to May 1 1942
Central Steel 1st g a f 8s
100
"l4h
O
1987
gu
4
"3
78%
25
*79 h
A
J
23
84%
25
A
Gen mortgage 5a...
1941 M S
Cent Hud G A E 1st A ref 3
Hs-1906 M S
Cent 111 Elec A Gas 1st 6a
1961 A O
Cent Illinois Light 3H«
1906
93
73
3
103
....
106 H 112%
101
108H
93 H 104 %
95 H
88
88%
122
88 %
122 H
1
84
85 H
6
122
92
125 H
74 %
107
107
38
90H
105% 108
106 h
107
12
106 H
121h
121H
85
'I06H
8
"97H
97 h
97 h
98
3
98
29
98
46
109
110H 128H
95
102 %
95H 102 H
May 1940
*106
"OH
111
*108
III"
118
*114h
117H
112H
108
111H
120 %
1989
*111
1941
♦108h
1949
A
O
1949 J
J
1968 M
S
A
O
A
A
1947 J
112
110H
116H
101%
29 H
28 H
111H
1H54C
110H
107H
106H
117
114
119
101H
31H
100
101 %
"37"
29H
28 %
30
117
119H
h
36 %
61%
30
29 %
27%
44%
24
39H
27 h
24
27 H
24
12
14
J
13
13 H
J
103
103 H
1969 J
D
14
5
110
•♦Secured g 6 Hi
♦1st ref g 5s
112%
24
110H
116H
47
60
48X
13
46
67%
69%
69%
55
60%
"21
52
7%
7h
32 h
8
33
71%
36%
%
39
39 %
88%
38h
12H
32 %
49%
34
30
39
52%
52%
34
11
45%
37%
54%
50
37
"41~
41%
May 1 2037 J
D
24
22
24
♦1st A ref 4Hs stpd.May 1 2037 J
♦1st A ref 4 Ha ser C.May I 2037 J
D
22
21
D
22
20 H
14%
14h
22H
22H
15H
1949 MN
64
21%
6%
174
*34
1987 M N
1936 Nl N
51%
195
58 %
*30 h
♦Gen 4Hs stpd Fed lnc tax..1987 M N
♦Gen 5s stpd Fed inc tax
1987 M N
2
110% 111H
24H
*37
26%
107%
26
51h
Jan 1 2000 A
{♦Chic A No West gen g 3HS..1987 M N
♦General 4s
1987 M N
♦Stpd 4s non-p Fed lnc tax 1987 M N
26%
13
100 %
49 X
22H
*
43
11
22%
♦Conv adj 6s
108 %
h
*50
{♦Chic Mllw St P A Pao 5s A..1975 F
♦4Hs stamped
48
46
C__May 1 1989 J
♦Gen 4Hs series E—May 1 1989 J
♦Gen 4Hs series F
May 1 1989 J
140
h
*111h
48 %
46 H
45%
124
39
37
*24
♦Gen 4Hs series
58 H
104 % 110
108 % 113H
110
1956 J
♦Chlo M A St P gen 4s ser A.. 1989 J
♦Gen g 3Hs ser B„May 1 1989 J
108
U6H
101h
29 h
28 h
119h
1966 J
76 %
113
93H
50
111H
112H
J
1966 M N
108
108 H
111%
109 % 116
50 H
108 H
J
1947 J
50
50
J
1949 J
1977 F
1971 F
ser
♦Conv 4Hs series A
see
104
2
103
89
65h
*100 h
101*'ja
75 %
16%
Chlo L S A East 1st 4 Hi
9
1996
4a stamped
65H
100
17H
♦1st A gen 5a series A
♦1st A gen 6s series B.May
Chlo Ind A Sou 50-year 4a
17
*103H
104 %
100 %
80 H
75h
17h
132H
101H 102
108H HO %
110H
17H
A.Dec 15 1952 J
♦Refunding g 6s ser B__
♦Refunding 4s ser C
70
107
105
109h
"75 %
122 H
103H 106 %
118M
116H
• {♦Chicago A East 111 1st 6s__1934 A
113
89%
------
109
6
{♦C A E 111 Ry (new Co) gen 6S.1961 IVI N
♦Certificates of deposit
Chicago A Erie 1st gold 6s
1982 MN
{♦Chicago Great West 1st 4a..1959 M S
J
{♦Chlo Ind A Loulsv ref 6s
1947 J
M
I960
4s
ser
1st A ref 4Hs ser B
19
103 %
------
O
J
Bangor A Aroostook lat 6a
6s
Carriers A Gen Corp deb 6s
Cart A Ad 1st gu g 4s
1st A ref 6s
93
J
Southwest Dlv 1st 3H-6a...1960
Ref A Ren M 6s ser F
cons g
General 4s
——
103 %
------
Tol
y>a* 4HS
1st A
Illinois Division 4a
91%
J
103
13
..
Chlo A Alton RR ref g 3s
Chio Burl A Q—III Dlv 3Hs
-
— — —
*109H
47%
46
116 %
1944 J
Coll trust gold 5a..'..Deo 1 1964 J
Collateral trust 4 Hs
1960 J
{♦Car Cent 1st guar g 4a
1949 *
Curo Clinch A O 1st 6s
1938 J
2d consol gold 4s
Warm Spring V 1st g 6a
5
113H
*114H
104 %
106 X
*
18
109%
-----
47%
106
Potts Creek Branch 1st 4s...1946
R A A Dlv 1st con g 4s
1989
-----
104 %
90
118%
D
Guaranteed gold 4 Hs~
1966 F A
Guaranteed gold 4Hs._Sept 1951 M S
Canadian Northern deb 0
H»-- -1946 J
J
Canadian Pao Ry 4 % deb stk
perpet '
J
Coll trust 4Hs
1946 M S
Craig Valley 1st 6s
—-
-
106 %
106 %
*106%
113
113
113
Ref A Impt mtge 3Hs ser D1996 IVI N
Ref A impt M 3Hi ser E...1996 F A
----
98%
106 %
111
u8h
June 15 1955 J
4%a
General gold 4Hs
----
98%
*1021516 1037j2
110H
1UH
104 %
105
*113H
II§"
110H
5
37%
97 %
{Baldwin Loco Works lat 6a... 1940 M N
ClD Dlv 1ft ret 4s A—.1969
Ret A gen 5a series D
2000
96 H 102H
120
200
108 %
"l08H
J
6a assented
1940
Bait A Ohio 1st g 4a
July 1948 A
Refund A gen 6* aerlea A
1996
let gold 6a
July 1948 A
Ref A gen 6a series C
1996
P L E A W Va
Sys re* 4s
1941 M
148
103H 113
96H 102H
107 H
*104
coiitr 6a—ril96»
*
87
87 H
99
107 H
"106%
9
2
116
A
1
Auburn Auto conv deb
4Ha... 1939 J
Austin AN W Jstgug 6a......l941 J
109 %
115H
38
*106
O
123
191
105
105H
"98"
94%
112H
1960 F
100 %
100%
*106 %
1948
114
94
118%
4a.. 1954 A
83
99%
99%
1944 J
2d 4a
115H
114
■»
J
A
105
11946 M N
J
1948
114H
26
O
A
1957 J
Guaranteed gold 6a—..July 1969 J
Guaranteed gold 5s
Oct 1969 A
Guaranteed gold 6a.
.1970 F
1949 F
105 %
.1964 J
102 H
112H
Canadian Nat gold
4Hs
Cent Pac 1st ref gu g 4a
'111%
83
87
101H
20
111H 114
113H
104 %
"98"
41%
101%
97 H 105%
84 H 104
60
%
34H
41H
74
112
429
112
104 %
36%
64
If 2
1961
98 %
..Oct 1962 MN
59
1987
1944 J
General unified 4 Ha A
36
89
1
{♦Cert New Engl 1st gu 4a
"98 H
8
101 %
88 X
9
Central N J gen g 6s
General 4s
■
M
5
101
89
23 H
105H 109
19*6 J
July 1962
74%
161"
H7H
103H 106
*
Rocky Mtn Dlv 1st 4a
1966 J
Trans-Con Short L lat 4a... 1958 J
Cal-Aria let A ref 4 Ha A
1962 M
18%
23 h
95
*
1948 J
18
H
74 H
117h
17
37 %
1960 J
Atl Knox A Nor lat g 6a
Atl A Cbari A L lat 4
Ha A
1st 80-year 6s aeries B
75
106 H
1966 J
1
O
107
*130
90
14
O
106 %
99%
1st M s f 4s ser C (Del)
1967
1 Armstrong Cork dob 4a...... 1950
Atch Top A 8 Fe—Gen
g 4s
1996
Adjustment gold 4a
1966
Bumped 4a
1995
C«nv gold 4s of 1909
...1966
Conv 4a of 1906
Conv g 4a Issue of 1910
Cor* deb 4 Ha
1
100 %
{Ann Arbor 1st g 4a——
1996
Ark A Mem Bridge A Term 6s.
1964
Armour A Co (Del) 4s series B.1965
Forfootnotes
1942 A
1962 A
ctra
5s A
106 %
112
1967
«a
Canada Sou
105H
104 %
J
85%
18
68 h
105 %
J
73 h
20
24
J
"\06%
M N
J
91H
1
74
99H
99
:
Anaconda Cop Mln af deb 4Ha I960 A
♦Angta Chilean Nitrate—
ref
102H
76
46
99 %
"80%
Amer Water Works A Electric—
Deb g 6s series A
1976 M N
Con
101
19
60
108
1963
20-year sinking fund 6 Hi---1948
Convertible debenture 4 H>--1989
8H> debentures
1961
3Hs debentures
1906
♦Am Type Founders conv
deb.lv50
Atl Gulf A W YSS
5
79%
96%
86%
98
Tejep A Teleg—
10-yr coll tr 6s..
Atl A Dan lat g 4a
98 H 108H
102 %
103 %
*93 %
100
2030
f deb 6a
LAN coll gold 4a
100
60 H
"1O8H
A
1966
Foreign Pow deb 6a
Atl Coast Line lat cons
99
85H
95
"61%
Amer I G Chem oonv
6H>
1949
Am Internet Corp conv 5
Hi—1949
Am
2
'■
Aipine-Moatan Steel 7a
a
101%
101%
75
*
1942 M
4a
guar g
109 H
70
103 %
86 %
..1998 A
StoreaCorp deb 4H«—--1960
4%a debentures
_1951
American Ice
A
D
.1960
Allied
Am A
103 %
95
i960 A
♦6a stamped
Allegb A Weal lat gu 4a
84
*67
1948
6a
oonv
18
*67
Ha
♦Coll A
107%
99 H
----
77H
72
30
76
77
23 H
O
♦Camaguey Sugar 7s
112
56
35
24
J
80 H
69
*101H
102 %
76 H
107
99 H
80 H
24
A
72 H
25
92 H
23
Cal G A E Corp unlf A ref
6a... 1987 M N
Cai Pack conv den 5s
J
1940 J
81
101 %
20
27H
27
20
100H 106 H
22
1966
73 H
18 H
22 H
♦16h
*88 h
.1900 A O
18H
23
1952
,
Adriatic Eleo Co exi,l 7a
Ala Gt Sou lat eon« A 6a
Alleghany Corp
Consol 4Hs
1957 M N
•{♦Burl C R A Nor let A coll 6a 1934 A O
78H
99% 103
131
"26"
77%
H
74
A
6s equip trust ctfs
1048
25
77
106 H
71%
COMPANIES
Adama Expreae coll tr
g 4a
Coil fl-ust 4a of 1907
....
77
"94"
65
69H
97
30
186
77
115H
1950 F
3
27
97 H
J
A
Bruna A Weal la* gu
J
g 4s
1938
Buffalo Gen Elec 4Hs ser B...1981
A
JBuff Roch A Pitta gen g 6s
M S
1937
♦Consol 6s
{♦Bush Term Bidgs 6s
gu
77%
99
120
"3
*108H
1957 M N
3He
4
~27H
105H
77
1945 M N
lat lien A ref 5a series B
Brown Shoe t f deb
126 K
96 H
77 H
1947 M N
1960 J D
cons g 6a
1st lien A ref 6e series A
Debenture gold 61
98
INDUSTRIAL
♦llAblttbi Pow A Paper lat 6a. 1963
■•v
1941 J
1960 F
90H
100
"77%
25
M N
Bklyn Un Gag 1st
78H
8
103H
115H 121H
104 H
97 %
gtd 5s. 1941
♦Certltlcatea of deposit
{Bush Terminal lat 4a
53%
1961
H
24 %
♦25H
105
Bklyn Qu Co A 8ub
1st g 6a
High
72 H
119H
27
27
1944 J D
1907 M S
stamped
Low
102
126H
M N
1st 6a
NO.
*104
27 H
{♦Beaton A N Y Air Line lat 4h 1955 F A
• {♦Botany Cons Mills
0Hi
1934 A O
♦Certificates of deposit
Brooklyn aty RR 1st 6s
J
1941 J
Bklyn Edison cons mtge 3HS..1966 MN
con
Jan. 1
72
118H
1966 M N
1961 A O
67
81
100
Eiob
1948
1st M 5a series II
l"t t 4*8 STleb JJ
39H
68%
6* Nov coupon on
.1962
♦Warsaw (aty) external 7a...1968
1961
Big Sandy 1st 4a
Boston A Maine lat 5a A C
40H
24
72
Since
*
♦Debenture 0b
1956
♦Berlin Elec Ei A Undergr
0Hs I960
Beth 8teei oona M
4Hs »er D..1960
Com mtge 3Ka ser E
1960
30
39 %
Rangt
Asked
19 H 25
22
29
*30
1900
AND
43 H
35H
25
28H
"55%
♦External a f 6a
..1964
Venetian Prov Mtga Bank 7«..1962
Vienna (aty of)—
RAILROAD
44
29H
4
29
30
1962
Yokohama (City) extl 6a
3 6H
13
31
*22
1971
a I 6a
11
37
*22
♦Uruguay (Repubilo) extl 8a.. 1946
♦External
25
A
*102"
..I960
Belvldere Delaware oons 3
Hi--1943
♦Berlin City Elec Co deb
0H«—1951
♦Deb sinking fund
6Ha
1959
■
1965
Tokyo aty 6a loan of 1912
External s I 6H* guar
TrondhJem (aty) let 5Ht
35H
34H
41
96
1962
a
27
or
Friday
Bid
3s_.1989
Bklyn Manhat Tranalt 4HS...1960
28
97
♦8 Ileal* (Prov
of) extl 7f
1968
♦Sllealan Landowners A tan 6a.. 1947
Stytta (Province of)—
7a Feb coupon off
1946
Sydney (aty)
27
34%
...
_
♦Sinking fund g 6 Ha
1946
Serba Croat* A Blovenee
(Kiwrdom)
♦8a Nov 1 1936
coupon on
1962
coupon on
41
31
40%
34H
Range
Sale
Price
Low
1st gu
Beecb Creek ext lat
g 3 Ha
Bell Telep of Pa 6s aeries B
lat A ref 6a series C
Bklyn Union El
♦External 6a July coupon off. 1968
8ecured a f 7b
...1940
♦Saxon State Mtge Inat 7a
1946
*7a Nov 11936
32
25 H
21H
11
28 %
*24
♦External 8a July coupon off. 1960
♦External 7s Sept coupoo off 1966
.
123
41
30
*22
1962
N»,
33
%
31%
27
(State of)—
Rome (aty) extl 6
Ha
STOCK EXCHANGE
Week Ended Aug. 6
High
24 %
Week's
Friday
Last
11
Y
Battle Creek A Stur
1966
♦8a April coupon off
♦6a June coupon off
♦7» May coupon off
♦Ta June coupon off
BONDS
N
Jan. 1
Asked
High
Low
♦7X« July coupon off
46 Kb Aug coupon off
Rio Grande do Sul
Rangt
c2
Friday
Bid
1961
a
905
^
Range or
Sale
Price
♦8b Juno
coupon off
Pj»*u« (Greater City) 7 Hi
♦Russia (Free State) extl 6Hs
2
—
Foreign Govt. AMunlc. (Omct.)
Porto Aiegre (City
of)—
♦External a f 6b
Queeraland (State) extl
26-year externa! 6s
Record—Continued—Page
Week's
Friday
62
39
61
18H
38
16
19H
15
20
36H
30H
24H
"II
20
120
12H
€ f
tt fc
EXCHANGE
&sorB'
Johnson
Bid
Price
A
Asked
Low
D—1961
1952
ref M 4s ser F
1966
ref mtge 334« ser G-.1966
A Mac 1st Hen g 4s—-1995
4s assented
1995
Detroit Edison Co 434s ser
( Tiew York Stock Exchange
York Curb Exchange
L
tMembers
Gen A ref 6s ser E
|
Gen A
Gen A
♦Detroit
^ILWAD <BONDS
♦1st
1995
♦Second gold 4s
♦2d 4s assented
High
11434
10634
4
11134 11634
10634
1
110
11034
23
105
10534
14
10634 11034
10534 11134
101
10934
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O
-
S
M
1
No.
High
105
A
A
Sines
Jan
cqoa
11034
11434
f
A
Is
Friday
Sale
5 a,
Week Ended Aug. 6
Rants
Range or
Last
bonds
Hennett
Week's
Friday
°0
N. Y. STOCK
7, 1937
Aug.
New York Bond Record—Continued—Page 3
906
-
-
-
11434
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j
D J'mmm
-
..
*
-
-
85
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D
j
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—
60
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63
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----
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65
45
----
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----
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ivi N
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1951
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135 So. La Salle St.
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One Wall Street
Detroit Term A Tunnel 4348--1981
Chicago,
York,Hf.
Hew
Randolph 7711
Cgo. 543
*100'732 106
46
*4334
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10634
10634
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Week's
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bonds
N.
Y. STOCK
Price
Week Ended Aug. 6
A
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3134
47
8334
4334
4234
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1940
j
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1957 J
j
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10734
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1938
a
—
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1
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1946
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1970
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1980
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1955
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1951
1936
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For footnotes see page
103
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1969
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----
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Dayton Pow A Lt 1st A ref 3 34s 1960
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1943
----
103
5134
1952
---
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Gulf States Steel
108
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1960
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Feb
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26
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9634
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1951
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76
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1
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1956
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1951
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34s.May 11966
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s
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105
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1972
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101
9
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1977
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of
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7634
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1956 j
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34
B.1942
1942
1942
1948
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3
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1940
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j
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68
163
----
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—
10534
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10234
1977
1939
Crown Cork A Seal
9434
9434
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---
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10834
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1993
s
91
80
j
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7534
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10434 113
103
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67
7734
6934
7034
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1955
J
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Ref A lmpt 5s of 1927
Ref A lmpt 5s of 1930
Erie A Jersey 1st s f 6s
1967
1975
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11034
10734
1993
Cleve A Pgh gen gu 4Hs ser
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80
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8934
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103
1
18
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Cln Un Term 1st gu 5s ser C..1957
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Clearfield A Mah 1st gu 4s
1943
Spr A Col Dlv 1st g 4s
W W Val Dlv 1st g 4s
10634 112
105
10634
~—
10434
1734
1962
lmpt 434s ser E
Cairo Dlv 1st gold 4s
-
—
100
1534
Cln Leb A Nor 1st con gu
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9934
7534
1834
ivi N
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10434
—
1534
1943 a O
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—
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1966
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1963
1963
1951
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100 34 105
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----
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15
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10434
109
-
1634
1944
D
1st mtge 334s series E
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Colo
45
64
-
—
13934
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31
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1951
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Guaranteed 4s
Colo
32
j
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D
a
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102
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-
1952 M's
334s
June 15 1951
Memphis Dlv 1st g 4s
1951 J
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1960 J
Coal
3
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65
3134
3134
1934
1960
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Ch St L A New Orleans 6s
Gen 434 s ser A
j
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10634
1534
(♦Refunding gold 4s
♦Certificates of deposit--
Series C
Low
64
1988
(♦Secured 4)4s series A
♦Certificates of deposit
1st A ref M
1941
1951
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4 34s ser A
A
ivi N
11434
*103
({♦Chicago Railways 1st 5s stpd
Feb 1 1937 26% part pd
Ino gu 6s
No.
High
Low
{♦Chic R I A P Ry gen 4s
♦Certificates of deposit
Jan. 1
7234
4234
13
107
»
*10434
13534
10834
10834
*11034
*10434
j
f
Sines
Asked
*113
------
J
J
Range
Friday
Sale
EXCHANGE
j
10234
10134
----
—
*107
MN
Friday
—
-
J
104
26
2754
1434
1434
9
1854
534
2254
3234
40-year 434a
8
5034
J
--
-
-
-
93
-
-
-
-
110
111
-
102
10734
7
-
10434
102
10734
92 34
-
4
93
95
7934
81
68
7634
7734
7634
7934
7934
7734
7634
5
7634
72
7034
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11
7034
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6434
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a
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Aug
IF
10534
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M N
38
24
M N
3634
15
j
-----
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90
6234
105
10634
93
------
96
9034
90
10434
80
109
98
j
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95
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a
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9134
95
-
-
---
100
----
----
-
-
-
-
10234
9834
10034 10034
94
94
10134
Volume
New York Bond
145
BONDS
Y.
Latt
STOCK EXCHANGE
Bid
71%
lBt A ref 4He series C
1963
Illinois Steel deb 4%e
1940 A
Ind Bloom A West 1st ext 4s_.1940 A
Ind 111 A Iowa 1st g 4s
1950 J
{♦Ind A Louisville 1st gu 4s
1956 J
Ind Union Ry 3 %b series B__. 1986 M
67
69%
%\
66
107
—I
J
*99)4
106
J
1952 J
A
100
102
30 %
*27
30)4
31h
O
10%
J
lnternat Paper 6s
77 H
1947 J
Debenture 6s_
1955 P
{♦Iowa Central Ry lBt A ref 4s. 1951 M
74)4
100 H
98)4
9874
95
101)4
99)4
95
97)4
102
73
63)4
75
94
79
94
78
67
3
5)4
95)4
18
14
104 V4
102
2
49
9
46
42
3
42)4
85
33
82)4
85
48
79
13
106
37
102)4 105
108 H
109)4
103)4
44
104)4,
44
12
I
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loo".
111
HI
108
*101
A
I
95)4 10874
109)4 114
97 H
109 H
114
101
112)4 119 %
I
101)4
105
100
102)4 111)4
98
102)4
J
A
19
18
32
22%
20%
41%
17
16
30
14
83
14%
82%
28%
95%
98)4
95
95
10 %
83
t
"58*"
58
48
61%
84%
86
84%
96%
88)4
76%
65%
73%
65%
63%
76
69
69
69
79%
66 %
37
67
26
63%
80
38 %
48%
73%
1978
33
45%
14)4
24
51)4
49
68)4
•1st A ref 5s series F
1977
38%
57
31)4
49
49)4
49
70
36%
35%
36%
11
19781M N
36%
38%
50
31%
31%
32%
48 %
98
104
103)4
98
92)4 106)4
92
54
51
94
79 74
98
♦Certificates of deposit
94
100)4
63)4
105)4
105 H
*121
101
63 H
105)4
122
166
103
102 H
103 )4
1944 A
128
128)4
120
120
88
102 74
102)4
108)4
109
108
104 H
99
1946 F
107)4
108 H
105 H
100
8
94)4
109)4
1955 M N
89 H
*112)4
97)4
"97)4
113)4
113)4
1945 M
1952 J
Ha.-1944 F
107
94)4
109)4
90
104
104)4
10374
103)4
78 H
104
*60
79 H
67
67)4
72
86
Gen A ref
s f 5s
104)4 109
Gen A ref
s f
116
129)4
129)4 136
117
126)4
108
108
97H 101)4
6974
7974
101)4 106)4
101 % 10374
102)4 108
100
106)4
100
104)4
42
3674
37
*16)4
24
*92%
1959
*83
{♦Man G B A N W 1st 3)48—1941
*65)4
»
26%
54%
39%
39)4
29
29
30%
84
98 %
105
88%
111%
108)4
110%
O
105%
105%
32
100
O
102
102)4
b
101
1
95%
10074
147
92
100%
O
79%
Montana Power 1st A ret 3)48-1966
Montreal Tram 1st A ref 5s
1941
series A
1955
5s series B
.1955
o;
Gen A ref sf 4)4s series C—1955
Gen A ref s f 6s series D
1955
"93"
75
37
94)4
0
Morris A Essex 1st gu 3)4s
Constr M 5s series A
80
*79%
79%
79%
D
98%
104%
79%
85%
79%
86%
80%
86%
01
*
82%
....
80
2
79%
88
8874
40
8574
1955 MN
94%
95
29
92
Constr M 4 His series B
1955 M N
Mutual Fuel Gas 1st gu g 6s
1947 M N
Mut Un Tel gtd 6s ext at 5%„194l|M N
85
3
*11474
2000
84
f Nash Flo A S 1st gu g 6s
Nassau Elec gu g 4s stpd
117
*107
Namm (A I) A SonASee Mfrs Tr—
Nash Chatt A St L 4s ser A
1978
43
84
97%
102
97
82%
112% 119
106)4 111
*91%
90
98)4
100)4 102)4
92%
1937
1951
99)4
2
14
41
43
4
38
63)4
'
126)4 135
116)4 124)4
82
100)4
99)4 102)4
106
112)4
105)4 109)4
106)4 111
99)4 108)4
96
103)4
90)4 98
105)4 111)4
85)4
96)4
110)4 115
94)4 100)4
109)4 116
93
99
106
Nat Aome 4His extend to
Nat Dairy Prod deb 3)4s w
*101
1946
102)4 105 J
100
77 %
105
86
104)4
103 %
104%
150
Nat Distillers Prod deb 4)4s—1945IM N
106%
105%
106%
44
♦4 He Jan 1914 coup on
♦4 Ha July 1914 coup on
103
♦Assent
1914
warr
coup
off
A rets No 4
*3)4
106)4
on
*57
♦4s April 1914 coupon on__.1977
♦4s April 1914 coupon off
1977
♦Assent warr A rets No 5
on
*77
Nat RR of Mex prior Hen 4 %a—
♦Assert warr A rets No 4 on. 1926
4
*2%
*2)4
3)4
*2)4
*2%
374
1957
1957
1957
4
Nat Steel 1st coll s f 4s
*51
3%
106)4
106)4
1951
1951
on
1954
*76
Newark Consol Gas
1948
118)4
cons
5s
3%
{♦New England RR guar 6s_..1945
♦Consol guar 4s
1945
New England Tel A Tel 5s A
1952
1st g 4 Ha series B
1961 M N
N J Junction RR guar 1st 48—1986 F
N J Pow A Light 1st 4 )4s
1960 A
New Orl Great Nor 6s A
16)4
92)4
33)4
92)4
N O A N E 1st ref A Imp 4 He A1952 J
New Orl Pub Serv 1st 5s ser A—1952 A
90
First A ref 5s series B——1955 J
New Orleans Term 1st gu 4s...1953 J
1983 J
55
55
124%
120%
4
4
~6H
4
"3%
474
*2)4
*2)4
3%
1965
♦4s April 1914 coupon on
♦4s April 1914 coupon off
♦Assent warr A rets No 4
53
78)4
10074
99% 107
National Rys of Mexico—
27 %
82)4
95
w—1951IM N
{♦Naugatuck RR 1st g 4s
67)4
39
♦Second 4s
2013
Manila Elec RR A Lt s f 6s
1953
Manila RR (South Lines) 4s—1939
97
36%
27%
26%
93
37
1960 A
7674
99
105
104 74
78)4
83%,
~36%
1965 A
62)4
102
99
*104)4
100
9574
*
1938 M S
1st mtge 4)4s
6s debentures
*4 He July
J
2003 A
98
53
102)4
2003 A
100)4
60
103
2003 A
99
*92 Hi
N
97)4 103)4
102)4
107
49%
47
108
102 H
103)4
O
31%
30
88
*102)4
102)4
28
40
108
125 H
87
I
Monongahela Ry 1st M 4s ser A *60 M N
Monongahela West Penn Pub Serv
74
87)4
38
36%}
Mohawk A Malone 1st gu g 4s.1991 M S
94
46%
36%
{♦Mobile A Ohio gen gold 4s—.1938 M S
♦Montgomery Dlv 1st g 58.-1947 F A|
♦Ref A lmpt 4)48
1977 M S
♦Secured 5% notes
10
3174
47
45%
18%
48%
36
1981
♦Certificates of deposit
Mo Pac 3d 7s ext at 4% July.l938|M
78
105
J
35
32
75
124)4
1951 F
100)4
'll5
12
37%
*35
77
*108
8
104)4
105|
94)
♦1st A ref 5s series I
11
37%
1949 M N
19801A O
54
131)4
99)4
81)
95)
♦1st A ref g 5s series H
♦Certificates of deposit
*35
61
130
loo"
100
—
♦Certificates of deposit-.
♦Conv gold 5)4a
59
73
McCrory Stores Corp s 1 deb 6s 1951 M N
McKesson A Robbins deb 5)48.1950 M N
Maine Central RR 4s ser A
1945 J
ser
♦Certificates of deposit
59 H
54
*102
-
{♦Mo Pac 1st A ref 5s
Jan 1967
A
1965
53 H
94 )4
98
8
90
92
102
*75
O
81
35H
30)4
96
D
stamped-———1949 M
109)4
3474
1938 J
1949 IV1
99
H
100)4 106)4
99
*101
124)4
D
101
95
131)4
A
50)4
34)4
A
1949 M
18 H
20%
*16
31)4
1950 A
For footnotes see pag«909
37%
20
10
104
1962 M N
1st ext 4s
874
19
19
J
10
62>|
63)4
Gen mtge 4%a ser A
—I960 J
{{♦Manatl Sugar 1st s 17Ks—1942 A
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4S.1990
♦Certificates of deposit
3
123
Leh Val Term Ry 1st gu
g 68—-1941 K O
Lex A East 1st 50-yr 5s gu
1965 A Ol
Liggett A Myers Tobacco 7s—1944 A O
Montg 1st g 4)48
South Ry joint Monon 4s
Atl Knoxv A Cln Dlv 4s
Lower Austria Hydro El 6
474
16
51
1980 M
5
4%
46%
36
64)4
Mob A
21%
15%
52
Paducah A Mem Dlv 4s
St Louis Dlv 2d
gold 3s
57
11%
36
99
D
2003 M N
3He series E
57
12
1975
55)4
1st A ref
32
63
5
—1962
Prior Hen 4 )4s series D
♦Cum adjust 5s ser A
34
4
1959
Mo Kan A Tex 1st gold 4s
1990
Mo-K-T RR pr lien 5s ser A—1962
♦1st A ref 5s series G
J
2003,M N
—2003 A
32K
*10%
1949
1978
1941
40-year 4s series B
99)4
91)4
-
♦General 4s
2003 M N
1st A ref 6s series B
1st A ref 4%b series C
1st A ref 4s series D
102
25-year 6)48
1st ref 5 His series B
1st Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
77
*
1949
1962
4s int gu.1938 J
85
90
77
««.
49
100)4
A—1969 J
g
83
90
77
*77
*
70 H
1940 J
ser
♦1st A refunding gold 4s
90 H
105
99H 105
70)4
59
-
103%
108
66
J
Louisiana A Ark 1st 6s
103
41%
100
56)4
A
Louisville Gas A Elec 3)4s— -1966 M
Louis A Jeff Bdge Co
gu 4s
1945 M
Louisville A Nashville RR—
Unified gold 4s
1940 J
1971
101
90
A
6s
103 %
61)4
1964 F
Lorlllard (P) Co deb 7s
102%
50
6154
1938 J
4s
1961
104% 110%
105%
97
1974 F
Guar ref gold 4s
*41)4
104%
60 H
50
1st A ref
1952 J
*92
1940
♦Ref A ext 50-yr 5s ser A
28
103H 105%
*108)4
|*Mllw A No 1st ext 4)4s(1880)1934
1st ext 4)4s
1939
Con ext 4J4s
1939
{♦Mil Spar A N W 1st gu 4s—1947
{♦Mllw A State Line 1st 3)4s—1941
{♦Minn A St Louis 5s ctfs
1934
con
24%
104%
25
1st A ref sf 6s
Lombard Elec 7s ser A
Long Dock Co 3%b «*t to
Long Island gen gold 4s
Unified gold 4s
*104
—1951
1952
1979
Mllw El Ry A Lt 1st 5s B
1st Mtge 5s
M St P A S3 M
"28"
*25
60
A
1946 F
Jack Lans A Sug 3 His
1st gold 3 Ha
54
*2)4
♦Mlag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
City Air Line 4s
1940
Ref A lmpt 4 His series C
{♦Mid of N J 1st ext 6s
4
103
3074
*93
Little Miami gen 4s series A
Loews Inc s f deb 3Hs
102)4
11)4
"*2)4
146)4 161
A
1951 F
101)4
154)4
A
-
10154
J
1954 F
6s
1950
99
103% 107%
106
109)4
100 Hi 104)4
11
16%
3
6%
108
95
Lehigh A New Eng RR 4s A—1965 A O
Lehigh A N Y 1st gu g 4s
1945 M S
Lehigh Val Coal 1st A ref s f 6S.1944 F A
4s
104)4
107)4
J
J
J
cons g
108
1938 J
97)4
*104)4
103%
87% 100
105
1988
1938 J
1946 J
J
4 His
105"
Metrop Ed 1st 4)4s ser D
Metrop Wat Sew A D 6)4s
|{*Met West Side El (Chic) 4s.l938
•Mex lnternat 1st 4s asstd
1977
♦4s (Sept 1914 coupon)
1977
1
97 h
94 )4
99 H
Mead Corp 1st 6s with warr—1945
1st cons 58 gu as to Int1st A ref 6s series A
108)4
102)4
94)4
99 H
94)4
1947
Since
High
10274
1943
A—April 1940
ser
Range
Jan.
28 H
1954 J
cons
Market St Ry 7s
1st cons 5s
103)4
cons 6s
Mfrs Tr Co ctfs of partlo In
A I Namm A Son 1st 6a
Marlon Steam Shovel s f 6s
101)4 102)4
104)4
1964 J
General
Low
107)4
1975
General
Friday
Bid
A
Atked
Price
109)4 109)4
*9954
LehighC A Nav sf 4Kb A
Lehigh Val (Pa)
Range or
Sate
Week Ended Aug. 6
Week*
Last
EXCHANGE
101H
1959
1954 F
STOCK
107
99)4
Leb Val N Y 1st gu g 4 He
Y.
109)4
*113
1942 F
6s
Friday
BONDS
N.
*151)4
I
F
Lautaro Nitrate Co Ltd—
♦1st mtge income reg
s f
A. T. A T. Tele. N. Y. 1-1598
*101
J
Secured 6% gold notes
Leh Val Harbor Term gu 6s
31
35
NEW YORK
St.
Telephone WHiteball 4-2900
*
1942 F
f 5s
25
96)4 100
1
95
102%
Laclede Gas Light ref A ext 6s.l939 A
Coll A ref 5%b series C
1953 F
Coll A ref 6 He series D
1960 F
s
11)4
21
102)4
I
Kinney (G R) 5%s ext to
1941 J
Kresge Foundation coll tr 4s. .1946 J
3%b collateral trust notes... 1947 F
Is A ref
44
115)4
97)4 101H
99)4 107)4
*
1954 J
Cons sink fund 4 He ser C
109)4
4
21)4
A
1997 J
100
2
16
21H
1
68)4
64
95
25
16
j *27)4
101)4 108
40
4
44
21)4
1961 J
-
106
83)4
83)4
1961 J
Lake Erie A Western RR—
5s 1937 extended at
3% to—1947 J
2d gold 6s
1941 J
Lake 8h A Mich So g
93)4 102)4
100
104)4
—
4 He unguaranteed
"8S
47
—
Plain—
3%»
89)4
99
102)4
95)4 101)4
102
1946 M
Coll tr 6s series A
Coll tr 6s series B
90
71
49
O
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4 His—1961 J
Stamped
1961 J
I
40)4
7154
77)4
94
95
104 H
—
{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit
27
85
83
5%
D
♦Karstadt (Rudolph) 1st 6s.—1943 M N
♦Ctfs w w stmp (par $645)—1943
First and ref 6%b
33
70
Kansas City Term 1st 4s
1960 J
Kansas Gas A Electric 4%b—1980 J
Kings County El L A P 6s
1937
Purchase money 6s
1997
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 6s
1954
26)4
17)4
4074
91)4
75)4
Apr 1950 J
(par $925)—1943
42)4
9)4
11
97)4
{|*K C Ft 8 A M Ry ref g 4s_1936 A
♦Certificates of deposit
A
Kan City Sou 1st gold 3s
1950 A
stmp (par 5926).-1943
27)4
31H
90
*85 ?4
8
James Frank A Clear 1st 4s.—1959 J D
Jones A LaughHn Steel 4)4s A—1961 M 8
1990 A
84
101%
8
1955 IV1
Int Rys Cent Amer 1st 6s B--.1972 M N
1st lien A ref 6 Mis
1947 F A
Int Telep A Teleg deb
g 4)48—1952 J
Conv deb 4Hs
—-1939 J
warr
91
H
100)4
84)4
w
61
100)4
30 H
OH
J
w
69
100 74
J
O
♦Ctfs
61
67 %
Wall
63
103
O]
♦Ctfs with
69
52)4
91)4
94
1956 J
Keith (B F) Corp 1st 6s
56
18
102)4
1941 A
Kan A M 1st gu g 4s
20
23
100)4
1944 A
ser A A B
95)4
25
69
lnternat Hydro El deb 6s
Int Merc Marine s f 6s
f 6s series A
65)4
101%
1956 J
♦1st g 6s series C
97
O
A.-July 1952 A
♦1st 5s series B
55
53)4
M N
stamped 1942
Members New York Stock Exchange
108
24)4
69
D. H. SlLBERBERG & Co.
43
98 % 105)4
101
68
64
1932|M S
{♦Int-Grt Nor 1st 6b
lmpt 6s
35
103
103)4
1947 A
Ref A
104)4
100 H 107
S
Interlake Iron conv deb 4s
Int Agric Corp 6s
s
104 H
22
7% notes
FOR BANKS AND DEALERS
106)4 108
32)4
O
BROKERS IN BONDS
91)4
87)4
63
♦Certificates of deposit
Ref
66
A
1932 A
ser
69)4
67 %
*103 %
♦Certificates of deposit
♦Adjustment 6s
72
107 x
1966 J
|*10-year 6s
ser
Jan. 1
Atked
*101
J
♦Certificates of deposit
conv
A
1961 F
Inland Steel 3%e series D
tlnterboro Rap Tran 1st 5s
|*10-year
Since
Friday
Price
111 Cent and Chic St L A N O—
Joint 1st ret Be series A
1063
Range
Range or
Sale
Week Ended Aug. 6
Record—Continued—Page 4
Week's
Friday
4
~l%
4%
7%
•
"3%
106%
84
118%
56
55
124)4
121%
*101
1
I
IO
102% 107 H
77
93%
118
122%
55
82
55
74%
118)4 127%
116% 125%
100)4 101
104)4 107%
107
107%
88
88%
84
98
76
76
73
85%
97)4
99
92% 103%
9774
98%
92
00%
91%
90% 100)4
103
New York Bond Record—Continued—Page 5
908
•»_
u
■»»
a
EXCHANGE
Week Ended Aug. 6
Friday
Week't
Range or
Last
BONDS
N. Y. STOCK
is
Last
Range or
Bid
High
Low
{{♦N O Tex A Mex n-o lno 6s.. 1935 A O
*49
O
*54
1954 A
♦1st 6s series B
No.
Low
44 H
48
62
46H
Sr
STOCK EXCHANGE
c
Price
Paramount Pictures deb 6s
59H
64H
3Ha conv debentures
.1947
Wl
Paris-Orleans RR ext 5 Ha——1968
J
J
S
S
93 H
*54
56
48
60
{♦Park-Lexington 6Hs ctfs
1953
J
J
50
51
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1944
A
O
59H
46H
51H
55H
59
Pat A Passaic G A E cons 5s...1949
Wl
s
*51
56 H
47
62 H
57
1942
1937
B—1941
1942
1944
Wl
s
J
J
HI
A
97 H
A
O
103 H
A
O
2013 A
O
97 H
1952 WIN
Ref A impt 4 Ha series A
Ref A impt Be series C
107H
98 H
J
N Y Cent A Hud River M 3H8-1997 J
Debenture 4s
1942
ser
A
ToiH
S
1978 M
Ref 4 Ha series C
O
..Oct 11938 A
3-year 6s
48 collateral trust
84 H
98 X
104H
1946
106H
99 H 104 H
84
96 H
94
103
97 H
98 H
222
106 H
107H
98H
175
104
73
94
5
106
88 H
100
91 X
87 H
91
91H
1998
1937
1974
113,H
95
101
93
87
106
1998
110
112
88 H
88
"8§"
2013
IN Y Chic A St L 1st g 4s
Refunding 5 Ha series A
97
103H
3
98
104
97 X
Conv secured 3Ma
Lake Shore coll gold 3 Ha
Mich Cent coll gold 3 Ha
111
ill
1998 F
20
90H
89H
100'532 101H
98 H
96H
83
85H
98 X
98H
105 X
104H
109H
109H
8
10
42
228
62
42
2
N Y Connect 1st gu 4 Ha A
1st guar 6a series B
1953
1953
109H
109H
1
N Y Dock 1st gold 4s
Serial 5% notes
1951
58 %
60 H
56
60
19
60
..1938
Certificates of deposit
N Y Edison 3Ha ser D
1st lien A ref 3Ha ser E
N Y A Erie—See Erie RR
O
1965 A
1966 A
O
59H
*55 H
100 H
101
101H
"64
101
Toon
101H
8
123H
H4
9
60
109H
105
104 H
85
108H
88 H
88
98H
96H
97 H
100's«l02H
92H 105
80H 95H
97 H
100
106
109
55H
100 H
106 X
109 X
109H
72 H
55
72
55 H
56 H
97
105H
97 H 105 X
♦Paullsta Ry 1st ref a f 7s
Penn Co gu 3 Ha coll tr A
Guar 3Hs coll trust ser
123H
114
113H
6
116H 126 H
109 H 117 H
1946 WIN
2000 Wl N
N Y Lack A West 4s ser A
4 Ha series B
1973 Wl N
97H
N Y L E A W Coal A RR 5HB-1942 Wl N
N Y L E A W Dock A Impt 5S.1943 J
J
N Y A Long Branch gen 4s
n-c
*
105H
*25
*26 H
♦Non-conv debenture 4s
1956 Wl N
J
1956 J
..1948 J
J
♦Debenture 4s
37 H
18H
t*N Y Ont A West ref g 4s
1992 M
♦General 4s
1955 J
nee
S
D
A Boston 4s 1942 A
01
106
X
D
104
107
D
*104
107 H
104
107 H
106
106
104 H 110
102 H
102 H
103
99H 106 H
99H
99 X
100
97X
F
A.1977
4 Ha series B
1981
Pennsylvania PAL 1st 4 Ha.—1981
Pennsylvania RR cons g 4s
1943
Consol gold 4s
1948
4s sterl stpd dollar May 1 1948
Gen mtge 3Ha ser C
1970
Consol sinking fund 4 Ha
1960
General 4 Ha aeries A
1965
J
Debenture g 4 Ha
3Hs
Peop Gas L A C 1st cons 6s
Wl N
O
120
118
♦Terminal 1st gold 6s
1943 Wl N
N Y Telep 1st A gen s f
4Hs—1939 M N
N Y Trap Rock 1st 6s
1946 J
D
6s stamped..
1946
104M
*95H
{♦N Y Westch A Bost 1st 4HS.1946 j"i
Niagara Falls Power 3Hs
1966 M S
Niag Lock A O Pow 1st 5s A... 1966 A O
Niagara Share (Mo) deb 5H8..1950 Wl N
102H
107H
F
North Amer Co deb 6s_.
No Am Edison deb 5s ser A
Deb 5Hs series B_.__Aug 16
Deb 6s series C
Nov 15
1961
F
1957 Wl
A
T5i«
1969 MN
North Cent gen A ref 5s
Gen A ref 4 Hs aeries A
S
1963 F
103 H
1974 Wl
1974 Wl s
{Northern Ohio Ry 1st guar 6s—
♦April 1 1934 A sub coupons. 1945
104H
95 X
118 H
217
112
112
112
A
O
96H
22
107H
1942 A
O
1940
1945 M N
Guar stpd cons 5s
90
12H
1963 Wl
D
117H
118
113H 124
O
117H
117
117H
J
107
107H
113H 123H
104 H 107 H
*103
"89"
112 H 113
87
90 H
1977
Otis Steel 1st mtge A 4Hs
1962 J
Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G_.
1st A ref mtge 3 H a ser H
1960 A
1948 J
A
ser
O
83 H
85
84 H
25H
23H
D
*110
8
7
8
69
82 H
106H
105 H
120
72 H
87
72 H
105H
115
75
98
97
7
110H
148
100
16
100H
43
81H
101H 112H
69H
82 X
94 H 106
109H 112
99
lOOH
100H
66
Gen A ref 4 Ha series A
Gen A ref 4 Ha series B
105 H
98 H
1
165"
104
22 H
*79
99
54
112H
110H
95 H
*13 H
96 X
J
1997 J
109
1966
1938
2d extended gold 5s
Pacific Tel A Tel 3Ha ser B
Ref mtge
3Ha
ser C
100
97 H
Rlchm Term Ry 1st gen 5s
s f 7s
1B9H 113
3)9 H 112H
13
105
107 X
*108
171
172H
96 H
96 X
118H
Panhandle Eastern Pipe L 4s.. 1952 M
Paramount Broadway Corp—
103
*30 H
32
*24H
28
*26
28 H
<z26H
26H
2
26H
26 X
2
19H
26H
*25 X
27 H
....
19H
26H
26 H
1st M s f g 3s loan ctfs
1955 F
A
100 H
37
117
123
♦Rutland
RR
Safeway Stores
1st
s
f 6s
65
66
44 H
66
J
O
103
111
100
55
9
97 H 102 H
97 X
"~5
1
99 H
99 H
102 H
99
*55
*
47
98 H
104H
37
44
66
73
72H
33 H
909
91
33 X
118H
20 X
Saguenay Power Ltd 1st
m 4
42
45
19
19 H
103 X
101
109 X
99H 104 H
107
112H
97
101»M
100
103H
98H 102
100 H
*93
1996 J
J
1996 A
O
*
34 H
102 H 103 H
109 X
100
St Lawr A Adir 1st g 5s
2d gold 6s.
32H
22^
23 H
101
H 81906
107« 109 H
17
28H
20H
25H
"21
23H
84
33 H
52 H
116H 117
"17 H
102 X
102 X
1947
91H
69 H
73
33 H
21
1949
99 H
100
St Louis Iron Mt A Southern—
1933 Wl N
♦|Rlv A G Dlv 1st g 4s
♦Certificates of deposit
74 X
73H
*73
74H
26
73 X
72 X
79
89X
88H
98
65 H
57
{♦S L Peor A N W 1st
33 H
33 H
1
33 H
48
82
85
21H
37 H
M
100 H
75H
5s...1948 J
J
St L Rocky Mt A P 6s stpd...1955 J
{♦St L-San Fran pr lien 4s A.. 1950 J
58
J
83
83
83
2
J
23
22 H
24
32
20 X
21H
75
18
33 H
22 H
23H
14
22
36H
gu
♦Certificates of deposit
♦Prior lien 5s series B
♦Certificates of deposit..
♦Con M 4Hs series A
♦Ctfs of deposit stamped
For footnotes see page
72 H
89 H
105H
107H
65H
103H 104H
53H 60
*104
ISt Jos Ry Lt Ht A Pr 1st 5s..1937 M N
82
26 H
49
4Hs—1941
con
26H
*
..1948
f deb 4s
25 H
19
19 H
Wl N
1949 A
♦Rut-Canadian 1st gu g 4s
103H 107 H
99H 102 H
92 H
87 H
s
18
44
*25
♦Ruhr Chemical
107 H
94 X 100H
100 H
....
44 X
217H
61
"
....
♦109H
104
99H
....
*
J
121H
130 H
95 H 100
D
116
108
100 H 106
24
32
A
A coll trust 4s A
94 H 100
Wl N
1955
con
212
52
*117H
103H
99H
97H
*
S
43
112
127
22
s
42
101H
90
115H
112
98
S
107H
*
325
104
1962 Wl
107 X
*106
s f g 4 Ha
1955
I {♦Pan-Am Pet Co (Cal) conv 6s '40
♦Certificates of deposit
120
....
97 H
1977 M
74
..1966
Paducah A 111 1st
.....
102 X
Gen mtge 5s series E
2
98
108
177 H
97
108H
98
N
1952
♦1st
105H 126H
89H 104H
105
{{♦R I Ark A Louis 1st 4H8..1934
47
101X
101 x
3
105H 108
J
{♦Rio Grande June 1st gu 6s. .1939
{♦Rio Grande West 1st gold 4sl939
•Rlma Steel 1st
100
90
45
RochGAE4Hsseries D
*6
161"
109
109H 109H
101H 106H
28H
96 H 101
107
110H 115
101H
101
25
14
107 H 115
114
106
119 H
*
1938
1966
20
85 H
14 H
97H
43
O
....
45H
94 H
...1952 Wl N
♦Certificates of deposit
100
107 H
119H
1955 A
92
93 X
Purch money 1st M conv 5 Ha '54 M N
Gen mtge 4 Ha series C
1956 M N
Revere Cop A Br 1st mtge 4Ha.l956 J
J
♦Rhelnelbe Union s f 7s
J
1946 J
A
96 X
106 X
107
1Q8
1953 F
106
106 X
w w.1956 Wl s
Rensselaer A Saratoga 6s gu
1941 Wl N
Republic Steel Corp 4 Ha ser A.1950 M S
Gen mtge 4 Ha series B
1961 F A
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
19
100
94 H
J
♦Rhine-Westphalia El Pr 78—1950 M
88)
21H
103 H
*110
D
1997 J
74
*80
2
107 H
92
33H
"95 H
2
31
106 H
91
20 H
20 X
*103
J
D
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951 A O
♦Rhine-Ruhr Water series 6s.. 1953 J
110
99 H 109 H
104 H 104 X
100
s
Remington Rand deb 4Ha
83
87
83
J
f deb 5s......1948 J
101
119
75)
1083
"20 X
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)._.
122
64 H
105 H
74 H
{♦Providence Sec guar deb 4s..1957 Wl N
{♦Providence Term 1st 4s
1956 Wl S
102 H
125H
63 H
106 X
J
..1951
Purity Bakeries
101H 106 H
99H 107
62 X
106 H
6s._ 1942
conv
122
112
62 X
106H
74 H
Port Gen Elec 1st 4Ha ser C...1960 M S
J
J
1st 6s 1935 extended to 1950
120
104H
124 H
*118
D
St Joe A Grand Island 1st 4s__1947
1st A ref mtge 3 Ha ser I
Pac RR of Mo 1st ext g 4s
97H
110H
119 H
D
1977 J
124H
"9 i'x
1961
96
108
A
1974 J
101H
107 H
104
84 H
*110
1962 F
103M
*120
*67
1964
83 H
85
1st gen 58 sen .a C
1st 4Hs Beries D
6
1946
J
83 H
84
1st gen 5s sert- a B
*118
107H
*84 H
1
19
110H
s
112H
1975 A
4
119H
1961
Oslo Gas A El Wks extl 5s
113H
113H 113H
1970
Pitts Y A Ash 1st 4s
33
111
1946
Ore-Wash RR A Nav 4s
109
116H
117H
1st M4Ha series C
"33
111
J
99
107 H 111H
109
113H
Pitts Va A Char 1st 4s guar
1943 M N
D
Pitts A W Va 1st 4 Ha ser A—1958
1st M 4 Ha series B
1958 A O
30
6
1946 J
99
30
124H
"~5
5s
108H
110 H
85 H
108 H
General mtge 6s series B
General 4 Ha aeries C
111H
cons g
108H
110H
*110H
*1UH
18 H
106
114H
109H
Ore Short Line 1st
3
125 H
105
99
D
66
111
109H
111H
U2H
1946 J
51
26 H
108H
10H
104H
50H
26H
10 H
23H
107 H
*95
10 H
26 H
1952 Wl N
102
113
J
4s
36
116H
o
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126
24 X
106 H
128
104 H
23
122
*102 X
Oregon RR A Nav
99 H
103 X
24
*116H
104H
22 H
*107
A
98 X
104 H
J
A
*104H
1945 Wl N
"99 H
S
117
1964 Wl N
J
1943
D
J
{{♦Richfield Oil of Calif 6s.. 1944
__
119
10
Series J cons guar 4Ha
General M 5s series A
104
104H
Too"
Ontario Power N F 1st g 5s
Ontario Transmission 1st 5s.
112H
129
112
~~3
104H
13
J
A
115H
103 H
106
105
2047 J
1947
D
113H
116
123 H
115
112H
115""
111
17
95H
1st A ref 7s series B
107
1
109
117
99H
99H
105
♦118H
106X 119H
*110
78H
78
110H
J
103 H
95H
A
116H
104H
110H
I
101
91
117H
8
Pressed Steel Car deb 5s
J
1965 MN
106
91
95H
O
7
"~95H
1972
Ohio Indiana A West 5s__Apr 11938
Ohio Public Service 7Hb A....1946
100
H7H
{♦Postal Teleg A Cable coll 6s 1953
Potomac Elec Pow 1st M 3Ha 1966
J
Ohio Edison 1st mtge 4s
1st mtge 3Hs
72
33
S
M N
99
26 H
113
95 H
103
D
1949 Wl
8
J
♦Og A L Cham 1st gu g 4s.....1948 J
J
Ohio Connecting Ry 1st 4s_._.1943 M S
92 H
J
1967 J
29
2047 J
2047 J
100 H
102 X
Wl
J
102
2047 J
1957 M N
J5H
108
41
A
Porto Rlcan Am Tob
Ref A Impt 4 Ha series A
Norweg Hydro-El Nit 5 Ha
90
16
109
1960 F
1963 F
~83H
74H
O
*12
102 X
92 H
1977 J
1981 J
6
Ref A Impt 6s series B
Ref A Impt 5s series C
Ref A Impt 68 series D
Nor Ry of Calif guar g 5s
1938 A
Northwestern Teleg 4Hs ext.. .1944 J
116H 121H
112
117H
114H
*72 H
J
"~6
91X
*108
1974 F
12
»72H
F
113H
111H
win
109
*80
♦Oct 1935 and sub coupons
1945
♦Stpd as to sale of April 1 *33 to
April 1 1935 lncl coupons
1945
North Pacific prior lien 4s
.1997 Q
Gen lien ry A id g 3s Jan
2047 Q
103 H
111
*120
S
237
107
*110
104
104H
106 H
*90
J
103
23 H
78H
116H
105
♦118H
113H
J
108
25
A
1956 J
103H
99
1996 O A
1974
102H
25
g 5s__.1941 Wl N
103 X
*107
83
83
102
N A W Ry 1st cons g 4s
39
A
1956 J
89H
12H
103H
A
I {♦Norfolk A South 1st
108
140
90
O
♦Certificates of deposit
97
lr7H
31
103 X
D
16
23 M
Nord Ry ext sink fund 6
Ha
1950 A
{{♦Norfolk South 1st A ref 5S..1961 F
108H
1J7H
105H
1940 A O
April 1990 Apr
107H
12H
108 H
107 H
1957 M N
14
83
90
117 X
102 X
1953 J
*60
16
107H
102 X
118H
103 H
115H 126
106 H 115H
113H 123
6
Series G 4s guar
Series H cons guar 4s
Series I cons 4 Ha
21
105
A
42
108
14
*20 H
A
96 H
79
120 H
112
111H
*100
105
1937 F
100 H
li,0
109H 116H
A
105
1940 F
4
1949 F
106H
105H
J
112H
1I6H
113H
Series E 3 Ha guar gold
Series F 4s guar gold
1951 Wl N
l*2d gold 4Ha
♦General gold 5s
2
62
1956 M N
{*{N Y Suaq A West
109
1942 M N
106
1st ref 68.1937 J
106H
108
113H
12
U1H
Peoria A Eastern 1st cons 4s
♦Income 4s
100
4
113
113H
173
109 H
113H
Wl N
102H
109 H
Series C 4 Ha guar
Series D 4s guar
1947 Wl N
1st mortgage 5s
1st mortgage 5s
lOlX
101H
1970
1981
1984
1952
1943
1947 M S
General 4Hs series D
Gen mtge 4 H a series E
106
109 H 109 H
O
A
102
103 H 105 H
103 H 107
105H
J
A
Wl N
....1968
General 5s series B
Conv deb
105H
*105H
O
A
Pa Ohio A Det 1st A ref 4 Ha
Pitts C C A St L 4 Ha A
Series B 4 Ha guar
42
20 H
104H
103H
J
1951 Wl N
92H
*100 H
*80
con gu 4s
1993 A O
NY Queens El Lt A Pow 3 Ha.. 1965 M N
N Y A Rlchm Gas 1st 6a A
N Y Steam 6s series A...
40
13
13
85
A
Pirelli Co (Italy) conv 7s
"~9
19H
19H
N Y A Putnam 1st
{N Y Rys prior lien 6s stamp.. 1958 J
19
91H.
92 H
92 H
100H HUH
110H 122 H
58
39
D
♦Harlem R A Pt Ches 1st 4s. 1954 Wl N
92H
A
1963
28-year 4s
♦Conv deb 6s
41
77 H
64 H
F
{♦Philippine Ry 1st s f 4s
1937 J
Plllsbury Flour Mills 20-yr 6s. .1943 A
17
2
39H
*52
..1957 Wl N
♦1st A ref 4 Ha ser of 1927— .1967 J
{♦N Y Provide
34
"37 H
O
.1940 A
36 H
36H
"l2
60 X
*117 H
92 X
J
1967 Wl
{♦Phila A Reading C AI ref 5s. 1973 J
35H
36H
33
1955 J
♦Non-conv debenture 4s
60H
J
Phila Electric 1st A ref 3 Ha
32 H
96 H
103
39 H
55
Penn-Dixie Cement 1st 6a A...1941 M S
Penn-Glass Sand 1st M 4 Ha
1960 J D
General 4 Ha series D
Phila Co sec 5s series A
40 H
32 H
90
101H 106«
General 5s series B
~36H
32 H
20
47
105"
General g 4Hs series C
105H
107H
*26
deb 4s....1947 Wl
♦Collateral trust 6s
105H
....
93 H
*103 H
*105
1st g 4 Ha series C
1980
Phelps Dodge conv 3Ha deb...1952
Pblla Bait A Wash 1st g 4s
1943
*100
A
♦Non-conv debenture 3 Ha. .1947 Wl
♦Non-conv debenture 3 Ha.-1954 A
♦Conv debenture 3 Ha
♦Conv debenture 6s
100 H
*106H
1941 M
{♦N Y A N Eng (Bost Term) 4s 1939
~97 X "~5
103H
1973 Wl N
86
*100
Pere Marquette 1st ser A 5s
1st 4s series B
*102 H
44
M S
Peoria A Pekin Un 1st 5 Ha
10
99
98
N Y Greenwood L gu g 5s..
N Y A Harlem gold 3 Ha
99 H 105 X
126
93 H
1952 Wl N
Guar 3Hs trust ctfs C
Guar 3 Ha trust ctfs D
Guar 4s ser E trust ctfs
Refunding gold 5s
N Y Gas El Lt H A Pow g 5s... 1948
Purchase money gold 4s.....1949
"64 H
High
Low
Hioh No100 X
*43
O
.1946
2013
10-year 3 Ha sec s f
{♦N Y N H A H
'
A
Since
Jan. 1
Asked
92 H
92 H
92 H
A
1945
N Y Cent RR 4s series A
A
99 H
100 X
Wl
1955
A
1954
N A C Bdge gen guar 4 Ha
Bid.
Low
High
51H
Range
Friday
Sale
»
Week Ended Aug. 6
1956 F
♦Certificates of deposit
4 Ha
N. Y.
1956 F
♦1st 4 Ha series D
♦1st 6Ha series A
Ref A inapt
Since
Jan. 1
50 H
56
52
♦Certificates of deposit
♦1st 5s series C
BONDS
Rangt
Friday
A
Atked
Sale
Price
HA.
7.
Aug.
Week't
Friday
20 H
1950 J
J
23 H
*21
1978
wi's
*23H
21
22 H
20 H
17H
23
23 H
21H
33H
"54
20
33 H
110
18
30H
Volume
New York Bond Record—Concluded—Page 6
145
BONDS
N. Y.
STOCK
EXCHANGE
Week Ended Aug. 0
Is
ii
Last
A
*85
{St L SW 1st 4s bond ctfs
1989 M N
♦2d g 4a lnc bond ctfs„ .Nov 1989 J
J
I*l8t terminal A unifying 08.1952
♦Gen A ref g 5s series A
1990 J
St Paul A Duluth 1st
4s__1968
con g
J
{♦St Paul E Gr Trk 1st 4H8—1947 J
{♦St Paul A K C Sh L gu 4HB-1941 F
J
J
48 k
42 k
42 H
30
29
No.
48k
4
42 k
15
12
30
*20 H
J
17
A
N. Y.
1
100
48 k
74H
42
65 H
k
29
54
103 k 109 H
24
37
"24 k
16 H
17k
27
104H
104k
101H 100 k
120
119k
120
113
101
100H
110H
110k
109
109
113H
113k
J
J
S A A Ar Pass 1st gu g 4a
1943 J
San Antonio Pub Serv let 08—1962 J
San Diego Conaol G A E 4s...1905 IVI N
Santa Fe Pres A Phen 1st 58—1942 M
S
{♦Schulco Co
1940 J
J
1940 A
110H
O
6Hs
27
♦Stamped
♦Guar
a
f 6Hb series B
Scioto V A N E 1st gu 4s
1989 M N
I {♦Seaboard Air Line 1st g 4a. 1950 A O
|*Gold 4s stamped
1950 A O
^Refunding 4s
♦1st A
cons 0s
25
25
25
25
♦Series B certificates
♦Debenture
s
1935 F
1952 J
..1935 J
1951 M
f 0Hs
12
15k
16k
15
7k
8k
22
100
76
85k
O
"25k
25k
1
73
5
101k
71k
101H
100H
101
5
"foe"
105k
106
45
A
Skelly Oil deb 4s
1961
J
Socony-Vacuum Oil 3 Ha
1950
o
South A North Ala RR gu 5s.. 1903
o
South Bell Tel A Tel 3H8
o
1902
Southern Calif Gas 4Hs
1901 M S
101k
6
*122k
73
25 H
68
82 k
101H 101k
97 k
100
100k
"77
102 k
100k 107 h
118
iooH
100
50k
18k
130
98k 100H
106H
106H
107
39
105
1905
107 H
106k
107k
33
1947
1st mtge A ref 4s
Southern Colo Power 0s A
Southern Natural Gas—
100
106
106
101k 107k
103k 106k
iei
100k
101k
1908 M S
...1909 M N
3
107 k
19
97k 101H
91k
99k
93 h
93 k
94
47
94 k
93 k
95
80
1st 4s stamped
91k iooh
28k
*
1939 IVI
R
Westchester Ltg 6s stpd gtd__ 1950 J
1901 J
J
West N Y A Pa gen gold 4s... 1943 A
Funding A real est
25-year gold 5s...
30-year 5s
4H8—1950
g
110
J
101k
IVI N
1951 J
D
90
89H
91
61
88 k
107 H
i960 IVI
R
89
89
89k
84
87
109H
25H
25H
1
19
25 H
92 k
92 k
43
89
100k
86
86 k
2
85
90
♦Westphalia Un El Power 6s..1953 J
J
2301 J
J
92 k
2301 J
J
86 k
Registered
Wheeling A L E Ry 4s
RR 1st consol 4s
1949 M S
102 k
103H
44
21H
22 k
13
21k
21
21
1
20 H
15
15k
7
14k
36 H
32k
26k
15 k
24
107
106k
107
104
J
♦Ctf dep Chase Nat Bank...
♦Ctfs for col A ref
J
7s A.1935 MN
conv
60
103
103 H
108 H
Wilson A Co 1st M 4s series A. 1955 J
J
Winston-Salem 8 B 1st 4s
31
104
71
112H
85H
{♦Wis Cent 50-yr 1st
200
94 k
31
89
105 k
97 k
98 k
35
91H 110k
103k
2
97k
98 k
3
101k 105k
93k 103
*102 k
89 k
"93" "79
106
103"
106k
18
103
103 k
8
97 k
98
24k
101k
105
88
95k
102
99
40
90
95
"46
101
159
*103
111"
106k
107
7
121
122
8
102 H 107 k
117
120
103k
103k
5
103
105
"94 k
*106H
"95 k
"49
85
104
107k
106
115
109 k
118H
16
105 H 111k
100
105 H
110
110
122
122
""8
118
101
5
100
100
103k
103k
51
109k
1
103k
109k
Gen A ref 5s series D
1980
Tex Pao Mo Pao Ter 6Hs A..1904 M S
50
59
16
17
90
14
90
.5
84
k
100k
161"
75
101k
293
45
77 k
76
73
105k
14
101
*98 k
105k
19
142 k
141
145
161
103k
103k
103 k
111
123k 162 k
98 H 105
e
Cash sales transacted during the current week
and not Included In the yearly
No sales.
week,
a Deferred delivery sale; only
Under-the-rule sale; only transaction during
Cash sale: only transaction during current
transaction
during current week,
current week,
x
n
f Accrued
by maturity,
| Negotiability Impaired
Ex-Interest.
Interest payable at exchange rate of $4.8484.
T Bonds called for redemption or nearlng maturity
{ Companies reported as being In bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such
*
Friday's bid and asked price
♦
Bonds selling
2
Deferred delivery sales transacted
reorganised under
companies.
No sales transacted during current
week.
flat.
during the current week
and not Included
In the yearly range:
R. I. Ark. & La. 4Ha,
98k
1934, Aug, 3 at 16H.
Transactions at the New York
■
Stock Exchange,
Daily, Weekly and Yearly
46
Stocks,
Week Ended
Aug. 6 1937
Railroad &
State,
United
Total
Number of
Shares
Mis cell.
Municipal &
States
Bond
Bonds
For'n Bonds
Bonds
83
Sales
$72,000
$521,000
$2,716,000
$2,123,000
3,578,000
778,000
248,000
4,604,000
Tuesday
897,260
4,531,000
991,000
247,000
5,769,000
102 h 107 h
110
118
Wednesday
5,270,000
5,884,000
897,000
383,000
1,116,000
191,000
7,191,000
Friday
902,650
794,760
679,430
6,550,000
*103k
*117k
Toronto Ham A Buff 1st g 4s._ 1940 J D
Trenton G A El 1st g 5s
1949 IVI S
791,070
*103
S
4,301,000
884,000
213,000
5,398,000
4,454,760
$25,687,000
$5,187,000
$1,354,000
$32,228,000
108H
97 h 103
113
113
100
100
113k
100k
90
100H
100
J
100
90
100
95
S
O
*
Union Oil of Calif 0s series A.. 1942 F
3Hs debentures
1962 J
123
107k
114k
115
4
97k
98
97
97 k
"98"
97k
107
O
107
1930
1937
1936
1937
Exchange
31
107k
O
Jan. 1 to Aug. 6
Week Enddd Aug. 6
Sales at
107k
1971 IVI N
Total
New York Stock
113k
114
...
Thursday
1
110k
113k
s
Monday
95k
118k
111k
389,590
Saturday
16
118 k
85,004,822
4,454,760
1,593,410
253,658,382
Government
$1,354,000
$11,261,000
41
State and foreign
39
Railroad and industrial
5,187,000
25,687,000
286,000
$280,023,000
221,337,000
1,393,009,000
$533,201,000
11,699,000
8,262,000
$32,228,000
$11,712,000
$1,894,369,000
$553,152,000
101
Stocks—No. of shares.
39
Bonds
175,000
3
"67"
96k
"32"
*lllk
27k
"32" "37
I67"
*122k
106k
107k
s
*30k
,97k
59
Total.
Stock and Bond Averages
128k
"39
35
Below
*30k
*30k
99k
102k
50
50k
102
99
102k
50
49k
101
99k
102k
46
50k
3
*2k
the
daily
closing
averages
50k
103
as
53
compiled by Dow, Jones & Co.:
10
98k 111
110k 111
110H 113k
3k
Bonds
Stocks
57
36
3
10
Total
30
20
20
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
Date
5H
4
of representative
New York Stock Exchange
26
*111
3k
are
stocks and bonds listed on the
-32"
A
1957 M N
J
20
73
101H
97k 101k
105k
75 k
J
*15k
range:
107 H 109 H
89
47k
16k
J
O
1st mtge s f 4s ser C
108 H
103k
1959
103H
99
108
1979
1947
02
104
106k
Gen A ref 6s series C
Utah Lt A Trac 1st A ref 5s.—1944
Utah Power A Light 1st 6s... 1944
47
103 k
106 k 115
*12
J
1951 F A
1961 IVI N
HConv deb 3Hs
I28k
14
105
103
J
15k
IVI N
♦Certificates of deposit
{♦Wor A Conn East 1st 4Hs._ 1943 V
103k 108k
*107
J
I {♦United Rys St L 1st g 4s... 1934 J
U 8 Pipe A Fdy conv deb
3H8.1940 M N
■
47
YoungBtown Sheet A Tube—
r
107k
Tol A Ohio Cent ref A Imp 3ks 1900 J D
Tol St L A W 1st 4s
1950 A O
J
|*Sup A Dul div A term 1st 4s "36
32k
*108k
J
1949 J
♦Certificates of deposit
102
i08k
D
.1960 J
4s
6
106k
22
~9§"
169"
gen
13
97H 103H
102 H 105
109 H
101H 100 H
102k
|*Vera Crui A P 1st gu 4Ha..1934 J
J
I ♦July coupon off
D
74 k
...1977
Vanadium Corp of Am conv 58.1941 A
Vandalla cons g 4s series A
1955 F
1938 J
104k
Gen A ref 6s series B
U 8 Rubber 1st A ref 5s ser A.. 1947 J
♦Un Steel Works Corp
0Hs A. 1951
♦Sec s f 0Ha series C__
1951
♦Sink fund deb 0Hb ser A... 1947
Wllmar A Sioux Falls 5s
15H
D
72 k
"92k
122"
s
113k
3
1943
1953 IVI
1944 IVI
107
106
103k
101
34
United Biscuit of Am deb 5s.. 1950 A
105
112k
103k
*100k
101
.1970 A
107
*112 k
15
105k
Union Pac RR 1st A Id gr 4s.. 1947 J
1st lien A ref 4s
June 2008 IVI
1st lien A ref 5s
..June 2008 IVI
*106
D...1900 M S
ser
31
104k
1945 M
39k
111k
5
104
{f^Unlon Elev,Ry (Chic) 5s—1945 A
87
11
*116k
108k
Tyrol Hydro-Elec Pow 7Hs— 1955 IVI N
Guar sec s f 7s
1952 F A
19
87
40k
100 k 104 H
16k
104 k
1953 J
91k
89H
13
38
104k
Trl-Cont Corp 6s conv deb A
28 H
38 H
105k
1942 M
28k
17
15k
Texas Corp deb 3 Ha
Tol W V A Ohio 48 ser C
9
31k
101k
37
Texarkana A Ft S gu 5 Ha A—1950
1953 J
31k
31H
101k
38H
1953
1st 0s dollar series
111H
31H
R
31H
100 H
106
96k 102 H
95 k
J
9
100 k 109 H
1944
Tide Water Asso OH 3Hs
Tokyo Elec Light Co Ltd—
110k
109 k
99 k
106k 108k
33
S
1937 J
1952 J
15
106
121
1960 J
Jan 1900 A
J17
107 H
108k
106k
2000
101k
102
100k
108
103 k
..1951
6
99H
4Hs._ 1939
Tex A N O con gold 6s
123k
100k 109H
....
106 H
5
1938 M S
Texas A Pac 1st gold 5s.
108 k
127k
117
107
107 H
1946
Western Union coll trust 5s...1938 J
5
4
03
S
119
104 k
110
101k
D
f 4s series B
120k
O
A... 1946 IVI
ser
♦5s assented
110H 112k
120k
118H
*110H
106k
ioik
101k
O
1977 J
110 k
106
5
106 k
119
J
70
80
101k 102k
....
106 k
J
1952 A
65
77
....
*109H
S
1966 J
75 k
100 k
*99H
*106 H
D
1st mtge 4s ser H
1st mtge 3Hs series I
Western Maryland 1st 4s
0
58
57
*
__
55k
103H
Staten Island Ry 1st 4 Ha
1943 J
♦Studebaker Corp conv deb 0s. 1945 J
Swift A Co 1st M 3)4s
I960
Tenn Coal Iron A RR gen 5a__ 1951
s
44k
100H
D
Cons
67
103 H
1901 J
♦Debenture 5s
50
101k
Standard Oil N J deb 3s
{♦Util Power A Light 5 Ha
46 k
103H
*22 k
5s
50
90
A
54
*105k
(Del)
100k
1900 F
J
Drug Co
93
{♦Wlckwlre Spencer St't 1st 78.1935
A
U N J RR A Can gen 4a
52
97k
{♦Spokane Internat 1st g 58—1955 J
Staley (A E) Mfg 1st M 4s
1940 F
United
95 H
80 H
1938 M S
34-year 3Hs deb
35-year 3Hs debenture
99 H
95
84 H
Mobile A Ohio coll tr 4a
f 7s
94
77 H
85
"98 k
s
1
1940 M N
"97H
UJlgawa Elec Power
96 H
95k
s
1941 IVI
109 H
104
80
85
96H
S
IVI
40
81H
84k
O
O
1st A ref 5Hs series A
106H
*106k
44
28
30
39k
28
1
28
28
43k
27 H
White Sew Mach deb 6s
1990 J
1951 J
f g 4s
26
O
1980 A
West Penn Power 1st 6s ser E.1963 IVI
93
1947
47
32
Wheeling Steel 4Hs series A
Mem Div 1st g 6s
St Louis Div 1st g 4s.
East Tenn reor lien g 5s
Tenn Elec Pow 1st 0s ser A
27 k
98
1950 A
1950 A
Tennessee Corp deb 0s ser C..1944 M
41
26
97k
Devel A gen 0s
Devel A gen 6 )4s
Tenn Cop A Cbem deb 0s B...1944 M
44
*
J
100k 100k
J
27
81
73 H
B'weetern Bell Tel 3Ha ser B..1904 J
D
S'western Gas A Elec 4s ser D.190O M N
41H
37
O
1939 J
{♦Western Pac 1st 5s
44k
29
28
81
104k
1950 A
32 H
27
A
1978 A
f 5s
s
71k
99k
97 k
29 k
....
50
1955
1994 J
29
*
1970 F
♦Wllkes-Barre A East gu 6s.-.1942 J
♦AdJ lnc 5s
S^Thlrd Ave RR 1st g 5s
*28
S
60
91k
—
109
100k
Third Ave Ry 1st ref 4s
—
3
61k
61H
*
-
85k
85k
108k
Southern Ry 1st cons g 5s
Devel A gen 4a series A
100H
74 k
81
71
*60
J
98H
80
97
....
S
103H
86k
O
So Pac of Cal 1st con gu g 5s.. 1937 M N
So Pao RR 1st ref guar 4s
J
1955 J
78 k
*65
84 k
1950 A
s
66 k
82 H
85k
10-year secured 3)48
Gen refund
80 H
4
85k
San Fran Term 1st 4s
Term Assn of St L 1st g
1st cons gold 5s
26
J
...1955 A
Wash Water Power
107 k
92
67
85 k
1981 M N
J
1940 J
4)48
101
44
101k
67
West Shore 1st 4s guar
1st mtge pipe line 4Hs
1951 A O
So Pac coll 4s (Cent Pao coll). 1949 J D
1st 4)48 (Oregon Lines) A...1977 m s;
Gold
95k 102
89k
81
100
~6l""
*
A
1952
2
105 k 117k
110
94
91H
J
3Hs—2000 F A
Washington Cent 1st gold 4s.. 1948 Q IVI
Wash Term 1st gu 3Hs
1945 F A
1st 40-year guar 4s
....1945 F A
65
*98k
J
S
1941
85k
103
91H
Warren RR 1st ref gu g
15
106k
99H
105k
67
51k
67
O
{♦Warren Bros Co deb 6s
1
105k
100
106
41H
104 H 109 k
1
105
105k
8
1941 A
{♦Warner-Quinlan Co deb 0s„ 1939
16
105H
8k
5
1
High
20
19
51k
97 H
..1939
♦1st lien g term 4s
1954 J
♦Det A Chic Ext 1st 5s
1941 J
♦Dee Moines Div 1st g 4s... 1939 J
Warner Bros Pict deb 6s
124
7k
D
1940 F
30
108k
51k
*96
A
6s debentures
2
"~8k
A
♦Silesia Elec Corp 0Hs
15k
30
108 H
106
1939 IVI N
F
Low
12
24
23 H
M
-
J
Walker (Hiram) GAW deb 4ks 1945
Walworth Co 1st M 4s
1965 A
1
40
SUeslan-Am Corp coll tr 7s
Simmons Co conv deb 4s.
Gold 4)4s
Gold 4)48
16
8k
13k
Sharon Steel conv deb
4Hs—1951 M N
Shell Union OH deb 3Hs
1951 M S
Shinyetsu El Pow 1st 0 H8.
♦JSiemens A Halske s f 7s
4
8H
15)4
No.
O
1966 IVI
♦Certificates of deposit
♦Ref A gen 6s series D
♦Certificates of deposit
26
High
Since
Jan.
♦Certificates of deposit..
12H
♦Certificates of deposit
l*Alt A Birm 1st g 4s
1933 M S
{♦Seaboard All Fla 0s A cts_..1935 A O
Virginian Ry 3Hb series A
{♦Wabash RR 1st gold 5s
♦2d gold 5s
♦Ref A gen 4Hs series C
"26 k
Bonds Sold
Bid
61k
«•*,
8
1958 A
34
O
10
cons 5s
28k
A
1945 M S
series A
1st
26
*113
♦Certificates of deposit...
Va Iron Coal A Coke 1st
g 5s—1949 IVI
Va A Southwest 1st gu 4s
2003 J
♦Ref A gen 6s series B
12
Oct 1949 F
1959 A
♦Adjustment 5a
♦Vertlentes Sugar 7s ctfs......1942 J D
Virginia El A Pow 4s ser A
1955 MN
Range
Range or
Friday
A
Asked
Sale
Price
Low
♦Toledo A Chic Div g 4s
1941 IVI
{♦Wabash Ry ref A gen 5Hb A. 1975 IVI
♦Certificates of deposit
27
28%
*28%
♦Stamped
124
101k
26
guar
Last
Inter st Period
EXCHANGE
♦Omaha Div 1st g 3Hs
St Paul Minn A Man—
fPaclflo ext gu 4a (large)...1940 J
St Paul Un Dep 6a guar
1972 J
STOCK
Week Ended Aug. 6
High
Low
80
85k
*103
D
BONDS
Since
Jan.
Asked
High
Low
J
Rang*
Friday
Bid
Week's
Friday
Range or
Sale
Price
909
Week's
Friday
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
4
104.36
101.27
6.
185.43
52.64
28.81
63.27
107.40
109.55
83.79
Aug.
5.
186.09
63.13
29.06
63.62
107.33
109.61
84.04
104.38
101.34
Aug.
4.
186.80
53.38
29.38
63.94
1,07.46
109.63
83.55
104.39
101.26
3.
2.
185.91
52.20
29.41
63.42
107.35
109.54
83.59
104.18
101.17
186.91
52.83
29.76
63.92
107.25
109.60
83.86
104.05
101.19
July 31.
185.61
52.95
30.09
63.76
107.28
109.56
84.33
104.09
101.32
Aug.
Aug.
Aug.
New York Curb
910
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded in the week's range, unless they are the
regular weekly range are shown In a footnote In the week In
Aug.
only transactions of the week, and when selling
7,
1937
outside of the
No aooount la taken of auoh sales In computing the range for the year
whloh they occur.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (July 31, 1937) and ending the present Friday (Aug. 5, 1937).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
In the
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
48%
Acme Wire ▼ t c com__.20
Aero
Supply Mtg class A. *
....
"600
Jan
3% June
Feb
14%
13
2%
100
13%
400
11
2%
500
2%
56%
24
6%
38
Jan
Apr
Mar
May
22
Feb
June
4
May
76%
76%
*
64%
"64%
"50
Alliance Invest common.. •
3%
Alabama Gt Southern. .60
Ala Power $7 pref
preferred
Bridgeport Gas Light Co
Bridgeport Machine
100
100
30
400
100
15
Aug
21
July
152
2,000
120
116% 117
151%
300
111
147
*
*
'"*7% '""7% "V"
'""150
*
_
115% 117%
650
Jan
Apr
Apr
16% June
7
16%
26%
177%
119%
17%
June
98%
Jan
14%
140
600
120
June
25%
26%
3,600
19
June
1%
1%
200
62
Jan
76
"20% "20% "21%
2466
17%
Feb
24%
6%
July
125
100
"25%
126
131
32%
3%
1% June
Jan
July
Feb
Mar
Mar
Jan
Feb
Mar
Common class B
200
%
35%
*
♦
Amer Centrifugal Corp___l
preferred.
$6.50 prior pref...
6%
%
35%
600
82
10c
$3
82
3%
11
Class A
3%
Class B
1
Amer Cyanamld class A. 10
Class Bn-v
10
Amer Equities Co com
Amer Foreign Pow warr
Amer Fork A Hoe
36
4%
8
Jan
32%
34%
11,600
5%
2%
300
5,500
*
"~2%
com
2%
17%
*
34
34
36%
2,200
*
oom
Preferred
109
109
110%
500
10%
30%
35%
10%
31%
2,200
35%
25
25
25%
250
American General Corp 10c
$2 preferred
1
preferred
10%
550
.60
Jan
Cable Elec Prod
Jan
4%
Jan
24
48%
112%
12
June
Feb
Jan
Jan
Mar
36%
Feb
Feb
35%
Aug
42
17
July
32
Jan
May
37
Mar
27
26%
27%
1,600
24%
Jan
38
Feb
25
18%
18%
1,000
17%
June
Jan
25
27
26%
19%
27
Amer Mfg Co common 100
Preferred
100
48
48
48
Apr
*
preferred
Amer Maracalbo Co
1,900
26%
July
26%
28%
50
32%
Jan
64%
Mar
82
1%
1%
1%
5,300
Amer Pneumatic Service.*
1
51
Amer Potash A Chemical
Amer Seal-Kap com
*
250
"lX
1%
9
1,800
2
9,800
93%
6
*
Angostura Wuppermaa._l
Apex Elec Mfg Co com.
Appalachian El Pow pref. *
Arcturus Radio Tube
5%
36%
3%
200
5%
6
900
1%
100
106""
""166
1%
*
♦
com
Common class A
Preferred
7
7%
7%
8
1,100
1,700
7,300
9
8%
9
1,100
10
Arkansas P Ac L $7 pref
Art Metal Works com
Ashland Oil A Ref Co
7
7%
2%
59
2%
53
Jan
5%
5%
200
11%
5%
4,600
Class A
12%
12%
12%
300
1%
£1
......
1%
1%
2%
$5 preferred
*
21%
Mar
Mar
Capital City Products
Carib
Jan
Carman A Co c1m*» A
Class B
*
59%
Jan
4%
Jan
June
5%
Jan
Jan
6%
26% June
101% July
8%
42%
110%
Feb
3
Feb
June
Feb
Jan
12%
Feb
May
13%
Apr
10%
Feb
Jan
May
96
Jan
15% Feb
June
7%
Atlantic Coast Line Co. .50
Atlantic Gas Light pref. 100
Atlas
Corp warrants
Atlas Plywood Corp
26
6
Automatlo Voting Maoh
4^300
200
Feb
Jan
88
May
1% June
4
Jan
19
Jan
Mar
29%
Mar
1%
1%
16,100
1%
Aug
3%
Mar
5%
400
5
Aug
9
10%
300
7
Jan
11%
Mar
100
6%
Apr
11%
June
10%
9
9
10
25
*
warr
Baldwin Rubber Co com
1%
13%
Bardstown Distill Ino
l
2%
Barium Stainless Steel
1
4%
Seellg Mfg A..
Both Iron Works Corp
Baumann (L) A Co com.
7% 1st pref
24%
128
1%
13%
2%
4%
25
40
128
25
1%
200
14%
2,100
2%
5
400
6,100
15%
9%
11
10%
2,500
11
11%
Feb
27%
100
50
3
Bell Aircraft Corp com
Bellanca Aircraft com
Bell Tel of Canada
Bell Tel of Pa
1
4%
14%
Mar
5
Mar
Jan
8
Feb
June
21
Feb
Aug
July
July
11%
June
Mar
11%
Aug
Apr
103
Jan
June
*18
May
27%
Aug
4% May
18% July
July
16%
39%
1
2%
*
45%
Cheeebrough Mfg
Chicago Flexible Shaft Co
%
5%
Chllds Co preferred
100
Cities Service oommon.
*
B
Mar
19
Feb
June
Jan
% June
k
Feb
90
180
93
6%
6%
300
155
2%
18%
1%
1%
18%
1%
2%
6,600
18%
1%
1,700
200
5%
27%
2%
28%
27
2%
500
2%
3,600
26%
July
Mar
8%
July
26
May
1% June
Jan
36
3%
102%
Feb
Jan
87%
10
84
84
56
62%
28
61
29
June
82
June
97%
Jan
7,500
80
Jan
62%
Aug
8
116% 117
100
June
42%
July
1.566
5%
June
10%
108%
Jan
7%
15%
14%
38%
Feb
June
100
~~5% "T"
"47"
July
27
28
June
"""25
39%
Jan
"400
"47""
10
100
15%
15%
91
91
400
10
Jan
93%
*14% June
89% May
12% July
Feb
Jan
124
June
15
Mar
57
Mar
105%
Mar
19
Jan
96
Feb
22%
Feb
88%
88%
June
91%
Apr
3%
3%
3%
1,500
2% June
6%
Jan
1%
1%
1%
4,200
1
June
2%
Jan
10
June
27%
Jan
23% Juae
10% June
52
33%
Jan
11
20%
Jan
25
82
16 %
"""75
Z5%
5%
1,100
12%
June
79%
16"
79%
25
71%
Jan
50
110%
52%
Jan
"l6~
4%
14
116
116
62%
17%
62%
64%
200
17
17%
3,500
%
100
84%
82
3%
3
3%
23,700
43
43%
700
%
4
86
4
250
100
14
"«6
70
2%
38
3%
June
May
July
Jan
7
Mar
19
May
16%
82%
Mar
123
Apr
Jan
70%
Apr
June
18%
2%
92%
June
5%
July
June
June
38
June
50
July
40
July
7% June
Feb
May
July
Feb
Apr
Jan
Jan
00
5%
Jan
68
Jan
79%
Feb
70
Feb
Feb
1
May
Rosenberger Ino..*
Colon Development... 1 sh
10%
3%
11%
1,400
3%
100
100
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
5%
2
2,800
Commonwealth Edison 100
Commonwealth A Southern
24%
Jan
Aug
2%
46
300
4%
Jau
800
2%
42%
48%
Jan
Commonw Dlstribut
17%
300
14
5%
43%
Jan
5%
25
11
Jan
56%
Jan
19
Feb
Community Water 8erv._l
Compo Shoe Mach v t o..l
New
v t 0
ext to 1940...
%
7%
Jan
5%
5%
2,100
July
Apr
3%
iin
40
Feb
Apr
3%
9
2%
22
Mar
Jan
Apr
Mar
Mar
Feb
Jan
9%
8%
4%
May
4%
4%
100
4%
Jan
4%
14%
4%
500
3%
Jan
16%
2,200
11%
68%
70
Feb
7%
8%
800
Feb
4,400
June
24%
Feb
56
Feb
74%
Apr
62
69%
June
104%
10%
Jan
Jan
6%
June
29
118%
%
1
Aug
July
7%
116"
Community P A L $6 pref *
Community Pub Service 25
Warrants
3%
33%
14%
5% Income stock A_._£l
6% conv pref
_£1
40%
July
Jan
Mar
5
1,300
June
4%
May
2%
1%
June
~"ioo
23%
5
13
5%
Jan
Jan
1% June
15
1%
34
Jan
Mar
3%
5
450
%
7%
Jan
Jan
1%
Jan
3,500
Apr
Jan
Apr
Feb
17%
June
161
4
40%
%
May
24
Columbia Oil A Gas
1
Columbia Pictures com..*
13% June
7%
July
July
29
8%
Apr
15%
14%
30
Aug
May
10%
July
100
93
6%
48%
Feb
16
Mar
73
Apr
Feb
Jan
37%
30
Mar
Aug
July
16
45
4%
6%
Columbia Gas A Elec—
Conv 5% pref erred.. 100
29
Apr
10
June
26
31%
37% June
13
100
Apr
40
93
Apr
3,100
200
Aug
Mar
7
7
15%
13
June
20
Feb
14%
2
5%
Jan
Feb
15%
4,400
1,800
»
%
5%
32%
Cleveland Tractor com...*
Cllnchfleld Coal Corp.. 100
1
Mar
Jan
May
Apr
%
5
2,600
113%
"in
Mar
2%
7%
50
Jan
Jan
1%
16% Junp
Cohn &
Mar
1%
Jan
2%
7%
July
5%
Aug
Mar
2%
169%
July
Mar
Mar
8
Claude Neon Lights Ino._l
Clayton A Lambert Mfg.. *
Cleveland Elec Ilium
♦
Feb
16%
38%
2%
45%
5%
4%
10%
3%
159
13
Jan
Feb
4
City Auto Stamping..... *
City A Suburban Homes 10
Clark Controller Co
1
10
2%
%
24
Preferred BB
""" ♦
Cities Serv P A L $7 pref. *
$6 preferred
*
169
,5is
Mar
38%
28%
♦
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
2
Jan
6
June
100
100
43%
6
Chlca Rivet A Maoh new. 4
Chief Consol
Mining.
1
Mar
1st preferred
*
%
5%
25
8%
Borne Scrymser Co
For footnotes see page 915
%
com. *
June
(Botany Consol Mills Co.*
Cherry-Burrell Corp
June
May
Aug
% June
1
Chamberlln Metal Weather
Strip Co...
s
Charts Corp
10
June
June
3%
36
% June
♦
5
*
*
Bourjols Inc..
'29.100
3
17
Bohack (H C) Co oom
ser
12%
*
$3 opt conv pref
Blumenthal (S) A Co
Conv pref opt
Centrifugal Pipe
11
*
6
1,400
100
700
Steel Foundry-
Bliss (E W) A Co oom
Bliss A Laughiln com
Blue Ridge Corp oom
4%
150
1,500
pref
& Machine Co com
4%
16%
35
13
400
5
32
1,200
4
•
common
4%
15%
Preferred
July
18
1
1,000
31
115% 116
2
%
15%
100
Preferred
2%
3%
15%
22%
100
31
preferred
Conv preferred
Jan
June
9
4,700
3%
7%
6%
3%
*
warrants
Aug
30%
275
16%
__
Berkey A Gay Furniture. 1
Blckfords Ino
3
30%
28%
3%
0 % pref without warr 100
15%
169
100
0%% pf.100
Benson A Hedges com...
Conv pref
$7 dlv preferred
.__.*
1st preferred
_•
Cent Hud G A E com
*
5%
15%
1
June
5%
Jan
16
10
20
Jan
24
3%
116%
43
80
100
com
pref
Beech Aircraft Corp...
conv
106%
7% 1st partio pref... 100
Celluloid Corp common. 15
166
il»
400
27%
1
15%
22% July
114% June
Feb
26%
June
Catalln Corp of Amer
1
Celanese Corp of America
.
common
(Baldwin Locomotive
7%
13%
57%
June
June
Tobacco—
Babcock A Wilcox Co
Birdsboro
7%
47
5
5
conv
26
Jan
5%
10%
Avery (B F)
$2.60
25%
"2%
July
1%
Austin Silver Mines..
Automatio Products
Purchase
""2"
Jan
Jan
7U
jan
1%
Feb
% May
87
90
Mar
June
Carter (J W) Co common. 1
Casco Products
*
Castle (A M) com new..10
Cent P A L7% pref...100
Cent A South Weet UtU.SOo
Cent States Elec com
1
Jan
5%
400
•
Mar
3
39%
8
Mar
June
*
Jan
June
53
Jan
Apr
30%
93
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
17% June
]i« May
~
2
*
7%
53
$6 preferred
Carrier Corp
13%
Apr
June
%
common
8%
5% June
%
70
Feb
Apr
22%
»
May
V t o common
Atlantlo Coast Fisheries..*
25c
June
Assoo Laundries of Amer. *
July
45%
*
Apr
Syndicate
Carnation Co
800
3,300
*
Jan
Carnegie Metals com
1
Carolina P A L $7 pref...*
5,600
%
May
June
85
*16%
28%
12%
150
*
Jan
2%
332
warrants
B non-voting
Jan
10%
22%
2%
21
0% preferred
100
Canadian Indus Aloohol A *
Jan
10%
June
Canadian Dredge A Dock*
Canadian Hydro-Elec—
3
600
18
*
com
Canadian Indust7% pf.100
Canadian Marconi
..1
Associated Elec Industries
Amer deposit rets
Assoc Gas A Elec—
Canada Cement Co
99
10
100
Canadian Canners com...*
Canadian Car A Fdy pfd 25
Mar
6%
6%
8%
Apr
18
Calamba Sugar Estate. .20
May
1
25%
6%
Mar
200
Am dep rets A ord sh._ £1
Am dep rets B ord she. £1
Amer dep rets pre! shs £1
June
3
400
*
t 0
1%
70% June
11%
6
Tan
v
5%
88
2,100
105"
1
July
38
300
4%
3%
Preferred
American Thread pref
Anchor Post Fence
93%
34%
4%
1st preferred
Jan
X
82
June
300
51
8%
2
com
1
50
1%
40%
1
Amer Meter Co
100
7
Feb
Feb
9%
Cables A Wireless Ltd—
Amer Laundry Mach_..20
com
27
2%
39
600
Burma
Feb
Amer Lt A Trao
Amer Invest (111) com
Apr
*
6%
9% June
30%
$3 convertible pref
Warrants
36
June
June
Jan
11
%
•
common
35%
June
28% June
106
44
500
99
Corp Am dep rots..
Burry Biscuit Corp..12%c
X20
1
oom
1%
May
50
30
8% May
Jan
33%
Apr
26%
Apr
4%
5%
July
June
100
Bunker Hill A Sullivan 2.50
1,300
4%
Jan
23%
July
Jan
Mar
50
5%
Jan
Mar
23% 23%
June
41%
Mar
25
Feb
1,800
18
50
47
Mar
20%
32
12
*
Bruce (E L) Co
100
June
12%
31
Apr
82
6%
60
30
Feb
Feb
77
33
70
Class A pref
Brown Forman Distillery. 1
Buckeye Pipe Line
31% June
Feb
Mar
11%
Buff Niag A East Pr pref 25
$5 1st preferred
*
350
46% June
9% May
28
May
22% May
Jan
23%
78
82
Feb
300
Jan
Jan
27
100
0% pref
Feb
35
Mar
8%
Mar
36
3%
7%
10%
35
89%
35
May
%
2%
6%
1%
Am dep rets ord reg.-10s
British Col Power class A. *
Aug
3%
Apr
31
June
5%
34%
1
$1.60
dep rots ord bearer £1
Amer dep rets reg
£1
34
1,700
"""166
Class B
Mar
Jan
108%
British Celanese Ltd—
Brown Fence A Wire com. 1
Apr
21%
Apr
*30%
82
1%
"24%
600
Am
Brown Co
34%
26
Beaunlt Mills Inc
24%
Registered
50
42
300
coupon..*
100
% June
""266
4
Mar
British Amer Tobacco—
Burco Inc
Class A with warrants 25
Barlow A
30
Class A
Jan
Am Cities Power A Lt—
Superpower Corp
preferred
100
Brillo Mfg Co common
$0 preferred
6%
10c
Amer Hard Rubber
4
Jan
Mar
Jan
Apr
10
108%
.....
7%
British Amer Oil
36%
31
May
Capital—
common
Class A
1,500
30
2%
24
Aug
250
Amer Box Board Co com. 1
Axton-Fisher
"17%
50
15
com
preferred
Option
16%
10%
21%
American Beverage com.. 1
American Book Co
100
Common
July
48
15
American Airlines Inc... 10
Arkansas Nat Gas
Mar
5%
48
21%
Aluminum Goods M£g
Am
Mar
14%
10
Aug
1%
18%
100
Aluminum Industries
0%
80%
4% June
"%
10
Aluminium Ltd common.
$2.60
Jan
18%
8% June
Bright Star Elec cl B
1%
18%
1%
18%
common
Amer Gas A Elec
600
2,400
Brill Corp class B
Class A
Mar
Jan
8
5%
Jan
in
Jan
Jan
1
27%
Jan
June
Feb
4%
77
June
2%
27%
.100
Preferred
35%
32%
"16%
Breeze Corp
Aeronautical... 1
Jan
Jan
20% June
1H June
Apr
20%
3 H June
5%
Braslllan Tr Lt A Pow...*
Brewster
87
25
preference
Class A
7% 1st preferred.... 100
preferred
.100
2d
June
3%
*
A.
American
400
32
59% June
100
*
$3 conv pref
Allied Products com
0%
31%
1
High
LOW
Shares
1%
80
2%
Common
Co
High
oom.
Jan
Allied Internet Investment
0%
Low
% June
72%
Jan
3%
Alles A Fisher Ino com
Aluminium
31%
Bower Roller Bearing...
Bowman-BUtmore
Price
5%
34%
June
1937
Week
67
preferred
20
Class
for
of Prices
or
June
2%
Week's Range
Sale
3%
Jan
25% June
Warrants
$0
May
28%
Air Investors common
Conv
42
28%
Last
High
21
25
48%
Class B__
Agfa Ansco Corp com
1
Alnsworth Mtg common. .6
Axr Devices Corp com—1
Low
Shares
.....
Range Since jan.
STOCKS
Continued)
Range Since Jan. 1, 1937
Last
Sales
Friday
Sales
Friday
STOCKS
%
1%
118%
300
%
1%
June
39
Jan
104
June
139
Jan
5,100
June
June
100
7is
2%
Jan
Jan
32
1%
16%
200
16
16%
700
100
04
Jan
24
1%
16%
June
Juue
34
Jan
% June
14% June
14% May
2%
Mar
17
Jan
17%
jan
New York Curb Exchange—Continued—Page 2
Volume 14S
Sale*
Friday
STOCKS
Latt
Week't Range
{Continued)
Sale
Par
Consol Biscuit Co
1
Conaol Copper Mines
5
Oonsol OBLP Bait com *
Price
Warrants.
1,100
39,300
75
75 X
800
2
2X
X
2,000
10
X
X
Consol Mln A Smelt Ltd..6
Consol Retail Stores
1
8%
preferred
100
Consol Royalty Oil
10
Consol Steel Corp com
*
150
86
85
86
100
7X
600
7X
Cont G A E 7% prior pf 100
Continental Oil of Mex
1
Cont Roll A Steel Fdy
•
Continental Secur Corp..6
Cook Paint A Vara com..*
preferred
Corroon A ReynoldsCommon
1
_
$6 preferred A
Jan
11X
Mar
89X
Jan
July
IX June
X June
73 X
Apr
114X
6X June
July
4,200
10X
.6
"18X "20 X "l",866
19 X
19 X
3X
Jan
July
2X
20X
Mar
Ja°
Jan
Feb
16 X June
1,100
21X
19 X
TlX "12H T,200
31X
100
27
July
34
4
5X
79,600
2
June
5X
Jan
0
4X June
7X
Jan
Mar
31X
31X
4X
6
400
86
"~4X
"i~H "4X "i'.ioo
12 X
5,700
1,600
12,800
28 X
14
X
"16
38 X
16
«
2X
2X
20
20
12"
7% preferred
100
Dublller Condenser Corp.l
Duke Power Co..
100
Durham Hosiery cl B com*
Duro-Test Corp com.....1
Duval Texas Sulphur
*
Eagle Plcher Lead
10
East Gas A "hel Assoc—
Common
900
"MOO
80
8X
6,600
X % prior preferred.100
6% preferred
...100
Eastern Malleable Iron.26
Eastern States Corp
*
105 X
3X
73
IX
6X
8X
20X
IX
7X
9
22 X
62
6X
61X
49
48X
6X
62 X
49X
7X
8X
22 X
2,100
125
*3X "Tx "4"
.
9X
Emsoo Derrick A
Equip. .6
Equity Corp com
10c
Eureka Pipe Line com
6p
European Electric Corp—
Option warrants....
Evans Waliower Lead
Feb
3X May
64
Feb
Jan
Feb
Hartford Eleo Light
Mar
May
30
Jan
July
Jan
Aug
2X June
Apr
Apr
Apr
96
Jan
Heller Co
42X
Jan
Preferred w w__
Hewitt Rubber com
Hey den Chemical
Hires (C E) Co cl A
4X June
150
55X June
250
38
63
110
11
200
66
200
74
700
6X
400
6X
500
June
July
3
June
May
May
7X June
600
3X
4X
87 X
13
150
17
17X
2X
200
2X
2X
25
800
May
Feb
Feb
25c
1H Mar
IX
IX
11,000
IX
7X
Hollinger Consol G M
Holophane Co com.
6
Mar
10X
Jan
80
Jan
Hormel (Geo A) Co com..*
Horn (A C) Co com
1
Horn A Hardart
*
71
Jan
Feb
Jan
82 X
Jan
82X
18X
Jan
Jan
Hummel-Ross Fibre Corp 5
Hussman-Llgonler Co.... *
23
Jan
5% preferred
100
Hud Bay Mln A Smelt...*
Humble Oil A Ref
♦
Common
"j
Candy.IIIi
^
June
4X
28X
Jan
Jan
June
80
Feb
Hydro
July
87X
Jan
June
Jan
Jan
June
80
Jan
6X June
14
Jan
2X June
7X
Jan
May
July
13X June
2
June
30 X July
41
July
98X
22X
Feb
68
13
*
Preferred
......60
Ctti of deposit.........
17X
5X
40 X
60
Jan
Feb
Mar
Mar
Jan
i
*
Illuminating Shares cl A. *
Imperial Chem Indust—
Am dep rots ord reg..£l
Imperial Oil (Can) coup— *
Registered...
_*
Imperial Tobaooo of Can.6
Imperial Tobacco of Great
July
72X
Feb
June
74
Feb
40
June
77
Mar
July
81
Feb
7% preferred
100
Indpls P A L 0 X % pref 100
July
81X
Feb
June
19X
2X
Mar
Non-voting class A
47X
Fob
IX June
32 X
July
Jan
X
2X
1
100
July
July
80X July
119X June
87 X May
Jan
8X
4X
15 X
Jan
Jan
Jan
128
Feb
47
Apr
10X
2X
Jan
k
84
June
90
%
June
15X
15X
2X
IX
10X
15X
16
200
IX
Mar
Jan
7i# June
125
"""900
Jan
117X
92
Jan
Jan
Jan
Jan
Apr
Feb
"78
Apr
Jan
24
Jan
70
Jan
3X
Anr
200
June
4
Jan
500
June
16
Feb
15
June
1SX
Feb
700
13
June
17 X
100
46
May
15X June
6X June
7X June
25X
9X
300
50
50
18X
11,600
7X
20X
7X
8X
"20X
4X
18X
22X
July
8X
300
300
0X May
23
Mar
12X June
39X June
52
Feb
Feb
11
Mar
Apr
Apr
Jan
16X
28X
Jan
16 X
July
46 X
45
June
46 X
45X
46X
300
44X
29X
50
36
Jan
800
24
June
"ii X
44X
28X
11X
11X
800
10X June
15X
Jan
27
27
100
19
Jan
7
7
100
7
July
Feb
16
June
33X
11X
19X
20
Apr
"
8X
8X
32
200
8X
32 X
8X
Aug
175
31
June
60
102
35
Aug
Apr
22 X
9
41X
Jan
Jan
Mar
July
11
,
6,100
2,900
1,200
Jan
June
112
Jan
42
Feb
72
June
87
Feb
11
Aug
12 X
July
Jan
23
Mar
X July
82 X
102X 104
30X
32X
82 X
83 X
11.
11X
25X June
17
32 X
2
16
3X
50
3X
7X
27
400
100
50
8X
3,200
800
28
10X
10
10X
31
29 X
31
1,000
May
24
Feb
7X May
3X June
43 X
June
6X June
23
June
7 X June
22
July
52
650
June
8X June
Feb
27X
Feb
26
Apr
13
Feb
6X
63X
Jan
Mar
11X May
33X May
13X May
July
62X Feb
34
20X
20X
20X
20X
9X Mar
2,600
20
June
24 X
100
20
July
24
Feb
14
20 X
Jan
15
Mar
37X
200
9X
9X
500
22 X
22X
24X
20
24
24
24
10
37X
80X Mar
7X
Jan
18 X June
44X
15
Mar
Jan
Mar
18
26
26
200
600
12
June
International Petroleum.. *
1,100
35
June
8
Internat
June
10 X
Jan
70
June
IX
"is June
9
June
64 X June
22 X June
2X
0% preferred
82 X
Jan
114X
18 X
Mar
Mar
92
Mar
X
Apr
25X
Apr
X
Jan
May
200
13X
100
35
35 X
3,500
35X
5X
35X
5X
300
33X
Jan
X
Jan
Jan
4X
4X
Jan
Jan
2X
22X
75X
Feb
Feb
July
28X
Feb
4X
Feb
300
13X
"l3"
"l4""
2~400
X
500
X
Class B.
-
--
IX
1
IX
2,800
New warrants....l.
4X
X
4X
3
5
Jan
33 X June
39X
Mar
33X July
4X July
88
Mar
Jan
11
June
"is July
15X June
—*
2X
Jan
Mar
International UtilityClass A......
44
18X
13
100
..100
Internat Radio Corp
1,800
X
International Products...
34X
13X
33 X
Registered.
Mar
65X May
Cigar Maoh *
Holding A Inv..*
Pref 33.50 series....—50
A stock purch warr
13X June
109 X
June
Internet Hydro-Eleo—
Jan
X
400
750
14 X
44X
July
39
105
IX June
200
13 X
41X
Jan
3X
June
19
2
International
July
18X
80
91X May
18
International Vitamin....]
Jan
Apr
32X
72
Old warrants
For footnotes see page 915
Mar
IX June
12X
Jan
Feb
38
88
IX
Internat Metal Indus A—*
25
July
Feb
X
7X
50
69
Apr
Aug
5,500
Feb
June
IX
17X
19 X
13X
107
X June
5X
80
10
Internat Safety Rasor B
Corp
June
Jan
50
67X
12
30
95
17X Apr
66
May
1
100
111X 112
13 X
14 X
75X
75X
Feb
1,800
100
c common.....
7% preferred
500
100
Feb
39X
200
Insurance Co of No AmerlO
Jan
12 X
(Phiia).Io
51
Industrial Finance—
12
3,800
57 X
400
200
...»
24X
'16
56X
450
*
Class B
1,600
1,500
X
June
June
38
15
Indian Ter Ilium Oil—
13
Indiana Pipe Line
10
Indiana Service 0% pref 100
21X
4X
10X
24 X
"x"~
Feb
Feb
9
.
30
41X
250
225
"_4X
Illinois Iowa Power Co.—*
19X
4X
5
Ii
90X
Electrlo Securities.*
26
600
600
7% pref stamped
100
7% pref unstamped.. 100
19X
4X
9X
9X
10
Feb
21X
85
Hygrade Food Prod.
5
Hygrade Sylvanla Corp..*
Mar
29
"12"
95X
Apr
Apr
Apr
Jan
28
1
June
V t
350
Jan
JHuylers of Delaware Ino—
X June
1
X
45X
900
80
57 X
.*
Holt (Henry) A Co ol A..*
Border's Ino
*
26X
6X
11X
9X
4,500
100
1IX
36X
July
July
July
11,000
9'6
4X
10
25 X
100
15X
IX
32 X
Feb
Apr
June
8X
32
3X
14X
40X
15X
4X
916
14X
*
Hoe (R) A Co class A
40
15X
IX
32 X
72
Jan
107
June
32X
123 X 124
39
Britain and Ireland..£1
100
96
33
6
24
5X June
•
3
89X
124
2
..:
35
46
Mar
100
*
40
46
Jan
Aug
Aug
100
100
3X
14X
.._*
.....
May
45
Feb
18H
8
10
6X
79
Jan
IX
13X
56 X
66X
5X
130
316
6X
25
111
Feb
800
I60X
100
6X
30X
60
17X
10X
1,000
0% preferred
50
27X
36,700
"2",300
41X
3X
14X
Hazeitine Corp
._—..*
Hearn Dept Store com...5
Heola Mining Co
Helena Rubenstein
Class A
Jan
21X
2X
21X
20
25
July
Jan
19
600
33
Gypsum Lime A Alabas..*
Hall Lamp Co.
*
Haloid Co
5
28 X
4X June
May
"""300
150
13X
41
30X
Gulf Oil Corp
25
Gulf States UtU 35.50 pref *
30 preferred
*
Jan
Apr
6X
First National Stores—
36 preferred
May
17X
87 X
13
IX
100
7% 1st pieferred
20
400
Flat Amer dep rots.......
Flak Rubber
19 X
Aug
8,800
600
75X
33
25
Greenfield Tap A Die—*
Grocery Sts Prod com. .25c
Guardian Investors
1
29X
5X
June
63
63
Empire DIst El 6% pref 100
Empire Gas A Fuel Co—
6% preferred
loo
0X% preferred
100
7% preferred
loo
8% preferred
loo
Empire Power Part Stk
*
Fidelio Brewery
Fire Association
89
100
Mar
3,600
T.606
Feb
3X
10X
31«
*
stock
Illinois Zinc
Electro] Inc v t o_.
l
Elgin Nat Watch Co.."l6
Corp
com
Jan
Apr
10X
73 X
Eleotrographle Corp oom.l
Metallurgical
July
July
100
21X
2X
19 X
63 X
72 X
6X
5X
2X
19 X
6X
Fedders Mfg Co
Non-vot
10X
19 X
Jan
Jan
Mar
96 X
61X
38 X
34
'99"
6X
Harvard Brewing Co
1
Hat Corp of Am ol B com.l
68
>ts
100 X
24
Hart man Tobacco Co....*
100
3X
Ferro Enamel
Jan
105 X
3
Feb
22 X
100
41X
Gt Northern Paper
31X July
400
Jan
Mar
July
100
Gray Telep Pay Station. 10
30
42
64X
IX
100
IX June
10 X
"~9X "9X
V10 agreement extended
July
Apr
39
6X
Brewing
Jan
10X
40
1
Common
Fanny Farmer
Jan
May
8X July
11
76 X
30
Feb
Feb
15 X June
22
*
Feb
5X June
130
130
97 X
Gorham Mfg Co—
I'll July
2X June
82
8~,906
75X
13X
*
14
3X June
50
6X
Great Atl A Pao Tea—
Mar
12
700
41
*
Apr
200
900
<16 June
89X
Apr
73
May
34
1
83
June
33 X
79
36 conv pref w W..I.II
Eleo Shovel Coal 34 pref— *
Fansteel
37 preferred
Gorham Inc class A
33 preferred
July
July
f
600
1,100
Jan
10X
...*
Goldfleld Consol Mines
^
1,800
700
300
100
IX
17
A Co..*
Jan
16
43 X
Mar
24 X Jul?
IX June
X
Feb
Feb
87
17
Jan
98
17 X June
Jan
34
Grand National Films ino 1
Grand Rapids Varnish
*
JUQt
100
"hi
"25X ~28X
96
*
Feb
Jan
Apr
June
400
72
27X
com.... 1
Feb
10 X
5X
Jan
19
23
Warrants
June
15
00
33 X
82
Option warrants.......
Electric Shareholding-
FalStaff
Gen Water G A E
33 preferred..
X
May
15
l
....
13
Jan
llX June
14X Feb
46
IX
16X
26
3X
16
General Telephone com.20
33 conv pref
;..*
General Tire A Rubber...6
9
com
Falrchild Aviation
2X
Feb
Jan
18X May
83
Gen Rayon Co A stock...*
Feb
I9X
28X
.....
Elec P A L 2d pref A..._.*
2H
Jan
May
56
30 preferred.
...._.*
Warrants
Gen Outdoor Adv 0% pflOO
Gen Pub Serv 36 pref....*
18X
15X
28 X
3i« June
11X June
23
*
*
Feb
Feb
62
36 preferred...
Mar
10X
*15X June
6
1H
12
July
18
105 X 105 X
Jan
1,800
Jan
Jvne
17X
8X
Else Bond A Share com
20
11X
63
Edison Bros Stores new..2
Elsler Electric Corp
IX Feb
38<X July
50X
108X
75
36 preferred series B_.
7% preferred
Ex-oell-O Corp
June
17 X
Easy Washing Maoh "B"
EoonomyGrocer y Stores_
Class A..
May
June
325
$7 preferred series A._
30 preferred.
Eleo Power Assoc
4
Jan
0
15 X
33 X
3
Godchaux Sugars class A.*
Class B
•
100
5X
23 X
Jan
""700
Feb
HX
5
75
IX
25
76 X
22 X
180
IX
19 X June
X June
17 X
22 X
94
""ix
1,100
11X
54
94
Gen G A E 30 conv pf B._*
Gen Investment com
1
Glen Alden Coal.
74 X
54
21X July
300
7% 1st preferred
2X
4X
6X
14X
Aug
Aug
500
400
Jan
l»l«
2X
4X
5X
47X
10 X
16 X
20X
Aug
600
10X
4X
5
14
4X
5X
11X
17
21
300
16X
20X
17
21X
23X
2X June
24
17 X
Jan
4X
Gladding McBean
50
89
9
8H
2X
21X
23X
Jan
10,700
7X
100
400
4X
Feb
X
88
Jan
9X
12X
21X
23X
16
.....
6X
4
Mar
May
13 X
8
5X
9X
11X
2,700
Amer dep rets ord reg.£l
Gen Fireproofing com
*
June
300
24X
Feb
12X
_
IX
Domln Tar A Chem com.*
Douglas (W L) Shoe Co—
10
12
104 X
23 X
8X
29X
31X
Gen Electrlo Co Ltd—
12 X
8
13
6X July
21X June
22
July
•
*
400
12
316
2,300
Georgia Power 36 pref...
Gilbert (A C) com.._.._.*
Preferred
*
150
12X
7X
25X
1
May
Ilk "iix
11X
X
12X
Mar
6X
23X
...___1
June
De Vilblss Co com
10
Diamond Shoe Corp com.
Distilled Liquors Corp...6
.
Jan
High
65
6% preferred A.....100
40
6X
88
Driver Harris Co
14X
July
July
Low
36X May
25
preferred.III.il 15
50
13 X
13
Preferred
....*
Detroit Gasket A Mfg com 1
6% pref ww
20
Detroit Gray iron Fdy
1
Det Mich Stove Co oom..l
*
5X
Conv
Range Since Jan. 11937
for
Weet
Sharet
200
7X
Franklin Rayon Corp com 1
Froedtert Grain A Malt—
Common
ofPricet
High
49 X
Amer dep rets
lOOfrcs
Fox (Peter) Brewing
.6
Fruehauf Trailer Co
Gamewell Co 36 prefGeneral Alloys Co
Week't Range
Loto
48
Ford Motor of Can ol A..*
Class B...
*
Ford Motor of France—
7*
~
76 X
10C
94X
28
Jan
May
Price
Florida P A L $7 pref
*
Ford Motor Co Ltd—
Am dep rets ord reg..£l
9~66o
*16
Dennlson Mfg 7% pref.100
Derby Oil A Ref Corp com*
7% preferred
Draper Corp
Mar
X June
36 X
36 X
Dayton Rubber Mfg com.*
Class A
35
Defiance Spark Plug com.*
De Havlland Aircraft Co—
Am dep rets ord reg...£l
Dejay Stores
l
Distillers Co Ltd
£1
Divco-Twln Truck com._l
Dominion Steel A Coal B 26
June
"lax ~i3X """100
*
Detroit Paper Prod
__l
Detroit Steel Products
•
Feb
4X June
23
100
Darby Petroleum com...6
Davenport Hosiery Mills.*
Apr
Jan
5X
"mi
to.*
®X% preferred
35
52X
18X
25
Curtis Mfg Co
6
Cusl Mexican Mining. _60c
Aug
Jan
Mar
July
May
Crystal Oil Ref com
*
6% preferred
....10
v
21X
61X
10
Crown Cent Petroleum
1
Crown Cork Internet A..*
Crown Drug Co com..26c
Cuban Tobacco com
Cuneo Press ino
Feb
15
July
June
35
1
•
Preferred
Jan
Mar
17X
Apr
8X June
•
Crowley, MUner A Co
10
135
102 X
15
.£1
... .
Mar
100
Feb
X
*2OH
60
Crocker Wheeler Eleo
Croft Brewing Co
Mar
May
Cramp (Wm) A Sons Ship
A Eng Bldg Corp...100
Creole Petroluem
Feb
Mar
6
2X
x
*
1
com
Jan
11
June
7X
64
55 X
Cooper Bessemer com
*
S3 prior preference....*
Copper Range Co
—*
Copperweld Steel com...10
Cord Corp
6
6% conv preferred
Courtaulds Ltd
5
Par
85
9
9X
....
Cosden Petroleum
June
96
...
Sale
{Continued)
High
Low
112 X
...... ......
Latt
STOCKS
for
5X
11X
5
5
11X
75H
5% prof class A
100
Consol Gas Utilities....-1
14
\
Week
ofPricet
Low
High Share*
911
Sale*
Friday
IX June
'is Jan
100
X
4X
Aug
103
Apr
Mar
15 X May
IX
21J
3)
Feb
Feb
Feb
Jan
Jan
700
8X
7
ft
Feb
Mar
Last
Week't Range
(Continued)
Sale
of Pricee
Love
High
Par
Price
"13""
'""16
X
100
24%
25
12%
300
5X
C..10
12
Irving Air Chute
6%
100
'16
6
Aug
Jan
6% June
7n
Jan
19% June
11
July
%
Jan
'is
Jan
2,500
13
700
6
7
42%
24%
"is
July
Mar
Jan
Jan
June
89
Jan
Nehl Corp common
1st preferred
June
96%
Jan
5
112%
5X
112%
800
£1 600
^
June
100
Jan
9%
126%
Jan
Nestle-Le Mur Co cl A—*
20
1
Lakey Foundry A Mach—1
5
5%
4%
5%
5
6
2,500
108%
11%
12%
12% 12%
108% 108%
11% 11%
12% 13
'"so"" "56"
4%
1,200
100
*
Leonard OH Develop
25
Le Tourneau (R G) Inc.-l
9%
25
Lion OH Refining
•
*
Loblaw Groceterias A
4%
IX
14%
14%
9%
1%
9
1%
34
35
29%
29
31%
4%
4%
200
300
11,300
11,200
1,000
6,900
500
New Bradford Oil
New Engl Pow Assoc
July
16%
11,700
2,800
4%
80
65%
3%
13%
3,300
13%
10%
4X
79X
4%
79%
63
63
13%
13
1
Lone Star Gas
*
N Y Pr & Lt 7%
Mar
9%
4%
..._.*
Feb
Mar
Feb
7% pref erred....... 100
6% pref class B.....100
Loudon Packing
3%
..*
Louisiana Land A Explor.l
Louisiana P A L 56 pref..*
Lynch Corp common....5
Majestic Radio A Tel
1
Mangel Stores
$6 conv preferred...
1
......
3%
450
63
Apr
Common
Feb
36%
30%
34
July
Feb
July
5%
6%
5%
5%
7
Mar
24
May
22% June
16%
14%
Feb
Jan
200
3% June
11% May
Jan
93
Mar
80
Jan
6%
Jan
15%
Jan
Feb
100
3X
6%
1%
49%
3%
6%
1%
51%
3%
6%
9%
9%
100
100
100
100
14
14
1
3%
9%
23%
3%
10
24%
t o
Massey-Harrls common..*
Master Electrlo Co
600
'11% "ll%
400
"i'x "1%
"166
4%
1
24 X
12
June
3
Apr
8%
Feb
18%
Jan
Jan
500
McCord Rad A Mfg B—*
McWill lams Dredging...*
Mead Johnson A Co
*
""166
19X
122
19%
122
Memphis Nat Gas com...5
Memphis P A L $1 pref...*
19%
123
5%
„
5%
1,800
100
200
25% May
Merchants & Mfg el A
6
6
7%
6%
7%
1%
1%
Mesabl Iron Co
73
1
X
90
91
2%
2%
2%
8%
8%
15%
1
*
24
150
72
118
July
140%
25%
300
18
June
30%
Feb
80% 81%
2%
2%
105% 108
1,550
72
June
94%
Mar
400
1,200
4%
26
29%
30
150
14
14
14
200
166"
166%
"40
8%
4%
100
100
87
13%
85%
87
375
78
75%
78
275
74%
74%
14%
8,200
Jan
900
11% June
18%
Mar
Feb
Jan
100
X
July
4%
4%
400
1
200
4% June
% June
6% June
1%
8
Jan
7
Feb
2
Feb
10
Jan
May
24
Mar
71
Jan
90
Mar
4%
14%
Mar
3
3
100
2% June
9%
3%
9%
3%
1,100
1,700
39%
3%
82
39%
50
9% June
2% June
33% May
88
May
"Ho"
13%
25
ill""
109
13%
300
9%
9%
9%
1,700
4%
4
4%
900
11% June
8%
22
143%
141~
32%
34%
3%
6%
9%
6%
43
Jan
25
%
2%
7%
3%
1,300
56
56
49%
49%
51%
50%
2,800
1,000
2%
300
150
7% preferred
Nor Sts Pow
%
88%
SNor Texas Elec 6% pf.100
1%
li",606
"16
26
1,100
16% June
111%
112
Jan
101
June
111%
Apr
104%
14%
14%
Feb
Feb
Feb
6% 1st preferred
33 preferred
6%
conv pref..
pref
1
Pacific G A E 6% 1st pf.25
2%
*38%
"12% "12%
15%
"2,300
2,800
7%
38%
8
200
40
300
7%
33%
32.80 preferred..
35 preferred
May
8
Jan
14
Jan
May
Jan
19
Apr
see page
915
91%
700
June
Apr
30% June
7
Jan
June
Jan
Jan
30%
63
July
Feb
Feb
43
12%
30%
110
Feb
Mar
Apr
33
3%
3%
3%
100
7,400
June
42%
Mar
June
72
Mar
5
Aug
8%
Feb
3% June
5%
17%
Mar
"9l"
"95%
""300
89
82
May
May
May
Jan
113
Jan
112
Jan
179
June
"l74% 175""
""266
*
77% 77%
113% 117%
100
73
June
95
Feb
325
109
June
151
Apr
31% Mar
7% June
37
*
6%
7%
1,400
Conv pref ser A
Jan
"""25
June
111
June
31
"31% "31%
June
8%
1,100
35%
23%
300
3%
3%
3%
1,600
7%
7%
7%
900
*
3
100
200
Feb
8%
20
July
Jan
116%
84
Feb
Mar
July
15%
Feb
Jan
11%
Mar
Apr
40
Mar
Jan
83%
Feb
2% June
3% June
3%
Feb
Jan
8%
8%
35%
22%
2%
8%
10
com
162
8
*
com..
Phillips Packing Co
«
Phoenix Securities—
Common
—...1
Pierce Governor
5
12
6
35%
19%
6%
Postage
Meter
»
7% June
9%
Jan
Pitts Bessemer A L Erie RR
Common
.
.
6% 1st pref-
25c
42
40
60
22%
300
92%
14%
119% 121
1%
1%
1,310
21%
92%
14
300
1,400
800
June
17
June
27%
86% June
116%
12
June
114% May
1% May
%
16
147%
2%
Apr
Feb
Mar
June
Feb
Jan
15
5%
5%
.6
1%
5
9%
1%
9%
5%
2
500
9%
1,000
23
23
32%
2%
33
2%
900
25
July
19
Apr
6
Power Corp of Can com..*
11%
150
8%
25%
29
30
50
Feb
64
35%
10
July
65
100
47
550
37
*
Jan
600
3,500
30%
5
.*
Powdrell A Alexander
13%
Feb
Feb
»
1
Feb
74%
9%
6%
June
100
»
1
13%
13%
75%
14,000
»
Penn Mex Fuel Co
Pennroad Corp vto
Apr
71
Apr
Jan
Mar
Jan
Penn Edison Co—
Polaris Mining Co
Potrero Sugar com
13%
24%
54%
109% May
126""
74%
Jan
Aug
May
26
Pleasant Valley Wine Co.l
Plough Inc
Pneumatlo Scale Corp
10
Nat Rubber Mach.....
Jan
8%
35
Pittsburgh Plate Glass..25
National P A L $5 pref...
National Refining Co...2
Jan
Apr
28%
8%
89
Feb
Feb
June
37
29%
Mar
12% June
23%
32%
29%
107%
Feb
Aug
5
21%
*
Jan
July
July
10
65
Peninsular Telep com....*
Preferred
100
19%
11%
14%
8
Jan
10%
Aug
Mar
Jan
Feb
6
July
Mar
July
20
59
10% May
45
June
6%
32%
106
Jan
200
1,700
92%
July
July
70
66%
7%
Pittsburgh Forglngs.
..1
Pittsburgh A Lake Erie. 60
Pittsburgh Metallurgical 10
18
6%
7%
23%
1
Mar
Jan
59
70
63%
10
Paramount Motors Corp.l
Parker Pen Co
..10
July
Jan
15
6%
Pantepeo Oil of Venes
June
43
15
70
38
Parkersburg Rig A Reel—1
Patchogue-PlymouthMUls*
Pender (D) Grocery A...*
June
May
200
Mar
7
July
14% June
28
46
Mar
51%
1,600
44%
23
400
30%
26%
44%
65%
97%
850
29%
7%
10
*
20
16%
300
Apr
May
July
103
Pacific Tin speo stock
Pan Amer Airways
Apr
July
57
250
3
20
Pltney-Bowes
Feb
8
10
3%
200
Jan
3%
900
8
30
3%
10
3%
20
28%
44%
14%
5
12%
97%
20
June
16
National Container (Del).
26
20
18%
Jan
June
300
*
31.301st preferred
Feb
June
""266
*
155%
5,200
13%
5%% 1st preferred—25
Pacific Ltg $6 pref
June
56
National Fuel Gas......
Nat Mfg A Stores com...
National Oil Products....
13%
100
Pines Wlnterfront
1
Pioneer Gold Mines Ltd..1
6%
1%
Nstlona Candy Co cornNational City Lines com..
"13% "13%
60
15%
2
92%
Oilstocks Ltd com...
5
Oklahoma Nat Gas oom.15
27
v t o
Jan
106% May
102% June
18
National Baking Co oom.
Nat Bellas Hess com
Nat Bond A Share Corp..
Mar
11
3
Feb
67
110
20
June
91
Jan
Jan
June
"206
Phila Elec Co 35 pref—...*
Phlla El Power 8% pref.25
100
Jan
Feb
111%
Jan
100
6%
37
35%
109
110%
106% 106%
44
19%
Aug
111%
£138
19%
June
110%
45
Mountain sts Tel A Tel 100
1%
Feb
41
111%
31% June
42% Mar
180% Mar
Feb
100
97
100
100
25
June
1%
Jan
12% May
Ohio Power 6% pref—100
Ohio P S 7 % 1st pref
34%
13o May
23%
1%
43%
Philadelphia Co
7%
Feb
225
58
Pharis Tire & Rubber coml
9%c June
5% June
Jan
103%
Jan
60%
Jan
1,700
Jan
Ohio Edison 36 pref
*
Ohio Oil 6% pref——100
Feb
4,400
6%
%
108
400
58
*
4%
July
20
9
30% May
com
Jan
Aug
50%
Apr
51% June
87%
89
25
Ohio Brass Co cl B
77
51%
Jan
Jan
100
37
6%
Apr
July
Feb
96%
100
157
11%
98
July
Apr
25
May
Jan
Feb
Feb
18
Jan
32
June
Feb
Feb
%
32
*
29
8
Jan
Aug
Apr
25
...
134
5
2
Northwest Engineering..*
450
184
Jan
Novadel-Agene Corp
3
Murray Ohio Mfg Co
Muskogee Co com..
9
10
""80
Apr
Jan
35
76
23%
Jan
June
%
2%
97
%
cl A.. 100
com
June
60
35%
6
—100
Northern Pipe Line
17
3
10% June
49%
pf.100
33%
200
Apr
50%
50%
144%
3%
Feb
®is May
1%
36 preferred
*
North Amer Rayon cl A..»
Class B com
.*
36 preferred
Penn Salt Mfg Co
Pa Water A Power Co
July
Apr
115
Jan
Feb
Apr
Feb
Feb
Jan
Pa Gas A Elec class A
Pa Pr A Lt 37 pref—
May
May
200
700
Feb
78
75%
7%
Jan
4%
Feb
Aug
July
94
65
11%
Feb
11%
Feb
June
98
25
100
.
2%
118
16%
81% June
Jan
18%
3%
Pepperell Mfg Co
Perfect Circle Co
3% May
4%
11
Mar
June
Feb
9% June
65
3%
7% June
Class A 7% pref—...100
Moore (Tom) Distillery..1
Mtge Bk of Col Am shs
July
Jan
6
Feb
July
June
1
Common
Pacific P A L 7% pref.. 100
11%
5%
4%
July
Pacific Publlo Service..—*
Jan
Mar
May
Jan
2%
Jan
12%
June
6
106
Jan
106%
7%
2%
Aug
Jan
97% June
98
Overseas Securities--—*
Pacific Can Co com
*
4%
Feb
Mar
Mar
800
Jan
3%
34
15%
115%
7%
Oldetyme Distillers..
Jan
Mar
2%
Jan
Feb
Feb
Jan
16
June
12% June
24
14%
Apr
6%
1
...
2
700
Mar
37
Nor Amer Lt A Pow—
90
May
1% June
135%
....5
Noma Electrlo...
50
82
Moody Investors pref
*
Moore Corp Ltd com....*
Mountain City Cop com 5c
Mountain Producers
10
Mountain States Pow com*
Mar
9% July
28% June
106
166"
July
56%
3%
Feb
Monarch Machine Tool..*
_.*
Montreal Lt Ht A Pow„ .*
Jan
Apr
Mar
Jan
3%
Apr
37
3,600
June
Jan
May
Jan
2%
92
5
40
Class B
Mock, Jud, Voehringer Co
Common
2.60
Montgomery Ward A
July
20
100
l
31%
11%
2%
80%
2%
5%
2% June
Mar
95
32
8%
16%
•
1
%
Mid-West Abrasive comSOc
Midwest Oil Co
10
Molybdenum Corp
Jan
June
3
6% May
*
Monroe Loan Soo new A.l
Montana Dakota Utll...10
5% May
%
Jan
52
May
7
July
July
1,000
1,300
10
Midland Oil conv pref
*
Midland Steel Products—
12 non-oum dlv shs
*
Mining Corp of Can
..*
Minnesota Mining A Mfg. *
Minn P A L 7% pref— .100
June
100
1C
Midvale Co
5
73
53%
Mar
Mar
150
76
25
81
*
500
*
Middle States Petrol—
Class A v t o
...»
Class Bvt o
*
July
Jan
1,400
Metropolitan Edison pref-*
Sugar Co—
200
1
%
2%
33
Preferred
T900
500
33
Bumper Corp.-l
Gas A Oil
1
Steel Tube.-2.60
100
73
65
Metal Textile Corp com..*
Part preferred
..*
Mexico-Ohio Oil
4% June
7
25% June
Warrants
100
125
39
Jan
33% Mar
22% Mar
3%
Jan
16% Mar
25% Apr
55% May
14% Feb
44% Feb
Jan
62%
Mercantile Stores com...*
1
Participating preferred.*
Merrftt Chapman A Scott*
6% June
July
19
101%
Apr
35
88
27
55
-
Nor Ind Pub Ser 6 %
200
Jan
Jan
Jan
75%
—
Jan
100
June
Jan
Jan
53%
2%
7%
Class a pref
Nilee-Bement-Pond
Jan
1,700
Apr
Apr
Feb
19%
2%
23%
89%
6%
25
27
6% prior preferred...50
Jan
Mar
70
No Am Utility Securities.*
Nor Cent Texas Oil
6
Nor European Oil com
1
8%
1%
10%
1%
Jan
Feb
Mar
1,500
Jan
10
Aug
June
Feb
Apr
13%
Aug
Feb
June
Jan
11%
May
in
28%
2%
112%
59%
80%
19%
12%
2%
200
Jan
Jan
Jan
9%
12%
Class B common......5
51%
82
June
32
Jan
28
Niagara Share—
June
100
Mar
12
2%
1
May Hosiery Mills pref..*
6% preferred....
Naohman-SprlngfUled
54%
53%
16
Apr
2% June
5% June
60
May
20% Apr
65
*
Maes Utll Assoc
Miss River Pow pref
Jan
July
Class a opt warr—
Class B opt warr..
38
17
Marlon Steam Shovel
For toouote*
1st pref
2d pref cl A
2d preferred
2d pref cl B
500
*
Margay Oil Corp
6%% A preferred
1%
Nor N Y Utll 7% 1st pf 100
Communication ordreg£l
conv
10
200
5%
10%
Jan
10
20%
4%
Apr
700
May
300
5
New York Transit Co
Jan
5,400
Aug
1,300
N Y Water Serv 6% pf.100
Niagara Hudson Power—
13%
2%
6%
Mar
23
1%
8%
Jan
18%
July
Apr
Aug
Mar
22%
1
Founders shares
Jan
Marconi Intl Marine—
$3
pref..100
36 preferred
*
N Y Shipbuilding Corp—
20
Jan
76
*
*
Mapes Consol Mfg Co
Nat Auto Fibre A
Y Merchandise..—..10
95
Luoky Tiger Comb g m_.10
v
N
Feb
June
170
%
7%
57%
20%
Warrants
Jan
Nlplsslng Mines
Long Island Ltg—
Common
""466
High
Jan
June
102
53%
N Y A Honduras RosariolO
110
1
Jan
N Y City Omnibus—
Jan
Jan
""466
*
com
Feb
Jan
14%
11%
11
Lockheed Aircraft
15X
13%
N Y Auction Co
12%
78
%
3%
1
Newmont Mining Corp-10
New Process common.—.*
Feb
21
900
16
5
Apr
111%
59%
Low
1%
1
Jan
22% June
Jan
*13%
15%
Locke Steel Chain
1%
21
25
13%
17%
3% June
"24""
"10% "l6%
20%
*
New Jersey Zinc
New Mex A Ariz Land
June
Apr
July
Apr
"2§"
.—.5
*
6% preferred
100
New England Tel A TellOO
New Haven Clock Co
Jan
70%
46% June
4% June
97%
Apr
2% May
13% July
7%
Apr
Jan
"is
34
Aug
26% Apr
23
*
Corp
106
11%
*
Class B
Jan
Feb
Jan
9%
100
100
28%
Feb
1,800
10 0
oom
7% preferred
114%
6%
"is
11%
"60% T,206
4%
Nv-Calif Elec
Jan
June
100
*
Lit Brothers com
Mar
June
1,400
'"2% ""2% """200
14 %
Line Material Co..
■
Mar
4%
%
4%
80
July
16% July
10% June
.—*
Lehigh Coal A Nav
105%
1%
54
Lane Bryant 7% pref—100
Lefcourt Realty com
1
Preferred.
30
42% June
Knott Corp common
.
Apr
*
Jan
19
107
106
Klrkld Lake G M Co Ltd .1
.
90%
25%
108%
Jan
%
4%
Range Since Jan. 11937
8
"23"
Neptune Meter class A...*
4% June
for
Week
of Pricee
Low
High Bharee
49
Nelson (Herman) Corp.—5
85
111
%
4%
Week't Range
Nebel (Oscar) Co cornNebraska Pow 7% pref.100
75
Klein (D EmU) Co com...*
Klelnert (IB) Rubber.-.10
Lake Shores Mines Ltd.
*
Navarro Oil Co
June
Kansas G A E 7% pref.100
Ken-Rad Tube A Lamp A *
1
Koppers Co 6% pref—100
Kress (S H) A Co pref—10
Kreuger Brewing
1
Lackawanna RR (N J).100
Conv part preferred...*
National Steel Car Ltd.—*
National Sugar Refining. _ *
66
5%% preferred
100
6% preferred...
100
7% preferred
100
Jonas A Naumburg—2.60
Kimberly-Clark Co preflOO
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
6% preferred D
100
Kingston Products......1
Kirby Petroleum
1
Nat Service common
Price
National Tea 5% % pref.10
National Transit.—12.50
Nat Union Radio Corp..
Jersey Central Pow A Lt—
Jones A Laughlin Steel.100
Julian A Kokenge com...*
Bale
Par
June
6X
6
Laet
High
15%
14%
15
Co
Jeannette Glass Co
500
1
1,
'16
Warrants
300
1
1
Italian Superpower A
Jacobs (F L)
Low
34%
"l3~
pref.
Investors Royalty
Iron Fireman Mfg v t
6X
300
stocks
(Continued)
Range Since Jan. 11937
Bharee
X
5%
Interstate Home Equip—
Interstate Hosiery Mills.,
interstate Power $7
for
Week
Salee
Friday
Salee
Friday
stocks
Michigan
Michigan
Mlohigan
Michigan
Aug. 7, 1937
New York Curb Exchange—Continued—Page 3
912
Feb
8
Feb
5%
Aug
6%
July
1%
June
4%
12%
33%
Feb
Feb
41
Jan
8% June
18% June
31
June
2
June
Jan
-.100
Pratt & Lambert Co
*
Premier Gold Mining
1'
2%
300
2,100'
4%
Jan
Volume
New York Curb
145
Exchange—Continued—Page 4
West's Range
for
Sals
of Prices
Low
High
Weet
Par
Pries
Pressed Metals of Amer— *
Producers Corp
1
**
JPropper M cCallumHos'y *
Prosperity Co olass B
*
Providence Gas..
*
33X
X
34?4
X
716
10
10
$0 preferred
*
Pub Ser of Col 7% 1st pflOO
Public Service of Indiana—
101*4
X
160
June
100
10X June
101X
400
99
May
Feb
Jan
Feb
Mar
Jan
Jan
com
30*4
220
19X
June
July
41
Mar
98
Jan
Stein (A) A Co
Feb
Jan
June
92
Apr
June
93
119*4
117 X
Mar
103
Apr
Feb
100 X
Apr
10654
Jan
IX
May
4X
Jan
2 **
2**
2**
100
72 %
33X
175
63X
32*4
71X
32*4
400
25
25
100
10*4
10*4
100
112
112
10
112
17**
18*4
375
Stroock (S) A Co
SStuti Motor Car
8
Jan
14 54
Feb
Sullivan
Jan
Jan
4X
28 X
Jan
18**
Jan
Swiss Am EUec oref
X
July
Raymond Concrete Pile-
*
*
Reed Roller Bit Co
Reeves
(Daniel)
"~H
Reliance Eleo A Enging..5
Reybarn Co Ino
4
Jan
7X
800
10
Jan
17 H
July
Tastycast Inc olass A
Taylor Distilling Co
June
4054
8X
Mar
Technicolor Ino common.*
Feb
Teck-Hughes Mines
IX
Apr
Tenn El Pow
300
200
5X July
"is June
22X June
400
4X
32X
5X
June
Mar
Jan
4X
1%
800
IX June
2X
500
8X July
4*4 June
1354
7X
Feb
Mar
Feb
X
July
4X
100
%
200
Co
V tc common
1
X
%
X
Aug
112
Rochester Tel 6 *4 % pf-100
Amer dep rets
ord
reg.
27
£1
200
27
654
"0% "7X
"600
20
Rosala International
%
%
"200
92
92
2 X
12**
1
"il%
14**
*
*
49^4
48X
Ryerson A Haynee com__l
4*4
117
Rustless Iron A Steel
pref
conv
Ryan Consol Petrol
Safety Car Heat A LI. 100
Bt Anthony
6
St Regis Paper
X
com......5
7% preferred
85*
5
5X
~4~~
5%
4*4
117
X
12X
3%
June
Jim
1
Jan
14**
15
49*4
Apr
96 X
Jan
Trunx Pork Stores
Tublxe Chatlllon Corp
3,200
100
6
2,000
4%
2,900
250
316
12X
700
400
iox June
17X
46 X
51
June
Max
4
3H
July
OX
Jan
June
8
Mar
June
111
.s
19~606
700
4
45**
T266
100
141
Apr
Apr
X
Jan
Jan
15X
Apr
38 X
June
June
5X
3
1
May
May
sa
ox
69
4X
Apr
Mar
54X May
80
200
100
44 X
May
*S8
IX
5X
June
4X
Feb
June
ox
Mar
2X
2X
3,000
22
700
90*4
July
101X
96X
96X
500
92 X
July
104
July
X
8X
1H
X
8
Apr
2X
1H
Aug
100
300
Mar
Mar
June
12 X
Jan
Feb
Jan
Mar
1,400
3X
July
OX
Jan
3,800
15**
25X
Apr
Apr
28 X
800
33 X
135X
109 X 110
750
118
June
154**
Feb
Feb
Mar
130
108
Mar
24
June
132
X
31
3X
10 X
3X
10X
302
300
4
UX
303
700
114
28 X
30
85
7X
13**
Aug
Apr
Apr
July
2
20 X
5*4
2
Warrants
33 X
Mar
June
2X
300
20
"7",500
"4** "~4%
18
July
28
May
19**
4*4
Jan
Feb
Mar
45**
18**
100
300
18
75
Jan
3** May
40** June
50
Jan
16
June
22**
Feb
Apr
"""TOO
34**
1**
200
3%
3X
500
29**
5**
10,200
27%
5
100
2,900
100
66
Apr
98
Jan
July
9** June
33ft
3**
18**
4X
53 X
June
June
June
Feb
July
July
500
May
5
June
46
Apr
17
Feb
118**
98
Aug
July
16**
41
Feb
0
Jan
IS
Mar
31
Jan
May
0J*
Feb
77**
Jan
112
Jan
7%
Jan
5%
59
13**
250
43**
Jan
73
Mar
700
12**
Jan
Mar
July
18**
10**
Apr
3X
3%
1,300
3
Apr
71**
72**
250
61
00
Jan
Jan
4**
July
5X
5X
800
*8
Feb
Apr
Milk
»
United Profit Sharing
370
Jan
June
OX
100
,
2
29**
7
Jan
*
Preferred
United Shipyards cl A
Class B
1
July
1st pref with wart
Jan
U S Lines pref
"lOX
Apr
Jan
3
July
Mar
Mar
Jan
$7 conv 1st pref
United Stores vtc
*
*
*
United Verde Exten...50c
Consol
Oil.-.10
1
Unlversa
Products
July
'"760
Jan
7*4
Mar
100
Jan
5X
Feb
Insurance
Utah Pow A Lt $7 pref..*
Priority
Apr
48
Jan
Aug
42
Jan
X June
1
Mar
Class B
"16**
"066
716
'23X
22*4
23**
716
23*4
23*4
1,000
X
100
300
4*4
Conv preferred
•
Standard Invest $5*4 Pref*
Standard Oil (Ky)
10
42 X
Standard
10
4**
200
42 X
42 X
"""50
May
1**
Mar
854
Feb
Feb
12**
4**
Apr
Jan
1
Jan
3*4
7i«
19X
21X
4
41
15 X
20 X
100
For footnotes see page 915
20X
20X
1,700
10
10 X
36X
103 X 104
400
35
900
75
19
Aug
July
July
June
Jan
June
Apr
9*4 June
33
102 X
June
June
23 J*
27
5X
21
63**
20**
13**
45
105**
Aug
9X
1,000
16**
1,200
21
9**
700
1**
9**
11**
115** 116**
2
30,200
3,500
5,500
2**
6**
6**
47**
114J*
Feb
13** June
18**
July
10**
Apr
**
Jan
July
Apr
Jan
17** June
OX June
July
"7**
6**
85
Feb
Jan
30** Mar
Feb
13**
52** May
June
2
Jan
Mar
X
Xll
Mar
7X June
108
May
13**
124
354
Feb
Jan
4~900
Jan
100
1**
June
89**
June
94
Jan
4%
June
11**
Jan
5
June
11**
Jan
75**
Jan
June
45
Feb
55
1,400
50
33** June
25
48**
May
76
5%
10
253
253
1?*
IX
1%
"ox "OH
"2**
2%
86%
2%
87**
400
"266
700
525
2?*
"2% "3"
""900
Feb
6
'""16
3**
3**
17**
"16
3%
3X
17
400
716
500
10
6
"16
4
4
17J*
1,100
6,700
3,900
200
300
26
50
63
64
200
3X
64
Mar
37**
12**
IX
5%
15
Aug
July
Aug
Feo
Mar
Jan
Mar
10
Mar
July
14
Mar
June
IX
18*4
54
July
Jan
3**
3** June
Jan
12**
3**
Aug
May
July
23**
Apr
56?* June
Feb
2**
4*4
ntt
3%
916
3X
400
5*
2,500
2 J*
20**
6**
200
6
3
June
June
100
6**
18**
93?*
s»
1%
700
July
June
June
June
2% June
*4 June
2X Aug
12
June
Feb
Jan
Jan
Feb
4X
6
17?*
8**
22**
Feb
Jan
Mar
Apr
Jan
19
Jan
355*
Feb
80 >*
Jan
Apr
103**
6
89?*
2
ox
IX
2$
Feb
Jan
Jan
Jan
Feb
Jan
Mar
Jan
24
OX
IX
25
6%
1**
0
Apr
10**
Feb
55
IX
Mar
73
Feb
200
23
June
33
Apr
800
6
Apr
1,300
"14**
90
13
14**
1,800
Jan
9**
3?*
30
Feb
400
Jan
21
May
Wagner Baking v t e_
Jan
Mar
7% preferred
100
Wahi (The; Co common.
—
19**
21
1,300
98
96
98
30
IX
83 X
June
11
June
18**
Feb
5
89
pref..100
July
Apr
10
Jan
225*
Feb
July
98
Aug
17**
95**
2** June
7X July
Waltt A Bond olass A—
1
Class B
Jan
Jan
June
1
650
Jan
47**
2** June
4**
2**
May
Apr
June
1
18
4%
90 **
10** June
4**
18**
7 X
Mar
84
*89
6%
Wslker Mining
July
6**
1
Jan
Aug
2
12
15**
4
26
3**
Apr
253
6X
OX
**
85*
July
June
IX
25
'16
Jan
9** July
5*< June
2X May
245
80
Venexueia Mex Oil Co.. 10
Veneauelan Petroi
Vogt Manufacturing
Waco Aircraft Co
Jan
Jan
May
4,600
IX
~
Van Norman Mach Tool .5
Va Pub Serv 7%
Apr
4**
xll
1
preferred
..100
Valspar Corp vto com._l
vto conv pref
5
7%
Apr
Mar
Aug
47
lUtlx Pow A Lt oommon..1
10**
20 J*
8**
Utility A Ind Corp oom..6
Conv preferred
7
100
10 X
15**
stock.
300
600
VA
85
"~4X
Utility Equities Corp...
4,300
S16
•
16**
Utlca Gas A EUec 7 % pf 100
10*4
Apr
Feb
OH
112
Utah Radio Products...
26
11**
Feb
June
**
100
1J*
8
46**
S16
4**
10**
1?*
.*
10
Mar
60
Feb
Pictures oom..l
Universal
Jan
Feb
3X
6
Umversai
Feb
Mar
Jan
3% May
800
Jan
Mar
Jan
May
15**
100
1,400
Jan
8**
Feb
Apr
May
IX
Mar
83
3
Jan
13**
41X
160
13**
4** June
9** July
100
1**
29**
July
5**
July
1** June
400
12**
July
28
June
4
10**
Jan
Feb
1,000
12**
26
*
4**
Mar
*i«
ox
10**
1
June
245* June
4*4 May
8*4
69
ox
9**
1
U S Rubber Reclaiming.
U S Stores Corp com
UniversA
"5**
10
1,000
46
Am
69
"ox
15
United Wall Paper
65
1,300
10
Aug
10
22**
14
*
.__.*
U S Playing Card
U S Radiator oom
July
66
Jan
Feb
105
115
Jan
** June
8
22
U S and Int'l Securities..*
5X
154 J*
South Penn Oil
25
So West Pa Pipe Line..60
Spanish <fc Gen Corp—
21**
300
14?*
Feb
8X
35 X
26X
3,800
1,700
1
Feb
254
500
4%
U%
1**
4**
10 X
25
Apr
150
"166
IX
4**
10**
.25
Preferred
Aug
3
'"""** ""**
1
com
United Specialties com
U S Foil Co Class B
July
"5"
**
10
5*4
New
6**
99
Am dep rets ord reg..
United N J RR A Canal 100
4X
66
..100
92**
10
•
100
Southern Colo Pow ol A.26
Engl Tel.. 100
Southern Pipe Line
10
20
July
June
96
105
Products...*
$3 preferred
7,400
500
18**
United Molasses Co-
4,850
25*4
July
96
Common class B
United
8**
37*4
Feb
74
105
2**
2
28
3
Jan
96
116**
4X
36**
27**
25 J*
July
105
warrants
United G A E 7% pref. 100
United Lt A Pow oom A.*
Universal Corp vto
28
July
2%
pref non-voting.*
Option
8
1X
16%
1**
United Elastic Corp
*
United Gas Corp com...1
4*4
85*
6*4% pref series C...25
Jan
5*4 June
1
..l
South Coast Corp com
1
Southern Calif Edison—
preferred
1
May
3X June
10 X
295
98
Ross Mfg com
6%
July
X
Feb
55
3X
20 J*
United Shoe Mach
*
(Neb)
26
(Ohio) com 25
Feb
20 X
100
300
*
3X
1
Standard Dredging CoCommon
5X
4**
16
101
_.*
18*4
3X
*
Oil
com
oom
Jan
94 X
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Sioux City G A E 7% pflOO
Standard Brewing Co
Feb
May
X
190
$3 cum A part pref
United Corp warrants
29 X
Conv pref
*
Simmons Hard're A Paint »
Standard Oil
7% preferred
United Chem'cali
Jan
94
300
Line stamped
25
Slmmons-Broadman Pub—
Standard Cap A Seal com.l
Conv preferred
10
Mar
6%
27*4
154
66
10
Jan
4*4
28X
22
Co
Jan
30
May
2** June
Mfg
*
17X
110
dep rets ord reg__£l
Am dep rets ord bearer £1
Spencer Chain Stores
*
Stahl-Meyer Inc com....*
7%
Jan
200
*
Shreveport El Dorado Pipe
Southern Union Gas
•
Southland Royalty Co.—6
Aug
2X
21**
..2
Union Gas of Canada
29
3 H
6% cum pref ser AAA 100
Sherwln Williams of Can.*
7% preferred
Feb
Mar
June
5**
800
2,300
2,800
Union Oil of Calif deb rts._
Union Stockyards
100
United Aircraft Transport
May
Aug
5% preferred..
Union Investment
17X
132
5% original preferred.25
0% preferred B
26
5X
..1
Lamp Works.. 1
80c dlv preferred
*
Ulen A Co 7**% pref—25
Jan
26
2X June
Class A
Tung-Sol
1
Feb
July
29 X
Sherwin-Williams oom..25
Solar Mfg Co
Sonotone Corp...
Feb
Union Elec Light A Pow
Jan
3
6H
8
Seversky Aircraft Corp.. 1
Skinner Organ com
Smith (H) Paner Mill
Mar
13X
♦
Apr
65
41 X
10
Apr
38X
May
Transwestern Oil Co
Unexcelled
45
3,800
1,300
X
*
Simplicity Pattern com__.l
Singer Mfg Co
...100
28**
Tr!-Continental warrants..
22
~94~~
1
July
2X
Amer dep reo
£1
Sentry Safety Control...11
South
Common
Mar
14 X
$0 1st preferred
Denn Mining..5
Shawinlgan Wat A Pow—♦
15 *4
107
Trans Lux Piet Screen—
1st $7
Shattuck
Jan
Jan
8** June
800
1**
3X
Tonopah Mining of Nev.l
June
Selfridge Prov Stores—
oom
39**
5X
18**
34 J*
♦
65X
22
254
Corp
110X
6X
5
Seton Leather
15**
Apr
Tonopah Belmont Devel 1
45
2
...1
$5.60 prior stock
25
Allotment
certificates..
May
Am dep rets ord reg...£l
Am dep rctsdef reg—_£1
Toledo Edison 0% pref. 100
7% pref erred A
100
Ino—
Conv stock
Feb
8
7X
Tobacco and Allied Stocks*
Tobacco Prod Exports
*
Jan
•
Industries
July
13**
Apr
"l"X "~5%
2X
1
Common
Feb
Feb
21**
35
5X
*
July
"m "ox
45
Selberllng Rubber com...*
Selected
May
75
'"10** "ii%
Tilo Roofing Inc..
Tlshman Realty A Const
Jan
21X June
*
Selby Shoe Co
17**
5X
4%
17**
56 X
12
117
4554
41X
Securities Corp general... *
Socman Bros Inc.
Segal Lock A H'ware
93
1,000
10%
10**
5**
90
*
com
""166
37
2
500
58
Manufacturlng.25
8cran ton Lace Co
"ft
97
Samson United Corp com. 1
Sanfod Mills com
*
Schlff Co common
Texon Oil A Land Co
Thew Shove ICoal Co
600
100
Savoy Oil Co
1
Feb
July
Jan
Gold Mines.1
8t Lawrence Corp Ltd...*1
$2 conv pref A
50
Scovtlie
Feb
July
Tft
July
June
5
40
*
1
100 X
Royalite Oil Co Ltd
Royal Typewriter
Russeks Fifth Ave
Texas P A L
10
Feb
98
1
13 X
18
June
26
2X
6
pref
conv
Mar
4** June
11
7% 1st pf.100
7% pref..100
Todd Shipyards
Root Petroleum Co
$2.50
104*4
112
Ltd—
Roosevelt Field Ino
$1.20
July
July
97X
100
6% preferred cl D
25
1,300
Jan
Tobacco Securities Trust
Rochester Gas A Electric—
Rolls-Royce
Feb
5X
117** 118 J*
Syracuse Ltg 6% pref.. 100
Taggart Corp new com.. 1
Tampa Electric Co com..*
200
2,500
1,400
5
9X
45**
100
Mar
Feb
10 X
IX
10
1
com
Rio Grande Valley Gas
Mar
6354
1
26**
4%
10
49
Jan
32
38**
*4
26
"iX
Reynolds Investing
Rice Stlx Dry Goods
Rad
26
1
5%
17%
Jan
6
37
6
com...
Relter-Foster Oil
Richmond
5%
15**
24 X
41
17 54
37
Mar
$3.30 class A partlclpat. *
Swan Finch Oil Corp...15
Feb
*i«
2
X June
300
50c
...»
Jan
8
Jan
44
1
June
5X% conv pref
50
Superior Ptld Cement B__*
200
Red Bank OH Co
36
June
1
Jan
H
Raytheon Mfg com.
June
5
Feb
"is
15
25X
Apr
'M6
250
Machinery
Sunray Drug Co
Sunray Oil—
July
*
35 X
23
200
%
19 X
18X
*
*
35
1,600
OX
2**
21**
5X
5X
*
Class A
•
25
Aug
10
*
Apr
17
June
54
10
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Ino
1
Stetson (J B) Co com....*
Stlnnes (Hugo) Corp
6
25
124X
14**
4,700
37
Jan
150
800
**
34J*
**
32**
OX
Jan
Jan
107
10%
20
June
June
~20~% ~20%
*
oommon
26X June
109
June
36
16**
Jan
Jan
June
2
100
43
93
90 X
60 X
125 X
17 X
*
OX
054% pref
100
Sterch! Bros Stores
*
1st preferred
....50
2d preferred
20
90 X
100
7**
7**
09?*
9,900
3X
3X
Wholesale Phosp
A Add Works oom
20
68*4
117 X
High
2X June
18**
3**
3X
4%
Starrett (They Corp v t c .1
8teel Co of Canada ord...*
Low
Shares
Standard
Jan
X
33 X
Standard Steel Spring com*
Standard Tube cl B
1
June
112
High
18
1
Jan
109
Low
40
1
June
Class B.
$3 conv preferred
*
Jan
14X
103
Rainbow Luminous Prod-
Common
*
39
75
Pyrene Manufacturing.. 10
♦
100
*
*
3%
28*4
Puget Sound P A L—
$5 preferred...—
Quebec Power Co
Ry & Light Secur
1
106
pf—*
Quaker Oats com
0% preferred
Standard P A L
Common class B
Preferred
Standard Products Co
Standard Sliver Lead
Pries
160
0% prior lien pref
100
7% prior lien pref—100
*
S0 preferred
*
Pyle National Co com....5
Weet
Par
Pub Service of Okla—
Pub Utll Secur $7 pt
for
of Prices
50
...100
100
7% preferred
8X
11X
9%
101
X
17 X
12H
...60
...
6% preferred
May
Mar
35*4
•is
June
12
West's Range
Sale
53
$6 preferred
Pub Serv of Nor 111 com..*
Common
X
1,500
2,200
9*4
*
*
$7 prior pref
1,700
12%
*
Prudential Investors
'16
May
28
Last
High
Low
Stares
400
Range Sines Jan. 1 1937
STOCKS
{Continued)
1 1937
Range Since Jan.
Last
Sales
Friday
Sales
Friday
STOCKS
{Continued)
913
June
100
4**
11*4
2X
Jan
Jan
Jan
Jan
......
Co
1
2%
2**
800
2*4
JaD
5
Feb
Last
WeeVe Range
Sale
of Prices
Low
High
Price
Sharee
500
'"400
8M
Welsbaum Bros-Brower.-l
1
Went worth Mfg......1.25
Western Air Express
1
West Cartridge 0 % pf 100
Western Grocery Co...20
Western Maryland Ry—
7% 1st preferred.... 100
Wellington Oil Co..
Western Tab A Sta
4M
8H
1
*
1194
"~8M
100
26M
60""
""266
"z% "~3M
i~,66o
H94
200
~~8H ~~8X
""800
"60 "
3H
11M
3
3
*
21
22
Wlllson Products
1
Yukon Gold Co...
5
8 94
10 H
July
13(4
Aug
7M June
7 (4
13(4
10294
21H
4%
Feb
Feb
Feb
Apr
Apr
Mar
Mar
Jan
Mar
Jan
Denver Gas A Eleo 5s. 1949
Det City Gas 6s ser A.1947
5s 1st series B...—1950
Aug
8M July
60
Aug
76 M
July
3M June
♦694s
Aug 1 1952
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
11H
7H
6
100
60
Edison El llKBost)394s '65
Elec Power A Light ds-2030
Elmlra Wat Lt A RR 5s '56
El Paso Eleo 5s A
1950
Empire Dlst El 5s
Aug
Feb
1952
Empire OU A Ref 5 94s-1942
Ercole Marelll Eleo Mfg—
June
79
8M
1394
6 94s series A...
Mar
Jan
76
June
Finland Residential Mtge
Banks 6s-6s stpd
1961
July
Firestone Cot Mills 5a-1948
10494
12(1
June
Firestone Tire A Rub 5s '42
105
May
First Bohemian Glass 7s '57
Florida Power A Lt ds.1954
73
3
70 M
"3", 700
3
2,400
1,600
74 M
3M
18
July
6
Apr
5(4 June
61(£ Apr
2(4 June
23(4
12
8(4
Jan
Apr
80 H
Jan
Mar
494
Mar
*10394 105
102 M
103
102
"9394
Gary Electric A Gas—
5s ex-warf stamped. 1944
9794
Gatineau Power 1st 5s. 1956
Deb gold 6s. June 151941
Deb 6s series B.....1941
1968
90
Amer G A El deb 5S..2028
Am Pow A Lt deb 6s. .2016
Amer Radiator 4 Mis.. 1947
If Am Roll Mill deb 58-1948
Amer Seating 6s stp..!946
Appalachian El Pr 68.1956
Appalachian Power 5B.1941
Debenture 6s.
2024
84
83 M
IO3532
106 M
106 94
9194
91h
*106
103532
"l07
107
5,000
107 M
27,000
92 M 107,000
106 M
1022'^ 1022132 103
105
105 m
10594
105
Arkansas Pr A Lt 5s..1956
99 M
Associated Elec 4 Mis
1953
Associated Gas A El Co—
Conv deb 594s
1938
52
Jan
105(4
99 94
Jan
Jan
Georgia Power ref 5e..l967
Georgia Pow A Lt 5S..1978
Jan
♦Gesfurel 6s
104 M 105
106 94 107
113
113
63", 000
4,000
12,000
102 M 102 M
99 %
99 M
6,000
3,000
25,000
40,000
52
53 H
59,000
7594
51
June
92M June
83
May
102
10694
85
103 M
74
107
Ark-Loulalana Gas 4s 1951
105
103532
95
May
Aug
Apr
Mar
June
Jan
102 M Mar
103
June
10494
Jan
106
Mar
109
Mar
10414
Jan
108k
Mar
May
107
110 H June
11994
Jan
Apr
10214
Jan
June
104H
Jan
47
June
67 H
Jan
68
45
Apr
May
8314 May
62 H
Jan
June
*49 M
7,000
48
47
49
12",066
41
49 M
48 M
47 M
49 M
59 M
58
59 M
84
83
99 M
99
84 M
99 M
52,000
38,000
4,000
13,000
11,000
4594 June
44 M May
53
May
79M June
98
Apr
Debenture 5s...
48 M
61
Jan
65(4
Jan
65(4
Jan
69
Jan
9194
Feb
Jan
105(4
(Baldwin Looom Works—
♦6s with warrants.. 1938
al66
al66
*166
166
♦6s stamped w w.1938
♦6s without warrantsl938
♦6s stamped x W..1938
Jan
240
Mar
Jan
240
Mar
Feb
Mar
164
"7", 000
140
June
225
160M 166
18,000
135
June
227
162
160 M
1,003
158
158
172
Bell Telep of Canada—
1st M 5s series A
1955
1st M 5s series B...1957
6s series C
114M
114
114M
9,000
110
Mar
115 H
Jan
121
11994 121
120 94 12094
11,000
1,000
1,000
27,000
37,000
113
Mar
124
Jan
..I960
Bethlehem Steel 6s
1998
Birmingham Eleo 494s 1968
Birmingham Gas 5s
1959
88 M
74
134(4 134(4
88
88 M
73 M
75
Broad River Pow 5s.. 1964
*90
Buffalo Gen Eleo 6s_ 1956
Canada Northern Pr 5s '53
♦Canadian Pao Ry 6s. 1942
93
i03M
.
Carolina Pr A Lt 6s
1956
Cedar Rapids M A P 5s '53
Central 111 Publio Service—
5s series E
99
1st A ref 4 Mis ser F-1967i
...1968
103 M
11094 HI
9894
99 M
113
113
102 M
1981
10394 104
98 M
98(4
102 M 102(4
97 94
96(4
1950
""98"
98
99
Cent Power 5s ser D..1967
Cent Pow A Lt 1st 5S-1956
Cent States Elec 5s
1948
7994
79
79 M
594s ex-warrants—1954
57 M
Cent Ohio Lt APr6s
Cent States PAL 594* '53
Chic Dlst Eleo Gen 494s'70
6s series B
94
93
94
5794
56
5794
57
106
57 M
58
56 M
108 94 106
105 M 105 M
1961
Midland Ry 4Mis A 1956
Chic Jet Ry A Union Stock
97(4
Cities Service 5s
Conv deb 6s
1966
Line 6s
1st M 5s series A
1953
74
72 94
101M
68M
2,000
16,000
35,000
4,000
"112""
1st M 4b series F
1981
"l07M
394 s series H-
1965
10594
103 M
77
(Balt) 3M8 ser N—1971
Gen mtge 4Mb
Consol Gas Util Co—
ser
A
stamped...1943
Cont'l Gas A El 6s
Crucible Steel 6s
1958
1940
Indiana Service 5s
1st lien A ref 5s
106k
Apr
104
Jan
♦Indianapolis Gas 5s A1952
ind'polls P L 5s ser A. 1957
U4H
10594
Jan
Jan
113 H
July
3,000
92
Mar
94 94
Mar
98
Mar
93
May
98
Apr
76 M July
7294
Jan
7294
7594
Jan
Mar
June
50 M June
103(4
104 M
Apr
106
Jan
Jan
92
8394
*70
16
10194
8494
77
Mar
Feb
Feb
8894
~4~, 000
97
76,000
84
May
7,000
1,000
68
June
7294
3094
96
9594
9294
92
9294
96
8,000
68
4,000
9794
10694
Jan
65,000
75
8594
9394
*8894
10694 10694
111
111
10594
88
3094
8994
8994
Jan
Jan
Jan
Aug
Jan
Feb
105
Jan
107
June
6494
Jan
62
Jan
June
7594
Jan
Mar
10994
Jan
106
Jan
97
Apr
July
23
11,000
47
102
Jan
2094
10,000
95
10194
98
Mar
May
May
Mar
10294
34
Feb
June
2694
10494
Mar
106
Mar
Feb
10394 June
31
15,000
2,000
9,000
8,000
17,000
35,000
29,000
17,000
5,000
'¥,000
July
3394
76
June
77
Mar
8894
8694
Feb
Feb
Mar
11094
July
106
Jan
107^
Aug
100
June
10694
10694
10494
Feb
9994
Jan
10694
9594 June
9194 June
90
Apr
91
June
9694 July
8194 June
"f,66o
6,000
6,000
15,000
4~6~66o
107
Feb
86
2,000
6994
6594
*6494
10594 10594
Aug
97
108
6994
69
84
4894 June
"3^066
99
107
21H
Aug
Apr
Mar
Aug
Aug
Mar
55
104
8594
10494
2694
"86k
107
Feb
2194
8494 June
19
80
95
101
Jan
Jan
Jan
Jan
Jan
Jan
9994
*10094
105 k
*104
9794
*3394
*9694
90
Feb
July
26
68
6894
10094 10094
99
98(4
10494
10294
10194
10194
16
77
75
Mar
"4,000
1694
*1594
8794
9694
7094
3094
99
10094
8294 May
7094
Jan
74
6794
69
73
7594
.1952
73
Jan
46
92
1957
104H
4694 June
89
Jan
Jan
1955
Jan
Jan
Jan
Jan
96
Apr
7s series E
10494
10494
10394
Feb
Jan
1,000
8,000
2,000
2,000
11,000
694s series C
Interstate Power 5s
99
9394
10294 Feb
10594 Mar
10594 June
24,000
9994
9694
69
International Salt 5s.. 1951
94
Feb
Mar
May
33
June
10594
Mar
10994 Feb
6194 June
6294 June
5994 June
10394 Mar
105
10694
99
107(4
101
Apr
Jan
Jan
Jan
Jan
Jan
June
Jan
107 94
June
111
June
7994
78
8294
10694
Jan
Jan
Jan
Apr
International Power Sec—
Jan
105
7394
10894
10394
10194 10194
10194 10194
80
105k
Jan
Jan
Jan
103
*26
97
9794
*104
10494
*10294 103
*20
~69M
Mar
10394
Mar
10394
9394
Jan
1950
1963
10394
Feb
10494
10194
61
111
Jan
115
Jan
Jan
June
*5294
8594
Jan
9694
Jan
Jan
96
1,000
98
63
10394 June
33
May
71
July
109
Mar
16,000
84
1953
1957
21,000
12,000
84
Indiana EJectrlo Corp—
6s series A
1947
6s
3,000
June
9694
97 94
96 94
103
6 94s series B
6s series C
5,000
14,000
83
102
10094
9994
1957
Debenture 6s
1952
Interstate Publio Service—
6s series D
73
:
10794 10794
5494
3994
5594
4194
8194
5594
4194
...1956
8294
7794
1958
76
1957
9994
99
6s series B
-.1961
Iowa Pow A Lt 494s—1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 7a. 1952
9994
494s series F
Iowa-Neb LAP 5s.
__
Mar
107
June
Isotta Fraaohinl 7s—1942
Italian Superpower 6s. 1963
Apr
100
Jan
100
99
9994
.106
106
77
Jan
8394
Feb
65
Apr
7194 July
66
May
7,000' 105
Mar
72,000
49
June
24,000
27
June
81
Feb
109
76(4
May
Jan
6994
Jan
7694 June
96
Jan
6,000
8,000
2,000
14,000
26,000
40,000
9,000
1,000
15,000
72
June
92
June
92
July
10494
Apr
9994
8894
Jan
Feb
10494
Feb
10694 May
104(4
Mar
105(4
7194
66
Jan
7994
Jan
Feb
76
"7^660
72
Jan
80
Feb
56
59
27,000
50
June
71
Feb
49
4994
2,000
46
Mar
5694
Jan
104
103k
10494
11,000
103
Mar
10594
Apr
10494 10494
*9594
9794
*11594 118
10094 10094
33,000
Apr
10594
Jan
10294 10394
*70
"76~"
Jacksonville Gas 5s... 1942
Stamped
Jersey Central Pow A Lt—
Mar
110
Jan
104
Jan
6s series B.
1947
63 94
64
98 M
10,000
5,000
July
6294 June
92
July
96
July
73
74
11,000
68
June
82
Jan
Kansas Gas A Eleo 6S.2022
Kansas Power 5s
1947
65 H
June
83
Jan
Apr
103
Jan
1st mtge 6s ser H..-1961
10494
Apr
694s series D
694s series F
6194 June
7994
Jan
62X June
46(4 June
80
Jan
58
July
74
.
Kentucky Utilities Co—
99 H
72 94 181,000
7194
101 % 102 M
21,000
68
68 M
68(4
112
112M
112
111M
111M
10694
104 M
112
7,000
26,000
19,000
100
June
13,000
1,000
110 H
110 H
Jan
111M
107 M
105 M
10394
77 M
76,000
1,000
88,000
37,000
16,000
42,000
107 H
107 94
Apr
Apr
100
103
74
14,000
102M 102M
77 M
79
86(4
88 M
10394 103M
'"99"
99
Delaware El Pow 5 Ms. 1959
163"
103
52,000
Jan
Jan
104
Jan
Jan
Feb
106
Cuban Telephone 7 Msl941
Cuban Tobacco 5s
1944
For footnotes see page 915
34~666
May
7994 June
10094 Mar
7894
Apr
10294 May
101
July
9294 June
Apr
1st & ref 694s ser B.1954
1st A ref 58 ser O
1956
5 f deb 594s.—May 1957
8814
10194
June
100
25,000
Jan
84
Jan
10194
Feb
10594
Jan
4 94s series C
Kansas Eleo Pow
..1961
10494
394s. 1966
1948
8894
10194
.1955
87
8894
10194 10194
9294
9294
88
8894
6s series I
1969
Lake Sup Dlst Pow 3 94s *66
Lehigh Pow Seour 6s
2026
Leonard Tietz 794s.
1946
"88k
107 k
10794 109
Apr
11394 May
11294 July
Lexington Utilities 68-1952
Llbby McN A Llbby 5s '42
162"
10194 102
10594 105?^
Lone Star Gas 5s
10394
112
11394
1942
96
*2694
10594
96
10394 10394
*10594 106
10494 10594
May
Long Island Ltg 6s... 1945
Mar
10794
Aug
10094
Mar
10694
Jan
Louisiana Pow A Lt 5s '57
♦Manitoba Power 594sl951
102 (4
Mar
10494
71(4
June
June
9094
Jan
Mansfield Mln A Smelt—
♦78 without warr'ts.1941
96
June
101
Jan
Marion Res Pow 4 94s. 1952
67
99 M
67
103M
130
Jan
(♦MoCallum Hos'y 6 94s '41
MoCord Rad A Mfg 6s '43
Memphis P A L 6s A..1948
98(4
Apr
10494
Feb
8,000
69,000
9894
Jan
4,000
102
Feb
10494
July
3,000
97
Jan
10194
July
67
Aug
10194 June
10594
78(4 June
80
Jan
Jan
Minn PAL
5s
494s
10494
Jan
Jan
Jan
Jan
7994
July
July
93
Mar
9994
10794
10394
9994
10194
100(4
May
11194
100
June
105
Jan
Feb
9494 June
88
10494
Feb
10394 June
107
7~5,000
Jan
Jan
Jan
10594
Apr
May
10694 May
87
July
105
Jan
2294
May
26
Feb
9894
July
88
89
9894
July
60
9394
Feb
60
Mar
2,000
90
104
83
July
July
104
Jan
105
Mar
118
10194 May
90
July
80
July
Apr
Jan
10094
99
100
104
104
25,000
Middle States Pet 6 94s '45
Midland Valley 5s
1943
MUw Gas light 494s_. 1967
Mar
8094 June
106
1955
May
Mar
100
Mar
Aug
.1978
Jan
9394
Jan
10394
10394
95
93
10894
Metropolitan Ed 4s E.1971
Apr
Mar
12194
21,000
28,000
1,000
34,000
4,000
9,000
1,000
6,000
13,000
36,000
494s.. 1947
Jan
75
1,000
conv
10994
12594
July
118
14,000
11,000
37,000
11,000
2,000
19,000
10,000
34,000
*9994 10094
May
*9294
9794
June
9394 June
*2794
"i04k
102H
113
29
102 H
105
*107
10794
*12094 122
77 M
88 94
25,000
52,000
7,000
2
100
i07~666
87
8094
10894 109
10794 10794
Mengel Co
1954
Jan
Mar
94
8094
101
101(4
99 94
1939
Jan
1294
494
494
84
Indiana A Mich Eleo 5s '55
Consol Gas (Bait City)—
6s
1394
June
5,000
66,000
10894
10794
Jan
May
10494 10594
10494 10594
9494
9494
9394
9494
1949
6s series B
Jan
14,000
65,000
23,000
23,000
10,000
35,000
93,000
11,000
22,000
36,000
8,000
1,000
Conn Light A Pow 7s A '51
Consol Gas El Lt A Power-
102 M
June
6
10194
Idaho Power 5s
..1947
111 Northern Util 5s
1967
111 Pow A L 1st 6s ser A '63
Jan
93
80
126
1957
6
10,000
694s with warrants.1943
♦Hungarian Ital Bk7 94s *63
Hygrade Food 6s A. ..1949
99
11194
10994 Mar
10794 Apr
10694 May
294 June
107
Houston Gulf Gas 6s.. 1943
145
108
Jan
Feb
Mar
6,000
1,000
107
1977
Hall Print 6s stpd
1947
♦Hamburg Elec 7s
1935
Hamburg El Underground
♦A St. Ry. 6948
1938
Heller (W E) 4s w w..1946
125
15,000
112
112
1956
1960
5a series A....
Mar
Apr
7694 June
67 M May
88
July
103(4 July
Mar
106
High
2,000
12,000
107
Hackensack Water 5s. 1938
20,000
12,000
68M
*55
1st M 6s series B...1954
Community P S 5s
97(4
10194 102
1st 4 Ms series C
1st 4 Ms series D
Com'wealth Subsld 5 Ms '48
Community Pr A Lt 5s '57
Gt Nor Pow 5s stpd.. 1950
Grocery Store Prod 6s. 1945
Guantanamo A West 6s '68
Guardian Investors 68.1948
94 M
98
63 94
1943
Cities Serv PAL 594S-1952
5 Ms
1949
♦Commers APrlvat 594s'37
Commonwealth Edison—
"iook
114M
101M 101M
.1955
..I960
Cities Service Gas 594s '42
Cities
Service
Gas
Pipe
"7594
Gobel (Adolf) 4948— .1941
Grand Trunk West 4s. 1950
130
108 M 108 M
Yards 6s
1940
Chlo Pneu Tools 5 Mis-1942
6s series B
Glen Alden Coal 4s...1965
.1951
Indiana Gen Serv 5s..1948
Indiana Hydro-Eleo 6s '58
Chicago A Illinois
(♦Chlo Rys 5s ctfB
1927
Cincinnati St Ry 5 Mis A '52
7094
1953
7s series F
1956
6s series G
4 Ha series H
"88 H
'
Conv deb 5s
1968
Conv deb 5 Hi
1977
Assoo T A T deb 594s A '55
Atlanta Gas Lt 4 Mis. 1955
107
May
107H June
108 X June
106 (4
Jan
106
July
98 M
93 M
Conv deb 4Mb C—1948
Conv deb 494«
1949
1950
95
7094
105
101
96 H
91
30,000
98 M
92
"16H
Jan
103932
97 M
95
Apr
10894
76 M
1951
1956
104 94
ioik
"8494
98M May
90 M
84
1st A ref 5s.
Jan
103
Gen Pub Util 694s A.1966
♦General Rayon 6s A.1948
(♦Gen Vending Corp 6s.'37
♦Certificates of deposit
Gen Wat Wks A El 58.1943
22,000
18,000
3,000
18,000
17,000
1946
Aluminium Ltd deb 5S 1948
102
Low
%
*102
2,200
""6M "6M
91
70
'""BOO
600
88
105
"l3M "l3M
1st A ref 5s
1967
1 Aluminum Co 8f deb 5s'62
91
1953
300
18M
694
694
694
294
294
294
294
*100
10094
86
8794
10494 10594
88
8694
10494 105
*10294 104
9794
9894
9894
4H
Abbott's Dairy 8s
1942
Alabama Power Co—
1st A ref 4 94s
86
6
Erie Lighting 5s.. ....1967
"""60
18M
103
♦Farmers Nat Mtge 7sl963
Federal Water Serv 5 94s '54
1594
11
10594
14,000
Apr
8194
9M
31,000
8,000
June
H June
General Bronze 6s
.1940
General Pub Serv 5s..1953
1st A ref 5s
694
694
6
13M
10894 10894
10694 10694
10594 10694
3
15
10
for
Week
20
BONDS
1st Are!5s
10594
11037
Range Since Jan
Week's Range
of Prices
Low
High
Detroit Internat Bridge—
Dixie Gulf Gas 6 94s..1937
Eastern Gas A Fuel 4s. 1966
26 94
78M
Winnipeg Electric ol B—-*
Wise Pr A Lt 7% prel-100
Wolverine Portl Cement-10
Woodley Petroleum
1
Woolworth (F W) Ltd—
Amer dep rets
5
6% preferred
£1
Wright Hargreavee Ltd..*
Youngstown Steel Door.
Mar
July
300
IWU-low Cafeterias Ino—1
Cony preferred..
*
Wilson-Jones Co
2
7
8 94
♦Certificates of deposit
26%
West Texas Utii $6 pre!--*
com
Price
High
16M
West Vt Coal A Coke.—*
Wolverine Tube
Low
98
Westmoreland Coal Co.—*
West NJ4 Seashore RR 50
Williams OU-O-Mat Ht-*
500
Sale
(Continued)
101
*
Weyenberg Shoe Mfg
Williams (R C) A Co
2,600
5
9
494
9
Last
BONDS
Range Since Jan. 1,1937
794
8M
'9M ~~9M
6
Wayne Knit Mills
for
Week
1937
Sales
Friday
Salee
Friday
STOCKS
(Concluded)
6s
Aug. 7,
New York Curb Exchange—Continued—Page 5
914
"90k
8294
10094
10894 10894
10594 106
9094
9094
8294
100
83
10094
97
June
94
June
Mar
10794
Jan
9994
Jan
9794
106(4
10294
Mar
106
Feb
Jan
Jan
Volume
Last
Week's Range
for
Sale
of Prices
Low
High
Range Since
Mississippi Pow 5s—1955
82%
82%
83%
Miss Pow A Lt 5s
90%
90
91
1967
108% 108%
Miss River Pow 1st 68.1951
I ♦Missouri Pub Serv5sl947
*68*"
68
69
%
5^s
94%
1944
%Yctfsl 1937
6
Nassau A Suffolk Ltg 6s '45
Nat Pow A Lt 0s A...2026
—
—
-
—
-
101%
90%
2030
Deb 5s series B
|#Nat Pub Serv 5s ctfsl978
Nebraska Power 4%s.l981
0s series A
2022
44%
_____
New Amsterdam Gas 5s '48
N E Gas A El Assn 68-1947
Conv deb 5s.__
1948
Conv deb 6s
1950
New Eng
Pow Assn 6s. 1948
1954
Debenture 614s
5
101% 102
90%
81%
44%
109
100
82
.....
June
92
5
Aug
11,000
101
July
92%
21,000
83%
June
83%
74
May
45
31,000
5,000
109
15,000
100
81%
82%
*118%
~i",666
34,000
-----
84%
13", 000
72%
72
72%
72%
71%
72%
72%
30,000
71
72%
42,000
95%
94%
96%
98%
97
99%
46,000
97,000
90%
79%
1942
♦Income 6s series
A.19ir
'ft
N Y Central Elec 5%s
*103
92%
80%
24,000
72
38,000
70%
22,000
5,000
Feb
Jan
Debentu e6s.Dec 1 1960
Standard Investg 5%s 1939
Jan
IStandard Pow A Lt 6sl957
"66"
Feb
Jan
♦Starrett Corp Inc 58.1950
Stlnnea (Hugo) Corp—
107%
97%
Jan
June
July
110
May
Jan
120%
Ext
4%s stamped__1950
Corp 1st 4 %s '67
N Y State E A G 4 %s.
1980
107 H
100 %
Jan
99%
121%
Jan
Jan
05% June
65% June
65% July
84%
Jan
Tennessee Elec Pow 5s 1956
85
Jan
Tenn Public Service 5s 1970
69
89
June
101 %
90%
June
102%
June
72
July
May
95%
92
104%
Jan
Nippon El Pow 614s..1963
100 >4
103
103
Mar
109%
Jan
105
Apr
107%
Aug
69,000
96
June
104%
Jan
1,000
100
Apr
104%
May
110%
Apr
112%
July
8,000
84
Mar
86%
16,000
91
Apr
100%
9,000
47
75,000
..I960
85
85
85 >4
95
95
95
Nor Cont'l Utll 614s. .1948
51H
51H
52
107 >4 107 >4
No Indiana G A E 08.1952
6s series 0__
1906
1,000
May
106%
Jan
69%
108
1970
N 'western Elec 6s stmpd'45
N'western Pub Serv 6s 1967
Ogden Gas 6s
1953
6s series D
1901
514sserle8 E
Okla Power A Water 6s '48
109
75
104 >4
103 >4 104 >4
12,000
105%
95 >4
28,000
93%
June
105
Jan
108 >4 108 >4
3,000
100%
Apr
111%
Jan
105 >4 105%
8,000
104%
Jan
105% 105%
4,000
103
Feb
106%
105%
May
Mar
'104 >4
99 >4
102
89
104% 104%
98%
99% 124,000
Apr
100%
21,000
96%
May
86
June
June
108
Jan
Wash Water Power 5s. 1960
Mar
119
Jan
West Penn Traction 5s '60
Mar
102%
Jan
West Texas Utll 5s A 1957
93%
56%
113% 113%
1,000
113
76%
55,000
98
"94%
76
75%
99
*103
103%
93%
94%
97 >4
97%
92%
92
98
92%
94%
108%
Jan
100
Jan
Wash Gas Light 5s...1958
Wash Ry A Elec 4s... 1951
102% 103
1960
68 series D
96%
1964
Penn Water A Pow 6s. 1940
4%s series B
1968
95%
98%
107
107%
103% 104
*108% 109
106% 106%
4s series B
1981
94%
l*Peoples Lt A Pr 6a.. 1979
14%
Phlla Elec Pow 5%s__1972
Pblla Rapid Transit 6s 1962
110%
Pledm't Hydro-El 6%s *60
Pittsburgh Coal 0s
1949
"73"
94%
16
14%
110% 110%
*87%
69
Jan
73
Elec 0s. 1953
25
Portland Gas A Coke 6s '40
75
Potomac Edison 6s E.1956
107%
4 >4s series F
..1901
Potrero Sug 7s stpd.,1947
Power Corp(Can)4 %s B '69
107%
24%
73%
Jan
West United G A E 6 %s '55
102%
Jan
Wheeling Elec Co 6s.. 1941
90%
July
96
June
105%
105%
Jan
Jan
Wlso-Minn Lt A Pow 5s '44
4,000
88
June
103
Jan
99% June
100
89%
6,000
6.000
~~3~66O
105%
109
Apr
106%
Jan
111%
19,000
9,000
32,000
105
Mar
108
June
Mar
100
Jan
88%
12
108%
88
3O"66O
July
Mar
June
30%
112
99%
Jan
Feb
Buenos
Mar
100%
4 >4s series B
101
Jan
27
27%
20,000
7,000
Jan
93%
32% June
26%
"7",000
July
104%
July
Apr
108
Jan
105%
106
107
Mar
103
June
1,000
95
June
100%
105%
2,000
105
July
114%
Jan
35,000
52,000
5,000
1,000
3,000
40,000
94%
91
June
99%
Jan
Feb
79%
Feb
Jan
11,000
4,000
49% May
103% Mar
Feb
105%
Feb
105%
92%
Apr
103% June
81% May
24
2,000
22% June
24
6,000
22
Apr
29%
18%
Jan
25
Mar
58
56%
104% 105
106
23%
23%
*25
.....
Aires
(Province)—
♦7s stamped
...1952
91%
95
94%
13
105%
Jan
108
Apr
107
Apr
102%
107%
Jan
100%
Jan
14
Aug
♦Prov Banks 6s B..1951
27%
Jan
1952
*27%
30
Feb
Feb
94
June
95
June
21
Feb
19%
28%
83% May
Mar
11% June
8,000
27%
85
109
Jan
81
Mar
July
1947
1948
♦6s series A
Danish
1953
100
98%
July
104
Feb
99
97%
July
102
Feb
♦German Con Munlc 7s '47
18
Mar
25
July
129
Mar
147
Jan
♦Secured
68%
27%
Jan
1958
25%
Mar
27%
July
99
Apr
102%
Jan
11,000
97
Apr
101%
Feb
2,000
50
Apr
77
14,000
17
Jan
25% June
17
Jan
25
Mar
17
Mar
July
25
25%
25%
22,000
2,000
24%
1,000
*18%
31%
32
Apr
20
24%
♦Hanover (City) 7s.1939
♦Hanover (Prov) 6 %s_1949
♦Lima (City) Peru 6%s.'58
Feb
17%
lO^OOO
Apr
25%
24%
18
22
33
Jan
29%
Mar
24%
Jan
33
July
July
Feb
Aug
11,000
108%
Apr
112%
Aug
♦Maranhao
104% 104%
2,000
103%
Mar
105%
14%
14%
6,000
13%
Mar
105
Apr
July
♦Medellin 7s series E.1951
101
Mendoza 4s stamped..1951
93%
93%
1,000
90% June
98%
11,000
101
Mar
23%
23%
5,000
Apr
105%
May
2,000
21%
Feb
27%
27%
Feb
Apr
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
22
100%
104%
103%
June
15,000
5,000
15%
Jan
21%
Mar
11%
July
11%
July
100%
June
105
5,000
102
Mar
99
Mar
June
7s
1,000
*5*,666
68%
25%
25
25%
1947
6s
15,000
100% 101
99% 100%
1955
6%s
5s
Danzig Port A Waterways
External 0%s
1952
8,000
Jan
84%
1,000
91%
95
13%
25
108
23%
♦Issue of Oct 1927
14,000
105%
Jan
85%
81%
32,000
73
May
98%
Jan
Mtge Bk of Denmark 5s '72
70
May
90
Jan
♦Parana (State) 7s
76
77%
12,0u0
10,000
1,000
100
6,000
69%
May
103%
Jan
92%
Jan
104% May
100%
107
27%
30
25
26%
107
14
108%
18%
2,000
11,000
110
26%
Jan
♦6%« certificates...1919
♦5%a
1921
♦Santiago 7s
Mar
110%
103%
107%
"7",000
105
104%
105%
So'west Pow A Lt 08..2O22
72
87
1,000
35,000
101
Jan
99
109%
Jan
104%
Mar
107
71,000
99%
Mar
108
Jan
35.000
99%
Apr
108
24,000
104
110%
Jan
*103% 104%
77
76%
98%
96%
~5~66o
102%
73%
7,000
93%
6,000
99%
2,000
85
4,000
100%
1,000
15%
Jan
15%
Aug
16
18
Jan
*
No par value,
Jan
105
May
87
a
8$
38
Deferred delivery sales not Included In year's range,
r Cash sales not Included
y Ex-lntereat.
the rule sales not lnoluded In year's range,
Jan
104% 104%
July
02%
Apr
Apr
Mar
Mar
Mar
Mar
20,000
89
1
"7:666
Apr
July
103% 104
103% 104
107% 108%
88
15%
*14
1% June
1%
76
Jan
1%
1%
Jan
Apr
Feb
1,000
~~9~666
101% 101%
S'weetern Lt A Pow 6s 1957
1%
1%
*1
75%
1
2
Jan
69%
Jan
10,000
10,000
Jan
35%
Feb
66%
July
May
1949
4,000
1%
34
May
106% 106%
77
1%
1%
1
May
1% July
Mar
13,000
range.
98%
June
21%
Mar
47
Mar
Apr
23%
5,000
Feb
May
29
103
95%
22,000
Apr
Jan
98%
104
16:660
27%
27%
1%
"T%
1961
♦7s
"99%
27%
21
Jan
87
104
*27%
1919
July
104% 104%
*104% 105
69%
♦Russian Govt 6 %s
May
132
1,000
♦Rio de Janeiro 0%s..l959
*11
99%
23%
17%
27
99%
1958
♦5%s certificates
1921
♦Santa Fe 7s stamped. 1945
July
107
2,000
12,000
17%
♦Mtge Bk of Chile 08.1931
0s stamped
1931
103%
82%
31% 32%
102% 103
102%
*102% 103
104% 104%
8ou Counties Gas 4 >4s 1968
June
June
Jan
110
26%
1946
So'west Pub Serv 6s.. 1945
80
Cent Bk of German State A
Sou Calif Edison Ltd—
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1901
15,000
Jan
*105% 106
*128% 130
Southeast PAL 0s. .2025
Debenture 3 He
June
107
Apr
14
..1968
Ref M 3%s.May 1 1960
Ref M 3%s B.July 1 '60
1st A ref mtge 4s
1960
87
104%
102%
Jan
91%
96%
Apr
Apr
July
107
1955
1st 4>4s series D...1970
Sheridan Wyo Coal 08.1947
Sou Carolina Pow 6s. 1957
Mar
June
102%
63
*28%
*25%
B.1968
1948
23%
1951
103% 103%
"76%
Joaquin L A P 6s B '62
6s
103
Jan
92
97% 97%
105% 106
87%
87%
1947
81%
Safe Harbor Water 6>4s '79
6*St L Gas A Coke 08..'47
Inc
Feb
Jan
3,000
4,000
♦7%s stamped
104
102
83
1968
Shawlnlgan W A P 4 >4s '07
June
♦Cauca Valley 7s
Queens Boro Gas A Elec-
Serve!
Mar
107
Jan
105%
105
1966
Scrlpp (E W) Co 5>4s.l943
Feb
Feb
Pub Serv of Oklahoma—
—
106
77
10,000
103% 103%
Falls 5s.
Jan
Jan
104%
105%
102%
89%
111% 112%
1st A ref 4 >4s ser F.1981
4>4s series 1
1960
1937
♦Schulte Real Est 08—1951
102
108
21,0
1980
San
♦20-year 7s
71
4>4s series E
♦Saxon Pub Wks 08
June
105%
Agricultural Mtge Bk (Col)
♦20-year 7s
1940
♦Baden 7s
107% 108
*103
105
103% 104%
103%
Sauda
94
Jan
18 %
104%
6 >4s series A
1962
♦Ruhr Gas Corp 0>4s. 1953
♦Ruhr Housing 0>4s--1968
Jan
8,000
Jan
70
*26
1956
T Quebec Power 6s
115
103
62%
8,000
1978
1st A ref 4 >4s ser D. 1950
Jan
Jan
July
100%
10",000
6,000
1966
4s series A
96%
Jan
75
D
Puget Sound P A L 6>4s '49
1st A ref 6s series C. 1950
Jan
Jan
AND MUNICIPALITIES—
Mar
June
Pub Serv of Nor Illinois—
1st A ref 5s
107
FOREIGN GOVERNMENT
May
1
Public Service of N J—
5s series C
Aug
89%
94%
Jan
May
100%
105
25
133%
June
28
69% June
106
1937
107%
8,000
13,000
107% 107%
133
103
July
88
106
1900
*98
Electric 08.1954
June
Jan
Feb
27
Mar
Wise Pow A Lt 4s
*99
6% perpetual certificates
79
117%
79%
1,000
107% 107%
Yadkin River Power 6s '41
*68
1949
July
Jan
June
2,000
106
West Newspaper Un 6s '44
93%
Mar
117
101%
12,000
*106% 107%
105% 105%
99% 99%
106
106%
2030
13,000
65"66O
90
*107% 108%
103% 104%
Pittsburgh Steel 0s...1948
Power Securities 6s
93
27%
1954
June
Peoples Gas L A Coke—
8an Antonio P 8 5s
5s Income deb__
York Rys Co 5s
Penn Pub Serv 6s C.. 1947
4 >4s series
♦
99%
Penn Ohio Edison—
♦Prussian
1946
70%
Mar
June
94%
65
Hotel—
West Penn Elec 5s
115
June
71
Apr
96
6s.
107
102%
19%
Mar
Mar
Jan
109
75
94%
106%
26,000
8,000
Mar
104%
110
91%
Aug
1,000
Mar
69
2; 000
83%
June
60%
17,000
10,000
26,000
16,000
76
Jan
20%
28
1st ref 5s series B...1950
Mar
89
Feb
July
49% June
"
*96%
104%
89
Feb
113
111
2,000
109
Waldorf-Astoria
Feb
106
75
7,000
6,000
54%
*107
Apr
Jan
40%
May
June
106%
29,000
114
*103
95%
1952
E
103%
96
Jan
90
44,000
80%
6%s'57
A..1946
5s series
Vamma Water Pow
2,000
1,000
116% 117%
Penn Cent L A P 4%s.l977
6s
.1979
Deb 5%s series B..1959
1956
2,000
*104% 106
113%
♦Pomeranian
5s~D
Utlca Gas A Elec
lo8% 110
103%
12*666
98%
*105% 106%
107%
102
106
75
103% 103%
ro
Feb
30
no
Va Pub Serv 6%s
Feb
Apr
Jan
80
96
1944
__
Jan
85%
109
Utah Pow A Lt 0s A..2022
4%8
98%
Jan
United Lt A Rys (Me)—
1973
Pacific Ltg A Pow 6a.. 1942
Pacific Pow A Ltg 6s.. 1955
Palmer Corp 0s
1938
x-w
82%
Mar
107% June
106% May
78%
80
103% 104%
"83%
1952
Pacific Invest 6s ser A.1948
0s series A
1959
(Del) 6%s '52
74
75
78%
0s series A
1941
1971
28
1974
0s series A
Pacific Gas A Elec Co—
Penn Electric 4s F
6%s
109%
Jan
Aug
May
104
2i~666
92%
United Lt A Pow 6s—.1975
Jan
July
98% June
32
Jan
5%s
66
81,000
28%
.
Jan
Mar
78% May
64% June
6,000
105%
*27%
27%
Jan
Jan
Pacific Coast Power 5s '40
1st 6s series B
53%
114
104%
110%
106%
106
79%
53%
May
Feb
June
107
8,000
4,000
70
♦United Industrial 0 %s.'41
♦1st s f 0s
1945
ex-w
94%
102%
"105 >4
100
Feb
United El Serv 7s
5,000
1964
Okla Nat Gas 4%s._.1951
68 conv debs
1940
Conv 6s 4th stamp. 1950
United Eleo N J 4s... 1949
"98 %
1st A ref 414s ser D. 1966
Ohio Public Service Co—
6s series C
"79%
Jan
1946
Ohio Power 1st 6s B..1952
'52
Jan
93 %
49%
106%
Mar
92%
1962
105%
95 >4
Mar
107% 108
107
Mar
100
May
102%
105
"92%
June
13,000
37
102
1,000
*25
99%
104
2,000
9,000
*
7,000
103
45%
106%
Leonard
Twin City Rap Tr 5%s
Ulen Co—
Un Lt A Rys
56
Apr
69%
Jan
May
44%
37
101% 102%
105%
103 H 103%
99
103 H
1969
414s series E
see
30% June
1,000
69%
Northern Indiana P 8—
68 series D
(L.)
Mar
34
1956
No Amer Lt A Pow—
614s series A
'l02%
Tide Water Power 5s.. 1979
♦Tletz
Mar
53
68
2022
Feb
Jan
96
*107
|*Texas Gas Utll 6s.. 1945
Jan
102
*107
Texas Power A Lt 5s..1956
—...
96
July
June
105% 105%
107%
107%
86%
87%
69
67%
87
03
June
93
62
7,000
105
1967
Teml Hydro-El 6 %s._ 1953
Texas Elec Service 58.1960
Mar
2,000
69%
45%
110
Jan
Jan
Jan
Mar
33%
106%
July
84%
June
June
June
53
33%
stamped 4s
1940
2d stamped 4s
1946
Super Power of 111 4%s '08
1st 4%s
1970
Syracuse Ltg 5%s
1954
5s series B
High
37,000
94
66
2d
Toledo Edison 6s
*112 H H4
1954
6s
99 %
103
N Y A Westch'r Ltg 4s 2004
Debenture
*108 >4 109 >4
106 % 107 >4
93
May
Apr
New York Penn A Ohio—
N Y PAL
68%
68%
14%
107
99
99%
106
1951
100%
51
85%
Mar
70%
New Orleans Pub Serv¬
es stamped
96
♦Certificates of deposit
Feb
70%
80%
113
Mar
Low
11,000
May
44
100%
111
Mar
95%
71
16,000
Apr
1,000
3,000
95
69
Jan
109%
Debenture 6s
94%
95
67%
63%
65%
63%
71%
100%
Feb
*114% 116%
Nelsner Bros Realty 6s '48
Nevada-Calif Eleo 6s. 1956
5
65% June
10,000
69
May
Montana Dakota Power—
95
♦Certificates of deposit
♦Convertible 6s
1935
June
84
June
67% June
71%
71%
71%
77%
67%
17,000
13,000
|»8tand Gas A Eleo 081935
107
3,000
70%
%
Jan
15,000
8,000
Weet
Low
Price
High
Range Since Jan. 1 1937
for
of Prices
High
Sale
(Concluded)
Low
West's Range
Last
BONDS
Jan, 1 1937
Weet
Price
Sales
Friday
Sales
Friday
BONDS
{Continues)
♦Munson~88
915
New York Curb Exchange—Concluded—Page 6
145
%
J Friday's bid and asked price.
♦
No sales were transacted during
Jan
current week.
L
Bonds being traded flat.
5 Reported in receivership.
Jan
103%
n Under
In year's
Ex-dividend,
1 Called for redemption
e
Cash sales transacted during
104
Jan
104%
Jan
100
Jan
Included In weer*y or
No sales.
May
the current week ano not
yearly range:
June
Mar
y
Under-the-rule sales transacted during tne current
or yearly range:
week and
4ijciu
weekly
No sales.
z
Deferred delivery sales transacted during the
In weekly or
current week and not lnoluded
yearly range:
No sales.
Abbreviations
Used Above—"ood," certificates
of deposit: "cons," consolidated
"cum," cumulative; "oonv," convertible; "m," mortgage; "n-v," non-voting stock;
"v t c." voting trust certificates: "w 1." when issued: "w w." with warrants; "x-w"
without warrants.
Financial
916
Chronicle
Aug.
7,
4
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Stocks (<Concluded)
Unlisted Bonds
Bid
Ark
Internat Commerce Bldg-
--1
Place Dodge Corp—
income bonds v t c
6
3%
117%
N Y N H A H
82 %
North Butte
42
-*
19
.100
25
»
Pennsylvania RR
50
Qulncy Mining Co
25
55c
60c
29
------
36%
7%
------
8%
Established 1853
Shawmut Assn tr ctfs
Torrington Co (new)
5
United Shoe Mach
Corp.25
—26
Preferred
Yoet Cb.
touisvUla,
Heaerstown, Md„
Utah Metal A Tunnel
Members New York, Baltimore and Chicago Stock Exchanges
11%
Apr
171
x6
Mar
142
Mar
10
Feb
5
80
June
5
1%
3,563
19%
345
600
20
617
8%
935
Feb
10%
Jan
93
Mar
Jbd
July
3%
9%
2%
29%
Jan
June
680
18
%
25
July
Mar
Jan
1%
June
210
30%
38%
Mar
Jan
July
12
4%
%
%
3%
114% June
44%
Jan
50
Mar
Jan
11%
Mar
Apr
34% June
6%
24%
100
23
25%
Apr
13%
328
12%
June
16%
Feb
261
17% June
33%
39
190
34%
June
41% May
31%
201
25%
Feb
87%
30%
86%
88
1,009
98
Jan
41
40%
41%
2%
12%
100
36%
Apr
48%
Jan
4,136
1%
Jan
165
11%
July
8%
115
6%
Feb
2% June
Feb
19%
Jan
12%
31%
2
2%
*
Warren Bros Co
12%
11%
7%
—*
84
Mar
33
Jan
Mar
Bonds—
Eastern Mass St
Ry—
Series A
Baltimore Stock
Feb
Mar
6%
24
1
Waldorf System Inc
Chicago Board of Trade
New York Curb Exchange (Associate)
66
24%
13%
23
*
Union Twist Drill Co
NEW W
BALTIMORE* MO.
*
—*
Stone A Webster
39 Broadway
High
July
13%
22%
38%
Reece Butt Hole Mach.. 10
& So Calvert St.
Low
41
100
4,785
83
4%
1%
1%
Pacific Mills
STEIN BROS. &> BOYCE
105
10
83
RR(The) 100
Old Dominion Co
Orders Executed on Baltimore Stock Exchange
Shares
1,215
%
10
------
4%
Old Colony RR
8
4
3%
117% 119
.100
Preferred
29
1088 Park Ave Apts 6sl939
6% 1941 and ctls
w £
%
*
Pennsylvania Bldg ctfs.
10 East 40th St Bldg 5s 53.
...
7%
1
Nat'l Tunnel A Mines
28%
Park
Fox Theatre & Oflce Bldg
7%
New England Tel A Tel 100
New River Co
100
6
Majestic Apts 6s.....1948
43%
...
National Service Co
1943
0%s
Week
Narragansett Racing Ass n
Inc
B'way & 38th St Bldg 7s 45
Bryant Park Bldg 6 %s 45.
Drake (The) 6s
.1939
11 West 42d St 0%s..l945
500 Fifth Ave 6%s._.1949
for
of Prices
Low
High
Price
Par
Mergenthaier Linotype..*
Ash
Week's Range
Sale
Closing bid and asked quotations, Friday, Aug. 6
Unlisted Bonds
Range Since Jan. 1, 1937
Last
Exchange
Exchange
4%s
1948
Series B
5s
1948
78
78
82
84
84
$2,000
2,100
76
July
89
Feb
82
July
95
Jan
July 31 to Aug. 6, both inclusive, compiled from official sales lists
Friday
Week's Range
Last
Sale
Stocks—
Arundel Corp
of Prices
High
Low
Price
JPar
21
1st pref v t c
.
>
*
*
Blaok A Decker com
CoDsol Gas E L & Pow.__*
6%
preferred
Sugar Assoc
130
18
100
Listed and
High
Jan
46
23%
Apr
75%
Jan
64
181
1%
July
3
Jan
4%
4%
278
Jan
15
3%
2%
9
2%
Aug
28%
249
24%
June
38
Jan
76
330
64
June
89%
Jan
28
112
Apr
27%
75%
113% 113%
100
Jan
115
New York Curb
30
26%
30%
578
21% June
40
38%
40
520
20
126
126
34% June
119% June
12%
12 3%
129
12%
Jan
13%
Apr
Mar
23
23
23%
1,149
19%
Apr
23%
May
16
%
July
1%
12%
Jan
9%
%
9%
1%
3%
1%
3
3%
550
3%
3%
3,665
3
42
27
Aug
41
July
27%
Jan
18%
Feb
Fidelity & Deposit.
Finance Co of Am cl A
Houston Oil pref
*
100
1st pref
%
25
2d preferred
9%
..25
Mar Tex Oil
1
3%
3%
Com class A.
60
128%
*
Mfrs Finance com v t
50%
136
Jan
Friday
July
2%
Jan
Last
Week's Range
for
July
4%
Jan
Sale
Week
Jan
4%
Apr
of Prices
Low
High
28
25%
229
680
13%
Aug
3
97%
Apr
13%
133%
99
Owlngs Mills Distillery
%
1
Penna Water & Power com*
U S Fidelity A Guar
2
900
%
%
Feb
104
% May
Feb
1%
Stocks—
Par
—
m
_
22%
Western National Bank.20
Common (new)
*
*
78
35
73
June
95
Feb
22%
23
1,157
21
June
29%
Jan
Advance Alum Castings—6
Aetna Ball Bearing com
1
34%
155
34
Apr
37
Jan
Allied Laboratories
com
.1976
31%
------
30
34%
Jan
41%
31% $40,500
27%
July
36
25,600
31%
July
48
Jan
100
$2,000
99
Apr
100
Aug
Interstate Bond Co coll tr
100
5% series BBB—1944-51
Low
Amer Pub Serv Co pref. 100
Armour & Co common...6
Aro Equipment com
Asbestos Mfg Co com
Associates Invest
1
"2
*
com
June
65 %
9%
7%
12%
10
1,000
1,650
10%
6%
July
Jan
17%
12%
Feb
Jan
June
12%
Mar
800
11
13
100
10% June
17%
Apr
14
15%
500
13
June
21%
200
20
July
23%
20%
68%
120
61
June
84 %
Feb
Feb
Jan
11%
12
11
11%
1
45
140
68
"15%
200
11
21%
"12%
49%
11
11
2
52
8%
13%
2%
52
7
7
Jan
13%
Feb
11
July
12%
July
1% June
48% Mar
4%
Mar
150
30 State St., Boston
I
N. Y. Tel. CAnal 6-1541
Week's Range
for
of Prices
Low
High
Week
Range Since Jan. 1,1937
Common
*
1st preferred
_*
100
17054
Bigelo-Sanf Carp pref.,100
109
Boston A Albany
100
Boston Edison Co.....100
Boston Elevated
100
Boston-Herald-Traveller
*
80c 87 %c
16% 16%
169% 172%
138%
59%
25%
109
129% 130%
135% 139
59%
60%
25% 26
Shares
Low
37
80c
50
5
156
651
694
185
July
14
988
1,256
July
159% June
107% May
128% July
127% June
60% July
25% July
C-d 1st pref stpd
Calumet A Hecla
981
11
832
13
30
12
Jan
20
16
Feb
2,107
2,638
10
18
18
18
16%
15
16%
25
Copper Range
Jan
38%
12
25
12%
100
181
36%
11%
10%
12
12
Class A 1st preferred.100
CI B 1st pref stpd
100
11%
12%
2%
30
.*
6
4)4% prior pref.....100
6% cum pref
100
61
62
47%
2%
48%
36
9% June
9%
11%
158
27
East Mass St Ry com..100
1st preferred
100
Preferred B
38
10%
4%
38
23%
23%
10%
4%
8
6%
22
21%
43%
Gilchrist Co
12
*
14%
Hathaway Bakeries pref..*
Internatl Butt Hole Ma. 10
.....
Isle Royal Copper Co...25
25
3%
Loew's Boston.
Preferred
v
t
19%
53%
3%
3
c
see page
17
18%
52%
.100
For footnotes
4
17
Maine Central common 100
Mass Utilities
14%
2%
40%
10%
5
8
22
43%
12%
14%
40
100
Adjustment
100
East Steamship Lines com;*
Employers Group
...»
General Capital Corp
*
Gillette Safety Rasor
6%
20%
21
750
19
20%
21
100
18%
.5
6
com
50
50
16
9
May
57%
Feb
17
Jan
9
Mar
9
Mar
19%
19
Mar
Jan
July
20%
Feb
Jan
23%
Feb
July
30%
Aug
Feb
Feb
Feb
9%
600
12%
40%
50
9%
Jan
14%
14%
3,900
32%
Jan
43%
45%
11%
46%
1,600
27
27
100
Apr
11
Apr
26% June
28%
Feb
Feb
18
18
100
17%
June
30%
Mar
33
33
33
JaD
33%
12
12
1,400
1,950
32
12%
10%
32%
500
41%
42%
200
1%
800
250
1% June
12
1%
12%
69%
70%
1,060
53% June
*81%
3%
3%
96%
2,600
Jan
250
2% June
86% June
6%
94
110%
Mar
52
53
230
47
9%
9
12%
"40%
July
Apr
May
160
4% June
65% June
35% June
73
2
May
5% conv preferred
37
Common
Prior lien pref
Preferred
115
Chain Belt Co
Jan
Jan
Cherry Burrell Corp corn.
Chicago Corp common
•
Mar
Mar
Chicago Ry pt ctfs "3" .100
18%
24%
24%
Mar
Chic Rivet A Mach cap. .4
Mar
Chicago Towel conv pref.*
Chicago Yellow Cab Co..*
104
Cities Service Co com
*
Club Aluminum Uten Co.*
Commonwealth Edison. 100
"~3
Mar
Jan
17%
Jan
10%
Jan
Compressed Ind Gases cap*
81
Jan
Consolidated Biscuit oom.l
Consumers Co—
69
3%
7
12
Jan
Mar
Jan
Mar
V t c href part shs
Mar
28% June
Mar
Mar
29% June
43
July
12
58%
72
63%
%
17%
104
120
5
Cord Corp cap stock
5
Cunningham Drg.Stores2%
4%
Jan
Feb
Feb
July
73
Mar
Jan
85
6%
June
48
Feb
Mar
Feb
50
20
May
32
Feb
500
59
June
77
Mar
3
June
100
17%
104
120
50
%
14%
100
6%
Mar
37%
Feb
Jan
Jan
Apr
Jan
108
Feb
Jan
16%
200
4,100
13% July
2% June
27%
3%
6%
Jan
1%
2
750
1% May
2%
Mar
120
1,350
115
42
300
*
43%
5%
1,000
13%
43%
Feb
77
June
3% June
43
19
3
16%
1%
350
July
3%
400
25
62%
3
17%
3,750
Apr
July
18%
36%
June
20
44
15%
June
13
Aug
13
20
4%
50
13%
80
103
Apr
38% June
5
12%
2
June
July
139
48%
11
13%
Jan
Feb
Jan
July
5%
25,200
June
5%
Feb
21%
21%
200
18% June
26%
Feb
24%
6%
23%
24%
450
19%
Jan
28%
6%
6%
300
5% May
11%
Apr
Jan
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
35%
23%
40%
35%
23%
41%
Elec Household Utll cap .5
Elgin National Watch..15
FitzSlm A C D A D com
*
35%
21%
39%
6%
34
35
181
31
June
"l2""
12
12%
4%
100
12
550
z4%
Aug
July
22%
350
20 % June
4
Jan
Jan
Mar
Dayton Rubber Mfg com. *
Decker (Alf) A Cohn com 10
47
Mar
Dlxle-Vortex Co—
June
10
June
375
14
July
14%
20%
Jan
Feb
5
35
Apr
50
Jan
Apr
27
Mar
„
32%
12
61
25
62%
50
26%
19
55
50
79%
4%
44
20
39% June
20
4%
.»
Chic & Northw com...100
15%
22%
2
14
Mar
May
6%
19
Jan
Jan
245
10%
Jan
24% May
130
36
Jan
64
568
;
Chicago Elec Mfg A
*
Chicago Flex Shaft com..5
20%
150
79%
Jan
51
16
Preferred
12
38%
61
com
Mar
July
317
3%
96%
62%
56%
July
223
12%
30%
10
1,175
20
♦
Feb
39%
Aug
Aug
.
147
90
4%
6%
30
160
69%
15%
1
Jan
Jan
90
67
45%
Castle (A M) common.. 10
Central Xlllnola Sec-
Jan
187%
East Gas A Fuel Assn—
Common
15%
$1.50 conv pref...
*
Cent 111 Pub Serv pref-.-*
Central 8 W—
High
Boston & Maine—
Prior preferred
100
Class A 1st pref stpd.100
100
Common
Amer Pneumatic Service-
Amer Tel & Tel
16
Bucyrus Monlghan cl A__*
Burd Piston Ring com
1
Butler Brothers
10
Sales
Sale
Price
17%
16
Brown Fence A Wire com.l
Exchange
Last
Par
17
17%
Class A
...*
Bruce Co (E L) com...
*
July 31 to Aug. 6, both inclusive, compiled from official sales lists
Stocks-
17
(New)
Lewiston
Friday
250
8% June
5% Aug
3%
Jan
14%
Feb
Borg Warner Corp—
Portland
Boston Stock
7%
1
Binks Mfg Co capital
1
Bliss A Laughlln Ino cap.5
Private Wire System
Bangor
7
Berghoff Brewing Co
New York Curb Exchange (Asso.)
UNLISTED TRADING DEPARTMENT
Boston Tel. LAP 7010
pref-*
Bendix Aviation com
New York Stock Exchange
Boston Stock Exchange
100
BarlowASeellgMfgAcom 5
Bastlan-Blesslng Co com.*
Members
50
5%
Backstay Welt Co com..*
Barber Co (W A) com
1
1887
9%
5}
Autom Washer
Established
9®
com.
conv
14% May
450
1,050
Automatic Products
5
June
Feb
2,250
AtheyTrussWheel capltal.4
Townsend, Anthony and Tyson
High
13
11
*
.
Allied Products Corp comlO
Class A
25
Bait Transit Co 4s (flat) '75
Range Since Jan. 1,1937
Shares
49%
*
Adams Mfg Co com
Adams Royalty Co com
77
Bonds—
Price
Abbott Laboratories-
34
_
Sales
June
27
99
Chicago Stock Exchange
July 31 to Aug. 6, both inclusive, compiled from official sales lists
1
25%
Northern Central Ry___50
Jan
9
Merch & Miners Transp..*
New Amsterdam Casualty 5
Jan
48
3%
225
MononWPennPS7%pf-25
6s flat
St., CHICAGO
Jan
25%
Chicago Stock Exchange
Chicago Curb Exchange
(Associate)
10 So. La Salle
Jan
com. 1
Preferred
A
Members
New York Stock Exchange
3% May
1
Eastern
Unlisted
Pa ul H.Davis &.€o>
Mar
1%
2%
*
_
53
Low
1%
Bait Transit Co com v t o.*
Benesch A Sons Co Inc.
21
53
*
Atlantic Coast L (Conn) .50
SECURITIES
CHICAGO
Range Since Jan. 1, 1937
far
Week
Shares
2% May
3%
Mar
Jan
Class A_.
Fuller Mfg Co com
7
..1
4%
7
50
850
3,000
1,400
41
Feb
20% June
23%
Aug
May
41%
12 %
40%
Aug
Jan
Mar
35
29%
6%
July
Aug
20
Jan
5% May
Gardner Denver Co—
New common..
*
22
22
23%
July
920
as.
Volume
Financial
145
1, 1937
Range Since Jan
Last
Week's Range
for
Sale
Par
917
Sales
Friday
Stock* (Concluded)
Chronicle
of Prices
Low
High
Week
Price
Membera Cincinnati Stock Exchange
Shares
High
Low
Active Trading Markets in
5**
63*
5**
2,350
3%
General Finance Corp com 1
35*
41**
4
4,050
41**
35
5K May
4**
Mar
3H
June
10**
Jan
July
50**
42 X
Feb
Cincinnati and Ohio Listed and
Gen Household Util—
Common..
...—
Godchaux Sugar cl A
*
Goldblatt Bros Inc com..*
Gossard Co (H W)
'35"
~19~~
Helleman Brew Co G cap.l
7%
*
23**
Houdaille-Herskey class B*
Hupp Motor com (new).-l
Illinois Brick Co cap
10
HI North Util pref
100
105 **
Indiana Steel Prod com__l
8**
3H
13
Co cap
Co
Katz Drug
1
Kellogg Switch & Sup com*
11
July
18
June
12**
29**
7n
Aug
11**
Jan
89*
June
7K
8 %
1,100
50
9
52**
40
15**
80
23
23**
250
3 X
1,850
13**
250
104** 105**
20
8%
400
35*
13
8**
21**
June
June
27X
3
May
45
15**
11**
99 X
June
May
Feb
4
200
19 X
Last
Jan
27
Par
(Concluded)
Feb
Dow Drug
*
5
Gibson Art
*
31
31
155
Mar
Goldsmith
*
30**
6%
Mar
Helton Davis pref
Hobart A
29
29
29
45
44
45**
9**
Formica Insulation
99*
9**
10
1,100
9 9*
July
165*
Feb
SVs June
12**
5
91
30 X
32
125
91
Aug
600
17**
Apr
28**
120
25
June
43 H
Ky Util Jr cum pref
60
Kerlyn Oil Co cl A com..6
Kingsbury Breweries cap.l
5**
5**
5K
1,400
1X
IX
IX
800
La Salle Ext Univ com—6
3%
3X
3X
6,400
pref. 100
44**
44**
20
...—*
8K
8**
850
...10
18**
19**
200
12**.
12**
Feb
Jan
Aug
Mar
IX June
Jan
5**
Jan
1X
35*
.
.
_
*
*
Kahn com
Le Rol Co com
Libby McN A Llbby.._10
Lincoln Printing Co—
Common
12 H
51**
McGraw Electric
18**
June
24
Jan
31
27
June
37
Mar
25
41
40
41
Mar
45
July
10**
*
62
10**
61**
10**
62**
195*
July
5% pref
ion
118
400
155*
Mar
Randall A
*
21
8** June
12**
Jan
4**
100
4
Jan
4**
31**
1,850
16 H
Jan
335*
Mar
July
49**
52
700
38**
Mar
52
Aug
Marshall Field common. _•
Prior preferred
..*
26 H
26**
"28 X
28**
3**
3**
9K
3X
5K
Nash
P & G
*
*
31
Sabin Robblns pref
.100
U S Playing Card
U SPrintlng
—10
41
48** June
July
Jan
48**
Feb
104**
26
29**
9**
55**
116**
10
118
30
20** 21
4**
5h
31
30**
104** 104**
26
26**
5
Rapid
118
30
100
216
Jan
Jan
18
410
July
4**
Aug
42
27
July
12
102
Feb
90
25
July
*
4
4
4
25
inn
21
19
21
1,000
16
inn
Preferred
July
111
8
92
110** 114**
3**
Apr
Mar
10**
65**
118**
23**
11**
July
Jan
July
Jan
Jan
38
Feb
104**
34**
6**
26
Aug
Feb
Feb
May
Ap
Jan *134
Mar
54
573*
2?*
27**
100
2
June
4**
Mar
Jan
1,850
19
Jan
305*
Mar
6**
2,700
29
no
45*
25
June
June
7
Feb
31**
Ohio Listed and Unlisted Securities
Jan
Members Cleveland Stock Exchange
Mickelberry 's Food ProdCommon—
Middle West Corp cap...6
Stock purchase warrants
10
49
2?*
Mer A Mfrs Sec cl A oom.l
22
50
50**
49
6
com
McQuay-Norris Mfg com.*
Manhattan-Dearborn com*
110
Jan
25
29**
16** June
9X
Jan
300
22**
50**
Feb
22
Jan
9
22
June
Jan
Apr
29
Feb
Wurlitzer
McCord Rad A Mfg A—*
9
57
May
Feb
8**
30**
49**
11**
22
13**
29
6
40
Jan
36
29
Jan
7%
45
141
Feb
25
Aug
4**
Lion Oil Refining Co com
Lynch Corp com
9**
15
6**
Mar
27**
22
B
10
Lindsay Light com
9**
17** May
16** June
29** June
6** July
28** July
9
*
50
9
...
High
May
*
Kroger
Lunkenheimer
National Pump pref..
Common
6**
Apr
38
7
110
18
Eagle-Plcher Lead
Aug
24**
Low
90
7X
21
Feb
48
91
7X
18
295*
June
24
Range Since Jan. 1, 1937
Shares
18
June
459*
100
High
21
20**
250
650
Low
*
2,650
48
10**
Price
in
28
10
Week
7X
20**
47**
10 H
for
of Prices
10** May
June
Stocks
Week's Range
Sale
Jan
110
Sales
Friday
Apr
19**
June
8
25
Ken-Rad T A Lamp oomA *
Lawbeck 6% cum
Leath & Co—
523* May
19
J
CINCINNATI
Phone Cherry 6711—Bell Sys. Tel. Cln. 363
Mar
13**
Jan
CO.
a
UNION TRUST BLDG.
26**
com
Preferred
Jan
Aug
Unlisted Securities
BALLINGER
July
450
47**
1
Joslyn Mfg & Supply com 5
Mar
300
24**
Mfg com v t c.*
Jarvls (W B)
July
150
11**
20
52**
15**
Hlbb Spencer Bart com_25
Iron Flrem
34
35**
19
9
Hein-Wern Mot Pts com .3
com
40
11
com..*
Great Lakes DAD com..*
Horders Inc
50
10
3**
3K
200
2X June
10**
5,400
7** June
950
50
4
Jan
5
IK June
15**
75*
Jan
Jan
1**
125*
Jan
9**
Mar
Midland United Co—
Common
Conv preferred A.
**
*
*
6
**
6**
550
X June
3** June
6
390
3
GILLIS
Jan
Midland Util—
7% prior lien
100
7% preferred A
100
Mo dine
Mfg Co com
*
40
5**
2**
39**
47**
Preferred
National Standard com. 10
29
Noblltt-Sparks Ind
6
North American Car com20
35
50
7
10
47
400
28
June
47**
50
IX
5
Union Trust Building, Cleveland
Feb
46**
Jan
July
10
Jan
Mar
49**
30**
Feb
,3X
Feb
June
IX
Jan
Telephone GHerry 6060
Feb
43
650
37X June
68
6
41**
com.
1% June
250
29
28
IX
Nat Union Radio com.—1
20
2**
40
7
7
Monroe Chemical Co com *
June
150
5** June
10** June
9**
Feb
16**
July 31 to Aug. 6, both inclusive, compiled from official sales lists
11**
115*
1,950
29 J*
18
30**
70
23
July
54
Jan
18
50
18
Aug
18
Aug
Stocks—
Par
*
10**
20
10**
Aug
Akron Brass
*
23**
100
21
July
Jan
American Coach A Body..
1**
IK
700
July
15J*
29**
2 5*
Feb
Parker Pen (The) com..10
Pea body Coal Co B oom._6
10**
23**
Penn Elec Switch A
19**
19 **
100
18
July
24**
Jan
Mar
13
13**
250
12
May
17**
Jan
34}*
34 J*
50
30
May
35
Northwest Bancorp com.
Last
7% pref
100
com..2**
OshkoBh B'Gosh—
18
10
Penn Gas A Elec A com..*
*
com
1**
Clark Controller
1
Jan
Cleveland Cliffs Iron pref.*
7**
Mar
Feb
Cleve Elec 111 $4.50 pref—*
Cleveland Ry
100
'455*
6
500
3
1,100
Potter Co (The) com.....l
2K
3
250
2K
July
5X
Feb
Prima Co com
1**
IX
1,400
IX
June
3**
Jan
Cliffs Corp vtc—
-*
Commercial Bookbinding *
*
Dow Chemical pref
Public Service of Nor 111—
Common..........
*
Common
0% preferred
*
850
70
June
99**
Jan
Elec Controller A
85
100
74
June
99
Jan
Faultless Rubber
115
120
109X June
120
Jan
Federal Knitting
113
420
109
June
125**
Jan
Foote-Burt
6
350
4
Jan
1%
7**
3**
36**
Feb
250
25*
July
Halle Bros
55*
60c
t c
6
v t o....
Reliance Mfg Co com
Rollins Hos Mills—
17
10
18
300
12,250
Ross Gear A Tool com—*
25
2X
25%
Sangamo Electric
*
36
36 K
450
Schwltzer-Cummlns cap..l
Sears-Roebuck A Co cap.*
25
25
100
96**
96%
50
Serrlck
1
12
12 K
Slgnode Steel Strap—
Cumulative pref
.30
Slvyer Steel Castings com *
31
23
So Bend Lathe Wks cap..6
23**
24**
S'west Gas A Elec 7% pflOO
riouthwstn Lt A Pow pref.*
98
98
90
90**
74
Common
2 H
1
com
com
2**
80
June
15**iJuly
2 X
25
July
Feb
55
54
105
Jan
1,070
32
June
Mar
30
Jan
July
26
105
Aug
Jan
90
47
68
Feb
Feb
26
26
25
24
July
Jan
30
14**
113
86**
30
14**
14**
50
27
June
Feb
110
14
June
Feb
50
24
July
Jan
10
46
June
May
138
12
July
Apr
Feb
Mar
*
*
60
60
60
82
32
31**
24**
7**
32
176
24
Jan
255*
75*
145
23
May
Feb
105
7**
June
June
11
12
230
9
Jan
20**
21**
235
13
June
Jan
40
40
20
40
Jan
Feb
50
June
Mar
Aug
Mar
JaD
Jaeger Machine
Mar
30
Feb
Kelley Isl Lime A Tran—*
May
19** June
42
Apr
Lima Cord Sole & Heel
285*
Feb
Lamson & Sessions
*
815* May
10** June
965*
Aug
L eland Electric
*
550
14**
Mar
Medusa Portland Cement *
31
140
28** June
35
Mar
cumulative7% pref.. 100
23
20
22
26
Mar
Miller Wholesale Drug—*
27**
Mar
Monarch Machine Tool —*
34
350
Apr
40
95
Jan
July
19**
107
Jan
24**
.....
National Refining
National Tile
25
June
95
Jan
July
Apr
835*
Jan
5**
Jan
Ohio Brass B
Convertible preferred. _*
18**
18**
100
Jan
20 J*
May
Swift International.....16
Swift A Co
25
32
32**
900
30
June
23**
24**
600
22**
June
20**
21
500
20
June
40
5
Sundstrand Maoh Tool Co*
Rights...^
'is
155*
'16
Aug
7X
July
15**
Mar
June
26**
July
Seiberling Rubber
4H
Apr
2
Jan
Union Metal Mfg
0**
Feb
Upson Walton
Jan
Van Dorn Iron
Feb
Wlchek Toll
Trane Co (The) com..
2
Utah Radio Products com *
Util A Ind Corp-—
23
23**
3**
400
2,500
25*
Feb
**
800
X
3**
300
2X
June
June
3**
250
2
June
600
625
June
91
93
100
20
July
Aug
450
6
June
Mar
Packer Corp
Mar
Aug
Patterson-Sargent
Peerless Corp
49**
10
Common
39*
Wahl Co (The) com
7
3
...»
27**
91**
pr
pf*
Common
*
Williams Oil-O-Matlc com*
28
20
.*
common
20
8**
91**
8**
7X
750
2
9**
10 X
Corp com..*
36**
37**
1,250
1,300
*
com
com
7**
Cincinnati Stock
8** May
9**
30
Sale
*
Aluminum Industries..
Amer. Ldry Mach
.20
Cln Gas & Elec pref
Cin Post Term pref
100
100
Ry
50
f?__ .50
Cln Union Stock Yard.
Cohen (Dan)
*
*
7**
27
101**
100
7**
90**
16**
13**
For footnotes see page 920
jsbZ
21
58
44
Jan
Mar
10
50
6
Feb
May
14** June
Mar
190
Mar
Feb
5
June
26**
12**
Mar
12
Warren Refining
7
18
46**
6**
23**
7**
47**
6**
55
56
75
260
151
30
35
23
35*
44
55*
June
Feb
Jan
July
Mar
July
Apr
Jan
9*1
*
5*1
38
July
7
7
80
6
July
Apr
15
207
15
July
Mar
9K
105
Mar
6
515
8**
Jan
5** Aug
10** Aug
35* June
17**
Feb
9*
5*
10*
2
...
25
Weinberger Drug Inc...
25
50
10**
125
4
3*
255*
175
Apr
Feb
Jan
Jan
July
Mar
Feb
June
15**
40**
Feb
Detroit Stock
Feb
June
Exchange
July 31 to Aug. 6, both inclusive, compiled from official sales lists
Sales
Friday
Exchange
Last
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Shares
Range Since Jan. 1, 1937
Low
High
Sales
Friday
Price
Feb
15
Stocks—
¥ Par
Jan
Mar
60
18
*
8% Iumulative pref. .100
July 31 to Aug. 6, both inclusive, compiled from official sales lists
Last
255
Jan
22
6** Aug
4** June
29** May
23**
65*
_♦
*
Troxel Mfg
**
3**
..5
Convertible pref...
3 **
20
7
Jan
95*
65*
5**
295*
6*
53
95*
Richman
200
23
45*
78
Jan
Mar
9,050
8**
30
Mar
29**
Ohio Confection class A—*
*16
8
10
11**
66%
60
*
*
335*
28**
28**
3»e
Thompson (J R) com...25
5
78
11
23
"6**
5
78
"11**
Nineteen Hundred Corp A*
4
Cin Telephone
Jan
July
12**
72
Cln Street
Mar
42
25
90
Stocks—
Jan
June
194
50
60
Woodall Indust
Feb
12
60
Wisconsin Bankshs
86**
103**
Feb
Jan
32
25
900
Zenith Radio
38
Feb
July
21
70
55
105
245
June
50
4**
90
Stockyds cap*
cum
95**
108**
46**
39**
18
17** June
*
75 X
Walgreen Co
95
45
25
100
Preferred
Metropolitan Pav Brick. _*
Standard Dredge com...
Wieboldt Stores
123
14**
205*
3
35
200
June
Harbauer
4**
St Louis Nat
High
Low
10
Interlake Steamship
Raytheon Mfg—
Corp cl B
84
32**
18
39
Mfg—*
...—*
5
10**
20**
39
Mills—*
112
20
10**
20**
175*
108
*
2**
113
85
114
100
com
100
78
85
85
60
v
Range Since Jan. 1,1937
Week
84
3**
5**
2**
5** May
2** June
10**
335*
95**
1
Common
Shares
Price
City Ice & Fuel pref—100
Pines Wlnterfront com
6% pref
for
of Prices
Low
High
*
Clty Ice A Fuel
Pictorial Paper Pack com.fi
Quaker Oats Co
Week's Range
Sale
\
Common
Perfect Circle Co
Sales
Friday
Northwest Util—
Nunn Bush Shoe
GLEV, 565 & 566
Cleveland Stock Exchange
Jan
Feb
A. T. A T
Week's Range
of Prices
High
Low
8
7**
27
26**
101** 102**
98
6X
89
16**
13**
100
7**
90**
16**
13**
for
Range Since Jan. 1, 1937
75
35
234
10
346
115
30
25
Low
High
1
Baldwin Rubber com
Week
Shares
Auto City Brew com
Allen Elect & Equip
1
Burry Biscuit com
7
June
16**
13**
Apr
July
Aug
99*
Jan
15**
Feb
49*
23*
49*
410
4**
Mar
120
6**
Aug
2** May
6** Aug
7K
2**
3%
119*
3X
Mar
12 **
*
6**
------
July
22
July
16
Continental Motors com.l
Aug
Detroit Edison com
100
Jan
Det Gray Iron com
5
------
Jan
Det-MIch Stove com
1
4**
Jan
Det Paper
1
Jan
Ex-Cell-O Aircraft com—3
Prod
com
Feb
2**
310
10
1
X
250
Det & Cleve Nav com
10**
2
2K
Crowley, Mllner com
100
July
149*
Jan
June
1
2**
Mar
100
6%
1,300
139*
36**
98
IK
139*
Feb
108
1
------
13**
Jan
24**
98** June
85
1
116
20 H
6**
400
23*
2**
114** 116
2**
2**
1,000
2
June
147
110
June
4J*
770
6
250
43*
5K
209*
209*
100
100
2**
July
3K June
5** June
20
Jan
3
July
Feb
Mar
Jau
1453*
3** May
11
10
27**
Feb
Jan
Mar
Financial
918'
Sales
Friday
Range Since Jan. 1 1937
Last
Watling, Lerchen & Hayes
Detroit Stock Exchange
,
DETROIT
Buhl Building
Telephone: Randolph 5530
Sales
Friday
Week's Range
Last
Sale
Stocks
(Concluded!)
Price
Par
of Prices
High
Low
Low
Shares
High
14c
525
20% Aug
11% June
538
12
15% June
1%
Jan
21
42
34
14c
200
35
May
48
26
600
32%
Jan
41
Feb
29%
Jan
36%
36%
105
22% May
35
July
27%
25%
500
26%
June
25
June
Feb
46%
500
37% June
55
Mar
16%
Aug
4%
46
16
15%
16%
13%
82,000
1,300
200
16%
16%
48%
June
5%
Aug
295
3%
Jan
May
2%
FeD
Mar
5%
Jun
7
Feb
Aug
15%
Jan
12% June
17%
23
June
28%
Feb
Jan
18%
July
Jan
22
40
18,000
13%
25%
688
Feb
4%
16%
1,520
49%
46%
25%
57%
5%
Feb
June
5
Universal Consol Oil
57%
5%
Aug
108%
3% June
Union Oil of Calif—
General Motors com.—.10
30%
July
600
Feb
25
July
105%
■4%
2%
21%
13
Mar
29%
40
600
25%
25
28%
100
200
44%
105%
30%
Jan
Gemmer Mfg B:...
May
30%
105% 105%
44%
44%
30%
23
17%
1%
20%
13%
July
37
27%
25%
25%
Feb
14c
Jan
27%
25%
(new)
Transamerica Corp
56
2c
8,500
Feb
120
June
38
13%
Superior Oil Co
Feb
119
36%
25%
Old
215
12c
36%
37
High
Low
Shares
120
120
41%
42
—1
25
Sunray Oil Corp
Range Since Jan. 1, 1937
for
Week
Week
120
pf 100
Security Co units ben int.
Sierra Trading Corp...25c
Signal Oil & Gas Co A
*
So Calif Edison Co Ltd. .25
Original pref
25
6% pref B
—25
5%% pref C
25
So Calif Gas 6% pref A. .25
SoCountiesG&sCo 6%pfl00
Standard Oil Co of Calif. _*
New York Curb Associate
Chicago Stock Exchange
Exchange
for
of Prices
Low
High
Price
Par
San Joa L & P 7% pr
Members
New York Stock
(Concluded)
Week's Range
Sale
Stocks
1937
7
Aug.
Chronicle
Federal Mogul com
17%
1%
20%
*
Frankenmuth Brew com._l
Fruehauf TrailerGar Wood Inc
rfom
13
3
Goebel Brewing com
Graham-Paige com
.
.
General Finance com
Hall Lamp com
1
1
3%
3%
3%
1
1
1
1
_.
Grand Valley Brew com
5%
5%
5%
'l8H
18%
*
Houdaille-Hershey B
Hudson Motor Car com. _*
1
4%
Hurd Lock & Mfg com
21%
310
10
Mali on CoRCA pref
23%
1
Kresge (S S) com
Klnsel Drug com
%
26
McClanahan Oil com
Mich Sugar com
%
2%
35%
262
%
Aug
290
29
13%
455
10% Junp
13
July
17%
T%'
1
Rickel H W
2
River Raisin Paper com..*
*5%
1
4%
4%
3%
6%
1,000
8%
18%
4%
7 H
7%
36%
36%
36%
3%
3%
Jan
965
4%
May
5
June
3%
Jan
2%
1%
Feb
1%
4%
Mar
37%
July
Jan
Jan
26
21%
12%
8
9%
9%
500
9%
July
4%
4%
300
4% June
6%
6
6
60
26c
26c
26c
1
37c
37c
37c
200
82 %c
Feb
Development_25c
3%c
3%c
5c
24,000
l%c
Jan
9c
Feb
10c
1
65c
60c
65c
1,000
5c
Mar
1.00
Jan
38c
38c
40c
800
38c
Feb
48c
Jan
7%
200
Cardinal
Imperial
Gold
Prince Consol M
Tom Reed Gold
3
7%
*
Claude Neon Lights of NY1
Commonwealth & South..*
3%
3%
2%
2%.
3
2%
Cord Corp
5
5%
5%
7%
3%
2%
3
5%
Curtiss-Wrlght Corp
Goodrich (B F) Co
1
*
5%
5%
6%
39%
39%
10%
9%
10%
2,200
8%
300
Service
(Del)
Co
America... *
Radio-Kelth-Orpheum
*
Radio Corp of
8%
200
100
12
12
21%
21%
5%
14%
5%
5%
14%
14%
6%
DeHaven
Jan
Feb
103
Si Townsend
Members
Mar
New York Slock Exchange
28%
Feb
Philadelphia Stock Exchange
10
Feb
June
May
8
Feb
PHILADELPHIA
NEW YORK
11
Feb
1513 Walnut Street
30 Broad Street
June
38%
Feb
7
210
560
34%
4
410
3%
July
8%
Mar
6%
275
4% June
1%
4%
1,081
7%
1%
Feb
1%
4%
7%
,516
Feb
1
June
200
4%
July
100
Los Angeles Stock
%
July
Philadelphia Stock Exchange
Jan
Feb
July 31 to Aug. 6, both inclusive,
compiled from official sales lists
Sales
Range Since Jan. 1,1937
for
Sale
of Prices
High
4%
4%
4%
1,700
3%
July
9%
Jan
55c
55c
55c
300
45c
Jan
90c
Apr
Berkey & Gay Furn Co_..l
2%
92%c
3%
2
2%
400
1% June
3%
Jan
92%c 92%c
3%
3%
100
90c
July
2.25
Feb
400
3%
July
7%
Jan
10c
10c
10c
1,000
6c
Feb
14c
Feb
..1
9c
9c
9c
1,500
5c June
13c
Feb
1
12c
10c
12c
30,000
July
17c
Feb
10c
3,200
16c
Feb
Warrants
100
Buckeye Union Oil com__l
c
Preferred
Preferred vtc..
.1
Central Investment
100
10c
32
10c
32
32
9c
6c May
Claude Neon Elec Prods
10
10
Consolidated Oil
15%
15%
15%
10
10
10
July
Jan
17%
Mar
Jan
17%
May
9%
100
Consolidated Steel Corp
Preferred
3%
19%
19%
19%
100
16
June
24%
Feb
Emsco Derrick & Equip..5
15%
15%
15%
100
14
June
19%
Mar
1
95c
95c
1.00
2,109
Jan
1%
Mar
Farmers & Merchs NatilOO
450
450
450
4
60c
June
432
July
24%
56%
26%
500
22%
10
24%
56%
57
300
48% June
Gladding'McBean & Co..*
20%
20%
20%
100
18%
Jan
8%
Mar
7%
Aug
General Metals Corp
*
General Motors com
Globe Grain & Milling..25
9%
9%
7%
9%
7%
Golden State Co
*
Hancock Oil Co A com
*
26
25
26
*
16%
16%
16%
7%
100
200
1,500
200
,
Jan
21
Jan
Apr
120
50
14%
Mitten Bank Sec Corp. .25
Preferred
.25
2%
2%
10%
11%
Nat'l Power & Light.
*
1
_.*
Penna Salt Mfg.
2%
Phila Elec of Pa 55 pref
Phila Elec Pow pref
25
32%
"~5%
.50
8%
1
*
15%
40%
Tacony-Palmyra Bridge
*
Tonopah-Belmont Devel.l
.
Tonopah Mining
*
10%
14%
39%
15%
40%
65
33
250
6
318
50
*
45%
Feb
Jan
33
June
10%
June
Jan
Jan
Mar
13%
108%
5,252
108
113
102
June
11%
$5,000
9
July
16%
Elec & Peoples tr ctfs
60c
4s'45
Feb
Jan
16%
Feb
6%
Feb
9%
June
Last
Week's Ra?ige
for
Feb
Sale
of Prices
Low
High
Shares
lc
886.
Pittsburgh Stock Exchange—See page
St. Louis Stock Exchange
Feb
July 31 to Aug. 6, both inclusive,
compiled from official sales lists
Sales
Friday
._*
11c
11c
11c
1,400
11c
Aug
50c
Mt Diablo Oil M & D
1
70c
70c
70c
1,500
70c
Jan
97%c
Apr
Nordon Corp Ltd
Occidental Petroleum
5
23c
23c
30c
68,700
13c
July
45c
1
45c
45c
45c
1,500
33c June
80c
Feb
(A S) Aloe Co com
1
1.25
1.25
1.35
1,200
70c
Jan
2.00
Mar
American Inv com
Oceanic Oil Co
Olinda Land Co.........1
25c
25c
25c
1,900
18c
Jan
40c
Mar
Brown Shoe com
1
1.30
1.30
1.40
1,100
1.00
July
Range Since Jan. 1, 1937
Week
Feb
10
21
21
22
300
19% June
Pacific Gas & Elec com. .25
31
31
1%
32
May
Jan
Par
Stocks-
Price
35
.20
*
.
24
*
Burkart Mfg com
.
1
15
23%
45%
24
567
45%
15
Low
High
Apr
35
Aug
20
July
24
Aug
44
July
49%
30
July
37
32%
Jan
48
July
32
32%
34
36
715
32%
"34%
*
Preferred
35
32%
260
151
31%
Feb
36% June
135
25
31
200
29
May
37%
Coca-Cola Bottling com__l
36%
37
30
30
30
100
28% June
32%
Jan
29%
29%
29%
100
27
35
Feb
Dr Pepper com
35%
7%
7%
13%
Feb
Ely & Walk D Gds com.
18c
18c
18c
1,500
6% June
18c July
30
7%
700
29
Republic Petroleum com.l
Rice Ranch Oil Co
1
*
.25
34%
Pacific Indemnity Co...10
87 %c
Mar
1
9%
*
Markets..2
8%
8%
9%
2,300
8%
June
10%
May
7%
2%
7%
7%
600
6%
July
9%
Jan
2
2%
500
2
June
3%
Feb
2
1%
2
1.45 June
3.25
Mar
amson
Corp B com
*or footnotes see page
920
66
Jan
Bonds—
23c
S
lis.e Mar
46%
17%
114%
Jan
1
*
15,6 May
Jan
July
9,000
Ryan Aeronautical Co
Jan
Aug
30
Jan
—
33
40%
14%
108%
4%
Richfield Oil Corp com
Jan
20
Jan
Feb
7%
2% June
Roberts Public
Jan
Feb
8%
Mar
.25
Feb
16%
9%
June
1.45
6% 1st pref
Apr
13%
Apr
12%
x38
Feb
June
June
Pacific Finance com
Apr
June
75c
Pacific Distillers Inc
Feb
35%
35%
4
600
17c
June
%
4%
10
14c
4% Mar
7% July
9% June
4%
Jan
178%
3%
117%
173
June
17c
Feb
24
Jan
Apr
Mar
367
5%
Mid-Western OH Co... 10c
June
June
Feb
200
3% June
1,100
July
Jan
Jan
Apr
%
700
2%
June
4%
5%
14%
5%
50%
6
300
85c
June
Jan
4%
5%
39%
13%
5%
2%
8%
3%
35%
164%
2%
108%
31%
Jan
Mar
Jan
5%
85c
1% May
2% June
13%
24%
'16
5%
2%
Apr
June
172
Los
1
7%
13%
112
Mar
%
4
...1
Feb
July
3%
Co
Jan
70%
June
29%
4
85c
44%
10
Los Angeles Indust
.2
Angeles Investment. 10
134%
June
102
Feb
13
July
June
11
*
Preferred
60
375
June
4%
5%
_*
United Gas Impt com
694
June
Jan
Mar
Jan
*16
%
50
com.!
100
106
20
33
5%
8
__l
Union Traction
United Corp
Preferred
_
1,236
25
2%
114%
32% 32%
33
.5
Salt Dome Oil Corp
Scott Paper
38%
10%
5%
Philadelphia Traction. ..50
201
1,796
4
175
33
j.*
5C
258
688
3
2%
Phila Insulated Wire
Reo Motor Car Co
2%
114
*
Phila Rapid Transit
7% preferred
3%
36%
175
.50
Penn Traffic com
3%
37%
1,129
7%
7%
94%
33%
48%
127%
14%
Feb
Mar
Feb
Mar
6,932
14%
9%
9
1,915
74
103
102
9%
20
45
Aug
18c
2,200
23c
8%
22%
22c
13%
11%
26
Feb
72 %c
4,700
23c
35%
55%
781
Aug
26%
187%
Mar
Jan
3,800
28c
13%
30%
Aug
10c
25c
Lincoln Petroleum Co._ 10c
70
Aug
8c
10c
26c
Lockheed Aircraft Corp__l
26%
Jan
16c June
10c
1
26c
460
16%
10c
Kinner Airpl & Motor
35%
57%
193
Feb
12%
14% May
300
9%
43
Jan
29
56
500
Corp
357
17
15
Pennsylvania RR
1
Brock & Co 2d pref
117%
100
Pennroad Corp vtc
High
Low
Shares
Barnhart-Morrow Cons_.l
Co
114
9%
10
Lehigli Valley
Week
Low
May
Lehigh Coal & Navigation*
Range Since Jan. 1, 1937
Week's Range
Price
112
117"
Electric Storage Battery 100
Sales
Last
Par
219
5
Horn & Hardart pref
Stocks—
159%
34%
June
29*
*
Chrysler Corp.
compiled from official sales lists
June
712
*
G) Mfg Co
Budd Wheel Co
Teletype L.A. 290
High
Low
16
169% 172%
35
34%
115% 118
10%
9%
8%
8%
Bell Tel Co of Pa pref. .100
Budd (E
Week
275
Bankers Securities pref. .50
Angeles Stock Exchange
Friday
Shares
17%
100
American Tel & Tel
General Motors
July 31 to Aug. 6, both inclusive,
for
of Prices
Low
High
16%
171%
*
American Stores
Chicago Board of Trade
Los Angeles
Week's Range
Price
Par
Stocks—
San Francisco Stock Exchange
Exchange
523 W. 6th St.
Mills Alloy Inc A
Jan
Established 1874
June
5%
New York Stock Exchange
Mensaco Mfg
Feb
June
MEMBERS
Mascot Oil Co
Feb
8%
17%
11% May
Jan
21%
June
2%
420
Jan
Apr
16
5
19%
200
1,385
Mar
12 %
10
June
4%
200
I
Jan
10%
27
Wm. Cavalier & Co.
Hudson Motor Car Co
49
June
7
200
Sale
Jade Oil Co.
Mar
9%
11% June
16% May
400
*
8%
8
100
5
Corp (Del)
Warner Bros Pictures
100
21%
10
Tide Water Assoc Oil
United
8%
Jan
J an
Aug
Jan
Feb
2
500
12
*
Standard Brands Inc
5%
2%
4%
5%
5% May
400
Cities
June
2% Aug
2% May
3% May
5% June
33 %
Jan
700
39%
Aviation Corp
Last
Exeter Oil Co A com
34c June
Unlisted—
Friday
V t
39c June
Jan
Blk Mammoth Cons MIOc
Feb
3%
Wayne Screw Prod com..4
Wolverine Brew com
1
Bandini Petroleum
13%
Apr
5% June
Feb
.1
Warner Aircraft com
Los
20c
2,000
Feb
9
July
9%
4%
Yosemlte Ptld Cement
5% May
Feb
5%
..*
Univ Cooler B..
Walker &CoB
11%
Mar
19
Aug
98
25
10
Weber Showcase & Fist pf *
Wellington Oil Co
1
Feb
June
4% June
20
10
98
*
U S Graphite com
3%
540
*
United Shirt Dist com
Jan
275
10
Tom Moore Dist com. —1
1,893
13%
1,278
24%
5%
3%
7%
5%
5%
June
8
463
7%
24
98
1
June
3,640
5
24%
100
Preferred
Timken-Det Axle com.. 10
2% June
132
5%
5
23
Co.(Fred'k)com*
Tivoli Brewing com
Feb
22
June
Parker Wolverine com...*
Penin Metal Prod com
Standard Tube B com
May
June
17
Feb
Apr
%
%
8%
Feb
23
28
650
1%
s%
July
27%
Jan
2,100
10
22%
Feb
2,050
Muske'n Piston R com 2.50
Packard Motor Car com. _*
Feb
29%
1%
»16
2%
35%
13%
16%
Feb
Feb
2
"~2%
Feb
8
4%
1%
June
%
*
70
8%
20%
%
Mid-West Abrasive com50c
Feb
Mar
,3,6 June
842
63
26
July
19%
29%
4% June
1,375
1,358
1 %
*
com
21% May
13% June
25%
1%
1
Murray Corp com
556
%
Masco Screw Prod com
*
1
Motor Products com
4% June
15% July
17% May
470
22%
16%
1%
5
23%
%
1516
4%
16
Kingston Products com..l
4%
420
22%
16%
Hoskins Mfg com
18%
Jan
1
1,450
1,173
20
Hoover Ball & Bear com. 10
Stearns &
100
500
5
5
*
360
May
Jan
Falstaff Brew com
Griesedieck-West Br com.*
*
Ham-Brown Shoe com
Hussmann-Llgonier com.
Pref series
1936
_
*
50
35
3%
35
3%
22%
56
70
27%
40
11%
40%
Feb
Jan
Mar
May
Feb
Feb
Mar
10
36%
3%
720
8
Jan
100
32
Jan
100
Feb
75
2% June
16%
Jan
6
22%
23
July
56
10
50
57
July
June
Apr
Financial Chronicle
Volume 145
919
Sales
Friday
Last
ST. LOUIS MARKETS
Stocks
Pac Light'n
I. M. SIMON & CO.
on
Corp com....*
6% preferred
*
(non-vot) com
.*
Non-voting preferred..*
Pac Tel & Tel com
all
Paraffine Co's
Preferred
Mid'Western and Southern Securities
100
*
com
Telephone Central 3360
Stocks
(Concluded)
Huttig S & D
5
com..
Low
Shares
High
com
Laclede Steel
McQuay-Norris
75
75
82
84 5*
1,766
50
July
Jan
70
1,075
46
Jan
75*
J*
13%
75*
42%
185*
75*
43%
19%
1,146
St Louis Car
Preferred
Thomas-Allec Corp A
Tide Water Ass'd oil com. *
215*
679
13%
135*
22
Mar
16
325*
Mar
Union Oil Co of Calif
25
255*
15%
255*
16%
25%
3,276
14,103
24
Jan
Jan
July
Transamerica Corp
New
2%
215*
135*
2%
215*
Apr
47
Aug
58
Mar
Union Sugar Co com
Universal Consol Oil
25
20
20
205*
10
17
16
17
47
25
19
195*
Jan
265*
Mar
150
7
June
135*
Mar
4
8
4
Aug
Scullin Steel pref..
Securities lnv pref
7
305*
125*
11
255
9
July
135*
13
100
11
76
35
75
Apr
July
50c
50c
2
2
14
14
*
255*
101
"1225*
15
445*
Mar
16
76
100
com
175*
*
*
Victor Equip com.
2
S'western Bell Tel pref. 100
Wagner Electric
472
500
11
265
145*
265*
101
148
15
,
1205* 1225*
43
445*
51
295
Jan
Jan
90
70c
Jan
15*
May
125* June
45*
195*
295*
1015*
Mar
19
Jan
1005* July
1175* June
385* June
128
85*
Preferred
175*
Waialua Agricultural Co 20
Rights
Mar
Jan
25c
Wells Fargo Bk & U T.100
Western Pipe & Steel Co. 10
Yellow Checker Cab A..50
Yosemlte Port Cem pref
Scullin Steel 6s U'sst'd '41
*
4s
32
32
32
915*
c-ds.
3,000
1,000
14,000
88
Jan
26
June
44,000
25% June
32
■m
m.
28
915*
315*
315*
United Railways 4s. 1934
*
48
6%
3255*
27
32
m.
~
m
305*
Mar
June
85*
June
395* June
1,131
781
15
Jan
12
Feb
Feb
49%
215* June
20
2%
325*
175*
16%.
15%
Feb
Jan
—
—
—
-
23
June
18
Apr
690
1,085
11%
8 5*
Aug
440
175*
Aug
370
46
July
75
Jan
July
7
July
Jan
350
Feb
3,704
Jan
65*
312
5
370
30
Jan
100
50
43
June
316
45*
4%
Feb
21%
June
422
32%
47
45*
5
Aug
June
125*
1,647
85*
95*
17J*
18%
48
46%
6%
6%
3255* 3255*
32%
2%
16
45*
28%
Feb
24
Feb
19
July
9%
18%
July
Aug
Mar
40%
64
Jan
4%- Aug
July
Mar
June
Mar
STRASSBURGER & CO.
Feb
495*
SAN
May
FRANCISCO
(Since 1880)
Jan
365*
345*
STREET
MONTGOMERY
Jan
335*
102
41%
155
47
133
City & Suburb 5s c-ds...
*
Feb
323
8%
Apr
Bonds—
*
69
49%
10% May
125*
Apr
695* July
65% Mar
Jan
9
5
com
40
36
47
*
Scruggs-V-B- Inc
4,342
Feb
795
"50c
June
Aug
26
*
com
Preferred A
8
16
245*
100
St Louis Pub Serv
Jan
10
205*
145*
10
com.
Mar
July
July
335*
"i05*
33
110
June
June
210
*
July
June
8 5*
205*
18
-
24
103
45
17
Apr
195* June
40
44
15
Feb
50
107
205*
34
May
July
4,175
44 5*
34
4
15
July
795*
13%
95*
85*
26
205*
415* June
68
June
41% June
Jan
85
1035*
8%
8%
64 5*
493%
8%
Super Mold Corp of Calif10
34
5
com
26
103
8%
85*
Standard Oil Co of Calif..*
13
Pedigo Co
Rice-Stix D Gds
26
103
65*
20
Jan
40
15
85*
com...
l
100
366
Feb
10
""195*
42
20
155*
493*
175*
14
*
Jan
72
18%
89%
Aug
135
Mo Ptld Cement com...25
July
6
180
National Canay com
11
8%
105*
*
com
323
495*
21
20
com
115*
100
18
*
Jan
115*
Soundview Pulp Co..
Southern Pacific Co
1054
Laclede-Christy Clay
55*
Spring Valley Water Co..*
21
Preferred
July
Feb
"I65*
15
May
2%
Apr
*
com
Knapp Monarch
Feb
100%
100
90
812
109
100
2%
66
5
Jan
Jan
Feb
75
Schlesinger & Sons pref. 100
High
,
24
1525*
87
84
Preferred
Jan
June
69
1
Jan
85*
25*
205*
85
6
445*
62
100
.....
107
1005* 1005*
June
*
Johnson-S-S Shoe com...*
195* June
1355* June
Jan
535*
June
50
June
44
6
5
736
13
"44"
High
June
1035* May
340
70
75
85
International Shoe com..*
21
142%
70
5
165*
85
Hydraulic Prsd Brick pflOO
153
20
16%
"85"
100
40
6%
20%
115*
Low
41
365
1065*
142
70
Range Since Jan. 1,1937
Shares
45
6%
20%
1425*
*
com
Richfield Oil
*
Preferred
Key Co
Low
106
6%
2%
Range Since Jan. 1, 1937
Week
Price
Par
106
1005*
Rheem Mfg
Roos Bros com
for
of Prices
45
*
Republic Petroleum
Sales
Week's Range
45
100
Preferred
Sale
Price
Rainier Pulp & Paper A..*
B
....*
St., St. Louis, Mo.
Last
Week
Ry Equip & Rlty
6%
Exchange
New York Curb (Associate)
St. Louis Stock Exchange
Chicago Board of Trade
Chicago Stock Exchange
Friday
for
of Prices
Low
High
Plg'n Whistle pref
MEMBERS
New York Stock
315 North Fourth
Par
Pac P S
Business Established 1874
Enquiries Incited
(Concluded)
Week's Range
Sale
Jan
Members: New York Stock Exchange—San Francisco
Exchange—San
Stock
Exchange—Chicago
Curb
Francisco
Board of Trade—New York Curb Exchange
(Associate)
Direct Private Wire
Dean Witter
Co.
8c
Private Leased Wires
municipal and corporation bonds
Francisco Curb
San
Oakland
Seattle
Tacoma
Sacramento
NewYork
Portland
Stockton "Fresno
Beverly Hills
Honolulu
Last
Long Beach
Par
Stocks—
5
Alaska United Gold
July 31 to Aug. 6, both inclusive, compiled from official sales lists
Friday
Last
Week's Range
Sale
Stocks-
Par
IPrice
Low
18
Calamba Sugar 7% pref.2
Calif-Engels Mining Co..
Calif Cotton Mills
18
85*
295*
21%
5*
Byron Jackson Co
11%
255*
45*
85*
295*
215*
5*
34
365*
52
Id
34
365*
com.
52
985*
1045*
455*
55*
205*
Preferred.
98
Di Giorgio Fruit com...
$3
preferred.
985*
1045*
43
55*
185*
96
Range Since Jan. 1 1937
for
High
Shares
11%
255*
45*
185*
85*
295*
230
22
220
166
Low
11
Feb
Feb
Mar
23%
4%
13
June
25
65*
Jan
25M June
10
Feb
292
215* June
5*
Jan
33% July
100
365*
525*
985*
1045*
455*
55*
205*
995*
423
35
70
50
100
213
20
1,592
550
87
10 1%
35
July
May
Jan
May
Jan
947
55* June
16% June
540
94
July
9
9
9
114
9
Aug
39
40
30
36
June
34%
Mar
23J4
1%
Mar
46%
Mar
485*
52%
99%
Feb
104%
46
Jan
Aug
Feb
July
Apr
6% May
25
Apr
108%
Apr
17%
Mar
59
Mar
245*
195*
415*
155*
Emsco Derrick & Equip..5
Fireman's Fund Insur..25
85
245*
185*
415*
165*
845*
Food Mach Corp com
51
Galland Merc Laundry...*
General Motors com....10
365*
General Paint Corp pref._ *
Emporium Capwell Corp. *
45* % cum pref ww___50
10
Gladding McBeau & Co..*
Golden State Co Ltd _.._.*
Hale Bros Stores Inc
*
Pineapple
Honolulu Oil Corp Ltd...*
85
60
80
June
51
52
701
365*
57
365*
565*
375*
205*
75*
375*
205*
75*
Apr
15
29
990
35% June
27% July
25*
135*
365*
125*
145*
240
2
May
4%
Feb
625
12
July
16 %
Jan
45%
14%
16%
2%
Feb
19
5
Feb
Mar
Feb
874
Magnavox Co Ltd.____2%
Magnln (I) & Co com
*
com.
1,091
70%
41%
31%
8%
350
1
Marchant Cal Mach
75*
Mar
17
1
Market St Ry pr pref. .100
120
215
40
Jan
41
Lyons-Magnus Inc B____*
100
375*
21
Mar
16
13
preferred
806
Jan
Mar
Mar
Mar
40>*
275*
25*
14
6%
57
20
47%
Jan
34% July
48% June
36%
Jan
18%
Jan
6%
Apr
27
24%
47%
19%
96%
57%
17
Lockheed
1
June
May
Libby McNeill & L com..*
Aircraft
Jan
165* June
39
15
25*
135*
35%
125*
Le Tourneau (R G) Inc... 1
50
1,500
29
10
com
Langendorf Utd Bak A...*
750
22
405*
Hawaiian
Hunt Bros A
245*
195*
415*
155*
305
25*
1045*
255*
225*
13
34
125*
1
2,018
30
June
171
10
Jan
4,836
125
2
25*
1,811
19
195*
410
1045* 1045*
20
25
26
225*
225*
July
1,264
10
9%
1
Jan
Aug
1% May
17
June
103% May
22% June
20% June
22
Feb
53%
Jan
29
5
23%
Aug
Apr
Feb
Jan
Jan
108
11
255
10% June
Nat'l Automotive Fibres.*
Natomas Co
.._*
27
275*
28
690
95*
9%
9%
960
North Amer Oil Consol.. 10
135*
10
Oliver United Filters B___*
O'Connor Moffat & Co AA*
295*
105*
13%
29%
115*
230
Occidental Insur Co
100
28
16
3,729
200
Paauhau Sugar
Pacific Can Co
15
13
13
13
30
*
10
11
Pacific G & E
25
31
31
1,060
2,112
July
8% June
135* May
12 %
Apr
9% Aug
28 % June
32
16
13%
29%
10%
15%
26% June
9% July
12% May
305*
275*
1,872
28%
27
1,152
25 %
com
6% 1st preferred
55*% preferred
For footnotes
see
..25
25
page
920.
95*
30
325*
305*
275*
Jan
50c
Feb
65c
July
85c
Aug
Apr
163
160
7%
'11%
50
50%
Barnsdall Oil Co.
186%
Jan
76c
78c
2,025
71c May
97c
Feb
60%
605*
50
505* June
63%
Feb
24
310
19
June
200
6
June
275*
115*
Feb
7%
7%
15%
50%
13
Feb
169% 1725*
5
9%
7
7%
15%
50%
6%
9
95*
195*
2%
29%
19%
2%
62
6% June
14% June
20
50
May
92
7
29
IT*
HM-SunlvanlllllO
10
6
50
May
8% June
2,416
Mar
13%
Jan
19
20
July
2%
25
24
16
245*
Aug
June
Jan
Feb
Mar
32 %
Mar
29%
Jan
Jan
Jan
Jan
Apr
4% May
173*
195*
210
July
—
35c
35c
45c
2,200
35c
Aug
50c
July
z
Gardinal Gold
1
35c
35c
36c
1,200
34c
July
82c
Feb
2
Central Eureka
1
4,000
1,700
1,426
z
Calif Art Tile A
Carson Hill Gold
1.50
1.60
1
1~55
1.50
1.60
2%
2%
2%
1
Preferred
35*
25*
15%
65*
Cities Service
ClaudeNeon Lights
Consolidated Oil
1
Curtiss-Wrlght Corp
2
General Metals
20
2 Holly Development
1
Idaho-Maryland Mlning.l
Hawaiian Sugar Co
5%
24%
27
42%
42
.....
40c
Jan
1.90
Mar
40c
Jan
1.90
Mar
Jan
55*
3%
Mar
145* June
17%
Apr
8%
Mar
70c
10
Jan
200
5
June
2,140
21
June
27
Aug
50
35
June
48%
Mar
Mar
1
1
1
Italo Petroleum
Preferred
Klnner Air & Motor
1,730
80c
Jan
1.60
8,110
3.60
Jan
1.15
1,900
1.00
Apr
Aug
75*
1.00
1.85
Mar
115*
25
9% May
15%
Feb
Jan
1.25
Mar
4.00 June
7%
Mar
10c June
72c
Feb
96c
5%
1.00
Internatl Tel & Tel
2
Feb
2% June
335
42 H
Aug
115*
Cinema.. 1
International
2
15%
5%
24%
.....
1.00
6
"~58c
58c
65c
4.40
4.35
4.55
20c
29c
2,181
2,075
2,550
29%
295*
10
2.75
2.75
100
42o
44c
3.25
62 J*
Marine
Bancorporatlon—
Menasco Mfg Co
1
51c
28
June
2.25
34
Feb
July
4.80
8,000
40c May
630
Feb
3.25
30
2.00 June
3.25
Feb
625*
115*
May
68%
Mar
10%
1,400
9% June
175*
Mar
North American Aviation 1
11%
115*
100
9% May
17%
Oahu Sugar Co
20
Occidental Petroleum_.l
37%
375*
85
34% June
42c
42c
100
32c
July
82c
Feb
2.55
2.85
2,774
2.15
July
4.15
Jan
1.45
1,700
z
1
Monolith Portland Cem...
M J & M & M Consol
Montgomery Ward & Co..
Mountain City Copper..5c
42c
"ii%
2
2
Pac
Coast Aggregates. 10
Pac Portland Cem
2.75
1.30
Pacific Distillers
1
20
Pioneer Mill Co
Radio Corp of America
Schumacher Wall Brd pref.
1.30
52
pref. 100
Park Utah Mines
29
29
105*
20
55*
29
9
105*
20
65*
38
51
1.00
44
July
111
180 May
July
60
Feb
4
June
8
Feb
"
25
26% June
7% June
37%
12%
18
Jan
27
Mar
140
6
June
10
May
50
37
July
998
38
38
41%
York Stock Exchange
Broadway, New York
Oortlandt 7-4150
Barbara
—
Del
Monte
—
Jan
46
Private wire to own offices In San Francisco
Santa
Jan
90
Schwabacher & Co.
Members New
Jan
1,100
20
6
"38"
Shasta Water Co com
100
53
5%
Sherwood Swan Co
12% May
1754
Apr
18 %
38
Feb
29%
25%
Jan
18
Jan
185*
52%
95*
Feb
38%
Jan
13% May
44% Feb
13% Feb
16% Mar
(Frank)
6c
900
Jan
28
11
Feb
600
Mar
11
Meier
2.50
13c
5
1
2
Eldorado Oil Works.....*
High
Jan
85c
76c
Bancamerica-Blair
\
45c
11c
3
PaapII
Low
100
65c
171%
5
....
Corp com
Bunker
1.50
11c
Arkansas Nat'l Gas A
Feb
550
Jan
July
Range Since Jan. 1 1937
Shares
75c
Aviation Corp
718
40
1
15%
31%
7%
High
1.50
50
Preferred
High
June
292
%
34
Anglo Nat'l Corp
Argonaut Mining
Low
24
Anaconda Copper
Atlas
Week
of Prices
11%
255*
45*
Sales
Price
1
American Toll Bridge
Exchange
Wfipjr
Vr t/C A/
100
American Tel & Tel
Francisco Stock
for
of Prices
25
Alaska Treadwell
Anglo-American Mining.
San
Week's Range
Sale
Los Angeles
Ppsadena
Sales
Friday
Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago Board ofTrade
NewYork Curb Exchange (AssoJ, SanFrancisco Curb Exchange, Honolulu Stock Exchange
San Francisco
Exchange
July 31 to Aug. 6, both inclusive, compiled from official sales lists
Los
-
Hollywood
-
Angeles
Beverly
—
Hills
Jan
Jan
Jan
Financial
920
Sales
Friday
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
Provincial and Municipal Issues
Range Since Jan. 1,1937
Last
Stocks (Concluded)
Low
Shares
High
Sou Calif-Edison
25
25
25
'27%
25%
27%
29%
12%
Sou Calif Gas 0% pref A—
Standard Brands Inc
628
26
25%
27%
30%
12%
20
235
450
175
22% May
32 %
24%
26%
29%
11%
June
28%
29%
30%
16%
Jan
Mar
Jan
Aug
Jan
June
June
May
2
Stearman-Hammond 1.25
T.50
1.50
1.70
3,550
1.25 June
2.70
Mar
2
Texas Consol Oil
1
2.25
2.00
2.25
1,340
1.55
Jan
3.75
Feb
4% June
8%
Jan
Oct
1 1950
Columbia—
12 1949
4%s
10
6
United Corp of Delaware.
_
US Petroleum
1
1*90
1.90
2.00
500
1.25
Jan
2.90
Feb
Warner Brothers
5
14
14
14%
110
18
Feb
West Coast Life Insur
5
15%
15%
10
11 % May
15
Apr
21%
.Tan
"
No par value,
e Cash
a A. M. Castle
sale,
A Co. split Its common stock on a
May
June
1 1959
1 1902
118M 119M
4s
Jan
15 1965
Quebec—
114M 115M
4Mb
Province of
108
107
109% 110
1 1941
90
93
4Mb
Mar
2 1950
....June 15 1954
87
90
4s
Feb
1 1958
107
2 1959
Prov of New Brunswick—
4%s
Apr 15 1900
4Mb
Apr 15 1961
Province of Nova Scotia—
88
90
4%s
May
1 1901
109 M 110M
Aug
Dec
5s
6s_
108
Prov of Saskatchewan—
5s
106 M 108
105%
104
June 15 1943
5Ms
4Ms
Nov
Oct
15 1940
1 1951
80 M
82
82 M
85
70
78
108% 109
Sept 15 1952
Mar
1 1960
4Mb
*
15 1943
Manitoba—
4%s
5s
6
Sept
96%
95
1 1953
Oct
4Mb
Ask
110% 111M
116% 117%
Oct
08
100
99
July
Province of
1 1942
5s
57
Prov of British
5s
Bid
Provinoe of Ontario—
58%
5s
/57
/55M
1 1948
Jan
Ask
Bid
Province of Alberta—
5s
24 %
24%
ll 5%% preferred
*6% preferred
1937
7.
Aug.
Chronicle
115% 117
1937.
two-for-one basis on March 9,
b Ex-stock dividend.
d Stook split up on a
two-for-one basis.
Stock dividend of 100% paid Sept.
9
r
Cash sale—Not Included
s
Listed,
Canadian
1, 1936.
* Ex-dlvldend.
In range for year.
v Ex rights
Wood,
t In default.
X Company In bankruptcy, receivership or
reorganisation.
Bonds
Gundy
14 Wall St.
Foreign Stocks, Bonds and Coupons
&
New York
CO.,
Inc.
Inactive Exchanges
Private wires to Toronto and Montreal
WALTER E. BRAUNL
62 William
Railway Bonds
Tel. HAnover 2-6422
St., N. Y.
Bid
Atk
Bid
Bid
Anhalt 7s to
1946
AntioQUla
1946
8%
Argentine 4s
f24
f25
93%
1972
Bank of Columbia
7% 1947
1948
f20
f20
f26
/25
Bank of Columbia 7 %
Barranqullla 8s'35-40-46-48
Bavaria 6 Ms to
1945
26
Hansa 88 6s stamped. 1939
30
6s unstamped
1939
Housing & Real Imp 7s '46
93 M
23
Hungarian Ital Bk 7 Ms '32
30
Bogota (Colombia) 6 %s '47
1945
_
Bolivia
(Republic) 8s.l&47
7s
1958
7s
1969
6s
1940
Brandenburg Elec 6s.. 1953
Brazil funding 5%.1931-51
Brazil funding scrip
Bremen
1940
22
22 M
20 M
Brown Coal Ind
/25M
/25
27 M
27
Administered
82
Amerex Holding
26 M
26
Amer Business
17
16%
11M
1968
m
73
1953
/30
/84
/61
/79
/27
/30M
Cordoba 7s stamped. .1937
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 Ms '49
6s
1949
Cundlnamarca 6 Ms.. .1959
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
Dulsburg 7 % to
1945
East Prussian Pow 6s_1953
Electric Pr
(Germ) 6 Ms '50
6 Ms
1953
European Mortgage & In¬
vestment 7 Ms
1966
7 Ms income
1966
7s.
7s
86
63
83
30
26
26M
/25%
27%
/25%
27%
35%
1 *38
26
Jan to June 1935
July 1937
f22
/6M
95
(Austria) 8s
1954
6%
/98
100
30
24
7
7% '36
1941
6s.
Rio de Janeiro 6%
1933
Rom Cath Church 6 Ms '46
R C Church Welfare 7s *46
1945
Salvador
1957
1957
7%
4s scrip
8s..
1948
1948
1947
Scrip
Sao Paulo
6 Ms
1951
.1947
Keystone Cust Fd Inc B-2.
30.07
32.85
20.38
22.36
24.15
26.39
8%
Series K-2
20.69
22.64
4%
Series S-2.
20.39
28.93
Series S-4
12.37
13.71
5.13
26.88
.51
.71
36.34
38.87
*
3 M
10c
9.76
10.69
1
28.78
30.54
Major Shares Corp
Maryland Fund Inc
Mass Investors Trust
mmmm
10
16.49
18.02
4.95
Nation Wide Securities—
4.49
4.59
Voting trust certificates.
National Investors Corp..
2.11
*
Class B
Century Shares Trust—*
_
_
1
pf. 100
Corporate Trust Shares. .1
22
23%
6
8
25.69
27.62
Mutual Invest Fund
9
5.83
11
5.45
16%
New England Fund
N Y Bank Trust Shares.
2.27
7.56
7.74
19.05
20.48
N Y Stocks Inc—
17%
Building
1
_
1
3%
mmmm
11.06
Bank stocks
11.95
2.99
mmmm
11.67
12.60
.1
2.85
mmmm
Electrical
12.60
13.60
2.85
mmmm
Insurance stocks
10.58
11.43
1
3.69
Machinery stocks
13.80
14.89
1
3.69
13.73
14.82
10
25%
Railroad equipments—
Steel stocks
15.93
17.18
No Amer Bond Trust ctfs.
59%
63%
No Amer Tr Shares 1953.*
2.74
Series A A
...
com
8% preferred
f22
100
116
mmmm
28
........
Crum & Forster Insurance
10
25%
7% preferred
112
Cumulative Trust Shares. *
6.42
25
Deposited Bank Shs
A1
2.31
/23
/43
/38M
/12
/62
/56
Deposited Insur Shs A
1
Deposited Insur Shs ser B1
3.44
26"
/28%
/82M
/SO
29%
Diversified Trustee
ser
3.53
mmmm
mmmm
mmmm
1
1
3.47
Series 1958
1
3.27
Northern
Securities... 100
Pacific Southern Inv
mmmm
pref. *
85
11%
14
C
5.05
94
*
15%
.85
.96
18.04
19.76
8.35
Representative Trust Shs.
13.82
14.32
Republlo Investors Fund-
mmmm
7.55
2.14
Equit Inv Corp (Mass)
Equity Corp conv pref...l
Fidelity Fund Inc
34.32
36.88
1.35
38
Selected
28.39
30.59
3.49
3.80
29
Shares.2%
Income
Shares.
%
16.60
3.85
13.22
Fixed Trust Shares A—
4.19
mmmm
10.92
B
1.11
1.23
*
21.60
22.74
Standard Am Trust Shares
4.10
4.30
Foundation Trust Shs A.l
4.90
5.25
53
Fundamental In vest Inc. .2
24.24
25.60
6.31
7.00
Fundamental Tr Shares A
Standard Utilities Inc
*
State Street Invest Corp.*
Super Corp of Am Tr Shs A
53 M
5.58
Sovereign Invest Inc com.
Spencer Trask Fund
Fiscal Fund Inc—
27 M
27
Selected Amer
1.50
M
14.83
Royalties Management. .1
/25M
/25
/20
4
3%
1
35
16%
*
'mmmm
1.99
83%
mmmm
Plymouth Fund Inc A. 10c
Quarterly Inc Shares
Shares
B
mm'
mm
38
Class A
Class B
3.21
89%
D
equipment—
Series 1955—
35
26
160
supplies
Series 1956
33
100
Common B shares
/22
/24M
/24
/23
Crum & Forster
mmmm
52
.89
117
.96
120
4.16
AA
2.74
B
4.32
BB
2.74
•
b
1935
395
:
C
5.79
7.96
Group Securities—
Agricultural shares
43.26
46.52
7.07
7.69
Supervised Shares
2.05
General Capital Corp
General Investors Trust.
2.22
Trustee Stand Invest Shs.
7.96
D
.3
14.63
15.90
54
57
Automobile
1.43
1.56
53
55
Building shares
2.06
2.23
Chemical
1956
1.58
1.72
.96
1.05
1.58
1.72
Trusteed Amer Bank Shs B
1.41
1.53
Trusteed
Shares
1.54
1.69
1.80
1.95
U S El Lt & Pr Shares A..
17%
17%
B.
2.71
2.81
Voting trust ctfs
1.02
1.10
Certificates 4s—1930
7s unstamped
1946
Certificates 4s—1946
/61
/49
1955
1947
111
/50
55
Union of Soviet Soo
/24
27
Unterelbe Electric 08.-1953
93
/13%
shares
shares
Food shares
/60
/42
/25
/69
/57
Oct 1935 to Oct 1936-
7% gold ruble
16.65
Accumulative series—1
Coupons—
Tolima 7s...
15.69
Series B-3
52
Stettin Pub Util 7s—.1940
106
2%
1
Investors Fund C
Series K-l
1956
9%
15M
mmmm
46
44
6
1956
State Mtge Bk Jugoslavia
5s
1956
2d series 5s
Invest Co. of Amer com. 10
As*
41%
Commonwealth Invest-
7s.1948
(Brazil) 6s. .1943
Saxon State Mtge 6s.
Serbian 5s
2%
4.55
25%
many) 7s
Bid
25.40
39%
1
50
19M
13
926.
96
Central Nat Corp class A. *
/24%
Porto Alegre 7%
1968
Protestant Church (Ger¬
54
/60
/42
Nov 1935 to Nov 1930
Slem & Halske deb 6S.2930 /345
/9 8
7s
1940
/14%
98
95%
Canadian Inv Fund Ltd__l
Bullock Fund Ltd
fZO
Continental Shares
110
Boston Fund Inc
British Type Invest A—1
Broad St Invest Co Inc..5
/30
*
5%
7%
3%
1.34
25.13
Consol Funds Corp cl A.l
...
27
Mining shares
Petroleum
1.53
shares.
1943
Vesten Elec Ry 7s
1947
1945
1
3.13
1
3.08
7.88
Series
Series
1
B
Industry
7.58
.85
.94
1.44
96
Tobacco shares
3%
1.06
shares
Un N Y Bank Trust C-3_*
1.16
Un N Y Tr Shs ser F
•
1%
1%
%
Steel
1.57
2.36
%
1
18.69
20.56
14%
24
*80.54 91.14
/25
/22M
/24%
1.66
C
Series D
Trustee Stand Oil Shs A.l
2.18
Repub
Wurtemberg 7s to
6%
/88
/86
10
50
1948
For footnotes see page
Basic Industry Shares..
/48
/48
Toho Electric 78
1957
1953
Assoc Stand Oil Shares..2
1952
Panama City 6Ms
Panama 5% scrip
Nov 1932 to May
Hanover Harz Water Wks
Haiti
1.19
26
1960-1990
4s
12%
1.07
Inc 25c
Corp *
Bankers Nat Invest Corp *
Coupons—
Great Britain & Ireland-
Guatemala 8s
11%
Am Insurance Stock
f24
2d series 5s
/12%
June 1 *85 to June 1 '37.
Amer & Continental Corp.
f25
Stinnes 7s unstamped. 1936
German Young coupons:
Dec 1 '34 stamped
Graz
f9%
/18%
29%
Shares.50c
27%
1.22
1945
Oct 1932 to April 1935
Apr 15 '35 to AprJIS '37.
Corp—*
Oberpfals Elec 7 %
1946
Oldenburg-Free State 7%
1947
Saxon Pub Works 7s.-1945
/38M
/37
/35M
/28
German scrip
German Dawes coupons:
Dec 1934 stamped
/25
26M
30
Santander (Colom)
July to Dec 1936
Jan to June 1937
Jan to June 1936..
/24M
Corp of Del
55 M
27
4s
8%
/39%
July to Dec 1935
Hungary 7 Ms
1962
National Hungarian & Ind
Mtge 7%
1948
North German Lloyd 6s '47
Santa Fe 7s stamped. 1942
/58
/40
/41
July to Dec 1934
f24
Investors..*
Santa Catharlna (Brazil)
German defaulted coupons:
Jan to June 1934
1948-1949
Par
Ask
Bid
Amer Gen Equities
80
/24M
Nat Central Savings Bk of
8s ctfs of dep
/35M
/90
July to Dec 1933
Recklinghausen 7s.. 1947
Nassau Landbank 6 Ms '38
Natl Bank Panama 6M%
(A & B)
1946-1947
7s ctfs of dep
32"
/25
Jan
1945
Saarbruecken M Bk 6s '47
32
German. Conversion Office
Int ctfs of dep
1957
Royal Dutch 4s
28
1946
107
118% 118%
Incorporated
/30
30
Funding 3s
1 1902
Insuranshares
Rhine Westph Elec
/82
/67
/60
f27
Cable 7s" 1945
1 1902
Jan
11.14
27
102
German Building & Land
bank 6M%
1948
Jan
3s
20.18
26
15%
1945
German Atl
4a
10.11
Series ACC mod
Gelsenkirchen Min 08.1934
1937
Ask
124% 125%
Grand Trunk Pacific Ry—
116% 116%
118% 118%
18.97
/25
/28
French Nat Mail SS 0s '52
1940
116%
114%
114
1 1946
July
*
f22
/30
f24
6s.
Bid
6%s
112% 113%
Par
Fund
1946
/35
6s
Guaranteed Bonds
Fund Inc...l%
Affiliated
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
gg
1941
33 M
/24
/24
/24M
1967
Frankfurt 7s to
1948
7%
Series A A mod
37
1967
Income
Water
Mannheim & Palat 7s.1941
to..
/34
/14%
/25
/35
/30
103%
Investing Companies
Luneberg Power Light &
(C&D)
19
Colombia scrip Issue of '33
Issue of 1934 4%...1946
107 M
20 M
Municipal Gas & Elec Corp
68
City
Savings Bank
Budapest 7s
1943
Munich 7s to
fl7
Chilean Nitrate 5s
107
103
26
19
7s assented
Feb
30
f23
f!7
Chile Govt 6s assented
5s
/23
Central German Power
1934
Oct
Leipzig Trade Fair 7s 1953
14
1947
5a
1 1909
1 1909
1 1970
/27
/12M
Magdeburg 6s.
July
Land M Bk Warsaw 8s '41
Koholyt 6 Ms
Callao
/15%
/9M
1 1956
1 1957
Leipzig O'land Pr 6 Ms '40
16%
1946
Feb
July
116
June 15 1955
14
/15%
/15M
1944
4% s
4Mb
4%s
26 M
Munic Bk Hessen 7s to '45
/65
/113
1 1954
1 1960
Canadian Northern Ry—
5s
M
Coupons—
10
10
Caldas (Colombia) 7 Ms '46
Call (Colombia) 7s...1947
(Peru) 7 Ms
53
Dec
July
Ask
113% 114
1 1951
..Sept
/60
/42
/24M
/50
/26
1953
Cauca Valley 7 Ms
Ceura (Brazil) 8s
53
52
Nov 1935 to Nov 1936
Corp—
6 Ms
30
52
Merldlonale Elec 7s
Buenos Aires scrip
Burmeister & Wain 8s.1940
4Mb
103% 104%
5s
Dominion Government
Canadian National Ry—
/30
f27
Nov 1932 to May 1935
/30
1962
1 1944
1 1946
Sept
4Ms
111%
101% 102%
114% 115
15 1944
Bid
1936
1948
10%
British Hungarian Bank
7 Ms
27"
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s
1956
change Bank 7s
27
84 M
83 M
100
/96
/24M 20 M
/23M 25 M
(Germany) 7s 1935
0s
f62
f77
/23
/30
/30
Ask
Hungarian Discount & Ex¬
Hseder Steel 6s
/19
f21
f!9
f 9%
/9M
/9M
/ll
/24M
1945
gg
Hungarian Cent Mut 7s '37
23
Bavarian Palatinate Cons
Cities 7% to
6s
Bid
Ask
Dec
...July
4Mb
4Mb
94%
94
perpetual debentures.
6s
Sept 15 1942 /111
4s
Foreign Unlisted Dollar Bonds
Aft
Canadian Pacific Ry—
Canadian Pacific Ry—
26
.53
.59
1.68
1.82
1.58
Huron Holding Corp
1.71
Wellington
24 M
26%
♦
No
par
value.
/ Flat price.
4
Investm't Banking Corps
Bancamerica-Blalr
First Boston
27
Fund
Corp.l
8%
9%
10
23%
25%
10c
3%
4%
Corp
Schoelkopf, Hutton &
Pomeroy Ino com
new york security dealers
members
Telephone HAnover
UTILITY
CANADIAN
IN
SPECIALIZING
ALDRED
Bell System Teletype
2-0980
52
BUILDING
NEW
MONTREAL
PRIVATE
Volume
AND
WILLIAM
WIRES
association
NY 1-395
Cable Address Hartwal.
INDUSTRIAL
STOCKS
STREET
AND
ROYAL
YORK
BONDS
BANK
BUILDING
TORONTO
CONNECT
OFFICES
,
145
921
Canadian Markets
LISTED AND
For
in
miscellaneous
this section,
Canadian tables,
see
UNLISTED
usually found
Montreal Stock
920 and 923.
pages
Exchange
Sales
Friday,
Last
Stocks (Concluded)
Montreal Stock Exchange
July 31
Aug. 6, both inclusive, compiled from official sales lists
to
Last
•
Sale &
Stocks-
Far
Acme Glove Works Ltd
Price
♦
Agnew-Surpass Shoe
*
Brazilian Tr Lt & Po wer.. *
British Col Power Corp A. *
Bmck
siik
*
Preferred
100
gSKr?n2'.bleC,A-:
27%
15%
Preferred
25
1
Celaneee
Pref 7%
6,030
35
150
11
110%
17
1%
157
18%
34%
7%
65
7%
5%
61%
50
5
295
56%
14%
12
Jan
42%
Jan
Jan
Hydro-Elect pref. .100
Class B
Canadian Locomotive
*
Canadian Pacific ay.._T25
Dominion Steel A
June
10
Jan
Aug
Aug
43
Jan
82%
Jan
1,645
13%
Banks—
225
225
27
Nova Scotia
100
335
337
74
Jan
July
Apr
July
Jan
June
Jan
Aug
Mar
23
23
May
Apr
July
90
117
Aug
30%
39%
11%
11%
Mar
73
111
29%
6%
18%
67%
61%
110
21%
Jan
Mar
126
200
125
198
July
226
Feb
252
32
246
Mar
258
May
56
Sparks St., Ottawa
116
23
Apr
33
Feb
231
105
Aug
105
Aug
71
Apr
Apr
Apr
July
89
93%
3,571
6%
6%
490
5
240
4%
35
12%
11%
July
13%
July
3,573
40
402
47
13
Jan
12
June
60
86
July
998
73
855
13%
12%
11%
12%
12%
86
86
81
81
85
16 %
18
17%
17%
17H
39
39
3,666
560
|
72
20%
Apr
91%
July
Friday
8%
7%
23%
17%
Jan
Last
Weel's Range
for
Jan
Sale
of Prices
Low
High
Week
22%
100%
Jan
Stocks—
Par
Price
Mar
Mar
Abltlbl Pow A Paper Co..*
6% cum pref
100
5%
60
Jan
29
Mar
68%
28%
18%
Mar
86
July
85%
July
Mar
Asbestos Corp Ltd
*
Bathurst Pr A Pap class B •
Beauharnols Power Corp.*
Apr
Jan
July
20
24
Jan
50
30
July
B C Packers Ltd
Juns
40
70
10
June
16%
Jan
Canada Bread Co Ltd
Apr
31
14
Apr
13%
14
670
Can A Dom Sugar Co
*
Jan
18
Mar
11%
11
11%
280
Gypsum Lime &
12%
12
12%
400
14%
14%
75
75
80
25
25
11%
11%
540
30%
365
30
60
10
105
42
21
20 %
21
3,990
14
14%
14 %
1,465
7
7
7
Feb
12%
6
June
9%
D®k© of the Woods
Preferred
ion
"
JPJ L H A P Consol.
Candn Gen Investments. _*
9%
Jan
90
Apr
Feb
Cndn Indust 7% cm pf 100
Cndn Marconi Co
1
2T66
17
10%
18%
99%
Preferred....
25
Apr
May
15%
Jan
Jan
34%
Apr
Feb
106
24%
15%
7%
38%
July
Mar
Mar
Jan
Regent Knitting pref J
June]
Jan
Apr
48 %
45
64
66%
170
60
2,741
86
39%
235
16%
25
15
86%
15
87%
19%
20
24
24
103
25
103
A preferred
Ill/so
St Lawrence Flour Mills" *
135
13%
13
10
10
25
8
8
20
11
6,760
10
10
24%
25
.....
Ea Kootenay P7%cm
6
Sherwln Williams of
Southern Canada Power.
Steel Co of Canada
_
•
300
Mar
Goodyear T A Rub of Can *
18%
99
Jan
Intl Paints (Can) A...
130
1.00
Jan
30
Jan
10%
Feb
Jan
8
June
13
205
10
June
21%
June
10%
29%
July
375
15
1.00
1.00
Apr
2.50
Feb
Feb
50
Apr
30
Feb
29%
Feb
50
Apr
14
825
11%
July
14
Aug
75%
260
74%
Aug
74%
Aug
90
90
10
92
July
92
July
6
6
35
6
July
11
Jan
21%
3%
Feb
Jan
Intl Utilities Corp A
17%
17%
13
15% June
Feb
Internatl Utilities Corp B. 1
1.80
1.85
300
1.25 June
72
25%
25%
16
1.55
175
MacLaren Pow A Paperi. •
31%
53%
32
54%
35
93
94%
31
6%
21%
6%
482
6
July
22%
190
19
Apr
30
Jan
1.40
Jan
2
May
5
13
Jan
17
May
16
99
Jan
110
Mar
25
Jan
39%
Apr
20
22
Mar
25
June
Masaey-Harr 5% cu pf 100
McColl-F Oil 6% cm pf 100
Meichers Distilleries pref. *
936
68
Feb
97
May
Mitchell (Robt)
Apr
June
103%
33%
30
Apr
Feb
Apr
12
18%
Feb
77
96%
88%
Co Ltd..*
vot tr..*
Mtl Refrig & Stor
83 cum pref
Page-Hersey Tubes
Mar
July
May
72% May
Mar
1.50
Mackenzie Air Service
•
No par value.
*
*
2
16%
107
2
16%
107
66%
"
155
5
July
24
May
1.25 May
27
Apr
52%
Jan
89% June
72
Feb
68
*
Loblaw Groceterias A
1,186
177
9%
July
*
*
34%
25%
730
10%
7%
Jan
July
34
970
Apr
33
1,290
34
14
19
5
45
Apr
78
Apr
14%
Jan
8% June
15%
12
Power
Preferred...
15
85%
Apr
Apr
175
74%
Voting trust ctfa
Gateneau
Lake St John P<feP
78
19%
44%
Feb
Feb
Jan
25%
23% June
13%
84%
Feb
12%
•
Jan
64
83
June
78
Apr
41%
35
17
85%
73
Apr
45
Jan
»
111/25
Apr
July
45
320
23
Apr
*
33%
10
24%
Fraser Cos Ltd.
June
23%
Jan
Feb
Jan
CanI*
10%
43%
18
25%
Jan
7,802
*
1,935
1,748
Jan
Apr
Foreign Pow Sec Corp
Feb
92%
29%
23%
Jan
Mar
4%
Ford Motor Co of Can A.. *
Jan
25%
80c
Jan
Jan
4
Jan
19
92
3%
2%
Apr
Feb
99%
8%
28%
65
:
Jan
Apr
Mar
Jan
16
Jan
Jan
Mar
1,440
SLLi,Wfence^aper Prei 100 _92%
*
28%
Apr
3%
15
Apr
30c June
3%
7%
350
42%
57%
70cJMay
13
B
*15%
2
36%
Apr
July
Apr
*
12%
Shawlnlgan W A Pow__
July
1.70
13%
Donnacona Paper A
127
30
35
1,751
Jan
2
100
35
16
Dominion Stores Ltd—..
12%
"
June
Apr
Apr
54% June
16%
7
Apr
Apr
40
86%
July
15%
15%
Fleet Aircraft
45
160
July
2%
130
9%
1.50
26
9
Jan
Don Paper
43%
550
40
Mar
Feb
98
2.00
69
Fairchild Aircraft Ltd
48
Feb
55
Mar
39
Aug
11%
50
16%
40
23
Jan
Apr
50
Mar
42
Jan
Jan
9
June
42
160
Apr
Feb
4
40
78
37%
1
156
39
112
61
22
29
520
Aug
Jan
9
Jan
8%
8%
375
9%
Apr
Jan
40
July
2,025
1,670
2,551
23
80
Jan
2%
14%
9%
61
pflOO
Eastern Dalrles7% cm pflOO
European Eleo Corp
10
15%
34
Ltd*
156
23%
July
011cloth]& Lino Co..*
Dominion Eng W orks
Dom
Apt
4% June
86% June
2.90
30c
2%
17%
Consolidated Paper Ltd..
June
22
Feb
6%
1,120
28
23
91%
Aug
6%
1,280
148
124
Aug
84
30c
15
124
Mar
3.00
2%
4%
17%
415
235
22
Aug
4%
16%
12%
r , ref
Lawrence Corp
35
Preferred
29
20
Power
Apr
37%
150
235
Feb
1.25
109
100
29
985
235
16%
25
381
.
65c
30
33%
"loo
Canada."./
33%
71
3%
65c
90
12
Mar
152
37%
110
40
Mar
10%
12%
26%
Apr
230
39%
12%
9%
Jan
Apr
Apr
60
3
Apr
10
30
35
320
140
80
2%
100
7% cum pref
96 %
33%
5
25
6%
Canadian Wineries—.—
6
42
"48 %
166
9
Mar
1,129
9%
Can Vlckers Ltd
73%
117%
33
"eeli
22
26
84
2%
Apr
41
9K
_
Ban ueri*y p0Wl
12
3
Canadian Pow A Pap Inc*
7,152
18 %
9
Feb
July
Apr
Apr
20% June
13%
Jan
7
80
110
—*
Commercial Alcohols Ltd.*
33
Noranda Mines Ltd!"—
Ogllvle Flour Mills
Ontario Steel Prods.I
Ottawa L H A Power
"loo
Preferred
Apr
Aug
146
41
iVStSSSS6^
»t
18%
64
71
150
"no"
City Gas & Electric Ltd--*
Claude Neon Gen Adv—*
18%
9%
McColl-FronteHai ou""I
Quebec
Jan
Jan
71
*
loo
National Breweries
Penmana pref
Power Corp of
29
"lfJX
80
12%
63 %
June
-
130
1.30
37
Canadian Breweries....
46
89
16%
3%
Can Nor P 7% cum pref 100
150
pfl 100
7%
21%
6%
Canada Malting Co Ltd.
125
35%
1,257
84
Feb
Aug
106
4
24
16%
Mar
125
35%
7
23%
6
23%
18%
33
105
92
July
190
544
15%
25
64%
84
9
Jan
42
6
Lang A Bona (John A)
Lindsay (C W) pref..
Massey-Harrls
Preferred
300
8%
7%
125
66 %
Apr
8%
11% June
42
36%
Apr
79%
8
Calgary P Co 6% cm pf 100
125
36%
80
Jan
166
87
Jan
41
8%
*
23
104
Apr
41%
175
60%
59
9
*
170
30
High
15%
July
8
Celtic Knitting
23
104
Low
5
1.25
*
14
14%
59
5,933
2,509
Apr
17
Brit Amer Oil Co Ltd
23
%
Range Since Jan. 1 1937
Shares
6
87
Brewers A Distill of Van..*
1,545
5%
58%
Certificates of dep.-.100
Apr
May
Sales
Mar
*
~35%
Industrial Bonds
July 31 to Aug. 6, both inclusive, compiled from official sales lists
Foundation Co of Can/"*
General Steel Wares
"•
Qurd, Charles
*
International Power
international Power
Montreal
330 Bay St., Toronto
Montreal Curb Market
Jan
26
105
450
64 %
Municipal
Public Utility and
Aug
7,561
Intl Nickel of
Canad'a:;. *
Intl Power pref
100
Internal- Pet Co Ltd
Jan
Mar
23%
"36 %
Mar
Mar
93
49
Preferred
340
199
255 St. James St.,
Feb
31
101
48
}°d"st,;,ai Ac^ptVn^:::.
Intercolonial Coal
loo
Jan
INCORPORATED
Feb
32
106
22 %
imperial Oil Ltd
Feb
314
252
established 1883
Mar
Jan
12%
PaBW--i5o*
241
100
Jan
Feb
22 %
80
Jan
July
Apr
26
inn
July
219
HANSON BROS Canadian Government
Jan
75
17%
Preferred..
June
161
211
Feb
105
4%
HX«cst!npr:ios
Jan
—100
Royal
Toronto
Apr
Apr
105
*
60
Jan
July
Apr
101
22%
Hamilton Bridge
57
Jan
10
25
A
22%
Alabas/*
57
Mar
22%
Jan
34
102
14
B
65
100
260
93
100
65
Montreal
287
117
100
150
July
106
Woods Mfg pref
182%
9%
1
24
17
July
46%
50
100
27
80%
•
3%
59
84%
~i
A"";"" J
Jan
120
186
102
100
Jan
10%
Feb!
161
*
A Chemical
6% % new pref
Dominion Textile
Dry den Paper
Llectrolux Corp
23
June
59
109% 109%
*
Feb
July
3
184
22 %
Coal" B
70
11
161
*
j->omlnion Bridge,.
70
5
100
12 %
14
His till Corp Seagrams
35
527
100
Jan
Feb
June
*
*
—60
5%:
170
Mar
11%
35
May
Commerce
2
190
21
Feb
5%
6% June
75
Canadlenne
25
Con Mln A Smelt new
>
Canada
4%
12%
12%
14%
85%
Cockshutt Plow
1,360
Apr
May
46%
107% 107%
14%
15%
25% 23H
24% 25
93 %
6%
8%
High
Aug
'
Apr
20
60
Low
3
35
100
Preferred
Mar
26
Canadian induBt Alchol.
r
23%
170
55
93
3
Apr
July
May
22
67%
117
3
110%
Jan
67%
46%
16
Range Since Jan. 1 1937
Shares
Apr
104
1,242
"93""
Jan
July
233
13
25 %
High
*
Western Grocers Ltd
Jan
18%
1,180
11
"46 %
|Lou>
7%
Wabasso Cotton
Winnipeg Electric A
Aug
16
21%
Price
*
Windsor Hotel pref
High
108
15%
13
"3100
English Electric
English Electric
27%
404
100
Preferred
Jfl
26 %
35
663
8%
16
255
4
Cndn Foreign Invest
Can
2
169%
169
3
25
Canadian Cottons
100
Canadian Cottons pref. 100
Canadian Fairbanks pf.100
700
4
"l5%
GaJDadlan ^ar A Foundry
2
155
10
21%
108
'21%
14%
111
21
7%
5%
61%
I/oo
Preferred
15
9
645
2
169%
ZI/Ioo
Preferred
Can North Power Corp..*
Canada Steamship (new)"*
12
14 %
21%
Low
250
15
111
Week
B
9
15
A..Ill*
Canada Comoot.
9
Range Since Jan. 1 1937
for
Wee]t
Shares
11%
Mu£:::::r-:
Building Products
of Prices
High
9
Alberta Pao Grain A pi 100
Associated Breweries
*
Preferred
100
Bathurst Pow A Paper A •
Bawl! (N) Grain
»
Bell Telephone
11100
Week's Range
Low
Tooke Brothers
for
of Prices
United 8teel Corp
Sale*
Friday
Par
| Week's Range
Sale
25%
Aug
July
1.80
Apr
37%
73%
100%
Mar
9%
Jan
Mar
Feb
:
Financial
922
Chronicle
Aug.
7, 1937
I
Canadian Markets
Montreal
Curb
Toronto Stock
Market
Week's Range
Sale
of Prices
Low
High
Week
Range Since Jan. 1 1937
Shares
Low
Price Bros ft Co Ltd... 100
41
409*
41
2,006
OH % cum pref
100
Corp of Canada—
70
70
71
708
Stocks
High
35
Apr
489*
649*
Apr
79
100
99 H
Royallte Oil Co Ltd
*
46 H
Sarnia Bridge Ltd A
B
*
17%
115
99 H
48 H
17%
46 H
415
10
*
20
Southern Can P pref.. 100
United Amusement A
*
50c
*
1
15c
Bralorne Mines
*
7.35
May
69 H
22
Jan
Brazilian
*
July
16
Jan
Brew A Distillers
*
23H
45
Mar
Brantford Cord pref
25
105
Jar
108
Feb
B A Oli
25
Jan
26
Feb
Brit Col Power A
39*
Jan
British Dominion Oil
51 %
July
Brown Oil Corp.....
110
42
Walker-G & W $1 cum pf_*
19 H
19 H
19H
280
18% June
75
1.75 June
Apr
5,975
60
16 J*c
9,200
2,520
7.25
7.35
25
26 H
27H
50
July
72c
Feb
July
16 %
Feb
12c June
29c
38o
10
6.40 May
24 %
9H
Apr
26 H
36
28c
Apr
1,828
7
28c
44
46
500
3,700
21%
July
34
20c June
44
Afton Mines
Arno
Corp
•
1.23
1
Gold__
12.50
Feb
749*
Mar
23c
Feb
2 He
500
4c
Aug
10 He
Jan
1.23
17,775
75c
Apr
1.90
Feb
4,800
15*0 July
4Hc
707
8.25
61H
270
51
14c
18c
36,500
Burt (FN).....
Burlington Steel
25
•
41 %
41H
319*
265
17%
179*
25
Calgary & Edm
*
2.65
2.65
2.85
7,675
Calmont Oils
1
*
60c
60c
70c
4,750
Canada Bread
6
6
6H
185
6
B pref—50
14
50
19*c
2 Ho
..♦
3%g
3Hc
1,600
1
Mines
Beaufort
4c
1.05
4c
Alder mac Copper
Alexandria
25c
25c
700
20c
June
45 He 45 He
1,000
2,700
4,100
1,200
45 He
Aug
41c
May
72c
Feb
Canada Bread
190
July
1.16
Feb
Canada Cement
Jan
Canada Cement pref
100
Feb
Canada Permanent
100
Gold
Bidgood-Kirkland._
*
_
Big Missouri Mines Corp.l
50c
48c
50c
Bouscadlllao Gold Mines. 1
23c
21c
23c
Brownlee Mines (1936)
1
Bulolo Gold Dredging Ltd 6
4c
4c
25
25
2.70
2.80
73c
73c
1.17
445
900
700
3c June
Jan
Feb
65o June
13c
23H
June
30
2.70
1
Can Malar tic Gd M
Ltd.'
-V
-
2.10
May
6.40
Feb
73c
Aug
1.70
Mar
1.20
1,500
90c June
2.28
Feb
Cartler-M alar tic G M Ltd 1
14c
14c
16c
11,300
16o June
Central Cad
28c
28c
30c
300
25o June
47 HC
65
Mar
35c
35c
100
26c
Jan
70c
Feb
95c
88c
95c
2,665
78o
July
2.70
Feb
Com Pete..
*
Consol Cblbougamau
Daihousie Oil Co
1
Dome Mines Ltd
1.10
*
95c
92c
40
40
Duparquet Mining Co_. .»
7Hc
East Malartic
1
1.00
Eldorado Gold M Ltd
•
Falconbrldge Nickel M_.*
600
25
Preferred new
Canadian
Canadian Canners
*
8%
Jan
Canadian Canners 1st pflOO
19%
71c June
2,100
1,305
2.10
8.00
2.03
Jan
Apr
3.60
Apr
30
700 June
12%
Feb
Canadian Dredge
*
"43"
Canadian Ind Alcohol A.. •
6H
65c
66c
1,100
60c June
1.58
Feb
Grabam-Bousquet Gold M1
10c
10c
10c
500
9c June
60c
Feb
Canadian Malartic
Canadian
1.90
Lake Shore Mines
1
Apr
4.10
Feb
June
41**
Feb
35c
500
35c
Aug
Jan
Canadian
70c
Mclnty re-Porcupine
5
Mining Corp of Canada..*
Murphy
34
Pandora Cad
50c
Pamour Porcupine M
*
Parkhlll Gd M Lid new..!
2.70
5
June
13H
1.10
•
Mar
Cons Bakeries..
*
2.15 June
4.05
Jan
Consumers Gas—....100
11,550
2.55 May
1.00
1,400
70c June
2.51
5.60
5.60
300
9 10
Feb
17%
30
39c
Slscoe Gold Mines Ltd..
Sladen Mai
6.20
15
July
17
June
.
39c
500
May
Cosmos........
Apr
135
11H July
1.75 June
Jan
Jan
17 H
Mar
4.00
Mar
1.50
1.75
Jan
1.41
July
910
June
1.66
Jan
2.10 June
6.25
Feb
9o June
43o
13H
20
14
580
13H
Aug
22 %
2.35
1.35
2.35
100
2.10 June
3.50
1.25
1.40
I,154
1.00
2.14
209*
70
95c
5,700
2.249
20
92c
90c
Darkwater Mines.
...
85c
Feb
Dome Mines
2.00
Feb
Dominion Bank
220
Feb
Apr
2.38
Jan
Dominion Coal pref
Dominion Explorers
June
1.13
Feb
Dominion Scotish Inv
13,000
7 HO
June
1.50
2,000
1.47
55c
56c
2,800
38C
55c
3,900
12 H
12 H
263
22 %
40%
229*
85
20
76c
Jan
Jan
Jan
May
Apr
23
Feb
July
2.68
Feb
409*
973
1009*
Mar
211
Mar
Apr
July
May
279*
31c June
2.95
11% June
Apr
20
38 H
18
Jan
Jan
Apr
289*
Mar
Jan
51
30
214
May
July
250
Jan
21
15
19
May
24
Mar
20H
5%c
72
199 H
22
225
39%
221
100
25
1
352
10
25
50c
12 %
*
201H
25
....'
Aug
39c
900
9c
200
l
Dominion Tar ft Chem Co.
86
80 H
85
201
*
50c June
66c
8c
1.50
6c
5J*C
4c
2,000
July
15c
July
5
June
44
Jan
3.15
2.70
3.20
22,101
4.00
Feb
3.75
3.70
3.75
1,345
3 20 June
6.66
Jan
Dom Steel Coal B......25
3,719
12 H
Jan
289*
Apr
Apr
Mar
95c
95c
1,400
76 He June
2.50
Jan
Dom Stores.
»
9%
9
9H
690
89*
July
12 H
Mar
1~18
1.17
1.25
16,540
90c
June
2.90
Mar
Dorval Slscoe
1
40c
40c
43c
9.250
40o
Jan
1.22
Feb
I
1.25
1.24
1.30
2,700
1.00
June
2.25
Jan
East Malartic
1
1.00
96c
1.05
13,425
65o June
2.05
Jan
1
3.05
3.05
3.05
100
2.95 June
4.70
Feb
Easy Washing
*
6%
69*
202
4%
Jan
9%
Jan
5.00
5.20
570
4.60 June
6.10 "Feb
Eldorado Mines
1
2.65
2.87
4,220
2.10
Apr
8.65
2.15
*
56c
.1
1
"
Stadacona-Rouy n
*
Sullivan Cons Mines Ltd
Sylvanite Gold
Teck-Hughes
1
Gold
115
Jan
15c
66c
..1
19
850
Mar
..'
Dlst Seagrams
..1
June
25
116
2.30
11
Jan
16H
Sherritt-Gordon
Jan
Feb
June
235
Feb
Feb
5.60
Shawkey
4,950
16
95o
Feb
96c
..1
1.20
89*
1.47
Feb
1.00
San Antonio Gold
Apr
Jan
42c
Perron Gold M ines Ltd... 1
Pickle Crow Gd M Ltd
1
Placer Development
8 He
4%
Apr
6.50
1,000
4.70
...
530
24o
3.80
2,375
2.25
3.75
Quebec Gold.
6H
1.15
130
6O0
June
18c
2.00
4.50
Red Crest
43 H
1,700
190 June
17c
2.00
Pend-Oreille
Reward
43
14
23 %
38
4,050
Cons Chibougamau...... 1
Cons Smelters
5
Pato Gold...
17c
30
35c
Coniaurum Mines
1,600
395
25 H
80c
Coniagas Mines
2.70
Mar
14%
78c
Cockshutt Plow
40c
Apr
May
10
33c
Jan
700
7%
18 H
110
33c
Feb
52c
115
11H
15H
80c
"
Feb
50c
May
105
19H
1
1
11c
2.50
1
Jan
47
8%
19%
•
1.50
1
-
10c
Aug
Aug
6.50 June
32
Jan
555
Commonwealth Pete
3 He
Apr
14H
3.00
Chromium Mining
2 He
Apr
905
6%
Jan
May
1,175
23 H
9
6H May
210
3H
Jan
21H July
99* May
209*
Jan
129*
Jan
21H
Feb
2H June
3H
22
2.75
Jan
800
Aug
*
Feb
500
Aug
4,678
4.80
2,655
Apr
June
4
180
...»
2.90 June
6.25
31
19
5
63
13c
33H June
3Hc
30
4
11c
300
2Hc
29
186
HHo
215
6.05
6.15
Mar
Central Porcupine
Jan
2Hc
3Hc
._*
O'Brien Gold Mines Ltd.. 1
Apr
75
400
8.50
42
18
July
9,000
2,220
7,900
4.25 June
3.50
July
50
1.05
300
34
9
31
634
H
129*
Castle Tretbewey
Central Patricia.
3.40
Apr
July
1,806
4
1.50
Jan
34
3.50
7
2
13
2.79
Jan
30c
5.35
July
2.65
27 He
5.25
Mar
160
999*C
May
12c June
59
110
Jan
119*
Cariboo Gold
1,000
1,500
June
May
146
2~65
Jan
4Hc
4c
Apr
101
1
505*
47
23
18
...25
Wineries
Jan
Feb
149* June
69
116
100
Preferred
4 He
50
1.15
..*
C P R
Mar
3H
119*
14 H
50
He
i
Newbec Mines Ltd
1.35
26**
"I5H
Oil
199*c 20Hc
4
1
Macassa Mines
1,790
2,310
35c
Lamaque Contact G M._*
Lebel Oro Mines
2.05
325*
1.85
31
Feb
1.75
31
106 H 107
152
156
11%
2nd
preferred
Canad Car A Foundry..
*
Preferred
...25
65c
318
6 55
109*
599*
25
23 H
*
Feb
1.02
Jan
Mar
18
Apr
Apr
3
3
*
Mar
2.87
159*
40c
4
180
15c
FrancoeurGoldM Ltd...l
329*
Breweries
Preferred......
55
159*
29
*
Canadian Bakeries
3.60
1.00
44 H
Aug
May
2.00
180
Canada Wire ft Cable B..»
Can Bank of Commerce 100
50 %
8.00
Hudson Bay Mln & Smelt *
Hunter Oil
*
13 H
*
Jan
69*c
May
149* June
68
•
.....
Can Wire & Cable A
Apr
8,900
2.67
Home Oil
106 H
......
June
55c
39
7c
7Hc
Jan
55
"u%
—•
Can Steamship (new)
Calgary ft Edmonton
Calmont Oil Ltd
39 H
Jan
9c
65c
3c June
Feb
June
Jan
9.20
60 H
17c
9.20
1.10
65
11c June
9.10
*
i
Jan
39
Aug
Apr
*
Buf falo-Ankerlte
309*
Jan
7
24
23 H
36
10
88
Building Prod
Feb
Feb
Mar
Mar
Mar
Mar
6,338
Bunker Hill
20
Mines—
May
Jan
9.00
26 H
7
7
*
49
29*
27%
*
*
1
49
50c
12H
15c
25
May
7%
47c
High
L010
Shares
12H
13
49
/
Feb
1
349*
Waikervllle Brewery Ltd.*
Walker-Good A Worts (H)»
2
107
Big Missouri
20
22%
22H
......
July
99
1937
Week
Blltmore Hats
18
105
105
105
Range Since Jan. 1
for
of Prices
Low
High
Price
Par
(Continued)
Week's Range
Bobjo Mines
Apr
Mar
Power
6% cum 1st pref
Sales
Last
Sale
for
Price
Exchange
Friday
Last
Par
Listed and Unlisted
Sales
Friday
Stocks (Concluded)
-
Thompson Cad
i
Towagmac Exploration __1
Ventures Ltd (new)
Wood Cad
Wrlght-Hargreaves
"53c
1,200
8.05
175
35c
36c
9,300
6.50
450
53c
,
35c
26,975
1.15
8.05
6.50
*
...
56c
1.05
_._*
1.80
Apr
Jan
English Electric B
1.00 May
1.95
Feb
Falconbrldge
July
7.95
July
30c
June
73 He
Apr
5.95 June
8.10
Jan
47c
June
4
200
41
Preferred
7.00
4
41
41
200
22 %
22 H
239*
4
1
2.87
14
14
14
20
8.10
7.75
8.25
2,590
Fanny Farmer.......... •
Federal Klrkland
1
24 H
24 H
Ford A
25
2,541
7,200
~1,693
•
8 He
24
259*
21
9c
24 H
9c
22
39*
38
June
10
7.05 June
Apr
19
Apr
169*
Jan
12.90 May
259* July
June
54c
Jan
21H June
29 %
26c
July
70
Jan
1,500
21
Foundation Pete
•
~~31c
31c
34c
6,800
20 Ho June
1.25
Feb
Francoeur
•
70c
70c
70c
3,000
50o June
1.58
Feb
1
'""32c
Firestone Petroleum...25c
Duncanson, White
General Steel Wares..
STOCK BROKERS
Goldale Mines
Stocks—
Par
Price
Range Since Jan. 1 1937
High
Low
5H
6% preferred
.100
...
Acme Gas ft Oil
6
55
60
2,720
60 H
725
14cI14 He
*
Afton Mines Ltd
3,800
2,000
3He
A P Consol Oils..
Aider mac
5H
3%c
5
July
419*
Mar
11c May
June
49
Jan
1,100
30
June
68
Apr
7 He
July
22c
Apr
May
July
lie 13Hc
11c
82
52%
July
94 H
67
90
June
63o
Feb
19o
15o
June
67c
Feb
7Hc
14,000
11c
6Hc
13 H
Apr
18c
Jan
111
Apr
269*
47 H
495
33 H
Mar
Apr
Apr
75c
75c
2,825
55o June
1.25
Jan
119*
12 H
900
119* June
18 H
Apr
3Hc
•
3c
3Hc
4,000
2c
July
7c
Jan
200
4H
Apr
5
Harding Carpets
........I
1.31
5
5
1.27
1.35
4,500
129*c
13c
7,500
129*0
Aug
33o
Feb
80
Apr
Highwood Sarcee
199*c 19Hc
1,200
15c
Jan
90o
Mar
229*
Feb
20c
Jan
Hindeft Dauch
*
Jan
Hollinger Cons
5
Apr
Feb
73c June
1.89
Feb
Home Oil Co....
Homestead Oil
119*
209*
11H
185
215
19
140
45c
1,622
7.520
5,500
35c
7.200
219*
119*
200
1.24
45,355
2.00
2.25
3,500
2o May
Howey Gold
925
6.00 June
4He
8.76
Jan
5.75
Feb
Huron & Erie
100
78
78
78
40c
42c
1.42
36c Junp
1.15
Feb
220
220
7%c July
15c
Feb
Imperial Bank....
Imperial Oil
100
8c
6c
8 He
25c
Feb
Imperial Tobacco
"40c
Astoria-Rouyn
7c
6c
58 H
35c
..
I
""75c
'*
33c
57,700
t
1.15
Bidgood Klrkland.
79c
336
255
10
27c
35c
29,190
1
6,277
67
July
June
169*c June
221
64c
Jan
June
60
49C
245
1.85
Jack Walte Mines
Mar
June
Apr
15HC
Apr
May
July
405
94
250
June
10
Aug
65c
1
Apr
3,550
Apr
1 75
Feb
Kirk. Hud Bay
10
15
Apr
21H
Jan
Klrkland
35
99
Aug
512
6
Jan
123
164
Apr
8H
168
1699*
44 J*C
46c
7%
1699*
45c
100
12,580
17
I 00
Apr
38c June
24**
106
9**
176
1.70
July
i
Feb I
Jan
Jan
Jan
•No par
l
value.
Jan
999*
35 H
100
50
80c
72c
81c
6,553
2,686
1,000
10,675
27c
33c
II,667
1.15
28,810
4,120
1.07
1.90
20c 21 He
30
30
145
97
July
72e
251H
249*
159*
105
Jan
Jan
June
Jan
Mar
Mar
Feb
649*
Apr
739*
Feb
33 H
1.25
June
39 H
Mar
June
3.15
50c June
1.61
Mar
25c June
53c
Mar
2.15
Feb
70o June
19o
June
59c
Feb
Feb
39
Feb
2.00 June
3.30
Apr
1.35
26
June
2.30
2.30
2.60
1.65
1.65
1.70
800
Apr
2.65
1.26
1.33
9,275
90o
Feb
1.70
Apr
45c
Laguna Gold
Lake Shore
Apr
139*
14 H
87c
1.27
Lake
Jan
June
20
66
20c
i
315
1.16
220
50,722
999*
30
18 H
19
21
35
1.09
J M Consolidated
Kelvlnator
219*
222
28c
1
Feb
1.12
21
Jan
64 H
1.80
30o
72
209*
14 H
1.90
3o
30
14 H
35 H
Jellicoe Cons
June
10
100
Jan
Jan
15
340
250
internat Util B
273
May
64,709
Feb
33c
"~65H
International Pete
Jacola Mines
305
35c
21
6
International Nickel
Mar
9
43c
1
.£1
Jan
Apr
Kerr Addison
99
-100
Beauharhois
Bel Tel Co of Canada.
75c
336
27
18 H
21J*
"
Beatty Bros A
Preferred.....
222
10
Bank of Toronto..... .100
Beat tie Gold...
39c
255
336
Barkers Bread Ltd
Base Metals Mln
Batburst Power A
25c
222
.100
60
187
1
Preferred
Bank oi Canada..... -.60
Scotia.. .100
109*0
Feb
37c
12,170
1,300
5,200
35o June
36c
8c
Bankfleld Cons
Jan
Harker
1.06
Arntfleld Gold
Bank of Montreal.
Jan
3.44
Apr
5.70
1
1.00 June
7
15H
2.25
.
51
12%
1
Gypsum Lime ft Alab
2,010
Ashley Gold
Bagamac Mines
Jan
22
37c
Anglo-Huronian Ltd..
Argosy Gold Mines...
Jan
24
10c
1.22
Alexandria Gold
July
25
53
7c
24,200
6c
3,600
1.00C
92
53
37c
Copper-
Bank of Nova
18
209*
45 H
95c
29c
Feb
2,100
19c
1
10Hc
3c June
Jan
30o
22c 23 He
34c
34c
Great Lakes Paper
Preferred...
Hard Rook
Abltlbl
30c
1.02
5,000
92
Halcrow Swayze
Shares
July
40o June
7,100
Grandoro Mines
Week
3 Ho
63c
13c
Gunnar Gold
for
of Prices
Low
High
Aug
Apr
May
4Hc
Granada Mines
Sales
Week's Range
Sale
189*
65o
llHc
60
Graham Bousquet..
Last
14
7c
......I
Preferred
Friday
Jan
Aug
60c
Goodyear Tire.........
Toronto Stock Exchange
Aug
8
28o
3Hc
.......
July 31 to Aug. 6, both inclusive, compiled from official sales lists
13
60c
Gold Eagle
Goodflsh Mining.......
WA. 3401-8
75
32c
llHc
God's Lake Mines......
Golconda
New York Curb (Associate)
139*
12,200
64,200
Glen or a
Exchange
Canadian Commodity Exchange, Inc.
210
14
28c
4c
Gillies Lake Gold
Members Toronto Stock
15 King Street West, Toronto.
..
13
13 %
13H
Gatlneau Power
Co.
&
Aug
45c
48c
1,500
400
July
1.10
Feb
50 H
509*
50 H
1,776
46 H
June
599*
Jan
25,183
Feb
Volume 14S
Financial
Canadian Markets
Chronicle
-
923
Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
Sales
Last
Stocks (Concluded)
Par
Week's Range
for
Sale
GRAIN
BONDS
of Prices
Low
High
Week
Price
Tread well-Yukon
63c
Noranda
90
16 H
4,019
24c
27c
5,425
8
8H
925
8.20
3,186
2,500
20,375
1,340
318
United Oils
*,
Ottawa
Sudbury
Winnipeg Grain Exchange
United Steel
Hamilton
Kirkland Lake
Montreal Curb Market
Ventures
Sarnia
North Bay
Bourlamaque
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Vulcan
1.51
1.76
Walte Amulet
3.25
3.80
Owen Sound
Timmlns
..
7.75
Walkers
48 H
Preferred
49
19H
5H
19H
52
52
*
Western Canadian Flour.*
Preferred
100
Toronto Stock
Exchange
Friday
Last
Sale
Stocks
(Continued)
Par
Price
Western Grocers
of Prices
High
Low
*
Westons
Sales
Weet's Range
Weet
Shares
Low
Cigh
5c
4,900
4o
May
28c
Feb
64c
68c
5,600
58c
June
1.33
Jan
64c
68 H
Lava Cap Gold..
1.19
72
68
63
1.25
19Hc 21 He
1.15
June
77
Jan
13,100
33,766
6,400
June
30o
Jan
67c
45c June
1.35
5.75
880
8.40
June
11c
4.85
June
1.30
July
25
24H
25
1,106
Apr
25
23 X
23c
23 H
23c
85
21
Jan
23H
Aug
1,500
21
Apr
90
Feb
Macaasa Mines
5.35
5.25
5.45
MacLeod Cockshutt.....
Madsen Red Lake
1.91
1.90
1.97
75c
~3Hc
14c
Manitoba & East
Malargo Mines
Maple Leal Milling
Preferred
June
8.60
1.65
May
4.85
55o June
1.20
3 He
3Hc
2,000
2c
June
16c
Feb
14c
14 He
5
6.375
llo
June
36c
5
June
Apr
5
460
6 H
9H
140
5
10H
970
445
8H
52
1,475
8H
165
865*
July
May
May
100
12H
12
12 H
95
93
95
52
54
29 He
3,000
18
33 X
34 H
1,230
32 H
1.22
1.18
1.23
2,600
32c
28c
32c
25,900
30c
McKenzle Red Lake.....
McVlttle Graham
30c
"33 k"
Mclntyre Mines
30c
31c
2,200
10c 11 He
3,700
Mercury Oils
Merland OH
10c
Mining Corp
3.50
3.15
4
Jan
30c
Mar
17c
Feb
,3Hc
3
June
3.60
1.00 June
17c
July
July
40
1HC
1HC
500
1HC
Aug
100
73H
73)*
50
3H
53
44 H
30c
34c
37c
4,500
30o June
77c
Feb
6.50
3,010
5.85 June
8.10
Jan
Toronto Stock
July 31
to
Exchange—Curb Section
Aug. 6, both inclusive, compiled from official sales lists
45
Jan
Jan
Last
Stocks—
Par
Beath & Son A
Brett Trethewey
Price
Low
5H
7Hc
101
Mar
44
June
7 He
4,000
6
9
170
8
38
46
34
190
17
47
Aug
17H
47
47
1
2.15
1.85
2.03
Jan
Central Manitoba
1
57c
Feb
5
"4" 75
63c
Mar
Coast Copper
Cobalt Contact
1.98
45
Apr
Mar
2.15
140
5c
6c
15,850
4.25
4.95
995
Jan
31c
Mar
10.00
Feb
1
1>*C
lHc
lHc
3,000
♦
.
17
16 H
18
17K
717
15 H
June
19 H
May
5
12H
Jan
21H
June
*
_
""93c
18
lc June
*
2,640
55o
Apr
Dominion Bridge
♦
49
48 H
49
175
47H
June
58H
Apr
Dom Found A Steel
*
42 H
42
42 H
135
29
May
42 H
Aug
15c
7,400
Jan
46o
Feb
1,100
3.65
May
July
East Crest Oil
95c
93c
13c
13c
lOo
88c
Feb
•
1.06
1.05
1.08
1.25
Feb
Fraser Co voting trust.
*
44H
44H
44H
50
42
July
10c
Feb
Hamilton Bridge
*
14
14
30
12H
8H
Jan
July
45
2,500
30c June
13,400
72c
7,400
2.46
1,500
64
66
11
Apr
21
Jan
3Hc May
5c
66c
2.26
66 H
18
3Hc
50c June
2.26
Aug
54H June
2,817
Foothills Oil...
Preferred
1.05
Feb
12o
Feb
Jan
83
Feb
Kirkland Townslte
4c
5c
3,600
4c
July
16HC
Jan
Malroblc.
2.06
53,066
1.20
Apr
2.23
July
72c
80
75
63
Jan
90H
Apr
11
11
20
8
July
15
Apr
32 X
31
32 H
25 H
June
41H
Feb
14
14
12
May
"99H
95
99 H
72c
1,300
60c June
95c
22c
22c
500
19c
June
55c
Apr
lHc
5,000
lHc
July
4Hc
Feb
28c
35c
4,550
22c
July
69c
Jan
33 H
33 H
19
29
Apr
48 H
90
40
Apr
37 H
57 H
Jan
47 H
lHc
lHc
2,500
59,950
4,100
Apr
Montreal LHAP
*
6.25
5,400
6.50
June
13.25
Jan
National Steel Car
•
2.05
5,775
1.05
Apr
4.10
Feb
3Hc
3,600
3c
July
3c
Orange Crush pref
Oro Plata Mining..
17
17
35
15
96
10
96
6H
6H
6H
10
1.68
1.26
1.68
28,353
Pacaita Oils
21c
Page Hersey
107 H
..
2.62
Porcupine
19c
106
5H
5
Jan
OH Selections
Aug
115
June
Mar
10
Jan
15c
500
10c
July
30c
Jan
2c
2Hc
3,000
l^c
July
6c
Jan
1
4.45
3.70
4.75
24,270
2,500
2.60
May
3Hc May
6.65
Feb
Porcupine Crown
..1
Mar
Ritchie Gold
—1
4.00
Jan
Robb Montbray
-.1
9H
Jan
Robt Simpson pref
100
Feb
Rogers Majestic
*
*
*
*
Pend Oreille
..
11,805
7H
7H
18 H
11c 14 He
125
5H
Apr
700
15o
June
Partanen-Malartlc
14Hc
Paulore Gold
"""58c
8,000
11c
Aug
41c
Apr
21c
6,450
12c
June
Shawlnlgan W A P—
46c
Jan
55c
60c
Stand Paving
Paymaster Cons
Payore Gold
30c
Gold..
97c
16,620
30c 30 He
90c
1.00
6,400
1,200
Photo Engravers
23 H
Pickle Crow
5.40
23 H
5.40
Pioneer Gold
3.70
3.70
Powell Rouyn.
1.65
1.40
22 H
Power Corp
22 X
25
..25
~
1.65
2~35
"~98c
95c
34 H
1.00
1,600
Red Crest Gold
40c
40c
3.75
3.80
65c
Reno Gold
Jan
July
36c
Feb
1.47
Jan
1.10
Feb
40c
Aug
85c
6.85
1.95
Feb
65c
500
38c
19,950
29c June
1.78
Feb
2,600
3,350
4,500
65c
July
1.52
Apr
72c June
1.35
Jan
9c
June
48 HO
20
192 H
35
July
227
Apr
60
47
47
.
185
16c
18Kc
9,900
12 H
12 H
100
34H
34H
34H
1.50
1.65
55c
57c
3,500
40c June
75c
78c
3,100
57c
3.20
84,615
7H
50
..50
"3". 15
2.65
7H
10
98
3.70
Siaden Malartlc
Slave Lake
50
29
29M
275
25H
Apr
5
5H
125
4H
July
1.00
May
1.00
1.00
1.00
43c
36 He
48
46c
54,550
51H
95c
55c
35
48
2
*
Government
17
98
3.65
3.75
92c
55c
15
95c
65c
19
1.18
1.16
"85H
84H
85H
77
77
13
1.25
14
12o June
32c
Jan
16
3.50
Jan
Jan
68c
Mar
62H
Jan
1 H
Feb
5
June
SECURITIES
Corporation
•
York, Montreal and Toronto
•
New York
wwww <rrvrw
205
Apr
34 H
1.25
Apr
2.40
Jan
1.90
Apr
73* June
50
95
June
Apr
Bid
1.10
Feb
Abitlbl P A Pap ctfs 5s '53
83c
July
3.95
Feb
Beaubarnois Pr Corp 5s '73
64
17
Feb
Bell Tel Co. of Can 5s. 1955
114
Feb
Burns A Co 5s
Jan
5,200
76o June
2.49
Jan
Calgary Power Co 5s. .I960
Canada Bread 6s
1941
7,000
50c
June
2 50
Feb
Canada North Pow 5s. 1953
11,100
16,485
15c
July
19c
Aug
Canadian Inter Pap 6s *49
90c June
2.85
Apr
Canadian Vlckers Co 6s *47
10
96 H
108
Cedar Rapids
113
/91H
/6PH
15
17
Feb
4.00
4.95
5,595
3.00 June
6.90
Feb
1.27
900
1.03 June
3.25
Jan
64 H
114H
15H
Jan
96
Feb
71
May
88
Mar
600
15
Aug
Sylvanlte Gold
3.15
3.10
3.20
3,040
2.70
Tamblyns
16 X
16 H
16 H
285
15 H
Apr
Jan
6c
6c
6Hc
11,300
60
June
5.20
3,484
10,900
,
5.15
4.95
Texas Canadian
2.00
1.87
2.01
Tip Top Tailors
14
14
14
Tip Top Tailors pref... 100
2~35
Toronto Elevators
30
Toronto Elevator pref.. 100
51
H
108H 108H
2.35
2.40
104
104 H
Minn A Ont Paper 68.1945
Montreal Island Pr 5Hs '57
/73
73 H
108 H
T.17
Fraser Co 6s
1950
104
4.65 June
6.00
Jan
Gatlneau Power 5s—1956
103
2 35
Jan
Gt Lakes Pap Co 1st 5s '55
/98H
July
of Nfld 5s *68
Lake St John Pr A Pap Co
102H 103H
1.85 June
2,930
30
5
99
15
1.20
Feb
Mar
51
1.07
73
104
130
6,905
14H
110
4.65
Apr
5Hs
1961
5s.
1961
30
f
Aug
46
Apr
July
Mar
52
Jan
110
Jan
73o June
2.00
Int Pr A Pap
Jan
483*
86H
Feb
3Hs
1956
3 Ha
1973
Montreal Tramway 5s 1941
Ottawa Valley Pow
100
5
1939
Power Corp of Can 4Hs '59
5s
Deo 1 1957
1949
Apr
3s
90
1942
Feb
par value)
86 H
East Kootenay Pow 7s
-
•.
'mm
«
—
-mm.
103 H
99
83
84
5Hs '70
Provincial Pap Ltd 5Hs '47
Saguenay Power 4>*8 A.'66
43*8
ser B
1966
Shawlnlgan WAP 4Hs '67
4Hs '51
Smith H Pa Mills
104
50
98
---
51
99 H 100H
96
95
99 H 100H
104 H 105
99
100
104
103
100H 101
100H 101
104H 104H
103
85""
United Grain Grow 5a. 1948
United Securs Ltd
101H 102
73
97 H
Montreal LHAP (350
89
Eastern Daries 6s
1.50
51
6fH
Jan
10
30
113H
91H
Feb
1
94
McColl Frontenao Oil 6s '49
4.80
Jan
Ask
101 H
Maple Leaf Milling—
86
4s i960
92 H
97 H
18 H
28 Ho
176
99
Toronto General Trust. 100
5H8 ex-stock
101
25*8 to *38—5Ha to '49
Massey-Harris Co 5s ..1947
Donnaconna Paper Co—
1.23
MacLaren-Que Pr 5Ha *61
Manitoba Power 5Hs.l951
103H 103 H
101H 102 H
98
98 H
Consol Pap Corp
15
May
77H June
25
Bid
99
74
1958
6.65
10
/98H
110
3.15 June
Utility Bonds
A*k
83
Alberta Pac Grain 68.1946
3,455
455
HAnover 2-6363
vvvtvvtvvvttwvvvvvtn'
July
8,475
Mar
•
NY 1-208
Industrial and Public
1.25
Mar
9H
Jan
95*
32)*
4.75
1
Feb
34
June
20C
46
50
Municipal
•
Bell System Tele.
Sullivan Cons
Toburn Gold
Jan
8H
Royal Securities Corporation
30 Broad Street
Sudbury Basin
25
Teck Hughes
2
Private wire connection between New
M A P 5s '53
5Hs 1961
1961
Dom Gas & Elec 6H8-1945
Steel of Canada
Steel of Canada pief
Stuart Oil pref
2H June
Mar
198H 198H
56c
South End Petroleum..25
Stadacona
Standard Chemical
Feb
Apr
6H
CANADIAN
Mar
95c
13
July
1.60
Siscoe Gold
Jan
122
10
No par value.
Feb
90c
12
55c
17c
Sherrltt Gordon
Feb
12 Ho
Feb
12 H
5
•
Jan
2.85 June
1.15
"47
...
160
July
Jan
1 55
July
Feb
32c
.100
.....
Simpsons B
81mpsonsB pref
4.50
4c
2 Ho
109
113
6H
1
100
Feb
2,000
4,500
3 He
July
80c
13
St Anthony
St Lawrence Corp
A preferred
Sheep Creek
33 H
29c
113
lie
He
3 He
4
Feb
July
1.08
92c
Roche Long Lac
Shaw key Gold
2.20
June
38c
.......
Royal Bank......
Royallte OH
June
27c
1,375
...
Red Lake G Shore
Reeves-McDonald
Feb
Stop & Shop.
Temiskamlng Mines
3Hc
4Hc
3Hc
Feb
6.85
25c
700
3.80
Read Authler
9.20
18
40
"""40c
Quebec Gold
Waterloo Mfg A
26H
55o June
19,895
1.45
Jan
Apr
June
1.95 June
125
34
,
Preston E Dome
Prospectors Air...
United Fuel pref..
75c
53,875
2.50
Jan
3.65
3,300
1,885
2.35
July
4.90 June
750
27
Jan
35c
2.50
21
7,685
23
1.38
June
70c June
22c
65
5.60
3.75
1.40
Prairie Royalties
Premier
Pressed Metals
24
49o June
40
Jan
15c
43 He
118
Feb
Jan
Feb
12
15c
Feb
Apr
Apr
June
2 He
Mar
10c
6c
49c
July
15c
4
..1
2.20
98
1 He
._1
2.68
..
24c
5M
Osisko Lake Mines—
16c
7H
21c
5H
Jan
Pawnee-Klrkland
18 H
Pan tepee Oil....
Park hill
21c
5H
1.90 June
26c 135,300
205
"48 H
1
Nordon Corp
18
85o June
107 H
2.50
Night Hawk
Jan
Jan
12c
Mar
lHc
1.75
96
Jan
18 H
108
35e
6.00
3c
Jan
22c
1.75
17
90H
lHc
(L25
.
60
130
1
.
O'Brien Gold
10
3,410
....—1
...
Mandy
Okalta Oils
Preferred
Apr
78
100
1.90
Olga Oil & Gas
18H
11
*
Preferred
4c
Ontario Steel Products..
48
Jan
Feb
2.05
North Canada Min
Apr
May
*
Inter Metals A
1.49
"80""
90c
Feb
3.60
*
.100
Honey Dew pref
Hudson Bay MAS
3.60
Jan
3Hc
Dalhousie Oil...
July
168
Aug
June
5c
July
38c
Feb
47
3.00 June
60c
19 H
Feb
3H
2 He
10
Apr
38 H
21
July
1.50 June
100
9H
Jan
10H
Jar
4,000
38c
12
July
80c
19
Jan
Feb
21c
May
5
17H
47
*
33 Ho May
56c July
June
8H
*
Consolidated Press
3 He
5
37 H
Canadian Marconi
Consolidated Paper
High
10
July
75
Canadian Bronze
Feb
4
6
Jan
42 H
Feb
June
7Hc
Low
10
*
Canada Malting
Canada Vinegars
Range Since Jan. 1 1937
for
Week
Shares
High
5H
.1
39c
4,100
of Prices
*
5.00
20c
Week's Range
Sale
Apr
41
Sales
Friday
Apr
10c
177
33c
Jan
2Hc
9H
Normetal
July
6.40
80c
Norgold Mines
Jan
75
Jan
Jan
1
26o
July
Aug
Noranda Mines
Jan
5c
*
Wright Hargreaves
10c
June
66c
Jan
10
23
*
2.70 June
36c
30c
11
Jan
95o
4Hc
Jan
10
142
_•
12,010
.....
July
255
__*
38,850
19
July
18 H
106H
,
4
Canada Bud
11c
....
70H
June
172
4H
Feb
14
98 H
Aug
10c June
2 He
Nlplssing
Towagmac Expl
70
70
29
Mar
50c
Newbeo Mines..
New Golden Rose..
Tashota
36
615
4
Mar
1.75
Natl Sewerplpe A
Naybob Gold
San Antonio
70H
24
14 H
10c
44 H
National Grocers
Jan
14 H
99
*
White Eagle
Wood (Alex) pref
Wood Cadillac
Mar
Jan
100
74
1.67
Murphy Mines
Perron
May
52 H
20
July
19
7,500
Apr
36 He
Mulrheads Cafe
Pamour
Feb
May
Jan
6c
Aug
36 He
Morris Kirkland....
4.65
12H
5c
Bruck Silk
10c
25c
2.25
90
1
Mar
1.68
Royalties
Moneta Porcupine
Moore Corp
Apr
June
42
27,500
12H
16H
Jan
6,795
12,500
Mlnto Gold
9.10 May
1.00
Mar
100
McDougall-Segur.
6.00 June
2.10
July
19c
Mar
9H
Preferred
Feb
Mar
June
13Hc
Preferred
Jan
700
11H
Apr
May
5
1
Jan
77c
52
McColl Frontenao
Monarch
4.15
"~~6H
Preferred
23
4,745
3,875
5,400
5
Massey Harris
17c
6
52
Whitewater Mines
Feb
23 a
23c
....
B
Lowery Petroleum
Aug
19
20
98 H
•
Apr
Jan
Leitch Gold
Little Long Lao
Loblaw A
H
Feb
90c
50o June
13
Feb
5.50
21c
68c
63c
Lebal Oro
High
2.60
July
25
100
B
La pa Cadillac
Laura Secord
14
5H
Wiltsey Coghlan
Winnipeg Elec A
Range Since Jan. 1 1937
for
70H
*
Preferred
4 He
Lamaque Contact
Low
40c
4,900
4,450
15H
Union Gas
The Toronto Stock Exchange
85c
79
Uchl Gold
MEMBERS
I
Cobalt
Montreal
Range Since Jan. 1 1937
Shares
TORONTO
WAverley 7881
OFFICES
Toronto
Exchange
Friday
5H8 '52
79 H
Winnipeg Elec 6s_Oct 2 '54
93 H
80H
Financial Chronicle
924
Quotations
on
a3s
98*4
1 1977
Jan
Over-the-Comiter Securities—Friday August 6
Bid
Ask
99*4
a4X$ Apr
a4Hs Apr
1 1966
a3**s July
<f3 *4s May
1
1975
102
103
1
1954.
106
107
a3*4s Nov
1
1954
a3*4s Mar
1
106*4 107
105*4 106*4
104*4 105*4
107
108*4
a4*is Jan
115*4
1 1974
a4*is June
15 1976
a4*£s Feb
1960
15 1976
a3*4s Jan
1 1975.
a3*ia July
a4Hs Nov
16 1972
117
City (Natioual)
116*4 117*4
1 1981
May
1 1957
112
113
a4*is
a48
Nov
1 1958
112
113
1 1959
a4*4s May 1 & Nov 1 1957
1 1963
a4*4s Mar
a4*4s June
a4s
May
112
113
a4s
May
1
1977
112
113*4
1 1965
119
a4s
Oct
1
1980
a4J4» July
1 1967
15 1971
120
a4J4s Dec
1 1979
122
1 1960
a4*£s Mar
1 1962
114*4 115*4
100
100
115
95
125
National Bronx Bank...50
50
55
50*4
National Safety Bank. 12 *4
18
20
46*4
Penn Exchange
-10
14
189
Peoples National
50
60
70
1010
Public National
25
42*4
44*4
2235
Sterling Nat Bank A Tr.25
Trade Bank
*-12*4
—100
N Y..100 2195
First National of
30
40
New York Trust
121*4
123*4
Par
Bid
115
Guaranty
New York State Bonds
64
—10
62.55 less 1
62.60 less
1
265
314
319
14*4
10
100 1775
45
25
90
52
20
Manufacturers....
62*4
80
52
131
134
20
12
94
16
18
18
Title Guarantee A Tr
Corn Exch Bk A Tr
5s Jan & Mar 1964 to '71
62.85
20
61*4
62*4
Underwriters
100
Empire
Highway Imp 4 *4s Sept '63
Canal Imp 4*4s Jan 1964
131*4
mm'mm
Canal Imp 4s JAJ
'60 to *67
124*4
124*4
131*4
mmm.
Barge C T 4s Jan
'42 A '46
10
30
31
United States—
100 1785
129
mm-
13
104
1835
11054
Can A High Imp 4*4s 1965
54
50
25
16*4
25
48
20
Preferred
New York
Continental Bank A Tr.10
62.10
15*4
1825
126
Kings County
Lawyers
60*4
50
Colonial Trust
4*4s April 1940 to 1949.
14
129
123
20
Clinton Trust
World War Bonus—
Highway Improvement—
4s Mar A Sept 1958 to '67
Canal A Highway—
Ask
...
Irving
66
13
124
7
100
Chemical Bank A Trust.10
Bid
250
.100
Fulton
459
Brooklyn
Central Hanover
Ask
100
105
451
Bronx County
3s 1981
37
Bid
Par
Comm Itallana.100
Bankers
3s 1974
36
30
Companies
Ask
Bk of New York A Tr. -100
Ask
34
120*4
Banca
Bid
16
183
Flatbush National..... 100
119*4 12054
a4*4s Dec
a4**B Sep*
113*4 114
114*4 115*4
65
Merchants Bank
970
Fifth Avenue
118
118*4 119
117*4 118*4
118*4 11954
Ask
Kingsboro National —100
72
48*4
44*4
Commercial National. .100
117
15 1978
a4s
Bid
32*4
66
12*4
116*4 117*4
1 1977
Mar
116*4
Par
Ask
30*4
Co 10
Bank of Yorktown..66 2-3
Bensonhurst National—50
Chase
13.55
Bank of Manhattan
115J4 116*4
116
Bid
Par
Ask
114 H 116
1 1964
a4*is Mar
Bank Stocks
New York
City Bonds
New York
Bid
1937
Barge C T 4 J4s Jan 1 1945.
114
Chicago & San Francisco Banks
Par
Bid
Port of New York
Bid
Authority Bonds
107
108
Bayonne Bridge 4s series C
1939-53
—JAJ 3
Gen & ref 2d ser 354a '65
105
106
102*4 103*4
99*4
98*4
Port of New York—
Gen A ref 4a Mar 1 1975.
Gen & ret 4th ser 3s. 1976
137
780
100
310
315
FRANCISCO
54*4
BankofAmericaNTASA12ij
1938-1941
MAS
61.00
1942-1960-
MAS
Insurance
111*4 112*4
2.00
Par
61.50
1942 1960
MAS
108
2.25
109*4
Bid
Companies
Bid
Par
i
Ask
10
94*4
98*4
Home
Aetna Fire
10
46*4
48*4
Homestead lire
Aetna Life..
10
31*4
33 H
Importers A Exporters. ..5
—25
83*4
86
Ins Co of North Amer—10
Knickerbocker
Aetna Cas A Surety.
MAS
_
Agricultural
—
Fire
Security.--.10
17*4
69*4
17*4
4*4
21*4
23
37*4
40*4
Lincoln Fire
13
11*4
Maryland Casualty
12*4
14
Mass Bonding A Ins.
American Re-Insurance-10
40*4
42*4
Merch Fire Assur com
-.10
26*4
50*4
28
Merch A Mfrs Fire New'k.5
52*4
Merchants (Providence)-.5
National Casualty
10
16*4
---10
63*4
American Reserve
Bid
4s 1946
100
4*4a Oct
1959
4*4s July 1952
5s
April 1955
105
5s
Feb
5*48 Aug
101*4
Honolulu 5s
63.50
106*4
U S Panama 3s June 1 1961
113
105
106*4
100*4 102
108
1952
110
1941
110
113
115*4 117*4
Hawaii 4 *4s Oct 1956
Ask
Bid
Ask
25
American Surety
3.00
.10
Automobile
Bankers A Shippers
-.25
8*4
7*4
101*4 104*4
Boston
.100
625
Baltimore Amer
<13.75
3.60
111
112*4
108
111
Camden Fire
109
Conversion 3s 1947
111
Carolina
-.10
Connecticut Gen Life. -.10
Contlnental Casualty.
Excess
Bid
Bid
Ask
4s 1957 opt 1937
JAJ
1013,6 101316
4s 1958 opt 1938
10P,6 101*4
102*4 103
110
110*4
4*4s 1957 opt Nov 1937 —
100*4 101', 6
102*4 10254
100*4 101',6
4*4s 1958 opt 1938..MAN
103*4 104
1945".
.
.MAN
MAN
MAN
.
.5
4*4
5*4
63*4
5
50
53
11*4
20
National Union Fire
13*4
8
7
2
National Liberty
854
135
1854
65*4
9*4
140
2
New Amsterdam Cas
635
4*4
12*4
13*4
21*4
New Brunswick Fire
10
33*4
35*4
24
25*4
New Hampshire Fire
50
51*4
24*4
26
New Jersey
10
20
36
37*4
New York Fire
27*4
29*4
Northern
12.50
97
North River
.2.50
26*4
4*4
46
5*4
5
.
-10
Federal
Ask
101*4 10U,6
...MAN
3*48 1955 opt
—
.2*4
Eagle Fire
Employers Re-Insurance 10
Federal Land Bank Bonds
61
19*4
10
City of New York
JAJ
32*4
1
.12 *4
6
Nations l Fire
Govt of Puerto Rico—
4*4s July 1958
5s
July 1948
U S conversion 3s 1946
30*4
117
9
68*4
15*4
5
American of Newark- -2*4
United States Insular Bonds
4*4
19
7
-10
—
Ask
3*4
10
American Equitable.. ...5
10
American Home
American Alliance
Philippine Government—
56*4
103*4 104*4
1938-1941
110*4 111*4
445
740
SAN
141
100
First National
Inland Terminal 4*4s ser D
George Washington Bridge
4*4s ser B 1940-53.M N
415
Northern Trust Co
290
33 1-3
A Trust
Ask
Holland Tunnel 4*4s ser E
Gen & ref 3d ser 3*4s '76
—100
A Trust
Ask
Harris Trust A Savings. 100
260
Continental Hllnoli Bank
Bid
Ask
Bid
Par
Ask
American National Bank
Fidelity A Dep of Md_ -20
5
43*4
41*4
122*4 126*4
22*4
28
126
130
25
126
129*4
Pacific Fire
6
49
100*4
National.25
Northwestern
48
46*4
20*4
2
82*4
18*4
Pro vldence-Washington
Fireman's Fd of San Fran25
84
Newark- ...5
11
12*4
Reinsurance Corp (N
...5
31
33
Republic (Texas)
Revere (Paxil) Fire
Rhode Island
8*4
2"*4
27*4
86*4
Firemen's of
10
35
7*4
24*4
5
Preferred Accident
75*4
86*4
20*4
33
10
Phoenix
72*4
Fire Assn of Phila
10
—
Franklin Fire
.
Y) .2
10
10
26*4
9
8
5
39*4
41*4
.10
26
28
Rossia
Gibraltar Fire A Marine. 10
25
27
St Paul Fire A Marine.-25
42*4
44*4
Seaboard Fire A Marin®..5
10*4
12*4
19*4
21*4
67*4
Seaboard Surety
29*4
30*4
33
34
Springfield Fire A Mar.-25
Stuyvesant
5
Sun Life Assurance
100
700
750
100
502
512
General Reinsurance Corp5
Georgia Home.
5
Glens Falls Fire
Globe A Republic
Joint Stock Land Bank Bonds
Bid
100
101
Atlantic 5s
100
102
Louisville 5s
f50
California 5s
100
Chicago 5s
f5*4
Dallas 5s
100
«
.
-
102
6*4
102
Maryland-Virginia 5s
Mississippi-Tennessee 5s.
—
15
64
15
—
88
91*4
24*4
26
1
8*4
9*4
-
10
24*4
26*4
Travelers
—
—
Hanover Fire
102
Hartford Fire
-10
—
10
New York 5s
99*4 100*4
North Carolina 5s
99*4 100*4
Home
36
U S Fidelity A Guar
72*4
74*4
U S Fire
62
64
U S Guarantee
34*4
102
100
36*4
Westchester Fire
34
97
Ohio-Pennsylvania 5s
99
Oregon-Washington 5s
100
102
racific Coast of Portland 5s
97
Pacific Coast of Los Ang 5s
/63
100
101
■mmm.
99
100*4
Pac Coast of Salt Lake 5s—
100
First Texas of Houston 5s
99*4 100*4
Pac Coast of San Fran 5s..
100
m-m
Bid
Pennsylvania 5s
100
102*4
Phoenix 5s
105
107
100
101
All series 2-5s—.1953
82
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
83
Potomac 5s
100
102
St Louis 5s
/28
102
San Antonio 5s
100
102
85
87
100
La Fayette 5s
55
-
101
98*4
99*4
100
Virginia-Carolina 5s
—
101
Bond
Potomac
45*4
76
Contl Inv DebCorp 3 Os '53
43
46"
1945
48
...
35
48*4
issues
Inc 2-53
1953
Bid
50
60
New York
100
14
16
Atlantic
40
45
North Carolina
100
47
50
Dallas
70
46
Corp 3-6s *53
43
46
43
46
Co
1953
38
Potomac Maryland Deben¬
1953
Atlantic
70
Realty
Deb Corp 3-6s
1953
43
ture Corp 3-6s
79
ctfs
(Central Funding series)
Ask
Par
Atlanta
mm.
43
3-6s
Potomac
Nat Bondholders part
74
1953
Potomac Franklin Deb
Mortgage Bond Co of Md
Joint Stock Land Bank Stocks
77
(all
1953
)2-5s
3-6s
Potomac Deb
Empire Properties Corp—
2-3s
1954
Corp
Potomac Cons Deb Corp—
102
100
Ask
53
-
Cont'l Inv Bd Corp 2-5s '53
18
100
Virginian 5s
35*4
1954
Series A 3-6s
Series B2-5s
-
Associated Mtge Cos Inc—
Debenture 3-6a
1953
87
m
Tennessee 5s.
Union of Detroit 5s
99*4 101
59*4
33*4
2.50
Bid
mmm
Interstate Deb Corp 2-5s'55
Kentucky 5s
85
Southwest 5s
Southern Minnesota 5s
99
56
56
Nat Union Mtge Corp—
Allied Mtge Cos Inc—
30
100
97
23*4
54
Ask
78
101
Greensboro 5s
100
22*4
4
10
Surety Guaranteed Mortgage Bonds and Debentures
102
Greenbrier 5s
Illinois Midwest 5s.
Co..2
mmm
100*4
Illinois of Monti cello 4*4s.
Iowa of Sioux City 4*4s...
8*4
7*4
mrnmm
100
78
116*4 119*4
66
First of New Orleans 5s
Fremont 6s
12
216*4
99*4 100*4
95
97
First Trust of Chicago 4*4s
Fletcher 3*48.
211
10
10
Security New Haven
5
—
Hartford Steam Boiler -.10
First Carollnas 5s
95
102
Great Amer Indemnity
Halifax Fire
100
.
Denver 5s
First of Fort Wayne 4 *4s..
First of Montgomery 5s...
Great American
92
100
Lincoln 5s
Burlington 5s._.
Ask
90
Bid
Ask
Atlanta 5s
—5
Globe A Rutgers Fire.
2d preferred
10*4
5
/32*4
■
mmm
46
Bond A Mortgage
35*4
Realty
1953
44
46"
Unified Deben Corp 5s 1955
33
29
Bid
Par
Ask
75
Pennsylvania
100
25
Denver
14
16
Potomac
100
63
Des Moines
58
63
San Antonio
100
43
First Carollnas
12
16
Virginia.
5
100
Fremont
100
1*4
6
Lincoln
3
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
43
mmm
36
67
47
54
50
Telephone and Telegraph Stocks
1*4
55
8
Virginia-Carolina
deb 3-6s
74
Par
Am Dist Teleg
(N J) com.*
Bid
112
Par
Ask
114
New
England Tel A Tel.100
New York Mutual Tel.100
Bid
Ask
118*4 120*4
24*4
Bell Telep of Canada.-100
120*4 122
168
170*4
Bell Telep of Pa pref._100
116
Cincin A Sub Bell Telep.50
89
Cuban Ttlep
7% pref--100
40
Emp A Bay State Tel.-100
62
Franklin Telegraph
40
45
*
96
98*4
Sou New Engl Telep.-.100
165
170
100
92
97
S'western Bell Tel pref. 100
121
123
Mtn States Tel A Te»-_100
143
145
Wisconsin Telep 7 % pf. 100
113
115
Preferred.
Federal
Intermediate Credit Bank Debentures
Bid
Bid
Ask
Ask
100
100
118*4
91
---
16 1937 b .45%
6
F I C l*4s...Sept
15 1937
F I C 1 *4s...Oct
15 1937 6 .50%
15 1937 6 .55%
FIC l*4s...Nov
.45%
F I C 1 *4s—Dec
...
F I C 1 *48—Jan
15 1937 6 .60%
15 1938 6 .65%
FIC 1*48..-Mar
15 1938 6 .70%
FIC 1 *4s—Mar
15 1938 6.70%
36 preferred
Int Ocean Telegraph
li t 11 11
Preferred A
25
*
100
$6.50 1st pref
100
So A Atl Telegraph.—..25
11
1
Peninsular Telep com
1
For footnotes see page 926.
18
27
20*4
28*4
108*4
Rochester Telepnone—
Gen Telep Allied Corp—
FIC 1*48— Aug
Pac A Atl Telegraph
111*4
20*4
23*4
Volume
145
Financial
Quotations
Over-the-Counter
on
Chronicle
925
Securities—Friday August 6—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
Walkers Sons
York Stock
Members
john
Tel* REctor
41 Broad
2-6600
STOCKS
Monthly
Bulletin
e. sloane & co.
Members New York Security Dealers Association
GUARANTEED
NEW YORK
QUOTED
.
Request
on
Excbangt
Dealers In
120 Broadway
SOLD
.
Earnings and Special Studies
St., N. Y.
-
HAnover 2-2455
-
Bell Syst.
Teletype NY 1-624
^Si nee1855^
Railroad Bonds
Guaranteed Railroad Stocks
(Guarantor in Parentheaia)
Bid
Dividend
Par in Dollars
Asked
Bid
Akron Canton A Youngstown
6s
534 s
100
6.00
94
100
10.50
164
170
100
6.00
99
102
50
2.00
38
42
100
8.75
128
132
100
8.50
135
140
100
2.85
63
4.00
94
5 00
95
98
6.00
99
102
65
64 X
97
66
1953
Birmingham Terminal 1st 4s
Boston A Albany 1st
4)4s___
99
57
100
Common 5% stamped
.100
Cleve Clnn Chicago & St Louis pre! (N Y
Central)..100
64
1945
Augusta Union Station 1st 4s
Alabama A VIcksburg (Illinois Central
Albany <fe Susquehanna (Delaware & Hudson)
Asked
1945
Allegheny A Western (Buff Roch <fe Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Boston A Providence (New Haven)
99
Cleveland & Pittsburgh (Pennsylvania)
46))4s8
Betterman stock
97
50
Delaware (Pennsylvania)
3.50
86
88 X
60
,
2.00
49 X
45
62 X
48
...25
...
Fort Wayne A Jackson pref (N Y
Central)
Georgia RR A Banking (LA N-A C L)
2.00
100
Lackawanna RR of N J (Del Lack & Western)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
6.60
85
90
100
10.00
190
195
100
4.00
64
50.00
900
1050
100
105)4
1942
80
85
1944
Prior lien 4)4s...
Convertible 5s
63
84
87
1940-45
67
95 X
1961
Iron 1st ref 4s
Choctaw & Memphis 1st 5s
Cincinnati Indianapolis A Western 1st 5s
Cleveland Terminal A Valley 1st 4s.
1942
97
98
....
Chateaugay Ore A
100
1949
88 X
50
1965
97 X.
98
1995
91X
92 X
Georgia Southern A Florida 1st 5s
Goshen A Deckertown 1st 5)48
Hoboken Ferry 1st 5s
1945
63
64 X
98
Kansas Oklahoma A Gulf 1st 5s
Little Rock A Hot Springs Western 1st 4s
Long Island refunding mtge 4s
89 X
58
1978
94
1946
80
85
1978
100
102
1939
/16
1949
102
103 X
67
100
98
104 X
April 1, 1943
1950
Buffalo Creek 1st ref 5s
Canada Southern (New York Central)
Carolina Cllnchrield A Ohio (L A N-A C L)
4%
1957
__
Boston & Maine 3s
Prior lien 4s
50
3.875
54
100
5.00
84
88
50
4.00
99
102
4.00
57
62
Macon Terminal 1st 5s
1965
101
104
60
4.50
64
68
Maryland A Pennsylvania 1st 4s
1951
65
70
Meridian Terminal 1st 4s
New York Lackawanna A Western (D L A
W)
Northern Central (Pennsylvania)
1955
92
95
Minneapolis St Laul A Sault Ste Marie 2d 4s
Montgomery A Erie 1st 5s
1949
40
50
1956
n94
1946
70
Northern RR of N J (Erie)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer & Lake Erie (U S Steel)
57
50
1.50
40
43
50
3.00
80
86
Pittsburgh Fort Wayne A Chicago (Pennsylvania)..100
7.00
165
20
170
Preferred
Preferred
100
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal
RR)
Second preferred
Tuone RR St Louis (Terminal RR)
United New Jersey RR A Canal
7.00
175
100
6.82
92
100
6.00
140
..100
3.00
180
70
97
6.00
140
100
10.00
247
6.00
87
91
95
66
68
90
92
1957
4)4 a
94
1951
1945
Consolidated 5s
Rock Island Frisco Terminal
100
---
1966
Portland RR 1st 3)48
75"
100
.
(Pennsylvania)
Utlca Chenango A Susquehanna (D L A
W)
Valley (Delaware Lackawanna A Western)
New York A Hoboken Ferry general 5s
Piedmont A Northern Ry 1st mtge 3%a
86
90
1951
n95
91
252"
St Clair Madison A St Louis 1st 4s
,
100
95
100
Shreveport Bridge A Terminal 1st 5s
1955
6.00
79
83
Somerset Ry 1st ref 4s
1955
67
5.00
84
89
Southern Illinois & Missouri Bridge 1st 4s
1951
86
89
50
3.50
47
50
50
3.00
61
64
Toledo Terminal RR 4)4s._
Toronto Hamilton A Buffalo 4)4s
1957
nlio
113
1966
95
99
Washington County Ry 1st 3)48
Preferred
5.00
100
100
VIcksburg Shreveport A Pacific (Illinois Central)
1954
62 X
64 X
Warren RR of N J (Del Lack A
Western)
West Jersey A Sea Shore
(Pennsylvania)..
69
EQUIPMENT TRUST CERTIFICATES
JERSEY CENTRAL POWER A LIGHT
Quotation*-Appraisal* Upon Request
5V2% PREFERRED
Stroud & Company Inc.
Private Wires to New York
Bmfell Brothers
n. y.
members
ONE WALL ST., N.Y.
stock exchange
Teletype N.Y. 1-1146
and n. y. curb exchange
Railroad
Equipment Bonds
Public
Bid
Atlantic Coast
Line
4)4 s.
Baltlmore A Ohio 4%a
6s
Boston A Maine
61.75
AS*
1.10
Bid
-
Missouri Pacific 4)48
2.10
5s
2.00
5)48
63.75
3.00
63.00
62.65
62.50
2.00
Alabama Power $7 pref.
73
83 X
85
10
12
20 X
22
4)4s_._._
63.00
2.40
New Orl Tex A Mex
4)4s._
63.80
2.75
Arkansas Pr A Lt
62.75
2.00
2.25
Associated
2.25
New York Central 4)4s.-_
5s
62.80
62.90
62.25
1.50
63.00
2.25
62.90
2.25
N Y Cblc A St L 4)4s
5s
62.50
2.00
62.90
2.25
N YNH AHartf
63.75
Canadian Pacific 4)4s
2.75
62.80
2.25
63.75
Cent RR New Jersey
2.75
62.76
1.75
61.75
1.20
5s
4)4 s_
Chesapeake A Ohio 5)4 s..
6)4s
61.50
61.50
1.00
Pennsylvania RR 4)4 s
1.00
4s series
1.00
4>4s.
08
64.00
3.00
64.00
5s
3.00
Pere
64.85
4.50
58
....
4.76
86
...
88
86
88
Dec 1
1937 50
4)4s_.
5s—
63.90
2.75
5)4«
63.90
2.75
Southern
62.50
1.50
62.50
1.50
62.75
2.00
5s
62.25
94
82
83 X
$6 preferred.
2.10
Ceni Pr & Lt 7%
4)4s_
61.75
1.20
61.75
5s
1.20
Hocking Valley 5s
61.65
1.00
Illinois Central
63.00
2.40
1.10
62.25
1.25
63.75
2.25
62.75
2.00
5s
Internat Great Nor
4)4s__
Long Island 4)4 s
5s
Louisv A Nash
62.50
6s
Maine Central
1.50
61.75
1.10
61.75
4)4 s
1.10
4)4s
5s
5s
63.00
2.25
63.00
2.25
63.75
3.00
Pacific
4s
For footnotes see page 926.
23
23 X
5s—
91)4
93 H
82
85
86 X
88
Virginia
4)4s
Consumers Power $5 pref- *
99 X
102
4)4 8
100)4
63.00
2.00
62.75
2.00
2.00
2.10
Essex Hadson
2.00
89 X
100
pref 100
Derby Gas A El $7 pref--*
111
Gas
100
185
Federal Water Serv
91)4
Corp—
7% preferred
Dallas Pr A Lt 7%
cum
2.25
$6.50
2.25
$7
•
.
_
39 X
41
preferred
preferred
40 X
42 X
42
1.50
Gas A Elec of Bergen. .100
120
61.50
1.00
Hudson County Gas—100
185
1.00
1.00
1.00
97
5s„_
Western Pacific 5s
4)4s._
N E Pow Assn 6% pref. 100
New Eng Pub Serv Co—
$7 prior ilen pref
104)4
120
38 X
75
*
65
61
106)4
m
mm
39 X
75 X
66 X
62 X
$6
cum
preferred
cum preferred
99)4
100
100 x
108% 110)4
81
84
Ohio Edison $6 pref
$7 preferred
99
100
100
-
-
$6 preferred
7% preferred
100
106)4 108
108
109)4
100
Interstate Natural Gas—*
27
29
Interstate Power $7 pref--*
11)4
13)4
101
Jamaica Water Supply—
2.25
62.65
63.75
63.75
*
108
109 X
111
109)4
7% preferred
100
Okla G A E 7% pref—100
107
108)4
106
108 X
Pacific Pow A Lt 7% pf 100
Peun Pow A Lt $7 pref...*
70
72
91
92
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
70)4
99 X
101
107
73.14
109
100
65 X
1
6:%
6X
$6 preferred C
100
Sioux City G A E $7 pf-100
Sou Calif Edison pref B-25
97 54
98%
6% preferred
Republic Natural Gas
67)4
Rochester Gas A Elec—
Idaho Power—
100
62.75
*
Queens Borough G & E—
-
99
Maryland
5)4 % pf- *
44
97
6s._
37
57 X
preferred
cum
cum
54
113
97
5)48
41
35
preferred
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf--100
Continental Gas & El—
2.60
61.70
Wabash Ry
5s.
38
7%
101
63.50
61.70
5s
5
100
Nassau A Suff Ltg pref. 100
Nebraska Pow 7% pref. 100
Newark Consol Gas
100
19)4
62.25
Ry
3)4
Nor States Pr $7 pref. .100
52
61.50
4)4s..
-
New York Power & Light
17 H
62.80
5s
73 X
111)4
New Eng G & E
47
62.80
4)48-
534a
77
Consol Traction (N J) -100
$6
Western
Minn St P A SS M 4s
75
Consol Elec A Gas $6 pref.
62.75
Southern Ry
Union Paclflo
4%s
130
100
62.80
4)4s
5s
Texas
—
.-100
pref-.100
7% preferred
68)4
72
7%
-
100
2.00
2.25
62.50
-
Pacific
65
109
'
98
.
63 X
New Orl Pub Serv $7 pref*
preferred
62.70
1.75
Great Northern
23
21)4
112 34
99
St Louis Southwestern 5s.
preferred
_
99
5)4 8
4)48
91
*
62.00
4)4s
2.60
5s...
6s
Carolina Pr A Lt $7 pref*
62.75
St Louis-San Fran 4s
63.75
5)4s
1.00
2.00
62.85
5s
Denver A R G West
$7
Central Maine Power—
Marquette 4)4s
Co 4)4s
Ask
60
Miss Riv Pow 6% pref. 100
■Mountain States Pr com
*
62.75
call
non
Reading
65.25
Chicago RIA Pac 4)4s
Original preferred
6%
1937 49
Bid
Mississippi P & L $6 pf...*
Electric
1.25
E due
Jan A July
2%s series G
Chic Mllw A St Paul
7% pref*
A
*
$6.50 preferred..
*
$7 preferred
*
Atlantic City El 6% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref.*
Buffalo Niagara Eastern—
$1.60 preferred
25
62.00
5s
1.75
61.75
Chicago A Nor West 4)4 s.
Gas
61.50
5s
Northern Paclflo 4%s
62.50
5s
4)4s___.
Par
Mississippi Power $6 pref_.
74
5s
Canadian National 4)4s._
Ask
Bid
2.00
63.00
-
Utility Stocks
Par
Ask
3)43 Deo 1 1936-1944..
Erie RR
TEL. DlGBY 4-2800
EST. 1908
Philadelphia, Pa.
54
South Jersey Gas A El. 100
Tenn Elec Pow 6% pref 100
7%
preferred,-....-100
Texas Pow A Lt 7% pf.100
95 X
97 X
27
27%
185
.
57 X
59)4
64
66
2.00
7X% preferred
50
Jer Cent P & L 7% pf--100
90
2.75
Kan Gas A El
7% pref-100
109
2.75
Kings Co Ltg 7% pref-.100
60
63
84
86
Long Island Ltg 6% pi-100
63
Utah Pow A Lt $7 pref—*
63 X
65
100
Memphis Pr & Lt $7 pref.*
78 X
64)4
80)4
Utlca Gas A El 7% pf-,100
93 X
64)4
67
Virginia Ry..
7%
preferred
...
92
110)4
Toledo Edison 7% pf A 100
United CAE (Conn) 7% pf
100
101X 103)4
103)4 105)4
170
95 X
175
Financial
926
Chronicle
Aug. 7,
7
%
r
Quotations on Over-the-Counter Securities—Friday August 6-Continued
Public
Utility Bonds
Cumberl'd Co P&L 3 %s '66
5%s.l948
6s '64
82
Amer Utility Service
79%
Amer Wat Wks & El 5s '75
98
Associated Electric 5s.1961
56
Income deb 3%s
Income deb 3%s—1978
Income deb 4s
1978
Amer States P 8
Bid
Ask
Bid
Specialists in—
Ask
97
98
Dallas Pow & Lt
57
Green Mountain Pow 5s '48
103% 104%
102% 102%
34
35
Iowa Sou Util 5%s—1950
34%
37%
35%
Kan
38%
Kan Pow & Lt 1st 4
Income deb 4%s.._1978
Conv deb 4s
1973
43
44
Keystone Teiep 5%s._1955
68
70
Conv deb 4%s
1973
69
71
Conv deb 5s
1973
76
78
Metrop Edison 4s ser G '65
Missouri Pow & Lt 3%s '66
Conv deb 5%s
Mtn States Pow 1st 6s 1938
Water Works Securities
103% 103%
99%
3%s_1967
federated Util 5%s...l957
Assoc Gas & Elec
81%
Houston Lt & Pow 3%8 '66
Corp—
1978
City Pub Serv 4s. 1957
%s '65
79
80
99
Complete Statistical Information—Inquiries Iiwits&i
Swuit.Brent & Co.
100%
38
39%
108% 109
99
INCORPORATED
100%
106
40 EXCHANGE
107
NEW YORK
PLACE,
Teletype: New York 1-1073
Tel. HAnover 2-0510
99% 100
96
93
1973
86
88
8-year 8s with warr.1940
96
98
Narragansett Elec 3%s '66
102% 103%
8s without warrants 1940
96
98
Newport N & Ham 5s. 1944
N Y State El & G Corp—
105% 106%
1965
96%
97%
101% 101%
Assoc Gas & Elec Co—
4s
Cons ref deb 4%s..l958
46
49
Sink fund income 4s 1983
41
44
Sink fund lnc 4%s.-1983
46
50
Sink fund Income 5s 1983
48
52
Sink fund lnc 5%&..1983
55
60
North'n States Pow 3 %s'67
Sink fund lnc 4-5S..1986
43
44
Okla Gas & Elec 3%8.1966
SInkfundinc4%-5%s'86
48%
49%
50
51
Old Dom Pr 5s May 15 '51
67
58%
59%
98%
Parr Shoals Power 5s __1952
95
Sink fund lnc 5-6s.-1986
Sink fund lnc 5 %-6 %s'86
3lis
Atlantic City Elec
98%
'64
N Y Teiep 3%sB
1967
Northern N Y Util 5s. 1955
1946
Debenture 4s
Pennsylvania Elec 6s. 1962
102%
108%
Bellows Falls Hy El 5s 1958
Blackstone V G & E 4s 1966
104
3%s scries C
105%
1967
Corp 1st 4s '65
Penn Teiep
Peoples L & P 5%s...l941
Public Serv of Colo 6s. 1961
Buffalo Niagara Electric—
Pub Util Cons 6%s—1948
106
Cent Ark Pub Serv 5s_1948
94
1946
76
78
Sioux City Gas & El
1st lien coll trust 68.1946
78
80
Sou Cities Util 6s A—-1958
Cent Maine Pr 4s
ser
103%
G '60
Tel Bond & Share 5S..1958
•76%
Income 5%s with stk '52
Cinn Gas & El 3%s ...1967
7%
Union Elec (Mo)
3%S-1962
98%
99% 100%
102% 103
68
74
77
98%
99%
48
50
74%
76%
105
Utlca Gas & El Co 6s—1957
119
104%
Westchester Ltg 3%s.l967
105%
Western Mass Co 3%s 1946
102% 102%
103% 104%
1966
102%
104% 105%
Conn River Pr 3%s A. 1961
Consol E & G 6s A
1962
5%s '60
83
101
Wise Mich Pow 3 %s—1961
102
Western Pub Serv
58%
58
1961
100%
1954
102"
105%
102%
m
1951
■
mm
m
106
Ohio Water Service 6s. 1958
96
98%
89%
92%
95%
96%
mmm
102
6%s series A
1951
103
mmm
1st coll trust 4%8_. 1966
1st & ref 5s
«-»
Xl
-1
100%
mmm
1st consol 5s
1948
100
1957
105
mmm
Prior lien 5s
1948
103
Phlla Suburb Wat 4S..1965
106
100%
mmm
71%
73%
Pittsburgh Sub Wat 5s '58
1946
75%
Plalnfleld Union Wat 5s '61
Richmond W W Co 5s. 1957
105
6s series A
mmm
Roanoke W W 5s
Consol Water of Utlca—
1958
1958
95
105
4%s
97%
100%
1942
101
1960
103
Bid
•
mm
100%
Bid
Ask
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 2s. .1956
/32
36
Ask
49%
100
74
77
South
1st leasehold 6%s..l944
39%
42
64
65%
59%
63%
m
4r6s
58
—.1948
__
60%
1945
Chesebrough Bldg 1st 6s '48
Court & Remsen St Off Big
1st 6s
Dorset
Apr 28 1940
/39
/31
41%
34%
East Ambassador Hotels—
/6%
1947
8%
77
82
54
50 Bway Bldg 1st 3s lnc '46
80
76
Deb 5s 1952 legended
56
600 Fifth Avenue—
38
1949
1954
101
1954
103
105
98
1962
104%
Terre Haute Water 5s B '56
101
mmm
102%
mm
mmm
1950
1951
1950
41
...1946
95
1st mtge 5%s
105
mmm
Westmoreland Water 5s *52
mmm
99
104
104
Par
/53
/38
5%s series BK
5%s series G-2
56
1956
5s series C
1960
104
6s series A
94%
92%
1949
104
102
56
/53
/42%
/22%
%
1%
34%
36%
7H
8%
/8%
Haytlan Corp Amer
.1
Savannah Sug Ref
1
40
41%
Sugar Assoc..
12%
Preferred
Miscellaneous Bonds
1 Park Avenue—
74
1951
Associates Invest 3s. .1946
165 Bway Bldg 1st 5 %s'51
Prudence
5%s double stpd.._1961
63
39
42
Realty Assoc Sec Corp—
5s Income
1943
/54
56
/53
Bid
Ask
Bid
90%
71
13
67%
1949
/39%
43%
1946
67%
69%
61
77
103 E 57th St 1st 6s... 1941
50
/51%
55"
53%
Co—
56%
49%
51%
70
50%
68
70
93%
95
♦
Realty ext 1st 5%s.l945
/18
19%
1945
/18
19%
3s with stock
1956
35
/49%
52%
38
64%
6s.
93
31%
95
Aug
July 1936 100*32
Trlborough Bridge—
4s s f revenue 1977. A&O
No par value,
/ Flat
price,
n
z
40
/34%
37
/49%
1st 6%s
CURRENT
—H. C. Wainwright & Co.,
members of the New York Stock Exchange,
McGowan have been admitted
73%
76%
48
49%
1939
75%
61%
78
of the New York office since its establishment in
65%
the last eight years,
/24%
28%
announce
Trinity Bldgs Corp—
4s 1941
Walbridge Bldg (Buffalo)—
1st 6%s
Oct 19 1938
Westinghouse Bldg—
1st fee & leasehold 4s '48
that John Watts and Walter P.
general partnership in their firm.
to
announce
Waldorf-Astoria to the
67
70%
Mr. McGowan was formerly manager
February, 1936. During
Mr. Watts has been associated with
—Emanuel & Co.
12
14
96
Bid
Ask
Ritz-Carlton
11%
11%
14
16
101
3%
3%
*
12%
13
*
35
36%
C) common.
*
preferred
—100
2£
Bickfords lnc
52.50 conv pref
Kress (S
H) 6% pref
Miller
(I) Sons common..*
6%% preferred
100
Murphy (G C) $5 pref.100
39
44
107
108
100
4%
6
Reeves (Daniel)
100
pref—100
Co lnc—*
9
11
*
21
26
100
82
88
United Cigar-Whelen Stores
Common
Corp $5 preferred
analysis
40
of York
Ice Machinery Corp. has been
prepared by Distributors Group, Inc., 63 Wall St., New
—Bear, Stearns & Co., New York
York,
has
prepared for
Department Store Stocks.
.
—Paul Sperling, a member
1J16
booklet on the 10 share
which they specialize.
York City, which
_
Stock Exchange members, 1 Wall St.,
distribution a booklet on the outlook for
—
30
104% 107%
■
of Cahill & Bloch, 39 Broadway,
is available to dealers upon request.
New
_.
The office
of William A. Bandler and Fred
has prepared for distribution a
comprehensive
office from the
Hotel, New York City.
■
unit stocks listed at Post 30, in
—A
J. P. Morgan & Co.
the removal of their branch
will continue to be under the management
New York City,
Par
Ask
.*
77.4234 grams of pure gold
NOTICES
1958
Oct 23 1940
1st 3-5s (w s)
Chain Store Stocks
7% preferred
100
B/G Foods lnc common..*
Ex-rights*
y Now
51%
5s 1961
—The New York Stock Exchange firm
Bid
e
3.60
28%
48%
J. Eisler.
Par
62.40
When issued,
x Ex-dlvldend.
Ex-stock dividends,
to <
Exchange,
104% 104%
1942-68
d Coupon,
6 Basis price,
Interchangeable.
a
Nominal quotation,
selling on New York Curb
4s serial revenue
100'232
Syracuse Hotel (Syracuse)
1st 5%s
/29
Aug
1%S
X Quotations per 100 gold rouble bond, equivalent to
/27%
(Nowark) 6s '37
616 Madison Av lst6%s'38
2 Park Ave Bldg 1st
64%
100*32
t Now listed on New York Stock Exchange.
Sherneth Corp—
3-5 %8 deb lnc (ws).1956
Textile Bldg—
Ludwlg Bauman—
104%
April 1938 100'*32 100' hi
l%s
1%S—
61 Bway Bldg 3%
66%
103%
.Sept 1 1939 IOOI632 100'*,6
l%s
Savoy Plaza Corp—
60 Park PI
/47%
1953
Federal Farm Mtge Corp—
Federal Home Loan Banks
ftoxy Theatre—
1st fee & 1'hold 6 % a. 1940
River Bridge 7s
100
15 1937
101*32 101'%2
15 1938
June
11939 100'®32 100'*32
92
90
Reynolds Investing 5s. 1948
1%8
2s
Bear Mountain-Hudson
—
79%
54
Lewis Morris Apt Bldg—
Ask
Home Owners' Loan Corp
96
95%
55
Hotel St George 4s
195<
Lefcourt Manhattan Bldg
1st 4-5s extended to 194!
Stores
Ask
*
18%
30
25%
.Nov 15 1939
1st 6s
62%
59
preferred
mmm
com—1
West Indies Sugar Corp._l
16%
29
—
46
July 7 1939
Oliver Cromwell (The)—
5 %s series Q
53~~
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s 1943
7%
mmm
19th & Walnut Sts (Phlla)
6s
Kobacker
••
104
Bid
Par
Ask
Rid
Eastern
68%
65
Flshman (M H)
•
101
Ssserles B
106
Cuban Atlantic Sugar. -.10
41
60%
Fuller Bldg deb 6s.---1944
Diamond Shoe pref
101%
Sugar Stocks
Co—
1939
/II
7%
101%
41%
1958
Oct 1 1941
Bohack (H
97
99
Wichita Water—
Lexington Wat Co 5%s '40
30
28%
31%
/29
99% 101
2nd mtge 6s
Fox Theatre & Off Bldg—
Beriand Shoe Stores
98
95
1st mtge 5s
mmm
Monmouth Consol W 5s '56
/51%
/49%
1400 Broadway Bldg—
1st 3 %-6 %s stampedl948
5%s unstamped
Graybar Bldg 5s
103
99% 101%
5s series B
104%
1957
69
/32%
101
Western N Y Water Co—
95
92
mm
102%
Union Water Serv 5%s '51
100% 101%
1958
•
Texarkana Wat 1st 5s. 1958
m
mmm
'mmm
103% 105
W Va Water Serv 4s. .1961
1966
Joplin W W Co 5s
1949
6s series A
W'msport Water 5s—1952
101
...
102%
1960
mmm
Middlesex Wat Co 5%s '57
99
67
1st 6s—Nov 6 1935 1939
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
42 Bway 1st 6s
6%s
1st & gen 6s
1st 6s
62d & Madison Off Bldg—
6s
Nov 1947
1st
1st mtge 2s stmp <fc reg'55
N Y Eve Journal 6 % s. 1937
5%s series F-l
Eqult Off Bldg deb 5s. 1952
6%s unstamped
Bldg 1st 6 %s. 1939
N Y Title & Mtge
(The) lst6s._.1941
1st & ref 5%s
Munson
1945
103
1960
5s series B
mm
N Y Athletic Club—
Broadway Motors Bldg—
Chanln Bldg lnc 4s.
1947
6s
Pittsburgh Water—
1955
1st mtge 5s
58 series A
Sprlngfi. City Wat 4s A *56
5s
mm
•
98
106
106
1977
Long Island Wat 5%s.l955
Metropol Playhouses lnc—
S f deb 5s
B'way & 41st Street—
92%
...
95%
Shenango Val 4s ser B 1961
99%
98%
104
5s
49%
1967
1st <fc ref 5s A
mmm
99
1952
Kokomo W W Co 5S--1958
/44%
/45%
92%
South Bay Cons Wat 5s '50
1952
1st mtge 3%s
1st 6s—Jan 1 1941
102%
1961
Water Serv 5s
mmm
Indianapolis W W Secure—
Aiden
1958
Scranton-Sprlng Brook
1942
Illinois Water Serv 5s A '52
Mortgage Certificates
104%
Water Co
4 %s
Indianapolis Water—
Real Estate Bonds and Title Co.
mmm
91
99% 101%
Roch <fe L Ont Wat 5S.1938
mmm
mmm
90
1950
St Joseph Wat 4s ser 19A'66
97%
5s series B
ny 1-688
99
104
100%
.
••
•
102
77
1946
5%s series B
Huntington Water—
Bell System Tel.
m +
105%
96
Pinellas Water Co 5%s '59
Community Water Service
6s
w
99%
..1948
1954
1st 5s series C
5s series B
N. Y.
Broadway,
100% 102%
5s series B
5 %s series B
150
1950
1st consol 4s
City Water (Chattanooga)
6s series A._
INCORPORATED
...
Penna State Water—
104
101
Hackensack Wat Co 5s '77
AMOTT, BAKER & CO.
95%
74
71
Peoria Water Works Co—
City of New Castle Water
5s
1941
5a series D
Reports—Markets
85
93%
Greenwich Water & Gas—
Public Utilities—Industrials—Railroads
4CA
83
98
Citizens Wat Co (Wash)—
6s series B
2360
...1951
Newport Water Co 5s 1953
Ohio Cities Water 5%s '53
Ohio Valley Water 5s. 1954
Scranton Gas &
Estate Securities
—
78
New York Wat Serv 5s '51
mm
100%
Chester Wat Serv 4%s '58
1st mtge 5s
104% 105
mmm
Ore-Wash Wat Serv 5s 1957
Calif Water Service 4s 1961
5s series A
BArclay 7
1951
5%s.
103%
E St L & Interurb Water—
Real
1950
Connellsvllle Water 5s 1939
86
101%
102%
Wisconsin Pub Serv—
1st mtge 4s
101%
5s series B
1954
Davenport Water Co 5s '61
56%
55%
1962
6s series B
mmm
105
103
Clinton W Wks Co 5s. 1939
Wisconsin G & El 3 %s 1966
3lis series G
104
Muncie Water Works 5s '65
mmm
—
New Rochelle Water—
Birmingham Water Wks—
6s series C
1957
5s
103% 104%
mmm
Morgantown Water 5s 1965
...
101%
Butler Water Co 58—1957
104
105
102
Power 6s—1953
102
'58
6 %s series A
101% 103
104%
82"
/79
105% 106%
101%
5%s
105
Co.5s
6s series B
104%
106%
Conn Lt & Power 3 %s 1956
3 %s series F
..1966
Ask
Monongahela Valley Water
New Jersey Water 5s. 1950
1956
Alton Water
Atlantic County Wat 6s
104
Central Public Utility-
Colorado
4s 1966
Bid
Ask
98% 100
Alabama Wat Serv 58.1957
Ashtabula Wat Wks 5s '58
101%
96
Central G & E 5 Mb
Water Bonds
Bid
1*16
43
C.
*
of the New York Stock Exchange, Bernard
Mergentime and Max Barysh have been admitted as
in the firm of Ernst & Co.
general partners
Volune
Financial
145
Quotations
Chronicle
Over-the-Counter Securities—Friday August 6-Continued
on
Industrial Stocks and Bonds
Par
Bid
927
Industrial Stocks and Bonds—Continued
Ask
Bid
Par
Ask
Par
_
American
Arch
»
44
47
American Book
100
62
65
101
106
American
American Hard Rubber—
8%
cum preferred—_ 100
American Hardware
Amer Maize Products
25
34%
Amer Roll Mill
80
e
4%% pflOO
Corp
*
Golden Cycle Corp
Good Humor Corp
20
84
51
26%
28
42
13%
15%
1%
2%
1%
17%
19%
*1 cum preferred
*
Columbia Broadcasting—
2d
7
8% preferred
t
64%
67%
1
38
39%
116
National
com
—100
17%
46
50
*
55
111
60%
67%
Nat Paper A Type com— *
58
56%
71
5%
preferred
MM-
57%
61%
33
35
Draper
79
82
Norwich
*
4%% pref.*
108%
5%
18%
36%
10
30
32
42%
87
91
5%
15%
46%
United Artists Theat
United Merch A Mfg
American Tobacco 4s .1951
Am Wire Fabrics 7s. .1942
28
14%
29%
25%
4%
96
100
93
95
Commercial Credit 2%s '42
Cont'l Roll A Steel Fdy—
99% 100%
Cudahy Pack
40%
42%
98
102
4%
5%
f 6s
1940
99%
4s. 1950
1955
102%
102%
1937
/87
89
/23
26
5%
s
conv
1st 3%s
Deep Rock OH 7 a
16
17%
1%
10%
12%
48
Nat Radiator 5s
22
25
N Y
1%
Conv deb 6s.
1948
102
107
M'm
34
36
104
M
107
2%
*
103%
101
/47
51
85
90
t..„
106
108
1945
Simmons Co deb 4s... 1952
Standard Textile Products
33
1st 6%s assented.
63
66
White Rock Min
Spring—
$7 1st preferred
100
Wickwire Spencer Steel..*
5
37%
40
Wilcox A Glbbs
17%
22%
Willys Overland Motors., i
5%
6%
10%
11%
11%
12%
30%
32%
2d conv Inc 5s
29%
t
.1942
1st 5s
98
6% preferred
10
WJR The Goodwill Sta._ 5
Woodward Iron com. ..10
93
102%
195
.
Scovlll Mfg 5%s
3%
30
1939
1946
Shipbuilding 5s. 1946
Safeway Stores Inc 4sl947
Pathe Film
38
102%
85
Kopper Co 4s ser A... 1951
(Glenn L)—
Conv 6s
100
101
Martin
45%
t c 1
106
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
24%
*
103
Chicago Stock Yds 5s-1961
xl2%
pf.10
v
95
126
18%
*
Preferred
100
104%
155
$3 conv preferred
*
Welch Grape Juice com..5
7% preferred
100
West Va Pulp A Pap com *
26%
100% 103%
Bonds—
6
5%
1st conv
com
59
25%
100
17
com *
United Piece Dye Works.*
Preferred
100
Warren Northam—
West Dairies Inc com
$3 cum preferred
100
104
*
Trlco Products
Corp
Tublze Chatlllon cum
7% preferred
Young (J S) Co com
7% preferred
Ask
56
*
306
*
Tennessee Products
Bid
100
Ohio Leather common—*
Ohio Match Co
*
6%
20%
100
«.
23
/22
30%
New Haven Clock—
108%
*
30
M
40%
*
Preferred 6%%
Northwestern Yeast
M
8%
100
New Britain Machine
119%
Follansbee Bros pref
105
..*
Casket
100
-
90
MM
16%
Preferred
4%
(Jos) Crucible—.100
Douglas Shoe preferred. 100
Federal Bake Shops
Preferred
•
'
3%
Dixon
Corp
10%
8%
Muskegon Piston Ring
108%
*
Du Pont (E1)
-M
120
*
preferred
Preferred
45~"
42
$7 preferred
100
Dennlson Mfg class A
10
Dentists' Supply Co of N Y
Devoe A Reynolds B com *
-
100
Mock Judson A Voehrlnger
....
*
MMM
Worcester Salt
York Ice Machinery
*
Sylvania Indus Corp
Taylor Wharton Iron A
Steel common
33
110
*
Merck A Co Inc
t
...
com
Preferred
9
1%
100
Macfadden Publlca'n
6%
Class A
303
Stromberg-Carlson Tel Mfg
31
53%
Preferred
39
Par
6
49
4%
14%
45%
Standard Brands 4%
% pf *
Standard Screw
100
240
5%
Dictaphone Corp
71
50%
Lord A Taylor com.—100
1st 6% preferred
100
51%
7%
Class B
68
24%
36%
10
»
48%
100
53%
7%
Climax Molybdenum
*
Columbia Baking com...*
Arms com
Ask
5
46
Singer Manufacturing.. 100
Singer Mfg Ltd
Skenandoa Rayon Corp
9
13
Lawrence Portl Cement 100
*
Crowed Publishing com
31
7%
11
51%
6
100
Burdlnes Inc common
Chilton Co common
29
Rome Cable Corp com.. 5
Scovlll Mfg
25
Great Northern Paper..25
Harrlsburg Steel Corp...5
Klldun Mining Corp
1
Lawyers Mortgage Co..20
Hotels
1st preferred
Remington
26
22%
33%
Bankers Indus Service A_*
Beneficial Indus Loan pf_*
Bowman-BUtmore
66%
25%
Great Lakes SS Co com..*
52
Art Metal Construction. 10
3%
5%
10
1
*
Graton A Knight com
Preferred
15%
16%
101% 102
Andlan National
3%
4%
64%
Garlock Packing com
*
Gen Fire Extinguisher—*
35%
17
*
American Mfg 5% pref.100
American Republics com *
shares
Bid
Petroleum Heat & Power *
Publication Corp com
*
*
Foundation Co For shs
100
100
Pharmacal
Petroleum
7% pref
*
Conversion:
I
%
1%
For footnotes see page
Utd CIg-Whelan St Corp—
5s
1952
17%
18
Wilson A Co
28
50
common
-MM
31
73%
conv
3%s 1947
75%
101%
Wltherbee Sherman 6s 1944
102%
/48
52
1962
103
104
1962
120% 125
Woodward Iron—
926.
Tennessee Products Common
Woodward Iron
H.
S.
EDWARDS & CO.
Follansbee Bros.
I Pittsburgh Stock Exchange
\ New York Curb Exchange (Associate)
120
United
Cigar Stores
Broadway, New York
Tel. REctor 2-7890
SELIGSBERG a CO
Teletype N. Y. 1-869
Union
Bank
Building, Pittsburgh
Members New York Stock & Curb Exchanges
50 Broad
St., New York
Telephone Bowling Green 9-8200
Wickwire Spencer Steel Co.
COMMON STOCK
Bought—Sold—Quoted
WICKWIRE SPENCER STEEL
QUAW & FOLEY
New Common—Warrants
Members New York Curb Exchange
30 Broad
St., N. Y.
Hanover 2-9030
{XpteAA.
52 Wall
HAnover 2-3080
CLIMAX MOLYBDENUM COMPANY
C.
E.
Members
61
UNTERBERG
{
&
Teletype N. Y. 1-1642
Company, Inc.
Preferred and Common Stock
Prospectus and supplementary information
BOwlIng Green 9-3565
Teletype N. Y. 1-1666
Broadway, New York
New York City
A. T. & T.
Houston Oil Field Material
CO.
AsSociatlon
Inc.
£xcfui4l(f&
Street,
on
request
ROBINSON, MILLER & CO.
AUCTION
The
following securities
were
INC.
SALES
sold at auction
on
of the current week:
H^oVtrh2° 282 52 William Street, N.Y.
Wednesday
By Adrian H. Muller & Son, New York:
Shares
CURRENT
Slocks
$ per Share
33 Montana Dakota Utilities Co.
(Del.) common, par $10
2 Consolidated Gas Co. of New York
(N. Y.) common, no par; 50 New Rocbelle Trust Co. (N.
Y.), par $20, and 6 The Chase National Bank of the
City of New York (N. Y.), par $20
8%
$20 lot
Sound Systems,
_'_25
..."IIIII$7lot
Ltd., preferred
.:————$17 lot
general securities business,
®
dpy
__f__
Transportation Co.
-IIIIIIIIIIII
v. t. c
35 warrants. Consolidated Investment
Trust
10 United Public Utilities common
sihnTp
10 y
15
II.1.""""
3 %
—1111111—1111
B, par $1
75c.
Bonds—
$1,000 Mountain States Power Co. 6s, Jan. 1938, series B, $500
pieces
peT Qent
93 % & int.
By Crockett & Co., Boston:
Stocks
<5
Mfrs., Inc., par $1
Spinning Assts., $5 preferred..
16 Saco Lowell
Shops common, par $100
60 Skinner Organ Co
5 units Imco
Participating
Co., Ltd.; 10 Newton
20 Van Swerlngen Corp.
common, par $1
IIIIIIIIIII"I
department, Tracy R. Engle, production manager, and Henry W.
The
new
Mr. Duntze has also been elected
59
Steel^ Col"common"and
2%
i0t
Boston, Philadelphia,
and
Hartford and Providence,
a
wire
to
Los
The
bank and insurance
department of G. M.-P. Murphy & Co. ranked
the leaders in its field in point of volume.
Under its
new sponsors,
_
Co., par $50
90
49
-IIIIIIIIIIIIII—
32%
as
in bank
stocks, will be maintained.
—Harris B. Fisher, Jr., has been admitted to general partnership in the
firm of Dyer, Hudson & Co., members of the New York Stock Exchange.
Following his graduation from Williams in 1925, Mr. Fisher
with the Chemical Bank & Trust Co. from 1925 to
Manhattan
Share
Angeles,
approximately 300 private wires to banks, Stock Exchange members
and other financial institutions.
Co.
from
1927
to
1928,
general partner from 1928 to 1932.
pct
a
firm will operate direct telephone wires to its branch offices in
Sharp
ql/
100 Mono Service Co. 8% preferred,
par $100
of G. M.-P.
John Butler, in
Vice-President of Swart, Brent & Co., Inc.
jg\/
j
are
charge of bank stock trading, Edgar K. Sheppard, who heads the insurance
and insurance
Stocks
manager
Associated with them
primary trading markets in selected unlisted securities, as well
dpt
By Barnes & Lofland, Philadelphia:
25 Franklin Fire Insurance
Co., par $5
heads Swart, Brent & Co., is chairman of the
Murphy & Co., is President.
amongt
15 United Merchants &
2 Berkshire Fine
4 Mitten Bank & Trust
Emerson Swart, who
Abbot, research and sales promotion.
StocJcs
60 Pavonia Building
Corp
7 Massachusetts Northeastern
R.
board, while William O. Duntze, formerly production
stock
By R. L. Day & Co., Boston:
Shares
a
majority of the personnel comprised the former bank and insurance
per Share
$4 200 lot
50 Bankers Title Mortgage & Guarantee
(Westfield, N. J.)
2,000 Whitman Sound Systems, Ltd., common
Shares
A
stock department of G. M.-P. Murphy & Co., where it had operated as a
j
Crawford, N. J
Shares
opened offices at 40 Exchange Place to conduct
unit since 1930.
Stocks
128 Jersey Mortgage & Title Co. of
Elizabeth, N. J.,
42 Normen Hlggins
Realty Co. of
250 Whitman
NOTICES
—Swart, Duntze & Co., Inc., affiliated with Swart, Brent & Co., have
specializing in bank and insurance stocks.
$2,000 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares
.
with
C.
D.
and with
associated
Seasongood &
Haas
as
a
More recently he has been associated
Barney & Co. in their stock department,
leaves to join Dyer,
was
1927, with the Bank of
which position he
Hudson & Co.
—Randolph & Co. announce the admission to partnership of Jas.
P.
Cleaver, formerly of Jas. P. Cleaver & Co., Inc., and the change of the
CURRENT
—Charles T. Malburn is
NOTICES
name to
Randolph & Cleaver, with offices at 2 Rector St., New York
City, to deal in unlisted securities.
now
associated with Neelands & Platte.
—Martin Perls has become associated with Reich &
Co.
firm
come
—Quaw & Foley announce that Alfred H. Boldtmann has become
as-
I
sociated with them.
■55gii3S2SSSSK
Financial Chronicle
928
7, mi
News
General Corporation and Investment
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
(2-3327. Form A-2), Chicago, 111., has filed a regis¬
Munising Paper Co.
covering 65,868 shares ($5 par) common stock,
tration statement
No public
Co.
RIGHTS-SCRIP
which is
H. Worcester, President, and C. H. Worcester
outstanding and held by C.
Filed
offering of the shares is contemplated at present.
Aug. 4. 1937.
Public Service Co. (2-3328, Form A-2) has tiled a registration
statement covering $28,900,000 1st mtge. bonds, series of 1962, $1,600,000
serial notes and 16,000 shares ($100 par) 1st
pref. stock, 5%% series.
Ohio
Specialists since 1917
details on
2, 1937.
(Farther
Henry L. Hoherty, President.
subsequent page.)
Filed Aug.
Lionel Corp. (2-3194, Form A-2), New York City, has re-filed its regis¬
tration statement, which it had withdrawn.
The new statement covers
180,000 shares ($10 par) common stock, of which 57,500 shares will be
offered to the public through underwriters at $12 per share, 30,000 shares
for the account of the company and 27,500 shares for the account of certain
stockholders.
The balance of the stock registered is outstanding and not
Jflc pONNELL & To.
Members
New York Curb Exchange
Neio York Stock Exchange
120
presently to be offered.
Granberry, Marache & Lord are named under¬
writers.
The company's part of the proceeds will be used to repay bank
Telephone REctor 2-7815-30
Broadway, New York
Bell Teletype
loans.
NY 1-1640 #
the original registration statement in the re¬
[The re-filing differed from
duction of the amount
of stock to be offered from 50,000 to
Filed Aug. 4, 1937.
30.000 shares.]
Joshua L. Cohen, President.
FILING
OF
REGISTRATION
STATEMENTS UNDER
SECURITIES ACT
following additional registration statements (Nos.
inclusive, and 3194, a re-filing) have been filed
with the Securities and Exchange Commission under the
Securities Act of 1933.
The total involved is approximately
Tlie
3317 to 3328,
$49,940,588.
Spring & Mfg. Corp. (2-3317, Form A2),
Holly, Mich.,
has filed a registration statement covering 100,000 shares of common stock
($1 par), of which 95,000 shares are issued and outstanding. Of the shares
outstanding, 45,000 shares are to be offered by present stockholders.
In
addition, the company plans to offer 5,000 shares of unissued stock. Prin¬
cipal underwriter to be named by amendment apparently will be Sills,
Troxell & Minton.
Offering price will be filed by amendment. The com¬
pany will use its portion of the proceeds for additional inventory.
E. A.
Hartz is President.
Filed July 29, 1937.
American
it has consented to the
registration statements filed under the Securities
registra¬
of which
55,000 shares will be offered to stockholders at $5.50; 30,000 shares will be
offered through underwriter at $7.25; 20,000 shares will be optioned to
underwriter at $8 and 20,000 shares have been optioned to company's
President it $8. The remaining 25,000 shares will be offered by company's
President through underwriter at $7.25 per share.
Proceeds will be used
for payment of bank loans, machinery and equipment, plant expansion
and working capital.
Tobey & Co. will be underwriter.
John Ross is
President of the company.
($25 par) 5% cum. pref. stock
Filed March 3,
l**General Acceptance
Corp. (2-3319, Form A2) of Bethlehem, Pa., has
Warren W. York & Co., underwriters.
Filed July 29, 1937.
F. Reed Wills is
President of the company.
Pines
Winter-front Co. (2-3320, Form A2) of Chicago,
Florida Towing Corp.
(2-3321, Form A2) of Cleveland,
Ohio, has filed a registration statement covering 50,000 shares bf common
stock, $5 par, of which 18,257 shares will be offered by the company through
underwriters at $7.25 a share and 3,743 shares will be offered through under¬
writers by certain stockholders at $7.25 a share.
The balance of 28,000
shares is outstanding and will not be presently offered.
Proceeds will be
used for debt payment, plant additions, equipment and working capital.
Gassman & Co.
of the company.
named as underwriters.
Filed July 30, 1937.
were
F. S. Wellman is
President
Glidden Co. (2-3322, Form A2) of Cleveland, Ohio, has filed a registra¬
tion statement covering 78,400 12-25 shares of common stock, no par, and
subscription warrants calling for that amount. The stock will be offered to
holders of outstanding common stock in ratio of one new share for each 12
shares held. If all pVesent common stockholders subscribed to the new issue,
they would be entitled to only. 64,004 4-5 shares.
The additional 14,395 17-25 shares is being registered in case convertible preferred stockholders
convert their preferred stock into common and also subscribe to the new
issue. Subscription price of the new common, together with new conversion
rates of the preferred, will be filed by amendment. Proceeds will be used to
repay notes and acceptances.
No underwriter is named. Adrain D. Joyce
is President of the company.
Filed July 31, 1937.
Marsh Wall Products, Inc. (2-3323, Form
Al) of Dover, Ohio, has
filed
registration statement covering 325,000 shares of common stock, $1 par, of
which 67,855 shares will be sold to the public by the issuer at $3,50 per share,
57,145 shares will be sold to the public by certain stockholders at the
same price and the balance of 200,000 shares outstanding will not presently
be offered.
Proceeds to the company will be used for debt payment, plant
additions and working capital. No underwriter is named. Alvin G. Marsh
a
is
President of the company.
INIGaylord Container Corp. (2-3325, Form A2) of St. Louis, Mo., has
a registration statement seeking to issue 100,000 shares of $50 par 5H %
cumulative convertible preferred stock and 810,000 shares of common stock,
$5 par, of which 200,000 shares are reserved for the conversion of the pre¬
ferred, 60,000 shares are reserved for options to the President of the com¬
pany and others, 50,000 shares are unissued, and 500,000 shares are out¬
standing. The company also registered common scrip equivalent to 200,000
shares. The offerings will consist of the preferred stock and 50,000 shares of
the outstanding common stock, and the underwriting agreement provides
that if the underwriters are unable to purchase the 50,000 shares from
stockholders then the company will sell to them a number of shares of
common stock equal to
50,000 shares less the number purchased from
stockholders. Proceeds will be used for working capital.
Hemphill, Noyes
& Oo. and Stifel, Nicolaus & Co., Inc., are the underwriters.
Clifford W.
Gaylord is President.
Filed Aug. 3, 1937.
(Philip A.) Singer & Bro., Inc. (2-3326, Form A-2), of
Newark, N. J.,
a registration statement covering 470,000 shares ($1 par) common
stock, of which 175,000 shares are to be presently offered by the company
at $3.50 per share through Manilow & Co., Inc., as underwriters.
Of the
remaining shares registered, 22,500 are under option to the underwriter
at $2.50 per share and 22,500 shares at $3 per share, and 22,500 shares are
option to stockholders at $2.50 per share and 22,500 shares at $3
share.
Proceeds will be used for redemption and retirement of preferred
stock, for payment of mortgage and indebtedness and for working capital.
Philip A. Singer, President.
Filed Aug. 4, 1937.
under
per
Por A.
(2632), covering pre—
(1816), covering 50,000 shares
Raytheon Manufacturing Co. (3106), covering
Filed March 16, 1937.
cum.
Filed
(no par) class A
64,000 shares common
Corp. (3195 and 3196), covering 50,000 shares
($10 par) 60-cent cumul. pref. stock and 20,000 shares ($7 par) common
Retail Stores Credit
Filed May 28,
stock.
1937.
Ranch Oil Co.
(3163), covering warrants for common
500,000 shares of common stock to
May 17, 1937.
stock and
Filed
be reserved for the warrants.
Inc. (2-3109), covering 389,999 shares ($1
6% non-cumul. prer. stock.
Filed March 28, 1937.
Schmidt Brewing Co.,
The last
in
previous list of registration statements was
par)
given
issue of July 31, page 746.
our
♦—■—
Co., Ltd.—Majority Believed in
Favor
of Plan—
'
'
■
on deposit with the bondholders'
protective committee at the
time approximately $16,000,000 of the $48,267,000 of 5% 1st
mtge. bonds outstanding. J. P. Ripley, Chairman of that body, has stated.
In addition, it is indicated, holders of substantial amounts of the bonds
in England and the United States have recorded their intention to support
the bondholders' plan of reorganization.
There is
present
Criticism of
Ripley Plan—
plan for reorganization of the company
public by Wood, Gundy & Co., Ltd.
The bankers list
12 specific reasons against the Ripley plan and state that the plan advanced
by the liquidator, R. S. McPherson, gives more consideration to the present
status of the company and the industry.
Wood, Gundy & Co. state that if it were not for accumulated arrears
the company would be able to work out of its present position. They also
state that new money to be raised under the Ripley plan is at least $5,000,000 in excess of actual requirements.
Unnecessarily large concessions are
General criticism of the Rupley
has
made
been
being asked of present security holders
of Abitibi, it is charged.
Oppose Reorganization Plan—
Committee Formed to
(Canada) committee with Mark Long as Secretary is
being formed to oppose the Ripley plan, according to press dispatches.
It is indicated that counsel will be appointed to represent the Winnipeg
A local Winnipeg
group
in
case
the plan is appealed to the courts.
Earnings Set at $2,098,051, Against $766,698 in First Half
of Last Year—.
Compilation of statements and information, obtained by the bondholders'
representative committee during preparation of the reorganization plan,
an
announcement
by G. T. Clarkson, receiver and manager,
earnings for the first half of 1937 amount to $2,098,051, before de¬
preciation and bond interest, but after interest on receiver's certificates,
compared with $766,698 for the first six months of 1936.
Earnings, month
by month, follow:
contains
that
„„„„
1936
Month—
January
February.
---
-
____
$39,943
50,131
104,463
March.
April
May
1937
$336,972
262,894
335,218
166,316
181,048
362,653
406,145
$766,699
-
"
$2,098,051
230,798
I
June
Total six months
394,169
—V. 145, p. 746.
Adams-Millis Corp.
(& Subs.)—Earnings—
1937
1935
1936
1934
xGrossprofit
Sell., admin. & gen. exp.
$442,328
108,503
$314,109
99,942
$393,099
95,537
$503,051
100,123
Operating profit.....
$333,825
$214,167
$297,562
41,314
49,478
$402,928
11,333
$345,158
$255,481
$347,040
$451,839
Other income
Total income.
filed
has filed
"
_
Filed Dec. 17, 1935.
6 Mos. End. June 30—
Business
„
.
stock.
Filed Aug. 2, 1937.
Shares, Inc. (2-3324, Form Al) of Jersey City,
N. J., has filed a registration statement covering 2,500,000 shares of capital
stock, 50c. par, to be sold at market through Lord, Abbett & Co., Inc.,
underwriters.
Proceeds will be used for investment. Leon Abbett is Presi¬
dent of the company.
Filed Aug. 2, 1937.
American
stock.
common
111., has filed a
registration statement covering $400,000 3% 8-year secured notes due 1945
with warrants, and 110,000 shares of capital stock, $1 par.
Of the notes
being registered, $229,000 will be offered to stockholders and $171,000 will
be offered in exchange for a like amount of 6% second mortgage notes
due 1938.
Of the stock being registered, 100,000 shares are reserved for
exercise of warrants and 10,000 shares are reserved for employees under
employees' stock purchase plan. Proceeds will be used to repay indebted¬
ness and for working capital.
No underwriter is named.
Benjamin F.
Stein is President of the company. Filed July 29, 1937.
Wellman Bronze & Aluminum Co.
.
Tejidos C.
De
Dominicans
Fabrics
Abitibi Power & Paper
a registration statement covering
11,500 shares of common stock,
$5 par, which was sold from September to December, 1936, as class A
no-par common to class A and common stockholders. Recission offer being
made to these holders under this registration.
Proceeds were uteed for
workihg capital.
80,000 shares
and 191 241 shares ($3 par) common stock.
1937.
organization subscriptions for 5,000 shares of $105 par value 8%
partic. pref. stock and 10,000 shares of $5 par value common stock.
Nov. 13, 1936.
Filed July 29, 1937.
filed
Act of 1933:
Commercial Discount Co., Los Angeles (2928), covering
Rice
Detrola Corp. (2-3318, Form A2) of Detroit, Mich., has filed a
tion statement covering 150,000 shares of common stock, $1 par,
of the appli¬
withdrawal of the following
SEC has announced that at the request
The
cants
Interest, loss on securities
sold, &c__
provision for
48,911
1,202
18,786
2,846
6,265
66,490
48,000
61,200
79,000
$277,556
zl82,250
$188,695
yl68,733
$282,994
y211,429
$366,573
yl75,204
$95,306
$19,962
$71,565
$191,369
Estimated
Fed. & State inc. taxes
Net profit
Dividends paid
Surplus
Earns, per sh. on 156,000 '
sh. com stock (no par)
$1.61
$0.87
$1.43
$1.97
x After depreciation,
y Consists of dividends on 1st pref. stock of $61,250 and dividends on common stock of $117,000 in 1936, $156,000 in
1935 and $117,000 in 1934, less dividends on shares held
in treasury of
$9,516 in 1936, $5,821 in 1935, and $3,045 in 1934.
z Consists of $26,250
paid on pref. and $156,000 paid on common.—V. 144, p. 2813.
Air
Associates, Inc.—Earnings—
Net income before provision
final adjustments
.
—V.
144. p. 3826.
1936
1937
$1 '045,293
9 Months Ended June 30—
Net sales
for Federal taxes
$701,871
75,570
46,203
and
Volume
Add
Financial
145
Chronicle
ressograph-Multigraph Corp.- -Earnings—
Period End. June 30—
1937—6 Mos--1936
Operating profit
$1,843,858
171,597
165,194
56,651
50,000
205,247
2,583
Maintenance & amortiz
Depreciation
Interest, discount, &c__
Prov, for contingencies.
_
.
Income taxes
Sub. pref. dividends
Net profit
1937—12 Mos- -1936
We Invite
,219,594
$3,064,367
368,478
331,612
134,981
$1 ,187,253
75,000
282,056
12,899
309,906
316,261
131,808
25,000
186,154
38,398
$658,130 x$l,859,341
128~289
17,963
Milwaukee & Wisconsin Issues
746,313
753,599
746,313
$1.58
$0.88
$2.46
$1.62
Before provision for surtax on undistributed profits.—V. 145, p. 426.
753,599
Phone Daly 5392
Teletype MiJw. 488
per share
Administered Fund Second, Inc.—Earnings—
of
1937.
$77,271
Expenses
5s
new
$49,620
C.
Liabilities—
Amount
Dlv. payable July
$5,239,963
Cash in bank
due
on
subscrip.
49,644
securs.
sold, &c
Cash dividends receivable
$31,972
120
Prov. tor State & Fed. taxes
to
capital stock
Receivable for
20, 1937---
Unclalmed dividends..-
250,236
Earned surplus
Total
$5,596,383
$5,596,383
Air-Way Electric Appliance Corp.- -Earnings—
preciation, &c
$134,600
-24 Weeks Ended-
June 19, *37 June 15, '36
$4,019
$125,366
$28,119
—V. 144, p. 3318.
Alabama Mills, I nc.—To Pay Two 60-Cent Dividends—
The directors
each
on
the
July 29 declared two dividends of 60 cents per share
on
common
and the other
stock, one payable Aug. 16 to holders of record July 29
Nov. 1 to holders of record Oct. 15.—V. 137, p. 4190.
on
Alabama Water Service Co. (&
12 Mos. End. June 30
Operating
Operating
Gen.
revenues
1935
$791,880
277.406
Crl2,139
10,516
44,734
CV4.683
9,617
31,119
30,580
8,545
108,857
9,845
75,810
15,106
69,387
$547,096
4,852
$392,766
4,067
$370,280
4,426
$536,204
245,425
3,238
$551,948
245,535
1,405
$396,833
213,436
3,179
$374,706
1,586
16,890
1,617
31,109
960
960
9,761
6,911
113,914
111,992
81,144
75,500
3,380
Cr24,194
accounts
General taxes
income.
Gross corp. income
Int. on funded debt
Miscellaneous interest
Amort,
of
debt
disct.
__
and expense
Prov. for Fed. inc. tax..
Prov. for retires. & re¬
placements
Miscellaneous deducts.-
897
64,431
$747,505
252,901
~9~25l
212,579
2,159
Net inc. bef. pref. stk.
divs. & int. on notes
&
5%
debs,
subor¬
$155,152
$160,290
$88,353
$73,219
$372,000 5% debs., owned by Federal Water Service
Corp., is subordinated to the payment of pref. dividends.
on
Consolidated Balance Sheet June 30
Assets—
1937
1936
Liabilities—
Plant, prop, eqpt.,
&c
1937
Funded debt
$9,068,180 $8,530,529
1936
$4,904,500 $4,900,000
Conv. debentures.
864,353
872,000
Def. liab. & unadj.
credits
208,199
202,757
Misc. inv. & spec'l
deposits
138,752
491,260
Cash
129,680
216,329
Notes & accts. pay
37,185
company outstanding.
In this dilution, the control of the owners would
be cut down from over 40% of the common stock to about
10%.
Even
without any conversions, the common stock under the proposed plan will
earn only 83 cents a share if the railroad
company pays $5 dividends per
annum; it will earn only 50 cents a share
stock refuse the new preferred stock.
4,340
Accrued liabilities.
101,405
138,406
1,450,491
1,280,387
Notes,
accts.
and
Reserve
warrants recelv.
131,764
83,290
16,473
x
rev
138,292
54,780
15,890
109,135
Materials & suppl.
Accr'd unbilled
86,563
y
z
$6 cum. pref. stk
Common stock..
Capital surplus
Deferred charges
&
Earned surplus.._
prepaid accts.
Chesapeake Corp. accept the new preferred and full
conversions take place, the 20,000,000 shares of common stock will earn
27 cents a share, if the railroad company pays $3 a share; if $3.75 were an¬
nually paid, 37 cents a share would be earned; if $5 per annum about 54
cents a share; if $5.70 (the peak paid), 65 cents a share.
"This hardly gives a value to the common stock sufficient to induce
conversions.
By giving the privilege to every one, it becomes a privilege
to no one.
"The last and final objection to the
679,300
679,100
600,000
600,000
537,130
299,494
464,906
359,918
$9,682,058 $9,537,9851
Total
...$9,682,058 $9,537 985
x
Including unamortized debt discount and expense and commission on
capital stock,
y Represented by 6,793 shares (no par) in 1937 and 6,791
shares (no par) in 1936.
z Represented by 6,000 shares (no
par).
Note—Provision for Federal income tax includes the
company's estimate
of the normal tax and tax on undistributed
earnings.—V. 144,
p.
2983.
Alamogordo & Sacramento Mountain Ry.—Merger—
See El Paso & Southwestern RR.
Alleghany Corp.—Defects in Plan Cited—Theodore Prince
Doubts Holders of Bonds Would
Help Position—
Whether holders of the Corporation's bonds of
1950 would improve their
position by accepting a "junior security," as proposed in the
plan for its
absorption in the Chesapeake Corp., is questioned by Theodore
Prince.
He concludes that, while the present owners of
Alleghany are trying to do
the "square thing" for
every one who suffered from the "well-motivated
errors of the
progenitors of the Van Sweringen railroad empire," the reform
cannot be accomplished
by the proposed plan.
"The 1,278,000 shares of Chesapeake
Corp. stock held by the Alleghany
are about equal to the 1,900,000 shares of
Chesapeake & Ohio Ry.
stock outstanding," said Mr. Prince.
"At a market price of $55 a share for
C. & O. stock,
Alleghany is worth about $106,000,000.
The problem,
Corp.
the
same
substantially have been eliminated; accordingly,
objections to holding companies would apply.
"In conclusion, it would seem that the authors of the plan leaned over
backwards to do the 'square thing' for every one who suffered through the
well-motivated errors of the progenitors of the Van Sweringen railroad
empire.
This cannot be done in
proposed plan."
mer8e the Alleghany, worth $106,000,000 and with a debt
$78,000,000, with the Chesapeake Corp., worth about $44,000,000 and
without any debt.
"Most of the assets of
Alleghany are used as collateral to secure issues
<"•5% bonds due in 1944 and in 1949, aggregating some
is represented by 5% bonds due in 1950.
provision that unless the collateral securing them has an
appraised value of 150% of their
par
value, no dividends
What Plan
"The plan offers to
of
exchange for
railroad control.
In
explaining the decision to withdraw the applications, Rovert R. Young,
Chairman of tne Alleghany and Chesapeake corporations, pointed out that
the terms of the reorganization plan for the two
Mr. Prince.
can
lieved the plan provided adequate means for trading but that applications
for listing had been made to conform with usual corporate procedure.
of Alleghany
bonds
or
Chesapeake
stock
in
accordance
with the plan may
over,
withdraw them without cost," said Mr. Young.
"More¬
if the holder of a certificate of deposit for the bonds wishes to sell,
we will exchange an undeposited bond for his deposited one in order that he
his wish.
Similarly, a holder of Chesapeake stock who de¬
posits may receive unstamped stock to sell if he changes his mind.
"These provisions of the plan provide all necessary trading facilities,
besides saving depositors the costs usual to deposit agreements.
We
think this is an improvement on the usual terms offered in merger agree¬
may carry out
ments
of this sort."
Collateral
Valued—
The collateral behind the corporation's $24,387,000 of
5% bonds of 1950
of their face value Aug. 2, according to an appraisal by
the Guaranty Trust Co., trustee for the issue.
The indenture prevents the
declaration of dividends unless the ratio of the collateral is 150%.
was
worth
53%
The
appraisal gave a value of between 75 and 76 to notess of Terminal
Inc., included in the collateral behind Alleghany
onds.
The
involved in current litigation concerning terminal
properties represented by the notes.—V. 145, p. 595.
Shares,
value of thesee notes is
Alliance Investment
Corp.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Dividends
on
stocks
$23,368
2,592
Interest on bonds
Total income
$25,960
14,883
Expenses
Int. & amortiz. of deb. discount & exp., incl. Fed. & State taxes
under debenture indenture
19,230
Net loss without
Dividends on
giving effect to net profit
preferred stock—
be paid.
$1,000 bond of 1950 eight shares
and $200 in cash.
Owing to a pre¬
every
"To give up his right as a bondholder for the
$200 cash which
is paid out of the amount due him would be
turning over his senior position
to the stockholders for no adequate compensation.
companies provided facili¬
ties for trading in the securities affected by the plan without the necessity
Stock Exchange listings.
He said that the managements be¬
of further
on
sale of securities
$8,153
119,100
Balance Sheet June 30, 1937
Offers
5% preferred stock of $100 par
vious recapitalization, the holder of these bonds must
receive interest from
April 1, 1939, and principal when due.
Unless holders of 85% of the bonds
of 1950 approve the new adjustment, the plan will not be
consummated.
"The equity in $106,000,000 of assets, after
$53,000,000 bonds of 1944
and 1939 are paid, seems
amply to protect $25,000,000 of debt.
The
equity remaining after ttys $25,000,000 of debt, in fact, is all that will be
carried over to the new company from the
Alleghany Corp.
"How could the bondholder
improve his position by accepting a junior
security which will have less for its protection than he now has?" asked
new
day and will not be accomplished by the
$53,000,000.
$25,000,000 additional debt
a
a
The Alleghany Corp. and its controlled Chesapeake Corp. withdrew
July 27 application for the listing of two classes of securities on the New York
Stock Exchange which had been made in furtherance of a plan to eliminate
the Alleghany Corp. from the railway holding structure established by the
late Van Sweringen brothers.
The corporations had proposed to list certificates of deposit for $24,387,000 of 5% bonds of the Alleghany Corp. and 521,745 stamped common
shares of the Chesapeake Corp.
The decision not to seek listing for these
securities followed comment by Senator Wheeler, Chairman of the Senate
Railroad Finance Committee, concerning the use of holding companies in
t£eJ'££or<Vs to
of
The bonds have
new com¬
amounts and no securities
Bond
About
proposed plan is that the
pany is not likely to be much different from the Alleghany Corp. as now
constituted.
No new assets are likely to be added in any substantial
"Depositors
Total
if the holders of Chesapeake'Corp.
"If the holders of the
40,511
4,784
Working funds
Would Be Cut
Applications to List Securities Withdrawn—
dinated thereto
Notes—Interest
Control
1934
331.138
to
construction—
Rent for leased property
Maintenance
Prov.
for
uncollectible
Other
1936
$1,038,749
$531,988
4,216
charged
exps.
1937
$1,041,339
352,566
O.
"If the plan is adopted and then all conversions of stock permissible
follow, there would be 20,000,000 shares of common stock of the new
Subs.)—Earnings—
7,157
108,493
expenses
&
Chesapeake Corp., represented by some 522,000 shares of its
by the public, is thus obvious.
"This stock of the Chesapeake Corp. is offered under the
proposed plan,
the same preferred stock offered to the bonds of
1950, share for share.
In
the alternative, each holder
may accept 1H shares of the railroad.
The
holder of Chesapeake
Corp. stock who accepts the new preferred stock
mixes his unpledged
equity (based upon the holding of 800,000 shares of
the C. & O.) with that
flowing in from the Alleghany Corp., which is pledged
as collateral to not
less than $53,000,000 of debt, if the holders of all the
bonds of 1950 should approve the
plan, which is unlikely.
"Accordingly, a holder of Chesapeake Corp. stock is likely to refuse the
new preferred stock
and, instead, accept the
shares of the railroad.
The Chesapeake Corp. thus, outside of some miscellaneous
assets, would
bring nothing to the new company, which would have to rely only on the
equities of the Alleghany Corp. after debts of from $53,000,000 to $78,000,000 have been paid or otherwise disposed of.
These equities of Alleghany
depend on the market price of the railroad company's stock and the amount
of the bonds of 1950 that would remain outstanding.
Conceivably, such
equity could be wiped out entirely.
This comprises the second defect of
the proposed plan.
V. 145, p. 98.
12 Weeks Ended
Period—
June 19, '37 June 15, '36
Net loss after taxes, de¬
of the C.
held by the
stock held
8,126
Total
Base of Pyramid
'The importance of the
approximately 800,000 shares
6,507
319,718
Capital stock (par $1)
4,931,443
Capital surplus
Net
unrealized
appreciation
over cost of investments
298,497
44,008
12,533
& O.
''The Chesapeake & Ohio
Ry. is the base of the pyramid by reason of its
holdings of other railroad stocks, its financial resources, its
earnings and
its dividend
payments.
In 1936 it paid the equivalent of what would
amount to an income of over $8 a share on
Chesapeake Corp. stock.
Balance Sheet June 30, 1937
Investments
of
1950, actually receives under the proposed plan 100% in the same
preferred stock and $150 cashIt does not seem, therefore, that the
bondholder will accept the
plan offered and this presents the first defect
of the proposed
plan.
27,652
Net income for the period, excluding net
profit from sales of
investments
MILWAUKEE, WIS.
Id fact, the present $2.50 cumulative prior preferred convertible stock
Alleghany, entitled to $50 a share in liquidation, although junior to these
.
Income Account for the 6 Months Ended June 30,
Income cash dividends
Assets—
Inquiries in
$1,212,067
159,945
157,046
65,880
x$l,192,586
Shares common stock-__
Earnings
x
929U
Liabilities—
A. $scts~~~
$250,969
Cash in banks
Cash deposited with trustee.
404,937
Divs. receiv. & int. accrued...
2,384
a
2,267,907
b Securities at cost
stk.
preferred at cost)
Reacquired cap.
Deferred expense—
Accrued int. on debs
6,750
3,639
350
Accrued management fee
6% cum. pref. stock
Common stock (no par)
Earned surplus
a
$2,936,937
364
...
20-year 5% gold debs, series A.
e
Total
...
60,000
4,095
Unclaimed dividends.
Capital surplus
Total
$8,850
Preferred stock dlv. payable..
d Reserve for taxes, &c
(75 shs.
Furniture & fixtures (net)
c
9,711
361,080
1,000,000
375,074
982,904
134,858
$2,936,937
Comprised of $395,250 for redemption of debentures and $96,87 for
b Market value of securities owned at June 30, 1937
debenture interest,
Financial
930
C After
deducting
purchased for retirement,
d No
—SI ,966,019.
first page of this department.
See list given on
Federal and State income taxes
Income cash
x
Net profit
1937
7
Shares, Inc.—Registers with SEC—
American Business
$837 interest on debentures in treasury
provision has been made for possible
and surtax on undistributed profits as it is
impracticable to estimate it for an interim report.
Proper provision is
made at the end of the year,
e Represented by 187,537 no par shares.
Aug.
Chronicle
Earnings for 6 Months Ended June 30, 1937
dividends
—
from sale of securities
$115,510
236,169
—V. 144. p. 3992..
$351,678
Total income
Corp.—Tenders—
Allied Owners
lien
of first
39,796
Expenses
cumulative income bonds due July 1, 1958 are
27, 1937. notice was given that the sum of $339,240
was available, under certain conditions for the purchase of the bonds on
tenders.
On Aug. 4,1937 a like notice of moneys available for the purchase
of bonds on tenders amounting to $559,037 was published.
Company wishes to call to the attention of the bondholders that these are
two separate and distinct sums of money and that in submitting tenders
the actual tender should be contained in a sealed envelope or wrapper
which bears on the outside the fact that the envelope or wrapper contains
a tender of bonds and giving the date of expiration of the tender.
Tenders
with respect to the first notice dated July 26, 1937 must be submitted
Holders
3,608
Taxes
advised that on July
they are received by the Manufacturers
and tenders submitted with respect to the notice
so
that
$308,274
302,894
—
Undivided profits, Jan.
Total
1,1937
284,968
Appropriated for distribution
30, 1937
Undivided profits, June
After
x
Federal stamp taxes applicable to securities
prior periods.
deducting $4,957
sold, principally in
Balance Sheet,
June 30,1937
Liabilities—
$11,317
$7,079,412 Accts. pay. & accrued taxes..
Cash on deposit...106,577 Undistributed funds in dis¬
tribution account
74,596
Dividends receivable
14,047
y3,362,350
Due from Lord, Abbett & Co,
x32,469 Capital stock
Paid-in surplus
3,458,942
Prepaid insurance
900
326,200
Furniture and fixtures
1 Undivided profits
Investments
June 30 '37
Mar. 31 '37
June 30 '37
taxes, &c., but before surtax on un¬
distributed profits
Earns, per sh. on 75,050 common
—V. 145, p. 747.
shs.
$87,003
$0.41
$47,851
$0.25
$39,152
$0.16
Co.—Plans
Obtain
to
holders upon terms to be fixed by
sale to underwriters of any part of
the directors, with provision made for
the issue not so subscribed.
Hayden,
head the underwriting group.
The company's letter points out that with current business at higher
levels than were registered in the early months of the year, when new financ¬
ing in the amount of $16,000,000 was first contemplated, the directors be¬
lieve that the situation calls for a larger amount of new funds than was
authorized at the special meeting of stockholders on June 2.
According to the company's letter, billings for the first six months of
1937 amounted to $43,696,813, compared with $27,399,053 for the first
half of 1936, while orders booked in the first half of 1937 amounted to
$52,996,832, as compared with $30,664,836 in the same period of 1936, and
unfilled orders on June 30, 1937, were $23,118,358 as compared with $10,776,376 on June 30, 1936, and $13,818,337 at the close of 1936.
Business
in the second quarter was substantially larger than in the first, with billings
45.6%, bookings 18.9% and net income 75.2% higher than in the first
quarter of 1937.
The new funds will be employed for expansion of the company's manu¬
facturing facilities and to provide the additional working capital made
necessary by its recently increased volume of business.
Short term bank
loans have increased to approximately $12,000,000 and it is intended that
these loans will be paid.
It is planned that from $6,000,000 to $8,000,000
of the proceeds will be spent on plant expansion and improvements during
the remainder of this year and in 1938.
In view of the change of plans, the company's letter states, stockholders
will be asked at their next annual meeting to cancel the authorization for
the previously proposed convertible preferred stock issue, whiie the addi¬
tional 500,000 shares of common stock also authorized at the June 2 meet¬
ing will be availed of to whatever extent may be necessary in connection
with the conversion feature of the proposed issue of debentures.
A registration statement covering the proposed $25,000,000 issue of con¬
vertible debentures has been filed with the Securities and Exchange Com¬
mission.—V. 145, p. 747.
Stone & Co. are expected to
1937—6 Mos.—1936
1937—3 Mos.—1936
",535,624
$2,652,358
5,648,059
$5,195,805
1,572,912
1,311,409
2,971,326
2,536,285
$1,340,949
517,860
$3,676,733
847,890
$2,659,520
932,405
$2,484,848
Total income
1935
1934
$2,773,972
$3,074,751
920,557
382,165
384,773
$3,291,189
316,219
$5,853,756
Total income.
$4,207,856
1,133,014
724,099
206,064
392,123
44,553
$3,607,408
1,038,489
595,611
199,926
230,276
49,426
1,334,565
847,758
207,349
586,439
Interest.
Federal income tax
33,320
Minority interest
$1,858,809
$4,524,623
$3,591,925
and
1,931,857
1,402,509
3,454,516
2,661,629
$552,991
$456,300
$0.58
$1,070,106
$1.36
$930,296
$0.70
$1.18
—V. 144, p. 3161.
American Bank Note Co.
(& Subs.)—Earnings—
American
|
Curb Exchange has removed from listing the common
and the 1st preferred stock, class A, $100 par.—V. 144, p.
no par,
1097.
American
&
Forging
$693,019
$863,004
26,641
47,491
Receivables
-
Reserves
161,991
11,752
i—
Capital stock ($1 par)
231.400
353,928
410,000
Inventories
Other assets.-.—..-—
-—
x414,499
1
Permanent assets
Patents.....—-----.-.
Deferred
$242,503
8,236
67,435
162,485
$4,347
Prov. for income taxes..
Net profit
Pref. div.—foreign sub__
Pref. div.—A.B. N. Co.
Com.divs.—A.B. N. Co
Surplus
$252,532
90,355
...
Accounts
payable
24,508
Accruals
Fed. inc. & undlst. prof, taxes.
Surplus & undistributed prof.
Capital surplus
;
$1,447.758
Total
$1,447,758
Total
depreciation of $144,993.
The earnings for 3 months ended June 30 were published in
x
13,400
charges.—11,162
After allowance for
American Hide
V. 145, p. 747.
& Leather Co. (& Subs.)—Earnings—
1936
1937
profit after deprec., int., invent,
write-off, Fed. inc. tax & undist.
profitstaxes, &c
—
—
Shares common stock (par $1)
Earnings per share
—V. 144, p. 2815.
1935
American
$475,879 loss$198,940
515,000
xll5,000
$0.34
Nil
$301,301
584,950
$0.03
Light & Traction Co. (& Subs.)—Earnings—
1937
12 Mos. End. June 30—
sub. cos.
nating inter-company transfers)
General operating expenses
96,052
161,199
76,316
155,728
$40,219,332 $37,832,633
21,664,376 20.097,411
2,142,576
2,403,738
4,945,972
$8,061,755
489,651
$9,251,627
4,215,225
$8,551,406
4,258,020
$5,036,402
$4,293,386
10,512
Federal inc. taxes—
2,765,120
2,300,729
4,607.618
$9,062,669
188,958
Maintenance
Provision for retirement of general plant
$490,383
15,931
134,870
324,970
$14,612
.
-
$773,864
$248,805
.
9,496
$5,025,889
$4,283,890
168,578
$486,545
7,821
67,435
162,485
1936
(after elimi¬
$1,179,957
$719,660
78,858
44,226
110,031
$910,495
168,332
54,060
88,051
$468,896
84,282
July
$447,110
100,777
372,101
S. Govt, bonds
51,550
Other deductions
Sheet
Liabilities—
Asscfs—
Cash
U.
$1,128,407
25,518
Total income
Co.—Balance
Socket
1, 1937—
Non-operating income of sub. cos.
$443,378
Other income
Depreciation
Corp.—Removed from
.
New York
The
stock,
Stores
Department
Listing—
1937—6 Mos.—1936
1937—3 Mos.—1936
Operating profit
195,289
250,236
49,934
$2,844,325
$1,708,003
$1,493,680
$1,066,146
Shs. of common stock-.2,520.368
2,520,368
2,520,373
2.520,373
Earnings per share
$1.13
$0.68
$0.59
$0.42
Note—No mention was made of any provision for Federal surtax on
undistributed profits.—V. 144, p. 3162.
General taxes and estimated
Period End. June 30—
592,589
Net income
Gross operating earnings of
Earns, per sh. on com
300.779
Net
$1,962,712
522,136
Operating income
Other income
1936
$3,823,083
Years Ended June "SO—
(& Subs.)—Earnings—
Periofl End. June 30—
Gross oper. income
Oper. and admin, exps.,
taxes,leases aban., &c.
1937
$5,471,591
Deprec'n & depletion. __
Research & devel. exp._
Company announced Aug. 5 in a letter to common stockholders that it
plans to arrange for approximately $25,000,000 of new capital through the
issuance of convertible debentures, to be offered first to the common stock¬
Amerada Corp.
Cyanamid Co. (& Subs.)- -Earnings—
American
6 Mos. End. June 30—
Oper. profit after exps._
Other income
Manufacturing
$25,000,000 of New Capital—
Deprec., depletion
drilling expenses
Representing consideration for 29,600 shares of capital stock sub¬
June 30, 1937, but not issued,
y Par value $°.50.
—V. 145, p. 268.
„
x
scribed June 29 and
Fed. income
Net profit after deprec.,
Allis-Chalmers
$7,233,406
Total
$7,233,406
Total
—6 Mos.
-3 MonthsPeriod Ended—
$326,200
—
Trust company on Sept.
Allied Products Co.—Earnings—
$611,168
—
——
-
Trust Co. on Aug. 25,
of Aug. 4, 1937 must be
3,1937.
[Judge Robert A. Inch, in the U. S. District Court in Brooklyn, signed,
June 26, the formal order discharging the corporation from reorganizing
under Section 77-B of the Federal Bankruptcy Act.
The order discharged
the reorganization trustees and turned the company back to its owners.
The company filed a petition for reorganization on June 22, 1934.
It was
organized to build and sell motion picture theatres.]—V. 145, p. 747.
received by the
Net income
V
common
stock.
?
15,385
134,870
324,971
$298,638
1,543,283
231,903
Expenses of American Light & Traction Co.
Taxes of American Light & Traction Co—
1,251,200
$6,569,172
199,327
.
$5,535,090
184,283
60,240
$6,137,942
$5,290,567
Consolidated Balance Sheet June 30
1937
s
Assets—
$
9,889,794
Inventories
Accts.receivable..
Market .securities.
Common stock
10,138,740
1.400,964
1,213,512
&c
1,681,492
1,018,040
1,803,325
1,813,950
ac¬
to
56,994
75,520
117,174
725,112
3,716,029
$
4,495,650
4,495,650
6,527,730
6,527,730
Pref. stks. of subs.
391,032
Accounts payable.
320,792
Tax reserve
393,437
229,920
Dividends payable
stock...
Advances
quired for resale
315,886
725,112
Approp. surplus..
5.549,041
Surplus..
391,032
77,020
.
Balance transferred to
Dividends
on
Def. & unad]. chgs
Total
67,350
,
402,162
229,920
105,867
583,452
5,770,414
preferred stock
Earnings
—V.
share of common stock.
per
American Machine' & Metals Inc.
18,948,600 18,832,522
Capital Corp.—Earnings—
1937
1936
1934
Net profit after expenses
band taxes
$411,274
$367,060
$184,384
$315,875
The liquidating value per share of $3 preferred stock at June 30, 1937,
with securities owned adjusted to market values, was $54 a share.
This
compares with $45.07 per share o
$3 preferred stock on June 30, 1936.
—V. 144, p. 3826.
bonds red.
1937—12 Mos—1936
Red. Fed. inc. tax
acc
Net profit
Shares capital stock
per
share
—V. 144, p. 3163.
$1,158,421
101,974
$1,057,405
118,546
258,029
28,506
$356,252
236,132
27,587
$1,175,951
790,259
108,498
li"405
$1,260,395
947,095
113,735
5,100
31,370
_
Fed. income taxes, &c._
Earnings
(& Subs.)—Earnings
...
$311,845
44,407
6,905
on
depl.-^
Interest
1935
$1.58
$366,850
Total income
Expenses.
Depreciation and
Premium
American
$4,374,935
$340,321
26,528
Other income
-V. 144, p. 3161.
6 Mos. End. June 30—
1937—3 Mos.—1936
Period End. June 30—
Total
111,146
$5,179,421
804,486
145, p. 269.
Gross profit on sales
46,694
18,948.600 18,832,522
.
$5,998,484
804,486
$5,193,998
$1.88
consolidated surplus
of approp.
surplus..
Cash
139,458
Holding company interest deductions.___
326,295
583,452
3,355,959
employees...
Contract deposit..
Invest,
Common
1936
$
Liabilities—
Preferred stock...
Land, bklgs., ma¬
chinery,
1937
1936
___
700
$73,410
306,593
$0.24
55~584
14,046
~~9~, 380
—---
$80,428
298,260
$0.26
$172,475
306,593
$0.56
$207,564
298,260
$0.69
Voiamt 145
Financial
American Investment Co. of Illinois—40
The
Dividend
directors
have declared a dividend of 40 cents per share on the
stock, payable Sept. 1 to holders of record Aug. 10.
A similar
payment was made on June 1, last. A stock'dividend of
75% was paid on
.March 25, last, and a cash dividend of
50 cents per share was paid on the
common stock on March
1, last.
See also V. 143, p. 3135 for detailed
common
record of previous
payments.
profits.—V. 145, p. 269.
American Metal Co., Ltd. (&
Other
$984,863
897,318
income
Balance.
$420,548
228,759
—-$12,094,528
Balance from Statement of income for 12 months ended June 30,
—
7,818,082
—
Undistributed earned surplus of wholly-owned subs, at date of
liquidation
Dividends received from subs, from earnings prior to year 1936
Miscellaneous
463,564
192,910
20,265
-
$20,589,350
4,761,288
4,892.220
1937—12 Mos.—1936
$3,956,495
2,675,851
$1,405,617
1.609.788
Earned surplus, June 30, 1937
$10,935,842
Note—No provision has been made thus far in 1937 for Federal surtax
undistributed profits.
The company's Federal income tax return for
1936 shows no undistributed profits subject to the surtax for that year.
on
Total income
Interest
Depreciation
Depletion...
Profit..
res
forconting..
Adj. of metal price fluct.
and normal stock
$1,882,181
30,043
104,023
115,465
21,127
134,566
117,726
$649,307
32,756
$1,359,231
84,284
Admin. & selling exp...
Taxes other than income
Amortization of invest..
Pr. for
ed Surplus for the 12 Months Ended June 30, 1937,
Earned surplus, July 1, 1936
$12,102,054
Federal capital stock tax applicable to prior period
7,526
Total...
Preferred stock ($6) dividends
$5 preferred stock dividends
Subs.)—Earnings—
1937—3 Mos.—1936
931
Summary of Earn
1937-
Earnings for .6 Months Ended June 30, 1937
Net profit after charges, Fed. income & excess
profits taxes, &c
$300,665
Earnmgs per share on 260,597 shares common stock
$1.01
Note—No provision was made for Federal surtax on undustributed
Period End. June 30—
Profit before charges...
Chronicle
13,277
152,779
32,700
$6,632,346
108,805
397,364
385,660
135,509
484,468
466,417
$3,015,405
167,213
432,293
287,026
52,300
$272,593
Cr58,683
$4,654,123
471,561
$1,169,196
013,291
106,309
38,893
733,097
174,280
Balance Sheet June 30
$
Investments ...253,769,349 256,970,702
Cash
8,438,624
10,494,129
Time dep. banks
1,550,000
1,750,000
U. S. Govt.secur
359,000
2,589,246
Municipal securs
800,763
59,276
12,749
256,712
0114,717
—
$1,215,671
$318,527
$3,925,850
$1,297,204
107,603
651,218
19 274
283,222
71,890
Minority interest.7,881
05,506
15,894
~Cr52l
$1,135,900
Net profit
$216,430
$0.85
$0.09
$3,239,464
$2.32
$1,014,503
$0.50
Earn.per sh. oncom.stk.
Extra Dividend—
3,973,044
receiv.—subs.
1,900,000
Accts. rec.—subs
an extra dividend of 25 cents
per share in
to a quarterly dividend of like amount on the common
stock,
both payable Sept. 1 to holders of record
Aug. 20. A dividend of 25 cents
addition
par
value)—214,645,637 214,645,637
Gold deben. bds.
43,385,500
43,385,500
4,148,000
2,413,380
4,148,000
1,206,697
79,289
1,138,125
1,049,187
Amer. 6% ser
Southw. Pow. &
1,719,000 Accts.
912,898
971,347
Accts. receivable
—others
Acer,
payableaccounts-
54,196
Matured int. on
9,545
42,877
46,825
long-term debt
42,877
23,494
46,825
Special deposits.
Reacquired cap.
Liabl. to deliver
10,589,900
securities
stock
29,934
Acer. int.
$
$
Cap. stock (no
Divs. declared..
securities
Contrac. rights.
The directors have declared
x
Light Co., 6%
gold deb. bds-
Notes and loans
-V--
Fed. & foreign inc. tax..
Surtax undist. profits
1936
1937
Liabilities—
$
Other short term
res.
(Company Only)
1936
1937
Assets—
rec
29,934
10,589,900
404,042
404,042
12,102,054
Def. int. income
10,935,842
Surplus
Unamort. disc. &
3,500,734
expense
3,545,301
was
paid on June 1, last, this latter being the first dividend paid since
Dec. 1,1930, when 25 cents per share was also distributed.—V.
144, p. 4165.
American News New York
1937
1936
1935
1934
$28,866,020 $23,056,644 $20,577,216 $20,324,872
28.195,367/ 15.404,295
13.761,456
13,647,833
Operating expenses.../
( 7,251,759
6,725,716
6.642,571
Cost of salbs.....
x
Operating profit
Other
$670,653
80,288
Total profit
Prov. for Fed.
inc.
Net profit...
taxes
-------
$400,589
$750,941
180,000
$570,941
income
x
' $34,468
$453,240
85,000
$162,238
20,000
$116,628
30,000
$368,240
$142,238
$0.67
p.
$100
$0.41
82,160
American
Seating Co .—Comparative
Assets—
1947.
Rolling Mill Co.—Earnings—
Period End. June 30—
Consol.
net
profit
1937—3 Mos.—1936
$1,561,161
y$6,642,770
$2,305,064
54,944
Inventories
out¬
Cash
2,044.107
deposit with
N.
Y.
to
retire
notes
due
July 1,1936, not
6%
Period End. June 30—
and
equipment. 2,579,633
1937—12 Mos.—1936
Operating revenues
$24,076,510 $21,677,028 $95,137,379 $86,298,612
Oper. exps., incl. taxes. 12,530,289
11,201,322
49,719,910
44,177,435
Prop, retire. & depl. res.
appropriations
1,992,010
1,673,016
8,007,193
6,441,165
2,578,008
Cash in closed bks.
(less
1937—3 Mos.—1936
reserves
for
losses)
Prepaid & def. exp.
1
10,528
—incl. relln. exp
131,569
154,177
4,103
5,664
Misc.
invest.,
res.
less
for valuat'n
Total......—.$7,316,199 $6,164,216
Net oper. revenues—_
Other income (net)
$9,554,211
15,882
Gross income
$9,570,093
Int. to public & other
deductions.
3,986,126
Int. charged to constr...
Cr77,929
_
Balance
$5,661,896
Pref. divs. to public (full
div. requir. applicable
to
respective
$8,802,690 $37,410,276 $35,680,012
37,283
167.037
233,635
3,977,284
Cr1,560
15,982,775
Cr229,048
$35,913,647
16,087,032
Cr6,584
or
American
1,792,908
1,792,701
7,171,183
7,170,529
$3,071,548 $14,652,403
rity interests
19,885
directors have
82,083
Co.—Extra Dividends—
declared extra dividends of 20 cents
t:
.
American Water Works & Electric
Co.—Weekly Output
Output of electric energy of the electric properties of
86,776
Works & Electric Co. for the week ended July 31, 1937
Net
equity
of Amer.
Power & Light Co.
$3,055,105 $14,570,320 $12,575,894
...
equity of Am. Pow.
& Light Co. in incomo
,
of subsidiaries (as shown
above)
$3,849,103
13,404
Total
Expenses,
inc. taxes
Int. & other deductionsBalance carried to
$3,055,105 $14,570,320 $12,575,894
4,962
34,945
19,811
$3,862,507
102,891
728,448
$3,060,067 $14,605,265 $12,595,705
128,401
440,578
369,816
726,691
2,913,378
2,923,785
con-
interests
is the calculated portion of the balance of income
applicable to
minority holdings by the public of common stock of subsidiaries. The "net
equity of American Power & Light Co. in income of subsidiaries" includes
interest and preferred dividends paid or earned on securities
held, plus the
proportion of earnings which accrued to common stocks held by American
Power & Light Co., less losses where income accounts of individual subsidiaries
have resulted in deficits for the respective periods.
Comparative Statement of Income (Company Only)
1937—3 Mos—1936
1937—12 Mos.—1936
Gross income:
From subsidiaries
Other.
American Window Glass Co.—Accumulated Dividend—
a dividend of $10.50 per share on the 7%
preferred stock, payable on account of accumulations on Aug. 20
holders or record Aug. 9.
A dividend of $7 per share was paid on June 15,
The directors have declared
cumulative
sol, earned surplus. $3,031,168
$2,204,975 $11,251,309
$9,302,104
Note—All intercompany transactions have been eliminated from the above
statement.
Interest ana preferrred 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
Period End. June 30—
American Water
totaled 50,318,000
of 6.65% over the output of 47,181,000 kilo¬
watt hours for the corresponding period of 1936.
Comparative table of weekly output of electric energy for the last five
years follows:
'
■
Week Ended—
1937
1936
1935
1934
I®3?—
July 10.
44,221,000 43,273,000
30,694,000 29,032,000
32,910,000
July 17
50,993,000
45,270,000
36,741,000
31,875,000 37,280,000
July 24
49,906,000
46,969,000
37,786,000
32,719,000 37,610,000
July 31
50,318,000
47,181,000
38,145,000
32,758,000
36.946,000
—V. 145, p. 748.
kilowatt hours, an increase
in income of subs.. $3,849,103
Amer. Power & Lt.Co.—
Net
Other income-
and 15 cents
stock. The 20 cent dividend was paid on July 20
15 and the 15 cent dividend will be paid on or
before Sept. 1 to holders of record July 15.—V. 145, p. 748.
$12,662,670
16,443
SEC
per share on the common
to holders of record July
;
Balance.
$3,868,988
Portion applic. to mino¬
.
Spring & Mfg. Corp.—Registers with
American Stamping
The
un¬
earned)..
..$7,316,199 $6,164,216
See list given on first page of this department.
$4,864,249 $21,823,586 $19,833,199
periods
whether earned
Total—
Deficit as at Jan. 1, 1937, in the amount of $306,349 was transferred to
"capital surplus."
b Represented by 221,062 no par shares in 1937 and.
202,875 no par shares in 1936.
T7
The earnings for the 6 months ended June 30 were published in Y. l4o,
p. 596.
a
.
$8,839,973 $37,577,313
23,670
102,500
depos. for exten.
Subs.)—Earnings—
$208,968
6% notes due July
1,1936,called for
26,078
102,500
red. Apr. 15, '36
1,625,131
1,668.000
Long term liabil— 1,668,000
20,061
32,636
Deferred income.3,414,875
b Common stock.. 3,778,615
1,065,083
a758,734
Capital surplus—
a201,886 def338,941
Earned surplus—
Land, bldgs.,mach.
Presidents
American Power & Light Co. (&
354,634
71,694
liabilities.
Res. for Fed. taxes
Guar. Tr. Co. of
New Officers—
G. H. Ahlbrandt and W. W. Lewis have been
appointed Assistant Viceof this company, and H. M. Richards has been
appointed
Manager of the sheet and strip sales division.—V. 145, p. 748.
$450,000
payable
1,408,056
rec.—less res
y$4,321,854
stock
com.
58,352
2,281,123
Other receivables.
13,433
Customer accounts
standing (par $25)—2,868,513
x2,252,491
28,68,513
x2,192.284
Earned per share.
$1.50
$0.68
$2.30
$1.02
x
Average number of shares of common stock outstanding during the
period,
y Before surtax on undistributed profits.
Notes
Accts. pay. & accr.
—life insurance.
1937—6 Mos—1936
after
taxes..
$199,130
1936
1937
Liabilities—
1936
1937
$203,879
Cash surrender val.
deprec., int. & Federal
Shares
Consolidated Balance
Sheet June 30—
Cash
American
276,792,598 287,628,091
Total
Represented by $6 preferred, cumulative (entitled wpon
a share); pari passu with $5 preferred; authorized, 1,000,000 shares
issued and outstanding, 793,581 2-10 shares, inclusive of 31 2-10 shares or
scrip in 1937 (35 2-10 in 1936); $5 preferred, cumulative (entitled upon
liquidation to $100 a share); pari passu witn $6 preferred; authorized,
2.200,000 shares; issued and outstanding, 978,444 shares; common, auth¬
orized, 4,000,000 shares; (issued 3,013.812 27-50 shares; incl. of 2,486 27-50
shares in scrip in 1937.)
Note—At June 30, 1937, undeclared cumulative dividends amounted to
$12,795,994 ($16.12*$ a share) on the preferred stock ($6 )and $13,147,841
($13.43H a share) on the $5 pref. stock, for which no provision has been
made in the above statement.—V. 144, p. 4333.
$86,628
$1.75
52,650
Earns, persh. on 210,718
shs. capital stock
$2.71
Including depreciation.—V. 144,
$90,043
72,195
...276,792,598 287,628,091
x
to
Corp.—Earnings—
6 Mos. End. June 30-*Net sales
Total
$2,698,261
to
last—V. 144, p. 3995.
American
Woolen Co.,
Inc.—Earnings—
The semi-annual report
of the company and its subsidiaries (not including
Realty Co.) shows earnings for the half-year after depreciation
charges of $1,084,305, but without provision for Federal taxes on income and
undistributed profits, amounting to $3,393,552, as compared with $1,098,162 for the same period last year.
No provision has been made for Federal
taxes on income and undistributed profits.
Net sales for the six months amounted to $45,284,752 as compared with
$33,654,148 for the similar period of 1936—an increase of $11,630,604.
Government contracts accounted for $3,735,246 of the net sales as compared
with $2,925,530 for the first six months of 1936
Net current assets at June 30, 1937 were $38,795,819 as compared with
$37,202,364 at the end of the calendar year 1936—an increase of $1,593,454.
—V. 144, p. 3486.
Textile
13,404
$2,559,433 $11,137,093 $10,347,999
4,962
34,945
19,811
$2,711,665
Expenses, incl. taxes—.
102,891
Int. & other deductions728,448
$2,564,395 $11,172,038 $10,367,810
128,400
440,578
369.816
726,691
2,913,378
2,923,785
stock,
$1,709,304
1936, and
Total income—.
Rol
porriprl
+a
qqr*noH
surplus
$1,880,326
$7,818,082
$7,074,209
Anaconda Wire & Cable Co.—$1 Dividend—
The directors have declared
a
dividend of $1 per share on the common
no par value, payable Sept. 13 to holders of record Aug. 13. A like
payment was made on June 21, last, and compares with 50 cents paid on'
March 15, last. A special dividend of $2 paid on Dec. 22, 1936; a dividenar
of 50 cents in addition to a special div. of $1 per share paid on Nov. 16,
a
quarterly dividend of 50 cents per share distributed
on
Sept. 14,
Financial
932
After deductions for
distributed.
were
Comparative Income Account (Including
amortization of debt discount and expense of
Subsidiaries)
V.
Total Income
$1,287,166
3,755
$3,489,143
8,251
$3,497,394
$2,137,468
$1,739,598
2,687
>560,272
361,264
1,047,941
Deprec. & obsolescence-
181,142
175,034
358,900
166,829
$632,148 x$l,741,296
x$834,042
Net profit
Earns.persh. on421,981
shs. cap. stk. (no par)
180,110
Atlanta Gas Light
$2.17
$1.98
$1.50
$4.13
profits.—V. 144, p. 3320.
American
Lead
Zinc,
$3,977,709
3,692,058
Cost of sales
$285,651
$185,904
6,022
Gross profit on sales..
Other income
$302,960
104,011
96,000
Expenses
Depreciation & depletioni
Net profit
1,661
60,503
14,030
8,078
(incl. Fed. inc. tax of $70,282 in 1937 and
$13,200 in 1936)
228,108
121,319
before provision for retirements_
(net)
$806,707
6,687
$837,935
2,416
$813,394
108,317
$840,352
120,933
$705,078
260,598
21,000
147
$719,419
285,937
17,850
$423,332
78,000
425,976
$415,491
65,000
315,044
Taxes
Net oper. revs,
$322,001
11,112
Non-operating income
$333,113
191,152
Provision for retirements
Gross income before provision for retirements.
168,000
6,597
Gross income
Interest
Amortization of debt discount and expense
loss$32,636
x$173,605
$10,669
x$81,074
Before surtax on
— -
$608,590
209,010
192,000
33,975
84,000
$3,345,246
2,325,615
52,299
Uncollectible accounts
$582,000
26,590
$191,926
95,596
21,875
Federal income taxes..
x
4
1936
53,689,115
2,579,767
Maintenance
1937—6 Mos—1936
$7,742,398
$4,424,149
7,160,398
4,102,148
$2,502,785
2,316,881
17,309
Net sales
1937
Operating revenues
Operation
(& Subs.)—
Co.
Smelting
&
1937—3 Mos .—1936
Period End. June 30—
Co.—Earnings—
Year Ended June 30—
Before surtax on undistributed
x
electric
748.
„
,
Co.—Weekly Output—
Electric
30, Associated Gas & Electric System reports
output of 88,378,941 units (kwh.).
This is an increase of
7,938,026 units or 9.9% above the comparable week a year ago.
Gross output amounted to 100,534,837 units for the week.—V. 145, p.
$915,702
7
349,257
122,475
&
Gas
Associated
For the week ended July
net
691,712
349,944
Federal income tax
Expenses.
1935.—
144, p. 3996.
$2,132,738
4,730
$1,742,285 ~ $1,290,921
mfg. operation
Other income (net)
on
Associated Electric Co. there
$1,136,062, which compares with $1,208,403 for
income of
was net
1937—6 Mos .—1936
1937—3 Mos.—1936
Period End. June 30—
Profit
Operating income after taxes and provision for retirements was $6,466,807.
underlying companies and provision for interest and
25 cents per
datej-egular quarterly dividends of
Prior to this latter
1936.
share
19377
Aug.
Chronicle
debt Interest
Federal and State taxes on
-
141
undistributed profits.
Net income
Earnings for 12 Months Ended June 30
1937
Preferred dividends
$8,477,749
7,943,242
Common dividends
$1,021,777
Cost of sales
1936
$12,939,603
11,917,826
Net sales
$534,507
Gross profit on sales
Other income
39,706
27,080
$1,061,483
$561,587
375,521
385,092
367,704
337,085
x42,293
Note—No provision was required for Federal surtax on undistributed
profits for the year ended Dec. 31, 1936. Federal surtax on undistributed
profits for the calendar year 1937, if any, is undeterminable at June 30,
1937, and no provision therefor has been made.
9,141
Balance Sheet June 30
Totalincome
Expenses
Depreciation and depletion
Federal income taxes.
investments
140,394
Notes receivable.
profits tax.
473
.
Accts. receivable..
Exchange Time Extended—
This
company
has
notified the
579.702
Due from affil. cos.
excess
77,087
Merchandise,
that the
New York Stock Exchange
ma¬
236,173
terials & supplies
within which the $6 cumulative preferred stock may be exchanged
for new $5 prior preferred stock and common stock has been extended
to Oct. 15,1937.—V. 144, p. 3827.
time
245
Appli'ces on rental
71,789
debit items..
505,249
Def.
1,300,000
238,916
133,975
Cash
cum. pref. stk.
($100 par)
1,300,000
Com. stk. ($25 par) 2,218,625
212,504 Funded debt
5,403,000
474 Notes payable
payable...
119,333
641,350 Accounts payable.
Accounts
326,213
Dlv.
52,675 Div. on 6% pf. stk
19,500
Consumers' depos.
Consumers'depos.
163,437
125,701 Accrued accounts,
accounts.
246,185
Service ext. depos 1
124,564 Service ext. depos:
23,371
Def credit items..
525,865 Def credit items..
6,132
10,950,526 6%
25
Sk.fds.&spec.dep.
undistributed profits and $400
Includes provision for $425 surtax on
x
Prop., plant & eq. 11,159,280
Misc.
2,218,625
5,413,000
253,849
235,169
19,500
149,486
162,519
25,887
911,445
Reserves
210,791
Donated surplus..
Anglo American Mining Corp., Ltd.—Earnings—
1937
1936
$104,088
2,503
1,689
$146,860
103,860
$142,878
105,999
$43,000
gold and silver bullion
'
Revenue from sale of quicksilver
Revenue from other sources
Total
Earned
$116,606
27,752
$36,878
3 Mos. Ended June 30—
Revenue from sale of
revenue
Less operating costs (including
development)
Net oper.
profit before deducting depl., depr., &c
—V. 144, p. 3660.
The
The directors have declared
common
an
general
mortgage
duproved for listing $875,000 ad¬
bonds, 4K% series, due Sept. 1, 1955.—V.
144, p. 3486.
Atlas Powder Co.—To
Pay Larger Dividend—
$1 per share on the common
The directors have declared a dividend of
value, payable Sept. 10 to holders of record Aug. 31.
This
compares with 75 cents paid on June 10 and March 10 last.
A special
dividend of 50 cents was paid on Dec. 24, 1936, and extra dividends of
25 cents in addition to regular quarterly dividends of 50 cents per share
were paid on Dec.
10, Sept. 10, June 10, and March 10, 1936.—V. 145,
p. 749.
interim dividend of 50 cents per
share on
stock, no par value, payable Sept. 1 to holders of record Aug.
Dividends of 50 cents
12,904,149 12,872,822
Total.
Curb Exchange has
York
New
ditional
Armstrong Cork Co.—Interim Dividend—
paiiton June 1 and March 1, last, and pre¬
viously regular quarterly dividends,pf 373^ cents per share were distributed.
In addition, an extra dividend of $1 was paid on Dec. 19, 1936, and an extra
dividend of 25 cents was paid on Dec. 2, 1935.—V. 145, p. 428.
10.
12,872,822
were
no par
Automobile Finance
Co.—Earnings—
1937
$375,163
139,675
8,026,357
$0.44
Co. (& Subs.)
-Earnings—
Gross income
x
1937
1936
$2,204,095
$2,070,246
1,237,196
258,265
6 Months Ended June 30—
1,400,043
284,404
181,523
Operating, administrative and general expenses._.
Depletion and depreciation
195,300
Net
income
Total volume of business
share
Equivalent per share on annual basis to
Net earnings per common
x
on
$379,485
5,777
27,348
$338,125
2,519
Drl2,517
sale of capital assets—net.
$412,610
60,721
$328,127
42,525
$351,888
16,784
10,761
$285,603
7,715
Preferred stock dividends
Minority interest in subsidiary companies
167
on
Comparative Balance Sheet June 30
Collat.
5,762,282
$288,754
3,858.981
26,863
Notes & accept, rec.
insur. ($195,000)
notes
Other
and
22,303
$0.34
Consolidated Balance Sheet June 30, 1937
liabilities—
Assets—
Cash
on
hand and
on
deposit.
.
$284,854
366,002
Accts. receivable, less reserve.
Inventories
1,252,903
Other assets
175,187
2,595,024
xPermanent assets.
Deterred assets
126,846
Notes payable for money bor¬
rowed from bank
Accts.
pay.
for
purch.,
38,276
5,403
26,135
159.592
156,421
26,159
22,652
Vouchers
277,037
.79,632
Total
x
$4,800,816
After
to reduce
Jan. 1,
reserves
3,025
365,000
stock (par $100)
Total
958,990
2,664,587
$4,800,816
for depreciation and depletion of $10,731,982 and reserve
value as of
book value of oil lands and leases to estimated fair
1934, of $1,443,281.—V. 144,
Associated
Dry
Goods
p.
4166.
Corp.—Accumulated
2d
Pref.
Dividend-—•
The directors have declared
accumulations
on
a
dividend of $1.75 per share on account of
the 7% second preferred stock, par $100, payable Sept.
1
to holders of record
A similar payment was made on June 1 and
on March 1,
being the first dividend paid on the second
preferred stock since June 1, 1932, when a regular quarterly dividend of
$1 75 per share was distributed.
Accumulations after the current dividend amount to $31.50 per share.
—V. 144, p. 3486.
Aug. 13.
last, this latter
Co.—Reports 11% Gain in Revenue—
Although noting continued gains in gross revenues, the 1936 annual
report of the company, (subsidiary of the Associated Gas & Electric Corp.),
also discloses mounting costs and taxes which resulted in a lower net income
than in 1935.
Total operating revenues were $22,790,941, which was an increase of
$2,355,062 or 11.5% over 1935.
This increase was accounted for by in¬
in
electric, gas, and miscellaneous revenues, including water,
steam heating, ice and transportation.
Operating expenses, including maintenance, amounted to $12,899,642, an
increase of $1,660,286 over the previous year.
This increase was due
creases
mainly to increased electric and gas production.
Another large increase
was in taxes, which at $1,943,816 were $404,870 or 26.3% higher.
96.202
33,058
41,140
343,289
216,752
1,000,000
493,784
733,400
376,317
327,320
Def.inc.—unearned
finance charges.
13,293
3,988
Special reserve
Mtgo. payable
Preferred stock
Total
$6,816,303 $4,431,547
Baltimore
Loan
stock
61,000
51,407
..$6,816,303 $4,431,547
&
Ohio
RR.—Asks
Approval of '$5,000,000
from RFC—
asked the Interstate Commerce Commission
application to the Reconstruction Finance Corporation for a
The company has
its
to approve
$5,000,000
The road plans to use the proceeds of the loan, together
with treasury funds, to meet the maturity of $4,427,000 of 5% general
mortgage bonds of Buffalo Rochester & Pittsburgh, plus $1,025,000 of
B. & O. equipment trust certificates.
The bond issue matures Sept. 1
while the equipment trust certificates matured in July and Aug. 1.
The company states that it had originally expected to be able to meet
these maturities but that floods and "disturbed industrial conditions"
had so reduced its income in May and June that it had to abandon its
original plan. The loan from the RFC would mature Sept. 1, 1942.
The Buffalo Rochester & Pittsburgh had already asked the ICC for
approval of a new issue of $4,427,000 of 4y2% consolidated mortgage
bonds which, together with $750,000 of similar treasury bonds, would be
pledged as collateral for the loan.—V. 145, p. 749.
five-year loan.
Bandini
Petroleum
Co.—Extra Dividend—
dividend of seven cents per share in
quarterly dividend of three cents per share on the
stock, par $1, both payable Aug. 20 to holders of record Aug. 4.
of two cents in addition to the regular three cent quarterly dividend
The directors have declared an extra
addition to the regular
common
An extra
Associated Electric
53,955
-V. 145, P. 101.
33,353
116,920
Minority Interest
cum. pref.
117,397
52,271
Reserves
Common stock (par $1)
Consolidated surplus.
_
71,787
Common
Total
.
52,302
Surplus
payable
107.427
def'd
Reserve for losses.
Land & of flee bldg.
$250,000
Fed. and State inc. taxes, 1936
Acer, real & personal taxes, &c.
5%
Deferred charges..
exp.,
State & Fed. gasoline tax on
refined prod., payroll, &c__
insur.
Reserve for taxes.
auto¬
—deprec. value.
$324,343
$0.29
&
ctfs —dealers
59.001
—deprec. value
Furn., fixt. & eq.
$277,720
&
payable & accr'ls
Reserves
accts. receivable
Repossessed
$4,254,000 $2,720,500
92,825
Unsecured notes..
Accounts
Cash surr. val. life
1936
trust notes
—secured
23,557
$758,175
hand
1937
Liabilities—
1936
1937
Assets—
mobiles
Net profit available to holders of common stock.
Earnings per share of common stock
preferred dividends
undistributed profits.
Cash in banks and
on
Federal and State income taxes (estimated),
$0.63
After Federal and State income taxes, but before
and surtax
Profit
1936
$241,128
64,291
5,232,450
$0.31
$0.87
6 Months Ended June 30—
Ashland Oil & Refining
1,972,549
surplus
Listing Approved—
stock,
the
...12.904,149
Total
37,103
1936
$
Liabilities—
$258,577 loss$l52,343
Net profit
1937
1936
1937
paid on May 20, last.
A dividend of three cents was
was
„
paid on Feb. 20, last; one of one cent was
paid on Jan. 20, last; and on Dec. 20.
and previously, monthly dividends of
Y.
144, p. 3164.
(Ludwig) Baumann &
The
directors
have declared a
of accumulations on the 7%
Nov. 20, Oct. 20 and Sept. 20, 1936,
five cents per share were distributed.
Co.—Accumulated Dividend—
dividend of $1.75 per share on account
1st pref. stock, par $100, payable
cum. conv.
Aug. 14 to holders of record Aug. 10.
A dividend of $7 per share was
paid on Dec. 26, 1936, this latter being the first dividend paid on the nref.
stock since May 16, 1932, when a regular quarterly dividend of $1.75 per
share was distributed.—V. 144, p. 98.
Volume
145
Financial
Beattie Gold Mines,
Estimated operating profit
$484,070
291,436
current exps__
$506,811
283,641
$223,170
2,361
82
revenue
Estimated total profit.
-V. 145, p. 749.
Beau nit Mills,
136,260
est.
-
$192,716
$225,531
Inc.—Common and Preferred Dividends—
The directors have declared
quarterly dividend of 37 Vi cents per share
on the $1.50 cum. conv. pref. stock, par $20,
payable Sept. 1 to holders of
record Aug. 16.
Similar payment was made on June 1, last, and an initial
dividend of 39>£ cents was paid on March 1, last.
The directors also declared a dividend of 40 cents per share on the com¬
mon stock, par $10, payable Sept. 1 to holders of record Aug.
16.
Like
dividend
distributed
was
paid
was
on
Assets—
x
1936
S
Cash
ceivable
Due to assoc. co__
and
June 1, last, and an initial dividend of 50 cents
on
688,340
715,066
2,328,766
for
Reserve
receivable
$
10,697,929
thrift accts. 2,564,014
Em pi.
(net)..68,774,658 51,316,096
notes
accts.
1936
$
Notes & accts. pay29,756,107
3,699,733
Install, notes re¬
Miscell.
i
1937
Liabilities—
$
7,064,182
*
(at cost)..
27,251
15,202
62,625
20.555
Real est. (at cost).
28,376
28,800
638,624
291,424
39,619
545,433
a
201,256
taxes,
b Common
Invest,
y
Furn. & fixtures
(after deprec.)._
Deferred charges.Other assets
Insurance,
&c._
1,399,522
847,105
Unearned discount
629,625
221,418
Outside Int. in cap.
stocks of subs..
12,500
12,500
10,770,6 50 10,770.650
Preferred stock
stock..16,585,168
Paid-in surplus... 6,983,828
Earned surplus
a
the common shares
on
1937
1936
1937
134,320
$192,634
Development, operating and other
933
Condensed Consolidated Balance Sheet June 30
Ltd.—Ezarnings—
3 Months Ended June 30—
'
Tons of ore milled
Net income from metals produced
(partly
due to delayed smelter returns)
Non-operating
Chronicle
Total
76,879,335 55,874,497
Represented by 215,413
a
16,585,168
6,983.828
6.712,068
7,489,582
Total
76,879,335 55,874,497
b Represented by 2,314,989
par shares,
x Less
reserve
for doubtful accounts of $3,153,895 in
1937 and $2,976,064 in 1936.
y After reserve for depreciation of $590,098
in 1937 and $615,617 in 1936.—V. 145, p. 749.
no
shares,
par
no
March 1, last.—V. 144, p. 4168.
Bickford's, Inc.—Listing Approved—
Belding Heminway Co.—Earnings—
W 6 Months Ended June 30—
1936
1937
Gross operating
profit
Selling, general & administrative
Depreciation
$968,307
612,289
27,442
$281,159
35,420
$364,729
9,701
$316,579
6,750
11,045
$355,028
Other income.
$823,881
516,604
26,118
$328,576
36,153
expenses
$298,784
'
Expenses of idle plants—net.
Miscellaneous deductions
Dividend paid on common stock for first six months of 1937 amounted to
$255,016.
Note—Expenses of idle plants, amounting to $5,470, have been charged
to
reserve
obsolescence.
for
The second quarter
resulted in a net profit of $163,871, compared with
$124,071 for the second quarter of 1936.
Comparative Balance Sheet
June 30/37 Dec. 31,'36
Assets—
Cosh in banks,
on
$635,814
hand.&in transit
trade accpt
—trade
Miscell.
$174,913
tec.
737,438
850.440
receivable
20,140
20.641
2,373,788
Cash
87,500
110.000
3,775
rental agreement
7,465
Notes receivable—
employees
Inv.
in & advs. to
270,419
x
80,159
Goodwill
.
2,468
2,930
2,745
3,061
payable July
31. 1937
xCommon stock..
—
Net income after all
charges &
Capital surplus... 1,558,618
Earn, surpl. since
Dec. 31, 1932.. 1,009,211
1,757,200
1,558,618
$4,730,918 $4,682,6891
After
reserves
and $1,376,101
p.
909,199
Total.
...$4,730,918
$4,682,689
in 1936.
y
Represented by 465,032
no par
shares.—V. 145,
Black & Decker Mfg. Co. (&
Federal
prec.,
Co. of Pennsylvania—Earnings—
Net oper. revenues..
Taxes (incl. Fed. taxes)
$5,417,235 $21,957,412
1,271.016
5,616,647
$4,102,359
Operating income
$5,649,363
1,547,005
$4,146,219 $16,340,765 $15,007,209
Drl,719
Dr99,237
22,503
l)r 18,894
Other income
for
$19,185,066
4,177,857
$4,083,464
1,378,594
Interest & discount
Other fixed charges
18,313
Net income-
$2,686,557
Preferred dividends
325,000
2,200,000
Oominon dividends
Balance
$161,557
Earns, per sh. on 1,100,000 shs. of com. stk—
x No
provision is included
$4,144,500 $16,241,528 $15,029,713
1.343,968
5,285,584
5,512,369
22,236
84,764
98,899
$2,778,296 $10,871,180
325,000
1,300,000
2,200,000
8,800,000
$253,296
$771,180
$9,418,445
1,300,000
7,700,000
$418,445
$2.14
$2.23
$8.70
$7.38
in respect of the undistributed profits tax
since the amount of such tax, if any, cannot be determined until the end
year.—V. 145,
$321,365
365,457
share
per
$213,933
298,354
$0.65
$0.88
The directors have declared
an interim dividend of $1.75
per share on the
stock, no par value, payable Sept.l to holders of record Aug. 15.
75 cents paid on June 1, last; 50 cents paid on March 1,
last, and dividends of 25 cents per share previously distributed each three
months.
In addition a special dividend of $2 per share was paid on Dec. 3,
1936.—V. 144, p. 3165.
common
This compares with
3 Months Ended
'37 June 30 '37
Period—
Mar. 31
6 Mos. End. June 30—
1937
Net operating income.
Income credits
(&Subs.)—Earnings-
1936
Operating income
$10,577,374
Operating expenses (incl.
provision for doubtful
notes)
5,783,640
1935
1934
$8,857,250
$8,529,756
$7,523,368
undis¬
<
Tot. 6 Mos.
June 30
'37
$4,603,942
3.003,871
$8,510,608
5,563,489
$1,347,048
37,943
$1,600,071
55,178
$2,947,119
93,121
$1,384,991
461,648
117,389
13,565
Costs of sales
—
Expenses
Depreciation-
—
-
<
.,655,250
528,719
133,762
13,565
4,789
121,605
133,825
$3,040,240
990,367
251,151
27,130
4,789
226,257
244,454
Amortization of patents,
&c
Interest
x
Net profit.
Earnings
per
share
5,153,448
5,111,203
$3,703,802
45,291
$3,418,553
22,056
on
$3,749,093
220,417
$3,440,609
127,110
224,438
$3,308,458
128,322
199,329
xQ72,779
646,530
563,680
422,000
821
20,325
12,472
Net inc. applic. to min.
stockholders of sub .cos
$3,511,789
6,631,901
$2,881,324
6,389,487
$2,497,544
5,340,359
$2,428,965
5,689,621
$10,143,691
Dr77,882
$9,270,811
60,974
$7,837,902
12,072
$8,118,586
Dr92,567
stocks of the corp..;$10,065,809
376,988
2,199,240
$9,331,784
376,988
2,242,728
$7,849,974
376,990
1,569,389
$8,026,019
376,990
1,569,374
Earnedsurplus June 30 $7,489,582
$6,712,068
$5,903,595
$6,079,656
2,314,989
2,092,444
$1.08
$1.01
2,092,444
'
$0.98
,
Total
Surplus credits (net)
.
Earned surplus avail,
for divs. on capital
i
Preferred stock, series A.
Blue Diamond Corp..
on
$0.44
$0.54
$0.98
undistributed profits.—V. 145, p. 271.
Ltd.—Earnings—
Earnings for the 6 Months Ended June 30, 1937
Net sales
$1,945,642
1,636,383
142,346
-
delivery expenses (incl. deprec. & depletion).
Selling & general expenses
Profit from operations
$166,913
10,797
.
Interest & other income credits
Gross income
$177,710
14,864
10,220
21,719
Interest
Prov. for uncollectible accts. (less recoveries)
Provision for Federal income tax
Net income
Earned surplus, Jan.
1937
(since Aug. 31,
Assets—
$54,023
&
serves,
notes
Cash
rec.
$81,295)._
Inventories
(less
$235,317
—
value
of
Accounts payable
(principally
current obligations)
447,525 Equip, purchase obligations.
429,911 1st mortgage serial 6% gold
re¬
....
surrender
Land
1935)
30, 1937
Liabilities—
Cash
Accts.
$130,907
104,410
1, 1937(since Aug. 31, 1935)
Balance Sheet June
life
$257,070
34,914
bonds maturing in one year
taxes & interest (incl.
49,000
4,350 Accrued
x942,226
—
Plant structures, machinery &
equipment
Federal taxes
Trust
y650,448
Goodwill, pats. & trade mks.
1
-
35,069
deed
maturing
1st
mtge.
on
income)..
82,024
note
payable,
1938-1946
29,673
serial
6%
gold
bonds, maturing 1938-1943
348,500
Res. for workmen's compensa¬
tion
Insurance, &c
58,457
Common stock
Capital
zl.000 000
2,314,989
$1.35
provision for surtax
on
undistributed profits.
surplus
468,598
Earned surplus (since
Aug.31,
1935)
$2,563,553'
Total
235,317
Total
$2,563,553
x After
reserve for depreciation and revaluation of
$881,562.
y After
for depreciation and revaluation of
$1,012,949.
z Represented
by 1,000 no par shares.—V. 143, p. 2359.
reserve
(Sidney) Blumenthal & Co., Inc.- -Earnings—
3 Months
Period Ended—
Operating profit
Depreciation reserve
$86,494
$59,535
144, p. 2988.
1937
(InCu.Ft..)—
January.... .1,196,712,000
February— .1,096,227,000
March
-1,205,530,000
April
-1,045,588,000
994,206,000
May
June
901,039,000
July
805,845,000
—V. 144, p. 3829.
—
.
-6 Months-
July 3. '37
June 27, '36 July 3, '37 June 27, '36
$15,339
$38,307 loss$10,620
$60,431
101,833
97,842
201,878
195,685
Net loss
-V.
-
$1,295,513
Boston Consolidated Gas Co.-
stock
outstanding
Earnings per share
579
$718,693
117,370
7,512
Oth. chrgs. (incl. amortiz,
of debt. disc. & expense
.
289
$576,820
1,322,395 shares
capital stock (no par)
x Before provision for surtax
$3,168,213
140,245
Other interest
Prov. for Fed. inc. & cap.
stk. taxes (curr. period)
Earned surplus Jan. 1—
289
4,355,155
$4,797,850
146,283
166,998
Gross income
104,651
110,629
-----
Deferred charges
$4,793,734
4,116
Interest
Includes
298,354
$1.73
on
$3,906,666
2,559,618
insurance policy
Beneficial Industrial Loan Corp.
x
$577,174
$2.04
(& Subs.)—Earnings—
Net sales
«
common
$765,039
365,457
Note—No mention is made of any provision for Federal surtax
tributed earnings.—V. 144, p. 3323.
Earned surplus, June 30,
270.
p.
Bigelow-Sanford Carpet Co., Inc.—Interim Dividend—
Shares
1937—9 Mos.—1936
$4,568,201
$3,393,012
Cost of sales &
fixed
charges
of the
Subs.)—Earnings—
income
Pennsylvania income taxes, &c
Federal income taxes, &c
Minority interest
Period End. June 30—
1937—3 Mos.—1936
1937—12 Mos.—1936
Telephone oper. revs.._$17,409,299 $16,482,618 $67,483,752 $62,939,561
Operating expenses
11,759,935
11,065,383
45,526,340
43,754,495
avail,
168,288
$0.46
Period End. June 30— 1937—3 Mos.—1936
r
$1,767,855
$1,261,839
Net profit after int., de¬
Gross profit
749.
Net
72,396
$0.19
Net sales
Other income
for depreciation and obsolescence of $1,398,512 in 1937
Bell Telephone
x
95,893
$0.26
—V. 144, p. 4169.
Total income
x
$414,570
for
res.
1
.....
Total
$184,599
Fed. inc. tax but before Fed. surtax
on undistributed profits
Net profit per share
Blaw-Knox Co.
116,258
1,757,200
146,502
1
.
-3 Months—6 Mos.—
Mar. 31,'37 June 30,'37
97,950
accts. receivable
$215,722
$229,971
Earnings
Other liabilities
$299,259
June 30, '37
Gross income
taxes, &c
Shares com. stk. (no par)
in
1937—6 Mos—1936
$97,644
Bishop Oil Corp.—Earnings—
25,394
62,896
3 Mos.—1936
$150,904
Period—
228,651
...
balauoes
Co.—Earnings—
1937
—V. 145, p. 271.
50,558
535,831
151,773
Fixed assets
Deferred charges
250,323
212,786
663,679
affil. companies.
Other assets
Electric
but before Fed. taxes.
Div.
under
dep.
Birtman
Period End. June 30—
Profit after deprec., &c.,
170,649
expenses,
Accrued taxes.
Credit
&
Merch. inventories 2.080,221
notes
$100,000
wages, &c._
-
accts.
June 30,'36 Dcc.31,'36
Notes pay .to banks
Accts.
payable...
Accrued
&
notes
Accts.,
Liabilities—
The New York Curb Exchange has approved for listing 8,000 additional
common stock, no par, upon official notice of issuance.—V.
144, p. 3488
shares
1936
1,287,421,000
1,256,310,000
1,112,924,000
1,047,968,000
989.842,000
890,864,000
817,742,000
$212,498.
$135,254
■Monthly Output—
1935
1,346,975 ,000
1,153,085 ,000
1,152,477 ,000
1,039,210 ,000
1,009,712 .000
897,530 ,000
792,302 ,000
1934
1.172,408,000
1,171,444,000
1,126,368,000
988,598,000
985,750,000
879,667,000
784.460,000
Financial
934
Borg-Warner
Subs.) —Consolidated
(&
Corp.
Customers'
9,874,696
3,198,331
8,247,337
4,905,045
Res.
,045,215
receivable
41,983
26,952
1,397,451
Cust. notes receiv.
297,149
560,004
813,405
1,605,707
225,049
222,955
&
&
royalties
other def. inc
86,891
48,028
Mat'ls, supp., Ac.11,146,218
Prepayments
152,383
7,669,537
105.701
receivable
Net inc. after all charges
x
Surplus
$1.70
$0.76
$0.57
deducting estimated provision of
$1.71
$8,400 for 3 months and $27,657
undistributed profits.
For the 12 months ended June 30, 1937, consolidated net earnings, after
all charges and after estimated Federal income taxes, including a provision
of $63,196 for undistributed profits surtaxes, were $2,267,826, or $3.30
per share on the outstanding snares.—V. 144, p. 3166.
Buffalo
1,380,000
yl2 ,309,270 12,308,860
,475,273 21,590,183
25
...
Com. stk. outstg
per
After
for 6 months for surtax on
846,520 :
7% pret. stock
Cpar$5)_
share
Shs.com. stk.
Earnings
mainten.
Refrig.
fund
Other notes & accts
5,189.785
,299,680
Fed.
for
Adv.
traveling advs. &
accts.
accrued expenses
Dona, tax
Empl. and officers
1936
S
payable and
Accts.
Special reserve
accts.
less reserves
rec.
Liabilities—
$
$
6,074,037
3,468,958
securs
1937
$
1936
1937
Marketable
1937—3 Mos.—1936
1937—6 Mos—1936
x$394,627
$519,464 x$l,171,925
$1,179,350
686,378
687,053
686,378
687,053
Period End. June SO—
Assets—
7, 1937
(& Subs.) —Earnings—
Bristol-Myers Co.
Balance
Sheet June 30—
Cash
Aug.
Chronicle
Niagara
Electric Corp.—Earnings—
Earningsthe 3 Months Ended June 30,
Operating revenues
Operating revenue ded> 'iions
1937
$5,020,261
3,574,629
Accrd. int. & divs.
receivable
Due
from
11,018
17,731
412,101
690,790
of
Deductions
from
gross
540,132
income
other
companies, &c_. 2,297,820
2,503,220
Prop..plant & eql5,031,443
13,881,409
Good-will & pats..
Net
x After
deprciation of $14,184,989 in 1937 and $14,483,026 in 1936.
Represented by 2,461,854 shares $5 par.
z Includes common stock
only in 1937 and common and preferred stock in 1936 of Borg-Warner Corp.
earnings for the 6 months
page
Boston Edison
865,000
48,300
3,460,000
163,554
3,460,000
rents
Interest and discount--.
1,478,900
159,024
6,205,420
$1,586,396
92,403
$7,602,516
199,032
$7,756,659
243,549
$1,742,890
26,407
548,736
Gross income
Miscellaneous
1937—12 Mos.—1936
$7,431,858 $32,322,363 $31,098,902
3,453,262
14,895,403
14,072,016
$1,657,089
85,801
Net operating income.
Non-operating income..
prov.
undist.
on
$1,678,799
$7,801,548
84,196
2,200,951
$8,000,209
87,257
2,999,530
22,294
644,821
5,646,673
Shares
common
1,112,289
stock
$0.14
Earnings per share
Income balance
$1,167,747
$1,011,684
$4,913,422
$5,516,401
Boston Woven Hose & Rubber Co.—To
Pay $2 Dividend
the common
The directors have declared a dividend of $2 per share on
of record Aug. 10.
A
being the first dividend
paid since Nov. 1, 1934, when a special distribution of 75 cents per share
was made.
A dividend of 50 cents was paid on March 15, 1932
and on
Dec. 15
1931; $1 per share was paid on Sept. 15 1931 and dividends of
$1.50 per share were distributed previously each three months.—V. 144,
p.
1,355,506
6,696,486
10,979,301
8,554,132
3.079,743
22,613,176
2,450,000
1,523,791
1,542,730
5,516,521
4.18
4.10
14,403,778
10,689,902
—.-—2,877,938
27,971,618
Cash
Total current assets
Notes payable
3,850,000
1,490,980
Accounts payable
Other current liabilities
—-
—
Total current liabilities
liabilities
comparising the figures for the two periods, allowance must be made
for the fact that the proceeds of the recent issue of preferred stock were
used to retire the entire outstanding debenture and mortgage indebtedness,
In
and in addition gave company
$2,609,818 fresh working capital.—V. 144,
3324.
p.
no
3662.
Butte
Copper & Zinc Co.—Earning
-
$22,108,750
17,458,688
987,548
176,281
234,856
20,291
1,160,993
45,579
Provision for doubtful accounts
33,610
$15,385
x 1,578
$8,662
$34,992
13,210
$16,963
8,826
$9,879
5,741
$21,782
$8,137
$4,137
$0.04
$0.01
Net income
Earns, per sh. on 600,000 shs. (par
$0.01
been made in this report in connection with the
undistributed profits.—V. 144, p. 3167.
California Oregon Power
90,131
,
dividends.
Note—No provision has
$2,024,515
manufacturing
$5)
capital stock
Includes
Co.—Earnings—
1937
1936
$4,619,649
1,813,708
$4,226,179
xl ,683.522
res.)— $2,805,941
1,304
workDr48,230
$2,542,657
12 Months Ended June 30—
$2,114,646
Total gross income
Provision for market fluctuations of normal inventories
93,595
2,160
184,835
325,000
Interest expense
Discounts allowed
Provision for Federal & State income & excess profits taxes
$1,509,056
Net profit
$0.47
Earns, per share on 926,990 shares capital stock (no par)
Note—The above statement does not include any provision for Federal
surtax on undistributed
profits.—V, 145, p. 7503
Operating revenues
Operating expense, maintenance and taxes
Net oper. rev. (before approp. for retire,
Miscellaneous non-operating revenues
1937—6 Mos.—1936
Net oper, rev. & other income
retirement reserve/
Operating revenues
Operating expenses
Maintenance
Retire. & replace, exp
Federal income taxes..
_
Other taxes
Rent for lease of electric properties.
$2,253,368
8,443
$2,333,247
9,437
$4,927,434
17,545
$5,036,901
19,315
deductions
$2,261,811
1,255,000
$2,342,684
1,255,000
$4,944,979
2,510,000
$5,056,215
2,513,394
86,834
Total
100,776
251,097
256,976
$919,977
31,313
$986,908
31,042
$2,183,882
62,673
$2,285,845
in suspense
Net inc., excl. int. on
revenues in suspense.
$951,290
$1,017,950
$2,246,555
$2,348,599
_
ducting
revs,
Int.
int.
62,754
%
Note—No provision has
final
income
tax
been made for Federal income taxes or surtax on
the company will claim as a deduction in
the unamortized discount and expense and
return
redemption premium and expense on bonds and debentures redeemed in
1936 which will result in no taxable income.—V. 145, p. 271.
Canada Northern Power Corp.,
Net earnings
—V. 145, P. 429.
Ltd.—Earnings—
1937—Month—1936
$415,349
$375,044
247,149
230,419
1937—6 Mos.—1936
$2,413,846
$2,246,983
1,433,017
1,397,384
Ltd.—Accumulated Div.—
The directors have declared a dividend
of $6 per share on account of
the 6H % cum. pref. stock, par $100, payable
to holders of record Aug. 20.
This compares with $2 paid on June
accumulations
on
de¬
on
$1.24
$1.33
$2.93
$3.07
in susp.
.04
.04
0.8
was
distributed.—V. 144,
.08
p.
2988.
Earnings for 6 Months Ended June 30,
1937
$715,178
Profit from operations
Net
inc.,
on revs,
excl.
int.
in susp..
$1.28
$1.37
$3.15
$3.01
Total income
Provision for
Buffalo, Niagara & Eastern Power Corp. (& Subs.)—
Gross income
Deduc'ns from gross inc.
Balance
Divs.
on
Net
x
1937—12 Mos—1936
$8,274,259 $37,496,125 $32,417,717
x5,022,813
23,269,860 x19,823,328
1937—3 Mos—1936
Operating revenues
$9,530,323
Oper. rev. deductions.6,109,892
Operating income
Non-oper. income, net__
1,420,431
1,482
1,251,447 $14,226,265 $12,594,389
4,665
23,978
23,417
$3,421,914
1,155,519
$3,256,112 $14,250,243 $12,617,806
1,318,087
4,868,320
5,240,393
$2,266,395
$1,938,025
$9,381,923
pref. stk. of sub.
income
$2,266,395 x$l,938,025
$7,377,413
48,632
depreciation
Provision for Dominion and
profits under the 1936 Federal income tax law.—V. 144, p. 3324.
_
______ rir r
_
provincial income taxes
$718,255
110,308
30,749
2 540
97,692
a$476,966
Net profit
a Estimated.
the dollar value of sales was 75% greater
Unfilled orders on the closing day of the
quarter were 144% higher than a year ago.
Although the second half year
is not expected to show the same relative improvement over the same
period in 1936, nevertheelss, a continuance of present volumes is anticipated
for the remainder of the present year.—V. 144, p. 2988.
For the half year just closed
than for the like period in 1936.
Canadian National
Rys.—Earnings—
Earnings of System for Week Ended July 31
1937
Changed to give effect to major adjustments made later in the year 1936.
undistributed
-
Executive renumeration and legal fees
Directors' fees
$9,381,923 x$7,328,781
Note—No provision has been made for possible surtax on
3,077
Income from investments
—V. 145, p. 271.
Period End. June 30—
Sept. 7
18, last;
$1.75 paid on March 20 last; $2.75 on Dec. 23, 1936 and $3.25 per share
paid on Oct. 1, 1936, this latter being the first payment made on the stock
since Dec. 15, 1932, when a regular quarterly dividend of $1.62H per share
in suspense.
on revs.
$774,724
undistributed profits for 1936 as
Canada Wire & Cable Co.,
Earns, per sh. based on
745,364 shs. issued &
outstanding:
Net inc., after
986,849
22,523
168,369
13,800
'
Including $100,004 for amortization of extraordinary operating expenses
Gross earnings
ing interest on revs, in
on revs,
16.895
Net income
Period End. June 30—
Net inc., after deduct¬
suspense
$2,206,183
239,918
Other income deductions
its
on long term debt__
Other interest & miscell.
$2,459,015
238,151
844,913
45,047
203,005
$1,111,004
Interest charges (net)
Amort, of preliminary costs of projects abandoned
Amortization of debt discount and expense
x
Int.
$2,506,183
300,000
deferred in 1931.
Income applic. to cor¬
porate property
$2,759,015
300,000
Gross income
$11,235,005 $11,015,736 $22,149,762 $21,935,486
11,458,379
11,325,468
5,926,062
5,780,061
1,689,684
841,019
881,418
1,741,735
709,637
721,254
367,979
370,526
275,076
27,200
115,150
142,350
2,765,909
1,520,229
3,318,720
1,807,281
Other income (net)
(before approp. for
Appropriation for retirement reserve
1937—12 Mos.—1936
4,492
Dr40,966
Inc. from merchandising, jobbing & contract
Brooklyn Union Gas Co.—Earnings—
Period End. June 30—
1,216
12
Total
surtax on
Net profit from trading or
Other income
32,739
$33,226
xl,754
Administrative expense and taxes
x
1935
34,687
Receipts from lessee, operator of co.'s
properties
Interest received
Earnings for 12 Months Ended June 30, 1937
Gross sales, less returns, allowances and delivery expense
Cost of goods sold
Maintenance and repairs
Depreciation
Taxes (other than income taxes)
Rents (outside offices)
Selling, general and administrative expenses
1936
1937
3 Months Ended June 30—
ore settled for
Tons of
Profit on sale of sec. (net)
Bridgeport Brass Co.—Earnings—
Int.
1936
$21,275,132 $17,096,655
-—
Merchandising inventories
Accounts receivable
par value, payable Aug. 20 to holders
similar amount was paid on Nov. 5, 1936, this latter
stock,
$106,060
1,109,429
$0.10
Consolidated Working Capital Position June 30
1937
Net working capital
Ratio to current assets to current
—V. 145, p. 750.
$529,078
1,112,289
$0.29
$146,923
1,109,429
$0.13
$263,610
prop
865,000
38,815
1,532,621
Taxes accrued
inc.
before
surtax
1937—6 Mos.—1936
1937—3 Mos—1936
int.,
Fed.
&
but
tax
for
1937—3 Mos.—1936—
3,706,248
Uncollectible revenue
after
income
deprec.
ended June 30 were published in the
$7,799,773
Operating revenues
Operating expenses
Depreciation
Bros.—Earnings—
Butler
Period End. June 30—
Net
750.
Co.—Earnings—
Period End. June 30—
has been made for possible surtax on undistributed
law.—V. 144, p. 4335, 4170.
profits under the 1936 Federal income tax
48,761,012 43,110,894
Total
y
"Chrinicle" of July 31,
$906,065
income
Note—No provision
/137,065
122,998
48,761,012 43,110,894
Total
The
$1,445,632
565
$1,446,197
Gross income
Stocks, bonds &
notes
x
—
25,609
Deferred charges..
z
Operating income
Non-operating income, net
closed
banks
Gross earnings
—V.
145, p. 751.
1936
$5,680,737
$5,179,801
Increase
$500,936
Volume
Financial
145
Canadian Malartic Gold Mines,
3
Tons
Ltd.—Earnings1936
1937
61,004
Months Ended June 30—
ore milled
28,444
$274,975
3,720
Metal production (net)
Operating costs
Admin, and general expenses—Toronto office
$160,062
2,230
$271,255
138,469
7,097
Met production (gross)
Marketing charges-
Chronicle
$427,078.
(2) Cumulative dividends unpaid at June 30, 1937, aggregated
$5,124,942 or $18 per share on the outstanding preferred stock. A dividend
of $1 per share was
paid on June 15, 1937. (3) No provision has been made
for Federal undistributed profits tax.—V. 144, p. 3491.
$157,831
122,611
5,456
935
Central Illinois Light Co.—Earning
Period End. June 30—
x
Oper. exp. and taxes..
Prov. for retire,
$29,764
21,958
$125,689
19,853
Operating profit for period
Capital expenditure
figures no allowance has been made
depreciation, and deferred development.—V. 144, p. 2988.
the
Note—In
for taxes,
above
Canadian
Ry.—Earnings—'■**-
Pacific
Divs.
V
Carman & Co.,
The directors
of
$3,883,000
$159,000
accumulations
the
on
$2
a
dividend of $1.50 per share on ac¬
conv. class A stock,
par $100,
Carolina Power & Light Co.
for
lease
$377,743
$2,049,208
684,430
$59,705
$1,544,528
$1,364,778
133,119
$447,761
1,202
$337,674
2,742
$448,962
81,162
$340,415
68,663
$367,801
298,845
Maintenance
$1,607,817
1,114,154
47,823
7,813
100,353
$271,752
5,332
accounts.
Net oper. revenues before prov. for retirements..
Non-operating income
■
$322,283
$5,022,393
$4,243,030
income
before prov.
for
retirements.
205,657
Provision for retirements
i
17,145
17,050
205,605
$360,598
12,581
$305,233
11,621
$4,816,788
33,382
$4,037,373
32,676
$373,179
191,667
10,121
$316,854
191,667
$4,850,170
2,300,000
69,450
$4,070,049
2,300,000
57,709
(net)__
Interest
Federal & State
548
mortgage bonds.
Other int. & deductions
on
.
5,185
Int. charged to construe,
1,569
(credit)
$1,712,340
$2,482,289
$171,391
$120,002
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Net income...
1,255,237
$1,227,052
Balance..
1,255,237
$457,103
Regular dividends on $7 and $6 preferred stocks were paid on April 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 July 1, 1937.
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. 751.
x
Celluloid
$68,408
directors
The
have declared
dividend of $2
a
per
share on account of
accumulations on the 7% 1st partic. pref. stock, par $100, payable Aug. 30
to holders of record Aug. 16.
A like payment was made on April 30 last
and on Dec. 19, Oct. 16, June 12 and Feb. 20, 1936, this latter being the
first payment
made
the issue since Dec. 1, 1930, when a regular quar¬
on
terly dividend of $1.75 per share was distributed.—-V. 144, p. 2471.'
Central Illinois Electric & Gas
Maintenance
issuance
of $1,675,000
principal amount of first mortgage bonds, 4K%.
series
B, due June 1, 1957, a 20-year 5% unsecured note, due June 1,
1957 in the face amount of $1,625,000 and 4,000 shares of common capital
stock
without
The
value.
par
above
511,182
$2,107,475
1,420
10,826,465
($100 par)
500,000
500,000
Common stock..
4,648,970
4,018,970
1,281,000
1,281,000
6cum.
stock
3
4
Special deposits
17,877
1,356
Cash
77,125
1,024
67,017
Notes receivable..
Accts. receivable..
291,968
1,566
209,674
Due from affil. cos
2,300
2,354
164,581
87,030
Merchandise,
1938
Liabilities—
Prop., pit. & equiplO.887,099
ma¬
542
2,843
20.538
14,730
a
$
pref.
1st mtge. bonds:
5% series A
4H% series B__ 1,675,000
20-year,
5%
un¬
secured note.... 1,625,000
Due
to
parent
affiliated
Gross income before prov. for retirements
$2,108,894
$350,002
$1,935,556
$300,000
Service
$1>,758,892
849,465
Def.
$1,635,556
852,040
5,179
Gross income
'
Interest.
—-
Amortiz. of debt discount & expense on
Federal and State taxes
on
6% bonds-^'5,179
debt interest
11,187
'$893,061
779,541
Net income
Dividends
on
stock
common
11,610
....
$766,726
801,813
Note—No provision was required for Federal surtax on undistributed
profits for the year ended Dec. 31, 1936.
Federal surtax on undistributed
profits for the calendar year 1937, if any, is undeterminable at June 30,1937
and no
provision therefor has been made.
—.11.463,060
1937
Liabilities—
$
$
Prop., plant & eq.27,098,532 28,186,526
Misc. investments
2,942
5,140
Sinking fund and
y
Common stock..
Funded debt
$
7,424,200
7,424,200
16,736,000
16,700,000
Accounts payable.
Consumers'
1936
$
232,394
40,380
dep..
124,739
Central
Accrued accounts.
609,030
558,561
Notes receivable..
11,213
13,990
13,808
16,874
Accts. receivable..
486,917
549,824
Serv. exten. dep..
Def. credit items..
584
375
179,399
2,741,737
4,003,963
Due from affil.
cos.
supplies
483,693
353,492
176,867
...
177,421
Capital surplus.
Earned surplus
312,950
6~37~034
525,469
28,662,342
30,018,060
28,662,342 30,018,0601
Central Illinois Public Service Co.PeriodEnd. June 30—
Operating revenues
Oper. exp. and taxes
.11,463,060
11,213,038
290,756
$798,594
601,217
$777,032
615,628
$94,306
$63,050
$197,377
$161,403
1
8
4
11
$94,307
60,238
$63,058
62,115
$197,381
121,399
$161,415
124,931
Gross income
on
funded debt
430
511
884
3,684
1,152
7,424
534
135
1,701
7,654
1,149
$29,420
interest
i
1937—6 Mos—1936
$353,805
def$855
$65,971
$26,674
—
1,006
*
Amortiz. of bond disC't &
expense
—
Taxes assumed on int
inc.
Net
before
__
pref.
.
dividends
.
Notes—(1) Dividend requirements at full cumulative rates for a three
months' period on preferred stock outstanding June 30, 1937, amounted to
$21,027.
(2) Cumulative dividends not declared or accrued on the books
at June 30, 1937, aggregated $183,986 or $15.31^
per share on the 7%
and $13.12H per share on the 6% preferred stock.
(3) No provision has
been made for Federal undistributed profits tax.—V. 144, p. 4000.
1937—3 Mos.—1936
A total of $275,000 4% % s.f. debentures due 1950 have been called for
redemption on Sept. 1 at 105 and accrued interest.
Payment will be made
at the Chemical Bank & Trust Co., 165 Broadway, N
Y. City.—V. 145,
p.
272.
Certain-teed Products Corp.
funded debt.
(net)..
expense
1937—6 Mos.—1936
$3,019,170
2,107,972
$2,883,678
2,063,393
$6,117,187
4,270,501
$5,800,850
4,057,523
$911,198
1,637
$820,285
11,825
$1,846,687
$1,743,327
25,621
$912,835
579,885
5,719
$832,110
583,387
5,528
.,849,789
,159,919
10,906
$1,768,948
1,174,920
27,978
55,520
(less dicounts
and allowances)
$4,643,747
3,229.513
Cost of sales
Maintenance and repairs
197,517
119,636
Deprec. of plant & equip.
$7,827,290
5,830,035
294,083
225,186
5,189
2,376
8,824
3,978
ministrative expenses.
841,716
745,807
1,607,232
1,443,835
Net operating profit -Miscell. income (net)...
$250,175
73,999
$184,456
22,233
$378,232
87,775
$30,173
35,025
debt.
$324,174
131,068
$206,689
131,277
$466,007
262,135
30,050
4,200
33,800
$163,056
$71,211
sources
general
11,146
&
Interest on funded
expenses
Taxes assumed on int. &
17,138
miscellaneous deduct.
12,288
ad¬
17,138
34,277
34,277
and
10,800
24,120
capital stock faxes
Net profit
Note—Based
$187,278
$565,046
$65,199
,
262,555
8,400
21,600
pref.
$270,057
.
Prov. for Federal income
'
$470,595
Notes—(1) Dividend requirements at full cumulative rates for a three
months' period on preferred stock outstanding June 30,1937, amounted to
$8,712,844
6,103,695
377,271
237,590
56,409
3,102
of pref. stock
selling commissions &
before
1937—6 Mos.—1936
$4,195,760
2,988,670
156,845
117,606
Depletion of natural re¬
Amortiz.
dividends
(& Subs.)—Earnings—
1937—3 Mos.- -1936
Gross sales
Amortiz. of bond disc. &
inc.
Total.
111,731
$365,909
271,603
Net operating income _
Selling,
Gross income
Net
8
1,115,836
items.
1937—3 Mos.—1936
Period End. June 30—
-Earnings—
27.748
Net operating income.
Other income (net).
on
4,650
1,157,020
43,323
credit
oil
Champion Paper & Fibre Co.—Debentures Called—
Total
x The balance of capital surplus as of June 30, 1936
(arising from values
assigned to property and franchises at the time of reorganization in 1931)
was exhausted in 1936 by charges representing correction of the 1931 valu¬
ation and portion of going concern value applicable to railway property
retired,
y Represented by 74,242 no par shares.—V. 144, p. 3491.
Interest
133,543
5,265
1,405
Def. debit items..
General interest
163,116
Co.—Earnings—
Other income (net)
189,151
Cash in closed bks.
Total
Reserves
x
Merch., matls. and
Power
Operating revenues
Oper. exps. & taxes_i.
111,295
679,974
126,695
Represented by 54,000 no par shares in 1937 and 50,000 no par shares
144, p. 2989.
Period End. June 30—
151,325
5,510
393,884
special deposits.
Cash
11.213,038
14,154
126,213
134.664
in 1936.—V.
Genera
1936
1937
aH sscts
a
4,003,700
,3,427
212,317
extension.
Deficit
Int.
Balance Sheet June 30
100,371
deposits
Total..
Provision for retirements
&
cos
Notes payable
Accounts payable.
Consumers' dep
Accrued accounts.
$1,933,010
2,545
before prov. for retirements.
Non-operating income (net)
the retirement
1937
1936
$
Reserves
Net oper. revenues
reflect
Balance Sheet June 30
1937
Asset-?
$4,448,418
1,811,249
229,483
14,482
460,194
Fed. inc., 1937, $76,767; 1936. $58,878)
statements
of the demand notes and the issuance of the new securities as of June 1,1937.
1936
284,203
6,887
—
Uncollectible accounts
Taxes (incl.
principal amount of demand notes
affiliated company, authorized by the Public Service Com¬
on June 8, 1937, was accomplished by the
Def. debit items—
1937
.
Operating revenues
Operation
an
mission of the State of Indiana
terials & supplies
$4,862,255
1,952,508
Years Ended June 30—
1932 to June 30, 1937.
The refunding of $3,930,000 aggregate
payable to
Appl. on rental
Co.—Earnings—
loss$36,125
Nites—(1) No provision was required for Federal surtax on undistributed
profits for 1936.
Federal surtax on undistributed profits for the calendar
year 1937, if any, is undeterminable at June 30, 1937 and no provision there¬
for has been made.
(2) Dividends aggregating $162,500 are in arrears
on the 6 H
% cumulative preferred capital stock for the period from July 1,
Miscell. investm'ts
Corp.—Accumulated Dividend—
307,303
575
taxes on bond interest.
Net income
Gross income
x
1936
1937
$2,047,522
1,410,459
50,851
of plant
Operating income
Other income (net)
Int.
841,536
Central Indiana Gas Co.—Earnings—
Years Ended June 30—
Gross
Net oper. revenues
Rent
$2,046,136
501,608
-1936
$980,146
512,403
90,000
Operating revenues
Oper. ex. (incl. taxes)
Prop, retire, res. approp.
$110,737
51,032
Includes provision for Federal surtax on undistributed profits for 1936.
Uncollectible
Taxes.
-Earnings—
-1936
1937—12 Mos
$835,893 $11,641,151 $10,212,118
5,009,088
433,610
5,648,758
960,000
80,000
970,000
1937—Month
...
$2,890,744
No provision has been made for such tax in 1937.
y Includes, effective as
of July 1, 1936, amortization of preferred stock premium, discount, com¬
cum.
payable Sept. 1 to holders of record Aug. 14.
This compares with 50 cents
paid on June 1 and on March 1 last; $1.50 paid on Dec. 18, 1936, and divi¬
dends of 50 cents paid on Dec. 1, Sept. 1, June 1 and March 7, 1936.
A
dividend of $1 was paid on Dec. 1,1935.—V. 145, p. 430.
Period End. June 30—
x
$2,961,124
914,988
$86,886
pref. stock.
$212,679
101,942
mission and expense.—V. 144, p. 4338.
Inc.—Accumulated, Dividend—
Aug. 3 declared
on
1936
$4,042,000
939,600
$128,688
41,802
Increase
1937
count
on
Balance
$7,898,359
4,167,616
840,000
$8,583,752
4,683,028
$209,785
81,097
Int. & other fixed chgs.
Net income
Earnings of System for Week End& tfuly 31
Gross earnings
—V. 145, p. 751.
reserve.
Gross income
y
1937—12 Mos.—1936
1937—Month—1936
$665,835
$606,318
373,450
318,639
82,600
75,000
Gross revenue
portion
on
the
accounts
submitted by
Sloane-Blabon Corp.,
the
income of that company applicable to Certain-teed
Corp.'s investment therein amounted to $39,708 for the second
of the net
Products
$170,072 loss$205,756
quarter and
$54,720 for the first six months 1937.
Financial
936
June
Assets—
a
June
30,'37 Dec.31,'36
$
$
Liabilities—
•
30,'37Dec.31,'36
$
Lands,bldgs.,ma¬
chinery & equip. 7,353,600
Gypsum deposits 3,502,704
899,103
$
7,306,930
6% cu,. pf. stock.
b
7,367,735
3,511,528
899,103
c
2,698,030
223,624
2,222,725
Other investments
47,098
77,902
Statutory deposits
rec.
Advances secured.
Inventories
Divs.
closed
in
in
194,437
Exp. paid In adv__
15,000
15,000
Appropriations for depreciation reserves..
2,338,188
473,434
2,361,906
Interest
20,990,088 20,820,676
Corp.—Earnings—
x$6,575
$3,816
$2,946
$1,449
640
504
37
326
278
158
120
m.
-
-
-
-
10
310
301
109
118
165
$5,624
$3,156
$2,072
Loss from
Sales of securities
Cost of securities sold—
x
$34,192
53,743
$13,614
17,667
$11,208
10,431
$19,551
$4,052
prof$777
$954
Surplus Account June 30, 1937
Def. from
Capital
Security
Current
$537,453
$348,979
Surplus
$13,322
5,624
$537,453
$348,979
$18,946
Transactions
Surplus
Balance April 1, 1937
Current net income
Total
954
Loss from security transactions
3,567
5,000
pref. stock paid May 1,1937stock paid May 1,1937.
on
Div.
on com.
Balance Sheet June 30
$2,361
$4,818
380,141
Cash
322,420
1936
1937
Liabilities—
1936
1937
Assets—
Unclaimed divs
$292
------
Reserve for taxes.
75
Accounts payableNote payable
50,000
Prepaid interest..
82
Res. lor
9,029
11,999
$11,717
Accrued int. rec—
at
Investments
a
cost
Before
x
divs.
on
14,268
98,775
10,000
_
Common stock—
------
98,775
10,000
537,453
539,768
349,933
Capital surplus
350,938
Deficit from secur¬
ity transactions.
10,379
8,314
$382,659
a
Total
...
1937 ($425,896 in 1936).
b 2,195 shares
share,
c 100,000 shares at stated value of
Market value, $473,696 in
stated
at
$327,238
$382,659
of $45
value
10 cents per
per
Coca-Cola Co.—Earnings—
Shs.
stock outstd'g
com.
share
per
$8,137,773
$2.75
$2.03
$1.37
share in
share on the 6%
holders of record
Paul & Pacific RR.—Equip¬
ment Trust Issue Sold—
associates were high bidder for $1,920,000
SH% equipment trust certificates with a tender of 102.444.
There were
three bids submitted.
Evans, Stillman & Co.; Harris Hall & Co., Inc., group bid 100.52.
Halsey, Stuart & Co.; A. C. Allyn & Co., group Did 100.065.
The certificates which will be secured by the pledge of 1,000 steel frame
gondola cars are to be dated Aug. 1, 1937, and mature in
instalments from 1938 to 1952.—V. 145, p. 752.
equal annual
Dividend Increased—
quarterly dividend of 75 cents per share
stock, no par value, payable Oct. 1 to holders of record
The directors have declared a
the
on
common
This compares with dividends of 50 cents per share previously
distributed each three months.
In addition, an extra dividend of $2 was
Sept. 11.
144,
15, 1936.—V.
paid on Dec.
p.
3493.
Colgate-Palmolive-Peet Co.—Block of Shares Offered—
A block of about 85,000 shares of common stock is being offered to dealers
by Eastman, Dillon & Co., according to reports in the financial district.
believed to be the largest block currently offered in the Street.
—V. 145, p. 753.
This is
Co.—75-Cent Special
Columbian Carbon
Commercial
Co.—Consolidated
Credit
1935
xl936
1937
A.ssets
banks$39,033,609 $33,575,646
accounts,
notes,
& indust.
lien obligations
88,823,910
49,294,160
Motor
lien
retail
1936
1937
$563,491
$255,442
13,800
depreciation
17,850
$273,292
50,000
50,000
106,000
66,000
31,000
27,000
i
Provision for Federal undistributed profits tax
$21,089,945 $16,758,327
53.902,987
41,700,951
40,741,905
29,918,711
24,554,528
127,306
804,810
118,530
828,150
252,485
541,335
11,600
472,908
64,747
188,469
44,411
131,985
55,950
134,513
52,345
128,672
4,797,101
2,958,613
1,854,270
793.930
408,329
253,689
341,344
4
4
350,000
foreign drafts
Sundry accts. & notes rec
Repossessions
in
co.'s
possession deprec. val.
Sundry securities
sec.
35,431,920
70,855,849
300,000
1,824,960
2,906,694
wholesale
lien
& acceptances..
Customers*
liability on
Inv.
32,803,648
122,170,305
168,127,271
of Amer. Credit
Indemnity Co. of N. Y
Treasury stocks
Deferred charges
5
Credit
for
608,405
Alliance Corp
Total...
Liabilities—
Unsec.short-term
Provision for Federal income taxes
1934
time
sales notes
Collateral trust notes
$577,291
^
Sheet
Balance
June 30—
Receivables
Profit from
Income from investments
Dividend—
special dividend of 75 cents per share in
$1 per share on the common
(v. t. c.) stock, no par value, both payable Sept. 10 to holders of record
Aug. 18. Special dividends of 50 cents were paid on June 10 and March 10.
last.
A special dividend of $1.25 was paid on Dec. 10, 1936; 50 cents was
paid on June 1, 1936; 40 cents on Dec. 2, 1935; one of 20 cents was paid on
Dec. 24, 1934, and a special distribution of 25 cents per share was made on
March 1, 1934.—V. 144, p. 3493.
a
addition to the regular quarterly dividend of
Furniture & fixtures
Chicago Railway Equipment Co.—Earnings—
6 Months Ended June 30—
operations after deducting manufac¬
turing, selling and administrtaive expenses
4,000,000
made for Federal surtax on undistributed profits.
Consolidated income account for the quarter ended June 30,1937, follows:
Gross earnings, $13,648,837; selling, general and administrative expenses,
$4,057,879; operating profit, $9,590,958; other deductions,
$554,984;
profit, $9,035,974; other income, $176,935; profit before taxes, $9,212,909;
provision for income taxes, $1,590,000; net income, $7,622,909; class A
dividends, $450,000; surplus applicable for common stock, $7,172,909.
notes
Provision for
3,991,900
$1.80
$5,477,706 $11,426,198
4,000,000
3,991,900
No provision was
x
Motor
Total income
1937—6 Mos.—1936
1937—3 Mos.—1936
Period End. June 30—
acceptances
July 31.—V. 138, p. 866.
Salomon Bros. & Hutzler and
on
Open
extra dividend of 50 cents per
addition to the regular quarterly dividend of 50 cents per
non-cumulative preferred stock, both payable Aug. 10 to
Chicago Milwaukee St.
surtax
Cash and due from
share.—V. 145, p. 431.
(A. W.) Chase Co., Ltd.—Extra Dividend—
The directors have declared an
corporate
Net profit after charges
and Federal taxes
$7,622,909
$327,238
Current surplus
Total.
the
The directors have declared
year's
pref. stk
b Preferred stock
c
for
provision
$679,710
321.920
$2.11
undistributed profits.
$1,230,186
321,920
$3.82
—V. 144, p. 3665.
------
one
1937—6 Mos.—1936
$361,279
321,920
$1.12
$633,960
321,920
$1.97
Earnings per share
$10,379
$349,933
$537,453
Balance June 30, 1937
Co.—Earnings
1937—3 Mos.—1936
Federal taxes, &c
Shs. com. stk. (par $1)__
x
Includes $150 interest income.
Div.
$6,990,545
for the 12 months ended
Net inc. after deprec.,
Earnings
Net loss from sec. tran
$7,327,989
..._
Cleveland Graphite Bronze
$704
Security Transactions
$18,408
19,362
—
3,145,883
for Federal surtax on undistributed profits
1936. No provision has been made for the
surtax for the six months ended June 30, 1937 and no provision for the six
months ended June 30, 1936 is included in the consolidated income account
for the 12 months ended on that date.—V. 144, p. 3493.
'
curr. surp.
i
Net income
-
10
142
Miscellaneous expense-
2,630
19,173
3,549,826
_ .
Note—The provision for Federal income taxes
x
1934
Taxes
13,193
Period End. June 36—
1935
Interest
funded debt
115,300
537,391
1936
Managers' commissions-
on
Other interest
payable
Total
1937
3 Mos. End. June 30—
$12,391,008 $11,679,065
1,500,000
1,520,833
Gross income.
Amortization of bond discount & expense
$7,797,253 in 1937 and $7,661,614 in 1936. b After
depletion of $147,405 in 1937 and $138,581 in 1936.
c Represented byshares of $1 par.—V. 145, p. 104.
Dividend income
--$12,279,321 $11,592,896
111,687
86,169
.
87*805
After depreciation of
Net inc. to
1936
June 30, 1937 includes $301
for the year ended Dec. 31,
20,990,088 20,820,6761
Chain Store Investment
Net-operating revenues
Non-operating revenues
829,485
3,366,803
112,188
3,366,803
Blabon Corp
a
Operating expenses, maintenance & taxes
829,085
200,000
Deficit
Sloane-
Total
Subs.)—
1937
$27,859,956 $25,817,676
15,580,636 14,224,780
101,097
Capital surplus
34,801
34,734
banks
Invest,
276,300
reserve
payable
1,464,859 Accounts
& accrued exps.
1,689,575
281,319 Notes payable
1,918,727 Taxes due & accr.
96,133 Prov. for Federal
cap. stk., tax
77,902
369,325
75,332
250,000
67,471
gencies
Other
Cash
Balances
174,609
(&
Co.
Illuminating
12 Months Ended June 30—
Total operating revenues
Reserve for contin¬
trade¬
marks, &c
Notes & accts.
611,500
9,529,500
174,609
625,340
9,529,500
Interest accrued..
at Marselles, 111.
Goodwill,
Common stock..
Electric
Cleveland
277,500
Funded debt
Water power rights
7, 1937
Aug 16 to holders of record Aug. 5.
Similar amount was paid on
May 15, last.
Arrearages after the current payment will amount to $5.25
per share.—V. 144, p. 3833.
7,030,130
Preferred stock
Timber limits
Aug.
Chronicle
able
Consolidated Balance Sheet
$345.522,448$251,266,046$158,235,731$135,115,019
1937
xl936
1935
1934
notes$167,294,341$153,435,500 $88,743,500 $73,399,900
2,360,000
Notes payable, secured.
375,181
2,520,600
28,513
_
10-year 514% debs
22£% debs, due 1942
3H% debs, due 1951
35,000,000
30,000,000
Conting.-liab. on foreign
$355,291
$165,292
profits tax is based
during the period.
These amounted to
As
% on the preferred stock in the 1936 and 3H % in the 1937 period.
of July 1,1937, the accumulations of unpaid dividends on the preferred stock
totaled 14% ($3.50 per share).—V. 145, p. 431.
Net
profit after taxes
Note—The above provision for Federal undistributed
on
payment of dividends declared
127,306
118,530
252,485
11,600
2,797,833
4,697,472
4,682,201
3,657,540
10,527,242
6,360,084
3,444,759
2,021,587
5,460,740
3,365,827
2,495,813
2,678,604
4,824,602
3,317,398
Res. for possible losses__
6,657,992
5,405,144
3.475,615
3,164,090
2,553,981
2,407,049
Amer. Credit Indemnity
Co.—insur. reserves
968,480
913,011
15,837,757
10.80*7*527
5,756,434
45,999
78,143
74.924
5
% ptef. stocks of subs
cum. con.pref.stk. 12,210,100
Pref. stock convertible.-
25,000,600
drafts sold
Manufacturers
& selling
agents accts. payable
credit balances
Sundry
accts. payable,
Fed. & other
incl.. all
taxes
Chicago Rock Island & Pacific Ry. —Earnings—
[Excluding Chicago Rock Island &
June
Gross from railway
Net from railway
Net
after rents
From Jan.
—
Ry.]
are
1935
1934
$5,859,554
1,156,923
442,920
29,512,247
36,736,598
34,654,169
2,210,922
4,196,702
2,537,353
671,102 def1929,958 def1669,907
30,914,480
4,644,238
516,869
1936
$6,320,342
763,219
def5,816
1—
Gross from railway
Net from railway
Net after rents.
—V.
Gulf
$4,857,465
27,850
def577,727
1937
$6,690,037
859,779
1,341,452
-
145, p. 752.
Clark Controller
only when receivables
are collected
Dealers'
participating
loss
reserve
Net profit after deprec.. Fed. inc. taxes,
before surtax on undistributed profits
155,273 shs.com. stock
Clear Springs
1936
1st pref. stock
Pref. class B 8%
conv. ser.
Earned surplus
Capital surplus
$309,121
$164,698
$1.99
$1.06
Water Service Co.—Accumulated Div.—
dividend of $1.50 per share on account
cumulative preferred stock, no par value, pay¬
have declared a
of accumulations on the *6
4J|%
Common stock
1937
&c., but
.
Res. for def. inc. & chgs.
Min. ints., subsidiaries__
CI. A
Co.—Earnings—
§ Months Ended June Z0—
The directors
ofCredit Alliance Corp.
365,316
Res.for exch.fluctqations
Chrysler, Chairman of the Board, announced on Aug. 2 the
election of three new members of the board of directors.
They are Owen
Skelton and Carl Breer, Executive Engineers, and Nicholas Kelley, member
of the law firm of Larkin, Rathbone and Perry, General Counsel to the
corporation.
Mr. Kelley was also elected a Vice-President of the corpora¬
tion.—V. 145, p. 753.
P.
Earns, per share on
—V. 144, p. 3833.
collected
Margin due specific cust.
_
Chrysler Corp.—New Directors—
Walter
—
due customers,
only when receivables
Margin
Total.
x
—
After
118,088
4,845,845
72,359
1,425,250
19,371,800
stock._
A stock.
yl8,417,400 y13,495,368
16,820,333
14,612,353
17,951,781
10,053,501
11,319,320
9,224,985
4,028,020
9,526,150
3,470,525
7,071,250
9,540,520
6,428,589
2,625,084
$345,522,448$251,266,046$158,235,731$135,115,019
stock
48,031
shares
giving effect to the issuance of 87,329 shares of common
and scrip between July 1, and July 21,1936 through the conversion of
shares of 5% conv. pref. stock and the retirement of 2,221 remaining
thereof,
y Represented by shares of $10 par value.
The earnings
for 6 months ended June 30 were
published in V. 145, p. 753.
Volume
Financial Chronicle
145
Coca-Cola International
3 Mos. End. June 30—
$1,077,577
1,027
831
$1,129,967
2,388
$778,641
2,267
$1,043,675
288,879
761,588
$1,075,719
289,734
787,764
$1,127,579
$776,374
334,815
795,040
xl70,428
608,127
Expenses.
Taxes paid
Net
2,155
income
Class A dividends.
Common dividends
Deficit
$2,181
$2,276
Com.
stock
Cola
Co
3,934,560
3,905,540
Reserve for Federal
965,780
962,930
Reserve for Federal
$4,917,7441
9,564,100
24,992,000
Capital
at depreciated
1,246,979
x Common stock
49,688,775
Com. stk. scrip.
2,331
7,200
22,695,384
3,953
$4.25
realizable val.
Marketable
sec
1,589,106
173,687
1,980,611
749,656
1,003,100
652,385
301,840
.
Credit
Dep. with Supt.
rec.
To
288,337
400,001
1,206.946
K
Angeles)—Stock Split—
Registration Statement Withdrawn—
on
7
7
Ltd.—Earnings—
1937—3 Mos.—1936
Quarter Ended June 30—
40,305
42,160
$352,500
$349,966
316,400
Operating profit (estimated)
Non-oper. rev., incl. profit from sale of securities..
..
Fed.
State
13,828,757
10,318,793
11,343,717
165,000
Deferred income 31,201,710
8,368,346
423,065
21,568,452
reserve.
Interest accrued
in cap. stk. &
surp.of8Ubs.
Earned surplus
$81,358
$58,302
—
Total
x
409,587,5921
610,330,007
610,330,007 409,587,592
Total
Represented by 3,312,585 no par shares in 1936 after deducting 64,098
shares held in treasury at a value of $961,470 and 2,836,923 no par shares
in 1936.
After deducting 190,335 shares held in treasury at value of $1,522,680.—V. 145, p. 603.
(& Subs.)—Earnings—
Period End. June 30—
1937—3 Mos.—xl936
Elec. light & power rev..$20,758,581 $19,541,056
Other oper. revs. (net)..
211,563
195,562
Total oper. revenues.
$20,970,144 $19,736,618 $43,427,839 $41,259,460
2,456,201
2,994,046
5,311,852
6,145,089
6,688,592
6,472,613
13,257,999
13,311,752
Maintenance
997,410
839,795
1,898,889
1,693,098
Provision for deprec'n..
2,099,126
2,057,603
4,168,529
4,112,976
State, local and miscell.
Federal taxes
Federal surtax
y
on
Net
Henry Ettleson, President, says in part:
Earnings—Combined net earnings amounted to $11,573,865, consisting
consolidated operations and $1,037,667 undistributed
net earnings of National Surety Corp., compared with $9,757,387 for the
first six months of 1936 (which figure did not include any earnings of the
National Surety Corp. because the stock of same was not acquired until//
later in the year).
No deduction has been made for surtax on undistributed
profits because it is too early to make an accurate forecast of either the net
earnings for the full year or the dividend policy which is necessarily related
6,379.315
1,320,848
6,136,105
1,103,806
225,608
..
143,233
475,396
338,616
$3,762,693 $10,615,012
1,675,570
608,102
$8,418,018
1,298,113
$4,370,795 $12,290,582
2,113,514
4,226,972
Cr37,647
20,924
$9,716,130
4,227,027
36,187
from utility
earns,
oper'ns
3,001,782
464,853
un¬
distributed income.
:
—
Common¬
wealth Edison Co..
$4,579,989
961,538
Other income
Consolidated net earns $5,541,527
on funded debt
2,113,486
Int.
Other interest
Amortiz.
debt
of
Cr25,925
(net)
disct.
...
175,819
175,782
351,631
351,565
Consolidated net inc..
Report
of $10,536,198 from
529,989
3,393,228
Federal income taxes
$3,278,146
$2,060,576
$7,749,626
$5,101,350
1,612,630
1,609,063
$2.03
$1.28
1,612,630
$4.81
1,609,063
$3.17
and expense
Commercial Investment Trust Corp.—Financial
Shs. outstanding at end
of period
Earnings per share
Earnings for 12 Months Ended June
1936
notes.$234,314,456 $206,572,499
Ind. instal. notes (sec. by products
other than automobiles)
71,470,350
37,832,772
Retail auto, instalment lien
Increase
$27,741,957
33,637,578
Wholesale automobile lien notes &
306,328,327
164,847,842
acceptances
Acc. rec. of factoring sub
Totals.
233,463,409
122,386,138
...$776,960,975 $600,254,818 $176,706,157
-
Dollar
Outstanding
at June 30
$89,406,501
instal. notes (sec. by products
50,286,720
sub
66,684,665
48,817,384
51,759,746
Who'sale auto.lien notes & accept.
Accounts rec. of factoring
33,716,240
.$532,157,603
Totals..
47,059,637
17,867,281
18,043,506
$359,780,678 $172,376,925
National Surety Corp.—Undistributed net earnings of National Surety
Corp. in the first six months of 1937, amounted to $1,037,667.
In the first
before the stock was acquired by corporation from the
Superintendent of Insurance of the State of New York, the net earnings
amounted to $908,410.
The net earnings so shown (for both periods) are
the sum of underwriting profit and investment income, less Federal tax
thereon, and do not reflect capital items including profits or losses on sales
of securities or changes in market value of investments.
six months of 1936,
Common Stock
Options—At June 30, 1937 there were outstanding options
to purchase from tne corporation 21,331 shares of common stock at an aver¬
age price of $40.87 per share, the lowest price being $29.17 per share.
All
such options expire prior to Jan. 1, 1942.
1937
of bills
counts
Net
and
income
after
1936
1935
$
1934
$
ac¬
776,960,975 600,254,818 539,324,877 437,789,307
purchased
Federal income taxes
Federal surtax on undistributed income
from utility operations—
Commonwealth Edison Co
3,629,096
1,839,421
843,407
Federal taxes
8,115,907
11,541,344
2,409,744
State, local and miscellaneous
338,616
Net earnings
$19,314,727 $16,781,436
3,413,006
2,422,785
Other income
$22,727,732 $19,204,221
8,453,927
8,477,190
Cr21,415
122,438
703,202
708,130
Consolidated net earnings
Interest on funded debt
Other interest (net)—
Amortization of debt discount and expense
—$13,592,018
1,612,630
per
end of period
$9,896,463
1,609,063
$8.43
Shs. outstanding at
Earnings
$6.15
share
The income accounts for the
3- and 6-month periods ended June 30,
30, 1937 and June 30, 1963
adjustments affecting the
1936 and for the 12-month periods ended June
have been restated to include allocations of
respective periods.
y The amounts accrued for Federal surtax upon estimated undistributed
income for 1937 applicable to the periods shown herein have been calculated
on the basis of dividend disbursements of $5 per share at which rate quarterly
dividends are currently being paid.
The amount of accrual for surtax
may, however, for the 1937 periods now reported be materially changed
depending upon fluctuating factors during the remainder of this year.
Stock
Split-Up Approved—
company's capital stock and issuance of sufficient
shares to acquire the outstanding common and preferred
A four-for-one split of
additional
new
Co. of Northern Illinois was approved by the Illinois
Commission on Aug. 3.
The approval was contingent upon the
stock of Public Service
Commerce
companies agreeing to $18,092,494
tions set-up prior to 1914.
write-downs in Public Service Co. valua¬
ordered the company to make an immediate write-down
of $5,000,000 to be charged to capital surplus and a further reduction of
$6,000,000 to be effected by annual or monthly charges against earnings
over a period of 25 years.
Further reductions were provided in case the
company's investments and advances are liquidated at a figure in excess
of their book value.
The companies accepted the decision.—V. 145, p. 106.
The Commission
Consolidated Income Accounts Six Months Ended June 30
Volume
3,603,137
8,294,925
12,534,581
Maintenance
Provision for depreciation
x
97,346,357
other than automobiles)
Operation
Consolidated net income
Xtictgo.SC
1936
1937
$316,366,835 $226,960,334
Retail auto, instal. lien notes
Ind
72,864,918
42,461.704
xl936
$85,145,539 $80,963,841
11,084,933
12,479,826
27,060,085 26,238,195
Total operating revenues
Power purchased
y
Volume
1937
30
xl937
$84,357,575 $80,199,871
787,964
763,970
Electric light and power revenue
Other operating revenues (net)
thereto.
After dividends on the preference stock, there remained net earnings
applicable to the common stock in the amount of $11,370,490, equal to
$3.43 per share on 3,312,585 shares outstanding in the hands of the public
at June 30, 1937.
This compares with $8,964,819 equal to $3.16 per share
on 2,836,923 shares outstanding in the hands of the public at June 30, 1936.
The increase in the number or shares outstanding was principally due to
the conversion of preference stocks into common stock since July 1, 1936.
Months
1937—6 Mos.—xl936
$43,024,308 $40,858,265
403,531
401,195
Power purchased
deferred development.—V. 145, p. 603.
Six
4,160,504
26,554,824
25,888,141
5,073,256
27,732,283
.
Paid-up surplus. 27,774,586
$73,800
7,557
for shaft sinking in the second quarter of 1937.
There were no expendi¬
tures under this hearing in the same quarter of 1936.
Note—In the above figures no allowance has been made for taxes,
or
&
taxes
De lers'
operating costs shown above is caused by $46,495
b The difference in
payable..340,619,362 212,715,334
2,863,760
3,413,790
Divs. payable
Accts. pay., incl.
276,165
$36,100
22,202
milled
Net income from metals produced
b Development and operating costs
profit (estimated)
35,000,000
.
Notes
Operation
first page of this department.—V. 144, p. 3327.
Coniaurum Mines,
depreciation
5,384,557
18,461,000
33.000,000
Commonwealth Edison Co.
recently split its $10 par common shares into shares of
$3 par value and issued 314 new shares for each old share held.
A dividend of 17 H cents per share was paid on the new $3 par stock on
Aug. 2 to holders of record July 24.
An extra dividend of 10 cents and a
regular quarterly dividend of 50 cents per share was paid on the old $10
par stock on May 1, last.
The company
Total
5M% debts....
3% debts
3^% debs
on
Commercial Discount Co. (Los
Dividend on New Shares—
ore
11,136,176
7,844,247
Min.int.of oth's
Aug. 4 declared a dividend of $5.85 per share on the
value, payable Oct. 1 to holders of record Sept. 11.
This compares with $3.90 paid on July 1 and April 1, last; $3.25 paid on
Dec. 15, 1936; $4 on Oct. and July 1, 1936; $2.40 paid on April 1, 1936;
$6 paid on Dec. 31,1935; $4 on Oct. 1, July 1 and April 1, 1935; $3 per share
paid each three months from July 1, 1933. to Jan. 2, 1935, inclusive, and
$3.50 on April 1 and Jan. 2, 1933.
In addition an extra dividend of $16
was paid on Sec. 15, 1936 and one of $2 was paid on Jan. 2, 1935.—V. 144,
p. 3327.
•
■
Tons of
12,831,114
no par
See'list given
due
agts. by factor
cos., &c
Pay $5.85 Dividend—
stock
.
contingencies.
Represented by 96,293 no par shares in 1937 and 96,578 shares in
1936. yRepresented by 195,277 no par shares in 1937 and 196,728 in 1936.
The directors
bal.
_
Res. for losses &
Surety
Corp., at cost 11,531,000
Mlscel. invest..
318,034
Inv. in affil. co
400,001
Deferred charges
2,053,482
$4,987,632 $4,917,744
Total
*35.
from
of pref
mfrs. & selling
1
Capital stock of
Nat.
ser.
conv.
x
oominon
Serial pref. stk.,
cars
17,404
8,968
Surplus
....$4,987,632
532,167,603 359,780,678
& other prod's
Repossessed
Furn. & fixtures
5,849
surtax
,$
14,046,100
opt.ser. 1929.
.
104,345
income tax
Co
$965,780
3,934,560
$962,930
Class A stock
Common stock.. 3,905,540
Class A Coca-Cola
Total
1936
1937
Liabilities—
x
y
Coca-
1936
$
Serial pref. stk.,
Notes and accts.
of Insurance..
1936
$17,404
$119,162
44,101,839
61,229,277
Misc. accts.
Comparative Balance Sheet June 30
1937
Assefs—
Cash
Cash
Liabilities—
$
$
receivable
$1,779
$6,792
Quarterly dividend requirements.
x
Assets—
1937
1936
1937
1934
1935
1936
$1,070,005
.
June 30
Consolidated Balance Sheet
Corp.—Earnings—
1937
24,175
Gross income
937
taxes
and after ail deduct'ns
for losses, credit res've
and contingencies
yl0,536,19S
Divs. paid on pref. stock
Divs. paid on com. stock
Earned surplus Jan. 1
Paid-in surplus
...
Surplus adjustments
Profit & loss surplus.
7,256,518
792,568
365,329
4,320,422
2,349,227
3,708,790
4,644,397
24,027,531 x21,910,427
27.720,130
25.928,661
2,838,928
16,659,659
29,034,203
282,742
48,815,532
50,418
Balance
_
5.100,216
420,484
1,840,804
9,757,387
203,375
6,624,033
Dr40,520
4,541,962
18,236,920
29,452,703
279,013
55,506,869
52,442,966
52,510,598
Earns. per sh. on average
amount common stock
outstanding
After
$3.12
$3.16
$2.93
$2.54
1937—Month—1936
Balance
avail,
Subs.)—Earnings—
1937—12 Mos.—1936
$362,534
$347,417
$4,150,721
$3,858,797
127,368
118,989
1,375,923
1,139,071
—■—
Oper. revs., sub. cos...
Gross inc.. sub. cos
421,417
152,610
for divs.
of Community
Power & Light Co
& surp.
Note—No provision
made for Federal surtax.—V. 145, p. 106.
Connecticut Light & Power
12 Months Ended June
deducting dividend of 20% in common stock, as the stated value
share distributed to common stockholders May 28, 1936, amount¬
ing to $3,779,315.
y Does not include undistributed earnings of National
Surety Corp., which amounts to $1,037,067 or 31 cents per common share.
Note—The figures for 1936 and 1937 are without deductions for surtax
on undistributed profits.
x
of $8 per
Community Power & Light Co. (&
Period End. June 30—
30—
Gross operating revenue
Net available for
divs. & other corp.
purposes
Balance available
4,654,907
Earnings per share
755.
4,581,451
4,489,875
4,069,415
3,778,911
$3 292
3,669,347
for common stock
and other corp. purposes
—V. 145, p.
Co.—Earnings—
1937
1936
1935
$19,287,139 $18,206,654 $16,996,010
$3,545
$3,197
Financial
938
Consolidated Coal Co. of St. Louis—Tenders—
Chase National Bank, as successor trustee, is inviting tenders
30 year 6% sinking fund gold bonds, at a price not
exceeding par and accrued interest, in an amount sufficient to exhaust the
sum
of $62,260, of which amount $61,429 is held in the sinking fund
account and $831 in the release account.
Tenders will be opened at noon
on Aug. 6, 1937.—V. 144, p. 1104.
The
of general mortgage
Consolidated Cigar Corp.
x
x
144,
p.
$338,627
Nil
made for Federal surtax on undistributed profits.
was
3495.
Industries,
before
surtax
Mat'ls &
on
931,759
$677,333
$243,221
bined class A & B shs.
$0.99
$0.43
$2.12
$0.76
508,660
98,837,294
..103,214,996
Total
Total
&c.
y Represented by 4,738,593 shares
including 56,000 shares in 1937 and 55,964 shares in 1936
treasury and carried at no value.—V. 145, p. 604.
«
x
After depreciation, depletion,
of $5 par value,
4340.
in
Consolidated
Electric
Gas
Light
&
Power
Co.
of
Crane Co.—Initial
Subs.)—Earnings—
The directors
Period End. June 30— 1937—3 Mos.—1936
1937—12 Mos.—1936
Rev. from electric salesa$6,040,682
$5,535,196b$23,831,997 $22?173,944
Rev. from gas sales
2,275,333
2,240,169
8,892,054
9,051,895
Rev. from steam sales..
122,762
115,743
727,700
764,314
Miscell. oper. revenue..
51,353
77,079
270,340
321,265
Total oper. revenue..
Operating expenses
Retirement expense
Taxes
$8,490,131
4,486,842
613,637
1,226,928
Operating income
$2,162,724
Non-operating income..
222,188
Gross income.
$2,384,912
640,579
17,328
Fixedcharges
Other deductions
i
$7,969,188 $33,722,091 $32,311,419
4,115,964
17,939,891
16,781,586
611,841
2,507,795
2,496,302
1,049,961
4,583,094
4,074,130
$2,191,421
119,266
$8,691,311
580,724
$8,959,401
340,372
$2,310,688
682,518
3,478
$9,272,035
2,762,117
38,799
$9,299,773
2,775,739
10,606
Net income
dividends—.
Common dividends
.
.
$1,727,004
278,829
1,050,657
$1,624,691
278,829
1,050,657
$6,471,120
1,115,315
4,202,629
$6,513,427
1,122,268
4,202,629
$397,518
$1.24
$295,205
$1.15
$1,153,176
$4.59
$1,188,530
$4.62
Preferred Dividend—
have declared an initial quarterly
the new 5% convertible preferred stock, par
to holders of record Sept. 1.—V. 145, p. 756.
share
on
Cream of Wheat
Net inc. after charges &
Federal taxes...
1937—6 Mos.—1936
Earns.persh.of com.stk.
a
Revenue from electric sales
was
lowered by $236,000 through rate re¬
ductions affecting the three months ended June 30, 1937.
b Revenue from
electric sales was lowered by $915,000 through rate reductions affecting the
12 months ended June 30,1937.—V. 145, p. 433.
$577,003
$584,204
$212,457
$202,754
Earns, per sh. on 600,000
$0.97
$0.96
Net profit for the 12 months ended June 30, 1937, was $1,264,668 after
charges and Federal income taxes, equal to $2.11 a share, against $1,178,854
shs.
$1.96
or
$0.35
$0.34
(no par) stock...
share for the 12 months ended June 30, 1936.—V. 144, p. 3496.
a
Credit Utility Banking
Co. (& Subs.)—Earnings—
1936
1937
6 Months Ended June 30—
$166,716
97,999
9,665
$120,847
79,262
5,935
$59,052
158,340
$35,649
102,431
Dividends.
$217,392
27,500
$138,081
20,625
Earnings per share on capital stock
$189,892
$1.07
$117,456
$0.65
Gross operating income—
—
Provision for Federal normal income taxes
Net operating revenue.
Balance, Dec. 31.
-
Balance-
dividend of $1.25 per
$100, payable Sept. 15
(& Sub.)—Earnings—
Corp.
1937—3 Mos.—1936
Period End. June 30—
Operating expenses—
Preferred
98,837,294
11,947,502
880,782
1,223,761
540,958
Deferred charges
$136,333
_
Baltimore (&
103,214,996
826,838
12,218,249
325,927
134.002
4,064,991
47,504,669
11,292,689
un¬
$317,147
144, p.
196,901
(not curr.)
2,513",092
Minority interest
131,784
Conting. res., &c
3,094,014
Paid-in surplus. 48,955,427
Earned surplus. 17,435,947
Notes & accounts
Unadj.debits, &c
profits..
Earns, per share on com¬
distributed
—V.
6,264,216
21,150,227
598,170
180,777
re¬
fined products
Invests. & advs.
Net profit after deprec.,
Fed. inc. taxes, &c. but
2,863,782
Misc.accrd. llabil.
102,243
Deferred credits
378,979
Accrued taxes._
7,042,235
&
6,559,854
20,000 Accounts pay
200,000 Dlvs. payable..
23,617,450
636,125
suppl's
oil
23,692,966
3,124,777
5,013,576
1,170,605
Contracts pay..
20,000
rec.
1937—6 Mos.—1936
1937—3 Mos.—1936
Period End. June 30—
Inc.—Earnings—
13,630,236
450,000
Misc. curr.assets
Chemical
Consolidated
y
Notes & accounts
Crude
$
3
23,692,966
Capital stock.
42,629,886
8,285,076
receivable
$0.02
Nil
$0.18
Liabilities—
$
$
1936
1937
1936
1937
Asseis—
Property acct. 48,052,481
Govt, securities-
$265,832
.
,
Consolidated Balance Sheet June 30
Ctfs. of deposit-
shares__
No provision
—V.
.
Cash
1937—6 Mos.—1936
$165,278
$212,205
deprec. & Fed. taxes,
Earns, per sh. on 250,000
1937
7,
Aug.
collected in respect thereto are not included in gross operating income.
The amount of such taxes paid (or accrued) during the 6-month period
totaled $8,856,661.
...
Note—No deduction has been made for surtax on undistributed profits.
x
(& Subs.)—Earnings—
1937—3 Mos.—1936
Period End. June 30—
Net profit after int.,
common
Chronicle
Note—No provisions made for surtax on undistributed profits.
Consolidated
Steel
Corp., Ltd.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Net profit after deprec., Fed. income taxes, &c. but before surtax
on undistributed profits
Earnings per share on 241,617 shares common stock (no par)
—Y. 144, p. 3495.
—
Consolidated Balance Sheet June 30, 1936
1937
Assets—
Cnsh..
$153,165
$0.12
1,035
Stock.
4,001,556
O. O. Huffman, President of the company, announced on July 30 that
special meeting of stockholders, to be held on Sept. 28, 1937, was called
by the directors for the purpose of creating an authorized issue of 350,000
shares of preferred stock without par value, issuable in series.
If the
authorization is secured, the company intends to arrange for the sale
of an initial issue of 200,000 shares of the preferred stock.
Although
the particular terms of the initial issue are to be determined later by the
directors in the light of market conditions existing at the time, it is expected
that the dividend rate will not be greater than $4.50 to $5 per share per
annum.
It is anticipated that the offering will be underwritten by a group
of investment banking houses headed by Goldman, Sachs & Co.
"The company in recent years" continued Mr. Huffman, "has been
carrying on a general program of increasing and improving its plants and
manufacturing facilities.
The continuation of this program involves total
estimated expenditures of approximately $10,000,000 for the projects in
progress during 1937 or presently planned.
These capital expenditures are
principally for the purpose of purchasing additional equipment and enlarg¬
ing several existing plants; constructing and equipping new can and con¬
tainer plants at various locations incl. St. Laurent, Canada, Maiden, Mass.;
Tampa, Fla., and Stockton, Calif.; equipping an additional plant at
Camden, N. J.; and constructing additional closing machinery for lease
2,918,964
18,118
8,517
1
1
Reserve for taxes.
General reserve
Crescent Public Service Co.
purpose of carrying
together with funds
increased inventories.
The remaining proceeds,
which from time to time are expected to be released through the reduction
of the inventories,
will be applied toward financing the above additions
and betterments, reimbursing the treasury of the company for expenditures
theretofore made for this purpose, and general corporate purposes."
Mr. Huffman further stated that "the proceeds available for the latter
will be used principally for additional working capital, made
necessary by the increased volume of business of the company, and by the
generally higher level of operating expenses now prevailing as a result of
increased material, labor, and other costs.
Notwithstanding the higher
operating costs and reductions in selling prices of cans and containers, the
unaudited consolidated net profits for the first six months of 1937 were
approximately the same as such profits for the similar period of 1936,
due primarily to the improved rate of operations."—V. 144, p. 4341.
purposes
Continental Oil Co. (&
Subs.)—Earnings—
Period End. June 30—
1937—3 Mos.—1936
1937—6 Mos.—1936
Grossincome..
$23,385,307 $19,296,777 $41,928,023 $35,073,665
Costs and expenses
15,549,228
13,402,953
26,894,212
24,469,020
Taxes
y849,880
455,057
yl ,664,853
884,448
Operating profit
$6,986,198
334,293
$5,438,767 $13,368,958
396,918
738,558
$9,720,197
782,404
Profit.
— .
Intang. develop, costs._
Depletion
Balance
on sale
of prop
Balance
x
3,848,012
161,629
261,028
2,057,154
4,503
4,278,489
182,406
136,858
1,895,375
4,276
$2,031,802
617,506
$7,775,194
109,335
$2,649,308
78,620
$7,884,529
$4,622,703
76,098
Special charges..
Balance
Fed. & State income tax.
$4,193,336
Net profit
Shares of capital
$2,570,688
328,942
$7,884,529
$4,193,336
$2,241,746
$7,884,529
$4,356,267
4,682,593
4,682,629
4,682,593
4,682,629
$4,698,801
342,534
stock
outstanding (par $5)..
charge of $154,718 in preceding quarter, leaving
for six months ended June 30, last, of $76,098.
vision
for
Federal
and
gasolene excise taxes
State
are not
a
net increase in the equity
y
Includes estimated pro¬
income taxes.
Federal and State oil and
included in operating charges and the amounts
$346,917
11,159
$666,746
24,461
$359,062
$358,076
$691,207
109,582
2,247
2,374
10,548
28,846
110,199
2,568
1,618
9,051
29,368
219,011
4,625
4,856
19,586
58,067
$205,465
$205,272
$385,062
133,674
7,513
$344,322
Grossincome
charges
of subs,
obliga¬
on
tions in hands of public:
Long-term debt interest
Unfunded debt interest
Taxes assumed on interest
Amortization of debt discount
Dividends
Net
on
income
newals &
preferred shares
before
provision for re¬
replacements
Fixed charges of Crescent P. S. Co.:
Int. on coll. trust 6% bonds, series A.
Int.
on
1
58,048
156,549
$127,807
$144,862
(depreciation)
coll. trust 6% income
2,362
$228,512
bonds,
77,658
series B
Balance
before
newals and
provision
replacements
for
re¬
Provision for renewals and replacements
171,113
Balance to surplus
$57,398
Note—It is the policy of subsdiary companies to make appropriations to
the reserve for renewals and replacements (depreciatiion) at the end of each
calendar year; therefore, the above statement for the first six months of
1937 and 1936 shows
results before deducting such appropriations.
Pro¬
replacements (depreciation) for 12 months ended
1937 is the amount set up for the calendar year 1936.—V. 144,
vision for renewals and
3328.
n.
Electric
Mfg.
Co.
-Earnings—
1936
1935
x$103,432
$22,507
$19,975
$0.35
$0.08
$0.07
6 Mos. End. June 30—
1937
.
1934
Net
profit after taxes,
deprec.,
amort,
and
other deductions
loss$16,641
Earns, per sh. on 290,500
shs.
x
no
par
common._
Before undistributed profits
Crosley Radio Corp.
taxes.—V. 145
p.
1937
1936
$10,943,596 $14,220,752
Cost of goods sold, royalties, &c
Other deductions
on
242,354
$1,272,356
$0.40
capital stock
Note—No provision has been made for
12,624,085
81,957
$219,316
loss
10,264,430
93,282
41,568
325,000
—
Federal income taxes.
Net profit
Earnings per share
Nil
756.
(& Subs.)—Earnings—
6 Months Ended June 30—
Sales
Flood
Earns, per share
$0.89
$0.48
$1.68
$0.93
x Decrease
in equity in Kettelman North Dome Association resulting
from readjustment of ownership in June quarter was offset by a similar
$2,435,603
466,423
98,320
785,918
151,952
250,547
15,697
_
Income from operation
Non-operating income (net)
$4,005,197
617,506
$4,193,336
Depreciation.
Minority interest
2,688,404
89,369
62,076
961,315
2,719
12 Mos.1937
$1,163,064
217,363
51,078
361,498
76,865
100,778
8,565
Depletion
$5,835,685 $14,107,517 $10,502,601
1,944,371
77,115
130,771
1,033,610
3,812
$4,130,813
62,523
Surrendered leaseholds..
Prof,
$7,320,491
value.—V.
par
141,740
Taxes (incl. Fed. income tax of subs.)
Crocker-Wheeler
t
no
(& Subs.)—Earnings—
$1,239,070
232,548
54,437
399,007
67,569
Maintenance
June 30,
Other income (net)
B stock,
1937—6 Mos.—1936
Operating revenue
Power purchased
Gas purchased
Operation (inci. uncoil, accounts)
Fixed
$4,577,809 $3,391,219
Total
common
Period Ended June 30—
to customers.
"Most of the proceeds from the proposed sale of the 200,000 shares of
preferred stock will be used at the outset for the payment of current bank
indebtedness, outstanding on June 30, 1937 in the amount of $14,000,000,
which was incurred during the year primarily for the
$4,577,809 $3,391,219
x
Represented by 55,000 shares
145, p. 756.
11.153
155,171
15,000
1,100,000 xl,100,000
189,892
117,456
Capital stock
Surplus.
a
Total
21,978
213,377
15,000
Deferred income..
Other assets (prep'd
int., exp., &c.).
Furniture & ftxt..
1936
Notes payable
$2,350,000 $1,400,000
Div. pay., July 10
13,750
10,312
Reserve
673,812
582,125
$438,642
25,094
Notes & accept'ces
receivable
Continental Can Co. Inc.—Plans to Issue Preferred
1937
Liabilities—
1936
$557,100
Investments
$2.33
Federal surtax
on
undistributed
profits.
For the quarter ended June 30, 1937, net profit was $250,875, equal to
46 cents a share, comparing with net profit of $584,479, equal to $1.07 a
share, in the June quarter of 1936.
Current assets as of June 30, 1937, including $2,006,819 cash, amounted
to
$6,743,091,
and
current
liabilities
were
$1,059,679.
This
compares
Volume
145
Financial
*rtth cash of
$1,287,216, current assets of $6,407,367 and current liabilities
of $1,004,915 on June
30, 1936 —V. 144, p. 3496.
Croft Brewing
and preferred stocks.
Ti'n, company's balance sheet as of June 30 shows cash and receivables
$581,179, inventories of $910,621, and total current assets of $1,576,466.
Current liabilities amounted to
$430,837.
or
1936
1937
depreciation,
deductions, but before Federal income
undistributed profits
$1 Dividends—
tax and surtax on
—V.
939
share after annual dividend
requirement on the prior preference
common
*
Co.—Earnings—
6 Months Ended June 30—
Profit after ordinary taxes, interest,
and other
Chronicle
$50,057
loss$89,779
144, p. 4002.
The directors have declared
a dividend of $1 per share on the common
stocks, payable out of earnings for the first half of 1937
and class A common
on
Curtis
Publishing Co.—Accumulated Dividend—
The directors have declared
accumulations
on the 7%
holders of record Aug. 3i.
a
dividend of $1.75 per share on account of
a
Curtiss-Wright Corp. (& Subs.)—Earnings—
Period End. June 30—
1937—3 Mos.—1936
1937—6 Mos.—1936
$631,346
$553,341
$900,597
$821,820
x Before
provision for possible Federal surtax on undistributed income.—
V. 144, p. 3329.
Sons, Inc.—Accumulated Dividend—
The directors have declared a dividend of 87
H cents per share on the 7 %
cumulative preferred stock, par $100, payable Sept. 1 to holders of record
Aug. 16.
A like payment was made on June 1 and March 1 last, Sept. 1
and June 1, 1936, and prior to then
regular
quarterly dividends of $1.75
per
share
were
distributed.—V. 144, p. 3496.
Cutler-Hammer, Inc.—Earnings—
6 Mos. End. June 30—
Net
1937
1936
profit
1935
after
Earnings per share
Before surtax
x$l,002,493
$573,794
221,438
105,489
329,999
329,999
329,600
$3.03
$1.73
$0.67
undistributed profits.—V. 144, p. 3496.
329,600
$0.32
Shs. cap. stk. (no par)__
x
$2,673,264
taxes,
depreciation, &c
„
1934
$3,353,058
sales
Net
on
6 Mos. End. June 30—
Net profit after taxes,
1937
1936
1934
1935
x
x$220,079
$0.63
per share
Before Federal surtax
York
additional
common
on
$263,749
$168,964
$0.33
$142,255
$0.28
$0.75
undistributed profits.—V. 144, p. 4341.
July 30 declared a dividend of $1 per share on account of
accumulations on the $2 cumulative class A stock, no par value, payable
Sept. 1 to holders of record Aug. 16.
This payment will clear up all back
dividends on this issue.—-V. 144, p. 4003.
on
Deisel-Wemmer-Gilbert
Period End. June 30—
held May 19, 1937, directors approved two agreements
manufcturing
charges
$125,817
$215,967
$0.57
$0.55
$0.93
being the par value of the stock presently to be issued is to be credited to
the capital stock account and the balance to the
capital surplus account.
—V. 145, p. 757.
on
undistributed profits
per share on 100,000 shares capital stock (par
$1)
Stock to Be Listed
x
Before surtax
on
—Earnings—
1937—3 Mos- -1936
1937-
-12 Mos.—1936
Detrola
first page of this department.
—V.
•
C. S.
Sulphite Pulp & Paper Co.—Earnings—
share on 150,000 shares common stock.
1936
$118,440
$0.78
$39,396
$0.25
Tramway Corp. (& Subs.)—Earnings—
12 Months Ended June 30—
1937
Taxes
operating revenue
Total miscellaneous income
Gross income
on
underlying bonds
Interest on general
and refunding bonds
Amortization of discount on funded debt
Net income
-V. 144, p.
—-
1936
460,504
Operating expenses (incl. depreciation)
Interest
Stores,
$3,053,024
2,249,942
356,806
$449,813
34,105
$446,275
31,283
$483,918
77,425
257,266
1,988
$477,558
96,688
260,329
2,686
$147,239
$117,854
3835.
Stockholders will vote on Aug. 13 on a plan for simplification of the
company's corporate structure proposed by the board of directors.
The
plan contemplates (1) the elimination, through call or exchange, of the four
series of preferred stock now outstanding, (2) a reduction of senior dividend
requirements, and (3) the raising of a moderate amount of new capital for
expansion of the business.
The company states that the directors have already voted to call for
redemption the small outstanding total of preferred and class A preferred.
If the plan is approved, holders of prior preference stock and class B pref.
will be given an opportunity to exchange each share for one share of new
preferred stock, plus a fraction of a share of class A common.
It is con¬
templated that this fraction will be one-tenth of a share per share of prior
preference and one-fifth of a share per share of class B preferred.
The
proposed new preferred will carry a $5 annual cumulative dividend
will be convertible into class A common at a rate to be determined at
13.
provides that shares of prior preference and class B
preferred stocks not exchanged will be called for redemption at $100 and
$105 respectively, and that a sufficient number of shares of new preferred
will be sold to an underwriter, or underwriters, to provide the approxi¬
mate amount necessary for such redemption.
In addition, 860 shares of
new preferred and 6,500 shares of class A common are to be sold to provide
"additional working capital necessary for growth."
With the letter announcing the calling of the stockholders meeting the
company has issued for the first time a semi-annual report, convering the
six months ended June 30, 1937.
Subject to final audit and adjustment, this report shows consolidated
gross sales of $2,291,264 for the period and consolidated net profit of
$290,700, after all charges except provision for tax, if any, on undistributed
profits.
After dividends for the naif year on senior stocks, these earnings
amounted to $3.51 per share on common stocks, from which the company
paid $1 a share in June and declared in July another $1 per share, payable
Aug. 10.
For the entire year 1936, consolidated gross sales were $3,647,401
and consolidated net profit was $341,557, giving a balance of $3.04 per
the meeting on Aug.
The plan further
9.
Ltd.—Earnings—
June
deprec.,
12,
'37 June 13, '36 June
15,'35
reno¬
prof$34,177
$36,992
$370,570
Dubilier Condenser
Corp.—Rights—
Cornell-Dubilier Electric
Corp., will, subject to prior effectiveness of
Act of 1933, offer to stockholders of
Dubilier Condenser Corp. of record Aug. 3, the right to subscribe at $10.75
under
the
Securities
per share to one share of common stock of Cornell-Dubilier Electric
for each 10 shares of common stock of Dubilier Condenser
Corp.
Corp. held.
subcription privilege will not be evidenced by warrants and will not
Stockholders will not be entitled to subscribe for
share.
a
a
fraction
\
Subscriptions must be received by Cornell-Dubilier Electric Corp. at
South Plainfield, N. J., not later than 3:00 o'clock p. m., Eastern Daylight
Saving Time, on the fifth day following the date of mailing of the prospectus
and subscription forms to stockholders, and will be accepted conditionally
upon the purchase by underwriters of shares not subscribed for by stock¬
Combined net income of the Cornell-Dubilier Electric Corp. (formerly
Corp.), its subsidiary, Corbilier Realty Corp., and its
affiliate, the Condenser Corp. of America, for the 12 months ended April 30,
Cornell-Dubilier
1937, was $286,038 before deduction for Federal taxes and non-recurring
charges of $37,500 for the expense of training new employees in its new
South Plainfield plant, the corporation reports.
This compares with net
income for the fiscal year ended April 30, 1936 of $101,592 before deduction
for Federal taxes.
Net sales of the corporation and its affiliate, the Condenser Corp. of
America, for the 12 months ended April 30, 1937, amounted to $2,986,653
compared with $2,058,021 for the previous 12 months and $1,172,609
for the 12 months ended April 30, 1935.
A substantial amount of the stock in these companies is owned by the
Dubilier Condenser Corp. and by the Cornell Electric Mfg. Co., Inc.—
Y. 145, p. 757.
East Coast Public Service Co.
Period Ended June 30—
(& Subs.)—Earnings—
1937—6 Mos. —1936
12 Mos. '37
of subs.)
_
Income from operations
Non operating income
(net)
of subs, on oblig. in hands
public—Int. on unfunded debt_
$69,398
7,285
$209,466
19,597
$76,683
$229,062
76
5
86
$102,958
Taxes (incl. Federal income
$288,268
$103,034
Maintenance
$322,496
35,993
142,761
22,114
30,777
$90,851
12,183
purchased
Operation (incl. uncollectible accts.).
Power
Dewey & Almy Chemical Co.—To Simplify Capitalization
and
Aug.
Shellmar
as
$3,269,270
2,358,953
Total operating revenue
Net
Cal. Year
June 30.'37
Period—
Net inc. after all charges incl. pro v. for Fed. taxes.
Denver
the Curb Exchange,
Earnings of Cornell-Dubilier Electric Corp—
Sale & Co., Inc.
6 Mos. End.
Earns, per
on
holders.
,
145, p. 434, 277.
Detroit
trading
vation of plant, &c
Products Corp.—New Director—
well-known engineer, has been elected a director of this corporation.
a
Dominion
be transferable.
y$313,627
$1,377,722 y$l,256.717
undistributed profits,
y Revised figures.—V.
144,
C. Stanley Sale, President of the newly formed
and
be admitted to
Products Co. in Oakland, Calif, from Crown Zellerbach
Corp., which is
expected to add about 20% to Dobeckhnm's output and will eventually
enable the company to produce its entire line on the west coast as well as
at its Cleveland plant.—V.
145, p. 435.
of
x$341,053
Corp.—Registers with SEC—
Detroit Paper
will
It has previously been traded in the over-the-counter market.
The company recently acquired properties of the Western
The
4176.
See list given on
$0.59
Curb—
on
Application of the company for listing of its common stock has been
approved by the Board of Governors of the New York Curb Exchange.
registration
taxes,
p.
$59,518
—V. 145, p. 606.
inc.
renewals & replacem'ts, int. amort.,
&c., incl. surtax on un¬
distributed profits—
Co.—Earnings—
Earnings for 4 Months Ended April 30, 1937
,
Net profit after deprec., int. Fed. income
taxes, but before surtax
$0.90
Delaware Power & Light Co.
Fed.
offices,
principal
as
^ay 1, 1937, to $79,014, and the issuance by the company to the
seller of the 21,259 common shares.
The company is placing the
property on its books at a value of $529,326.
Of the consideration to be received as
above, namely, $450,313, $42,518
$213,595
Note—No provision was made for Federal surtax on undistributed profits.
—V. 144, p.3496.
after
and
company is now lessee under lease dated May 11,
amended Sept. 26, 1935, with the Chicago Title & Trust Co. as
successor trustee under trust
agreement known as the "Emma S. Theurer
Trust," dated Jan. 31, 1919.
The consideration for the property is the
cancellation of an indebtedness due the
company from the seller, amounting,
1932,
1937—6 Mos.—1936
$127,889
Period End. June 30—
plant
?^hich real estate the
24 Weeks Ended—
Net loss after taxes,
Earns, per sh. on 196,942
com. shares ($10 par).
Net inc.
shares.
common
^
Corp.—Earnings—
1937—3 Mos.—1936
Net profit after deprec.,
Federal income taxes
and other
Exchange has authorized the listing of 21,259
($2 par) upon official notice of issuance in the
property, making the total amount applied for
shares
dated May 17 for the
acquisition of additional real estate, considering such
acquisition at the purchase price required to be paid therefor to be beneficial
and advantageous to the
company.
Title to one of the properties has
been acquired.
The other acquisition will involve the issuance of shares
of the company.
Company proposes to issue 21,259 common shares in
connection with the acquisition of the fee to
the real estate, having an
area of
approximately 12 acres, at 4517 West 26th St., Chicago, upon
which the company has its
The stock
Dayton Rubber Mfg. Co.—Clears Preferred Accruals—
The directors
Stock
certain
421,259
103.
Co.—Listing—
Earnings
int., deplet., deprec.,
Earnings
these issues.—V. 144, p.
Dobeckmun
Darby Petroleum Corp.—Earnings—
&c
on
Diamond T Motor Car
,
Net profit after deprec.,
interest and taxes
Cushman's
tributed
pref. stock, par $100, payable Oct.
similar distribution was made on July 1
cum.
1 to
and
April 1 last; Dec. 15 and Oct. 1, 1936, and in each of the eight preceding
quarters, and compares with $1.25 per share paid on July 2, 1934; 75 cents
per share on April 2, 1934, and 50 cents per share on Jan. 23, 1934.
In
addition, a dividend of 25 cents was paid on Dec. 21,1936.—V. 144, p. 3171.
x
Aug. 10 to holders of record Aug. 5.
Similar payments were made on
June 15, last, and on Dec.
15, 1936. These latter were the only dividends
paid during 1936. During 1935 dividends of 25 cents
per share were dis¬
$76,678
$228,976
45,254
45.805
90,480
"271
423
29,789
128,337
36,127
24,618
$697,082
77,226
291,290
61,215
57,887
Fixed chgs.
of
Net income before pro v. for renewFixed chgs. of East Coast Pub. Ser. Co.:
Int. on 1st lien coll. 4% bds., ser. A
Taxes assumed on interest
I
unfunded debt
149
Interest
on
Balance
$57,555
$30,601
$138,073
a Before
provision for renewals and replacements (depreciation). Fed.
Income tax and undistributed profits taxes of East Coast Pub. Serv. Co., &c.
Note—It is the policy of subsidiaries to make appropriations to their
reserves for renewals and replacements
(depreciation) at the end of each
calendar year; therefore, the above interim statements show results before
deducting such appropriations.—V. 144, p. 2996.
a
East
-
Kootenay Power Co., Ltd.—Earnings—
Period End. June 30—
Gross earnings
Operating expenses
Net earnings
-V.
145,
p.
Eastern
1937—Month—1936
$45,491
$38,662
13,018
11,680
—
$32,473
$26,982
1937—3 Mos—1936
$135,807
41,298
$109,552
35,347
$94,509
$74,205
277.
Footwear
Corp.—Larger Dividend—
The directors hav8 declared a cash dividend of 12 cents per
share
on
all
outstanding capital stock, payable Sept. 30 to holders of record Sept. 24.
The last previous dividend disbursement was six cents per share.
The
to seek full registration with the Securities and Exchange
Commission with a view to listing the shares on a national exchange at an
early date.—V. 144, p. 1956.
company proposes
Financial
940
East
Missotjri Power Co.—Earnings-
Period End. June 30—
Oper.
Oper.
1937—3 Mos.-r-1930»
$39,685
$12,071
$12,090
27,595
Aug.• 7, 1937
Edison Brothers
1937—6 Mos.—1936
$-87,945
$78,766
65,622
55,246
_
$44,603
32,532
electric
expenses & taxes.
revs.,
Chronicle
Stores, Incv—■'Sales—
Month of—
$22,323
1,067
39
$23,520
39
2,108,860
2,542,855
2,206,540
1,569,923"
June
$12,071
2,813
$23,390
5,600
$23,559
6,627
8
11
19
18
165
315
1,104
39
funded debt
interest
Amort, of bond disc, and
on
$12,129
2,831
158
Gross income
Interest
General
106
$17,416
2,975
$15,704
2;975
•
expense
Taxes assumed on int—
on
$9,121
1,487
$9,092
1,488
Net income
Diys.
7% pref. stock.
$7,605
Eastern Steamship
Operating revenue
Operating expense
$78,262
937
Other income
Other expense—...
52,375
$26,824
Net income
1937—6 Mos.—1936
$4,431,922
$4,447,725
4,604,351
4,322,928
809,500
$153,336 def$172,429
1,155
6,515
50,206
342,400
$124,797
8,266
319,393
$104,285 def$508,314 def$186,330
Note—The above statement covers operations after depreciation, interest,
rentals and local taxes, but before Federal income tax, capital stock tax,
capital gains or losses and other non-operating adjustments.—V. 145, p. 277.
Eastern Utilities Associates (&
Maintenance
Retirem't
res.
accruals.
_
Taxes (incl. inc. taxes)__
Subs.)—Earnings—
4,237,212
a322,773
a735,393
bl ,089,253
$139,268
18,202
$2,307,201
120,205
$2,188,066
153,597
$138,975
18,771
1937—12 Mos.—1936
$8,691,832
$157,470
44.246
$2,427,407
44,906
$112,840
$113,224
$1,901,952
77,652
$1,776,280
77,652
14,855
$1,824,300
28,481
$1,683,773
30,904
$157,747
Balance
Interest & amortization.
Balance
525,455
Preferred dividend deductions—B. V. G. & E. Co.
P. G. Co. of N. J
Applicable to minority interest
$2,341,664
565,383
$1,795,819
$1,652,870
$1,795,819
$1.652,870
309,824
309,824
$2,105,643
137,740
$1,962,662
101,601
$1,967,902
1,596
$1,861,061
Amount not available for dividends and surplus.
Balance available for dividends and surplus.
$1,966,306
$1,861,057
Applicable to E. U. A
Earnings of subsidiary companies applicable to
E. U. A.
as
shown above
DrS2
Other income from subsidiary companies
Non-subsidiary income
V
Expenses, taxes and interest.
a
.
_
4
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 trans¬
portation equipment amounting to $15,690 has been apportioned to other
accounts.
b No provision has been made for the Federal surtax on un¬
distributed 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 nonoperating income—net.—v. 145, p. 758.
Power
Electric
& Light Corp.
1937
1936
1935
1934
35,455
$987,232
37,283
$698,445
63,683
$639,426
35,798
$1,004,429
$1,024,515
$762,128
$675,223
660.860
47,366
634,873
54,885
625,168
19,950
670,929
$296,202
$334,756
1,330,473
$117,010
1,314,902
$4,295
1,333,149
$1,665,229
259,176
$1,431,912
129,584
$1,337,444
$968,974
sales, &c
Other income
Total income
x
Selling, admin. & gen¬
eral xpenses
Other charges
1,369,576
$1,665,778
Divs.
on common
stock-
259,188
$1,406,591
$1,406,053
$1,302,328
$1,337,444
depreciation of $4,914 in 1937; $4,986 in 1936, $3,228 in 1935
$2,863 in 1934.—V. 145, p. 110.
Surplus
x
Incl.
and
1937—3 Mos—1936
$
$
3,344,990
2,697,414
13,544,952
9,635,650
8,676,497
7,684,698
36,022,083
30.854,755
3,400
160
36,018,683
30,854,595
0379,040
450,169
7,664,214
2,895,144
35,928,314
530,384
176,273
Cr23,073
813,109
151,998
08,504
2,160,557
650,856
089,890
3,185,403
728,883
4,695,243
1,983,627
3,812,467
1,983,627
20,314,785
7,934,507
15,210,283
7,934,507
1,828,840
12,380.278
7,275,776
96,793
77,848
1,237,441
121,074
2,614,823
1,750,992
11,142,837
7,154,702
2,614,823
1,750,992
11.142.837
7,154,702
993
2,880
1,751,992
65,664
397,244
11,143,830
©207,506
1,588,974
7,157.582
—
—
Other income deduc'ns..
Other int.
0836
7,685,534
096,428
117,748
1,000
Other income
2,374
2,711,616
-
8,674,123
094,153
140,717
8.627,559
3,248,732
(net)
&c.)
Other
For the week ended
0793.300
d883.669
30,783,466
11,696,104
12,892,006
(notes, loans,
deductions
Int. charged to constr'n.
Balance
Pref. divs. to public
nority interests
Net equity
037,207
Corp.
E. P. & L.
in
income of
subsidiaries
;
Elec. Pow. & Lt. Corp
Net equity of E. P. & L.
Corp. in inc. of subs.
(as shown above)
Other income
Total income
Expenses, incl. taxes
Int. & other deduc'ns—
2,614,823
•39,347
397.243
217,363
1.588,974
Bal. carried to consol.
earned surplus
2,178,233
1,289,084
9,347,350
5,351,245
a
Includes provision of $209,000 for Federal surtax on undistributed
profits in 1937.
b Includes provision of $155,400 for Federal surtax on
undistributed profits in 1936.
c Includes provision of $682,688 for Federal
surtax on undistributed profits in 1936 and $473,601 in 1937.
d Includes
provision of $329,752 for Federal surtax on undistributed profits in 1936,
but includes no provision for 1937 •
• Includes provision of $129 for Federal
surtax on undistributed profits for the year 1936, but includes no provision
for 1937.
Note—All intercompany transactions have been eliminated
from the
above statement.
Interest and preferred dividend deductions of subsidi¬
aries represent full requirements for the respective periods (whether paid
ot not paid) on securities held by the public and give no effect to preferred
stock dividend arrearages for prior periods.
The "portion applicable to
minority interests" is the calculated portion of the balance of income applic¬
able to minority holdings by the public of common stocks of subsidiaries.
Minority interests have not been charged with deficits where income ac¬
counts of subsidiaries have so resulted.
The "net equity of Electric Power
& Light Corp. in income of subsidiaries" includes interest and preferred
dividends paid or earned on securities held, plus the proportion of earnings
which accrued to common stocks held by Electric Power & Light Corp.,
less losses where income accounts of individual subsidiaries have resulted in
deficits for the respective periods.
The statement for each period is en¬
tirely independent of the statement for any other period.—V. 144, p. 4343.
El Paso & Northeastern
Ry.—Merger—
See El Paso & Southwestern RR.—V. 139, p. 2518.
RR.—Acquisition—
The Interstate Commerce Commission on July 24 authorized the ac¬
quisition by the company of the properties of the Alamogordo & Sacramento
Mountain Ry. and the E» Paso & Northeastern Ry.
The Southern Pacific Co. owns the entire capital stock of the El Paso
& Southwestern, which, in turn, owns the entire capital stock of the North¬
eastern and the AJamogordo.
All of the outstanding bonds of the latter
two companies are owned by the Southern Pacific and the El Paso &
Southwestern.
The railroad properties of the El Paso & Southwestern
and its subsidiaries are leased to and operated by the Southern Pacific as
integral parts of its system.
Acquisition of the properties will be accomplished by dissolution of the
Northeastern and the Alamogordo, the conveyance of their properties to
the El Paso as liquidating stockholders' dividends, and the cancellation of
their outstanding bonds.
The transaction will not require the payment
of any consideration by the El Paso and no securities will be issued by
reason thereof.—V. 144, p. 3836.
Equity Shares, Inc.—Earnings—
Earnings for the Year Ended May 31, 1937
Interest
$154,027
37,211
Total
$191,239
I.
Dividends
Ebasco Services.
(& Sobs.)—Earnings—
1937—12 Mos.—193®
$
$
Operating revenues
26,066,268
22,019,228 104,751,972
86,025,058
Oper. exps., incl. taxes_.al4,044,781 bll,637,116 c55,184,937 b45,534,653
Period End. June SO—
Subsidiaries—
El Paso & Southwestern
Easy Washing Machine Corp.—Earnings—
6 Mos. End. June 30—
Gross profit after cost of
901,867
758,
P.
Balance
$8,398,990
4,167,102
337,849
725,000
980,972
Non-oper. income (net).
1,966,924
1,724.993
1,211,528
Portion applicable to mi¬
1937—Month—1936
$655,238
$685,168
339,268
371,824
31,579
a25,278
60,417
a63,718
84,706
b85,373
Net oper. revenues—
2,123,117
Rent for lease of plants
1937—Month—1936
$893,652
$962,836
Operating income
Operating revenues
Operation
145,
$7,634
$14,441
$12,729
Federal undistributed profits tax.
Lines, Inc. (& Subs.)—Earnings—
815,390
Period End. June 30—
—V.
Property retirement and
Balance
Note—No provision has been made for
—v. 144, p. 3498.
•
Period End. June SO—
July
$733,092
867,050
1,368,964
1,829,871
1.485.785
1,409,817
1.051.435
1.602.039
2,647,440
April
May
1935
$873,635
1,237,210
March
Net oper. income
Other income (net)
1936
1$37
$1,042,274
January
February
Inc.—Weekly Input—
July; 29, 1937, the kilowatt-hour system input of
the operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co.
compared with the corresponding week during 1936, was as follows:
as.
15,384
8,706
Operating expenses
Federal capital stock and miscellaneous taxes
Provision for normal Federal income tax
4,300
Itictcg.cc
Operating Subsidiaries of—
1937
American Power & Light Co...116,520,000
Electric Power & Light Corp._ 60,959,000
National Power & Light Co
78,373,000
—V. 145, p. 758.
1936
114,631,000
Amount
1,889,000
9,829,000
6,305,000
41,130,000
72,068,000
P.C.
1.6
19.2
8.7
1937
1936
$5,607,407
6 Mos. Ended June 30—
Net sales
bpt before Federal surtax on undistrib. profits—
Earnings per share on 178,000 shares capital stock
$3,469,995
.
535,709
171,730
$3.00
$0.96
deducting cash dividends of 90 cents per share paid during the
first half of 1937 .amounting to $160,047, earned surplus at June 30, 1937,
was
$979,539.
Earned surplus at June 30, 1936, was $501,528, after
deducting cash dividends paid during the previous six months, amounting to
$124,471 .-r-V. 145, p. 606;
1937
1936
x$466,932
x$213,486
1935
shares.
$6.58
$1,238,985 consists
of cash
—
Note—At
May 31,
$3.01
-
$760,646
4,766
332 ,443
$423,436
1937
the indicated net unrealized appreciation of
priced at market quotations or at amount at which appraised
by the board of directors was $263,924 in excess of the comparable net
appreciation of investments at May 31,1936 as follows:
unrealized
Net
Based
Based
Appreciation at—
May 31, '37 May 31, *36
on market quotations
$2,121,764 *$1,917,837
on appraisal by bd. of directors
557,988
433,991
$2,679,753
$2.47
$2,351,828
Increases
$203,927
123,997
$327,924
1934
would result from the realization of
69,000
5,000
64,000
$2,610,753
$2,346,828
$263,924
investm'ts
$53,570
$0.75
Before deducting Federal tax on undistributedprofits.
The profit and loss surplus account before taking into account undis¬
tributed profits tax amounts to $971,551.
As of June 30,
1937, current assets amount to $2,330,315.
Of this
Current liabilities total $333,501.—V,
-
Balance, May 31, 1937
indicated net apprec'n of
$174,963
x
amount
-
Provision for the normal Fed'l income
tax
on
the taxable profit which
Electric Controller & Mfg. Co.—Earnings-
par
-
investments
After
no
500,000
97,798
profit and loss reserve
Balance May 31, 1936.
Total
Net profit after deprec. and Federal income taxes,
6 Mos. End: June 30—
Amount transferred from
Additional Federal capital stock tax applicable to prior year
Dividends paid on capital stock
Eddy Paper Corp.—Earnings—
Net prof, after deprec..
Federal taxes, &c
Earns, per sh. on 70,855
$162,848
Net income
and U. S. Government securities.
144, p. 1278.
*
Includes $1,781,851 appreciation in respect of the investment in Stokely
May 31, 1936 which amount was
Brothers & Co., Inc., common stock at
included in the May 31,
1936 annual report with appreciation based on
appraisal by the board of directors.
Based on market quotation at May 28,
1937 the appreciation on this investment amounted to $1,754,214.
The
common stock of Stokely Brothers & Co., Inc.' was listed on the New York
Stock Exchange on Jan. 4, 1937.
Volume
Financial
145
profit of $263,604 on sales of investments during the year ended
May 31, 1937, bas.d on average cost and after provision for normal Federal
income tax, was credited to profit and loss reserve.
No provision has been made for Federal surtax on undistributed net
income for the year ended May 31, 1937.
941
Chronicle
Consolidated Balance Sheet June 30
Net
Balance Sheet
Cash in banks and due from
Investments, at
Accounts
allow-
less
doubtful notes..
$33,397
payable & accrued
13,627
Unimproved real est., at cost.
10,176
45,209
contingencies
taxes and for
Capital stock (par $1)
493,747
Capital surplus----
231,118
Profit and loss
644,703
423,436
Earned
reserve.
surplus.
Treasury stock
Total
Drl25,255
-
Total
$1,760,045
-
1
1
Mortgages receiv.
63.750
72,250
Inventories
14,305,146
1,707,382
1,242,388
U. S.Govt.sec., &c 2 ,000,000
3,366,700
Deferred charges..
205.839
201,626
Total
x
Dominicana
tion Statement
See list given
It
quarterly dividend of 25 cents per share on the common stock, no par
value, both payable Sept. 1 to holders of record Aug. 12. Similar payments
were made on June 1 and March 1, last.
An extra of 50 cents was paid on
Dec. 21, 1936, and an extra of 25 cents in addition to a quarterly dividend
of like amount was paid on Sept. 21, 1936, these latter being the first dis¬
bursements to be made on the common stock since June 30, 1931, when a
was
paid.—V. 145, p. 759.
Fair child Aviation
Less amortization,
Trust—Earnings—
on
$23,231
5,369
Received
on account
$23,772
on account
of income
Fanny Farmer Candy Shops, Inc.—Earnings—
Balance
$23,702
Undistributed income Jan. 1, 1937
753
340,870
$0.87
Sales
1936
$2,527,998
-—
Unidsitributed income June 30, 1937-
but before Fed. income taxes._
share on capital stock—
>
Liabilities—
Capital shs. of beneficial Int.
39,869
734
(par $1) 307,121 shs. out¬
standing of which 513 were
bonds.—
on
held in
1936
$3,659,957
$5,716,602
Unpaid dlvs.
Corp.—To
England
United
Investment
Salvage
Formed to
Be
Trust—See
Assurance
$2,027,064
784
Total
$2,027,064
—V. 144, p. 3672.
Corp.—To Pay Si Dividend—
Period End. July 31—
1937—7 Mos—1936
$2,060,350
$1,914,134
1937—Month—1936
$374,093
$332,917
Sales.
Florida
Towing
on Aug. 2 declared a dividend of $1 per share on the com¬
stock, par $10, payable Sept. 13 to holders of record Aug. 12.
A like
payment was made on June 12 last, and compares with 25 cents paid on
March 12 last; a year-end dividend of $1.50 paid on Dec. 12, 1936; regular
quarterly dividends of 50 cents apid in each of the five preceding quarters,
and dividends of 25 cents per share paid each three months previously.
Previous extra distributions were as follows; 75 cents on Sept. 12 and June
mon
—V. 145, p. 278.
Withdrawn—
Corp.—Registration
12, 1936; 50 cents on Dec. 12, 1935; 25 cents on Sept. 12, 1935; 50 cents on
Sept. 12, 1934; 25 cents on Dec. 12, 1933, and 30 cents per share on Jan. 3,
1930, and on July 2, 1929.
See list given on first page of this department.
Machinery Corp.—Registrar—
Guaranty Trust Co. of New York has been appointed registrar of 60,000
of cumulative preferred stock of which 40,000 shares have been
designated as 4H% cumulative convertible preferred stock.—V. 145,
p. 760.
Buick Deliveries—
shares
Foreign Bond Associates, Inc.—Earnings—
Earnings for the 6 Months Ended June 30, 1937
Interest earned
$11,125
expenses
6,978
_
Excess of interest earned
operating expenses
Profit realized from sales of securities (based on average cost)
$4,147
70,612
over
Total
$74,760
10,054
Provision for Federal normal income tax.
Net profit
$64,706
22,084
Dividends paid-
Domestic
General Printing Ink Corp.
Period End. June 30—
Operating profit
Other income
lor
securities
Accts. pay.—Fiscal agents' fees.
sold
delivered
11,179
987
Miscell. accounts receivable
4,510
U. S. Government securities
Securities owned
—
$13,930
620,208
Accrued interest receivable
2,528
Deferred charges
47
265
Prov. for Fed. cap. stock tax...
Total income
$515,640
54,143
Federal taxes
71,866
Prov. for Fed. normal inc. tax.-
a
Earned surplus
Excess of cost over market value
of securities owned
77,044
second
10
days of July
(& Subs.)—Earnings—
1937—6 Mos-
$894,871
55,999
49,737"
50,527
$717,057
51,140
$950,870
101,713
132,290
$373,935
$768,197
99,050
103,921
$389,633
$273,669
$716,868
$565,224
a735,860
183,990
$1.21
a735,960
$0.83
183,990
$2.51
$0.46
$1 par after 4 for 1 split up.—V. 144, p. 3837.
General Tire & Rubber Co. (&
1,534
5,816
575,120
Capital surplus
the
stock
common
outstanding (no par)..
Earnings per share
1,200
10.054
Accrued expenses
Common stock (10c. par)
for
1937—3 Mos.—1936
$343,204
$486,670
30,731
28,970
Other deductions
Net profit
Pay. for sees, purch. but not rec.
of Buicks
devliveries
16,000 units at the factory.
Used-car sales by Buick dealers totaled 10,474 in the second 10 days of
July, against 9,847 in the first 10 days, reducing used-car stocks to 30,171.
—V. 145, p. 761.
Shares
Liabilities—
$39,051
retail
totaled 6,094 against 6,144 in the first 10 days of the month and 4,376 in
the second 10 days of July, 1936.
Production is at rate of 1,000 cars a day, with unfilled orders in excess of
Balance Sheet June 30, 1937
Assets**"*
Cash in bank
but not
6
Reserves for taxes
The directors
(M. H.) Fishman Co., Inc.—Sales—
Receivable
583
1,460
Reserves for accrued expenses
General Motors
Operating
4,265
shs. in
escrow
on
latter
company.
Food
10,429
Contingent cap. liability res.
Total
New
in
74,886
livered in July
profit after reserves for Fed. income tax—
x257,652
302,149
Earnings per share on 240,000 common shares.
$1.07
$1.25
x Before provision for Federal surtax on undistributed profits.—V.
144,
p. 4178.
First
1,627,528
Due brokers on securities de¬
Net
Losses
$ 307,121
se¬
Undistributed income
Cal. Year
_
for exchange
curities on hand
June 30 '37
sales
escrow
of certificates
Capital surplus
Unrealized appreciation of
Mfg. Co., Inc.—Earnings—
6 Mos. End.
Gross
$1,986,462
Cash in bank
accrued interest
1599.
Period—
$10,429
Balance Sheet June 30,1937
233,132
$0.59
Profit after deprec.
$24,455
14,025
-
Securities owned
1937
$3,017,701
70
repurchased.
shares
on
Dividend paid—
Corp.—Sales Continue Rise—
$17,862
5,910
-—
of income on shares sold.
Total
Paid
Total
6 Months Ended June 30—
Fedders
591
327
-—
bonds
*\CSCtS
—V.144, p
Represented by 472,982
Sale of stock dividends received
corporation announced that unfilled orders as of June 30. 1937,
$1,203,289, as against $951,980 ayear ago, again of 26.4%.—V. 145,
435.
per
z
shares.—Y. 144, p. 3173.
General Investors
The
Earnings
8,652,751
24,878,768 25,443,724
Total
Income Statement Six Months Ended June 30, 1937
(Not incl. realized & unrealized gains or losses on secur. or capital expenses)
Income—Cash dividends received
$22,313
were
p.
Earned surplus
Net income for period
share and
extra dividend of 25 cents per
a
dividend of 40 cents
263,284
500,000
3,899,658
—
Capital surplus
Total income.
Fairbanks, Morse & Co.—Extra Dividend—
an
233,937
500,000
8,067,149
tax
Insurance reserve-
Expenses
first page of this department.—V. 143, p. 2629.
The directors have declared
670,909
Fed. & Cuban inc.
24,878,768 25,443,724
y
158,712
;
879,614
...
Tejidos C. Vor A.—Registra¬
De
Withdrawn—
on
,512,099
After depreciation,
no par
1,000,000
3,899,658
liabilities.
1 ,989,890
l
Interest
Fabrica
Special capital res.
payable.& accr.
Accts. pay.
14 ,943,303
Accts. receivable..
$1,760,045
-
undistributed net income
might be payable upon realization of such profits as the amount of
such tax, if any, cannot be determined until the close of the year or years
in which such appreciation may be realized.—V. 144, p. 2996.
Note—No provision has been made for surtax on
whic^
Common stock.-
5,000,000
5,298,410
1,000,000
5,000,000
5,298,410
Accept.
Cash
13,690
Provision for Federal income
30,324
for
ances
--------
&C
for securities
expenses
Dividends receiv. & int accrd.
3,412,482
1.135,749
Cigar machinery
z
Goodwill, patents,
purchased
$63,989
1,641,930
average cost
Notes receivable,
978,789
y
Due to brokers
broker
►
May 31, 1937
Liabilities—
Assets—
7% pref. stock
3 ,185,097
$
$
Liabilities—
$
Real est., equip.,
Ac
1936
1937
1936
1937
Assets—
x
Subs.)—Earnings—
Earnings for 6 Months Ended May 31, 1937
and excise taxes..$10,212,795
and administratative exps__
8,983,083
Gross sales, less discts., returns & allowances
Cost of goods sold, selling, general
Dr6,453
Profit from operations
$1,229,712
67,541
Other income
Total
$678,512
Total
$678,512
—V. 145, p. 435.
Total income--
Fort Worth Stock Yards
$1,297,253
106,104
27,887
172,000
Depreciation
CoSpecial Dividend—
borrowed money
Provision for Federal normal income tax—
Interest
The directors have declared
a special dividend of 75 cents per share in
dividend of 37 H cents per share on the
stock, both payable Aug. 2 to holders of record same date.—V. 142,
on
addition to the regular quarterly
common
P.
Net profit
783.
Note—No provision has been
undistributed profits.
made for Federal
excess
$991,262
profits tax and
surtax on
Gaylord Container Corp.—Registers with SEC—
See list
given
on
Listing—
first page of this department.
The
General Acceptance
See list given on first page of this department.
General
Cigar Co., Inc. (& Subs.)-
6 Mos. End. June 30—
1937
Gross earnings
$2,510,829
Expenses
Deprec. & amortization.
Federal income taxes
Gther income
.
Total income
■V. 145, p. 113.
Earnings—
1936
1935
1934
1,780,668
246,471
75,237
$2,766,569
1,855,699
246,831
100,359
$2,687,072
1.758,755
250,420
108,725
$3,203,827
1,790,925
232,528
159,642
$408,452
64,967
$563,680
56,070
$569,172
81,768
$1,020,732
56,226
$473,419
$619,750
$650,940
$1,076,958
Interest
Net income
Preferred dividends
4,644
$650,940
xl75,000
472,982
$1,072,314
xl75,000
945,964
$619,750
xl75,000
945,964
$647,545
•Common dividends
$501,214
sur$2,958
x
$0.63
$0.94
Charged against surplus at Dec. 31, of previous
York
Stock
Exchange has authorized the listing of 517,947
Georgia & Florida RR.—To Issue Certificates—
The
receivers
have
applied
to
the
Interstate
Commerce
Commission
for authorit y to issue $300,000 certificates of indebtedness to pay interest
The certificates will be used to secure a loan of $300,000, the
proceeds of which are to be used in the purchase of $437,000 of equipment
trust certificates.
An application is now pending to borrow $150,000
of this amount from the Reconstruction Finance Corporation.
at
4%.
Third Week
1937
Period—
Gross earnings
—V. 145, p. 609.
$18,550
of July
1936
$17,550
-—Jan. 1 to July 21
1937
1936
$712,942
$588,957
$48,650
$473,419
xl75,000
945,964
Earned per share on 472,982
shares
common
stock (no par)
New
(par $5), which are issued and outstanding; with
authority to add 14,625 shares upon notice of issuance thereof, reserved
for employees and officers, making the total amount applied for, 532,572
shares of common stock ($5 par).—V. 145, p. 609.
shares of common stock
Corp.—Registers with SEC
$1.00
year.
$1.89
Glidden
Co.—Registers with SEC—
See list given on first page
of this department.—V. 144, p. 4345.
General Water, Gas & Electric Co. (& Subs.)—Earns.
(Revised to give effect to the elimination of gross revenues and operating
expenses
of properties sold from May 31, 1935 to date of sale.
included in "other income.")
results from properties sold are
The net
Financial
942
12 Months End.
Operating
Operation
1937
$3,756,030
1,438,331
$3,534,337
1,368,593
178,388
152,646
346,804
316,786
$1,792,507
68,538
1936
^
revenues
Maintenance
Taxes (other than Federal income tax)
Net operating earnings
Chronicle
$1,696,313
100,723
May 31—
Other income
Amortization
502,696
29,276
debt
39,109
33,352
67,108
36,554
29,268
81,959
Gulf Power
stock discount and expense
Provision for amortization of preferred
Dividends
Interest
charges—
subsidiaries' preferred stocks
15-year 5% 1st lien and collateral trust
on
on
bonds—series A
Provision for Federal income tax
(estimated)
80,183
$501,464
_
$380,050
$6.57
$36,062
18.722
$36,635
17,229
$437,388
217,087
$402,531
207,087
$17,340
5,584
$19,405
5,584
$220,301
67,014
$195,443
67,014
$11,756
$13,821
$153,287
$128,429
Note—The
operating revenues are stated after deducting $120,000 in
respect of estimated annual reduction which will result in the event that
rate case decisions of the Public Service Commission and the Appellate
Division of the Supreme Court of the State of New York, advere to Con¬
solidated Water Co. of Utica, N. Y., a subsidiary, are upheld on appeal
now pending.
Consolidated Balance Sheet May 31, 1937
Liabilities—
A SS€tSmmm
Fixed capital
$23,684,612
30,092
Reacquired securities (par)..
570,000
Special deposits
597,770
Funded debt..
$17,649,120
Notes payable (banks, secur.)
Accounts payable (secured)..
Cash
415,240
Gross income
Net income—
Divs.
603,103
438,882
119,781
Prov. for Fed. Inc. tax
Inventories
207,928
Acer. divs.
1,014
Accts. rec. (non-current)
20,974
1,157,261
Prepaid expenses
Deferred charges
128,150
126,493
Includes provision for Federal surtax on undistributed profits for 1936.
No provision has been made for such tax in 1937.—V. 144, p. 4346.
Hagerstown Light & Heat Co. of Washington County
Comparative Income Statement
$160,913
101,871
6,596
1,286
$169,841
108,249
9,519
13,508
12,077
Net oper. revenues before prov. for retirements.
Non-operating income (net)
$37,651
$39,723
5
19
Gross income before prov. for retirements
Provision for retirements
$37,656
14,400
$39,743
$23,256
15,652
$25,343
16,018
revenues
Maintenance
Uncollectible accounts
Fed. inc. taxes of $1,066 in 1937 and
$1,133 in 1936)
97,408
Interest
Sundry deduction from income—
.
$3 pref. stock.
on
Subsidiaries' funded debt
38.142
ma¬
or
5,433
44.264
124.444
litigation
Balance Sheet June 30
Common stock
Misc.
36,344
2
1,444
Due from affil. cos.
$27,846,657
b Represented by 76,372
Graham-Paige Motors Corp.—Dollar Volume Up—
$1,042,174 in Graham factory sales for the
nine month period ended June 30 as compared with
the similar period in
Vice-President and General Sales
1936, is reported by F. R. Valpey,
Manager of the corporation.
"Our total factory sales for the nine month period just ended totaled
$12,703,733.78 and we shipped 17,031 cars to dealers during this period,"
says Mr. Valpey.
"This is an increase of approximately $1,042,174 over
our business for the comparable period ending June
30, 1936, when the
total was $11,661,559.59 and we shipped 17,156 cars.
"These figures reflect the ever increasing popularity of Graham super¬
charged models with the motoring public.
Our gain in dollar volume was
achieved almost entirely through the fact that our higher priced super
charged models are selling two to one over last year and approximately
seven to one over the comparable period in 1935."—V. 144, p. 4173.
Grand Union Co. (&
Subs.)—Earnings—
July 3 '37
after taxes,
depreciation and other
charges
Earns, per sh. on 159,550
shs. $3 pref. stock
$91,256
Costs,
$0.40
$0.74
$1.02
provision
Federal surtax
for
1935
1934
$3,651,336
7,217,200
4,532,000
3,305,907
2,664,031
$376,821
11,948
$104,678
7,439
$345,428
$214,915
9,612
15,248
$388,769
16,191
$112,118
$360,677
$224,527
49,083
6,674
48,303
24,282
$323,495
x$105,444
$312,373
14,089
26,137
3,290
Rerv. ext.
1,055
Def. credit items..
Def. debit items..
5,499
1,583
3,221
Total
—V
$923,065
144,
p.
6,000
6,000
Reserves
174~941
209,511
162,320
212,102
$923,066
$922,992
$922,992
deposits
Net profit
Hazel-Atlas Glass Co. (&
Total
Subs.)- -Earnings-12 Months-
3 MonthsPeriod—
June 27,'36 July 3,'37 June 27, '36
$8,433,771 $35,476,592 $30,513,161
7,512,369
6,654,551
27,750,822
24,189,730
159,217
716,241
724,929
170,839
July 3,'37
Net sales, royalties, &c.
$9,53i,507
Costs, ordinary tax, &c.
Depreciation
Gross mfg profit
$1,848,299
$1,620,003
$7,009,529
750,210
800,399
2,845,027
2,836,859
14,042
$819,604
58,039
$4,164,502
94,665
$2,761,643
186,101
$1,112,131
$877,643
$4,259,167
$2,947,744
,99
478
33,653
464
177,743
22,773
81,993
18,134
76,467
121,717
685,762
55,728
126,588
66,264
400,921
$900,172
$650,682
$3,472,724
$2,298,243
527,624
$900,172
543,011
$650,682
$3,472,724
2,849,723
$2,825,867
3,318.885
$357,161
$107,671
shs. cap. stk. (par $25)
$2.07
Note—No provision required for
$1.49
Sell,
Provision for Federal tax
Total income
Prov.
for
doubt,
Loss
accts.,
on
prop,
retired
Other charges
Federal income taxes
on
sales of
on
undistributed profits unnecessary.—V. 145,
Surplus
;
Earns, per sh. on 434,474
profits.—V. 144,
of—
1937
April.
May
-
June
1935
$2,019,037
2,773,907
2,454,546
2,825,839
February
March
1936
$1,867,874
2,043,153
2,521,571
2,514,305
2,625.257
2,411,795
$1,609,115
1,981,446
2,383,537
2,157.556
2,229,407
2,048,810
2,804.531
__
July.
2,702,290
543,011
the
Federal
Chocolate
1937
Corp.—Consolidated
$
bldgs.,
>
$7,007,466.
six months ended June 30, 1937
This is equivalent to an annual rate
assets of company and compares with 0.929%
ing months of 1936.
-h
Balance Sheet June 30,
the
Assets—
26,142
16,265,721
Deferred charges..
497,115
Inventories
Cash in bank.
from
$6,944,008
62.830
1,160,230
10,537",636
393,505
1,156,169
1,289,148
780,156
780,156
pref. stk,
Accrued divs
Distributors
$7,073
Reserves
23,666
Capital stock
(lc. par)
66,946
Paid-in surplus balance
of capital stock
Undistributed income
5,154,669
78,751
cidental items
Dividends
197
receivable
Deferred charges
21,571
9,598
Undistrib.
on
net
profit
realized
sale of securities
Unrealized
apprec.
256,738
(net)
of
145,
$7,038,205
p.
437.
in V.
surplus
Treas. stk
1,460,362
Total
$7,038,205
Total
lL..40,349,924
34,212,965
stock both at cost.
earnings for
145,
p.
Hobart
the 3
and 6
months ended June 30 were published
764.
Mfg. Co. (& Subs.)-—Earnings—
1937
1936
1935
1934
$4,849,225
2,211,385
1,826,180
Cr99,468
$4,166,900
1,968,730
1,616,284
Cr75,738
$3,473,186
1,651,985
1,411,952
Cr81,128
160,940
$2,075,547
1,099,948
764,986
Cr62,961
64,686
6 Mos. End. June 30—
Net sales
361,865
223,835
sion of fpr'n
8,194
9,190
569
3,630
Net income
$541,069
148,766
$424,598
149,945
$328,866
149,877
d$1.89
c$1.49
b$1.18
$205,258
403,090
a$1.04
Income charges
loss from
Exch.
conver¬
sub. accts.
Minority interest
Cash dividend paid
Earnings per share
stock (no par).
b Equivalent under
of the shares to $1.18 a share on 200,000 nopar shares of class A stock and 93 cents a share on 100,000 no par shares of
class B stock.
The class B stock is all owned by International Business
Machines Corp. having been issued for certain property and assets of the
Dayton Scale Division of that company.
Dayton Scale Co. was acquired
On old 200,000 shares of common
the participating provisions
1937Total
common
a
securities owned at June 30,
3,297,212
16,595,360 16,528,915
Dr2,518,310Z>r2,518,310
Represented by 271,351 no par shares,
b Represented by 728,649
shares,
c 17,507 shares preference stock and 26,900 shares of
Selling & gen. expenses..
Other income credits
payable
3,297,212
par
1937
Group, Inc., for the purchase
and for in¬
-.40,349,924 34,212,965
271,351
Deprec'n reserve,_10,345,145 10,159,371
c
no
$
728,649
2,176,472
1,500,000
Earned
Cost of goods sold
Accounts
Shee'
1936
$
Liabilities—■
Conv.
Surplus at organiz.
reported for the correspond¬
Liabilities—
Investments in stocks
Receivable
total expenses amounted to
of 1.006% of the average net
Balance
Accrd. Fed. taxes,
21,644,391 21,389,458
732,135
822,585
Notes receivable__
The
$38,524.
$6.50
undistributed
271,351
b Common stock.
728,649
Accts. & wages pay 2,494,191
Notes & loans pay. 7,200,000
a
ma¬
Accts. receivable1,093,972
a
Total income received by company from dividends paid on securities held
amounted to $113,726 during the latest semi-annual period.
Net profits
of $96,924 were also realized from the sale of securities.
on
1937
1936
Assess—
Land,
Total
Group Securities, Inc.—Report to Stockholders—
$7.99
surtax
3175.
p.
145, p. 280.
John Sherman Myers, President, says in part:
At the close of the latest semi-annual period total net assets of company
$623,001 def$493.018
June 30—
Cash
(H. L.) Green Co., Inc.—Sales—
For
6.080
sec
Dividends.
chinery, &c
to
$5,598,502
general & admini
tration expense
Hershey
763.
amounted
214
3000.
$200,245
Special charges, includ¬
ing Federal taxes
-V.
Accrued accts
12,847
15,430
$2,878,946
Interest charges
—V.
6,484
12,966
5,253
Co.-—Earnings1936
Total income
Month
960
12", 144
31,249
Profit
deprecia¬
exps.,
15,633
payable.
Consumers' dep..
on rent.
Cash in closed bks.
Appliances
on
$4,636,678
Other income
x
$117,801
$163,491
1937
Operating income
p.
June 27 '36
$7,594,022
tion, &c__
291,000
2,413
Notes payable
Merch., matls. and
Other income.
July 3 '37
$63,349
$0.37
6 Mos. End. June 30—
291,000
&
Accounts
9,736
&c
Granite City Steel
parent
affiliated cos...
-6 Mos.
June 27 '36
Note—No mention was made of any
undistributed profits.—V. 145, p. 763.
Sales billed
44,228
to
$200,000
$1,098,089
-3 Months-
Period—
Net profit
$200,000
1st mtge. 5 bonds.
Due
1936
1937
($100
Earned surplus
Total
4345.
A dollar volume increase of
107
27,583
7,201
Accts. receivable..
supplies
$27,846,657
for depreciation of $4,814,890.
p.
5,505
107
__
stock
par)
344
9,127
_.
Notes receivable
217,622
3,300,138
433,172
($1 par)
Paid-in and capital
Earned surplus
Liabilities—
Com.
$828,836
1
Cash
3,818,605
stock..
1936
$834,544
investments
Special deposits.
plus of subsidiaries
b $3 cumulative pref
1937
Assets—
Prop., plant & eq.
290,000
Min. int. in com. stks. & sur¬
shares.—V. 144,
211
$9,113
18,000
Note—No provision was required for Federal surtax on undistributed
profits for the year ended Dec. 31. 1936.
Federal surtax on undistributed
profits for the calendar year 1937, if any, is undeterminable at June 30,
1937 and no provision therefor has been made.
257,061
held)
no par
195
Common stock dividends
460,000
Res. for contingencies, &c
Pref. stocks of subs, (publicly
reserve
14.400
$7,409
10,000
Net income
3,383
Consumers' & other deposits.
After
273
Taxes (incl.
67,634
(est.).
Reserve for rate reduction in
a
_.
pref. stocks of
on
called for redempt.
Other current liabilities
Total
1936
1937
Year Ended June 30—
Operating
Operation.
Gross income
subsidiaries
tured
8,000
69,243
income tax).
Acer. divSi
!
Balance
x
Acer, taxes (other than Fed.
Accts. & notes rec. (less res.).
Unbilled revenue (estimated)
pref. stock
on
82,275
680,000
Accounts payable
Accrued interest
Marketable securities..
and taxes,.
exp.
Prov. for retire,
.66
-
a
$126,911
reserve-
$139,822
91,817
11,943
(average num¬
_
Misc. investments (less res.).
1937—12 Mos.—1936
$1,588,426
$1,361,690
1,015,193
878,159
135,844
81,000
1937—Month—1936
revenue
Oper.
x
$4.78
1.25
Balance
Earned per share: $3 preferred stock
ber of shares outstanding)
Common stock
$7,074,568 $50,815,637 $48,829,597
Co.—Earnings—
Period End. June 30—
289,517
69,504
preferred
and
1937—7 Mos.—1936
1937—Month—1936
$7,705,689
—V. 145, p. 280.
522,964
8,635
__
subsidiaries
of
$1,764,851
346,400
269,419
unfunded debt
1937
Int. & other fixed chgs..
$1,893,230
370,623
Total net earnings
Prov. for depreciation and depletion
Interest on subsidiaries' funded debt
on
7,
(W. T.) Grant Co.—SalesPeriod End. July 31-
Sales
Gross
Interest
Aug.
Volume
of June
as
145
Financial
30, 1934.
c
the shares to $1.49 a share on 200,000
no-par shares of class A stock and
$1.24 a share on 100,000 no-par shares of class B stock,
d Equivalent under
participating provisions of the shares to $1.89 a share on 199,147 no-par
shares of class A stock and $1.64 a share
100,000 no-par shares of class B
stock;
Consolidated. Balance Sheet June 30
1937
A ssets
Other market,
Notes,
x
1936
$
Cash & U. S. secur.
accts.
1937
$
1,283,369
165,276
sec.
Liabilities—
1,629,145
309,777
&
Install, contracts
from
4,067,308
Accrd.
3,617,839
2,881,533
(estimated)
Minority stocks of
45,601
54,204
officers
Treas.
stk.
491,618
393,694
4,846,577
and employees..
$
177,164
273,726
649,050
235,655
344,466
200,069
salar¬
ies, wages, &c__
receivable
Due
taxes,
1936
$
Notes & accts.pay.
Commissions pay.
Acer,
Inventories
Income tax
sub. companies.
4,640
4,640
Surplus
5,959,433
Capital stock... 4,000,000
5,384,086
z
purch.
for resale to off.
& employees
4,000,000
106,857
Troy housing prop,
64,272
companies
Plant property..
1,373,151
15,619
Goodwill & pat'ts.
Deferred charges..
83,353
1,397,227
15,619
106,449
55,066
Total.....-.-.11,625,010 10,493,232
Less
Total
11,625,010
10,493,232
for doubtful accounts of $310,353 in 1937 and $224,628
Less reserve for depreciation of $1,768,311 in 1937 and $1,580,927 in 1936.
z Represented
by 200,000 class A (no par) shares, having
stated value of $2,438,000 and 100,000 class B
(no par) shares, having
stated value of $1,562,000.—V. 144, p
1961.
x
reserve
in 1936.
y
The
directors
have
declared
a
dividend
the
on
no
par value,
stock since April 1,
common
25 cents
paid.
was
and Herrick,
Berg & Co. of New York.
The offering to the
public represents that portion of the issue not subscribed for
by the stockholders of the company, who received warrants
which expired
general corporate purposes.
Company, organized in Delaware in 1929, is engaged mainly in the manu¬
facture of commercial refrigerators,
refrigerated display counters, mechani¬
cal refrigeration,
refrigerator parts, meat choppers, coffee mills and other
food store equipment.
The principal plants of the company and its sub¬
sidiaries are in St. Louis, with another
plant, not now in operation, in Ligonier, Ind.
earnings totaled
$213,640 after provision for normal Federal and State income taxes but
before provision for undistributed
profits tax.
Sales of the company for
the month of June were
reported at the highest level in its history.
Application is being made to list the additional shares on the St. Louis
Stock Exchange and New York Curb
Exchange, where the shares now out¬
standing are listed, and to register these shares under the Securities Ex¬
change Act of 1934.—V. 145, p. 765.
Illinois Bell Telephone Co.
1932, when
a
semi-annual dividend of
depreciation, &c
Earnings per share
2, 1936, and
.x$6,395,583
p.
Illinois Water Service
12 Mos. End. June 30—
Dec. 2, 1935, this latter being the first payment made on;
the issue since June 1, 1933, when 15 cents was
paid.
22H cents per share
were distributed each three months from June
1, 1932, to March 1, 1933,
incl.
Prior to then regular quarterly dividends of 45 cents
per share were
disbursed.—V. 144, p. 2829.
Net
earns,
on
1936
from oper.
1935
1934
$596,365
187,078
44,047
64,422
$588,673
196,170
39,286
46,129
$596,133
215,771
34,811
61,065
$300,817
374
$307,088
1,572
$284,486
2,350
Gross corp. income
Int. on long-term debt..
Misc. int. (incl. int. chgd.
$301,191
171,950
$308,660
171,950
$286,836
171,950
to
construction)
Amortization of debt dis¬
1,376
for
Federal
Net profit
income
tax
I
Dividends
$353,000
$0.73
Net profit per share on the new ($2.50 par) shares
No provision made for undistributed profits tax.—Y.
Houston Lighting & Power
Period End. June 30—
revenues
Oper. exps. (incl. taxes)
Prop, retire, res. apprp.
_
on
the present
145, p. 765.
x
on
Does
not
1,304
1,507
3,950
3,821
3,857
15,750
3,940
6,267
19,750
25,000
700
700
700
700
$99,195
53,400
pref. stock
include
$104,615
53,400
$104,748
53,400
$9,196,500
4,264,668
1,198,955
$323,067
Net income
$312,896
1,020
$3,829,031
14,639
$3,732,877
14,436
$324,219
80,208
12,213
$313,916
108,125
7,497
$3,843,670
1,157,917
116,257
$3,747,313
1,297,500
95,197
$231,798
Gross income
Int. on mortgage bonds.
Other int. & deductions.
1,152
$198,294
$2,569,496
$2,354,616
315,078
period, whether paid or unpaid
Assets—
1937
1936
Liabilities—
$2,254,418
-
$2,039,538
Regular dividends
on 7 % and $6 preferred stocks were
paid on May 1,
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 adjusted net
income for that year.
No such provision has been made to date for
1937.
—V. 145, P. 765.
x
After
the
Houston Oil Field Material Co.,
x
6 Months Ended June 30—
Net profit after depreciation and interest.
x
Inc.—Earnings—
1937
_
....
1936
$340,850
$144,970
Before Federal income and undistributed profits
taxes.—V. 144, p. 4347
Funded
meat, &c
Cash
1936
Del. liabilities and
$6,103,348 $6,073,822
77,928
30,063
Unbilled revenue.
32,892
30,801
Accts. & notes rec.
61,765
78,776
Mat'ls & supplies,
37,496
35,739
x
87,003
debt
unadj.
$3,444,000 $3,439,000
credits..
35,676
Accounts payable.
Accrued liabilities.
9,508
7,681
61,422
49,188
509,420
890,000
1,140,000
Reserves
Del. charges and
Total
$6,400,434 $6,346,808
,
1,140,000
81,516
206,598
..
Total
effective Sept. 1, will increase the fare between Hudson
Jersey City and Hoboken from 6 to 10 cents.
Action is
taken under authority of an Interstate Commerce
Commission order of
Feb. 28, 1936 providing for the establishment of a
minimum passenger fare
of
and
10 cents for interstate carriers.
Walter F. Brown, chairman of the board, in a statement
said:
"The Hudson & Manhattan is compelled to obtain
more
money for its
service.
The creation of competitive facilities for
transporting passengers
across the Hudson River in recent
years has reduced our
passenger traffic
from a peak of 113,141,729
passengers in 1927 to 75,985,089 in 1935. While
in the last 18 months traffic has increased
approximately 3}4% over the
low point of the
depression, taxes and other expenses of operation have
far outrun the slight increase in
gross revenues.
"It is not proposed to
increase the fare upon the uptown lines in
Manhattan, which has been
10 cents for many years, or for the
joint service with the
Pennsylvania
Railroad between Newark and stations in Manhattan.
We
increasing the fare to Jersey City and Hoboken until
progressively increasing
deficits, operating costs and taxes leave us no alternative."—V.
145, p. 611.
Hudson Motor Car Co. (&
unamortized
expense
1937—6 Mos.
$1,336,186 x$l,063,475
1936
$1,840,355
Before provision for surtax on undistributed
profits.
E. Barit, President, states that the
consolidated balance sheet as of
June 30, 1937, showed substantial
gains in both cash and net
working
capital.
As of June 30 cash and Government bonds totaled
$16 082 745
a gain of more than
$4,000,000.Jiyer the figure of $12,036,793 cash'and
Government bonds reported on Dec. 31.
Net working capital on June
30
stood at $16,396,679 as
compared with $12,384,514 at the close of last
year
Mr. Barit stated that on Aug. 1 Hudson had
retired for cash $500 000
of its notes, which were due on that
date, thus reducing the outstanding
amount to $3,850,000 —V.
145, p. 282.
8
rate
Represented by 57,000
y
Independent (Subway) System of N. Y. City—Earnings
Period Ended May 31, 1937.
Operating
Operating
Month
revenues
Income from railway operation
Non-operating income
revenues over
$271,970
1,090
$3,434,861
10,468
$273,060
operating expenses.
—V. 144, p. 4347.
$3,445,329
<
,
Indiana Associated Telephone
Period End. June 30—
Operating
11 Months
$1,403,295 $13,574,957
1,131,325
10,140,096
expenses.
revenues
Corp.—Earnings—
1937—Month—1936
$108,485
$101,863
1937—6 Mos.—1936
$640,202
$593,161
Uncollectible oper. rev..
106
99
625
609
Operating revenues—
Operating expenses
$108,379
60,641
$101,764
53,086
$639,577
345,215
$592,552
315,223
Net oper. revenues—
Rent for lease of oper.
$47,738
$48,678
$294,362
$277,329
142
50
341
457
15,211
12,799
91,006
75,480
32,385
35,829
$203,015
$201,392
property
Operating taxes
income
—V. 144, p. 4348.
Indiana Hydro-Electric Power
Co.—Earnings—
Earnings for 6 Months Ended June 30,1937
Total operating revenue
General and miscellaneous expenses
*
Taxes, general
Federal taxes (other than income) and others
Provision for retirement
Interest on funded debt
General interest
Amortization of debt discount and expense
Provision for Federal income tax
Net income..
$190,000
3,822
2,325
1,645
10,000
69,925
2,105
10,272
18,000
$71 906
Dividends
73,143
Balance, deficit.
$1,237
Balance Sheet June 30,1937
Ass(tts~~mm
Subs.)- -Earnings—
Period End. June 30—
1937—3 Mos.—1936
Net prof, aft depr., taxes
and other charges
x$1,056,241
x
81,516
194,768
$6,400,434 $6,346,808
Including unamortized debt discount and
expense, and commission on capital stock,
shares of no par value.—V. 144, p. 3176.
x
have delayed
A.
35,235
531,712
890,000
6% cum. prel. stk.
y Common stock..
97,607
Capital surplus
Earned surplus.
Net operating
Hudson & Manhattan RR.—Fare Increase—
This railroad,
Terminal
1937
Plant, prop., equip
Excess of
Balance
on
315,078
Dividends applicable to preferred stocks for the
1937.
surtax
Balance Sheet June 30
case
Net oper. revenues
Other income
$83,010
53,400
provision in respect to possible
1937—12 Mos —1936
$10,162,376
4,891,387
1,441,958
811
Federal
undistributed earnings for the six months ended June
30, 1937
prepaid accounts
Co.—Earnings—
1937—Month—1936
$915,626
$806,951
420,338
405,438
172,221
88,617
404
3,950
x6,633
43,000
Misc. deductions
$434,398
21,908
59,490
This compares with $251,334 profit or $0.52 a share earned
stock for the first half of 1936.
x
$1.65
undistributed profits.—V. 145,
Co.—Earnings—
1937
Other income.
$426,652
7,746
bonds and miscellaneous
1
Profit
Operating
on
$326,845
171,991
Maintenance
General taxes
$568,799
142,147
Depreciation
x
$2,476,742
$2.89
$4.07
$325,991
expenses..
Net income
x
$4,333,764
.,112,382
$644,128
205,009
46,607
66,521
;.
Prov. for Fed. inc. tax._
Prov. for retir. & replace.
Operating profit...
Provision
J
854
revenues
count and expense
Manufacturing Co.—Earnings—
Earnings for 6 Months Ended June 30, 1937
Manufacturing profit
Selling, general and administrative expenses.
x
1934
on
Hoskins
Net income
1935
on
1,500,000 shs.cap. stk.
$4.26
No provision has been made for surtax
282.
Operating
Operating
The directors have declared a dividend of 10 cents
per share on account
of accumulations on the $1.80 cum.
partic. class A stock, no par value,
payable Sept. 1 to holders of record Aug. 11.
A like payment was made
on June 1 and March
1, last, and compares with 30 cents paid on Dec. 1,
1936, and dividends of 10 cents per share paid on Sept. 1, June and March
1936
x
A like payment was made on Oct. 1, 1931, as against
1, 1931, and 50 cents on Oct. 1 and April 1, 1930.
(Henry) Holt & Co., Inc.—Class A Dividend—
-Earnings—
1937
income taxes, interest,
40 cents paid on April
—V. 144, p. 4347.
Aug. 2.
Of the proceeds of the
financing approximately $400,000 is expected to
be used by the
company to reduce outstanding bank loans and the balance
will be applied to redeem its
outstanding convertible debentures and for
of
50 cents per share on the
payable Sept. 1 to holders of record Aug. 12.
This compares with 20 cents paid on June 28,
last; 50 cents paid on June 1
and on March 1, last; 25 cents on Dec. 15,
1936; 40 cents on Oct. 1, 1936,
and 25 cents paid on April 1, 1936, this latter
being the first payment made
stock,
Hussmann-Ligonier Co.—Siock Offered—An additional
issue of 25,000 shares of
(no par) common stock was offered
Aug. 4 at $22.50 a share by Francis Bro. & Co. of St. Louis
6 Mos. End. June 30—
Net income after Federal
Holophane Co., Inc.—Larger Dividend—
common
943
Starting in 1934, when the company reported its first operating profit
since 1929, the company's
earnings, as shown in the prospectus, have im¬
proved in each year, the earnings for 1936 having been
$243,837 after pro¬
vision for all taxes.
During the first six months of 1937
and inv. in other
y
Chronicle
Equivalent under the participating provisions of
Liabilities—
Plant, prop, rights, fran.,.&c..$8,116,081
Cap. stock, disc. & expense
187,516
Sinking funds & spec, dep
1,024
Unamort.
debt
discount
and
expense
Cash
Reacquired securities
....
428,001
151,035
213,700
Preferred
stock
Common stock
Funded debt
Accounts payable, miscell
Accts. pay. associated cos
Accrued
interest
Accrued taxes..
Retirement
reserve
Casualty <fc insurance reserve.
Miscellaneous reserve
$2,100,500
3,500,000
3,000.000
36
187
23,308
137,142
174,465
4,051
851
Surplus
Total
-V. 144, p. 4010.
,097,357
156,816
Total
$9,097,357
Financial
944
Indiana Gas & Chemical Corp.
(& Subs.)—Earnings—»
April 1, 1937 to June 30, 1937
Earnings for Period
$359,939
Production sales
maintenance, administrative
Cost of sales including
and selling
296,768
expenses
Insurance
4,701
20,581
Depreciation
Net income before Federal income
$35,670
taxes
Consolidated Balance Sheet June
1547,053
Cash
cumul. pref.
$6
on
126,625
(less reserve)
235,970
8,345
369
2,376
Prepaid Insurance
Prepaid Interest
Deferred charges
of work
Cost
investments...
in
11,250
& Warehouse Co
$5)
for
reserve
Total
$960,390
550,462
544,177
810,842
depreciation
504,935
Net income
——
Other deductions
$1,334,216
640,151
127,028
$567,038
dividends
Balance Sheet
June 30 '37
International Rys. of
2,319.554
125,095
22.097
110,720
22,323
Main exten.
12,975
1,103
Accts. receivable..
12,200
3,488
_.
.
Accrued taxes
Mat'Is & supplies.
gen'l.
Prepayments
Special deposits
261
283,024
.
38,389
depos
.
1,306,163
271,915
1,234,500
258,520
count & expense
debits.
Accrued Interest..
14.894
14,225
Other accr. llabil..
Unamort. debt dis¬
25,685
31,731
1,708,442
2,214,605
1,656,524
2,109,510
Reserves
Corporate surplus.
24,737,171 24,530,243
.24,737,171 24,530,243
Total
4348.
1937
$95,929
9,564
1,068
Dividends on securities.
Expenses
Int. paid and accrued—
Fran. & cap. stk. taxes
Earnings—
1935
$96,102
10,935
1,447
$80,837
11,514
2,831
157
213
162
x
y$76,847
762,387
y$83,506
687,941
Total surplus
$852,385
81,280
Dr431
210
$709,834
$771,016
59,500
$839,103
76,500
1,798,581
17
Last Saturday in
x
June 30-
increases made earlier this year of $242,700.
the announcement;, M. H. Karker, President of the
"Jewel tries to put full wages in the weekly pay envelopes
Our present wage increases are in accordance with our
philospohy that the more there is produced the more there is to divide."
—V. 145. p. 283.
vious company wage
In commenting on
company, said:
of its workers.
26
capital surplus,
capital surplus.
y
July 3, *37. June 27, *36 June 29, '35
Weeks Ended—
before
Profit
for
prov.
and
deprec.
$1,204,571
393,429
42,500
$565,030
364,935
417,997
107,190
33,625
x$687,190
x$424,573
$113,408
$10.69
Depreciation..
$896,698
123,952
income taxes
$6.60
$1.75
Provision for income taxes
7%
stock
July 3, 1937, the company and subsidiaries com¬
panies show a net profit of $1,563,358 after all charges except surtax on
undistributed earnings.
This is equal to $24.31 per share on the 64,304
shares of 7% cumulative convertiole pref. stock now outstanding.—V.
144, p. 3506.
For the 53 weeks ended
(B. F.) Keith Corp. (&
Subs.)—Earnings—
June 27, '36
June 29, *35
$889,887
$710,441
$493,303
292,110
284,730
336,530
July 3, '37
26 Weeks Ended—
Profit before prov.
for deprec. & in¬
taxes..
Depreciation
Provision for income taxes
74,125
84,050
•
23,975
12,727
$771,105
$654,607
$711,516
$762,603
Losses on sales of securities amounting to
to
month.
The company on Aug. 3 announced a yearly wage increase of $55,000 to
its route sales force.
The increase is effective at once.
This follows pre¬
Net profit after
Earned surp.
1.265,347
1,311,074
Wages Increased—
come
Divs. paid or accrued—
Income debits
1934
$1,214,762
1,276,473
1,335.685
1,276.651
1,265,773
1,739,029
$66,331
643,292
Dr 130
Previous surplus.
Income credits...
1935
$1,395,225
1.450,684
1,439,369
1,436.962
1,422,600
1,417,014
1,407,424
June 19
1934
$89,992
11,848
1,141
See
y$85,250
767,135
1936
$1,482,569
1,534.592
1,546,091
1,508,653
1,511,253
1,514,171
1,590,962
1,753,381
cumulative preferred
1936
47
1937
Net profit after all charges
Per share on the 64,304 shares
Loss on sale of securities
$1,538,288
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings—
dividend of $1.50 per share on the common
stock, no par value, payable Sept. 1 to holders of record Aug. 9.
This
compares with $1 paid on June 1, last, and previously, regular quarterly
dividends of 50 cents per share were distributed.
In addition, an extra
dividend of $4 was paid on Dec. 24,1936, an extra of $3 was paid on Dec. 28,
1935 and an extra of $2 was paid on Dec. 28, 1934.—V. 144, p. 3504.
Certificates, Inc.
■-.
$1,686,082
1,742,933
1,777,991
1,844,297
Ingersoll-Rand Co.—Dividend Increased Again—
Insuranshares
'■
Inc.—Sales—
x March
The directors have declared a
6 Mos. End. June 30—
$1,530,966
$139,608
$155,995
May 22
x
1,458,221
;.
Weeks Ended—
xJanuary
xFebruary
38,282
416,200
467,228
1,674,666
fixed
before
Jewel Tea Co.,
July
1937—6 Mos.—1936
$3,205,632
$2,996,509
239,384
261,947
charges and without
provision for undis¬
tributed profits tax.
—V. 145, p.116.
43,445
44,276
Other current liab.
Income
Central America—Earnings
1937—Month—1936
$417,942
$378,992
June 30—
xApril
1,054,900
1,054,900
Common stock...
5.250,000
5,250,000
Funded indebt... .13,827,000 13,827,000
Consumers' depos.
88,426
91,743
Preferred stock,
2,505,022
261
287,317
Cash
Notes receivable..
S
Liabilities—
$
$
Dec. 31 '36
$
June 30 '37Dec. 31 '36
capital.....20,290,277 20,200,594
3177.
Period End.
4
$134,249
$172,791
Deficit
—V. 144, p.
$2,649,994
Assets—
586,597
Gross revenue
Interest charges
Total
2,246,757
$969,558
555,752
Oper. exps. and taxes
Ended June 30, 1937
Operation, maintenance and retirement or
—Y. 144, p.
1936
$3,207,147
2,248,054
$2,513,283
-
All Federal and local taxes
Undistrib.
1937
$3,217,612
Depreciation
Earnings for 12 Months
Investm'ts,
International Ry. Co.—Earnings—
6 Months Ended June 30—
Fixed charges
1,949,969
Gross revenues
Fixed
exempting the com¬
sections of the Public Utility Holding Company
the common stock issuable on conversion of the
cumulative convertible 5% preferred stock provided for in the plan and the
common stock issuable on exercise of the common stock purchase warrants
provided for in the p'an.—V. 144, p. 4348.
Securities and Exchange Commission
pany from the applicable
Act of 1935 in respect to
Net revenues
depreciation
available for
New York Stock Exchange and for
Total expenses
Indianapolis Water Co.—Earnings—
Balance
the new shares on the
registration under the Securities and Exchange Act of 1934.
This,
together with other necessary steps, will require some time, but the direc¬
tors expect that they can fix the date for the exchange of the new securities
for the old not later than Oct. 1, 1937.
The action taken by the directors followed receipt by the company of an
50,173
of $144,117.
b Includes contingent
liability of $5,423 for gross sales taxes on interstate shipments which is
being contested in the courts,
c Represented by 11,700 no par shares.
—V. 144, p. 3177.
After
a
effect the company's plan
Total revenues
$2,513,2831
Total
3 and voted to take the necessary steps to bring
for change in capitalization.
Application
The directors met Aug
into
1,170,000
1,038,891
Preferred stock
Common st.ock (par
6,434
Lands, buildings & equipm't
Approval of Change in Capital—Exempted by
Vote
Directors
SEC—
not
progress
allocated
a
Mortgage note of Wabash Coke
100,000
155
Gas Co
Miscellaneous
Reserve for maintenance
c
Commissioner Douglas
in determining the
vote.
dissenting, with Commissioner Healy taking no part
application.
order from the
Earned surplus.
Universal
of
290
35,100
23,710
18,323
1, 1937
b Accrued liabilities
Inventories
stock
due July
600
liability Insurance
Notes and accounts receivable
Common
pref.
Dlvs. on $6 cumul. pref. stock
and
Deposit on compensation
cum.
stock declared but unclaimed
35,386
stock-
Company Act,
their
$100,000
65,545
Notes payable
Accounts payable
Dividends on $6
payment of
Cash on deposit for
on
Holding
without further appeal to the Commission.
The exemption was granted by a 3-to-l
must be made to list
Liabilities—
Assets—
dlvs.
30, 1937
exemption of the company from the Utility
the new shares can be issued by the company
for
claim
the
decision
" 2,218
...
.
of Federal income taxes)
Taxes (exclusive
Aug. 7, 1937
Chronicle
x
$1,858 in 1934 were charged
Exclusive of losses on sales of securities charged to
x$513,727
x$351,586
$132,797
charge for surtax on undistributed earnings.
July 3, 1937, the company and subsidiaries show
after all charges, except surtax on undistributed
all charges
Does not include any
For the 53 weeks ended
profit of $1,249,523
earnings.—V. 144, p. 3178.
a
net
Condensed Balance Sheet June 30
Dlvs.
Liabilities—
1937
1936
$29,738
$17,107
45,836
5,246
Assets—
Cash in banks
42,063
receivable..
Due from brokers.
Notes payable
Misc.
6,417",087
accr.
&
$190,000
""251
991
res..
838,700
4,298,936
771,105
Treasury stock
850,000
Drl37,358
yCommon stock..
Paid-in surplus
R.)
Kinney Co.,
4,673,401
762,603
y
$5,962,544 $6,476,2561
$5,962,544 $6,476,256
Total
Fixed
orders approving the sale for
$7,250,000 to the International Match Realization Co., Ltd., of Bermuda,
of a substantial block of assets held by the Irving Trust Co. as trustee
in bankruptcy for the corporation.
The referee, however, deferred action on the bid of $996,000 by Irving
Reynolds, lawyer, 20 Pine St., New York, for controlling shares in the
Federal Match Corp. and the Union Match Co.
Mr. Ehrhorn also signed an order for the eaily distribution of a dividend
of 7.4% to creditors of the
with
claims
aggregating
to
Match creditors aggregates
149,275
3,481,832
Accr. & misc. liab.
230,053
6% scrip dividend
(called
for
re¬
demption
July
50,000
assets,
139,387
goodwill.
for
Fed.
Inc.
30,678
estate
gages
140,000
726,500
mort¬
due 1941..
notes
2,000
140,000
471,700
taxes......
Real
&
out¬
1,493,003
1,466,596
Gold
2
amortization
marks
37,927
28 1937)
Res.
less
depreciation
Trade
50,000
112,336
value,
2,480,051
$5 prior pref. stock
standing
&
733,050
(no par)
$5 prior
preferred stock.
Scrip for
4,617
...
1,970,650
2,523,950
$8 preferred stock
(no par)
Common stock ($1
bankrupt estate, consisting of debenture holders
In addition
$97,948,838 principal amount.
20% dividends previously paid, the recovery to date by
231,484
Accts.
Other investments,
life insurance
International Match Corp.—Sale Confirmed—
Referee Oscar W. Ehrhorn July 30 signed
$275,000
981,359
Notes
102.056
Prepaid expenses,
surr.
164,591
par)
International
Common stock (no
27.4%.—V. 145, p. 766.
1,535,260
par)
International
Terms
Paper
&
Power
Co.—SEC
Appropriated capi¬
Approves
tal surplus
of Plan—
Finding that the terms under which the stockholders of the company
agreed to the recapitalization was within permissible limits and that their
assents were fairly obtained, the Securities and Exchange Commission
has issued an order the effect of which is to permit the company to carry
out the plan.
•
"
Under the plan, the company will issue new preferred stock with con¬
version privileges, and common stock carrying stock purchase warrants.
The order of the Commission exempted the company from filing a declaration
for the common stock to be issued against conversion of the warrants.
Some part of these securities undoubtedly will be called for in exchange or
subscribed for after the Commission has passed upon the company's still
pending application for exemption from the provision of the Utility Act
calling for registration of utility holding companies.
Had the company attempted to go ahead with the pia-n wnuuuu e-s-empi/iuui
for the new securities just granted by the Commission, it would have
assumed a contract, ana then would have needed the assent of the Com¬
mission to fulfill it.
Under the order, regardless of the Commission's
1936
pay.—banks|l,000,000
pay.—trade
687,472
$458,847
198,393
Merchandise
Cash
1937
Liabilities—
$335,464
238,079
3,944,126
Accts. rec., less res.
less reserve
Represented by $1 par shares.—Y. 144, p. 2657.
1936
1937
Assets—
Cash
•fee
Total
Inc —Consolidated Balance Sheet
June 30—
940
Earned surplus
5,881,725
Investments
(G.
1936
1937
$190,000
Due to brokers
Capital surplus
surplus—
Earned
Total
The earnings
$6,398,454 $8,381,771
Total
for 6 months ended June 30 were
Keystone Custodian
696,296
58,334
171,655
2,048,427
$6,398,454 $8,381,771
published in V. 145, p. 767.
Funds Inc.—August Distributions
"B3," will pay $1 per share
This is a regular distribution
Last January, "B3" paid a
special profits distribution of $1.03 per share which if reinvested in addi¬
tional shares would have increased the number of shares held by about 4%.
Thus, the current distribution of income of $1 per share would be equivalent
to $1.04 per share, representing an increase over the income distribution of
Keystone Fund in low-priced bonds,
Aug. 15 to holders of record July 31.
and does not include any realized profits.
The
on
$1.02 in January.
"84," the Keystone Fund in low-priced stocks will also pay a regular
distribution of income on Aug. 15 of five cents per share, the same as was
Volume
Financial
145
Because of the undistributed profits tax, the heaviest
occur during the period embracing the year end when
special dividends are declared by the companies whose stocks are
included in the Keystone Funds.
This situation to some extent in also true of "Kl," the Keystone Fund
in income-preferred stock, the fiscal year for which ends Aug. 31.
Kl
will pay a special profits distribution of income on Aug. 15, the record
date in this instance, however, being Aug. 5.
It is estimated that regular
income will amount to $1 per share and realized profits to 50 cents per
share, a total payment of $1.50 per share.—V. 144, p. 4182.
paid
Chronicle
Link-Belt Co. (&
year ago.
a
dividend collections
extra and
„
,
authorized the listing of $25,000,000
4%, due Nov. 1, 1951.
first mortgage and collateral trust bonds—series A,
—V. 144, p. 4005.
Net profit
sales..
on
Other income
Total
.....
Sundry charges to income
Depreciation
made Aug. 4
by Keane & Co. at $9.87^ per share.
Proceeds of 2,242
shares being sold for the company (the remaining shares
offered for certain stockholders) will be used for materials
for the completion of an addition to the company's plant and
for purchase of factory equipment.
financing, the capitalization will consist of 100,000 shares
common stock (SI par) authorized, with 70,000 shares outstanding.
Company, located at Cadillac, Mich., was incorporated in July 1925.
Since that time the company has been engaged in the manufacture and sale
of heaters and heater equipment for auto vehicles, particularly ambulances,
trucks and buses.
The company's products include hot air car heaters,
hot water car heaters and blower units, thermostatic controlled heating,
ventilating and circulating systems for buses, automatic radiator shutters
for control of engine water temperature, and other special heating equip¬
ment.
However, the manufacture of heaters now comprises the major
portion of the company's business.
this
Earnings for 6 Months Ended June 30
$137,007
$0.90
charges.—V. 145, p.' 439.
$0.54
Net profit after all charges
Earnings per share on common stock (70,000 shares
now
x
outstanding)
37,827
v
Before Federal income tax
Laclede Gas Light
Assets—
$3,201,640
468,038
$1,318,098
a
2,034,391
Accounts
1,977,890
Accts. reeeiv. and
notes rec.,
&c_.
cost
3,360,731
4,351,791
42,640
Prov.
1937
1936
$7,132,615
3,655,360
Maintenance.
372,212
Provision for retirements
503,835
876,488
356,083
498,614
802,963
taxes
come
Property, plant &
equipment
5,654,563
invest, in affil. co
172,600
.
for
21,004
93,457
158,966
29,232
118,499
CH%
(par $100) 3,277,800
stock (no
3,277.800
se¬
curity taxes
Pref.
56,152
256,439
559,172
stock
cum.
Com.
c
526,052
par)
Earned
21,425,823 19,241,338
After
21,690
Prov. for social
5,512,146
172,600
35,152
444,150
Stock reacquired &
held as treas. stk.
reserve
..10,584,739 10,584,739
surplus
5,304,668
3,848,865
.21,425,823 19,241,338
Total
for receivables of $412,916 in
for
reserve
200,849
capital
Reserves
stock pur. trusts
53,264
195,421
stock taxes
Interest In employ,
Other assets
63,110
233,495
tor Fed. in¬
Prov.
20,953
securities
b
a
911,665
503,885
Accrued State, local
& Canadian tax
Accrued int. recelv.
b After
payable. 1,194,013
payable July l._
3,271,184
3,074,443
Securities owned at
on
$
$
Preferred stock div.
4,382,168
4,761,943
Inventories
1936
1937
Liabilities—
$
depreciation,
Stated
c
1937 and $341,363 in 1936.
value S14.92H per share.
—V. 144, p. 3180.
Lion Oil
Refining Co. (& Subs.)—Earnings—
1937
$5,448,355
4,518,123
1936
$4,216,765
3,699,667
1935
$3,206,438
2,985,516
$930,232
398,968
$517,097
292,953
$220,922
425,514
$531,264
$1.26
^
$7,088,901
3,192,825
470,078
undistributed profits.
1936
$
Cash
Exps., incl. int & cost of prod'ts sold-
Earnings for the 12 Months Ended June 30
Taxes, including income taxes
$1,632,384
105,141
209,144
b$758,321
223,691
6 Months Ended June 30—
Gross income
Co.—Earnings—
Operating revenues
Operating expenses
$3,950,041
165,987
582,414
Consolidated Balance Sheet June 30
1936
1937
x
$923,643
54,210
111,112
227,455
1937
Total
$211,905
62,773
$1,324,051
308,333
$3,692,952
257,089
$752,520
171,124
$2,123,805
97,908
287,313
....
1937—12 Afos.—1936
$24,257,361 $17,088,945
20,564,409
15,764,894
b No provision has been made for Federal surtax on
Kysor Heater Co.—Stock Offered—Offering by prospectus
Net sales
$1,977,614
146,190
Net credit to surplus.b$l,738,585
a
of 13,154 shares ($1 par) common stock was
After
Subs.)—Earnings—
Period End. June 30-- 1937—6 Mos.—4936
Sales to customers
--$13,163,792
$9,695,906
a Costs of
sales..______ 11,186,178
8,943,386
Federal Tax estimate...
Koppers Co.—Listing of Bonds-—
The New York Stock Exchange has
945
$224,145 loss$204,591
Net operating income
Deprec., depl. & properties written-off
Net Income for period.
x
Earnings
share
provisions
per
Before
x
for
income
taxes
and
$0.80
Nil
corporate surtax.—Y. 144,
P. 4012.
Profit
$2,143,541
420,077
$2,498,198
1,945,056
6,244
$2,239,670
1,943,892
6,804
Cr8,426
188,080
Gross income
$1,819,593
354,657
-
-
Non-operating income (net)
Cr7,285
178,253
15,875
Lockheed Aircraft Corp.
6 Mos. End. June 30—
-Earnings-
1937
Interest
funded debt
unfunded debt
on
1935
1936
1934
on
Interest charged to construction
Amortization of debt discount and expense
Taxes on interest and other charges
14,935
Net income
----
Note—No provision has been made
tributed net income.—V. 144, p. 3676.
Lake Superior
$102,129
$352,309
$664,281
3,307
$1,069,168
3,296
$137,451
$2,644,992
1,891,049
$660,974
499,630
$1,065,871
767,489
$136,886
133,413
$753,943
339,413
$161,344
91,653
$298,382
66,761
$3,473
41,378
Other income
Interest
$2,653,725
8,733
$414,530
21,513
$69,691
12,123
$231,621
3,145
loss$37,905
8,288
Total loss
Other expenses
$436,043
64,669
$81,814
19.031
16,063
$234,766
67,325
14,506
$29,617
12,776
6,368
loss$48,762
Returns and allowances.
Gross profit
j__
Selling and adm.
expense
for any Federal surtax on undis¬
Operating
District Power Co.- -Earnings—
1937
6 Months Ended June 30—
1936
$855,512
$965,972
334,070
149,970
158,255
275,148
Other income (net).
$323,678
16,965
$377,491
16,185
Interest and other deductions.
$340,643
127,255
$393,676
160,020
Preferred stock dividends paid or declared.
$213,388
118,358
$233,657
118,358
$95,030
$115,298
Operation, including maintenance
Depreciation or provision for retirements
--
Taxes, except surtax on undistributed profits-
102,179
100,693
profits....
Depreciation
40.169
available fo
common
est. U. S.
normal Fed. inc. tax.
-V. 144, p. 3339.
Lehman
The
Earns, per share on
stock
6,507
$40,213
$152,935
$0.43
$0.08
$0.37
com.
Accts.
rec.
1937
1936
$405,661
x272,517
1,356,327
(net)_.
Inventories
Accounts
3,399
Customers' depos.
payable
Taxes payable
Commissions pay-
18,129
"§1296
23,841
1936
$81,405
25,000
81,560
28,691
32,043
34,151
9,238
48,660
~18~462
659,213
1,568,771
421,714
507,546
535,468
83,299
Accrued liabilities.
Acer. Fed. inc. tax
ufacturers Aircr.
License Agreement
Assn.
1,000
1,093,862
Fixed assets
which listing has been applied for.
The directors at a regular meeting held on July 14, 1937, authorized the
issuance of the 16.515 shares of capital stock to Lehman Brothers for
Deferred charges.
175,988
383,763
(cost)
shares of capital
pursuant to the terihs of the management agreement
between that firm and the corporation.
Lehman Brothers received as
$366,341
10,797
298,912
83,186
.
Oth. current assets
rec. not cur.
payable
Notes payable
Wages
& employees
1937
Liabilities—
$567,538
70,155
370,500
M'bersbip in Man¬
Corporation—Listing—
Nil
Balance Sheet June 30
Assets—
Notes
York Stock Exchange has authorized the listing of 16,515
stock (no par), making a total of 2,086,884 shares for
New
49.642
$281,563
Net profit
Advances to officers
stock owned by
North West Utilities Co
•
Provision for
Cash
Balance
565
166,064
_
1,000
1
Pats', tr. names, &c
Other intangible..
1
deposit
Cap. stk. (par $1).
Capital surplus
Earned surplus.
._
900
25,000
$570,620 in cash,
compensation for its services under such agreement for the six months ended
June 30, 1937, the sum of $570,620 and such agreement provides that
Lehman Brothers shall be obligated upon receipt of such compensation
to apply a sum equal thereto to the purchase from the corporation of
common stock of the corporation taken at its book value per share, and that
the corporation shall be obligated to sell such stock to Lehman Brothers.
The book value of the corporation's shares, determined in accordance with
such agreement, at June 30, 1937, amounted to $34.55 per share.
Of the consideration to be received by the corporation for the issue of
the 16,515 shares of stock. $1,66 2-3 per share or an aggregate of $27,525
will be allocated to capital stock account and the excess of the consideration
to be received over the amount so allocated to capital stock account will
be surplus.—V. 145, p. 440.
Provision for retirements
—■
Federal income taxes
Other taxes
Other income.
Gross income.
Interest
on
Interest on
Interest
on
—
-
-
5% first mortgage bonds
5H% debentures
unfunded debt
Amortization of debt discount and expense-
30,175
199,500
69,241
369,093
$1,976,716
435,298
23,251
262,330
20,059
303,600
$1,164,409
13,839
Maintenance
1936
$2,059,156
.
$3,524,824
$932,178
4,035
$1,178,248
573,134
215,741
25,539
38,290
$936,213
579,182
230,312
30,584
39,453
226,738
$325,544
$56,681
Note—No provision is made in this statement for Federal surtax
undistributed profits, if any, for the year 1937.—V. 145, p. 118.
on
Lima Cord Sole & Heel Co.—Dividend Reduced—
directors have declared a dividend of 12J4 cents per share on the
common stock, par $1, payable Aug. 20 to holders of record Aug. 10.
A
dividend of 25 cents was paid on July 15, last, and previously regular
quarterly dividends of 12H cents per share were distributed.
In addition,
an extra dividend of 37H cents was paid on Dec. 28, 1936.—V. 145, p. 768.
The
Lionel
Corp.—Re-files with, SEC—
See list given on first page
of this department.—V. 145,
Total
..$3,524,824 $1,394,375
144, p. 2486.
Loew's, Inc.— To Pay $3 Common Dividend—
The directors on Aug. 4 declared a dividend of $3 per share on the out¬
standing no par common stock of this company, payable Aug. 25 to holders
of record Aug. 14.
A regular dividend of( 50 cents per share was paid on
June 30 last, and each three months previously. In addition, the following
extra dividends were distributed: $1.50 on June 30, last; 50 cents on March
31, last; $1 on Dec. 31,1936: extras of 50 cents paid on Sept. 30,1936 and on
Dec.31. 1935, and extras of 75 cents per share distributed on Dec. 31, 1934,
and on Dec. 31, 1929, while an extra of $1 was paid on Dec. 31, 1931, and
1930.—V. 145, p. 284.
Inc.—Earnings—
Income—Dividends from marketable securities
Profit from sales of securities
-
Total
p.
612.
-
$25,975
85,854
$ 111,829
-
-
Expenses & charges
21,038
.
Net income
Earned surplus, Jan. 1,1937 (since Aug. 31, 1935).
Earned surplus, June 30, 1937 (since
Aug. 31, 1935).
$90,791
134,476
$225,268
Balance Sheet, June 30, 1937
Liabilities—
Assets—
Cash
$125,720
8,715
8,469
Dividends receivable.
Accounts
receivable
Marketable secur.
Balance of income
$1,39 .,375
Includes notes and accrued interest receivable.—V.
Earnings for the 6 Months Ended June 30, 1937
1937
Operating revenue—electric
Operating expenses
x
Los Angeles Industries,
Lexington Water Power Co.—Earnings—
12 Months Ended June 30
Total
(valuation
based upon market quota-
tions,
Inv.
in
$1,180,741)..
wholly-owned
144,
p.
225,268
1,468,598
3,825
$2,757,227
Total
—V.
$21,392
1,458,626
1,051,942
sub¬
sidiary company. Blue Dia¬
mond Corp., Ltd
Prepaid taxes
»
1,141,900
Accts.
payable (principally
Fed.inc.A cap. stock taxes)
Capital stock (par $2)
Capital surplus
Earned surplus (since Aug. 31.
1935)
Total
$2,757,227
2134.
Long Island RR.—Some Fares Lowered—
New local passenger rates effective Aug. 1 provide for a reduction of
five cents on one-way coach tickets between the railroad's terminals in
New York and Brooklyn and more than 40 different points on Long Island.
Financial
946
Chronicle
When the general change in passenger fares was made in June, 1936, the
railroads generady prepared temporary tariffs producing the 2-cent-a-mile
3-cent-a-mile fares in Pullman cars, adding in each
instance sufficient to make the fares end in "0" or "5."
In making the permanent tariffs, which become effective Aug. 1, it was
Marsh Wall Products,
distances under 38 miles would
1937
7,
Inc.—Registers with SEC—
of this department.
page
Martin-Parry Corp.—Earnings—
Earnings for 3 Months Ended May 31, 1937
be computed by
dropping all decimals or fractions which are less than a full cent over "0"
or
5."
For example, covering distances of 10.1 miles and up to 10.4
miles where the present fare is 25 cents, the new fare will be 20 cents.
For distances 10.5 miles to 12.5 miles, the fare will be 25 cents as at present.
This general practice will be followed by all eastern railroads affecting
local passenger fares.—V. 145, p. 768.
first
See list given on
fares in coaches and
decided that fares for
Aug.
Net sales
$17,793
-
-
Cost of goods
sold
72,quo
—
$54,806
Balance.
Lujfkin Rule Co.—Files Registration Statement—
Net
$53,835
operating loss—
Discount on purchases and other income
:::::::
Miscellaneous charges.
Company has filed with the Securities and Exchange Commission under
970
131
159
Interest paid
the Securities Act of 1933 a registration statement covering 313,858 shares
and/
a
$54,125
Net loss.
par) to be outstanding upon completion of a refund¬
proposed public offering of 70,870 shares of common
of common stock ($5
ing operation
Balance Sheet May 31, 1937
stock.
LidbUities-
The stock offering, to be underwritten by F. Eberstadt & Co., Inc. and
Auchincloss, Parker & Redpath, will include 16,000 shares for the account
of the company; and 54,870 shares purchased from present stockholders.
Proceeds from the 16,000 shares acquired from the company will be used
to retire all of its 21,459 shares of outstanding preferred stock.
As the
has
now
result/of
recent 2-for-l split-up of common shares, the company
outstanding 297,858 shares ($5 par) exclusive of 52,178 held in its
a
a
The Guaranty Trust Co. of N. Y. has been appointed registrar for 500,000
shares of common stock $5 par value.—V. 145, p. 769.
no
stores
1937—Month—1936
1937—7 Mos.—1936
$3,132,948
$3,001,548 $21,513,986 $20,694,702
operated i97 stores during July, 1937 as against 195
in July, 1936.—V. 145, p. 284.
company
Balance Sheet June
McKay Machine Co.
Cash
$45,171
Accounts receiv. (less reserve)
44,172
_.
169,906
inventory
Deferred charges
Real estate
3,175
30,884
212,687
Buildings, equip., &c
a
Other assets
Accounts
payable
Unpaid payroll
Accrued liabilities
13,338
6,103
Accrued taxes.
a
Reserves
stock
^
...
b Common stock
$510,908 »
_
...
Total.
Month—
29,000
201,600
147,348
April
May
1936
1937
$498,376
$597,205
>
$0.60
Earnings per share on common stock
$0.49
—V. 144, p. 4013.
Memphis Power & Light Co.—Earnings—
Period1 End. June 30— 1937—Month—1936
1937—12
$560,077
354,911
55,906
$8,280,823
5,362,533
699,627
$7,420,233
4,756,616
682,042
$176,488
6,017
$149,260
$2,218,663
31,487
$1,981,575
—..
on mortgage bonds.
Other int. & deductions.
$182,505
61,448
3,043
$155,714
61,448
$2,250,150
737,375
42,585
$2,008,472
737,375
38,852
$1,470,190
$1,232,245
Net oper. revenues—.
Other income (net)
1936
Gross income
1935
Int.
1934
Mos.—1936
$638,217
404,158
57,571
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approps
Inc.—Net Sales—
1937
March
Memphis Natural Gas Co.—Earnings—
b Represented by 53,339
$13,673,227 $11,605,621 $10,532,634 $11,549,832
10,071,120
13,330,468
11,475,413
9,753,342
15,576,407
10,917,744
12,701,173
11,585,545
14,047,043
12,193,691
10,973,631
9,928,061
13,503,872
11,313,419
10,599,499
9,975,412
January
February
for listing $2,500,000 out¬
sinking fund debentures, due March 15, 1952.
15 year 4H%
p. 2309.
$510,908
reserve for depreciation of $111,869.
shares.—Y. 144, p. 110.
McKesson & Robbins,
144,
Net income after deprec., interest, amortization,
Fed. income taxes & surtax on undist. profits—
5,24i
...
Preferred
After
par
—V.
37,321
4,912
Total
b Represented by 175,000
12 Months Ended June 30—•
$70,858
Surplus..
no
par
standing
30, 1937—
Liabilities-—
Assets—
$1,032,094
Total
The New York Curb Exchange has approved
Period End. July 31—
The
$1,032,094
depreciation of $560,217.
shares.—V. 144, p. 3341.
After reserve for
Memphis Commercial Appeal Co.—Listing Approved—
McCrory Stores Corp.—Sales—
Sales
4,062
385,566
taxes
Deficit
4,755
Total....
a
Reserve for Federal and State
14,543
54,030
Prepaid insurance, &c
Capital stock
$1,400,000
payable and accruals
13,598
Accounts
183,659
(less reserve)
Inventories at cost (less res.).
treasury.
b
$775,107
Property and plants
Cash on hand and in banks
Accounts receiv.
Divs.
applic.
pref.
to
2,980
$118,014
$91,286
stocks for the period,
Net income
x
6,454
26,897
394,876
394,876
$1,075,314
$837,369
whether paid or unpaid
—V. 145, p. 441.
Balance
McLellan Stores Co.—Sales—
Period End. July 31—
Sales
1937—Month—1936
1937—7 Mos.—1936
$1,860,226
$1,742,704 $10,202,264
$9,403,998
—V. 145. p. 284.
irn
m
(R. H.) Macy & Co.,
Inc.
10
ooo
07
„
Offer 150,080 Shares of
Common Stock at $37 Per Share—
Pursuant to resolutions adopted by the board of directors Aug. 4, company
offer to the holders of its common stock the right to subscribe
150,383 shares of its presently authorized but unissued shares of common
stock at $37 per share, at the rate of one-tenth of one share of such stock for
each share of common stock held by them:
A registration statement covering these shares has been filed with the
Securities and Exchange Commission under the Securities Act of 1933, as
amended, but has not yet become effective.
Subject to the effectiveness
of such registration statement, it is expected that holders of common stock
of record at the close of business on Aug. 14, will be given the right to sub¬
scribe for shares of such stock at the price and at the rate above stated, that
subscription warrants evidencing rights to subscribe for such shares of
common stock will be mailed to each such stockholder on or about Aug. 16,
1937, and that such subscription warrants will provide that the rights evi¬
denced thereby may be exercised until 3 o'clock, p. m., Eastern Daylight
Saving Time, Sept. 3, 1937, when the subscription warrants and the rights
evidenced thereby will become void.
The exercise of such rights must be
effected by the surrender of the subscription warrants on or before such time
at the place indicated thereon, with the subscription form appearing thereon
duly executed, and accompanied by payment for the stock subscribed for
at the price above stated, in cash or by certified check in New York funds.
No subscription for fractional shares will be accepted.
Stock subscribed
for will be issued and delivered as soon as practicable after the subscription
proposes to
to
is received.
The company has entered into ah agreement with underwriters whereby,
subject to certain conditions, such of 125,000 of the shares of common stock
(exclusive of 25,383 of the shares for which certain stockholders would be
entitled to subscribe) as are not subscribed for by the stockholders or their
assigns will be purchased by such underwriters.
It is expected that trading in subscription rights on the New York Stock
Exchange will be authorized.—V. 145, p. 612.
Maine Central RR.— To Increase
meeting of stockholders has been called for Aug. 25 to authorize
an increase
in capital stock of the company by $10,000,000,
or
from
$15,916,700 to $25,916,700.
The proposed increase would take the form
of 100,000 shares of prior preference stock of $100 par value.
There are
now 9,167 shares of 6%
prior preference stock authorized.
The additional 100.000 shares of prior preference stock are to be reserved
for conversion of the road's general mortgage 4K% bond issue which is
convertible, par for par, into 6% prior preference stock.—V. 145, p. 769.
Manufacturers Casualty Insurance Co.—Extra Div.—
an
extra dividend
share in
to the regular quarterly dividend of 40 cents per share on the
capital stock, par $10, both payable Aug. 16 to holders of record July 31.
Similar payments were made on May 15 and Feb. 15, last, and on Nov. 15
and Aug. 15, 1936.—Y. 144, p. 3006.
p.
stock, no
par,
upon
&
Tube
Mercer
official notice of issuance.—V. 144,
4184.
Power
Co.—Listing
have
(& Subs.)-—Earnings—
1937
now
$7,370,957
6,298,717
$7,427,886
for retire, reserve) $1,072,240
$1,189,082
7,117
8,436
$1,079,357
500,000
$1,197,519
Operating revenues
Oper. exps., maintenance and taxes—
—
Other income
6,238,804
3 Mos. End. June 30—
Total revenues
Net income (after
of oper. exps.,
taxes &
reserve-
145, p.
500,000
442.
23,903
3,620
$697,519
491,815
25,512
4,571
$79,986
Net income
2985.
1937
$1,995,983
1936
1935
1934
$1,953,040
$1,830,601
$1,898,229
loss91,535
236.902
Nil
93,626
236,902
$0.39
88.389
236,902
$0.37
64,167
245,914
deduc.
rents,
depreciation).
Shs. cap. stock (no par)-
Earnings per share
$0.26
For the six months ended June 30, 1937, net income was $113,111 after
income taxes and charges, equal to 9 cents a share, comparing
Federal
with $200,845 or 84 cents a share in tho first six months of 1936.
For the 12 months ended June 30, 1937, total revenues amounted to
$8,646,249 and net income was $506,321 after Federal income taxes and
charges, equal to $2.14 a share.
No provision has been made for Federal surtax, imposed by Federal Act
of 1936 on any undistributed profits accruing after Jan. 1, 1937.—V. 144,
p. 4185.
Metropolitan Edison Co.—Earnings—
1937
12 Months Ended June 30—
Maintenance
932,278
1,771,126
511,204
981 219
....
Federal income taxes
Other taxes
Operating income.
-
funded debt__
Interest on unfunded debt
—
—
Amortization of debt discount and expense
Interest
charged
to construction
__
Balance of income
Dividends
360,372
783,728
$3,625,145
1,697,052
—
Gross income
on
$3,850,941
1.156,106
1.107,985
1,613,474
$5,547,993
1,752,693
54,288
133,564
Crl,241
$5,238,620
1,944,178
84,045
122,591
Crl,983
$3,608,688
Other income.
Interest
1936
.$12,825,462 $11,527,417
4,778,694
4,494,080
Operating revenues
Operating expenses
-
—
$3,089,789
Balance
1,276,317
1,276,317
$2,332,371
preferred stock
on
distributed profits, if any, for
$1,813,472
the year 1937.—V. 145,
p.
285.
Michigan Bell Telephone Co.—Earnings—
1937—Month—1936
1937—6 Mos.—1936
$3,448,943
2,223
$3,102,232 $19,898,283 $17,822,849
949
34,157
20,821
$3,446,720
2,200,638
$3,101,283 $19,864,126 $17,802,028
1,896,132
12,252,880
11,063,616
Net oper. revenues—
$1,246,082
415,487
$1,205,151
358,583
$7,611,246
2,529.948
$6,738,412
2,124,140
$830,595
$846,568
$5,081,298
$4,614,272
Oper.
revenues
Uncollectible oper.
rev-.
$175,620
$579,357
;
Operating taxes
Net operating income.
-V.
145, p.
121.
6 Months Ended June 30—
-
471,848
1937
1936
1935
Net income after depreciation, Federal
income taxes
Gross income
Amortization of debt discount and expense
Other income deductions
-V.
p.
Co.—Earnings—
Michigan Steel Tube Products Co.- -Earnings—
Net oper. rev. & other income (before appro, for
retirement reserve).
Interest charges
stated.—V. 136,
been paid, the concern's petition
1936
12 Months Ended June 30—
Appropriation for retirement
Pa.—JReceivership
Merchants & Miners Transportation
series, due April 1, 1952, to listing and registration.—V. 145, p. 769.
Net oper. rev. (before approp.
Sharon,
Operating revenues.__
Operating expenses.
& Registration—
The New York Curb Exchange has admitted the 1st mtge. bonds, 4)^ %
Market Street Ry.
Co.,
Federal Judge R. M. Gibsen at Pittsburgh on Aug. 4 discharged the
receivership of the company.
The company and two subsidiaries, Sharon
Steel Products and McDowell & Co., went bankrupt in 1933.
All creditors
Period End. June 30—
Marion-Reserve
Mfg.
Ends—
Note—No provision is made in this statement for Federal surtax on un¬
Margay Oil Corp.—Listing Approved—
The New York Curb Exchange has approved for listing 4,160 additional
common
Note—Includes provision of $116,199 made during the last 12 months
($46,199 in 1936 and $70,000 in 1937) for Federal surtax on undistributed
profits.—V. 145, p. 770.
of 10 cents per
addition
shares
x Regular dividends on the $7 and $6 pref. stocks were paid on April 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 July 1, 1937.
Provision for retirements.-
Capital—
A special
The directors have declared
-----
-
Earns, per sh. on 200,000 shs. capital
stock ($2.50 par)..
— 1
$312,680
x$232,231
$237,782
$1.56
$1.16
y$1.18
x After
non-recurring reorganization expenses of $13,287 and reserve for
contingencies of $9,301 not set up in the first hald of 1935.
y Based on
shares now outstanding for six months ended June 30, 1936.
,
Note—No provision was made for Federal surtax on undivided profits.
—V. 144, p. 4186.
J
Volume
Middle
Financial
145
West
Chronicle
Corp.—Earnings—
Period End. June 30—
Dividends—Subs.
1937—3 Mos.—1936
a
1937—6 Mos—1936
We maintain markets in
a
cos.
Missouri Public Service 1st 5s, 1960
(consolidated)—
On
$20,722
168,875
$150,480
66,375
8,672
$93,541
85,036
3,919
$250,094
187,530
1,912
$200,477
169,566
12,333
$328,029
36,122
$182,496
23,853
$439,537
$382,376
58,986
8,420
21,946
Total
Interest
$166,517
574
stocks
Other companies
$12,268
75,625
5,647
$225,527
101,928
common
947
6,812
13,591
14,732
32,586
Other income
Total income
_
General & administrative
66,375
17,202
65,543
Deep Rock Oil 7s, 1937
Buffalo, Roch. & Pitts. Cons. Reg'd
Republic Natural Gas Common Stock
Penna. R.R. and Reading R.R. Guar. Stocks
10,880
YARN ALL & CO.
A. T. & T. Teletype—Phila. 22
State, local and miscell.
Federal taxes
Federal normal inc. tax.
Federal surtax on undis¬
1528 Walnut Street
12,437
64,792
32,975
83,019
$105,266
$243,657
$217,367
Mobile Gas Service Corp.—Earnings—
67,597
$196,749
tributed profits
Philadelphia
25,989
but applicable to
the 3 and 6 months ended that date have been given effect to in these
earnings.—V. 145, p. 285.
1936,
Year Ended June 30—
1937
Taxes
Milwaukee
Electric
Light
&
Ry.
12 Months Ended June 30—
Net operating revenues
$9,058,670
125,122
Non-operating revenues
Gross
income
on
$9,183,792
3,020,525
$8,190,409
25,696
272,656
2,855,417
$8,216,105
3,114,946
148,709
92,002
098,743
22,680
2,834,402
$2,803,626
funded debt
$2,102,110
Amortization of bond discount and expense.
Other interest charges
147,599
91,767
Cr7,796
Interest during construction
deductions
Other
Appropriations for depreciation reserve.
Net income
Note—The provision for Federal surtax on undistributed income shown
in the consolidated income statement for the 12 months ended June 30,
1937 represents the provision made in December,
1936 for the year 1936.
provision has been made for the surtax for the six months ended June 30,
no provision for the six months ended June 30, 1936 is included in
the income statement for the 12 months ended June 30, 1936.—V. 144,
p.3508.
Net oper. revenues before pro v. for retirements.
Non-operating income (net)
1937 and
Minneapolis St. Paul & Sault Ste. Marie Ry.- -Earnings
[Including Wisconsin Ry.]
1937
1936
1935
1934
$2,265,554
367,798
491,749
$2,432,586
668,904
347,403
$2,007,887
360,990
92,880
$2,010,103
458.240
167,938
12,816,436
2,001,936
801,765
Gross from railway
Net from railway
Net after rents
From Jan.
12,207,991
1,990,417
302,068
10,342,749
931,819
def496,952
10,686,101
1,538,986
def81,811
Gross income before provision for retirements..
Net after rents
—V.
145,
p.
121.
Net income
res.
9,000
Int. & other fixed chgs._
$95,493
50,426
$78,796
38,095
$288,822
184,329
revenue
Oper. expenses & taxes
Prov. for retirement
Gross income
$3,282,725
2,124,809
108,000
$2,906,195
1,912,827
102,400
$1,049,916
678,776
$890,968
452,834
938
$107,248
45,825
1,110
$46,401
46,401
$60,313
60,313
Nil
before prov.
for int.
on
Nil
Balance Sheet June 30
Asset*—
Plant,
1937
property
Liabilities—
1936
&
x
1937
Common stock..
Divs.
on
$45,066
21,088
Balance
x
No
$40,701
21,088
$371,140
253,062
$438,133
253,062
$23,978
preferred stock-
$19,612
$118,078
$185,071
provision was made in
1936 for Federal surtax on undistributed
Erofits as made for such tax in 1937.—V. 144, distributed. No provision
been
all taxable income for that year was p. 4352.
as
Mississippi Power & Light Co.—Earnings—
Period End. June 30—
1937—Month—1936
1937—12 Mos.—1936
$6,488,285
$5,362,237
4,447,910
3.614.479
Operating revenues
Oper. exp. (incl. taxes)
Property retirement re¬
serve appropriations..
$484,044
328,899
$408,534
294,346
58,333
31,667
414,833
390,000
Net oper. revenues—
for lease of plant
$96,812
$82,521
$1,625,542
$1,357,758
Crl46
Cr713
2,862
135
$96,958
$83,234
197
71
$1,622,680
2,379
$1,357,623
3,410
$97,155
68,142
5,903
$83,305
68,142
5,860
$1,625,059
817,700
77,062
$1,361,033
817,700
69,752
$23,110
$9,303
$730,297
$473,581
403,608
403,608
$326,689
$69,973
-
debt
(net)
Operating income
Other income (net)
Gross income
Int.
on
mortgage bonds-
Other int. & deductions-
Net income
x
Dividends applicable to preferred stock for the
period, Whether paid or unpaid
Balance
Dividends
accumulated and unpaid to June 30, 1937, amounted to
Latest dividend amounting to $1.50 a share on $6 preferred stock,
was paid on
May 1, 1937.
Dividends on this stock are cumulative.—
V. 145, p. 443.
x
$689,497.
Accounts payable.
19,775
Notes receivable.-
1,991
3,695
18,602
Accts. receivable..
108,416
30,492
30,734
Due from affil. cos.
750
113,594
2,682
Consumers' depos.
Accrued accounts.
21,049
16,902
Due to affil. cos_.
Notes
-
41,319
2,826
Def'd debit items.
14,080
(Including Missouri
Transmission
extension
6,310
12 Months Ended June 30—
Represented by 5,000
24,590
7,672
no-par
Total
$2,820,282 $2,802,252
shares.—V. 144, p. 3509.
Monogram Pictures Corp.—Listing Approved—
The New York Curb
Exchange has approved for listing 360,586 outstand¬
common stock, $1 par, with authority to add to the list upon
official notice of issuance 300,834 additional shares common stock, $1 par.
—V. 144. p. 3008.
Mountain States Power
Co.—Earnings—
1937
1936
$3,906,427
2,583,515
$3,528,809
2,339,418
$1,322,912
242,133
3,078
Dr56,984
$1,189,391
245,064
3,170
Dr41,224
Net operating revenue and other income (before
appropriation for retirement reserve)
$1,511,139
Appropriation for retirement reserve
300,000
$1,396,402
300,000
Operating revenues
Operating expenses, maintenance and taxes
Net oper. rev. (before approp. for retire. res.)__
Rents from lease of properties
Miscellaneous
non-operating revenues
Inc. from merchandising, jobbing & contract work.
Gross income
on
$338,283
Net income
x
Before provision for amortization of discount and expense on first mort¬
bonds.—V. 145, p. 443.
Munising Paper Co.—Registers with SEC—
See list given on first page
Nashua Mfg.
National Aviation Corp.1937
$4,098,271
1,625,221
$3,799,990
$2,473,050
118,483
$2,816,030
.
$2,938,751
963,198
Other interest
$2,591,534
955,363
41,561
16,934
260,000
260,000
Net income
$1,317,676
$1,658,180
Gross
income
charges
Appropriations for depreciation reserve
Liabilities—
5,037
Furniture & fixt__
2,300
603,515
895
1,002
1937
$3,574
Res. for Fed. taxes
19,826
61,208
Capital stock
2,386,761
Paid-in surplus
6,041,302
1,789,202
2,386,761
6,041,302
1,975,761
x
Earned deficit
19,573
1936
Accruals
$4,919
983,960
122,722
39,627
17,747
x
$6,662,261 $6,518,4281
Total
$6,662,261 $6,518,428
Represented by 477,352 (no par) shares.
The earnings for 6 months ended June 30 were published in V. 145, p. 771.
National
Broadcasting
Co.—July
Revenue
Highest in
Company's History—
Company's revenue in July reached the highest figure for that month in
the history of the company as advertisers invested $2,707,450 in network
The increase over July, 1936, amounted to $277,467 or 11.4%.
time.
Note—No provision for Federal surtax on undistributed income
was
required for the year 1936.
No provision has been made for the surtax for
the six months ended June
Total
revenue
seven
months of the year reached $22,655,557.
the $18,491,075 figure for the
same
period of 1936.
30, 1937.—V. 144, p. 3509.
National
Monroe Loan Society—Listing
Approved—
Curb Exchange has approved for listing 200,000 addi¬
tional shares of common A stock, $1 par, upon official notice of issuance.—
V. 144, p. 3844.
Earnings per share
-
Note—No mention made of provision for
123.
Corp.—Earnings—
[Including wholly owned subsidiary]
1937
Sales.
on
1936
$234,297
249,453
$0.94
undistributed
Per share
1936
a$3,056,004
b224,431
$2,139,864
7l ,085
307,032
its manufacturing subsidiaries.
1937
$113,840
332,604
$0.34
Federal surtax
Container
6 Months Ended June 30—
95,682
$0.29
Net income after all charges and Fed. income taxes
Net income incl. the company's share in earnings of
(Tom) Moore Distillery Co.—Earnings—
6 Months Ended JuneSO—
Net profit after depreciation and Fed. income tax_>
Number of shs. of com. stock outstanding (par $1) _
p.
for the first
a 22.5%
gain over
—V. 143, p. 2218.
The New York
profits.—V. 145,
145, p. 123.
-Balance Sheet June 30—
'
186,579
Total
Interest on funded debt
Amortization of bond discount and expense
1936
$6,450,069 $5,911,718
Prepaid taxes
r
of this department.—V.
Co.—Injunction Denied—-
Federal Judge Vincent L. Leibell on Aug. 3 denied the motion of Ben¬
jamin S. Lichtenstein, a holder of 50 shares of 7% cum. pref. stock for an
injunction restraining the company from using its accumulated surplus for
payment on Aug. 9 of a $6.75 dividend on its new 5% pref. stock to holders
of record Aug. 2.
The company recently effected a recapitalization, ex¬
changing the 7% pref. on which dividend accumulations amount to $45.50,
share for share for the new 5 % pref., plus a small cash payment and issued
2d pref. stock in lieu of accumulated dividends.—V. 145, p. 614.
and taxes
Net operating revenues
Non-operating revenues
$205,749
x
gage
Accts. receivable..
incl. gross charges
expenses, maintenance
379,975
15,360
$1,096,402
486,501
2,851
396,053
5,247
Other income deductions
Cash in bank
revenues (electric),
under firm power contract
$1,211,139
477,521
funded debt
Amortization of debt discount and expense
Other interest (net)--
1936
Operating
461,657
ing shares
1937
Operating
6,004
480,156
$2,802,252
Total
Invest, at cost
Co.]
537
nm
16,495
..-..$2,820,282
*,
-
deposits
Appll'ces on rental
1,667
'
payable
Service
Mdse., materials &
Assets—
Mississippi River Power Co.—Earnings—
$430,701
1,833,000
Funded
Interest
Rent
1936
$430,701
1,833,000
1,215
$2,598,548 $2,570,284
Misc. investments
45
2,132
49
Special depoelts
7,486
Cash
44,819
6),058
equipment
12 Months Ended June 30—
Net income
21,473
1st mtge.
Remainder..
1937—12 Mos.—1936
1937—Month—1936
$249,602
161,806
9,000
x
$93,164
45,825
Note—No provision was required for Federal surtax on undistributed
profits for the year ended Dec. 31, 1936. Federal surtax on undistributed
profits for the calendar year 1937, if any, is undeterminable at June 30,
1937, and no provision therefor has been made.
Mississippi Power Co.—Earnings—
Period End. June 30—
$128,721
income bonds, series A and series B
Provision for interest on above income bonds
x
Gross
$114,260
21,096
Gross income
Interest on first mortgage 5% bonds
Sundry interest and other income charges
supplies
1—
Gross from railway
Net from railway
125
Provision for retirements
No
June—
$127,595
1,127
Crl72
47,306
Subs.)—
1937
1936
$29,889,633 $27,969,830
20,830,963
19,779,421
Operating revenues
Operating expenses, maintenance and taxes
Interest
(&
Co.
$526,598
333,848
18,021
$114,136
Maintenance
Uncollectible accounts.
1936
$527,676
342,376
18,479
2,047
50,638
Operation
on
Includes
330,482 shares
$186,609
of
com. now
outstanding
$0.93
subsidiary which commenced operations
Jan. 1, 1937.
b Exclusive of dividends of $5,001 received from subsidiary.
As of June 30, 1937, consolidated balance sheet of corporation and its
wholly-owned subsidiary, Airdepot Realty Corp., shows total assets o.
$6,495,395 and current assets of $957,767, including cash of $423,593*
a
one
Financial
948
against current liabilities of $274,613.
The balance sheet includes
$3,260,000 of cash and advances set aside in trust for the construction
Florida pulp and kraft paper board plant now under construction.
These funds were recently provided by the issuance and sale of $2,000,000
15-year 5H% debentures, and 175,000 shares of common stock.
Tbe
Florida plant is expected to be in operation in the early part of 1938, the
purpose of which is to supply the company with a source of raw material.
National Oats Co.-
as
the common
614.
National Dairy Products
1935
1934
$170,133,9631156,970,8911139,749,170S129,568,398
158,143,959 144,360,034 129,703,332 119,279,881
5,127,123
4,393,942
4,409,230
4,007,352
Net sales
Cost, expenses, &c
Depreciation
523,147
$5,636,608
544,256
$6,281,165
631,608
$7,386,027
1,366,785
939,700
$8,699,504
1,788,408
983,000
$6,180,865
1,993,966
722,000
$5,079,542
345,481
Total income.
$5,928,097
345,481
$3,464,899
345,481
$4,009,387
346,745
—
divs_
Int. & subsid. ptef.
Federal taxes
Net profit
dividends
Preferred
tax return
.'**
m
<m
'mm
Divs.
$0.49
$0.89
).75
$0.58
7
$316,116
50,000
$226,405
50,000
$288,879
46,271
$266,912
$266,116
$176,404
$212,607
$0.19
Surplus as at June 30Earns.per sh.on 100,000
shs. cap. stk. (no par)
—V. 145, p. 444.
_
National Surety
$0.72
$0.30
$0.54
Corp.—Earnings—
Liabilities—
1936
1935
1934
$275,707
Operating profit
$213,509
30,268
$336,492
25,973
92,555
$243,777
92,859
39,923
x33,325
28,421
15,855
4,953
Reins
114,275
$80,552
114,275
$94,011
114,275
$210,889
57,387
$29,525
def$33,723
def$20,264
$153,502
$1.25
$0.70
$0.82
$1.83
&
profits taxes—
$251,309
$339,922
91.944
32,333
48,921
$362,465
93,977
28,148
29,451
$143,800
profit.
_
Surplus-.
Earns, per sh. on 114,755
shs. cap. stk. (nopar).
necessary.
Comparative Balance Sheet
Accts.
Acer,
disc'ts, doubtful
& allow.
accts.
Stock
mat'ls
&
tax
suppl.
Invest'ts (at cost).
28,680
5,065,785
8,875
21,695
After reserve for depreciation of
y
71,035
5,738,750
5,738,750
2/ 38,541
703,828
Capital stock
Earned
54,010
102,987
49,929
profits.
Reserves
surplus
In comparison
2,338,541
674,303
with the first quarter result, the second quarter of 1937 is
a keen disappointment.
In explanation of this poor showing I
call attention to an unfortunate strike that was called by the
Committee for Industrial Organization organizers on our warehouse and
desire
to
The additional direct costs
general manufacturing divisions on April 29.
of operation during the succeeding weeks of upset conditions were con¬
siderable.
The temporary indirect losses are hard to judge.
I am pleased
to state however that this C. I. O. strike, though not officially called off.
been of little
or
no
tion of Labor and a satisfactory contract
2489.
47,103,588
34,320,530 x30,268,336
profit on sales.
$2,287,385
453,542
$1,795,735
819,775
$6,655,672
598,856
Other income
$5,192,266
$2,740,927
See x
$2,615,510
$7,254,528
4,532,260
655,513
.
_
.
Total income
.
Expenses & taxes
Deprec. & depletion
j See x
See
x
f
773,775
730,775
232,386
772,836
$2,066,755
730,742
232,386
678,684
$1,003,991
$879,513
$424,943
3,095.100
$0.57
y309,510
$5,192,266
748,275
232,386
773,775
.
Common dividends.
Surplus
$2,740,927
730,775
$3,437,830
profit
preferred divs
Class B preferred divs
3,098,310
$2,615,510
232,386
stock
standing (par $10)
Earnings per share
.
$1.36
y271,470
$4.06
$5.33
taxes, depreciation and depletion,
the shares having been split 10 for 1 effective May 15,1936.
Includes
expenses,
y
Par
$100,
1937—Month—1936
$631,237
$567,302
S
$
4,223,719
1,147,888
$4,527,093
U. S. Govt, sees
1,147,888
Domestic.!
&
rec.
2,309,975
116,193
4,797,284
Div. payable
3,380,066
Fire ins.reserve.
10,782,654
10,859,354
192,012
144,677
22,097,055
employees
Inventories
116,193
4,797,284
426,664
20,001,890
Foreign
426,664
3,922,215
reserve
7,000,000
exch'ge
Gross income
37,500
$7,173,379
3,975,856
527,500
$6,960,440
3,727,422
450,000
$200,540
5,172
$2,670,023
127,744
$2,783,018
264,051
$205,712
61,875
17,500
7,353
$2,797,767
$3,047,069
742,500
210,000
88,571
$227,376
on
mortgage bonds.
Int.
on
debenture bonds.
61,875
17,500
9,652
Other int. & deductions.
604
42,457
3,381
$119,588
Dividends applicable to preferred stocks for the
period, whether paid on unpaid
$1,788,789
$2,009,379
6,182
(credit)
$144,531
Net income
4,803,122
$9,183,759
3,214,741
1,924,586
2,366,536
3,514,094'
4,744.346
3,722,100
4,463,731
4,088,474
8,664,422
7,930,874
$9,039,097 $18,823,270 $17,918,741
6,608,873
7,397,864
3,678,795
78,627
150,064
240,539
196,959
1,925,576
3,851,135
495,295
174,235
327,911
3,851,362
405,428
1,071,782
875,925
$2,464,021
$6,424,988
$4,796,150
246,111
270,664
count and expense
interest73,337
against inc_
12,000
Pref. divs. of sub. cos__
1,925,563
Min. int. in net earns, of
502.667
subsidiaries
470,919
438,146
44,128,813
459,661
108,537,083
106,913,053
Consolidated
balance
before dividends
Total
108,537,083 106,913,053
1936, 34,883 shs. of pref. A, 25,815 shs. pref. B
in 1937, 29,883 shs.
—V. 144, p. 1792.
National
and 3,210 com. shs.;
shs. com.
of pref. A, 25,815 shs. of pref. B and 3,210
Pressure
Cooker Co.—Extra Dividend—
an extra dividend of 10 cents per share
quarterly dividend of 15 cents per share on the
common stock, par $2, both payable Sept. 1 to holders of record Aug. 15.
Similar payments were made on June 1, last.
An extra dividend of 20
cents was paid on Dec. 1, 1936.—V. 144, pp. 3183, 2837.
directors
have
declared
$3,184,786
519,469
Pref. divs. of New Eng.
Pow.
Assn.
declared
1,988,759
1,325,891
3,977,487
2,651,783
$1,196,027
$1,138,130
$2,447,500
$2,144,367
during the period
Consolidated balance.
in addition to the regular
1,620,011
2,430,160
State and
Miscellaneous
403,508
119,561
equipm't (net) 45,138,548
The
Depreciation
Taxes—Fed.,
municipal
Amortization of debt dis¬
and
Deferred charges
In
earnings-_$27,824,772 $26,690,423 $55,306,026 $52,820,095
9,271,730
19,559,893
18,784,650
9,787,720
10.327.700
7.654,511
332,705
Foreign
x
Total gross
Operating costs
Other chgs.
Domestic
Total
1937—6 Mos.—1936
1937—12 Mos.—1936
revenue$26,975,454 $25,785,279 $53,766,753 $50,933,263
849,317
905,144
1,539,272
1,886,832
21,837,812
Misc.investm'ts:
prop,
Gross operating
Other income
30,983,100
Common
Plant
England Power Association (& Subs.)—Earnings-
27,400,643
6,172,298
6,950.230
New
Co.—Merged—
Co., above.—V. 144, p. 3846.
Period End. June 30—
30,983,100
4,699,418
7.508,489
.
499,100
$1,510,279
x Regular dividends on 7% and 6% preferred stocks were paid on June 1,
1937.
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 adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 772.
Consolidated balance.
Interest on funded debt-
4,919,469
stock.
499,100
$1,289,689
Balance
248,713
Foreign.
Surplus
742.500
210,000
98,935
Int. charged to construe.
24,367,600
Domestic.
Nat. Lead Co.
1937—12 Mos—1936
329,262
151
166,543
& miscell. res.
CI. A pref. stock 24,367,600
CI. B pref. stock 10,327,700
capital stock
2,250,000
1,523,565
$20,
$227,225
Net oper. revenues..
Other income
Maintenance
Pension reserve.
from
Sees, ofaffil. cos.:
x
$
3,034,420
Employers liabil.
notes
receiv. (net)..
Notes
3,719,165
Notes payable..
3,243,032
926,465
3,380,066
Foreign
1936
$
Tax reserve
Other mkt. sees.:
Accts.
Liabilities—
Accts. payable..
par
359,846
44,166
See Public Service Electric & Gas
1937
1936
1937
Assets—
Cash
the capital stock,
Co.—Earnings—
Period End. June 30—
Newark Consolidated Gas
Consolidated Balance Sheet June 30
[Company and domestic subsidiaries in which it owns all of the capital stock]
on
share was paid on Feb. 11,1935.—V. 144, p. 782.
Nebraska Power
x
Net
Class A
share
holders of record July 27.
Similar amounts were
paid on Feb. 8, last, and previously semi-annual dividends of $1 per share
were distributed.
In addition an extra dividend of $1 was paid on Aug. 10
and Feb. 10, 1936 and on Aug. 12, 1935.
An extra dividend of 50 cents
22,724,956
$3,625,173
1,567,093
sold
The directors have declared an extra dividend of $1 per share in addition
to semi-annual dividend of $1.50 per
Int.
x
functioning in an
both payable Aug. 9 to
Operating revenues
Oper. exp. (incl. taxes)__
Prop, retire, res. approp.
(Incl. Subs.)
1935
1934
$50,728,762 $36,607,915 $32,064,071 $29,380,628
com.
with the American Federa¬
has just been signed.
Our em¬
ployees are happy under this contract and we are again
orderly, progressive manner.—V. 145, p. 772.
$8,158,751 in 1937 and $8,133,186 in
Income Account 6 Months Ended June 30
1937
1936
Net sales
Shares
during the last three or four weeks.
negotiating a contract for all of our ware¬
consequence
In the meantime we have been
per
National Lead Co.—Earnings—
Gross
642.453
$0.30
629,500
$0.31
628,250
Nil
standing (no par)
628,250
Earnings per share
Nil
x24>£ weeks ended June 20, 1936.
F. H. Massmann, President, says:
$9,371,646 $9,489,532
Total
Represented by 114,775 no par shares.—V. 143, p.
Cost of goods
June 19 *37 xJune 20'36 June 15 '35 June 16 '34
$23,043
$234,010
$233,138
$9,473
National Union Fire Insurance Co.—1Extra Dividend—
14,973
$9,371,646 $9,489,532
y
Weeks Ended—
Net profit after Fed. tax
Shs. common stock out¬
& surtax on
24,372
24,673
11,710
Unexpired insur__
Other det'd chgs_-
1936.
55,433
57,963
secu¬
Capital surplus
xJEteal est., bldgs.,
plant & equip.. 5,035,604
x
social
undistr.
2,431,355
3,187,124
28,680
transit
Total
.$20,761,912
Total
4015.
p.
Prov.for Fed. inc.
and in
hand
on
.$20,761,912
144,
-
house and general manufacturing departments
rity taxes
1,170,103
800,799
_
mdse.,
of
29,158
750,000
2,500,000
6,586,711
—
Capital
78,652
Total
-V.
has
cap.stk.taxes._
for
prov.
$516,634
&
Acer. State, local &
Accts. & notes rec.
less
Dec. 31 '36
$389,906
payable
payroll
$754,265
$283,057
hand
June 30 '37
Liabilities
June30'37 Dec. 31 '36
Assets—
Cash in banks and
on
& other accounts
of course
$3,000 ($3,688 in 1936) and
Federal payroll tax of $45,921 ($18,130 in 1936). No provision
made for surtax on undistributed income, the same being un-
been
market
136,600 Surplus
24
Includes United States capital stock tax of
has
actual
National Tea Co.—Earnings—
Other deductions
State and
over
Reserve for contingencies
850,000
Prov. for Fed. income
x
ranee
bonds
$4,027,784
5,836,781
1,031,478
quotations
106,071
First mortgages on real estate
22,925
Total income
Depreciation—
Dividends.
Commissions, expenses & tax
Excess of amortized value of
1,392,566
-
receivable
12,631
Idle plant expenses _____
Federal taxes
Net
Unearned premiums
Home office real estate
64,215
Other income._
excess
Losses & loss adjustments exp
$1,241,687
8,968,891
7,987,444
Investments—Bonds
tion, not over 90 days due
$203,375
47,934
$1,037,667
Balance Sheet June 30 1937
Accrued interest & rents
1937
30—
6 Mos. End. June
1937
Net income after taxes (incl. income) and after deduction for
known and estimated underwriting losses & adjustment exp__
Premiums in course of collec¬
National Enameling & Stamping Co. —Earnings—
•
Earnings for 6 Months Ended June 30,
Stocks
2837.
—V. 144, p.
$50,942
237,930
50,000
paid—Cash
Cash In banks & trust cos
sh. on com¬
per
stock
mon
$30,085
196,195
—
Assets—
Earns,
$78,956
19,298
8,715
125
•
—
$316,912
$6,912,773
2,103,386
800,000
Other income
as
$55,617
19,465
6,067
Excess of selling
1936
$8,216,916
482,588
$6,862,880
Profit
$72,566
243,550
at Dec. 31
price of
company's own stock .
Refund 1932 Fed. inc.
Surplus
Corp. (& Subs.)—Earnings—
1937
6 Mos. End. June 30—
$19,499
297,412
Prov. for income tax
1934
1935
1936
$101,991
17,984
11,441
Net income
declared an initial dividend of 25 cents per share on
stock, payable Sept. 1 to holders of record Aug. 16.—V. 145,
The directors have
p
1937
$38,050
16,044
2,506
6 Mos. End. June 30—
Oper. profit & misc. inc.
Depreciation
Dividend—
Common
Earnings—
[Formerly Corno Mills Co.]
of the
Initial
Aug. 7, 1937
Chronicle
Note—At June 30, 1937,
cumulative preferred dividends of New England
$3 for each 6% preferred share and $1
preferred share outstanding, amounting to a total of
Power Association were in arrears
for each $2 dividend
$1,988,759.
No
provision has been made in this statement
distributed net income applicable to the
for Federal tax
1937 periods.—V. 144,
f
'
p.
on un¬
4015.
Volume
Financial
145
Neisner Brothers,
serial preferred stock, making the total amounts applied for
25,000 shares of 4% % convertible serial preferred stock, and 256,234 shares
convertible
common
stock.
Sales for
Month of—
1936
$1,086,340
1,207,542
March
1,772,109
1,333,030
April.
May
1,622,291
2,108,954
1,780,131
June
2,064,050
1,936.579
1,940.024
July
1,961,337
1935
$993,887
1,053,897
1,335,358
1,565,392
1,680,373
—V.
145,
p.
1,612,224
1,659,109
1.435,896
1934
$984,596
988,901
1,562.651
1,300.759
1,707,159
1,579,183
1,157,525
1937
Operating revenues
General operation
Rate case expense.
Other regulatory commission expense
Gen. exps. transferred to construction
Prov. for uncollectible accounts
_
1937
1936
$3,868,152
1,351,816
337,552
554,897
195,248
341,700
445.547
545,170
109,983
333,771
$1,585,290
425,084
$1,081,865
430,392
$2,010,374
626,400
40,390
45,420
Cr36
$1,298,199
203,565
$806,682
203,565
Federal income taxes
Other taxes
ments &
Operating income
Gross income.
Interest
funded debt
on
Interest on unfunded debt
Amortization of debt discount & expense
Interest charged to construction—
Balance of income.
Dividends
on
preferred stock
Balance
626,400
36,280
45,419
Cr2,524
$603,117
$1,094,635
Note—No provision is made in this statement
Federal surtax on un¬
or
distributed profits, if any, for the year 1937.—V. 144, p. 3846.
New Mexico Gas
on
mortgage debt
gold notes
Interest—Parent company
Miscellaneous interest
Amortization of debt discount & exp.
Interest charged to construction.
$1,477,619
776,593
'3~, 403
1,077
Less: Allowances and adjustments
$298,140
40,119
40,617
10,934
....
Plant operating expenses—
Taxes
(other than income)...
7,360
39,602
Cr2,934
Cr624
195,000
92,677
197,750
55,671
200,500
7,287
15,526
327
20,403
$357,775
_
Expenses in connection with debt
funding—not consummated
$376,682
60,017
re¬
Net income
$465,164
Note—Cumulative dividends on New York Water Service Corp. pre¬
ferred stock not declared since Sept. 15, 1931, amount to $1,616,987.
;
;
;1
•1
.
Consolidated Balance Sheet June 30
1937
A.
Pit.[prop.,eq.,&c
«5
.27,799,536 27,503,632
not
cos.
sub.
2,609,599
510,000
Accts.
221,000
8,564
43,829
6,000
52,836
10,166
10,274
341,358
371,118
141,008
17,813
44,335
6,000
payable
ssessments
Accrued
&
cos
on
Sewer & paving as-
269,178
216
sub.
from
104,610
due
July 1.
451,000
83,922
__
350,000
M tge .bds
—amt.
herein..
affiliated
100,000
100,000
Notes
5,523
6,343
Accts. & notes rec.
Due
Service
Corp
payable
.assumed
......
and
working funds
20,970
Fed.
to
Water
Advs. to subs, not
consol.
money,
In debt,
not
invests,
$
15,532,500
bond&mtge...
consol.
herein, at cost.. 2,609,599
to
$
15,426,500
Liabilities—
Funded debt
Purchase
Invest .s in subs id.
1936
1937
1936
$
cts
Cash In banks and
Net operating revenue
Gas purchases
~
18,837
33,972
17,435
28,621
Cr3,078
Fed. inc. tax of prior
on
special deposits.
$299,217
$1,618,880
785,040
48,602
8,866
Prov. for retirements & replcements.
Prov. for Fed. inc. tax & surtax
Prov. for int.
Misc.
Operating revenue
$1,570,141
48,739
$1,501,330
782,074
9,275
28,002
consol.——...
Co.—Earnings—
$1,473,980
27,349
$1,449,617
on
Loan
Earnings for 4 Months Ended April 30, 1937
90,211
273,653
46,556
19,196
replacements & Federal
years.
Other income
23,250
129,501
312,157
58,547
20,834
16,865
136,760
335,205
59,033
28,369
income tax
Other income
$1,512,256
Provision for retirements
Cr32,044
Net earnings before prov. for retire¬
Interest
$4,388,392
1,373,705
Maintenance
$2,863,082
836,435
16,090
4,177
Crl8,220
24,840
Corporate taxes
Gross corporate income
12 Months Ended June 30—
1935
$2,900,957
870,760
17,921
10,879
Crl6,875
Excise taxes
Interest
Power & Light Co.—Earnings—
Operating revenues
Operating expenses
1936
$2,952,233
914,799
11,038
32,589
Real property taxes
287.
New Jersey
Earnings—
Corp. (& Subs.)
12 Months Ended June 30—
Maintenance..
Month of July and Year to Date
1937
$1,178,049
1.186,338
January
February
949
New York Water Service
Inc.—Listing—
The New York Stock Exchange has authorized the listing of 25,000
shares of 4%% convertible serial preferred stock (par $100) upon official
notice of issuance; and 50,000 additional shares of common stock (par $1)
on official notice of issuance from time to time on conversion of the 4%%
of
Chronicle
State
Federal,
and
local
taxes
Acer, unbilled rev.
Net operating profit
Non-operating revenue
$206,471
3,010
...
Net income available for interest, &c._
Interest expense (net)
Retirements and (or) depreciation
$209,480
101,389
107,563
Materials & suppl's
116,487
112,780
Accrued interest..
139,341
Fire
177,259
132,311
Misc. accr. items.
31,037
498,482
498,482
Deferred income &
protec'n serv.
Comm'n on
pref.
capital stock
30,882
Net income before Federal and State income taxes.
Debt
16,000
—
Customers' depos.
$162,598
&
exp.
143,625
27,658
def'd charges
176,116
54,251
...
$4,514,395
1,204
154,409
Notes & accounts receivable..
128,302
Fixed
assets
Investments
—
Cash on demand
Inventories
66,032
...
Marketable securities..
45,475
.
cum.
pref.
conv.
a
Common stock (no par)
Long-term debt
—
$1,380,000
1,156,350
1,483,084
Notes
35,806
93,328
55,056
3,624
:
Other current liabilities
Customers deposits
Retirement reserves
12,149
26,031
381,353
136,222
87,152
.
surplus
Earned surplus
Niagara Falls Power Co. (& Subs.)—Earnings—
a
Total
Represented by 231,270 shares.—V. 144, p. 4190.
New Orleans Public Service
Period End. June 30—
Operating revenues.....
Oper. exp. (incl. taxes).
Prop, retire, res. approp.
$1,410,350
955,020
177,000
$278,330
Operating income.
(net)
$278,330
Gross income
$278,815
on
$1,291,140 $17,693,888 $16,169,198
920,953
11,967,358
10,889,001
177,000
2,124,000
2,124,000
$3,602,530
2,384
$3,156,197
$193,843
1,376
$3,604,914
13,869
$3,163,126
29,008
$195,219
210,623
18,566
$3,618,783
2,471,159
242,876
$3,192,134
2,618,360
216,411
$193,187
656
485
Other incqme
204,630
mtge. bonds
18,794
Other int. & deductions.
1937—12 Mos.—1936
6,929
Int. charged to construe.
$55,551
x
160
def$33,970
$904,908
$357,363
544,586
period, whether paid or unpaid
Balance
544,586
$360,322 def$187,223
x
Diyidends accumulated and unpaid to June 30, 1937, amounted to
$2,382,564.
Latest dividend, amounting to 87)4 ceiits a share on $7 pre¬
ferred stock, was paid April 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $456,900 made during the 12 months ended
June 30,
1937, and $155,400 made during the 12 months ended June 30,
1936, for Federal surtax on undistributed profits.—V. 145, p. 287.
New York Power &
Light Corp .—Earnings—
1937—3 Mos.—1936
Period End. June 30—
1937—12 Mos.—1936
$5,510,084
222,218
$4,800,316
199,157
$1,316,113
$5,732,302
$4,999,474
456,027
1,373,189
1,820,771
$1,119,225
$S60,087
$4,359,113
$3,178,703
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 144, p. 3344.
Niagara Hudson Power Corp.—New Company Formed—
Units Consolidated—
Stockholders of Syracuse Light Co., Inc.. and the
Northern New York
Utilities, Inc., on July 30 approved a plan to consolidate with 10 other
operating utility companies of the Niagara Hudson System into a new
corporation to be called Niagara Hudson Public Service Corp.
Certificates
of consolidation will be filed with the Secretary of State on Aug. 7.
The vote of Northern New York Utilities, Inc., stockholders was un¬
The vote of Syracuse
being cast in favor of the consolidation.
Lighting Co., Inc.. stockholders was 1,086,934 voting
shares in favor of the
consolidation and 10 opposed, a 99.8% favorable vote.
animous, 236,508 voting shares
12 companies, the consolidation would reduce the
companies to 21 as compared with 59 existing Dec. 31,
eliminating the
number of system
1929.
Dividends applicable to preferred stock for the
$1,267,099
49,015
$1,403,616
284,391
Deducts, from gross inc.
In
160
(credit)
Net income
$2,667,099 $12,024,867 $10,502,379
1,400,001
6,514,783
5,702,062
$1,345,614
58,002
Operating income
Non-oper. income, net..
Net income
Inc.—Earnings—
1937—Month—1936
Net oper. revenues
Rent from lease of plant.
Int.
..$4,945,923
1937—12 Mos.—1936
1937—3 Mos.—1936
Period End. June 30—
Operating revenues
$3,204,684
Oper. rev. deductions.__
1,859,070
Grossincome
$4,945,9231
Total
32,295,517 32,033,607
Total
3185.
95,767
payable
Accounts payable
Capital
32,295,517 32,033,607
Total
-V. 144, p
2,889,470
2.724.201
2,339,305
3,062,482
Earned surplus
stock
(par $50)
16,280 Taxes accrued
15,368 Interest accrued
4,457 Payroll accrued
Special cash deposits.
Prepaid 1937 ad valorem taxes
Deferred charges
6%
Capital & paid-in
surplus
Liabilities—
457,230
2,182,120
4.653.200
2,601,500
2,898,861
Reserves
6% cum. pref. stk. 4,653,200
Common stock
2,601,500
x
Balance Sheet April 30, 1937
Assets
64,322
456,644
liabilities
in proc. of amort
Prepaid accts. and
disc.
1
The capitalization of the proposed new consolidated corporation will be
$57,542,400, a sum not greater than the toatl capitalization of the con¬
stituent companies.
Stock of the constituent companies will be converted
into stock of the consolidated corporation, preferred stockholders of the
former receiving the call price of their present holdings in $100 par value
preferred stock, 5% series, of the consolidated corporation.
Stockholders of the following companies had previously ratified the
plan of consolidation: Antwerp Light & Power Co., Baldwinsville Light &
Heat Co. of Baldwinsville, N. Y., Fulton Fuel & Light Co., Fulton Light,
Heat & Power Co., Malone Light & Power Co., Peoples Gas & Electric
Co. of Oswego, St. Lawrence County Utilities, Inc., Norwood Electric
Light & Power Co., and Utica Gas & Electric Co.—V. 145, p. 773.
Hudson Public Service
Niagara
Operating revenues
Oper. rev. deductions...
$6,332,148
4.227,276
$6,034,390 $25,127,573 $24,321,886
4,034,163
17,120,800
16,529,675
Operating income
Non-oper. income, net.
$2,104,872
$2,000,226
Dr2,336
$8,006,774
Dr5.841
$7,792,212
Dr626
was
$2,104,246
1,158,748
$1,997,890
1,164,422
$8,000,933
4,656,903
$7,791,913
4,707,802
$945,499
$833,468
$3,344,030
$3,084,111
Corp.—Consolidation
Voted—Personnel—
Gross income
Deducts, from gross inc.
Net income.
Dr298
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 144, p. 3344.
New York State
Period End. June 30—
$50,053
$38,910
1937—6 Mos.—1936
$255,488
$174,396
Utica Lines
Period End. June 30—
1937—Month—1936
Hudson Power Corp., above.
Schoellkopf, President of the Niagara
and Treasurer and Ernest
Operating revenues
Oper'g rev. deductions.
taxes
& oth. deduct.
$4,764
.
$5,315
Profit after depreciation,
taxes & oth. deduct..
—V.
144,
p.
4354.
$9,190
$9,257
1037—3 Mos.—1936
$2,787,209
2,118,263
(& Subs.)—
1037—12 Mos—1936
$2,520,099 $11,600,959
xl,826,635
8,655,598
$9,744,182
x7,036,505
Operating income
Non-oper. income (net).
$668,946
4,652
$693,463
4,242
$2,945,361
17,225
$2,707,676
Deduc'ns from gross inc.
$673,598
404,831
$697,706
388,543
$2,962,587
1,593,372
$2,721,860
1,552,130
$43,772
$29,741
$268,767
x$309,163
Syracuse Lines
1937—Month—1936
Johnson, Secretary.—V. 145, p. 125.
14,184
1937—6 Mos.—1936
Profit after depreciation,
Period End. June 30—
Hudson Power Corp.
President, and A. Dean Dudley, John M. Castello, G. H. Garrison, Leland
McCormac, Thomas N. McCarter Jr., Ray W. Porter and Edward Wright
were also elected Vice-Presidents.
Morris Tracy was elected Vice-President
Period End. June 30—
City & Suburban Lines
1937—Month—1936
Profit after depreciation,
taxes & oth. deduct-_
H.
Aug. 2 elected Chairman of the Board of this corporation.
Stefaan
Piek was named Chairman of the Executive Committee and John L. Haley
was
elected President.
H. Edmund Machold was elected First Viceon
Niagara Lockport & Ontario Power Co.
Rys.—Earnings—
Rochester
See Niagara
Alfred
1937—6 Mos.—1936
$91,339
$93,625
Net
income
$1,369,214 x$l,169,731
x Changed to give effect to major adjustments made later in
Note—No provision has been made for possible surtax on
the year 1936*
undistributed
profits under the 1936 Federal income tax law.—V. 144, p. 3345.
Financial
950
North American Edison Co.
Operating
Operating
on
$98,069,167 $96,221,907 $91,085,665
63,486,481
52,491,197 49,178,649
Uncollectible oper. rev..
1,077
1,643
Operating revenues—
Operating expenses
$48,599
39,271
$58,240
33,458
$361,592
224,808
$338,619
197,096
revenues
Net oper. revenues.__
$9,328
5,363
$24,782
4,385
$136,784
31,323
$141,523
26,310
$3,965
$20,397
$105,461
$115,213
$44,962,405 $44,103,066 $42,101,739
12,476,870
12,544,784
13,023,242
604,643
611,096
564,959
240,533
385,571
172,089
funded debt
Operating
Pref. divs.
_
4,961,082
1,271,610
Appropriations for deprec'n reserve.-
12,731,755
of subsidiaries
Minority int. in net income of subs_
-
0114,842
5,101,598
1,171,731
12,023,512
Balancefordividendsandsurplus__$12I566,629 $12,082,261 $10,159,449
on No. Am. Ed. Co. pref. stock.
2,206,140
2,206,140
2,206,051
Divs.
Balance for
divs. and surplus.$10,360,489
com.
$9,876,121
$7,953,399
Note—The provision for Federal surtax on undistributed income shown
in the consolidated income statements for the 12 months ended June 30,
1937, and for the 12 months ended March 31,1937, was made in December,
1936, for the year 1936.
No provision has been made for the surtax for
the six months ended June 30, 1937, and no provision for the six months
ended June 30, 1936, is included in the consolidated income statement for
the 12 months ended on that date.—V. 144, p. 3684.
Northern Indiana Public Service Co.-
Earnings—
1937
1936
$8,463,431
5,835,814
1,244,398
199,000
$6,999,425
4,845,016
1,247,346
28,323
77,391
Crl,177
91,100
$1,079,128
688,734
$711,426
688,788
$390,394
$22,638
6 Months Ended June 30—
Total
revenues
Total operating expenses
Interest on funded debt
General interest
Amortization of
Interest
on
30,104
debt
discount
&
77,329
expense
Cr2,343
idle investment
Provision for Federal income tax
Net income
Preferred dividends
—
Surplus
Balance Sheet June 30,1937
Assets—
Liabilities—
y'
Plant, prop., rights, Iranch.,
7% preferred stock
&c
$82,037,393
Cap. stk. discount & exp-__
1,568,268
Invest,
ate
in
advs.
to
associ¬
companies
investments.
Miscellaneous
Sink, fund & spec, deposits
Deferred charges & prepaid
x3,428,286
37,311
622,154
,
accounts
4,508,103
3,077,016
2,940,684
7,921
Other assets
Cash
Cash working funds
Notes & accts. rec.
1,813,256
492,749
179,592
1,634,954
(net)...
Unbilled revenue
Accts. rec. associated cos...
M aterials and
supplies
Reacquired securities
x
After
reserve
of
$6,990,000
12,626,600
2,600,000
20,968,700
50,045,500
682,808
1,064,930
6% preferred stock
5H% preferred stock
yCommon stock
Funded debt
Deferred
Accts.
liabilities
payable miscellaneous
Accts. pay. associated cos..
Accrued interest
83,443
630,839
Accrued taxes
2,197,683
Divs. pay. on pref. stock
Reserves
344,371
17,600
3,131,627
Surplus...
1,581,885
M iscellaneous current liab
.
.
618,300
$102,965,9881
Total
$671,457.
y
$102,965,988
Total
Represented by 2,096,870
no par
shares*
-V. 145, p. 615.
Northern New York
Period End. June 30—
Operating revenues
Oper. rev. deductions
Utilities, Inc.- -Earnings—
1937—3 Mos.—1936
$1,455,636
Net operating income.
-V. 145, p. 126.
030,744
4,975,249
1,233,693
12,452,646
Cr42,208
property and plant
1937—6 Mos —1936
$340,262
$362,669
1937—Month—1936
$58,465
$48,783
184
225
revenues
Operating taxes
Amort, of bond discount & expense-.
Other interest charges
Interest during construction, charged
to
Telephone Co.—Earnings—
$44,582,686 $43,730,711 $41,907,007
379,719
372,355
194,732
Gross income
Interest
Ohio Associated
Period End. June 30—
maintenance & taxes
Net operating revenues
Non-operating
Mar. 31'37
Aug. 7, 1937
June 30 *36
revenues
exps.,
(& Subs.)—Earnings—
June 30'37
12 Months Ended—
Chronicle
1937—12 Mos.—1936
Ohio Bell
Telephone Co.—Earnings—
Period End. June 30—
Operating revenues
Uncollectible oper. rev..
1937—Month—1936
1937—6 Mos.—1936
$3,284,850 $20,847,971 $19,203,505
$3,518,195
5,864
18,982
39,188
3,310
Operating revenues— $3,514,885
Operating expenses
2,237,105
$1,277,780
476,436
$1,301,211
442,035
$8,085,067
2,929,272
$7 608,680
$801,344
Net oper. revenues—.
Operating taxes
$859,176
$5,155,795
$4,900,872
Net oper. income
—V.
145,
P.
$3,278,986 $20,828,989 $19,164,317
1,977,775
12,743,922
11,555,637
126.
Public Service
Ohio
Co.—Company Seeks to Issue $32,100,000 of Securities in Bonds, Notes and Preferred Stock—
Company on Aug. 2 filed with the Securities and Exchange Commission
registration statement (No. 2-3328, Form A-2), under the Securities Act
1933 covering $28,900,000 of first mortgage bonds, series due 1962
(Aug. 1, 1962), $1,600,000 of serial notes of which $160,000 will mature
each Aug. 1 from 1938 to 1947, and 16,000 shares ($100 par) cumulative
first preferred stock 5H% series.
The interest rate on the bonds and
notes is to be furnished by amendment to the registration statement.
According to the registration statement, the net proceeds from the sale
of the bonds, notes and preferred stock will be applied as follows:
$5,104,034 for redemption on Oct. 1, 1937 at 109% of $4,682,600 of first
mortgage & refunding 7H% gold bonds series A, due Oct. 1, 1946;
$4,429,869 for the redemption on Feb. 1, 1938 at 109%, of $4,064,100 df
first mortgage &,refunding 7% gold bonds series B, due Feb. 1, 1947;
$4,985,420 for the redemption on March 1,1938 at 107}*%, of $4,637,600
of first mortgage & refunding 6% gold bonds series C due March 1, 1953;
$10,805,421 for redemption on Oct. 1, 1937 at 103%, of $10,490,700 of
first mortgage & refunding 5% gold bonds series D, due Sept. 1, 1954;
$3,588,530 for the redemption on Oct. 1, 1937 at 104}*%, of $3,434,000
of first mortgage & refunding 5}* % gold bonds series E, due Nov. 1, 1961;
$686,500 for the redemption at maturity (Oct.1,1937) at 100%, of $686,500
of Richland Public Service Co. first & refunding mortgage 5% gold bonds,
due Oct. 1, 1937;
$491,400 for the redemption on Jan. 1, 1938 at 105% of $468,100 of
Massillon Electric & Gas Co. first mortgage sinking fund 5% gold bonds
due July 1, 1956;
v
$1,500,000 will be deposited with Guaranty Trust Co. of New York,
trustee, to be withdrawn from time to time by the company to reimburse
it for an equal amount of expenditures for additions and improvements
which the company expects to make in the ordinary course of business
during the 12 months subsequent to June 1, 1937.
The balance of the proceeds will be added to working capital.
The prospectus states that it is expected that delivery of the bonds in
temporary form and the notes in definitive form will be made at the office
of Halsey, Stuart & Co., Inc., at New York.
The terms of offering of the preferred stock are to be supplied by amend¬
ment to the registration statement.
The price at which the securities are to be offered, the names of the under¬
writers, the underwriting discounts or commissions and the redemption
provisions are to be furnished by amendment to the registration statement.
The company is a subsidiary of Cities Service Co. through the Cities
Service Power & Light Co.—V. 144, p. 4194.
a
of
$1,397,952
x937,321
$6,147,561
4,232,998
$5,232,221
x3,547,407
941
$460,632
935
$1,914,562
3,717
$1,684,814
4,639
Operating revenues..
Operation
Provision for uncollectible accounts
$427,400
237,527
$461,566
239,846
$1,918,279
$1,689,453
968,599
Maintenance—
953,297
$189,874
x$221,720
$964,982
x$720,854
1,029,177
Ohio Water Service Co.—Earnings—
1937
$426,459
Gross income
Deduc'ns from gross inc.
Net
income
x Changed to
give effect to major adjustments made later in the year 1936.
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.
Northern States Power
p.
3345.
(Minn.)—To Reclassify Preferred
rights, voting powers, preferences and restrictions
as
are
now
applicable
to its
$5 cumulative preferred stock in addition to the conversion rights.
The Securities and Exchange Commission will hold a hearing on the declara¬
tion Aug. 19.
Weekly Output—
Northern Texas Electric
Operating
Operation
Co.—Earnings of Subsidiaries—
June—
1937
$115,230
65,303
revenues
Maintenance
Taxes.....
1936
$115,140
58,023
12,995
9,776
15.154
al2!l81
—
Net operating revenues.
$22,592
1,158
Miscellaneous interest paid.
Balance before depreciation
$34,346
$21,434
$34,346
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
Note—Figures appearing in this report have been compiled from those
on the books of the subsidiary companies and of a. F.
Townsend,
Receiver of Northern Texas Traction Co., after inter-company eliminations.
All figures reported are subject to such adjustments as audits by inde¬
pendent auditors may disclose to be necessary.—Y. 145, p. 288.
shown
Northwestern Bell
Period End. June 30—
Operating
Telephone Co.—Earnings—
1937—Month—1936
1937—6 Mos.—1936
Liabilities—
Accrued unbilled revenue
16,762
Materials and supplies..
32,594
process of
After
_
$8,058,681
Total
—V.
219,173
20,951
amortization
Def. charges & prepaid accts.
reserve
of
b Class A common stock
$24,870.
valuations of property
Operating revenues
Operation
Net operating income.
$463,504
$530,059
$3,204,448
$3,286,447
Includes an amount of $41,154 for possible additional Federal net
income tax for year 1936 due to adjustment of depreciation expense for the
year
1936.—V. 144,
p.
4355.
1937
1936
$7,484,037
2,802,767
214,991
a728,884
169,186
667,475
$4,082,810
36,914
$3,844,609
92,346
$4,119,724
1,206,856
$3,936,955
1,342,987
$2,912,867
$2,593,968
1,564,734
1,705,453
$1,348,133
Taxes
Net operating revenues
Non-operating income (net)
;
Balance
Net income
x
shares.
Subs.)—Earnings—
$888,515
22,200
„
Gross income
1,768,016
no-par
2,959,138
Interest and amortization, &c
$5,054,463
by 40,522
$7,985,823
-
Maintenance
$2,689,523 $16,504,998 $15,790,816
1,864,965
11,198,151
10,736,353
Operating taxes
$8,058,681
Total
b Represented
Oklahoma Natural Gas Co. (&
$2,795,051
1,957,566
$5,306,847
x2,102,399
213,900
245,630
-
144, p. 3345.
Operating revenues...
Operating expenses
$824,558
294,499
3,155,898
Earned surplus
Retirement accruals (b)
$837,485
373,981
449,290
Reserves
Capital surplus arising from re¬
Debt discount and expense in
$2,699,708 $16,560,950 $15,841,971
10,185
55,952
51,155
Net oper. revenues.
$68,596
2,056
19.750
Plant, prop., rights, fran., &c.$7,396,482 1st mtge. 5% gold bds., ser. A.$3,820,000
10,032
Misc. invest. & spec, deposits.
2,650 Accounts payable
146,880
Cash in banks & working funds
154,144 Accrued items...
Unearned revenue
1,350
U. S. Govt, securities and bds.
of affiliated cos., at cost
66,389 Consumers' deposits and ac¬
crued interest thereon.
15,701
a Accounts & notes receivable.
149,535
$2,802,412
7,361
oper.
202,243
$177,076
rev.
revenues
Uncollectible
$292,645
202,706
16,094
35,750
Net income
1,234
$431,626
12 Months Ended June 30—
determined until the end of the year.
$291,411
4,086
....
Notes—(1) The above statement of earnings does not include provision
in respect to possible Federal surtax on undistributed earnings for the 6
months ended June 30, 1937.
(2) As of Feb. 26, 1936, the Ohio Water
Service Co. acquired the assets (subject to liabilities) of its wholly owned
subsidiary company, Ohio Lakes Recreation Co.
The operations of this
subsidiary company for the period prior to Feb. 26, 1936, have been con¬
solidated with Ohio Water Service Co. in the above statement of earnings
for the respective periods.
(3) During May, 1937. the Ohio Water Service
Co. acquired the assets (subject to liabilities) of its wholly owned sub¬
sidiary company, the Trumbull & Mahoning Water Co.
\
Balance Sheet June 30. 1937
a
a
29,091
57,855
$427,540
operation
Other
ASS6tS~~~~m
Electric output of the Northern States Power Co. system for the week
ended July 31,1937 totaled 24,446,367 kwh., an increase of
2.2%, compared
with the corresponding week last year.—V. 145, p. 773.
Month of
Net earnings from
income
10,760
27,776
66,942
Provision for retirements and replacements
The company has filed a declaration with Securities and Exchange Com¬
mission under the Holding Company Act with respect to reclassification of
its 275,000 shares (no par) preferred stock into an equal number of shares
(no par) preferred stock convertible into common stock in a 4 to 1 ratio.
The declaration also covered the issuance of 1,100,000 shares (no par)
common to be reserved for conversion
pjirposes.
The company stated that the new preferred will have the same relative
_
------
General taxes
Provision for Federal income tax
Corp., above.—V. 144,
$562,355
173,237
156,409
Gross corporate income
Interest deductions
Consolidation—
See Niagara Hudson Power
1936
$678,667
Year Ended June 30—
Operating income
Non-oper. income (net).
2,707,808
Convertible 6% prior preference
stock divs
M66.500
No provision has been made for the Federal surtax on undistributed
net income for the fiscal year beginning Dec. 1, 1936, since any liability
a
for such tax cannot be determined until the end of the fiscal year.
Under
the law, the tax is not applicable to the companies' earnings prior to Dec. 1,
b Includes dividends paid and declared for the period July 1, 1936,
to Sept. 30, 1937.
1936.
Volume
Financial
145
Chronicle
Comparative Consolidated, Balance Sheet June 30
1937
Assets—
Property,
Conv.
42,894
Accounts receiv
395,527
1,541
392,959
36,618
152,025
receivable
Mat'ls & supplies-
Prepayments
Miscell. lnvestm'ts
Special deposits
342,120
1,408
352,398
20,613
184,138
25,634
7,062
...
$
4,552,500
Unamort. debt dis-
1st mtge. A
ctfs.
Dlv.
64,143,889 69,117,447
17,055
24,464
33,300
22,200
...64,143,889 69,117,447
85,110
72,347
169,747
143,188
$606,599
11,212
$502,779
18,120
$1,168,688
20,987
$994,414
29.973
$617,811
69,150
$520,899
73,650
$1,189,675
139,450
$1,024,387
148,450
3,228
3,228
368
714
6,457
1,275
6,457
1,041
87,850
82,839
169,050
145,622
53,296
53,296
106,593
106,593
$403,918
$307,171
$766,849
$616,223
$0.99
$0.76
$1.89
$1.52
Total income
Interest on funded debt.
Amortiz. of debt discount
and expense
Other int and deductions
x Prov. for Fed'l income
have
declared
Okonite
dividend
of 25
cents
7%
Ill John Street
of
earns
of 1st pref.
held by public
x
_
_
per
stock
Does not include any provision for surtaxes
cum.
undistributed profits.
(& Subs.)—Earnings—
Earnings for 6 Months Ended June 30, 1937
developing and printing sales (net)
Film rental income (net of distributors' allowances)
Income from other operations (net)
Film
Building, N. Y. City—$2,000,000Mori-
Placed—
on
—Y. 145, p. 127.
Pathe Film Corp.
pref. stock has been called for redemption
on
Sept. 1 at $115 per share and accumulated dividends.
Payment will
be made at the Guaranty Trust Co. of New York.—V. 144, p. 1610.
gage
stock
company.
Net profit to surplus.
per
Co.—Preferred Stock Called—
All of the outstanding
pref.
sh.
share on the
common stock, par $1, payable Sept. 1 to holders of record Aug. 20.
This
compares with 50 cents paid on Dec. 22, 1936, this latter being the first
payment made on the common stock since Dec. 23, 1935, when 25 cents
per share was distributed.—V. 144, p. 2494.
a
on
subsidiary
Consolidated
Industries, Inc.—25 Cent Common Dividend—
directors
(estimated)
Divs.
cancellation
145, p. 616.
$885,000 wer6 surrendered to trustee in June, 1937, for
in satisfaction of sinking fund payment due Feb. 1, 1938.—V.
011 &
81,153
329,305
Net operating revenue
Other income
398,646
x
The
505,983
40,787
161,713
160,992
$2,532,180
984,120
$2,836,235
1,081,858
81,370
334,571
$1,283,611
39,819
425,757
408,634
reserve
Total
$1,425,141
532,621
_
(other than Fed'l
income & profits taxes)
tax
Total
revenue
Operation
Maintenance and repairs
Deprec. & amortizafn..
193" 551
15,432,006 19,856,256
122,907
Operating reserves
110,805
23,357
Unadj. credits
44,907
1,865,404
Earned surplus
3,009,799
Retire,
Operating
1937—6 Mos.—1936
1937—3 Mos.—1936
1,162,612
500,436
claimed)
1,241,834
2,711
Unadjusted debits
31,741
Period End. June 30—
Taxes
(un¬
1,432,141 Taxes accrued
2,650 Interest accrued__
24,987 Dlvs. declared
«fc expense
Miscell. assets..__
Co.]
Electric
Consolidated Earnings
2,220,000
4,552,500
8,249,790
20,000,000
10,000,000
2,220,000
8,249,790
4>£sl8,019,000
Conv. deb. 5s
10,000,000
Notes payable
177,500
Accounts
payable
186,073
Consumers'deps_. 1,182,080
x
Subs.)—Earnings
[Including Coast Counties Gas &
prior
1,169,606 Preferred stock
6,714 Common stock
667,310
Notes receivable.-
6%
pref. stock
61,171,664 65,555,034
Cash
1936
$
Liabilities—
$
plant &
equipment-
Interest
1937
1936
$
951
Pacific Public Service Co. (&
$627,429
71,629
6,379
—
$705,437
Total
Producers'
$2,000,000 mortgage loan due in 20 years and hearing interest at the rate
4% during the first 10 years and 4
% during the last 10 years has been
placed on the building by a life insurance company.
Proceed of the loan have been used to retire the outstanding 6s of 1948,
which were called for redemption Aug. 1 at 102.—V. 127, p. 2547.
of
O'Sullivan
Rubber
12 Months Ended June 30—
Profit from operations.a
1937
1936
charges
during the period would indicate a net profit after all charges
except Federal and State income taxes of $139,851 the company states.
On this basis, the net profit after all charges and provision for normal
Federal and State income taxes would be $120,034 compared with a deficit
of $32,720 in the previous 12-month period on the same basis.—V. 144,
p. 3186.
1937—3 Mos.—1936
Subs.)—
1937—6 Mos.—1936
sales taxes and inter-co
transactions)
Cost of goods sold
Direct operating expense
Operating charges
Depreciation
Depletion
Amortiz. of undeveloped
$1,140,467
746,732
181,732
56,433
32,400
8,272
leases
$882,871
544,133
180,293
42,873
42,502
8,718
$1,928,934
1,226,124
357,356
106,824
62,572
17,442
a
5,054
...
$104,549
Provision for depreciation and amortization included above $14,860.
Du Pont Film Manufacturing Corp. (the common stock
Note—The
of
as
compared with $596,000 in the corresponding period of 1936.
The por¬
of these earnings which accrued to company's 35% common-stock
tion
with $208,000 in 1936.
1937 and $132,000 in
reflected in the income
account
of
the
company,
as
given
above.
During the last six
months of 1936, the Du Pont Film Manufacturing Corp. declared an extra
dividend of $700,000,
of which this company received $245,000.—V.
144, p. 3186.
interest amounted to $253,000 in 1937, as compared
Of these earnings, $183,000 were undistributed in
$1 ,605,461
963,748
352,134
84,485
85,990
16,018
-—
1937
which your company owns 35%) had a net profit, after all charges, including
normal Federal income taxes, of $725,000 for the first six months of 1937,
1936,
Panhandle Producing & Refining Co. (&
$109,603
-
Profit for the six months ended June 30,
def$13,470
x$159,101
84,224
-
Interest expense
Fed. &
x Giving
effect to the sale of $350,000 first mortgage bonds and the
substitution of bond interest in the amount of $19,250 for actual interest
Period End. June 30—
Gross oper. income (excl.
$25,379
Other income..Total
Co., Inc.—Earnings—
Net profit before int. charges & prov. for
State income taxes
64,979
543,376
71,703
participation & amortization of advances
Operating expenses
Selling, general and administrative expenses
which
undistributed
amounts
are
not
Pennsylvania Power & Light Co.—Earnings—
Period End. June 30—
1937—Month—1936
Operating revenues
$3,044,207
$2,871,234
Oper. exps. (incl. taxes).
1,717,992
1,611,706
Prop, retire, res. approp.
210,000
160,000
1,216
1,905
2,628
2,676
Net
$113,681
1,433
$62,444
1,190
$155,987
2,214
$100,407
1,994
Operating income
Total.
$115,114
14,782
$63,635
13,284
$158,201
21,526
$102,402
Other income (net).
$100,333
$50,350
$136,676
1937—12 Mos.—1936
$38,046,799 $35,595,286
21,696,587
19,520,925
2,365,000
1,864,000
$1,116,215
$1,099,528 $13,985,212 $14,210,361
1,714
10,331
22,621
$1,116,215
24,523
$1,097,814 $13,974,881 $14,187,740
28,827
229,865
267,606
$1,140,738
453,750
Net oper. revenues.__
$1,126,641 $14,204,746 $14,455,346
454,271
5,445,000
5,465,780
50,000
600,000
600,000
17,593
221,512
208,969
Rent for lease of plant..
operating income.
Non-operating income..
Deductions from income
Net income
21,621
—..
Gross income.
$80,780
Int.
on
mtge. bonds
Note—In addition to taxes shown above, there were paid during six months
ended June 30, 1937, gasoline taxes of $639,299, and gross production taxes
Int.
on
debentures
of
Int. charged to construc¬
$7,857, which
deducted from sales or included in operating expenses
are
Other int. & deductions.
above.
1936
1937
Assets—
aProperty, plant &
equipment
$1,754,370 $1,416,614
17,388
$7,955,151
$8,197,985
3,846,544
3,846,545
Balance.-
1937
Inventories
53,573
Accrd. unpaid pre¬
ferred dividends
197,884
Prov. forred.prem.
432,711
rec.
1936
8% cum. pref. stk.$1,680,000 $1,680,000
111,672
425,795
$4,108,607
$4,351,440
50.663
55,828
60.668
charges
preferred stock.
b Common stock..
1,054,872
725,114
192,613
Acer, int., tax., &c
168,000
1,054,872
746,627
160,994
Dep. on sales con¬
tracts
5,469
121,487
13.J07
14,388
"l5",499
1,181,823
Reserves..—.
Deficit
$2,612,121 $2,200,357
After
for
reserves
by 198,770
no
.$2,612,121 $2,200,357
Total
depreciation, depletion and amortization,
par shares.—V. 144, p. 617.
Paramount Pictures,
1,927
x
x Regular dividends on all classes of preferred stock were paid on April 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 July 1, 1937.
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. 775.
3,385,942
Purchase obligat'n
Total
-
1,747,200
Accts. & notes pay.
Investments
Prepaid & deferred
sented
16,917
$618,659
$605,392
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
(Cr)
.
Liabilities—
252,699
Cash
Notes & accts.
a
615
Net income
tion
Consolidated Balance Sheet June 30
50,000
20,256
Pennsylvania Water & Power Co.—Earnings
Earnings
b Repre
Inc.—Director Resigns—
Charles A. McCulloch has resigned as a director of this company.—V. 145,
for Six
Months
Ended June
30,
-
1937
Operating revenues
:
Operating expenses
Renewals and replacements expense
—
$2,986,846
827,389
237,303
349,665
Taxes
775.
P.
$1,572,489
Operating income
Parkersburg Rig & Reel Co.—Earnings—
195,020
Other income
Earnings for 6 Months Ended June 30, 1937
Gross profit on sales
Selling and general
-
expenses
Income charges, less income credits
Tax on normal income
Surtax
on
undistributed profits
$1,084,507
423,346
33,337
93,014
8,852
$1,767,509
Gross income
Interest
on
524,969
long-term debt
Taxes assumed
on
interest
----- —
Miscellaneous income deductions
$1,215,441
53,733
859,696
Net income.
Net income
Balance, Jan. 1, 1937
$525,958
396,757
-
Total
$922,715
69,373
72,800
Dividends paid on preferred stock
Dividends paid on common stock
Balance, June 30, 1937
Earnings per share on 182,000 shares
$780,542
com.
stock (par $1)
$2.51
Balance Sheet June 30, 1937
on hand &
demand deps.
$184,564
$400,000
Accounts payable—trade
Inventories
Accounts payable—officers...
1,827,106
13,156
19,999
receiv.—employees.
Accounts receiv.—other
160,651
Accrued liabilities
for
5,927
231,120
Other current liabilities
66.511
Notes receiv. from customers—
Reserve
not due within one year
31,500
Prop, plant & equipment
yl,517,812
Prepaid exps. & deferred chgs.
10,977
claims
3,600
Preferred stock
zl,952,000
sease
occupational
di¬
Common stock (par $1)
Capital surplus—donated and
paid-in
Earned surplus
Total
x
y
After
$4,790,356
reserve
for doubtful notes and
182,000
1,008,000
780,542
Total
$4,790,356
accounts
After reserve for depreciation of $840,080.
par shares.—V. 145, p. 775.
no
z
145, p.
128.
Pettibone
Pursuant to
Mulliken
Co.—Successor
Acquires
Property
Reorganization Plan—
of certificates of deposit
Notes payable to bank
Notes & accts. receiv.—trade, xl, 185,243
Accounts
$302,012
Surplus
Creditors, stockholders and claimants against the company, and holder8
issued by Chicago Title & Trust Co. for first mtge-
Liabilities—
Assets—
Cash
Preferred dividends
Common dividends
—V.
19,000
8,100
receivable of $33,000.
Represented by 25,000
6% sinking fund gold bdnds are advised that on June 7, the amended and
modified plan of reorganization was confirmed by the court.
Pursuant to
the terms and provisions thereof and order of confirmation, the Pettibone
Mulliken Ootp. has been organized in Delaware and authorized to d&
business in the State of Illinois.
As of the close of business on June 30,
1937, all of the property, assets and effects of the old Pettibone Mulliken
Co. were transferred to the new corporation which is now operating the
business formerly conducted by the old company.
On July 23, 1937, an order was entered by the court authorizing the
exchange of new securities on the basis as provided for in the amended plan,
and the order designated and appointed City National Bank & Trust Co.
of Chicago as exchange agent for all securities represented by certificates of
deposit issued by it or Central Republic Bank & Trust Co., and designated
Chicago Title & Trust Co. to handle the exchange of all other securities
which includes the exchange of securities represented by certificates of
deposit issued by the Chicago Title & Trust Co. as depositary for the
Donald F. Brown committee.
952
Financial
Chronicle
The order further provided that the books of transfer and registry of all
the depositaries be permanently closed as of Aug.
securities be available for distribution on Sept. 3.
Pettibone Mulliken Corp. has offices at
cago,
14, and that the
new
4710 West Division St., Chi¬
111.—V. 145, p. 775.
Mulliken Corp.—Successor to
Reorganization Plan—
Old
Company
Period End. June 30—
1937—3 Mos.—1936
1937—6 Mos.—1936
$9,597,023 $20,611,239 $20,433,704
$10,093,843
196,902
434,653
216,678
376,847
_
_
Operation
Maintenance
Prov. for depreciation..
on
Interest
State,
local and
Dividends
948,000
1,766,162
1,925,082
125,639
Normal tax
2,198
264,969
13.032
undistrib'd
on
Net
earns,
from opers.
a
Net earnings
Interest on funded debtGeneral interest
$1,311,250
179,283
$3,737,874
362,766
including possible tax
$1,869,070
869,809
98,966
$1,490,533
1,011,741
58,592
$4,100,640
1,739,618
214,436
$3,479,154
2,099,711
114,382
59,266
42,760
118,533
77,141
52,319
52,319
104,638
undistributed income.
on
Cash
892,940
Notes
Accts. receivable (less reserve)
Inventories
772,951
350,253
Accrued
officers
from
and
net
income
_
24,060
69,895
...
Other receivables (less reserve)
Cash with trustees for sk. fds.
on
Cr6,925
Cr2,926
Crl2,515
$328,048
$1,935,929
of co. held by subs..
82,194
Prepaid exp. A deferred chgs.
220,959
e Property, plant & equipment 6,219,373
Bottles, cases and cans
156,694
Goodwill
3,918,031
income
33,416
taxes..
976,943
Mortgages payable
Funded debt of subsidiaries..
1,042,500
1,339,800
Pref. stocks of subsidiaries...
interest
in common
of sub...
171
318,177
stock and surplus
Capital stock:
b 1st pref. shs., stated value
c 2d pref. shs., stated value.
d Com. shs., stated value..
Paid-in
26,456
$354,504
$1,935,929
$1,112,405
664,425
$1.19
664,421
$.053
664,425
664,421
$2.91
$1.67
Total
Earnings for 12 Months Ended June 30
1937
Gas sales..
1936
$39,130,037 $37,735,839
899,711
780,251
Other operating revenues (net)
Total gross earnings
Gas purchased and produced
Operation
$40,029,748 $38,516,090
16,184,086
15,241,923
9,051,673
9,730,137
1,830,161
1,872,246
3,279,726
3,289,479
3,464,538
3,426,494
336,740
Cr23,919
117,917
Maintenance
Provision for depreciation
State, local and miscellaneous Federal taxes
Federal income taxes—Normal tax
Surtax on undistributed earnings
5,000,000
1,850,000
26,254
884,701
215,464
surplus.
Earned
26,456
$795,635
share
4,375
Div.
Minority
sale of miscell.
per
43,365
payable on sub.'s pref..
Provision for Federal and State
1st pref.
Shares of stock in hands
Earnings
66,500
paid.
Notes of sub. A int. not
$1,085,949
investments
of the public
subs.,
payable In 1937
25,717
160,562
Cr2,668
$795,635
Net income
expenses
Mtges. due within year
Sink, fund of bonds of
Reserves for contingencies..—
sidiary companies
Profit
——
277,005
1st mtge. bonds of subsidiary.
of sub¬
Balance
payable
payable
Employees' cash deposits, Ac.
empl.
Minor, stockholders' int.
in
^
*6,255
890,749
169.146
96,182
168,635
Accounts
104,638
and expense
Amort, of intangibles of
1936
Liabilities—
$
Investments
Amort, of debt discount
subsidiary companies
Not
(less reserve)
$3,105,752
373,402
134
$217,665
Consolidated Balance Sheet Dec. 31,
100,000
$1,697,703
171,367
<«
Net income
Due
25,000
earnings
Other income
on subsidiaries'
preferred stocks
applicable to minority interests
Assets—
990,239
Federal income taxes—
Surtax
funded debt and mortgages
Provision for depreciation
a Provision for Federal and State income taxes
miscel.
Federal taxes.
54,530
$1,192,028
111,295
15,139
23,543
761,495
36,925
25,832
(other)
$9,793,925 $21,045,893 $20,810,551
3,845,797
8,282,009
8,217,367
2,383,055
4,371,512
4,840,847
471,281
867,303
1,043,888
832,343
1,656,063
1,664,583
2,217,408
461,793
831,996
$1,130,930
6,568
Miscellaneous deductions
Income
Total gross earnings..$10,310,521
Gas purchased & prod'd
3,960,743
17,616,033
selling, administration and general expenses.
Operating profit before depreciation
—
(net) on disposal plant and equipment)
Other income, including interest, discount on purchases, &c.
Interest
Peoples Gas Light & Coke Co. (& Subs.)—Earnings—
Other oper. revs. (net)..
.$18,746,963
incf.
Cost of sales,
Total income
See Pettibone Mulliken Co. above.
Gas sales
Subs.)
Earnings for 12 Months Ended June 30, 1937 (Incl.
Net sales
Profit
Pettibone
Pursuant to
1937
7,
Aug.
surplus
13,170,636
...13,170,636
Total
1, 1937. Entitled on redemption or liqui¬
$100 per share and accumulated dividends from July 1, 1935.
Authorized, 50,000 shares; issued and issuable, 50,000 shares,
c $4 noncumulative, and participating with common shares in dividends in excess
of $4 per common share.
Entitled on redemption to $100—$104, and on
liquidation to $100 per share and declared but unpaid dividends.
Au¬
thorized, 50,000 shares; issued and issuable, 46,250 shares,
d Authorized,
125,000 shares; issued and issuable, 105,015.8 shares,
e After reserves for
depreciation and revaluation of $10,605,768.
Note—The shares shown as issued and issuable represent the maximum
number of shares issuaole under the plan of reorganization of the prede¬
cessor
companies in exchange for claims against and securities of such
companies and 22,515.8 common shares issued up to Dec. 31, 1936. under
rights to subscribe. Under the plan of reorganization common shareholders
b $6 cumulative as from Juiy
dation
to
of United States
Dairy Products Corp. are entitled to subscribe to not more
12,984.2 additional common shares at the rate of 25 cents per share
extent of one common share of this company for each 10 common
shares of United States Dairy Products Corp.
So many of the shares
issuaole under the plan of reorganization as are not exhausred oy the ex¬
change of securities within the period allowed therefor by the court are to
oe issued to the treasury of the company.—V. 142, p. 1653.
than
to the
Net earnings from operations
$5,764,906
1,511,166
Other income
Net earnings
on funded debt
Interest
General interest
Amortiz. of debt discount and expense
Amort, of intangibles of subsidiary companies
Minority stockholders' interest in net income of
subsidairy companies
on
$7,276,072
3,487,668
326,975
238,855
209,277
$5,772,842
4,276,750
203,611
149,590
209,277
..
sale of miscellaneous investments
Net income
Shares of stock in the hands of the public
Earnings per share
—V. 145, p. 289.
125,564
Crl6,127
$2,887,733
47,251
$949,741
26,456
$2,934,983
664,425
$4.42
Balance
Profit
$4,979,730
793,112
$976,197
664,421
administration
expenses
(but
not
of the
company's operations for a full year.
Pursuant to the plan of reorganization of United States Dairy Products
Corp. and Philadelphia Dairy Products Co., Inc. (organized 1927), the
present company (incorporated Feb. 28, 1936) acquired all of the assets of
these corporations, subject to the assumption of certain liabilities.
The
new Philadelphia Dairy Products Co.,
Inc., is itself an operating company
and also a holding company for the
following subsidiaries: Woodlawn Farm
Dairy Co., Scranton, Wilkes-Barre, Pa.; Allentown Dairy Corp., Allentown, Pa.; H. S. Chardavoyne, Inc., Brooklyn, N. Y ; Janssen Dairy Corp.,
Hoboken, Jersey City, N. J.; Richmond Dairy Co., Richmond, Va.;
Southern Cream & Milk Co., Richmond, Va.; W. J.
Kennedy Dairy Co..
Detroit, Mich.
10 Months
Cost of sal es.incl. sell., adin.&gen. exp.
$15,345,503
14,295,274
Operating profit
$2,831,831
254,632
$469,175
272,985
$4,810,812
1,072,740
$3,086,463
1,134,528
902,753
895,245
43,874
4,053,190
265,767
3,664,210
Cr5,685
Cr7,324
Drl5,189
Dr28,500
$370,046
funded debt.
294,299
of debt discount & exp.
Pro. for Fed. inc. taxes.
$735,604
$596,075
$1,961,335
60,908
_
Proportion of net profit
of
subs,
accruing to
"minority interests.
Net loss
220,560
for any possible liability for undis¬
1937.—V. 144, p. 1973.
Note—No provision has been made
tributed profits taxes for the year
Pittsburgh Steel Co.—Meeting Adjourned—
of stockholders scheduled to be held on Aug. 2 to
proposed adjustment of capital structure, has been adjourned
until Sept. 22.—V. 145, p. 291.
Polaris
Combined
$2,384,433 $17,729,936
2,395,136
16,690,410
$1,050,229
int., discount
loss$10,703
$1,039,526
43,973
4,956
48,930
Mining
Co.—Listing & Registration—
The New York Curb Exchange has
o
admitted the capital stock, 25c.
par,
listing and registration.—V. 145, p. 618.
Poor & Co.—Accumulated Dividend—
The
on
purchases, Ac.
on
$4,516,512
$849,202
261,273
Total
$471,302
Dr2,127
Depl., deprec. & amort.
act upon the
b 2 Months
Ended
Ended
Dec. 31, '36 Feb. 29, '36
_
$750,441
98,761
Other inc. & exp.—net..
Interest
1937—12 Mos.—1936
1937—3 Mos.—1936
The special meeting
Consolidated Income Account (Including Subsidiaries)
a
Period End. June 30—
Oper. profit before pro¬
viding for depl. & de¬
preciation
reorganization expenses)
holding company for the first two months of 1936. These
two months have been included to afford a basis for
determining the result
Other income, incl.
this department.—V. 145, p. 618.
Pittsburgh Coal Co. (& Subs.)—Earnings—
Philadelphia Dairy Products Co., Inc.—Annual Report
Net sales..
—Registers with SEC—
See list given on first page of
$1.47
Walter Justin, President, in his remarks to stocknolders states:
This is the first report of the corporation and covers the period from its
inception on March 1, 1936, to Dec. 31, 1936. The profit and loss account
includes the operations of subsidiaries and of the predecessor
operating
company, and the
of the predecessor
Pines Winterfront Co.—Note Issue Voted—
Stockholders at a recent special meeting approved an issue of $400,000
eight-year 3% notes with stock purchase warrants.
The warrants entitle
stockholders to purchase common stock at rate of $2 a share for first 3
years, $3 a share for second 3 years and $4 for the last two years in the ratio
of 25 shares of stock for each $100 par value of notes.
From the proceeds of sale $171,000 will be used to retire the present second
mortgage issue, balance to be used to increase working capital.
directors
have
declared
a
dividend of $1
per
share
on
the $1.50
stock, payable Sept. 1 to holders of record
Similar payment was made on June 1, last; a dividend of 50 cents
was paid on March 1, last, and one of $1 was paid on Dec. 24, 1936, this
latter being the first dividend paid on the A stock since Dec. 1, 1931, when
a quarterly dividend of 37>£ cents per share was paid.—V. 144, p. 3348.
cum.
and part, no-par class A
Aug. 14.
,
' Total income
$1,094,202
108,431
3,798
13,530
Miscellaneous deductions
30,655
Provision for depreciation
686,815
d Prov. for Fed. & State inc. taxes..
25,050
c Divs.
on subsidiary's pref. stock..
17,500
Income applicable to minority int...
88
Int.
on
funded debt and mortgages..
Interest
(other)
Loss (net) on disposal of plant & equip.
Net income..
—
def$5,746
23,227
915
\ ,455
3,356
108,119
2,000
$1,088,456
131,658
4,713
14,985
34,012
794,935
27,050
17,500
.»
Potomac Electric Power
Co.—Earnings—
Earnings for 12 Months Ended June 30, 1937
Total operating revenue
Total operating expenses
$14,405,628
8,254,706
Net operating revenue
Non-operating revenue
>,150,922
118,880
88
$208,335 loss$144,820
$63,514
Comprised of the operations of Philadelphia Dairy Products Co., Inc
(new company) and subsidiaries for the period from March 1 to Dec. 31,
1936.
b Comprised of the administration
expenses
of United
Dairy
Products Corp. (reorganized under Section 77-b of the
Bankruptcy Act)
and operations of its subsidiary companies including Philadelphia
Dairy
Products Co., Inc. (old company also reorganized under Section 77-B of
the Bankruptcy Act), for the period from Jan. 1 to Feb. 29, 1936. Expenses
and adjustments pertaining to the reorganization of the companies aforesaid
have been excluded. Philadelphia Dairy Products Co., Inc. (new
company)
acquired all the assets of Philadelphia Dairy Products Co., Inc. (old com¬
pany) subject to its liabilities, also the assets of United States Dairy Prod¬
ucts Corp., including its investments in the subsidiary companies whose
operations are reflected herein, subject to certain liabilities,
c Beginning
May 1, 1937, dividends on cumulative preferred stock of a second sub¬
sidiary company will accrue at the rate of $50,000 per annum, and as from
June 1, 1937, dividends on non-cumulative preferred stock of a third sub¬
sidiary company, become payable out of earnings at the rate of $7,200
per annum,
d Including undistributed profits tax of $780.
a
Gross income
Interest
on
funded debt.
_
Amortization of premium on debt—Credit.
Interest on advances of Washington Ry. & Electric
...
Co., parent
company.
Other interest
charges
Interest during construction charged to property and plant
Normal tax
on
income
Surtax on undistributed income
Net income
$6,269,802
487,500
11,710
48,600
46,964
Cr22,709
897,274
34,111
$4,789,773
Note—Provision for Federal surtax
on
undistributed income for
the
12
months ended June 30, 1937 represents the provision made in the month
of December, 1936 for the calendar year 1936.
No provision has been made
for the Federal surtax on undistributed income for the six months ended
June 30,
p.3348.
1937
as
it is impracticaole to estimate it at this time.—V.
144,
Volume
Postal
Financial
145
Total teleg, & cable oper
ble
1,962,072
1,820,649
11,476,904
10,601,761
$86,681
4,000
$231,201
$945,433
2,500
$594,610
32,000
78,447
ating expenses
40,000
470,823
240,000
$188,701
2,592
$91,787
$670,433
16,029
Net telegraph & cable1
operating revenues.
Uncollectible oper. revs.
Taxes assignable to oper¬
ations..
$4,234
3,066
Operating income
Non-operating income.
_
,
35,000
2} ,493
$7,299
246,597
$191,292
237,326
$113,280
1,467,140
$686,462
1,413,950
$239,297
$46,034
$1,353,860
$727,488
Gross income
Deduc'ns from gross inc.
Net deficit
—V. 145, p. 448.
Procter & Gamble Co.
& eqp.
116,593,143
3,340,016
3,264,199
235,063
219,062
63,304,806
25,795,840
3,085,303
95,468,231
27,059,850
3,268,309
546,003
.
scrapped
_
148,187
operation.$32,477,373 $19,470,978 $21,810,110 $16,128,625
149,574
167.123
429,030
571,094
Profit from
Other income
Total operating revenues
Power purchased
Gas purchased
$32,626,948 $19,638,101 $22,239,140 $16,699,719
191,723
5,227,833
2,796,483
3,115,425
2,137,930
Gross profit
Federal income tax
592,525
Prov. for Fed. surtax—
—
337,425
1,410,863
$41,035,541 $37,929,044
3,547,807
3,680,756
3,837,649
' 3,720,787
12,858,245
11,412,100
:
Operation
Maintenance
1,946,898
4,007,419
2,965,529
649,384
2,255,004
Appropriation for depreciation
4,000,000
3,327,198
State, local and miscellaneous Federal taxes
Federal income taxes
Federal surtax
on
879,348
a311,100
undistributed income
$9,794,659
5,450,125
5,771,461
Crl5,815
441,628
Net earnings
on funded debt
$9,445,371
349,288
$10,437,906
utility operations
501,940
$3,461,663
Interest
Other interest (net)
Amortization of debt discount and expense
Net income
Dividend requirements on preferred stocks
Amount available for
Shares of
Earnings
common
59,594
1,033,676
share on common stock.
1,022,156
$3,528,293
666,447
$5.29
stock
stock outstanding
common
per
100,800
$10,019,191
418,716
$4,561,969
Net earnings from
Other income (net)
$2,439,507
624,919
$3.90
Amounts accrued for Federal surtax upon estimated undistributed in¬
for 1937 applicable to the periods shown herein have been calculated
a
come
on
Interest
331,683
1,517,224
Heat and water..
Rent of facilities, & other operating revenues (net)
8,130,382
8,647,551
goods
11,101,082
9,386,893
Cost of goods sold
143,795,990 116,376,034
Expenses exl. of deprec. 39,025,918
31,030,890
returned
ment
^4
^
Depreciation
Equip., inventory adjust-
$28,029,700 $25,169,209
Charges to other utility companies in equalization
of generating capacity among such companies..
2,534,183
2,701,945
Gas
8,622,751
8,309,603
Electric
(& Subs.)—Earnings—
1937
1936
1935
$229,975,444$ 179,748,057$ 156,800,054$
Discounts, allowances &
Years End. June 30—
Gross sales
1936
1937
1937—6 Mos.—1936
$2,051,850 $12,071,514 $11,547,194
1937—Month—1936
Teleg. & cable op,er. revs. $2,048,753
30
Earnings for the 12 Months Ended June
Telegraph Land Line System—Earnings—
Period End. June 30—
953
Chronicle
the basis of dividend disbursements of $3 per share at which rate
dividends
are
nowever,
for
quarterly
currently being paid.
The amount of accrual for surtax may,
the 1937 periods now reported be materially changed de¬
pending upon fluctuating factors during the remainder of this year.—V.
144, p. 3188.
Monor. stockholders int.
3,391
3,250
^Netprofit
.$26,803,340 $16,838,368 $19,120,324
Previous surplus
54,404,882
50,317,485
47,370,013
Adj. applic. prior years.
221,710
$14,366,817
43,662,082
191,543
Res. for material & pro¬
ducts price equal
Reversal
of
3,250
3,250
fc^in earnings of sub. cos.
Dr700,000 Dr4,000,000
...
for
reserve
50,429
71,425
26,042
investment
213,119
$81,234,264 $66,527,277 $62,762,477 $58,433,561
Preferred dividends
1,027,585
1,027,585
1,027,585
1,025,349
Common divs. (cash)... 18,184,094
11.068,729
10,752,453
9,484,277
Goodw. write down to $1
4,450
lS,^-1
664,954
127,872
Prem. paid on redemp¬
tion of debentures
426,050
Total surplus..
Adjusts, applic. to prior
Public Service Electric & Gas Co.— Unit
The vote
Newark Consolidated Gas Co. voted in favor of such a merger.
43,395 shares for, and 100 against the merger proposal, which has
already been approved by stockholders of Public Service Electric & Gas
Co. at a meeting last June.
Under the New Jersey law a two-thirds vote
is required for merger.
Approval of the New Jersey State Board of Public
Utility Commissioners and the Federal Power Commission is necessary
was
before it
can
become effective.
Consolidated Gas Co., stockholders of the
have recently approved mergers with Public
South
Jersey Gas, Electric & Traction Co.* Gas & Electric Co. of Bergen County,
and the Paterson & Passaic Gas & Electric Co.
Applications for approval
of these mergers are now before the Utilities Commission.—V. 144, p. 4021.
In
addition
Newark
the
to
following leased companies
Service Electric &
12,956
years
Merged—
Another step in the merger of various underlying companies into Public
Electric & Gas Co. was taken on Aug. 2 when stockholders
of
Service
Gas Co.: New Brunswick Light, Heat & Power;
Quebec Power Co.—Bonds Called—
period$62.018,135 $54,404,882 $50,317,485 $47,370,013
Earns, per share on 6,325,087 (no par)shares
$2.11
common stock..
$4.08
$2.39
$2.23
Balance close of
all of its outstanding
registered debenture
Payment will be made
at the Royal Bank of Canada, Montreal, Canada, or at the Bank of the
Manhattan Co., 40 Wall St., New York City—V. 145, p. 776.
The company has called for redemption on Sept. 1
first mortgage and collateral trust s.f. gold bonds and
stock, series A 5%, at 103 M and accrued interest.
Consolidated Balance Sheet June 30
Accts.
and short-
time
10,628.594
18.099,831
market value)
13,531,998
less res..
rec.,
11,283,768
and
materials
65,597,900
less
contingencies.
546,802
212,717
429.172
Other secured
ence
1,522,786
1,350,409
259,832
Special deposits.
262,502
50,836,505
equip
50,488,927
371,967
65,126
8% pref. stock
(par $100)...
2,250,000
&c__
b Common stock
25,640,000
Treasury stock
Dr544,852
1,747,639
1,149,709
16,928,746
62,018,135
54,404,882
surplus.
Earned surplus.
surtax
on
$491,813
($10 par)
147,390,620 132,903,5201
Total
depreciation of $40,212,904 in 1937 and $38,004,058
in 1936.
b Represented by 6,410,000 shares common stock no par.
c Rep¬
resented by 2,052 shares of 5% pref. stock and 84,913 shares of common
stock of $4 each stated value.—V. 144, p. 2842.
a
Co.
Period End. June 30—
Electric
Charges to other utility
cos. in equaliz. of generat'g capacity among
such companies
Heat and water
of
facil.,
& other
(net)..
oper. revenues
Illinois (& Sub.)—
1937—6 Mos.—1936
1937—3 Mos.—1936
1,278,446 $14,192,859 $12,788,786
$6,944,258
Radio Corp.
689,283
2,047,790
45,121
1,205,868
4,800,779
180,133
434,391
852,361
Total gross
develop.,
income-..$28,058,272 $21,839,781 $53,167,622 $44,382,100
selling
and
20,204,753
80,816
45,744,714
148,683
40,353,404
134,771
764,882
150,000
758,123
1,473,988
1,488,545
150,000
300,000
300,000
169,000
852,850
341,600
$2,404,329
$477,088
$4,647,386
$1,763,779
808,547
431,143
805,241
1,617,094
862,291
805,241
$0.12
exps..
24,139,131
74,980
524,950
administrative
Interest
Nil
$0.22
$0.01
Amortization of patents.
Prov. for Federal income
taxes
Net
profit
Dividends:
"A" preferred 7%
$3.50 conv. 1st pjref—
Earns, per share on com.
(13,880,684 shares)
Note—The above figures do not include provision for Federal surtax on
undistributed profits, as such liability, if any, cannot be determined at this
1,352,630
4,616,005
144, p. 4021.
Radiomarine Corp. of
Total tel.
revenues..$10,337,374
903,820
872,519
3,278,753
Operation
563,791
Maintenance
Approp. for depreciation
State,
local
&
miscell.
Federal taxes
Federal income taxes
Fed .surtax
Net
undist. inc
on
earns,
1,000,000
$9,495,031 $21,232,000 $19,732,395
898,796
1,763,445
1,822,183
902,257
2,018,216
2,033,169
2,967,521
6,510,203
5,932,720
527,441
1,089,382
1,064,399
1,000,000
2,000,000
2,000,000
76,147
817,536
140,752
40,400
1,752,271
527,600
1,622,489
199,000
$2,420,504
122,694
Other interast
(net)
87,900
$5,371,884
219,999
$4,791,583
213,724
$2,288,229
1,419,671
6,981
$5,591,884
2,697,965
012,937
$5,005,307
2,842,051
28,609
106,819
Net earnings
on funded debt
Int.
$2,200,329
$2,543,199
1,348,982
Cr26,621
operations
115,941
216,741
267,171
$1,114,018
261,258
$745,636
255,388
$2,690,115
519,773
$1,867,476
510,775
$852,760
666,447
$1.28
$490,249
624,919
$2,170,342
666,447
$3.25
$1,356,701
624,919
Amort, of debt disct. and
expense
Div. require, on pf. stks.
Amount
available
common
Shs. of
com.
Earns.per sh.on com.stk.
$0.78
$2.17
(Consolidated to include Public Service Subsidiary Corp. for those periods
prior to the liquidation of that company on Dec. 31, 1936)
$105,446
1,500
250
7,331
250
3,546
33,016
20,675
$26,910
840
$16,002
84
$119,041
2,373
$83,271
537
$27,751
$16,086
$121,414
$83,808
Taxes assignable to oper.
Operating income
Non-operating income.
—V.
.
...
145, p. 291.
Railway Express Agency, Inc.—Earnings—
Period End. May 31—
1937—Month—1936
Charges for transport
$14,608,133 $14,008,904
Other rev. and income._
250,818
262,863
Total
rev.
& income..$14,858,951
Rail transport, revenue
x
7,740,364
391,944
40,691,717
2,361,343
36,930,837
1,542,241
132,742
1,244
666,827
53,884
674,903
12,522
$5,768,189
Payments to rail and other
6 Mos. End. June
30—
$14,271,767 $67,521,508 $62,399,683
133,534
13,810
Other deductions
x
1937—5 Mos.—1936
$66,385,561 $61,309,729
1,135,947
1,089,954
8,458,515
484,903
Operating expenses
Express taxes
Int. & disc, on fund, debt
Real Silk Hosiery
for
stock
stock outst.
389,829
$153,552
1,500
365,052
from utility
Other income (net)
425,283
$19,798
Uncollect, oper. revs
100,800
a
66,411
$34,492
Net tel.&cable op .revs.
Gross income
991,686
216,100
a90,200
1937—6 Mos.—1936
$578,835
$495,275
& calbe oper.
expenses
Total oper.
Power purchased
Gas purchased
America—Earnings—
1937—Month—1936
$110,638
$86,210
Period End. June 30—
189,429
785,546
$0.59
of America (& Subs.)—Earnings—
Tel. & cable oper. revs..
479,294
$0.95
Cost of sales, gen. oper.,
time.—V.
591,487
2,280,360
41,975
Gas
Rent
of Northern
$0.41
Period End. June 30—
1937—3 Mos.—1936
1937—6 Mos.—1936
Gross income from oper_$27,864,590 $21,682,214 $52,795,700 $43,942,526
Other income
193,682
157,566
371,921
439,574
After reserve for
Public Service
$552,059
for the six months ended June 30, 1937, follows:
of inter-company sales, $15,889,762; cost of sales,
$12,595,059; selling,
general ana administrative expenses, $1,880,926;
profit, $1,413,777; other income, $62,162; total income, $1,475,939; depre¬
ciation, $405,220; Federal and State income taxes, $191,159; net income,
$879,560—V. 145, p. 776.
16,928,746
147,390,620 132,903,520
$879,550
exclusive
sales,
Depreciation
Total
$388,307
$0.53
profits.
The income account
Net
Dr544,852
Paid-in
1
Defd. charges..
2,250.000
before
but
undistributed
Earns, per share on 927,305 snares capital stock
stockhdrs*
17,156,900
25,640,000
1937—6 Mos.—1936
1937—3 Mos.—1936
Period End. June 30—
Net prof, after deprec..
Fed. & State inc. taxes,
410.388
65,126
c
pats.,
licenses,
of ac¬
of for¬
5% pref. stock
(par $100)... 17,156,900
bldgs.,
machry., plant
and
4,700.000
int. in sub.cos
Min.
reserve
Goodwill,
4,700,000
subs
eign
ceive., &c., less
Land,
1,000,000
upon con¬
counts
other
loans, defd. re¬
a
1,000,000
products
version
691,234
against
mtges.,
4,604,338
4,650*549
1,637,441^
for
price equal.res
Exchange differ¬
ac¬
quis., see'd.
Loans
1,796,943
res.
Matl. &
reserve:
stock
2,000,000
7,911,666
reserves.
Insur.
42,793,977
Loans to em pis.,
For
taxes..
General
of mdse.
Stocks
6,095,987
Notes payable..
Accrued
Debtors & notes
$
wages.
&c
Market, sees, (at
Quaker State Oil Refining Co. (& Subs.)—Earnings
1936
payable,
accrd.
6,236,356
2,623,477
deposits.
$
Liabilities—
$
S
Assets—
Cash
1937
1936
1937
$6,005,473 $23,747,737 $23,239,180
carriers; express privileges.—Y. 145, p. 129.
Mills, Inc. (& Subs.)—Earnings—
1935
1937
1936
$50,733
$66,771 prof$110,285
'
1934
loss after charges,
depreciation, Fed. nor¬
Net
mal income taxes.*
—V.
144, p.
1974.
$413,459
954
Financial
Raytheon Mfg. Co —Registration Withdrawn—
See list given on first page of this department.—V.
144, p. 3349, 3516;
V. 145, p. 619.
Reliance Electric & Engineering
Profit after
Chronicle
City,
Co.—Earnings—
Lead Co. (& Subs.)—Balance Sheet June 30—
1937
1936
$
$
Assets—
a
$295,529
eral rights
Reo Motor Car Co.
TAnhilMiP*
Cap
(& Subs.)- —Earnings—
1937—6 Mos.—1936
$147,744
profits 113
x$417,239
$195,253
x After
depreciation of $132,720 and tool amortization of $152,361.—V.
144, p. 3690.
8,242,444
140,005
3,358,511
107,064
2,001,289
equipment. 7,639,709
Expenses on prop.
111,260
Invests, and advs. 3,355,383
107,596
Cash
3,745,363
Fed. State and
See list
given
on
first
Corp.—Registration Withdrawn—
Notes
&
Ritter Dental
13,610
435
1,225,183
74,834
1,610,553
79,623
7,350,343
5,719,490
32,287,361
res.,
32,566,045
credits..
&c.
Surplus.
2,455,209
1,252,586
6,051,389
8,459,905
Cash In closed bks.
28,193
29,591
223,071
158,035
.32,287,361
32,566,045
Mfg. Co., Inc. (& Subs.)—Earnings—
Period End. June 30—
Net profit after
11,667
977,840
accounts
Inventories
first page of this department.—V. 144, p. 3516.
714,693
372,232
Dividend payable.
Miscell. liabilities.
Deferred
Deferred charges..
See list given on
1,605,226
1,496,361
Conting.
46,163
receivable
Co.—Registration Withdrawn—
.
Accrued taxes
100,900
consolidated
of this department.—V. 144, p. 3851.
page
Rice Ranch Oil
649
Accrued interest..
mu¬
nicipal securities
4,500,000
Accts. & wages pay
Due from subs, not
Retail Stores Credit
379
Funded debt.....
Special deposit
preciation, &c_
19,556,760
339
Scrip.
Redem ption accts
b Ld., bldgs.,plant
1937—3 Mos.— -1936
St
St
stk. (par $10)19,556,800
8,803,005
8,423,123
1936
1937
,
Ore res've & min¬
and
Period End. June 30—
Net loss after taxes, de¬
1937
7,
company's fiscal agents.—V. 145, p. 448.
are
St. Joseph
Earnings for 6 Months Ended June 30, 1937
depreciation, &c., but before Federal income taxes
and provision for surtax on undistributed profits
—Y. 144, p. 1798.
Aug.
United States, although holders, at their option, may collect such principal
and interest in Amsterdam in guilders.
Dillon, Read & Co., New York
1937—3 Mos—1936
Total
1937—6 Mos.—1936
charges
a
and Federal taxes
$87,775
$89,369
$189,752
$190,493
$0.28
$0.29
$0.64
$0.64
Earns. per sh. on 159,800
shs. com. stk. (no par)
Note—No provision has been made for Federal surtax
on
After
depletion
Total
of $22,138,363
($35,008,342 in
b After de¬
1936).
preciation of $12,070,995 in 1937 and $11,006,464 in 1936.
The earnings for the six months ended
June 30 were
V. 145. p. 777
published in
undistributed
St.
profits.
E. L. Wayman, Presid nt, says:
"Although shipments for the six-months' period were approximately
24% in excess of those for the same period last year, the profit was slightly
ess owing
to a lesser production due to a recession in business received
during the second quarter and also to a higher wage and salary level as well
as increased costs of raw materials.
Prices were slightly increased in April
but the full benefit of the increase was not obtained until early in June.
During the past 10 days there has been an increase in orders received.
"Operations of Ritter, A. G. (German subsidiary) for the six-months'
period reuslted in a profit of 334,036 Reischmarks or $79,524 at the old par
rate of exchange of 4.2 marks to the dollar compared to a profit of 164,360
Reischmarks or $39,133 for the same period last year.
Owing to exchange
restrictions, the figures have not been consolidated with those of t,he parent
,
company.
"The English subsidiary, Ritter Dental, Ltd., made a profit as compared
a small loss a year ago."—V. 144,
p. 3350.
Louis Southwestern
•Seek to Reopen
Ry.-
Hearings
Plan—
on
Protective committees for holders of Stephenville North & South Texas
Ry. first mortgage bonds and Central Arkansas & Eastern RR. first mort¬
bonds have petitioned the Interstate Commerce Commission to reopen
the reorganization proceedings of the company.
Accoridng to a petition
the committee seeks the Commission's authority to solicit and act under
proxies or authorizations on behalf of the bondholders in connection with
the reorganization proceeding.
The reorganization hearing has been
closed but the protective committee thinks it necessary for the Com¬
mission to reopen the hearing for the protection of the bondholders of the
two roads.—V. 145, p. 778.
gage
Schmidt
Brewing
See list given on
first
Co.,
page
Inc.—Withdraws Registration—
of this department.—V. 144,
p.
3517.
with
Roanoke Gas Light
Co.—Earnings—
1937
1936
$436,933
215,801
30,243
2,180
39,658
$443,921
230,697
32,323
$149,051
$139,946
538
462
Gross income before provision for retirements
Provision for retirements
$149,589
35,722
$140,408
Interest
$113,867
105,308
3,438
$105,588
102,537
2,970
$5,120
$80
Uncollectible accounts.
Taxes
Net oper. revenues before provision for retire
Non-operating income (net)
Federal and State taxes
debt interest.
on
Net income
Common stock dividends
2,159
34,820
Due from affii. cos.
Mdse.,
1937
Common stock.
$100,000
$100,000
lstmtge.53^% bds 1,447,000
affil. companies.
397,777
40,622
a
375,410
68,957
Notes payable.
Accounts payable.
85
10,104
13,238
31,463
13,183
47,703
Accrued accounts.
50,233
56,977
26,189
21,022
Service exten. dep.
7,135
476,171
482,126
498,416
Reserves
Earned surplus
Total
$3,083,260 $3,006,677•
Represented by 10,000
no par
Total
shares.—V. 144,
7,135
p.
(net)
Earned surplus, beginning
Other additions to surplus
$1,439,895
1,785,550
5,000
1937
Total
Preferred stock dividends
...
Common stock dividends
$3,230,446
440,475
802,600
$2,948,365
440,475
722,340
period
$1,785,550
Scott
Paper Co.—Earnings—
-6 Mos. Ended-
July 4,'37
Net sales.
$6,978,671
labor, repairs, maint. &
expenses, &c., incl. local taxes
Depreciation
Selling, admin. & gen. exps., incl.
freight paid on goods sold
zl2 Mos.End.
July 4,'37
$5,892,508 $12,710,639
June 28,'36
Materials,
4,040,993
1,858,926
3,277,320
$635,043
$1,479,115
65,904
19,180
89,073
$852,425
$654,223
$1,568,189
32,924
xl27,871
xll6,626
y246.538
77,805
on
1,741,045
$786,521
Other income—discount
3,214,028
302,392
7,367,920
292,231
65,858
148,630
$613,826
$471,739
46,703
242,187
$1,140,097
586.283
purchases,
interest received, &c
Interest
on
3 X % debenture bonds—
32,924
Provision for Federal income & capital
1936
$530,579
301,540
_
expenses
earnings
$1,323,896
1,624,470
$1,987,371
of period
$509,907
277,306
Provision
for
Pa.
income
&
capital
stock taxes
Net
116
Net income
1,265,000
$2,008,067
620,111
61,587
2,473
3516.
Rochester & Lake Ontario Water Service Corp -Earns.
revenues
Interest charges
$2,121,135
619,170
61,954
Amortization of debt discount and expense
Other income deductions
477,006
$3,083,260 $3,006,677
Year Ended June 30—
Operating
Operating
Gross income
Period—
Consumers' depos.
on rental
$3,273,067
for retire, reserve)
1,447,000
Due to parent and
11,224
Def'd debit items.
Net operating revenue and other income (before
appropriation for retirement reserve)
$3,401,135
Appropriation for retirement reserve
1,280,000
approp.
1936
85,088
22,249
22,705
mat'ls and
supplies
Appii'ces
a
$3,2M ,460
1,607
(before
-V. 145, p. 778.
Liabilities—
Prop., plant & eq.$2,791,718 $2,757,088
Miscell. lnvestm'ts
8,000
8,000
Special deposits
8,399
1,735
Cash..
38,060
23,910
Accts. receivable-_
95,816
110,925
$3,396,954
4,181
Net oper. rev.
Other income
Earned surplus, end of
Balance Sheet June 30
1936
1936
$7,734,766
4,463,306
.
30,000
...........
1937
1937
$8,139,256
4,742,302
Operating revenues
Operating expenses, maintenance and taxes
38,795
Note—No provision was required for Federal surtax on undistributed
profits for the year ended Dec. 31, 1936.
Federal surtax on undistributed
profits for the calendar year 1937, if any, is undeterminable at June 30,
1937, and no provision therefore has been made.
Assets—
Consolidated Gas & Electric Co.—Earns.—
Year Ended June 30—
Year Ended June 30—
Operation
Maintenance
San Diego
before provisions for retirements
and replacements and Federal income tax
Other income
$229,039
75
198
Gross corporate income
Interest on funded debt.
$229,115
108,333
$232,799
113,454
Miscellaneous interest
$232,601
64
53
Amortization of debt discount and expense
Interest charged to construction (Cr.)
26,964
29,128
233
36
Provision for retirements and replacements
Prov. for Fed. inc. tax & surtax on undistributed
25,420
25,420
6,641
1,666
6,091
1,363
$60,259
on
Balance for surplus
370,488
$57,326
Fed. income tax of prior years
726",714
$243,337
$182,850
$413,383
Earnings per share on common stock.
$1.07
$0.74
$2.00
Condensed Statement Comparing Current Assets and Liabilities
__
Current Assets—
1937
Cash
$1,969,839
2,241,421
Allother
profits
Prov. for interest
Net earnings
Dividends on preferred stock
Dividends on common stock
1936
$746,156
2,621,292
Total current assets
$4,211,260
$3,367,447
1,076,863
782,108
profits tax os not provided for.
The amount
of this tax is dependent upon the ratio of dividends paid to net income for
the year and is not now ascertainable,
y Includes Federal undistributed
profit tax of $20,700 for the year 1936.
z This earnings statement covers a
period of 12 months beginning after the effective date of the company's
registration statement for 31,669 shares of common stock, which was filed
with the Securities and Exchange Commission on April 13, 1936. pursuant
to tne Securities Act of 1933, as amended, and which became effective on
May 3, 1936 —V. 145, p. 778.
Total current liabilities
Net income
Balance Sheet June 30,1937
Assets—
Plant,
a
Liabilities and Capital—
prop.,
equipment, &c_.$5,293,223
Cash in banks & work. funds
Accrued unbilled revenue
process
Accounts payable.
Due to parent company—cur¬
rent account
27,433
17,703
deferred chgs.
and unadjusted debits
2 ,153
40 ,014
Reserves
c
546 ,431
Common stock
50 ,000
Paid-in surplus
Capital surplus
Earned surplus
.$5,462,028 I
Total
a
Total
8 ,603
80 ,175
Consumers' deposits
Extension deposits
9,460
$2,100 ,000
203 ,700
228
r
Accrued liabilities
in
of amortization
Prepaid accts.,
Due to N. Y. Wat. Serv. Corp.
57,639
26,132
b Accts. & notes receivable
Materials and supplies
Debt discount & expense
1st mtge. 5% gold bonds
30,438
1,185 ,500
...
592 ,393
652 ,830
$5,462,028
After collections held for water districts of $321.
$4,418.
c
Represented by 2,000
Root Petroleum
The
no par
b After reserve of
shares.—Y. 144, p. 3189.
Co.—Acquisition—
Cromwell-Franklin
Oil Co.,
Oklahoma City, Okla., on Aug. 2
subsidiary of the Root Petroleum Co., with the acquisition by
Root of 10,897 of Cromwell-Franklin's 15,568 outstanding shares of stock
at an average price of $70.
The deal was announced by Stuart G. Lyon of
Lyon, Pruyn & Co., New York fiscal agents for Root.—V. 143, p. 2535.
became
a
Royal Dutch Co.—Debentures Called—
This company has called for redemption on Oct. 1, 1937, its $40,000,000
of
4% debentures, series A due April 1,1945, outstanding, at the redemption
price of 100% of principal amount with interest accrued to Oct. 1.
Principal
and interest upon debentures called are to be paid in lawful money of the
x
Federal
undistributed
Schulte
Retail
Stores
Corp.—New
Merchandising
Program Principal Recommendation of Survey Report—
The necessity for a new merchandising program is the principal recom¬
mendation of
a survey of the stores of the corporation (now in reorganiza¬
77-B) prepared by S. D. Leidesdorf & Co., Industrial
Survey Division, according to a letter mailed Aug. 5 to holders ot the preierred stock by the protective committee for the 8% cumulative preferred
tion under Section
stock.
In sending the report to stockholders,
of the protective committee, said
man
General Samuel McRoberts, Chair ¬
that the coming in of the survey
report had been awaited by creditors and stockholders of the tobacco chain
as an expert and disinterested opinion on whether the business was worth
reorganizing.
"The views of our committee that the business should be
reorganized have now been confirmed," he said, "and ail parties are now in
negotiation in an effort to develop a comprehensive plan of reorganization
for submission to creditors, stockholders and the Court."
The corporation and subsidiaries now operate about 270 cigar stores,
which have mercantile sales, based on the figures for the year 1936, at the
rate of approximately $22,000,000 per year.
The letter of the committee states that the survey report of S. D. Leides¬
dorf & Co. notes that the Schulte tobacco stores have been merchandised
and operated almost entirely as typical old-line retail cigar stores.
The re¬
port adds that, "from the merchandising point of view the Schulte chain
Volume
Financial
145
Chronicle
955
conducts the tobacco and candy divisions of its business as capably as any
other operator," but points out that the volume per store decreased markedly
Comparative Income Account
The committee's letter states" that the
expanded
tions to be engaged in are specified in the survey report
"The
merchandising opera¬
and it is recommended
operating figures,
after
giving
In this respect the commtitee's
effect
to
adjustments,
such
will
~
If present mark-up can be maintained and
if the indicated income from advertising and promotional services remains
as estimated at present, this nominal net profit
might be increased by sev¬
eral hundred thousand dollars.
This increased net profit assumes that the
present cessation of price wars continues and that the cigarette manufac¬
turers do not further increase the wholesale cost of cigarettes.
The oper¬
ating profit may be further increased if the revisions and economies recom¬
mended in this report are adopted by the company and made effective.
However, under the most favorable conditions, only a limited profit from
present operations appears to be obtainable.
Considering these facts and
the uncertainties attached to such limited profit, the need tor diversifica¬
tion of the business is acutely emphasized.
However, the present volume,
even
for
572,693
64,172
116,006
60,000
83.883
6,249
12,000
$432,696
32,612
$1,391,545
63,200
$1,484,493
180,838
$1,374,375
58,248
$465,308
370,582
.,454,745
327,737
41,853
56,000
$1,665,331
173,834
.,432,624
51,187
178,250
233",400
Gross profit
Total income
Interest charges
Special charges
Prov. for Fed. inc. tax..
Prov. for Fed. surtax on
undistributed
personnel and procedural point of view, to a basis appropriate to present
operations.
We believe that, with the problems of reorganization disposed
of, it should be possible to operate this department, including a fair charge
for general and administrative expens s, and a fair credit for real estate
department services to store operations, so that it will be carried by the
current operating income from properties and the income from the manage¬
ment operations "—V. 144, p. 4359.
22,000
-
41,000
$72,726
3 Mos. End. June 30—
Subs.)
Assets—
Liabilities—
demand
on
deposit and
...$1,004,078
hand...
Cash
dep. for div. payment
on
Notes & accts. receivable
49,987
of
Bal.
Notes payable to
Accounts
Taxes,
acquired from
30,000
other than
1937
$1,986,869
502,310
1936
1935
$1,114,062
322,885
$1,484,559
23,245
$1,246,889
12,976
$791,177
9,649
344,361
Dividends
166,088
payable
Bal.
of
liab.
Investments and advances
231,731
3,611,342
Property, plant & equip, (net)
7,679,532
Funded
debt
$1,507,804
$1,259,865
$800,826
Youngstown
Pressed Steel Co. assumed..
-—
Payment by
645,783
392,012
382,546
$638,853
$614,082
$408,814
$374,577
$0.51
$0.49
$0.33
$0.30
Net
1,792
3,999,000
3,870,740
4,810,910
1,442,264
$18,953,591
Total
Listing of Convertible $5 Preferred Stock and Common Stock—
The
New
York
Stock
Exchange has
authorized the listing of 20,000
additional
profit
per share on
tal stock
$18,953,591
153,867
2,000,000
411,399
& em pi.
purch. contracts
Earned surplus
Total.
Earned
officers
Serial preferred stock
Common stock (387,002 shs.).
Paid-in surp. & capital surp__
$757,122
868.951
of
Reserves
$733,990
23,132
Deprec., deple'n Federal
taxes, &c
206,841
68,882
Prov. for Fed. income taxes..
130,585
$1,025,121
291,131
Other income.
in¬
Other accrued liabilities
126,366
1934
$1,574,905
328,016
Gross
Fed.
taxes..
come
Youngst. Pressed Steel Co..
Deposit with trustee for re¬
demption of debentures
Deferred charges
245,720
Interest
3,744,762
assets
$500,000
701,726
banks
payable
Accrued liabilities—Payrolls..
2,375,206
(net)
Inventories
Earnings—
earnings
Operating expenses
x
$1,148,036
$1,272,246
$1,029,155
Balance Sheet June 30, 1937
under stock
Seaboard Oil Co. (&
12,500
profits.
Net profit
on
of operations."
With respect to the real estate operations of the company, which were
largely responsible for the difficulties which brought about the reorganiza¬
tion proceedings the report recommends that:
"The real estate department be reorganized and contracted both from a
'37
12,500
60,000
Other income
w
cost
30
19,409
12,500
38,500
Prov. for serv, contr. fee
Prov. for doubtful accts_
Cash
expanded
June
1936
$18,002,020 $11,825,908
9,590,630
14,832,339
343,811
709,973
414,957
697,734
786,707
"
annum.
with its mod
an
added business
'
erty & Fed. income
indicate that the company may, on the basis of 1936 sales, be able to oxoperations an estimated nominal net operating profit approxi¬
per
'
Selling, gen. &,adm. exp.
Taxes—other than prop¬
tract from
mating $100,000
1
1934
1935
Gross sales, less disc., &c. $9,300,681 $13,137,833
Manufacturing costs...
7,366,548
10,070,587
Provision for deprec
858,332
841,293
that the program be tried out in a few 'test stores.' "
Should this be done and various other adjustments and economies recom¬
mended by the survey report be put into effect, the survey report indicates
that profitable operation may be expected.
letter quotes the survey report as follows:
6 Mos. End.
Years Ending Dec. 31
in the last five years and that the
way to restore this volume is "to aggres¬
sively develop the sale of other merchandise" in the cigar stores.
shares of convertible $5 preferred stock (no par)
on official
notice of issuance and sale to underwriters, and 57,143 additional shares of
common stock (no par) on official notice of issuance thereof, in conversion
of the 20,000 shares of convertible $5 preferred stock, making the
total
applied for 59,990 shares of convertible $5 preferred stock and
609,838 shares of common stock.—V. 145, p. 620.
amount
capi¬
After deducting share of products accruing to operators of Kettleman
Hills absorption plants.
Note—It is believed that provision for Federal taxes for the second quar¬
ter of 1937 is adequate to cover the company's liability for all Federal taxes
x
accrued against
Second
the earnings of that period.—V. 144,
Investors Corp.
3191.
p.
(Rhode Island)—Accumulated
Sierra^Pacific Electric Co. (& Sub.)—Earnings—
'
Period End. June 30—
Operating
Operation
1937—Month—1936
cents
Taxes
per share on account
convertible preferred stock
payable Sept. 1 to holders of record Aug. 14.
Accruals after the current
payment will amount to $8.37^ Per share.—V. 137, p; 507.
Securities Acceptance
1936
$4,815,027
315,990
100,833
Fixed charges on 5% debentures.
$126,857
12,499
$103,674
2,083
Provision for Federal taxes.
$114,359
16,261
$101,591
13,725
$98,097
$87,866
$6.70
$0.63
Net
profits
Earned per share
Earned per share
preferred stock ($25 par)
on
on common
stock
Balance
Assets—
1937
Cash
Notes receivable.
Repossessions
Other notes
5512,526
4,655,183
13,189
26,886
.
_
rec'le(
Acc'ts receivable.
Sinking fund for
Sheet
1936
5535,402
3,331,266
9,689
J9.322
1
J
741
18,934
Cash val. of life ins.
13.025
Deferred charges..
90,798
Automobiles
in the business..
9,329
Furn. & fixtures..
IS.914
bonds
long term
290,000
290.000
102.569
103,221
Accts. payable and
74,609
$604,369
126,635
$48,580
$549,733
261,726
396,550
$477,734
209,226
206,000
a No provision has been
made for the Federal surtax on undistributed
income for the year 1937 which may be payable under the Revenue
Act of 1936, since any liability for such tax cannot be determined until the
end of the year.
_
Note—The subsidiary company on Jan. 1, 1937 adopted the Federal
Power Commission System of Accounts, hence previous year's figures are
not
exactly comparative.—V. 145,
p.
778.
(Philip A.) Singer & Bro., Inc.—Registers with SEC—
Siscoe Gold Mines,
of this department.
Ltd.—July Output—
The company reports July production of gold valued at $220,814
millings of 16,840 tons for an average recovery of $13.11 per ton.
compares with valuation of June production of $220,656 from 17,004
with average recovery of $12.98, and with $206,199 in July, 1936
14,433 tons, or average recovery of $14.30.—V. 144, p. 1454.
32,626
Contingent res'ves
$676,724
126,991
net
1936
x$3,027.000 $1,887,000
$58,958
10,378
Common divs. declared.
$0.59
Coll. trust bonds-
$704,369
100,000
$44,230
Net income
Preferred divs. declared
$773,514
96,790
$54,799
10,569
See list given on first page
1937
Sloane-Blabon
71,659
52,312
53,210
285,27.9
202,545
Gross operating profit
Maintenance and repairs
490,000
365,900
500,000
Depreciaton of plant and equipment
Selling, general and administrative expenses
546,828
91,661
530,240
45,873
5%
8,559
conv.
June
1
debs, due
Common
1946
Surplus
$5,358,783 $3,983,749
Total
stock
...
300,000
.....$5,358,783 $3,983,749
from
This
tons,
from
Corp.—Earnings—
Reserve for loases.
Preferred stock
x
111,483
$67,291
8,333
Deferred income..
used
Total
$62,548
7,749
Interest & amort., &c__
June 30
Liabilities—
Dividends payable
11,260
77,507
$700,469
3,899
Balance
Coll. trust notes &
accrued
re-
duc'n of debs...
4.298
47,295
4,871
19,624
Dr52
Retirement accruals
$7.32
Direct income charges
$769,216
204
income—Net
Gross income
1937
$6,808,760
420,283
117,925
175,500
General and operating expenses
$67,087
Net oper. revenues
Non-oper.
Corp.—Earnings—
6 Months Ended June 30—
Gross value of receivables acquired
Gross income
$138,877
$62,601
Maintenance
Dividend—
The directors have declared a dividend of 37
of accumulations on the $1.50 cumulative
1937—12 Mos.—1936
$1,763,347
$1,662,671
667,753
639,703
76,812
103,237
a251,192
217,636
$147,914
51,297
11,776
a22,240
revenues
6 Months Ended June 30—
1936
—
Miscellaneous charges (net)
Provision for Federal capital stock taxes
$762,516
81,594
101,748
413,271
$197,048
19,418
22,000
$165,902
28,513
4,200
$155,629
Net operating profit
1937
$986,466
105,649
104,350
579,418
$133,188
Notes only.—V. 144, p. 3018.
Net profit for period
Sharon Steel
ing
Co.
group
on
Corp.—Pref. Stock Offered—An underwrit¬
headed by Speyer & Co. and Hemphill, Noyes &
Aug. 4 offered at $101.50 a share an issue of 20,000
preferred stock (no par).
shares of convertible $5
The stock, which is entitled to cumulative
dividends, is convertible on the
basis of $100 a share into common stock of the
company at $35 a share on
or before May 1, 1939, at $40 a share thereafter and
on or before
May 1,
1942, at $45 a share thereafter and on or before May 1, 1946, and
$50
thereafter and on or before May 1, 1951, when the conversion
privilege
Balance Sheet June 30
1936
on
hand
$87,306
Liabilities—
Notes & accts.
79,162
rec.
$258,369
822,898
process,
supplies..
stock taxes
2,115,878
173,860
251,690
Prepaid expenses &
deferred charges
debentures, representing the balance of a $2,000,000 issue not
called for redemption for the sinking fund.
p Upon completion of the financing, the corporation will have no funded
debt, outstanding capitalization consisting of 59,990 shares of convertible
$5 preferred stock out of a total of 70,000 shares authorized, and
387,002.58
Factory stores, re¬
stock of 1,000,000 shares authorized.
* The company, incorporated in Pennsylvania in 1900, is engaged prin¬
cipally in the manufacture and sale of strip steel, including hot and cold
pair
parts
CI. A 6% pref stk.
295,511
2,420,800
C1.B5% pref.stk. 1,502,700
Common stock.. 1,890,825
2,621,900
Earned surp. (sub¬
x
Capital surplus
and
85,269
sequent
91,011
supplies
Blocks & moulds..
1, 1932)
Property, plant &
equipment
4,857,897
Goodwill,
39,046
Res. for contlng..
2,743,375
Proceeds of the financing, with other funds to be
supplied by the company,
105 and int. to redemption date $1,876,000 con¬
11,102
income & capital
and
....
vertible
common
290,413
prod¬
will be used to redeem at
(no par)
402,236
ucts finished and
in
expires.
shares
$715,480
Provision for Fed'l
1,017,306
Raw mat'Is,
1936
$800,000
Accts. payable and
accrued expenses
Taxes due & accrd.
W. J. Sloane, curr.
account
1937
Notes pay'le to bks
1937
Assets—
Cash in banks and
9,877
45,434
2,420,800
1,502,700
1,890,825
2,621,900
to May
def837,831
259,251
6,318,946
patents,
trade marks, &c.
1
1
rolled strip,
galvanite, ternecoat and stainless steel strip.
It sells its prod¬
ucts to a variety of customers,
including manufacturers of automobiles and
of parts for automobiles, manufacturers of barrels, steel drums and
cans,
electrical equipment, furniture, refrigerators, stoves,
machinery, railroad
cars, toys and miscellaneous stampings.
Principal Underwriters—The names of the principal underwriters and the
respective number of shares of convertible $5 preferred stock severally to be
purchased by each, are as follows:
Speyer & Co., New York
6,000 shs
Hemphill, Noyes & Co., New York
6,000 shs
Riter & Co., New York
4,000 shs
Goldman, Sachs & Co., New York
*
2,000 shs
Otis & Co., Cleveland, O
1,500 shs
Singer, Deane & Scribner, Pittsburgh, Pa
500 shs
Total
x
$9,135,187 $9,767,783
$9,135,187 $9,767,783
Total.
Represented by 75,633 no par shares.—Y. 145,
Smith Alsop Paint & Varnish
p.
779.
Co.—Accumulated Div.—
The directors have declared a dividend of 87 H cents per share on account
of accumulations on the
7% cum. pref. stock, par $50, payable Sept. 1 to
Aug. 20.
Similar distributions were made on June 1
Dec. 1, Sept 1, June and April 1, 1936; Dec. 2, Sept. 1
and June 1, 1935, and on Sept. 1 and April 1, 1934, prior to which no
dividends were paid on this issue since Dec. 1, 1932, when the last regular
quarterly dividend of 87H cents per share was distributed.—V.
144,
holders
of record,
and March 1, last,
p.
3518.
Financial
956
Sonotone
Corp.—Earnings—
6 Mos. End.
Cat. Year
June 30/37
deprec., amort.
& obsolescence, but before prov. for Fed. taxes..
Earnings per share on 788,891 shares com. stock..
1936
sheet
$120,428
$0.15
$66,213
$0.07
South Bay
June 30,
at
revenues _
_—
Consolidated Water Co., Inc.—Earnings—
-
1937—Month—1936
1937—6 Mos.—1936 i
$4,654,825 $31,097,123 $28,012,844
18,255
124,673
85,862
$5,133,545
20,261
Operating revenues— $5,113,284
Operating expenses
3,431,001
Net oper. revenues.
1937
7
Telephone & Telegraph Co.—Earnings
Period End. June 30—
Operating
Uncollectible oper. rev.
1937 shows cash of $87,735, accounts
receivable (after reserves) of $420,595 and inventories at or below costs of
$504,530, with the ratio of current assets to current liabilities at 4.1 to 1.
—V. 145, p. 779.
balance
Aug.
Southern Bell
Period—
Net profit after all charges incl.
The
Chronicle
..
Operating taxes
Net operating income.
$1,682,283
669,058
$4,636,570 $30,972,450 $27,926,982
3,112,685
20,233,053
18,532,421
$1,523,885 $10,739,397
604,001
4,120,165
$9,394,561
3,553,993
$6,619,232
$5,840,568
$919,884
$1,013,225
-V. 145. p. 131.
Income Account
1937
retire. & replace-
_.
-
Gross corporate income
Interest charges
_
$202,787
$224,647
208,347
Net earnings before prov. for
Other income
$464,024
261,237
$224,110
537
._
1936
$462,243
238,134
Years Ended June 30—
Operating revenues
Operating expenses-.
$203,128
207,962
20,750
Prov. for retirements and replacements
Prov. for interest on Fed. income tax for prior years
$636
Note-—Cumulative dividends
on
341
15,500
163
Net income-
Southern California Edison Co.,
163
loss$25,747
$5,952,622
1,771,199
1,361,987
$6,459,988 $25,479,897 $25,807,687
2,068,148
7,157,884
7,984,984
1,261,230 " 5,855,116
4,986,928
Common dividends
$2,819,436
1,256,441
1,193,824
$3,130,610 $12,466,897 $12,835,776
1,256,343
5,043,745
5,589,606
1,193,640
5,172,191
4,774,207
Balance, surplus
$369,171
$680,627
$2,250,961
$0.49
$0.59
$2.33
Total income..
Prov. for depreciation__
Liabilities—
Assets—
Plant, property, equip., &e....$6,696,389
38,015
Funded debt
Caen in banks & working funds
Indebt. to affil. & parent co
Accounts
Current liabilities
&
receivable,
of 313,429).
notes
(less reserve
45.583
37,429
32,395
Accrued unbilled revenue
Materials and supplies
discount
Debt
$6,451,941
8,047
Int. and amortization—
1937
$25,116,569 $25,566,668
363,329
241,019
$5,945,167
7.455
Net oper. revenue
Net non-oper. revenue._
preferred stock not declared since Feb. 15,
1932 amount to $336,819.
Balance Sheet June 30,
Ltd.—Earnings—
1937—12 Mos.—1936
1937—3 Mos. —1936
Operating revenue
$10,088,790 $10 ,089,839 $41,925,319 $39,895,421
Production expense
300,207
1,629,241
1,451,355
386,523
Transmission expense—
145,354
149,450
703,516
572,547
Distribution expense
660,587
482,118
2,477,388
1,911,639
Commercial expense—743,801
702,007
3,048,313
2,595,389
Admin. & general exp—
498,653
2,374,595
2,906,376
560,286
Taxes
1,647,071
,505,462
6,575,698
4,891,446
Period End. June 30—
&
progress of amortization.
68,887
Consumers' deposits
Unearned
156,256
22,381
63,188
...
404.611
& unadjusted debits
6,346
a
6% cum. preferred stock
a
...
Prepaid ace., deferred charges
Balance
dividends
Preferred
8,058
revenue
Deferred liabilities
Reserves.
in
expense
53,157,500
820,867
Common stock
1,044,400
750,000
Capital surplus
156,255
$2,471,962
$2.27
Note—No provision has been made in the above figures for excess
tax or surtax on undistributed
profits
profits.
On account of the transfer of the wholesale load of the City of Los An¬
516,265
Earned surplus
Earned per share on com.
stock outstanding
geles from the company's lines to Boulder Dan as of Jan. 1,1937. no revenue
source was received in 1937.
Revenue from this source amounted
from this
..$7,012,414|
Total
Total.
Represented by shares of $100 par—V.
a
South Carolina Electric & Gas
12
1937
Southern
1936
403,454
revenue
255,907
Transportation revenue
$2,697,502
387,125
228,247
_
Provision for retirements.
_
_
_.
_
Provision for taxes
Operating income
Other income.
Gross incomeInterest
on
funded debt
Interest
on
unfunded debt
$3,459,817
1,300,823
189,971
450,797
479,169
$3,312,875
1,464,602
236,177
216,382
$1,039,056
66,878
_
Maintenance
$955,025
46,566
$1,105,934
511,863
186,253
60,865
$1,001,591
440,688
CV974
Amortization of debt discount and expense
568,830
135,773
64,175
Crl,781
$347,927
___
$234,594
Interest charged to construction
Balance of income—
Note—No provision is made in this statement for Federal surtax
distributed profits, if any, for the year 1937.—V. 144, p. 4023.
South Carolina Power
Period End. June 30—
Gross
x
Gross income
$83,419
54,991
preferred stock
.
Balance......
No
provision
was
$989,211
653,053
$ 950,990
$25,821
14,286
$336,158
171,438
$303,169
$14,141
Net income
$78,945
53,123
$28,427
14,286
Int. & other fix. charges.
x
1937—12 Mos.—1936
$230,090 $3,090,722
$2,743,816
133,145
1,828,510
1,578,826
18,000
273,000
214,000
147,838
35,000
Prov. for retire, reserve.
on
un¬
Co.—Earnings—
$266,257
Oper. exp. & taxes
Div.
on
1937—Month—1936
re venue
$11,535
$164,720
$131,731
made in
1936 for Federal surtax
on
647,822
171,438
undistributed
Erofits asmade for such tax infor that year was distributed. No provision
all taxable income 1937.—V. 144. p. 4361.
been
as
Southeastern Gas & Water Co.
(& Subs.)—Earnings—
12 Months Ended June 30—
1937
Gross operating revenues
Operating
1936
$682,270
278,773
33,794
41,740
111,684
6,045
_______
Taxes (other than
Federal income)
Depreciation and depletion
Net operating income
Non-operating income.
Total income.
Exps. & taxes of Southeastern G. & W. Co. (excl.
operating divs.) and Southeastern Investment
Corp
,.
-----
$221,605
9,729
$222,323
Maintenance
$691,611
278,003
$21:6,279
expenses
$684,424 in the three months ended June 30, 1936, $1,307,750 in the
1937, and $2,983,504 in the 12 months ended
12 months ended June 30,
$2,800,456
revenue
Total operating revenues
Operating expenses
to
June 30, 1936.—V. 145, p. 780.
Co.—Earnings-
fonths Ended June 30—
Electric
Gas
.57,012,414
144, p. 3192.
$231,334
17,705
At
the
annual
holders will vote
meeting of stockholders to be held Oct. 19. the stock¬
amending the charter of the company by adding thereto
on
the following provisionThe capital stock of the company
shall consist of a maximum number of
3,500,000 shares, of which 600,000 shares shall be the existing preferred
(par $100), and 2,900,000 shares shall be common stock (no par).
The minimum number of shares shall be 1,000 shares of common stock
(no par).
The preferences, conditions and voting power of such preferred
stock and of the common stock (no par) shall be those provided in the
charter with respect to such preferred stock and the existing comm on stock.
Of the 2,900,000 shares of common stock (no par) hereby authorized,
1,298,200 shares shall be issued to the holders of the existing common
stock (par $100) in exchange, share for share, for such existing common
stock.
The remaining 1,601,800 shares of common stock (no par) shall be
stock
reserved for issuance from time to time for proper corporate purposes.
Fairfax Harrison, President, in a letter to stockholders says:
On July 19, 1937, the company paid from treasury funds its note due
Sept. 1, 1937, for $1,963,328, to the Reconstruction Finance Corporation.
The company has obligations maturing Sept. 1, 1938, and April 29, 1939,
consisting of certain long-term bonds and balance of deot payable to the
RFC. It is the intention of the board of directors to formulate, and there¬
after submit to the stockholders, a program which will provide for the
payment of these obligations. In the judgm ent of the board the time is now
approaching when the company's credit, its financial strength and its
earning power will warrant a continuance of the policy inaugurated in
1926 or securing at least a portion of the necessary capita* through the sale of
common stock or through the sale of obligations convertible into common
stock.
With that end in view it is proposed to submit to the stockholders,
for their approval, at the annual meeting to be held on Oct. 19, 1937, an
amendment to the company's charter.
The company is empowered by its present charter to issue its capital
stock up to $350,000,000 par value.
The proposed amendment fixes the
capital stock at 3.500,000 shares, of which 600,000 shares shall be the
existing preferred stock of a par value of $100 each and 2,900,000 shares
shall be common stock (no par).
It provides that 1,298,200 shares of the
2,900,000 shares of common stock shall be exchanged share for share for
the present outstanding common stock and the remainder of 1,601,800
shares of common stock is to be reserved for future issuance.
It wili be
observed
that no change of any kind is contemplated in respect of the
600,000 shares of non-cumulative preferred capital stock of the par value
of $100 each now issued and outstanding.
The stockholders are earnestly invited to attend this annual meeting
and to vote upon the question then and there submitted, in person.
It is
the forum provided by the by-laws for general discussion of the problems
of the company, and the management not only desires, but believes itself
to be entitled to, the advice of every individual who is interested in the
company's welfare.
It is hoped that the stockholders will welcome this opportunity to au¬
thorize the initial step in laying the foundation for a new capital structure
to be built on a sound basis.
Third Week of July
Period—
$204,618
20,332
3,632
1,317
1,961
...
Federal income taxes
Minority interest.
Balance.
Fixed charges
-------
22,179
1,439
1,317
3,545
Cr89
Charges of subsidiaries:
Intereston long-term debt
on unfunded debt (ihcl. operating divs.)
Amortization of debt discount & expense
Int.
$218,778
103
$177,465
$190,194
74,970
104,740
--------
74,970
105,252
133
184
Other interest..
Net income
____
loss $2,379
$9,788
has been made in the above statement for Federal
accruing since Dec. 31, 1936.—V. 144, p. 4023.
Southern Indiana Gas & Electric
Period End. June 30—
Co.—Earnings—
1937—Month—1936
$313,938
$276,897
revenue
157,979
178,170
Oper. exps. & taxes
1937—12 Mos.—1936
$3,710,081
$3,423,570
2,104,713
1,980,566
377,142
277,700
Prov. for retire, reserve.
34,000
23,142
Grossincome.
Int. & other fixed charges
$101,768
31,447
$95,777
26,615
$1,228,227
342,674
$1,165,304
311,689
$70,321
$69,162
$885,553
34,358
10,848
45,206
500,983
65,090
$853,615
542,477
$23,955
$319,480
Net income
Divs.
on
pref. stock
Amort.of pref. stock exp
Balance
e
$25,114
~
$311,138
provision was made in 1936 for Federal surtax on undistributed
profits as all taxable income for that year was distributed.
No provision
has been made for such tax in 1937.—V. 144, p. 4361.
x
Southwestern Associated Telephone
Operating
No
1937—Month- -1936
$97,879
revenues.
Uncollectible oper.
1936
Net operating income
—V. 144, p. 4361.
Spokane
$79,044
Co.—Earnings—
1937—6 Mos.—1936
$569,522
$468,558
150
100
700
600
$97,729
57,692
$78,944
47,244
$568,822
341,583
$467,958
290,416
$40,037
8,286
$31,700
4,785
$227,239
42,989
$177,542
28,852
$31,751
$26,915
$184,250
$148,690
rev.
Operating revenues.
Operating expenses
_
Operating taxes
undistributed profits tax
1937
$2,443,142 $75,135,778 $67,006,497
145, p. 780.
Net oper. revenues
Intereston 1st lien bonds.
Interest on genera 1 lien bonds..
Note—No provision
$2,551,997
Period End. June 30—
of South¬
eastern G. & W. Co.:
Gross
—V.
-Jan. 1 to July 21
1936
1937
Gross earnings (est.)
Grossincome
The
exchange of common stock provided for shall be made under such rules and
regulations as the board of directors may prescribe. The provisions of this
amendment shall supersede all conflicting provisions of the present charter.
12,556
38,346
38,088
115,569
Stock—Plans New
Increase Common
Ry.—To
Issue to Meet Maturities in 1938-1939—
.
Portland
&
Seattle
Ry.—Equipment
Trust
Certificates Authorized—
The Interstate Commerce Commission on July 30 authorized the
com¬
the Northern Pacific Railway Co. and the Great Northern Railway
obligation and liability, as joint and several guarantors, in
respect of not exceeding $1,200,000 of Spokane Portland & Seattle Ry.,
series A, 2h% serial equipment-trust certificates, to be issued by First
National Bank, New York, as trustee, and sold at 102.222 and accrued
dividends in connection with the procurement of certain equipment.
The report of the Commission says in part:
The Spokane company invited 53 firms to bid for the purchase of the
certificates.
In response thereto nine bids were received.
The highest
bid, 102.222 and accrued dividends, was made by Paine, Webber & Co.
and Estabrook & Co., both of New York, and has been accepted.
On this
basis the average annual cost of the proceeds to the Spokane
company will
be approximately 2.30%.
The certificates are dated July 1, 1937 and mature serially from Julyll,
1938, through July 1, 1947.
Issued under the Philadelphia plan.
The certificates were publicly offered by the above mentioned bankers
on July 20 to yield from
.85% to 2.50% according to maturity.—V. 145,
P 781.
pany,
to
assume
Volume
145
Financial
Chronicle
Square D Co.—Earnings—
Stanley Works (Conn.)—Earnings—
Earnings for Year Ended June 30, 1937
^
Gross profit
957
Provision for depreciation..
Cost of tools and dies
Calendar Years—
.
$1,564,409
41,955
_____
_
Selling and advertising expenses
Administrative and general expenses..
_
67,351
549,119
206,902
-
....
Operating profit
Other income
$699,082
4,034
Profit
Interest paid
Other deductions
Net
1936
$536,150
243,289
Preferred dividends
Common dividends
Assets—
1937
Cash
1936
$627,074
920,385
1,828,429
607,380
1,165,590
11,750
39,950
Cust. notes, accts
& trade accept..
Sq. D. Co.
of Canada
Adv. to salesmen &
Accts.
empl. notes and
11,512
6,525
10,708
6,857
7,122
1,483,508
1937,
pay¬
'
I
iil93631
H! ' 1 H
$316,421
(bank)
75,000
$155,372
37,500
Acer, int., tax., &o
Prov. for Fed. &c.
126,678
6,384
Claims agst. closed
cos
bldgs.,dies
Goodwill
1
Patents
1
income taxes
!
\
265,932
debt
$
3,226,815
3,750,750
Res. for contlng..
Class A pref. stock
charges.
54,574
Class B com. stock
f343,810
Capital surplus... 1,217,123
1,731,635
1,049,966
Int.
19,016
In
18,164
3,392,075
13,000,000
sub.
companies
Preferred stock
706,277
—less reserves..
9,072,188
3,170,300
Common stock
1,071,807
13,000,000
8,794,317
Com.
held
stk.
In
Z>7988,400
treasury
Pats., trad-mks. <fc
Surplus, Dec. 31.. 5,258,435
goodwill
l
Dr939,525
4,422,767
l
115,521
Def. chgs. toexp..
Total
105,925
22,884,911 21,541,868
Total
...22,884,911 21,541,868
—V. 143, p. 3483.
Sterling, Inc.—Listing Approved—
d73,546
208,023
Earned surplus
1,319,456
v
The New York Curb Exchange has
approved for listing 60,000 additional
shares of common stock, $1
par, upon official notice of issuance.—V. 145,
p. 132.
1
Stewart-Warner Corp.- -Comparative Consolidated Balance
Sheet June 30—
$4,654,070 $3,928,0831
Total
$4,654,070 $3,928,083
After allowance for doubtful accounts of
$64,814 in 1937 and $59,231 in
■J2§6. b After allowance for depreciation of $1,262,021 in 1937 and $1,~
178,551 in 1936.
c Represented
by 123,316 no par shares including scrip
certificates for 128 shares convertible into full shares at
stated value of
$1,282.
d Represented by 220,638 no
par shares,
e Represented by 50
no par shares,
f Represented by $1
par shares.—V. 145, p. 781.
1937
Accts.
&
4,478,509
Supplies,
492,219
440,787
Steamship Corp. (& Subs.)—Earns.
!937
$634,337
563,696
905,395
608,842
1,122,839
665,827
106,425
74,533
&c
....
Taxes
Deferred income..
def'd
Res.
accts. receivable
Land & bldgs. not
85.249
54,220
1,074,525
1,072,500
Plant & equlp't at
cost, less reserve 6,443,125
6,158,259
for
possible
loss on royalty &
125,000
Patents,
licenses,
goodwill, &c
Res. for cap. losses
Res.
for
possible
loss
on
under
1
1
196,085
750,000
patent claims
used In opera
*4
.
roy'ties,
comm.,
750,000
reposs'ns
resale
in-
stalm't contracts
&
$933,316
524,551
$70,641
n
Operating profit
Depreciation
5501600
Acer, liabs.: wages,
prepaid
&
696,698
3,219,533
2,758,656
re¬
res.
300,000
Accounts payable.
3,022,417
4,895,500
notes
$
$
Bank loans
1,563,600
ceivable, less
Inventories
1936
1937
Liabilities—
$
on
hand
Contracts
The directors have declared a dividend of
25 cents per share on the com.
stock, par $25, payable Aug. 10 to holders of record
July 31. This compares
with 50 cents
paid on May 10, last; 37 ^ cents paid on Feb. 10,
last; 62
cents paid during
1936; 25 cents paid during 1935; 50 cents paid
during 1934
and 50 cents paid
during the year 1933.—V. 144, p. 3352.
1936
Assets—
Cash in banks &
expense, &c
Standard-Coosa-Thatcher Co.—Dividend Halved-
disc't'd
notes
$408,765
Net earnings
-V. 144, p. 3021.
1936
with finance
plan
of reorganization of the company is to be
changed once again, it was learned Aug. 4. To meet the
opposition raised
PiT 5^2 protective committees to the plan as it now stands, it is understood
that the proposed
treatment to be accorded the
equity holders of company
will be shelved in part if not
completely.
When the amended
plan of reorganization was filed in the U. S. District
of Delaware on
May 17, last, the Allen committee,
representing
$4 preferred stock, said it opposed the
plan on the ground that it was
grossly unfair in the treatment it accorded the $4
preferred shareholders."
6,209,235
5,251,992
Earned surplus... 3,467.740
16,726,3731
Total
2,419,257
19,032,728 16,726,373
months ended June 30, 1937, and June 30, 1936.
The earnings for three and six months ended June 30 were
published in
V. 145, p. 782.
Court
came from another protective committee, known
McAneney committee, representing a portion of the
6% notes and
debentures of the company. This group argued that settlement of a suit
for $100,000,000
against certain directors and officers of
company and
others for the sum of
$1,000,000 "was entirely out of line."
19,032,728
6,209,235
5,251,992
Note—The provision for Federal income tax included herein for the three
months ended June 30, 1937, and June
30, 1936, represents the normal tax
computed upon the normal tax net income. No provisions have been
made for the surtax on undistributed adjusted net income for the three
Sterchi Bros.
the
further opposition
thei
97,401
cos.
Com. stk. ($5 par)
Capital surplus
Total
Standard Gas & Electric Co.—Plan to Be
Overhauled—
Stores, Inc.—Earnings-—
6 Months Ended June 30—
1937
Sales.
Net profit after
Earnings
x
per
charges and taxes
sh. on com. stock
1936
1935
$2,837,164
x275,550
$2,433,481
191,844
$0.75
$0.47
$2,009,519
45,940
Nil
Before Federal income and undistributed profits taxes.—V. 145, p. 451.
the
situation now stands it is believed that
unless the settlement
offer is raised it will not
be accepted.
In the event of rejection the share¬
holders of the
company could take the issue to court to be tried on its
merits.
Weekly Output—
Electric output of the Public Utility
operating companies in the Standard
Co- system for the week ended
July 31, 1937 totaled 110,684,956 kilowatt hours, an increase of
11.6% compared with the correspond¬
ing week last year.—V. 145, p. 781.
The
directors have declared
addition to the regular
common
stock,
an
extra
dividend
of 20
cents
per
Sun Oil Co. (&
share
quarterly dividend of 25 cents per share on the
par value, both payable Sept. 15 to holders of
record
amounts were paid on June 15, last, and extra dividends
1446 ifn31936r share were pai<* in each of t*16 ^ve Preceding quarters.—
Standard Oil Co. of Ind.—25-Cent Extra
Dividend—
The directors
on
Aug. 2 declared an extra dividend of 25 cents per share
to the regular
quarterly dividend of 25 cents per share on the
stock, par $25, both payable Sept. 15 to holders of record
Aug. 16.
Extra dividends of
$1 cents were paid on June 15 and March
15, last; an
extra dividend of 12 was
paid on Dec. 15, 1936; an extra of 25 cents was
paid on Sept. 15, 1936, and one of 15 cents was
paid on June 15, 1936.
in addition
common
Subs.)— Consol. Balance Sheet June 30—
1937
a
no
AP£- 16• Similar
Studebaker Corp.—Retail Deliveries—
United States retail deliveries of Studebaker passenger cars and trucks
during the second 10-day period of July totaled 2,386 units, according to an
announcement July 30 by George D. Keller, Vice-President in charge of
sales.
This, compared with retail sales of 1,629 units during the same
period of 1936, is an increase of 46.5%.—V. 145, p. 782.
Asse/s—
Standard Oil Co. of California—Extra Dividend—
Prop'y
1936
$
Cash
6,275,348
18,426
secur
62,899,598
8,271,406
31,196
b Notes, accts. &
accept's
New
York
Funded debt
payable.
6,105,550
payable
6,963,573
4,898,305
16,636,680
16,332,066
4,419,388
10,995,472
12,514
2,166,570
&c
Mat'ls & supplies
4,834,181
Investments
15,631,458
Special trust fds.
12,552
Deferred charges
1,884,659
Accrued
Stock
cll,899
due within one
322,666
year..
Purch.oblig. (due
within 1 year)
98,917
"
»
Due affil. cos...
5v£.<.°\.Pan American Southern making
15,545,175 shares.
On June 30, 1937 there
the total
amount
applied for,
were outstanding 3,416,069 shares of
capital
stockof Pan American Southern
Corp., of which Standard owned 3,336,-
247.83 shares.—V. 145, p. 450.
Standard Steel Spring
Co.—100% Stock Dividend—
The directors on July 30
declared a stock dividend of 100% on the
company's common stock, payable Aug. 20 to holders of
record Aug. 10.
A cash dividend of
$1 was paid on Aug. 5, and compares with $1.75
paid
on Dec.
24, 1936, and 25 cents per share paid each three months
from
Jan. 16, 1935 to and
including July 3, 1936.
The Jan. 16, 1935 dividend
was the first
paid since December, 1931 when a quarterly dividend of 50
cents per share had been
distributed.—Y. 145, p. 622.
Standard Textile Products Co.—Poll
on
Plan Authorized
Federal Judge Julian W. Mack has granted the
petition for the circularization of bondholders for the
purpose of obtaining their approval of a
proposed alternative plan of reorganization which is to be
sponsored by
Loeber Bros. & Co.
^Judge Mack indicated that if 25% of the present bondholders indicate
their approval of the proposed alternative
plan, he will permit its filing in
opposition to the debtor's proposed plan under which control of Standard
Textile would pass to the Interchemical
Corp.
The hearing has been
adjourned until Aug. 10, when a hearing on the debtor's proposed
plan is
scheduled.—V. 144, p. 4362.
Steel Materials
Corp.—Initial Dividend—
The directors have declared an initial dividend of 12
H cents per share
on the common
stock, payable Aug. 16 to holders of record Aug. 2.—
V. 145, p. 622.
—
«.
•»
3,926,393
50,000
Minority interest
Earned surplus.
Total
124,324,569 110,026,516
«,
879,596
Reserve
Exchange has authorized the listing of 20,000
372,468
4,764,604
debt
Other cur. liabil.
Total
69,297,219
6,247,530
5,459,370
7,264,951
accts..
Long term
Divs. declared..
u
u^l shares of capital stock (par $25) on official notice of issuance to
shareholders of Pan American Southern
Corp. (a subsidiary) in exchange
for their shares of Pan
American Southern Corp. stock on the basis of
one share of stock of
Standard Oil Co., for each four shares of
capital
10,000,000
Notes and loans
rec.,
Oil inventories..
$
10,000,000
73,461,336
9,476,150
Common stock.
Accts.
1936
$
Preferred stock.
equipment,&c 72,067,692
Marketable
1937
Liabilities—
$
plant,
Listing—
The
4.500
1,447,095
e500 cl,233,163
»
twice-amended
Mln.
2,014,772
5,804,292
7,308,975
res.
affil'd
Total
Standard Fruit &
593,919
4,677
forexch. res
and other cos...
Plant &oth. prop.,
637,500
$
$
973,788
Taxes, contlngs. &
2,455,133
in
1935
1936
Liabilities—
Accounts payable.
Def. credits to inc.
145,164
561,750
15,221
68,936
V
1935
$
debts
1
72,094
in
$15,926
Notes <fc accts. rec.
63,783
1,394,934
Misc. inv. & accts.
&c_
pay.,
rolls, &c
Notes pay.
Funded
accounts
As
$570,351 def$126,896
1936
Invests,
Liabilities—
$313,009
Inventories
as
$704,750
203,564
485,260
$486,475
Assets—
& market, bonds
Invests.—less
The
$561,448
203,524
484,819
Consolidated Balance Sheet Dec. 31
$292,861
Balance Sheet June 30
Deferred
'6241311
$1,377,700
203,524
603,824
—less res.for bad
Surplus
b Land,
*530,847
Cash, U. S. Govt.
profit.
Dividends paid...
1933
$1,868,521
180,395
1,201,651
Net profit
24,562
127,482
Net
trust
$1,333,662
628,911
.
$1,205,499
"
644,051
Balance, surplus
Provision for Federal and State income taxes
Inv. in
1934
$2,002,011
Fed¬
$703,116
14,923
a
1935
$2,399,368
earnings after
eral taxes
Depreciation. .Ill II" I
3,977
13,045,800
614", 326
-
•.
-
-
•
1,344,337
50,000
4,038
11,549,956
124,324,569 110,026,516
a
After depreciation and depletion, &c.
b After reserves,
c
Loans
v
payable only.
The earnings for 6 months ended June 30 appeared in the
Chronicle
of July 31, page 782.
Sun Ray Drug
Co.—Sales—
Period End. July 31—
Sales
1937—Month—1936
$545,485
$468,558
1937—7 Mos.—1936
$3,358,574
$2,915,932
—V. 145, p. 293.
Superheater Co. of Delaware—Earnings—
[Including its Canadian Affiliate]
1937
$1,102,082
528,480
Non-recurring income..
x425,115
$549,751
392,249
$259,178
270,277
$199,999
225,128
$2,055,676
68,715
$942,000
61,815
$529,455
45,909
$425,127
42,817
330,921
142,667
66,441
59,422
43,187
64,921
27,974
19,785
$1,612,854
No. of shs. outstanding.
904,855
$1.78
Earnings per share
x$672,597
$389,131
874,529
$0.45
$303,103
874,554
6 Mos. End. June 30—
Profit from operations__
Other income
Depreciation
Fed., Dominion & for'n
income tax
1936
1935
1934
Earns, applicable to mi¬
nority interests
x
Profit
on
sale
or
882.805
$0.76
re-acquired company's
shares
treasury.
Note—No provision has been made for Federa
profits.—V. 145,
p.
782.
$0.35
of capital stock
in
surtax on undistributed
Financial
958
t
Syracuse Lighting Co., Inc.—Earnings—
1937—12 Mos.—1936
$2,713,589 $11,542,806 $10,550,620
x2,191,838
9,344,468 x8,431,787
1937—3 Mos.—1936
Period End. June 30—
Operating revenues
$2,947,652
Oper. rev. deductions...
2,415,331
$532,321
$521,751
$2,198,338
Dr230
Operating income
Non-oper. income, net..
Chronicle
98
Drl ,983
: i
Aug. 7, 1937
outstanding; and 25,000 additional shares of common
(
$2,118,833
1,060
Co.
Oil
Associated
Water
Tide
Subs.)—Balance
(&
Sheet June 30—
Gross income
$532,091
253,228
Deducts, from gross inc.
$2,196,354
1,049,455
$521,849
269,837
$2,119,892
1,112,065
1937
A
o/>/"
o
1936
1937
1936
Q
$
i
$
$
Liabilities—
62,622,100
producing..141,851,686 130,140,413 6% pref.stock..
Refining.
52,782,097
51,934,262 $4.50 com. conv.
pref. stock
50,000,000
Transportation. 53,888,402
56,624,535
Marketing
36,773,944
34,096,406 x Common stock 63,434,680
Miscellaneous..
2,964,838
3,166,300 Cap.stk.of subs
Oil
Net income
$278,863
$1,146,900 x$l ,007,827
x$252,012
x Changed to give effect to major adjustments made later in the year 1936.
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.
4363.
p.
Res.
(James) Talcott, Inc.—Volume of Business—
Taylor-Young Airplane Co.—Shares Offered—Offering of
115,000 shares of common stock was made Aug. 3 by Hiltz
& Co., Inc., at $3 per share.
This marks the first public
offered
the
undertaken by
speculation.
The
company.
shares are
Accounts
alnvest.in South
y
Penn Oil Co
z
sion
1,116,518
3,481,171
1,116,517
3,190,446
14,791,103
7,877,095
792,135
1,777,615
595,304
726,480
Corp
Accts.
rec._
rec.,
9,284,838
6,073
5,942
Due from empl's
Cash
deposited
'
'36 Dec. 28 '35
Dec. 31
$979,717
32,303
Discount allowances
NOT
AVAIL-
947,413
Net sales
Cost of goods sold
658,199
Gross profit on sales
Sell., advertising, admin., and general expenses.
289,215
261,787
ABLE
cos.
231,728
3,679,656
&
$27,428
8,119
Operating profit.
$18,562
11,543
Other deductions.
$35,547
8,172
$30,105
7,121
J* Net profit—before depreciation.
Depreciation
$27,375
22,020
$5,355
$2,371
Net income for the year
Consolidated Balance Shee' Dec. 28, 1935
Dec. 31 '36 Dec. 28 *35
Assets—
Cash
a
Accts.
$45,628
$84,391
(trade)
37,463
37,447
Notes payable(bk.)
681
Accrued items pay.
1,710
28,052
Divs. unclaimed..
debit
pay.
balances
Due from salesmen
Marketable
secur,
Bond deposit
'
Inventories
Transfer stamps
b Trenton,
equip.,
2,000
...
142,948
87,105
4
31
.
.
liabs.
leasehold improv
479,399
449,847
10,388
275
275
12,597
246,925
120,000
707,511
23,250
114,342
(par $1)
Capital surplus...
Earned surplus...
b Springfield, prop
Jan.
202,825
$1,123,585
156,343
108,545
$2,589,389
41,397
;$2,123,617
$1,232,130
56,627
&
British
y491,609
298,169
288,756
165.875
$2,249,823
1,126,560
:$1,773,094
824,013
$1,009,628
427,992
$482,758
$1,123,263
$949,081
$581,636
_
61,767
income
(estimated)
Balance, surplus
x Adjusted
to include subsidiary (Rogers & Mason Corp.) not con¬
solidated in report for 1933.
y Includes provision of $13,350 for Federal
surtax on undistributed net income.
Consolidated.Balance Shee
Assets—
Jan.
23,250
116,433
2
'37
Jan.
4
'36
$2,059,829 $1,962,169
Accts.
4,809,798
3,526,266
Z726.708
250,260
432,179
Jan. 2
Liabilities—
$864,466
650,740
420,758
subscriptions
Advtg. Anewsagt.
3,351,489
1,982,187
(future issues)..
203,479
Deferred income—
receivable,
less allowance..
77,021
Res.
1
of
104,496
81,873
Goodwill
186
for
$2,507 in 1935.
425,680
19,060
Deferred charges
Products
1937
Co.—Holds
Stockholders'
Special
|1936
Liabilities—
b Common
1937
.$2,375,875 $2,373,446
119,230
112,395
Accts receivable.
41,783
45,983
Inventories
3,543
3,964
Investments
1,573
1,573
Accrued
Deferred charges.
Capital surplus...
941,792
Earned
414,841
.___
19,620
23,419
$2,561,623 $2,560,7801
8,520
6,148
accounts.
Federal tax
ree.
11,181
...
in adv.
surplus...
Total...
35,342
151,610
redempt.
for
pref. stock—
Employees'
stock
purch. payments
yCapital & surplus
......
xl81,152
89,620
577,500
Surplus
577,500
3,483,538
2,895,215
Total
9,131,211
6,755,451
Capital
Total
$9,131,211 $6,755,451
x Directors on
Feb. 13, 1936, adopted a resolution setting aside out of
surplus an additional amount of $210,269 to be used for the purchase or
redemption of preferred stock pursuant to the certificate of incorporation
as amended,
y Represented by 4,319 shares of $6.50 dividend cumulative
convertible preferred stock (no par value) in 1936 and 237,756 (228,084 in
1936) shares of common (no par),
z Includes notes.—Y. 144, p. 4026.
Timken Roller Bearing
Co.—Extra Dividend—
Aug. 3 declared an extra dividend of 25 cents per share
quarterly dividend of 75 cents per share on the
common stock, no par value, both payable Sept. 4 to holders of record
Aug. 17.
An extra dividend of 75 cents was paid on Dec. 5, 1936.
See
also V. 143, p. 3014 for detailed record of previous dividend payments.
The directors
on
in addition to the regular
Earnings for 3 and 6 Months Ended June
1937—3 Mos.—1936
Net profit after dprec.,
Federal taxes, &c
x$3,623,976
30
1937—6 Mos.—1936
$2,538,139 x$6,792,683
capital stock out¬
standing (no par)
2,411,380
2,411,380
Earnings per share.
$1.50
$1.05
x Before provision for surtax on undistributed
$4,606,995
Shares
1936
stock.$1 143,800 $1 ,143,800
Accounts payable.
Rentals
..
..$1,378,847 $1,261,867
discounts and doubtful accounts of $1,946 in 1936
b After reserve for depreciation.—V. 144, p. 953.
*37 Jan. 4 '36
$457,411
payable.
Accrued accounts.
Accounts
1
riant accounts.
2,411,380
$2.82
2,411,380
$1.91
profits.—V. 144, p.3194.
7,874
6,837
11,614
34,173
941,792
414,691
$2,561,623 $2,560,780
depreciation of $1,640,419 in 1937 and $1,549,242 in 1936.
b Represented by 228,760 shares, $5 par.
The earnings for the 3 and 6 months ended June 30 was published in
Timken-Detroit Axle Co.
(& Subs.)—Earnings—
1934
$4,123,800
2,885,262
1933
$2,878,480
2,482,636
3,276,152
$2,170,013
151,182
$1,238,538
146,457
$395,844
130,316
3,612,792
5,321,195
720,044
704,910
1,462
L,384,995
714,731
27,568
$526,160
783,819
53,278
568,056
a460,000
227",000
74,656
122,546
214,621
142,571
$2,160,202
163,042
1,173,202
175,047
$426,125 l's$1256,869
193,467
194,187
$1,997,159
Operating profit.
Other income
1935
$4,614,846
336,640
Expenses.
1936
$5,923,622
2,647,470
Calendar Years—
Gross income..,
$998,155
$232,658df$l ,451,056
981,500
$2.03
980.000
$1.02
2,444,833
After
the "Chronicle" of July 31, page 783.
Tilo Roofing Co.,
1
to
Jan. 1 to
July 17, '37 July 18, *36
Sales.
$1,658,498
$1,146,468
x Net profit after Federal income taxes and other
charges.
168,640
116,396
No. of shares of com. stock outstanding (par $1)_„ /
290,084
243,569
Earnings per share
$0.58
:
$0.45
Federal surtax on undistributed profits.—V. 145,
451.
Thermoid
Co.—Listing—
Exchange has authorized the listing of 42,104
shares of convertible preferred stock ($10 par), $3 dividend all of which
The
New
York
Stock
expense
Special reserves
Federal & State taxes
Inc.—Earnings—
Period—
Before provision for
Total income
Deprec'n & amortiza'n..
Interest
Jan.
x
:$1,967,274
$2,747,233
2,264,475
Fed.
Cash
Telautograph Corp.—Balance Sheet June 30—
p.
3,527,268
$2,027,094
562,295
$3,265,402
26,560
Other deductions
Securities (at cost.
R. W. Herrick, President, called a special meeting of stockholders Aug. 4,
explaining that the meeting was for the purpose of considering an increase
in the company's capitalization.
According to the president, the increase
in the company's business during the first half of the year, and the antici¬
pated increase in the final six months peiiod, makes it desirable for the
company to retain a part of its earnings as additional working capital,
rather than to distribute all earnings as cash dividends.
The increase in the capital stock, according to Mr. Herrick, is necessary
in anticipation of a possible declaration of a stock dividend, the issue to
stockholders of rights to purchase additional shares of the company's stock,
or an issue of obligations of the
company convertible into its stock.
Upon
the conclusion of the discussion led by Mr. Herrick, stockholders voted to
increase the authorized capital stock to 250,000 shares ($1 par) common
stock.
Previously, capitalization was 125,000 common (shares $1 par)
authorized and outstanding.—V. 144, p. 3022.
a
4,733,719
127,690
Total
$4,650,853
$6,700,993
6,594,076
839,608
463,082
..$1,378,847 $1,261,867
Total
'36 Dec. 29 '34 xDec. 30'33
$8,621,170
Inventories
186
Asscts—
203,397,922 185,013,188
$2,200,383
1,065,019
120,000
Meeting—
a
4
Jan.
Other assets
34,980
Tecumseh
23,935,786
9,603,510
Costs & exps.—printing,
distribution & gen. exp
653,234
Falls,
Cash.
'37
2
agent sales .film
rentals and &c
$11,803,893
Permanent assets.
reserve
839,368
28,256,297
news
152,416
Mass
After
397,249
Total
439.284
Deferred charges..
a
credits to
operations
Surplus.
147,269
__
and
1.815,161
Defd
(& Subs.)—Earnings—
Years Ended—
20,366
Invests., bldg. lot,
Total
2,743.010
3,600,594
Res.
441,950
plant, eq. & fixt.
Intangibles
Chicopee
792,298
Inc. from subscr., adver.
(note
Paid-in surplus...
&
17,358
793
11,455
pay.—not curr.)
CI. A stk. (par $1)
CI. B stk.
macli.,
fixts.
Other
17,000,000
oblig..
for contin¬
money
published in V. 145, p. 623.
was
8,563
22,000
Notes pay. (equip.)
Cust. credit bal...
15,000
5,636
Notes pay.
to
purch.
2,559,064
203.397,922 185,013,188
$66,379
127
Accts. receivable
pay.
bank non-curr
Dec. 31 *36 Dec. 28 '35
Liabilities—
Accounts payable.
4,805
Notes receivable..
Due to cos. affil.
x Represented
by 6,343,468 shares no par value in 1937 (5,688,217 in
1936).
y Includes oil, property and excise taxes, &c.
z Represented by
101,969 shares of capital stock at cost,
a 172,743 shares of capital stock.
The consolidated income statement for the six months ended June 30
tax
$48,310
18,967
58,320
__
1,168,239
2,070,596
un¬
$22,984
20,613
Total income,
184,194
2,404,020
2,225,169
payable
accts.
2,954,602
3,408,179
Mat'ls & suppls.
&
Other income
1,447,286
29,165,407
1,586,055
affiliates.
Crude oil & prod 29,117,506
Time Inci.
250,290
750,000
1,057,062
in escrow
Deferred
483,000
686,636
gencies, &c__.
10,780,904
from
939,331
955,317
Accrued Interest
Deferred
less
reserve
Due
562,500
Est. Fed. tax...
Notes
Notes and trade
accepts.
diy.
stock
Wages & miscell.
hand &
on
5,365,601
Accrued taxes
payable
Other investm'ts
Cash
228,302
5,281,930
4,703,268
pay'le
—trade
Pref.
6,046,005
_
Invest, in Mis¬
Total
[Incl. Mount Rose Distilling Co., N. J.]
)*•
.
161,374
5,741,186
oblig. (current)
proper's
adjusted items
Tastyeast, Inc. (Del.)—Earnings—■
.
38,815,000
Funded debt
equipm't.120,812,152 117,770,511
Inv. in cos. affil.
6,387,382
6,128,101
&
Marketable sees.
Company was organized in March of this year for the manufacture and
popular-priced light-airplanes.
The major part of the proceeds of
the issue will be used for expansion of plant, purchase of equipment and an
increase in inventory in order to increase production.
|*The company's production has grown steadily since its organization,
according to the prospectus.
The company is concentrating its production
on one model—a high-wing two-passenger monoplane of cabin type, powered
by a 40 h. p. aviation motor, with a high speed of 91 miles per hour, and sell¬
ing for less than $1,500.
An approved aircraft specification for this air¬
plane has been issued by the Department of Commerce.
The plant of the
company is located at Alliance, O., and is equipped with all machinery
necessary for modern airplane manufacture.—V. 144, p. 3520.
sale of
Years Ended—
depletion.167,448,815 158,191,405
Total
in banks
as a
Gross sales
2,116,731
2,000,000
Bank loan..
deprec.
Purchase money
Company reports a business volume of $51,165,227 for the first six
1937, as compared with $38,055,201 for the corresponding period
of 1936, an increase of 34% .—V. 145, p. 782.
months of
financing
for
and
of public
288,260,967 275,961,916
Total
144,
Niagara Hudson Power Corp. above.—V.
56,882,170
hands
in
cos.
Consolidation—
See
stock
of issuance from time to time upon the exercise
granted, making the total amounts applied for
42,104 shares of convertible preferred stock, and 761,030 shares of common
stock.—V. 144, p. 4363.
($1 par) upon official notice
of options granted or to be
Provision
for
iso.566
Canadian
2,100
and State taxes
Other deductions
Net
profit
Preferred dividends
Surplus
Shs.
com.
stock,
outst.
(par $10)
Earnings per share
Including provision for Canadian taxes
profits amounting to $20,000.
a
375,776
980,166
$0.24
980,234
Nil
and surtax on undistributed
Volume
145
Financial
Consolidated Balance Sheet Dec. 31
'
1936
Assets—
1935
$
1936
$
Cash
5,050,807
1,340,986
809,820
Time deposits and
accrued interest.
accrued
to be
Accounts payable.
699,281
348,956
committee
120,841
136,798
130,598
interest
205,488
Misc. accts. pay..
Accrued expenses.
518,686
State taxes, &c
Divs. payable
Notes, accts., &c.,
receivable
3,911,524
3,954,942
Inventories
3,147,853
3,160,842
Dies, Jigs, fixtures
and patterns
Goodwill, &c
1,437,432
1,504,500
616,320
860,977
186,659
91,084
103,041
227,000
80,863
_
will not
be issued
y
16,488,694
Trans-Lux Daylight Picture Screen Corp.—10c Div.—
14,539
217,901
174,263
702,825
155,484
298,663
216,670
702,018
1,555,412
with
on
July 29 declared a semi-annual dividend of 10
the capital stock,
par $1, payable Sept. 1 to holders
A similar payment was made on March
1, last, and
special dividend of five cents paid on Dec. 21, 1936 and
on
a
of 10 cents per
and March 1,
16,488,694
x After
depreciation of $7,475,088 in 1936 and $7,216,528
Includes Federal and Canadian taxes.—V. 144, p. 3856.
Tobacco Products Export
Corp.
Years End. Dec. 16—
Dividends paid
1935
$90,155
68,691
$72,848
45,793
Shares capital stock out-
Tri-State Telephone & Telegraph
Co.—Earnings—
Period End. June 30—
458,100
$0.20
1935.
x$123,692
45,793
45,793
458,100
$0.16
458,100
$0.27
Consolidated,
for
"
1936
Cash
1935
Liabilities—
Liabilities—
1936
$17,754
$124,456
26,275
26,840
900
material, advert.
2,067
1,650
356,981
193,231
Trunz Pork
was
11,816
1,500,000
1,500,000
1,500,000
(less reserve)...
1,267
$71,507
$94,654
$465,234
$528,649
Prepd. taxes & int.
Brands, trade-mks
2,279
4,250,008
3,495,508
3,178,505
$116,883
13,894
15,200
$21,575
4,442
$130,778
18,126
1,175
Net profit
Previous surplus
$34,625 loss$124,307
605,235
743,043
$17,133
858,469
$111,477
849.569
10,911
tax
restored
217,683
359,998
Drl0,386
338,534
Drl 0,386
w
$857,543
45,000
Dividends.
Treasury stock
Total
12,921
Computed
(In
Sales of electricity......
Interest and dividends..
81,708,068
19,586,110
12,333,356
1935
1934
73,480,859
2,251,972
1,244,181
67,495,449
1,455,621
1,082,890
60,752,755
236,086
1,195,965
Business expenses
Other deductions
6,583,151
4,931,591
18,967,750
Net profit...
19,306,112
20,526,719
expenses
loans & debens..
on
Depreciation
Balance Sheet
70,033,962
16,757,947
14,184,193
6,840,716
3,960,600
12,338,525
Assets—
1937
1936
In v. in securities
31,983,953
Bills receivable.
1,854
5,773.978
Mat'Is & suppl's
Receivables
Cash in banks
Unamort.
11,484,446
6,587,182
..
29,073,959
252,063
4,180,124
11,521,983
3,569,107
debt
disc. & exps
Inv. in affil.
Accrued interest
9,585,706
Loans payable..
22,250,000
23,971,000
2,788,204
9,057,430
15,750,000
21,901,000
6.000,000
6,000,000
720,996
31,167,560
67,091,762
.
Suspense pay'ts.
5,036,620
Deposits
Unclaimed divs.
Unclaimed deb.
redemption
32,400
Suspense rec'ts. 18,929,073
For'n
exchange
..
suspense
3,800,208
15,92 7,764
Surplus
Net
profit
4,500,000
3,214,399
135,439
137,200
3,800,208
11,732,855
19,306,112
Total.
2,733
Jan.
charges
Tonopah Mining Co. of Nevada—Earnings—
1935
Federal inc. tax (est.)..
$95,874
16,588
11,976
$70,862
29,302
6,025
$56,547
13,316
5,875
$32,083
1,427
Net income
Profit and loss surplus._
$67,310
1,190,731
$35,535
$37,356
2,677,211
$30,656
2,639,854
1,154,764
2,735
for
pro¬
1936
$45,989
Cash
Depos.
1935
Capital stock
500,000
500,000
799,621
605,235
x
~4~598
791,142
776,797
1
1
$1,466,717 $1,423,135 •
Total
$1,466,717 $1,423,135
Trusteed American Bank Shares—Dividend—
The company paid a dividend of .034 cents
per share on the B shares on
A dividend of 18 cents was paid on Dec. 26, 1936.—V. 144,
Tung-Sol Lamp Works, Inc —Earnings—
6 Months Ended—
Net income after interest,
June 25, '37
share
per
assets
$103,997
$0.12
on common stock
as
$92,183
with Nev.
Accts.
Indus. Comm..
826
826
Accts. receivable..
8,415
8,544
Mktble securities.
1,199,213
17,692
1,604
2,845
1,192,962
177,878
151,136
Mining stocks
Acer. int.
on
invest
Matls. & supplies.
Inv. in affil. cos.
1933
&
affil.
advs.
1936
$3,500
of June
Union Electric Co. of Missouri
Unclaimed
Operating
Operating
1937
1936
$31,304,858 $28,963,207
14,118,818
12,457,925
revenues
expenses, maintenance & taxes
operating revenues
$17,186,040 $16,505,281
Non-operating revenues
75,065
2,682
Int. during construct'n chgd. to prop. & plant
Other income deductions
Minority interests
Appropriations for depreciation
to
reserve
$7,430,659
Note—The provision for Federal surtax
$9,400
17,701
in
13,395
4,243
24,367
22,369
937,700
937,700
1,554,787
1,154,764
1,864,079
the consolidated income statement
12 months ended June 30,
1937 represents the provision made in December, 1936 for the year 1936.
has been made for the surtax for the six months ended June 30,
1937 and no provision for the six months ended June 30, 1936 is included
in the income statement for the 12 months ended June 30,
Paid-in surplus...
Earned surplus...
1,764,788
1,864,079
1,190,731
United Aircraft
364,239
3,969
plant & equipm't
Depos. in closed bk
29,441
1937
42,184
1936
$7,629,016 x$6,855,736
6,358,811
6,514,423
159,974
145,152
1935
$2,764,582
2,657,847
130,632
30,440
Deferred
1936.—V. 144,
Corp. (& Subs.)—Earnings—
3 Months Ended June 30—
Sales and operating revenue
Cost of sales and expenses
Depreciation
566,239
3,894
$6,867,200
undistributed income shown
for the
p.3696.
companies
not consolidated
on
No provision
4,383
Capital stock
funded debt
Amort, of bond discount & expense
Other interest charges
1935
Mln. int. In capital
and surplus
on
8,560
$17,261,105 $16,513,842
4,603,093
4,580,308
212,574
211,347
175,395
48,718
Crl5,189
CV31,836
18,281
1,018", 158
1,018,383
3,273
5,521
3,854,067
3,774,995
Preferred dividends of subsidiaries
divid'd
checks
$0.28
(& Subs.)—Earnings—
12 Months Ended June 30—
14,114
payable
Accrued taxes
$149,773
25,
1937, incl. $211,137 cash and $48,506
marketable securities, amounted to $1,836,978 and current liabilities were
$354,386.
This compares with cash of $283,622, marketable securities of
$102,551, current assets of $1,712,253 and current liabilities of $185,160
on
June 30, 1936.
Inventories totaled $1,243,334 against $1,066,969.
—V. 145, p. 624.
20,716
_
Deficit from consol
not consolidated
Loans
Drafts in transit
June 30, '36
depreciation, Federal
income taxes, and other charges
Net income.
Liabilities—
217,682
cessing taxes
July 31, last.
p. 122.
Consolidated Baiancc Sheet Dec. 31
Assets—
'36
919
Represented by 90,000 no-par shares.—Y. 143, p. 4170.
Interest
1936
expense
4
$99,297
income tax
Gross income
Explor. & devel.
Jan.
20,526,719
933,340,306 918,497,812
1934
'37
1,653
50,000
Note pay. (bank).
Provision for Fed'l
—V. 144, p. 1804.
Calendar Years—
Net earnings
2
$112,707
__
3,343
2,600
2,500
45,100
9,434
Goodwill
Net
933,340.306 918,497,812
x$l.ll
Earned surplus
lessdeprec.)
15,695,544
for
the term
Total
725
Inv. in other cos..
Current
7,500,000
4,361,289
137,667
1,627
on secur¬
Earnings
31,183,265 Prov. for future
losses on red.
63,620,487
of foreign bds.
5,258,562
$857,469
$0.19
Liabilities—
Provision
Prepaid expenses.
Capital assets (cost
703,731
reserves.
Em pi. ret. res've
..
co
.
-
$961,046
93,978
9,600
J■
Accounts payable.
103,485
Mtge. receivable..
x
Liabilities
1937
1936
Share capital...429,562,000
429,562,000
& debs. .367,642,853
372,993,081
Accts. payable__
3,613,238
Special
'36
$137,062
245,426
Total
'
,*
Sheet
177,474
38,414
178,633
Accrued int. rec_„
May 31
Legal reserve...
Jan. 4
46,375
at cost
15.951,980
depreciation..774,212,952 769,838,260 Bonds
'37
U. S. Treas. bonds
(Currency—Japanese Yen)
Fixed assets less
2
212,891
ity on leases
62,184,807
19,168,985
14,833,988
13,341,124
5,454,850
9,385,859
—
$743,043
Nil
Accrued
Inventory
Deposits
_
-i'•
$605,235
$0.38
$109,488
processing taxes
Accts. & notes rec.
Yen)
76,977,012
17,707,738
12,476,339
7,298,616
3,802,073
15,165,526
Generating
Int.
Jan.
Cash
1936
78,020,160
2,256,488
1,431,420
Other income
Total income
Japanese
1937
—
'
$799,621
Cash in escrow for
Tokyo Electric Light Co., Ltd.—Earnings—
6 Mos. End. May 31—
—
$875,601
72,986
59,572
100,000 shares of capital stock outstanding.
on
Assets—
$1,911,977 $1,853,083
shares.—V. 143, p. 2698.
«.
$618,736
13,500
Federal income taxes for
x
no par
'33
30
$37,360 loss$123,243
2,735
1,064
Other income
Balance
Earns, per sh. on 90,000
shs. com. stk. (no par)
..$1,911,977 $1,853,083
Dee.
$3,295,388
prior years.
Represented by 472.500
'34
31
$3,509,691
Balance
x
Dec.
$4,111,566
$14,183
7,392
1
Total
2,055,008
$26,449 loss$138,443
Total surplus
co
and goodwill
Jan. 4 '36
4,249,076
Operating income
to surplus
1,782
Treasury stock
Jan. 2 *37
ministrative expenses-
Central
Amer .tobacco
$719,510
190,861
(net)
$4,275,525
Cost of sales,
delivery
selling, general and ad¬
absorbed by
4,221
a
29,672
$724,743
259,509
Stores, Inc.- -Earnings-
Years Ended—
Processing
reduc.of value of
capital stock...
co_
Advs. to
$124,326
351,555
Sales
which date def't
5,352
foreign af¬
a
filiated
17,306
1,500,000
Capital stock
May 31,1924, at
ex¬
change. reg
In v. in
x
Earned surpl. from
owned, at cost..
Foreign currencies,
$2,774,518
1937—6 Mos.—1936
Total income.
Prov. for Federal taxes.
Other deductions
25,000
cap. stk. & State
franchise taxes.
Marketable securs.
sub. to Govt,
$13,119
Prov. for Fed. inc.
Inven. of wrapping
stock, &c
$3,041,231
2,316,488
Net operating income.
1935
$20,060
Accounts payable.
Note pay. (bank).
Accts. receivable..
Notes rec., officer.
$475,881
—V. 144, p. 4364.
Consolidated Balance Sheet Dec. 31
Assets—
$2,781,665
7,147
$123,017
51,510
Net oper. revenues
Operating taxes
458,100
Inc., class A stock, which
redemption at $25 per share during 1934, and the sale of
$30,000 Cigar Stores Realty Corp. bonds.
called
$3,056,601
15,370
$517,677
394,660
Operating revenues
Operating expenses
$65,063
$0.14
Includes profit of $40,155 resulting from the
disposal during year of
shares of Philip Morris
3,401
were
1937—Month—1936
$522,903
$477,291
5,226
1,410
rev..
j
standing (no par)
Earnings per share
x
in
1933
1934
dividends
on
Sept. 1 and March 2, 1936; Sept. 3
Aug. 31 and Feb. 15. 1934.—V. 144, p. 3520.
15,977,153
(& Subs.)—Earnings—
1936
Net profit
on
Operating revenues
Total
cents per
of record
compares
share distributed
1935, and
Capital surplus
Earned surplus
1,670,829
Treasury stk.Dr..20,619,800 20,525,400
15,977,153
treasury without the approval of the
145, p. 451.
The directors
share
Uncollectible oper.
Total
of the
out
stock list.—V.
on
Aug. 14.
on
pref. stock
Res. for contin.,&c
Deferred income..
which
110,678
y510,000
187,013
Other assets
Deferred charges.
11,590,784 shares of capital stock (par $2)
outstanding includes shares held in the treasury of the corporation,
Cum. 7% pref. stk 2,656,000
2,817,900
Common stock
30,000,000 30,000,000
611,909
&
sees.
$
959
the heretofore authorized
50,000,000 shares (no par) into 25,000,000 shares
(par $2) on the basis of one share of capital stock
par $2 for each two shares
of capital stock no
par.
The
Payrolls,comm.,&c
buildings,
mach.,equip. ,&c 4,829,488
Marketable
1935
$
Liabilities—
Land,
x
Chronicle
Sees. not market.
_
Operating profit.,
Inven. of salvaged
accounts
$2,096,220 $1,850,282
—
Other deductions
Total
$2,096,220 $1,850,282
...
Minority interest
$1,110,231
45,496
$196,161
50,933
loss$23,897
262,360
$1,155,727
22,209
yl39,961
$238,463
43,179
17,270
4,354
$247,094
15,657
32,180
1,649
$989,203
Total income
1,688
Federal taxes
Total
—
Other income
185
$197,608
$177,913
$0.39
$0.08
$0.08
101
—V. 144, p. 122.
Net profit
Transamerica
Corp.—Listing—
Earnings per share on average shares
The New York Stock Exchange has authorized the
listing of 11,590,784
shares of capital stock (par $2) resulting from the reclassification
of 23,181 ,568 shares of capital stock (no par) now issued and
outstanding,
upon official
notice of the filing and recording of a certificate of amendment of the
certifi¬
cate of incorporation, reclassifying the authorized capital stock
by changing
outstanding
x
Includes proceeds from sale of design and manufacturing rights and
y Includes Canadian taxes.
licenses and royalties from licensees,
Note—No provision has been made for surtax
—V. 145, P.
452.
on
undistributed profits*
Financial Chronicle
960
Union
The
Food
Premier
New
York
Curb
Stores, Inc.—Listing Approved—
Exchange has approved for listing 282,000 out¬
standing shares of common stock, $1 par, with authority to add to the
list upon official notice of issuance, 65,000 additional shares of common
rotock, $1 par.—V. 145, p. 625.
Union
Gas
Co.
of
Ltd.
Canada,
(& Subs.)—Earns—
1937
3 Months Ended June 30—
Profit after depreciation, interest, &c., but before
Dominion income taxes
—V. 145, p. 624.
United Gas Corp.
Period, End. June 30—
1936
$240,998
$126,411
(& Subs.)—Earnings—
1937—12 Mos.—1936
1937—3 Mos.—1936
$8,742,055 $44,687,868 $32,616,995
3,978,638 b21,096,557
15,382,332
Operating revenues
$11,242,921
Oper. exps., incl. taxes__ a5,735,452
Prop, retire. & deplet.
res. appropriations
1,904,334
1,247,842
7,616,686
Aug.
(1) A unit consisting of 1 share of 5% cumulative convertible preferred
England Corp., and
(2) A warrant giving the right to purchsae one additional unit of 5%
cumulative convertible preferred stock and common stock at any time within
stock and 1 share of common stock of First New
four months after the date of the commencement of business of First New
England Corp. at the original price.
Former holders of preferred stock of United Investment Assurance Trust
have exchanged their holdings for securities of Founders Securities
Trust, a management corporation, now in receivership in the Superior
Court of Massachusetts, may apply the liquidating dividends received by
them from the receiver of Founders Securities Trust in the purchase of
units of 5% cumulative convertible preferred stock and common stock of
First New England Corp. In the same terms as above set forth.
The organization group consists of James A. Arne, Chairman; Seymour
B. Scott and Squire Moss, with Paul Van Tassel Hedden, Sec'y, 82 Devon¬
shire St., Boston, and Rusesll D, Greene, counsel, 82 Devonshire St.,
Boston.—V. 135, p. 3870.
who
United Gas Improvement
4,214,236
Net oper. revenues
24,227
Gross income
Int.
1937—12 Mos.—1936
of util. subs.:
$20,802,558 $19,563,016 $84,078,150 $79,429,859
Gas
4,483,138
4,388,722
17,581,056
17,577,722
Ice and cold storage
610,022
551,238
1,911,963
1,768,416
Transportation..
484,514
457,717
1,888,259
1,738,864
Water
304,264
291,896
1,321,194
1,170,563
Steam heat
250,258
182,125
937,164
822,841
Other
101,637
82,104
297,359
259,604
609,588
37,120
Other interest
Other
deductions
6,774
04,616
Int. chgd. to construct'n
Balance
12,220
5,271,802 $13,625,081 $11,863,552
12,220
48,881
48,881
$2,966,276
Balance-
applic.
Total oper.
5,686
14,118
62,097
revenues_$27,036,391 $25,516,818 $108015,145 $102767,869
Operating expenses—
Ordinary.
9,307,967
1,322,756
8,660,125
1,180,845
36,905,613
5,015,273
35,306,394
4,804,952
2,402,744
1,944,115
9,119,805
8,056,515
1,316,143
1,161,588
5,004,118
4,279,051
489,828
383.052
1,938,862
1,741,147
1,708,874
Maintenance
1,641,549
6,993,004
6,167,716
Prov. for renewals and
to min,
interests
revs,
Electric...
$3,259,582 $13,576,200 $11,814,671
$2,978,496
Pref. divs. to public
Portion
Oper.
$3,558,223 $16,155,093 $13,119,424
266,320
2,399,539
1,094.243
18,560
157,275
73,708
6,938
28,827
104,124
Cr5,397
Cr55,629
Crl6,203
$3,627,362
long-term debt--
on
$3,515,575 $15,974,625 $13,020,427
42,648
180,468
98,997
$3,603,135
Co. (& Subs.)—Earnings—
1937—3 Mos.—1936
Period End. June 30—
Other income (net)
1937
7,
replacements.
37,462
Prov. for Fed. inc. tax
Prov. for other Federal
Net equity of United
Gas Corp. in inc. of
taxes
subs
$2,960,590
and
Prov. for
State
local taxes
,245,464 $13,514,103 $11,777,209
United Gas Corp.—
Net equity of United Gas
Corp. in inc. of subs.
(&s shown above)
$2,960,590
25,160
,245,464 $13,514,103 $11,777,209
25,486
457,031
99,859
$2,985,750
97,787
438,696
$3,270,950 $13,971,134 $11,877,068
93,276
c736,388
308,725
760,988
1,830,717
2,984,175
Other income
Total income
Expenses, incl. taxes
Interest
Operating income
$10,488,079 $10,545,544 $43,038,470 $42,412,094
Non-operating income..
532,488
496,212
1,523,329
1,380,431
$11,020,567 $11,041,756 $44,561,799 $43,792,525
Gross income
Interest
funded and
on
2,639,546
Other
earned surplus
a
in
$2,449,267
$2,416,686 $11,404,029
$8,584,168
Includes provision of $88,500 for Federal surtax on undistributed
profits
1937.
b Includes
provision of approximately $410,000 for Federal surtax
income
accounts
of
subsidiaries
have
so
resulted.
Net income
Divs.
The
"net
equity of United Gas Corp. in income of subsidiaries" includes interest
preferred dividends paid or earned on securities held, plus the pro¬
portion of earnings which accrued to common stocks held by United Gas
Corp., less losses where income accounts of individual subsidiaries have
resulted in deficits for the respective periods.
Preferred Dividend—
directors
declared a dividend of $1.75 per share on the $7
non-voting preferred stock, no par value, payable Sept. 1 to
A like payment was made on June 1 and March 1
last, Dec. 1 and Sept. 1, 1936, this latter being the first payment made
since March 1, 1933, when 25 cents was paid.
A dividend of 87Yz cents
Trust—Organization
Group of Preferred Stockholders for New Corporation—Possible
Recoupment of Losses Is Aim—
by them and other holders of the preferred stock inltheir
original investment.
It is expected that the receivership of United Invest¬
ment Assurance Trust, now
pending in the U. S. District Court for the Dis¬
trict of Massachusetts, will be terminated in a
reasonably short time and
that liquidating dividends will be paid on the preferred stock
pursuant to
the receiver's notice issued underrate of May 11, 1937.
The organization
group have been informed that the stockholders' protective committee
contemplates terminating its existence
In
a
as soon as the liquidating dividends
letteriaddressed to the preferred stockholders,
the organization group states:
The object of the organization
*
group
in
proposing the
formation
of
First New England Corp. is to provide the preferred stockholders of United
Investment Assurance Trust with a vehicle for
pooling and salvaging the
residuumTof their investment.
They believe that an investment company,
when conservatively and
intelligently managed, affords an appropriate
and
attractive
investment
at
this
time.
Advances
made
in
investment
technique have eliminated many of the mistaken policies which were current
during the period from 1926 to 1932.
The business to be conducted by
First New England Corp. will not be limited to that
ordinarily done by an
investment trust, but will broadly cover the entire
financing and investment
The business may include
^participation in syndicates and in cor¬
porate reorganizations, arbitrating, underwriting of securities, and generally
dealing in listed and other securities.
This policy is intended to provide an
opportunity to regain some of the losses suffered by stockholders of United
Investment Assurance Trust.
The organization group has
given special consideration to the matter of
maintaining organization and operating expenses of the new company at
a minimum.
No salaries or fees shall be paid to officers or directors until
such time as, in the opinion of the board of
directors, the profits of the new
Company are sufficient in size to warrant such payments, and then only in
accordance with results
accomplished.
In no event are such salaries or
fees to be paid until after one
year has elapsed from the date of the com¬
mencement of business.
Until such time as the size of the profits shall
warrant such expense, the new
company will be provided, without cost,
with office space in the metropolitan area of New York
City.
The organiza¬
tion expenses of the new company will be kept at a minimum and will in¬
clude only necessary disbursements and a reasonable amount for legal
field.
^
services.
Management of New
w
Company
The management of the new
company shall be vested in a board of direc¬
tors consisting;of not more than five and not less than three members, which
will include at the
beginning C.
Shelby Carter, Curtis B. Dall and Paul E.
Bertelsen.
approximately equal to the liquidating dividend to be paid by the receiver
of United Investment Assurance Trust on each share of the preferred stock
of that trust.
Terms of Proposed Offering
Upon the formation of First New England Corp. and the registration of
Its securities under the Securities Act of 1933, as amended, it is proposed to
offer 5% cumulative convertible
preferred stock, common stock and war¬
rants of First New England
Corp. to the holders of preferred stock of United
Investment Assurance
4,618,213
of preferred stock
$6,526,771 $27,046,719 $25,680,900
591,437
2,344,623
2,193,577
of
applic-
$5,935,334 $24,702,096 $23,487,323
30,196
Dr7,640
61,434
$5,965,530 $24,694,456 $23,548,757
$6,273,049
Heating Co. applic. to
10,919
Earns, of subs, applic.
to U. G. I. Co
$6,273,049
Def. int. & divs. on cum.
$5,965,530 $24,694,456 $23,537,838
pref. stocks of subs,
applic. to U. G. I. Co.
—Deducted above
29,964
29,414
118,907
125,075
2,144,217
2,008,597
8,265,632
7,887,462
Divs., other than on com.
stocks of subs., int. &
_
miscell. income
Fed.
for
&
State
under agreem't
a
Bal. applic. to capital
stocks of U.G.I. Co
Divs.
on
277,829
16,250
283,918
6,500
taxes.....
Advs.
$8,003,541 $33,078,995 $31,550,375
423,781
1,694,967
1,815,974
$8,447,230
437.755
Expenses
Prov.
788,912
32,500
$7,285,681 $30,139,182 $28,912,989
956,520
3,826,080
3,826,080
$7,719,057
956,520
$5 di/. pf. stk.
1,193,846
51,000
Balance applic. to com.
stock ofU. G.I. Co. $6,762,537
$6,329,161 $26,313,102 $25,086,909
Earnings per share
$0.2908
$0.2722
$1.1316
$1.0789
a Represents
advances, without interest, to Connecticut Gas & Coke
Securities Co., to create sufficient surplus on the books of the Coke com¬
pany to enable it to pay dividends on its cumulative pref. stock, said
advances being made under agreement dated March 9, 1936, between the
Coke company and the U. G. I. Co., the latter company being the owner
of a majority of the outstanding shares of common stock of the Coke
company.
The agreement provides in substance that the Coke company
shall repay such advances made, for this purpose, but only out of net
earnings applicable to the payment of dividends, after all dividends on
pref. stock is arrears, if any, have been paid and before payment of any
dividends on common stock.
The U. G. I. Co. is obligated to indemnify
the Koppers Co. of Delaware (now Koppers Associates, Inc.) on account
of that company's guarantee of the payment of dividends at the rate of
$3 per share per annum on 198,997 shares of pref. stock of the Connecticut
Gas & Coke Securities Co. for 25 years from Oct. 1,1926.
Included in the figures, for the 12 months ended June 30, 1937 is provi¬
sion for surtax on undistributed profits for the year 1936, recorded in
December, 1936, amounting to $26,434 for subsidiary companies and
$69,469 for the U. G. I. Co. itself. No provison has been made in the current
year's figures for such tax as the amount thereof is not determinable until
the close of the year.
Statement of Income of
Subsidiary
companies$l 1,281,247
Other companies
3,507,660
Total dividends
a
3,314,565
Taxes.
750j355
713,969
:_568J20
Net income
$14,072,159
Divs. on pref. stock
1,913,040
Divs. on common stock. 11,625,880
Balance
6,467,098
1,443,051
1,420,364
555,657
1,193,846
788,912
$14,002,543 $28,023,371 $27,803,727
1,913,040
3,826,080
3,826,080
11,625,878
23,251,757
23,251,755
$533,239
com.
6,821,492
$15,539,262 $15,445,858 $30,963,184 $30,441,113
898,383
887,658
1,745,967
1,848,474
Expenses, &c
for
1937—12 Mos.—1936
$11\H7,324 $22,698,641 $22,553,651
$14,788,907 $14,731,889 $29,520,133 $29,020,749
Int.. services to subs.,
Total income..
Company Only
1937—6 Mos.—1936
Period End. June 30—
Balance
Capitalization of New Company
The proposed capitalization of the new company will consist of 50,000
shares of 5% cumulative convertible preferred stock and 500,000 shares of
common stock (no par) .*#The
preferred stock is to have a par or stated value
Trust upon the following terms:
For the liquidating dividend received upon each share
of United Investment Assurance Trust—
4,418,728
U. G. I. Co
a tentative plan for the
view to the possible recoupment
of losses incurred
have been distributed.
1,169,627
Losses of Nashville Gas &
The holders of preferred stock have formulated
a
earns,
Total....
Assurance
with
of
Total
paid in December, 1932, and prior thereto regular quarterly dividends
a new corporation
$7,696,398 $31,465,447 $30,299,113
1,053,617
applic. to U. G. I Co $6,273,708
Earns of non-utility subs.
applic. to U. G. I. Co.
Dr659
of $1.75 per share were distributed.—Y. 144, p. 4364.
organization of
$7,980,023
—
pref. stocks and
deductions
utility subs,
have
Investment
on
Balance
holders of record Aug. 12.
United
523,559
1,089,312
stocks of utility subs $6,926,406
Minority interests
652,698
cumulative
was
1,077,003
Earns, avail, for com.
and
The
262,093
on
profits for the year 1936, out includes no provision for 1937.
Note—All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of subs,
represent full requirements for the respective periods (whether paid or not
paid) on securities held by the public and give no effect to preferred stock
dividend arrearages for prior periods.
The "portion applicable to minority
interests" is the calculated portion of the balance of income
applicable to
minority holdings by the public of common stocks of subsidiaries at the end
of each respective period.
Minority interests have not been charged with
where
11,880,541
498,608
268,896
deductions
other prior
undistributed profits for the year 1936, and $1,887,200 in 1937.
c Includes
provision of $320,177 for Federal surtax on undistributed
deficits
11,520,741
120,922
Amort, of debt disc, and
expense
Bal. carried to consol.
2,962,343
132,102
unfunded debt.
stock
$463,625
$945,534
$725,892
_
„
share
$.5229
$.5199
$1.0407
a Compensation
for operation of Philadelphia Gas Works
laneous, less loss on account of Northern Liberties Gas Co.
per
$1.0312
and miscel¬
Weekly Output—
July 31'37 July 24, '37
Week Ended—
Electric output of system
—V. 145, p 784.
United Milk Products
Aug. 1, '36
87,454,338
82,281,658
86,905,397
(kwh.)
Co.—Earnings—
6 Mos. End. June 30—
Net profit after deprec. & Fed. taxes.
1937
x$166,745
1936
x$168,081
1935
y$87,703
Equivalent under the participating provisions of the shares; to $3.20 a
share 33,561 (no par) shares of $3 pref. stock, and $1.70 a share on 34,899
x
Financial
Volume 145
(no par) shares of common stock in 1937 and to $3.08
(nonpar) shares of $3 preferred stock, and $1.58 a share
shares of common stock in 1936.
y Equal to $1.72 a share on 46,469 shares of $3 preferred
cents a share on 34,882 shares of common.
KZNote—No mention is made of Federal surtax
V. 145. p. 136.
United Public Utilities Corp. (&
Period End. June 30—
Subsidiaries
Total operating revenues
Total oper. exp. & taxes,
Chronicle
share on 36,598
on 34,899 (no par)
addition, Nash-Kelvinator will waive the 1936 dividend of $45,000
stock and 22
Stockholders of Universal Cooler also elected Roland P. Place of Mid¬
land, Mich, a director of the company.—V. 14b, p. 452.
Utah Light & Traction
Subs.)—Earnings—
Period End. June 30—
1937—6 Months—1936
1937—3 Mos.—1936
$902,753
746,106
$2,063,246
1,608,214
$1,997,550
1,587.007
Other income (net)
$203,455
4,104
$156,647
4,380
$455,032
8,784
$410,543
9,849
Total net earnings
Gen. int. & misc. deduc,
$207,559
2,156
$161,026
3,670
$463,815
5,094
$420,392
6,257
earn,
from oper—
Oper.
(incl. taxes).
exps.
Net oper. revenues...
Rent from lease of plant
of
net
earn,
$157,356
$458,721
19,642
40,427
38,751
United Pub. Util. Corp—
Gen. & admin, expenses.
Balance
Int. on funded debt of
Uni. Pub. Util. Corp.
Balance
$183,526
$137,714
$418,295
114,696
227,118
$23,018
—V.145,
$52,263
Netincome.
$32,843
299,566
$0.11
Shs.cap.stk.out.(no par)
Earnings per share
—V. 144, p. 3522.
Gross income.
299,566
Nil
$0.60
1936
$4,967,373
$5,131 429
1,086,764
33,412
573,000
$3,694,546
1,009,394
30.492
$2,800,639
942,145
16,809
366,935
214,208
$2,185,614
903,149
30,787
110,010
37,000
45,950
$3,401,253
273,777
1,193,156
$2,241,774
273.777
894,077
$1,934,320
$2.62
1937
$1.14
1936
Liabilities—
S
Plant & equip...42,903,821 40,094,931
4,555,472
Dividends
6,961,327
5,296,157
notes
receivable, &c..
Marketable secure.
contracts
Deposit
y
Curr.
3,632
for
1,979
244,564
Miscell. invests...
45,438
Deferred charges..
907,921
882,202
x
$55,926
14,111
7,428
$31,730
def5,938
def20,705
623,568
104,201
38,923
519,180
136,496
65,898
442,538
109,922
25,032
278,080
25,052
def77,632
$5,552 213
3,740,649
$5,078,271
x3,399,333
$448,345
2.077
$423,010
1.173
$1,811,564
7,179
$1,678,938
4,088
$450,422
248,425
$424,183
$1,818,743
$1,683,027
240,980
243,139
965,260
968,867
$209,442
x$181,044
$853,483
$714,159
Operating income..
Non-oper. income, net
185,000
508,425
Conting. & oth. res 1,239,041
1,183,016
Paid-in surplus
5,831,447
5,831,447
Earned surplus
23,702,767 21,638,142
Total
Deductions
social
security
property
capital
taxes,
stock
x Changed to give effect to major adjustments made later in the year 1936.
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—-V. 145, p 785.
Vadsco Sales Corp.
6 Mos. End. June 30—
preciation, &c.
Reclaiming Co., Inc.—Accumulated DitT.—
a dividend of 75 cents per share on account
the 8% prior preference stock, par $25, payable
Sept 15 to holders of record Sept. 1.
A dividend of 50 cents was paid on
May 15 last, and dividends total $2.25 per share were paid during 1936.
on
Accj^ulations^after the current payment will amount to $11
Universal Gas
,
Tases (exclusive of Federal income
taxes)
Interest, depreciation and other deductions
$513
Deposit premium on workmen's
compensation insurance
Insurance premiums prepaid.
Corporate trustee service fund
Veeder
Deferred charges
Gas franchises
II.
IIIIZ
;
Cost
of work
in
progress
$2,212
11,627
11,219
283,000
10-year 6% mtge. bonds
Pref. $6 cumul.
(no par)
1,000
shares
100,000
100,000
$100)
Capital surplus
2,160
Earned
not
3,639
surplus..
115
Pipe lines, eqjuip., &c
the present authorized number of shares from
Vick Chemical Co .—Extra Dividend—
Notes payable
158
1
allocated
a
1,246
10,609
$1,082
Common (par
Root, Inc.—May Increase Stock—
of stockholders in October
100,000 (stated
authroization making
200,000 outstanding, the stated value of which will be $12.50.
There
will be no change in the amount of the aggregate stated capital stock,
which is $2,500,000.
The purpose of the authorized capital in excess of
the contemplated need is a to provide for possible future issues if required.—
V. 144, p. 3697.
1937
687
1,148
$155,729
$1.75
value $25) to 400,000 and to issue 100,000 of the new
241
Accounts payable
b Accrued liabilities
832
June 16 '36
$141,640
$1.58
but
Directors have voted to call a special meeting
to increase
Liabilities—
33,342
June 19 '37
Weeks Ended—
Earnings per share on common stock
3026.
$48,028
34,850
Net income before Federal income taxes...
Cash
$57,182
$92,891
$45,854
—V. 144, p.
Co.—Earnings—
Accounts receivable
$20,814
Net income after charges and Federal taxes,
before surtax on undistributed profits
Earnings for Period April 1, 1937 to June 30, 1937
Balance Sheet June 30,
'
Van Norman Machine Tool Co.—Earnings—
24
per share.
Total gas sales....
Total cost of sales including administrative expenses
Insurance
Assets—
•
1934
1935
1936
1937
The Yadsco Sales Corp. and subsidiaries (exclusive of Vadsco Realty
Corp.) reported for the six months ended June 30, 1937, a profit of $5,496,
comparing with loss of $13,038 in the first half of 1936.
The Vadsco Realty Corp., a wholly-owned subsidiary in the first half
of 1937, had a loss of $26,310, after depreciation, comparing with loss of
$32,816 in first half of 1936 —V. 144, p. 4030.
taxes,
taxes,
The directors have declared
accumulations
(& Subs.)—Earnings—
Net loss after taxes, de¬
franchise taxes, stamp taxes, income taxes, &c.—V. 144,
p. 2849.
of
►
gross
Netincome
66,828,194 64,217,291
Co.—Earnings—-
taxes,
from
income
compared with $2,187,902 for the first half of 1936. No provision has been
made for surtax on undistributed profits.
The cost of operations includes approximately $7,000,000 for excise
taxes,
1937—12 Mos.—1936
pur. instal
Company reports of sales for the first six months of 1937 of $94,775,938,
increase of $23,375,304 or 33% over the corresponding period of 1936.
Net income for the period was $4,500,609 after provision for current
charges
U. S. Rubber
(& Subs.)- -Earnings—
1937—3 Mos.—1936
$1,292,068
x869,058
an
sales
1934
$45,056
def3,709
defl0,005
Operating revenues.
$1,423,033
Oper. revenue deductions
974,688
After depreciation and depletion,
y Represented by $20 par shares,
reserve for bad debts.—V. 144,
p. 3522. N
United States Rubber
V,;,.
1935
1936
1937
Utica Gas & Electric Co.
After
z
V0:
Ry.—Earnings—
Period End. June 30—
732,940
118,175
During 1937 provision for Federal surtax on
been made in the amount of $4,000.—V. 145
maturities—
prop.
66,828,194 64,217,2911
$752,858
—V. 145, p. 137.
Def'd maturities-
245,032
78,114
Total.
733,466
prop. pur. instal.
insur¬
ance reserve
1,704,761
$46,779
def7,455
3,451
Common
payable
1,704,761
2,262
From Jan. 1—
Gross from railway
$
4,618,404
8,444,997
$951,903
Net from railway
Net after rents
Preferred stock...
3,684,805
&
$1,678,615
942
income for that year.
June—
Gross from railway.^
1936
Invent. & supplies 6,571,132
Em pi. stock purch.
5,505,553
Accts.
$3,813,417
2,357,646
300,000
206,130
$103,810
$91,188
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Net from railway
Net after rents.
7,822,200
7,822,200
stock.23,863,120 23,842,060
Accounts payable. 1,471,972
1,345,776
Acer, payrolls, &c.
784,253
389,271
Fed. &Dom. tax.. 1,076,753
675,589
Cash..
16,545
$4,532,298
2,350,550
300,000
206,125
2,992
income
Utah
$273,694
$0.73
1937
f
$
25,000
$3,788,632
24,785
$26,146
deb. bonds
$4,528,410
3,888
$328,038
195,879
25,000
16,913
$341,234
195,879
_
mortgage bonds.
net
$1,141,668
273,777
594,197
$757,669
$1.65
$326,980
1,058
$341,058
176
undistributed profits has
P- 137'
$1,073,920
1937—12 Mos—1936
$922,944 $12,552,885 $11,020,984
533,689
7,267,176
6,485,053
62,275
757,299
747,299
x Dividends
accumulated and unpaid to June 30, 1937, amounted to
$6,108,727 after giving effect to dividends of 87M cents a share on the $7
preferred stock and 75 cents a share on $6 preferred stock declared for
payment on July 1, 1937.
Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the companies reported no undistributed adjusted
$1,887,426
298,188
$1,627,477
273,777
596,031
(& Subs.)—Earnings—
1937—Month—1936
Other int. & deductions.
Int. chgd. to constr.—Cr
Consolidated Balance Sheet June 30
z
•
on
1934
1935
$2,592,725
207,914
profits
Assets
$3,941
Balance, deficit
$3,483,666
210,880
164,056
Surplus
$3,941
No such provision has been made to date for 1937.
on
x
Earns.persh.oncom.stk.
$328
136.
Int.
$267,740
299,566
$0.89
loss$56.265
299,566
$179,529
1937
x
p.
Net oper. revenues
Gypsum Co.—Earnings—
income.
$628,605
621,988
10,558
Other income (net)
Net
Other income
Net
$628,192
622,300
9,833
$328
Period End. June 30—
Income Account for 6 Months Ended June 30 Unci. Subs.)
Preferred dividends
Common dividends
866
the
on
Int.
__
51,858
Operating revenues
$1,036,408
Oper. exps. (incl. taxes).
631,408
Prop, retire't res. approp
63,942
Period End June 30—
1937—3 Mos —1936
1937—6 Mos.—1936
Gross oper. revenue
$10,079,085 $11,341,964 $20,918,238 $21,475,077
Operating expenses—9.898,547
11,084,274
20,683,878
21,069,034
Interest
2,069
4,088
Taxes (incl. Fed. taxes).
77,217
94",092
155,501
24,265
Depreciation...
68,409
44,211
53,896
131,036
Total income
$52,396
51,858
733
Utah Power & Light Co.
Freight Co. (& Subs .)—Earnings—
Deprec. & depletion
Miscell. d eductions...
Income taxes
Surtax on undistributed
$627,399
1,206
deficit
income for that year.
$191,176
$145,539
Note—No provision for surtax on undistributed profits has been made
in the current and comparative interim statement, as 1937 dividend policies
of the parent and
subsidiary companies have not been determined.— V. 144,
p.3522.
Operating profit
$628,192
6% income demand note, payable if earned,
amounting to $1,476,000 for theperiod from Jan. 1,1934, to Dec. 31, 1936.
No provision was made for Federal surtax on undistributed profits for
1936, inasmuch as the company reported no undistributed adjusted net
229,847
$70,633
United States
$52,396
Notes—No provision has been made in the above statement for unpaid
cumulative interest
$375,385
112,893
Netincome
United States
$142,832
484,567
$6,864
$414,136
21,877
$102,482
525,710
$52,263
Gross income
Int. on mortgage bonds.
Other int. & deductions.
ap¬
$205,403
45,532
Other income
plicable
to
United
Public Util. Con).
1937—12 Mos.—1936
$1,102,552
$1,152,183
959,720
1,049,701
$11,623
40,640
_
Operating income
Bal.
Co.—Earnings—
1937—Month—1936
$92,996
$94,844
86,132
83,221
Operating revenues
$959,898
756,443
Net
the
on
stock it will buy.
undistributed profits.—
on
961
Under the compromise agreement, Nash-Kelvinator Corp. will buy
100,000 of the 223,614 Universal B shares covered by the option and
35,000 of the 68.822.
A shares optioned at a total price of $255,750.
In
a
The directors have declared an extra dividend of 10 cents per share
n
capital
stock, par $5, both payable Sept. 1 to holders of record AU£. 16.
Extra
dividends of 10 cents per share have been paid in each of the fifteen preced¬
ing quarters.
In addition, a special year-end dividend of $1.80 per share
was paid on June 1 last.—V. 144, p. 3859.
addition to the regular quarterly dividend of 50 cents per share on the
«
Victor
Chemical
Works,
Chicago—To
Register
Stock
Issue—
Completing plans to raise new capital for expansion purposes, company
file this week with the Securities and Excnange Commission
477,059
expects to
Total
a
After
$513,8571
reserve
liability of $395 for
for
depreciation
Total
of
gross sales taxes on
$64,348.
b Includes contingent
interstate shipments which is being
contested in the courts.—V. 144, p. 3197.
Universal
Cooler
$513,857
IJ
Corp.—Stockholders Ratify Kelvinator
Settlement—
Stockholders at a special meeting held July 29 ratified
proposed settle¬
ment of suit brought by minority interests of the company to restrain NashKelvinator Corp. from exercising original option agreement on shares of
the company.
under the Securities Act of 1933, a registration statement covering 696,000
shares of common stock ($5 par), to be outstanding upon completion of a
public offering of 150,000 shares, according to an announcement made by
August Kochs, President.
The stock offering, to be underwritten by
F. Eberstadt & Co., Inc., will comprise 75,000 shares for the account of the
company and an additional 75,000 shares to be acquired from present stock¬
holders.
From the proceeds which it will receive, the company will use approxi¬
mately $1,000,000 for the cost of property, and construction of a new
chemical plant at Mount Pleasant, Tenn., $175,000 for the expansion of
manufacturing facilities at its present Chicago Heights and Nashville
plants, and the balance for working capital.
The company recently author-
Financial
962
an increase in capital from 200,000 shares (no par) to 750,000 shares
($5 par), and through a 4-for-l split-up issued 621,000 shares of the new
Balance Sheet Dec. 31,
ized
stock in exchange for 155,250 shares of the old.—V. 145, p. 626.
Victor
income taxes
_
1937
1936
$68,211
5,097
1,436
$44,428
7,731
1,877
$61,679
18,110
$34,820
16,441
$43,568
$18,379
$0.53
$0.22
Depreciation of buildings and equipment
Amortization of patents
Profit before Federal income taxes.
Preferred dividend requirements
at cost
1937
1936
1935
1934
$1,604,327
$1,178,677
576,473
541,663
$1,399,354
786,023
656,176
$1,084,508
517,784
441,051
8,197,903
4,383,987
7,643,235
4,069,820
3,372,880
7,020,257
817,604
715,703
_
Net after rents
1—
From Jan.
Gross from railway
Net from railway
after rents
Net
—V.
145,
9,557,316
5,212,209
4,457,341
_
3,916,839
(& Subs.)- -Earnings—
Walworth Co.
drafts—
of sub
1934
1935
1936
1937
$1,582,077
5,039
on
mtge. bds.
$289,804
4,964
2,731
7,905
$660,638
18,081
9,534
167,915
268,445
268,618
203,366
196,920
222,397
221,770
1,537 loss$211,674
$142,633
7,875
notes &
$455,263
4,101
5,789
167,915
on
7.875
Coupon int. on mtge.bds
& debs, of Walworth
Co
Deprec. taken on plant &
equipment
—
Federal
for normal
Res.
178,298
income taxes
Net
x$l ,022,495
profit
Co. accrued
Vogt Mfg. Corp. (& Subs.), Rochester, N. Y.— -Earnings
Years End. Dec. 31—
1935
1936
Ala.
unpaid pf.
dividend
1933
1934
$366,894
x250,340
$236,566
150,000
$107,290
50,000
$1.83
$2.36
$1.07
$0.80
provision
3197.
p.
Federal
for
Before
x
144,
(no par).
$80,537 loss$219,549
$134,758
surtax on undistributed profits.—V.
$1,022,495
Consol. net profit
$79,564
Earns, per share on com.
Warner-Quinlan Co.—Referee Recommends That Plan
Does not include $500,000 paid in capital stock.
x
$2,375,051
V. 133, p. 3478.
Prov. for Walworth
Net profit
Dividends
stock
485,358
-
Total
.$2,375,051
6 Mos. End. June 30—
Profit before int. & depr.
3,630,714
3,141,923
137.
p.
54,214
affiliates
to
Surplus account.
8,570
depreciation of $978,077.—
Int.
Virginian Ry.—Earnings—
June—
—
7,214
Total..
Int.
Gross from railway
Net from railway
Indebtedness
receivable..
After
taxes.
3,630
Cash...,——---
x
Earnings applicable to common stock—
Per share earnings on common shares outstanding
before provision for Federal income taxes
—V. 145, p. 453.
Accrued
354.305
Indebtedness of affiliates
Accounts
Wages payable
hand,
—-
57,486
23,428
5,256
payable, trade
Accounts
124,353
cost)
$1,749,308
Capital stock ($1 par)
551,618
1,490
Supplies on hand (at
1936
Liabilities—
-
devel.$l ,323,871
Ores & concentrates on
amortization, & Federal
_
y,.'.
-
i
prepaid
Expenses
3 Months Ended June 30—
7
Mines, mining claims &
a Plant and equipment
Equipment Co.—Earnings—
Profit before depreciation,
Assets**!—'-"
7, 1937
Aug.
Chronicle
of
Reorganization Be Confirmed—
Consolidated Balance Sheet Dec. 31
"
1935
1936
Assets—
$351,417
Cash
Govt,
marketable
y
Acets.
$500,000
440,483
73,106
13,511
133,000
801,843
Inventory
Cash in closed bks.
Accounts payable.
Accruals
200,734
316,049
36,963
196,007
274,516
327,338
39,166
208,557
17,261
14,585
10,400
428,964
recivable..
Value life insurance
3,801
1
$1,676,009
taxes
97,325
6,987
65,000
Real est. not used.
Mtge. receivable..
xKl.est., plant, &c
Deferred charges.
_
492,402.
which are to be taken over for $4,180,750 under
corporation backed by the Cities Service Co., actually are
appraisal received by Mr. Joyce.
He
included in an estimate of the property
The service stations,
the plan by a new
worth $3,479,015, according to an
declined to accept a good-will item
fund final disposi¬
value.
unknown this date
Both the debtor and the trustee have
15,908
no
p.
$1,471,1551
Repre¬
of common stock (no par) at Dec. 31, 1936 and
shares at Dec. 31, 1935.—V. 144, p. 3197.
H27.
Expenses & deprecia'n__
m*
$191,668
153,291
Net sales
Cost of sales—
Net profit
Engineering, selling & adminis. expense
$38,377
78,849
—
40,472
operating loss
Other income (net)
_
1,753
$38,719
Net loss
-V. 145. p. 454.
Walker & Co.-
-Earnings1936
Calendar Years—
1935
1934
Commissions paid.
Administrative and selling expenses.
_
$1,978,853
1,112,611
$1,655,511
1,003,908
$866,243
147,048
$651,603
116,382
$1,012,349
685,946
$719,194
566,456
$535,220
531,108
$326,403
x
$2,401,707
1,228,473
$1,173,233
160,884
Cost of sales, incl. plant depreciation.
$152,738
23,769
596,685
$78,010
Wellman Bronze & Aluminum Co.—Registers
with SEC
3,418
y50,000
3,366
17,329
17,747
for additional working capital.
The company was founded in 1910 and is a large producer of bronze
and aluminum fittings for busses, street cars and railroads.
An extensive
part of the company's business consists of fabricating of steel, brass and
aluminum tubing, and the polishing and plating of fittings.
During the
last five years, the business has specialized in producing castings of special
alloys for particular purposes.
Capitalization consists of 60,000 common shares ($5 par) authorized, of
which 50,000 shares are to be outstanding after the present financing.
Balance sheet as of May 31, 1937, which is before giving effect to the
new capital to be received from the sale of 18,257 shares of common stock,
showed current assets of $106,041 and total assets $274,078, with current
liabilities $83,617.
Net profits after charges and provision for Federal taxes were $12,488 in
1935, $24,505 in 1936 and $16,191 for five months ended May 31, 1937.
See also list given on first page of this department.
35,744
Provision for Federal income tax
555,890
registration statement covering 50,000 shares of common stock, has been
filed with the Securities and Exchange Commission.
Gassman & Co.,
Cleveland, is named as underwriter of 22,000 shares, of which 18,257 shares
are to be sold by the company and 3,743
shares by stockholders.
Net proceeds to the company of approximately $109,000 are to be used
to construct plant additions, purchase equipment, reduce indebtedness and
$4,112
30,994
other miscellaneous deductions
$43,011
A
West Virginia
Inc. from recovery on accts. written
off, royalties, int. & other misc. inc.
Discounts allowed, interest paid and
on
$155,811
184,397
1936
$1,144,007
350,375
Operating revenue
Operation..
$22,109
77,096
$1,079,797
60,943
154,380
$36,254
$28,586
x
After
.v...
Net
$578,309
earnings from operations
24,259
y
received of $32,177 in 1936, $20,615 in 1935, and
Includes $1,500 Federal surtax on undistributed profits.
Balance Sheet Dec. 31
1936
Assets—
Cash._
_
__
_______
U. S. Treas. ctfs__
x
1935
$251,123
$284,150
60,000
101,625
Liabilities—
Tr.
accounts rec
supplies.
Other assets
y
241,065
146,838
103,224
235,561
159,598
174,274
on
$60,966
$55,255
pay'ts
13,588
for
360,741
110,231
'"524
13,742
80,490
7,475
80,000
17,329
$229,866
120,750
$155,039
69,000
$135,667
34,500
replacements.
Net income
Dividends
on
preferred stock
Does not include provision
58,052
34,034
3,515
1,324
2,276,638
1937
commlss.
2,182,389
224,185
Capital stock
Capital surplus
Prof.
& loss—def.
66,883
208,768
103,136
Assets—
$
$2,526,922 $2,514,618'
Total
$2,526,922 $2,514,618
1936 and $61,942
After allowance for depreciation of $899,446 in 1936 and
$1,283,207 in 1935.
z Represented
by 72,574 shares of class A stock,
no par, in
1935 and 69,500 shares in 1936, and 204.980 shares of class B •
stock, no par, in 1935 and 204.980 shares in 1936.—V. 145, p. 454.
Total..
x
After allowance for doubtful accounts of $39,237 in
1935.
y
Investments
-Earning
revenues.
Mat'ls & supplies
117,410
32,464
237,215
.
45,669
43,324
Def. liab. & unadj.
9,000
credits
123,441
107", 889
103,003
Reserves
728,182
137,580
812,559
1,114,000
1,114,000
1937
6 Months Ended June 30—
Profits before depreciation
$23,594
8,275
Net profit after depreciation
—V.
Walker Mining
$15,969
1,387
Co.—Earnings
of concentrates
Operating loss
Other income
Interest
paid
Depreciation
Net loss without deduction for depletion.
,
stock
for
2d $6 cum. pref.
365,000
Common stock..
552,000
552,000
Capital surplus...
Earned surplus.
6% bonds called
x
1st $6 cum. pref.
a
Co.
1,465,662
1,467,798
541,935
__
652,397
365,000
1,575
redemption,
Deferred chgs. &
742,138
567,615
10,904,140 10,570,906
Total
for the Year Ended Dec. 31, 1936
Cost of sales
Water
50,356
redemption.
z
140,185
Kanawha
prepaid accts
Income Account
Sales
1936
145, p. 454.
for
y
1st
on
Funded debt called
mtge. 5% bonds
Val.
5
186,047
Due from affil. cos.
called for redemp
Walkerville Brewery, Ltd.-
1936
5,260,000
Notes & accts.pay.
130,981
on
5,600,000
Accrued liabilities-
103,397
Prem.
$
Funded debt
114,978
50,355
141,244
143,292
Notes & accts. rec.
Prem. & int.
Liabilities—
$
9,396,518
Misc. spec, depos.
Unbilled
1937
1936
9,517,002
116,878
Pl't, prop., equip.
Cash
in
in respect to possible Federal surtax on un¬
months ended June 30, 1937.
Balance Sheet June 30
3,174
1,108
&c
distributed earnings for the six
Res. for def. sales¬
z
26,617
$518,560
259,343
10,260
26,337
""736
x
int. & ilium., &c
men's
$546,325
266,647
4,525
826
Unearn. adv. inc.,
rent,
$470,587
47,973
xl0,008
88,558
21,230
50,000
1,130,060
$524,188
22,136
Provision for Federal income tax
Federal
income taxes
118,947
49,870
151,548
9,722
Prov. for retirements &
signs
Prov.
$602,568
$602,568
224,564
6,005
34,670
income
Interest
Miscellaneous interest
«.
Amortiz. of debt disct. & expense
Amortiz. of premium and interest onI
Acer, lease rentals,
360,741
Deferred charges..
1935
cust's*
Cust's adv.
territor.
rights
$984,178
312,172
bonds called for redemption.
Int. charged to construction—Cr
roll
Property, plant
equipment
1,203,358
Goodwill
cred.
1936
cred. bal. & pay¬
Cust's' notes and
Mat'ls &
Gross corporate
on bonds
commission
$20,204 in 1934.
323,736
76,787
155,085
$54,987
Other income
Deficit
1935
1937
Maintenance
$303,979
267,725
class A stock.
Earnings—
Water Service Co.
12 Mos. End. June 30—
General taxes
Dividends
1937—6 Mos.—1936
$420,658
$518,675
$299,396
342,407
—V. 144, p. 3698.
3 Months Ended March 31, 1937
Net
$215,170
290,893
$135,232
loss
Net
Co.—Earnings—
Inc.—Earnings—
1937—3 Mos.—1936
Gross profit.
100,000 no par
145,
■■
$75,723
sented by 200,000 shares
Waco Aircraft
asserted be sustained."—V.
■
Period End. June 30—
y
he reported, "exceeded $2,000,000.
sustained losses in operation.
Upon
theory advanced can the good-will
Webster Eisenlohr,
$1,676,009 $1,471,155
Total
1935,"
operation in
in
loss
"The
tion of this item
After depreciation of $389,006 in 1936 and $366,638 in 1935.
x
in bankruptcy, sitting Aug. 4, as a special master,
reorganization be confirmed.
He
$12,398,972 and its liabilities at $18,-
recommended that the amended plan of
listed the assets of the company at
Cotton
processing tax re¬
1
Total
for
Suspence:
20,794
12,546
31,300
380,988
2,704
Patents
Revenue
John E. Joyce, referee
1935
Common stock. .$1,000,000
Surplus
sec.
S.
1936
Liabilities—
$273,069
and
U.
Total
10,904,140 10,570,906
Including unamortized debt discount and expense and commission on
capital stock,
y Represented by 11,500 shares (no par),
z Represented
by 5,000 shares (no par),
a Represented by 12,000 shares (no par).—V.
144, p. 3198.
x
$1,220,012
1,235,751
$15,738
Cr25,453
DrSO
40,572
$30,888
Wesson
Oil & Snowdrift
Co., Inc.—Extra Dividend—
on July 27 declared the regular quarterly dividend of 12 ^
share and an extra dividend, the amount of which has not yet been
determined, on the common stock, no par value, both payable Aug. 25 to
holders of record Aug. 14.
The directors
cents per
Volume
Financial
145
The company stated that these dividends are being paid on Aug. 25,
instead of Oct. 1 as has been the custom heretofore. Both payments are made
at this earlier date in order to
produce the Federal tax on undistributed
income for company's current fiscal year ending
Aug. 31.—V. 144, p. 4365.
Western Dairies,
Net profit after
1937
taxes
1935
1936
$34,093
$33,138
$1,039
$0.56
$0.54
$0.02
Earns .per sh. on 61,000 shs. $3 cum.
'
Western Electric Co.,
Inc.—Decision Holds PatentsValid—
The.
U. S. Circuit Court of Appeals for the second circuit (New York)
July 26, handed down a decision affirming the decision of Federal Dis¬
trict Judge Byers which held that six patents owned or controlled by the
Western Electric, Inc.; Electrical Research Products, Inc., and the Ameri¬
can Telephone &
Telegraph Co. were valid and infringed by the General
Talking Pictures Corp. as successor to the DeForest Phonofilm Corp.
This decision was written by Chief Justice Manton and concurred in by
Judges Swan and A. N. Hand, and it affirmed in every respect the decision
rendered by the lower court in September, 1936.
Patents involved are the so-called Lowenstein grid bias covering the appli¬
cation of a source of potential for the grid of a vacuum tune; the xvlathes
patent covering a specific application of the Lowenstein invention, and
four patents issued to the late Dr. H. D. Arnold, Director of Research
of the Bell Telephone Laboratories,
covering various methods of em¬
ploying vacuum tubes in amplifier circuits involved in wjre and radio
telephony and motion picture sound systems.
on
The lower court held that the General Talking Pictures Corp. had in¬
fringed these patents by leasing to theater owners or operators vacuum
tube amplifiers which embodied these inventions.
These amplifiers were
purchased by the General Talking Pictures Corp. from a manufacturer
licensed under these patents to sell the amplifiers
only for radio amateur,
experimental, and broadcast reception, and the court held that the Genera
Talking Pictures Corp. had knowledge of the provisions of this license and
had no rights to lease these
amplifiers for use in theaters.—Y. 145, p. 626.
Western
Maryland Ry.—Earnings—
v
Third Week of July-
Period—
Gross earnings
—V.
145,
1936
$301,313
Western New York Water
1937
1936
1935
$777,640
213,100
34,666
3,470
CV4.436
1,800
26,855
98,501
3,887
6,855
$745,038
200,473
33,738
35,806
103,034
4,098
8,971
$439,406
$392,940
145
83
1,333
Crl2,222
to construction
Provision for uncollectible accounts..
Maintenance
Real property taxes.
Excise taxes
1,350
Corporate taxes.
816
Cr6,811
2,700
23,160
82,568
3,770
6,100
Gross corporate income
Interest on mortgage debt
Int. on debenture bonds..
Miscellaneous interest
Amortization of debt disct. & expense
$439,500
204,887
46,158
1,831
10,700
Crl ,323
44,750
x34,765
Int. charged to construction
Prov. for retirements & replacements.
Prov. for Fed'l income tax
Provision for interest on Federal in¬
$393,086
204,887
49,076
930
10,212
$398,606
204,887
50,206
3,622
9,446
Dr 108
Cr661
43,250
8.855
92
Net income
Dividends on preferred stock
on
$97,731
$75,766
$75,967
51,530
undistributed profits.
Balance Sheet June 30
Assete—
1937
&c
Special
Funded
$8,533,993 $8,427,436
1,293
1,329
deposits..
Cash in banks and
75,358
65,782
Accrd. unbilled
11,100
_
rev
Mat'ls & suppliesDebt discount and
in
34,373
159,276
15,080
15,675
Prepd. accts., def.
charges and
11,564
(current ncct.)..
Accrd.
reorganization
4,061
70,074
in any one
year, or $1,000,000 at any time to
be accumulated out of available
remaining after payment of fixed charges.
a ^ of 1 % sinking fund for retirement
after payment of fix.d
charges payments into capital fund and payment of
net income
(4)
Creation and maintenance of
interest
the
on
new
income bonds.
(5) Holders of the debtor's existing first mortgage bonds to receive in
exchange therefor and for approved unpaid interest thereon all of the new
income bonds and preferred stock and $8,214,766 of new common and
contingent rights to subscribe for purchase of the new first mortgage bonds.
(6) Reconstruction Finance Corporation, Railroad Credit Corp. and
A. C. James Co. holders of notes, which are secured by the pledge of debtor's
general mortgage bonds, to receive in exchange therefor and for approved
unpaid interest thereon $11,853,454 of new common, stock to be distri¬
buted among them on basis of the general mortgage bonds held by each
creditor and contingent rights to subscribe for the purchase of the new first
mortgage bonds.
(7) Western Pacific Railroad Corp., an unsecured creditor, to receive in
exchange therefor subscription warrants for purchase at par of the new
first mortgage bonds to be sold.
(8) Formation of a committee with such power as may be necessary to
carry out the plan and to determine, subject to approval of the Commission,
the form
and
provisions of the indentures, bonds, stock certificates and
other instruments in connection with the carrying out of the plan, the
committee to consist of three members, one to be named by the bondholders
committee, one by the RFC, RCC and A. C. James Co. as a group and one
by the Western Pacific Corp.
(9) The plan to be accepted and carried out in accordance with its terms
and the provisions of Section 77 of the Bankruptcy Act.
(10) Obligations of the debtor not specifically provided for to be paid by
the debtor or the reorganized company or to be assumed by the reorganized
company.
(11)
The plan should be effective
46,312
on
36,070
36,566
5,466
Consumers' deps__
Unearned revenue.
9,085
17,262
ence appear
unduly optimistic" and for this reason declared any plan should
charges in excess of $500,000 per year.—V. 145, p. 786.
Alabama- -Earnings—
June—
20,607
32,574
$122,718
10,860
4,043
$105,794
defl4,562
defl8,569
$95,729
defll,876
defl2,310
855,216
103,478
65,334
railway
Net from railway
741,873
41,627
2,159
647,580
def40,437
def62,439
651,383
def 18,303
def33,547
$138,710
Net after rents
From Jan.
171,812
1—
Gross from railway
Net from railway
Net after rents
—V. 145, p. 138.
Westinghouse Electric & Mfg. Co.—Earnings—
[Including Proprietary Companies]
Period End. June 30—
1937—3 Mos.—1936
1937—6 Mos.—1936
Orders received..
$67,966,891 $46,364,591$142,209,475 $88,880,060
Sales billed
55,188,331
43,246,887
101,861,631
77,228,167
5,990,260
4,205,524
11,331,772
7,937.978
Net profit after deprec.,
Federal taxes, &c
Earns, per sh. on com¬
bined
79,974 shs. 7%
pref. & 2,582,181 com.
shares
$2.25
Earnings for
Orders
$4.25
$1.58
1,196,865
—V.
received
145,
$2.98
12 Months Ended June 30
1935
1936
$235,850,719 $147,524,478 $117,565,531
179,102,495
137,520,705
109,173,320
billed
Net profit after depreciation,
income taxes. &c
Fed'l
13,656,170
18,493,085
6,486,475
455.
p.
Westmoreland, Inc.—Earnings—
16,877
187,403
1,235,644
1934
1935
1936
1937
Gross from
Calendar Years—
__
1936
Com.
stk.
1933
1934
1935
206,133
206.133
1,000,000
792,525
1,000,000
792,525
688,584
584,175
Profit
Earned surplus
Miscellaneous
$250,376
23,276
20,484
109,916
$263,615
23,497
21,104
140,481
$264,155
21,761
15,047
177,918
$96,700
$78,533
79,596
$49,429
79,121
$96,700
$158,129
$128,550
229,224
191,020
$0.50
200,000
$0.39
200,000
$0.58
expenses.
Taxes
Deprec. and depletion._
Total
618
...$8,884,639 $8,815,808
—V. 144, p. 3523.
Extraordinary income.
a
Westmoreland Coal Co.—Earnings-—
Calendar Years—
Coal sales (less allowances & discounts)
Cost of coal sold
Total income
1936
1935
$3,827,976
3,544,991
53,121,812
2,854,191
$282,985
$267,621
32,002
Profit on coal sold
Other operating revenue, transportation
facilities,
tenement rentals, &c.
$264,977
34,418
24,937
95,942
73,695
(50,000
shs., no par)
Capital surplus...
$8.884,639 $8,815,808
$189,842
187,407
sale of bds., &c
on
$189,930
72,613
1,07 1
228,129
Interest and dividends..
$189,600
52,199
8,576
$109,679
Royalties and rentals...
$189,600
56,401
18,976
$109,679
Reserves.
$5non-eum. partic.
preferred stock.
Total....
of Jan. 1, 1937.
not allow fixed
3,948
7,924
,
as
The Bureau said the company's estimate of "net income available for
interest for future when considered in the light of its past earning experi¬
Sales
liabilities
Bureau of Finance, the
1937
Fed., State
recom¬
plan
Immediate issue
16,558
518
and local tax...
Accrued interest
Deferred
un¬
adjusted debits.
own
co.
funded debt
147,660
its
by the reorganized company of $10,000,000 30year first mortgage
4% bonds, $19,716,040 50-year income mortgage 4%
bonds, $29,574,060 non-cumulative 5% preferred stock, ($100 par), and
$30,068,220 common stock ($100 par).
The debtor's existing equipment
obligation would be assumed by the reorganized company.
(2) Sale of the $10,000,000 of the new first mortgage bonds, purchasers
to receive 10 shares of new common for each $1,000 of first
mortgage bonds
purchased.
'
;V-.
(3) Creation and maintenance of a capital fund of not to exceed $500,000
26,959
parent
.
Interstate Commerce Commission Bureau of Finance has
(1)
1936
Miscell. accruals..
process
of amortization.
Present
Presented—
railroad.
Under the recommendations proposed by the
plan of reorganization would provide as follows:
debt.....$4,639,900 $4,689,500
Accounts payable.
69,660
73,390
11,000
58,041
1937
Notes payable
Due to
working funds.
Accts.rec. (less res.)
exp.
Liabilities—
1936
Plant,prop.,equip.,
RR.—ICC Bureau Offers Plan—Would
Debt Below
That Recommended by Any of
for the road.
The Bureau's plan
reduces the present debt below that recommended by any of the three
plans presented.
The three plans presented to the Commission were the
A. C. James plan, the bondholders and the debtors plans.
This is the first
recommendation by the Commission for a reorganization plan for a class I
44,000
11,045
of prior years-
Including surtax
963
Pacific
Western Ry. of
Net earns before prov. for retirem't
& replacements & Fed'l inc. tax..
Other income
come tax
Three
$398,522
94
case expense
Other regulatory commission exp
Gen'lexps. transferred
x
1936
$8,700,831
$818,365
227,006
9,582
revenue
General operation
Rate
1937
$10,101,383
Co.—Earnings—
Years Ended June 30—
Operating
Jan. 1 to July 21
1937
$346,945
786.
p.
Reduce
mended
deprec.,int. & Federal
pref. stock
^V. 144, p. 4204.
Western
The
Inc.—Earnings—
6 Months Ended June 30—
Net profit after deprec.,
Chronicle
8,741
(net)
Dividends
(paid
capital surplus)
Shares
from
stock
common
(no par)
Earnings per share
a
Income
from
realized
$0.24
appreciation.
Balance Sheet Dec. 31
Selling, administrative &
$314,987
324,296
general expenses.
Loss
$9,309
87,703
Other income
$276,362
317,335
$78,394
Other deductions
United States & Pennsylvania income taxes.
Net profit transferred to surplus
Shares capital stock outstanding (no par)
403
$40,973
69,930
$28,957
5,409
9,697
$68,294
167,463
...
Earnings per" share
$213,447
Accrued int. rec..
4,490
15,800
1,001,628
4,740
Royalty receivable
$0.41
x
1936
Cash
Marketable
secur.
Notes & accts.
rec.
Inventories
Other curr. assets.
Fixed
Prepaid
assets
$962,103 $1,169,979
1,962,297
1,873,498
634,885
382,296
202,953
82,456
159,647
1,895,379
1,981,325
82,250
Liabilities—
42,186
120,212
$5,782,260 $5,769,2101
$0.13
y
509
_
$71,893
Acer. i mine payrolls
Accrued taxes
129,958
(W. Va.)_
Dwelling(W.Va.)
43,029
2,078,090
1,509
2,078,090
1,640
2,693
mini¬
royalty adv
50,073
Capital stk., com 2,000,000
Capital surplus... 4,717,805
Treasury stock... Drl75,961
68,933
2,000,000
z
4,743,604
Drl29,725
Prepaid
expenses,
deferred & mis¬
$30,519
96,483
74,171
3,440,156
57,306
2,749
reserved
against
mum
3,329,214
surface
4,023
3,960
$6,672,131
cellaneous assets
Accounts payable-
Deplet'n
1935
$17,162
56,391
$6,759,973
1935
Workmen's comp'n
claims
determ'd
57,984
41,530
Other current liab.
22,874
61,780
5,000,000
639,310
Drl65,628
Total
x
Total
$6,672,131
$6,759,973
After reserve for depletion of $593,148 as at Dec. 31, 1935 and $702,985
1936.
y After reserve for depreciation of $984 as at Dec. 31,
1935 and $1,115 as at Dec. 31, 1936.
z Represented by 200.000 no par
shares including treasury stock.—V. 143, p. 129.
as
at Dec. 31,
22,183
46,289
y Capital stock..
5,000,000
Surplus
656,570
z Treasury stock..
Dr277,481
Total
$5,782,260 $5,769,210
x After
reserve
for depreciation of $2,977,840 in 1936
($2,830,643 in
1935).
y Represented by 200,000 shares of no par value,
z Represented
by 19,471 shares at cost in 1935 and 32,537 shares at cost in 1936.—V. 143,
p. 3861.
&
15,800
1936
$21,073
Liabilities—
Accrued taxes
Dividends payable
Other curr. liabils.
surface
lands (Pa.)
lands
$23,548
180,529
1936
Reserves.
accounts
and other assets
Total.
1935
&
Coal
Coal
Comparative Balance Sheet Dec. 31
Assets—
1935
5214,303
1,024,700
Cash on deposit
Miscell.curr. assets
Profit.
x
1936
Assets—
Marketable securs.
Willys-Overland Motors, Inc.-^-Listing—
The
New
York Stock Exchange has authorized the listing of 320,789
stock, convertible to Dec. 31, 1951 (par $10), all
outstanding; 2,046,207 shares of its common sttf&k
shares of 6% cum. pref.
of which are issued and
($1 par) share, all of which are issued and outstanding; 641,578 additional
shares of common stock, upon official notice of issuance thereof on exercise
of the conversion rights of the preferred stock;
75,000 shares of
common
stock, upon official notice of the issuance thereof upon the exercise, from
time to time, of the option to David R. Wilson to purchase all or any part
of said shares at the price of $3 per share, on or before Dec. 31,1940; 75,000
Financial
964
of common stock, upon official notice of issuance thereof upon
of options provided to be granted, pursuant to the plan of re¬
organization, to officers and employees of the company at not less than $3
per share, and 12,216 additional common shares, upon official notice of
issuance thereof, to be sold from time to time, at the discretion of the
board of directors, at not less than $6 per share.
exercise
Earnings Period Oct. 8, 1936, to May 31, 1937
[Willys-Overland Motors, Inc. & Subsidiary Co.s]
Net sales
special dividend of 25 cents per share on the
stock, payable Aug. 19 to holders of record Aug. 14.
This
compares with $1.50 paid on May 1 last and on Nov. 12, 1936; $1 per share
paid on May 1, 1936, and on Nov. 1, 1935; 76 cents paid on May 1, 1935.
and 50 cents on Nov. 1 and April 2, 1934.
This latter payment was the
first made since June 1, 1931, when a quarterly dividend of 37
cents per
share was distributed.—V. 144, p. 4204.
The directors have declared a
no
par common
$20,848,776
_
of golds sold,
$18,036,697; maintenance and repairs,
$229,124; depreciation, $241,801; amortization of tools, dies
and
patterns,
$421,521; taxes (other than income tax),
$173,154
Winnipeg Electric Co.—Earnings—
Cost
19,102,300
$562,470
67,284
$629,754
20,213
105,000
Total income
_____
;
Net profit
$504,541
Dividends paid on preferred stock
91,588
Balance.
$412,953
Consolidated Balance Sheet
Cash
on
as
Accounts receivable (net)
Inventories
Prop., plant & equip. (net)..
Deferred charges
10,978,111
302,106
$1,601,220
on
..
Common stock
2,046,207
Capital surplus
8,938,961
412,952
,
provision for Federal surtax on undistributed income was required for
No provision has been made for the surtax for the six months ended
June 30,1937.—V. 144, p. 3524.
v,
;
1936.
Wisconsin Investment Co.-
which
matures
1936
$2,358
879
4,709
42,798
420,050
37,315
2,250
26,946
$464,190
19,100
85,000
$44,383
16,201
$32,637
13,274
$360,090
52,666
$28,182
Dividends paid
$19,362
19,830
$307,424
$28,182
1937
6 Months Ended June 30—
Interest on
Dividends on stocks
sale of investments. _
Net profit on
Surplus
Note—Profit on sale of investments
to
surplus.
Cost of merchandise
Operating
5,946,043
1,111,254
1,201,970
expense
$7,026,759
5,643,194
1,098,397
$7,325,538
$8,502,555
6,976,926
Assets—
$6,478,223
5,238,396
968,435
Investments
Cash
$285,167
$268,241
102,817
$323,660
66,956
$271.392
Due
9,424
curities
3,237
$366,445
41,902
44,322
41,649
36,320
27,000
holders
$271,392
55,325
$390,615
41,323
33,063
24,100
2,200
145,899
$371,058
44,837
33,156
41,700
$144,030
59,379
60,479
$251,364
61,246
60,504
$232,898
109,806
60,515
$158,421
15,864
Balance
Shares of common stock
$24,172
$129,614
$62,578
$142,557
outstanding (no par).
Earnings per share
30,238
$2.80
30,261
$6.28
30,263
$5.64
30.272
$3.09
Deprec.
on
bldg. &
equ_
Prov. for Fed. inc. tax..
Surtax
x
undist. profits
on
Extraord. deduction.
_
Net income
Divs. on pref. stock
Common dividends
x
Flood loss at
*
Cash
Savings deposit...
of company (net)
Furn. and fixtures
5,319
$514,382
55,420
63,239
408,500
384,500
Mortgage bonds..
7% cum. prior pref
24,100
843,300
20,100
378,976
580,140
1,153,508
937.187
7% cum. 2d pf. stk
807,600
3,993
2,937
945,632
x
Common stock..
2,150,000
100,098
582,949
558,777
24,676
21,280
Officers <fc employ,
stock accounts.
3,325
Securities
4.401
6,778
4,800
Other assets...
5,282
Creditors' def. bal.
Inven. of mdse.
Cash surr. val.
lnsur.
_
policies
stock...
Capital surplus...
Earned surplus
_
__
Fixed assets
Deferred charges.
y
23,958
wv—wwvt
UV|UVtlni7
Net operating revenues
Non-operating revenues
$1,232,943
21,930
2851.
Net interest charges
Other deductions
Profit
on
sale of pref. stk. of
co_
_
$773,595
632,410
47,799
55,756
x4,000
$752,045
$33,630
$35,783
6,986
$189,525
sub.
Net profit
$33,630
$28,797
598,498
60,927
56,838
Non-operating items
Credit to surplus for year
x
Including
profits tax.
provision
for
contingencies,
y
Including
undistributed
General Balance Sheet March 31
Assets—
*
1937
1936
Prop. & equipments,404,743 $2,377,956
Investments in and
loans to affiliated
495,687
—
$193,600
300,000
220,000
100,000
35,865
39,148
Loan, affiliated co.
Notes & accts. rec.
38,979
42,076
Accts. pay.&accr.
9,092
29,246
17,356
21,157
67,608
67,015
1,146,202
827,300
7% cum. pref. stk.
62,700
x Common stock..
184,234
Surplus
220,835
lnsur. claims rec..
Dividend
17,356
rec
Materials & suppl.
15,486
Deferred assets
43,532
Total
x
$2,986,886 $3,090,235
52,441
1,174,150
5% cum. 1st pf.stk
Total
Represented by 37,500 no par shares in
1937.—V. 143, p. 1734.
shares in
$3,585,369
1936
4,360,536
$3,252,183
30,969
27,b52
Dr28,445
-
Pr64,592
c.
cnrt
(before
- —
$8 ,/j o
927,500
(net)
Amortization of debt discount and expense
y 15,000
$2,660,393
1,007,352
Gross income—
Interest charges
$o ,587,8yd
$2,300,243
1,331,366
155,358
25,248
—
Other income deductions
.....
$1,472,435
60,958
24,000
$883,919
been made by the corporation for Federal
undistributed profits for 1936 as the corpo¬
ration will claim as a deduction in its final income tax return the unamor¬
tized discount and expense and redemption premium and expense on bonds
redeemed in 1936 which will result in no taxable income.—V. 145, p. 627.
Note—No
income taxes
provision
or
has
for surtax on
(F. W.) Woolworth Co .—Stock Sold—A block of 88,350
common stock, offered privately Aug. 3 by Kidder,
shares of
Peabody & Co., has been all sold.
The stock represents the
liquidation for tax purposes of the holdings of the estate of
C. P. Case, a former official of the company.
Period End. July 31—
1937—Month—1936
1937—7 Mos.—1936
....$24,727,216
$22,859.527$158.607,106$147,628,202
—V. 145, p. 295.
Wright Aeronautical Co.—Earnings—
Period End. June 30—
x
1937—6 Mos.—1936
1937—3 Mos.—1936
Net profit after deprec,,
_
_
$750,240
$343,570 $1,036,593
$613,589
x Before provision for possible Federal surtax on undistributed income.
—V. 144, p.3353
interest and taxes
items
Res. for deprec...
$7,612,720
$o»244,U94
4,658,725
and contract
Net operating revenue and other income
appropriation for retirement reserve)
Appropriation for retirement reserve
$193,600
185,000
Cash
Earnings—
J.937
.0
for retire, reserve)
Miscellaneous non-operating revenue
Income from merchandising, jobbing
work
for the six months
(& Subs.)-
»
Operating revenues
Oper. expenses, maintenance and taxes
Wil¬
mington Tr. Co-
7,054
$929,528
489,635
2,800
....
$811,089
$437,093
undistributed income was required for
has been made for the surtax
Wisconsin Public Service Corp.
Sales.
1936
1937
Liabilities—
1st mtge. 7% bds.
due 1944
Coll. note
421,831
companies
for Federal surtax on
Net income
1935
1936
$1,103,770
803,964
38,702
59,978
y23,600
Crl2,000
$189,525
Interest
Provision for depreciation
Provision for Federal taxes
$922,474
'
-
No provision
the year 1936. No provision
ended June 30, 1937.
Inc.—Earnings—
1937
1936
$2,928,843
2,006.368
.
official notice of issuance and 498,837 additional
shares of common stock (no par), upon conversion of the convertible 3M %
debentures, making the total amount now applied for 2,500,000 shares.
—V. 144, p. 3356.
Wilson Line,
...
Net income
upon
Years Ended March 31—
$1,254,873
441,729
2,055
Gross income
yRepresented by 616 shares
Inc.—Listing—
Income from all sources
Maintenance, oper. expenses, &c
$2,699,736 $2,441,988
Total
12 Months Ended June 30—
1
The New York Stock Exchange has authorized the listing of $6,500,000
convertible Z%% debentures, due April 1, 1947, which are issued and
outstanding; and
974,865
Power—Income Statement-
Net oper. rev. (before approp.
OUCVLCO.
no
546,009
'1937
$3,277,367
2,044,424
1,532
$4,602,481 $4,431,629
Total
at cost in 1936 and 593 shares at cost in 1934. —V. 144, p.
Wilson & Co.,
Drl
Drl2,568
•
•
-----
526,438
1,377,324
stock.__
Total operating revenues
:
$4,602,481 $4,431,629
-""X"
110,618
7,219
1,785,590
31,200
1,805,040
_
6,261
pref. cap. stk.
V
Michigan
Wisconsin
stock
Common
held in treasury.
_
of
12 Months Ended June 30—
2,150,000
1,063,546
rec.
3859.
411
Res. for retirement
$2,699,736 $2,441,988
Total
$284,627
Accruals
50,000
1935
1936
Accounts payable-
$108,863
Treasury
Accts. & notes
960
49,593
56,066
predecessor cos.
61,074
1,082
6,804
40,291
—V. 144, p.
57,853
Oper. expenses, maint. & taxes
Liabilities—
Ctfs. of dep., U.S.
notes,
& accrd. interest
sub¬
scripts for stock
800,000
of
Surplus
1935
$85,775
600,000
loans
Prov. for retire,
Common
Balance Sheet Dec. 31
1936
on
623
7,456
pref. cap. stock.
Divs. payable
Due to stkhlders.of
Prepaid expenses..
Pittsburgh less salvage.
Assets—
1,634
Bank
....
stock¬
from
payable.__
on purchase of
investment
12,014
Due on sale of se¬
81,278
$128,797
2,653
expenses.
Accts.
Accrd. divs. on ln-
Due
Total income
Int. and fixed charges__
Accrued
1936
$7,377
1937
Liabilities—
1936
$2,336,074 $1,917,102
442,278
304,431
investments
Operating income
Other income
def$468
six months
book value has been credited
Balance Sheet June 30
1937
1933
1934
1935
$3,441
of $184,273 for the first
from increase in price over
of 1936 resulting
Whitaker Paper Co.—Earnings—
1936
1935
$463
stock subscriptions
Operating expanses
Provision for income taxes.
Aug. 18. Until it succeeds in ex¬
tending or refunding its $729,000 of first mortgage 5% bonds, on which the
authorized a 10-year extension, the road cannot repay the RFC,
according to its application.
It is now working on an extension agreement
with the bondholders, it is said.—V. 145, p. 786.
Calendar Years—
Net sales (less discount)
-Earnings—
Income—Interest on investments
The company has asked the Interstate Commerce Commission to approve
three-months extension of its $300,000 promissory note to the Reconstruc¬
Finance Commission
$609,287
Other deductions
$17,209,200
Total
Wichita Falls & Southern Ry. —Extension of Note—
tion
513,756
202,350
2,823
]
deprec. reserve balances
-V. 145, p. 456.
a
$1,328,216
420,623
224,548
3,724
$952,323
Gross income
3,207,890
$17,209,200
$1,311,154
17,062
509,649
6% conv. pref. stock.
Earned surplus
Total
$5,927 1,69
4,616,015
Net interest charges
Int.
333,271
Other current liabilities
4,534
1936
$6,173,370
4,612,992
$1,560,377
40,842
Net operating revenues
Non-operating revenues
Net income
Accrued liabilities
440,258
2.934,980
Miscell. accounts receivable.
1937
—
No
$166,727
1,593,542
$2,465,819 Note payable
83,392 Accounts payable
Drafts receivable—trade
Co.—Income Statement—
12 Months Ended June 30—
Total operating revenues
Total operating expenses
of May 31, 1937
Liabilities—
hand & demand dep.
j
295.
Wisconsin Gas & Electric
1,184,007
Net operating profit
Other income._.
Assets—
1937—6 Mos.—1936
$3,457,490 $3,368,654
1,470,454
1,462,459
$1,746,477
__
Provision for normal Federal income tax
1937—Month—1936
$520,561
$500,453
202,572
196,084
Period End. June 30—
Gross earnings
Net earnings
—V. 145, p.
Gross profit
Sell., admin., engineering, advertising and general expenses
Interest deductions
Co.—25-Cent Dividend—
Wilson-Jones
shares
7,
Aug.
Chronicle
890"666
184,234
75,810
$2,986,886 $3,090,235
1936 and 49,909>£
no par
(Alan)
Wood Steel
Co.—Accumulated Dividend—
of $1 per share on account of
cumulative preferred stocks, par $100, payable
Sept. 1 to holders of record Aug. 14.
A 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 $1.76 per share was distributed.
A dividend of $.50 was paid on June
The directors
accumulations
have declared a dividend
on
the 7%
Volume
Financial
145
Chronicle
965
15, 1934, and prior thereto no distributions were made since April 1, 1931,
when a regular quarterly dividend of $1.75 per share was paid.—V. 144, p.
Yellow Truck & Coach Mfg. Co.—Earnings—
1937—6 Mos.—1936
1937—12 Mos.—1936
$37,981,161 $27,412,187 $69,995,303 $46,516,634
x Profit from
operations.
2,258,743
3,095,224
5,925,534
3,849,157
Provision for deprec'n__
498,586
455,704
965,483
907,763
Prov. for Fed. inc. taxes
183,508
465,089
468,808
456,307
Period End. June 30—
Youngstown Steel Car Corporation
j
Net sales
Net profit
$1,576,649
$2,174,431
$4,491,243
$0.78
$1.16
Prospectus
$2,485,087
$0.36
(An Ohio Corporation)
on
Request
$0.68
Earns, per share on com¬
bined cl. B & com.stks.
No provision has been made for Federal surtax.
L. J.SCHULTZ & CO.
depreciation and Federal income taxes, and in¬
cluding the company's proportion of net profits or losses of wholly owned
and controlled companies not consolidated.—V. 144, p. 3701.
x
Before provision for
Steel
Youngstown
Orders Show Increase of
The corporation
Members Cleveland Stock Exchange
Ohio—Unfilled
Car Corp.,
Niles,
48%—Earnings—
76 Beaver
DIgby 4-6929
St., N. Y.
Bell
unfilled orders at July 1, 1937 amounting to
$430,000, an increase of 48% over the volume on hand at July 1, 1936.
The number of inquiries have shown a marked increase, the company re¬
ports, indicating very active third and fourth quarters.
Net income for the six months ended June 30, 1937, after all charges but
before Federal income taxes, amounted to approximately 61 cents per
share on 125.000 shares ($5 par) common stock outstanding after giving
effect to the recent offering of 55,000 shares.
Based on the same number
of shares, net earnings after all charges including Federal income taxes.
for the entire calendar year 1936, were equal to 49 cents.
Before giving
effect to this financing, earnings for the first six months of this year were
$1.08 per share on 70,000 outstanding common shares, against net income
of 87 cents per share for the year ended Dec. 31,1936—V.145. P 627.
reports
System Teletype N.Y. 1-1541
Union Trust
Building, Cleveland, Ohio
Youngstown Steed Door Co
Dividend Further Increased
i oungstown steel Uoor <~o.
uiviaena turmer increased
The directors have declared a dividend of $1.25 per share on the common
stock, payable Sept. 15 to holders of record Sept. 1. This compares
with 75 cents paid on June 15 last, 50 cents paid on March 15 last, and
regular quarterly dividends of 25 cents per share previously distributed.
In addition an extra dividend of $1 per share was paid on Dec. 15, 1936.
—V. 145, p. 456.
~
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
GOODS—WOOL—ETC.
PROVISIONS—RUBBER—HIDES—METALS—DRY
of 11.25 to 11.50.
COMMERCIAL EPITOME
In Havre futures
lower.
Friday Nighty Aug. 6, 1937.
Coffee—On
the
2d
inst. futures closed
6
points
to
point off in the Santos contract, with sales totaling 39 lots.
The Rio contract closed 1 point off to 1 point up, with sales
of 12 lots.
The Brazilian market dollar rate, which was
100 reis firmer, held the market.
Rio futures in Brazil were
175 to 100 reis off, August closing at 17.825 and October at
17.400.
Rio spot was 200 reis lower at 18.200, and Havre
up
1
futures
2.50 to 4.25 francs off.
were
The
open-market dollar
rate firmed 100 reis to 14.870 milreis to the dollar.
3d inst. futures closed 7 to 10
On the
points off in the Santos
con¬
tract, with sales of 76 lots.
The Rio contract closed un¬
changed to 7 points off, with sales of 36 lots.
Liquidation of
the September and December positions in the Santos contract
sent coffee futures slightly lower in the more active trading
on the local Exchange.
There were no further frost reports
and
weather in Brazil
was
considerably warmer.
Rio
futures were 75 reis off to unchanged at 17.750 for August
and 17.400 for October.
The Rio spot price held at 18.200
and the open-market dollar rate was unchanged at 14.870
milreis to the dollar.
1.50 francs
Havre futures
were
.50 franc off to
On the 4th inst. futures closed 6 to 9
points down, with sales of 55 lots.
The Rio contract closed
1 to 9 points off, with sales of 34 lots.
Scattered trade and
commission house selling, some possibly for foreign accounts,
sent coffee futures lower today on the local Exchange.
The
B contract at Santos closed 475 off to unchanged from
July 30 at 19.625 for September, 19.025 for December and
up.
19.300 for March.
Aug.
2
futures
The C ended 175 off to unchanged from
22.775,
at
were
100
to
22.325 and 22.000, respectively.
Rio
150 off at 17J350 for September and
17.250 for December.
the
at 18.000 and
The Rio
spoTprice
was
open-market dollar rate
14.870 milreis to the dollar.
200 reis lower
was
Havre futures
unchanged,
were
.75 franc
off to .50 up.
On the 5th inst. futures closed 3 to 6
points lower in the
Santos contract, with sales of 115 lots.
The Rio contract
closed 4 to 10 points off, with sales of 44 lots.
This was
reported
as
the most active trading day in
some
time.
Santos terme market weakened somewhat, but this
was
The
not
generally considered an adequate explanation of the selling.
The reported breakdown of the Brazil-Reich agreement was
again cited as a possible cause, but without much conviction.
Rio futures in
Brazil
50 off
to 50 up at 17,600 for
The Rio spot price declined
17,800 and the open market dollar rate eased
were
were
Rio coffee
prices closed
as
\
x/i to 1}^ francs
yy:
■
follows:
December
6.901 March
6.71
May
September
6.63 {July
6.61
7.08]
Santos coffee
prices closed
as
follows:
December
March
9.99
May
July
9.87 September
9.78
10.20
10.58
Cocoa—On the 2d inst. futures closed 1
the
entire
list.
point higher for
extremely light,
1,246 tons. A further reduction over
Volume
totaling only 93 lots,
or
of
business
was
the week end in licensed warehouse stocks and the fact that
the leading
manufacturer has a supporting order for 1,500
September at 7.90c., with prospect that the limit
may be raised, were factors in sustaining the market.
The
London market was closed.
Local closing: Sept., 7.95;
Dec., 8.11; Jan., 8.16; March, 8.26. On the 3d inst. futures
closed 10 to 14 points higher. Transactions totaled 356 lots,
lots of
or
4,770 tons.^
level
The advance put all positions above the 8c.
again and because of the nature of the buying,
seemed to curb the desire to sell the market short. The selling
was largely hedging for the account of cash and carry houses,
along with scattered profit-taking. A leading manufacturer
was conspicuous on the buying side, and Wall Street demand
was
once
in evidence.
Licensed warehouse stocks decreased
over¬
night by 1,152 bags to 1,288,995. Local closing: Sept., 8.04;
Dec., 8.21; Jan., 8.28; March, 8.39; July, 8.60. On the 4th
inst. futures closed 1 to 3 points higher. At one time prices
showed a maximum gain of 6 to 7 points.
The undertone
ruled firm throughout the session, however.
Transactions
totaled 542 lots, or 7,263 tons.
New speculative buying
was more in evidence, based to some extent on improvement
in London, which still shows a premium there of about 33
points over the basis here. Licensed warehouse stocks over¬
night dropped 1,502 bags to 1,287,493. From the peak on
June 30 this is a reduction of 69,000 bags.
Local closing:
Sept., 8.09; Oct., 8.13; Nov., 8.19; Dec., 8.25; Jan., 8.31.
On the 5th inst. futures closed 3 to 5 points net lower.
The closing range represented the lows of the day.
Trans¬
actions totaled 292 lots or 3,926 tons. Heavy profit taking
was regarded as responsible largely for the declines.
Licensed
warehouse stocks in the tenth successive decline, were off
overnight 2,822 bags, the total amounting to 1,284,671 bags.
Local closing: Sept. 8.05; Dec. 8.21; Jan. 8.26; Mar. 8.38;
May 8.48; July 8.58. Today futures closed 17 to 15 points
Transactions totaled 425 contracts.
Cocoa futures
August and 17,300 for October.
lower.
200 reis
buying and new speculative
demand. Shorts were nervous and covering commitments.
A fair amount of the trading consisted of switching from
near to deferred positions.
Local closing: Sept. 8.21; Oct.
8.27; Dec. 8.38; Jan. 8.43; Mar. 8.53; May 8.63.
to
20 reis to 14.900 milreis to the dollar.
3
to
2 francs lower.
Santos
bolsa
were
during the day.
The
easier
"B" and
at
and
contracts
on
the
declined further
The "B" closed 150 off to 50
"C" ended 150 to 200 lower.
reis lower than
the call
Havre futures closed
"C"
up,
while the
The Santos spot price was 100
July 30 at 22.600 milreis. Today futures
closed 1 to 5 points up in the Santos contract, with sales of
59 contracts. The Rio contract closed 3 to 1 points
up, with
sales of 23 contracts.
Coffee futures registered gains in
early afternoon after an easier opening. Santos contracts
stood 3 to 6 points higher, with December at 10.20 cents.
Rios were 3 to 4 points higher, with March at 6.73
cents,
up 3 points. Rio de Janeiro futures were 25 to 50 reis lower,
while the spot No. 7 price was off a further 200 reis. Cost
and freight offers from Brazil, although slightly heavier in
volume, were no cheaper. Santos 4s were held in a range
on
were
firm
on
manufacturer
Sugar—On the 2d inst. futures closed 1 poifct higher to
point lower. Transactions totaled only 126 lots. Reflecting
the uncertainty of the ultimate fate of pending legislation,
domestic futures were quiet, with traders generally remaining
1
on
the sidelines.
The market started well with March the
only position traded, advancing 2 points to 2.40c. Jhnuary
subsequently sold at the same level, which was an advance
of 3 points.
However, when it became known that the
House
Committee
refused
to
meet
the
Administration's
objections, the market sold off from the highs and ruled
steady around the previous closing levels. In the market for
raws, though no sales were effected, more than one refiner
Financial
966
interest
showed
at
3.50c.
delivered
for
August
arrival
Chronicle
Most
of the
Philippines, and for later than August arrival there was
interest at slightly under that level, but sellers had no dis¬
cretion under 3.50c.
The world contract market closed at
sales reported today ranged from $11.30 to
On the 4th inst. futures closed 5 to 10 points net
The opening rangie was 12 to 20 points lower, and
$13.25.
A point higher to A point lower, with only 122 lots traded.
On the 3d inst. futures closed 1 to 2 points net higher. Trans¬
actions totaled 140 lots. The bulk of trading was made up
1937
7
Aug.
the
September short covering and hedge lifting against an
Nothing of importance was received in the way
of news from Washington in connection with sugar legis¬
lation. In the market for raws McCahan bought 1,000 tons
of
actual sale.
of Philippines, due the end of August at 3.50c. delivered
yesterday. The price is unchanged from the current spot
basis.
A further interest at the 3.50c. basis for August
arrivals existed at the close. The world sugar contract closed
point higher, with sales totaling 215
A point lower to
that the
President of Cuba signed the decree for extension of certifi¬
cates on 300,000 tons of sugar as recommended by the Cuban
Sugar Institute. On the 4th inst. futures closed 2 to 3 points
up.
Transactions totaled 381 lots. News from Washington
that the House Rules Committee sanctioned the introduction
of the sugar bill today strengthened domestic sugar futures,
for the opinion was general in the trade that, since the bill
has gained entrance, it will be passed in the form suitable
to the cane refiners and beet bloc, that is, the Government
lots.
After the market closed, reports were current
for
proviso
unrestricted
imports
of
refined
Hawaii and Puerto Rico will be overruled.
sugar
from
On this prospect
and new buying developed, and also there
hedge lifting against actual sales. The raw market was
higher on substantial purchases. McCahan bought 8,200
tons of Philippines due Aug. 13 at 3.53c. and an operator
bought 7,750 tons, now loading, at 3.50c. The 3.53c. price
represented an advance of 3 points. The world sugar con¬
tract market closed unchanged to A point up, with sales of
336 lots. The market opened unchanged to A, point higher.
On the 5th inst. futures closed 3 to 4 points net lower.
lower.
prices declined to a maximum of 17 to 25 points below
previous closing quotations.
These declines were in the
face of firmnesss in hogs and corn.
Chicago hog prices hit
another new high for the year, the top price for the day
being $13.40, or 10c. above the previous high.
The bulk of
sales ranged from $10.85 to $13.30.
Total receipts of hogs
at the leading Western packing centers were 29,700 head,
against 62,000 for the same day last year.
Lard exports
from the Port of New York were very light and totaled
6,000 pounds, destined for Trieste.
Liverpool lard futures
were unchanged on the spot position and 9d. lower for the
later
rest
points net higher.
heavy speculative buying in evidence, and with
offerings far from liberal, the market responded readily to
this demand.
Western hog receipts continue to run light
and marketings at the leading packing centers totaled 26,600
head, against 54,800 for the same day last year.
Chicago
hog prices closed 15 to 25c. higher and most of the sales
reported ranged from $11.70 to $13.55.
Lard clearances
from the Port of New York totaled 63,000 pounds, destined
for London, Liverpool and Manchester.
Liverpool lard
futures were unchanged to 3d. higher. Today futures closed
3 to 10 points down.
This decline in prices was attributed
largely to profit taking on the recent bulge.
There
The market at the
opening showed losses of 2 to 3 points.
Confidence in the future of
Transactions totaled 225 lots.
the news that
reaching him
that does not contain a provision for unlimited imports of
refined sugar from Hawaii and Puerto Rico.
Trading was
mostly hedge lifting, with some new buying and covering in
domestic sugar received a setback overnight on
President Roosevelt would veto any sugar bill
the late months.
Two sales
Arbuckle bought
market.
were
recorded in the
raw sugar
1,200 tons of raws from ware¬
delivery at 3.50c. delivered.
This
price is unchanged from the last spot basis.
American,
meanwhile, purchased 2,500 tons of Philippines for August-
house here for prompt
September shipment, loading on which is expected Aug. 15,
delivered.
The world sugar contract market closed
A point lower to A point higher, with sales of 322 lots.
Today futures closed 1 point up to unchanged in the domestic
at 3.48c.
Transactions totaled 23 contracts.
contract.
Trading in
quiet, but prices were firm in both departments.
In the domestic sugar market this afternoon prices were 1
to 2 points higher, with March at 2.40c.
Traders were
waiting for news from Washington bearing on the sugar bill.
Raw sugar was offered at 3.60c. for prompt sugars to 3.50
for
August-September Philippines.
In the world sugar
market after opening unchanged, the market this afternoon
stood A. to 1A points higher, with September at 1.21c.,
up a point.
Heavy switching from September into later
months again featured the trading.
In London futures were
unchanged to Ad. higher.
sugar was
Prices
were as
follows:
2.431 January
July
September
.
December
2.55 March
2.45/May
2.39
___2.42
Lard—On the 2d inst. futures closed 17 to 22
lower.
2.38
points net
The maximum decline during the session was 20 to
27
points on the active
oil and the grains were
deliveries.
Weakness in cottonseed
contributing factors to the decline.
A report issued after the close of the market showed that sup¬
plies of lard decreased 10,302,228 pounds, or a little more
than general expectations.
Total stocks of lard now at
Chicago are 105,469,045 pounds, which compares with 63,816,229 pounds on the same day a year ago.
A year ago
today the lard stocks report showed an increase of 10,407,164
pounds.
No export shipments of American lard were re¬
ported today.
Chicago hog prices made another new high
for the year, the top price for the day registering $13.30,
with the major portion of sales, ranging from $11.20 to
$13.20.
Total receipts at the leading Western packing
centers were 40,300 head, against 72,400 for the same day
a year ago.
Liverpool market was closed.
On the 3d inst.
futures closed 25 to 32 points net lower.
The lard market
suffered quite a setback today as a result of heavy selling
influenced largely by a sharp decline in cotton-oil futures.
At the present time cotton-seed oil is underselling lard by
300 points, and while lard's chief competitor continues to
sell at current levels, trade interests are less inclined to sup¬
port the lard market.
Prices closed at the lows of the day.
Lard exports today were light and totaled 11,250 pounds,
destined for Antwerp.
The demand for hogs was reported
to be fairly active.
Prices at Chicago finished 5 to 10c.
higher, but the top price for the day was unchanged from
Monday at $13.30.
Western hog marketings were light
and totaled 32,200 head, against 67,000 head for the same
day last year.
Receipts at Chicago totaled 10,000 head.
was
DAILY CLOSING PRICES
short covering
was
the list.
of
On the 5th inst. futures closed 40 to 45
OF
LARD
FUTURES
IN
CHICAGO
'
Sat.
Mon.
Tues.
Wed..
September
11.75
11.72
11.55
October
12.02
11.85
December
11.65
Thurs.
Fri.
11.95
11.87
11.45
11.17
11.12
11.55
11.52
11.65
January
11.87
11.62
11.40
11.50
11.80
11.20
,11.12
11.57
11.50
Pork—(Export), mess, $36.123^ per barrel (200 pounds);
family, $35.123^ (40-50 pieces to bale), nominal, per barrel.
Beef: (export) steady.
Family (export), $23 to $24 per
barrel (200 pounds), nominal.
Cut Meats: Hams—Picnic,
Loose, c.a.f.—1 to 6 lbs., 18%c.; 6 to 8 lbs., 18c.; 8 to 10
lbs., 163^c. Skinned, Loose, c.a.f.—14 to 16 lbs., 22J^c.;
18 to 20 lbs., 20Ac; 22 to 24 lbs., 18%c.
Bellies—Clear,
f.o.b. New York—6 to 8 lbs., 23c.; 8 to 10 lbs., 23c.; 10 to
12 lbs., 22 Ac.
Bellies—Clear, Dry Salted, Boxed, N. Y.—
16 to 18 lbs., 183^e.; 18 to 20 lbs., 183^c.; 20 to 25 lbs.,
I8L2C.; 25 to 30 lbs., 18%c. Butter: Creamery, Firsts to
Higher than Extra and Premium Marks—253^c. to 32%e.
Cheese:
State, Held '36—22 A to 233^c.
Eggs: Mixed
Colors, Checks to Special Packs—17c. to 23c.
Oils—Linseed oil is
reported to be the strongest oil here,
Tank cars are quoted at 10.6c.
Quotations: China Wood: Tanks, July for'd 11.8 to 12.2c.;
Drums 12.6c.
Coconut: Oct.-Dec. 53^c. nominal; Coast,
Sept, for'd 4%c. Corn: West tanks old crop, 83^c. Olive
Denatured, Nearby $1.40 to $1.45; Shipment, New crop
$1.15 to $1.20.
Soy Bean: Tanks, West, Aug.-Sept. 73^c.
to 8c.; Oct. for'd
73^c.; L.C.L. 10c. Edible: 76 degrees
llj^c. Lard: Prime 13%c.; Extra winter, strained, 12%c.
Cod: Crude, Japanese, nominal; Norwegian, light yellow
nominal.
Turpentine: 37 to 41. Rosins: $9.00 to $10.00.
with the exception of perilla.
Cottonseed Oil, sales,
Crude, S. E., 7%c.
August
September
including switches, 101 contracts.
Prices closed
as
follows:
December
8.30®
8.35® 8.38 January
8.28®
February
March
8.26®
October
November
8.30®
8.32®
8.32®
8.35@
____
Rubber—On the 2d inst. futures closed 4 points lower to
4
points higher.
Transactions totaled only 760 tons. With
Singapore markets closed, a quiet session
prevailed in the local market. The market opened 2 to 12
points lower, and drifted aimlessly throughout the day.
Outside prices were quoted unchanged on a spot basis of
183^c. for standard sheets.
Local closing: Sept., 18.45;
Dec., 18.56; March, 18.64; May, 18.73. On the 3d inst.
the London and
futures
closed
totaled
3,390 tons.
12
19 points net lower.
Transactions
The market opened 11 to 17 points
lower. Outside prices were quoted on a spot basis of
18^0.
for standard sheets, the low for the year, touched twice
to
previously. London and Singapore closed steady and dull,
respectively, prices declining l-32d. to 3-16d, Local closing:
Aug., 18.24; Sept., 18.26; Dec., 18.39; March, 18.51; May,
18.60; July, 18.70. On the 4th inst. futures closed 25 to 32
points higher. The market opened 18 to 29 points higher.
Transactions totaled 2,070 tons. Better demand from manu¬
facturers was reported in the outside market.
Outside
prices were quoted on a spot basis of 18 9-16c. for standard
sheets, with crepes quoted at 20Ac. per pound., Local
closing: Aug., 18.55; Sept., 18.57; Oct., 18.61; Dec., 18.70;
Jan., 18.73; March, 18.80.
On
the 5th inst.
futures closed 14
to
18
points up.
Transactions
totaled
1,290
tons.
Outside prices were
quoted on a spot basis of 18 13-16C. for standard sheets,
with crepes now being quoted at 20% c.
London and Singa¬
pore closed quiet and steady, prices advancing 1-16 to 3s.
16d.
Local closing: Aug. 18.70; Sept. 18.72; Dec. 18.84;
Jan. 18.28.
Today futures closed 2 to 5 points up on the
near
positions and unchanged on the distant deliveries.
Transactions totaled 87 contracts.
The market opened 4 to
points higher.
Cables were higher and the Dutch East
Indies reported a decline in exports during July from the
movement in June.
London and Singapore closed quiet and
steady respectively, unchanged to l-16d. higher.
Local
13
Volume
Financial
145
closing: Sept. 18.74; Dec. 18.88; Jan. 18.93; March. 18.96;
May 19.05.
Hides—On the 2d inst. futures closed 5 to 8 points down
in the active deliveries.
The market had a heavy appear¬
ance during most of the session.
A fair amount of interest
continues in the spot hide market, though business was re¬
ported as dull. June net imports of hides are estimated at
205,000. At the close of June total visible stocks showed a
further reduction to 15,437,000. At the close of June last
year visible stocks amounted to 17,701,000 hides.
Local
closing: Sept., 17.02; Dec., 17.44; March, 17.79; June, 18.17.
On the 3d inst. futures closed 3 points net lower. The market
opened 8 to 12 points lower but subsequently recovered most
of these losses.
Transactions totaled 1,480,000 pounds.
The domestic spot hide department was very quiet.
Local
closing: Sept., 16.99; Dec., 17.41; March, 17.76; June, 18.07.
On the 4th inst. futures closed
unchanged to 5 points higher.
The opening range was 1 to 9
points decline. Transactions
totaled 2,160,000 pounds.
Sellers in Chicago sold a few
more hides this
week, with light native cows bringing 17 He.
a pound.
In the Argentine spot market 2,000 July frigorifico
light steers sold at 16 He. Local closing: Sept., 17.00; Dec.,
17.40; March, 17.76; June, 18.12.
On the 5th inst. futures closed 5 to 9
points net lower.
At the opening prices ranged 5 to 12
points off.
Transac¬
tions totaled 3,080,000
pounds.
The spot hide market is
reported as quiet. Holders appear willing to sell all descrip¬
tions at the last prices, but as a rule
buyers are holding aloof.
Local closing: Sept. 16.95; Dec.
17.32; March 17.69; June
18.04.
Today futures closed 19 to 12 points down. Transac¬
tions totaled 99 contracts.
The market was weak as offerings
increased and found few
buyers. It was said that tanners
were
less interested in cash hides than heretofore.
In the
domestic spot market sales totaled
10,500 hides, including
heavy native cows at 18 He. and light Texas steers at 18c.
Local closing: Sept.
16.76; Dec. 17.20; March 17.55; June
17.88.
Ocean
Freights—The demand for freight space the cur¬
reported as having been spotty, though rates
held
steady.
Charters included: Grain
Booked: Thirty
loads, Montreal, An'twerp-Rotterdam, August, 14c.; Sep¬
tember, 15c.
Five hundred tons, New York French At¬
lantic, August, 18c.
Five loads, New York, Scandinavia,
August, 21c.
Two loads, New York, Hamburg, August,
rent week is
17c.
One-half
load, New York to Antwerp, August, 14c.
loads, Montreal to London, 3s; Antwerp, 15c.;
August.
Six loads, New York French Atlantic first half
October, 18c.
Five and a half loads, New York French
Atlantic, August, 18c.
Two loads, New York French At¬
lantic, first half September, 18c.
Five loads, New York
French Atlantic, second half
September, 18c.
Ten loads,
Albany Antwerp, August, 14c.
Scrap: Atlantic to United
Kingdom, 24s. 6d., August loading.
North of Hatteras to
United Kingdom, 24s. 6d.,
August loading.
Sugar: Cuba to
United Kingdom, August, 25s. 6d.
Trip: North Atlantic to
West Indies, early August, no rate.
Fifteen
Coal—Coal output rose
more
than 400,000 tons in the last
week of
July, according to estimates based upon incomplete
car loading
reports.
Production of bituminous for the week
ended July 31, as estimated
by the National Coal Association,
totaled 7,700,000 net tons,
against 7,290,000 tons the week
before and 7,132,000 tons two weeks earlier.
Production a
year ago was
7,386,000 tons and two
years ago
Chronicle
967
twelve months' Texas, $1.01-$1.03; Australian 64-70s, duty
paid, less usual allowance for superior packing, $1.01-$1.02.
Silk—On the 2d inst. futures closed
Production for the year to Aug. 1 is esti¬
mated at 253,563,000 tons,
against 229,878,000 tons pro¬
duced up to the corresponding date in 1936.
It is
reported
sales
for
both
active than at the end
bales, while futures
Local closing: Aug. 1.80;
Sept. 1.80H; Oct. 1.80; Dec. 1.78H; Jan. 1.78; March 1.78.
On the 3d inst. futures closed He. higher to lHc. lower.
The opening range was He. up to He. off.
Transactions
totaled 1,750 bales.
Crack double extra was up lc. to 1.85H*
Grade D was 2H yen up at Yokohama at 832 H and 5 yen up
at Kobe at 835.
Japanese futures were 19 to 12 points up in
Yokohama, while at Kobe they were 6 to 14 yen up.
Spot
sales at the two markets totaled 1,300 bales, while futures
transactions totaled 8,750 bales.
Local closing: Aug. 1.80;
Sept. 1.80H; Oct. 1.80; Nov. 1.78H; Dec. 1.78; Jan. 1.77H.
On the 4th inst. futures closed unchanged to 3 cents up.
The
market opened He. to 3c. up.
Of the 1,980 bales traded in
all, 1,390 were done in August where shorts covered in volume
after overnight advances in Japan.
Crack double extra was
up lHc. to $1.87.
Japanese markets were higher despite
the weakness here Tuesday.
Grade D was 5 up in both
Yokohama and Kobe at 837H yen and 840 yen, respectively.
Futures were 6 to 10 up at Yokohama and 15 to 6 up at Kobe.
Spot sales in the two markets totaled 1,275 bales and futures
transactions were 6,900 bales.
Local closing: Aug. 1.81H;
Sept. 1.82; Oct. 1.80; Dec. 1.80; Jan. 1.79H*
On the 5th inst. futures closed H to 2 He. lower.
Transac¬
tions totaled only 870 bales.
Crack double extra was un¬
changed. Grade "D" was quoted at 840 in both Yokohama
and Kobe, or up 2H yen in the former market.
Futures
were 9 to 5 off at Yokohama and 8 to 13 yen lower at Kobe.
Spot sales in the two markets totaled 1,025 bales, while
futures transactions totaled 5,050 bales.
Local closing:
Aug. 1.80H; Sept. 1.81; Oct. 1.79H; Nov. 1.78H; Dec.
1.77H; Jan. 1.78.
Today futures closed lHc. up to un¬
changed.
The market opened unchanged to lHc. lower
excepting August, which was He- higher. A firm trend was
in evidence throughout tfhe forenoon, with prices recovering
early losses, although it was reported that the demand for
spot silk had lessened and nervousness over the Sino-Japanese situation persisted.
The price of crack double extra
silk in the New York spot market was unchanged at $1.90.
Transactions
closed
1
in
of
Wools—A
still
moderate, short French combing wools bring
93c. to 95c., good
combing clips in original bags 95-97c., and
clips containing a large percentage of staple
selling occa¬
sionally at 97 to 98c. It is reported that there is a better
feeling in the market as dealers realize that after a decline
of about 13 per cent from the
top
again
reported
pointing upward.
in Texas.
Some
months' wool
are
said
to
prices of the year, values
Highest prices of the season are
purchases
cost
of
the
best
twelve
the
buyer $1 scoured basis
landed Boston.
While original-bag
territory prices are on
the upward trend, the choice fine
spot wools in the market
here have about reached
a
common
basis of value
Staple
territory is quoted $1.01-$1.03; decline, $1.02-$1.04; choice
totaled
futures
76
Yokohama
contracts.
4 yen
lower.
Grade D silk declined 5 yen to
835 yen a bale.
Local closing: Aug. 1.81; Sept. 1.82H;
Oct. 1.80H; Nov. 1.78H; Dec. 1.78H; Jan. 1.78H; March
1.7S.
'
/
'
■
to
.
.
,
COTTON
The
Friday Night, Aug. 6, 1937.
Crop, as indicated by our tele¬
of the
Movement
from the South tonight, is given below.
For the
ending this evening the total receipts have reached
68,215 bales, against 55,199 bales last week and 28,601
bales the previous week, making the total receipts since
Aug. 1, 1937, 41,729 bales, against 38,915 bales for the
same period of 1936, showing an increase of 2,814 bales.
grams
week
Tues.
Mon.
Sat.
Receipts at-
75
Houston
New Orleans.
459
361
387
8,049
8,672
450
1.193
165
379
207
660
1,039
6,237
53,077
2,926
2,417
3,405
9,477
469
"~7
58
5,164
649
16
""27
10
27
9
330
10
Pensacola, &c_.
Jacksonville
""95
76
Savannah
Total
Fri.
242
166
1,389
13,169
8,546
1,148
Mobile
Thurs.
Wed.
97
637
Galveston
38
109
119
678
232
254
"184
396
576
823
14,669
68,215
332
227
""22
Lake Charles.
1
""92
Norfolk
more confident
feeling prevails among the wool
trade, especially dealers, as values show a decided
upward
trend again. A factor in this
improved situation is the firm
front shown by growers, which has
convinced dealers that
current asking prices in the
producing areas are on rock
bottom basis.
It is stated that
ninety-cent wool has faded
out of the picture, and
although the volume of spot business
are
1,050
Wilmington
Copper, Tin, Lead, Zinc, Steel
appearing here, will be found in the
articles appearing at the end of the
department headed
"Indications of Business
Activity," where they are covered
more fully.
*
is
totaled
markets
transactions totaled 10,300 bales.
Charleston
here
2He.
was
.
reporting business just
of July.
Metals—The report
and Pig Iron, usually
Crack double extra in New York
markets.
anese
Corpus Christi-
more
up.
lower at 1.84He.
Grade D was 15 yen off at 830 in Yoko¬
hama
The Kobe price was not received.
Futures were 1 to
8 yen off at Yokohama and 3 to 17 yen off at Kobe.
Spot
that operators are
experiencing a little better demand for
slack in some quarters, but the market as a whole is still
slow,
with prices
continuing at much the same levels as have pre¬
vailed for some weeks.
Wholesale anthracite dealers are
little bit
He.
totaled 5,-
374,000 tons.
a
lc. off to
Transactions totaled 1,460 bales.
The market opened 2 He.
to lc. lower, influenced by the weakness displayed in Jap¬
"72
48
247
Baltimore
Totals this week.
6,791
14,881
11,605
8,934
11,335
The
following table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
with last year:
1936
1937
Receipts to
Aug. 6
Stock
Since A ug
This
Since Aug
Week
1, 1937
Week
1, 1936
867
2,508
4 ,21 i
31,362
1,039
Galveston
Texas
This
City
53,077
Beaumont
2,417
Pensacola, &c
Jacksonville
Savannah
Brunswick
2 ,608
229",280
26,383
107,691
13,891
5", 253
"5",253
244,647
443
443
43,621
3,649
1,600
169,134
56,653
25,814
261,967
79,009
5,193
2,097
147,605
717
2
,277
1,262
10
27
27
___
Norfolk
"252
"""252
124,189
45l
"526
17", 152
254
1
232
16
526
16
1
50
396
Charles
159
"678
Charleston
Lake
2",608
26,383
"
2",926
Mobile--
Wilmington
357,115
"
New Orleans
304
358
358
"823
"""576
"518
"""5l8
68.215
41,729
38,915
330
"
Boston
25,793
10,676
1
11,131
25,725
"""497
3,383
50
5,156
9,069
19,253
"""166
•,
Newport News—
New York
Baltimore
1936
297,229
"
6",237
Houston
Corpus Christi---
1937
2,508
489
750
550
Philadelphia
38,915 1,120,660 1,180,165
Financial
968
In order that
comparison may be made with other years,
give below the totals at leading ports for six; seasons:
we
Chronicle
Receipts at—
1,039
6,237
2,926
2,417
Houston
Orleans.
Mobile
2,508
2,608
5,253
1,857
5,087
9,930
443
816
330
Galveston
New
1934
1935
252
518
Savannah
1933
3,126
19,457
11,507
1,529
1,715
Brunswick
"""526
""678
""428
359
1,823
1
50
17
81
396
358
227
538
120
460
All others
54,191
26,917
37,789
24;763
38,586
42,953
Total this wk.
68,215
38,915
56,583
55,632
77,524
75,602
Since Aug. 1..
41,729
38,915
67,544
72,302
110,536
110,650
Wilmington..
231
'
Norfolk
as
being in
7, 1937
strong technical position
a
Southern spot markets,
unchanged to 10 points lower.
Average price of middling at the 10 designated spot markets
was 11.10.
On the 2d inst. prices closed 18 to 22 points lower.
officially reported,
were
Expectations of markedly bearish crop reports together with
the continued
exceptionally favorable
crop
and weather
news,
"
"
Charleston
3,048
11,473
9,036
5,622
2,351
1,409
6,289
4,447
11,725
3,777
2,253
1932
regarded
result of the extensive decline.
as a
as
1936
1937
Aug.
the market is
Newport News
were
largely responsible for the heavy declines in the cotton
conspicuous, and
market
today.
this
from Wall Street
contributed substantially to the decline.
Some local
together
sources
Hedging operations
were
increased offerings
with
short interests covered
all the cotton destined to the Dominion comes overland and it is impossible to
moderately, and houses with Japanese
The opinion in
quarters was that the market was probably discounting
a
crop of 14,500,000 bales or better.
With the probability
that the crop will mature at an early date this year, some
quarters anticipated an increase in hedge offerings in the
near future.
Gn the other hand, attention was called to the
improved technical conditions resulting from the recent
sharp decline and the better position in which the market
is set to respond to any adverse crop news, should it develop.
Average price of middling at the 10 designated spot markets
was 10.89c.
On the 3d inst. prices closed 5 to 8 points net
higher. Hedge selling was the feature of the trading, the
market declining 10 to 13 points from the highs of the day.
The market showed a decided rallying tendency in the early
session, but whenever fairly substantial gains were shown,
hedge selling developed and discouraged any aggressiveness
on the upward side of the market.
A good part of the early
buying appeared to be based on the belief that the recent
decline had been overdone and that, on technical considera¬
tions at least, a reversal of trend was in order.
Weather and
crop reports continued of a decidedly bearish character. The
market opened steady at an advance of 3 points to a decline
of 1 point.
Almost immediately sharp rallying tendencies
developed and prices moved ahead under a covering move¬
ment, supported by trade buying and absorption credited to
brokers with Japanese connections.
Heavy hedge selling
later developed which caused prices to
drop considerably
from the highs of the day.
Southern spot markets as officially
reported, were 5 to 8 points higher. Average price of middl¬
ing at the 10 designated spot markets was 10.95c.
On the
4th inst. prices closed 18 to 24 points up.
The chief factor in
the upward movement today was "short
covering" in an¬
ticipation of the bureau report. These covering operations
found the market with a scarcity of
offerings. A less favor¬
able weekly weather report than has been the case for some
time, and continued discussions in connection with a crop
loan to farmers, helped to further the
advance, which carried
the forward positions back over the 11c. level.
In addition
to the covering movement referred
to, there was more support
from foreign sources, with
Liverpool and Bombay active in
buying. Rallies met hedging, but offerings from the South
returns
were
The exports
for the week ending this evening reach
a
total
of 26,501 bales, of which 2,199 were to Great Britain, 863
France, 14,346 to Germany, 340 to Italy, 1,480 to Japan,
In the corre¬
to
nil to China, and 7,273 to other destinations.
sponding week last
year total exports were 35,360
to date aggregate exports have been
bales.
24,901
bales, against 35,360 bales in the same period of the previous
season.
Below are the exports for the week:
For the
season
Week Ended
Exported to—
Aug. 6, 1937
Ger¬
Great
Exports from,—
France
Britain
China
Japan
Other
"825
"loc
Total
715
1,600
Houston
2,315
460
.
1,385
10,507
Corpus Christ!..
10,507
"688
New Orleans
5~436
"340
6,464
"54
Charles...
Lake
Italy
many
Galveston
Pensacola, &c
54
433
Charleston
681
433
l",774
Norfolk
Los
~~7£
■.
2,455
1,622
602
602
"206
Total
863
2,199
Total
1936
10,793
1935
9,780
'
14,346
4,986
,
340
1,480
7,273
26,501
12,505
4,355
6,158
Total
664
458
'
I-
2,348
6,978
122
3,434
9,699
9,498
35,360
45,296
From
Exported to—
Aug. 1, 1937, to
Aug. 6. 1937
Great
Ger¬
France
Britain
Exports from—
Italy
many
Galveston
715
715
1,385
460
10,507
"688
New Orleans..
5~436
6,464
"662
"340
2,455
1,622
"54
Lake Charles..
54
433
433
&c.
681
Charleston
1,774
"75
Norfolk
"420
465
602
602
Los Angeles...
"206
Francisco.
Total
Total
Other
10"507
Corpus Chrlstl.
Pensacola,
China
Japan
r
"ioo
"825
Houston
San
"662
"420
465
Angeles
San Francisco...
2,199
...
863
12,746
6,158
4,986
12,505
24,901
122
6,978
7,273
3,434
9,498
35,360
45,296
2,348
4,355
Total
1936
10,973
1935
9,780
!
9,699
340
Total
664
458
1,480
NOTE—Exports to Canada—It has never been
practice to include in the
our
above table reports of cotton shipments to Canada
the reason being that virtually
give
concerning the same from week to week, while reports from the customs
are always very slow in coming to hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of May the exports to the Dominion the present season
districts on the Canadian border
have been 16,950 bales.
In the corresponding month of the preceding season the
For the ten months ended May 31, 1937, there were
exports were 22,000 bales.
239,806 bales exported, as against 203.820 bales for the ten months of 1935-36.
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Leaving
Great
Ger¬
Other
Foreign
Stock
Coast¬
many
France
wise
small, which accounted in no little measure for the
sensitiveness of the market to the slightest demand.
The
market opened steady at 6 to 10 points
The strength of
surprise when the
President's attitude on loans and the large
crop estimate
made by a leading trade
publication, which placed the
probable yield
at
15,721,000
bales—were
considered.
Southern spot markets as officially
reported, were 15 to 20
points higher. Average price of middling at the 10 designated
up.
the
market
On
trade
Galveston
New
100
1,300
Houston
200
2,568
3,266
5,803
"200
1~,718
800
1,000
656
210
1,722
"248
293,829
225,734
233,656
124,189
17,152
39,521
19,253
145,289
3,400
3,546
10,991
2", 134
112
Orleans..
4", 100
Savannah
Charleston
Mobile
Norfolk
Other
ports
8,933
1936
,7,815
548
1,186
Total 1935
7,581
319
.
Speculation
in
.
6,034
2,442
2,000
5,312
8,830
13,778
1,210
1,772
22,037 1,098,623
22,045 1,158,120
24,389 1,045,898
for
cotton
future
711
delivery
quite
was
11.14c.
prices closed 9 to 13 points net higher.
hedge selling and further buying by
foreign interests accelerated the advance in
The
chief
factor
covering
in
Weather and crop
Congressional
would
assure
yesterday,
representatives
ish
generally.
higher
during
Crop and weather reports continued bear¬
The market's improvements of the last few
days was attributed largely to its strong technical position
and tlie
slightly better outlook for cotton loans.
On the 31st ulto. prices closed 5 to 8 points
market
result
the
of increased
week-end.
holiday.
hedge selling and
The
Demand
Liverpool
was
more
market
traders
was
and crop
news
was
positions.
over
for
a
to await further
new
levels for
Tlie general disposition among
private
crop
estimates.
upward side, yet traders
Weather
With sentiment and
generally bearish, there appeared to be
any means
closed
the
slow and when hedge selling orders
advices continued favorable.
toward the
as
liquidation
again appeared at the close, prices broke to
most of the active
The
down.
opened barely steady at 4 to 7 points decline
were
no
friendliness
not inclined by
to take the aggressive on the downward side, as
cotton
States
placing condition
of
the crop
at 75.6%,
222.8, and the total crop at 15,588,000
Southern spot markets, as officially reported, were
6 to 11 points higher.
period and
the
the yield an acre at
during the past week, with the price trend decidedly
of the
of
of control legislation at the opening
of the January session.
Another private crop estimate was
passage
in
part
advance, however, was
of
the
bureau
report.
news were favorable,
with beneficial
reported in western Texas.
It was indicated that
President Roosevelt had agreed to approve cotton loans pro¬
lower
early
the
rains
bales.
tlie
in
anticipation
active
the latter part.
little
no
of
issued
Total
with
inst.
short
viding
Total 1937.
was
volume
and
values.
viewed
was
tlie 5th
Reduced
Total
fair buyers at the outset.
were
some
spot markets
Shipboard Not Cleared for—
Aug. 6 at—
Britain
connections
designated
Average price of middling at the 10
markets
spot
11.24c.
was
Today prices closed 3 to 13 points down.
slight
gains
turned
in
the
morning
trading,
the
After -showing
cotton
market
easier
during the afternoon in quiet dealings.
The
opening range of prices was 1 point higher to 5 points lower.
Trading was largely evening up outstanding contracts for
Monday's Bureau crop estimate.
Following the opening,
prices fluctuated rather feverishly, although holding fairly
stable in view of disappointing Liverpool cables.
Improved
sales
At
of
the
textiles
same
commission
showed
no
late
time
houses
very
steadier than
the
yesterday
South
both
stimulated trade
and
New
Orleans
buying.
sold, with
liquidating
decided trend.
and covering.
Prices
Near months were relatively
distant positions.
Premiums and Discounts for Grade and Staple—The
table below
gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on
Aug. 12, 1937.
Premiums and
discounts for grades and staples are the average
quotations
Volume
Financial
145
of 10
markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over J^-inch cotton at the 10 markets on
Aug. 5.
'
%
15-16
1 In. &
X
Inch
Longer
Inch
1 In
15-16
Inch
Inch
White—
„
.69
on
Good Mid
.13 on
.39 on
.68 on
.62
on
.99 on 1.33
on
St. Mid
.07 off
.19 on
.49
Good Mid
.55
on
.92
on
Mid
.70 off
.47 off
.23 off
on
.73 on 1.06 on
1.06 on 1.40 on
on 1
26
St. Mid
.36
Mid
Basis
.37 on
,69
St. Low Mid
.69 off
.37 off
.07 off
Low Mid
on
•St. Low Mid— 1.57 off 1.42 off 1.20 off
2.28 off 2.15 off 2.05 off
•Low Mid
on
Tinged—
Good Mid
.42 off
.20 off
.05 off
•St. Good Ord. 2.24 off 2.14 off 2.04 off
•Good Ord
2.80 off 2.76 off 2.73 off
Extra White—
St. Mid
.71 off
.49 off
.22 off
Good Mid..;
.55
on
.92
on
1.26
on
•Low Mid
St. Mid
.36
on
.73
on
1.06
on
1.52 off 1.34 off 1.12 off
Mid
Even
.37 on
.69
.67 off
St. Low Mid...
Low Mid
Aug. 6—
1936
1937
Stock at Liverpool
Stock at Manchester
bales.
1935
1934
746,000
124,000
641,000
93,000
488,000
64,000
901,000
96,000
870,000
136,000
138,000
10,000
.36 off
•St. Low Mid_. 2.33 off 2.21 off 2.10 off
.07 off
734,000
161,000
134,000
12,000
64,000
61,000
11,000
9,000
552,000
185,000
81,000
20,000
60,000
57,000
14,000
8,000
997,000
419,000
167,000
23,000
60,000
53,000
7,000
11,000
452,000
425,000
740,000
Good Ord
1.23 off 1.03 off
1.80 off 1.67 off 1.54 off
•Mid
2.47 off 2.41 off 2.33 off
Gray—
.13 off
.34 off
.57 off
.38 off
.59 off
.82 off
1.43 off 1.27 off 1.08 of
Good Mid
St. Mid
•Mid
Not deliverable
on
The official
.82 off
•St. Mid..
2.77 off 2.69 off 2.66 off
future contract.
quotation for middling upland cotton in the
day for the past week has been:
New York market each
July 31 to Aug. 6—
Middling upland
Sat.
Mon.
Tues.
Wed.
Thurs.
11.18
10.96
11.04
11.24
11.35
Fri.
11.28
New York
Quotations for 32 Years
The quotations for middling upland at New York on
Aug. 6 for each of the past 32 years have been as follows:
1937
11.28c.
1929
18.95c.
1936
1935
12.65c.
1928
19.65c.
11.95c.
13.20c.
1927
10.05c.
6.20c.
7.95c.
12.95c.
1925
17.15c.
18.85c.
24.50c.
31.25c.
.25.00c.
21.35c.
1934
1933
1932
1931
1930
1926
1924
1923
—
—
1922
13.50c.
1921
1920
12.00c.
12.75c.
——.12.75c.
15.90c.
12.70c.
10.85c.
13.25c.
10.70c.
1913
1911
1912
1919
39.50c.
32.75c.
1918
32.85c.
1917
27.80c.
1910
1909
1916
13.95c.
1908
1915
9.45c.
1907
1906
1914
Market and Sales
The total sales of cotton
at
New York
the spot
indicated in the
each day during the
week at New York are
following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
on
days.
on same
Futures
Closed
Closed
Saturday
Monday
Tuesday
WednesdayThursday
Friday
SALES
Market
Spot Market
Quiet, 5pts. dec
Quiet, 22 pts. dec...
Steady, 8 pts. adv..
Steady, 20 pts. adv.
Steady, 11 pts. adv.
Steady, 7 pts. dec—
Total
Contr'ct
Spot
Steady
Barely steady.
Steady
Steady
Steady
Barely steady
.
"300
300
Since Aug. 1
300
300
Saturday
July 31
Monday
Tuesday
Aug. 2
Aug. 3
India cotton afloat for
Europe—.
American cotton afloat for 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
_TotaI visible supply
64,000
59,000
76,000
87,000
182,000
225,000
86,000
101,000
813,000
807,000
1,120,660 1,180,165
811,182 1,167,401
9,391
13,010
977,000 1,737,000
87,000
52,000
123,000
123,000
176,000
178,000
91,000
200,000
593,000
947,000
1,070,287 2,355,230
1,111,532 1,128,283
5,401
5,425
...4,352,233 4,825,576 4,234,220 6,725,938
Of the above, totals of American and other
descriptions are
American—
Liverpool stock
bales.
Manchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. port stock
U. S. interior stock
U. S. exports today
Total American.
follows:
as
325,000
234,000
150,000
317,000
42,000
39,000
24,000
48,000
90,000
103,000
115,000
361,000
104,000
88,000
61,000
139,000
21,000
80,000
87,000
96,000
76,000
87,000
123,000
123,000
1.120,660 1,180.165 1,070,287 2,355,230
811,182 1,167,401 1,111,532 1,128,283
9.391
13,010
5,401
5,425
2,599.233 2,991,576 2,747,220 4,572,938
East Indian, Brazil, cfcc.—
Liverpool stock
421,000
82,000
46,000
34,000
25,000
64,000
182,000
86,000
813.000
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
407,000
54,000
58,000
46,000
77,000
59,000
338,000
40,000
60,000
20,000
82,000
87,000
176,000
91,000
225,000
101,000
807,000
584,000
48,000
58,000
28,000
58,000
52,000
178,000
200,000
947,000
593,000
1,753,000 1.834,000 1,487,000 2,153,000
2.599,233 2,991,576 2,747,220 4,572,938
Total visible supply
4.352.233 4,825,576 4,234,220 6,725,938
Middling uplands, Liverpool
6.20d.
7.02d.
6.48d.
7.42d.
Middling uplands. New York
11.28c.
12.67c.
11.60c.
13.75c.
Egypt, good Sakel, Liverpool
10.88d.
11.50d.
8.55d.
9.56d.
Broach, fine, Liverpool
5.36d.
5.64d.
5.61d.
5.70d.
Peruvian Tanguis, g'd fair, L'pool
7.40d.
7.72d.
C.P.Oomra No.l staple,s'fine.Liv
5.32d.
5.72d.
...
300
lowest
320,000
1,190,000 1,186,000
....
Total week.
highest,
Total Continental stocks
Continental imports for past week have been 83,000 bales.
The above figures for 1937 show a decrease from last
"300
Futures—The
22,000
8,000
6,000
Stock at Venice and Mestre
Stock at Trieste
.
__
New York for the past week have
Stock at Barcelona
Stock at Genoa
Total European stocks
Good Mid
on
Stock at Havre
Stock at Rotterdam
2.84 off 2.77 off 2.71 Off
Stained—
Yel.
1.49 off 1.31 off 1.10 off
Total Great Britain
Stock at Bremen
1.58 off 1.45 off 1.26 off
•Mid
•St. Good Ord. 2.21 off 2.08 off 1.97 off
closed
969
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.
are
Spotted—
St. Good Mid-
♦
figures
&
Longer
Mid. Fair
*
Chronicle
and closing prices
been as follows:
Wednesday
Aug. 4
Thursday
Aug. 5
at
Friday
Aug. 6
week
of
8,854 bales, a loss of 473,343 from
1936,
118,013 bales over 1935, and a decrease
2,373,705 bales from 1934.
increase
an
of
of
At the Interior Towns the movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Aug.{ 1937)
Range..
Closing
.
10.68W
10.46W
10.54n
10.7477
10.85W
Movement to Aug. 6, 1937
10.7877
Movement to Aug. 7, 1936
Sept.—
Range.
Closing
Towns
.
10.73w
10.51W
10.75W
10.59n
10.9077
Receipts
10.8377
IVeet
Oct.—
Range.. 10.75-10.86 10.56-10.74 10.58-10.77 10.65-10.92 10.86-10.99 10.86-11.01
Closing. 10.78
10.56-10.59 10.64-10.65 10.84-10.85 10.95
Ships-
10.88-10.89
124
Aug.
Week
124
-
20
-
Montgomery.
39
39
376
Closing
Selma
20
20
1,164
10.74W
10.54W
10.6177
1
.8177
10.91W
10.8377
Dec.—
Range..
Closing.
Jaw. (1938)
Range..
Closing.
10.
9-10.79 10.51-10.67 10.51-10.70 10.59-10.85 10.77-10.92 10.75-10.93
—
10.51-10.53 10.58
10.78-10.79 10.87-10.88 10.78-10.80
10.70
10.72
—
10.53-10.54 10.61
10.63-10.85 10.80-10.96 10.82-10.92
10.81
10.91 —
10.82
10.59W
.
10.6677
10.85W
10.97W
10.8677
Little Rock..
Range.. 10.84-10.90 10.65-10.81 10.66-10.83 10.72-10.99 10.92-11.06 10.88-11.06
10.65-10.66 10.72 —
10.90-10.92 11.03 —
Closing. 10.84 —
10.90-10.91
...
.
Range..
10.86W
10.67W
Closing
May—
Range.. 10.88-10.96 10.70-10.
10.88 —
10.70 —
Closing
10.7577
.
10.94W
11.0577
10.9277
.
.
371
623
24
24
1,036
"l68
1,221
"l3
3,850
7,472
5
5
"§88
9,610
......
-
812
40,306
11,035
28,838
18
.
135
341
601
5,809
16,279
31,598
5,109
781
781
2,426
215
215
423
11,041
92
92
894
84
9,507
11
239
11,914
7
16
620
10,961
15
15
650
1,502
3,046
1,502
9,545
3,046
5,495
600
600
94
94
25
25
350
1
1
497
19,959
14,027
107
107
91
604
25
""Si
"""Si
19,433
349
5,607
6,822
-
.
—
.
.
529
529
4,160
1,315
856
68,114
700
700
900
4
4
383
32,800
18,102
17,907
1,729
3,283
Macon
.
.
_
.
m
725
......
.
La., Shreveport.
20
..
80
80
193
101
101
1,088
8
8
601
792
Miss.Clarksdale
Jackson^
..
792
804
233
10,727
2
.....
86,518
1,315
Atlanta.
Greenwood.
Range..
191
4
56
16
Athens
Columbus
June—
78
4
56
31,237
9,710
49,588
52,284
62,389
6,470
"l68
'
.
78
7
592
11
.
Albany..
Rome
10.70-10.87 10.76-11.05 10.98-11.10 10.94-11.10
10.77-10.78 10.98-10.99 11.08-11.09 10.94
55
4,219
135
Walnut Ridge
Augusta
Columbus
April—
55
2,363
'
Ga.,
Aug.
23
......
Jonesboro
Pine Bluff...
Range..
10.78W
Closing
Mar.—
Stocks
Week
M
1
.....
Helena
Newport
Feb.—
Ship¬
ments
Season
101
Ark.Blytheville
Forest City..
Hope
10.72-10.80 10.53-10.69 10.55-10.7
Receipts
Week
14,633
6,095
24,431
15,772
33,249
1,196
Range..
.
6
177
Ala., Blrming'm
Eufaula
Nov.—
Season
Stocks
ments
_
700
15,912
22,077
81,946
90,345
33,000
1,968
26,955
"
12,734
7,789
3,480
10.72W
10.78/7
11.0077
ll.lOw
10.9577
Range.. 10.92-11.00 10.78-10.87 10.23-10.90 10.85-11.07 11.04-11.13 10.94-11.11
10.74w
10.79
11.03 —
Closing. 10.92 —
11.13 —
10.9777
9
9
284
Natchez—
Closing. 10.90W
July—
709
47
510
Vicksburg...
846
"l9
'"""15
338
1,825
1,400
6
6
303
820
...
247
Yazoo City..
Mo., St. Louis.
Range for future prices at New York for week ending
Aug. 6, 1937, and since trading began on each option:
584
584
854
1,750
3,402
3,402
3,477
1,803
N.C.,Gr'nsboro
Nominal.
77
56
56
128
2,757
392
392
283
2,272
1,148
81,547
36,922
Oklahoma—
15 towns *___
34
34
200
53,396
87
87
S. C.,Greenville
Tenn.,Memphis
726
726
2,716
60,404
4,430
4,430
2,957
8.827
8,827
1,277
2
2
102
2,000
348
348
513
3,668
3,034
8,996 234,226
472
Texas, Abilene.
Option for—
Range for Week
Range
Since Beginning
of Option
""14
Austin
Aug. 1937—
Sept. 1937—
Oct.
1937- 10.56
Aug.
2 11.01 Aug.
Nov. 1937—
11.50 Aug. 29 1936 12.92
11.52 Nov.
4 1936 13.95
6 10.56 Aug.
6 1937 13.98
11.87 June 17 1937 12.40
Mar.
6 10.51 Aug.
13.94
Apr.
Apr.
13.85
1937- 10.51
Aug.
2 10.93 Aug.
1938
Aug.
2 10.96 Aug.
Feb.
1938
Mar. 1938— 10.65 Aug.
2 11.06 Aug.
2 1937
5 10.53 Aug.
2 1937
11.15 July 26 1937
5 10.65 Aug.
2 1937
Apr. 1938„
May 1938.. 10.70 Aug.
2 11.10 Aug.
5
—
June
1938—
July
1938-
10.73" Aug".
The Visible
Aug.
10.70"
13.93
3 1937
Mar.
Apr.
July
488
157
2,443
646
102
102
240
1,693
1,693
"236
1,963
517
517
29
545
545
701
57
57
23
242
304
5,513
52
2,277
13.97 Apr.
Dallas
7 1937
•
--I
Paris......
5 1937
12 1937
Robstown..
5 1937
5 1937
5 1937
Aug.
2 1937 12.96 May 21 1937
11.50 July 23 1937 11.83 July 21 1937
6 10.73 Aug.
3 1937 11.36 July 27 1937
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
afloat are this week's returns, and
consequently all foreign
cable and
as
3 11.11
1,113
264
""32
Mar. 31 1937
Dec.
Jan.
10.53
1,967
24,981 350,963
1,136
11
Brennam
2,957
San Antonio.
Texarkana
...J
..
"""25
12,014
12,014
Waco
Total, 56 towns
•
2,088
25
506
"95
"95
28,979811,182
23,746'
23,746
48
1,435
62,7621167401
includes the combined totals of 15 towns in Oklahoma.
The
above
totals
show
that
the
interior
stocks
have
during the week 28,979 bales and are tonight
356,219 bales less than at the same period last year.
The
receipts of all the towns have been 11,732 bales less thandecreased
the
same
week last year.
970
Financial
V
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
Chronicle
Aug. 7, 1937
later monthly reports as subsequent conditions prove more
or less favorable than average.
for the week and since
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1937-
Aug. 6—
Shipped—
-1936-
Since
Week
Via St. Louis
Via Mounds, &c
Via Rock Island
Since
Week
Aug. 1
Aug. 1
854
696
1,525
1,270
3,477
1.940
98
98
338
338
3,823
4,666
3,076
3,340
3,618
2,443
3,618
2,443
.10.966
8,480
11,816
11,816
823
576
518
Via Louisville
.
Deduct Shipments—
Overland to N. Y., Boston, &c.
Between interior towns
1,940
Total to be deducted
.
Leaving total net overland *
.
201
256
518
256
2,758
2,758
6,735
6,735
3,782
3,535
7,509
7,509
7,184
4,945
4,307
4,307
The
foregoing shows the week's
has been 7,184 bales,
the week last year, and that for
aggregate net overland exhibits an
net overland movement
against 4,307 bales for
the season to date the
increase over a year ago
year
638 bales.
1937
In Sight and Spinners'
Takings
Week
*28,979
Came into sight during week
Total in sight Aug. 6
38,915
4,307
125,000
168,222
*39,016
168,222
*39,016
By an exchange of notes between the Department of State and the
Japanese Embassy at Washington, dated, respectively, July 2 and July 27,
1937, it was agreed to continue for a period of one year beginning Aug. 1,
1937, the existing arrangement relating to importation of Japanese cotton
piece goods into the Philippine Islands, which is due to expire on July 31.
157,536
23,315
Under the
existing arrangement the Association of Japanese Exporters
Piece Goods into the Philippine Islands agreed to limit for a
period annual importation of Japanese piece goods into the
Philippines to 45,000,000 square meters.
of Cotton
two-year
129,206
17,789
19,429
17,789
bales of 478
Week—
Bales
1935—Aug.
9
1934—Aug. 10
1933—Aug. 11
.128,406
-129,877
174,916
years:
pounds each, according to
Since Aug. 1—
Bales
165,968
182,820
276,160
1935
1934
1933--------
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
of the week:
Tuesday
The estimate, however, is based upon the continuation of favorable
climatic conditions and absence of serious insect damage up to the harvesting
Last season the first official estimate of 812,000 bales was reduced to
644,000 bales in the final official estimate.
The 1935 crop in Northern
Brazil amounted to 826,000 bales, the 1934 crop to 782,000 bales and the
1933 crop to 483,000 bales.
It is still too early to estimate the total 1937-38 crop of Brazil.
Southern Brazil, placed the harvest at 1,063,000 bales.
Cotton production in Brazil has shown a marked upward trend in recent
total production for the 5 years ending with the 1932-33 crop averaged
only 498,000 bales annually.
On the basis of the second official estimate
Southern
in
Brazil and
1936-37
the final estimate for Northern Brazil, the total
amounted to 1,707,000 bales, compared with 1,765,000
1,359,000 bales in 1934-35 and 1,014,000 bales in 1933-34.
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that in the Southern two-thirds
of the cotton belt, bolls are maturing rapidly and very few
sections of the cotton belt complain of poorly fruited stalks,
and many sections say that stalks are well too heavily
fruited.
Hot weather and only widely scattered showers
are still the conditions which surround the growing crop.
Days
Wed'day Thursday
Friday
Rainfall
Inches
High
2
0.74
90
75
Amarillo
10.65
10.70
10.85
10.95
10.88
11.12
10.95
11.00
11.22
11.28
11.25
Brenham
Mobile
10.93
10.71
10.79
10.99
11.10
11.03
Brownville
Savannah-.-,
11.28
11.08
11.14
11.34
11.45
11.38
Corpus Christi
11.30
Orleans.
Norfolk.
___
1
11.10
11.15
11.35
11.45
11.35
11.10
11.15
11.35
11.45
11.40
El Paso
11.32
11.39
11.59
11,70
11.63
Henrietta
11.05
10.80
10.90
11.10
11.20
11.15
Kerrville
LampasasLuling
Nacogdoches
Houston
10.85
10.60
10.65
10.85
10.95
10.85
Little Rock__
11.00
10.80
10.85
11.05
11.15
11.10
Dallas.
10.68
10.47
10.54
10.74
10.85
10.78
Port Worth,.
10.68
10.47
10.54
10.74
10.85
10.78
for
closing quotations
leading contracts in the New Orleans cotton market for
week have been as follows:
the past
0.18
1
78
90
102
70
85
94
83
85
89
83
0.30
100
72
86
104
100
104
68
72
70
86
86
0.08
0.22
1
Weatherford
91
84
87
76
64
68
72
68
104
70
104
76
dry
dry
1
Oklahoma—Oklahoma City—
Arkansas—Eldorado
90
76
74
76
0.04
1
Taylor
74
100
dry
.
83
106
0.42
1
2
San Antonio
83
74
112
102
102
106
98
dry
dry
Palestine
66
0.10
1
—
Paris
New Orleans Contract Market—The
0.34
dry
dry
dry
Dallas
11.30
11.53
__
MontgomeryAugusta.
Memphis
83
,
100
106
94
98
dry
Abilene.
-Thermometer
Low
Mean
102
0.43
3
;
10.80
New
Southern
years;
Austin
Galveston
cable received in
period.
Rain
Monday
a
The estimated crop represents an increase of about 24% compared with
estimate of the 1936 crop, issued at this same time last
Texas—Galveston
Saturday
Crop in
season.
on-
Week Ended
Aug. 6
Cotton
Harvesting will begin early in September.
bales in 1935-36,
Closing Quotations for Middling Cotton
Larger
the first official
crop
sight in previous
Estimates
the Bureau of Agricultural Economics from Consul General
Emil Sauer in Rio de Janeiro, and made public on Aug. 4.
for
Decrease.
Movement into
Brazil
1937—The first official estimate of 1937 cotton production
in Northern Brazil is for a crop of approximately 1,005,000
Brazil plants its crop late in September and it is not ready for harvest until
March.
The second official estimate just issued, of last season's crop in
129,206
---•A:.,:
.---
Aug. 1
38,915
4,307
125,000
.191,420
North, spinn's' takings to Aug. 6
i
*
Week
166,674
*9,138
.220,399
excess
Since
41,729
4,945
120,000
-
-
Total marketed
1936
Since
Aug. I
Receipts at ports to Aug. 6
68,215
Net overland to Aug.6
7,184
Southern consumption to Aug. 6--145.000
Interior stocks in
Cotton Exports
was
made on
July 28 by the State Department, in Washington, that the
agreement between the United States and Japan limiting
exports of cotton pieces goods to the Philippine Islands
had been extended for another year from Aug. 1.
The
following is the State Department's announcement of July 28:
Northern
Including movement by rail to Canada.
this
on
Extended—Announcement
Philippines
1937.
201
.
*
3,477
United States-Japanese Agreement
to
dry
0.34
87
87
90
Monday
Tuesday
Wednesday
Thursday
Friday
Aug. 2
Aug. 3
Aug. 4
Aug. 5
Aug. 6
69
84
Fort Smith--
Saturday
July 31
2
0.19
98
74
Little Rock
2
0.03
98
70
86
83
1
1
December-
10.78-10.79 10.62-1
.63 10.69
10.89
10.95
10.90
Meridian
Jan. (1937)
10.83
10.73
10.93
10.99
10.93
69
72
85
84
99
83
85
1
Shreveport
Mississippi—Greenwood
108561086a 10.93-10.94 10.90
100
95
3.21
0.10
94
67
76
3
New Orleans
10.76-10.77 10.60-10.61 10.66
0.24
4
Amite
September
October
0.31
2
Pine Bluff.
Louisiana—Alexandria.
Aug. (1936)
0.16
100
103
73
68
87
0.04
98
68
83
96
72
Vicksburg
November
February
March
10.66
10.83
11.03
11.10
10.98
10.96
10.80
10.87
11.07
11.15
11.02
Miami..
10.89
11.09
—
11.17
—
11.03
Tone—
Quiet.
Quiet.
Quiet.
Steady.
Spot
Barely stdy
Steady.
Steady.
Steady.
Dull.
Steady.
Steady.
Steady.
0.08
96
72
3
0.72
0.02
96
96
68
70
82
83
2.96
1.80
90
72
81
2
74
82
0.12
90
90
74
82
2
3
Florida—Jacksonville
10.82
84
3
Birmingham
Montgomery
10.98
86
1
10.76
June
July.
dry
10.89
April
May
dry
1
Alabama—Mobile
.
99
0.42
2.24
90
93
70
67
80
80
81
2
2
-
Pensacola
Tampa
Georgia—Savannah
84
.
First
Bale of
1937
Georgia's first 1937 cotton bale
issue of the
"Savannah News"
Cotton
was
as
Auctioned—
reported in the July 29
follows:
1
0.36
94
68
2
0.84
92
68
Macon
Georgia's
Atlanta
Augusta
Options
2
0.90
92
68
80
2
0.59
89
70
80
2
,2.62
94
64
79
Columbia-
2
0.03
92
67
80
Conway
3
0.85
91
67
79
Asheville
4
98
92
90
60
68
79
67
79
South
Carolina—Charleston.
_
Greenwood
80
Graded strict low middling, the bale weighted 527 pounds, and was grown
in Mitchell county in the southwest corner of the State by W. B. Lewis of
Pelham.
The first
bale arrived this
year
slightly later than in previous
crop arrived on July
Last year the initial consignment of the
23 from Blakely and was sol-!1, at 20 cents a pound.
seasons.
Newbern
3
2.30
0.09
1.44
Raleigh
1
0.04
90
66
78
Weldon.
2
0.53
95
63
79
Wilmington
Tenn.—Memphis
3
1
1
1.44
0.84 >.
1.14
86
94
98
68
77
7l
Chattanooga
68
83
83
Nashville
Georgia's first bale of the 1937-38 cotton season was received in the city
July 28 and auctioned at the Cotton Exchange where it was bought by J.
A. Logan for fifteen cents a pound.
2
1.10
98
64
81
North
2
Carolina—Charlotte
80
Cotton
Crop Report—Cotton production in the United
States for the 1937 season was estimated by the "Journal of
Commerce" on Aug. 4 at 15,721,000 bales of 478 pounds net
weight each.
Condition of the crop is placed at 81% of
normal and the indicated yield per acre for harvest is placed
at 224.8 pounds.
The acreage for harvest is 33,429,000 as
reported by the Government after deduction of ten-year
average abandomment from the area planted as of July 1.
This is the first cotton production estimate of the paper
for the new season and is based on reports from crop cor¬
respondents located in all States of the cotton belt.
Returns
from those correspondents are of average date of July 26.
The estimate is based on approximately normal conditions for
cotton growing and harvesting continuing for the balance of
the season, and may be modified upward or downward in
The
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a.m. on the dates given:
Aug. 6, 1937
Aug. 7, 1936
Feet
Feet
2.4
1.2
New Orleans
Above
zero
of gauge-
Memphis
Above
zero
of gauge-
7.5
Nashville
Above
zero
of guage-
9.2
9.4
Above zero of gaugeAbove zero of gauge-
2.4
7.9
2.5
—0.1
Shreveport
Vicksburg
Receipts
.
from
the
1.8
-
Plantations—The following
indicates the actual movement each week from the
table
planta¬
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
tions.
The
Southern
,
Volume
Week1
971
Financial Chronicle
145
Receipts from
Stocks at Interior Towns
Receipts at Ports
1936
1937
Plantations
Ended
Middl'g
Twist
to Finest
Upl'ds
32s Cap
May
7_
40,825
21,595 1,255,379
21,061 1,206,606
18.627 1,162,626
21,846 1,107.259
39,157
14.
31,296
40,509
21..
28,231
45.482
28-
25,457
52,470
4-
23,761
47,072
11—
23,325
32.697
18-
15,944
39.972
26-
19,653
21.698
16—
17.371
23—
28,601
30—
55,199
39,742
9..
13,918
20,715
46,866
1.201
4,060
1,106
«N11
NU
NU
14..
14%@15% 10
14%@15% 10
NU
7,151
NU
21..
14%@15% 10
28..
14
@15
10
6
14@15
10
6
13%@14%
13% @15
10
6
@10
8
7.06
10
6
@10
9
6.92
@10
@10
in
NU
NU
NU
NU
NU
4..
NU
NU
NU
18..
NU
25-.
11..
1,181,353
1,161.421
1,145,008
NU
Nil
Nil
NU
4,302
3,764
Nil
25,760
Nil
34,849
34.411
1936
seasons
from all
total receipts
from which statistics
amounts gone out of
sources
obtainable; also the takings
are
or
1936
1937
Cotton Takings,
Week and Season
July 30
Visiblesupply Aug. 1
American in sight to Aug. 6—
Bombay receipts to Aug. 5—
Other India ship'ts to Aug. 5.
Alexandria receipts to Aug. 4.
Other supply to Aug. 4 * b—
7,000
129,206
29,000
5,000
200
Of which other.
6,000
5,000
4,576,507
4,514,558
5,075,664
5,067,664
4,352,233
Total takings to Aug.
Of which American
4,352,233
4,825,576
4,825.576
224,274
141,274
83,000
162,325
250,088
228,888
21,200
242,088
228,888
6 a
_
86.325
76,000
13,200
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills,
120,000 bales in 1937 and 125.000 bales
in 1936—takings
not being available—and the aggregate amount taken by
foreign spinners, 42,325 bales in 1937 and 117,088 bales in
.nil bales and 103,888 bales American,
India
ports for the week
for three years,
Northern and
1936, of which
b Estimated.
Ports—The receipts
Movement from All
Cotton
Bombay and the shipments from all India
of Indian cotton at
and for the
have been
as
season
2..
9_.
d.
r
9
4%
6 46
9
4%
4%
4%
6 56
9
9
3
6.68
1%@ 9
1%@ 9
4%
4%
7.00
10%@11%
9
1%®
4%
7.18
9 10%
7.18
9
1%@
9%@11%
9
1%@
9%@11%
9%@11%
9
1%@
9
9
1%@
9
0
9
9
9%@11%
6
@10
9
7 45
6
@10
9
7.12
6
@10
9
7.29
@10
9
7.36
@10
9
7.31
9%@11%
9% @11%
10%@11%
9
6.95
9
6.87
6.57
10
13% @15
6
@
6.64
9
6.82
9
13%@14 %
13% @14% 10
6
@
@10
9
6.98
9
9
@10
0
7.58
6
@10
9
6.85
10%@11%
11
@12%
11 % @ 12 %
9
6
10
9 10%@10
2
7.47
11
9 10%@10
2
7.33
23..
13% @14%
13% @14%
9
6.60
12% @14% 10
4%@10
7%
6.12
10% @12
10
5
@10
7%
7.10
10
4% @10
7%
6.20
10% @12
10
4% @10
7%
7.02
10
6
@10
@12%
Aug.
6..
12% @14
Shipping News—Shipments in detail:
Bales
241
164
310
1,577
23
249
2—Stureholm, 241
GALVESTON—To Copenhagen—Aug.
To
Gdynia—Aug. 2—Stureholm, 164
To Gothenburg—Aug. 2—Stureholm, 310
To Bremen—July 31—Ginnheim, 1,577
To Hamburg—July 31—Ginnheim, 23
HOUSTON—To Liverpool—Aug. 3—Traveller, 249
To Manchester—Aug. 3—Traveller, 576
To Gdynia—Aug. 2—Stureholm, 369
To Gothenburg—Aug. 2—Stureholm, 91
To Dunkirk—Aug. 4—Indiana, 100
NEW ORLEANS—To Havre—Aug. 2—Colorado Springs, 180
Aug. 5—Elizabeth Van Belize, 295
To Dunkirk—Aug.
2—Colorado
Springs,
200—Aug.
5—
Elizabeth Van Belize, 13
s
To Rotterdam—Aug. 2—Colorado Springs, 1,722—July 30—
Breedijk, 1,431.
To Genoa—Aug. 2—Ida Zo, 340
To Havana—Aug. 4—Contessa, 2C0
A.'.
—,
To Valparaiso—July 31—Tivives, 700
To Arica—Juiy 31—Tivives, 400
To Port Columbia—July 31—Tivives, 78
To Aalborg—Aug. 2—I rode, 100
To Sydney—Aug. 2—Goslar, 11 —
A-
576
369
91
100
-
200
34,000
~~3~, 000
~5~,666
Total supply
Deduct—
a
129", 206
157,536
13,000
2,000
17,000
2,000
Visible supply Aug. 6
*
4,899",258
4,339",022
191",420
d.
s.
475
213
3,153
340
200
700
400
78
100
_.
4,899,258
4,361,087
Visible supply
Season
Week
Season
Week
d.
30..
46,569
NU
39,236
the outports the
past week were 68,215 bales, the actual movement from
plantations was 39,236
bales, stock at interior towns
having increased 28,979 bales during the week.
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
8.
July
16-.
(2) That, although the receipts at
bales.
d.
d.
s.
June
plantations since Aug. 1, 1937, are 32,591 bales;
were
nil bales
and
in
1935
were
54,679
the
from
NU
Nil
(1) That the
The above statement shows:
7..
NU
811,1821,167,401 1,111.532
56,583
38,915
68,215
d.
s.
May-
NU
Aug
6—
d.
Nil
1,133,563
828,147,1,206,417 1,121,546
37.205
d.
NU
1,651.649 1.328,412
1.594,234 1,301.899
930,9691.384,154
903,0271,349,502
873,7721,301,765
848,9351,255,364
9,188
Upl'ds
Nil
18,907 1,064,946 1,654,313 1.269.564
14,317 1.030.520 1,517.933 1.244.820
998.705 1,465,362 1.218.931
13,466
964,392 1,424,612 1,201,295
8,706
21,952
13,381
16.973
28,419
Middl'g
to Finest
NU
Nil
July
15,752
17,059
ings, Common
NU
1,732,379 1,370,838
1,693,071 1,345,933
June
2—
Cotton
Twist
1937
1935
1936
1937
Cotton
32s Cap
8% Lbs. Shirt¬
ings, Common
8% Lbs. Shirt¬
1935
1936
1937
1935
1936
To
11
100
675
19
Copenhagen—July 31—Tabor, 100
To Gdynia—July 31—Tabor, 675
To Gothenburg—July 31—Tabor,
19
28—Amagizan Maru, 2; Hoku—
602
LAKE CHARLES—To Liverpool—July 31—West Harshaw, 22
22
To Manchester—July 31—West Harshaw, 32
32
CORPUS CHRISTI—To Bremen—July 31—Ginnheim, 3,067-Aug. 4—Oakwood, 7,190
10,257
To Hamburg—July 31—Ginnheim,
50
Aug. 4—Oakwood,
LOS ANGELES—To Japan—July
roku Maru, 600
-
200
NORFOLK—To
250
662
-
Rotterdam—Aug. 4—Breedijk,
662
To Havre—Aug. 6—City of Havre, 75
To Hamburg—Aug. 6—City of Havre,
75
465
To Japan—Aug.
420
223
465
6—Kotoku Maru, 420
CHARLESTON—To Liverpool—Aug. 3—Saccarrappa, 223
To Manchester—Aug. 3—Saccarrappa, 458
To Hamburg—Aug. 3—Saccarrappa, 1,774
SAVANNAH—To Liverpool—Aug. 4—Saccarrappa, 185
To Manchester—Aug. 4—Saccarrappa, 248
—
458
—
—.
1,774
185
248
206
SAN FRANCISCO—To Great Britain—?—?, 206
To Japan—?— ?, 458
458
from Aug. 1 as cabled,
26,501
follows:
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
1935
1936
1937
York,
Aug. 5
Week
Since
Since
Since
Receipts—
Week
Aug. 1
Week
Aug. 1
as
Aug. 1
Stand
ard
Density
ard
Density
ard
High
Stand-
High
Stand-
High
Density
12,000
15,000
.57c.
Trieste
d.45c.
.60c.
Piraeus
,85c.
1.00
.57c.
Flume
d.45c.
.60c.
Salonlca
.85c.
1.00
Liverpool
—
Havre
Exports
Great
Conti¬
nent
Great
Jap'n&
Britain
China
From—
Total
Conti¬
Britain
nent
Japan
Rotterdam
&
Genoa
Total
China
.39%c.
11.000
i"66o
—
1935
2,000
62,000
73,000
7,000
40,000
47,000
6,000
4,000
32,000
39,000
l'ooo
5,000
27,000
17,000
2,000
5,000
13,000
'20,000
India
Other
4"O66
1937.
3,000
7.000
3",000
2.000
2,000
5,000
22,000
7,000
29,000
22,000
1935.
7,000
29,000
2,000
2,000
2,000
...
1936
13,000
sTooo
1936
1935
24,000
62,000
75,000
9,000
40,000
49,000
9,000
32,000
46,000
4",COO
7,000
27,000
38,000
11,000
46,000
24,000
12.000
13.000
49.000
11,000
*
31,000 bales.
Is
Rate
open.
Hamburg
.37c.
1936
1937
Total
d Direct steamer
Only small lots,
*
80,000
American
27,000
16,000
10,000
101,000
20,000
3,000
122,000
33,000
8,000
116,000
27,000
Liverpool market for spots and futures
day of the past week and the daily closing pi ices of
spot cotton have been as follows;
The tone of the
each
Spot
HOLI¬
Week
Exports (Bales)—
Liverpool
To Manchester, &c
To Continent and India.
Aug.
1
Aug.
1
2,000
3,000
4,000 13,000
10,000
i",66o
l'ooo
3,000
6,000
Week
This
Since
4,000
Week
5 to 11 pts. dec. to 1 pt 8 to 10 pts. unchgd. to
2 pts. adv.
advance.
advance.
decline.
j
[
Steady,
Market,
Aug.
1
2",666
1
Sat.
July 31
10,000
advance.
1
pt.
to
decl.
were
by cable to¬
each day
are
given below:
Frl.
Thurs.
Wed.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
d.
Neio Contract
5.85
January
.
-
6.04
d.
6.02
6.06
^
6.04
6.05
6.00
5.97
5.02
6.08
6.05
6.08
5.99
6.04
6.00
6.06
6.12
6.09
6.12
5.95
6.03
6.07
6.04
6.09
6.15
6.12
6.15
5.96
Holi¬ HOLIDAY
day
July
October
5.96
5.92
6.04
6.08
6.05
6.10
6.16
6.13
6.15
5.89
(1938)..
May.
—
6.02
6.02
December
(1939)_.
March
/
-
-
...
—
-
-
.
-
.
-
-
.
6.02
6.02
6.02
■
May—
-
d.
d.
5.99
5.93
5.94
5.93
March
January
5.97
5.93
d.
d.
d.
d.
d.
d.
December
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for home trade is good.
We give prices today below and leave those for previous weeks
to 11 to 12 pts unchgd.
pt. adv.
Tues.
Mon.
October (1937)..
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Aug. 4
nil cantars and the foreign shipments 6,000 bales.
for comparison:
Quiet;
Steady, un¬ Very stdy.,
pts. changed
to
Aug. 6
Note—A cantar is 99 lbs.
of this and last year
7
to
decline.
Prices of futures at Liverpool for
8,000
1,000
Market—Our report received
Quiet:
Steady,
Barely st2y Stdy., 1 pt.
Since
2,000
8,000
10,000
6.20d.
DAY.
1,000
3,000
4,000
5,000
1,000
5,000
To America.
exports
This
demand.
6.17d.
6.14d.
6.02d.
HOLI¬
P. M.
Since
Moderate
doing.
4
This
Quiet.
business
Quiet.
12:15
P. M.
DAY.
1.000
Friday
A fair
Opened
1,000
1,000
Thursday
Wednesday
Market,
Market
1
Tuesday
Monday
Saturday
Futures, i
This week
Manchester
39,000
11,000
93,000
15,000
imports
Of which American
which
Aug. 6
40,000
780,000
277,000
July 30
62,000
819,000
284,000
July 23
62,000
885,000
301,000
July 16
55,000
882,000
313,000
-
Amount afloat
1935
Receipts (cantars)—
Total
.600.
.53c.
Receipts
Alexandria, Egypt,
Aug. 4
To
.67c.
Gothenb'g
Forwarded
Mid.Upl'ds
Aug.
.60c.
.52c.
Leghorn
.53c.
.
and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Since
d.45c.
d.45c.
.65c.
.37c.
%
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port;
Of
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
Alexandria
Naples
.50c.
Bremen
Of which American
all—
1937
.67c.
Bombay
Total stocks
Total
.60c.
33,000
11,000
.54% c. Shanghai
d.45c.
.68c.
.67c.
.52c.
'■'<
Venice
.60c.
.53c.
Stockholm
1937
1936—
Japan
d.45c.
Oslo
Bombay—
Barcelona
.51c.
Copenhag'n.52c.
*
.54%c.
*
*
.39%c.
,36c.
Antwerp.
Since Aug. 1
For the Week
.42c.
Manchester ,42c.
29.000
34.00C
13.000
17,000
Bombay.....
-
-
w.
6.02
6.02
6.02
-
-
.
-
_
-
6.14
6.14
6.14
6.02
6.02
-
-
_
...
—
-
.
-
~
.
-
—
—
—
-
-
.
.
6.13
6.13
6.13
6.14
6.13
6.14
6.13
972
Financial
BREADSTUFFS
Chronicle
of
Aug.
import demand.
Open interest in wheat
"bushels.
Friday Night, Aug. 6, 1937
DAILY CLOSING PRICES
week,
generally
there
was
a
considerable
pick-up in
very
flour
It
was
reported that buyers
covering ahead to the first of the year.
very
recently,
weak
from
with
generally
are
Rye flour has been
asked
prices
ranging
$5 to $5.20, but with as low as $4.60 heard possible.
Wheat—On the 31st ulto. prices
The market's decline to-day was
and lack of
closed 134c. to 2c. off.
attributed to hedge selling
speculative buying interest broad enough to give
Weakness at Liverpool and
appreciable support to values.
Winnipeg,
instead of
an
expected upturn in the British
market, induced liquidation in Chicago from the opening
bell.
July contracts
were
closed out with 3%c. loss at Liver¬
pool and the maximum 5c. drop at Winnipeg, but the de¬
ferred deliveries showed only
market's trend
rallies.
was
evening
was
up
small declines.
The Chicago
generally lower, with occasional transient
Closing prices
reported
that
were
most
at about the lows of the day.
dealers
confined
operations
It
to
for the double holidays at Winnipeg and Liver¬
pool, and others were inclined to await private crop reports
next week.
On the 2d inst. prices closed 134c. to 124c.
lower. The market at one time registered an extreme decline
of 2%c. a bushel. This was all due to what traders term the
greatest outpouring of wheat this country has ever seen.
The big movement of newly harvested domestic winter wheat
caused an increase of nearly 18,000,000 bushels in the United
States visible supply total today, as against a gain of only
7,578,000 at this time last year. To-day's increase imme¬
diately follows last week's rise of 20,573,000 bushels. Adding
to this outstanding bearish item was the announcement that
new domestic spring wheat is now beginning to be marketed
in larger volume.
With Liverpool and Winnipeg grain ex¬
changes closed today, many traders here seized on one bear¬
ish estimate already issued as a probable sample of reports
yet to come. There was nothing to encourage buying, and
as a consequence bearish influences had full swing and the
markets reflected this. On the 3d inst. prices closed l^c. to
2^c. down. The wheat market received another heavy jolt
today sending prices down substantially. New low price
records for the season on the Chicago Board were registered.
The factors contributing to this Weakness were drastic de¬
clines of 5c. a bushel at Winnipeg and surprising slackness
of overseas demand for North American wheat, either United
States or Canadian, all of which had a decidedly unsettling
effect and led to a sharp increase in selling orders from
Eastern sources, as well as from houses with Southwestern
connections. These orders caught the Chicago wheat market
bare of adequate buying support and forced a setback of
3Mc. from the day's top prices.
Export purchasing of
Canadian wheat today totaled hardly 400,000 bushels, and
of United States wheat but 250,000.
August unofficial
domestic crop estimates indicating 41,000,000 bushels less
winter wheat
produced this
season
than the Government
July forecast, appeared to have little or no influence in
restricting price declines. This reduction in winter wheat,
however, was not nearly so drastic as looked for at the height
of the rust scare three weeks ago.
On the 4th inst. prices
closed unchanged to 34c. higher.
Late rallies in Chicago
wheat prices today more than overcame downturns that
carried wheat and all other grains to new lows for the season.
An overnight tumble of nearly 6c. a bushel in Liverpool
wheat
quotations was largely responsible for the transient
values here. An outstanding feature of the
trading on the Chicago Board was the aggressive buying of
wheat toward the close, this demand coming from exporters
and domestic millers largely.
The sharp downward move¬
ment of prices at Liverpool was attributed to selling pressure
from Russia and the Danube region.
The maximum tem¬
porary drop in Chicago wheat was 234c.
Helping to rally
setback of grain
wheat and other
On the 5th
CLOSING
sales, with the total during the past few
satisfactory.
grains
was a
sudden rise in
inst. prices closed
corn
values.
% to 2y2c. higher.
PRICES
OP
Sat.
May
Season's High and
September.
129*6
December
131*6
May
1229*
When
experienced
fortnight, prices of wheat being lifted 2 to 3%c. a
bushel.
These were maximum gains recorded in the final
hour of an active session, -but most of the contracts reacted
slightly before the close.
Fair export business in Manitoba
wheat, with sales estimated at 500,000 bushels, and reports
that additional parcels of domestic hard winter wheat also
Liverpool wheat
closed strong and % to l^c. higher.
Short covering and
stop loss orders accelerated the rise in all grains.
Today prices closed 234 to 334c. down.
Late heavy de¬
had been exported were buying influences.
bushel following 4%c. drop at Winnipeg.
In¬
against newly harvested domestic
wheat was a feature, together with lack of any export busi¬
ness
of consequence either in United States or Canadian
wheat.
There were also indications of corn belt rains
where needed.
Influenced by Liverpool quotations much
than
3%c.
a
the Chicago wheat market went downward
Cables said Liverpool market action was asso¬
ciated with prospects of rain in Argentina and with dearth
lower than due,
early today.
Thurs.
FUTURES
Tues.
115
113
114
116J*
117*6
IN
Low
CHICAGO
Thurs.
113*6
114*6
11594
Fri.
11596
1159*
116*6
Wed.
1159*
Season's
Fri.
125% 129% 126%
1129*
113
114**
Made
When
and
July
16, 1937 September
105
June
July
__ _
6, 1937 December
29,1937 May__
107
June 14, 1937
113*6
Aug.
Juljy
7, 1937
4, 1937
DAILY CLOSING PRICES OP BONDED WHEAT AT WINNIPEG
Sat.
132
October
December
^
May
Mon.
Tues.
H
128**
Thurs.
Fri.
126
128
125
123*6 123*6 12596 122
124*6 124** 126*6 12396
127*6
O
L
—
Wed.
Corn—On the 31st ulto. prices closed 1 %e. down to
134c.
A rally of 2c. a bushel in September corn was attributed
to buying by shorts. Deferred corn contracts, reflecting pros¬
pects for a big crop, continued weak, declining almost 2c.
On the 2d inst. prices closed 1%q. off to 3c. up.
New low
records were reached in this grain today.
An exception to
the decline was September corn, which advanced sharply
because of the extremely light
receipts at Chicago, only
three
cars
arriving today. New crop deliveries of corn,
however, were dominated by continued excellent crop
reports on corn. On the 3d inst. prices closed J4c. to 134c.
down. Beneficial moisture in the major corn-producing areas
today added to the downward trend of the corn market.
The market's only support just now appears to come largely
from short covering.
All recent developments tend to in¬
crease bearish sentiment.
On the 4th inst. prices closed lc.
to 2%c. up.
The outstanding feature of this market was the
sudden rise in the Chicago September delivery, the over¬
night advance being 2 %&. to 97. One cause was that receipts
of domestic corn in Chicago today consisted of but a single
carload.
Besides, official reports said that owing to high
temperatures and to scantiness of rain, most of the corn crop
throughout the western half of Kansas has been ruined.
This news also proved quite a stimulus to the market.
up.
On the 5th inst.
prices closed 1% to 2%c. higher.
Con¬
tinued dry weather over important corn areas has decidedly
chilled the enthusiasm over corn crop prospects.
Short cov¬
ering was quite general.
in
ing
the
receipts
with
the
much
as
off
the
to
corn
September
Other influences having
of
movement
reports
134c.
feature to
in
upward
and
sales
closed
that
as
corn
Argentine
8c.
%c.
over
market
September.
There
up.
is
corn
a
bear¬
were
values
light
held
firmly,
Today prices
relatively
was
little
today, outside of the strength
delivery.
Open
interest
in
corn
was
44,668,000 bushels.
DAILY
CLOSING PRICES
OP
Sat.
No. 2 yellow
Ill**
DAILY CLOSING PRICES
OP
92
December
679*
6896
May
IN
NEW
Mon.
115**
Thurs.
9496
64*6
66**
IN
Fri.
124**
1209*
12596
CHICAGO
Wed.
Tues.
94*6
66
68*6
YORK
Wed.
Tues.
115*6
Thurs.
96*6
9996
67*6
6996
65*2
Fri.
100**
669*
6796
6896
Seanson's Low and When Made
When Made
July
9,1937 Sept. (new)
899*
July 30, 1937
J '1y
8,1937 Dec. (new)
64
Aug.
4, 1937
July 29, 1937 May
6596
Aug. 4, 1937
Season's
High and
Sept. (new)
116*6
Dec. (new)— 86*6
74
May
CORN
Mon.
CORN FUTURES
Sat.
September
_
Oats—On the 31st ulto.
prices closed %c. to 34c. lower.
The heaviness of wheat and continued favorable crop and
weather reports had a bearish influence on oats.
On the
2d inst. prices closed
lower on all deliveries. Heavy
yields of oats in Kansas and Illinois were reported, and with
wheat and corn showing substantial declines, it was only
.
natural for oats to reflect these bearish influences.
On the
3d inst.
prices closed 34c. to %c. down. This heaviness of
oats was influenced largely by the weakness of wheat and
corn.
On the 4th inst. prices closed unchanged to 34c. up.
There was very little of interest to the trading in this grain,
the market being relatively dull.
On the 5th inst prices closed 134 to 194c. up.
With corn
advancing
unfavorable crop and
affected and responded
easily to demand.
Today prices closed 34 to %c. down.
This decline in oats was largely in sympathy with the
sharply
on
decidedly
weather reports, oats were naturally
declines in other grains.
DAILY CLOSING PRICES
OP
Sat.
No. 2 white-,.DAILY
38**
-
CLOSING
PRICES
OP
OATS
Mon.
38*6
IN
NEW YORK
Tues.
37*6
Wed.
Thurs.
3796
39*6
Fri.
3996
OATS FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
Sat.
SeptemberDecember
-
May
Season's High
September
December
May
"TTAILY
and
47*6
41*6
33*6
-
29*6
31*6
33*6
December
2896
30*4
32**
27*6
2996
31*6
28*6
2996
319*
Season's Low and
When Made
27
Apr.
6.1937 September
28*6
July
6,1937 December
31
July 29. 1937 May
299*
31
32*6
Wehn
Aug.
Aug.
Aug.
2996
30*6
3296
Made
4, 1937
4, 1937
4, 1937
CLOSING PRICES OP OATS FUTURES IN WINNIPEG
Sat.
October
down today more
creased selling of futures
YORK
Wed.
125%
Mon.
Made
NEW
IN
Tues.
12796
-11696
1179*
119J*
December
Today
a
clines carried the Chicago wheat market
Mon.
WHEAT
•
September
witnessed the best rally the wheat market has
in
WHEAT
the
DAILY
volume of
days
OP
Sat.
129
No. 2 red
127,801,000
was
■
■
Flour—Although millers did mot report good business this
7, 1937
Mon.
47*6 HOXi.
Tues.
45
41*6
Wed.
44*6
41*6
Thurs.
48*6
4496
Fri.
469*
429*
Rye—On the 31st ulto. prices closed l%v. to 2%e. down.
was a more extensive decline than any of the other
grain markets showed, and reflects the bearish attitude of
the trade, especially in view of the excellent crop prospects.
On the 2d inst. prices closed 134c. to 2c. lower. Hedge selling
predominated, and with reports of a large crop of rye now
practically confirmed, it is expected that from now on hedge
selling will be more or less persistent. On the 3d inst. prices
closed %c. to 134c. off. Private crop estimates on rye were
This
Volume
Financial
145
Chronicle
973
somewhat
larger than tiie Government July forecast. There
appears to be no disposition to take the upward side in this
grain, especially in view of the bearish reports on this year's
crop. On the 4th inst. prices closed unchanged to Kc- higher.
Trading in this grain was devoid of anything unusual, though
the undertone was steady.
On the 5th inst. prices closed 1% to
3%c. up.
An ad¬
to
vance
in
that
%c.
the
5c.
grain
limit
Winnipeg rye helped the upturn
the iChicago Board.
Today prices closed
on
to
up
in
off.
The
feature
of
this
market
was
CLOSING
PRICES
Sat.
September
December..
May
78*
79*
82
Season's High and
When
103*
December
May
Made
81
I
Tues.
CHICAGO
Wed.
Thurs. Fri.
96
83
December
81*
81*
81*
June 14. 1936
June 14, 1937
Aug.
4,1937
WINNIPEG
Sat. Mon.
Tuesr. <Wed.
Thurs. Fri.
89*
92* HOL.
87*
85*
90*
86*
84*
83*
88*
RYE
IN
FUTURES
....
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
\
Sat.
Mon.
Tues.
Week
Since
Week
Since
July 1
July 31
July 1
1937
July 31
1937
July 1
1937
1937
1937
1937
Barrels
Bushels
Bushels
Bushels
Bushels
Barrels
United
Kingdom.
Continent
25.295
So. & Cent. Amer.
West Indies
11,500
19,500
Wed.
Thurs.
Fri.
September
Other countries...
The
PRICES OF
BARLEY
Sat.
October
December
FUTURES
Mon.
62*
....
Closing quotations
were as
IN
Wed.
Tues.
HOL.
59*
57*
WINNIPEG
Thurs.
60*
58]
62*
Fri.
60*
58*
follows:
57,045
106,070
Corn, New York—
No. 2 yellow, all rail
.125*
39*
Rye. No. 2, f.o.b. bond N. Y..108*
Barley, New York—
47* lbs. malting
87
Chicago, cash
60@82
of the last three years:
GRAIN
bbls 196 lbs bush 60 lbs
Chicago
205,000
*1*3*666
3,381,000
160,000
149,000
223,000
Philadelphia.b_
7,679,000
2,491,000
109,000
42,000
14,000
Peoria
Kansas City..
Omaha
Joseph...
32,000
Wichita
3,000
50,000
240,000
~
236,000
4,212,000
812,000
30,395.000
18,341,000
17,473,000
3,276,000
4,364,000
1,727,000
3,000
20,000
15,000
7,000
890,000
19,000
Fort Worth
Wichita
Same wk.1936
383,000
426,000
Same wk.1935
340,000
5,431,000
32,000
Minneapolis—
Duluth.d
•_
Detroit
Buffalo.e
afloat
4,554*000
9.2U 000
905,000
739,000
also
i,57lmo
501,000
39,000
Corn
in bond,
also has
Philadelphia
.
Baltimore
New Orleans *
bush 56 lbs
bush 3%}lbs
5,000
408,000
228,000
343,000
255.000
1,000
356,000
400,000
12,000
Galveston
1,000,000
Montreal
2*41666
Boston
36,000
Rye
#000
Buffalo, 260,000;
389,000 in 1936.
on
255,000
Since Jan.1'37
8,059,000
3,044,000
44,212,000
Week 1936.
273,000
8,821,000
2,717,000
67,720,000
Since Jan.1'36
17~666
tyOOO
58*666
43I666
liolooo
94,000
70,000
24,897,000
3,016,000
2,533,000
147,000
939,000
38,000
107,000
4,367,000
2,558,000
13,000
1,557,000
2,600,000
89,000
46,000
3,129,00n
Receipts do not include grain passing through New Orleans for
foreign ports
through bills of lading.
on
The exports from the several seaboard
ports for the week
ended
Saturday, July 31, 1937,
are
shown in the
annexed
statement:
Exports from—
Corn
Flour
Oats
Rye
Barley
Bushels
New
Wheat
Bushels
Barrels
Bushels
Bushels
Bushels
York...
312,000
72,000
104,000
48,000
Albany
Philadelphia
.
Baltimore
New
Montreal
Sorel.
241666
953,000
Halifax
Same week 1936
*
Includes
10,000
2,527,000
2,739,000
bushels
as
57,045
106,070
U.
below:
3,102,000
6,322,000
L242,000
S.
350,000
65,000
202,000
in
1,143,000
846,000
bond,
2,363,000
2.459.000
b
corn
in bond,
f Chicago
*
bushelsTtotal,
196,000 bushels;
Lakes, 126,000;
on
Lakes, 1,543,000; total, 5,654,000 bushels, against
Oats
Rye
Bushels
Barley
Bushels
Bushels
Bushels
sea¬
Ft. William & Pt. Arthur
Other Canadian & other
elevator stocks
Total July
Corn
Bushels
Canadian—
6,405,000
7,253,000
405,000
566,000
5,000
447,000
117,000
1,209,000
13,974,000
1,724,000
94,000
1,023,000
31,1937-- 27,632,000
2,695,000
2,961,000
216,000
279,000
2,679,000
3,083,000
7,794,000
3,102,000
2,695,000
1,143,000
216,000
2,363,000
2,679,000
7,794,000
5,797,000
4,203,000
1,359,000
1,125,000
5,042,000
5,542,000
...
Total July 24, 1937
29,237,000
Summary—
88,087,000
27,632,000
Total July 31, 1937
115,719,000
99,331,000
6,322,000
shipment of wheat and
corn, as
furnished by
Broomhall to the New York Produce
Exchange, for the week
ended July 30, and since July 1, 1937, and
July 1, 1936,
Wheat
Week
July 30
1937
Bushels
North Amer.
2,703,000
Black Sea...
344,000
893,000
Argentina.--
1,348,000
840,000
328,000
Corn
Since
July
Total
6,456,000
Since
1
July
Week
1
Since
July 1
1937
1937
Bushels
Bushels
July 30
1936
1937
Bushels
13,379,000
2,280,000
21,575,000
2,008,000
4,257,000
7,842,000
3,920,000
5,397,000
4,163,000
200,000
2,968,000
1,912,000
are
Bushels
35,000
349,000
7,170,000
42,000
2,186,000
36,164,000
33,590,000- 36,311,000
Since
July
1
1936
Bushels
1,000
2,934,000
23,615,000
9*33,666
5,2*4*9*666
1,4*0*4",000
8,487,000!
43,641,000
27,954,000
Weather Report for the Week Ended
Aug. 4—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 4, follows:
The week had relatively cool weather in the eastern and more
western
portions of the country, and abnormally high temperatures from the west
Gulf coast and Rio Grande Valley northward to Canada.
From the northern
Ohio Valley eastward and northward maximum
temperatures did not
reach 90 deg. and were in the low 70's in some northeastern
sections.
On
the other hand, high readings were reported from the
Southwest, with
100 deg., or over, in a large area extending from southern Nebraska and
western Missouri southwestward to the Mexican border.
The highest
temperature reported was 108 deg. at Phoenix, Ariz., on July 28,
though
104 deg. occurred at Concordia and Dodge City, Kans., and
Abilene, Tex.
At the close of the week abnormally cool weather had advanced into
the
northwestern States, with a temperature of 36 deg. reported from
Yellow¬
stone Park on the morning of Aug. 3.
Rainfall was spotted, widely dis¬
tributed, and mostly scanty, except that fairly general showers occurred
in the east and north-central sections near the close of the week.
The weekly mean temperatures were below normal in
nearly all sections
east of the Mississippi River, with minus departures rather
large in some
places.
Also, in the interior of the far Northwest the week was from 3 to
5 deg. cooler than normal.
On the other hand, throughout the Great Plains
States, the weekly means ranged from 4 deg. to as much as 9 deg. above
in the table and supplemental reports, not
published, show
widespread, substantial rains were general in the Atlantic area and
*43,000
areas
having
a
Elsewhere rainfall was
practically rainless week.
widespread showers
While fairly general rains in the Atlantic States and
110,000
in many central-northern sections of the country were very
beneficial
relieving droughty conditions in many places, a general absence of rain
in recent weeks in many States east of the Rocky Mountains has resulted
56,000
75,000
43,000
80,000
110,000
54,000
in
the
development of droughty conditions
there is now a
over considerable
areas, and
general need of moisture in many places between the
Ap¬
palachian Mountains on the east and the Rockies on
general, however, are not as yet suffering materially
rye.
The destination of these
exports for the
July 1, 1937, is
7,794,000
spotted and mostly light, with large
56,000
"11666
Total week 1937-.
21666
51,000
in most central-northern sections of the country.
318,000
..
2,000
981,000
Wheat
that
2,000
720~666
...
177,000
1,038,000
~
normal.
The data
"i "666
Orleans.
Galveston
367,000
Chicago, 25,000; total, 607,000 bushels, against
Wheat—New York, 2,060,000 bushels;
Albany, 917,000; Buffalo,
660,000; Duluth, 474,000;
20,644,000 bushels in 1936.
36,000
1,000
l^poo
322*000
Total wk.1937
*
10,000
1,000
-
77,000
218,000
e Buffalo also has
535,000 bushels Argentine
163,000 bushels Argentine corn in bond.
India
Barley
318,000
Halifax
392*666
3,000
161,000
3,000
1,000
3,000
bush 56 lbs bush 48 lbs
2.000
953,000
Sorel
773,000
21I666
Note—Bonded gralnnot included above: Oats^On
LakesT 195~000
195,000 bushels, against 31,000 bushels in 1936.
Barley—Duluth
Oth. countr's
bbls 196 lbs bush 60 lbs
133,000
33,000
9,000
19,000
1,879,000
31666
shown in the following:
Oals
15,000
.
Philadelphia
also has 467,000 bushels
Argentine corn in bond,
c Baltimore has
also 203,000
bushels Argentine corn in bond.
cTDuluth also has 161,000 bushels
Argentine corn
Australia
Wheat
47,000
~
hasT129.000 bushels Argentine"corn
777,000
2,634,000
764,000
receipts of flour and grain at the seaboard ports for
Saturday, July 31, 193.7? follow:
York
12*666
2,956,000
70,094^000
New* York
35,000
3*4*666
29,000
336,000
The world's
75,000
12I606
25,000
4,000
364,000
Total July 24, 1937
36,000
2I660
35,000
19,000
17,000
3,000
52,000
the week ended
New
281666
2,532,000
2,814,000
551,000
120,000
2,452,000
Canadian
45,000
"
*2*666
41,000
64,000
140,000
68,000
178,000
312,000
8,948,000
Milwaukee
Exports
Flour
,
*3*666
135,000
174,000
138,000
On Lakes
51,8^,000
Receipts at—
-
6,000
7,126,000
934,000
5,234,000
1,179,000
15,000
Sioux City
St. Louis
343,216,000166,728,000 85,069,OOO 18,846,00082,923,000
429,059,000212,950,000 150,784,P00 27,718,000100689000
18,601,000.237 ,966,000181,239,000
15,596,00061,325,000
Total
-
80*666
22,000
34,000
59,000
26,190,000
Omaha
Since Aug. 1—
1936
20,502,000
1935
19,635,000
1934
•
7,190,000
St. Joseph
Kansas City
a
23,000
15,000
24.000
440,000
982,000
1,918,000
10,322,000
2,333,000
American..
ifi-
Total wk.1937
Barley
Bushels
1,110,000
Galveston.,
66.000
2*666
90,000
589,000
City...
Buffalo
Rye
Bushels
565,000
5,000
56,000
66.000
284,000
40,000
Oats
Bushels
New Orleans
28,000
416.000
1481666
326,000
926,000
Louis
288,000
388,000
321,000
1,000
24,000
56,000
390,000
312,000
254,000
13,000
Barley
STOCKS
701,000
428,000
259,000
77,000
Baltimore.c._
bush 56 lbs bush 48 lbs
1,916,000
62,000
663,000
Milwaukee...
Indianapolis..
Sioux
bush 32 lbs
1,688,000
170,000
Toledo
St.
Rye
1,296,000
1,454,000
Duluth
St.
bush 56 lbs
5,189,000
1,855,000
Minneapolis..
Oats
1,000
Bushels
New York.a
board
Corn
52.000
Corn
2,000
Lake, bay, river and
Wheat
11,078,000
12,953,000
Wheat
No. 2 white
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 lakje and river
ports
for the week ended last
Saturday and since Aug. 1 for each
Flour
2,527,000
2,739,000
Total, July 31, 1937-. 88,087,000
Total, July 24,1937
Oats, New York—
All the statements btelow
Receipts at-
442,354
584,895
Bushels
United States—
Boston
Indianapolis
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic—126*
Manitoba No. l.f.o.b. N.Y..136*
52*666
5,000
10,000
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports
Saturday, July 31, were as follows:
Chicago.f
Spring oats, high protein .7.45@7.80 Rye flour patents
5.10@ 5.30
Spring patents
6.90@7.20 Seminola,bbl.,Nos.l-3. 9.80@
Clears, first spring
6.00@6 60 Oats, good
2.30
Soft winter straights
5.25@5.35 Cornflour
3.30
Hard winter straights
6.10@6 30 Barley goods—
Hard winter patents
Coarse
6.25@6.45
4.75
Hard winter clears
(
5.20 @5.45
Fancy pearl, Nos.2,4&7 6.90@7.25
6,686,000
4,350,000
27,000
visible
Peoria..
FLOUR
924,000
1,590,000
3,000
17,295
Hutchinson
DAILY CLOSING
226,405
40,654
58,500
99,500
750
IVhen
Season's Low ana
-
October
81*
81
82*
77*
78*
80*'
77*
78*
79*
Corn
Since
July 31
July 1 to—
IN
Dec. 29. 19361 September—;73*
May
6, 19371 December
76*
July 31. 19371May
78*
DAILY CLOSING PRICES OF
(
Mon.
80*
80*
September
FUTURES
Wheat
Week
Total 1937
Total 1936
RYE
OF
and Since
the
steadiness of the nearby positions.
DAILY
Flour
Exports for Week
week and since
Rains near the close of the week in central-northern
the west.
Crops
over extended
in
areas.
districts, particularly
Montana, North Dakota, the eastern portions of South Dakota and Ne¬
braska, northern Iowa, and southern and eastern Minnesota, were
espe-
Financial
974
drought of several weeks' duration in the lastneeded rather generally in the Ohio Valley
Great Plains from South Dakota southward, urgently
cially helpful, relieving a
named
and
so
Rain
State.
the western
over
is
now
Plains.
generally favorable for
much of the southwestern
in
The week was
outside operations, with harvests
threshing advancing favorably.
Cultivated crops in central valleys
are still progressing favorably, though moisture is needed in a great many
places.
Prom the Rocky Mountains westward a generally favorable situa¬
tion continues, except that rain is needed in southern Arizona and much
of New Mexico; showers in northeastern New Mexico were decidedly
and
Grasshoppers are still bad in
helpful.
much of the Plains area.
wheat is largely completed, ex¬
Grains—The harvest of winter
Small
threshing is advancing rapidly.
western Ohio Valley, with con¬
siderable light-weight grain in that area and also in the upper Mississippi
Valley.
Spring-wheat harvest made rapid advance and is now well along.
In North Dakota yields vary greatly from a number of causes, including
cept in some later western districts, and
Yields show considerable variations in the
Aug. 7, 1937
Chronicle
Moderately warm; rains light and scattered, ex¬
in west and north; favored threshing, haying, and crop
Missouri—St. Louis:
cept locally heavy
Corn made good progress; crop mostly good to excellent. Winterwheat threshing about two-thirds done.
Oat cutting nearly done; about
one-fifth threshed; generally heavy yields and good quality.
Pastures and
gardens beginning to need rain.
Kansas—Topeka: Light rains, except locally; warm; sunshine above
normal.
Hard on corn over east; 60 to 90% will make fair yield with early
rains.
Pastures fair in east, but very poor in west.
Summer plowing
well advanced in east.
Grasshopper damage mostly confined to alfalfa
and truck, except in southwest where attacking all crops.
growth.
California—San Francisco: Temperatures near
fruits,
and
grain.
Pastimes and ranges
Rice, cotton,
mostly dry.
Sasshoppers, cutworms, and crickets. In Minnesotayields are mostly good
the northwest and practically f inished in the south; harvest is progressing
apparently not heavy. An unusually good
harvested in central yalleys, with yields especially high
Valley sections.
The flax crop is good in Minnesota.
Corn—On the whole, the corn crop is still developing satisfactorily,
except in some more western portions of the belt, though rain is now needed
rather generally in the Ohio Valley and some eastern Plains districts.
In Illinois some firing is reported on light, dry soils, and moisture is needed
over
much of southern Indiana and parts of Kentucky and Ohio.
In
Kansas high temperatures and scanty rainfall have been trying, though in
the eastern half of that State considerably more than half of the crop is
still in condition to make fair yields, with early rain; in the western half
to
THE
excellent, with rust damage
hops, walnuts, and beans doing
well.
DRY GOODS TRADE
of oats is being
crop
in Iowa and most Ohio
most corn has been
ruined.
favorable in Missouri and
Conditions are still
mostly so in eastern Ne¬
In Iowa progress and con¬
rain is needed badly in some
the crop satisfactorily passed
the critical silking and pollenation stage during the past week, with earliest
fields in roasting ears.
In Michigan corn is generally good, but is needing
rain in most of Wisconsin.
In Minnesota moisture received during the
week was decidedly helpful.
In the more eastern sections of the country
the corn crop continues satisfactory advance, with showers of the week
braska, though in the west the crop is poor.
dition continued mostly fair to good, though
northern counties.
In this State the bulk of
beneficial.
Cotton—In the Cotton Belt temperatures
normal in
the east to decidedly
ranged from moderately sub¬
above normal in the western
portions of
Widespread, substantial rains occurred in the eastern sections,
but elsewhere the weather was mostly fair, with little or no precipitation;
most stations in the central and western cotton States reported an entirely
belt.
the
normal; scattered showers,
mostly in mountains.
Farm operations and crop development favored.
Harvesting sweet corn, tomatoes, fruits, sugar beets, potatoes, citrus
rainless
week.
In Texas
general progress and condition of cotton continue good though
in west-central arid north-central portions.
The
to only fair locally
poor
has matured rapidly in the south and is in all stages of development
in northern half of State, where some local picking is beginning.
Pick¬
crop
made rapid progress in the south.
In Oklahoma progress and con¬
were mostly fair to good, except poor, with some shedding, in the
ing
dition
portion of the State.
western
In the central States of the
belt conditions were generally
favorable and
mostly good to excellent, except for a few
complaint of "rank, sappy
growth at the expense of fruit.
Weevil are generally inactive in the central
States of the belt, with bolls developing favorably well to the northern
limits.
In central Mississippi the first bale was reported several days
of cotton continued
progress
localities
in
districts where there was
northern
earlier than last year.
In the eastern belt
conditions were less
Rains in southern
favorable.
Georgia, the Carolinas, and southeastern Virginia favored weevil activity
in general, was only fair because of cloudy, showery
weather, with too rank growth and some shedding reported.
Bolls are
beginning to open as far north as the Coastal Plains of South Carolina.
Warm, dry weather is needed in the eastern belt.
Miscellaneous—Minor crops had a generally favorable week west of
and progress of cotton,
while there are numerous complaints of pest dam¬
and insufficient rain in the Great Plains and portions of the Missis¬
the Rocky Mountains,
age
sippi Valley.
More moisture is also needed
and the Southeast, while several Northern
hail
damage
sections
eastern
interfered
have
in portions of the Ohio Valley
and Eastern States reported
and tobacco . Potatoes and truck crops in
improving slowly and in some areas occasional
to fruits
are
with tobacco
most
rains
curing.
portions of the Great Plains, southern Rocky Mountain States, a few
far Western States, and a few southeastern areas pastures and ranges are
short and brown.
Elsewhere, they are fair to good.
From the Missis¬
In
sippi Valley westward, haying was favored, with second cuttings of alfalfa
reported generally.
Livestock are mostly good, with sufficient stock water
in most western areas.
Weather Bureau
The
furnished the following resume of
conditions in the different States:
Virginia-—Richmond: Cool; light scattered showers, but more needed.
growing rapidly, boll weevil rather serious.
Peanuts excellent.
improving; lower leaves being pulled in south.
Sweet potatoes
fair; other truck crops good.
Meadows and pastures excellent; second
hay crop being cut.
•
•
Cotton
Tobacco
Condition of cotton still generally good, some
but progress only fair, account too much cloudiness and rain
in east and weevil activity favored, especially in extreme
and south.
Advance of tobacco fair to good; some damage and in¬
North Carolina—Raleigh:
excellent,
plants
east
sappy
terruption to curing in east by heavy
good to excellent; other crops doing
South
Carolina—Columbia;
Cool,
rains.
well.
Corn, pastures, and meadows
except normal last
2 days; frequent
locally heavy, favored weevil activity.
Cotton blooming and boil¬
freely in north, but heavy shedding locally where rank growth, mostly
in south and east; beginning to open on coastal plain; warm, sunshiny
weather needed generally.
Late corn, truck, tobacco, pastures, and forage
good progress; tobacco curing and grading.
Some localities too wet and a
rains,
ing
few need rain.
Georgia—Atlanta: Normal warmth; good rains in large areas, but many
places dry in west-central counties.
Progress and condition of cotton still
mostly good, except weevil activity favored in large areas in middle and
south.
Corn needs rain in most of north and west-central areas, where
pastures deteriorating.
Florida—Jacksonville: Cool; moderate rains in
Condition and progress of cotton
east.
northwest, heavy in north¬
fairly good; opening,
beginning; weather moderately favorable for checking
harvested.
Sweet potatoes good growth; harvesting
weevil.
and picking
Corn mostly
beginning. Tobacco
curing and marketing; crop good.
Citrus good; fruit sizing nicely.
Alabama—Montgomery: Normal warmth; scattered, mostly light, rains.
Progress of cotton good, condition still mostly very good; opening more
freely in middle and south and some picking reported; weather favorable
for checking weevil; about normal shedding.
Corn needs moisture, but
mostly fair to good condition.
Sweet potatoes and truck suffering.
Past¬
ures
fair to good.
Mississippi—Vicksburg: Scattered light rains, but generally dry and
favored cotton opening; progress of early planted very good, with
conditions generally favorable for checking weevil; first bale reported in
central five days earlier than last year.
Progress of late-planted corn mostly
poor; needs rain.
Progress of gardens and pastures poor to fair.
Lousiana—New Orleans: Warm, scattered light, locally heavy, rains.
Condition and progress of cotton generally good; opening freely in south,
beginning in north; weather favorable for checking weevil.
Corn, cane,
warm;
rice,
and other crops
generally good condition; harvesting
early varieties
New York,
With weather conditions
Friday Night Aug. 6, 1937
leaving little to be desired, retail
week gave a fairly satisfactory account.
of home furnishings and furs met with
good response on the part of the consuming public, although
attention was again drawn to the retarding influence of
higher expenditures for rents and food necessities on the
total volume of sales.
Most encouraging reports continued
to come from the agricultural sections in the Southwest
trade during the past
Seasonal promotions
whereas sales in the Middle-West were
somewhat affected
by the seasonal slackening in industrial operations.
Early
estimates for sales during the month of July in the local area
forecast gains averaging from 5 to 6%, over July, 1936.
Trading in the wholesale dry goods markets, following its
recent moderate seasonal spurt, again turned quiet as mer¬
chants refrained from further purchases because of the con¬
tinued uncertainty over the price outlook and the reaction
of the consuming public to higher price demands.
A more
active market is generally expected after the release of the
initial government cotton crop estimate on Aug. 9, as it is
known that, due to the protracted cautious attitude of
buyers, a considerable accumulation of uncovered needs of
goods has takfen place.
The feature of the week was a price
reduction, averaging 5 to 10%, for standard towel lines, by
one of the leading
^producers. Business in silk goods con¬
tinued very dull, with the persistent threats of a general silk
strike exerting a further depressing influence on sentiment.
Trading in rayon yarns also slowed down somewhat from its
previous activity, partly owing to the hesitancy displayed at
the opening of the fall dress season.
However, -with the
statistical position of the market continuing in excellent
shape, no misgivings are felt over the future outlook as it was
generally expected that the present seasonal lull will soon be
followed by the resumption of active buying, leading to a
further tightening of the delivery situation.
Domestic
Cotton
Goods—Trading in the gray cloths
markets started the week in its
previous desultory fashion
with
prices again following an easier trend.
The continued
weakness of raw cotton prices was again the chief factor in
depressing sentiment and causing users to withhold pur¬
chases.
Later
occurred
as
in
the
the week
a
decided turn for the
better
staged its first moderate
rally following reports from Washington to the effect that
attempts will be made to peg cotton prices.
Little doubt
prevails that following the release of the official cotton crop
report on Monday a further revival in activities will take
place.
Many converters are said to be in need of goods and
this pent-up buying is expected to be released as soon as the
uncertainty over the crop estimate is out of the way.
Whether this covering movement will signify a lasting turn
for the better, will, however, depend upon developments in
the finished goods markets which of late have been none too
encouraging.
Business in fine goods gave little indication of
an early revival in
activity and prices showed a further ten¬
dency to soften.
A moderate call existed for carded piques,
but the refusal of mills to accede to the lower price demands,
raw
cotton market
prevented larger sales from materializing.
Closing prices in
print cloths were as follows: 39-inch 80s, 8 to 8hsC.; 39-inch
72-76s, 7%c.; 39-inch 68-72s, 6%c.; 383^-inch 64-60s, 6 to
6Kc.;383^-inch 60-48s, 5 to 53^c.
Woolen Goods—Trading in men's wear fabrics improved
moderately, although the bulk of sales was again confined to
the new lines of tropical worsteds and other lightweight
materials.
Mill's backlogs of unfilled orders showed further
declines as clothing manufacturers, being well supplied for
their fall requirements, refrained from additional commit¬
ments, pending a clarification of the outlook for the move¬
ment of goods in distributive channels.
Reports from retail
clothing centers gave a spotty account, with public buying
limited to strictly summer apparel and with inventories in
some
instances said to have retained their somewhat un¬
wieldy character.
Business in women's wear materials con¬
tinued fairly satisfactory as seasonal influences caused gar¬
ment manufacturers to enter the market for new supplies.
of rice.
of central and east,
but only light or none elsewhere; general rain needed, except northeast;
need serious in west.
Progress and condition of cotton mostly fair to good,
except poor in west.
Progress and condition of corn fair to good in central
and east, fair to rather poor in west.
Pastures poor and weedy, but live¬
stock mostly fair.
Plowing progressing normally.
Fruits and vegetables
Oklahoma—Oklahoma City: Hot, with rains in most
good; plentiful.
Rock: Progress of cotton good to
south, and west localities where continued
Arkansas—Little
in some east,
excellent, except
rains caused rank
shedding; drought in northeast checked growth; weevil
favored in southeast; condition good to excellent, grown bolls nearly to
north border.
Early corn matured; progress of late corn very good.
Favor¬
growth;
able
to
slight
all other crops..
Foreign Dry Goods—Trading in linens remained sea¬
sonally dull.
A few fill-in orders in the dress division were
received but their total was negligible.
Business in burlap
quiet although a moderate increase in in¬
for later shipments was reported.
Prices ruled
slightly higher, in line with the better trend in Calcutta
following the unexpected decrease in stocks at that center.
Domestically lightweights were quoted at 4.10c., heavies at
continued very
quiries
5.35c.
Volume
145
Financial
MUNICIPAL BOND
SALES
IN
Chronicle
1,500,000 Charlotte, N. C., 3% and 3 M % water and street
improvement
funding bonds were awarded to an account managed
by the
Chase National Bank of New
York, at 100.01, the cost of the
financing the city being about 3.06%.
Re-offering was made
by the bankers at yields of from 1.50% to 3
%, and prices from
par to 97.50, according to interest rate and
maturity.
1,500,000 Cincinnati, Ohio, 1
refunding water works notes were
purchased by a syndicate managed
by Edward B. Smith & Co.
of New York, at
par plus a premium of $160.
Of the issue
$500,000 is due Aug. 1, 1938 and $1,000,000 on
Aug. 1, 1939,
with the latter
maturity being callable on the earlier date at
par.
The banking group re-offered the
1938 notes to yield
0.65%, and the 1939 obligations were priced at
100)4
1,500,000 Richmond, Va., 3% public improvement
bonds, due $75,000
each year from 1938 to
1957, incl., were pin-chased by Blyth
& Co., Inc., of New York and
associates, at 107.41, a basis
a basis of about
2.20%.
They were publicly offered to yield
from 1.20% to
2.25%, according to maturity.
1,500,000 Syracuse, N. Y., 2.10% debt equalization
bonds were pur¬
chased by the Bankers Trust Co. of New
York and associates,
at
100.45, a basis of about 2.05%.
In re-offering the bonds,
the bankers priced the
$400,000, due Aug. 15, 1946, to yield
1.90%, and the $1,100,000, maturing Aug. 15,
1947, were
offered to yield 2%.
1,357,000 San Francisco
(City and County), Calif., 4% water
distribution and sewer bonds, due
annually from 1937 to 1963,
incl., were taken by a group managed by the Harris Trust &
Savings Bank, Chicago, at 112.17, a basis of about
2.82%.
They were offered to the public to yield from
0.25% to 2.85%,
according to maturity.
1,324,000 Orleans Levee District, La., 3%% and
4% refunding bonds
due serially from 1942 to
1973, incl., were sold to a syndicate
headed by the "Whitney National Bank of
New Orleans, at a
JULY
Long-term financing by States and municipalities during
the month of July showed a marked decrease in
volume
compared with the awards made in the previous month.
This was so despite the
disposal in the recent period of a con¬
siderable number of issues in
excess
of $1,000,000 each, the
•
largest of these being the $28,000,000 Triborough Bridge
Authority, N. Y., flotation.;; The latter loan, brought out
by Dillon, Read & Co. of New York, was acquired by the
bankers from the Reconstruction Finance
Corporation at
a
price of 103.
As a result of that offering, all of the Bridge
Authority's authorized and outstanding bonds of $53,000,000
have now been placed in the hands of the
public.
In speak¬
ing of the RFC, it should be noted that the Federal agency
was
responsible for an additional $3,839,150 of the July total,
having made public sale of that amount of municipal issues
which it had taken
over
from the Public Works Administra¬
tion.
The
principal amount of new municipal issues placed on
July was $86,845,596.
This compares with
$111,853,239 for the month of June, of which
the market in
emissions of
$40,000,000 represented
a
flotation of that
sum
of New York.
total of tax-exempt
of 1937 reached
borrowing for the initial seven months
$643,421,331, as compared with an output
of $656,752,581 in the same
period a year ago.
However,
it is nevertheless true that a
comparison of the quotations
which prevailed on
representative municipal issues last year
against current levels, will sharply illustrate the rather
unfavorable performance of the
municipal market during
the present year,
particularly in the three-months' period
from February to May.
The new offerings of
$1,000,000 or more during July
comprised the following:
as
$28,000,000 Triborough Bridge Authority, N.
Y., 4% bridge revenue
bonds, following their purchase from the
Reconstruction
Finance Corporation,
were
publicly distributed by a large
banking group headed by Dillon, Read & Co. of
New York
City.
The issue consisted of $18,500,000
sinking fund revenue
bonds, due April 1, 1977, and $9,500,000 serial
revenue ob¬
ligations, maturing annually from 1942 to
1968, incl.
The
bonds are callable
beginning April 1, 1942 at various prices
depending on the date of redemption.
The bankers reoffered the block of $18,500,000 at
104.50 and accrued interest
and the $9,500,000 were
marketed on a yield basis of from
2.40% to 3.73%, according to maturity.
As a result of this
offering, all of the bridge authority's authorized
and out¬
standing bonds of $53,000,000 have now been
placed in the
hands of the public.
In announcing the
sale, the RFC stated
that the banking
group paid a premium of
$840,000, which,
when added to the premium of
$525,000 derived from the
sale of a block of
$7,000,000 last April, increased to
$1,365,000
the profit made by the Federal
agency in selling to private
investors the $35,000,000
bridge bonds which it had taken
over from the
Public Works Administration.
5,000,000 Louisiana (State of)
3^% and 4% highway bonds were
awarded to Ilalsey, Stuart &
Co., Inc. of New York and
associates, at 100.066, the net interest cost to
the State being
about 3.86%.
In marketing the bonds, which mature
annually
from 1941 to 1960,
incl., the bankers priced the 3
hs, amounting
to $2,420,000, at
101, while the 4s, in the principal
amount of
$2,580,000, were offered to yield from
2.30% to 3.80%, accord¬
ing to maturity.
5,000,000 Philadelphia, Pa.,
3H% registered city bonds were sold to
the municipal
sinking fund at a price of 100.25, a
3.24% basis
(
Due July 1,
1987, callable after 20 years at par.
3,000,000 Missouri (State of)
3% building bonds were sold
privately
to an account headed
by Halsey, Stuart & Co.,
Inc., of New
York.
The bonds were re-offered for
public subscription at
prices to yield from
1.40% to 1.90%, accoring to
maturity.
They mature annually from 1940 to
1944, incl.
The bankers
originally bought a block of $1,500,000 and
later exercised
their option
on
the balance of the
same
depending on coupon rate and maturity.
1,000,000 West Virginia (State of) 2)4% and
3)4% road bonds,
maturing serially from 1938 to 1962, incl., were sold to an
account headed by
Halsey, Stuart & Co.. Inc., New York,
at
notes, due July 1 1940
were re-offered to
yield 1.45%.
2,000,000 Philadelphia School
District, Pa., 1)4% registered school
bonds were absorbed
by the Loan Tax Fund of the
District
at 100.005, a basis cost
of about
1.49%.
Due Aug 1
1967
redeemable at
interest period.
net
a
Tenn., 4% funding bonds were sold
privately
J- Van Ingen &
Co., Inc., of New York and
associates.
They mature yearly from 1952 to
1962, incl., and
cost
the
to
The following is a record of the
issues, numbering 15 and
aggregating $805,320 in par value, which failed of sale at
the time of offering during
July.
Included in the table is
the page number
each abortive
Page
of the "Chronicle" where
Name
Int. Rate
313
641
649
a
$20,000
Daytona Beach, Fla
Goodland, Ind
County
313
Inkster, N. Dak
977
Kern
987
488
647
Rittman, Ohio
be
No bids
5,000
Not sold
of
interest
received
was
until
from taking
8,000
5)4%
21,000
440,000
6%
90,000
7.
Aug.
action
on
the
bids,
c
for
An
No bids
30,000
3,320
30,000
with the bidder,
b Petition
Bids unopened
No bids
15,000
4%
5%
exc.
not exc.
optional
Bids
a
referendum
in
error
the
necessitated postponement of the sale until
Aug. 21.
the market at
par and accrued interest.
were
placed
1,225,000 Minnesota (State
of) certificates of indebtedness
bearing
2% interest and due July 30, 1942, were
taken by Brown Harriman
& Co
of Chicago and
associates, at 100.17, a basL of
about 1.97%.
Re-offered to investors at a
price of 100 75
on
Issuereoffered
Bids rejected
Bids rejected
at
tne
new
the issue
offering
prevented
original offering
notice
Temporary financing negotiated by States and local sub¬
divisions during the month of July amounted in the
aggregate
to
$52,813,596.
This figure includes
$37,800,000 of that
type of borrowing accounted for by the City of New York.
Obligations of this nature continue to attract considerable
investment interest and the cost to the
borrower, while
deal higher on the average than was true
still at
a good
throughout 1936, is
comparatively low level.
borrowing by Canadian municipal corpora¬
July totaled $26,308,075, all of which was absorbed
in Canada.
Temporary financing, amounting to $50,000,000, represented sale of Treasury bills by the Dominion
a
Permanent
tions in
Government.
The
Province
of
Ontario was largely re¬
sponsible for the bulk of the month's bond sales, having dis¬
posed of an offering of $20,000,000.
Another large con¬
tributor was the Province of Nova
Scotia, which marketed
a
loan of $4,077,000.
None of the United
market for funds
Below
we
States
Possessions appeared in this
during July.
furnish
securities sold in
a
comparison of all the various forms of
July during the last five
'
*Temp. loans (U.S.)
1936
1935
$
Perm't loans (IT. S.)
1937
$
$
86,845,596
52,813,596
42,306,16S
87,468,655
98,294,000 131,776,175
years:
1934
73.158,830
8,598,432
414,700
27,085,532
Can. loans (perm't)Placed in U. S
26,308,075
308,151
1933
$
94,813,199
30,395,055
35,S15,078
None
None
None
None
S. Poss'ns
None
None
None
4,565,000
None
Gen. fd. bds.N.Y.C.
None
1,250,000
None
None
None
None
165,967,267 140.908,319 232,408,262
168,386,729
94,546,265
*
on
No bids
Offering canceled
Offering canceled
74,000
4%
4%
4)4%
St. Regis Falls Fire Dlst., N. Y_not
will
Offering postponed
8,000
5%
5%
V7hite Salmon, Wash
city
Report
No bids
Bids rejected
Not sold
County, Calif. (Red Rock
649
Rate
30,000
4%
645
x
6%
___not exc.
King County S. D. 147, Wash__not exc.
Montgomery County, Ohio
not exc.
b Nelsonville, Ohio
4%
Pecos Ind. S. D., Texas
not exc.
Ridley Township, Pa_
not exc.
c
6,000
not exc.
School District)
986
of
School
647
809
25,000
x
High
District No. 115, Wash
Hosmer Ind. S. D., S. Dak
312
account
Amount
5)4%
4%
Clarks Summit, Pa
801
Grant
an
offering will be found:
Placed in Canada.
1,652,000 Knoxville,
interest
State of about
2.32%.
The
bankers marketed the 2^s to yield from
2% to 2.35%, and the
3)4s to yield 0.80% to 2%, according to
maturity.
amount.
3,000,000 Pittsburgh, Pa., public
improvement
promissory notes were
soLd. to
Halsey, Stuart & Co., Inc., New
York, as 1.60s at
100,087, a basis of about 1.57%.
The
par at any
price of par, the net interest cost of the
financing being about
3 97%.
Toe bankers re-offered the bonds at various
prices,
by the State
In that month,
also, the State of Tennessee
brought out $10,066,000 bonds.
Although market condi¬
tions for financing by States and
municipal units so far in
the current year have been
considerably less propitious than
was the case
during the same period last year, this is not
reflected in any material
degree in the comparative aggregate
of sales for the two periods.
Our records show that the grand
975
Bonds U.
Total
*
,
Including temporary securities issued by New York City:
$37,800,000 in July1937; $82,150,000 in July, 1936; $45,511,000 in July, 1935;
$27,000,000 in July, 1934^
$21,429,312 in July. 1933.
Financial
976
Chronicle
of the Motor Vehicle Commissioner, favored State¬
daylight saving time, regulated hair dressers and barbers, and passed
highways.
>
licenses was set for April 1 instead
of Jan. 1 on the ground that more motorists thus would use their cars in
municipalities emitting long-term bonds
July, 1937, were
with 364 and 423
for June, 1937, and with 314 and 358 for July, 1936.
For comparative purposes we add the following table,
showing the aggregates for July and the seven months for a
series of years.
In these figures temporary loans, and also
issues by Canadian municipalities, are excluded:
1936
1935
1934
1933
1932
1931
wide
687,479,117
614,383,734
859,218,515
968,849,278
S38,257,412
896,468,767
905,868,652
652,577,756
749,702,241
570,999,611
379,671,407
389,641,253
174,909,192
314,407,599
321,076,020
356,818,480
80,899,070
86,028,558
1927
1926
1922...
89,270,476
144,630,193
117,123,679
67,776,833
94,616,091
1921
104,584,124
1920
57,009,875
83,990,424
23,142,908
92,828,499
36,611,488
33,899,870
1925
1924..
1923
1919
1918
1917
1916
1915
1912
256,820,181
556,300,772
947,954,662
877,894,667
755,497,820
112,358,085
85,114,065
1928
1914
a
New Jersey—Finances
of Municipalities Reported Im¬
proving—A special dispatch from Trenton on Aug. 2 to the
New York "Herald Tribune" had the following to say in
regard to a report issued on that date dealing with municipal
For the
1904
26,776,973
23,477,284
30,479,130
42,231,297
35,832,789
20,120,647
21,108,678
16,352,457
25,442,095
10,878,302
33,233,254
1903
16,670,240
finances in the State:
95,246,674
1902
12,861,550
8,262,495
8,104,043
100,489,945
18,613,958
7,868,563
81,959,334
17,389,859
5,313,495
90,665,236
48,490,459
72,366,273
74,680,229
34,354,175
1913
1911
1910
1909
1908
1907
1906
1905
1901.......
1900
1899
1898
1897...
1896
1895
384,334,150
242,358,554
276,768,423
265,493,667
198,678,899
227,245,964
190,181,257
1893
-
in the financial condition of New Jersey's
municipalities is indicated in a report today by Walter R. Darby, State
Auditor, covering the first half of the current year, although 36 local
Substantial
improvement
governments are still in arrears in the payment of debt services.
Tax collections of all municipalities reporting for the first half of the
totaled $80,847,926, or 33.29% of the entire levy of $242,829,462.
Compared with the period last year, the total collected then was
$75,352,810, or 31.99% of a 1936 levy of $235,483,382. Mr. Darby's compara¬
tive figures went back to 1934, when at the midyear collections were 28.56%
of the total levy.
Improvement in current debt position was evident in the report of a
decline this year in tax revenue notes outstanding to $13,102,841, from
approximately $19,000,000 a year ago. A slight increase was noted, how¬
ever, in tax title liens with the total $86,406,196, compared with about
$64,000,000 at this time last year.
year
131,700.346
127,780,340
122,601,356
171,102,409
15,375,660
8,253,237
1,691,000
1894
law to prevent too-slow driving on
The expiration for motor vehicle
the winter months.
7 Months
July
7 Months
$643,421,331
656,752,581
96,766,226
1930
1929
Month of
For the
Month of
July
$86,845,596
42,306,168
87,468,655
94,813,199
30,395,055
27,831,232
7,
courts from decisions
The number of
and the number of separate issues during
273 and 316, respectively.
This contrasts
1937
Aug.
69,485,555
S6,047,708
York
City—Record Budget Predicted for 1938—
city's next budget will be the largest in its history with
an estimated increase of about
$30,000,000 over the city's
1937 expense budget, according to preliminary estimates
being made by Mayor La Guardia and Comptroller Frank J.
Taylor.
'
The 1938 budget will make necessary a higher basic tax
rate than the current rate of $2.64 per $100 of assessed
valuation.
This year the city's expense budget is $562,998,917.
With the increased expenditures foreseen for
1938 the next budget will be in excess of $590,000,000,
according to information made public in the press on Aug. 4.
The city's expense budget is distinct from its
capital
outlay budget for large scale improvements.
The capital
outlay budget is said to have been so filled with projects
that the Comptroller issued a
warning several weeks ago
against further commitments.
'
New
51,947,110
The
.
>
Owing to the crowded condition of
our
columns,
we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
WORKS ADMINISTRATION
PUBLIC
Report
on
the text of
It will be given later.
Profits Derived from Bond Sales—The following is
statement (Press Release No. 3195) just made
a
available by the above
named Federal
agency:
A report to
Administrator Harold L. Ickes by Charles J. Maxcy, Chief
Accountant, revealed that the Federa Government had profited $11,326385 through the sale of bonds accepted as security for Public Works Admin¬
istration loans to municipalities.
This is in addition to the
$20,648,798 turned into the Federal Treasury
as interest collected from the borrowing cities,
States and counties which
volunteered to build permanent and useful public works to create joos at
the site of construction
as
well as "behind the lines."
The "new high" in PWA bond sales profits resulted
largely from the
con¬
summation of the contract whereby the firm of Dillon, Read & Co. of N. Y.
City purchased the balance of bonds of the Triborough Bridge Authority
through the Reconstruction Finance Corporation, which acts as PWA's
broker.
The New York brokers purchased $28,000,000 worth of bonds at
103, making a profit to the Federal Government on that transaction alone of
$840,000.
Through July 27, 1937 the PWA had purchased
It had placed bonds with the
total of $642,598,596
value of $488,813,509 with the RFC and retired or sold or canceled $14,693,343 worth of
bonds, leaving bonds on hand with a par value of $128,082,743.
in municipal bonds.
a
par
The sale of the bonds, accepted at par by PWA when the securities
were
going begging on the open market, have resulted in an average profit of
about $27.69 per thousand.
As a result of the rapid sales during the past
couple of years, RFC now holds only $87,759,590 worth of bonds delivered
to it by PWA.
"WE OFFER SUBJECT—
.
Restoration of full salaries to 146,000 city employees will cause a net
increase of $13,000,000 in the next budget.
Establishment of the threeplatoon system in the Fire Department will mean an increase of $6,000,000
in that Department's 1938 budget.
Mandatory increases in the
Depart¬
ment of
Education, including salary increments, will account for ahother
increase, estimated at between $3,500,000 and $4,000,000.
Granting of an eight-hour day for city hospital nurses will raise the
next budget by another $1,800,000.
Replacement of dismissed works
Progress Administration workers in the greatly enlarged city park system
will add $2,000,000 to the Park Department's
expenses.
Appointment
of additional policemen next year entails another
$1,000,000 increase.,,
Internes in city hospitals will campaign for annual salaries of
$1,000 each
in the fall.
If their request is granted, the budget will show an additional
increase of $500,000.
The cause of the internes has strong support in
the Board of Estimate.
With the items listed above, the next budget will show an increase of
least $28,300,000.
The Mayor considers that figure "conservative"
at
and expects the final increase to be
United
Toll Bridge Measure
—According to an Associated Press dispatch from Washington
as of
July 29 President Roosevelt and the Budget Bureau
had approved a bill providing a premium for
lifting tolls
on
highway bridges.
The measure, vetoed last year by
the President, authorizes the Bureau of Public Roads to
refund to a State one-half the original cost of a
bridge which
is made toll-free.
$15,000 DELAND Imp. 6% Bonds
Due—Jan.
Priae—5.25
United
1, 1955
Since
Basis"
laws
in
Thomas M. Cook &
Harvey Building
WEST
PALM
larger.
States—President Approves
Company
BEACH, FLORIDA
States—Chain
1932—Since
placing
most
store for
a
States
1932
Store
total
Taxes
of
21
Passed
States
in
21
have
States
passed
discriminatory license on chain stores, rates
being graduated from a nominal figure a
the first few outlets to
high as $750 a unit on
chain, according to a
issued by Poor's Stock Reports.
each store in Texas
survey
a
over
as
50 in any one
"Some States," the report says, "go even further, assessing every store
a chain at the rate
applying to the last unit. Louisiana, using this basis,
further complicates matters by counting every store
operated, whether it
is in the State or not.
Thus a 501-store chain with one unit in Louisiana
in
News Items
Indiana—Bond
Tax
Deadline
Set—Delinquent tax pay¬
ments on interest received from municipal bonds can be
made without penalty before Sept. 1, the State gross income
tax department announced on July 29, according to Indian¬
apolis advices of that date.
Missouri—Social
Security Bill Held Valid—An opinion
holding that the Casey Social Security bill is constitutional
and contains all legislation now in effect in Missouri with
respect to old-age pensions, relief and aid to dependent
children was given the Governor's office by the Attorney
General's department on July 28, according to an Associated
Press dispatch from Jefferson City.
The ruling also held the emergency clause of the Act was
valid, placing it in effect on its signature by the Governor,
June 23, it is said.
New
Hampshire—End of Legislative Session Expected
Shortly—An Associated Press dispatch from Concord on
July 31 reported as follows on action taken thus far by the
State Legislature,
which hopes to conclude its lengthy
session in the
near
future:
With a number of Governor Murphy's proposals already written into
law, the New Hampshire Legislature, still in record-breaking session, today
hoped to wind up its affairs within a fortnight.
Among measures passed so far are:
Bills
creating a State police
force, providing for participation in New York's world fair, construction
of an annex to the State House at a cost of $600,000, revising the work¬
men's
a
compensation laws to provide more liberal provisions, creating
commission to study the promotion of wealth and income of the people
a State probation system.
The Legislature approved flood control programs for the Merrimack
of the State and establishment of
and
the beginning of
It
of $500 on that outlet.
To prevent chains from escap¬
ing the usual type of tax through establishing supermarkets, Tennessee
taxes chains on the amount of floor
space occupied; and Michigan, in
addition to
a typical license tax, also assesses every counter used.
"Effects of this type of taxation on grocery chains can best be demon¬
by comparing the general upper bracket rate of $500 a unit with the
average operating profit per store of about $1,500 for representative chains.
Although this would eat up one-third of existing operating profits, it should
strated
be remembered that in
high as the top limit.
"Furthermore,
favored
the
no
single
case
will the average per-store tax be
as
$500 figure amounts to less than 1% of sales per
store, which were $60,500 in 1936.
In other words, groceries could pass on
this expense to the consumer by a 1% increase in sales
prices.
However,
chains would still enjoy a substantial advantage, as it has been
estimated
that their selling prices averaged some
8% lower than the independents.
"These laws are a burden, but not prohibitive.
The trend toward such
legislation may well have reached its peak, as consumers realize that these
taxes on their food
supplies must eventually affect their own purchasing
power.
As a result, popular opinion may denounce this trend toward chain
store discrimination.
even a
Wisconsin—Governor to Reconvene Legislature in Special
Session—Governor La Follette announced on July 28, upon
his return from
Washington, that a special session of the
Legislature will be called to consider relief problems
other matters of importance, according to Madison
State
and
news
advices.
The date of the session has not been
decided, the Governor
said.
He will call in legislators of all parties to ascertain their
wishes concerning the date and the matters to be con¬
sidered.
It is believed that the session will not be held
earlier than last August or
early September.
Bond Proposals and Negotiations
ALABAMA
Connecticut
valleys contingent upon Federal assistance and also set
a water levels regulation policy for lakes and ponds.
Administration proposal for elimination of workers'
contributions to the unemployment insurance fund, approved appeals to
up
must pay the top tax
LAFAYETTE, Ala.—BOND
ELECTION—The City Council has called
election for Aug. 30 at which a proposal to issue $32,000 water works
bonds will be submitted to a vote.
an
Volume
Financial
145
Chronicle
977
been interviewed and conclusions in
respect to security holders are believed
to reflect a fair
cross-section of opinions of creditors.
Tax bills for levies
or
irrigation district, county, school and city taxes have been checked
ALABAMA MUNICIPALS
against various
types of real estate.
been determined or estimated.
nave
Bought—Sold—Quoted
sulted,
opinion
McALISTER, SMITH & PATE, Inc.
67
BROAD STREET
NEW YORK
GREENVILLE, S. C.
(a)
LAUDERDALE COUNTY (P. O. Florence) Ala.—WARRANTSALE—
The $43,500 issue of school warrants offered for sale on
Aug. 2—V. 145.
p. 800—was purchased by King, Mohr & Co. of Montgomery, according
to report.
King, Mohr & Co. paid a price of 98.92 for 3s.
Denom. $500.
Dated
Jan. 15, 1937. Interest payable Jan. 1 and
July 1. Due serially on Jan. 15
from 1938 to 1946.
FOR TV
A POWER SYSTEM—
By
a vote of 361 to 42, the voters on July 28 approved the issuance of
bonds for a municipal power distribution system to be supplied by Ten¬
Valley Authority current, it is officially reported. No specific amount
of bonds was set out on the bond ballots,
stating only that a "sufficient
amount" to purchase or build the system be issued.
nessee
TUSCUMBIA, Ala .—RETIRES $109,000 BONDS—Retirement by othe
City of Tuscumbia of $109,000 of public improvement refunding bonds,
largest single purchase in the history of the city and more than the total
bought in during the past 50 years, was announced recently by Mayor
Bobert Beasley.
Of the total, 10,000 were bought in at 28}4> 3,000 at
29^ and the remainder at 30, Mayor Beasley said, adding that the Board
of Aldermen has collected, since taking office in October, the entire amount
necessary for the purchase.
The deal was handled through the First National Bank, Birmingham,
announced.
con¬
development and,
development, the possible future of
has been checked against current operation
and the Salt River Valley Water Users'
District
That real
estate
seems
quite evident that bond¬
with present produce
pnces and land in weak hands will gradually be shifted to stronger owner¬
ship with a resultant increase in tax collections.
In this connection, it is
pointed out that Imperial County collected 85.81% of the current levy for
values
advance
will
in
line
the last fiscal year.
(b) That the district is not making a real effort to meet its obligations
and that the
original borrowings
definitely pledged for the debt.
(c)
SCOTTSBORO, 'Ala.—BONDS VOTED
was
5eJmPer,ial Irrigation District
A& a result of the outlined
study, it
holders have various
opinions as follows:
ALABAMA
it
assuming completion of the electrical
Tin-lock Irrigation
Association.
CHARLESTON, S. C.
Various economists have been
writings have been studied, in an attempt to form an
the probable trend of prices of agricultural
products over
periods of 5, 10 and 20 years.
An attempt has been made to estimate
potential gross and net earnings of the
proposed power
to
as
of
Telephone WHitehall 4-6765
Current earnings of these properties
their
or
were on
the basis that all property was
J
That previous concessions by bondholders resulted only in demands
for further contractual modifications.
(d) That litigation is being deliberately prolonged with an objective of
enforcing lower interest rates.
1
(e) That the electrical development will be profitable and that this added
income together with reduced operation costs effected by completion of the
All-American Canal will enable the district to meet all obligations with
comparative
or
ease.
(f) That a good 4% bond is more desirable than a defaulted 5%, 5^%
6% bond, but that a reduction to a lower rate would not inspire the
district to
(g)
a
determined effort to meet the obligation.
That funds
are
available for the payment of contingent A and
B
coupons.
(h)
That
information
the
as
district
does
not
make
available
to
creditors
adequate
to the status of various funds.
A fair percentage of
property
convictions as follows:
owners
in
the district appear to have
SCOTTSDALE HIGH SCHOOL DISTRICT (P. O.
Phoenix), Ariz
BOND SALE DETAILS—It is now reported by the Clerk of the Board of
(a) That more than 4% interest is exorbitant under present conditions
farming operations will not justify payment of 5%, 5M % and 6%.
(b) That most irrigation districts have secured substantial reductions in
principal as well as interest.
(c) That present high prices for crops are only temporary, and that
present interest rates and sinking fund requirements cannot be met over a
period of years.
(d) That uncertainty as to the bond situation is retarding real estate
activity which would otherwise be under way.
(e) That high taxes make it impossible to secure real estate loans at a
fair rate of interest, thereby hampering farm operation.
It seems quite logical to assume that the long-range interests of property
owners and creditors are largely identical.
Probably no permanent solu¬
tion of the difficulty will be effected until such time as a fair settlement is
proposed.
Such a settlement should involve reasonable concessions on the
part of debtor and creditor.
There appear to be four methods of procedure,
Supervisors that the $11,000 school bonds purchased by the District Sink¬
ing Fund, as 4Hs, at par, as noted in these columns recently—V. 145,
p. 639—are dated May 1, 1937, and mature $1,000 from May 1, 1938 to
1948, inclusive.
payers to beat security holders down to the irreducible
this element should be ignored as not representative
Mayor
Beasley announced also that during the present city adminis¬
tration the city's receivership, which had been in effect seven
years, was
dissolved, that the city has purchased from the Alabama Power Co. the
njtunicipal electric distribution system and that at the end of the first three
months the system has shown a profit to the
city of more than $1,700.
Mayor Beasley said he has been negotiating for the purchase of the city
water system but that a favorable vote has not been
given by the Aldermen.
The city has only $1,200,000 in bonds outstanding at present and Mayor
Beasley said officials hope to retire at least $500,000 of those during the
remaining three years of his administration.
ARIZONA
TOMBSTONE, Ariz.—BOND ELECTION—At
10, the people will vote
tribution system revenue bonds.
on
Aug.
on
a
an
election
to
be
held
proposal to issue $17,000 gas dis¬
and that
viz.:
1.
Continued Default—It is apparently the desire
of
a minority of tax¬
minimum. Probably
of the majority and
because of possible disastrous repercussions.
2. RFC Loan—It might be possible to get
Corporation commitment
an Reconstruction Finance
interest to pay off bondholders at 75c. or
at 4%
80c.
or
For various reasons, a fair proportion of bondholders probably cannot
will not take a reduction of principal.
Any such RFC offer should, if
possible, therefore, carry an optional offer to permit creditors to take new
4 % bonds for the par value of holdings.
This was the procedure followed
in at least one comparable situation.
3. Build-up of Credit to Deserve and Secure Voluntary Offers of Cheap
Monty for Refunding—Many millions of investment dollars are available at
low rates of interest.
Investment of this money is largely confined to the
better grades of credits.
Procurement of such funds would require proof
of ability to pay as well as unquestioned willingness to meet obligations.
That such money is available to irrigation districts is well established by
the present market of 122 for Turlock Irrigation District 5Hs of 1960.
Such a course wornd be necessity demand the best possible public relations.
4. Voluntary Reduction of Interest by Present Bondholders—Most investors
fully realize that 4% is a fair rate of interest under present conditions. At
the same time they feel that a 4% irrigation bond should be of good grade
and representative of good moral risk.
A good 4% bond of the Imperial
Irrigation District could easily sell at or near 100, provided there were no
reasonable doubts as to prompt payments of interest and principal.
There
have been instances were interest reduction automatically made safe a
previously questionable security by reduction of service requirements.
KERN COUNTY SCHOOL DISTRICTS (P. O. Bakersfield) Calif.—
BOND SALE—The two issues of coupon school district bond issues aggre¬
gating $100,000, offered for sale
as
on
Aug. 2—V. 145, p. 307—were awarded
follows:
$75,000 Wasco Union Elementary School District bonds to the American
Trust Co. of San Francisco, as 2s, paying a premium of $92.50,
equal to 100.12, a basis of about 1.96%. Due $15,000 from 1938
to
ARKANSAS
KERN
DOVER SPECIAL SCHOOL DISTRICT NO. 17 (P. O. Dover), Ark.
—BOND ELECTION—The Board of Directors has set Aug. 14 as the date
of a special election at which a proposal to issue $26,000
refunding bonds
will be voted upon.
SOUTHEAST ARKANSAS LEVEE
DISTRICT, Ark»—LANDOWN-
ERS PROTEST TERMS OF PROPOSED DEBT ADJUSTMENT— Refund¬
ing of $2,413,500 bonded indebtedness of Southeast Arkansas Levee Dis¬
trict, petition for which is pending in U. S. District Court, may be blocked
by a group of landowners who have filed protest against terms of the pro¬
posed debt adjustment.
Plan offered for court approval contemplates
exchange of new bonds for outstanding securities, cancellation of $600,000
of past-due interest by payment of $161,000 and retirement of bonds ahead
of maturity by open market purchases with surplus revenue.
Petition charges that agreement to refund bonds is illegal in that it was
negotiated while Southeast Arkansas Levee District was still in receivership,
and
that
board
of
commissioners
appointed to replace receiver Grady
Miller, has not assumed office.
It is also charged thac other districts com¬
parably situated have refinanced or refunded debts at considerably less
than
par figures.
Specific mention is made of Cypress Creek Levee Dis¬
trict, which adjusted its debt on 40% basis, and Levee District No. 17 of
Mississippi County, which recently completed adjustment on 50.25%
basis.
Special Master G. "W. Hendrick is expected to shortly report to
court on reduction of fees
sought by attorneys, receiver and others.
CALIFORNIA
MUNICIPAL
BONDS
Revel Miller & Co.
MEMBERS:
650 So.
Spring Street
•
school bonds offered
received.
LOS ANGELES COUNTY (P. O.
Los Angeles
to name rate of interest, not to exceed 5%.
Denom. $1,000.
Dated
Aug. 1, 1937.
Principal and semi-annual interest payable at the County
Treasury. Due on Aug. 1 as follows:
$11,000, 1938 to 1942, and $13,000,
1943 to 1957.
Certified check for 3% of amount of bonds bid for, payable
to the Chairman of the Board of Supervisors, required.
LOS ANGELES COUNTY
(P. O. EI Centro),
maturing $1,000,
on
of
a
study prepared by
Calif.—
the conditions which
now
been
copy of a
a
research organization for the district,
obtain in its affairs:
Imperial Irrigation District
P This report has been compiled as a result of an investigation extending
over a period of several weeks.
During that time holders of bonds have
COUNTY
(P.
O.
Salinas)
Calif.—SANTA
RITA
1938 to 1940; the remaining $17,000
COUNTY
as
3Ms, maturing
(P.
O.
Santa
Ana),
Calif.—ADDITIONAL
INFORMATION—In connection with the report given in these columns
STUDY
PREPARED
ON
PRESENT
CONDITION—We
have
furnished by Evan T. Hewes, President of the District, with a
summary
(P. O. Los Angeles), Calif.—STATE TO
ACQUIRE DELINQUENT TAX PROPERTIES—'The following report
appeared recently in Los Angeles newspapers:
An estimated total of 40,000 parcels of property in Los Angeles County,
which have been delinquent in taxes for five years, will be deeded to the
State in 1937, according to a compilation from official sources by Gatzert
Co., specialists in municipal and street bonds.
An additional 40,000 parcels
it is estimated, will be deeded in 1938, and a like number in 1939.
After
the property is deeded, it is carried on the tax rolls two additional years
and then dropped.
In 1934 approximately 22,000 parcels of Los Angeles County property
were deeded to the State on the same basis; in 1935 about 15,000. and in
1936 approximately 21,000.
The increase in 1937 reflects the expiration
of the five-year period for property sold for taxes in 1932 at the depth of the
depression.
from 1941 to 1957 incl.
CALIFORNIA
DISTRICT
Los Angeles), Calif.—EL MONTE
Lampton, County Clerk, will receive
bids unti. 2 p. m. Aug. 17, for the purchase at not less than par of $250,000
school building bonds of El Monte Union High School District.
Bidders are
MONTEREY
SANTA ANA
IRRIGATION
(P. O.
NOT SOLD—The
on
SCHOOL BOND OFFERING—L. E.
ORANGE
IMPERIAL
Bakersfield), Calif.—RED ROCK SCHOOL
$8,000 issue of 5% semi-annual
July 26—V. 145, p. 478—was not sold as no bids
Dated June 21, 1937.
Due $1,000 from 1938 to 1945, incl.
DISTRICT BONDS
were
as
DISTRICT BOND SALE— The $20,000 issue of school bonds
offered for sale on Aug. 2—V. 145, p. 63£—was awarded to the Bankamerica Co. of San Francisco, payinR a premium of $48.00, equal to 100.24,
a basis of about 3.28%, on tne bonds divided as follows:
$3,000 as 5s,
Teletype: LA 477
SAN FRANCISCO
COUNTY
SCHOOL
Los Angeles Stock Exchange
Telephone: VAndike 2201
1942 incl.
25,000 Lerdo School District bonds to the county, as 3s at par.
Due
follows: $3,000,1938 to 1942, and $2,000 from 1943 to 1947.
that the voters on July 27 approved the issuance of $2,500,000 in bonds
toward a water conservation and flood control program—V. 145, p. 801—
we quote in part as follows from a Santa Ana dispatch to the Los Angeles
"Times" of July 28:
"Orange County is assured of a $15,000,000 flood control and water con¬
Assurance came today as voters of the county, by a ma¬
jority of 10 to 1, approved a $2,500,000 bond issue.
Fate of the entire
project hinged on the result of today's special election.
"The $2,500,000 in bonds voted today will be matched with $12,748,000
as a Federal
gift administered by U. S. Army engineers in building eight
servation project.
Financial
978
flood
control
dams
other
and
works to protect low-lying
county lands
against Santa Ana River flood damage.
"With the total of 116 precincts reported tonight, the vote was as fol¬
lows: For the bonds, 21,206; opposed, 2,391."
The agreement calls for a maximum tax levy of $40,000 a year for
15 years and $50,000 a year for the final 15-year period.
The Crummer company stated that it represented more than
the outstanding
debt and agreed to secure the consent of
the first
50% o
75% of the agree¬
the first year.
ment within
FRANCISCO (City and County) Calif.—RAPID TRANSIT
BOND PROPOSAL VOTED DOWN—We are informed that the Board of
1937
7,
Aug.
Chronicle
SAN
Supervisors voted against putting on the November ballot the proposed
$49,250,000 bond issue for rapid transit development based on subway
construction.
The vote on the measure is said to have been seven "for"
to four "opposed," against the two-thirds requirement or eight
favorable
votes needed to carry.
We understand that after the vote, Supervisor
Coleman, leader of the forces advocating the measure, changed his vote to
"nay" and asked reconsideration.
It is said that the Board will probably
reconsider the proposal at a meeting scheduled for Aug. 9.
FRANCISCO, Calif.—SUPERVISORS REJECT RAPID TRANSIT
rejected a proposal to place a
proposed $49,250,000 bond issue for rapid transit development on the
November ballot.
The vote was 7 "for" to 4 "against," a two-thirds favor¬
able vote being necessary to put the question before the people.
SAN
BOND PROPOSAL—The Supervisors have
(City and County) Calif.—SEWER BOND ISSUE
RECOMMENDED—It is stated by W. H. Worden, Director of the Depart¬
ment of Public Works, that he has recommended initiation of legislation
for a $5,000,000 bond issue for sewer construction in the city, which, if
approved, would be voted on at the general election in November. To date
no legislative action has been taken, he reports.
COCOA, Fla.—TO REFUND DEBT—The City of Cocoa has entered
an agreement with R. E. Crummer & Co. of Orlando, for the issuance
bonds to replace the city's bonded indebtedness of $717,000, plus
interest amounting to approximately $200,000.
The new bonds will be callable bonds, running for 35 years.
Interest on
the new replacing principal bonds will start at 3% and will increase to 5%.
Interest on the bonds which will take up the amount now owed in interest
will bear interest starting at 2 % and increasing to 4 %.
into
of new
COUNTY (P. O. Miami), Fla.—BOND
DADE
ING SCHEDULED—Ruling on a
it
was
that
arguments on the validation of the
the County Commissioners on
ized by
heard on Aug. 20.
SAN
JOAQUIN
COUNTY
(P.
O.
Calif.—HOUSTON
Stockton),
building bonds of Houston
School District, offered on Aug. 2—Y. 14 5, p. 640—were awarded to the
Stockton Savings & Loan Bank as 3s, at par plus a premium of $1,011, equal
to 102.022, a basis of about 2.75%.
Dated Aug. 1, 1937.
Due on Aug. 1
as follows: $3,000.
1938 to 1947: and $2,000, 1948 to 1957.
The BankAmerica Co. of San Francisco submitted the next high bid, offering a pre¬
mium of $61 for 3s.
COUNTY
BARBARA
SANTA
(P.
O.
Barbara)
Santa
Calif.—
CARPINTERIA SCHOOL DISTRICT BOND ELECTION—It is reported
that
election will be held on Aug. 20 in order to vote on the issuance of
an
$100,000 in school building bonds.
CLARA COUNTY
SANTA
(P. O. San Jose), Calif.—ALUM ROCK
Hogan will receive
SCHOOL BONDS OFFERED—County Clerk Frank W.
Aug. 16 for the purchase of $35,000 5% bonds of Alum
Rock Union School District.
Denom. $1,000.
bids until 11
a.
m.
SISKIYOU COUNTY
(P. O. Yreka) Calif.—HORNBROOK
SClIUuL
BONDS ALL SOLD—The $13,350 school building bonds offered for sale on
Aug. 3, representing the unsold portion of the total
brook School District bonds originally offered on
issue of $18,350 Horn-
July 15, as noted in
these columns recently—V. 145, p. 801—were purchased by the county, as
follows: $13,000 at a price of 101'50, and $350 at 101.42. The other $5,000
were taken by a local investor, as previously reported.
■
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
MEXICO—WYOMING
an
be
:
23, by O. H. Anderson, City Clerk, for
the purchase
issue of
Chapman & Cutler of Chicago, will be furnished.
These bonds were
approved by the voters at an election held on March 30, 1937. A certified
check for 2% of the par value of the bonds, payable to the city, must
accompany the bid.
HI ALE AH,
UPHOLDS NEW FORM OF GOVERN¬
changing the form of Hialeah's municipal
Fla.—COURT
MENT—A 1937 Legislative Act
government and naming the city commissioners received tentative approval
from the Supreme Court on July 26.
The Court overruled a demurrer to an action seeking to oust L. H.
O'Quinn and other members of the old city council who refused to surrender
municipal records as required by the legislative Act.
Mitchell D. Price, attorney for Mr. O'Quinn and others, telegraphed the
Court a request for 15 days in which to file an answer to the action.
An
answer would bring the case up for further consideration by the Court.
Vernon Hawthorne and other lawyers representing the new city com¬
missioners, opposed any delay.
Mr. Hawthorne telegraphed affairs of
Hialeah are "chaotic and the people are practically without government,"
because of the squabble about who is in control.
The Supreme Court did not immediately rule on the time to be allowed
for filing an answer.
In its decision overruling
the
the Court said "Under the
demurrer,
plenary power given the Legislature by the Constitution to deal with muni¬
cipalities in this State, we find no invalidity of the Act complained of."
It did not further discuss the Act, or the constitutional powers of the
Legislature.
HILL, Fla.—BOND EXCHANGE
COMPLETED—Holly Hill
Chase National Bank in New York
refunding bonds have all been exchanged, com¬
pleting the refunding plan.
officials were informed recently by the
that the town's $308,000
JACKSONVILLE
Jacksonville
DENVER
-
$715,000 434 % general improvement bonds.
Dated May 1,
1937.
Due on May 1, 1952.
Prin. and int. (M. & N.) payable at the
National Bank of Commerce, in New York.
The approving opinion of
of
M
DONALD F. BROWN & COMPANY
:~
OFFERING—Sealed bids will be received
FERNANDINA, Fla.—BOND
until 8 p. m. on Aug.
HOLLY
Rocky Mountain Municipals
$913,000 refunding bonds author¬
July 21—V. 145, p. 801—will
y; :.±
SAN FRANCISCO
SCHOOL BONDS SOLD—The $50,000 school
VALIDATION HEAR¬
petition filed by the county attorneys,
in a Circuit Court ruling on July 28
ordered by Judge Paul D. Barns
Fla.—NEW CHARTER ADOPTED—
approved a new charter in which the
BEACH,
Beach voters recently
governing authority of the resort center will be vested in a City Council of
six members and a mayor, all of whom will be elected by the people for a
term of two years and receive a salary of $5 for each regular and semi¬
monthly session that is attended.
The vote was 229 for the new charter
and 34 against.
A bill authorizing the beach resort to
Telephone: Keystone 2395—Teletype: Dnvr 580
hold a referendum election for the
It was introduced
Attorney for Jacksonville Beach, and was
supported by the other members of the Duval County delegation in the
charter was
enacted by the 1937 Florida Legislature.
by Representative W. A. Stanly,
COLORADO
Assembly.
(P. O. Denver),
school equipment
bonds to Bosworth, Chanute, Loughridge & Co. of Denver, subject to
approval at an election to be held on Aug. 16.
Due $500 yearly for eight
ADAMS
COUNTY
SCHOOL
DISTRICT
NO.
98
Colo.—BOND SALE—The district has sold $4,000 4%,
years.
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 69, Colo.—BOND
SALE—Subject to approval at an election to be held Aug. 26, the district
has sold $7,000 3M% school building bonds to O. F. Benwell of Denver.
Due $1,000 yearly from 1938 to 1944.
COLORADO,
State
of— WARRANT
ISSUANCE EXPECTED IN
to the "Wall Street
FUTURE—A special dispatch from Denver
of Aug. 2 had the following to say:
NEAR
Journal"
Despite the fact that the 31st general assembly of Colorado passed a
special mill levy of 1.15 mills, against which State officials had planned to
issue $11,500,000 of revenue anticipation warrants, heads of all State
institution are faced with the necessity of reducing their immediate build¬
ing and improvement programs by one-fifth.
Anticipation warrants were to be issued against the revenue to te received
by the 1.15 mill levy during the next 10 years, under terms of the measure
Sassed by General Byron Rogers stateddecision reachedcouldweek, however,
In a that warrants last be issued only
.ttorney the General Assembly.
the next two years.
Subsequent general assemblies might withdraw the special mill levy,
leaving no security for the warrants, issued against
anticipated revenue in future years.
It is expected that the revenue anticipation warrants based on anticipated
revenue from the special levy for the next two years will be issued shortly,
so that the State might take advantage of the Public Works Administration
funds set aside in Washington to be given to States which have made special
for revenue expected in
Mr. Rogers said, thus
levies
for
institutional
construction.
The amount of warrants to be issued will be
$2,300,000, or one-fifth of
the total amount of $11,500,000.
which set up the new charter, provided for the office of
and in each election, the electorate will vote for mayoralty candi¬
separately from the six-man council candidates.
The mayor will participate and have a vote in all proceedings of the
Council, in addition to serving as the nominal head of the city government,
and discharge certain enumerated powers and duties that are usually
incident to such a position.
In the new charter a city clerk will be elective for a term of two years and
the holder of the office will be charged with the keeping of the city's records
and will serve as secretary to the Council.
The charter also provides for
The special act,
mayor,
dates
the
appointment by the Council of an assistant
LEESBURG.
Fla.—REPORT
standing indebtedness.
Upon the exchange of securities, the above named fiscal agent will provide
purchase of accrued interest liability on the original bonds to
1, 1936, for a sum equivalent to 3% per annum for the period evi¬
denced by said interest accruals.
Holders are asked to forward their bonds
to the
First National Bank of Chicago, accompanied by an executed
-
unds for the
i\ov.
deposit agreement to be secured from
POLK
COUNTY
Board of Sewer
proving opinion of Thomson, Wood & Hoffman of N. Y. City
nished
will be fur¬
FLORIDA
BONDS
Barnett National Bank
Building
-----
FLORIDA
Branch Office: TAMPA
National Bank Building
T. S. Pierce, Resident Manager
FLORIDA
Fla.—REFUNDING ARRANGED—City Clerk Francis
Park announces that an agreement has been reached
with R. E. Crummer & Co. of Orlando for refunding bonded debt of about
$1,200,000.
Thirty-year refunding bonds will be issued, with interest
rates at 2% for the first two years, 3% for the next six years, 4% for the
next seven years and 5% for the final 15 years.
AVON PAR K,
Shockley of Avon
18
GEORGIA
GEORGIA, State of—AD VALOREM TAX INCREASED—Governor
recently raised the State ad valorem tax for 1937 to five mills,
restoring the levy which existed for more than 30 years before it was reduced
by Governor Talmadge in 1933. The rate during the first three years of the
Talmadge administration was four mills, while the rate for 1936 was fixed
at three mills, according to the Atlanta "Constitution" of July 28.
GEORGIA (State of)—PROPERTY TAX RAISED TO LEGAL MAXI¬
MUM—Georgia has increased the general rate of property taxation from
three to five mills by order of Governor E. D. Rivers and Comptroller W. B.
Harrison—raising the levy to the maximum permitted by the constitution.
Designed to provide additional revenue of $2,120,000, the five mill levy
was prorated to include:
0.13 mills to pay principal and interest on bonded State indebtedness.
0.87 mills for support of State government and institutions incl. schools.
The previous three-mill rate was set by former Governor Eugene Tal¬
madge when he reduced the State levy to that figure from the four-mill
level of 1933.
The five-mill rate will be applicable to all taxes payable
Dec. 20 on returns made for the first three months of the fiscal year.
SAVANNAH,
^
NO.
Rivers
"Savannah
Clyde C. Pierce Corporation
First
the fiscal agent.
SCHOOL DISTRICT
TAX
,
the successful bidder.
JACKSONVILLE
SPECIAL
(P. O. Bartow), Fla.—BOND OFFERING—Allen B. Meek, Chairman of
the County Board of Public Instruction, will receive bids until 2 p. m.
Aug. 27 for the purchase of $10,000 4% coupon bonds of Special Tax School
District No. 18.
Denom. $500.
Dated Oct. 1, 1936.
Interest payable
April 1 and Oct. 1. Due $500 yearly on Oct. 1 from 1939 to 1958. Principal
and interest payable at the office of the Board of Public Instruction.
Certified check for $1,500, required.
GREENWICH
light Saving Time) on Aug. 16 for the purchase of $250,000 not to exceed
2J4% interest coupon or registered Grass Island Sewage Disposal Plant
bonds.
Dated Aug. 1, 1937.
Denom. $1,000.
Due $25,000 each Aug. 1
from 1938 to 1947, incl.
Rate of interest to be e>pressed in a multiple of
of 1 %.
Bids must be for all or none and state a price of not less than par
and accrued interest.
Principal and interest (F. & A.) payable at the
Continental Bank & Trust Co., N. Y. City.
The bonds will be prepared
under the supervision of and certified as to genuineness by the aforemen¬
tioned bank.
A certified check for 1% of the issue bid for, payable to the
order of the Town Treasurer, must accompany each proposal.
The ap¬
STATUS
Building.
of Aug. 2 to the holder of bonds of
their activities in the affairs of the
municipality, describing briefly the present status of the city's finances,
and a summary of the details of the refunding program under which $1,468,000 optional refunding bonds are to be issued to refinance the out¬
Chicago, issued a statement dated as
Leesburg, giving therein a survey of
CONNECTICUT
(P. O. Greenwich), Conn .—BOND OFFERING—The
Commissioners will receive sealed bids until 3 p.m. (Day¬
clerk.
ON PRESENT FINANCIAL
Inc., First National Bank
PREPARED— R. E. Crummer & Co.,
Ga.—PLANS TO REFUND $345,000
reported as follows:
BONDS—The
News" of July 27,
Seeking to ease the financial situation of the city by putting off payment
of maturing bonds for another two years, officials plan to arrange with the
banks to refund the bonds maturing in 1936, 1937 and 1938 in the amount
of $345,000, it was learned yesterday.
A total of $123,000 in bonds mature
nnn
,
.
1938, and
banks, make
this year, $177,000 in
$5,000 which matured in 1936 and are now being held by the
$345,000 that will have to be paid by 1938.
The object of
breathing spell, it was stated, is to arrange its future finance
securing the
and revenue
being advised by Dr. Thomas
city's finances.
anticipated that any
arranging to refund the bonded indebtedness.
program..
This plan, it is understood, is
H. Reed, tax expert, who is making a survey of the
In view of the excellent credit of the city, it is not
difficulty will be encountered in
Ga.—SALES TAX REPEALED BY COUNCIL—At a
City Council repealed the city sales tax ordinance,
of a municipal advisory agent who is making
of the financial condition of the city.
SAVANNAH,
recent
meeting
the
acting on the recommendation
a
survey
Volume
Financial
145
IDAHO
MOSCOW, Idaho—BONDS CALLED—It
City Treasurer, called for payment on Aug.
is
said
K.
M.
that
Kline,
1 the following bonds and
Nos. 29 to 35 of Series A of 1936 (refinanced bonds), dated Feb. 1,
1936; also interest coupon No. 3 from bonds numbered 1 to 35.
coupons:
MOUNTAIN
offered
HOME,
Idaho—BOND SALE—The $30,000 bond issue
Aug. 2—V. 145, p. 479—was awarded to Sudler, Wegener &
on
Co. of Boise.
Due
on
the amortization plan.
Sudler, Wegener & Co. paid a price of $30,025, equal tq 100.83, for 4s,
in bidding in the issue.
Bosworth, Chanute, Loughridge & Co. of Denver,
the only other bidder, offered a
price of 100.296 for 4 Ms.
PAYETTE COUNTY INDEPENDENT SCHOOL DISTRICT NO 11
(P. O. New Plymouth), Idaho—BOND ELECTION—An election is
scheduled for Aug. 16, at which a proposed $30,000 school building bond
issue will be voted upon.
TWIN
FALLS
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO. 1, CLASS A (P. O. Twin
Falls), I d a ho—BOND SALE— The $350,000
issue of coupon building bonds offered for sale on Aug. 2—V. 145,
p. 479—
was awarded to a group of the Harris Trust &
Savings Bank of Chicago,
the First Security Trust Co. and Edward L. Burton & Co., both of Salt
Lake City, and Sudler, Wegener & Co. of Boise, as
2Ms, paying a premium
of $460, equal to 100.131.
The second highest tender was a bid of $1,225 premium for
2Ms,
mitted by a group headed by Sullivan & Co. of Denver.
It is said
that the bonds mature
July 1, 1939 and ending
and
par
interest
accrued
July 1,
July 1,
on
sub¬
Jan. and July 1, commencing with
1949. with the last $70,000 callable at
on
or
any
interest payment date
thereafter.
Indiana Trust Co. and the American National
Bank.
The purchasers bid
interest rate of 1M%, plus a premium of $42.
Warrants are dated
Aug. 16, 1937 and mature Dec. 15, 1937. The Indianapolis Bond & Share
Corp., Indianapolis, the only other bidder, named a rate of 2% and a
premium of $17.
an
MARION COUNTY (P.
O. Indianapolis), Ind.—PROPOSED BOND
will meet Aug. 23 to consider petitions of tax¬
issue $164,300 bonds to supplement a Public Works
of $176,348 to finance repair and remodeling of
ISSUE—County Council
payers that the county
Administration
grant
Julietta Hospital and the construction of
NOBLESVILLE
previously reported
SCHOOL
in
these
a new
CITY,
building.
Ind.—BOND
columns—V.
145,
OFFERING—As
802—Melvin Mallery,
p.
School Secretary, will receive bids until
Aug. 10. for the purchase at not
less than par of $13,500
3% refunding bonds.
Denoms. 11 for $1,000 and
5 for $500.
Dated July 15, 1937.
Principal and semi-annual interest
(Jan. 15 and July 15) payable at the American National Bank, Noblesville.
Due $1,000 on Jan. 15 and $1,500 on
July 15 in each of the years from
1938 to 1942, and $1,000 on Jan. 15, 1943.
RILEY TOWNSHIP (P. O.
Riley), Ind.—BOND OFFERING—As
previously reported in these columns—-v. 145, p. 802—Robert Clingerman,
Township Trustee, will receive bids until 8p.m. Aug. 17 for the purchase
at not less than
par of $11,250 Riley School Township bonds and $29,250
Riley Civil Township bonds as follows:
$11,250 School Township bonds.
Denoms. 10 for $1,000 and 10 for $125
Due $1,125 yearly on July 15 from 1939 to 1948.
29,250 Civil Township bonds.
Denoms. 10 for $425 and 50 for $500.
Due $2,925 yearly on July 15 from 1939 to 1948.
Dated Aug. 17, 1937.
Interest is not to exceed
Municipal Bonds of
ILLINOIS INDIANA
979
MARION COUNTY (P. O.
Indianapolis), Ind.— WARRANT SALE—
The $300,000
County Welfare Fund tax anticipation warrants offered
July 30—V. 145, p. 641—were awarded to the following syndicate, all
of the members of which
are located in Indianapolis:
Union Trust Co.,
Fletcher Trust Co., Indiana National
Bank, Merchants National Bank,
.
1938,
on
Chronicle
5%, payable semi¬
annually on Jan. 15 and July 15.
Principal and interest payable at the
Merchants National Bank of Terre Haute.
The bonds are issued for the
purpose of financing the construction of a school building.
MICHIGAN IOWA WISCONSIN
Bought—Sold—Quoted
VALPARAISO,
Ind.—BOND SALE—The $165,000 coupon, registeras to
principal, water works revenue bonds offered July 31—V. 145,
641—were awarded to Stranahan, Harris & Co., Inc., of Toledo as 3Ms,
at par plus a premium of $1,927.25,
equal to 101.16, a basis of about 3.16%.
Dated April 1, 1937, and due Oct. 1 as follows:
$3,000, 1938 to 1942, incl.;
$4,000, 1943 to 1947, incl.; $6,000, 1948 to 1952, incl.; $8,000, 1953 to 1957,
incl.; $9,000, 1958 to 1962, incl.; $5,000 from 1963 to 1965, incl.
Callable
April 1, 1941, or on any subsequent interest date at par plus accrued and
unpaid interest to date of redemption.
Second high bid of par and a pre¬
mium of $1,356 for 3 Ms was made
by the Farmers State Bank and the First
State Bank, both of Valparaiso.
able
tfnc.
p.
MUNICIPAL BOND DEALERS
135 So. La Salle
St., Chicago
State 0540
Teletype CGO. 437
ILLINOIS
CANTON, 111.—BOND SALE—C. W. McNear & Co. of Chicago has
purchased the issue of $200,000 water works system bonds mentioned in
these columns recently.—V.
145, p. 802.
CHICAGO, 111 .—CERTIFICATE OFFERING—-R. B. Upham, City
Comptroller, will receive sealed bids until 11 a. m. (Chicago Daylight
Saving Time) on Aug. 16 for the purchase of $500,000 3% coupon,
register-
able
as
to
principal in the City Comptroller's office, water works system
certificates of indebtedness.
Dated May 1. 1937.
Denom. $1,000.
Due
May 1, 1951. Principal and interest (M. & N.) payable at the City Treas¬
urer's office or at the
Guarqanty Trust Co., New York City. Bidsmustbe
for the entire issue and accompanied
by a certified check for 2% of the
offering, payable to the order of the City Comptroller.
The approving
legal opinion of Chapman & Cutler of Chicago, and engraved certificates
will be furnished by the
city.
These certificates are issued in accordance
with ordinances passed by the
City Council and as authorized by an Act
of the General Assembly of the
State, entitled "An Act Authorizing Cities
Having a Population of 500,000 or more and Owning or Operating a Water
Works System, to issue Certificates of
Indebtedness Payable solely from
Revenue Derived from the Operation
Thereof, for the Purposes of Im¬
proving and Extending Such Water Works System,"
approved June 25,
1929, in force July 1, 1929, as amended.
Other things being equal that
bidder shall be deemed the highest and best bidder who
shall offer to pay the
highest price.
FAIRFIELD,
III.—BOND SALE—'The
Fairfield
National
Bank
has
Surchased an issue Dated July 3M% bonds, which $1,000. Due Jan. 1the
of $20,000 31, 1937. Denom. were authorized at
uly 20 election.
as
follows:
$5,000 in 1939, and $15,000 in 1940. Principal and interest
(J. & J.)
payable in Fairfield. Legality approved by the City Attorney.
JOLIET PARK DISTRICT (P. O. Joliet R. F. D. No.
1), 111.—BOND
SALE—The $50,000 4% coupon, registerable
as to principal, park improve¬
bonds offered on,Aug. 2—V. 145,
p. 802—were awarded to R. W.
Pressprich & Co. of Chicago at par plus a premium of
$4,842, equal to
109.684, a basis of about 3.18%.
Dated Aug. 15, 1937.
Due serially on
Aug. 15 in 1951, 1952 and 1953.
Paine, Webber & Co. of Chicago offered
ment
to
pay a
premium of $4,711.
TAMPICO
TAILS—In
TOWNSHIP
connection
(P.
with
O.
the
Tampico),
report
in
these
111.—BOND SALE
columns
of the
DE¬
sale
of
$15,000 3M% gravel road bonds—V. 145, p. 802, we are advised
by H. E.
Cain, Township Clerk, that the issue was sold to the First National Bank of
Chicago at a price of par. Bonds are dated June 1, 1937. Denom. $1,000.
Due in 1942. Interest July 1 and Dec. 1.
TRENTON
Trenton),
COMMUNITY
Trenton at
Due 1953.
HIGH
SCHOOL
DISTRICT
(P.
III.—BOND SALE—On
school
coupon
building bonds
par.
Denom. $500.
INDIANA
GERMAN TOWNSHIP SCHOOL TOWNSHIP
(P. O.
Rural Route No. 4), Ind.—BOND
OFFERING—Edward
Evansville,
Henzil, trustee,
Aug. 19 for the purchase of $15,000
4M% interest school bonds. Dated Aug. 17, 1937. Denom.
will receive sealed bids until 8 p. m. on
$750.
Due $750
on
name one rate
of
D.
June 1 and Dec.
1 from 1938 to
1947 incl.
Bidder to
are
The bonds
interest, in a multiple of M of 1%. Interest payable J. &
general obligations of the township.
HOBART, Ind.—BONDS AUTHORIZED—The City Council
recently
authorized the issuance of $21,000 street improvement
bonds.
INDIANAPOLIS, Ind.—NOTE
SALE—The $650,000 temporary loan
notes offered on Aug. 3—Y.
145, p. 802—were awarded to a syndicate
composed of the Fletcher Trust Co.; the Uniou Trust Co.; the Indiana
National Bank; the Indiana Trust Co.; the Merchants
National Bank and
the American National Bank, all of
Indianapolis, on a 1W% interest basis
plus a premium of $16.20.
The notes are dated Aug. 10, 1937 and
will
mature Nov. 11, 1937.
The Indianapolis Bond & Share
Corp. bid 2%,
plus a premium of $11.
INDIANAPOLIS
SANITARY
DISTRICT
(P.
Ind.—BOND OFFERING—On Aug. 23 at 11 a. m.
will offer for sale
an
issue of $148,000 bonds.
O.
Indianapolis).
the
City Controller
KOKOMO,
Ind.—WARRANT
OFFERING—Mel
Good,
City
Clerk
10 a. m. Aug. 14, for the purchase of
$70,000 city
time warrants.
Bidders are to name rate of
interest.
Denom
$1,000.
Due Nov. 14, 1937.
Principal and interest payable at the City
Treasurer's office.
expense
LEAVENWORTH, Ind.—BONDS VOTED—The
worth recently voted
works revenue bonds.
favorably
on
Indianapolis at
sanitary sewage and
of about
were
2.79%,
also bid for
plus a premium of $1,226, equal to 106.13, a basis
previously reported in these columns—V. 145, p. 802—
par
as
as
follows:
_____^_rj
^Bidder—
Premium
A. S. Huyck & Co., Chicago
$1,222.00
1,138.60
1,056.00
1,046.75
1,036.00
1,023.50
Payne, Webber & Co., Chicago
Lake City Bank, Warsaw.:
First National Bank, Warsaw.
Indianapolis Bond & Share Corp., Indianapolis
City Securities Corp., Indianapolis
Kenneth S. Johnson, Indianapolis
McNurlen & Huncilman, Indianapolis
Central Securities Corp., Ft. Wayne
Jackson-Ewart, Indianapolis
Otis & Co., Cleveland
Channer Securities
Co., Chicago
WAYNE TOWNSHIP (P. O. Grass
850.00
715.00
712.00
34.50
Cijeek), Ind.—BOND SALE—The
issue of $15,000 bonds offered July 31—V.
the City Securities Corp. of
944.70
865.00
Indianapolis,
as
145, p. 480—was awardd to
3s, at par plus a premium of
$178, equal to 101.18.
WEBSTER TOWNSHIP (P.
O. New Middletown), Ind.—BOND
OFFERING—Henry C. Vogt, Township Trustee, will receive bids until
2 p. m. Aug. 6 for the purchase at not less than par of $7,400 Webster School
Township bonds and $8,000 Webster Civil Township bonds, as follows:
$7,400 4% School Township bonds.
Denom. $100.
Due each six months
as follows:
$200 July 1, 1938; $100 Jan. 1 and $200 July 1 in each of
the years from 1939 to 1945; $200 Jan. 1 and July 1 from 1946 to
1955; $200 Jan. 1 and $300 July 1 in 1956; and $300 Jan. 1 and July 1,
1957.
8,000 4% Civil Township bonds.
Denom. $100.
Due each six months as
follows: $100, July 1, 1938; $200 Jan. 1 and $100 July 1 in each of
the years from 1939 to 1948; $200 Jan. 1 and July 1 in
1949; $300
Jan. 1 and $200 July 1, 1950 to 1952, and $300 Jan. 1 and
July 1,
1953 to 1957.
Dated Aug. 1, 1937.
Principal and semi-annual interest (Jan. 1 and
July 1) payable at the Farmers State Bank, Lanesville.
The bonds are
issued to finance construction of
a
school building.
IOWA
AMES, Iowa—BOND SALE—The $49,692.01 street improvement bonds
on Aug. 2—V. 145, p. 802—were awarded to the Carleton D.
Beh
Co. of Des Moines on a bid of par for 4s.
Shaw, McDermott & Sparks of
Des Moines were second high, offering a premium of $585 for 4Ms.
The bonds are coupon bonds, dated July 19, 1937, in the denomination
of $1,000 each, except one for $692.01.
Interest will be payable June 1
and Dec. 1.
Due $5,000 yearly from 1938 to 1946, and $4,692.01 in
1947.
offered
BUENA VISTA COUNTY (P. O. Storm
Lake), Iowa—ADDITIONAL
OFFERING DETAILS—The $600,000 primary road bonds which
Aug. 9 at 1 p. m. will not be sold at less than par.
The
interest rate, in a multiple of M %. is to be determined by the
bidding.
Interest will be payable annually.
Bonds are dated Aug. 1, 1937.
BOND
are
to be offered on
COLUMBUS
Junction),
JUNCTION
SCHOOL
DISTRICT
Iowa—BOND SALE—The $45,000
(P.
coupon
O. Columbus
refunding bonds
offered on July 30—V. 145, p. 614—were awarded to Shaw, McDermott &
Sparks of Des Moines as 2 Ms at par plus a premium of $127, equal to 100.282
—a basis of about 2.46%.
Dated Sept. 1, 1937.
Due $2,000 on
May 1
Jackley & Co. of Des
and $1,000 on Nov. 1 in each year for 15 years.
Moines offered a premium of $126 for 2Ms.
GREELEY
RURAL
INDEPENDENT
SCHOOL
DISTRICT
NO.
8f
(P. O. Cedar Falls), Iowa—BOND OFFERING—Mattie Schmidt, Sec¬
retary, Board of Directors, will receive bids until 1:30 p. m. Aug. 7 for the
purchase of an issue of $4,000 school building bonds.
Bonds and attorney's
opinion, will be furnished by the district.
GRINNELL, Iowa—BOND CALL—The City Council is said to have
1, Nos. 3 to 13 of refunding bonds dated
for payment on Sept.
Sept. 1,1934. Denom. $1,000.
called
SIOUX RAPIDS,
Iowa—BOND OFFERING— G. L. Hornor, Town
Clerk, will receive bids until 8 p. m. Aug. 9 for the purchase of $4,000
improvement fund bonds.
(■
,
Ibwa—BOND ELECTION—An election is scheduled for
Aug. 24 at which the voters will decide the question of issuing $24,000
electric system bonds.
STANTON,
JACKSON
CIVIL
TOWNSHIP
(P.
O.
Corydon), Ind.—BOND
OFFERING—As already reported in these columns—V.
145, p. 641—Ivan
C. Emily, Township Trustee, will receive bids until 2
p. m. Aug
5 for the
purchase at not less than par of $8,000 4% bonds.
Denom. $400.
Dated
day of sale. Due $400 each six months from June 30, 1938 to Dec.
30, 1947
incl.
Certified check for 3% of amount of
bid, required.
will receive bids until
of
O.
July 22 an issue of $7,500 3M%>
sold to the Farmers State Bank of
Interest payable May and November.—
was
BARR SCHOOL TOWNSHIP (P. O.
Montgomery), Ind.—BOND
SALE—The $25,000 4% bonds offered on Aug. 4—V.
145, p. 640—were
awarded to A. S. Huyck & Co. of
Chicago at par plus a premium of $1,552.50 equal to 106.21, a basis of about
3.06%. Due $1,000 each six months
beginning Jan. 2, 1939.
not to exceed
WARSAW, Ind.—OTHER BIDS—The $20,000 4%
surface drainage system bonds awarded July 29 to the Fletcher Trust Co.
residents
of
Leaven¬
the question of issuing $25,000 water
INDEPENDENT SCHOOL DISTRICT (P. O. Tiffin), Iowa
OFFERING—Viva Bigelow Strong, Secretary of the School Board,
7 p. m. Aug. 10 for the purchase of $4,000 3M%
school and gymnasium bonds.
Denom. $500.
Dated Aug. 1,1937.
Prin¬
cipal and semi-annual interest (Feb. 1 and Aug. 1) payable at the office of
TIFFIN
—BOND
will receive bids until
Treasurer.
Due serially within nine years.
Certified check
10% of amount of bid, payable to the District Treasurer, required.
the District
for
WEBSTER
CITY,
Iowa—BOND SALE—The $7,000 fire equipment
bonds offered on July 19—V. 145, p. 309—wereawarded to the Webster City
Cemetery Fund as 2Ms, at par plus a premium of $5, equal to 100.071.
Denom.
$700.
Dated
from 1938 to 1947.
Aug.
1,
1937.
Interest
payable
Nov.
1.
Due
Financial
980
Chronicle
Aug. 7, 1937
KANSAS
ATCHISON, Kan.—BOND SALE—A $10,000 issue of 2M% semi-aim.
was purchased on Aug. 2 by the Huron State Bank of Huron,
paying a premium of $275, equal to 102.75.
The second highest of nine
other nids received is stated to have been a tender by Stern Bros. & Co. of
Kansas City, an offer of 102.30.
relief bonds
Kan.—BOND ELECTION—On Aug. 16 the voters of
Caldwell will ballot on a proposed $15,000 bond issue for new fair and
community sales building.
CALDWELL,
Can.—RESULT OF BOND
CHANUTE,
ELECTION—A recent election
approval of a bond issue of $25,000 for improvement of the
library building, but the defeat of a proposed $35,000 civic center bond
resulted in
issue.
ELLIN WOOD^SCHOOL
DISTRICT, Kan.—BOND SALE—The State
issue of $26,500 school
School Fund Commission purchased last May an
building addition bonds as 2Ms.
Dated May 1, 1937.
One bond for
$500, others $1,000 each.
Due as follows: $4,000, 1938; $5,500, 1939;
$6,000 in 1940 and 1941, and $5,000 in 1942.
Legal opinion of Claude
Chalfant.
Kan.—BONDS AUTHORIZED—An
EUREKA,
passed authorizing the issuance of $20,000
SALE—The two issues of 2^% coupon
semi-ann. bonds aggregating $35,000 offered for sale on Aug. 2—V. 145,
p. 802—were purchased by the Small-Milburn Co. of Wichita, according to
Kan.—BOND
KINGMAN,
The issues are divided as follows:
$20,000 armory bonds. Due $2,000 from Feb. 1,1939 to 1948 incl.
15,000 hospital bonds. Due $1,500 from Feb. 1, 1939 to 1948 incl.
report.
The
Small-Milburn Co. of Wichita paid a
about 2.20%.
YATES
cently authorized by the City
EXCHANGE—It is stated by the
Council—V. 145, p. 802.
KENTUCKY
HENDERSON, Ky.—BOND SALE— The $74,000 issue of funding bonds
offered for sale on Aug. 2—V
145, p. 802—was awarded to Charles A.
Hinsch & Co. of Cincinnati, as 3 Ms, paying a premium of $1,006.00, equal
to 101.359, according to the City Clerk.
MAYFIELD, Ky.—BONDS SOLD—It is stated
$73,000 refunding bonds were purchased by the
by the City Clerk that
Bankers Bond Co. of
Louisville.
authorized the issuance of $85,000 in refunding
noted in these columns at that time—V. 144, p. 3375.)
(The City Council
bonds
LOUISIANA
BENTON, La.—BOND ELECTION—An election
Aug. 17, at which a vote will be taken on a proposal to
is to be held on
issue $25,000 water
works bonds.
CALCASIEU PARISH
SCHOOL DISTRICT NO. 21 (P. O.
Lake
La.—BOND SALE—The $50,000 school bonds offered on
Aug. 4—V. 145, p. 480—were awarded to Lamar, Kingston & LaBouisse
of New Orleans and the National Bank of Commerce in New Orleans,
jointly, at par plus a premium of $102.50, equal to 100.205, the $37,000
bonds maturing from 1938 to 1949 to bear 4% interest and the remaining
$13,000, 4M %• Dated Aug. 15, 1937. Due on Feb. 15 as follows: $2,000,
in 1938; $2,500, 1939 to 1941; $3,000, 1942 to 1944; $3,500, 1945 to 1947;
Charles),
few Orleans to 1950; and $4,500 in offering
premium of $237.50 for
§4,000, 1948 were next high bidders, 1951 anda 1952. Moore & Hyams
on
the first 10
maturities and 4M % on the
last five.
of
4s
DELCAMBRE, La.—BOND OFFERING—Sealed bids will
Aug. 24, by A. J. Hymel, Village Clerk, for the
of bonds aggregating $20,000, divided as follows:
until 7 p. m. on
works bonds.
be received
purchase of
Denominations $500 and $250. Due over
be secured by an ad
period of 25 years. These bonds are said to
valorem tax on all taxable property within the
a
8,000 5H% water
Due over a
village.
works system bonds. Denominations $500 and $250.
These bonds are said to be secured
the water works system of the village and by a
period of 15 years.
of said system.
Dated July 15, 1937.
These bonds were approved by the voters at an
election held on May 18. Bidders are required to bid on both of said issues
as a whole, and the aggregate or total amount of the bid will be the govern¬
ing factor in determining the highest bidder.
Bids other than on both
issues, as a whole, will not be considered. Prin. and int. (M. & 8.) payable
at the New Iberia National Bank, New Iberia.
The bonds will be sold
subject to the approval of Charles & Trauernicht, of St. Louis.
EVANGELINE PARISH SCHOOL DISTRICT NO. 1, THIRD PO¬
LICE JURY WARD (P. O. Ville Platte), La.—BONDS NOT SOLD—
The $60,000 issue of not to exceed 5% semi-annual school bonds offered for
sale on July 27—V. 145, p. 642—was not sold, according to the Superin¬
tendent of the Parish School oBard.
Dated July 1, 1937. Due from
pledge of the revenues
1967.
JACKSON PARISH SCHOOL DISTRICT NO. 18 (P.
boro), La.—BONDS NOT SOLD—The $5,000 issue of not to
semi-annual coupon or
registered school
O. Jonesexceed 6%
V. 145,
bonds offered on July 22
ated Aug.
6154—was 1, 1937. Due from Aug. 1, 1938 of the Parish
not sold, reports the Secretary to 1957.
School Board.
CHARLES, La .—BOND SALE NOT SCHEDULED—It is
Treasurer that the $160,000 sewage disposal plant bonds
approved by the voters at the election held on June 8, will not be offered
for sale until the Federal Government has approved a grant.
LAKE
stated by the City
27
April 1 from 1940 to 1943; $10,000 5Ms come
$5,000, 1944 and 1945; $6,000, 1946 to 1949;
1953, and $9,000, 1954 to 1957.
MARYLAND
FREDERICK, Md.—BOND OFFERING—Louis E. Eichelberger, City
Register, will receive bids until 7:30 p. m. Aug. 9 for the purchase at not
less than par of $50,000 coupon, registerable as to principal, sewer bonds,
series C.
Bidders are to specify rate of interest, in a multiple of M % but
not to exceed 4%.
Denom. $1,000.
Dated Aug. 1, 1937. Principal and
semi-annual interest (Feb. 1 and Aug. 1) payable at the Citizens National
Bank, Frederick.
Due $2,000 yearly on Aug. 1 from 1940 to 1964, incl.
Certified check for 5% of amount of bid, payable to the City Register,
required. Approving opinion of Niles, Barton, Morrow & Yost of Baltimore
will be furnished by the city.
MASSACHUSETTS
CAMBRIDGE, Mass.—BOND SALE—The $200,000 coupon street bonds
offered on Aug. 3—V. 145, p. 803—were awarded to Blyth & Co., Inc., of
New York as lMs at 100.369, a basis of about 1.38%.
Dated Aug. 1,
1937, and due $40,000 annually on Aug. 1 from 1938 to 1942, incl.
Brown
Harriman & Co. of New York were second high in the bidding, with an offer
of 100.339 for lj^s.
Mass.—NOTE SALE—The Second National Bank of
a new issue of $500,000 notes at 0.63% discount.
First National J3ank of Boston, second high bidder,
CAMBRIDGE,
Boston
was
awarded
Due May 19,1938.
The
named a rate of 0.698%.
Discount
0.71%
0.74%
First Boston Corp
Co
&
0.78%
Whiting, Weeks & Knowles
EVERETT,
Mass.—BOND SALE—The $156,000 coupon macadam
pavement loan bonds offered on Aug. 4—V. 145, p. 803—were awarded to
Goldman, Sachs & Co. of Boston on a bid of 100.362 for 2 Ms, a basis of
about 2.38%. Dated Aug. 1,1937. Due $32,000 Aug. 1,1938; and $31,000
yearly on Aug. 1 from 1939 to 1942. J. P. Marto & Co. of Boston were
second high bidders, offering 100.351 for 1 Ms.
FITCHBURG, Mass.—BOND SALE—The $136,000 coupon municipal
bonds offered on Aug. 4—V. 145, p. 803—were awarded to
bid of 100.52 for lMs, a basis
of about 1.65%.
Dated Aug. 1,1937. Due on Aug. 1 as follows: $14,000,
1938 to 1943; and $13,000 1944 to 1947. Other bidders were:
relief loan
Whiting, Weeks & Knowles of Boston on a
Int. Rate
1M %
1%%
Name—
The First Boston Corp.,
Boston
Merchants National Bank, Boston
on July
$50,000 in
MORGAN CITY, La.—BONDS VOTED—At the election held
V. 145, p. 481—the voters approved the issuance of the
HAMPDEN
Springfield), Mass.—NOTE SALE—
offered on Aug. 4—V. 145, p. 803—
Bank of Boston on a .48% discount
be dated Aug. 5, 1937 and mature Nov. 5, 1937.
COUNTY
(P.
O.
basis.
Notes will
LYNN, Mass.—NOTE SALE—On Aug. 3 an issue of $400,000 notes was
Bank of Boston on a 0.689% discount basis.
Notes mature $200,000 on each of tne dates May 5 and May 18, 1938.
The Day Trust Co., Boston, and the Security Trust Co., Lynn, each bid
0.73% discount.
LYNNFIELD,
Mass.—BIDS RECEIVED—The $35,000 schoolhouse
29 to Kennedy, Spence & Co. of Boston
follows:
addition notes awarded on July
bid of 101.159 for 2s were also bid for as
Price Bid
Name—
100.568
100.47 *
100.39
E. H. Rollins & Sons, Boston
Jackson & Curtis, Boston
Merchants National Bank of Boston
2%
2%
2M%
2M%
1.67%:
$40,000 sewer construction bonds. Due Aug. 1 as follows: $3,000, 1938 to
1947; and $2,000, 1948 to 1952.
30,000 street construction bonds.
Due $3,000 yearly on Aug. 1 from
1938 to 1947.
30,000 sidewalk bonds. Due $6,000 yearly on Aug. 1 from 1938 to 1942.
Denom. $1,000.
Dated Aug. 1, 1937.
Principal and interest payable
at the National Shawmut Bank of Boston.
Tyler & Co. of Boston, biding 100.19 for lMs, were second high.
NEWTON, Mass.—BOND SALE—The $150,000 coupon, fully regis¬
offered on Aug. 2—V. 145, p.
& Knowles of Boston on a bid of
101.04 for lMs, a basis of about 1.56%:
terable, bonds described below .which were
804—were awarded to Whiting, Weeks
$50,000 water bonds.
Due yearly on Aug. 1 as follows: $4,000,
1942, and $3,000. 1943 to 1952.
100,000 street improvement bonds.
Due $10,000 yearly on Aug.
1938 to
1 from
1938 to 1947.
Dated Aug. 1, 1937.
Principal and semi-annual
First National Bank of Boston interest on registered
Blyth & Co. of Boston bid 100.6927 for
1 Ms.
interest payable at the
bonds paid by check.
Other bids were as follows:
Newton, Abbe & Co.
The First Boston Corp..
Lazard Freres & Co., Inc
bid.
2%
MALDEN, Mass.—BOND SALE—The $100,000 bonds described below,
which were offered on Aug. 3—V. 145, p. 803—were awarded to H. C.
Wainwright & Co. of Boston on a bid of 100.427 for 1 Ms, a basis of about
Edward B. Smith & Co
1949-' $99;0007 1950r $103,000. 1951; $107,000, 1952; $112,000, 1953;
$118',000, 1954; $123,000, 1955; $126,000, 1956; $134,000, 1957; $141,000,
1958, and $146,000 in 1959.
Prin. and int. payable in lawful money at the
State Treasurer's office, or at the fiscal agency of the Board of New Orleans,
or at the Manufacturers Trust Co. in New York City.
These bonds may,
at the option of the board, be redeemed in whole or in part in inverse
numerical order on any interest payment date at the par value thereof,
plus a premium of 10% of the bonds and accrued interest.
Bidders shall
name interest rate or rates for said bonds in multiples of M of 1% , and no
bids shall be considered offering to pay less than par and accrued interest.
The bonds will be awarded on the basis of lowest total interest costs, the
premiums offered being considered as a reduction of interest costs.
All
bidders must agree to accept delivery of the bonds in New Orleans, on
Oct 1
1937, and pay the purchase price thereof upon tender of the bonds
by the'board, together with the preliminary opinion of Thomson, Wood &
Hoffman of New York City, as to validity.
The bonds are to be considered
general obligations of the said board.
A $35,000 certified check, payable
Interest Rate
101.04
100.288
Tyler & Co., Boston
Whiting, Weeks & Knowles, Boston
LEVEE DISTRICT (P. O. New Orleanz), La .—BOND
OFFERING—-Sealed bids will be received until 1 p. m. (Central Standard
Time), on Aug. 23, by Charles J. Donner, Secretary of the Board of Com¬
missioners, for the purchase of an issue of $2,280,000 refunding bonds.
Interest rate is not to exceed 4M%. payable A. & O.
Denom. $1,000.
Dated Octl l,1937.
Due on April 1 as follows: $155,000, 1938; 8172,000,
1939-$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,
ORLEANS
must accompany the
.
The $300,000 tax anticipation notes
awarded to the First National
were
Fred. A. Earhart.
according to the City
Board of Commissioners,
100.657
100.63
GRAFTON, Mass.—NOTE SALE—The Merchants National Bank of
Boston was awarded Aug. 2 an issue of $75,000 revenue notes at 0.69%
discount.
Due Aug. 9, 1938.
Tyler & Co., Inc
R. L. Day & Co. and Estabrook & Co., jointly
H. C. Wainwright & Co. and Spencer Trask & Co.,
jointly
to the
100.765
100.659
2%
2%
.
100.857
100.81
2%
2%
•
100.0799
100.0799
100.051
2%
2%
Tyler & Co., Boston.-*
Halsey, Stuart & Co., Boston
Harris Trust & Savings Bank, Boston
First National Bank of Boston
Secretary-Treasurer.
NEW ORLEANS, La.—BONDS PROPOSED—Authority for the Public
Belt Railroad Commission to sell $500,000 of bonds for the purchase of
eauipment and improvement of its switching system is contained in an
ordinance introduced at a recent special meeting of the Commission Council
water bonds,
Bid
100.512
100.48
194%
1 M%
lM %
Brown, Harriman & Co., Boston
Newton, Abbe & Co., Boston
Goldman, Sachs & Co., Boston
Edward B. Smith & Co., Boston
Estabrook & Co., Boston.;
on a
by a mortgage on
July 1,1939 to
(P.
awarded to the First National
two issues
$12 000 5% water
102
$7,000, 1950; $8,000. 1951 to
Faxon
Kan .—BOND
NO.
DISTRICT
Other bids were as follows:
*
CENTER,
SCHOOL
Bidder—
price of 101.675, a basis of
City Clerk that the Columbian Securities Corp. of Topeka has been given
a contract to exchange the $27,000 4% semi-annual refunding bonds re¬
last May, as
1939 and $5,000 yearly on
due on April 1 as follows:
ordinance has been
refunding bonds.
COUNTY (P. O. Oskaloosa), Kan.—BOND SALE—
A $10,000 issue of 2M% relief bonds was purchased on Aug. 2 by W. E.
Davis & Co. of Topeka at a price of 102.39, a basis of about 2.05%.
Due
$1,000 from 1938 to 1947.
The second highest bid was an offer of 102.12.
tendered by Stern Bros. & Co. of Kansas City.
JEFFERSON
»
O
Amitve), La.—BONDS OFFERED TO INVESTORS—The $125,000 coupon
5% and 5M % school bonds disposed of by the district on July 20—V. 145,
p. 642—are now being offered to investors by Ballman & Main of Chicago
at prices to yield from 3% to 4.40%.
Dated April 1, 1937. The bonds
bear interest and mature as follows: $24,000 5s come due $4,000 April 1,
PARISH
TANGIPAHOA
Bidder—
Int. Rate
•
Chace, Whiteside & Co., Inc
Harris Trust & Savings Bank
Graham, Parsons & Co
Halsey, Stuart & Co., Inc
Bancamerica-Blair Corp
E. H. Rollins & Sons, Inc
NEWTON,
Rate Bid
1.75%
1.75%
100.589
1.75%
100.453
100.506
1.75%
...
100.43
1.75%
1.75%
—
100.38
100.3199
100.179
101.399
101.157
101.083
1.75%
2%
2%
2%
2%
_i
2%
2%
Mass.—NOTE SALE—An issue of
101.026
100.4962
100.444
$300,000 revenue an¬
ticipation temporary loan notes offered on Aug. 3 was awarded to the
First Boston Corp. of Boston on a .524% discount basis.
The notes are
payable June 23,1938. The Day Trust Co. of Boston bid .54% discount.
WEYMOUTH,
Boston
at
was
Mass.—NOTE SALE—The Second National Bank of
of $100,000 notes due Oct. 25, 1937,
awarded Aug. 2 an issue
0.40%.
The Merchants' National Bank of
Boston purchased the same day an
of $200,000 notes maturing Aug. 2, 1938, at
Other bids for the issues were as follows:
issue
0.60% discount.
$100,000
Merchants National Bank
Weymouth
First National Bank of Boston
National
Second
Bank
Bank
Shawmut
National
;
$200,000
0.40%
-
Co
Trust
0.60%
0.48%
0.50%
0.50%
0.65%
0.40%
0.847%
0.79%
0.66%
Financial
Volume 145
Chronicle
The
We
Buy for Our Own Account
981
following is
an
official tabulation of all the bids received::
Rate
MICHIGAN MUNICIPALS
of Bidder—
First Boston Corp.: Estabrook &
Co.; First of Michigan Corp.;
T>v.a?dHv,E- Wood & Co
Phelps, Fenn & Co., and WellsDickey Co
Bigelow, Webb & Co., Inc.; Harris
2.6%
Cray, McFawn &. Company
2.4%
Trust &
DETROIT
BRIDGMAN, Mich.—BOND REDEMP TI ON—Pursuant to authority
village, according to August Essig, Village
Clerk, is called for redemption on Sept. 1, 1937, at the Village Treasurer's
office, four bonds of $500 each of the $9,500 water works refunding issue,
dated March 1, 1935 and due Sept. 1, 1954.
The call applies to bonds
numbered 2, 8 and 11, bearing 5%b, and number 17 at 5M%
contained in the indenture the
GOBLES SCHOOL DISTRICT, Mich.—BONDS VOTED—On July 20
the voters of the district approved a proposa- to issue $25,000 school build¬
ing bonds.
$2,495.00
2.1%
*$311.85
*200.00
2.1%
280.50
2,885.00
2.2%
892.00
2.6%
3,297.00
2.2%
676.00
2.6%
100.00
2.2%
363.00
2.7%
3,230.00
2.25%
603.90
F.
Firat Nat. Bank, St. Paul
Northern Tr. Co.; Boatmen's Nat.
Bank of St. Louis, and Illinois
Co
of ChicagoF. S. Moseley & Co.; Dick & Merle-
Smith; George B. Gibbons & Co.,
Justus F. Lowe Co
Bros. & Co
Halsey, Stuart & Co
Federal Emergency Administration
of Public Works
*
MINNESOTA
Minn.—BONDS
VOTED—At a recent special election a
proposed $30,000 bond issue for power plant improvements was approved
by a vote of 158 to 86.
290.00
2.2%
95.70
2.6%
1,000.00
2.1%
187.00
2.75%
2M%
1,750.00
930.00
2.25%
2.1%
577.50
59.40
4%
Successful bidders.
SOUTH
ST.
PAUL,
Minn.—BOND
SALE—The
$66,000 bonds de¬
awarded
scribed below, which were offered on Aug. 2—V. 145, p. 483—were
follows:
as
PLEASANT RIDGE, Mich.—BOND CALD-Va.nl W. Eaton, City ClerF,
announces the call for redemption Sept. 1,1937, at par and accrued interest,
of $16,000 4% refunding bonds, as follows:
Series A, Nos. 13, 23, 38, 44,
49 and 92; series B, Nos. 7, 18, 25, 27, 57, 68, 85 and 89; and series C,
Nos. 66 and 94. The bonds are dated March 1,1936 and mature March 1,
1966.
They should be presented for payment at the Detroit Trust Co.,
Detroit.
2.6%
Graham, Parsons & Co.; Eldredge
& Co.. and Allison-Williams Co.
Blyth & Co., Inc.; Lazard Freres &
Co.; Roosevelt & Weigold; Kelly,
Richardson & Co., and Stern
(P. O. Ionia), Mich.—BONDS SOLD—The $1,200
bonds for Pedler Lake Drain of Campbell Township, offered on Aug. 2—
V. 145, p. 804—were awarded to William F. Marquette of Ionia at par for
4s. Dated Sept. 1, 1937. Due $300 yearly on April 1 from 1939 to 1942.
ADRIAN,
L.
Premium
2.7%
and
Harriman & Co.; Mercan¬
tile-Commerce Bank & Tr. Co.,
Kalman&Co.
Edward B. Smith & Co.; First Nat.
Bank & Trust Co., Minn., and
BELDING, Mich.—TENDERS WANTED—Kathleen Maloney, City
Treasurer, will received sealed tenders until 10 a. m. (Eastern Standard
Time) on Aug. 23, of offers to sell to the city sinking fund, at not more than
par and accrued interest, of $5,000 refund interest bonds of the issue dated
Aug. 1,1935..
COUNTY
Bank,
Rate
Premium
Brown
347
MICHIGAN
IONIA
Sav.
Rothschild & Co
A. T. T. Tel. DET
Telephone CHerry 6828
$165,000 Public
Welfare Bonds
$500,000 Sewage
Disposal Bonds
__
Name
.
$50,000 trunk sewer bonds to the Allison-Williams Co. of Minneapolis as
2^s at par plus a premium of $411.80, equal to 100.8236, a basis
of about 2.08%.
Due $5,000 yearly on Jan. 1 from 1938 to 1947.
16,000 fire equipment bonds to M. H. Bishop & Co. of Minneapolis as
2Ms at par plus a premium of $132.60, equal to 100.828, a basis
of about 2.10%.
Due $1,500 yearly on July 1 from 1938 to 1945
and $2,000 on July 1 in 1946 and 1947.
Denom. $500.
Dated July 1,1937.
Interest payable Jan. 1 and July 1.
WARREN, Minn.—BOND SOLD—The Village Clerk reports that
$6,000 3% semi-annual street improvement bonds approved by the voters
July 30 have been purchased by the State.
on
CROOKSTON, Minn.—BOND OFFERING—As previously reported in
these columns—V. 145, p. 804—Bergetta M. Loken, City Clerk, will receive
bids until 8 p. m. Aug. 24, for the purchase at not less than par of $25,000
4% recreational center bonds.
Denom. $250.
Dated July 1, 1937.
Inter¬
est
'•/!
payable annually
19o7»
.
on
July 1.
■"
Offerings Wanted:
LOUISIANA &. MISSISSIPPI
Due $1,250 yearly on July 1 from 1938 to
«
■
>•/
•
MUNICIPALS
»
HENNEPIN COUNTY (P. O. Minneapolis), Minn.—BOND OFFER¬
P. Erickson, County Auditor, will receive bids until 11 a. m.
Aug. 16, for the purchase of $30,000 2M % courthouse repair and improve¬
ment bonds,
Denom. $1,000.
Dated Aug. 15, 1937.
Principal and semi¬
annual interest payable at the First National Bank & Trust Co. of Min¬
neapolis or at the Northwestern National Bank & Trust Co. of Minneapolis,
Bond
ING—AX.
at holder's
NEW ORLEANS,
Bell
Due $6,000 yearly on Aug. 15 from 1939 to 1943, incl.
5% of amount of bonds bid for, payable to Henry
Voegeli, County Treasurer, required.
Legal opinion or Junell, Fletcher,
Dorsey, Barker & Coleman of Minneapolis will be furnished by the county,
which will also furnish the printed bonds.
Certified
option.
check
semi-annual certificates of indeotedness offered for sale
Aug. 3—V. 145,
p. 804—was purchased by the First National Bank of Hopkins.
No other
bid was received, according to the Village Recorder.
COUNTY
ORIZED—The
Board
of
on
(P. O. Ivanhoe), Minn.—BONDS AUTH¬
County Commissioners has passed a resolution
authorizing the issuance of $60,000 funding bonds.
LINCOLN COUNTY (P. O.
State of Minnesota for the loan.
COUNTY
(P. O. St. Paul), Minn.—BOND SALE— The
public welfare bonds, series J, offered for sale on
p. 643—was awarded jointly to Phelps, Fenn & Co. of
New York, and the Wells-Dickey Co. of Minneapolis, as
2Ws, paying a
price of 100.92, a basis of about 2.08%.
Dated Aug. 1, 1937.
Due from
Aug. 1, 1938 to 1947, inclusive.
The second highest bid was a tender of 100.917 on 2
j£s, submitted by
Lazard Freres & Co., Inc., and associates.
$435,000 issue of
Aug. 2—V. 145,
coupon
BONDS OFFERED FOR INVESTMENT—The successful bidder (reoffered the above bonds for public subscription priced to yield from
0.65%
to 2 15%, according to maturity.
They are stated to be legal investments
in New York State.
REDWOOD
COUNTY
COMMON
SCHOOL
DISTRICT
NO.
83
(P. O. Morgan), Minn.—BOND OFFERING—Mrs. L. E. Cragg, Clerk of
8p.m. Aug. 12, for the purchase of
the school board, will receive bids until
f600 school bonds, to bear interest at noannually. Due $300
more than 4%. Denom. $300.
)ated Aug. 14, 1937.
Interest payable
Aug. 14
on
in 1942 and 1943.
ST. PAUL, Minn.—FINANCIAL STUDY PREPARED— Correction of
formerly unfavorable factors has brought about recently a marked
improvement in the financial affairs and prospects of the city, according to
a study recently made by Lazard Freres and
Company, Inc.
Arrest of the continued rise in funded debt, elimination of
deliquent
tax debt, and correction of unsound budgetary procedure
by the provision
of increased delinquency reserves entitle the city to a "farily
high credit
rating," in the opinion of the investment house.
An unfavorable aspect of the picture is found,
however, in the fact
that the city "has made little effort to finance the
continuing relief
burden from ordinary revenues and still is relying primarily on
borrowing
for this purpose."
The point also is made that the city's policy of sched¬
uling serial maturities on an upward scale in order to equalize combined
principal and interest costs over the life of bond issues, makes it doubtful
whether the debt will be retired rapidly enough to take care of future
capital
several
needs without "unwarranted increase in the debt burden."
A substantial surplus has been shown for each of the last three fiscal
years, the
study points out in commenting on the budget procedure.
The
city was able to reduce its tax rate for 1936 and yet cover the increased
operating costs of that year by a fair margin.
As a result of the expansion
of revenues during the last three years and the improvement in the
city's
budgetary policies, the balance sheet of the general fund at the end of 1936
showed cash of $829,941, relatively moderate current liabilities and an
accrued surplus of $658,952.
„ST. PAUL, Minn.—BOND SALE—The two issues of bonds
$665,000, offered for sale
on
Aug. 4—V.
aggregating
145, p. 643—were awarded as
follows:
$500,000
sewage
Co.
Raymond 5409
Teletype N. O. 182
disposal system bonds, series No. 4 to Phelps, Fenn &
York, and the Wells-Dickey Co. of Minneapolis,
as 2.40s, at a price of 100.04, a basis of about 2.396%.
of New
jointly,
Due from Aug. 1, 1940 to 1967, incl.
/0
165,000 public welfare bonds to a group composed of the First Boston
Corp.; Estabrook & Co.; the First of Michigan Corp., all of
New York, and Harold E. Wood & Co. of St. Paul, as
2.10s, at a
price of 100.189, a basis of about 2.064%.
Due from Aug. 1,
1938 to 1947, incl.
BONDS OFFERED FOR INVESTMENT—'The successful bidders re$500,000 bonds for general subscription, the maturities from
1940 to 1962 priced to yield from 1.40% to 2.40%, and the 1963-67 maturi¬
ties priced at 99 >4.
These bonds are said to be legal investments in New
York and Massachusetts.
offered the
The $165,000 public welfare bonds were also offered by the purchasers
yield from 0.65% to 2.15%, according to maturities.
at prices to
MISSISSIPPI
ALCORN COUNTY (P. O. Corinth), Miss.—BOND
SALE—The First
has purchased an issue of $24,000 3%% re¬
Dated March 1, 1937.
Legality approved by Charles^&
National Bank of Memphis
funding bonds.
Trauernicht of St. Louis.
GRENADA, Miss.—BONDS SOLD—It is stated by W. Y. West, City
Clerk, that the $32,000 factory construction bonds approved by the voters
May and later validated by the Chancery Court, as noted in these columns
at the time—V. 144, p. 4220—have been sold.
in
Ivanhoe), Minn.—ASKS STATE LOAN
—The $60,000 funding bonds recently authorized by the County Commis¬
not be offered for sale, application having been made to the
sioners will
RAMSEY
BANK
LA.
for
HOPKINS, Minn.—CERTIFICATE SALE—The $1,420 issue of 4%
LINCOLN
Department
WHITNEY NATIONAL
MAGEE, Miss.—BONDS SOLD—It is reported that $10,000 5% semischool bonds have been purchased by the State Guaranty Bank of
ann.
Magee, paying a premium of $102.00, equal to 101.02.
(P. O. Jackson), Miss.—BOND
a. m. on Aug. 10, by
Board of Trustees, State Institutions of
Higher Learning, for the purchase of an issue of $150,000 coupon dormitory
and stadium bonds.
Interest rate is not to exceed 5%, payable A. & O.
Rate to be in multiples of M of 1%.
No bid for less than par and accrued
interest will be considered.
Denom. $1,000 or $500, or both.
Dated
April 1, 1937.
Due on April 1 as follows:
$5,000, 1939; $6,000, 1940 to
1943; $7,000, 1944 and 1945; $8,000, 1946 to 1948; $9,000, 1949 and 1950;
$10,000, 1951 to 1954; $12,000, 1955, and $13,000 in 1956.
The Board
will consider two kinds of bids:
Absolute bids, which are to be binding
immediately upon acceptance, and conditional or optional bids.
Prin. and
int. payable in lawful money at the Chemical Bank & Trust Co., New York.
MISSISSIPPI
STATE
COLLEGE
OFFERING—Sealed bids will be received until 11
J.
A.
Secretary of the
Ellard,
Said bonds will be sold for the sole purpose of erecting a dormitory and
Athletic stadium on Mississippi State College campus and are payable as
principal and interest solely from income and revenues derived from
the use of said dormitory and income and revenues from
engaged in by Mississippi State College at the stadium to
be constructed, as authorized by House Bill No. 13 of the Laws of Mis¬
sissippi passed by the Second Extraordinary Session of the Legislature for
the year 1936, and as fully set out in the resolutions passed by the said
Board of Trustees of State Institutions of Higher Learning at its July, 1937,
meeting, and previous meetings.
Said bonds shall be redeemable at the
option of the said board on any interest payment date in the reverse order
of maturity at a price per bond equal to the principal amount thereof plus
accrued interest to the date fixed for redemption, and a premium of onefourth of one per cent of the principal amount of the bond for each year or
fraction thereof from the date fixed for redemption to the stated maturity
to both
room
rents for
athletic contests
of the bond.
Each absolute bid must be
accompanied by a certified check payable to
of the par
the Treasurer of the State of Mississippi in a sum equal to 2%
value of the bonds bid for as an evidence of good faith.
The right
is reserved
reject any or all bids.
The right is reserved to accept an absolute bid
conditional bid even though the conditional bid might be higher.
The said board will also consider conditional or optional bids for said
to
over a
shall not be binding on the
submitting same, until and unless said person within
in writing to the
said bid be made
final and absolute and said notification of the bidder's desire that said bid
shall be considered as being a final and absolute bid shall be accompanied
by a certified check payable to the State Treasurer in a sum equal to 2%
of the par value of the bond bid for as an evidence of good faith, and if the
successful conditional bidder shall fail promptly to comply with the terms
of said bid, said check shall be forfeited to Mississippi State College as
liquidated damages.
In the event the said bidder making said conditional
or optional bid shall not, within 30 days from the date of making said bid,
signify his desire that said bid be made final and absolute, said optional bid,
even though accepted by said committee, shall be considered null and void.
The bidder making a conditional or optional bid must designate it as such
conditional or optional bids
bonds,
which
person
or persons
days of the date said bid was submitted, signifies
Secretary of the said board of trustees his desire that
30
in his bid.
Each and all bids for said
bonds may be made subject to the validation
Court of Oktibbeha County, Mississippi,
approving opinion of a recognized bond attorney, tne
opinion bf the bond attorney and an order of the validation of said bonds
by the Chancery Court of Oktibbeha County, Mississippi, to be furnished
the purchaser without charge.
of said bonds by the Chancery
and subject to an
MONROE
COUNTY
(P.
O.
Aberdeen). Miss.—BOND SALE—The
$43,500 refunding bonds of the First Supervisors* District offered for sale
Aug. 2—V. 145, p. 643—was purchased jointly by O. B. Walton & Co.
of Jackson and Saunders & Anderson of Memphis, according to the Chancery
Clerk.
He states that the successful bid paid a premium of $725 on 4%
bonds, a price of 101.66.
on
Financial
982
OCEAN BRINGS,
Miss.—BOND ISSLE DETAILS—'The $23,000
refunding bonds sold earlier in the year to Dane & Weil of New Orleans,
as reported here at the time, bear 5H% interest, are dated March 1, 1937
and were approved as to legality by Charles & Trauernicht of St. Louis.
OLIVE BRANCH, Miss.—BOND SALE POSTPONED— It is stated by
V.
R.
Thompson, Town Clerk, that the sale of the $15,000 sewer and
street bonds, originally scheduled for Aug. 3, as noted in these columns—
V. 145, p. 483—was postponed.
SHELBY
ROAD
SEPARATE
DISTRICT
Chronicle
Neb.—BOND ISSUANCE CONTEMPLATED—We^are
$30,000 in 3%
1 >
RED CLOUD,
informed by Jane Petersen, City Clerk, that the issuance of
refunding bonds is contemplated for the near future.
WAYNE, Neb.—BOND ELECTION—An election is scheduled for
Aug. 17 at which a proposal to issue $25,000 park warrants will be submitted
to
a
vote.
ing bonds were purchased recently by Leftwich Ross, of Memphis.
July 1, 1937.
Dated
WASHINGTON COUNTY (P. O. Greenville), Miss.—BOND SALE—
The $250,000 issue of registered road construction bonds offered for sale on
Aug. 2—V. 145, p. 804—was awarded jointly to the First National Bank,
Bullington, Schas & Co. and the Union Planters National Bank & Trust Co.,
all of Memphis, as 3 J^s, at a price of 101.00.
Due serially in 25 years.
HAMPSHIRE
NEW
Cleveland), Miss.
(P. O.
—BONDS SOLD—It is said that $209,000 5% and 5^ % semi-ann. refund¬
1937
7
Aug.
CONCORD, N. H.—NOTE SALE—An issue of $200,000 revenue antici-
S at ion temporary loan notes offered ondiscountwas awarded to the are dated
Aug. 4 basis. The notes National
hawmut Bank of Boston on a 0.54%
Aug. 5, 1937, and will mature $100,000 on each of the dates Jan.
Feb. 16,1938.
Mansfield & Co. of Boston bid 0.63% discount.
26 and
MANCHESTER, N. H.—BOND OFFERING—¥. D. McLaughlin, City
Treasurer, will receive sealed bids until 2 p. m. (Daylight Saving Time)
Aug. 12 for the purchase of $175,000 3% coupon bonds, divided as fol¬
on
lows:
YAZOO COUNTY (P. O. Yazoo City), Miss.—BOND SALE—The
$40,000 4% refunding bonds of Supervisors District No. 3, which were
offered on Aug. 2—V. 145, p. 643—were awarded to the First
National
Bank of Memphis and O. B. Walton & Co. at par plus a premium of
$1,124.50, equal to 102.811, a basis of about 3.72%.
The buyers are to
pay the expenses of lithographing the bonds and of attorney's fees.
Dated
Sept. 1, 1937.
Due on Sept. 1 as follows: $1,000, 1938 to 1942; $2,000,
1943 to 1952, and $3,000, 1953 to 1957.
The Bank of Yazoo City and the
Delta National Bank bid a premium of $850 for the issue.
MISSOURI
KIRK WOOD,
July 31—V. 145,
in park bonds by
Mo .—PONDS DEFEATED—At the election held on
644—the voters defeated the proposal to issue $25,000
a wide margin, according to the City Clerk.
p.
MEXICO SCHOOL DISTRICT
(P. O.
Mexico), Mo.—BONDS SOLD
—We
are informed by L. B. Hawtherne,
Superintendent of Schools, that
$12,000 3% semi-ann. school building bonds were purchased by the Com¬
merce Trust Co. of Kansas City.
Due serially up to 1947.
'""Each
issue is dated July 1,
1937.
JOSEPH,
Mo.—BOND SALE—The $100,000 coupon refunding
on Aug. 2—V. 145, p. 805—were awarded to the
Mississippi Valley Trust Co. of St. Louis as 2%s, paying a price of 101.29,
a basis of about 2.63%.
Dated Sept. 1, 1937.
Due from Sept. 1 1942 to
1957.
ST.
LOUIS, Mo .—PROPOSED NEW TAXES HELD IN ABEYANCE
advised as follows by Chas. L. Cunningham, Deputy Comptroller:
Acknowledging your letter of July 22nd, we wish to advise that the bills
proved by Ropes, Gray, Boyden & Perkins of Boston, a copy of whose
opinion will accompany the bonds when delivered, without charge to the
purchaser.
The original opinion and complete transcript of proceedings
covering all details required in the proper issuance of the bonds will be filed
with the First National Bank of Boston, where they may be inspected.
Bonds will be delivered to the purchaser on or about Tuesday, Aug. 24,
1937, at the First National Bank of Boston, 17 Court Street office, Boston,
against payment in Boston funds.
reconvene
until Oct. 1, at
vacation at the present time and will not
on
which time these bills
may
be reconsidered.
1,* 1937
$85,165,879
Assessed valuation for year 1937
Debt limit (5%).
Total bonded debt,not including present loans
4,258,293
3,592,500
,
31,962
Serial notes (not tax anticipation notes)
Water bonds (included in total debt)
Net debt...
-
167,000
3,457,462
-
Population, 76,834.
1934 levy, $2,823,931; uncollected to date, $6,356.
1935 levy, $3,061,541; uncollected to date, $11,647.
1936 levy, $3,580,174; uncollected to date, $149,345.
Tax anticipation notes of 1936 outstanding, none.
,
be necessary.
The Board of Aldermen is
inter¬
will be valid
are
recently passed by the Board of Aldermen, raising new taxes in order to
help meet relief costs and the municipal deficit, were not signed by the
Mayor.
By agreement between the members of the Board of Aldermen and the
Mayor, the bills were returned to the board unsigned and referred back
to the committee.
It is the hope of the administration that sufficient
delinquent taxes may be collected so that the passage of these bills will not
PrincipaTand
$i7000.
Denom.
(J. & J.) payable at the First National Bank of Boston.
These bonds
general obligations of the city and all taxable property in the
city will be subject to the levy of unlimited ad valorem taxes to pay both
principal and interest.
They will be engraved under the supervision of and
authenticated as to their genuineness by the First National Bank of Boston.
This bank will further certify that the legality of these issues has been ap¬
est
Financial Statement Aug.
ST.
bonds offered for sale
—We
$130,000 municipal improvement and equipment bonds.
Due $13,000 on
July 1 from 1938 to 1947, inclusive.
45,000 municipal improvement bonds.
Due July 1 as follows: $3,000
from 1938 to 1942, incl., and $2,000 from l943 to 1957, incl.
notes of 1937 outstanding,
Tax anticipation
$800,000.
MERRIMACK COUNTY (P. O. Concord), N. H.—NOTE OFFERING
—John L. T. Shaw, County Treasurer, will receive bids until 11 a. m.
Aug. 10 for the purchase at discount of $95,000
(Daylight Saving Time)
refunding notes.
be dated Aug.
The notes will
1937, and payable $19,000 Dec. 29,
10,
1937 and $76,000, July 25,1938, at The National Shawmut Bank of Boston,
Boston, and will be ready for delivery on or about Aug. 11, at The
National Shawmut Bank of Boston, in Boston.
Said notes will be certified as to genuineness and validity by The National
in
OFFERINGS
WANTED
Thorndike, Palmer &
Shawmut Bank of Boston, under advice of Storey,
Dodge, and all legal papers incident to this issue will be filed with said
bank, where they may be inspected at any time.
UTAH—IDAHO—N EVADA—MONTANA—WY0MING
"
niunicipalsT"
Financial Statement, July
31, 1937
Assessed valuation 1934
Assessed valuation 1936
FIRSTS SECURITY TRUST CO.
I SALT LAKE CITYR
Phone Wasatch 3221
Bell
Lwvy—1934, $149,364.00; 1935. $273,834.95; 1936, $273,834.95.
of July 31, 1937.
bonded debt, $101,000.00; notes outstanding to be paid with the
proceeds of this issue, $95,000.00.
Tax
None uncollected as
R
Net
Teletype: SL K-372
of Haverhill), N. H.—
these
Mansfield & Co. of Hartford of
$58,000 3% community house construction bonds, we learn that the bank¬
ers paid a price of par for the loan.
Dated July 1, 1937, and due July 1
as follows: $1,000, 1939 to 1944, incl.; $2,000, 1945 to 1949, incl.; $8,000,
1950 to 1952, incl.; $4,000 from 1953 to 1956, incl., and $2,000 in 1957.
The Woodsville Fire District is the largest political subdivision of the
Town of Haverhill, N. H., and embraces a population estimated to be in
excess of 2,200 inhabitants.
The population of the Town of Haverhill,
according to the U. S. Census for 1930, was 3,665.
The Woodsville Fire
District owns and operates its own electric light and water plants, whose
value has conservatively been placed at $400,000.
Revenues from these
municipally-owned utilities, after all expenses, are more than sufficient to
pay the debt service on this and other issues of bonds of the district, although
this issue of bonds is
a direct obligation of the Woodsville Fire District,
payable from taxes.
WOODSVILLE
COUNTY
SCHOOL
DISTRICT
NO.
82
(P.
O.
Great
Falls), Mont.—BOND SALE—The $12,000 issue of school building bonds
on July 31—V.
145, p. 483—was purchased by the State
Board of Land Commissioners, as 4s at par. according to the District Clerk.
was
received for tha bonds.
MUSSELSHELL
COUNTY
(P.
O.
Roundup),
Mont.—BOND¬
HOLDERS ASKED
TO SURRENDER CERTIFICATES OF DEPOSIT—
As previously reported in these columns, the exchange of bonds in accord¬
ance with the plan of refunding already approved
by a large majority of
the county's bondholders, and the disbursement of accrued interest as
provided in the refunding agreement, was expected to take place starting
Aug. 1.
In connection with the imminence of the consummation of the
plan, the Bondholders' Protective Committee,
through its Secretary,
Stanley R. Manske, First National Bank of St. Paul, Minn., is advising
bondholders
"Since
follows:
as
DISTRICT
(Town
columns—V. 145, p. 805—of the sale to
offered for sale
No other bid
FIRE
BOND ISSUE DETAILS—In connection with the previous report in
MONTANA
CASCADE
the committee
plans to effect the exchange of bonds pursuant
plan of refunding in a few days, we would appreciate it very much
if you would send the certificate of deposit, issued to you for bonds placed
on deposit with the First Trust Co. of Staint
Paul, to the trust company
at your earliest convenience.
"Payment of past due and accrued interest to March 1, 1937, the date of
issuance of the new bonds, will be made at the time of exchange of bonds
in accordance with the plan of refunding.
The delay in issuing this ex¬
change has been due to the necessity of the county in passing certain re¬
solutions in order to obtain a legal opinion on the new bonds."
to the
'
PLAINS, Mont.—BOND ELECTION—It
Clerk, that
an
election will be held
on
is stated by Mrs. Rosa Rice,
Sept. 3 to vote on the issuance
of $15,000 in water bonds.
RONAN, Mont.—BOND
SALE—The
bonds offered for sale
$28,000
issue of coupon
water
June 28—V. 145, p. 4384—was purchased
by Mr. John O'Connor of Columbia Falls, at 5s, at par according to the
Town Clerk.
Dated June 28, 1937.
Due $700 on Jan. 1 and July 1 from
revenne
on
Jan. 1,1938, to July 1, 1947.
WHITEFISH
SCHOOL
$3,511,470-00
800,910.00
4,312,380.00
Tax-exempt property
Total property value
Total bonded debt (not
including this issue) (including overlapping debt)
Selt-supporting debt (water and electric light bonds)
Net bonded debt.
Debt ratio
Tax Collection
71.900.00
1.67%
-
of Town of Haverhill, N. H.
District is
a
(of Which the Woodsville Fire
Subdivision)
Total Tax Levy
1936
$31.40
Neb.—BONDS
AUTHORIZED—The
Uncollected, Year Ending
$114,176
$3,269
$9,886
Taxes bought by town
Statement of Receipts
and Expenditures of Woodsville Fire District for
Receipts:
From other
.
$18,072,50
7,240.00
2,593.98
sources
$27,906.48
Total.
Expenditures:
$18,072.50
For bond retirement and interest
1'100.00
For street lights
For salaries and miscellaneous
6,165.82
$25,338.32
Total...
Balance, credit
village
Year 1936
<r>
From Water and Light Department
From Town of Haverhill (appropriation)
NEBRASKA
CLARKS,
have passed a resolution providing for the
198,900.00
127,000.00
—
Tax Rate
DISTRICT
(P. O.
Whitefish)
Mont.—
BONDS DEFEATED—At the election held on July 24—V. 145, p. 644—the
voters defeated the proposed issuance of $66,800 in school building bonds
by a count of 101 to 16, according to the District Clerk.
.
Financial Statement
Assessed valuation (Town of Haverhill, 1936)
Year
Town
$64,545,068.00
64,617,085.00
64,743,186.00
-
1935
Assessed valuation
2,568.16
.
authorities
$27,906.48
Total
issuance of $88,000 refunding
bonds.
NEW
MEADOW
GROVE, Neb.—BONDS SOLD—It is stated by the Village
$11,000 sewer bonds have been sold as 4HSDenom. $500.
1. 1937.
Due on July 1 as follows:
$500, 1939 to 1954, and
1955 to 1957.
Prin. and int. payable in Madison.
JERSEY
Clerk that
Dated July
$1,000,
NEBRASKA, State of—PROPERTY TAX FIXED AT 2.64 MILLS—
State Board of Equalization fixed the 1937 State property tax levy
mills, it is reported in a Lincoln news dispatch of July 28.
Nebraska,
which does not have a general sales tax or an income tax of any kind, de¬
rives all the funds for the operation of the State government from property
taxes and from so-called cash funds; gasoline taxes, license fees and similar
The
at 2.64
J.—BONDS AUTHORIZED—'The Board of Town
Commissioners has adopted an ordinance providing authority for the
issuance of $61,000 sidewalk assessment bonds.
BELLEVILLE,
N.
BLOOMFIELD, N. J.—NOTE SALE— The Police and Fire Pension Fund
has purchased $100,000 3% tax anticipation notes and an
has been sold to the Bloomfield
Commission
additional $125,000 bearing 1 H% interest
Bank & Trust Co., Bloomfield.
The notes
are
levies.
dated June 28, 1937, and will mature
BLOOMINGDALE
ISSUANCE NOT SCHEDLLED—We are
informed by Francis P. Matthews, Vice-President of the Omaha Chamber
of Commerce, that as yet it is impossible to say when the bonds which are
to be sold to defray the expense of the new Dodge Street bridge will be
OMAHA,
Neb.—BOND
offered for sale.
-
Neb.—BONDS VOTED
the issuance of $46,000 in building bonds,
On
SCHOOL
DISTRICT.
N.
Dec. 27,1937.
J.—BONDS VOTED—
Aug. 2 the voters of the district approved a proposal to issue $42,000
building renovation bonds.
school
BOONTON, N. J.—BONDS AUTHORIZED—On Aug. 2 the Board of
Aldermen passed on final reading an ordinance authorizing the issuance
of $85,000 refunding bonds.
O'NEIL SCHOOL DISTRICT (P. O. O'Neil),
—The voters approved recently
according
to
report.
CAMDEN,
operations
on
N.
a
3.—CITY ON CASH BASIS—Conducting its current
the City of Camden for the six months ended
cash basis
Volume 145
Financial
MUNICIPAL BONDS
New
Chronicle
N.
J.—BONDS
are offering for
4^ % refunding
The bonds, according to
tax-exempt in the State of New Jersey and interest-exempt
bankers,
are
from all present Federal income taxes.
B. J. Van Ingen & Co. Inc.
NEW
NEW
Telephone: John 4-6364
A. T. & T.: N. Y. 1-730
County,
bonds dated Dec. 1,
1936, and due Dec. 1,1962.
the
STREET, N. Y.
Middlesex
PUBLICLY OFFERED—Leach Bros., Inc., of New York
public investment, priced at 96.25, to yield 4.50%, $75,000
Jersey and General Market Issues
57 WILLIAM
983
r,^Y,9°PBRIDGE TOWNSHIP,
MEXICO
MEXICO
(State of)—INTEREST AVAILABLE ON MIDDLE
RIO GRANDE CONSERVANCY DISTRICT BONDS—The State of New
Mexico Middle Rio Grande Conservancy District is
Newark Tel.: Market 3-3124
notifying holders of
Conservancy bonds that funds have been remitted for the pay¬
Aug. 1 coupons at the rate of 4% per annum.
Payment at this
rate will be made by Bankers Trust
Co., New York, subject to agreement by
the coupon holder that such
partial payment will be accepted in full satis¬
its 5
34 %
ment of
City of MiJIville, N. J.
$15,000
faction of the amount due.
434% Bonds, due Sept. 1, 1956
To
BANKERS PROTEST PROPOSED REDUCTION IN BOND INTEREST
yield 4.00%
Colyer, Robimott $ Company
INCORPORATED
1180
Raymond Blvd., Newark
New
York
Wire:
MArket 3-1718
A. T. & T. Teletype
NWRK 24
REctor 2-2055
NEW
JERSEY
June 30
1937 reports cash surplus of $628 837
the first cash surplus
reported in the first half of any year since 1923 and the largest for any
similar period in the history of the
city.
Total cash receipts in the six
months
$3,733,525 as compared with $3,427,926 in the six months
1936 increase of $305,599, and expenditures in the 1937
period amounted to $3,104,688 according to figures issued by George E.
Brunner Mayor and Commissioner of Revenue and Finance.
The city reported substantially larger receipts from tax title liens reflect¬
ing the tax sale policy now being employed.
That item was $346,137 as
compared with $95,720 in the first half of 1936, a gain of $250,416.
Re¬
ceipts from miscellaneous interest and costs were $144,678 or $64,232 larger
were
ended June 30,
than
a
year ago,
the increase being accounted for largely in the enforcement
of interest and penalties on
delinquent taxes.
Current taxes collected in the first half of 1937 amounted to $1,920,856
—Charging that the Middle Rio Grande Conservancy District of New
Mexico is attempting an illegal transfer of cash from the interest and
principal sinking funds of its $8,478,000 of bonds outstanding to the opera¬
tion and maintenance funds of the District instead of
raising taxes to meet
expenses, a group of investment bankers including John Nuveen & Co. of
Chicago declared on Aug. 5 that they would vigorously oppose the move
and are advising bondholders not to accept the proposed reduction in
interest to 4% from 534%, which the Board has offered to pay on interest
coupons due Aug.
1, 1937.
John Nuveen & Co. of Chicago; Bosworth,
Chanute, Loughridge & Co. and the International Trust Co. of Denver;
Martin-Holloway-Purcell, and Callender, Burke & MacDonald of Kansas
City and Edgerton, Riley & Walter of Los Angeles were identified with the
original financing for the District.
Of the $8,478,000 outstanding, $5,893,000 are held by the Reconstruction Finance Corporation.
The bonds are
dated 1929 and they have never defaulted.
According to C. W. Laing, Jr.. Manager of the Buying Department of
John Nuveen & Co., the District had prior to Aug. 1, cash on hand for debt
service of $278,602.
The amount due
or
by vigorously enforcing tax collections.
proposed reduction in interest represents
CAMDEN, N. J.—BONDS
SOLD—The $302,000 bonds recently approved
the State Funding Commission for payment to three railroads for
abandoned rights-of-way are being issued to the railroads concerned.
CLEMENTON, N. J.—BOND
funding bonds has been
put out by the borough.
EXCHANGE—An issue of $124,200 re¬
exchanged with holders of obligations originally
State
of—MUNICIPAL
FINANCE
COMPILED—In connection with their Aug. 2 issue of the
Municipal Market," J. B. Hanauer & Co. of N. Y. City
N. J., are furnishing a tabulation of financial statistics on
municipalities in the State.
The figures given include gross
STATISTICS
"New Jersey
and Newark,
counties and
and net debt,
assessed valuations, percentage of taxes
1934,
delinquent as of Dec. 31, 1936, for
1935 and 1936 taxes, and population figures.
Also included are
nominal bid and asked quotations on
rates for
the average maturities and coupon
municipalities cited in the compilation.
NORTH ARLINGTON, N. J .—EARLY SUCCESS OF REFINANCING
INDICATED—The extent of the deposits already made of bonds of the
borough and school district in approval of the refinancing plan recently
announced indicates that the entire program will be consummated in the
future, according to report.
In this connection, it is pointed out that
Schlater, Noyes & Gardner, Inc. of New York and associates, have con¬
tracted
with
Norman
S.
undetermined amount of
tion
Taber
new
of the financial status
&
Co., refunding agent, to purchase
bonds in
an
order to effect
of both the
a complete restora¬
borough and its school districts.
proposal.
The new money will enable the payment of accrued interest to
May 1, 1937, on the existing indebtedness, and permit the borough to pay
delinquent State and county taxes which constitute a prior obligation.
Bondholders who have
not as yet deposited their securities under the
urgently advised to act immediately to permit of an early consum¬
mation of the plan to the end that the credit status of the both
borough and
are
NEW
ASHAROKEN
can be thoroughly rehabilitated.
Bonds should be sent
for deposit to the Bank of the Manhattan Co., 40 Wall
St., New York,
not later than July 24.
Plans are already under way for securing the
ap¬
proving legal opinion on the new securities and to permit the payment and
exchange of the refunding bonds during the early part of August.
NORTH ARLINGTON SCHOOL DISTRICT (P. O. North
Arling¬
ton), N. J.—BOND SALE—The $100,000 4% coupon or registered bonds
below, which were offered on Aug. 5—V. 145, p. 805—were
awarded to Schlater, Noyes & Gardner of New York, the
only bidder, at par:
$55,000 school bonds.
Due Nov. 1 as follows: $2,000 from 1937 to 1941.
incl., and
3,000 from 1042 to 1956, incl.
45,000 school refunding bonds.
Due Nov. 1 as follows: $6,000 in 1944.
1945 and 1948; $1,000, 1956; $4,000 from 1958 to
1960. incl.
$4,000 in 1962, and in 1964 and 1965, and $2,000 in 1966.
Each issue is dated May 1, 1937.
Principal and interest (M. & N.)
payable at the Rutherford National Bank, Lyndhurst.
described
$35,647.04
N.
sewer
J.—BONDS SOLD—The
Sinking Fund has
and $15,436.96 general improvement bonds.
PLAINFIELD, N. J.—BOND ISSUE REPORT— Replying
been
purchased
our
in¬
CORTLANDT
N.
3.—BONDS
AUTHORIZED—The
Borough
Council has recently given final reading to an ordinance
authorizing the
TOWNSHIP
SCHOOL
DISTRICT
O.
Peekskill),
N.
Y.—BOND
OFFERING—S,
on
$13,000 Roe Park Water District Extension bonds.
Dated June lT"l937T
Denom. $500.
Due Dec. 1 as follows:
$1,000 from 1938 to 1946
incl. and $500 from 1947 to 1954 incl.
6,500 Verplanck Water District, series 1937 water system construction
bonds. Dated June 1,1937. Denom. $100. Due Dec. 1 as follows:
$300 from 1939 to 1957 incl. and $200 from 1958 to 1961 incl.
3,200 Toddville Water District Extension bonds.
Dated May 1, 1937.
Denom. $100. Due Nov. 1 as follows: $200 from 1938 to 1944 incl.
and $100 from 1949 to 1962 incl.
Bidder to name one rate of interest on all of the bonds, expressed in a
multiple of 34 or 1-10th of 1%.
Principal and interest payable at the
Westchester County National Bank, Peekskill.
The bonds are general
obligations of the town, payable primarily from taxes to be lievied on all
property in said districts and extensions, respectively, but if not paid from
such levy, all of the town's taxable property will be subject to the levy of
unlimited ad valorem taxes in order to make the payments.
A certified
check for $455, payable to the order of the town, is required. The approving
legal opinion of Clay, Dillon & Yandewater of New York City will be fur¬
nished the successful bidder.
EAST AURORA, N. Y.—BOND SALE— The $82,000 coupon, fully
registerable, general obligation, unlimited tax bonds described below, offered
on Aug. 5—V. 145, p. 806—were awatded to the Marine Trust Co. of Buffalo
on a bid of 100.425 for 2.70s, a basis of about 2.65%:
$32,000 general improvement relief project bonds.
Due on Aug. lias
follows: $3,000,1939 to 1942, and $4,000, 1943 to 1947.
25,000 water bonds.
Due $1,000 yearly on Aug. 1 from 1939 to 1963.
21,000 Girard Ave. Subway bonds.
Due $1,000 yearly on Aug. 1 from
„
1938 to 1958.
1941.
Denom.
^
■„
4,000 tax revenue bonds.
Due $1,000 yearly on Aug. 1 from 1938 to
<
,
.
<
,
Dated Aug. 1, 1937.
Principal and semi-annual
1) payable at the Marine Trust Co. of Buffalo,
$1,000-
interest (Feb. 1 and Aug.
with New York exchange.
,
E. H. Rollins & Sons and A. C. Mlyn & Co. of New York were second
high bidders, offering 100.418 for 2.70s.
FALCONER,
N.
Y.—BOND
OFFERING—As previously reported in
159—Grace K. Jenkins, Village Clerk, will re¬
(Dayiight Saving Time) Sept. 1 for the purchase
at not less than par of $42,000 coupon, fuily registerable, general obligation
unlimited tax sewage disposal plant bonds.
Bidders are to specifyrate of
interest, in a multpile of 34 or 1-10%, but not to exceed 6%.
Denom.
$1,000.
Dated Sept. 15,1937.
Principal and semi-annual interest (March
15 and Sept. 15) payable at the First National Bank of Falconer, with New
York exchange.
Due on Sept. 15 as follows: $2,000, 1938 to 1940, and
$3,000,1941 to 1952, incl.
Certified check for $900, payable to the village,
these columns—V.
145,
p.
ceive bids until 12:15 p. m.
required.
Approving opinion of Clay, Dillon & Vandewater of New York
will be furnished
by the village.
HAVERSTRAW, N. Y.—BOND SALE DETAILS—In connection with
the previous report in these columns of the sale on July
as 2.60s. to the Marine Trust Co. of Buffalo, we learn
made
as
follows:
,
$30 000 series T-l street impt.
basis of about 2.53%.
■
30 of $46,000 bonds
that the^award was
.
bonds were sold at a price of 100.097, a
Due $6,000 on Aug. 1 from 1938 to 1942,
V
•
16 000 series T fire equipment bonds were
2.56%.
Due Aug. 1 as follows:
and $4,000 in 1942.
Each issue is dated Aug. 1, 1937.
sold at 100.061, a basis of about
$3,000 from 1938 to 1941, incl.
HORNELL, N. Y.—BOND SALE—The $35,000 coupon or registered
3—V. 145, p. 645—were awarded to the Marine
of 100.31, a basis of about 2.13%.
Trust Co. of Buffalo as 2.20s, at a price
The sale consisted of:
$20 000 public works bonds.
Dated June
from 1938 to 1947, inclusive.
(P.
O.
Ridge-
wood),
N. J.—BOND SALE—The $60,000 coupon or registered school
2—V. 145, p. 645—were awarded to Van Devanter,
Spear & Co. of New York on their bid of 103.097 for a total of $59,000 bonds
as 234s, a basis cost to the
township of about 1.78%.
The bonds are dated
Aug. 2,1937, and due Aug. 1 as follows: $8,000,1939; $9,000,1940; $10,000,
1941; $11,000 in 1942 and 1943 and $10,000 in 1944.
bonds offered Aug.
TRENTON, N. J .—BONDS AUTHORIZED—An ordinance has been
adopted by the City Council authorizing the issuance of $78,000 sewer
system extension bonds
WALDWICK, N. J.—BONDS AUTHORIZED—On July 26 the Borough
Council adopted on final reading an ordinance authorizing the issuance of
$82,000 refunding bonds.
WILDWOOD, N. 3.—BONDS APPROVED— On July 30 the State
Funding Commission gave its approval to a plan to issue $3,280,000 bonds
and to cancel $588,000 bonds held by the Wildwood Sinking Fund.
(P.
(Daylight
Aug. 10 for the purchase of $22,700 not to exceed 6%
interest coupon or registered bonds, divided as follows:
' '
Saving Time)
bonds offered Aug.
issuance of $50,000 emergency relief bonds.
RIDGEWOOD
offered July 30 was awarded to the Bank of Smithtown, Smithtown
Dated Aug. 2, 1937 and due $1,250 each on March 1 in 1938 and
1939.
inclusive.
to
finished.
PLEASANTVILLE,
YORK
(P. O. Northport), N. Y.—BOND SALE—The $5,000
Branch.
quiry concerning the recent passage by the City Commission of an ordi¬
nance providing for
a $103,000 storm sewer construction bond issue—
V. 145, p. 805—the City Clerk states that the work will take from
one to
two years to complete and that the bonds will not be sold until
the program
has
of
BROOKHAVEN SCHOOL DISTRICT NO. 11 (P. O. Centereach),
N. Y.—CERTIFICATE SALE—'The issue of $2,500 certificates of indebted¬
ness
the school district
NUTLEY;,
transfer
registered, unlimited tax, land purchase bonds offered Aug. 2—V. i45,
p. 645—were awarded to Sherwood & Co. of New York as 3s at par.
Dated
Aug. 1,1937, and due $1,000 on Aug. 1 from 1938 to 1942, incl.
This feature, it is said, is of vital interest to the success of the enitre
program
and will become effective only on the condition that all of the
outstanding
bonds of the two units are refinanced pursuant to the terms of the
refunding
plan
illegal
Allen Mead, Town Clerk, will receive sealed bids until 3 p. m.
JERSEY CITY, N. J.—VOTES $135,000 FOR TAXABLE PROPERTY
SURVEY—The Board of City Commissioners has voted to issue $135,000
not to exceed 6% interest 1 to
10-year renewal bond anticipation notes to
finance a detailed survey of all the city's taxable
property with a view to
formulating a new system of assessment to replace the present method,
which has been described as "obsolete."
According to Arthur Potterton,
Director of the Department of Revenue and Finance, the projected survey,
scheduled to start shortly, will result in obtaining accurate and compre¬
hensive descriptions and maps of every improvement within the limits of
the city and should prove of considerable
help to the city in litigation in
connection with tax appeals.
JERSEY,
an
"The District should raise its tax levy and enforce tax
an election coming up next year."
payments, but that is distasteful with
afi compared with $1,879,473 in the corresponding period of 1936, increase
by
$308,145, of which
was
"The
funds," he said.
of
$41,382.
The 1937 collections amounted to 32.64% of this year's tax
levy and compared with 32.02% collected in the first half of 1936.
In
each of the past four
years the city has shown consistent improvement in
percentage of levy collected during the year, ranging from 56.5% in 1933
to 70.29% in 1936.
The 1936 delinquency, which stood at 24% at the
close of the year, has been reduced to
16.31% as of June 30, 1937.
Aug. 1
on
$233,145 represented interest and $75,000 principal. Mr. Laing declared
the Board could easily have avoided difficulty by refunding a small portion
of the maturing principal, by temporary bank borrowings for a few weeks
1,1937, and due $2,000 on June 1
15,000 home relief bonds.
Dated Aug. 1,1937, and due Aug. 1 as follows:
$2,000 from 1938 to 1942, incl., and $1,000 from 1943 to 1947, incl.
N
ISLIP UNION FREE SCHOOL DISTRICT
Y.—BOND SALE—The $65,000 coupon or
NO. 5 (P. O. Bayport),
registered school bonds
Aug. 5—V. 145, p. 806—were awarded to A. C. Allyn & Co. of
New York on a bid of 100.33 for 234s, a basis of about 2.46%.
Dated
Aug
1
1937.
Due on Aug. 1 as follows:
$4,000, 1938 to 1947, and
offered
on
$5,000, 1948 to 1952.
A bid of 100.31 for
& Weigold of New York, was second high.
LEICESTER, N.
2.60s, submitted by Roosevelt
Y.—BONDS AUTHORIZED—The Board of Village
authorizing the issuance of $42,000 water
Trustees has passed a resolution
supply bonds.
MAMARONECK, N. Y.—BOND OFFERING—F. H. Bull, Jr., Village
receive sealed bids until 3:45 p. m. (Daylight Saving
Treasurer-Clerk, wii
Time) on Aug. 17 for the purchase
of $75,000 not to exceed 5% interest
984
Financial
Incinerator plant bonds.
Dated Aug. 1, 1937.
Denom. $1,000.
Due $5,000 on Aug. 1 from 1938 to 1952, incl.
Bidder to
name a single rate of interest, expressed in a multiple of M or 1-10th of 1 %.
Principal and interest (F. & A.) payable at the Manufacturers Trust Oo.,
New York.
The bonds are general obligations of the village, payable from
unlimited taxes.
A certified check for $1,500, payable to the order of the
village, must accompany each proposal.
The approving opinion of Clay,
Dillon & Vandewater of N. ST. City will be furnished the successful bidder.
coupon or registered
NEW
YORK, N. Y.—JULY FINANCING—'Temporary and related
financing by the city during the month of July amounted to $37,800,000.
The total includes $15,000,000 2% special corporate stock notes/due in
blocks of $5,000,000 each on Jan. 8,1938, Jan. 17,1938, and Jan. 21,1938.
The remainder comprise 1H% temporary revenue notes which were ex¬
changed for revenue bills remaining unpaid from tax collections due in the
first half of the year.
These notes, which are redeemable prior to maturity,
were
issued in the following amounts:
Amount
Maturity
$6,800,000
Oct. 1 1937
Jan.
April
July
Oct.
Jan.
3,500,000
2,500,000
2,000,000
1,750,000
1,500,000
1
1
1
1
1
1938
1938
1938
1938
1939
Amount
.,250,000
1,000,000
1,000,000
750,000
750,000
Maturity
previous year, and on the two Arthur Kill Bridges, from $257,000 to $209,A bond issue in the neighborhood of $15,000,000 is contemplated by the
Port Authority later in the year to provide for refunding purposes and to
carry on construction of the new Lincoln Tunnel.
SYRACUSE, N. Y.—FINANCIAL STATEMENT—The following is
given in connection with the award on July 27 of $1,500,000 debt equaliza¬
193765
tion bonds to the Bankers Trust Co., New York and associates, as 2.10s,
at 100.45, a
Assessed valuation special franchises.
Bonded debt, incl. aoove issue
The bonded debt figure above does not include the debt of any other
subdivision having power to levy taxes upon any or all of the property
subject to taxing power of the City of Syracuse.
essential facts
drop of $222,401,068 was in the 1936 values as compared with
the figures for 1935," the State official added.
The values stated in each
equalization table are based on assessments for the preceding year.
Conceding he was slightly in error last July when he predicted that real
estate values in the State had hit bottom and would move upward for 1936,
Mr. Graves expressed the belief that the revival of building construction
last year was not as quickly mirrored in assessments as might have been
expected and renewed his optimistic prediction for the coming year.
Displaying tables for this year, the State official pointed out that the full
value in 1920 was estimated at $16,395,697,190 and that steady increases
were shown through the boom years which followed, until a peak of $35,101,205,631 was reached in 1932.
Through the depression which followed
and up to the present time, values declmed about five billion dollars.
"Even though a reversal of the downward trend is not disclosed by the
current table as I had expected last year," Mr. Graves declared, "I do
foresee an upward turn, and believe it will appear on the record for next
year.
I do not foresee a parallel to the inflated values of the boom era,
but I do expect a steady conservative upward movement."
The new equalization table, which was assembled for the Commission
by Dupty Commissioner Daniel E. Spratt, Director of the Bureau of
Local Assessments, Special Franchises, Land Tax and Equalization, places
the assessed valuation of all taxable real estate at $25,548,805,083 for
1937 as compared with $25,667,925,760 in 1936, a drop of $119,120,677, or
0.46%.
Analysis of the figures for the five boroughs of New York City shows that
the taxable reai property is assessed at $16,599,695,194 as compared with
$16,678,765,548 in 1936, a decrease of $79,070,354, or 0.47%.
In the
Borough of Bronx an increase of $14,848,127, or 0.78% is noted, while in
Kings there is a decrease of $15,105,094, or 38%.
A drop of $113,545,339
is disclosed for the Borough of Manhattan, or a decrease of 1.36%.
In
Queens an increase of $31,693,940, or 1.47% is noted and in Richmond an
increase of $3,038,012, or 1.03% is disclosed.
The aggregate total values m the 57 up-State counties is $8,949,109,889
for 1937 as compared with $8,989,160,212 in 1936, or a 0.45% decrease.
4
NIAGARA FALLS,
N. Y.—BOND OFFERING—William D. Bobbins,
City Manager, will receive bids until 11 a. m. (Eastern Standard Time)
Aug. 9, for the purchase at not less than par of $90,000 coupon, fully
registerable, general obligation, unlimited tax, waterworks improvement
bonds, series E.
Bidders are to name rate of interest, in a multiple ot-K%
or 1-10%, but not to exceed 4%.
Denom. $1,000.
Dated Aug. 1, 1937.
Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at the
Central Hanover Bank & Trust Co., New York.
Due $10,000 yearly on
Aug. 1 from 1938 to 1946.
Certified check for $2,000, payable to the
city, required.
Approving opinion of Clay, Dillon & Vandewater of New
York will be furnished by the city.
OLEAN, N. Y.—BOND OFFERING—W. T. Donigan, City Clerk, will
receive sealed bids until 1 p. m. (Eastern Standard Time) on Aug. 11, for
the purchase of $109,000 not to exceed 5% interest coupon or registered
follows:
$75,000 sewage disposal plant bonds.
Due Aug. 1 as follows: $8,000 from
1939 to 1944, incl. and $9,000 from 1945 to 1947, incl.
34,000 public works bonds.
Due Aug. 1 as follows: $4,000 from 1939 to
1946, incl. and $2,000 in 1947.
}i or l-10th of 1%.
on
Aug. 1, 1937.
Denom. $1,000.
Bidder to
all of the bonds, expressed in a multiple of
Principal and interest (F. & A.) payable at the Chase
New York City. The bonds are general obligations of the
city, payable from unlimited taxes.
A certified check for $2,000, payable
to the order of the city, must accompany each proposal.
The approving
opinion of Clay, Dillon & Vandewater of New York City will be furnished
the successful bidder.
The purchaser shall accept delivery and pay for
said bonds at the principal office oi the Marine Trust Co. of Buffalo, on
Aug. 26, 1937, or as soon thereafter as the bonds shall be ready for delivery.
National Bank,
The population of the city (1930
mencing June 1, 1934, June 1, 1935, and June 1, 1936, was respectively
$365,825.36, $357,598.23, and $382,509.01.
The amount of such taxes
uncollected at the end of each said fiscal years, was respectively $32,529.10,
$34,535.93 and $30,565.31. The amount of such taxes remaining uncollected
as of July 22, 1937, is respectively $ None, $ None, and $29,919.70.
The
taxes of the fiscal year commencing June 1, 1937, amount to $346,589.97
of which $290,184.65 has been collected.
PELHAM, N. Y.—BOND OFFERING—E. B. Rich, Village Clerk, will
receive sealed bids until 3:30 p. m. (Daylight Saving Time) on Aug. 16
for the purchase of $40,000 not to exceed 6% interest coupon or registered
street improvement bonds of 1937.
Dated July 1, 1937.
Denom. $1,000.
Due $4,000 on July 1 from 1938 to 1947 incl. Bidder to name one rate of
interest, in a multiple of M or l-10th of 1 %. Principal and interest (J. & J.)
payaole at the office of the Village Treasurer or at the Chemical Bank &
Trust Co., New York.
The bonds are general obligations of the village,
payable from unlimited ad valorem taxes on all of its taxable property. A
certified check for $800, payable to the payable to the order of the village,
must accompany each proposal. The approving opinion of Thomson, Wood
& Hoffman of New York City will be furnished the successful bidder.
OF
Tax Collection
Report
Total
Uncollected
Beginning
General
Property Tax
$9,014,803.38
7,688,008.93
9,157,635.24
at End of
Fiscal Year
$1,346,725.17
848,279.51
857,173.10
Jan. 1
•1934—
-
Uncollected
July 12,1937
$359,451.88
297,975.39
485,222.21
3,568,629.58
10.274.494.95
FINANCIAL CONDITION ANALYZED—A sound and commendable
budgetary procedure and an effective tax collection system constitute favor¬
able factors in the financial situation of the City of Syracuse, according to a
study of the City's finances prepared and just released by Lazard Freres &
Co., Inc., 15 Nassau St., New York.
The analysis, generally favorable in
tone, however, finds one factor that beclouds the fiscal situation:
The
failure of the City to check the constant increase in the debt burden.
Al¬
though the City's debt has not yet reached exorbitant proportions, Lazard
believe it likely that an abnormal demand for improvement borrowing,
which has been practically nil in recent years, will arise in the future and may
force the debt to excessive heights, unless "relief borrowing is drastically
curtailed and the City's refunding policy brought into more conservative
imits."
■
■
..
'•
UTICA, N. Y.—CERTIFICATE OFFERING— Thomas J. Nelson, City
Comptroller, will receive sealed bids until noon (Daylight Saving Time) on
Aug. 9 for the purchase of $500,000 tax anticipation certificates of indebted¬
ness.
Dated Aug. 10, 1937.
Denoms. $50,000.
Payable Dec. 10, 1937
at the Chemical Bank & Trust Co., New York City. Legality approved by
Clay, Dillon & Vandewater of New York City.
Financial Statement
The assessed valuation of the property of said city subject to
as
is
it appears on
the last preceding assessment roll for State
taxation
or county taxes
$130,987,806.
Bonded Indebtedness
General purposes
Deferred assessment bonds
Delinquent tax bonds
$10,677,952.58
137,854.38
1,091,394.78
Total (including present issue)
Sinkingfunds and cash_
$11,907,201.74
464,036.54
-
Net bonded debt
$11,443,165.20
No overlapping debt.
No special tax districts other than three special
lighting districts.
Special lighting district tax included in city tax charges
on property within lighting district.
No debt incurred for this service.
There is no subdivision of the city having power to levy taxes upon any
or all of the property subject to the taxing power of the city.
Tax Collections
Fiscal Years—
Total levy
'
1935
1934
1936
$4,234,177.31 $3,908,709.20 $4,398,246.84
685,102.47
564,003.03
461,906.49
of July 27,1937None
None
9,388.62
Uncollected at end of fiscal year
Uncollected
as
The tax budget for the fiscal year 1937 is $6,287,084.76, of which amount
$4,377,996.10 is raised by general tax.
Collection of city tax: First half June 1, second half Oct. 1.
Tax becomes
delinquent one month later.
Taxes uncollected on July 27, 1937 amount to $1,731,326.90 (current
yGcH")
The population of said City (1930 Census) is 101,652.
UTICA,
N. Y.—BOND SALE—The $157,470.37
coupon
or
bonds described
were
registered
806—
plus a
below, which were offered on Aug. 5—V. 145, p.
awarded to Lazard Freres & Co. of New York as 1.60s, at par
premium of $236.21, equal to 100.15, a basis of about 1.55%.
$121,470.37 delinquent tax bonds, issued to finance purchases made by
the city at the city tax sale of 1937.
Denom. $1,000 and
$470.37.
The bond for $470.37 will be typewritten and,
at successful bidders' request, will be purchased by the city
for its sinking funds at a price no greater than that paid for
the entire issue.
The loan in its entirety will mature Aug. 1
as
follows:
$25,470.37 in 1938 and $24,000 from 1939 to
1942 inclusive.
*
,
19,000.00 Thomas R. Proctor High School equipment bonds.
Denom.
$1,000.
Due Aug. 1 as follows:
$3,000 in 1938 and $4,000
from 1939 to 1942 inclusive.
census) was 21,792.
The bonded debt above stated does not include the
debt of any other subdivision having power to levy taxes upon any or all
of the property subject to the taxing power of the city.
The fiscal year
commences June 1.
The amount of taxes levied for the fiscal years com¬
PORT
A detailed report of
submitted to any interested bidder upon request.
Fiscal Year
Financial Statement
The assessed valuation of the property subject to the taxing power of
the city, is $23,098,866.
The total bonded debt of the city, including the
above mentioned bonds, is $1,330,150.
will be
Population (U. S. Census 1930), 209,326.
"This
single rate of interest
15,438,892.00
40,206,589.38
5,412,500.00
1,002,000.00
2,500,000.00
219,007.40
Water bonds, included in above (exempt debt)
Local improvement bonds, included in above (exempt debt)
counties."
All of the bonds will be dated
$377,337,793.00
400,000,000.00
361,898,901.00
1 1940
Equalization Table for 1937 which was released by Mark Graves, Com¬
missioner of Taxation and Finance.
"These estimates, which show a decrease of 0.7%, were attainted,"
Mr. Graves said, "by using the figures for assessed valuation with the
rates of equalization fixed by the State Tax Commission for the various
name a
Financial Statement
Temporary debt, tax anticipation (exempt)
Temporary debt (not exempt)
NEW YORK ST ATE—TAXABLE REAL PROPERTY AT 30 BILLIONS
as
basis of about 2.05%.—V. 145, p. 806.
Assessed valuation taxable property
Actual valuation taxable property
Assessed valuation real property
1 1939
—Full value of all taxable real property in New York State is $30,254,215,911 as compared with $30,476,616,979 in 1935 according to the State
bonds, divided
1937
7,
Aug.
1 1939
1 1940
April 1 1939
July
Oct.
Jan.
Jan.
Chronicle
NEW YORK
17,000.00 Washington School fireproof stairway bonds.
Denom. $1,000.
Due Aug. 1 as follows:
$3,000 in 1938 and $1,000 from 1939
to
1952 inclusive.
All three issues will be dated Aug. 1, 1937.
Principal and interest
(F. & A.) payable at the City Treasurer's office with New York exchange.
Adams. McEntee & Co. of New York bid a premium of $204.73 for 1.60s.
NORTH
BUNCOMBE
COUNTY
(P.
CAROLINA
O., Asheville),
N.
C.—BONDS
CHASED—In connection witn the call for tenders of outstanding bonds,
reported in detail in these columns recently—V. 145, p. 485—it is stated
by Curtis Bynum, Secretary of the Sinking Fund Commission, that the
following bonds were purchased:
$41,000 Buncombe County refunding, at an average price of 34.97.
27,000 City of Asheville general refunding, at an average price of 34.89.
38,000 City of Asheville water refunding, at an average price of 59.71.
8,000 Asheville Special School Tax District refunding, at an average
price of 35.36.
Mr. Bynum also states that small lots of districts were sold at aver¬
age prices as follows: Bernardsville Public School District refunding, at
55.00; Reems Creek Twp. Spec. School Tax Dist. refunding, at 55.00;
Beaverdam Water and Sewer District refunding, at 31.78; Caney Valley
Sanitary Sewer District refunding, at 26.17; Fairview Sanitary Sewer Dis¬
trict refunding, at 44.79; Swannonoa Water and Sewer District refunding,
at 29.92, and Woodfin Sanitary Water and Sewer District refunding, at
51.8.
AUTHORITY, N. Y.—NET INCOME UP
51% IN YEAR—$15,000,000 BOND OFFERING IN PROSPECT—An
increase of 51% m net income from all operations is reported by The Port
of New York Authority for the year that ended June 30 last compared
COLUMBUS COUNTY (P. O. Whiteville) N. C.—ADDITIONAL
INFORMATION—The following is given in connection with the sale on
with the corresponding previous 12 months.
The total net was $5,243,629.55 as against $3,474,425.66,
of approximately $1,700,000.
columns at the time.—V. 145, p.
a
difference
For the frst half of the present calendar year, a similar percentage
gain was recorded. Traffic through the HoilantkTunnel and over the four
bridges meantime almost doubled the anticipated increase.
All activities of the Port Authority are included in the statement.
This
includes the Port Authority Commerce Building, which is the newest
facility of the bi-State agency and which had a net of almost $40,000 for
the year ended June 30.
The gross income for all facilities for the year totaled $13,870,488.21,
an increase of 15%.
Every facility shared in the gam in gross. The net
deficit on the Bayonne Bridge was reduced to $233,000 from $277,000 in the
July 26 of the $30,000 county home bonds to McAlister, Smith & Pate, of
Greenville, as
at 100.61, a basis of about 3.67%, as noted in these
807:
CREEDMOOR,
Aug. 2—V.
N.
C.—BONDS
VOTED—At
the
election
held
on
145, p. 485—the voters approved tne issuance of the $24,000
bonds, and the $21,000 sewer system bonds.
water system
DAVIDSON COUNTY (P. O.
Lexington), N. C.—BONDS AUTHOR¬
IZED—The Board of County Commissioners on July 26 passed an ordinance
authorizing the issuance of $24,000 court house remodeling bonds.
FORSYTH COUNTY (P.
O. Winston-Salem), N. C.—BOND SALE
—The $105 000 issue of coupon or registered school refunding bonds offered
for sale on Aug. 3—V. 145, p. 807—was awarded to Stranahan, Harris 8c
Co., Inc., of Toledo,
as
follows:
$35,000 as 2^s, maturing $5,000'from
Financial Chronicle
Volume 145
1939 to 1945; the remaining $70,000 as 2Mb, maturing $5,000
1959, inclusive.
The second highest bid
from 1946 to
submitted by the Wm. B. Greene Co. or
to take $65,000 as 234s, the remaining $40,000
The Wachovia Bank & Trust Co. of Winston-Salem, was third best
3s.
bidder, asking for $80,000 as 3s, the remaining $25,000 as 2%,a.
There
16 bids in all submitted for the bonds.
were
HENDERSON, N. C.—NOTE SALE DETAILS—We
are
807—were sold for a premium of $55.00, and mature as follows:
Dec. 1,1937; Jan. 1, 1938; Feb. 1,1938, and March, 1,1938.
COUNTY
(P.
O.
Elizabeth
City)
$5,000,
C.—BONDS
N.
AUTHORIZED—The County Commissioners are said to have approved the
issuance of $20,000 in court house bonds, to mature $2,000 annually from
1939 to 1948 incl.
RICHMOND COUNTY (P. O. Rockingham), N. C.—BOND OFFER¬
ING—Sealed bids will be received by W. E. Easterling, Secretary of Local
Government Commission, at his office in Raleigh until 11 a. m. (Eastern
Standard Time) on Aug. 10 for the purchase of $34,000 not to exceed 6%
interest
coupon
$1,000.
HAMLET SPECIAL SCHOOL DISTRICT NO. 95, William. County,
N. Dak .—CERTIFICATE OFFERING—Christ
Olson, District Clerk, will
receive bids at the County Auditor's office in Williston until 8
p. m. Aug. 10
for the purchase of $4,000 certificates of indebtedness.
informed by
the City Clerk that the $20,000 4% notes purchased by the Citizens Bank
& Trust Co. of Henderson, as noted in these columns recently—V. 145, p.
PASQUOTANK
Due Feb. 1
school building bonds.
Dated Aug. 1, 1937.
Denom.
as follows:
$3,000 from 1940 to 1947 incl. and $5,000
Rate or rates of interest to be expressed in multiples of
34 of 1 %. Bids may be made for the bonds to bear two separate rates and
the award will be made on the basis of the tender figuring the lowest net
interest cost to the county.
Principal and interest (F. & A.) payable in
lawful money in New York City.
No bid of less than par and accrued
interest will be considered.
A certified check for $680, payable to the
order of the State Treasurer, must
accompany each proposal. The bonds
are general obligation,
unlimited tax securities and will be delivered at
place of purchaser's choice. The approving opinion of Masslich & Mitchell
of New York City will be furnished the successful bidder.
in 1948 and 1949.
HAMMER
to
(P.
O.
N.
Gar.ke),
Dak.—BOND SALE—
1946, inclusive.
LIBERTY SCHOOL DISTRICT NO. 30 (P. O. Battleview) N. Dak.—
CERTIFICATES NOT SOLD—The $800 6% certificates of indebtedness
on
July 23—V. 145, p. 486—were not sold as no bids were received,
according to P. a. Grubb. District Clerk.
^
offered
NORTH DAKOTA, State of—REPORT ON CASH BALANCE— State
began its fiscal year July 1 with a cash balance of 15,975,968.28. This was
$670,949 less than its balance a year earlier, says State Treasurer John
Gray. Principal items in the cash account were $12,075,273 certificates of
deposit, $2,953,897 subject to check, $600,892 Bank of North Dakota
trust account National Industrial Recovery Highway Fund.
On July 1
the State's net bonded indebtedness
was
$29,217,650.
SANDY CREEK SCHOOL DISTRICT NO. 67
N. Dak —CERTIFICATE OFFERING—Mrs. Signe
(Williams County),
Fay, District Clerk,
Williston until 8 p.m.
Aug. 12 for the purchase of $2,000 certificates of indebtedness.
will receive bids at the office of the County Auditor in
STAR
SCHOOL
DISTRICT
NO.
4,
Bowman County,
N. Dak.—
CERTIFICATE OFFERING—Oscar Overland, District Clerk, will receive
bids at the County Auditor's office in Bowman until 10 :30 a. m. Aug. 14,
for the purchase at not less than par of $1,000 certificates of indebtedness,
1937.
$751,000
Bonds assumed by county—
School district (assumed 1935)
TOWNSHIP
It is reported that the $2,100
funding bonds offered on June 23—V. 144,
4222—were sold as 5s, at par.
Dated June 1,1937. Due $300 from 1940
p.
bearing interest at
Financial Statement
Outstanding debt:
County bonds
Interest
no more than 7%.
Denom. $1,000.
payable semi-annually.
Due Aug. 14,
Dated Aug. 14,
1938.
Certified
check for 5% of amount of bid, required.
252,000
70,350
-
Notes (State of North Carolina School)
Total debt
for
was
Winston-Salem, offering
as
985
bids until 2
p. m. Aug. 17, at the County Auditor's office in Bowbells
the purchase at not less than
par of $3,000 certificates of indebtedness.
OHIO
$1,073,350
$265,750
-
Sinking funds
MUNICIPALS
Tax Data
1934-35
1935-36
1936-37
$21,770,232 $21,852,759 $22,000,000
Assessed valuation
Rate per $100
.50
Amount uncollected
Uncollected prior
Estimated actual
.79
182,895
27,384
MITCHELL, HERRICK & CO.
.82
130,491
13,552
Amount levied
201,349
54,588
700 CUYAHOGA
CANTON
AKRON
$84,295
valuation
30,000,000
Population, 1930 U. S. Census, 34,016; estimated present, 40,000.
N. C—BONDS VOTED—At a recent election the
city approved the issuance of $480,000 electric light system
bonds and $20,000 water supply bonds.
of the
THOMASVILLE, N. C.—BOND SALE—The $60,000 issue of
registered municipal
building bonds offered for sale
on
coupon or
Aug. 3—V.
145,
?. 646—was awarded to McAlister, on May&1 Pate of Greenville, on a bid of
00.13 for $45,000 as 4s, maturing Smith
as follows:
$2,000 from 1939
to 1950, and $3,000, 1951 to 1957; the remaining $15,000
$3,000 from May 1, 1958 to 1962, inclusive.
VALDESE,
3Ms, maturing
as
N.
C.—BOND OFFERING—W. E. Easterling, Secretar
Commission, will receive sealed bids at his offic
a. m. (Eastern Standard Time) on Aug. 10 for the
purchase of $60,000 not to exceed 6% interest coupon water and sewer
bonds.
Dated Aug. 1, 1937.
Denom. $1,000.
Due Feb. 1 as follows:
$3,000 from 1940 to 1943 incl. and $4,000 from 1944 to 1955 incl. Registerable as to principal only.
Rate or rates of interest to be expressed in mul¬
tiples of 34 of 1 %. Bidder may name one rate for part of the issue (earliest
maturities) and another coupon for the balance, but not more than two
rates may be so named. Award will be made on the basis of the bid
figuring
of the Local Government
in
the lowest net interest cost to the town.
interest will be considered.
and will
be delivered
The
No bid of less than par and accrued
oonds
are
general obligations, unlimited
about Aug. 27, at place of purchaser's
choice. They were authorized by the voters at a public election. A certified
check for $1,200, payable to the order of the State Treasurer, must accom¬
pany each
New York
on
or
proposal. The approving legal opinion of Masslich & Mitcheu of
City will be furnished the successful bidder.
Financial Statement
Outstanding bonded debt:
Water
SPRINGFIELD
OHIO
AKRON,
and sewer
bonds
$138,000
Floating debt
575
Ohio—BOND
SALE
DETAILS—In""connection
with
the
previous report in these columns of the sale from sinking fund holdings of
$684,000 4 34% refunding bonds to a group headed by the Provident Sav¬
ings Bank & Trust»Co. of Cincinnati—V. 145, p. 807, weare in receipt of a
complete description of the obligations.
They are dated Oct. 1, 1936, in
$1,000 denoms. and mature Oct. 1 as follows:
$15,000, 1939; $60,000,
1940 and 1941; $61,000 from 1942 to 1950 incl.
Principal and int. (A. & O.)
payable at the City Treasurer's office.
Legality approved by Squire,
Sanders & Dempsey of Cleveland.
The bankers are re-offering the bonds
priced from 100.92 to 101.50, according to maturity.
They are stated to
be general obligations of the city, payable from ad valorem taxes levied on
all its taxable property within the limits imposed by law.
Financial Statement (as
Raleigh until 11
taxes
COLUMBUS
years._
ROCKY MOUNT,
voters
BUILDING, CLEVELAND
CINCINNATI
Officially Reported June 1, 1937)
Assessed valuation
Total indebtedness
Water works bonds
$9,571,532.00
1,313,681.00
General sinking fund
v
$266,680,559.00
38,734,556.34
(including this issue)
10,885.213.00
1,649,303.00
.
Water works sinking fund
Net bonded debt
Population 1930,
$27,849,353.34
256,040.
census,
The above statement
debt of other political
to
bonded debt does
not include
overlapping
sudbivisions for which the property represented by
as
the assessed valuation is subject to a tax.
Akron, the county seat of Summit County, lies in the northeastern section
of the State, about 35 miles south of Cleveland.
It is famous for its rubber
industry, four of the five major rubber industries being situated there.
Other
industries include
automotive
accessories
and breakfast foods
(Quaker Oats).
Akron has paid interest promptly, except for slight delays during 1933
1934.
Bonds maturing in 1933, 1934 and 1935 were paid partially in
cash and partially in refunding bonds.
All bonds maturing in 1936 and
1937 have been paid in cash.
Tax collections for the year 1935-36 are reported to be:
General, 107.8% J
special assessment, 90.6%, and average. 102.8%.
and
„
.
Bonds
„
now
$138,575
.
offered:
Water and sewer
60,000
Total debt, including bonds now offered
$198,575
Population, Census 1920, est. 750; Census 1930,1,816; present,
est.
3,200.
1934-35
1935-36
1936-37
$1,510,000
$1,526,804
$1,519,619
$1
$1
$1
14,937
Assessed valuation
15,424
16,318
Tax rate
Tax levy
-
Amount uncollected
132
168
1,706
For 1937-1938 the assessed valuation is approximately $2,000,000.
The
rate will be $1 per $100 valuation and the tax levy $20,000.
WHITAKERS, N. C.—BONDS SOLD TOPWA—It is now stated by the
Secretary of the Local Government Commission that the $5,000 4% semi¬
annual water and
noted
as
sewer
these
in
bonds offered for sale
columns—V.
on July 27 without
success,
p. 807—have been purchased by
Dated June 1, 1937.
Due $500 from
145,
the Public Works Administration.
June 1, 1939 to 1948.
WILKES COUNTY (P. O. Wilkesboro), N. C.—NOTE OFFERING—
W. E. Easterling, Secretary Local Government Commission, will receive
bids until 11
Aug. 10 for the purchase at not less than par of $12,000
revenue anticipation notes, to bear interest at no more than
6%.
Denom
$3,000.
Dated Aug. 2, 1937.
Due $3,000 on each of the dates Nov. 1.
1937; Feb. 1, 1938; May 1, 1938, and July 1, 1938.
Interest payable at
maturity.
Principal and interest to be payable at Wilkesboro.
Certified
check for $60, payable to the State Treasurer, required.
a.
BROOKVILLE, Ohio—BOND SALE—The $32,000 sanitary sewer and
disposal plant bonds offered July 30—V. 145, p. 486—award of
several days, were sold to Stranahan, Harris & Co.,
Inc., of Toledo, as 2%s at par plus a premium of $59.20, equal to 100.18,
a basis of about 2.735%.
Dated July 1, 1937, and due Oct. 1 as follows:
$1,000 from 1938 to 1955, incl., and $2,000 from 1956 to 1962, incl.
The
following is a complete list of the unsuccessful bids:
sewage
Tax Data
m.
WINTON, N. C.—BOND ELECTION—A special election is
to be held
Aug. 24 at which the voters will pass on two bond issues, as follows:
$10,500 sewer system construction bonds and $16,000 water supply system
on
construction bonds.
which was delayed for
ADAMS
COUNTY
O. Hettinger), N. Dak.—BONDS AUTH¬
ORIZED—On July 6 the Board of County Commissioners
adopted a resolu¬
tion authorizing the issuance of $66,000 funding bonds.
CERTIFICATE
16, Rolette County, N. Dak.—
OFFERING—John Clark, District Clerk, will receive bids
at the County Auditor's office in Rolla, until
2p.m. Aug. 16 for the pur¬
chase at not less than par of $1,000 certificates of
indebtedness, bearing
interest at no more than 7%. Denom. $500. Dated Aug.
16,1937.
payable annually. Due Aug. 16,1939. Certified check for 5%
Interest
of amount of
bid, required.
CARPENTER
SCHOOL
DISTRICT
NO.
25,
Rolette
County.
N.
Dak.—CERTIFICATE OFFERING—Ross Brennan, District
Clerk, will
receive bids until 3 p.m. Aug. 10 at the County Auditor's office in
Rolla,
for the purchase at not less than par of $1,000 certificates of
which
are to
10, 1937.
bear interest at
no more
Interest payable annually.
than
indebtedness,
7%. Denom. $500. Dated Aug.
Due Aug. 10, 1938. Certified check
for 5% of amount of bid, required.
FORTHUN SCHOOL DISTRICT NO. 7, Burke
County, N. Dak.
—CERTIFICATE OFFERING—E. O. Brenno, District
Clerk, will receive
$37.00
40.00
324.00
218.00
3)4%
4)4%
334 %
19.20
651.35
563.20
350.00
3M%
3M%
434%
334%
3)4%
334%
3 34%
3 34%
334%
334%
„64.77
102.40
.
291.27
38.60
275.20
352.00
100.00
102.40
267.00
DALTON, Ohio—BOND SALE—The $4,920 water works bonds offered
July 31—V. 145, p. 486—were awarded to Saunders, Stiver & Co. of
Cleveland, as 334s, at par plus a premium of $21.91, equal to 100.44, a
basis of about 3.16%.
Dated June 1, 1937 and due Dec. 1 as follows:
Other bids were:
1946 incl. and $420 in 1947.
Int. Rate
4%
Ryan, Sutherland & Co.,
Bliss Bowman & Co
Toledo
.
Premium
$5.00
434 %
First National Bank of Dalton
(P.
BROWN SCHOOL DISTRICT NO.
-
Bidder—
DAKOTA
Premium
3)4%
3)4%
3 34 %
Lowry Sweney Inc., Columbus
.
Weil, Roth & Irving, Cincinnati
Middendorf & Co., Cincinnati
Brookville National Bank, Brookvilie
G. Parr Ayers & Co., Columbus
First Cleveland Corp., Cleveland
Seasongood & Mayer, Cincinnati
Bliss, Bowman & Co., Toledo
Pohl & Co., Inc., Cincinnati
Mitchell, Herrick & Co., Cleveland
Otis & Co., Cleveland
Fullerton & Co., Inc., Columbus
Granberry & Co., Cincinnati
Fox, Einborn & Co., Cincinnati
Ryan, Sutherland & Co., Toledo
$500 from 1938 to
NORTH
Int. Rate
Bidder—
Saunders, Stiver & Co., Cleveland—
BancOhio Securities Co., Columbus
21.00
4)4%
8.36
DAYTON, Ohio—BOND SALE—E. E. Hagerman, Director of Finance,
reports that $200,000 sewage
Sinking Fund Trustees.
treatment plant bonds have been sold to the
_
FAIRFIELD, Ohio—BOND OFFERING—Besse Sowers, Village'Clerk,
14, for the purchase of $8,000 5% sewerage
system construction bonds.
Denom. $800. Dated July 1, 1937. Interest
payable semi-annually.
Due $800 yearly on Oct. 1 from 1939 to 1948.
Certified check for 1 % of amount of bonds bid for, required.
will receive bids until noon Aug.
MASSILLON CITY SCHOOL DISTRICT (P. O. Massillon), Ohio—
of the Board of Education, will re¬
Aug. 19 for the purchase at not less than par of $64,400
refunding bonds.
Interest rate is not to exceed 4%.
Denom. $1,000,
except one for $400.
Dated Sept. 1, 1937.
Principal and semi-annual
interest (March 1 and Sept. 1) payable at the office of the Clerk of the Board
of Education.
Due on Sept. 1 as follows: $4,000, 1939 to 1944; $5,000,
1945 to 1951, and $5,400 in 1952.
Certified check for 1% of amount of
bonds bid for, payable to the Board of Education, required.
BOND OFFERING—H. S. Zepp, Clerk
ceive bids until noon
Financial
986
FRANKLIN
COUNTY
(P. O. Columbus), Ohio—OTHER BIDS—
Tbe following is a list of the other bids submitted for the $660,000 tuber¬
culosis hospital addition bonds awarded to Halsey, Stuart & Co. of New
York and associates, as 2j^s, at a price of 101.06.—V. 145, p. 807:
Int. Bate
Name—
Premium
Field, Richards & Shepard, Inc.; Braun, Bosworth &
Co., Toledo, Ohio
Fox, Einhorn & Co., Cincinnati, Ohio; E. H. Rollins
& Co.; Philadelphia; Penna. Prudden & Co., To¬
ledo, Ohio; Geo. T. Lennon & Co., Columbus, Ohio:
Meyer, Smith & O'Brien, Cincinnati, Ohio
Mitchell, Herrick & Co., Cleveland, Ohio; McDonald,
Coolidge & Co., Cleveland, Ohio; Otis & Co., Cleve,
land, Ohio; Hawley, Huller & Co., Cleveland, Ohio
Fuller ton & Co., Inc., Columbus, Ohio; Van Lahr,
Doll & Isphording, Cincinnati, Ohio; Weil Roth &
Irving, Cincinnati, Ohio; Chas. A. Hinsch & Co.,
Cincinnati, Ohio
Blyth & Co., Inc., New York City; Graham, Parsons
& Co., New
York City; Hayden Miller & Co.,
Cleveland, Ohio
Brown, Harriman & Co., Inc.; Merrill, Turben & Co.;
The Milwaukee Co., New York City
Bancohio Securities Co., Columbus, Ohio; Provident
Savings Bank & Trust Co., Cincinnati, Ohio;
Stranahan, Harris & Co., Toledo, Ohio
Phelps, Fenn & Co., of New York; The First Cleve¬
land Corp. of Cleveland; Johnson, Kase & Co., of
Cleveland, Ohio.
Harris Trust & Savings Bank, Chicago; The First
Boston Corp., Chicago; Breed and Harrison, Inc—
2)4%
$5,612.00
Chronicle
payable F. & A.
Aug.
Dated Aug. 15, 1937.
Denom. $500.
7,
Due
on
Aug. 15
$1,500,1939 to 1941; $2,000, 1942 to 1945; $2,500, 1946 to 1950,
1951 to 1955.
Prin. and int. payable at the City Treasurer's
approving opinion of Teal, Winfree, McCulloch, Shuler &
Kelley of Portland will be furnished.
It is said that these bonds are general
obligations, but will be additionally secured by a pledge of the net revenues
of the system.
A certified check for $1,000 must accompany the bid.
as
follows:
arid $3,000,
office.
The
UNION COUNTY SCHOOL DISTRICT
OFFERING—Sealed bids will
Ore.—BOND
NO. 1 (P. O. La Grande),
be received until 9 a. m. on
2)4%
3,518.88
Aug. 11 by Raymond O. Williams, District Clerk, for the purchase of a
$7,000 issue of stadium
bonds.
Interest rate is not to exceed 4%,
2)4%
2,208.00
payable M. & N.
Denom. $500.
Dated Sept. 1, 1937.
Sept. 1, 1938 to 1944; optional after Sept. 1, 1938.
Prin.
at the County Treasurer's office, or at the fiscal agency of
York.
A certified check for $250, payable to the District,
Due $1,000 from
and int. payable
the State in New
must accompany
the bid.
2)4%
1,188.00
2)4%
769.00
2)4%
461.34
2%%
7,233.60
2%%
5,021.00
2%%
7,907.00
School District of Philadelphia
43/<l% Bonds due June 1, 1944
Price;
To
Net
2.50%
Moncure Riddle & Co.
NELSONVILLE, Ohio—REFERENDUM PETITION HALTS BOND
SALE—Circulation of a referendum petition prevented the city from con¬
ducting sale of the $90,000 4% electric light plant mortgage bonds offered
July 31.
Dated July 1, 1937, and due July 1 as follows: $5,000 from 1939
to 1944, incl., and $6,000 from 1945 to 1954, incl.; redeemable on and after
July 1, 1946—V. 145, p. 486.
Locust Street
1520
Philadelphia
PENNSYLVANIA
¥> ALLEGHENY COUNTY
(P. O. Pittsburgh), Pa.—
OFFERED
PUBLICLY—Offering of $750,000 2M% bonds is being made by Edward
Lowber Stokes & Co. and Chas. D. Barney & Co.
The bonds maturing
$120,000 annually from Oct. 1, 1958 to Oct. 1, 1963 and $30,000 Oct. 1,
1964, are priced from 101.50 to 101, according to maturity.
The bonds
issued for bridge and park purposes and are legal investments in New
York, Pennsylvania and other States.
were
NORWOOD,
Ohio—BOND
Auditor, will receive bids until
the purchase at not less than
OFFERING—A. M. Schoneberger, City
(Eastern Standard Time) Aug. 23, for
of $25,000 4% coupon street, curbs,
noon
Due $2,500 yearly on Oct. 1 from 1938
1947, incl.
Certified check for 5% of amount of bonds, payable to the
City Treasurer, required.
Approving opinion of Peck, Shaffer & Williams
EASTON, Pa.—BOND SALE—The $245,000 coupon, registeratle as to
principal, funding and refunding bonds offered Aug. 3—V. 145, p. 487—
were awarded
to the First Boston Corp. and
Bancamerica-Blair Corp.,
both of New York, jointly as 2Ms, at a price of 101.593, a basis of about
2.11%.
Dated Aug. 1, 1937, and due Aug. 1 as follows: $5,000, 1943;
$10,000, 1944; $15,000, 1945; $20,000, in 1946 and 1947, and $25,000 from
of Cincinnati will be furnished at the expense
1948
par
Sitters April sidewalk bonds. Denoms. 20 for $1,000 and 10 for at the
and 1, 1937. Principal and semi-annual interest payable $500.
ated
First National Bank of Norwood.
to
of the purchaser.
PERRYSBURG, Ohio—BOND ELECTION—The Village Council has
called a special election for Sept. 21 at which the voters will pass on the
question of issuing $25,000 water works improvement bonds.
REYNOLDSBURG, Ohio—BOND OFFERING—J. H. O'Neal, Clerk of
the village, will receive bids until noon Aug. 21, for the purchase at not less
than
par
bonds.
of $12,000 6% secondary sewerage disposal plant construction
$500.
Dated Sept. 1, 1937.
Interest payable semi¬
Certified check for $100, payable to the Village, required.
Denom.
annually.
RITTMAN, Ohio—BOND OFFERING—Roy W. Baker, Village Clerk,
will receive bids until
noon Aug. 21 for the purchase at not less than par of
$30,000 4)4% coupon municipal building bonds.
Denom. $500.
Dated
April 1,1937.
Interest payable April 1 and Oct. 1.
Due $3,000 yearly on
Oct. 1 from 1938 to 1947.
Certified check for $350, payable to the Village,
required.
to
1954,
inclusive.
Second high bid of 100.835 for 2J4s was submitted by E. H. Rollins &
Sons, Inc., and Singer, Deane & Scribner, Inc., Pittsburgh.
Pa.—BOND OFFERING—Harry J. Wertz, Borough
Aug. 20
purchase at not less than par of $20,000 coupon, registerable as to
principal, bonds. Bidders are to specify a uniform rate of interest for all the
bonds, not to exceed 4%.
Denom. $1,000. Dated Sept. 1, 1937. Interest
payable March 1 and Sept. 1. Due on Sept. 1 as follows: $1,000,1938,to
1942; $3,000, 1943 to 1947. Certified check for 2% of amount of bonds bid
for, payable to the Borough Treasurer, required.
LAURELDALE,
Secretary, will receive bids until 7 p. m. (Daylight Saving Time)
for the
MOOSIC,
Pa.—BONDS
AUTHORIZED—The
Borough
Council
on
July 10 adopted an ordinance providing authority for the issuance of $35,000
sanitary sewer bonds.
PENNSYLVANIA
(State of)—LOCAL ISSUES APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
Information includes name of the municipality,
amount and purpose of issue and date approved:
the following bond issues.
SUMMIT
COUNTY
O.
Ohio—BOND OFFERING—
Commissioners, will receive
$500,000 refunding bonds,
which are to bear no more than 6% nterest.
Denoms. to be determined by
the County Auditor.
Dated Oct. 1, 1937.
Principal and semi-annual
interest payable at the County Treasurer's office.
Due $100,000 yearly
on Oct. 1 from 1942 to 1946, incl.
Certified check for 2% of amount of
bonds bid for, payable to the Board of County Commissioners, required.
Approving legal opinion will be furnished by the county.
W.
(P.
Akron),
B. Wynne, Clerk of the Board of County
until noon Aug. 18, for the purchase of
bids
SUMMIT COUNTY (P. O. Akron),
—W.
B.
Ohio.—BOND SALE POSTPONED
Clerk of the Board of County Commissioners, reports
18 of $500,000 not to exceed 6% interest
refunding bonds has been postponed.
Wynne,
that the sale scheduled for Aug.
Date
Approved
July 28
Municipality and Purpose—
Harrison Twp., Allegheny Co., paying oper. expenses_
Canton Twp. Sch. Dist., Washington
July 28
expenses
Muncy Borough, Lycoming Co., funding floating in¬
debtedness, $11,500; street & sewer improvs., $5,500 July 28
Bangor Borough Sch. Dist., Northampton Co., fund¬
ing floating indebtedness, $15,000; paying operating
expenses, $10,000
July 29
City of Johnstown, Cambria Co., refunding bonded
indebtedness
July 28
PENNSYLVANIA (State ot)—COURT
WAYNESVILLE, Ohio—BOND SALE—The issue of $495 4% judgment
funding bonds offered July 30—V. 1^5, p. 487—was sold to the Waynesville
National Bank at par.
Dated July 1, 1937 and due $165 on Sept. 1 from
1938 to 1940 incl.
R. J. EDWARDS, Inc.
Municipal Bonds Since 1892
WAY BONDS—The
City, Oklahoma
10,000
17,000
25,000
207,000
ASKED TO RULE ON HIGH¬
Turnpike Commission is planning to test consti¬
tutionality of the Act authorizing it to build an all-weather super-highway
from Carlisle to Pittsburgh.
There is no question as to the validity of the
law, but the Commission—which will float a $60,000,000 bond issue—wants
to be sure there will be no technicality raised later.
A friendly test, it was
pointed out, will assure prospective purchasers of bonds that their invest¬
ment is fully protected.
The suit probably will be filed within the next few months, since the
Commission plans to issue the bonds shortly after the first of the year.
It
will be filed by a taxpayer or a prospective bondholder, acting with the
approval of the Attorney General's office.
m«
Survey crews are already at work on the proposed route of the highway,
which will follow the abandoned South Penn Railroad started by William
H.
Oklahoma
new
Amount
$16,000
Co., paying oper.
Vanderbilt.
PHILADELPHIA, Pa.—INSURANCE TAX MEASURES APPROVED
from Philadelphia on July 29 had the fol¬
—An Associated Press dispatch
AT&T
Ok
Long Distance 158
Cy 19
lowing to say:
"The City Council's Finance Committee today approved ordinances!for
an emergency tax affecting mutual fire and life insurance companies with
home offices in
OKLAHOMA
ENID
Okla.—BOND OFFERING—H. E. Evans, City Clerk, will re¬
a. m. Aug. 9 for the purchase at not less
than par of
$13,195.36 special assessment retirement bonds.
Interest rate will be de¬
termined by the bidding.
Due $2,000 yearly beginning three years after
date, except that the last instalment will amount to $1,195.36.
Certified
check for 2% of amount of bid required.
ceive bids until 10
OKLAHOMA CITY, Okla —BOND ELECTION CONTEMPLATED—
We are informed by F. G. Baker, City Auditor, that in all probability a
bond election will be held in the near future to provide for the issuance of
water
bonds in connection
with securing an
additional water supply and
additions to the water distribution system.
Philadelphia.
The ordinance provides a 2% tax on pre¬
mium deposits and assessments for fire insurance on property situated in
the city, and a similar tax on premiums for life insurance on Philadelphia
residents.
two cents
The
a
Committee
deferred action on an
ordinance proposing a
quart tax on lubricating oil.
RADNOR TOWNSHIP
(P. O. Wayne), Pa.—BOND SALE^An issue
has been issued to the Sinking Fund.
Due in 1942.
of $25,000 road improvement bonds
The bonds are to bear 1% interest.
RIDLEY
TOWNSHIP
(P.
O.
Folsom),
Pa.—BOND SALE—The
648—were
of 102.34.
of 100.88.
$15,000 coupon sewer bonds offered on Aug. 4—V. 145, p.
awarded to Singer, Deane & Scribner of Pittsburgh on a bid
Butcher & Shererd of Philadelphia were second high with a bid
SAYRE SCHOOL DISTRICT,
Pa.—BOND SALE—The $25,000 3^%
bonds offered
on Aug. 3—V. 145, p. 808—were awarded to Singer, Deane &
Scribner of Pittsburgh at par plus a premium of $771, equal to 103.084, a
basis of about 2.89%. Dated June 30, 1937. Due $3,000 yearly on June 30
OREGON
COOS COUNTY (P. O. Coquille), Ore.—BOND OFFERING DETAILS
—In connection with the previous report in these columns of the Aug. 16
offering of $27,000 refunding bonds—V. 145, p. 807—we learn that the issue
will be dated Sept. 1, 1937, in $1,000 denoms. and bear interest at the rate
named in the successful bid, such rate to be expressed in a multiple of K
of 1 %.
Principal and semi-annual interest payable at the County Treas¬
urer's office.
A certified check for $540 must accompany each proposal.
The approving legal opinion of Teal, Winfree, McCulloch, Shucler & Kelly
from 1939 to 1945, and $4,000, June 30,1946. Otis
second high bidders, offering a premium of $455.
SEWARD INDEPENDENT SCHOOL
DISTRICT, Pa .—BONDS NOT
Sectetary, reports that
SOLD—REOFFERED—John P. Donohue, District
rejected at the Aug. 2 offering of $11,000 not to exceed 3%%
interest coupon school bonds.
New tenders will be received until 7:30
p. m. on Aug. 23.
all bids
were
WEST
of Portland will be furnished the successful bidder.
& Co. of Cleveland were
FAIRVIEW, Pa.—BOND OFFERING—As previously reported
145, p. 808—bids will be received until 7:30 p.m.
Aug. 6, for the purchase of an issue of $7,500 coupon bonds.
Bids for the
bonds, of which $2,700 are for refunding and $4,800 for street repairs, will
be received by E. E. Erb, Jr., Borough Secretary.
Coupon bonds in de¬
nomination of $500.
Dated Sept. 1, 1937.
Interest rate is not to exceed
3 )4 %, payable semi-annually on March 1 and Sept. 1.
Due $500 yearly on
March 1 from 1939 to 1953, incl.
Principal and interest payable at the
Peoples Bank, Enola.
Certified check for 2% required.
in these columns—V.
COOS COUNTY (P. O.
Coquille), Ore.—WARRANT CALL—Charles
Stauff, County Treasurer, is said to have called for payment on Aug. 2 all
county general road fund warrants endorsed prior to April 1, 1935.
It is
reported that county general road fund warrants of Feb. 6, 1931, are in¬
cluded in this call.
JUNCTION
CITY,
Ore.—BOND
ELECTION
CONTEMPLATED—
We are informed by the City Recorder that an election will be held in about
30 days in order to vote on the issuance of $70,000 in water plant bonds,
SALE—The $50,000 street improvement
bonds offered on Aug. 3—V. 145, p. 487—were awarded to Camp & Co. of
Portland, as 2Ks, at a price of 100.07, a basis of about 2.23%.
Dated
July 15,1937. Due $10,000 yearly from 1938 to 1942, incl. Ferris & Hardgrove of Spokane submitted the second high bid, 100.1257 for 2)4s.
MEDFORD,
SWEET
Ore.—BOND
HOME, Ore.—BOND OFFERING—Sealed bids will be received
for the pur¬
exceed 5%,
until 8 p. m. on Aug. 10 by George L. Corner, City Recorder,
chase of a $40,000 issue of water bonds.
Interest rate is not to
WEST LAWN, Pa.—BOND
OFFERING—George W. Wertley, Borough
18
Secretary, will receive bids until 8 p. m. (Daylight Saving Time) Aug.
for the purchase at not less than par of $20,000 coupon, registerable as
to
principal, improvement bonds.
Bidders are to name rate of interest,
making choice from 2H%, 2k%, 3%, 3H%> 3)4%, 3%% and 4%.
Denom. $1,000.
Dated Sept. 1, 1937.
Interest payable March 1 and
Sept. 1.
Due $2,000 yearly on Sept. 1 from 1938 to 1947.
Certified check
for 2% of amount of bonds bid for, payable to the Borough Treasurer, re¬
quired.
Approving opinion of Townsend, Elliott & Munson of Philadel¬
phia will be furnished by the Borough.
Volume
Financial
145
Chronicle
crease
$2,469,982,
$343,481 to $990,478,
ISLAND
RHODE
of)—COURT'S VIEWS ON PROPOSED
BRIDGE BOND ISSLE—Acting Governor Raymond E. Jordan made public
July 22 the text of an advisory opinion issued by the State Supreme Court
in response to the request of Governor Robert E. Quinn, that the tribunal
pass on certain questions posed by the Governor in connection with an Act
of the recent Legislature authorizing the Jamestown Bridge Commission
to issue revenue bonds for the construction of the Jamestown-North Kings¬
town bridge.
We quote in part as follows from an analysis of the Court's
conclusions as contained in the Providence "Journal" of July 23:
The Jamestown Bridge bill passed by the General Assembly in April
does not allow the Bridge Commission to issue bonds in the form, "State of
Rhode Island Bridge Revenue 4Bonds," the State Supreme Court has
advised the Governor.
Such a designation gives the impression that the
bonds in some way would be an obligation of the State, it was held.
The opinion, signed by the Chief Justice and the four Associate Justices,
was made public yesterday by Acting Governor Raymond E. Jordan.
It was suggested by the Court that the correct designation of the bonds
authorized under the Bridge Act would be "Jamestown Bridge Commis¬
sion Bridge Revenue 4)4.% Bonds."
Referring to the proposed form of bond using the name of the State of
Rhode Island, the" Court held:
"On the face of it, this language undeniably conveys the impression
that this bond is, in certain particulras, an obligation of the State of Rhode
Island.
Notwithstanding the explanatory statement printed in small type
beneath the title, investors in these bonds would be justified in assuming
that the State had promised to pay these bonds and the interest thereon
from the revenue accruing from the collection of tolls for the use of the bridge
and that such revenue would be received by the State and properly conserved
by it to meet its promise of payment as expressed in the bond."
The Court indicated that a legal construction upholding the form of
the bond which the Commission proposed to issue would "seriously raise"
the question of constitutionlaity oC uie Act itself.
"We are of the opinion that the correct designation of such bonds, under
the statute authorizing them to be issued, as well as a designation that would
reasonably apprise the investor of the true nature of the security he was
purchasing, would be 'Jamestown Bridge Commission Bridge Revenue
4Y\ % Bond,' " the Court stated.
Whether the Jamestown Bridge Act passed by the Legislature is consti¬
tutional, in view of the State Constitution's provision against obligating
the State for sums in excess of $50,000 without express consent of the people,
was not treated
specifically by the Court.
But the Court held that, from a statutory construction, the Act clearly
and repeatedly provides that the Bridge Commission, though an agent
of the State, shall have "no power to pledge the credit of the State, the
town of Jamestown, or of any political subdivision of the State, or to
create any debt of the State or of said town or of any political subdivision
RHODE
ISLAND
SOUTH
DAKOTA
EMERY, S. Dak.—BOND OFFERING DETAILS—In connection with
the offering scheduled for Aug. 12, of the $3,500 not to exceed 5% semi¬
annual city bonds, described in detail in our issue of July 31—V. 145, p.
808—we wish to point out that these are the bonds offered for sale without
July 20.
Due $500 from July 1, 1940 to 1946, inclusive.
FLANDREAU, S. Dak.—BOND SALE—The $5,000 issue of 4% semi¬
annual hospital bonds offered for sale on July 31—V. 145, p. 648—was
purchased by the Farmers State Bank of Flandreau at par.
Dated Dec. 1,
1936.
Due from Dec. 1,1938 to 1946.
MITCHELL, S. Dak.—BOND OFFERING—As previously reported "in
these columns—V. 145, p. 808—A. M. Shaw, City Treasurer, will receive
bids until 1:30 p. m. Aug. 9 for the purchase at not less than par of $40,000
auditorium addition bonds.
Interest rate is not to exceed 5%.
Denom.
$1,000.
Dated Aug. 15, 1937.
Principal and semi-annual interest payable
City Treasurer's office.
Due on Aug. 15 as follows: $2,000, 1940 to
1953: and $3,000, 1954 to 1957; optional after 10 years.
Certified check
for 2% of amount of bid required.
^
at the
SISSETON INDEPENDENT SCHOOL DISTRICT (P. O. Sisseton),
S. Dak.—BOND OFFERING—Clarence Anderberg, Clerk of the Board of
Education, will receive bids until 4 p.m. Aug. 13, for the purchase at not
less than par of $18,000 school bonds
Interest rate is not to exceed 5%,
payable semi-annually.
Denom. $1,000.
Due $3,000 yearly on July 1
from 1939 to 1944; optional any interest date.
SOUTH
CAROLINA
SOUTH CAROLINA (State of)—NOTE OFFERING—M. F. Bush*
Secretary of the State School Book Commission, will receive bids until
noon (Eastern Standard Time) Aug. 12, for the purchase at not less than
par of $38,000 notes.
Bidders are to name rate of interest, not in excess
of 3><j%.
Denom. $1,000, or such other denominations as purchaser may
desire.
Dated Aug. 1, 1937.
Interest payable annually on Aug. 1.
Due
$19,000 on Aug. 1 in each of the years 1938 and 1939.
Principal and int.
payable at the State Treasurer's office.
Certified check for 1% of amount
of notes bid for, payable to the State School Book Commission, required.
Legal opinion of the attorney General will be furnished the purchaser.
Delivery to be made in Columbia.
TENNESSEE
CHATTANOOGA,
Tenn.—TENDERS ACCEPTED—T.
R.
Preston,
Chairman of the Sinking Fund Commission, reports that the full amount
available for the purpose was exhausted in purchasing outstanding refunding
bonds of series A, B and C and funding bonds, all dated May
May 1,
1950.
Seven tenders
were
1,1935 and due
submitted in response to the call for
offers to sell the obligations to the Commission.
Tenn —BONDS
COUNTY
(P.
O.
Gainesboro)
Tenn.—BOND SALE—
The $55,000 issue of 4
% semi-ann. high school building bonds offered for
sale on July 26—Y. 145, p. 649—was awarded to the Thomas H. Temple
Co. of Nashville
of about
on
4.34%.
paying a premium of $1,030.00, equal to 101.872, a basis
Dated July 1, 1937. Due from July 1, 1945 to 1964; call¬
exceeding $10,000-
and after July 1, 1947, in an amount not
JACKSON COUNTY (P. O. Gainesboro), Tenn.—BOND OFFERING
—Carl Anderson, County Court Clerk, will receive bids until 10 a. m. Aug.
25 for the purchase at not less than par of $55,000 4)4% high school build¬
ing bonds.
Denom.
annual interest (Jan.
$1,000.
Dated July 1, 1937.
Principal and semi¬
1 and July 1) payable at the Jackson County Bank,
Gainesboro, or at the Third National Bank, Nashville.
Due on July 1
as follows:
$2,000, 1945 to 1949, and $3,000, 1950 to 1964; redeemable on
and after July 1, 1947, in amounts not to exceed $10,000.
(A like issue of
bonds was sold by the county on July 26 to the Thomas H. Temple Co. of
BEXAR
COUNTY
MARYVILLE, Tenn.—BOND SALE DETAILS— It is now stated by
the City Recorder that the $48,000 4% semi-annual refunding bonds pur¬
chased by Robinson, Webster & Gibson of Nashville, as noted in these
BROWN
COUNTY
recently—V. 145, p. 808—were sold for a premium of $1,216,
equal to 102.53.
They mature on Aug. 1 as follows: $3,000, 1938 to 1941,
and $9,000 in 1943 and 1944, 1946 and 1948, giving a basis of about
3.58%.
Pnn. and int. (F. & A.) payable at the Chemical Bank & Trust
Co., New
York.
Legal approval by Chapman & Cutler of Chicago.
PARIS, Tenn.—BONDS SOLD—A $25,000 issue of street bonds is
reported to have been purchased recently by W. N. Estes & Co. of Nashville.
DALLAS, Texas—REPORT ON PROPOSED BOND RETIREMENT—
following letter was sent to us on July 26 by Stuart Bailey, City
The
Auditor:
"Answering your letter of July 22nd, the matter of devoting a portion of
the money derived from the sale of Centennial bonds to a reduction of the
city's debt has not yet been settled.
As it stands today, the proposal is that the city set aside an amount
between $300,000 and
$500,000 for the retirement of the
Centennial (park improvement) bonds at a rate that will exceed the normal
maturity by the amount so set aside.
The plan is to put this money into
the interest and sinking fund for the benefit of this particular series of bonds
somewhere
and
principal only in buying and canceling bonds of this series
they become available at par or less.
office a mailing list of some 300 bond houses and financial
publishing companies and once this matter is settled and the money def¬
initely set aside, I plan to circulorize this list with the facts so that this
additional market for Dallas bonds may be well known.
"What I am able to write you today should not be taken as the final facts
in the matter but merely the status as of this date."
use
it for
as soon as
"I have in my
DALLAS COUNTY (P. O. Dallas), Texas—BOND ELECTION—The
County Commissioners' Court has set Aug. 23 as the date of an election at
a proposition to issue $1,750,000 courthouse construction bonds will
which
be voted upon.
DALLAS
LEVEE
IMPROVEMENT
DISTRICT
(P.
O.
Dallas),
Texas—AGREEMENT REACHED ON BOND REFUNDING—Termina¬
tion
of
six-year-old default is contemplated in the agreement reached
a
between tne City and County of Dallas Levee Improvement District and
the bondholders' protective committee for refunding $6,000,000 outstand¬
ing bonds, according to an announcement made on Aug. 2.
The plan calls for the issuance of new refunding bonds in exchange for
obligations now outstanding.
The plan is to be
85% oi the bondholders or such lesser percentage
as may be agreed upon by the district and the committee have indicated
their willingness to exchange their holdings.
The new bonds would be dated Oct. 1, 1937, and mature Oct. 1, 1977.
They will bear a rising scale of interest which is to be 1% for the first
five years, 2% for the second five, 3% for the next five and 4)4% for the
next 25 years to maturity.
All past due interest up to Oct. 1, 1937, would be waived so that delin¬
quent taxes can be canceled.
Interest in default totals $1,938,125, in addi¬
tion to which there are also four maturities, amounting to $505,000 in
the $6,000,000 of 5)4%
declared operative when
Unpaid levee taxes on July 6, 1937, exceeded
default.
UP
of $4,766,781 or 16.64% over preceding year's total of
$28,Increase, however, reflects only to limited degree revenue laws
enactediby 1937 Legislagure.
639,868.
from
or
one of the principal sources of large revenue, was
from $372,920 to $680,569, and income tax advanced 46.81%,
Gasoline tas was listed at $18,118,708, in-
$585,209 to $859,138.
$2,964,000 against
tax roll for the years
1930-36 of $3,315,354.
district reserves the right to retire, either
through tender or by call a specified minimum of bonds beginning Oct. 1,
1948, calculated to retire ail the issue by maturity.
To service the bonds,
and to provide $15,000 annually for maintenance and operation, the plan
stipulates that the district levy the following minimum tax rate on each
$100 valuation based upon benefit values of $15,600,000: 1937-41, 60 cents;
1942-48, $1; and 1947-76, $2.70.
■
■
The protective committee, which includes Robert E. Simond of Halsey,
Stuart & Co., John Dane of Dane & Weil, New Orleans, and John G.
Gets Jr., representing a large individual holder, now holds deposits of
$3,150,000 of the bonds, it is stated.
In a letter urging acceptance of the plan by bondholders, the com¬
mittee attributes the default to the effect of the depression in retarding the
contemplated development of the district, which was to be a coordinated
program in which the city, county, and certain utilities and railroads and
the district each had a part.
Much of the work has been completed, the
committee points out, 90% of the county's work having been finished,
and 75% of the work of the city, while the railroads and utilities have com¬
pleted their expenditures.
The county is reported to have funds available
for that part of its work which is not yet completed but the city is not ex¬
pected to take further action until a refunding program is contemplated,
although completion of that part of its work remaining to be done is vital
a
Under the refunding plan the
_
in
that
order
property owners can realize upon
_
j
,
the full potentialities of
ELECTRA, Texas—BOND ELECTION—An
Aug. 14 for the purpose of voting on the question
improvement bonds.
election is to be held
of issuing $30,000 water
works
FANNIN COUNTY (P. O. Bonham), Texas—BOND ELECTION—
hold an election on Aug. 23, for the purpose of voting on
proposed $200,000 road bond issue.
The county will
a
HUNTSVILLE, Texas—BOND APPROVAL PETITION DENIED—It
State Supreme Court refused to grant a petition to com¬
of $125,000 light and power
is reported that the
pel the Attorney General to approve an issue
plant construction bonds.
NUECES COUNTY (P. O.
Corpus Christi), Texas—BOND AWARD
J. Wilde, County Auditor, that the award
DEFERRED—It is stated by C.
not to exceed 4% semi-annual road bonds, scheduled for
Aug. 2, as noted here recently—V. 145, p. 489—will be made on Aug. 9.
Dated Sept. 1, 1937.
Due from Sept. 1, 1945 to 1954; optional on or after
Sept. 1, 1942.
of the $275,000
DISTRICT (P. O. Pecos), Texas
3%% or 4% semi-ann
649—was not sold as no
Dated Aug. 1, 1937.
Due from Aug. 1, 1938 to 1961,
PECOS INDEPENDENT SCHOOL
—BONDS NOT SOLD—The $74,000 issue of 3)4 %,
school house bonds offered on July 30—V. 145, p.
bids
were
received.
inclusive.
SCHOOL
DISTRICT,
Texas —BOND
REFUNDING
5)4% and
PLANNED—The district plans to refund $23,000 outstanding
6% bonds.
The exchange will be made through
Lincoln, Neb.
RAYMONDVILLE,
COMPLETED—In
program
Steinauer & Scbweser of
Texas—BOND REFUNDING PRACTICALLY
with the report given in these columns
connection
recently that almost all of the $188,000
bonds affected by the refunding
had been located and brought within the provisions of the plan—
145, p. 649—it is now stated by the J. R. Phillips Investment
of Houston, that the program is complete with the exception
bonds which are still outstanding.
V.
SEMINOLE,
Corporation excise tax,
Texas— WINS TAX IN¬
the pipe line company's petition for an injunction on Nov. 9, 1935, on the
ground that "intangible assets and property holders in Brown County are
systematically untaxed."
"On the whole, we think no clear case of discrimination is made as would
warrant a Federai court interfering by injunction," the three judges who
handed down the Appeals' Court division, Rufus E. Foster, Samuel H.
Sibley and John W. Holland, said in their opinion.
"The judgment is
reversed with costs and with directions to dismiss the bill."
construction of
up]8234%,
Brownwood),
The opinion of the three circuit judges said that Judge William Hawley
Atwell of the United States District Court of northern Texas, had granted
16.6%—Tennessee
or
O.
county ad valorem taxes on the basis of $161,720, the county's declared
part of $6,620,200 of the "intangible asset and property of the Atlantic
Pipe
Line
company."
Taxpayers Association, in a report based on official figures, placed 193637 fiscal year collections by finance and taxation department at $33,406,649,
RECEIPTS
(P.
Orleans oh July 20, set aside the injunction, granted by a district court,
restraining the officeials of Brown County, Tex., from collecting State and
columns
of)—TAX
IMPROVEMENT
JUNCTION CASE—The United States Circuit Court of Appeals at New
PLAINVIEW
(State
AND
CONTROL
WATER
DISTRICT NO. 7 (P. O. San Antonio) Texas
BOND ELECTION—
An election has been called in the district for Aug. 21, at which a proposal
to issue $40,000 sanitary sewer bonds will be voted upon.
Nashville.)
TENNESSEE
tax increased
TEXAS
of St. Louis.
able
Inheritance and estate
BELLEVILLE
INDEPENDENT
SCHOOL
DISTRICT,
Texas—
BONDS VOTED—On July 28 the voters of the district gave their approval
to a proposal to issue $50,000 high school bonds.
GLEASON, Tenn.—BOND SALE—An issue of $21,000 6% refunding
bonds has been sold to the Municipal Bond & Investment Co. of Memphis.
Dated March 1,1937 and approved as to legality by Charles & Trauernicht
JACKSON
15.78%.
53.09%.
their land.
AUTHORIZED—'The Board~of
Commissioners is said to have authorized recently the issuance of $65,000
in bonds, divided as follows:
$36,000 park improvement, and $29,000
swimming pool bonds.
CHATTANOOGA,
or
up
(State
of the State."
success on
987
of
Texas—BONDS
a
Co., Inc.,
of $3,000
VOTED—A bond issue of $34,000 for
was approved at a recent election.
water works system
Texas—BOND EXCHANGE—In connection with the pre¬
the city and Shaffer
and sewer refunding
bonds, we learn that the new bonds will bear 4% interest and be exchanged
with the holders of the original obligations.
The latter, bearing 5% interest
and containing an optional clause, consist of $17,006 sewer and $27,400
water works, all dated July 16, 1910.
The bonds to be issued will bear
SNYDER,
vious report in these columns of the contract between
& Co. of Lubbock for the refunding of $44,400 water
Financial
988
1937Denoms. $1,000 and $400.
Due July 1 as follows: a
$1,000, 1940; $1,400 in 1941, and $2,000 from 1942 to 1962, incl.
Prin¬
cipal and semi-annual interest (J. & J.) payable at the City Treasurer's
office or at the office of the State Treasurer.
Legality approved by John
date of July 1,
D. McCall of Dallas.
TEXAS,
Chronicle
Aug. 7, 1937
and the new one provides for appropriations of $148,750 in the
budget and $1,236,250 in the "B" budget.
year
WYOMING TOWNSHIP (P. O. Dodgeville), Wis.—BONDS VOTED—
township have approved a proposal to issue $35,000 road
The voters of the
improvement bonds.
State of—GENERAL FUND DEFICIT REPORTED—State
of $610,332 in the Texas
WYOMING
Treasurer Charles Lockhart reports an increase
general fund deficit, which rose from $10,313,466 on July 6 to $10,923,802
on July 20, in calling $306,882 State warrants for payment.
The Treas¬
urer called for payment warrants issued through
Jan. 25 and including
A deficit of $4,758,934 in the Confederate pension fund was
No. 89,046.
Those issued through
reported with no change in warrants being paid.
July, 1936, will be purchased if not discounted and those issued through
July, 1935, regardless of discount'
UTAH
Aug. 28, at which a
on
CAMPBELL COUNTY SCHOOL DISTRICT NO. 3 (P. O. Rozet),
Wyo.—BOND OFFERING—Henry Thar, Clerk of the Board of School
bids until 7p.m. Aug. 21 for the purchase at not less
of $5,000 coupon bonds.
Interest rate is not to exceed 3H%.
Denom. $1,000.
Dated Aug. 1, 1937.
Principal and semi-annual inter¬
est payable at the office of the Treasurer of Campbell County.
Due $1,000
yearly on Aug. 1 from 1948 to 1952.
The School Board will furnish the
lithographed bonds and will pay for the printing.
Trustees, will receive
than par
NEWCASTLE, Wyo .—BOND SALE—The $25,000 4% coupon water
offered July 29—V. 145, p. 650—were sold to the State, the
works bonds
election is to ba
proposal to issue $35,000 water works bonds
SAL1NA CITY, Utah—BOND ELECTION—A special
held
"A"
Due $1,000
only bidder, at par.
yearlybeginning June 1, 1938.
will be voted upon.
Canadian Municipals
$10,000
COMMONWEALTH
Due
Information and Markets
OF,VIRGINIA 2i/4s
July, 1957j @[2.00%j basis
BRAWLEY, CATHERS & CO.
F. W. CRAIGIE & COMPANY
25
ELGIN 6438
KING ST. WEST, TORONTO
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
CANADA
ALBERTA
VIRGINIA
Va .—BOND ISSUE TO BE RECOMMENDED—It was
City Council in
September a referendum on a bond issue to finance the construction of a
new bridge and a new incinerator, to cost about $440,000 all told.
ROANOKE,
VIRGINIA, State of—PRICE WINS NOMINATION FOR GOVERNOR
Associated Press dispatch from Richmond on Aug. 4,
an
James H. Price of Richmond, Lieutenant-Governor for the last seven years,
held a commanding lead for the Democratic nomination for Governor over
State Senator Vivian Page of Norfolk, his opponent in the primary.
the nomination
regarded
as
With
equivalent to election, it appears that Mr. Price
will succeed George C. Peery, who has held office for four years and is not
eligible to succeed himself.
.
NORTHWESTERN
MUNICIPALS
Washington—Oregon—Idaho—Montana
4>rumWbr, EMurhman & White
SEATTLE
SAN FRANCISCO
Teletypes SEAT 187, SEAT 188
Teletype SF 296 j
WASHINGTON
CHELAN COUNTY SCHOOL
DISTRICT
NO.
114
(P. O. Leaven¬
worth), Wash.—BOND OFFERING—Sealed bids will be received until
8 p. m. on Aug. 20 by W. T. Van Brocklin, Chairman of the Board of Direc¬
tors, for the purchase of a $25,000 issue of school bonds.
Interest rate is
not to exceed 6%, payable semi-annually.
These bonds were approved by
the voters at an election held
on
March 6.
A certified check for 5% of the
bid is required.
DAYTON, Wash.—BONDS AUTHORIZED—The City Council recently
passed an ordinance authorizing the issuance of $32,000 waterworks bonds.
KING COUNTY (P. O.
Seattle), Wash.—BOND OFFERING—Sealed
bids will be received until Aug. 30 by Earl Millikin, County Auditor, for
the purchase of $2,375,000 funding bonds.
It is reported that the bonds will
be applied on the county's general debt fund, consisting in the main of emer¬
gency relief
appropriations made during the past three
years.
It is esti¬
mated that these bonds
can be retired and their interest paid from a portion
of the county tax revenues not used because of the assumption by the State
recently of the county's former large relief burden.
These bonds
date of issuance.
are to
mature in from two to 20 years after
A certified check for
5% of the bid is required.
SEATTLE, Wash.—BONDS CALLED—H. L. Collier, City Treasurer,
Lecal
is said to have called for payment from July 29 to Aug. 11, various
Improvement District bonds.
SOUTH
BEND,
Wash.—BONDS VOTED—It is stated by the City
on July 27 the voters approved the issuance
water revenue bonds.
WISCONSIN
ALMA, Wis.—CERTIFICATES AUTHORIZED—The City Council has
authorized
the issuance
of $33,000 city hall
building certificates^ of
indebtedness.
ASHLAND,
Wis.—BOND SALE POSTPONED—It is
now
stated by
W. C. Morris, City Clerk, that the sale of the $50,000 3\i% coupon semi¬
improvement bonds, previously scheduled for Aug. 16, as
noted in these columns recently—V. 145, p. 809—has been temporarily
annual street
postponed.
Dated July 1, 1937.
Due from July 1, 1942 to 1948.
\d
BARTON, Wis.—BOND SALE—The $12,000 issue of 3% coupon semi¬
on Aug. 2—V. 145, p. 809—
was awarded to A. S.
Huyck & Co. of Chicago, paying a premium of
$209.26, equal to 101.743, a basis of about 2.70%.
Dated April 1, 1937.
Due $1,000 from April 1, 1938 to 1949, incl.
It is said that tne purchaser
also agreed to pay the cost of printing the bonds and the legal opinion.
annual sewer extension bonds offered for sale
BLAIR SCHOOL DISTRICT, Wis.—BOND SALE—A local bank has
agreed to purchase the issue of $7,500 agricultural building bonds that was
authorized by the voters at the July 12 election—V. 145, p. 809.
LAKEWOOD
election held on
SCHOOL
July 23
a
DISTRICT, Wis.—BONDS VOTED—At an
proposition to issue $85,000 school building bonds
carried.
FALLS, Wis.—BONDS AUTHORIZED—On July 19 the
Common Council passed a resolution authorizing the issuance of $27,500
refunding bonds.
OCONTO
Wis.—BONDS OFFERED LOCALLY—City Clerk
being
locally, and that about $10,000 bonds have already been sold.
STEVENS
POINT,
Michael B. Liss informs us that an issue of $18,000 refunding bonds is
offered
SCHOOLS FORESEEN—
for State aid
in 1937-38 than they received in 1936-37, due to passage of a new high school
aid bill passed by the recent Legislature, says an analysis of the Wisconsin
Taxpayers Alliance.
Under the old law high schools received $175,000
WISCONSIN,
State of—MORE AID FOR
Wisconsin schools will receive an estimated $1,210,000 more
made by Premier William
meeting of the cabinet with the Social Credit Planning
Powell and L. D. Byrne, representatives of Major C. H.
Douglas, the founder of Social Credit, who are at present in Alberta.
Said
Announcement of the proposed registration was
Aberhart following a
Board and G. F.
the Premier:
registration is required by the Social Credit Planning Board in
which it is seeking from Major Douglas in regard to
that include arrangements for dealing with obligations of this
Government to the owners of Alberta securities.
"Major Douglas has indicated that his advice will be given with the
general object of assisting in so far as possible the fulfillment of obligations
entered into in good faith with a full knowledge of the circumstances affect¬
ing all parties.
"In requesting the holders of Alberta securities to furnish the informa¬
tion required by the Social Credit board, the Government is anxious to give
every assistance in any enquiry directed toward the fulfillment of contractual
obligations.
However, the Government cannot be responsible for any
preventable hardships on individual stock or bondholders which, contrary
to intention, may subsequently ensue as a result of their failure to furnish
the information required."
At the time of registration the holder must take a statutory declaration
that he or she is the beneficial owner and that the bonds are not held in
trust for any unnamed individual or organization.
The Premier says it is
the intention to pay the public in full, and that the first step is to find out
the names of those who hold Alberta bonds "so that the proposed arrange¬
ments can be made to meet these obligations."
The Premier did not disclose how he hoped to secure the registration
of the bonds which are widely distributed in Canada, United States and
Great Britain.
In financial circles it is felt that the Government will have
difficulty in securing the co-operation of bondholders in facilitating Social
Credit plans.
It is pointed out that bondholders, before registering, would
first like to know what the proposals are for the settlements of Alberta's
"The
connection with advice
matters
obligations to which the Premier refers in vague terms.
Certainly, bond¬
holders do not want anything to do with proposals to settle the obligations
n
Social Credit scrip.
of)—TREASURY BILLS SOLD—Bank of Canada
tender of $25,000,000 Dominion of Canada
1, 1937.
Average discount price of accepted
average yield 0.633%.
Yield on this issue
record low cost of Treasury bill financing a
issue was sold at a price to yield 0.632%.
MUNICIPAL
FINANCING
EXCEEDED
$120,000,000
DURING
JULY— Offerings of new Canadian bond issues in July, including $50,000,000 Dominion of Canada Treasury bills, exceeded $120,000,000, according to
Dominion Securities Corp.
This compares with offerings of $39,000,000
in July last year and represents the largest monthly total during 1937 with
the exception of the month of January, when the Dominion of Canada sold
$85,000,000 in the United States market.
There were no Canadian new
CANADA (Dominion
July 30 announced sale by
Treasury bills expiring Nov.
bids was $99.83902 and the
was slightly higher than the
fortnight ago, when a similar
United States during July.
confined to any one class of financing but
follows: Dominion of Canada $50,000,000; Provincials,
$24,077,000; municipals, $1,297,775; public utilities, $12,935,000; railway
equipments, $14,300,000; miscellaneous and industrials, $18,500,000.
While financing during the month of July was very heavy, the total for
the first seven months,
amounting to $421,769,649, is approximately
$100,000,000 below the corresponding period last year.
v
f
The month's activity was not
was
made
up
as
MUNICIPALREFUNDINGS OFFERS MEET
CREDITORS—The "Financial Post" of Toronto,
Clerk that at the election held
of the $90,000 in 6%
Alberta.
issues offered in the
NESPELEM, Wash.—BOND OFFERING—Sealed bids will be received
until 2 p. m. on Aug. 24 by Louise Dhont, Town Clerk, for the purchase of
a $2,700 issue of town bonds.
Interest rate is not to exceed 6%, payable
semi-annually.
REGISTER
—Registration by the holders of the $140,000,000 of outstanding bonds
of the Province of Alberta by Aug. 16 is being requested by the Alberta
Government in order to facilitate the establishment of Social Credit in
stated by Mayor S. F. Sma;l that he would propose to the
—According to
(Province of)—BONDHOLDERS ASKED TO
APPROVAL OF BRITISH
dated July 31, published
following dispatch from London, England:
"British bond, banking and insurance interests who have highterto
declined to accept advice of Canadian bondholders' committees have now
signified that they will do nothing to interfere with safe passage of the
proposed settlements between bondholders and the cities of Calgary,
Victoria and Edmonton.
This stand is regarded in effect as signifying
tacit approval of the compromise plans.
"Failing acceptance of the settlements by British bondholders, there was
grave fear of preventing consummation of the plans.
Approval of 60% of
creditors is necessory to make such scheme effective.
The attitude of
British bondholding groups in tacitly accepting the plans is therefore a big
step toward their completion.
The former attitude to such seettlments
among major British bondholders was one of traditional
antagonism to
condoning anything smacking of repudiation and of preferring total loss
rather than opening the floodgates to a tide of debt evasions.
"Dealers in colonial government and municipal bonds on the London
Stock Exchange recently issued the following statement, of interest to all
of Calgary bondholders:
'The City of Calgary has now put forward a scheme to its bondholders.
Breifly, it provides for the continuance of interest on each class of bond ''
at its present rate up to the various dates of redemption, and thereafter a
continuance at 43^% until 1962.
This is a scheme which, having regard
to all the facts in the case and with full disclosure by the city of its fin¬
ancial position, the market considers should by adopted, and the bondholders
are therefore recommended to accept the proposal.'
"On the Calgary plan, the London 'Times' comments:
'The scheme is certainly of a much more reasonable character than some
of those that have been put forward by embarrassed cities of Western
Canada.
Details are set forth by the Calgary debenture-holders' com¬
mittee of Toronto in a circular dated June 15.
There is no corresponding
committee in London, and it would certainly be an advantage if a London
office were opened to receive the necessary forms, &c.
Calgary bonds are
in bearer form, and in these circumstances the offer should be kept open for
a considerable time in order to give holders a fair opportunity of studying
the
"
"
it.,M
CORNWALL, Ont.—BOND SALE—The Dominion Securities Corp. of
was awarded an issue of $40,000 3)4% 20-year serial bonds at a
Toronto
price of 102.378, a basis of about 3.25%.
Bidder—
A. E. Ames & Co
R. A. Daly & Co.
Rate Bid
Other bids were as follows:
Bidder—
Rate Bid
Griffis, Norsworthy, Ltd
100.20
100.177
101.634 J. L. Graham & Co
Nesbitt, Thomson & Co—-.100.09
101.14
101.65
Bartlett, Cayley & Co
McLeod, Young, Weir & Co_101
@FedFRASER