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•uM.
TWO
ihakv
SECTIONS-SECTION
ONE
19 1937
DANA COMPANY, NZW
COPYRIGHTED IN 1937 BY WILLIAM B.
YORK.
VOL. 145. lMuedW^k'L3"^aCopySI 5.00 Per Year
MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK,
ENTERED AS SECONO.CLASS
NATIONAL BANK
1866
OF
OF
CITY
THE
YORK
NEW
Kidder, Peadody & Go.
George V. McLaughlin
President
NEW
The
BOSTON
YORK
PHILADELPHIA
BROOKLYN
chase is
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ditionally a bankers' bank.
For
Corporation
served
it has
years
many
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CHASE
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--
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■"
Vol. 145
JULY
17, 1937
No. 3760.
;
CONTENTS
Editorials
page
Financial Situation
Pending Legislation in Congress,.
War and
Democray
316
...
on
327
_
Two Fronts
329
Household Consumers Are the Biggest Investors
331
Industry and Agriculture Fear Drug Addiction
Our Railway Taxes
335
335
Comment and Review
Gross and Net Earnings of United States Railroads
for
the Month of May
_
337
Book
Reviews:,
The Theory of Forward
Exchange
341
The Fixed Investment Trust
342
The
Compensation of Executive
Companies, 1928-1935
Week
on
the
Officers
of
Retail
342
European Stock Exchanges
320
Foreign Political and Economic Situation..
Foreign Exchange Rates and Comment
320
.324 & 379
Course of the Bond Market
341
Indications of Business Activity
Week on the New York Stock
Exchange
Week
on
the New York Curb
342
318
Exchange
378
News
Current Events and Discussions,
Bank and Trust
Company Items
General
354
376
Corporation and Investment News
426
Dry Goods Trade
State and
470
Municipal Department..
471
Stocks and Bonds
Foreign Stock Exchange Quotations
..391 & 424
Dividends Declared
385
Auction Sales
425
New York Stock
New York Stock
Exchange—Stock Quotations
Exchange-—Bond Quotations
392
392 & 402
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond
Quotations
408
412
414
Canadian Markets—Stock and Bond
Quotations
Over-the-Counter Securities—Stock & Bond
Quotations
419
_
422
Reports
Foreign Bank Statements
Course of Bank
323
Clearings
379
Federal Reserve Bank Statements
389
General Corporation and Investment
News.
426
Commodities
The Commercial Markets and the
Cotton..
Breadstuffs
Crops
457
460
465
Published Every Saturday Morning by the William B. Dana
Company, 25 Spruce Street, New York City
Herbert
d. Seibert, Chairman of the Board and Editor; William
Dana Seibert, President and Treasurer; William D
Riggs, Business
Other offices:
Chicago—In charge of Fred H. Gray, Western
Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers'
Gardens, London, E. C.
Copyright 1937 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the
post office at New York, N. Y., under the Act of March
3, 1879.
In United States and
Subscriptions
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Europe
(except Spain)
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months.
Transient display advertising matter, 45 cents
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agate line
Contract and card rates on request.
NOTE:
On account of the fluctuation in the rates of
o r
exchange, remittances
foreign subscriptions and advertisements must be made in New York funds
Manager.
;o.I*;.'
The Financial Situation
APPARENTLY the President is
determined that
fought out to the bitter end,
the court issue be
regardless of the consequences.
His letter to Senator
In that
Barkley seems to leave no room for doubt.
letter he draws a sharp distinction between
"objec-
claiming the prerogative of
"method,"
and
tive"
dent than from his more usual strategy of evasiveness,
His whole course in the court matter has been replete
with evasiveness and lack of forthrightness, but his
artful dodging in this instance has been so well exposed that it avails him little. He thus finds himself
unmasked before the public as a stubborn man immovably insisting upon a course of action that
thoughtful men everywhere condemn and must
and laying responsibility for the ,
This may or may not be an
invitation to further "compromise" as far as the
condemn.
technical form of any proposed measure is concerned,
Moreover, the opponents of the President in Conbut it does not appear likely that he will give his congress seem to be in as good a position to administer
sent to any measure that does not seem to him to
a well-deserved defeat as they are likely to be. The
tide appeared to have
promise attainment of his
turned before illness and
objective, which, although
"Eternal Vigilance"
death
took three propo¬
choosing the former
latter upon
he has
Congress.
admitted it,
never
obviously that of control
of the decisions of the Su¬
is
No bill of
Court.
preme
description that prom¬
give the President
any
ises to
In the
the
course
in¬
directly, can possibly be
accepted by the real states¬
men
directly
or
of the Senate or the
rank and file of intelligent
No alteration
Americans.
the
in the text of
completely
which does not
and
renounce
the
of
"objective"
President,
in
thus
effect
practical
the
fundamental
its
change
character,
Senate
the
before
now
measure
serve
can
to
eliminate the solemn issue
by which both houses of
Congress
the part
desire
no
on
of their members.
has
President
The
faced,
now
are
although with
thus
deliberately passed by an¬
other
opportunity to escape
with
a
from
measure
a
of dignity
situation in which
he should
never
have per¬
mitted himself to be
placed.
in laying
the new Federal Trade
building
in
Washington on
Commission
of
Monday last, the President
said:
dangers to the country
growing
of monopoly and out of unfair
competition still exist and still
action.
Eternal
vigilance
methods
call for
"But the
out
of
,
.
this power,
of his brief address
cornerstone
.
is
the
price of opportunity for honest business.
It
is the price we must pay if business is to be
allowed to remain honest and to carry on
under fair
competitive conditions,
from the sharp or
protected
shady practices of the un¬
scrupulous."
ground when he
says the
country—he might have said the
world—is in danger from lack of fair but
vigorous competition.
He is equally correct
in asserting that eternal vigilance is the price
of reasonable safety from such danger.
The trouble is, of course, that he does not
act as if he believed his own words.
He fos¬
tered and still defends the principles of the
National
Industrial Recovery Act, which
more than any other measure in our history,
perhaps, was designed to stifle competition,
fair and unfair.
He is doing his best to create
labor monopolies throughout industry and
trade, and is apparently determined to re¬
duce competition to a minimum in agricul¬
ture.
He has shown no real and abiding in¬
terest in
the enforcement of the so-called
anti-trust laws.
Many of his policies, if con¬
tinued and carried to their logical conclu¬
The President is on strong
sion, would set up government monopolies,
right and left.
The eternal vigilance that is the
most
vigilance
urgent need
of this day is the
maintained by the rank and file of an
alert
people to protect themselves not only from
individuals with evil designs, but also, and
chiefly, from the grasping hand of govern¬
ment
and from politicians who are always
specious legislative panaceas, to
both the liberties and the oppor¬
tunities of business men if thereby they can
entrench themselves in public office.
It is this kind of vigilance that today is the
ready,
by
take away
Let Us Dispose
of the
Matter
It
is
probably
The country
on
as
well.
price of a continuance of the American sys¬
tem of government and economics.
has been put
and has had, and has,
opportunity to let its respresentatives in Congress
know how it views such machinations.
That mem-
full
bers of both houses of Congress
have in fact heard
people back home
is evident from the
strength and determination of
the opposition to the
the
from
not be the slightest doubt
the whole scheme would be voted out of existence
court
that
plan.
within the
There
can
day if the real convictions of
members of
The President has many
extraordinary means at his disposal for bringing
pressure upon members of his party in the Senate and
the House, but the country, we believe, has less to
fear from outright obstinacy on the part of the PresiCongress were to govern.
The
measure
Senate.
of
Senator
of the
passing
leader
Robinson,
chamber, natur¬
demoralized
further
ally
in
forces
Administration
the upper
from
the
of
floor
ranks already in
confusion
and doubtful of their own
the
Meanwhile
ground.
House, which had not been
prominent in the struggle,
heard from
to have
seems
the country
and
is
now
re¬
ported to be ready, if the
occasion arises, to refuse to
such
pass
a
as
measure
that which has been under
debate in the Senate.
now
We
well face this issue
may as
and have done with it.
The Remainder of the
Program
The
situation
that
the
President has thus insisted
upon
creating in Congress,
and still insists upon
there,
tinuing
raises doubts
to whether
the
on
con¬
inevitable
all sides
as
he can command
support necessary to
keep
a
restless and
in
Congress
weary
session
long
other
enough
to
measures
which he has been
enact
inclined to place upon what
ample notice of the evi-
dent intentions of the President
the
nents of
the
is sometimes termed a "must"
list.
No one ques-
tions that there is a great deal of doubt on Capitol
Hill about the wisdom not only of the court "packing" plan, but of no small portion of the remaining
program of the Administration. It is no secret that
similar doubts have assailed many legislators when
other measures enacted by overwhelming majorities
were being pushed without study through the legislative mill. Only the fear of the political consequences persuaded many supporters of the Administration to vote for a very substantial part of the
measures
enacted since 1933.
These doubts have
greatly increased as time has passed, and the seriousness of the danger of political consequences appears
Financial
Volume 145
to
have
diminished.
of
Members
President's
the
317
Chronicle
policies and
which they know well enough
measures
party have, moreover, been disheartened, not to say
ought
disgusted, with the stubbornness of the President's
the weakness of the opposition for
unrelenting
heat of
task to
them, and
pressure upon
Washington
a
in the
to be found in the
course,
in which the situation is working out, but over-
way
confidence must be avoided.
peatedly shown himself
four
or
five years
when the going
be facing far
to
seems
culties than at any
much for
valiantly fighting to
from this outrageous court
cannot at this time be
is
measure
rough.
serious diffi-
save
the nature of which
predicted, and while this partrying to force Congress to
enact, it is by no means the only thoroughly objectionable bill
the
on
whole program
President's list.
shelf.
ought to be laid
upon
re-
the
It will be hard enough to get rid of the damage
that has been done, and may
by
Virtually the
laid out for Congress during the
mainder of this session
be done in the future,
already passed.
measures
or
tion of the oddest collection of advisers ever to surround
a
The
duty of Congress is clear.
No time
President of the United States.
should be lost in bringing this state of affairs to
end if
sense
progress
in restoring
a
normal and
an
common
order of things in this country is to continue,
Defeat of the President
on
issues of the moment is a
first step, but it would leave many major
necessary
problems still to be solved,
Can it Be Done?
That there are a number of influential men in the
maJ<f P°htical Partles. c|uitf ,caPablf of formulating
constructive polices infinitely preferable to those
now constituting the hodge-podge of medievalism,
socialism, agrarianism, totalitarianism and many
othe[ dlacar(¥ tbeones of ^tory commonly known
as,theuN®^ Dea1' ,can sca™e1/ be doubted. Just
why uhould it be impossible for them to function
effectively as a nucleus of real statesmanship in this
? Part/ considerations ? In one degree or
anotber' doubtless, partisan antagonisms and party
machinery tend to make their task more difficult and
J
delicate, but it
What Needs to Be Done
for all to end this and all similar
rejecting specious plans brought
forward by the President, apparently at the sugges-
the country
by far the worst that the Adminis-
tration at the moment is
It has from the first been a matter
agree.
Those
granted.
years
constructive ideas of its own upon which
no
it could
"packing" scheme must
be ready for further maneuvers,
ticular
more
was
time in his public career, but it
will not do to take too
who have been
during the past
he has succeeded in emerging vie-
from encounters
now
and resourceful
artful
On several occasions
antagonist.
torious
The President has re-
an
it had
It has been
past that
to be accepted by them.
of supporting
keep them at work much longer.
Encouragement is, of
He
are weary
It will be no easy
summer.
never
is
very
difficult to believe that
pediments of this nature
It ought
once
and
plans for robbing the
are
lm-
really insurmountable.
Lack of real interest in the welfare of their country?
The
answer to
that question must again be in the
country of the independence of its judiciary, transact
negative.
such routine business
tofore it probably has seemed to such individuals
and
adjourn sine die.
may
time
give
leaders
its
should not lose
same
opportunity which they
an
utilizing to the utmost,
period between the date of
ment and the time for
doing not only
so
deal, but would at the
moment in
a
be absolutely essential
It would by
the country a great
save
The
as
early adjourn-
some
reconvening early next year
should be used by men of light and leading in all
parties to study with the greatest
of the country
foisting the New Deal
the
Democratic
slightest
party and elsewhere,
him should show
every reason
upon
more.
the country,
why those, both in
reason
On the
who
oppose
contrary, there is
why they should make the good of their
definitely to
appears
way
questions,
in its
even
were
tant and
They
may
attitude in dealing with other
Congress, and particularly those
members of Congress who have been obliged to oppose
the President's program,
made
obstructionists.
mere
Congress will have the
to
not to permit itself to be
by the politically astute President to
in the role of
do the
courage
Assuming that
bidding of the President at this time, it
our
next year
program
line of
without
a
definite
policy to replace that
Deal managers.
now
and
can
a
definite
be quite certain
will find in his hand
beat down
legislators assemble
put forward by New
If they do, they
that the President
weapon to
appear
to continue to refuse
simply must not happen that
once more
and attitudes 'on
the
thoughtful
people
presented with hardly
more
new
a
public
of
.
a
the
than
a
some
regine that seemed to
of
a
carefully and sensibly formulated
if given
an
program
of
opportunity when Congress
next year.
Federal Reserye Bank Statement
well adopt
highly impor-
pressing public questions.
It is essential for
now
public,
differ little in essentials. There is good reason for
believing that a very large and influential proportion
of the people of the country would rally to the support
convenes
same
The
since last autumn, when, despite
other vaguely defined
capable of this larger view in resisting the attempt to
pack7 the Supreme Court.
arrived.
Hobson's choice between the New Deal and
In substantial
the
thought
election,
common sense
they have shown themselves
have
They have
That time
certainly large sections of it, have already traveled
long
country rather than party considerations their guide,
measure
madly had the country
probably been biding their time.
country
There is not the
so
turned to the false prophets of the day.
Tht President has
regard for traditional party align-
be that here-
that they had little chance to make themselves and
national
adapted to meet those needs.
reason appears to
their ideas really effective,
and to formulate constructive policies
shown but little
ments in
the real needs
care
The real
a
powerful
their opposition to
THANKING statistics this week show the effects
P chjefly of a heavy return flow of currency from
circulation after the July 4th holiday, and of continuing large Treasury expenditures. These were
the chief contributing forces to a rapid advance of
member bank reserve deposits with the 12 Federal
Reserve banks. The excess of such deposits over
fegal reserve requirements increased $80,000,0(10 in
the week to Wednesday night, and the aggregate
was estimated officially at $960,000,000.
Gold
stocks of the country continued to mount rapidly in
the week covered by the latest statistics. The gain
for the period was $47,000,000, and the total now
is reported at $12,423,000,000. Nor is there as yet
any
definite indication of
a
return flow of capital
318
and
Financial
of
funds thus could
gold
The mag¬
undervalued
dollar for the
to be little affected by the
appears
French monetary
hope that fugitive
be induced to return.
attraction of the
world's
the
change, and to
our enormous
puzzling gold stocks further additions
almost
The inactive gold fund of the Treas¬
daily.
stands at about $1,200,000,000, while a fur¬
ury now
ther
fund,
an
holiday, total
of the 12 Federal Re-
$9,152,780,000
gain for the week of $29,314,000.
reported
were
which failures
districts
there
Liabilities
as
25% to 35% lower than
were
a year
In the Atlanta, Minneapolis and Kansas City
ago.
were
were
in the New
also
failures
more
than
in
higher in these districts
1936.
well
as
York, Cleveland and Richmond dis¬
tricts where failures
on
July 14,
fewer.
were
Gold certificates
at $8,835,407,000,
up
only $1,000.
TRADING in the New Yorkquiet accumulation
stock market re¬
some
enhanced.
Total
for the
increased
$80,463,000 to $7,292,813,000, the varia¬
tions of accounts
ber bank
an
increase of
mem¬
In
the steel stocks, the advances
as
previous weeks not only were maintained but
Lessening of labor troubles accounted
good buying of steel and other industrial
shares, while another contributing factor was the
sharp advance of operations in the industry.
For¬
decline of Treasury general account de¬
a
increase, possibly because of the growing tension
decline of
a
foreign bank deposits by $13,316,000 to $159,009,000,
of non-member bank
increase
$3,240,000 to $115,621,000.
tem increased
deposits by
Discounts by the Sys¬
$2,028,000 to $15,046,000, while indus¬
advances
market
degree of indifference
eign interest in American stocks plainly was on the
posits by $10,705,000 to $90,232,000;
an
a
by traders and investors.
deposits by $101,244,000 to $6,927,-
reserve
951,000;
consisting of
such
groups,
of
little
a
issues, but also
to the bulk of stocks
Federal Eeserve notes in actual circulation declined
deposits with the 12 Federal Reserve banks
this week
flected
of favored
$38,519,000, leaving the aggregate at $4,213,898,000.
fell
regard to Spain and the Far East.
summer
vestment interest in stocks within the United States.
Holders in
general appear to be content with their
portfolios,
pending
clarification
Open
were
situation in Washington,
of the Federal
of
the
Administration, the further
Government securities
accordingly,
$2,526,190,000.
The
entirely unchanged at
ratio
reserve
fell
to
79.5%
two
course
of
The turnover,
than 1,000,000 shares on only
was more
occasions this
political
the budgetary intentions
$73,000 to $3,596,000, but holdings of United States
were
But the
atmosphere militated against genuine in¬
down
$24,000 to $21,759,000.
holdings of bankers' acceptances
with
trade and other matters of moment.
from
was
Ldui^and
The New York Stock Market
mounting rapidly after the
reserves
banks moved up to
serve
trial
improvement
San Francisco Federal Reserve districts in each of
aggregate of $3,000,000,000.
tills
in
cash
With
recent
and
the greatest
reported in the Philadelphia, Chicago; St.
$1,800,000,000 of unused gold rests in the sta¬
bilization
a
and
made
are
July 17, 1937
Geographically,
gold to France, despite the recent further
devaluation of the franc in
netic
Chronicle
week,
the New York Stock
on
Exchange, while in other sessions it fell consider¬
79.6%.
ably under that level.
Business Failures in June
In
BUSINESS totaled reported than 670', Bradstreet
failures
to Dun & the small¬
in June
of
est
from
no
month this year and sharply reduced
any
May when there
months
summer
failures
number
theless
000
of
Liabilities involved of $8,191,-
month since October, 1919; May liabili¬
In June 1936 there were 773
$8,364,000.
industry except the construc¬
corresponding month of last year for five
404 this year
in this group
num¬
ago;
Retail trade failures
were
and 479 last and liabilities involved
dropped to $3,292,000 from $3,535,000
failures
were
$1,413,000 in June 1936/
42
this June
as
com¬
pared with 36 last June; liabilities of $499,000 in
this
year
however
$1,050,000 of June, 1936.
were
less than
half the
Only 24 commercial serv¬
organizations failed in June in comparison with
43 in
the
corresponding month of 1936; liabilities
dropped to $408,000 from $638,000 a year ago.
There was no perceptible gen¬
tendency on Wednesday.
a
a
partly counter¬
late recession, while other stocks merely
movements
Main
idled.
A brisk early ad¬
few market leaders was
on
Thursday favored the
gains to 3 and 4 points, while others were only
this June while 72 failed for
Construction
Packing stocks, farm implement
oil issues were marked a little higher,
shares and
eral
was
Tuesday, but recessions were small in
on
instances.
most
base
lia¬
failures
a year
66 wholesale firms failed for $1,109,000
year ago.
the steel
however slightly greater
Manufacturing
comparison with 143
in that month in 1936.
gave
holders, but steel stocks and a few specialties at¬
tracted most of the attention.
Such issues showed
amounting to $2,883,000 in June last and $2,541,000
ice
reversed
by
134 in
closed by strikes
tone, while other industrial issues and
metal stocks also were in demand.
The trend
acted
months.
long
group
had fewer failures in June this year than
bilities in this group were
June
mills
Reopening of
of the movement.
stocks in the van
steel
When trading was resumed
with steel
advances were the rule,
Monday,
Construction failures have been greater than
the
of the precautionary week-end
degree.
appreciable
last
in
successive
The liquidation, how¬
apparent.
was
clearly
variety, which failed to affect general prices to any
vance
tion group
a
levels
was
ever,
against the trend.
$9,177,000.
All the divisions of
bered
was never¬
similarly the smallest of the year and in
failures for
in
The
in which
figures at the year's low but the
notably small.
were
last.
ones
bankruptcies in that month
fact of any
ties
834 insolvencies.
lightest and it is therefore not surprising
are
were
were
seasonally the
are
find the June
to
more
quiet dealings last Saturday a slow drift to
lower
changed.
fractionally
The market yesterday was
dull, with levels inclined
Steel
common
was
in
to slip.
United States
favor, but other steel and
industrial shares reflected the usual week-end sell¬
ing.
Utility stocks held better than others.
In the listed bond market a
mand
States
for
high-grade
Treasury
issues
good investment de¬
appeared.
securities advanced
United
slowly
and
ponderously all week, with the net advances for the
period
bonds
quite
were
respectable.
similarly
firm.
Best-rated
Among
corporate
speculative
issues, carrier bonds showed gains in some sessions
and losses in
others, while other groups were dull.
Volume 145,
The
Financial
Chronicle
foreign section attracted attention, with Japa-
ucts at 20% against 20%; National Biscuit at 23%
against 24%; Texas Gulf Sulphur at 36% against
issues under modest pressure as a consequence
of the new
military advances in China. The com-
nese
modity markets
vanced
age
sharply
highly irregular.
were
Tuesday
on
tained.
Cotton
sharply
reports of crop dam-
on
firm
was
Thursday.
on
at
times,
Metal markets
but
were
French
francs
broke
New
the
week ago.
York
Stock
Exchange
high levels for the
touched
new
low levels.
touched
new
Stock
low levels.
Exchange
Call
the
loans
remained
New
the
York
half-day session
shares;
Stock
\
shares;
the sales last
72,675 shares;
were
Wednesday, 240,045 shares;
The
stock
the
shares
Mon-
business outlook
up
from
with
one
week
,
at 81 against 82; New York Central at 39%
against
40%; Union Pacific at 131% against 130; Southern
enjoyed
lower.
Steel
and
In the
the
one
characterized
to
three
and close in
were
a
a
an
the industrial shares.
Wednesday brisk ad-
on
trading and prices
points, only to
steadier market
ease
rose
from
in the afternoon
irregular fashion.
Sharp declines
developed
day irregularly higher after
opening.
Dulness
was
a
A
Thursday and equities
on
closed the
a
rather weak
feature of trading yester-
day, with the trend of prices somewhat lower, due
of last
shows
liquidation.
As compared with Friday
week, the general list at Yesterday's close
irregular changes.
General Electric closed
yesterday at 56% against 55%
week;
Consolidated
Edison
Co.
on
of
Friday of last
N.
Y.
at
37
against 36%; Columbia Gas & Elec. at 12% against
12%; Public Service of N. J. at 41% against 41%;
J. I. Case
Threshing Machine at 168 against 168;
International
Harvester
at
113%
against
111;
Sears, Roebuck & Co. at 92% against 91%; MontWard & Co. at 61% against 60%; Woolworth at
45% against 46%, and American Tel. &
gomery
Tel.
at
169% against 169.
yesterday at 47 against 48%
Allied Chemical &
Cash
Register
at
Western Union closed
on
Friday of last week;
Dye at 234 against 228%; E. I.
du Pont de Nemours at 160
Nickel at
copper group,
33%
against 156%
against 33;
;
National
International
61% against 61%; National Dairy Prod-
Anaconda Copper closed yesterday at
55% against 55%
list turned irregularly
among
Fri-
on
day of last week; Shell Union Oil at 29 against 28%,
and Atlantic Refining at 30% against 30%. In the
technical
again prevalent among the railway issues.
to week-end
N. J. closed yesterday at 70% against 68%
good
Monday moved
Friday of last week; American
on
Smelting & Refining at 92 against 92%, and Phelps
Dodge at 49% against 47.
decline greater losses were suffered
morning session
vances
Southern Railway at
31% against 32%, and Northern Pacific vat 29%
against 30. Among the oil stocks, Standard Oil of
enjoying the day's best
the general
by the rail issues than
In
on
On Tuesday the market suffered
reaction,
Pacific at 45% against 48;
whole the advances
On the strength of
prominent issues
States
the present week
Friday of last week; Atchison Topeka & Santa Fe
to four points, led by the steel shares,
United
gain.
as a
pressure
somewhat
Thursday, 186,645
on
and turned prices irregularly
outweighed the losses.
subject to
were
and closed yesterday
lower.
Pennsylvania RR. closed yesterday at 38% against 40 on
present
lower, but taking the week
Friday of last
on
on
on
periods of moderate gains and periods when sagging
tendencies held sway
Friday of last week; General
against
week; United States Rubber at 59 against 61%; and
B. F. Goodrich at 38% against 39%. The railroad
Friday 172,375 shares.
market
52%
yesterday at 39% against 49%
on
Friday,
on
at
Auburn Auto closed yesterday
on
53; Chrysler at 100%
against 103%, and Hupp Motors at 3% against 3%.
In the rubber group, Goodyear Tire & Rubber closed
On the New York Curb Exchange
Saturday
on
Motors
•
Wednesday, 1,036,890
on
day, 217,675 shares; on Tuesday, 212,835 shares;
shares, and
at 17 against 16%
297,700
were
Thursday, 736,860 shares, and
on
703,980 shares.
:
1,022,840 shares;
were
Tuesday, 848,610 shares;
In the motor group,
Exchange the sales at
Saturday last
on
Monday they
on
against 90%; Republic Steel at 39% against 38%,
and Youngstown Sheet & Tube at 91% against 87%.
unchanged
>
a
on Friday of last week; Inland
Steel at 118 against 114%; Bethlehem Steel at 93%
the
on
Friday
on
United States Steel closed yesterday at
115% against 108%
stocks
high levels and 36
new
1%.
On
22
while 32 stocks
year
On the New York Curb Ex-
change 26 stocks touched
at
The steel stocks extended their gains and closed
yesterday substantially higher than
,
new
York
at 30% against 30%.
change of government and the de-
touched
New
un-
heavily yesterday to lowest
voluation of the unit.
stocks
United States Industrial Alcohol at 31% against
32; Canada Dry at 26% against 26%; Schenley Distillers at 43% against 42%, and National Distillers
broke
steady.
Sterling showed persistent strength, but
levels since the
On
12% against 12%; Westinghouse Elec. & Mfg. at
148 against 148; Lorillard at 22 against 22%;
main-
was
Foreign exchange trading also reflected much
certainty.
36; Continental Can at 56% against 56%; Eastman
Kodak at 179% against 177%; Standard Brands at
Wheat ad-
in Canada, and most of the increase
319
°
Trade
and
industrial
today
reports
remain
generally
Steel operations for the week ending
encouraging.
estimated by the American
were
Iron and
Steel Institute at 82.7% of capacity against 67.3%
last week and 69.6% at this time last year.
quick increase
was
The
due partly to recovery from Inde-
pendence Day idleness and partly to the reopening
of strike-shut mills.
was
Production
of electric
power
reported by the Edison Electric Institute at
2,096,266,000 kilowatt hours in the week to July 10,
which included the holiday suspension.
The figure
compared with 2,238,268,000 kilowatt hours in the
preceding
week
and
with
1,956,230,000
kilowatt
hours in the corresponding week of last year.
loadings of
totaled
682,205
American
123,963
cars
revenue
cars,
according to the Association of
Railroads.
cars
Car
freight for the week to July 10
This
was
a
decrease
of
from the previous week and of 42,072
from the similar week of 1936, the holiday inci-
dence being reflected also in these figures,
As
indicating the
course
of the commodity
mar-
kets, the July option for wheat in Chicago closed
yesterday at 127%c. against 122%c. the close
Friday of last week.
July
corn
on
at Chicago closed
yesterday at 128%c. as against 128%c. the close
on
Friday of last week.
July oats at Chicago closed
yesterday at 44c.
against 43%c.
as
Friday of last week.
the
close
on
Financial Chronicle
320
The
spot price for cotton here in New York closed
yesterday at 12.52c.
against 13.05c. the close on
as
The spot price for rubber
Friday of last week.
yesterday
18.90c.
was
against 19.06c. the close
as
Domestic copper closed
Friday of last week.
on
yesterday at 14c., the close on Friday of last week.
In London
19
15/16
the
against 20 3/16 pence
Friday of last week, and spot silver
in New York closed
yesterday at 44%c., the close on
the
transfers
of
matter
on
downward..
the
Prices
trading
resumed for the week,
was
yesterday at $4.97 5/16
Fresh taxation, as
on
closed yesterday
at
Socialist convention, proved especially
regular.
European Stock Markets
tion
affected by the growing
were
Spanish
war
and its non-interven¬
farce, while the specter of war in the Far East
proved
a
further disturbing influence.
uneasiness
demands for
aims.
Increasing
apparent, moreover, regarding the
was
internal
French
position, in view of the socialist
rigorous political steps to achieve their
of the
Despite these unfavorable aspects
situation,
general
prices
a
those of the
modest in
control,
Some encouragement was
week.
gained by European
investors from American reports
troubles, but this
of lessened labor
reflected mainly in a grow¬
was
excellent and
Britain remains
Great
in
Germany is not far behind, the improvement in both
being
cases
armaments
attributable in
good
part
heavy
to
traditional observance of Bastille
adopted by that body for nationalization
were
insurance, and other measures of a
and
Rentes fell further, and
rate of
only 5%%, against the last month-end
of 8%%.
settlement
yesterday, but equities were
lar in the first session of
offset
were
measured
stagnant.
a
difficulties may develop.
The
Stock
London
initial session of the
Exchange
week, with
apparent in most sections.
but
Anglo-American
on
most
a
In
were
marked
trading favorites dipped
unfavorable week-end
reports from New York,
sharply because of
developing trouble between Japan and China.
a
more
active period
of British funds
suffered
can
declining tendency
stocks
while Far Eastern securities fell
the
quiet in the
was
Gilt-edged issues were
industrial
steady,
lower.
from
issues
was
Tuesday,
some
buying
apparent, but industrial issues
renewed
were
on
traded
liquidation.
trend
troubles
no
and
longer offer a serious threat to investors
in such securities.
to
move
modified
upward.
Commodity stocks were inclined
TOie international
difficulties
Gilt-
trading at London on Wednesday.
edged issues advanced modestly, while industrial
stocks
and
commodity
securities were irregular.
Fresh advances were scored in some
Anglo-American issues.
reported
on
of the leading
Another quiet session was
Thursday, with British funds well sup-
issues of the utility and textile
in best demand.
Gains in such stocks ranged
Activity increased at Berlin on
the main trend
small.
Wednesday, with
The advances were
again upward.
the previous favorites
gains before the close. Dealings
modest, however, and some of
lost
a
little of their
with the tone irregular.
scale, and it suf¬
ficed to upset the market.
At the end some issues
showed small gains, while most of the market was
on
Thursday were modest,
Profit-taking developed on a small
unchanged.
firmed
noted at the close.
After a dull opening, prices
yesterday, and good gains were
Anglo-Ameri¬
partly to impressions that labor
The trend on Tuesday was upward,
few leading
points, while advances elsewhere were
Chinese
heavily and at advancing
levels, owing partly to favorable reports of the New
York
5
to
Early recessions
Fixed-income issues
small fractions.
with
groups
quiet and slightly irregu¬
the week.
by late gains, and the net changes were
in
French nervousness and
fresh
accentuated
firm and international
higher.
The Berlin Boerse was
uncertainty is quite understandable, in view of the
recent devaluation of the franc and indications that
/ International issues were in
The drop in rentes was
keen demand.
issues
French equi¬
descriptions also suffered, despite a carry¬
were
expenditures.
Dealings
The worst fears as to the Socialist
like nature.
The business
ing demand for United States stocks.
position
the
other foreign issues also re¬
were suspended on Wed¬
some
Congress at Marseilles were realized, when resolu¬
of credit
throughout
changed,
and
Thursday.
on
tions
The Berlin Boerse was
Losses in rentes rivaled
Another session of plunging values was noted
over
slightly
fact,
Spanish securities advanced fol¬
equities.
nesday in the
Day.
of
only
this
previous session, but the drop was more
flected demand.
ties of all
and
and
settlement,
lowing the suspension of the international border
exceptionally low levels and caused a further flight
capital from the country.
mid-month
liquidation on the Bourse.
series
sharp breaks occurred, which carried rentes to
dull
Tuesday was the last session at Paris be¬
the
main¬
rather well
were
On the French market
tained at London.
Bank and industrial shares dropped
coupled with the impending holiday, caused fresh
MOVEMENTSin the leading European financial
exchanges were diverse this week on stock
All markets
a
with rentes, while foreign issues were ir¬
along
fore
proposed by Finance Min¬
and rumors of outrageous
Georges Bonnet,
perturbing.
difficulties of the
Monday.
with the declines attributed
Paris
centers.
on
general liquidation,
ister
against 3.87%c. the close on Friday of
as
slumped sharply as
relatively heavy degree in the
sion.
last week.
of
the Paris Bourse
on
Bentes suffered to a
cable
foreign exchanges,
London closed
transfers
cable
and
soft,
Gilt-
day, while industrial stocks were irregular.
demands at
3.82%c.
were
edged issues dipped slightly in a quiet session yester¬
against $4.96 the close on Friday of last week,
as
favorites
Anglo-American
foreign securities dipped sharply.
while other
both to internal troubles and the international ten¬
Friday of last week.
In
Industrial stocks and most of the gold
ported.
mining, rubber and other commodity shares drifted
price of bar silver yesterday was
pence per ounce as
ounce on
per
July 17, 1937
Silver—United States Gold
IT seems quite unlikely that announced in Wash¬
arrangement, any importance at¬
taches to
a new
exchange of United
Secretary of the
Treasury Henry Morgenthau, Jr., and the Chinese
Finance Minister, Dr. H. H. Kung, announced the
program in a joint statement which leaves much
to be desired, despite its verbosity.
The statement
ington last Saturday, for an
States
gold for Chinese silver.
indicated that further progress
tion between the two
an
in monetary coopera¬
countries would take place on
expanded scale, much along
the lines of the agree-
Volume
321
Financial Chronicle
145
ment reached in
May, 1936. There will be a modest
of
gold to France would be unlikely to attain
variation, however, from the 1936 program of direct
portions to
United
or
States Treasury
purchases of silver from
China, with China free to
ceeds.
The
current
of direct United States
from
Chinese
the
effect
China
broader
for
Treasury purchases of silver
Government, which in turn will
Dollar
currency
scale
than
finance officials
The two
understanding reached
Perhaps the most significant circumstance is the
gold supplied to China
incidental disclosure that any
in return for silver will be taken from the
Gold Fund of the
to
such
Inactive
But that fund now is
Treasury.
prodigious proportions that the
takings by China could not possibly have an appreci¬
able effect.
to
be
paid by the Treasury for the Chinese silver,
and similar silence is maintained about the
our
price
The statement fails to disclose the
price of
gold to China, although in the latter case it is
evident that the usual
Treasury figure of $35 will
Regarding the amount of these metallic
prevail.
transfers, both Mr. Morgenthau and Dr. Kung re¬
mained
So
enigmatic, when questioned in Washington.
far
monetary importance is concerned, the
as
arrangement
pales
into
complete
when it is realized that China was
event to
insignificance
quite free in
any
ship silver to the United States and acquire
dollar balances in this manner for defense of her
for this
The surmise seems justified,
currency.
reason,
that
announcement has
the florid
more
political than financial importance, at a moment
when relations between China and
are
at the
Japan
once
again
There is nothing in the
breaking point.
high
and
the United
Some disappointment
years.
world trade
mier, Paul
problems undertaken by Belgium's Pre¬
Zeeland.
van
Naval
Competition
WHATEVER of qualitative limitation of on the
question doubt may have remained naval
in
was
dispelled by the State Department
Washington, last
new
battleships
when it
Saturday,
nounced that 16-inch guns
under construction.
now
The
termination of the Washington and
but strenuous efforts
were
and the United States to
least
of
some
tions of gun
block and
the
more
save
It
Morgenthau
the
emphasize
will
should
not
be
forgotten,
however,
grave
Great Britain
obviously sensible limita¬
Japan proved the stumbling
calibres.
special appeal was made to that coun¬
a
try to keep guns on first-line ships to 14 inches.
Tokio
declined,
parity had not been met.
made
nouncement
"that
the basis that the Japanese de¬
on
mand for naval
Washington
at
is not
there
universal
a
price some years ago, and the subsequent drop of
for
price, almost brought Chinese trade to a halt
a
time and intensified the
noted
acceptance by the
iber
the
a
The conclusion
inches."
14
at
"with
14-inch limitation could not be
decision to place
16-inch
the
British
months ago
it
guns on
intentions
was
obtained, and the
the new American
along this line.
Some
st&ted in London that 14 inches
would remain the upper
the
reached
There is now much interest
battleships followed.
in
was
greatest reluctance" that assurances of
limit of
guns on
British bat¬
naturally
are
But such
subject to modification, in
light of later events.
European Diplomacy
Mr.
Morgenthau's capricious advance of the world silver
the
The an¬
merely
Washington Naval Powers of the limit of gun cal¬
matters.
that
more
from the wreckage at
gious silver policy, but it is hardly to be supposed
of this Administration in monetary
an¬
two
London treaties,
made by
statements
Mr.
on
important quantitative limitations lapsed with the
tleships, regardless of actions elsewhere.
errors
was
would be mounted
statement about the harm done China by our egre¬
that
coupon
obligations, much in the
prevailed with the results of the investigation into
armaments
increase of trade."
Minister, Georges Bonnet,
effected in Great Britain
during recent
"program of monetary reforms and cur¬
and has been accompanied by an
might feel the effect
eventual conversion of
rentes into lower interest
States
formerly, it seems.
an
one
The opinion was voiced that
change.
French Finance
new
manner
on a
purposes
expressed great gratification over
with great success
swollen
the
pro¬
In
thought appeared to prevail
Dutch currencies
or
looks toward
stablization
stablization in China has been carried out
rency
that Swiss
of the French
and held it to be a source of satisfaction
last year,
the
instances the
exchange is to be supplied
the "beneficial results" of the
that
simply that
is
similarly direct purchases of gold from the
United States.
to
buy gold with the pro¬
arrangement
two
other major currencies.
menace
depression measurably.
GAINS in and European diplomatic sphere are
the insignificant- compared to the
small
gloomy pall dropped on the world by the Spanish
war
and the
new
Sino-Japanese crisis, but it is pos¬
sible to note a few small advances in the general
B.
I.
S. Meeting
direction of amity and
ALTHOUGH continue faithfully the practice of
the principal European central
bankers
i
for the usual
monthly meetings of Bank for International Settle¬
journeying to
ments
Basle,
Switzerland,
directors, little has been accomplished lately
at such Board sessions.
In these difficult times, how¬
the informal exchanges of views must be quite
ever,
valuable.
The
Board
held
its usual meeting last
Monday, and heard officially that the Netherlands
gold embargo had been raised, and the practice of
extending
foreign loans
The informal
York
New
"Times"
field of finance and
tion
resumed in
Amsterdam.
discussions, a Basle dispatch to the
indicates,
politics.
ranged over a wide
The French devalua¬
naturally aroused much interest but no sur¬
prise.
It
was
generally agreed that any return flow
Germany signed, last
understanding.
France and
Saturday, two agreements,
covering trade between the countries and the sys¬
tem
of
payments.
In either case, most of the de¬
pression encumbrances to trade were removed by
accords, which are to become effective Aug. 1.
the
The
clearing system adopted by France to insure
German
payment of Dawes and Young plan obliga¬
tions also was
to
dropped.
increase trade and
stantial balance.
The aim on both sides is
keep the exchanges in sub¬
That the accords will lead to im¬
proved political relations was emphasized both in
Paris and Berlin.
German relations with Austria
received study
in recent weeks, and it was indicated
in Vienna over the last
week-end that apprehensions
regarding the intentions of Berlin slowly are wan¬
ing.
The German Ambassador, Franz von Papen,
Financial
322
made it
plain that Austrian independence is to be
although it also
respected,
again that Austria is
Labor
to
emphasized
was
German State.
a
The British
leader, George Lansbury, concluded
Kome, last Monday, with
an
once
visit
a
announcement that
his conversations with Premier Mussolini gave
the
him
impression of an ardent desire for peace on the
Soviet Bussian officials enter-
part of II
Duce.
tained
Swedish
the
Foreign Minister, Richard J.:
Chronicle
July n, mi
alike, but only after unanimous approval by the
Non-intervention Committee of
a
complete
drawal from Spain of all foreign volunteers.
withNaval
patrol would halt, under this plan, but here again
it
stipulated that neutral observers would be
was
stationed in Spanish ports to effect the same end.
Land control would continue, and air control receive
This interesting plan promptly was
further study.
accepted "in principle" and "as a basis for discus-
Sandier, late last week, and the brief courtesy call
sion" by the foremost Powers in Europe, but a small
satisfactory indi-
flood of reservations began to pour into London the
by Mr. Sandler
regarded
was
as a
cation of the continued strict
neutrality of Sweden,
Pain
IEADING
I—i
in
governments
tained
continued to
ernment
was
was
said to feel that there
eral Franco,
and there were intimations that GerAn extensive debate
of "volunteers."
withdrawal
com-
0n
British
Gov-
ana in the meanwhile it seems clear that
States.
with
saddled
formula that would fit the
was no
and Italy would enter firm objections to the
many
trying problem by fascist,
democratic
munist and
non-
Spain, and the varying views enter-
this
about
France
little.
justification for granting belligerent rights to GenEurope
struggle this week with the question of
intervention in
Office
next day, disheartening the London Foreign
no
i
the
The
task
of
finding
a
present situation, pos-
the
British
vention is
program
apparently
will develop,
non-inter-
complete fiction,
a
fighting in Spain this week was bitter and
The
sibly because Great Britain comes nearest to gen-
intense,
uine
jn the environs of Madrid.
neutrality
reluctant
produced
been
among
the European Powers.
acceptance of the appointment, London
a
proposal
on
Wednesday that already has
subjected to extensive criticism and that also
destined for failure.
seems
The simple fact seems
to be that the international
ists and rebels
see
After
a
their
are
supporters of the loyal-
quite willing, in either case, to
genuine embargo applied to the opponents of
tensive
the
has been no intermission in
from time to
Were
Spaniards rapidly is breaking down
completely, in these circumstances, and by the same
token it becomes
ever
clearer that the war in
Spain
is international in character.
to solve the
July 9 in the endeavor
puzzle of effective control.
After Ger-
and Italy withdrew from the naval patrol
many
around
Spain, offers were made by Great Britain
and France to assume the entire task of maintain-
ing the naval cordon.
ous
This, in turn, was unacceptand
Italians, who suggested
abandonment of the naval
of
The heaviest charges were in the areas
northwest
and
forced
of Madrid, where the rebels
slowly to give ground before the numer-
and determined
loyalists.
So far, however, the
territory regained by the loyalists is of more military than practical significance, since
fraction
Long sessions of the Non-intervention Committee of London were held on
skilfully to prevent any concentration
aitered
rehel troops.
west
side aid to the
the effort to raise the
Various salients were attacked
time, and the points of pressure were
siege of the capital.
The scheme for the control of out-
war.
preparations were made by the loyalists for
general offensive against the rebels, since there
favorites, but not to those they wish to see win
the civil
with the loyalists continuing their drive
It is now plain that ex-
of
the
it is only
ground lost late last year.
a
Air-
planes were employed extensively on both sides in
this
fighting, and most observers agree that the
loyalists appeared to have more aircraft and swifter
ones than the rebels.
The loyalist air equipment
was
man
wag
suppiied chiefly by the Russians, while Gerby the rebels. There
an(j Italian craft are used
aim0st complete
an
suspension of activities
on
patrol and the granting
able
of
the
to
Germans
belligerent rights to the rebel regime of General
Francisco Franco.
For the
problem thus presented
the
Basque front,
Japan and China
/^MINOUS rumblings of a major clash between
solution to
China and Japan filled the air in the Far East
offer, and the 27 nations extended late on July 9 a
this week, as skirmishes occurred almost every day
between troops of these nations near the former
the Non-intervention Committee had no
unanimous invitation to the British
to engage
in private discussions.
representative
Last Saturday it
reported from Paris that the French Govern-
was
would
ment
suspend the international control at
the border between France and
Spain, owing to the
ineffectiveness of the similar control between Portu-
Chinese capital, Peiping.
The fighting started a
little more than a week ego, and it remains a ques-
tion
as
to the origin of the small battles, with either
But this problem now is
academic, for the Japanese
side blaming the other.
hardly
more
than
gal and Spain.
Action to this effect Avas taken by
quickly presented their usual series of "demands,"
France at noon,
Tuesday, although it was stated at
which thinly veil an obvious desire to slice off another huge section of northern China and add it to
the time that
and
war
With
clearer
French
officials would take up the
the area of conquest called Manchukuo.
an ever
reduced the area of Chinese sovereignty
markedly since 1931, as the Chinese political and
rebel supporters,
military forces always withdrew in preference to
the situation thus
division
of
tactics
developing into
loyalist and
feverishly and proposed on Wednes-
London worked
complicated compromise, which immediately
day
a
was
circulated to all the nations concerned.
This
proposal was communicated to the House of Commons,
some
of
Similar
keep the border closed, so far as volunteers
supplies are concerned.
task and
where it evoked much criticism, as well as
favorable comment.
belligerent
rights
to
It called for the granting
loyalists and
insurgents
fighting
a
full-fledged war with Japan.
On the
present occasion, however, the Chinese authorities
give every indication of a firm intention to prevent
further incursions, and the patriotic 29th Chinese
Army is standing its ground near Peping. Widescale mobilization is reported in China.
Japan
moved yesterday to place all the Island
Empire
on a
Volume
war
Financial
145
footing.
The seriousness of the situation
hardly to be exaggerated, for
323
Discount Rates of Foreign Central
is
face-saving formula
a
Chronicle
Banks
acceptable to both sides is becoming steadily more
THERE have been no changes the foreign week in
discount
of
of during the central
difficult to find.
banks.
of the two
Parleys continue between officials
countries, but keen observers of Far East¬
affairs suspect that they are mere
ern
ing devices, intended to
the
rates
Present
Rate in
been
unconvincing.
signed just
a
Effect
July 16
war.
Japanese claims and contentions in this matter
have
They
to be de¬
appear
little too shrewdly and methodically to
leading
centers
are
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
time-consum¬
the period of intense
cover
the
shown in the table which follows:
Country
preparations for
any
at
rates
Argentina.
Rate
3X
Mar.
Austria
3X
4
July
July
Belgium
2
Bulgaria
6
Date
vious
Established
Rate
Country
Holland...
2
Dec.
2 1936
2X
4~
Hungary...
4
Aug. 28 1935
4X
4X'
India
3
Nov. 29 1935
2X
Ireland
3
June 30 1932
3X
3X
7
May 15 1935
Aug. 15 1935
_
Effect
July 16
vious
Batavla
Pre¬
Rale in
Pre¬
Dale
Established
Italy
4X
May 18 1936
1 1936
10 1935
1 1935
5
torial
bad situation, from which further terri¬
a
Having been
advantages could be wrested.
applied
often in
so
areas
already added to Man-
2X
Mar. 11 1935
4
Jan.
24 1935
4X
Colombia..
4
July
18 1933
5
Jugoslavia.
5
Lithuania..
BX
3
Jan.
1 1936
3X
Morocco
ex
4X
4
Jan.
2 1937
6
Norway
4
May 28 1935
Dec.
5 1936
4
Oct.
19 1936
3X
Poland
5
Oct.
25 1933
6
2
June 30 1932
2X
Portugal...
5
Dec.
13 1934
Estonia
5
Sept.25 1934
5X
Rumania
4X
Dec.
7 1934
6
Finland
produce
Canada
Chile
4
Dec.
4X
South Africa
3X
May 15 1933
4
5
July
6 1937
Sept.30 1932
6
Spain
5
July
4
5
Sweden
2X
Dec.
1 1933
3
6
Jan.
7
Switzerland
IX
Nov. 25 1936
2
'
vakia
Danzig
Denmark
.
_
accepted
generally
surmise
military authorities,
consent of the Tokio
issue and take
over
with
conflict
Amur
France
Greece
correct,
a
The Chinese incidents fol¬
now
regarded
Japanese
as a
sentiment, effected through the
war
River, which divides Manchukuo and Siberia.
authorities
retreated, the Japanese military
apparently decided that there
fear from that
at the expense
The temper
of China promptly was put in motion.
clearly has hardened, however, and opposition to the
other
realized in
Washington, London and
capitals, where the Far Eastern events
are
being studied with great anxiety.
The initial
near
Peiping
clash
in
the
on
the following day
Japan began to present demands for full acceptance
of
responsibility by China.
with
this
the
at their
stations, and the
the
in
sumed last
week.
four
indication of remaining
peace moves
failed.
Skir¬
were
re¬
Sunday, and they continued all of this
generally known by Tuesday that
called upon
was
of
to
to withdraw all troops from
fighting, to punish her military officers
severely, to
all anti-Japanese movements
suppress
cooperate against Communism.
further insisted upon
nese
on
But the
major demands had been presented by Japan.
area
and
arranged
neighborhood of Peiping
It become
China
the
was
favorite Japanese strategem.
a
Chinese troops gave every
mishes
A truce
readily controlled local political council,
being
litical
council.
The
tionalist armies
troops
at
Imperial
Some
began to
preparation
ward the
cided
po¬
"utterly untenable."
move
1 1936
4
ex
6
3X
5X
5X
10 1935
IN LONDON open market discount rates for short
Friday
9-16%
against|9-16%
bills
on
were
as
on
Friday of last, week, and 9-16% for threelmonths'
bills as against 9-16% on Friday of last week.
Money
on
call at London on Friday was }/2%.
At Paris
the open market rate remains at 5%, and inlSwitzerland at 1%.
Bank of
England Statement
THE statement for the week ended July 14, shows
£59,892 in gold holdings
small increase
a
of
raising the total to another record high of £327,-
354,426;
Note
a year ago
circulation
gold holdings
contracted
successive weeks
circulation
from
rose
the
figure
on
ever
after
six
during which period
£475,219,629
on
May 26 to
was
July 7 which latter
attained.
£231,954,289.
were
£1,019,000
of increases
the highest
The unusually large rise
during this period has been generally attributed to
French
hoarding of British notes; however part of
the increase in the latter
part of the period wras
doubtedly due to usual month-end demands.
changes in these two items brought about
of
crease
rose
£1,079,000
in
000 and other accounts which decreased
year
an
£7,866,000 and other deposits £605,000.
reserve
un¬
The
in¬
Public deposits
reserve.
latter consists of bankers' accounts which
rose
The
£631,-
£25,983. The
proportion dropped to 22.7%, the low of the
and compares with 23.30% a week earlier and
32.00%
904.
Loans
a year ago.
increased
£7,335,000 and
which fell off
vances
increased
£309,265.
change from
items with
BANK
on
government securities
on
other securities £92,-
securities comprise discounts and
Other
2%.
ad¬
£216,361, and securities which
The
Below
discount
we
rate
did
not
show the different
comparisons for previous
OF ENGLAND'S COMPARATIVE
years:
STATEMENT
points.
Tokio
to
Army
Early yesterday it
send
from
the
12th
Japan
Japanese
was
put
on
a
war
to
army
was
de¬
of
the
Division
northern
China.
reservists
In Washington,
hope that
Chinese representatives, last
war
there is
Monday,
ment took similar
to
believe the British
steps.
»■<
July 19,
1934
1933
493,405,000 443,258,762 399,567,687 383,888,618 377,374,459
23,120,000 20,391,831
20,644,473
19,051,759
7,883,273
126,301,725 131,321,103 142,427,136 132,690,912 151,363,885
Bankers' accounts.
89,172,522 90,637,413 103,582,360
96,881,478 94,159,317
Other accounts
35,809,434 57,204,568
37,129,203 40,683,690 38,844,776
89,590,963
Govt, securities
83,187,071
103,960,532 96,813,310 91,886,044
Other securities
19,947,007 25,309,013
29,561,479 24,271.534 22,826,386
Disct. & advances
11,246,485
8,818,835
5,864,044
9,276,901
7,462,713
Securities
12,484,294 14,062,528
20,742,644 18,407,490 13(549,485
Reserve notes & coin
33,948,000 48,695,527 53,671,647 68,289,949 73,606,193
Coin and bullion
327,354,426 231,954,289 193,239,334 192,178,567 190,980,652
Circulation
Other deposits
Proportion of reserve
to liabilities
Govern¬
22.7%
2%
32.00%
2%
35.70%
2%
44.53%
2%
43.19%
2%
Bank of France Statement
a
will be averted in northern China,
reason
July 18,
1935
Public deposits
Secretary of State Cordell Hull conveyed to Japa¬
and
July 17,
1936
.
were
duty, and the entire
basis.
July 15,
1937
Japan
and
Bank rate
and
.
1 1935
toward the Peiping
for eventualities,
ordered to prepare for a call to
nese
Feb.
July
3.65
14 1937
Foreign Money Rates
Na¬
large scale from Manchukuo to¬
on a
same
3,000,000
nation
4 1937
.
6 1936
Jan.
July 14,
in
moved
restricting negotiations
Nanking Nationalist Govern¬
ment found such demands
area
The Japa¬
important points to the Hopei-Chahar
some
.
£494,424,000
present series occurred
July 8, and
on
_
little
was
of the Chinese people and their rulers
well
Germany
4 1934
Apr.
3
quarter, and the expansion move
Japanese involves the danger of widespread warfare.
This is
Java
number of the Prov¬
centering around two marshy islands in the
When the Russians
to
Japanese
without the initial
politicians, decided to push the
quickly what is
test of Russian
is
or
by degrees
inces of China proper.
lowed
If the
is easily recognized.
process
3.29
Japan
k
Czechoslo¬
England...
chukuo, the
—
THE slight increase the gold holdings of showed
statement for in week of July 8 137,970
a
francs, which brought the total up to 48,859,359,-
Financial
324
303
a
francs,
year
fore.
it
compared with 54,606,761,205 francs
and 71,351,359,405 francs the year be¬
ago
The
year
as
ratio stands
reserve
58.32% and the previous
was
Notes in circulation fell off
brought
the total
Circulation
a
francs
two
and
Credit
down
balances
ago
years
abroad,
74.91%.
to
180-day bills.
year
88,643,288,350 francs.
81,728,580,795 francs.
French commercial
bills
Open market dealers
$3,596,000.
rates
same
The Federal Reserve Bank's hold¬
acceptances decreased from
of
ings
securities, creditor current accounts and temporary
000
275,000,000 francs 1,458,000,000 francs and 13,000,-
quoting the
The rates for open acceptances
Bank of New York.
follows:
are as
SPOT
DELIVERY
—180 Days
Asked
Bid
»i6
%
Prime eligible bills
120 Ii
A sled
150 Days
Asked
Bid
Bid
)
%
;
90 Days—
decreases, namely 4,000,-
francs, 148,000,000 francs, 102,000,000 francs,
$3,669,000 to
are
those reported by the Federal Reserve
as
discounted, bills bought abroad, advances against
advances to State recorded
%% for bills running from 1 to
days, %% for 91- to 120-day bills and 1% for 121-
aggregated 86,090,395,580
ago
year
The bill-buying rate
9-16% asked.
York Reserve Bank is
90
43,000,000 francs, which
to
and
July 17, 1937
48.23%; last
at
now
Chronicle
•v
Asked
K
716
X
Bid
FOR DELIVERY
7i«
Asked
X
Bid
Prime eligible bills
»i«
—30 Days—
6C1 Days
Asked
Bid
7u
WITHIN THIRTY DAYS
respectively.
Below
furnish
we
parison of the different items for three
BANK OF
FRANCE'S COMPARATIVE
a
STATEMENT
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
July 8, 1937
July 10, 1936
July 12, 1935
Francs
Francs
Francs
Francs
+ 137,970 48,859,359,303 54,606,761,205 71,351,359.405
Credit bals. abroad,
%% bid
Discount Rates of the Federal Reserve Banks
years:
Changes
a
H % bid
com¬
for Week
Gold holdings
Eligible member banks
Eligible non-member banks..
000 francs
13,000,000
—4,000,000
9,890,981
43,285,765
French commercial
The
the
for
Propor'n of gold on
hand to sight liab.
a
0.70%
48.23%
Includes bills purchased in France,
74.91%
58.32%
c
Rep¬
1936, in accordance with de¬
valuation legislation enacted on that date.
Immediately following devaluation,
10,000,000,000 francs of the Bank's gold was taken over by the French stabilization
fund, but it was announced a few days thereafter that 5,000,000,000 francs of the
gold had been returned to the Bank.
See notation to table "Gold bullion in Euro¬
pean Banks" on a subsequent page of this issue.
Note—"Treasury bills discounted" appeared in blank in the statement of Sept. 25
these
bills
had
matured
and
have
since
been
transferred
the
to
in effect
the
different
at
paper
DISCOUNT
RATES OF FEDERAL RESERVE BANKS
Rate in
Federal Reserve Bank
Date
2
Previous
Established
Effect on
July 16
Rate
81934
Feb.
2H
2
New York
1H
Feb.
2 1934
Philadelphia
2
Jan.
17 1935
2H
Cleveland.
1H
May
11 1935
2
Richmond
b Includes bills discounted abroad,
Gold holdings of the Bank were revalued Sept. 26,
all
of
banks:
Reserve
Boston
resenting drafts on Treasury on 10-billlon-franc credit opened at Bank.
as
classes
various
bills discounted.,
—148,000,000 9,977,380,052 6,406,231,078 6,814,973,075
b Bills bought abr'd
—102,000,000
884,872,036
1,202,153,611
1,271,229,276
Adv. against securs.
—275,000,000 4,189,876,143
3,473,072,574 3,275,704,659
Note circulation
—43,000,000 88,643,288,350 86,090,395,580 81,728,580,795
Credit, current accts —1,458,000,000 12,659,480,964
7,550,054,800 13,517,536,416
c Temp. advs. with¬
out int. to State..
—13,000,000 22,153,738,771 15,083,423,335
now
following is the schedule of rates
2
May
9 1935
2M
Atlanta.
2
Jan.
14 1935
2H
Chicago
2
Jan.
19 1935
2X
St. Louis
2
Jan.
3 1935
2^
Minneapolis-
2
May
14 1935
2H
Kansas City
2
May
10 1935
Dallas
2
May
8 1935
2H
2K
San Francisco.
2
Feb.
16 1934
2M
account
"Temporary advances without interest to the State."
New York
Course of Sterling
Money Market
Exchange
Friday
BUSINESSmarket, and rates in the New York high glound for the the pound firm and in sold
was dull this week unchanged in STERLING exchange continues moved into de¬
when cable transfers
mand.
money
all
departments.
series
and
of
the
The Treasury inaugurated
discount
usual
bill
issues
due
longer issue also
$100,000,000 in all.
0.419%
273
rates
average
The awards
next
sold, making
was
Monday
on
a new
December,
were
at
for the $50,000,000 bills due in 155
at
Bankers' bill and commercial
days.
paper
unchanged, with little business done.
were
Call loans
on
the New York Stock
Exchange held
1% for all transactions, while time loans were
offered at
new
year
days> and at 0.514% average for $50,000,000 due
in
On
were
1%% for Ratings to 90 days, and at V/*z%
for four to six months' maturities.
New York Money
at
The firmness displayed during the past
$4.97%.
few weeks reflects
in the
ease
dollar, resulting partly
from the movement of foreign
London.
to
account and
as
a
result of
funds from many
week
this
a
The
been
has
a range
and
$4,9634 las^ week.
The
has
been
a
seasonal
for bankers' sight
range
between
$4.9734, compared with
with
on
general trend of foreign
quarters to London in search of
safety and investment.
bills
funds from New York
likewise firm
Sterling is
$4.95 13-16
and
of between $4.94%
range
for cable transfers
$4.95% and $4.97%, compared
between
of between $4.94 9-16 and $4.96% a
range
week ago.
Rates
During the past few weeks foreign exchange traders
DEALING in detail with call loan rates on the
Stock Exchange from day to day, 1%
the
was
ruling quotation all through the week for both new
loans
and renewals.
continues
quiet,
this week.
90
no
The
market
time
money
transactions having been reported
Rates continued nominal at
1%%
up
to
days and 1%% f°r four to six months' maturities.
The market this
has
been
very
week for prime
active.
Paper
supply and the demand brisk.
at
for
paper
been in
good
has
are
unchanged
1% for all maturities.
Bankers'
continues in
excess
This
seems
supply.
There has been
The official quotations
and including 90 days
are
to be especially true of French
and Dutch balances in New York.
is due to fears of
this country
to
movement is
cials
against foreign capital as a part of the
tax-loopholes."
"plug
as
York for
J4% hid and
to
The
outward
induced by the fact that American offi¬
indicated
have
formation
The movement
possible discriminatory taxation in
a
willingness to exchange in¬
with other governments in a cooperative
track of capital for tax
The British Government has
issued by the Federal Reserve Bank of New
bills up to
moving from the New York market into
endeavor to keep
of the
change in the rates.
discovered signs that some European
have
are
sterling.
Acceptances
THE market for this week. The demand still
quieted down prime bankers' acceptances has
no
to
funds
program
commercial
Rates
seem
consider
all
suggestions
purposes.
consistently refused
that it cooperate
ing
foreign
would
be
take such
to
funds
invested in
Great Britain. It
British policy to
contrary to traditional
a
stand
as
would compel British bankers
disclose the business
secrets of their customers.
7-16% asked; for bills running for four months, 9-16%
The attitude of Great Britain in the matter is
bid and
a
%% asked; for five and six months, %% bid
with
other members of the tripartite agreement in report¬
reflection and extension of the
merely
policy adopted when
Volume
in
Financial
145
September,
1931,
gold
departing from the
on
Chronicle
325
recession inlbusiness activity which might follow corn-
standard, the Government refused to nationalize gold
pletion of the rearmament
and gave solemn
other
pledges of the safety of privately
owned
gold in England whether held by British
tionals
or
na-
with
the
of foreign
movement
funds
reduced flow
a
of
gold from abroad to the United States.
to
Washington advices the United States Treasury is
According
gratified by the recent abatement in the gold moveunless
at
trend
the
is
greatly prolonged.
far,
Thus
least, the movement is not sufficiently marked to
indicate
.
official comment is likely to be made
no
a
promise
\
hence,
broadened
a
'
•
•
A gratifying feature has been the quite steady rise
from New York there is evidence of
ment, but
program some years
movements
activity.
by foreigners.
Concurrent
upward
in gilt-edged securities from the prolonged depression
which chilled investment sentiment throughout the
don opinion, all British markets follow the lead of
In the past few weeks there
the gilt-edged market.
has been
a
quick oversubscription of
majority of the
a
industrial capital issues, indicating the return
new
of public confidence.
The present inflow of gold
major trend.
According to traditionally accepted Lon-
country.
,,
Recent tariff reductions in steel and
some
other
is small only in comparison with the heavy move-
metals have given satisfaction to industrial interests
ments of
in Great Britain which have been suffering from a
June,
gold to New York during April, May and
when the French franc
approaching its
was
latest crisis.
shortage of materials,
highly
imports,
According to the Paris reports from official
there has been
sources
repatriation of French funds from
some
both London and New
York, but foreign exchange
traders here and in London find
evidence of such
no
with
a
resultant impetus to
British exports and re-exports.
the first six months of the
but
imports,
necessary
year
offset
by
British imports for
totaled £483,986,000,
increase over the corresponding period of 1936 of
an
British exports and re-exports for the
£8,136,000.
repatriation and interpret the French statements as
first six months of 1937 totaled £291,740,000, an in¬
official expressions
crease
designed to stimulate confidence
in the franc and the present
Whatever
to
French regime.
gold is moving from the United States
Europe represents probably nothing
the corresponding period
over
than
more
London
Call
Under the terms of the tripartite currency agreement
months' bills
foreign currencies obtained by control operations
by the control involved.
upon
It is believed probable
that both the British and Dutch controls may
converted dollars
into
gold.
ations of the
or
the
foreign exchange market,
equalization funds
the
as
oper-
either kept secret
effect
are
time
same
British
foreign, especially French,
acquiring British bank notes.
1
f
.
note
The peak
^
.
circulation
seasonally
is
weeks
some
off, but despite the high level of British trade and
em-
ploy ment the note circulation of the Bank of England
,
1
,
,
would not be
incessant demand
i
±
in
This
commanded the
i
v
x
•
sterling
T-ii
x
is now
i
at a high level
last, Great Britain has
as
year,
major share of tourist traffic,
tone
of British business
note
of optimism.
new
National
The
espe-
Defense
has
acquired
Contribution
Commons
June 21,
on
fully
was
vealed by Chancellor Simon's speech in
to the
together with the publication
Both the
measure.
not in the least
accepted the
review of the
was
a
cheer-
of the current British position.
summary
His
European political situation naturally
cautious, but concerning Britain's economic posii
tion
measure
oppressive.
Only last week Premier Chamberlain made
ful
relating
City of London and in-
dustrial Britain generally have
as
re-
the House of
June 23 of the clauses in the finance bill
on
a new
and incidence of the
scope
,
,
he
stressed
.
optimism with
regarded the outlook.
that
British
soon
or
j-
the
more
.
i
t
which he still
There is abundant evidence
industry will suffer
•
in
1
.
,.
the
x
x
f
x
no
distant future.
major reaction
-T71
corn-
Two- and three-
9-16%, four-months' bills 19-32%,
and six-months' bills 23-32%.
All the gold available
for unknown destination, believed to have been taken
largely for private account and left on deposit with
the London banks.
available £199,000,
£433,000,
on
£168,000, and
on
On Saturday last there was
Monday £213,000, on Tuesday
Wednesday £182,000,
on
on
Thursday,
Friday £207,000.
At the Port of New York the gold movement for
reported by the Federal
Reserve Bank of New York, was as follows:
gold movement at new york, july 8-july 14, inclusive
Exports
imports
§10,608,000 from England
1 2,517,000 from Canada
None
^l^ooo from India6
rrriTTZL
814,725,000 total
.
,
Net change
Foreign Account
Goli
Decrease: $1,308,000
cially from this side.
The
are
extremely
in the London open market this week has been taken
it not for the
were
likely to diminish until the approach of
September.
is available at H%.
by European hoarders.
Tourist demand for
and is not
p
.
.
great at this time
SO
of
change from day to day.
any
the week ended July 14, as
hoarding is again in demand in London,
the
at
hoarders
oi
are
market.
Gold for
while
than the best
no more
not disclosed until too late to have any
are
on
have
acquired in the past several days
However, this is
surmise of the
may
gold at the prices mutually agreed
money
continue
rates
money
fortable, with hardly
exchange of earmarkings by the tripartite countries.
be converted into
a year ago
£52,390,000.
...
,,
Even with the
Note—We have been notified that approximately $21,463,000
was
of gold
received at San Francisco, of which $20,200,000 from Japan, $1,181,000
from Australia and $82,000 from China.
^
a^ove figures are for the week ended on
Wednesday. On Thursday $2,863,700 of gold was
received, of which $1,343,600 came from England,
$1,234,300 from Switzerland and $285,800 from
Holland. There were no exports of the metal or
change in gold held earmarked for foreign account,
Gn Friday, ,$270,700 of gold was received from
England. There were no exports of the metal, or
change in gold earmarked for foreign account. It
vvas reported on Friday that $1,890,000 of gold was
received at San Francisco from Australia,
Gold held in the inactive fund, as indicated in
^Fe daily Treasury statements issued during the,week
ended last Wednesday, was as follows: The day-todaY changes are our own calculations:
gold held in the treasury's inactive
Date—
July 8_._
—
Amount
-.$1,153,977,826
Daily Change
+$9,467,082
$j}*
niw'.eoi'.SM
"+1:201',324
1,173,650,435
+6,054,540
July 13_
1,182,859,721
+9,203,286
juiy 14
1,191,185,888
+8,328,167
July i2__
-
326
Financial
Chronicle
Increase for the Week Ended Wednesday
It is understood that both
$46,075,144
Canadian exchange during the week was relatively
steady.
Montreal funds ranged from
13-64% to
The
rate
following tables show the
on
distant of
a
discount of 11-64%.
a
Paris, the London
and the price
London check
market gold price,
paid for gold by the United States:
According to
Wednesday, July 14
tite
agreement."
to
bring
July 15__
128.03
127.98
Friday,
July 16„.
130.02
gold
3d.
Wednesday, July 14
140s.
2d.
Thursday,
July 15
140s. lj^d.
Friday,
July 16
140s. Id.
139s. lid.
$35.00
35.00
Wednesday, July 14
Thursday, July 15-
35.00
Friday,
$35.00
at least
overdraft to the French
an
July 16_
35.00
$4.95 13-16@$4.96, cable transfers
Monday sterling
was
ground for
$4.96%@$4.97 for
bankers'
$4.97% for cable transfers.
in
The
year.
sight
range
and
was
$4.96%@
On Tuesday the pound
active
trading. Bankers' sight
$4.96%@$4.97 and cable transfers $4.96%@
$4.97%. On Wednesday exchange on London was
slightly easier. The range was $4.96%@$4.96%
tone.
Bankers'
cable transfers
sight
were
$4.96%@$4.96%
was
$4.95%@$4.96%.
sterling continued firmer.
and
On Friday
The range was $4.96% @
$4.97% for bankers' sight and $4.96%@$4.97% for
cable transfers.
Closing quotations on Friday were
$4.97% for demand and $4 .97 5-16 for cable
days
ago
Rumors
current in London
were
to the effect that such
a
No official comment has been vouchsafed in the
matter, but whether
credit is being considered
a
assistance.
In the two withdrawals of gold
by the
French Equalization Fund from the Bank of France
in the past two
weeks, amounting to approximately
8,500,000,000 francs, the Bank of France gold hold¬
ings
reduced below what is considered the desir¬
were
able minimum in the event of
There
can
be
of the United States
ures
war.
doubt of the complete cooperation
no
Treasury with whatever
meas¬
the London authorities deem necessary to im¬
prove
and
general economic
London's
However,
financial crisis is in
a
very
conditions.
financial
attitude
toward
measure
large
the
governed by
French
political considerations.
Foreign exchange traders
transfers.
can
find
evidence of
no
repatriation of French balances from New York
for payment
London
at
(60 days) at $4.96 5-16, and 7-day grain
$4.96%.
Cotton
and
grain
for
payment
closed at $4.96 1-16.
or
not, the French fund certainly stands in need of such
Commercial bills finished at $4.96 1-16,
60-day bills
at $4.96 5-16,
90-day bills at $4,961-16, documents
bills
a
credit is already
under consideration.
and
$4.96%@$4,97 for cable transfers.
On Thurs¬
day exchange was steady and showed a firm under¬
so
drastic reforms promised in the nine-
on
point program."
$4.95%@$4.96%.
in demand and moved into
the
embarked
few
exchange fund
the French Government had in the meantime
as
35.00
Referring to day-to-day rates sterling exchange
on
Saturday last was firm. Bankers' sight was
firm
tripartite
agreement might in this eventiality grant a credit or
long
Tuesday, July 13_
was
"would be forced to let the
depreciate, whatever Anglo-American opinion
might be."
It goes on to say: "There is good reason
140s. id.
Saturday, July 10
Monday, July 12
continued
reserves,
franc
to believe that the other members of the
140s.
(FEDERAL RESERVE BANK)
high
If appreciation to that level fails
repatriation of French capital, the "News"
a
PRICE PAID FOR GOLD BY THE UNITED STATES
new
which France must
if she wishes to retain membership in the tripar¬
127.98
Thursday,
LONDON OPEN MARKET GOLD PRICE
On
recent comment in the London "Fi¬
a
nancial News": "This is the price
of France
128.07
128.01
Saturday, July 10
Monday, July 12
Tuesday, July 13
Washington and official
London would be glad to see such an appreciation.
suggests the French, wishing to hold intact the Bank
MEAN LONDON CHECK RATE ON PARIS
Saturday, July 10
Monday, July 12
Tuesday, July 13....
1937
pay
mean
open
July 17,
or
London, despite the movement from New York to
of
French
balances.
Semi-official
state¬
ments from Paris that the French stabilization fund
has
acquired sterling valued at several millions of
francs
discounted in foreign exchange circles as
are
Continental and Other Foreign Exchange
attempts to inspire additional confidence in the franc.
THE FrenchDuring the past few days theno new
franc situation presents market
features.
The following table shows the relation of the leading
European currencies to the United States dollar:
has been exceptionally quiet, with demand for francs
at
a
minimum.
Spot francs
are
held relatively steady
Old Parity
New Dollar
Parity
b France
Parity
Range
a
-
This Range
(franc)
3.92
6.63
through the cooperation of the exchange Equalization
fund, but future francs are at a sharp discount. On
Belgium (belga)
Italy (lira).
13.90
16.95
Switzerland (franc)
19.30
32.67
22.89^ to 22.94H
Bastille
Holland (guilder)
40.20
68.06
54.98^ to 55.11
was
Day, Wednesday, July 14, the Paris market
a
closed.
When the market reopened on
look for the franc was far from
was no
indication of
immediate
future,
international
a
stocks
ment bonds
as
as
to the
evidenced by the fact that
in
Paris
was
were
firm,
while the
generally heavy.
Govern¬
dropped sharply, rentes reacting
as
much
250 centimes and the Bank of France issue down
215 francs.
On
Friday spot francs weakened badly.
was
3.82% cents,
The Lon¬
pound, while
lows.
new
Throughout the past week the New York rate on
ranged between 3.82% and 3.88% cents, while
Paris
the London check rate
on
around 128 francs to the
some
Paris
was
pound.
relatively steady
London
disappointment that the franc should
ciate to 125.
130.02, against 128.05
New York
sight bills
on
3.82%, against 3.87%
transfers at
closed at
3.88
to 16.85^
5.26H to
5.26^
before devaluation of the European currencies
The London check rate
at
16.83
on
on
"float" on June 30.
Paris closed
on
Friday
Friday of last week.
In
the French center finished at
on
Friday of last week; cable
3.82%, against 3.87%.
Antwerp belgas
16.83% for bankers' sight and at 16.83%
for cable transfers,
against 16.84 and 16.84.
Final
quotations for Berlin marks were 40.22% for bankers'
don rate closed at 130.02 francs to the
the New York close
New dollar parity as
8.91
between Sept. 25 and Oct. 5, 1936.
b The franc cut from gold and allowed to
There
propitious.
return of confidence
as
remainder of the list
Thursday the out¬
5.26
3.82 >£ to
expresses
not appre¬
sight bills and 40.22% for cable transfers, in compari¬
son
with
40.15% and 40.16.
5.26 for bankers'
transfers,
Italian lire closed at
sight bills and at 5.26% for cable
against
5.26%
and
5.26%.
Austrian
schillings closed at 18.78 against 18.78; exchange
Czechoslovakia
charest at 0.74,
at
3.48%, against 3.48%;
against 0.74;
on
on
on
Bu¬
Poland at 18.91,
against 18.93; and on Finland at 2.20, against 2.20.
Greek
exchange closed at 0.91%, against 0.91.
Volume 145
Financial
EXCHANGE on the countries neutral during the
generally firm in keeping with the firmer
is
war
undertone of sterling.
This is especially true of the
Scandinavian currencies.
are
moving
moved into
The
high ground for the
new
guilder is
In Tuesday's market the guilder
particularly strong.
unit
The Swiss and Dutch units
independently.
more
when the
year
quoted at 55.12 cents in New York.
was
It is
understood that for several days the Dutch exchange
control
forced to
was
sterdam
the
offset
to
buy dollars vigorously in Am¬
heavy movement of Dutch
Chronicle
327
Japanese conflictjmaylresultfin weakness in the
yen.
However, Japanese authorities*insist that the
yen
control is
strong that there* will^be
so
maintaining the
In view of the
to the
yen
no
difficulty in
at its present parity of Is. 2d.
already strained position of the
authorities believe that in the event of
Japanese would be faced with
a
major
a severe
taining the current stability of the
due
yen
growing deficit in Japanese foreign trade,
some
war
the
test in main¬
For
yen.
siderable period the Japanese yen has not
major factor in the outlook for international
a con¬
been
a
currency
balances from New York to both London and Amster¬
because of the rigid peg in terms of sterling which
dam.
the
Should the movement of
out of New York
gold
continue, it
European balances
may
develop that
be lost from New York to Amsterdam.
may
Bankers' sight on Amsterdam finished on
55.10, against 54.99
transfers
at
bills
sight
some
55.11,
Friday of last week; cable
on
against
55.06,
at
Friday at
54.99; and commercial
Swiss
54.95.
against
francs
Japanese authorities have maintained.
down in the sterling-yen
ratio, it is
seriously impair the prospects of general
stabilization.
the
new
mean
but that
22.8934'and
22.8934-
Copenhagen
gold to China and commensurate
chases of silver
closed at 22.92 for checks and at 22.92 for cable trans¬
currency
Papers have been signed completing
Chinese-American agreement which provides
for sales of
fers,
against
A break¬
believed, would
by the United States.
pur¬
This does not
that gold
will be actually shipped to China,
gold and dollar credits will be earmarked in
checks finished at 22.21 and cable transfers at 22.21,
New
against 22.15 and 22.15.
enables China to get dollar credits for
yuan exchange,
which she needs for
currency stabilization operations.
Checks
at 25.64 and cable transfers at
and
25.58; while checks
and cable transfers at
Spanish pesetas
are
on
Sweden closed
25.64, against 25.58
24.99, against 24.93 and 24.93.
for
28.91 against 28.79 on
kong
—*—
EXCHANGE firm.theThe conferences which have
South American countries is
generally on
been in progress for some weeks between the United
States
The
account.
agreement
Shanghai
yen checks yesterday were
Friday of last week. Hong¬
30.39 @ 30 7-16,
at
against
29% @ 29%,
against
at
30.34 @
29.75 @
29-32; Manila at 50.30 against 50.30; Singapore
at 58.35,
against 58.25; Bombay at 37.56, against
37.45; and Calcutta at 37.56, against 37.45.
29
Treasury Department and the Brazilian Fi¬
nance
closed
30%;
not quoted in New York.
Chinese
Closing quotations for
Norway finished at 24.99
on
York
Minister, Arthur de Souza Costa, have ter¬
minated.
The
United
States
establishes
$60,-
a
000,000 gold credit for Brazil in exchange for dollar
balances held
by Brazil, with the proviso that the
gold be used only for exchange stabilization.
Similar
conferences
are
being held between
now
representatives of the Treasury of Chile and Wash¬
ington authorities.
Sr. Desiderio Garcia, Subsecre-
Gold Bullion in European Banks
THE following table indicates the amounts of gold
bullion (converted into
pounds sterling at
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
corresponding dates in the previous
shown for the
are
four years:
tary of the Treasury of Chile, is in Washington and
it is understood that he has made suggestions to
his
Government for changes in its system for control of
foreign
exchange.
The
Banks
1937
the
Chilean
a way
inadvisable
a
negotiation
of
agreement because of its effects
which makes
reciprocal
trade
exports from the
on
United States.
327,354,426
231,954,289
296,117,329
Germany b_
Spain
2,481,450
87,323,000
42,575,000
103,824,000
107,305,000
83,598,000
25,831,000
6,549,000
6,602,000
436,854,089
2,372,300
88,092,000
Italy
Nat. Belg_.
Switzerland.
Sweden
Denmark
1,409,047,100
pesos,
an
Buenos Aires
1937, aggregated
increase of 95%
corresponding half of 1936.
the first half of this year were
over
the
Argentina's exports for
the largest in the history
of the country.
pesos
closed
on
The unofficial
free
2,712,750
90,537,000
71,678,000
70,572,000
75,538,000
61,189,000
15,278,000
7,397,000
6,577,000
9,928,350
90,383,000
72,645,000
62,062,000
76,573,000
61,459,000
11,997,000
7,397,000
6,569,000
1,351,975,593 1,231,564,151 1,242,372,741
market
as
£967,950.
c
Amount held Aug. 1, 1936: latest figures available.
Note—The par of exchange of the French franc cannot be
exactly determined, as
yet, since the legislation enacted Sept. 26, 1936, empowers the Government to fix
the franc's gold content somewhere between 43 and 49
milligrams.
However,
calculated
on the basis on which the Bank of France has
revalued its gold holdings
the parity between francs and pounds sterling is
approximately 165 francs to the
pound (the old parity was about 125 francs to the pound).
It Is on this new basis
that we have here converted the French Bank's gold
holdings from francs to pounds.
Pending Legislation in Congress
The
court
free market close
Brazilian milreis,
8.87, against 8.85.
The unofficial
effort
of
the
Administration
to
force
packing bill through the Senate, and the
parent determination of
opponents
the
ap¬
of the bill to
fight it indefinitely with whatever legislative
means
available, have had the effect of bringing the
consideration of other legislation
practically to a
are
in
milreis is 6.60 @ 6.65, against
Chilean exchange is nominally quoted
5.19, against 5.19.
Peru is nominal at 26.00,
6.62
at
or
@ 30.32, against 30.20.
official rates, are
or
6,553,000
7,210,000
190,980,652
652,378,739
a Amount held Oct. 29.
1935, latest figures available.
bGold holdings of the
Bank of Germany are exclusive of gold held
abroad, the amount of which Is now
reported
Friday, official
Friday of last week; cable transfers at 33.13,
30.25
a42,575,000
50,936,000
107,141,000
49,292,000
24,028,000
£
192,178,567
637,906,834
;
paper
against 33.05.
was
.
Norway
quotations at 33.13 for bankers' sight bills, against
on
.
193,239,334
570,810,875
3,591,050
90,777,000
63,047,000
56,737,000
101,530,000
45,248,000
19,760,000
7,394,000
6,602,000
1933
Prev.week. 1,086,000,477 1,037,789,536 1,156,731,941
1,230,580,847 1,238,321,497
especially firm.
for the six months ended June 30,
33.05
£
Total week. 1,089,560,205 1,047,007,678
pesos are
dispatches state that the value of Argentine exports
Argentine
1934
£
England
Netherlands
advantage to the United States in
Argentine
1935
£
France
of
operation
system has been held in Washington to be of dis¬
the
1936
£
of—
@ 6.65.
against 25.75.
standstill until the court proposal shall have been
disposed of.
on
♦
the court
In the House of Representatives, "which
measure
may
be expected to await the
action of the
EXCHANGE on thefirmness sympathy is steady
Far Eastern countries with the
and inclined
Senate, there is less interruption of or¬
dinary procedure, but the interest in the Senate
pound.
debate is
to
in
International bankers fear that the
Sino-
intense, and the fighting speech of Rejt
328
Financial
resentative Hatton
W.
Judiciary Committee,
state
of
Sumners, Chairman of the
Tuesday
on
forecast
may
a
Chronicle
ing, and, in the
the Senate.
As
neither
body has
It is obvious
limit
very
little to
it, the chances
The
bill
seem
that, with the prolonga¬
many
tion of the session and the confusion
occasioned
the
sudden
death of Senator
Robinson, the Demo¬
majority-leader, important bills will either
cratic
be rushed
session
to
is the
allowed to rest in committee.
or
pending,
one
hours.
bill
mittee
in its
on
Black is
So much hostility developed to
original form that the Senate Com¬
Education and
Labor, of which Senator
Chairman, felt it
tions 4 and 5 in
these sections
After
necessary to rewrite Sec¬
particular, and the revised
was
reported to the Senate
text of
July
on
setting forth the existence of extremely
exhaustingly long hours in industries
low wages and
engaged in interstate commerce, pointing out that
impossible to eliminate these evils "arbitrarily
it is
by
abrupt change
so drastic that it might do
injury to American industry and American
workers," but that it is necessary to proceed "cau¬
an
serious
tiously,
carefully,
and
without
dislocation of business and
that
far
the
policy of the
and
as
as
minimum-wage
and
levels consistent with
as
and
industry," and declaring
measure
rapidly
disturbance
is "to maintain,
maximum-hour
standards
at
health, efficiency and general
provisions
extraordinary authority which
direct Federal interference
proposes
and hours in most industries and busi¬
notwithstanding that regulation of such
nesses,
much
would
ters
upon the Board, they do
other fundamental objections.
remove
still
with wages
intrusts to
better
Federal
a
and in
be left to
universal
the
position to build
a
of all but
meddling, and leaves to its discretion
determination
of
whether
orders will disturb
or
its
not
or
dislocate business
or
industry.
practically commits the government to support
It
of
40-cents-an-hour minimum
wage and a 40-hour
a
maximum work
tion, that $16
factory
a
week, thereby affirming, by implica¬
week is to be regarded as a satis¬
notwithstanding that in
wage,
avoids the establishment of
any
terms
fixed figure.
Section
revised
4, moreover, is shot through with
theory that employment is dependent
the scale of wages and hours, and that if wages
upon
raised
are
more
hours
and
work.
The few
shortened
are
Committee has made in
the bill do
show that the bill should be
In
the field of
vetoed
bill
a
On
not
suffice
In the
of
course
ness," the bill proceeds to indicate how these ends
Roosevelt declared his belief "that there is
a
masterpiece of combined specification and general¬
ization that it deserves
quotation in full.
"Having
regard to such policy," the subsection declares, "and
finding after notice and hearing,
upon
after
herein¬
as
provided, that the application of the minimum
wage provisions of this Act to any occupation or
occupations will not curtail opportunities for em¬
ployment, the Board [of five members which is
administer the
time
Act]
declare, for such occupations, minimum
which shall be
feasible,
as
nearly adequate
without
to
shall by order from time to
curtailing
ployment, to maintain
a
as
wages
is economically
opportunity
for
em¬
minimum standard of liv¬
ing necessary for health, efficiency and general wellbeing; provided, that the Board's jurisdiction in
declaring minimum
power
cents
wages
shall
not
to declare minimum wages in
an
hour, but higher minimum
collective
bargaining
or
include
excess
the
of 40
fixed by
wages
otherwise shall be
encour¬
wages
approach
of 40
ties
as
cents
for
in the lower-wage groups
rapidly
an
as
hour
practicable
without
a
so
as
to
minimum wage
curtailing opportuni¬
employment and without disturbance
and
dislocation of business and
industry."
A
to
a
maximum
hours per
week,
a
downward approach to that level,
however, being expected.
In the
cases
and
hours, the Board is to consider
and
terms
agreed
the Board
working period of less than 40
upon
continued
a
government
borrowers
tion from
on
on
search¬
no
justi¬
subsidy
are
of
5% to 4% in the interest
by the Land Bank Commissioner
Federal Farm
bill
also
A
reduc¬
loans made
on
on
offering
now
business basis."
a
behalf of
the
Mortgage Corporation, for which the
provided,
rejected
was
undesirable in
as
view of the fact that most of the Commissioner loans
are
made
second
on
mortages, and "are frequently
granted upon farms which, because of
cal
or
economic
curity for
ance
of
Federal Land Bank loan."
a
the
5%
rate,
President warranted
These
accordingly,
as
se¬
A continu¬
seemed
to
the
by the greater risk involved.
arguments did not,
House, which
physi¬
some
hazard, would not qualify
however, appeal to the
Tuesday overrode the veto by the
huge majority of 260 to 98.
In the Senate, where
on
the bill also had
parently waits
strong support, further action ap¬
upon
the disposition
of the
court
packing bill.
Unfortunately,
loan bill
on
the
day
same
vetoed President
was
cal letters to the Chairmen of the
mittees of the Senate and
able action
Farm
on
of
the
which
Bureau
Agricultural Com¬
House, asked for favor¬
pending farm
program
in which
Federation
are
"industrial
embodied.
In
spite
employment continues
gain" and that "with few exceptions crops
and
prices for farm products
cost of
their
low
level,"
farmer, Mr.
the
Secretary Wallace and the American
of the fact that
to
on
Roosevelt, in identi¬
good
living
a
dealt, President
of both wages
through collective bargain¬
par¬
detailed examination
cedentedly low rates these banks
farmer
the ideas
similarly-worded subsection forbids
fix
to
Federal Land Bank interest rates below the
unpre-
aged, it being the objective of this Act to raise the
existing
in
measures
continuing low rates of interest
for
be
Monday President Roosevelt
Federal Land Bank loans.
fication
will
passed.
agriculture two
ticular stand out.
there
improvements that the Senate
of the loan situation with which it
(b) is such
it
The
the unfounded
ing criticism of the bill and
The statement of the revised Section 4
the
rulings and
well-being of workers and the maximum produc¬
to be attained.
It
indefi¬
up an
a power
tivity and profitable operation of American busi¬
are
mat¬
States.
board, especially created for
nitely large staff of employees,
so
is economically feasible,
\
that while these revised
original bill conferred
the purpose
of the most important
Black-Connery bill for Federal regulation of
wages and
the
in the last few days of the
passage
Of the bills
8.
by
occupation.
somewhat the
for months shown
great eagerness to act upon even
the most important of the
many other bills before
the
an
1937
17,
of hours, the number of per¬
case
available in
sons
things in the House comparable to that
which exists in
July
a
are
are
far above
stable annual income for the
Roosevelt insisted,
has
not
been
at-
Volume
Financial
145
tained, "warning signals
"existing laws
safety."
of
are
agricultural conservation
tion of the
program
the
present
"as the founda-
long-time plan," together with the ever
normal granary
and the "protection of farm prices
'and farm income."
"can
continue
which would
Such
a
in his opinion,
program,
alike the welfare of the farmer and the
serve
of business and of labor."
consumer,
be any
or
likely to
are
has
opposition which the proposed legisla-
encountered
already
the
at
whether Mr. Roosevelt's letter will
so, or
the
overcome
not
farm bill
any
better than they have been for the past two
months
tion
on
be
moment
sentative Marvin Jones
safely
of
in
Congress,
can-
Repre-
predicted.
Texas, Chairman of the
Agricultural Committee of the House, while anxious
to "do
tain
something" for the farmers, would like to
the
a
re-
present soil conservation program, which
the Wallace
plan would supersede, as the basis of
permanent system, and would extend the system
to all farm
the other
hand,
Cotton
prices, and
growers, on
to be increasingly skeptical
appear
about the wisdom of
ton
government regulation of cot-
not unmindful of the effect of
are
government interference in the past in disturbing
the
No
market.
cotton
adduced to show that the
have
whose prices
products
new
arguments have been
ever
normal granary
could
stabilizing the prices of farm
effect in
any
national
would
determined
are
supervision of the Franco-Spanish frontier
probably be entitled, under ordinary circum-
stances, to be regarded
don
to "localize" the
ginning of
on
by
world
a
embodying Mr. Roosevelt's suggestions
For various other
certain
bill
as
and
measures
it appears
a
farm
subcommittee
of
TVA's" has been
Norris, the
on
the outlook is
Consideration
a
the
bill
to
for the
sponsor
thoroughly mischievous
ment
pany
would
jeopardize
by
create
Senate
a
seven
measure,
"little
measure,
every
and postpone-
likely.
The bill
and its enact-
private
power
securities.
bill has continued to
late
different attitude
on
not ordinary.
are
diplomatic
maneuvers over
increasingly the
appearance
poorly acted
stage
play in which the plot and the acting left the spectators bewildered.
Not
only is it impossible at the
moment to forecast with any
0f the action of France upon
don
0r
assurance
the effects
the status of the Lon-
Committee, the relations between its members
the immediate
of the war,
course
tion has been further confused
Wednesday of
British
cated
a new
but the situa-
by the submission
and considerably
on
compli-
more
proposal under which international
supervision wou}d be restored,
Both
the French and
natural
the British action
the
are
fruit—natural, however, in quite different
ways—of the futile attempt of the London Committee to reach
0f
common
ground at its meeting
After five hours of conference in the
juiy 9.
which
Count
sentative, made
Dino
a
Grandi,
Italian
the
on
course
repre-
stinging criticism of the actual
operation of the naval
patrol,
and
charged
that
large shipments of food and other supplies, carried
by British vessels to Bilbao nominally for
children,
from
were
in fact intended for
women
General
troops, the Committee found itself as far
agreement as ever, and laid the problem in the
iap 0f the Earl of Plymouth, the British representa-
tive> for solution, if possible, through his personal
un-
com-
in the country and the position of all holders
of power company
a
as
delayed by the illness of Senator
ment until the next session appears
is
was,
Thursday.
to be for the wages and hours
bill.
some
Powers would in due time develop,
crudely constructed and
Franco's
less disastrous than
registered by the old Federal Farm Board,
however, introduced in the Senate
Spanish conflict, and the be-
period in which
Spain have taken
0f
financial results would be any
bill
marking the end of the
as
por several months the
and
A
a
the part of the
supply and not by the domestic crop, or that the
those
Two Fronts
Tuesday of the inter-
attempt of the Non-intervention Committee at Lon-
products instead of limiting it to wheat,
cotton, rice and tobacco.
corn,
The termination ,at noon on
Unfortunately, the circumstances
Whether, in view of Senator Robinson's death,
the chances of action
329
War and Diplomacy on
already in sight" and
are
not adequate to guarantee future
He accordingly asked for the enactment
legislation
Chronicle
The Wagner housing
undergo revision in committee,
report indicating a proposed reduction from
efforts.
tween
announced
meantime
mal
what
Precisely
his
efforts
on
and
conneiction there
the
new
plan
is be-
which
was
Wednesday is not clear, but in the
French
the
notice that
if
no
Government
had
given for-
agreement was reached by
Tuesday, the international observers on the Franco-
Spanish border would be superseded and the movement of persons and goods
would be supervised,
in ordinary times, by customs officers and
There
were
several
reasons
as
police,
for the French decision,
There has been no satisfactory denial of the charge
that large numbers of volunteers and large
ties of goods in aid
quanti-
of the loyalist Government at
$1,000,000,000 to $700,000,000 in the total of obliga-
Valencia have for months been entering Spain from
tions
France, and it is well known that strong pressure
which the Federal
be allowed to
issue, and
Housing Authority would
a
amount of the first annual
by the Treasury.
further reduction in the
appropriation to be made
Meantime
a
new
study of the
housing situation is reported to be under way.
much
So
opposition has developed, especially in the
Senate, to the proposed reorganization of the Executive
departments that
posal is expected.
is withdrawn
conditions
a
or
are
no
early action
on
the
pro-
Unless the court packing bill
roundly rejected by the Senate, the
favorable for
a
highly dangerous character.
was
put upon the Blum Government to show its
sympathy for the loyalists.
As long as the joint
patrol of the Spanish coast was maintained, however,
France adhered to its agreement, but when
the patrol
operations were disrupted by the withItaly, following loyalist
drawal
of Germany and
attacks
on
German and Italian vessels, the obliga-
tion to continue the international land supervision
disappeared.
By waiting until the German and
legislative "jam" of
Italian withdrawal, France was able to avoid re-
In view of all the
sponsibility for declining to adhere further to the
circumstances, the country would probably be grat-
London agreement, at the same time that, by re¬
ified if
suming control of border traffic, it silences the cri-
could
Congress, after disposing of the court bill,
see
its way to
passing promptly the necessary
appropriation bills and then adjourn.
tics who urged
that foreign observers could not
properly exercise authority in French territory.
Financial
330
The
British
new
plan shows nothing
promi¬
more
Chronicle
Russia
sing than another shuffling of the diplomatic cards.
There
In
use
place of the joint naval patrol, which is to be
international
discontinued,
stationed in
only
accorded
be
to
on
The two
London
land
on
parties in Spain
belligerent rights at
goods drawn
con¬
by the
up
Committee, and Powers not members of the
Committee
be invited
to
are
to
recognize the bel¬
be little doubt that it is now
dicate
to go
to war on a large scale.
effective
How
China
what
is
"pass
to
unanimous
a
classes of persons
subcommittee
set out in
drew up
a
resolution
Spain" of
list which
nine
some
a
in
technical
time ago, the list in¬
some
of
auxiliaries, except hospital workers, but also "per¬
whose
sons
cial
activities," to be defined later by
subcommittee, "are in
prolonging
way
any
embittering the
or
a spe¬
susceptible of
conflict."
present
Finally, the scheme is to be put into effect "as soon
be to
is
negotiations
Peiping troubles is a pretty
to emphasize the lack
authority and to deal only with
There is
local officials.
some
reason
for thinking,
however, that the position of the Nanking Govern¬
or
war
or
can
aggression
recognize Nanking in
central Chinese
a
side who could be
combatants
to
clear indication of a purpose
ment has
as
systematic
Japanese opinion looks upon
an effective central
settlement of the
a
cluding not only all classes of volunteers from out¬
regarded
as
government, and the reported refusal of Japanese
authorities
favor of the withdrawal from
opposition
armed
country without
a
as
for
further,
the
regards
highly uncertain.
China
non-intervention "more effective."
Committee,
China, and reports from Tokio in¬
willingness, although not, perhaps, a desire,
a
ligerent status granted and to cooperate in making
The
seeking to
Peiping incident to extend its territorial
the
control in North
but
sea,
condition that they accept the highly
troversial list of contraband
be
to
are
Spanish ports and supervision
frontiers is to be restored.
are
observers
border.
Russian-Manchukuoan
the
on
can
1937
July
improved somewhat during the past year
two, and that while provincial autonomy or
autonomy in the north and west is
of
still
an
semi-
element
weakness, the recognition of central authority
has in fact been somewhat
strengthened.
The mili¬
tary resources of Nanking have also been consider¬
ably enlarged, particularly in aviation,
and past
possible" after the British Government has, by
experience shows that Japan does well to make
negotiation, secured its acceptance by the Spanish
large-scale preparations if it expects to extend its
contestants.
control in North China
as
There
little
be
can
confidence
that
this
plan,
wholly lacking in essential novelty and obviously
impracticable
from
teers
as
far
the removal of foreign volun¬
as
Spain is concerned, will succeed.
Its
by conquest.
Government
could,
even
if it wished, suppress the
anti-Japanese propaganda which is one of the princi¬
subjects
pal
complaint,
of Japanese
connection with the discredited London Committee
toward
handicaps it in advance, and mutual distrust among
Chinese
the Powers clouds it with
forget injury or aggression.
Britain
and
France
neither
Italy
suspicion.
wide
a
Between Great
gulf has opened, and
Germany is likely to favor
nor
an ar¬
the ultimate
over
After all is said and
tain.
done, British interest in
Spain is primarily concerned with the maintenance
in
of
Peninsula
the
to
enough
strong
which
Government
a
Gibraltar
imperil
or
is
not
interfere
seriously with British power in the Mediterranean,
or
else
which, if strong,
one
can
be bound to England
by commercial or financial ties.
The reports of
a
pending deal by which British capital would be
used to finance
to
Spanish exports from rebel territory
Germany and British exports to Spain
prove
the
may or
not
to be well founded, but they point to one of
reasons
for
Italian
and for the purpose
distrust
of British
of France to keep its
own
over
of
Nanking
The
usual
Sino-Japanese
in
the
clashes
in
that
North China.
have
occurred
on
the
China, while they may forecast
diplomatic representations in behalf of peace,
some
certainly do not look toward intervention.
almost
spite of the large British investment in China,
the British Government is in no
Its hands
Spanish
war
position to intervene.
than full with efforts to keep the
are more
from spreading, and with the Ethio¬
pian experience in mind nobody at Downing Street
cares
to raise the
question of sanctions.
Moreover,
amicable understanding with
Japan regarding the Far East are reported to have
As is
between
Japanese and Chinese armed forces, each side lays
the blame
of anxiety at Washington over
the outlook in North
hands
bickering and maneuvering
war
reports of consultation between London and
negotiations for an
Spain has suddenly been thrust the possibility
a
to have no very firm control
appears
Washington, and
In
hot¬
persistently active in trouble-making,
its border troops.
been
confused
this
are
Japan, on its part, can
Japanese agitators and
control the
policy
free.
Into
people, and there is no nation less likely to
heads who
and
for enmity
Japan is deeply ingrained in the mind of the
hardly
rangement which, if it were adopted, might make
victory of the Spanish rebels less cer¬
On the other
hand, it is more than doubtful that the Nanking
other, while neutral observers
are
making hopeful progress, and nothing is like¬
ly to be done now to hinder their completion.
chief
war,
As
concern
of the United
The
States, in the event of
a
is the working of the new neutrality legislation.
pointed out more than once while the neu¬
was
trality resolution was being discussed, an applica¬
tion of the commercial
of
provisions of the law, in the
between China and
Japan, would be
likely to conclude that the blame must be shared.
case
Whichever side is to be held
heavily in favor of Japan because of Japan's naval
for the
primarily responsible
fighting at Peiping and in its neighborhood,
however, the episode
conforms to
an
accustomed
pattern and reveals familiar underlying aims and
ambitions.
The ultimate aim of
Japan is political
and economic domination in the Far East.
years
ago
direction
it made a substantial advance in that
by wresting Manchuria from China and
establishing the
days
ago
A few
new
State of Manchukuo.
it administered
a
A few
sharp check to Soviet
a
war
strength, while a discriminating application against
Japan would embroil that country with the United
States.
Those
war
who
have
would not
predicted that the next world
be, like the last one, a world-wide
conflict, but rather a series of regional conflicts
several
will
of
which
might
go
on
at the
same
time,
perhaps find some confirmation of their opinion
in the
present situations in Spain and North China.
Volume
Each
Financial
145
conflict
world
menaces
each invites
policies
The
peace,
viduals they
intervention
without
of
the Amur River, coming at a moment
Japan
on
331
Chronicle
encouraging it.
success
unwittingly injure many of those indi-
may
are
attempting to benefit; for house-
holders today, aside from their security holdings,
when the Stalin Government had resorted to whole-
have
sale
aggregate electric facilities of the Nation created to
executions
maintain
to
itself,
China, and Europe has troubles
without taking
own
Far East.
negotiations fail and Japan
ward into war,
on
for-
goes
China, apparently, will have to rely
investors
have
or
multiple-purpose
water-power
tected from
fit
of the
projects
hydro-electric
be undertaken
may
watershed
as
which
part of a
a
development.
The
of the Nation must be pro-
resources
private monopoly and used for the bene-
people."
This brief reference to
buried in the closing
power,
paragraphs of the President's
message to
Congress
ceded
lengthy discussion of the need for flood
by
a
on
regional planning and
pre-
prevention and soil conservation, would imply only
a
casual interest in power
for his many
What
modeled
after
the
ning board, and
Senator
the
House
duced
Tennessee
Rivers
and
of
purpose
removed
Authority,
national plan-
a
after the reading of the
soon
Harbors
Committee
Any doubt
Norris bill
the
mes-
Mansfield
of
intro-
for the creation of
measures
additional Authorities.
main
Valley
through
have
to
projects,
power
Norris and Chairman
largely similar
seven
actually
appears
system of Federal
a
was
which would be interlocked
sage
it not
were
in the offing.
were
President
the
called for
development
previous indications that other public
projects
power
$6,800,000,000 in bonds and other debt con-
some
$3,800,000,000 in preferred stocks, and
securities
classes of
provision should be made for the effective
been
some
these
By Ernest r. Abrams
of
projects and municipal systems, have a total
invested capital of about $13,000,000,000, evidenced
The proceeds derived from the sale or exchange of
j
"And
the
the balance of about|2,400,000,OOOin common stocks.
Household Consumers Are the Biggest
administration
investment in
Our electric utilities today, exclusive of public
tracts,
-
proportionate
them than have the private electric utilities
power
by
itself.
upon
serve
greater
a
themselves.
others in the
enough of its
If
en-
Russian in-
courage the belief that there will be no
tervention in North
well
may
as
to the
effectively
was
recently when the Senator, in resisting
an
have
been
invested
in
five
major
utility facilities—about $3,978,000,000 in
generation facilities, about $1,781,000,000 in conver-
sion facilities, $2,132,000,000 in transmission,
$3,627,000,000 in distribution, and $1,482,000,000 in
general or miscellaneous facilities. Briefly, generation facilities produce the raw power, conversion
facilities alter the voltage of that power to suit best
the needs of transmission and use, transmission
facilities carry the power from the point of generation to the general point of consumption, distribution facilities peddle the power to the individual
consumers, and general facilities cover the necessary administrative, accounting, maintenance, commercial and miscellaneous activities,
The characteristics of the demands which the
various classes of electric consumers make upon
their electric utilities are such that their peak
requirements occur at different intervals of the day.
Where residential demand for energy is greatest
during the consumption of the evening meal and
the few following hours, the demands of industry
are
highest in mid-morning; wThere the demands of
transportation are greatest during the homeward
movement of shoppers and workers in the late after-
the demands of street lighting are highest
noon,
during the late evening hours.
Then, too, the quan-
attempt to have the bill transferred from the Senate
tities of power consumed by the various classes of
Committee
customers differ widely; during 1936 industry used
to
the
Agriculture, of which he is
on
Commerce
said:
Committee,
member,
a
"It is not
a
slightly over 54% of all energy sold to ultimate con-
question of navigation, although that is the consti-
sumers,
tutional peg on
lighting used but a little
under 2.4%.
is
not
going
which the legislation is hung.
to
although that is
be
a
question
a
of
flood
mitting
that
control
of
the
navigation
improvement
but constitutional pegs,
are
for the determination of those proportions of total
forces ad-
investment in the five broad classes of facilities
and
flood
class of consumers, those engaged in the industry
have assumed roughly, an investment was made for
each consuming class at the ratio their annual use
impelling
consumers,
that have been made for the exclusive use of each
is the
uility industry that
power
of
*
motive
Nation
results from
authoritative data or formula available
With
support.
the
no
street
would appear to have received tacit
main purpose
blanket
while
the contention
electric
The
With
control,
constitutional privilege."
the leader of the Administration's power
It
desire
a
behind
to aid
comprising
this
attempt
Authorities
with
farm
some
to
seemingly
and residential
22,000,000
family
energy
bore to total energy sales.
will be adopted herein.
This formula
During 1936 farm
cus-
tomers used 2.25% of all energy sold to ultimate
consumers,
decade
while their average use for the 1927-1936
was
2.27%;
residential
customers
used
in obtaining vastly increased quantities of
16.65% of all energy sold in 1936 and 15.46% of
approximately
present
sales during the past 10 years; and combined farm
monthly payment, and the hope that political for-
and residential consumptions accounted for 18.90%
groups,
electric
tunes
This
ilies
energy
will
benefit
desire to
is not
for
from
any
party in
Deal
of
goodwill,
of 1936 sales and 17.73% of all sales during the past
On
the
basis
of
these
consumptions,
decade.
innovation of the New
every
roughly $2,457,000,000 of the total investment in
a quarter
utility facilities of $13,000,000,000 were devoted to
an
Deal;
century and
primarily concerned with continuing the
power.
power
the
resultant
gain the support of 22,000,000 fam-
Administration for the past
has been
the
The major complaint against New
policies today attaches to the failure
Administration
to
recognize
that
present
their
use
during 1936 and about $2,305,000,000, on
the average, during the past 10 years.
And, with
about 22,000,000 farm and residential customers at
the end of 1936, the electric utilities of the country
332
Financial
had made
an
investment in electric utility
average
However, the total investment in electric facilicountry is not included in this $112
household customer
the
electric
their
homes,
stores and
conduct
of
have
electric power
sales
no
or
their
investment.
Included in the
offices,
ity of consuming appliances are made which exert
marked upward influence
on
the
average
a
investment,
Were it possible to establish the median investment
other
or
services.
But
illumination,
to which electric
energy was
comparative
a
of
barns and
vestment in combined serving and consuming facili-
consumptions,
kilowatt
com-
hours
operation of appliances and
illumination,
our
around 62.5%.
run
Allowing, however,
for the possibilities of error in the assumptions and
formulae, the average investments
here deter-
as
mined sufficiently approximate the actual figures
to indicate the average household customer has
a
substantially greater investment in electric facilities than has his electric utility for
serving his
premises and in appliances?
wiring
"Electrical Mer-
chandising," which is devoted to the electric appli10,700,000 electric
were
Viewing, then, the farm and residential electric
average
customer has made in
field, estimates there
ties would
class of consumers.
garages.
What, then, is the investment which the
farm and residential
customer
position of minor
energy
Only about 31.4% is used in the lighting of
our
per
and that the customer proportion of the total in-
11,614,000,000
the
vestment would be slightly under $200
first devoted,
by farm and residential customers
consumed in
electric
average
in consuming facilities, it is probable that such in-
upward
vacuum
an
electricity to the exact point
5,307,000,000 kilowatt hours in
ance
that it is
ments where large investments in the highest qual-
in
During 1936, when 16,922,000,000 kilowatt hours
his
cycle
farm-and-residential
community, the inhabitants,
their farms,
on
long since been relegated to
homes,
average
totals are the many luxurious homes and apart-
has
but
consumers
acquire facilities for its consumption in
importance in
were
the
and light service
use
used
This
and
utility-consumer
that it represents but a rough estimate at best, and
would
the
bined,
might function.
the
advantage of electric service
the desired
illumination
were
that
customer investment in consuming facilities should
were
factories, must install wiring systems to
and
use
order
be accepted, however, only with the understanding
be rendered in any
can
in
contributed 29.2%
in
per
utilities
Before
revenues.
ties have
the case, no
since, if that
could take
consumer
and
July 17, 1937
70.8%
facilities of around $112 for each of them.
ties in this
Chronicle
in their dual capacities of
users
trie
consumers
the possibility of injury to these 22,000,000 family
through Federal competition with private
groups
cleaners, 9,113,500 electric clocks, 1,338,000
electric utilities becomes evident.
cookers,
their
4,103,500 electric
space
heaters,
of elec-
and investors in consuming facilities,
energy
Any injury to
of electric energy cannot fail to result
source
4,100,000 heating pads, 3,525,000 electric grills, 20,-
in injury to this large body of electric users.
393,000 electric irons, 1,192,000 electric ironing
credit of their private utilities becomes so adversely
ma-
chines, 1,181,600 electric oil burners, 6,960,000 elec-
affected
trie
source
percolators, 24,600,000 socket radios, 1,735,450
electric ranges,
that
investing
the
public—the
If the
ultimate
of all investment capital—-will not provide
9,000,000 electric refrigerators, 11,-
the funds necessary for additions to utility facili-
450,000 electric toasters, 4,570,000 electric waffle
ties, that adverse effect is at once transmitted to
irons, 11,500,000 electric clothes washers, and 174,000
the investment of
electric
facilities; should such inability to make necessary
These
heaters
water
in
end
of
1936.
125,635,500 listed appliances represented
investment
the
on
of
the
number
offices
stores,
and
of
these
factories,
an
of approxi-
part of consumers
mately $5,800,000,000, and while
able
the
at
use
record is avail-
no
appliances
used
in
investment
an
residential customers is
as
20% of all appliances
household
An
indicated,
even
if
as many
devoted to other than
were
additions to utility facilities result in a lessening of
efficiency in service, the, customer is immediately
penalized through his inability to secure efficient'
of
$4,640,000,000 in consuming facilities by farm and
of his investment.
use
Two
accepted
estimate
contracting
in
places the average cost of house wiring
circles
the
over
and residential
his
owned
or a
(2)
public
for full convenience
wiring, with the maximum number of outlets.
average
of four
rooms
If
an
is used for the 21,887,774
any
then
total
a
wiring investment of
more
than $1,313,-
000,000 had been made by farm and residential
tomers
figures,
ment
by the end of 1936.
a
combined
cus-
not
power
more
honest
answer can
of $5,953,-
an
that service.
around
greater outlay?
Before
be made to either of these
necessarily the amount of the
and light
tomer's tax bill which is levied to cover the electric
investment of about
utility deficits of all governmental agencies which
power
customer in that group has
investment of about $271 in facilities with which
use
no
dential and others—is the total of the monthly bill
amount contained
of
of his consuming facilities
rendered by the utility plus that portion of the cus-
may
to
electric rates by
fair questions, it must be agreed that the cost of
electricity is not
to
an
use
abundant at
$112 per farm-and-residential customer in facilities
average
in
projects permit him to make substan-
true cost of electricity to all consumers—farm, resi-
Accordingly, while the electric
him, the
long
wiring invest-
and
consumers
000,000 existed at the close of the year.
serve
reduction
a
so
approximately the same? and
monthly bill rendered by the serving utility; the
appliance
country have
privately-
On the basis of these
by farm and residential
utilities of the
were
tial increase in the
life be
cost of $15 per room be accepted,
a
for about his present monthly bill, and would not
and
average
with his investment in
electricity from
required
Would
wired homes in the United States at the end of 1936
an
customer
publicly-financed electric utility
unit costs
as
wiring and of $25
room
(1)
consuming facilities already made, whether he pur-
past 10 years at $10 per room for bare necessity
per
arise:
questions naturally
pertinent
What difference would it make to the average farm
chased
use.
consuming
customers in
these
levy against his property or earnings, less that
in
his monthly bill
which his
serving utility returns in the form of taxes,
Or, of the combined investment
By far the major item of cost in the rendering of
$383 per household customer, the utili-
electric service by private or public undertakings
Volume
145
alike is the
to the
Financial
carrying charges
enterprise.
electric
utility service is that of dependability—the
requirement that
of
^
the funds devoted
on
The most important requisite of
ample and never-failing supply
an
electricity shall always be available without
prior notice
this
the customer desires it.
as
To meet
requisite of dependability, facilities must be
provided
comfortably in
of
excess
the
make.
we
Yet, such
work, eat, play and sleep largely at the
periods of the day, and
homes,
our
offices
or
make
we
vidual demands upon our
in
electric utilities, whether
facilities,
of
our
quantities
at
excess
other periods, yet,
requires,
the maximum
because
combined demands
our
us
mum
demands
of that
represent but
serve.
by
habits, and whether
interest
the
we
work
to outside
$140,000,000 in public
$4,200,000,
or
revenues
an
annual carry,
or more than
five
derived from energy sales
in the last fiscal year,
consumers
President Wilkie of the Commonwealth & Southern
Corporation, in his analysis of the last TVA
report, consolidated the operating results of nine
municipal
power
and
cooperative
systems
purchasing
from the TVA with the electric operations
of the Authority itself, and arrived at the conclu-
mate
the
consumers
average
averaged $73.18
revenue
thereby resulting in
customer, while
per
customer
per
making operating
was
$42.30,
loss of $30.88 per customer,
a
He expressed the belief that the project
expenses,
was
"barely
with practically nothing
left for taxes, interest, renewals and replacements
or
amortization
of the
debt," and that the "very
substantial savings to consumers" which the TVA
claimed
in
Thus
tomers
play, eat
or
times the total
about
is indicated with
power
ing charge at 3%
collective
or
are
sleep,
or
the funds devoted to the creation of that
on
maximum
individual
our
of
had
been "effected
the
at
expense
of the
taxpayers."
Unfortunately, the laws governing interest
affected
mini-
our
exceedingly small
an
proportion of that capacity to
way
equal
never
and, at certain times of the day,
serve
investment
funds for
Shoals
rendering service to the approximately 15,000 ulti-
utilities have created to
our
total
Muscle
likewise attributable to power, a
same
individual be-
facilities which dependability of
capacity
were
sion that, under standard accounting, the cost of
quantities of electric
enormous
the investment in the
development
our
at certain periods of the day and very small
margin of
service
same
maximum indi-
theaters, at approximately the
our
haviors is to demand
energy
our
transportation
our
The combined result
hours.
no
class
human habits that
are.
333
quarters of
maximum
combined demand that all customers of
every
may ever
Chronicle
capacity keeps ticking regularly
the individual
of those
farm
nine
residential
and
municipal
and
systems in the Tennessee Kiver
area
chased
their
power
cus-
cooperative
which
pur-
supplies from the TVA have
like
benefited from the uneconomic opportunity afforded
Accordingly, if the
clock, 24 hours each day.
them to buy their electricity below cost only because
on,
complete cost of electric service is to be accurately
the taxpayers of the entire country advanced the
and
difference between what these
honestly measured
assessed
against the
the full and complete total of all invest-
consumers,
ment in
and
facilities must be
all
accurately and hon-
estly determined since, whether
vestment be
or
not the true in-
disclosed, interest thereon continues to
users
paid and what
On the basis of
their electric service actually cost.
the 1935 annual report of the TVA, the economist
of Edison Electric Institute found that while the
cost of electricity consumed by householders
during
operate with total indifference whether the funds
the 1935 fiscal year was 4.06c. per kilowatt hour,
which
these customers
those
created
directly
private
by
facilities
parties
authorities took their money
the investment.
The
Valley
had received
cash
000,000, property with
ties
Authority is
end" of
a
to
over
a
appropriations
of
re-
$111,-
value of $757,068 had been
it, and payables and similar liabili-
in addition to this total of
Shoals
in
its last full
totaling $4,546,139 had been created.
ment
case
development,
However,
$116,303,207, the Muscle
which represented
invest-
an
by the Federal government of around $125,-
000,000, had also been turned
creating
over
to it,
thereby
total of cash appropriations (excluding
a
$17,126,924 still to be advanced), credits and
erties in the
possession of the project of
prop-
more
than
$220,000,000.
This
the
latest
Muscle
345,550,
or
had
been
and
but
report, without any accounting for
Shoals
property,
disclosed that
$81,-
about 85% of all funds then expended,
charged to flood control and navigation
$7,396,650,
or
7%, had
power
activities.
mitted
by the government's
Yet,
investment necessary
on
been charged to
the basis of data subown
engineers
as
to the
for adequate flood control and
paid but 2.40c.
per
k.w.h., and the
balance of 1.66c. was contributed by the taxpayers
of the Nation.
This
the TVA, according to its annual
year,
turned
public
from them and made
By June 30, 1936, the
fiscal
whether
•
Tennessee
point.
port,
or
advanced
were
subsidizing of
a
relatively small group of
citizens in one section of the country was possible
only because the taxpayers of the entire country
approved the arrangement or because they had yet
to understand that in addition to their own electric
bills, they were paying around 40% of the cost of
TVA area,
Should, however, similar Authorities be created to
cover the entire country, as is now proposed, and
the electric requirements of all farm and residential consumers be billed to them at but 60% of the
cost of service, the public would then pay the re¬
maining 40% of the cost of service through taxes
and the benefits to any particular section of the
country would be erased, except in those economically thin sections of the country which never have
serving
those favored
folks
in
the
paid their way.
what you
electricity
whether served by private or public undertakings,
In the case of the former, the full cost of service
The old adage that you must pay for
get, it would appear, applies equally to
is included in the monthly
bill, while the private
utility returns approximately 14% of that amount
to its customers in the
form of taxes paid to their
In the case of the latter, only a part
of service is paid directly to the public
navigation improvement, the retiring President of
governments.
Edison Electric Institute has estimated that three-
of the cost
quarters of the cost of navigation and flood control
undertaking which returns little or nothing in the
dams
form of taxes, and the balance of the cost
arose
solely from
power
activities.
If three-
is paid
334
Financial
by the public in the form of taxes.
private
public
or
ownership
Under either
and
operation,
course, the full cost of electric service includes
than the
payments made directly
tion for the
energy
of
ment
of
With
$271 in
consuming
averages
probably
tion
used.
10
the
facilities
would
annual
whose
life
$27.10 and
average
$8.10, resulting in
charge against consuming facilities of
$35.20 for each household
regard to the form of payment the
under either form of
tion,
no
opera¬
injury would result to farm and residential
consumers, nor would their investments in
has
same
utility ownership and
ing facilities be adversely affected.
consum¬
But experience
amply demonstrated, and is demonstrating now,
that the cost of service is not the
two forms of
plete
under the
same
operation and that the full and
of
cost
electricity
is
lower
under
com¬
private
Perhaps the outstanding fundamental weaknesses
the
been
increased
by
operating
of the
costs
The
electric
privately-owned
United States
a
as
having
payers,
during 1936,
tributed
electric
The
the Tennessee Electric Power
had
fixed
capital
in
judgment.
ambitions
and
not
As
general
a
sound
business
the
During 1936
Co., which is bearing
private operations,
on
of
slightly
or
nearly $6,900
day in taxes; the TYA, with
per
including properties turned
The
householders
to
rates
electric utilities of the
with
the
investment,
an
about $124
or
day.
a
charged by the private
country, after crediting them
of operating
14%
over
to it, of more than
over
$220,000,000, paid but $45,347,
which
revenues
taxes
they
paid to their
governments, averaged lower than those of public
despite
they
takes
con¬
in
$100,000,000 and paid $2,522,419,
which
seeming inability to correct important mis¬
situation
investment
a
operations,
conceived, built and operated, and
$270,-
governments
valley is in point.
the brunt of the TYA attack
the
operations
power
nothing.
River
of
largest tax¬
approximately
while public
public systems
are
utilities
group are one of the
contributed
almost
projects
their
light
and
power
00b,000 to local, State and Federal
power
the political sponsorship under
amount,
industry.
public ownership and operation of electric
are
slight
that
returned to their customers in
operation.
in
1936
July 17, 1937
roughly $636,000,000 would have been added to the
Tennessee
consumer.
Were the full and accurate cost of electric service
without
ing
invest¬
an average
interest at 3% would amount to
an
more
through taxa¬
or
straight-line deprecia¬
years,
investment
of
Chronicle
extent and
actual
the
fact
that
subsidized to
were
practically
a
relieved of substantial
were
all
greater or less
portions of
operating costs through the services given
them
rule, political
to
judgment
agencies.
responsible for their establishment and,
are
once
If
cre¬
other governmental
by
farm
the
residential
and
departments
or
of
customers
the
ated, political fortunes demand they shall be de¬
electric utilities of the Nation could be assured that
fended
public ownership of their electric utilities would
tion.
against all criticism and continued in
Private
demand that capital shall be
mistakes
by adjusting
needs of the
opera¬
operation, because of the inexorable
rewarded, corrects its
operating facilities to
undertaking
or
the
by restating the value
sult in
actual investment in
the true and
would be disclosed and set up
that
end that
of the
determined, they,
its political control and the need to
its mistakes
save
face,
covers
through confused accounting and shifts
complete and full operating costs would be
in
investors
as
utility facilities
for amortization, and
accounting would be honestly pursued to the
of the invested
capital to the demonstrated ability
enterprise to produce. Public operation, with
re¬
honest, capable and efficient operation, that
little
to
reason
of electricity and
consumers
as
consuming facilities, would have
fear
public ownership and
opera¬
tion.
As
of the greatest
which
many
coal-producing sections of the country, and although
suffer
the
security holders is beyond the scope of this inquiry.
its losses to the taxpayers.
The Tennessee River
river
suited
vide
and
to
an
its
valley is
tributaries
ample and dependable supply of water for
generation of electric
Federal government desired to
the Tennessee
that purpose,
the
Had the
River, it could have accomplished
investment of $74,709,000
an
in the construction of low
in
power.
improve navigation
according to the recommendation of
Army engineers, with
trol
only moderately
are
hydro-electric development, they do pro¬
the steam
on
one
area
been
dams; and had flood
con¬
sought, it could have been
Both
gives
of $120,000,000 for
constitutional
for
a
net
these
ends, the present TYA
expenditure of
would indicate
some
admittedly
program calls
$450,000,000, which
course,
with
can
as
public
projects
power
that such efficiency in
accounting
or
of
position
be expected.
either
Rather,
be
never
expected from political control or management of
any
enterprise.
For, as the late Thomas A. Edison
remarked, "the government never really
business, for it
ever
expenditure
their
experience indicates that efficiency need
by the expenditure of $45,000,000.
an
but
present experience
assurance
no
operation
the first
Instead of
injury,
and
past
business
extent that flood control
utility securities—
operation of electric utilities and
will
same
electric
of them are—they would,
irreparable
be obtained under the
contemplated TYA program
secured to the
investors in
never
makes ends meet.
requisite of business.
with
gets
a
lot
of
goes
It just mixes
politics,
a
little
no
and
chance to find out what is
a
into
And that is
one
actually
going on."
capable and
If, then,
electric utilities is
efficient management of
highly improbable under public
contemplated investment of $330,alone. On the basis of that power
ownership and operation, our farm and residential
investment, competent utility experts, including the
the true and accurate cost to them of their electric
retiring
requirements,
000,000 for
a
power
President
have estimated
ated power
power
Edison
cost
Electric
of TYA
Institute,
hydro-gener¬
at 2% times the cost at which the
same
could be generated in the Tennessee River
valley by steam.
seem
of
the true
of little
Six mills
per
kilowatt hour
may
importance, but had the cost of all
electric energy generated in the United States dur-
consumers
bills
electricty may confidently expect that
whether reflected
in
their
tax
bills,
and
or
higher
of
that
the
efficiency
service will deteriorate.
in
will be
of
their
electric
substantially
their
electric
With these conditions pre¬
vailing, definite injury to their substantial invest¬
ments
in
certainty.
consuming
facilities
would
appear
a
Financial
Volume 145
Our
Railway ^Taxes
Chronicle
fourths had to
3
the
on
Taxes
have
paid by the railways of the United States
shown
forms
some
upward
an
of taxation
for
trend
have been revised to meet
cases
Many
years.
devised years
were
335
changing
con¬
the interest and owners' return
investment, including both that
part of the plant devoted to paying the tax and the
rest of
and in
ago,
earn
whole rail
the
plant
as
well.
Between 1911 and 1936 cash dividends
stockholders
Class
of
I
ditions.
The
railway industry today represents
investment of
to
easy
funds.
It is
approximately $26,000,000,000.
as an
excellent
Years ago
to pay
property
why taxing authorities look upon that
see
industry
a
from which to obtain
source
the theory developed that ability
rested where values lay.
through,
State
every
and
nearly
1199233645870
found
by the taxing authority, and seldom escapes
its tax burden.
a
real
The result is that the
industry faces
problem in meeting its annual tax demand.
Total
1936
or
every
It is easily
county and town in the United States.
taxes
paid by the railroads of Class I in
to
amounted
$319,716,035.
State and local
governments received $275,192,376 of this total, or
86.1%, while the Federal Government received $44,523,659,
13.9%.
or
interim
of
increased
1932 and
1935, due mainly to the decline in
aggre¬
gate gross and net earnings of the carriers, which
are
subject to special levies
the States.
However,
for the year
large increase
a
YEARS
1921
Total
Operating
Revenue
(000
235%.
their
own
with
an
$5,516,598
(000
Total
Omitted)
Revenues
$37,169 $238,707 $275,876
51,846
249,189
301,035
331,916
77,063 254,853
73,360 266,977 340,337
5.00%
6,122,510
1,585,630
1,713,603
1,562,122
1,683,740
1,773,464
1,350,268
6,136,300
6,111,736
6,279,521
5,281,197
4,188,343
5.42
The
portation—is closely regulated by public authority.
Generally speaking, they cannot adjust their rate
structure
quickly to fluctuations in cost of opera¬
tion, such
in
their
376,110
6.13
389,432
6.37
6.32
steady
rise
problem all its own, which demands
Federal
as
study.
taxes are
concerned, railway
corporations, although even here special accounting
regulations or other conditions often call for special
In the field of local
treatment.
where the
where the
of
bulk of
the
taxation, however,
railway tax is raised and
complex question of property appraisals
plays an important role, intelligent
prime importance.
Industry and Agriculture Fear Drug
6.60
25.81
8.80
38.04
249,623
239,625
236,945
8.06
29.50
7.32
28.75
6.87
27.58
275,192
319,716
7.89
28.51
Addiction
22.37
348,554
303,529
275,135
293,325
263,210
230,295
219,835
24,674
44,524
7.25
of 7.89%
in
About the most
confront
can
an
overwhelming catastrophe which
inept and impecunious physician
31.46
dollar (total operating revenue) earned by the
This tax ratio
far
the
corporations are taxed on the same basis as other
23.13
396,683
11,925
19,328
19,790
railways.
So
reason
brings to the railway industry
serious attention and
24.08
301,434
307,239
308,636
Railway taxation in 1936 absorbed 7.89% of each
gross
this
22.70
212,271
829,744
859,188
1,121,276
tax
22.61
6.09
10,204
3,271,567
3,451,929
For
bill
economic
tax rates, prices of supplies,
wages,
as
like.
the
24.08
5.86
39,918
723,315
•
railways operate a^ publicly-regulated indus¬
23.80
5.75
291,517
964,769
235% in what their business
The price they charge for their product—trans¬
try.
26.30
5.28
358,517
89,444
846,172
of
Net
388,923
87,998
3,095,404
4,052,734
,
272,042
3,126,760
period
Revenue
280,651
86,475
108,272
84,593
same
compensation reduced by 57%, compared
paid in taxes.
28.92%
$953,930
6,382,940
Ratio to
(000
Omitted)
1,394,413
1,413,611
5,921,496
Ratio to
(000
1,144,570
5,559,093
6,289,580
Total
During that
study and application of sound economic policies is
Omitted)
VQmlUed)
12%.
That is, railway owners, operat¬
increase
and valuation
Railway Tax Accruals
Other
or
regular public service industry, and assum¬
a
CLASS I RAILWAYS—
INCLUSIVE
Federal
j ,(000
Omitted)
1922...
1936,
Operating
Revenue
TO
Net
Year
1921
reported
was
following statistical table:
RAILWAY TAXES TO REVENUES,
alendar
of
many
The railway tax situation since
1936.
1921 is outlined in the
RATIOJOF
earnings in
on
the
ing, in addition, the risks of general business, found
Some recessions occurred between
to 1930.
years
many
in
116%, and notwith¬
the taxes paid by the railways of Class I
an
sustained increase for
a
investment
or
increase in outstanding capital stock
an
of 25 years
paid by the railways in the several States and local
jurisdictions showed
additional
$13,836,718,566,
$1,332,775,852,
and
Turning to the State and local situation, taxes
of
standing
ing
Furthermore, railway property is located in,
operates
notwithstanding
paid to the
railways decreased 57%,
1936
was
is
the
imminent recovery
contributed longest
nance.
He may,
enough
or
interest,
of the patient who has
and most reliably to his mainte¬
if he is sufficiently unscrupulous
genuinely
superficial self-
misled by
prolong the convalescence and postpone
recognition of regained vitality as long and as com¬
greater than in any previous year excepting 1932
pletely as circumstances permit.
and
Political doctors
who
1933, and is
creased
burden of
The ratio of
shown
one measure
an
creased
railway taxation.
railway taxes to the
upward trend for
nearly 3c.
per
tax
dollars
$10,000,000
and in¬
railway gross earnings
every
levy equivalent to lc. for each of
means
per year,
that amount to
When
dollar has
years,
$1,000,000,000 in 1936, it is clear that
additional
those
gross
many
dollar from 1921 to 1936.
When it is considered that
exceeded
of the relatively in¬
more
a
tax
while
than
increase
an
of
more
than
addition of 3c. triples
(net
operating revenue), taxes in 1936 absorbed 28.5%,
or
a
little
over
one-fourth.
fourth of the property,
railways
operating
way
in
1936
revenue
was
That
is, nearly one-
activities and traffic of the
devoted
to
producing
net
sufficient to pay the tax on rail¬
property as a whole.
may
be
be confronted by equivalent calamity and may
similarly reluctant to admit that there is no
further resort to
continued pitiful
the benevolent paternalism of gov¬
longer any depression to suggest
strange devices of legislation or
dependence upon
ernments that have never
a
whole
yet succeeded in enabling
people to elevate itself by means of its own
Fortunately, perhaps, for the general
boot-straps.
welfare, there are many far-seeing and
$120,000,000.
compared to the net railway dollar
pretend to exclusive possession of remedies
efficient towards restoration of depressed industry
The remaining three-
self-reliant
citizens, not without representation in the Senate
and House of
Representatives, who
that continued
are
fully aware
dosage of those in sound health with
strong drugs, even drugs actually
remedial during
periods of genuine ill-health, may be quite as detri¬
mental as abstention from their use when their need
is
indicated
by abnormal symptoms, and that this
336
is
Financial
true of the
no more
divual
is
physical condition of
of
the
economic
happened
of
War and for
a
legislative meddling in agriculture, supporting
the so-called "ever-normal
plains, rather weakly
unadventurous
hibit
certain
a
and
true
com¬
to us, of these
seems
suggesting that they "ex¬
be
not
without
justification, and
to "defer
action
this
at
time."
on
tion of
industry of agriculture
appears to
be
while after its
close, and the liquida-/
despite the interven¬
necessary,
government, in
to raise the
so many ways,
prices of farm products and to protect the vanishing
equities of embarrassed
and enormous,
ever-normal
The
has been difficult
owners
and the end is not yet.
President has been
plan,
granary
which
to
the
converted, calls for the impound¬
ing by the government of the surpluses of staple
production
agricultural
the
That
immense scale during the World
an
a
tion that has been
degree of weariness," which may be
would
that they desire
adding
granary" measure,
it
as
persons,
July 17, 1937
indi-
an
condition
President Koosevelt, in his latest appeal
people.
for
it
than
Chronicle
domestic
in
in
year
every
which
production exceeds domestic consumption,
doing pretty well is beyond denial, and the Presi¬
substantially doubling the normal
dent does not venture to
question the indisputable
good years; the supposed justification for the opera¬
evidence
that
of
the
markets
duction
prices remain at
greatly
enlarged
farm
with
abundant
pro¬
high level indicative of
a
incomes
throughout
with
the
stock
of
white* rabbits
ered
that
or
the
for
need
still
official,
not
pious hope, that such
production,
during
of rela¬
years
which
im¬
the
But
pounded surpluses can be disposed of for consump¬
recov¬
to
say
so
officious, necromancy has disappeared, and
or
will be practically balanced by
tively
plentiful it
patient has
being the expectation,
sub¬
stantially all branches of agrarian activity.
would not do to admit that the
tion
years
of the
carryovers
it is
scanty
In other
tion.
words, by the device of buying and
storing, to raise prices when prices would normally
supposed that production can be
drop, it is
justed,
a
over
period of several
years,
so
ad¬
sub
as
again urged, with almost pathetic intensity, that
stantially to be balanced by consumption within the
the business of
farming,
national boundaries.
highest
of
degree
characterized by the
once
independence
those
among
en¬
gaged in it, must be always and utterly dependent
the wise fatherhood of
upon
all-seeing and
an
sistently benevolent government.
declares
President
the
in
his
per¬
"Existing laws,"
letter
Chairmen
to
The President is
with this idea that he
so
paratively short letter to the Chairmen.
"farm
ernmental
take
"to
made
program" ought, he
of the
care
enamored
twice in his
states it
consumers'
com¬
Our
gov¬
to be
says,
interest
in
of bad weather and of the producers' interest
years
Smith and Jones of the Senate and House Commit¬
in
tees
assumption that farmers suffer from abundant har¬
Agriculture, "are not adequate to guarantee
on
future
safety."
Beyond this unconvincing declara¬
tion, specification,
is left to
the
derment.
as
u^/al, is scanty and very much
imagination
Those
who
or
to unappeased bewil¬
study the appeal with most
earnest desire to
for the creation of
vests and
rate
machinery
new
and elabo¬
left in doubt whether the
are
com¬
program can
level the peaks of over-supply into the
valleys of shortage and disaster."
Yet the whole
plan depends
permitted only if and when it
that such
cotton and other
intended
prove
presently
of
quences
price is too high and likely to stimulate
production next year,
any
insure
to
whether
or
against
the
conse¬
uneconomic stimulation that
may
to be inevitable by advance provision for pur¬
chasing for government account
year's production.
remark, without
any excess
any
further explanation, that
staples of farm production, taking
care
always to be on the losing side, using taxpay¬
ers'
money
for its vast
is
no
them
among
to
{i.e.,
farmers).
farmer if he sells his
any
one year
and the price drops
through the bottom the next year."
Obviously, extremes
but
it
is
may
doubted
would be obtained in any
which is necessary
to existence and which the tax¬
Other direct
buy.
must
payer
only too certain
consequences
and too clear.
prices will
be high
if
or
they
sympathetic
may
be
reaction
wheat-raising community
to
diminished foreign
augmented demand either at home
production
or
glamor of high prices does tempt
Yet
abroad.
many
or
to
ex¬
production; they
stimulate
tural
and they will lure ambitious men to
lands,
acquire heavily mortgaged lands, depending
interest
mate
be
of
the
indebtedness
industry,
confident in their capacity and
to
acquire
lands
beyond
their
ready means, leaving much of the purchase price
and grotesquely
predicted by the veriest tyro in economics or state¬
craft,
will
be
the
cause.
of
men,
the
mous
of
Ultimately,
even
the vast
the point
resources
government would be unequal to the
burden
impounded and unsalable surpluses and augment¬
ing and increasingly excessive production; the last
state of
agriculture would be immeasurably
of the interest and
than the
first, and relatively
affected
by the catastrophe.
their frugality and successful endeavor.
h
This
enor¬
imposed to sustain the vicious circle
represented by liens secured by mortgages, payment
principal of which must depend
will
years
legislation, the failure of which could be
tions
adventurous
they
Every agrarian evil of the last 20
repeated and intensified,
fatuous
upon
production and prices for the
they will promise to pay and for the ulti¬
liquidation
assume.
will
of
would be reached at which
lands; it does invite ambitious and
the
artificial
level; they will tend to raise the prices of agricul¬
pand acreage; it does produce exaggerated valua¬
of farm
are
The artificially
of maintaining the
difficulty
the maintenance
plan intended to curtail increases in prices
response
upon
money
and
for high figures
willing
with this
wagers,
insuring the enhancement of prices of everything
cost
benefit
the
every
The government will gamble in wheat,
proposal.
augment the surpluses to be bought and
power
in
be accomplished
will
purchasing
to any
can
This is implicit in
principal
There
low;
lowering them.
increased
:
buying to raise
suffering, of bankruptcy, and of lack of
of
cause
in next
It is not at all enlightening to
"Extremes of farm prices represent the
crops
it is
upon
prices; selling is not to lower prices, but is to be
without
a
naive
(Note the
gain when nature yields most scantily.)
plaint is that the current price for July wheat is
$1.20 a bushel, with a bumper crop in sight, and
excessive
weather."
good
And, in another paragraph, "an all-weather farm
comprehend the background of the
asserted urgency
of
years
more
»
worse
would be directly
Volume 145
Financial
Gross and
Net
Earnings of United
Although the rate of increase
longer is
no
very
337
Chronicle
for the Month of May
Railroads
tates
present year's May output of 5,153,559 tons com¬
with only 4,037,375 tons in May a year ago
pronounced, earnings of the railroads of the country
pares
continue to compare
(an increase of 27.06%), and with but 2,633,661 in
a
year
favorably with those current
In the tabulations of gross and net
ago.
earnings for May, which
advance is to be noted
the
over
With the trend of business
showed
revenues
materials
and
maintenance
sizable
a
month of 1936.
same
generally upward,
with
long-deferred
expenditures, cut heavily into the
earnings and made it possible for the
transfer
This
only
trend
sions in the
gross
managers
to
relatively small proportion to net.
a
is
occasioning growing
concern,
since
to be little likelihood of marked
there appears
reces¬
prices of steel and other things needed
by the principal carriers.
of
gross
gain, but rising costs of
together
taxes,
present, a modest
we now
Such financial results
operations suggest emphatically the need for lib¬
eral
consideration
Commission
of
freight rates
on a
by
the
Interstate
the
application
increases
number of classes of goods.
necessity for such action is
view of the
for
Commerce
apparent in
even more
circumstance that
of
The
large part of the
a
Comparison with preceding years back
May, 1935.
to and
including May, 1929, is as follows:
3,352,788
tons in 1934; 1,976,428 in 1933; 1,125,243 in
gross
1932; 2,551,633 in 1931; 3,982,915 in 1930, and no
less than
5,286,339
gross
tons in May, 1929.
In the
case
of
pig iron production, the May, 1937, output
was
the
largest for the month since May, 1929, the
tonnage, according to the "Iron Age," aggregating
less than
no
3,537,231
2,648,401
only
gross
1936;
in
tons
but
compared with
as
1,727,095
1935;
in
2,042,896 in 1934; 887,252 in 1933; 783,554 in 1932;
Back in
1,994,082 in 1931, and 3,232,760 in 1930.
May,
3,896,082
basic
pig
however,
1929,
reached
tonnage
Turning to another
tons.
gross
iron
great
industry—the manufacture of motor vehicles
—here, too,
find
we
of automobiles
as
large increase in the output
a
compared with May
a year ago,
making production the largest in that month since
Statistics issued by the Bureau of the
May, 1929.
railroad mileage of the country remains unprofit¬
Census show that the make of motor cars in
able,
1937, totaled 516,899 as against only 460,512 cars in
controversy over wages which
additional
throws
ress
position.
Since
emergency pay
ing
light
two
now
the
on
is in prog¬
rail
carrier
restorations
recent
reductions, railroads have been
at 1929 scales,
wages
history.
the
Not content with such
now
verge
course, no warrant
for
in view of the labor
istration
at
ridiculous.
the
on
per¬
de¬
are
manding further advances of wages, which in
There
some
is,
of
increase whatever, but
any
policy adopted by the Admin¬
Washington
concessions
some
214,411 in 1933; 184,225 in 1932; 317,163 in 1931,
and
quite
420,027 in 1930, but comparing with no less
than
604,691
it appears
in May, 1929.
cars
As to coal
pay¬
excellent
an
formance, the railroad brotherhoods
instances
of
at the highest levels in
or
production in the month under review,
that while the bituminous, or soft coal,
output was very much larger than in May a year
the anthracite, or hard coal, production was
ago,
a
on
reduced
greatly
Bureau of Mines
minous coal mined in
tons
net
The United
with
28,684,000
in
18,384,000 in 1932, and 28,314,000 in
1933;
It is inter¬
Back
gross earn¬
36,314,000, and in 1929, 40,706,000 net tons.
esting to note, in this connection, that
of
railroads
the
May
in
against $320,414,211 in May, 1936,
630,038,
But
gain of $31,-
a
operating
increased
absorbed almost all of the added
penses
ings,
9.87%.
or
$352,044,249
were
for
net
earnings
gross earn¬
$85,335,430
were
ex¬
in
May
against $80,737,173 in the same month of last year,
a
gain of only $4,598,257,
results
Month of
75.76%
$85,335,430
235,S73
expenses
Net earnings
Strikes
income
interfered
of
of
the
contributed
roads
steel
railroads,
business
Outstanding
but
May
the
overshadowed
among
to
during
the
Inc.
(+)
or
—484
f-S31.630,038
+27,031,781
Dec. (—)
—0.20
+9.87
+11.27
+0.96%
with 5,121,000 in May,
with
+5.69
operating
generally good
occurrences.
1932; 5,005,000 in 1931; 5,911,000 in 1930, and
no
less than
Coming
struction
of
the
having involved a money outlay of $244,112,800
find that
of
$134,363,700; in 1933, of $77,171,700, and in 1932,
of
$146,221,200.
earnings of the rail¬
are
the iron and
Using the statistics compiled
gross
we
find
tons of steel ingots
produced in the month under review—a ton¬
only
two
previous
months—in
May, 1929, when the all-time record of 5,286,246 tons
was
the
established, and in March of this
year,
output amounted to 5,216,666 gross tons.
building contracts awarded in May, 1935,
increased
5,153,559
in
May last
Extending the comparison further back, we
year.
had
by the American Iron and Steel Institute,
exceeded
amount recorded for May since 1931)
compared with only $216,070,700 in
as
tion
a
money
was
1929,
nage
contracts awarded in the 37 States east
(the largest
marked
were
to the building industry, the F. W.
Rocky Mountains during May the current
the latter
less than
6,308,000 in May, 1929.
now
the basic industries which have
industries, both of which show most gratifying
no
1936; 4,919,000 in
in
improvement, and this, too, despite the strikes in
that
In the
Pennsylvania anthracite, production in May
1935; 5,250,000 in 1934; 2,967,000 in 1933; 3,278,000
year
+ $4,598,257
such
during the month of May
industry.
1931.
May, 1930, however, the output reached
present year was only 4,204,000 net tons as com¬
pared
We present the
SSO.737,173
1937
$352,044,249
266,708.819
of
case
the
in
Dodge Corp. reports a gratifying improvement, con¬
1936
236,357
$320,414,211
239,677,038
74.80%
May—
Ratio of expenses to earnings-
trend
5.69%.
below, in tabular form:
Mileage of 137 roads
Gross earnings
Operating
or
1936;
26,849,000 in 1935; 27,385,000 in 1934; 22,488,000 in
possibly will have to be made, with resultant evil
hard-pressed carriers.
States
May, 1937, totaled 29,980,000
compared
as
scale.
reports that the quantity of bitu¬
effects upon the
ings
May,
May last year; 361,107 in 1935; 330,455 in 1934;
from the depression.
recovery
The
present stage of well advanced
at the
even
when
The
no
In May, 1931, however, the valua¬
$306,079,100; in 1930', $457,416,000, and in
less than $587,765,900.
In view of the
improvement in the building trade, lumber
production,
a
value of $126,720,100; in May, 1934,
as
substantial
might be expected, likewise showed
increase.
According to the figures
compiled by the National Lumber Manufacturers
Association,
an average
four weeks ended
of 535 identical mills in the
May 29 reported a cut of 1,137,-
778,000 feet of lumber as compared with only 994,923;000' feet in the same four weeks of 1936,
or an
Financial
338
increase of
14%.
four weeks the
feet
Shipments of lumber in the
against only 953,632,000 feet in the similar
as
period of 1936, or
ceived
ing
same
present year aggregated 1,045,993,000
were
also
gain of 10%, while orders
a
greatly increased scale, reach¬
a
on
re¬
938,351,000 feet
with but
compared
as
894,-
865,000 feet in the corresponding four weeks of last
5% above those of May last year.
year, or
On the other
roads
was
hand, the grain traffic
July 17, 1937
Missabe &
Northern
of the
case
and
(which heads the list in the
net) reports $1,945,228 increase in gross
$1,501,921 gain in net; the New York Central,
with
$2,973,238 gain in gross and $618,712 increase
in net
(these figures cover the operations of the New
its
and
Central
York
leased
lines; including the
Pittsburgh & Lake Erie, the result is an increase of
$3,340,908 in gross and of $654,482 in net); the
over
Western
greatly reduced scale in May the
a
on
Chronicle
Atchison
of
Topeka & Santa Fe, which shows a gain
$2,007,074 in gross and of $620,300 in net; the
present year as compared with May a year ago, and
Union
the
less
$543,827 increase in net; the Great Northern, re¬
We deal with
porting $1,157,551 gain in gross and $602,476 gain
falling off,
extended in greater
moreover,
degree to all the different cereals.
the
of
details
the
Western
grain movement in
separate paragraph further along in
and therefore need
weeks ended
barley
oats,
the
and
five
same
this article,
year
the receipts
primary markets of wheat,
combined,
rye,
33,359,000 bushels
as
weeks
a
here that for the five
say
May 29 the present
Western
the
at
only
or
corn,
reached
only
against 50,608,000 bushels in
of
In previous
years,
receipts for the corresponding five weeks
were:
35,519,000
bushels
in
net, and the Bessemer & Lake Erie, with $742,592
increase in gross
81,594,000
1934;
the
1933;
in
1930, and 49,487,000 bushels in 1929.
the country
that the composite result
of all that has been said above is most
For the five weeks of
fested.
May the present
Division of the American Railroad
loaded with
cars
year,
freight
on
the
aggregated 3,897,704
compared with only 3,351,564 cars in the same
five
of
weeks
3,026,021
in
Association, the
revenue
railroads of the United States
as
last
2,887,975 cars in
year;
1935;
and in both gross
1932, and 3,719,868 in 1931, but comparing with
1929.
all the
In
foregoing
the railroads of the
attention
our
now
have been dealing with
we
country collectively.
to
the
Turning
separate roads and sys¬
tems, we find the exhibits in consonance with the
tions
net
as a
whole.
In our compila¬
giving the increases and decreases in gross and
earnings in
show
a
excess
of $100,000, only three roads
loss above that amount in
but in the
gross
of the net 20 roads
case
are
earnings,
obliged to
report a decrease—indicating very plainly the part
played by increased operating expenses in depleting
the net
gory
earnings of the roads.
In this latter cate¬
several of the roads have been able to report
gains in the
case
them
the
being
of the
gross,
outstanding
which,
Pennsylvania RR.,
crease
in
a
of
net
while
Baltimore &
$416,544 loss
gain of $5,276,359, reports a de¬
$299,909.
Other
roads are the
Ohio, with 875,139 gain in gross and
in
the
net;
Quincy, which, with
a
Chicago
Increase
Increase
Burlington &
gain of $240,349 in gross,
$240,349
237,518
235,111
226.126
209,868
195,667
191,804
181,911
170,529
167,424
153,918
153.127
148,501
141,774
137.650
133,811
126,688
120.651
108,121
$5,276,359 Chicago Burl & Quincy—
a2,973,238 Central of Georgia
Pennsylvania.--New York Central
2,645,705
Chic Milw St P & Pac—
Atch Top & Santa Fe—
Duluth Missabe A Nor.-
2,007,074
Western
1,945,228
1,351,503
1,157,551
875,139
816,204
742,592
671,454
615,516
Union Pacific
Northern..
Baltimore &
Ohi<5
Nashville—
Bessemer & Lake Erie...
Louisville &
Southern
571,170
Erie (2 roads)
N Y N H & Hartford
Pacific
Virginian
N Y Chic & St Louis
Mobile & Ohio
Lake
Superior & Ishpem
St Louis-San Fran (2 rds)
Colorado & Sou (2 roads)
Chicago R I & Pac (2 rds)
Boston & Maine
Cine N O & Tex Pac
547,738 Bangor & Aroostook
497,174 Spok Portl & Seattle
471,889 Western Maryland
467,096 Clinchfield
Illinois Central
Atlantic Coast Line
Seaboard Air Line
436,037
Alton
Del Lack & Western
434,883
Chicago & Eastern 111
387,351
Elgin Joliet & Eastern..
Pittsburgh & Lake Erie..
378,235
Pacific
Northern
Texas &
rds)
Lehigh Valley.
Wheeling & Lake Erie—
—
Missouri Pacific
St. Louis-Southwestern.
Total (54 roads)
$30,806,462
367,670
Decrease
360,324
324,099 Chesapeake & Ohio
318,054 Reading
315,848 Florida East Coast
297,398
Total (3 roads)
273,385
Pacific
N O Tex & Mex (3
_
$323,979
126,185
114,792
$564,956
a These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Northern
Cincinnati
Evansville
and
Indianapolis
Haute.
Terre
&
eluding Pittsburgh & Lake Erie, the result is an increase of
In
$3,340,908.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
MAY, 1937
Decreases
Increase
Duluth Missabe & Nor..
$1,501,921
620,300
a618,712
Great Northern
602,476
Bessemer & Lake Erie—
581,291
Union Pacific
543,827
Del Lack & Western
322,755
Chesapeake & Ohio-----
Atch Top & Santa
New York Central
Baltimore & Ohio
322,621
Chicago & North West-Lehigh Valley
Chicago Great Western.
Pere Marquette
Fe—
Central of New Jersey.
_
274,076
252,100
238,862
232,198
198,512
188,841
185,430
160.327
156,689
Louisville & Nashville—
Atlantic Coast Line
N O Tex & Mex
(3 rds)
—
Erie (2 roads)
Wheeling & Lake Erie—
Seaboard Air Line
Chicago Milw St P & Pac
Boston
&
Maine...
$667,056
416,544
320,777
299,909
246,255
240,760
199,077
190,216
174,002
157,914
150,980
139,098
136,536
129,063
124,985
113,736
111,912
111,708
104,041
Reading
Pennsylvania
Denver & Rio Gr West--
Chicago Burl & Quincy.N Y N H & Hartford
_
Grand
Trunk Western._
Wabash
Pacific
Western
Chicago R I & Pac (2 rds)
Florida
East Coast-
—
Minn St P & S S M
Lake Sup & Ishpeming—
Southern
149,800 N Y Ont & Western
143,450 Chic St P M & Omaha..
Central
134,078
133,175
128,982
123,704
121,081
Vermont
Northern
Pacific
Elgin Joliet & Eastern
Norfolk &
Western
Bangor & Aroostook
Colorado & Sou (2 rds)
Total (30 roads)
Total (20 roads)
$4,034,569
116,730
107,696
—
Clinchfield
$8,159,634
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
a
Cincinnati
Northern
Evansville
and
Indianapolis
&
Terre
Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $654,482.
When the roads
among
heading the list of roads showing increases in gross
earnings with
decreases,
and net:
Texas & Pacific
showing for the roads
in
amounts
or
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE1MONTH
OF MAY, 1937
in 1934; 2,656,168 in 1933; 2,535,500
cars
4,586,357 in 1930, and with no less than 5,186,235
in
$100,000, whether increases
Central of New Jersey..
clearly mani¬
according to the figures compiled by the Car Service
number of
of
Norfolk & Western
turn to the statistics
we
showing the loading of revenue freight on all the
railroads of
roads and systems for
separate
excess
Great
is, however, when
In the
Southern Pacific (2rds.)-
51,595,000 in 1932; 59,151,000 in 1931; 53,503,000 in
It
and $581,291 gain in net.
following table we bring together all changes for
1936, but comparing with
32,148,000 bushels in May, 1935.
the
in
Pacific, with $1,351,503 gain in gross and
are
arranged in
groups or
geo¬
graphical divisions, according to their location, as
is
our
hibits
custom, the favorable character of the ex¬
compared with May last year is clearly
as
manifested,
as
it is found that all the three great
districts—the Eastern,
the Southern and the West¬
ern—together with all the various regions compris¬
ing these
districts,
of small
show gains
amount) in both
(though in
and net
many
reports a decrease of $240,760 in net, and the Lehigh
cases
Valley, reporting $318,054 increase in gross
ings alike, with the single exception that in the case
$174,002 loss in net.
and
Lack of space prevents our
naming separately (with their increases) the roads
distinguished for gains in both
ings alike,
only
a
so we
gross
few of the most outstanding.
and net earn¬
shall confine ourselves to naming
The Duluth
of
the
gross
net, one region—the Pocahontas region in
the Southern district—shows a decrease.
mary
earn¬
by
plained,
groups
we
group
classification
is as below.
Our
sum¬
As previously ex¬
the roads to conform with the
of the Interstate Commerce Commis-
Volume
sion.
Financial
145
The boundaries
regions
of the different groups
and
indicated in the footnote to the table:
are
339
Chronicle
Flour
Wheat
(Bbls.)
May 29
(Bush.)
(Bush.)
District and
Month of May—
1937
Eastern District—
j
$
$
<y0
14.106,532
67,304,307
77,166,748
13,078,775
62,458,961
68,910,621
+ 1,027,757
+4,845,346
+8,256,127
7.85
7.75
11.98
158,577,587
144,448,357
+14,129,230
9.78
New England region (10 roads)
Great Lakes region (24 roads)
Central Eastern region (18 roads)..
1937
roads)
1,729,000
2,881,000
81,000
89,000
494,000
561,000
480,000
1,164.000
664.000
1,000
1,500,000
273,000
36,000
583,000
176,000
84,000
703,000
30,000
55,000
1,191,000
2,093,000
48,000
45,000
162,000
550,000
1,220,000
66,000
4,000
14,000
21,000
12+666
61.000
1937......
555,000
1199336677
1936
Milwaukee—
1937
66,000
80,000
1936
-f
Toledo—
73,000
-
231,000
360,000
......
1936
mmmmmm
352,000
Detroit—
Southern District—
Southern region (28
469,000
1,841,000
4,016,000
1937
Total (52
1,017,000
1,467,000
(Bush.)
Duluth—
Cross Earnings
inc. (+) or Dec. (—)
1936
Region
Rye
(Bush.)
Barley
(Bush.)
Minneapolis—
1936
GROUPS
SUMMARY BY
Oats
Corn
5 Wks. End.
roads)
10.30
+4,084,777
+618,604
39,631,718
20,475,876
43,716,495
21,094,480
...
Pocahontas region (4 roads)
3.02
1 QQ7
IwO
1
MM*. W*.
761666
isT.ooo
751666
703,000
739,000
1,717,000
3,938,000
1,384,000
742,000
1,042,000
1,109,000
2,058,000
632,000
804,000
261,000
247,000
85,000
199,000
168,000
99,000
1,403,000
59,000
2,187,000
302,000
272,000
415,000
342.000
182,000
233,000
46,000
1,549,000
708,000
68.000
2,111,000
2,168,000
1936
Indianapolis & Omaha—
Total (32 roads)
Western jD,lstr'tc&~~mm
Central Western region (16 roads).
Southwestern region (22 roads)
■■>
10.83
12.07
9.13
128,655,687
115,858,260
+12,797,427
11.04
352,044,249
(53 roads)
Total all districts (137roads)
320,414,211
+31,630,038
9.87
-Net
District and Region
Month of May
Eastern District—
16,454.416
20,551,303
Dec. (
$
%
11.72
+342,656
3.01
+495.973
0.34
+71,714
39,928,216
+910,343
2.27
9,528,061 +1,169,670
9,666,089
—414,623
12.27
+755,047
3.93
Inc.
S
S
1936
1937
Earnings
1936
1937
Mileage-
2,922,497
(+)
or
24,933
3,265,153
16,950,389
20,623,017
58,343
58,637
40,838,559
38,733
6,046
38,925
6,010
10,697.731
9,251,466
44,779
44,935
19,949,197
Northwestern region. 46,088
Central West'n region 56,900
10,445,569
8,039,132
6,062,973
8,534,065 +1.911,504
7,631,607
+407,525
5,449,135
+613,838
22.39
29,763
46,294
56,624
29,867
132,751
132,785
24,547,674
21,614,807 +2,932,867
13.56
7,076
26,628
New England region.
6,987
26,563
Central East'n region 24,793
Great Lakes region..
Total
Southern
District—
Southern region
Pocahontas
region..
4.28
1937
mmmmmm
1936
■'
..
+4,128,920
4 6,431,970
+2,236,537
38,116,592
53,262,264
24,479,404
42,245,512
59,694,23 4
26,715,941
Northwestern region (15 roads)
Total
i*""
-
7.82
-f-4,703,381
60,107,594
64,810,975
mmm mmm
87,000
110,000
667,000
St. Louis—
1937
512,000
1936
533,000
36,000
Peoria—
1937
1936
Kansas
City—
1937
19367
238,000
368,000
St. Joseph—
Sioux City—
51,000
63,000
94,000
385.000
57,000
99,000
Wichita—
623,000
4,000
252,000
40,000
13,000
86,000
214,000
117,000
30,000
9,260,000 10,662,000
13,082,000 19,589,000
6,137,000
40,000
1936
10,000
4,000
31,000
19,000
4,948,000
7,149.000
2,352,000
2,990,000
Total all—
19,194,150
Western District—
Southwestern region.
5.34
11.26
1937
1,676,000
1936
Total
1,818,000
Flour
Wheat
Corn
May 29
(Bbls.)
(Bushels)
(Bushels)
Barley
Rye
(Bushels)
(Bushels)
Bushels)
Chicago—
4,507,000
4,015,000
1937
Total
7,798,000
Oats
5 Mos. Ended
1936
4,883,000 15,531,000
4,091,000 22,557,000
4,376,000
5,786,000
2,137,000
1,859,000
6,355,000
1,653,000
6,386,000 12,717,000
1,686,000
2.642,000
604.000
683,000
1,745,000
4,935,000
8,462,000
Minneapolis—
Total all districts...235,873 236,357
5.69
80,737,173 +4,598,257
85,335,430
NOTE—Our grouping of the roads conforms to the classification of the
Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:
EASTERN DISTRICT
New England and the westerly shore of Lake Michigan to Chicago, and
a
north of
Central Eastern Region—Comprises the section south of the
Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi
River
and north of the Ohio River to Parkersburg, W.
Va., and a line thence to the southwestern corner of Maryland and by the Potomac
1,605,000
3,682,000
1937
2,787,000
2,933,000
281,000
75,000
1,703,000
2,017,000
1,698,000
2,757,000
163,000
497,000
5,146,000
9,089,000
322,000
824,000
2,579,000
3,048,000
75,000
37.000
106,000
80,000
63,000
287,000
rnmrnrnrnm
1936
mmmmmm
4,000
216,000
310,000
330,000
1936
118,000
209,000
Toledo—
1,715,000
2,423,000
1,668,000
67,000
2,000
509,000
94,000
54,000
335,000
9,819,000
3,095,000
2,921,000 18,887,000
6,243,000
3.753,000
3,666,000
9,692,000
4,051,000 10,280,000
3,793,000
521,000
742,000
6,435,000
932,000
8,944,000
1,232,000
272,000 10,760,000
302,000 10,274,000
1936
4,458,000
879,000
1,086.000
mmmmmrn
75,000
Detroit—
1937
1936
mmmmmm
601,000
Indianapolis & Omaha—
River to Its mouth.
1937......
DISTRICT
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern
Region—Comprises the section
boundary of Virginia to the Atlantic.
north
of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
mmmmmm
1936
SOUTHERN
Southern Region—Comprises the section east of the Mississippi River and south
Pocahontas
9,272,000
15.640,000
1937
line from Chicago via Pittsburgh to New York.
to the mouth of the Ohio River,
mmmmmm
mmmmmm
1937
the Canadian boundary between
on
•
1936..
Milwaukee—
New England Region—Comprises the New England States.
Great Lakes Region—Comprises the section
1937
Duluth—
mmmmmm
2,546,000
2,389,000
1937
1936
927,000
1937
831,000
1936
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican
boundary
to the Pacific.
3.94S.000
144,000
1,563.000
1,567,000
900,000
1,002,000
311,000
City—
1937
WESTERN DISTRICT
606,000
1,043,000
1,247.000
Peoria—
Kansas
Northwestern Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
346,000
mmmmmm
St. Louis—
8,629,000
St. Joseph—
422,000
650,000
494,000
829,000
1,873,000
1,229,000
2,630,000
1,699,000
44,000
26,000
114,000
46,000
673,000
983,000
476.000
51,000
16,000
133,000
158,000
73,000
8,562,000 40,353,000 51,279,000 22,637,000 19,293,000
7,867,000 46,438,000 80.749,000 31,858.000 33,219,000
6,403,000
8,809,000
Wichita-
Sioux City—
Southwestern Region—Comprises the section lying between
south of St. Louis and
a
line from St. Louis to
the Mississippi River
Kansas City and thence to El Paso
and by the Rio Grande to the Gulf of Mexico.
319,000
387,000
1936
Total all—
The
grain traffic
Western roads in May the
over
present year, as we have already indicated, fell very
below
much
that, it
was
last
although,
year,
even
at
still considerably larger than in May,
Without
1935.
of
that
1937
..
1936....
..
Western
The
livestock
movement,
the other
on
hand, appears to have been considerably larger than
in
May
a year ago.
While at Chicago the receipts
exception, all the different items in
comprised only 5,661 carloads as against 6,067 in
greater or less degree contributed to the shrinkage,
May, 1936, at Omaha and Kansas City they totaled
the
falling off in the
case
ended
May
corn
having been
par¬
Thus the receipts of wheat
ticularly pronounced.
at the Western
of
primary markets in the five weeks
29 totaled
only
9,260,000 bushels
as
against 13,082,000 bushels in the same period of
1936; the receipts of
against
19,589,000;
7,798,000;
and
of
of
but 10,662,000 bushels
corn
of
barley,
6,137,000
oats,
against
4,918,000
2,352,000
rye,
against
7,149,000,
2,990,000
against
bushels.
Altogether, the receipts of the five staples, wheat,
corn,
oats, barley and
bushels
of
in
as
rye,
reached only 33,359,000
against 50,608,000 in the same five weeks
1936, but comparing with only 32,148,000 bushels
1935.
35,519,000
1,827 and 3,713 cars, respectively, as compared with
but
Going further back, comparison is with
bushels
in
the
period
same
of
1934;
1,720 and 2,236 cars, respectively, last year.
As to the cotton traffic over Southern
was
as
much larger
the overland
shipments of the staple are con¬
cerned, but fell far below last year in the case of the
port movement of cotton.
land
in
bales
aggregated 76,884
(the largest receipts for May in all recent
years)
year;
Gross shipments over¬
May the present year
as
compared with 52,914 bales in May last
37,676 in 1935; 45,963 in 1934; 36,317 in 1933;
23,095 in 1932; 29,191 in 1931; 44,635 in 1930, and
At the Southern outports,
35,141 bales in 1929.
receipts in May the present year were only
cotton
130,589
bales
against
190,101 in
May,
81,594,000 in 1933; 51,595,000 in 1932; 59,151,000 in
comparing with 87,477 bales in 1935.
1931; 53,503,000 in 1930, and 49,487,000 bushels in
years
1929.
In the
the Western
subjoined table
grain movement in
WESTERN
5 Wks. Ended
May 29
FLOUR
Flour
Wheat
(Bbls.)
(Bushels)
AND
give the details of
we
our
GRAIN
Corn
(.Bushels)
usual form:
Barley
(Bushels)
Rye
(Bushels)
Chicago—
1937
853,000
2,668,000
1936
969,000
2,720.000
4,856,000
6,095,000
1,774,000
2,158,000
1,195,000
933,000
back
totaled
to
and
197,085
including
bales
in
1934;
1929,
1936, but
In previous
the
423,059
receipts
in
1933;
222,102 in 1932; 99,776 in 1931; 205,975 in 1930, and
RECEIPTS
Oats
(Bushels)
roads, this
than in May, 1936, that is, so far
1,412,000
1,300,000
134,735 bales in 1929.
of cotton for the
Details of the port movement
past three years are given in the
table which follows:
Financial
340
RECEIPTS OF COTTON AT SOUTHERN PORTS
FROM
AND
JAN.
TO END
1
OF MAY.
FOR MONTH
1937,
1936
AND
OF MAY
1936
Chronicle
rates, both passenger and freight, had been advanced
the
May
Galveston
1935
1936
1937
52.284
15,663
13,701
1,285
6+924
22,719
Orleans..
~6+271
Mobile
1,843
1,934
33,656
2+64
3+349
2,841
11,625
Pensacola
529
800
Savannah
4,661
1936
188,829
147,008
4,300
11,065
579,726
122,498
1,150
Beaumont
New
8,492
Brunswick
to
revenue
from
the
offset
the
in
loss
higher
rates
earnings
served
resulting
to
and
that
from
the
shrinkage in the volume of traffic.
1937
14,271
20,441
1,136
41,229
109
Houston, &c__
Corpus Christ!.
added
extent
Since Jan. 1
Ports
July 17, 1937
1935
269,433
358,209
162,033
163,290
15,612
9,072
6,783
95
391,340
57,619
18,062
31,362
273,558
22,058
9,480
14,278
1+682
Contrariwise, the sav¬
ing in expenses then achieved was effected in face of higher
wage scales, the Railroad Labor Board having the previous
summer awarded a 20%
increase to the employees, at the
time
same
the
that
Commerce
Interstate
Commission
granted the carriers authority to put into effect higher rate
schedules
for
passengers
traffic remained
normal,
and
Had
freight.
business and
the higher rate schedules would,
"
"+559
Charleston
2,833
18
27
501
1,456
1,928
488
1,512
1,142
2+438
2,303
9,477
15,948
4,586
2+475
2,674
4,231
13,297
13,323
43
548
162
588
87,477 1,139,946 1,186,860
703.155
Lake Charles..
Wilmington
Norfolk
2,767
322
Jacksonville
130,589
Total.
190,101
713
according to the computations made at the time, have added
$125,000,000 a month to the gross revenues, and the higher
wage schedules would have added $50,000,000 a month to
the
payroll of the carriers,
as
was
pointed out by
at
us
the time.
other hand, in any attempt to appraise correctly
reduction in expenses effected in 1922 and 1921,
and the steady improvement in operating efficiency that
followed, the fact should not be overlooked that, as a result
On the
Results for
Tlie
Earlier
the
Years
gains (as indicated above)
recorded by the railroads
1937, in both gross and net
earnings alike—namely, $31,630,038 (or 9.87%) in the case
of the gross and $4,598,257 (or 5.69%) in the case of the
net, follow substantial increases in both gross and net—
$41,354,127 in the former and $10,397,914 in the latter in
May, 1936, but these gains, in turn, came after a decrease
of $2,489,273 and of $1,666,850 in gross and net, respectively,
in May, 1935.
In the previous year (May, 1934) the roads
had recorded an increase in gross of $26,769,505 but accom¬
panied by a decrease in net of $1,618,619, and in May, 1933,
there had been an increase in gross of $3,584,364 and a gain
in net of $27,428,140, but these increases followed tremen¬
dous losses in the three years immediately preceding.
In
May, 1932, our compilations showed a loss of $114,034,479
in gross and of $33,623,278 in net, and this followed $94,091,632 loss in gross and $30,320,738 loss in net in May,
1931, and $75,131,912 loss in gross and $35,711,276 in net
in May, 1930, business depression having been the cause
of the continuous decline in the three-year period.
In May,
1929, the returns, of course, showed improved results, but
of
the
not
during
country
the
to
extent
May,
having
expected,
regard
to
the
trade
activity prevailing at the time, but which wras reflected at
time
that
the
only in minor degree in the revenue returns of
Our compilations for May, 1929, showed
$26,179,817 gain in gross, or 4.86%, and $17,754,001
gain in net, or 12.9%. Moreover, this very moderate impro.vement came after poor or indifferent results in May,
1928, and May, 1927, one reason for this having been that
the agricultural communities of the country were even at
railroads.
only
that
time
suffering
already
depression,
greatly impairing
their
purchasing and consuming capacity, though the situa¬
tion in that respect was not so strongly accentuated as it
lias since become.
In May, 1928, our tabulations recorded
$8,823,323 decrease in gross, with $840,317 increase in net,
and in May, 1927, our tables also showed relatively slight
changes,
namely,
$1,088,017
increase
in
gross,
with
$1,063,507 decrease in net. An important fact to remember,
however, is that this last followed quite substantial im¬
(we
provement
speaking of the roads as a whole) in
May, 1925, when our compilation showTed
are
May, 1926, over
$28,515,298 gain in gross, or 5.85%, and $15,677,492 gain
in net, or 13.89%.
Moreover, these gains in 1926 succeeded
substantial improvement in 1925 over 1924, our tabulations
for May, 1925, having recorded $11,114,584 increase in gross
and $16,805,030 increase in net.
On the other hand, it is
essential
1925
to
came
extent
Our
bear in mind
that
these increases of 1926 and
after tremendous decreases in
constituted
statement
1924, and to that
merely recovery of what was then lost.
for
May,
1924,
showed
no
less
than
$70,-
476,133 falling off in the gross and $30,448,063 falling off
in the net.
These losses, in turn, however, followed pro¬
digious gains in the year preceding—that is, in May, 1923,
when the
of
totals
the roads
year
traffic, and
(as
gross
of exceptional
were
our
In May of that
size.
in enjoyment of an unexampled volume
were
compilations showed
compared
with
an
addition to the
the preceding
year) of no less
addition to the net in
than
$97,510,054, or 21.77%, and an
of $32,573,715, or nearly 35%.
bered, too, that the 1923 gains in net
the
sum
most
of
a
series
It should be remem¬
were simply the top¬
of increases that began long before 1923.
Thus
in
May, 1922, when business revival had already
begun, but when the carriers suffered a very notable reduc¬
tion of their coal tonnage by reason of the strike at the
unionized coal mines then prevailing
try
(coal
throughout the coun¬
loadings then having fallen off 47.4% as com¬
pared with May of the year before) there was only a very
small
or
improvement in
less
than
was
at the
same
time
a
con¬
of $23,995,177, and this brought about
augmentation in the net in
roughly, 43%.
earnings—only $4,069,751,
gross
1%—but there
traction in expenses
an
the
amount
of
$28,064,928,
or,
There was improvement also in the net in
the year preceding (1921), though gross at that time was
declining, owing to the collapse in trade.
The decrease in
the gross then was
reduction in
$13,214,331, but it was accompanied by a
expenses of $58,054,141, thus leaving a gain of
$44,839,810 in the net earnings.
The loss in the gross at
that time was only 2.89%, which, of course, failed to reflect
either the great falling off in traffic or the extent and
magnitude of the depression in trade under which the
country was then laboring, the reason being that railroad
big
of the antecedent
11993028324675
192
prodigious increases in the
expenses,
earnings in 1920 had been reduced to very low levels.
net
High
operating costs had been a feature of the returns for many
preceding, and it so happened that in May, 1920, the
"outlaw" strike, which served so seriously to
years
so-called
interfere with railroad operations
the previous month, con¬
tinued with greatly aggravated consequences.
In these cir¬
cumstances, it was no surprise to find that although gross
earnings increased $38,629,073 over the amount for May of
the
the augmentation in expenses reached
$22,372,391.
But, as already stated, the 1920 decrease in net was
merely one of a series of losses in net that had been con¬
tinuing through successive years.
As indicating how ex¬
penses had been mounting up, it is only necessary to note
that in May, 1919, though gross earnings increased as com¬
pared with 1918 in amount of $35,132,305, the augmenta¬
tion in expenses reached $69,091,093, leaving a diminution
in the net of $33,958,788.
Similarly, for May, 1918, our
compilations registered $31,733,655 increase in gross, but
$14,459,024 decrease in net, owing to an increase of $46,232,679 in expenses.
For the three years combined, there¬
fore, the loss in net for this single month was $70,790,203,
in face of an increase in gross earnings of $105,535,033.
Ex¬
penses in the three years for this month increased $176,325,236.
Even prior to 1918 rising expenses were a feature
11993264756837045
previous
year,
less than $61,011,464, leaving a loss in net of
no
of
the
though not, of course, to anywhere near
subsequently developed.
In the following
returns,
the extent which
show the
we
We
May comparisons for each
year
give the results just as registered by
each
back to 1909.
our
own
year:
tables
_____
Increase
Gross Earnings
(+)
Decrease
M onth
of
Year
May
Given
Preceding
Mileage
or
(—)
Year
Year
Amount
Per
Cent
$196,826,686 $170,600,041 +$20,226,645 + 15.37
-f-31,983,395 + 16.25
198,049.990
230.033.384
—4,624,078 —1.99
226,442 818 231,066,896
+2.67
+6,044,698
232,229,364 226,184,666
+30,616,063 + 13.14
263,496,033 232,879,970
—26,007,920 —9.73
239,427,102 265,436,022
+ 1,324,785
+0.54
244,692,738 243,367,953
+63,448,411 +25.94
308.029.096 244,580,685
+ 45,692,063 + 14.82
353,825,032 308,132,969
+31,773,655
+9.28
191S.
373.237.097 342,463,442
+35,132,305
+9.29
378,058,163
413,190,468
+38,629,073 + 11.08
387,330,487 348,701,414
444.028,885 457,243,216 —13,214,331 —2.89
+4,069,751
+0.92
447,299,150 443,229,399
+ 97,510,054 +21.77
1923_._____
545,503,898 447,993,844
1924.......
476,458,749 546,934,883 —70,476,133 —12.89
+2.33
+ 11,114,584
487.664.385 476,549,801
+5.85
+28,515,298
516,467,480 487,952,182
+ 1,088,016
+0.21
517,543,010 516,454,998
—8,823,323 —1.70
509,746,395 518,569,718
+4.86
+26,179,817
510,543,313
536,723,030
1930.
462,444,002 537,575.914 —75,131,912 —13.95
368,485,871 462.577,503 —94,091,632 —20.35
254,382,711 368,417,190 —114,034,479 —30.95
+ 1.41
-t 3,584,364
257,963,036 254,378,672
+ 26,769,505 + 10.50
1934.......
281,627,332 254,857,827
1935
—2,489,273 —0.88
279,153,707 281,642,980
+41,354,127 + 14.82
1936..
320,487,420 279,133,293
+ 9.87
+31.630,038
1937
320,414,211
352,044,249
...
Net Earnings
Inc.
(+)
Year
Given
Preced'g
220,314
229,345
236,230
235,410
239,445
246,070
247,747
248,006
248,312
230,355
233,931
213,206
235,333
234,931
235,186
235,894
236,663
236,833
238,025
240,120
241,280
242,156
242,716
241,995
241,484
238,983
237,951
237,012
235,873
or
217,933
225.274
232,603
231,597
236,619
243,954
245,207
247,189
247,842
228,892
234.339
211,040
234,916
234,051
235,472
234,452
236,098
236,858
237.275
239,079
240,798
241,758
242,542
242,163
242,143
240,906
238,980
238,159
236,357
Dec. (—)
Month
of
May
1909
1910...
1920..
1927.......
1928
1929..
Year
Year
Given
Preceding
$64,690,920
70,084,170
69,173,574
66,036,597
73,672,313
57,628,765
71,958,563
105,598,255
109,307,435
91,995,194
58,293,249
28,684,058
64,882,813
92,931,565
126,173,540
96,048,087
112,859,524
128,581,566
126,757,878
128,780,393
146,798,792
111,387,758
81,038,584
47,429.240
74,844,410
72,084,732
70,416,370
80,729,491
85,335,430
$49,789,800
64,857,343
70,868,645
68,488,263
66,499,916
73,385,635
57,339,166
71,791,320
105,782,717
107,454,218
92,252,037
51,056,449
20,043,003
64,866,637
93,599,825
126,496,150
96,054,494
112,904,074
127,821,385
127,940,076
129,044,791
147,099,034
111,359,322
81,052,518
47,416,270
73,703.351
72,083,220
70.331,577
80,737,173
Amount
+$14,901,120
t-5,226,827
—1,695,071
—2,452,666
+7,172,397
+15,756,870
+ 14,619,397
+33,806,935
+3,524,718
+14,459,024
Per Cent
+29.93
+8.06
—2.39
—3.58
+10.79
+21.47
+25.50
+47.09
+3.33
+ 13.58
—33,958,788
—36.81
—22,372,391
+ 44,839,810
+ 223.72
—43.82
+28,064,928
+32,573,715
+43.27
+34.79
—30,448,063
+ 16,805,030
+ 15,677,492
—1,063,507
+840,317
—24.07
+17,754,001
-t-17.49
+ 13.89
—0.83
+0.66
+12.09
—35,711,276
—30,320,730
—33,623,278
—24.22
+27.428,140
+57.85
—27.23
—41.48
—1,618,619
—1,666,850
—2.20
+10,397,914
+4,598.257
+14.78
+5.69
—2.31
Volume
Financial
145
91; International Tel. & Tel. 4%s, 1952, at 71%
The Course of the Bond Market
changed.
Bond
prices
grades
ground.
some
off
eased
have
continued
bonds,
which
States
Governments,
High
lost
Industrial
gains
Rubber
%.
at 114 gained
definitely weaker.
4%s, 1966, at 67%
Central
demand for utility
The
all
Union Pacific 4s,
were
generally
been
the
MOODY'S BOND
All
U. S.
94, off %
of the
list moved
some
firmness,
3 to 4 points.
but the balance
irregularly within narrow limits.
bond yield averages
given in the following tables:
MOODY'S
AVERAGES (REVISED)
BOND YIELD
(Based on Individual Closing Prices)
All
Corp*
120 Domestic Corporate
120 Domestic
1937
120
by Ratings
Corporate by Groups
Daily
Domes-
ticCorp.
120 Domestic
by Ratings
Corporate by Groups *
tic
Bonds
Daily
Averages
under renewed pressure of
Moody's computed bond prices and
PRICES (REVISED)
120 Domestic Corporate *
120
Domes¬
Govt.
lower.
shown
have
(Based on Average Yields)
1937
Socony-Vacuum
%-point rise to 106 of
Sino-Japanese conflict, suffered losses of
issues
are
A
Aa
Aaa
The
of the most important
foreign bond market has centered chiefly
Polish
1946, rose 4 to
Virginia Public Service 6s,
one
The non-ferrous metals have been quiet, while
pro¬
more
steady,
Japanese bonds which,
around
but
Iowa-Nebraska Light & Power 5s, 1957, ad¬
week;
1 to 98;
vanced
have
fairly
Interest in the
tone.
unchanged at 105%.
4s, 1965, closed
amusements drifted
firm
Brooklyn Union Gas 5s, 1950, closed at
nounced.
for the
grades
lower
among
been
3%s, 1950.
1940, lost 4 at 60.
a
Steel
have
Paper & Fibre
In the steel section,
106%.
to
part.
& Rubber
Obligations of paper
Champion
favor,
%
advancing
changes being the
down-2%; New
High-grade utilities moved within a very narrow range,
fluctuations
oils
in
have been
1950,
National
bonds has not been an active one,
maintained
have
classes
4%s,
Lower-grade railroad bonds have
Erie 5s, 1975, declined 2% to 73;
New Haven & Hartford 6s,
York
but
at 111%;
1958, were up %
Quincy 4s,
Illinois
issues declined, Goodyear Tire
company
companies
Chicago Burlington &
4s, 1995, advanced 1% points to 111;
% point at 64%.
part of last week's gains, but
up
gave
5s, 1957, closing % point lower at 105.
Atchison gen.
High-grade railroad bonds have been firm.
'been
closed at 46%, down 1%;
4s, 1960,
recessions have been limited to fractions for the most
on
Thursday.
1947,
bonds
were un¬
generally weak.
have been
York tractions
Interborough Rapid Transit 7s, 1932, lost
the United
and
fair-sized
recorded
New
Third Avenue Railway
found in the utility
ahead,
push
to
which
rails
second-grade
exceptions were
The
this week.
little
a
and
fractionally
declined
341
Chronicle
Baa
RR.
P.
U.
Indus.
Averages
108.85
30
For
Baa
Aa
Aaa
RR.
P. U.
Indus
eigne -
3.52
5.20
101.58
113.89
110.24
100.53
85.24
94.97
101.58
July 16—
3.91
3.27
3.45
3.97
4.95
4.30
July 16— 108.90
3.91
113.89
110.63
100.53
85.10
94.97
101.58
109.05
15-
3.91
3.27
3.43
3.97
4.96
3.91
3.51
101.58
4.30
108.90
14-
3.91
3.27
3.43
3.96
4.96
4.30
3.91
3.51
15—
113.89
110.63
100.70
85.10
94.97
101.58
109.05
110.63
100.70
85.38
95.29
101.41
109.44
13-
3.90
3.26
3.43
3.96
4.94
3.92
3.49
101.76
114.09
4.28
108.71
110.43
100.53
85.38
95.13
101.23
109.44
12-
3.90
3.25
3.44
3.97
4.94
3.93
3.49
101.76
114.30
4.29
12- 108.71
114.30
110.43
100.53
85.38
95.13
101.23
109.44
10-
3.90
3.25
3.44
3.97
3.93
3.49
101.76
4.29
108.65
4.94
113 89
110 24
100 53
85.24
95.13
101.06
109.24
9—
3.91
3.27
3.45
3.97
4.95
4.29
3.94
3.50
3.97
4.95
4.29
3.94
3.50
14-
108.77
101.58
13—
10—
9—
108.59
101.58
8—
108.60
101.58
113.89
110.24
100.53
85.24
95.13
101.06
109.24
8—
3.91
3.27
3.45
7—
101.58
113.89
110.43
100.53
85.10
95.13
100.88
109.24
7_.
3.91
3.27
3.44
3.97
4.96
4.29
3.95
101.06
109.84
100.18
84.55
94.81
100.35
109.05
6..
3.94
3.28
3.47
3.99
5.00
4.31
3.98
108.53
113.68
3.51
6—
5.15
3.50
108.54
'
v1'-. 5- Stock
■
Clos
Exchan ge
3— Stock
Exchan ge Clos ed
Exchan ge Clos ed
100.38
113.68
109.84
100.00
83.87
94.33
100.18
108.66
2-
3.95
3.28
3.47
4.00
5.05
4.34
3.99
3.53
2— 108.39
99.83
83.46
94.01
100.00
108.66
1—
3.96
3.29
3.47
4.01
5.08
3.53
100.70
109.84
4.36
108.40
113.48
4.00
1
5— Stock
—
Exchan ge Clos
3- Stock
Weekly—
Weelly—
5.17
100.70
113.48
109.64
99.83
93.87
94.33
99.83
108.66
June 25—
3.96
3.29
3.48
4.01
5.05
4.34
4.01
3.53
5.12
108.36
113.89
100.35
85.10
95.13
100.70
109.24
18-
3.92
3.27
3.45
3.98
4.96
4.29
3.96
5.13
101.41
110.24
3.50
18— 108.44
101.76
113.89
110.43
100.70
85.65
95.95
100.88
109.24
11-
3.90
3.27
3.44
3.96
4.92
4.24
3.95
3.50
108.53
5.11
110 24
100.35
85.65
95.46
100.70
109.05
4-
3.91
3.29
3.45
3.98
4.92
4.27
3.96
3.51
5.19
4.92
4.26
3.97
3.52
4.89
4.27
3.95
3.53
5.27
June 25—
11
—
4—
108.59
101 58
113 48
3.92
3.30
3.46
3.98
3.91
3.31
3.47
3.98
14-
3.93
3.35
3.49
4.01
4.88
4.29
3.95
3.55
5.35
7-
3.91
3.34
3.51
3.99
4.81
4.25
3.93
3.56
5.37
Apr. 30—
3.96
3.39
3.55
4.03
4.86
4.30
3.96
3.62
5.41
23..
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3.64
5.31
16-
3.96
3.41
3.57
4.03
4.81
4.26
3.96
3.64
5.33
4.33
4.04
3.70
5.33
May 28— 108.73
101.41
113.27
110.04
100.35
85.65
95.62
100.53
108.85
108.22
101.58
113.07
109.84
100.35
86.07
95.46
100.88
108.66
21
14— 107.97
101.23
112.25
109.44
99.83
86.21
95.13
100.88
108.27
7— 108.03
101.58
112.45
109.05
100.18
87.21
95.78
101.23
108.08
Apr. 30— 107.59
100.70
111.43
108.27
99.48
86.50
94.97
100.70
106.92
23-. 107.17
100.70
111.23
107.69
99.48
86.92
95.29
100.70
106.54
99.48
87.21
95.62
100.70
106.54
21
—
2„
—
100.70
111.03
107.88
107.23
99.48
109.64
107.11
98.45
85.65
94.49
99.31
105.41
9-
4.03
3.48
3.61
4.09
4.92
107.19
100.18
110.63
107.49
98.80
86.64
95.13
99.83
106.17
2-
3.99
3.43
3.59
4.07
4.85
4.29
4.01
3.66
3.53
4.03
4.76
4.23
3.96
3.60
5.33
16-. 107.79
9—
May 28-
5.36
Mar;25— 108.40
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar.25—
3.93
3.37
19— 109.32
101.23
111.84
108.46
99.14
87.93
96.11
100.88
107.30
19..
3.93
3.37
3.54
4.05
4.76
4.23
3.95
3.60
5.26
101.76
108.27
12..
3.87
3.32
3.50
3.98
4.66
4.15
3.90
3.55
5.30
12— 110.76
102.30
112.86
109.24
100.35
89.40
97.45
5- 111.82
103.74
114.09
110.43
101.76
90.75
98.45
103.38
109.44
5„
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
102.12
90.59
98.62
103.93
109.84
Feb. 26-
3.78
3.23
3.42
3.88
4.58
4.08
3.78
4.47
5.13
4.55
4.06
3.77
3.49
5.13
3.46
5.18
5.19
Feb. 26— 112.18
103.93
114.72
110.83
lO- 112.12
104.11
114.30
110.83
102.48
91.05
98.97
104.11
109.44
19-
3.77
3.25
3.42
3.86
ll— 112.20
104.48
114.93
111.03
102.84
91.51
99.66
104.30
110.04
11-
3.75
3.22
3.41
3.84
4.52
4.02
3.76
5— 112.34
5-
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
29—
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5.34
112.05
22„
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
5.39
112.25
15-
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
5.41
112.25
8—
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
3.74
4.46
3.92
3.66
3.34
5.11
4.04
3.70
5.43
105.04
115.78
111.84
103.38
91.66
1C0.00
105.04
110.63
112.21
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
22__ 112.39
106.17
117.72
113.27
104.30
92.38
101.23
105.79
15— 112.53
106.36
118.16
113.48
104.48
92.28
101.23
106.17
106 36
117.94
113.89
104.48
91.97
101 23
106.17
Jan. 29—
8..
112.71
5.24
Jan.
5.43
High 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
Low 1937
3.64
3.07
3.27
Low 1937 107.01
99.48
109.64
107.11
98 28
82 66
93.06
99.31
105.41
High 1937
4.03
3.48
3.61
4.10
5.14
4.42
3.90
3.21
3.48
4.05
4.84
4.31
3.86
3.52
5.77
4.45
5.68
4.97
4.25
3.95
5.95
1 Yr. Ago
July 16*36 109.81
1
101.76
115.14
109.64
99.14
86.78
94.81
102.48
2 Yrs.Ago
July 16*35 109.07
*
Yr. Ago
July 16*36
108.85
2 Yrs.Ago
193.53
108.27
102.12
92.59
These prices are computed from average
evel or the average movement of actual
75.94
84.96
95.78
100.88
,
yields on tne basis of one "typical" bond (4% coupon,
They merely serve to iUustrate in a more
the bond market.
price quotations.
3.88
3.55
4.39
July 16*35
maturing In 30 years) and do not purport to show either the average
comprehensive way the relative levels and the relative movement, of
yield averages, the latter being the truer ploture of
BOOK
The'JTheoryEof Forward Exchange.
By Paul Einzig.
520 Pages.^New York:
The Macmillan Co.
$7.60
appeared, the best known discussion of
forward exchange—defined by Mr. Einzig as foreign ex¬
change "bought or sold for future delivery
(hence the
Until
this
American
book
name
'futures')
against payment on delivery"—
Reform,"
his in¬
debtedness to Keynes, whose views he frequently refers
to and occasionally criticizes, but his own exhaustive re¬
search, far and away the most thorough and comprehensive
was
that found
in
Keynes's "Tract on Monetary
published in 1923.
Mr. Einzig freely acknowledges
and uncovered
covered
of
REVIEWS
foreign balances, arbitrage and
Under the general head of the theory of for¬
exchange the author examines such questions as inter¬
speculation.
ward
the theories of reciprocity and purchasing
parity, the trade balance, international lending, the
relation between spot and forward rates and between long
and
short rates, and forward
exchange under the gold
standard and paper currencies.
Still another group of chap¬
est
parities,
power
interprets forward exchange rates in the cases, respec¬
ters
tively, of sterling, the dollar, franc, mark, lira, belga and
one or
two other currencies.
The policies of the various
^
enabled him to present
the subject in a way that sweeps the field of history, theory
and practice.
For any one who wishes or needs to under¬
stand the difficult subject in all its details, as well as to
follow a critical examination of what other students have
that has
so
said about
far been attempted, has
of the contents of the 47 chapters will suf¬
indicate the broad scope of the work.
The first
fice
to
three
chapters point out some of the
difficulties which the
are
reviewed, intervention for defense or for
is considered, and forward rate and
compared.
Appendices give, in ad¬
dition to a bibliography, elaborate statistics of forward
rates from 1921 to 1936, and charts exhibit the forward
commercial
bank
rate
purposes
policies
rates for the
are
dollar, the franc and the reichsmark and their
interest
parities.
Mr. Einzig disclaims
it, this is the book.
A summary
banks
central
any
intention of making his book
propaganda for his personal views regarding either the
theory or the practice of forward exchange, and on contro¬
verted
questions he is content to present the various sides
enforcing an opinion.
He does, however, in clos¬
inquiry has to overcome, due to lack of assured informa¬
tion about some of its aspects, and set down a useful list of
without
employed.
These are followed by an
account of the origin of forward exchange, early dealings
system is likely to disappear.
the forward
exchange market since the World War.
A further series
of chapters deals with the nature of the forward exchange
market and its operations, including the relation of forward
exchange to trade and foreign investment, and the questions
is
definitions
and their
of terms
significance, and the development of
ing,
allow
himself to ask whether the forward exchange
Since the system is part and
parcel of the foreign exchange system as a
whole, "its fate
largely, though not exclusively, determined by the future
of the foreign exchange market."
It is Mr. Einzig's con¬
viction that the international transfer of funds will eventu¬
ally be conducted through an
ing
system, which
international exchange clear¬
he regards as more rational than the
342
Financial
but
present practice,
nevertheless sees
be
reason
no
the present
system should not survive for many years.
does not look for early stabilization of the exchanges,
for
why
He
Chronicle
The
official intervention in forward
exchange, due in part,
ap¬
market were abolished, forward exchange
facilities would probably continue in one form or another,
eign
exchange
until
and
"unless
for
economic
the
and
social
system
is
and foreign trade ceases to involve
private profit and risk, there will always be a tendency
on the part of some people to safeguard themselves against
risk, and there will always be people willing to assume
that risk in the hope of a profit."
completely,
changed
By Marshall D. Ketchum.
The Fixed Investment Trust.
85
The
Chicago:
Pages.
Press.
$1
University
of
Chicago
trust
ment
as
financial
a
and
structure
form
and
a
The
methods.
successive
discussion
of
its
chapters
deal with the characteristics of the investment company in
general, the history of the contractual type investment com¬
and the theory of that type, the structure and operat¬
pany
ing methods of such companies, and the history and status
investment
of
of
companies
the
contractual
type
Commenting upon the "confusing trends" since 1933, the
author notes that "the investment company as a whole has
remained quiescent.
The fixed type has saved itself from
extinction by changing its portfolio policy to one of semifixity, or restricted management.
The use of shares of the
fixed company as the investment medium for a new type of
company, the systematic investment trust, has also helped
it to carry on.
Still another type, the mutual fund, which
during the depression also benefited from the unpopularity
of the management type, has been coming to the fore.
As
the recovery phase of the cycle progresses the management
showing some evidences of vitality, slowly regains
of its prestige.
The most recent trend in the field
type,
some
expansion of the fixed company and its adapta¬
has been the
in
tions
England, where
and
companies
58
are
present
at
in
The book is in large part a study of the causes
existence."
of "these shifts in popularity from one type
progress
Federal
of the
to another."
TRADE—COMMERCIAL
OF
STATE
EPITOME
Friday Fight, July 16, 1937.
executives
well
sharply last wee> to 92.1, as
activity dropped
against 99.4 for the previous week and
89.3 for the corre¬
sponding week of last year, according to the "Journal of
Commerce."
index
business
to
stills.
activity
with
declined
the Independence
over
the
exception
Day
of
petroleum
automotive activity was
the drop in
Also,
operating rate of the
industry is currently at 83% of capacity and will
steel
reach 85%
"Iron
The
small.
surprisingly
the
attributed largely to the sharp cur¬
was
It was stated that all components of the weekly
holiday.
runs
This
business
of
tailment
or
higher by the end of the week, according to
It is reported that the
Age."
the downward trend in
moderate
Motors
1938
extent
from
has placed
models.
average
buying of steel has come to a
new
the
onlTT reversal of
automotive
industry.
orders for fair-sized lots of
Ford is reported as
General
sheets for
inquiring for sheets for
250,000 cars.
A general buying movement by the automo¬
tive
industry
is expected within
new
models.
Electric
7.2%
over
ing week.
for
the
a year
ago,
power
the next few
weeks for
output shows an increase of
but a loss of 3.1% from the preced¬
Production of electricity in the United States
ended July 10 in actual figures was 2,096,-
week
266,000 kilowatt hours.
The American Telephone & Tele¬
Securities
and
Ex¬
and
the methods
of payment
of 38 retail
com¬
The
known.
annual
payments
shown
widely
vary
the different companies, but in general the com¬
pensation paid by chain stores is found to be lower than
that paid by department stores, the larger firms in each
among
paying larger amounts, naturally, than smaller ones.
hand, the compensation paid by department
store companies is found to exceed in general that paid
group
the other
On
by industrial firms, the highest paid officer in the larger
industrial
companies being excepted.
relation to sales
In
executive compensation
appears
unimportant,
only 1% of the customer's dollar going for such compensa¬
tion in
department stores during the period dealt with, and
only 0.3% in chain stores.
The report suggests that this
difference "may reflect differences in sales per firm, in
the degree to which routine or mass procedures can be
employed, in the character of executive judgment required,
and in
the
amount
The inquiry
incurred."
risk
of
extends also to compensation under incentive
plans, of which there are 15 examples among the chains
and eight among the department stores in the list used.
finds
author
The
that
bonus
accounted
payments
for
a
larger proportion of total compensation in chain stores than
in
stores, but with total compensation under
fluctuating with sales and earnings more
department
bonus
plans
companies having
widely than in
the
depression years,
and
severely,
moreover,
salaries
such plans.
no
bonus payments
During
were
cut
declined.
Dividend payments
were, for chains, nearly six times
also
during the seven years
the total of executive compensation, and nearly three times
as
in the department store
much
executives
ment
store
much
voting
in
stock
group.
Although depart¬
"ordinarily owned about twice as
their companies as did chain store
executives," "no apparent relationship"
the proportion
found "between
was
of stock owned and the percentage of
earn¬
ings paid to executives, nor was there evidence that large
earnings necessarily accompanied extensive stock ownership
by management."
the
Activity
government's July crop report, promises
important
an
stimulus to business activity in the coming months.
volume
Business
$1
derived mainly from reports
panies for each year from 1928 to 1935.
The 38 companies
are chosen from a variety
of fields and in each case are
Indications of Business
THE
Harvard
Commission and
Trade
Retail
Baker.
Graduate School of
change Commission, regarding the compensation of business
in
England.
Boston:
This bulletin presents data,
the outlay for
This valuable monograph combines a history of the invest¬
theory,
Pages.
Business Administration.
standard in the near future.
On
the other hand, there is likely, he thinks, to be more active
parently, to improvement in the technique of central banks
and exchange equalization accounts.
Even if the free for¬
Compensation of Executive Officers of
Companies, 1928-1935.
By John Calhoun
34
nor
return to the gold
a
July 17, 1937
the past week, though gains of 10% to
last
over
Retail
somewhat curtailed by rain and excessive heat
was
the increase
year,
20%
registered
were
being due partly to
seasonal
promotional events, according to Dun & Bradstreet's trade
review.
Car
loadings
of
revenue
freight
in
the holiday-
shortened five-day week ended July 10 totaled 682,205 cars.
The
the
were
42,072
123,963
cars
below the 1936
was
an
unfair comparison, as both these
full six-day weeks.
The dollar volume of
week
previous
comparative
periods
that the decrease of
pointed out
report
from
and
cars
in the first six months of
orders booked
win Locomotive Works
1937 by the Bald¬
and subsidiary companies expanded
to
$19,638,082 from $16,865,613 in the corresponding period
year
before.
June orders were
$2,585,080 against
$1,978,126 in May and $3,229,571 in June, 1936.
In the
the
central and northern portions of the country the week was
characterized
by abnormally warm weather, moderate tem¬
peratures in the South, and relatively cool weather over a
large
Southwestern
Weather
Bureau
area,
vailed in much of the country,
not
nearly
states.
so
For
high
the
as
week
the
Middle
Atlantic
central valleys, the
ern
Great
temperatures in general
this
ended
a
were
time last year, the report
July 14, 1936, the maxima
100 to 110 degrees from New York
ranged generally from
and
at
to the Government
decided heat wave pre¬
according
While
report.
States
westward
over
all
of the
Great Lakes, and the central and north¬
the weekly averages ranging from
20 degrees above normal throughout
Showers of the week were decidedly helpful in
Plains, with
Co. showed net earnings of $190,538,672 for the 12
months ended June 30, equal to $10.20 a capital share, and
6 degrees to more than
capital share
the previous
year.
The Class I railroads during June
had estimated operating revenues of $280,287,565 compared
with $268,433,167 for June, 1936, or an increase of 4.4%.
most of the
graph
compares
with net of $138,298,643, or $7.41 a
Some careful
observers assert that if steel
tinue
next
for the
few wTeeks at the high
operations con¬
rate of the cur¬
the adjusted business
index would appear probable.
It is further stated that if
auto production holds another week or so at last week's
rate, adjusted indices for July might even advance.
The
summer trend depends almost entirely .on the course of these
two lines, since most other industries are experiencing re¬
cessions of only normal seasonal proportions.
The prospect
of normal outturns for most important crops, indicated by
rent
period, no further recession in
the
area.
occurred
in
Southern
much
States,
while good, substantial rains
of the Rocky
Mountain
area,
the latter
being especially beneficial in much of Arizona, New Mexico,
western
week
situation
was
winter
Utah and Wyoming.
In Wyoming the
is reported as the best in years.
The
favorable for farm work, and the harvest of
Colorado,
moisture
wheat
is
northern sections.
now
mostly
completed,
excent
in
some
In the New York City area the weather
generally has been much more comfortable than the previous
week, much cooler temperatures prevailing, though with
considerable rain.
Today it was fair and warm here, with
temperatures ranging from 70 to 89 degrees.
for
The forecast
cloudy, probably local tliundershowers to¬
night and Saturday.
Cooler Saturday afternoon and night.
was
partly
Volume
Financial
145
Overnight at Boston it
was 64 to 76; Baltimore, 74 to 90;
Pittsburgh, 70 to 90; Portland, Me., 62 to 70; Chicago, 70
to 88; Cincinnati, 76 to 90; Cleveland, 70 to 88; Detroit,
74 to 90; Charleston, 74 to 90; Milwaukee, 72 to 88; Sa¬
vannah, 74 to 92; Dallas, 74 to 92; Kansas iCitv 64 to 98;
Springfield, Mo., 70 to 92; Oklahoma City, 76 to 96; Salt
Lake City, 60 to 88 ; Seattle, 56 to 74; Montreal, 66 to 74,
and Winnipeg, 58 to 70.
Chronicle
or
15.4% from the preceding week;
Co.
Finds
and
Production
Trade
of 116,703 cars,
crease
for the
week of 1936 and
week of 1935.
fact
The
"the first
that
half
1937
of
shadowing
with
French
the
to
comes
close
a
difficulties
monetary
over¬
Spanish war in
from abroad," is noted by Colonel Leonard
the
even
the foreign news
developments of
a
were
71.1%
been
the
ability
the
industrial
of
production
The first 18 major railroads to report for the week ended
July 10, 1937, loaded a total of 313,367 cars of revenue
freight on their own lines, compared with 371,821 cars ill
the preceding week and 338,033 cars in the seven days ended
July 11, 1936.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM
activity to move steadily ahead with almost full dis¬
for the continuing flow of items of bad news."
'The volume of industrial production," he notes, "remained
regard
unchanged at 118% of the 1923-25 level during March, April,
May.
June output will probably prove to be
Colonel Ayres further comments as follows:
The
about 116."
The
gradual slowing down of business which has come as the inevitable
result
of
the
widespread
construction,
indexes
their
of
effects
levels
the
in
stock
bull
market
a
followers
The
Loaded
weak
the
in
yet
as
of
shown
have
its
are
weeks
few
a
I.
has been
0.
Its
speculative
under
suffered
way
there was a
real
with its
own
securities,
to believe
wondering whether
or
France
it
not
the
in
are
with
Atchison Toreka & Santa Fe Ry.
Baltimore & Ohio RR
are
we
familiar
in
During most of
been
Poincare imposed
another
in
bear
a
market.
drastic
his
the
the
rally.
A
real
208.7)2 weeks
*
207.0
208.1
208.4
.—208.2
209.5
in
was
1926.
reversal
awaits
ago,
a
war
strong
There
Now
a
July 2
22,845
5,467
6,509
4,779
32,126
15,464
17,987
16,138
21,786
22,884
9,090
12,297
8,985
14,831
20,875
7,356
7,901
8,366
21,503
21,554
7,739
8,486
8,722
9,703
16,376
15,048
9,898
10,672
1,998
2,413
1,732
1,548
1,405
International Great Northern RR
1,728
2,174
2,006
1,916
1,932
1,545
Missouri-Kansas-Texas
4,887
5,509
5,355
3,060
3,386
3,044
RR
Missouri Pacific RR-
16,682
18,937
15,926
8,612
9,324
7,824
New York Central Lines
37,437
45,446
39,867
33,948
42,642
New York Chicago & St. Louis Ry
Norfolk & Western Ry
4,234
5,420
10,248
23,549
4,987
20,955
8,632
19,727
4,572
5,810
35,922
8,716
4,176
Pennsylvania RR
—
62,360
74,244
65,438
39,624
48,384
39,220
Pere Marquette Ry
4,932
6,353
5,413
4,630
Pittsburgh & Lake Erie RR
6,218
7,491
6,910
5,962
27,803
34,234
27,362
X8.118
5,706
7,238
x9,821
X6.894
4,698
5,226
6,750
7,907
8,596
7,854
—
-
Southern Pacific Lines
Wabash
—
Ry
Total
x Excludes
cars interchanged
New Orleans RR. Co
LOADINGS
TOTAL
Index
The "Annalist" announced
balanced
between
AND
S.
P
.Co.-Pacific
RECEIPTS
FROM
July 10, 1937
Chicago Rock Island & Pacific Ry.
niinois Central System
St
.207.1
198.3
177.2
208.7
162.7
228.1
198.2
Wholesale
of
Commodity
July 13
Total
average.
cows,
beef lard, cotton, hides and zinc made
advances.
WEEKLY
13,526
69,510
Texas
July 11,
78,992
This
revenue
was an
&
1936
26,558
29,542
11,423
ing week in 1936 and 335,042
24.1% above the correspond¬
71.1% above the corresponding week
weeks in the two previous years, however,
included Fourth of July Holiday.
in
1935.
The
Loading of
or
cars
revenue
4 2%
cars or
corresponding
freight for the week of July 3
was an
increase of 32.435
above the preceding week.
Miscellaneous freight loaded totaled 325,232 cars, an increase of
9,223
above the preceding week, 60,643 cars above the
cars
in 1936, and
127,512
cars
corresponding week
above the corresponding week in 1935.
Loading of merchandise less than carload lot freight totaled 169,147 cars,
an increase of 2,571 cars above the
preceding week, 27,095 cars above the
corresponding week in 1936 and 35,572
cars above the same week in 1935.
Coal loading amounted to 117,453 cars, an increase of 3,964 cars above
the preceding week, 11,984 cars above the
corresponding week in 1936 and
67,292
cars
Grain
10,495
above the
and
cars
grain
same
week in 1935.
products loading totaled
above the preceding week, 9,922
5^1,878
cars,
an
41,677 cars an increase of 9,801
increase of
11,531
cars
cars above the preceding week,
above the corresponding week in 1936.
Live stock loading amounted to 11,442 cars, a
decrease
the preceding week, but an increase of 46 cars above the
and
2,827
cars
above the
same
week in 1935.
of 999
same
cars
below
week in 1936
In the Western
Districts
alone, loading of live stock for the week ended July 3 totaled 8,480 cars,
a
decrease of 696
below the preceding week, but
cars
an
increase of 31 cars
above the corresponding week in 1936.
products loading totaled 41,723
cars
above the
same
Ore loading amounted to
the preceding week,
33,453
preceding week, 2,509
(1926=100)
increase of
same week in 1935.
In the Western
Districts alone, grain and grain products loading for the week ended
July 3
week in
cars,
an
78,790 cars,
cars
increase
same
above the
same
cars
of 1,970
cars
week in 1936, and
1935.
an
above the
increase of 4,453
above the
same
above
cars
corresponding week in
1936,
1935.
Coke loading amounted to 10,503 cars, an increase of 758
COMMODITY PRICES
an
above the corresponding
cars
week in 1936 and 28,000 cars above the
and 48,103 cars above the corresponding week in
INDEX OF WHOLESALE
67,523
reviewing the
freight for the week ended July 3, totaled 806,168
increase of 156,465 cars or
above the preceding week, 10,813 cars above the
lower, along with barley, hogs, lambs, eggs, silk
rubber, while steers and
3, 1937
The Association of American Railroads in
week ended July 3, reports as follows:
19,771
"ANNALIST"
and
31,523
31,150
16,319
27,435
-
Forest
The "Annalist" announcement continued:
THE
Lines
CONNECTIONS
July
28,549
Louis-San Francisco Ry
cars.
July 15 that price changes were
week, and largely
index being un¬
changed at 95.3% of the 1926
were
5,091
(Number of Cars)
new
moderate for the most part during the past
offset each other, the "Annalist's" price
corn
4,518
313,367 371,821 338,033 183,543 218,344 182,551
totaled
Wheat and
1,054
was
a
Month ago, June 16
Year ago, July 16
1936 High—Dec. 28
Low—May 12
1937 High—April 5
Low June 14
Prices Unchanged During Week Ended
and
11
1936
13,583
and
Weekly
July
1937
move¬
the
No index.
"Annalist"
July 3
34,120
32,209
some
long-term
time since
There
reforms
in
Moody's Index of Staple Commodity Prices advanced
moderately this week, closing at 209.5 on Friday, as com¬
pared with 208.7 a week ago.
The principal changes were the rise in wheat and steel
scrap, and the declines in cotton and hogs.
There were also
moderate advances in cocoa, hides and wool, and moderate
declines in silk, rubber, corn and sugar.
Prices of silver,
copper, lead and coffee remained unchanged.
The movement of the index during the week, with com¬
parisons, is as follows:
9
10
12
13
14
15
16
10
1937
have
may
also
following the departure from gold last autumn.
promises
11 July
1936
Gulf Coast Linefl.i—„4.„—
Loading of
*
July
1937
16,798
Chicago Burlington & Qulncy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
it
Moody's Commodity Index Advances Moderately
July
Sat.
July
Mon.
July
Tues.
July
Wed.
July
Thurs. July
Fri.
July
July 3
28,160
27,504
19,918
14,700
.
Chesapeake & Ohio Ry
its
budget.
Fri.
10
1937
Weeks Ended—
affairs of
monetary
which
has
finance
when
Recced from Connections
Weeks Ended—
or
that
and both
recession,
July
the
in
for
came
a
has
grew
ago
power
markets
observers
many
Now it has
security markets.
public
devaluation
and
estate,
opponents
those
the
one
in
of labor unions
forms
new
in
Own Lines
on
Weeks Ended—
passed its peak.
like
recovery
degree
trading since early
which
Until
for the C.
happens
real
developments
French
increased costs
adverse influences
of
that
as
March.
way
as
movement.
and
of
ments
definite
last
under
or
and
measure
the
Stock prices have drifted to lower
security markets.
as
much
one-way
reached
of
small
only
but the
trade,
organizing workers into
since
movement
commodities,
a
of
setback
a
momentum
was
and
March,
prices have declined during most of the past six months.
The business
suffered
in
apparent
and
progressively smaller volumes
on
bond
and
become
has
production
difficulties,
labor
CONNECTIONS
(Number of Cars)
and
trade
and
rise
a
week of
same
1935.
July 15.
Colonel Ayres makes the observation that
noteworthy feature of American business con¬
has
those for the corresponding
over
gain of 8.4% when compared with 1936 and
most
ditions
For the week ended
24.1% above those for the like
25.4% when comparison is made with the
Ayres, Vice-President of the Cleveland Trust Co. of
Cleveland, Ohio, in the company's "Business Bulletin"
"the
in¬
an
the total loadings
over
Loadings for the week ended June 26, 1937,
P.
issued
cars, or
h
with the steel strikes dominating the business news in this
country, and
of
20.6%,
or
corresponding week of 1935.
July 3, 1937, loadings
ActivityJMoving
Ahead Despite Disconcerting Events
drop of 42,072
a
5.8%, from the total for the like week of 1936, but
showed
Steel Strike Dominating Business at End of First Half
of 1937—Col. Leonard P. Ayres of Cleveland Trust
343
week in
cars
1936 and
above the
5,965
cars
week in 1935.
All districts reported increases in the number of
cars
loaded with revenue
July 13, 1937
July 6, 1937
105.2
105.7
83.8
freight, compared with the corresponding weeks in 1936 and 1935.
Loading of revenue freight in 1937 compared with the two previous
85.5
85.1
79.3
years
Textile products..
*79.8
x79.8
70.5
Fuels
*90.1
X90.7
91.0
Metals
108.9
108.8
88.7
70.5
70.5
66.2
89.8
88.1
85.8
Four weeks
79.1
79.4
68.1
Four weeks in March
82.7
Four weeks in April
Five weeks in May
Farm products
Food products
Building materials
Chemicals
.
_
Miscellaneous
All commodities
*
95.3
95.3
July 14,1936
follows:
1937
Five
weeks in January
in
February
Four weeks in June
Preliminary
,
x
Revised.
Week of July 3
Total.
Revenue
Freight
Car
Week
Loadings of
revenue
Loadings Drop 123,963
Ended July 10
in
freight for the week ended July 10,
1937 totaled 682,205 cars.
Cars
This is
a
decrease of 123,963
cars
In the
1936
3,316,886
2,778,255
3,003,498
2,955,241
3,897,704
2,976,522
806,168
2.543,651
3,351,564
2,786,742
649,703
19,734,274
17,233,497
2,974,553
2,512,137
2,415 147
1935
2,766,107
2,330,492
2,408,319
2,302,101
2,887,975
2,465,735
471,126
15,631,855
following we undertake to show also the loadings
roads and systems for the week ended July 3.
During this period a total of 116 roads showed increases
when compared with the same week last
year:
for separate
344
Financial
Chronicle
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Total
Railroads
District—
1937
Railroads
1937
Ann Arbor
455
Chicago Indianapolis & Louisv
389
490
1,159
8,776
1,620
Bangor & Aroostook.-
671
1,038
306
270
6,938
1,513
6,337
10,548
2,303
9,607
2,382
Central Indiana
1,103
1,278
1,257
18
Delaware Lackawanna & West
Detroit & Mackinac
Detroit Toledo & Ironton
12
113
48
996
867
4,753
8,465
3,860
6,455
2,181
7,734
6,741
2,128
6,931
6,870
469
Delaware A Hudson
13
1,202
5,012
10,242
Central Vermont
392
180
165
131
1,578
1,256
3,045
15,282
2,660
Detroit & Toledo Shore Line-
2,286
380
Grand Trunk Western
352
253
13,955
5,589
Erie
11,018
11,335
4,945
3,726
7,763
2,102
1,232
8,525
2,208
189
126
1,407
8,721
2,527
1,330
5,575
2,381
3,129
1,982
37,785
9,356
1,654
4,543
6,728
5,219
667
49
35
27,855
7,957
1,629
3,705
3,547
3,744
42,642
13,116
1,817
10,248
7,056
5,706
40,086
12,673
1,994
9,301
5,872
5,260
9,576
3,071
4,188
...
Monongahela
Montour
2,459
45,446
11,032
1,143
5,420
7,673
6,353
N. Y. N. H. A Hartford
New York Ontario & Western
Louis—
Pittsburgh A Lake Erie
Pere Marquette
324
Pittsburgh A Shawmut
775
296
54
230
254
28
32
379
_
313
177
331
227
1,062
Pittsburgh Shawmut & North
Pittsburgh A West Virginia.
1,187
256
1,912
1,825
1,097
Rutland
707
621
529
1,085
Wabash
5,226
4,816
5,002
4,103
4,010
8,596
2,964
3,263
8,807
3,418
162,686
137,427
104,515
168,927
158,552
Wheeling A Lake Erie
-
Allegheny District—
1937
1936
Norfolk Southern
2,245
1,864
1,156
Piedmont Northern
381
422
267
941
817
Richmond Fred. A Potomac—
397
342
323
1,038
8,039
6,963
5,611
4,104
3,437
14,340
600
1,076
20,883
19,000
14,764
4,114
3,925
14,813
Tennessee Central—
435
389
223
641
WInston-Salem
175
163
106
756
778
100,965
90,121
67,538
65,297
62,004
2,258
9,802
3,017
7,401
3,369
Seaboard Air Line
Southern System
—
Southbound
Total
Northwestern District—
Belt
803
755
667
20,465
2,512
18,108
2,286
13,913
1,675
2,022
10,672
2,792
21,011
4,020
Ry. of Chicago..
Chicago A North Western
Chicago Great Western
Chicago Mllw. St. P. A PacificChicago St. P. Minn. A Omaha
18,164
3,315
12,377
1,112
7,012
13,318
8,486
2,694
8,525
3,415
311
222
917
509
359
6,963
5,248
—
Duluth Missabe A Northern.
Elgln Joliet A Eastern
26,571
1,466
9,380
Ft. Dodge Des Moines A SouthGreat Northern.
444
401
268
241
123
25,916
16,960
13,663
3,042
2,591
607
599
454
631
562
2,861
1,616
2,624
1,684
1,470
89
93
1,184
7,211
11,066
5,310
8,405
4,226
1,736
2,736
4,060
1,737
2,056
2,957
—
Duluth South Shore A Atlantic.
Green Bay A Western..
Lake Superior A Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Northern
Pacific
3,776
5,796
249
317
223
327
300
1,563
1,578
1,173
1,467
1,202
137,761
101,007
73,942
49,499
43,297
34,120
3,367
24,861
2,997
17,084
2,066
6,509
2,678
4,904
2,623
594
269
193
132
49
14,831
1,759
13,591
1,317
10,409
7,901
6,634
744
787
1,097
16,448
2,565
12,220
2,493
9,751
1,563
10,486
8,990
888
812
642
2,562
1,698
2,624
1,892
1,579
2,850
2,365
1,285
2,685
Spokane International
Spokane Portland A Seattle—
Total
Central Western District—
Akron Canton A Youngstown..
597
705
634
17,525
3,341
17,987
3,047
15,863
2,689
249
127
6
9
1,156
7,134
1,086
5,491
121
22
15
4,348
12,113
10,772
605
804
258
Buffalo Creek & Gauley*
Cambria & Indiana
334
27,138
5,259
228
Bessemer & Lake Erie
481
32,209
6,982
Baltlmore A Ohio
Atch. Top. A Santa Fe SystemAlton
Bingham A Garfield.
Pennsylvania.
_
Llgonier Valley
Long Island.
152
59
42
292
85
30
29
89
6
49
40
Colorado A Southern
733
Cornwall
Chicago
Chicago
Chicago
Chicago
142
Central RR. of New Jersey
&
from Connections
1935
1,262
221
New York Central Lines
Cumberland
Total Loads Received
2,613
14,767
7,306
1,908
1,136
7,290
1,765
2,053
Maine Central
Total
1936
3
Southern District—(Concl.)
Boston & Maine
N. Y. Chicago & St.
JULY
Freight Loaded
1936
*
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
ENDED
Total Revenue
from Connections
1935
1936
CARS)—WEEK
OF
Total Loads Received
Freight Loaded
1937
Eastern
Revenue
July 17, 1937
(NUMBER
619
784
2,426
1,499
Burlington A Qulncy—
A Illinois Midland
Rock Island A Pacific.
Illinois
A Eastern
Denver A Rio Grande Western.
11,660
9,373
4,954
48,384
17,475
7,767
3,214
1,070
42,460
15,260
4,991
35
13
1
1
North Western Pacific
3,778
2,623
1,627
6,465
5,425
Peoria A Pekln Union.
161,975
130,177
87,286
118,035
933
714
15,665
60,326
13,092
43,782
Reading Co
Union (Pittsburgh)
17,027
28
Penn-Readlng Seashore Lines.
Pennsylvania System
1,189
74,244
_
West Virginia Northern
Western Maryland
Denver A Salt Lake
Fort Worth A Denver
Pacific
375
187
30
1,123
966
1,441
840
1,681
1,394
1,982
1,832
1,594
1,562
44
737
111
56
896
841
577
395
297
148
Nevada Northern
Southern
19
370
2,763
City
Illinois Terminal
282
68
32
66
5,119
—
26,946
19,555
14,410
199
418
169
15,132
12,227
8,580
6,701
1,255
8,370
296
100
123
4
4
1,504
1,329
1,119
2,024
1,489
129,264
98,340
72,529
57,647
49,365
Alton A Southern
227
193
196
5,377
4,450
159
121
106
303
Fort Smith A Western
102,514
(Pacific)
Burlington-Rock Island
—
Western*
Union Pacific System
Utah....-...----—.—
Total
104
87
77
266
2,413
1,586
1,708
2,106
1,405
Toledo Peoria i
Western Pacific
Pocahontas
1,309
8,140
District—
Chesapeake & Ohio
21,786
23,549
1,200
4,346
Virginian
20,826
19,738
10,742
955
767
3,005
50,881
Norfolk & Western
Norfolk & Portsmouth Belt Line
44,524
10,614
4,591
1,158
2,151
12,297
5,810
1,491
1,196
24,022
20,794
17,156
10,362
Total
793
Southwestern
Total
District—
Gulf Coast Lines
Southern District—
Internatloual-Great Northern..
232
200
.
1,004
1,932
1,327
202
269
199
888
1,021
2,146
1,650
1,894
1,395
2,112
1,350
1,198
1,253
1,939
1,014
59
521
359
170
681
936
2,174
1,970
Alabama Tennessee & Northern
289
227
118
217
153
Atl. A W. P.—W. RR. of Ala-
795
677
639
1,203
1,098
Atlanta Birmingham A CoastAtlantic Coast Line
771
814
875
714
592
8,697
4,214
8,118
4,221
6,041
3,279
4,274
Louisiana Arkansas A Texas...
164
126
3,122
Litchfield A Madison
325
293
535
486
534
571
524
171
1,061
830
Midland Valley
Missouri A Arkansas.
664
1,432
4,348
3,219
1,060
1,967
216
121
82
283
248
255
246
183
385
258
5,509
3,942
3,629
3,386
2,619
18,937
14,590
10,505
9,324
7,571
Central of Georgia
Charleston & Western Carolina
CUnchfleld
Columbus A
Greenville
927
1,656
Kansas Oklahoma A Gulf
Kansas
City Southern
Louisiana A Arkansas
Missouri-Kansas-Texas
Lines.
_
276
Durham A Southern
157
166
117
237
278
Missouri Pacific
Florida East Coast
467
348
376
480
467
Natchez A Southern
37
56
34
10
37
35
32
87
88
Quanah Acme A Pacific
440
130
95
170
72
954
817
622
1,671
1,645
St. Louis-San Francisco
9,748
7,461
6,464
4,872
3,953
2,103
Gainesville Midland
Georgia
Georgia A Florida
592
Illinois
Central
System..
Louisville A Nashville
Macon Dublin & Savannah
325
580
470
1,422
18,328
1,229
13,547
12,508
984
11,366
5,325
1,047
10,853
19,108
192
126
144
4,999
438
St. Louis Southwestern
2,426
1,976
1,708
Texas A New Orleans
7,288
4,984
4,634
Texas A Pacific
4,751
3,580
3,550
2,865
3,120
4,863
Terminal RR. Assn. of St. Louis
2,732
2,745
2,341
19,832
Ohio
294
262
212
84
64
30
62
40
90
49
Nashville-Chattanooga A St. L_
62,636
48,107
41,294
63,808
55,521
290
Wichita Falls A Southern
179
173
115
357
309
Wetherford M. W. A N. W
2,091
2,738
Mississippi Central...
Mobile &
418
1,787
20,441
21,787
Gulf Mobile A Northern
1,727
2,460
1,384
2,190
1,853
1,758
2,568
Note—Previous year's figures revised
2,578
Total
2,639
3,689
19,746
• Previous figures.
Wholesale Commodity Prices Further Advanced During
Week Ended July 10 According to National Fer¬
tilizer Association
WEEKLY
WHOLESALE
Complied by The National
COMMODITY
Fertilizer
Per Cent
Continuing the upward trend of the two previous weeks,
commodity prices advanced during the week ended
July 10 reaching a point near the highest level recorded this
year, according to the index compiled by the National Fer¬
wholesale
tilizer Association.
10
Last week the index stood
Latest
Each Group
Bears
to
Total
Week
Index
the
25.3
July 10.
1937
Group
Foods.
PRICE
Association.
85.9
INDEX
1926-1928=100
Preced'g
Week
July 3,
Month
Ago
June
12,
1937
1937
Year
Ago
July 11,
1936
88.6%,
(based on the 1926-28 average of 100%) as compared with
88.3% in the preceding week, and with 88.7%, the highest
point for the year and the recovery period.
A month ago
the index registered 86.9% and a
year ago 78.7%.
The
Association's announcement, under date of
July 12, con¬
23.0
85.9
83.8
Fats and oils
77.8
76.2
79.3
74.5
Cottonseed oil
at
90.3
86.8
91.7
95.0
90.3
88.2
85.0
Farm products
80.5
75.4
Cotton
70.7
69.8
69.1
73.4
Grains
110.2
107.1
104.9
85.8
82.4
Livestock
tinued upturn in the index.
were
primarily responsible for the
stock raised the index of farm product
prices to the highest point
since recovery began in
1933.
Slight advances
were
79.5
87.7
77.1
Textiles
78.7
78.5
78.8
70.0
Metals.
105.4
105.3
105.1
Building materials
87.7
89.8
90.6
82.7
Chemicals and drugs
Fertilizer materials
94.6
94.6
93.7
94.4
.3
71.7
r72.0
r70.4
64 9
.3
Fertilizers..
.3
reached
85.3
87.3
1.3
Higher quotations for cotton, grains and live¬
86.1
7.1
con¬
86.1
87.3
6.1
Rising prices for farm products
87.1
Fuels
Miscellaneous commodities..
8.2
tinued:
89.4
17.3
10.8
Farm
machinery
72.3
84.1
77.3
—
77.3
77.3
71.1
96.1
96.1
95.6
92.6
88.6
88.3
86.9
78.7
also registered dur¬
100.0
ing the week by the indexes representing the prices of textiles and metals.
A reversal of the downward trend in steel
scrap prices was partially respons¬
r
All groups combined
-
Revised.
ible for the upturn in the metal price index.
Foodstuff price trends were
mixed during the week; although the number of commodities included in
the group which advanced exceeded the number of declines, rather sharp
recessions in certain
heavily weighted items resulted in the index remain¬
ing unchanged for the week.
a
moderate
Lower quotations for lumber and lime caused
drop in the building material index; this index has
most of the rise which occurred from the first of the
year
now
lost
through the early
part of May.
Twenty-eight price series included
and
18
in the index advanced during the week
declined; in the preceding week there
declines; in
the second
declines.
preceding week there
were
were
37 advances
and
18
32
and
29
advances
Retail Prices Increased 0.4 of
1% During June, Accord¬
ing to Fairchild Publications Index—Twelfth Con¬
secutive
Retail
Monthly Rise
prices have continued the uninterrupted advance
which began a year ago at this time, according to the Fairchild Publications Retail Price Index.
Quotations on July 1,
gained 0.4 of 1% as compared with June 1, reaching the
highest levels since March 1,1931.
Prices have gained 9.2%
above last year's low, as well as 9.2% above July 1 a year
Volume
Financial
145
There has also been an increase of 4.7% since the
beginning of the year.
Quotations, however, still continue
about 18% below the 1929 level, and also 4% below the
January, 1931, level.
An annonucement issued July 13 by
Fairchild Publications, New York, also had the following
ago.
to say:
•with
continued
classification
the month,
advance during
to
piece goods
the greatest
and
showed the greatest advances.
These two items also showed
gains since the beginning of the year.
As compared with the
commodities included in the Index shows that
exception of musical instruments, no one item recorded a decline
with the
Every other item either showed a gain or remained
during the month.'
lemons,
men's clothing, men's shoes and in¬
cluded furs, blankets, floor coverings,
As compared with the beginning of the year, the greatest
shoes.
men's cloth¬
gains have been recorded for furs, blankets, floor coverings,
With
The
for
avoiding marking up quotations at peak replacement
days and"no changes later in the year, according to
under
Index is compiled.
the
whose supervision
A. W. Zelomek,
the momentum of the rise has subsided, and unless a
that
He points
sustained
will show only nominal changes
rise in wholesale prices occurs, retail prices
farm
during the next six months.
corn,
the
higher
leum
and
products
A
the
June 1,
July 1,
1937
1937
1937
Composite index
69.4
87.9
94.5
95.2
95.6
96.0
to
prices
65.1
84.9
88.2
88.6
88.9
89.2
such
Men's apparel
70.7
87.4
89.4
89.9
90.1
90.4
Women's
71.8
93.4
93.6
94.1
95.7
95.8
96.0
94.7
95.3
96.3
96.8
Siiks
57.4
64.2
64.9
65.0
65.1
65.3
Woolens
69.2
82.9
85.9
86.4
86.6
86.8
Cotton wash goods
68.6
107.7
113.8
114.5
115.0
115.5
Piece goods:
Sheets
65.0
99.4
106.2
107.3
108.2
108.2
Blankets & comfortables
72.9
98.7
108.2
108.7
110.0
result
of
lower
59.2
74.5
76.6
76.7
76.7
76.7
75.5
105.3
105.4
106.2
107.0
107.2
Corsets and brassieres..
83.6
91.7
93.0
93.0
93.1
93.2
Furs
66.8
100.3
113.0
113.5
114.1
116.0
Underwear
69.2
87.5
86.0
86.3
86.3
Shoes..
76.5
82.1
84.0
84.5
84.6
Hosiery
64.9
86.8
87.6
87.7
88.0
69.6
91.4
92.9
93.2
93.2
index
the
the houseshared
for
furnishings
and
steel
and metal
fractionally.
declined
plumbing
and
6.4% and
advanced
heating
and
crude rubber
rose
average.
harness,
materials,
prices
shoes
for
prices
The index is
other
and
106.4% of
No
now
averaged higher.
hides
steer
leather
products,
principally fats and oils and fertilizer
the chemicals and drugs group to de¬
chemicals,
index
Drugs
and
cow
for the
index
and luggage.
for
the
caused
0.1%.
crease
of
in
reported
were
gloves,
as
Weakening
fell 0.2%.
group
Prices
1
the
leather,
and
6kins
for
pharmaceuticals
and
and
fertilizer
mixed
prices
stationary.
index
The
the
for
other
building materials
materials
and
fractionally.
building
slightly lower.
were
index
of the
of
remained at 96.9.
Paint
gravel, lime, and sand
brick and tile and lumber
structural steel remained steady.
for
prices
Cement and
Bureau
group
including
materials
Average
Statistics
Labor
784
includes
price series
their relative importance in the country's markets
the average for the year 1926 as 100.
weighted according to
and
based
is
on
93.2
74.3
and petro¬
caused the metals
and
implements
for
88.0
Underwear
by
furniture
Iron
feed
prices
leather products
1926
The
Hosiery
Both
0.2%.
cattle
the
111.2
Aprons & house dresses.
reached
was
agricultural
of
advanced
Women's apparel:
of
because
coke,
coal,
unchanged.
prices
hides and
were
Domestics:
0.3%
increased
bituminous
of
zinc sheets and pig tin
for
remained
changes
Piece goods
95.3
year
advance
group
a
May 1,
93.0
goods
0.6%.
to rise
,
.
group
Prices
ago.
worsted
and
woolen
year
a
Raw jute
Clothing and knit goods remained
.
materials
above
Paper and pulp declined 1.1%.
1937
90 2
and
products group
group—91.3%.
prices for
products
Apr. 1,
92 6
silk,
products
farm
current
advance.
Higher
1936
89 2
the
for
goods
The
and
firm.
were
high
new
furnishing
lighting
flaxseed
milk,
and 9.7%
ago
cloth,
print
the textile
for anthracite.
prices
July 1,
70.2
for
month
a
the
higher on steers, hogs,
wool.
and
potatoes,
wheat caused
for
were
fresh
eggs,
,
1933
76.4
primarily due to advancing prices
prices
Quotations
market,
above
for
index
fuel
May 1,
apparel
week's
0.9%
rose
Higher
steady.
As
Infants' wear
butter, salt, corn oil, and
food index—86.8—is 2.7%
peanut
prices were higher but burlap declined.
0.2%.
Home furnishings
2.8%
Advancing prices
caused
Wholesale
Copyright 1937, Fairchild News Service
sweet
index—90.5-—is
in
beans,
dried
tomatoes,
flour, hominy grits, white
rye
on
jelly,
This
0.3%.
Chicago
the
onions,
peanuts,
fixtures
JANUARY, 1931=100
group
poultry.
increase
to
in
Average
INDEX
THE FAIRCHILD PUBLICATIONS RETAIL PRICE
and
5.6%
and 6.1% higher than a year ago.
ago
products
canned
beans,
Quotations
copra,
lower.
were
month
sugar,
raw
subgroup
live
certain
fruits
and
vegetables.
Lower prices were reported for barley,
oats, calves, live poultry at New York, cotton, citrus fruits, hops,
grains
poultry
for the
values, the outlook is for retail prices to show only nominal changes
Economist,
retail
coffee,
also
a
livestock
of
The
price advances, and with the
halt in wholesale
the recent
tendency towards
out
oil
starch,
corn
vegetables declined
and
Fruits
string
sweet potatoes.
Santos
higher than
ing, china and glassware, as well as luggage.
next 60
and
cornmeal,
lard,
salmon,
for fresh apples in the New York market, bananas,
canned
oranges,
onions,
red
canned
cottonseed oil.
andi
because of lower prices
Items showing the greatest increases during the month in¬
unchanged.
Chicago,
at
tallow,
fresh
1933, low, the advances have been very marked.
A study of the individual
fants'
edible
As com¬
and home furnishings.
the greatest gain in women's wear
pared with a year ago as well as with the 1936 low, home furnishings
May,
poultry
peanut
major
Every
345
Chronicle
The
shows index numbers for the main groups
following table
the
86.8
modities
for
85.0
July
1934,
14,
past
five
weeks and
1936, July
for July 11,
of com¬
1935,
13,
and July 15, 1933:
Men's apparel:
86 2
87.5
88.3
88.3
Hats and caps
69.7
82.6
84.0
84.0
84.1
Clothing, incl. overalls..
70.1
87.6
92.0
92.9
93.5
Shoes
76.3
90.2
92.1
93.0
93.5
94.5
Socks
74.0
94.8
100.7
100.7
100.7
100.7
Underwear
74.3
93.1
93.7
94.0
94.0
94.0
Shirts
neckwear...
and
88.4
Shoes.
80.9
91.5
92.5
92.7
93.4
Furniture.
69.4
91.5
99.4
100.2
100.4
100.4
Floor coverings
79.9
102.0
113.5
114.2
115.4
117.2
June
June
July
June
July
12
19
26
3
10
Commodity Groups
94.4
Infants' wear:
89.8
July
84 1
•
"
1926=100
July
11
July
14
13
79.2
74.5
68.9
77.7
64.5
61.1
82.0
70.8
65.9
89.8
87.6
85.4
86.7
80.3
88.0
82.5
84.5
81.8
Hides and leather products.. 106.4 106.6 106.8 107.2 107.6
77.4
77.4
77.3
77.4
77.9
Textile products
94.3
1937
87.2
86.7
86.5
89.7
88.4
87.4
85.3
84.4
84.0
87.7
90.5
86.8
All commodities.
Farm
products
Foods
15
1933
1935
1937
1937
July
1934
1936
1937
1937
60.7
61.2
61.0
78.4
79.2
80.1
80.1
72.5
80.4
81.5
81.6
82.2
82.7
China
81.5
93.1
93.2
94.4
97.0
97.0
Wholesale
Commodity Prices Up 0.6% During Week
Ended July 10, According to United States Depart¬
Largely
due
to
of
the
sharp
advances
wholesale
in
prices
of
Bureau
of
Labor
United
Statistics,
10, according to an
Commissioner
"brought
Lubin.
the
average or
July 15
announcement made
"The
advance,"
all-commodity
index
above that of last year."
fuel
and
goods,
lighting
and
farm
for
the
Market
prices
1.5% above
commodity
a
of
raw
month
prices
ago
a
year
The
ago
index
also
higher.
were
97.0
97.0
86.1
85.0
86.9
83.0
83.1
83.0
83.5
83.4
78.6
79.5
75.5
72.9
91.3
91.0
91.0
91.0
91.0
82.4
81.8
83.1
74.0
78.9
78.8
78.6
79.2
79.4
70.7
67.8
69.9
63.5
86.9
86.5
85.8
85.3
85.6
80.3
*
*
*
86.8
86.5
86.5
86.6
86.8
75.0
*
*
*
Finished products.
88.6
88.0
87.5
87.5
87.6
81.4
*
*
♦
87.1
86.6
86.3
86.4
86.4
79.9
79.5
76.7
70.8
86.1
85.9
85.9
85.9
86.0
79.2
78.0
78.3
72.2
All
and 8.2%
0.3%
rose
0.5%
above
to
a
It is
during
ago.
of
than
•Not computed.
Electric
Output for Week Ended July
2,096,266,000 Kwh.
large
group
of
"all
week
and
are
Semi-manufactured
a
commodities
the
high for the year.
new
prices
in
movement
of
that the production of electricity by the electric
light and power industry of the United States for the week
ended July 10, 1937, totaled 2,096,266,000 kwh., or 7.2%
above the 1,956,230,000 kwh. produced in the corresponding
week of 1936.
The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
other than farm
non-agricultural
Week Ended
Week Ended
Major Geographic
Regions
July 10,1937
July 3,
farm
and
products
Notwithstanding
processed
the
foods"
advance,
advanced
industrial
Week Ended
Week Ended
June 26,1937
June 19,1937
1.5
13.1
10.4
10.3
5.8
12.0
11.3
11.5
Central Industrial
8.3
11.8
12.7
12.2
England
0.7
3.5
7.1
3.1
Southern States
10.0
12.5
13.1
13.1
Rocky Mountain
22.2
14.9
10.0
13.4
West Central.
7.8
Pacific Coast
9.2
5.9
6.8
7.2
10.3
11.6
11.3
DATA FOR RECENT WEEKS (THOUSANDS
OF KILOWATT-HOURS)
It is 0.8% above the cor¬
measured by the index for "all
as
1937
Middle Atlantic
New
Industrial
commodities other than
responding week of last month and 9% above that of last year.
commodity prices,
10 Totals
Edison Electric Institute, in its weekly statement,
Total United States.
commodities, reached
78.8
than
and foods..
farm products
69.9
decreases
week's level.
the
other
products
commodities
69.6
products,
and chemicals and drugs
year
level
the
__
other
commodities
The
Minor
unchanged at last
products"—87.1—reflecting
a
96.9
houeefurnishing
products,
leather products
materials
advanced
the
96.9
disclosed
respectively.
for
80.6
Building materials
Chemicals and drugs
96.9
1926
month ago.
They
are 15.7%
above a year ago.
Wholesale prices of finished products with
an
increase of 0.7% rose to the highest point reached since May 1930.
The index for thi6 group—88.6—is 1.1% and 8.8% above a month ago
and
66.7
86.4
said,
the
textile
groups,
metal
and
commodities
hides and
foods
and
metals
Building materials remained
groups.
73.8
85.7
Lubin
He added:
products
materials,
miscellaneous
recorded
were
the
to
75.3
86.1
of
Mr.
87.7%
to
within 0.7% of the year's high of April 3.
addition
77.0
95.1
by
1.2% above the corresponding week of last month and 9.2%
In
78.1
95.1
materials..
States
Department of Labor, advanced 0.6% during the week ended
July
78.1
95.1
All
farm products and foods, the index of wholesale commodity
prices
66.5
78.2
Fuel and lighting
Metals and metal products
farm
of Labor
ment
71.4
78.1
Semi-manufactured articles..
60.6
73.8
95.1
Raw materials
59.2
78.3
Miscellaneous
50.6
60.1
95.3
Housefurnishing goods
Musical instruments
LuggageElec. household appliances
0.2%
commodity
during
prices
the
week.
substan¬
are
Per
Cent
Change
Week Ended
1937
1936
1937
1935
1932
1929
from
1936
tially below the high of April 17.
They are 0.1% above the mid-June level
8.7% above the level for the week ended July 11, 1936.
Commissioner
Lubin's
announcement
apricots,
July
3
2.193 ,779
2,176 ,383
2.194 ,620
2,198 ,646
2,206 .713
2,131 ,092
2,214 ,166
2,213 ,783
2,238 ,332
2,238 ,268
dressed
July
10
2,096 ,266
also contained
the
to
increases
and
meats,
1.8%
1.8%.
Higher
market,
fresh
white
of
in
milk
potatoes,
in
cereal
at
fresh
May 29
5.5%
prices
beef
market prices
products,
were
New
1
8
May 15
May 22
following comment:
Due
May
May
and
reported
York,
at
New
of dairy products,
the wholesale foods
for
oatmeal,
York,
butter,
wheat
cured
cheese
flour,
and
group
in
3.5% in
advanced
the
canned
fresh
pork,
Chicago
June
5
June 12
June
19
June 26
1.932.797
1,928,803
1,947,771
1,961,694
1,954,830
1,922,108
1,673,295
1,698,178
1,701,702
1,700,022
1,454,505
1,425,151
1,381,452
-11.3
1,696,051
1,628,520
1,724,491
1,742,506
--11.6
1,774,654
--10.3
1,772,138
1,655,420
1,440,541
1,456,961
+ 13.5
--12.8
--12.7
--12.1
--12.9
--10.9
--13.8
1,945,018
1.989.798
2,005,243
2,029,639
1.956,230
-+-7 2
1,429,032
1,436,928
1,435,731
1,435,471
1,441,532
1,341,730
1,699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,615,085
1,689,925
1,699,227
1,702,501
1,723,428
1.592,075
Financial
346
June
Chain
abatement
Some
in
Store
the
rate
Smaller
Gains
of
Chronicle
increase
of
7. A 6% interest rate still
chain
st^re
sales
noted in
was
June, according to "Chain
gains as
concerns,
Store Age."
year's high for
compared with June of last year
continued
at
the
many
The
June to
advanced in
cities check
"Chain
Store Age"
preliminary level of 114.0 as com¬
a
by
pared with 112.0 in May.
A year ago the index advanced
during the same months from 103.0 to 108.0.
The indicated percentage
increase in total sales in June
about 5.5% as compared with a 9%
this year over last was
a
figure
June
in
for
the
grocery
group
survey's findings
While 212, cities out of the
of
Federal
to
varietyin May
A 5 % increase is reported by
25% or over in 5% of the cities.
Only
city reporting indicated a
one
down turn.
Shortage of business space is reported by 18% of cities, and an additional
7 % show prospective shortage.
No city of
supply and none report an under-supply.
movement in use of office space.
up
show central district office rents up in
of
Cities of
50% of the
200,000—500,000 population report
an
Store Sales of Board of Governors
System Unchanged from May
June
is shown below.
stores
April,
June,
1937
1937
1936
1923-25
sales,
—
were
93
93
93
87
89
Adjusted for seasonal variation.
Without seasonal adjustment
Total sales in June
May,
1937
department
average=100:
95
89
84
Cities of
over
500,000
popu¬
In both the Great Lakes and North
type of accommodation surveyed.
west and Southeast,
showed the trend
In the North¬
as up.
about one-fourth of the cities still report rents stationary
both for apartments and
for single-family dwellings.
■
Growing scarcity of detached houses for rent is acting to advance the
buying of used homes and the building of new homes, the reports point out.
Construction Contracts Awarded in June
7% larger than in June, 1936,
sales were 11% larger than
reached a new high point in June,
topping the previous recovery peak reported in July, 1936
by 8%.
According to figures of F. W. Dodge Corp., the
June construction total covering all classes of work amounted
to $318,137,100 in the 37 states east of the Rocky Mountains.
This was an increase of 30% over the figure of $244,112,800
for May of this year and represented a gain of about 37%
over the June, 1936 total of $232,664,700.
and in the first half of this year
the
corresponding period of last year.
The largest
increases, both for June and for the year to date, were in
the midwestern industrial districts, said the Board, presenting
the following compilation:
REPORT BY FEDERAL RESERVE
57% of the cities
ConstructioD recovery
June,
of
cases;
advance.
lation in 100% of cases report residential rents higher than last year in every
months, when allowance is made for
1 The Board's index for the last three
months and for June, 1936,
uniformly
500,000 population
Residential Rents
Central regions, every city reporting
earlier
over
Only one city shows any down movement in residential rents, no city any
Reserve
seasonal influence."
200,000 popula¬
over
business buildings.
On the other hand the larger cities are the group showing most
an
What is
But 14 % still report over-supply.
significant, 82% of all cities of over 500,000 population report an over-
more
tion reports any prospective shortage in
level in
for the
The report issued on July 9 by the Board of Governors
of the Federal Reserve System indicates that "department
store sales continued in June at approximately the same
in
announced
63% of all cities surveyed, a price rise of at least 15% in 30% of the cities, a
rise of
down movement for single-family dwellings.
Index of Department
Index
were
15% of these 189 cities, a 10% increase or more by 85% of the cities, making
i.
in
Only 2% of the
256 showed advancing prices, only 189 at*
tempted to measure the degree of the up turn.
was
apparel group dropped to 117 from 124 the previous month.
Preliminary figures for the shoe group indicate the index
f
unchanged at the 140 level in May.
as
first
A 7% rate or
Business and, Office Space
index
approximately 105 against 104 in May; for the
department group the figure was 120 against 117
and 116.7 in June, 1936.
Sales of the drug group dropped to an index
June of 129 from 133 in May, while the index
level
rate for
the most com¬
follows:
gain in May.
The
as
4 K % rate as common, and none any lower rate.
Further details of the
as
computed
index
composite
common
It is checked
type of loan by 59% of the cities replying.
rate for this
higher is cited as the commonest rate in 10% of the cities.
were
greatly reduced.
decidedly the most
mortgages on new single-family dwellings.
mon
Although volume
July 17, 1937
DISTRICTS
Of the June, 1937 total, residential
building accounted for $93,123,100;
non-residential building took $125,087,000; while the remaining $99,927,000
went into civil
June
The
with
engineering projects, i.e., public works and utilities.
residential
figure
compares
$73,604,600 for June, 1936.
$83,937,000 for
with
May and
Increases in residential building
as con¬
trasted with totals for a year earlier were well distributed geographically
with every important
major
area
sharing in the advance except metropolitan
New York and the St. Louis territory (Eastern Missouri, Arkansas, Southern
Illinois and Western Tennessee).
Number
Number
of
of
Jan. 1 to
Stores
Cities
June 30
Reporting
Included
P. C. Change from
June *
Year Ago
Increases in June over a year ago in non-residential building operations
occurred in every major geographic district,
peninsula of Michigan, the New
'
issippi) and Texas.
Federal Reserve districts:
Boston
+4
New York
+6
Philadelphia
+4
+12
+5
+10
+ 13
+9
Cleveland
Richmond
—
Atlanta
—
29
13
30
12
Georgia, Florida, Alabama and Eastern Tennessee) and the St. Louis ter¬
50
23
ritory.
22
14
—
56
30
+ 12
35
+5
21
+2
+7
Total
figures preliminary; In
CONTRACTS
CONSTRUCTION
18
31
478
+ 11
243
8,826
3,566
23,845,200
21,793,700
754,200
$93,123,100
1,492
13,884
46,393,100
$318,137,100
8,444
20,624,200
3,411
1,496
15,915,700
341,500
$73,604,000
79,078,900
79,981,000
13,351
36,881,400
$232,664,700
136,735,000
98,871,200
3,345,700
$516,651,500
564,513,200
412,967,600
1936—Residential building
Non-residential building
Public works and
.utilities
125,087,000
99,927,000
10% Over Last Year in Majority
Total construction
Real estate
prices are higher than they were a year ago in
84% of the cities of the country, said the National Associa¬
tion of Real Estate Boards, of Chicago, in making available
on July 3 the 29th semi-annual survey of the real estate mar¬
ket, covering 256 cities.
A 10% advance has been experi¬
enced in 63% of the cities, the Association pointed out, and
increases of 15% and 20% are not infrequent.
The Asso¬
ciation also noted that the market for real estate is
of single
50,006
1937—Residential building
1
Non-residential building
19,443
6,184
Public works and utilities
Total construction
family
238,951,900
$1,494,132,300
38,228:
95,932,600
18,859
7,522
91,343,600
2,603,700
$334,844,600
489,733,300
412,762,900
64,609
189,879,900
$1,237,304,800
75,633
1936—Residential building
Non-residential building
Public works and utilities
Total construction
said that the
survey, compiled from confidential reports by the Associa¬
tion's local member real estate boards, also found the follow¬
ing changes:
over-supply
First Six Months—
more
active than last year in 91% of the cities.
The announcement issued by the Association
remaining
Valuation
Non-residential building
Cities
no
Space (Sq. Ft.)
Public works and utilities
1937—Residential building
Total construction
1. Practically
OF THE
Month of June—
most cities the month had the same number of
Advanced at Least
EAST
New Floor
No. of
Projects
7
79
Semi-Annual Survey of Real Estate Market by National
Association of Real Estate Boards—Finds Prices
of
STATES
1936 figures in
(The Carolinas,
ROCKY MOUNTAINS
business days this year and last year.
♦
the Southeast
AWARDED—37
15
0
San Francisco..
engineering projects showed increases over June,
district except upstate New York,
19
+7
+ 11
+9
Civil
every
18
31
Dallas
June
32
29
+6
Minneapolis
*
52
55
+6
+7
+7 v;+
+ 18
+7
+ 11
+ 16
+2
Chicago
St. Louis
Kansas City..
excepting only the Southern
Orleans territory (Louisiana and Miss¬
1
dwellings.
NEW CONTEMPLATED
WORK
REPORTED—37 STATES EAST OF THE
ROCKY MOUNTAINS
1937
No. of
'
'
-I
Projects
1936
No. of
Valuation
Projects
Valuation
Under-supply of such dwellings in 73% of the cities, and a prospective
shortage reported in an additional 19% of the cities.
Shortage of apart¬
ment space
in 58% of the cities and a prospective shortage indicated by an
additional
16%.
2. New
homesites.
home
3.
construction bringing definite acceleration in
4.
space in
central districts at a ihgher level than a
Space in outlying business districts renting at a level higher than a
in 56% of the cities.
Downtown office space rates are advancing in
with only one city showing rates going down.
up
Money seeking mortgage loans in 73%
are
$367,678,800
14,110
$319,116,300
Residential building
62,966
23,511
$841,611,000
871,183,800
722,546,800
48,300
21,442
8,911
$562,705,000
607,367,300
592,976,500
$2,435,341,600
78,653
$1,763,048,800
Public works and utilities
beginning to ad¬
Crop
Report
of
Bank
of
Montreal—Severe
Drought
Continues in Prairie Provinces of Canada
87% of cities reporting,
of the cities.
of the cities, reporting while
seeking capital in only 11% of the cities.
7,822
94,299
Non-resldentlal building
43% of the cities,
A year ago only 28% showed
and rents for single family dwellings higher in 90%
loans
$114,222,500
104,041,300
100,852,500
First Six Months—
trend.
5. Apartment rents higher than a year ago in
6.
9,747
3,037
1,326
115,274
Total construction
Total construction
Office space, which has been slower to recover, now
vance.
an
building.
in 78% of the cities reporting, and not s single city reporting lower
year ago
$140,501,800
129,380,000
97,797,000
the sale of
But comment from city after city that recent rise in building
Rents for business
rates.
9,711
3,958
1,605
Non-resldentlal building
Public works and utilities
costs, including materials and labor, is so great as to discourage new
year ago
Month of June
Residential building
But—
The Bank of Montreal in its report on
issued
has
the Canadian crops,
July 15, states that "severe and prolonged drought
continued in
most
areas
of the Prairie Provinces and
Volume
Financial
145
the principal crops this
number of years."
The bank
estimates indicate that the yield of
year
will be lower than for
a
further said:
In
southwestern
and
Saskatchewan
northeastern
Alberta,
however,
Manitoba crop prospects
generally remain satisfactory, although rust is threatening.
Rain which fall
over many districts in Alberta on Tuesday and Wednesday will improve
conditions in some areas.
Rain has also fallen in parts of southern and west
crops
have benefited from recent rains and in
In Quebec Province,
Saskatchewan.
central
tinuance of highly satisfactory
where there has been a con¬
progressing
Some districts are in need of
growing weather, all crops are
favorably and pastures are in good condition.
rain but generally
Ideal growing con¬
favorable.
moisture conditions are
ditions prevail for the most part in
Ontario, where crops generally are very
weather continues dry
and hot and in southwestern counties where rainfall has been excessive.
In the Maritime Provinces much-needed warm and dry weather has pre¬
vailed in most sections during the past week, and all crops have greatly
satisfactory except in northern sections where the
benefited.
At
few
a
have continued,
conditions
wet
however,
points,
weather continues
347
Chronicle
the import value to the lowest
including reexports, were 7%
1936.
April, 1937 and $191,697,000 in May,
merchandising or con¬
arrival in the country, plus with¬
consumption) amounted to $278,777,000 com¬
(goods which entered
Imports for consumption
sumption channels immediately upon
drawals from warehouse for
pared with $281,666,000 in April, 1937 and
There
was
a
net balance of
merchandise imports amounting
to $18,037,000 and in May, 1936 a net export balance of $9,075,000.
This
excess of exports in May reduced slightly the import balance for the year
to date to a total of
$127,614,000.
while import trade has
look for most fruits.
allowance is made for the usual seasonal
Columbia,
where the
warm
Highest Level Since 1929, According to Dominion
Corporation
at
V
Half of 1937
Securities
during the first six months of
General business in Canada
this year was at the highest level since 1929 and well above
the 1926 normal, according to the first issue of the "Cana¬
dian Monthly Review," published by the Dominion Securi¬
ties
The publication states:
Corp., New York.
The upward trend of recovery has
The
Spring of 1933 although somewhat tempered from time to time by certain
circumstances of
a
At the present time domestic con¬
temporary nature.
ditions in the Dominion, on the whole, are healthy
improve during the balance of the year.
and should continue to
The sentiment of inactivity and
months
caution which has characterized security markets during the past two
at last appears to
be receding.
Labor conditions both in Canada and the
United States show signs of an ultimate settlement; the gold
question is no
longer immediately'alarming and European affairs appear to have taken a
better turn.
publication contains current statistics of business,
trade and finance, reviews the Canadian security markets,
discusses the wheat situation and analyzes the financial
report of the Province of Ontario.
High Level Recorded in May, According to A. E.
General Manager of Canadian Bank of
at
Arscott,
Commerce
"While
further industrial progress can
be reported for
the records of preceding months,
there was no downturn of seasonal proportions, nor is any
marked slackening in view," said A. E. Arscott, General
Manager of the Canadian Bank of Commerce, Toronto, in
his monthly report on business conditions in Canada.
"The summer period will of course be one of smaller pro¬
duction for several industries than the past season, but, as
will be seen from the following analysis, there are constructive
elements which should maintain general business activity at
a high level until new stimulating influences become effective
next autumn," according to Mr. Arscott's report, issued
July 10, which also had the following to say:
no
in contrast with
June,
Business activity as a whole rose to a new recovery peak between
and June—about 15% above that of the corresponding
with such exceptional progress during May in the
January
of
exports
some
grains,
preparations, increased moderately.
The
and rubber manufactures were
in the preceding month, while exports of radio
including
exports, textile manufactures,
machinery
about the
same
raw
in value as
cotton and of fruits
of
smaller importations
a
long list of commodities which
coffee, sugar, textile manufactures,
higher than in April.
Exports of iron and steel scrap
valued at $2,501,000 in
in May, 1937,
and increases
so
and
petroleum
$24,383,000 to $34,030,000.
These
over two fifths of the trade, accounted for
of the $87,000,000 increase in total United
While many other export commodities rose in value over
and products from
comprising slightly
approximately
States exports.
three-fifths
and generally the relative increases for
for the above-mentioned items. Exports
of a few commodities were smaller in value in May, 1937 than in May, 1936;
these included mainly meat products, undressed fur skins and fruits.
May, 1936, the actual increases,
these, were much less marked than
practically all leading commodities reached
1936. However, more than
half of the gain of $90,000,000 in the total trade was accounted for by the
expansion in imports of vegetable food products and inedible vegetable
products, the latter consisting largely of crude rubber, oil seeds, and oils.
Partly as a result of marked increases in commodity prices, the value of
these two groups of imports Increased 52% and 87%, respectively.
The
percentage increases in the other nine commodity groups of imports ranged
from 26% for wood and paper products to 49% for textile fibers and manu¬
factures, and 52% for the relatively small group of machinery and vehicle
Imports for consumption of
much higher
levels in May, 1937 than in May,
imports.
$155,366,000 compared with $215,825,000
1936. Imports of silver amounted
to $3,165,000 compared with $2,821,000 in April and $4,989,000 in May,
1936.
Exports of both gold and silver continued relatively small.
Imports of gold amounted to
1937 and $169,957,000 in May,
in April,
It is of interest, however,
to note that overseas trade in
for about one-third of all takings in that
important market; recently,
export business has been difficult to effect
because
of
more
arrangements.
May
a
demand about 20% above
the larger requirements of the most important
the United States, were partly for the purpose
Imports
Steel production rose by about 15% over the
close to practical limits, and as yet there are no
Excess of exoorts
first half of 1936 to a point
signs of any marked decline.
January-May period of 1936 and declined but little in the
late spring from the seasonal peak; a higher than
seasonal production sched¬
In other heavy industries there were
noteworthy gains except in the production of farm implements,
we
on
hand.
May
a
November
December
mos.
mos
ended Dec
Dollars
Dollars
Dollars
172,220
114,203
144,109
160,197
170,519
161,672
171,984
119,790
131,473
160,119
193,069
184,256
192,638
162,752
190,938
179,427
191.313
206,413
194,712
170,654
.
176,223
163,007
185,026
164,151
165,459
170,244
173,230
172,126
198,803
221,296
269,838
223,469
the preceding months of this year, while a
further slight decrease reduced
178.975
220,539
264,949
226,364
229,800
187,482
240.447
192,774
198,701
202,779
170,533
156,754
191,697
191,077
277,709
307,495
287,207
285,038
96,006
83,748
135,706
132,753
131,189
126,522
94,860
158,105
146,523
112,276
110,280
79,421
91,102
98,411
105,499
104,468
97,087
106,869
122,197
142,980
154,918
146,643
150,867
128,541
133,518
154,647
136,109
127,229
119,513
131,658
132,258
176,631
169,030
161,647
189.357
169,385
186,968
636,506
469,895
727,734
837,712
July
October
—
November
December
5
of our export trade in May above
185,693
180,390
166,832
130,999
August
September
follows:
200,772
222,483
233,098
256,607
269,170
288,924
152,491
177.356
170,500
135,520
of Commerce
at Washington on July 3 issued its statement on the foreign
trade of the United States for May and the 11 months ended
with May, with comparisons by months back to 1932.
The
A contraseasonal gain brought the value
195,113
192,795
General Imports—
February
May
The Bureau of Statistics of the Department
198,564
182,024
1,611,016 1,674,994 2,132,800 2,282,874 2,455,978
January
June
Dollars
120,589
101,515
108,015
105,217
969,268 1,270,283
853,867
865,534
725,864 549,539
ended May.. 1,834,187 1,320,543 1,871,198 1,950,615 2,228,030 2,571.300
April
»
as
Dollars
March
the near-capacity opera¬
irregularity in these sections
year previous.
report is
1,000
ended May
Country's Foreign Trade in May—Imports and Exports
f
1,000
(
12
leather footwear trades, made fair progress from
1,000
1,000
153,090
138,834
131,614
October
mos.
and
1937
1,000
106,830
108,599
132,037
September
5
1936, while a large volume of
1933
1936
131,899
114,148
-
August
11
Secondary industries, mainly the textile
+ 123,450 1
1935
154,876
135,095
April
Taking all heavy indus¬
tions of the first half of 1936, and there is less
than
127*614
1934
150,022
153,972
March
by June their output had risen by
damage of 1936.
estimate that
about 20% above that of the like month of
anticipated work is
although
considerably greater than during the depression
crop
+301,015
+424,465
1,000
Reexports—
July
into account,
Dollars
1,270,283
1,397,897
4*164
285,038
Dollars
969,268
973,432
Dollars
Exports, Including
January...
June
tries
3,886
1932
Month or Period
Activity in the automotive industries increased by about 17% above that
period it suffered after the
1,000
Dollars
Excess of imports
recorded in the
ule has also been planned for July.
1,000
1,000
1,000
Dollars
288,924
9,075
Exports..
February
was
1937
1936
200,772
191,697
1,000
market,
of making additions to pub¬
lishers' stocks.
activity in this branch
1937
Dollars
It should also be observed that while an increased output
year ago,
of Trade
Increase (+)
Decreased—)
1936
and less convenient ocean shipping
competitive prices
of newsprint was necessary to meet an overseas
that of
5 Months Ending May
maintained, with British imports
of Canadian lumber accounting
new
General Imports, and Balance
Exports and Imports
greatly as practically to offset the decline which occurred
weather.
MONTHS
MERCHANDISE TRADE BY
Including Re-exports,
Exports,
the largest since October, 1929,
was
lumber during the winter season was well
$13,307,000,
from $7,540,000 to $19,-
from $12,291,000 to $20,550,000; auto¬
mobiles, including parts and accessories, from $22,534,000 to $33,169,000;
machinery
during the winter, when numerous mills were closed because of unusually
severe
increased from 213,366 tons,
May, 1936, to 630,671 tons, valued at
other iron and steel-mill products
industrial
401,000;
forestry, capital goods
20% over that of the like period of 1936.
The lumber cut in British Columbia
and manufactures, machinery,
principal exports to show substantial
Compared with May of last year, metals
automobiles, and mineral oils were the
production in May of record volume, but the cumulative output for the
was
included feeds,
unmanufactured wool, raw silk,
diamonds, iron and steel products, copper and fertilizers.
Imports of some
commodities increased substantially in May; the values of corn, crude
rubber, oilseeds, vegetable oils, wood pulp, tin and works of art were much
cocoa,
Thus, not only was newsprint
irregularity in earlier months.
first five months of 1937
dropped off considerably.
from that of April was effected by
The decline in the May import value
period of last year,
(mainly industrial equipment) automobile and construction industries as to
offset
19% higher in May than in
Allowing for seasonal variations,
in May as compared
with 57% in January, and that of imports at 86% compared with 74%.
In May, exports of non-metallic minerals, metals and manufactures,
automobiles, unmanufactured tobacco, naval stores, lumber, wood pulp,
and lard reached much higher values than in the preceding month, and
value stood at 81% of the 1923-25 average
the export
Items,
Industrial Activity in Canada During June Practically
changes, the gain was even more
The value of general imports was
January but 7% lower than in March.
expansion.
The
declined after reaching a maximum value
of exports was
value
apparatus,
steadily gained momentum since the
month of this year,
in March.
30% higher in May than in January, and if
Export trade has increased substantially in each
substantial.
General Business in Canada During First
$189,008,000 in May, 1936.
$3,886,000 in May.
merchandise exports of
1937 there was a net balance of
In April,
and dry, with
moisture conditions satisfactory, there is a heavy crop of hay and indica¬
tions point to good average crops of grain and roots, with a favorable out¬
British
in
Compared with April
level since February.
larger in value, whereas
general imports were 1% smaller in value.
Compared with May of last
year, exports were 44% and imports 49% larger in value.
Exports, including reexports, amounted to" $288,924,000 compared with
$269,170,000 in April, 1937 and $200,772,000 in May, 1936.
General imports (goods entered for storage in bonded warehouses, plus
goods which entered merchandising channels immediately upon arrival in
the country) amounted to $285,038,000 compared with $287,207,000 in
of this year, exports,
mos.
ended May..
88,412
129,635
150,919
195.056
193,073
215,701
212,692
196,400
244,723
973,432 1,397,897
11
mos.
2,655,542
ended May.. 1,619,990 1,045,883 1,585,201 1,628,924 2,217,552
12
mos.
ended Dec
1,322,774 1,449,559 1,655,055 2,047,485 2,422,154
348
Financial
Exports of United
States
Merchandise
and
Imports for Consumption
Chronicle
beginning
June,
5 Months Ending May
May
Increase (+)
Exports and Imports
Decreasei—)
1936
1,000
1,000
Dollars
Imports for consumption
1936
1,000
Exports (U. S. mdse.)__
1937
Dollars
Dollars
197,020
284,084
189,008
1937
1,000
278,777
959,047
Dollars
Coal
+295,877
+386,299
1,345,346
1932
1933
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
The
January
146,906
February
151,048
March
118,559
151,403
April.
106.270
129,538
October
151,035
-
November
December
136,402
128,975
—
157,161
167,902
159,128
169.851
195,689
167,865
129,315
157,490
190,842
181,291
104,276
159,617
187,418
176,490
111,845
117,517
141,573
128,553
109,478
July
August.
September
173,560
99,423
106,293
103,265
132,268
_
May
June
169,577
169,683
160,312
179,381
192,405
189,574
197,020
181,386
181,667
160,511
159,791
167,278
188,860
203,536
229,644
252,484
267,258
220,931
196,040
mos.
ended May
11
mos.
ended May
12
mos.
ended Dec.
the
articles,
of this
the
rates
year
in
5.9%
lower
than
than
by
in
as
4.9%
low of
at the
1933,
but
May,
0.7%
were
candy.
a
year
of
the dollar
in
112.5c.
was
June,
1936, andi
May.
drugs
sundries
of
cost
7.3% higher than
ago,
in
in
as
the prices of
The
and only 2.2% lower than
May, 117.5c.
June
in
same
increases in
and
June,
1929.
June
in
100c.
in
compared
as
1923.
Indexes of the
Relative
Per Cent of
Increased) or
Cost of Living
1923=100 a
Importance
Decrease
Family
June,
May,
1937
1937
May, 1937,
to June, 1937
33
88.2
88.4
—0.2
20
86.6
86.1
12
76.9
76.7
+ 0.3
Men's
83.7
83.4
+ 0.4
Women's...
70.0
69.9
+0.1
Food *__
Clothing
:*:
„
_
i
-
— * -—- - - - »
.
»
-
and light
5
+0.6
134,311
129,804
130,584
April
92,718
123,176
May
June
112,611
112,509
79,934
__
July...
August
October
104,662
105,295
95,898
November
December
ended May.
168,482
152,246
175,485
166,070
147,467
135,067
124,010
123,931
141,018
152,714
147,599
149,288
125.269
93,375
102,933
September
128,976
125,047
153,396
141,247
84,164
91,893
88,107
109,141
166,756
189,008
155,313
194,311
197,458
173,096
117,262
149,893
137,975
180,381
228,729
260,224
295,950
281,666
278,777
189,806
162,828
179,760
ended May.
GOLD AND
0.0
0.0
87.2
0.0
30
96.8
96.8
0.0
100
88.9
88.8
+0.1
112.5
112.6
—0.1
Sundries
Weighted average of all items.
Purchasing value of dollar
Based
food price indexes of the United
on
for June 15,
States Bureau of Labor Statistics
1937, and May 18, 1937.
a Revised series.
Figures on revised basis
July, 1936, may be found in "The Cost of Living in the United
for dates prior to
States, 1914-1936," price $2.50.
630,486
466,023
696,133
829,039
959,047 1,345,346
1,622,427 1,048,121 1,539,192 1,633,842 2,013,601 2,615,964
1,325,093 1,433,013 1,636,003 2,038,905 2,423.977
ended Dec..
83.7
82.0
87.2
*
200,783
218,425
213,419
200.304
240,230
168,683
149,470
126,193
127,170
186,377
189,590
194,296
199,776
83.7
82.0
Gas and electricity
__
(—)
from
Budget
539,385
850,262
835,841
954,069 1,249,946
1,798,609 1,295,880 1,840,582 1,917,813 2.194,029 2,533,460
1,576,151 1,647,220 2,100,135 2,243,081 2,418,969
__
March
in
May,
in
Coal
February
mos.
offset
was
in
710,178
January
11
June
2.7% higher than
was
"purchasing value
112.6c.
in
same
whole remained the
a
as
Item
Consumption—
12 mos
only
0.3% higher
264,852
Fuel
mos.
and
were
housefurnishings,
spring of 1933,
The
with
carfare
in
toilet
June
in
Imports for
5
point,
1937,
and 7.9% lower than in June, 1929.
year ago
of sundries
Housing.
5
low
284,084
177,006
175,825
217,925
262,173
223,920
226,666
218,184
192,156
168,442
189,808
218,882
a
cost
decline
and
in
Merchandise—
their
in June,
averaged
prices
lower than
Dollars
Exports—U. S.
1934,
1937
17,
1929.
higher than in June, 1936, and 26.7% higher than
although still 21.6% below the level of June, 1929.
A
Month or Period
July
Clothing prices
1,000
Dollars
1,249,946
954,069
of
National Industrial Conference Board Reports Decrease
in
Number of
Unemployed Workers in May as
Compared with April
Unemployment
SILVER BY MONTHS
Exports, Imports and Net Balance
the
in
April and May by
United
States
declined
between
than 600,000 persons to a total in
more
the latter month of
5 Months Ending May
May
Increase (+)
Decreasei—■)
Exports and Imports
1936
1937
1936
1937
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Exports
5
4
26,346
67
—26,279
Imports
169,957
155,366
258,841
767,224
+508,383
6,246,000, according to the latest report
Board, issued July 10.
This number, constituting the lowest total for any month
of the National Industrial Conference
since
Gold—
the
winter of
of this year of
employment
total
169*952
155*362
232*495
76*7+57
Exports
203
341
1,368
Imports
4,989
3,165
93,613
2,378
28,500
decline
the
to
in
increase
*2*823
—65,113
workers
in
in
Total
92*245
reflected
ing
1937
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
4,715
363
338
11
859
253
612
51
46
23,637
141
237
346
535
the
468
734
540
2,315
"39
37
'62
51
13
May
1,780
49
5
4
June
6,586
166
77
695
March
April
665
1,425
1,638
2,404
203
114
59
1,789
August
14,556
102
32
1,741
2,009
341
143
September
22,255
86
42
1,424
1,472
in
May
May total
gain
a
2,173
76
117
1,162
260
1929,
Between
the
of
242
127
1,698
512
The
December
140
170
99
1,014
769
236
5 mos. end. May
6,626
mos. end. May 279,575
12 mos. end. Dec.
52,759
1,060
26,346
67
40,607
27,080
27,534
1,178
5,321
21,562
16,551
10,515
19,342
7,938
18,801
April
May
June
July
August
September
October
November
3,593
7,002 120,326
7,795 154,371
28,106 215,825
35,362 140,065 169,957 155,366
70,291 230,538 277,851
52,460
16,287
16,074
51,781
46,085 67,524
3,585 156,805 171,866
13,010 315,424 218,929
121,199 210,810 75,962
February
March
2,128
16,351
1,823
20,842
1,955
11.002
4,435
5,431
2,458
21,926
13,501
10,444
30,230
30,820
45,689
48,898
December
92,249 190,180
57,070
11
mos.
end. May 782,097 574,851 258,841 767,224
end. May 791,780 909,134 1194431 1374649
12
mos.
end. Dec. 1186671 1740979 1144117
5
mos.
Cost
20,831
14,425
19,085
May,
1,368
in
June,
58,483
17,536
8,115
4,490
4,989
23,981
6,574
16,637
2,846
14,080
5,589
2,821
3,165
8,363
26,931
15,011
8,711
60,065
4,451
47,603
2,267
13,933
80,782
number
groups
of
28,500
earners
in the
United
States
decline
in food
prices
was
offset by
increases in rents and clothing prices.
Living costs in June
of this year, however, were 4.5% higher than a
year ago
and 24.0% higher than at the low point of
1933, although
still
10.6% below the level of June, 1929
July 12, the Conference Board also stated:
prices
declined
higher than in June,
Food
prices
0.2%
from
Under
date
of
were
*
Rents
are
now
on
their
11.6%
than
when
there has
been
increase
an
in employ¬
1929;
in
the Conference Board,
May,
1936;
the various in¬
April,
1937,
and
1937:
EMPLOYED
OF
WORKERS
May,
April*
May*
Average
1936
1937
1937
47,368.000 43,676,000 46,018,000 46,697,000
National Industrial Conference Board Reports Further
Advancement
in
Employment
and
Payrolls
in
Manufacturing Industries During May
An increase in hourly and weekly
increase
Board.
1929,
a
year
ago,
38.1%
higher than
the
number
of
earnings, together with
workers
Since May, 1936, payrolls have risen
2.4%
now
above
announcement
the
average
level
the previous month, and an
over
18.3%
now
Average
May
ance
this
above
the
weekly
earnings
year.
weekly earnings,
year
changes
than
in
in
year
1.3%
are
now
average
from
only
The
are
Board's
cost
an
increase of 1.9%
May, 1936.
over
They
of
1929, and 9.9%
April to May, and 16.3%
0.5% below the 1929 aver¬
work week has declined 15.9%.
representing actual
the
showed
increase of 13.3%
rose
They
although the length of the
with
37.9% and
1929.
level.
1929
of
last
in
continued:
Average hourly earnings in May of this
age,
below the June,
the
a
since
16.7%
in
employed, resulted
2.6% increase in payroll disbursements from April to
May in the manufacturing industries covered by the regu¬
lar monthly survey of the National Industrial Conference
in
still
upward trend, rising 0.6% from May to June.
higher
year,
Preliminary.
Real
continued)
that
_____
to June, but they were 3.0%
higher than in the spring of 1933.
level.
Rents
in
10,650,000 11,192,000 11,036,000 11,457,000
268,000
191,000
Forestry and fishing
193,000
198,000
Total industry
18,582,000 15,136,000 16,735,000 16,906,000
Extraction of minerals
760.000
1,087,000
723,000
740,000
11,071,000 10,392,000 11,792,000 11,824,000
Manufacturing
Construction
2,841,000
1,303,000
1,387.000
1,312,000
1,810,000
2,416,000
1,936,000
Transportation
1,967,000
Public utilities
908,000
954.000
1+67,000
968,000
Trade, distribution and finance
7,325,000
7,009,000
7,453,000 7,493,000
Service industries,
9,160,000
8,821,000
9,198,000 9,224,000
Miscellaneous industries and services.
1.3S3.000
1,327,000
1,402,000
1,418,000
are
May
1936, and 44.4%
in June of this year
July,
during
93,723
slightly, 0.1%, higher than in May,
according to the monthly survey of the National Industrial
Food
employment
of
with
million greater than
a
employed workers in
Total employed
93,613
47,580 164,143 356,918
was
A
half
Agriculture
an
Conference Board.
a
manufactur¬
compared
The May total, according
(102,725 354,531 182,816
living of wage
1937,
whom
1929
National Industrial Conference Board
of
year,
Group Division
Living of Wage Earners in United States
Increased
Slightly During June, According to
cost
almost
2,378
3,778
of
The
employed in
persons
following table, prepared by
2,965
45,981 121,336
of
workers,
workers.
NUMBER
1,947 149,755
452,622 122,817
237,380
13,543
54,785 148,670
lesser
1933, the month of low ebb of employment in all fields
11,111,000
dustrial
411
Imports—
January
75,000
and
engaged in manufacturing activities of all kinds.
May of this
and
largely
was
11,457,000 in agricultural
workers
5,000,000
highest month
were
March,
activity,
ment
shows the
268
310
1,960
46,697,000
aggregated
nearly
was
due
agriculture,
May
in
manufacturing,
in
enterprise.
of 11,824,000
of
Boardi,
11,371,000 workers
138
November
11
of
workers
engaged in non-agricultural and
Conference
September,
of
fields
204
October
an-
197
i;7i7
1,547
July
The Board's
April and
421,000
workers
32,000
the low point for this field of enterprise.
1932,
611
44
1,248
1,661
3,128
1,593
2,885
February
The
Silver
1936
to
Exports—
January
individual
were
pursuits.
Gold
Period
1935
employment of
construction,
employment
26+22
35,240,000
1934
un¬
in
April and
and with 8,675,000 in May,
between
unemployment
in
+ 1,010
amounts
"4*785
January
The May
nouncenjient of July 10 continued:
The
Excess of exports
Excess of imports
since
6,876,000
with
compares
7,415,000 in March of this year,
Silver—
or
decrease
a
than 2,000,000 persons.
1936, according to the Conference Board.
Excess of exports
Excess of imports
Month
1930, marks
more
living,
earnings
were
12.1%
higher than last
adjusted
higher
year.
in
in
accord¬
May
of
Volume
The
ered!
Financial
145
number
of
workers
Chronicle
349
AUTOMOBILE FINANCING
the manufacturing industries cov¬
employed in
by the Conference Board's investigation increased 1.2% in May com¬
pared with the previous month, and reached
year
8.0% above the
and
ago
in
average
a
Retail Financing
level 18.5% higher than a
Wholesale
1929.
Year
Lumber Movement,
July 3, 1937
of
in
Ended
Week
Total
and
70%
in
Number
in
Number
in
of
Thou¬
of
Thou¬
of
Thou¬
Cars
of the
ber Manufacturers
Association.
week's
The
reported pro¬
12% greater than new business booked and 4%
less than reported shipments.
During the first half of 1937
reported shipments totaled 6% above production; cumu¬
lative new business was 1.4% below production.
Reported
duction
sand
Cars
sand
Cars
sand
of
half
1936
period.
above that
Association further
The
reported:
1937—
shipments of that weeknew orders
Production in the week ended July 3,
1937, was shown by mills reporting for both 1937 and 1936 as 29% above
output in the corresponding week of 1936, which, however, included the
Fourth of July holiday; shipments were 23% above last year's shipments
of the same week; new orders were 23% above orders of the 1936 week.
During the week ended July 3, 1937, 498 mills produced 242,915,000
feet
of hardwoods
and softwoods combined;
shipped 252,082,000 feet;
shipments
booked
week
5%
were
of
orders
182,102
449,094
193,527
b464,199
181,344
190,655
201,170 117,532
860,976 1,866,851
756,010
781,090 453.912 1,085,761 302,098
Total
572
Revised
feet.
figures
the preceding
shipments, 265,-
for
feet;
299,310,000
production,
;
feet.
v
regions reported orders below production in the week ended July 3,
All but West Coast, California redwood and Northern hardwoods
All
1937.
orders,
feet;
73,122
mos.
ended May
61,032
64,380
April
194,323
446,956
180,926
209,307 119,894
237,649
May
185,123
460,876
184,574
207,575 120,193
253,301
778,331 1,760,612
701,309
791,393 453,103
969,219 248,204
140,478
127,201
Total
5
mos.
ended May
1935—
163,235
320,855
118,663
May...
135,510
312,186
113,601
652,519 1,249,800
461,320
Total
5
75,622
180,377
43,040
70,175
184,985
43,424
mos.
ended May
production.
All regions reported orders above
those of corresponding week of 1936 except Northern pine, Southern pine
and Southern hardwoods.
All regions but Southern pine, Southern cyprss
hardwoods
Southern
and
710,984 169,962
538,816 291,357
above those of
reported shipments
similar week
1937—
totaled
wood
mills
same
mills.
feet,
Production
21%
or
week
Mill
Identical
231,226,000 feet.
as
171,841
181,021
180.764 105,038
188,370 d437,185
836,041 1,754,927
717,211
752,202 437.580 1,002,725 279,631
Total
Production
and
feet
193,677,000
and
Reports
feet,
the
In
feet.
165,223,000
11,689,000
was
and>
of
case
respectively,
orders received, 206,050,000
hardwoods, 85 idenical mills
reported production last week and a year ago 9,940,000 feet and 9,145,000
and
9,180,000 feet, and orders, 8,197,000
feet and
7,667,000
shipments,
feet;
193,485 113,185
mos.
ended May
1936—
56,685
April
189,480
423,220
May
180,665
436,543
172,981
176,315
202,995 116,296
201,307 116,569
220,225
235,236
756,996 1,662,809
668,630
767,054 439,045
895,755 229,584
Total
5
59.746
mos.
ended May
j
1935—
Total
5
a
167,049
171,030
73,058
67,630
302,860
113,026
293,693
107,820
135,811
122,663
637,463 1,177,260
438.601
520,188 281,126
159,930
132,074
April
May
39,966
40,189
mos.
Of these organizations,
657,072 157,474
b Of this
37 have discontinued automobile financing,
56.2% were used cars, and 0.4% unclassified,
c Of
have discontinued automobile financing,
d Of this
number, 44.3% were new cars, 55.3% used cars, and 0.4% unclassified.
number 43.4% were new cars,
the
282
24
organizations,
World Wheat Crop this Year Expected to
Above Last Year's
The world wheat crop
of 406 identical softwood mills was 230,111,000
production
feet
5
421,098
9,984,000 feet,
feet, and a year ago it was 177,019,000 feet; shipments were,
241,754,000
242,810,000
were
v--
.
week's
was
production.
below
feet.
Last
same
Shipments as reported for the same week were
15% below production.
feet,
the
for
hardwood mills give new business
102
66,802
67,835
176,572
ended July 3,
or
reported
as
above production.
from
9,272,000
feet,
206,850,000
Shipments
5%
or
Reports
240,334
243,700
April...
ended May
1937, by 417 soft¬
11% below the production of the
reported for the week
orders
c—
May...
1936, and all reported production above the 1936 week.
Lumber
Orga nizations
Idem ical
282
Summary for
225,492,000
below
shipments
reported
feet
5
1936—
below
216,834,000
Mills,
were:
024,000
or
72.416
261,335
263,029
187,759 108,927
April.
4% below that week's orders.
were
of
a
April
production reported for the week ended July 3, 1937, by 13%
mills was 19% below the output (revised figure) of the preceding
National
week;
Orga nizations
May
and new business was 6%
1936,
the
in
booked
fewer
Idem ical
456
Dollars
Dollars
Dollars
Summary for
was
production in this period was 8% above that of the first
half of 1936; shipments were 11% above shipments of the
first
Volume
Number
Thousand
Dollars
week ended July 3, 1937,
1929 weekly average of production
74% of 1929 shipments, according to the National Lum¬
at
Cars
Unclassified
Volume
Volume
The lumber industry during the
stood
New Cars
Volume
Month
Report
ing
and
Weekly
Used and
Financ¬
♦
year
will be from 20 to 30%
in
of
Final figures will not be published until about
larger than it was last year, it was officially announced
Rome, Italy, on July 12, by the International Institute
Agriculture.
pointed out in advices from
the New York "Journal of Com¬
The advices said:
the middle of August,
it
was
Rome, July 12 (Havas), to
merce" of
8,437,000 feet.
this
Be 20 to 30%
July 13.
of the International Institute of Agriculture
An announcement
said that
24,000,-
total wheat production in
Lumber Manufacturing During
Five Weeks Ended
July 3, 1937
000 tons, which compares
with 17,000,000 produced last year and an average
give herewith data on indentical mills for five weeks
ended July 3, 1937 as reported by the National Lumber
Manufacturers Association on July 14;
Of the
the five weeks
ended July 3,
production
Orders Received
Shipments
Production
(In 1,000 Feet)
Hardwoods
1937
1936
Production
during the five weeks ended July 3,
these mills, was 14% above that of
production in 1937
the
Mills,
as
Inc.,
record
was
of
1937,
as
and
?
\
June, 1937
summarizes the comparative flour
production.
PRODUCTION OF FLOUR (NUMBER
OF BARRELS)
11 Mos. Ended June 30
Month of June
1936
1937
1936
1937
1,042,829
2,181.220
1,658,966
393,146
1,421,078
1,835,232
1,630,571
361,764
13,590,261
25,806,362
20,924,531
4,779,190
16,744,548
22,067,660
21,121,000
4,809,141
5,276,161
5,248,645
65,100,344
64,742,349
Softwood
15% above that of the same weeks of 1936 and 85%
comparable mills
Hardwood output was 3%
; :
\
totaled for the mills reporting in the following
These mills annually account for approxi¬
the total estimated United States flour
reported by
corresponding weeks of 1936.
:
.
milling centers.
mately 65% of
1,382,357 1,207,617 1,272,298 1,175,636 1,066,977 1,101,532
Total lumber
above
1936
1937
1936
1937
1,334,312 1,161,195 1,234,045 1,131,070 1,030,319 1,060,226
44,566
36,658
41,306
38,253
46,422
48,045
Softwoods
;
Production of Flour During
General
1937:
18.062,000 tons will be in winter wheat
1937 total, about
5.950,000 in spring wheat.
of 530 mills reported as follows to the National Lumber
Trade Barometer for
18,497,000.
yearly production of
We
An average
the United States will probably be about
during the same period of 1935.
Northwest
Southwest
Lake, Central and
Pacific Coast
above production of the 1936 period.
Southern
Shipments during the five weeks ended July 3,1937, were 8% above those
of corresponding weeks of 1936,
woods, loss of 14%.
Orders
below
were
of
received
those
of
softwoods showing gain of 9% and hard¬
,
during
the five weeks
corresponding
weeks of
ended July 3,
1936.
1937, were 3%
Softwood orders in
1937
3% below that of similar weeks of 1936 and 50% above the same weeks
1935.
Hardwood
orders
of
showed loss
11%
as
compared with cor¬
responding weeks of 1936.
On
July 3,
1937,
gross
1934-5-6),
stocks
as
as
and
average
1937, unfilled orders
as
Products—Members of
Interstate
Output Dips
Hearing Set
Field—Anti-Trust Case Postponed
Observers from
several non-member oil producing States
attended the July 13 meeting
of representatives of the six
comprising the Interstate Oil Compact Commission
held in Santa Fe. The group has yet to add any members
States
production.
reported by 453 softwood mills were
893,828,000 feet, the equivalent of 32 days' average production compared
with 679,583,000 feet on July 4,
Its
Compact Meet—Daily Average Crude
—Crude Oil Stocks Higher—Special
reported by 458 softwood mills were
compared with 3,308,827,000 feet on July 4,
1936, the equivalent of 117 days'
On July 3,
Petroleum
for Texas
3,288,702,000 feet, the equivalent of 116 days' average production (three
years average,
reporting
Grand total, all mills
1936, the equivalent of 24 days' production.
to the
original six—Colorado, Illinois, Kansas, New
Oklahoma and Texas—although it has
Mexico,
invited all other oil
producing States to join the Commission.
Main factors discussed at the meeting were
Automobile Financing in May
The
for
dollar
the
volume
of
retail
financing
for May,
1937,
organizations amounted to $190,655,670, an
5.1% when compared with April, 1937; an
inciease of 3.3% compared with May, 1936, and an increase
of 67.8% over May, 1935.
Tne $193,527,218 snown for
wholesale financing for May, 193/, is an increase of 6.3%
over April, 1937; an increase of 4.5% compared with May,
1936, and an increase of 42.8% over May, 1935.,
Figures of automobile financing for the month of April,
1937, were published in the June 12 issue of the "Chronicle,"
page 3912.
increase
456
of
the need for
legislation in connection with production of crude
oil, the possibility of increased taxation on both crude and
refined products, and the determination of waste brought
about by storing oil over long periods of time.
The Com¬
mission was founded on, and its principal purpose still is
conservation of crude by improving methods of production
and storage rather than arbitrarily establishing production
quotas.
The report of the American Petroleum Institute disclosing
national
that the survey
inaugurated by the United States Bureau of
accurately the marketable value of oil
Mines to determine
350
Financial
in storage attracted much interest.
The Institute reported
that the Bureau of Mines has started an exhaustive
analysis
of samples of stored oil to determine the
consequent loss from
evaporation, basis settlement and spoilage. While approxi¬
mately 1,400 samples already have been analyzed, it was
continued, the Bureau declihes to reveal any results until
"many
#
tests
more
are
made."
With all major States paring production with the
excep¬
tion of
California, daily average crude oil output for the week
July 10 dipped 4,900 barrels fo 3,520,750 barrels,
according to the American Petroleum Institute. The total
was only 92,000 barrels above the
July market demand as
estimated by the Bureau of Mines, the smallest excess for
production over estimated demand since last February.
The 3,520,750-barrel figure, however, was
nearly 575,000
barrels
oyer actual turnout in the like 1936 period.
A decline of 1,300 barrels in Oklahoma
brought the total
for that State to 618,300 barrels,
materially below the joint
State-Federal quota of 629,700 barrels daily during July.
Kansas also held below the 195,600
allowable, dipping 850
barrels to 192,150 barrels.
Despite a drop of 6,200 barrels
for Texas, the 1,410,400-bhrrel
aggregate was substantially
in excess of the State allowable of
1,385,476 bkrrels, and the
Federal recommendation of 1,375,100 barrels.
Louisiana production dropped 6,900 barrels to
254,450,
against the State allowable of 263,850 and the United States
ended
total of 253,000 barrels.
for all
areas
east of the
The net decline of 16,700 barrels
Rocky Mountains
was pared sharply
by the 11,800-barrel spurt in California production.
The
lifted production there to
666,900 barrels, against
602,900 barrels set by the Central Committee of California
boost
Oil Producers and the Bureau of Mines'
figures of 605,500
barrels.
Stocks of domestic and
foreign petroleum held in the United
expansion in many periods
during the week ended July 3.
The increase of 1,065,000
barrels reflected the high total
daily average crude oil pro¬
duction ruling during this
period, it was pointed out, and
States
showed
the
broadest
lifted
the total to 308,744,000 barrels.
Domestic stocks
spurted 1,087,000 barrels, offsetting a drop of 22,000 barrels
in foreign crude inventories.
The Texas Railroad Commission announced in Austin
July 12 that
on
special meeting had been called for July 23 on
Field, Duval County.
The Commission
adopted a special order setting a spacing program of 1 well to
10 acres for a 15-day period.
The Commission on the same
day disclosed that despite the fact that production fell more
than 1,000,000 barrels below the State
allowable, May crude
production for the State hit a new peak at 44,185,400 barrels,
against a record quota of 45,402,338 barrels.
New producing
wells brought in during the month totaled
1,171, sending the
aggregate for the State to 71,923, of which 29,185 are flowing
and 42,738 operating "on the
pump."
The Oklahoma Supreme Court on
July 12 reaffirmed a
decision ordering the Oklohoma
Corporation Commission to
grant the British-American Oil Producing Co. retroactive
back allowable for its well No. 1
Mary Green, discovery well
in the Mansion area of the Oklahoma
City field, and further
the
a
Colmena
Chronicle
grades and deliveries by the four marketing
subsidiaries of Standard Oil Co. (N. J.) on July 12, effective
the following day.
The
boost in tank car and tank wagon deliveries was
put into effect by Standard Oil Co. of New Jersey, Standard
of Pennsylvania, Standard of Louisiana and the ColonialBeacon Oil Co. The sole exception to the broad increase was
in the metropolitan New York area.
Back of the increase, which was met by all major com¬
panies operating in the areas affected by the far-flung lift
in prices, are several factors, chief of which are the record
pace of consumption, higher charter rates from the Gulf
Coast here to Atlantic Seaboard areas and the higher levels
ruling for crude oil.
Shell Union Oil Corp. on July 13 announced that it had
met the increase throughout Pennsylvania and Delaware.
The Texas Corp. stated that it would generally meet the
increases, while the Gulf Oil Corp. advanced prices % cent
a gallon in West Virginia, Virginia and Maryland.
The Socony-Vacuum Oil Co., Inc., in addition to meeting
the y cent advances posted in its New York-New England
marketing area by the Colonial Beacon Oil Co. posted
advances of % to 1 cent a gallon at several points around
Boston
and
Providence
of
gas
and fuel oil
of Louisiana
and
fied the
court that he had asked for a bill of
the Government's indictments.
There were no crude oil price changes.
particulars
on
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
$2.82
Co.)
are not
shown)
Eldorado, Ark., 40
$1.27
1.25
Rusk, Texas, 40 and over..
1.35
Corning, Pa
1.42
Darst Creek
1.35
Central Field. Mich
1.42
Western Kentucky
1.40
Sunburst, Mont
Mld-Cont't, Okla., 40 and abovo..
1.30
Huntington, Calif., 30 and over
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
1.25
Kettleman Hills, 39 and over
1.20
1.22
1.31
0.90
Petrolia. Canada
2.10
PRODUCTS—STANDARD
PANIES
DESPITE
GASOLINE
JOIN
advance of
PRICE
OF
JERSEYS
BOOST—OTHER
ADVANCE—MOTOR
FUEL
WIDE¬
POSTS
MAJOR
STOCKS
COM¬
SLUMP
HIGHER REFINERY OPERATIONS
Rising costs of production and transportation coupled with
wide-spread price increase in
the record demand brought a
cent
k
a
gallon in tank car and tank wagon prices on all grades of gasoline except
metropolitan New York, effective July 13.
July 13—Shell Union Oil Corp., the Texas Corp. and Gulf Oil met the
k cent a gallon advances of the Standard group.
July
group,
13—Socony-Vacuum met
the
H
Standard
of the
cent increases
and also posted jumps of k to 1 cent a gallon in sub-normal markets
around Boston and Providence.
U. S. Gasoline (Above 65 Octane),
Tank Car Lots, F.O.B. Refinery
Other Cities—
New York—
Chicago
075*
Socony-Vacuum..
.08
Texas
Gulf
.08k'
New
Orleans-
Tide Water Oil Co
.08 k
Shell Eastern
.075*
Gulf
ports—
Richfield OIK Cal.)
.075*
.07 k
Warner-Quinlan..
—
$.05
-.05H
.06>$-.07
.05 k
Tulsa
05H-.05 %
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
I North Texas
(Bayonne)
$.055*
|
N. Y.
Refinery
(Bayonne)—
I Chicago,
28-30 D
3.045*1
27 plus
z
New York
c
$1.05
New Orleans C
D
Phila., Bunker C
1.35
2.20
Gas Oil, F.O.B. Refinery or
N. Y.
03k-.04
Terminal
$1.00-1.25
$1.35
Diesel 28-30 D
or
Orleans.$.05J*-.05k
|Tulsa„.
.03k-.05
California 24 plus
(Bayonne)—
Bunker C
INew
$.04
Los Angeles.-
Fuel Oil, F.O.B.
Brooklyn
$.19
.19
*Not including
I Newark
Terminal
-$.02H-03
I Tulsa
•
$.053
(Boston
$.165
.18
;
(Buffalo—
I Chicago
$.175
177
2% city sales tax.
Daily Average Crude Oil
Output off 4,900 Barrels in
Week Ended July 10
The
American
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
July 10, 1937 was 3,520,750 barrels.
This was a decline
of 4,900 barrels from the output of the previous week.
The
current week's figures remained above the 3,423,800 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producting States during July.
Daily average produc¬
tion for the four weeks ended July 10, 1937 is estimated at
3,521,750 barrels.
The daily average output for the week
ended July 11, 1936 totaled 2,947,700 barrels.
Further
details, as reported by the Institute, follow:
1.09
nilnols
SPREAD
v
Oil posted an
Colonial-Beacon
Gasoline, Service Station, Tax Included
"stripper wells" in Venango County are
obtaining a return barely enough to cover overhead charges,
testimony before the Oil Industry Investigating Committee
named by Governor Earle to
probe the Pennsylvania oil
industry revealed. Operators asked for relief from tax bur¬
dens and an import tax. The committee also heard witnesses
testify on details of pipeline operation, refinery processes
and the manner of fixing
prices.
The Government's anti-trust cases
against major oil com¬
panies were continued until Aug. 3 in Federal Court in Madi¬
son, Wis., on agreement between counsel, it was disclosed on
July 13. Counsel for the "National Petroleum News" noti¬
REFINED
1,973,000 to hit 103,537,000 barrels,
Representative price changes follow:
discrimination.
Lima (Ohio Oil
rose
July 12—Standard of New Jersey, Standard of Pennsylvania, Standard
completed Oct. 2,
of
had
barrels.
originally denied
Operators
market
under last year.
Refinery operations came within fractions of the all-time
high, climbing 0.7 point to 83.7% of capacity.
Daily
average runs of crude to stills broke through the old high of
3,320,000 barrels set last June 19 with a 55,000-barrel jump
setting a new peak at 3,225,000 barrels.
An increase of
25,000 barrels lifted production of cracked gasoline to 740,000
the company an adjustment on its
potential and allowable.
The company argued that its well was
1935, but that delay by conservation officials caused the hole
This meant, it was continued, that the swab
was lost when official tests were
started, which resulted in a
"fishing job" that lasted until Dec. 25, 1925. The Com¬
mission had granted the company
only the allowable from the
date of completion of the official
potential on the later date.
The court ruled that the well was
completed on Oct. 2, and
held that to deny the
company an adjustment will amount
sub-normal
a
which is about 4,000,000 barrels
Stand. Oil N. J._$.07k
to fill with oil.
where
prevailed for some time.
Reflecting the record demand for gasoline over the Fourthof-July week-end holiday, stocks of finished and unfinished
motor fuel slumped 1,354,000 barrels during the week ended
July 10 to 73,976,000 barrels, according to the American
Petroleum Institute.
It was pointed out, however, that had
it not been for a revision of the July 3 storage figures, the
decline would only have been 696,000 barrels.
The July
10 total was equal to approximately 42 days' supply, against
43 days' supplies on hand at the like time last year.
Refinery gasoline stocks dropped 997,000 barrels to
42,813,000 barrels, while holdings at bulk terminals were off
401,000 barrels to 23,766,000 barrels. Stocks of unfinished
gasoline rose 47,000 barrels to 7,397,000 barrels. Inventories
directed that the allowable be fixed at 109,320 barrels.
The case developed when the Commission
to
July 17, 1937
motor fuels for all
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended July 10 totaled
a
1,323,000 barrels,
daily average of 189,000 barrels, compared with a daily average of 185,286
barrels for the week ended July 3
weeks ended
and 187,250 barrels daily for the four
July 10.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended July
10, totaled 108,000 barrels, a daily average of 15,429 barrels,
compared with
and
a
daily average of 5,714 barrels
for the week ended July 3
14,179 barrels for the four weeks ended July 10.
Reports received from refining companies owning 88.8% of the 4,084,000
barrel
estimated
daily potential refining capacity of the United States,
indicate that the industry as a whole ran to
stills, on a Bureau of Mines
Volume
Financial
us
Chronicle
Coal
basis, 3,325.000 barrels of crude oil daily during the week, and that all
and In
companies had in storage at refineries, bulk terminals, in transit
pipe lines
of the end
as
73,976,000 barrels of finished and
of the week,
unfinished gasoline and 103,537,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8%
tial
as
charging capacity of all
whole,
a
on
of the poten¬
that the industry
cracking units indicates
Bureau of Mines' basis, produced an average of 740,000
a
barrels daily during the week.
351
(Production During Week Ended July 3
The United States Department of the
coal
Interior, in its weekly
showed that- production of soft coal for the
country as a whole showed little change in the week ended
July 3.
The total output is estimated at 7,215,000 net
tons, an increase of 67,000 tons, or 0.9%, over the pre¬
report,
ceding week.
Production in the corresponding week in 1936
(a holiday week) amounted to 6,481,000 tons.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Anthracite production in Pennsylvania during the week
July 3 is estimated at 1,012,000 net tons, an increase
ended
Four
B. of
M.,
Dept. of
State
Interior
Allowable
Ended
from
Ended
Ended
Calcu¬
July 1
July 10,
Previous
July 10,
July 11,
1937
1936
Week
Week
1937
lations
Week
Weeks
Change
(July)
of
119,0j00 tons,
duction
in
the
939,000 tons.-
or 13.^3%, over the preceding week.
Pro¬
corresponding week of 1936 amounted to
V?&!■
-■;+.
BEEHIVE
ESTIMATED UNITED STATES PRODUCTION OF COAL AND
Oklahoma
Kangfifl
618.300
195,600
625,550
194,650
25,300
182,900
54,600
425,600
234,300
200,750
152,250
(IN NET TONS)
58,200
198,900
121,650
466,200
—850
COKE
546,500
144,800
80,250
72,650
33,500
—1,300
192,150
629,700
195,600
629,700
Week Ended—
68,850 —11,650
+300
72,900
+ 250
33,900
—800
199,800
121,300 —2,450
+ 1,250
467,800
—100
236,350
+7,000
209,500
79,000
61,675
Panhandle Texas
North Texas—------
Bituminous coal:
July 3, 1937 d
June
26,1937
July 4, 1936
c
a...
--
West Texas
177.040
East Central Texas—
118,649
6,481,000
East Texas.
466,000
221,973
193,291
-------
-
-
Southwest Texas
Coastal Texas
85,950
—2,350
168,500
—4,550
172,750
254,450
—6,900
257,600
1,012,000
168,700
964,000
893,000
148,800
6187,800
850,000
894,000
Total for period
63,100
65,600
10.517
10,933
18,100
63.620
1,203,000
Total, Including colliery fuel
Dally average
Commercial production.c
Beehive coke:
230,550
84.850
Calendar Year to Date—
253,000
Total Louisiana
263,850
939,000
79,800
150,750
North Louisiana
Coastal Louisiana
61 ,296,000
7.215,000
Total, including colliery fuel
Daily average
Pennsylvania anthracite: b
—6,200 1,408,200 1,137,200
1,385.476 1,410,400
Total Texas
179,300
7,148,000
1,191,000
Daily average
West Central Texas.
67,848
59,050
1929 f
1936 f
1937
Bituminous coal:a
28,400
122,100
28,100
—250
—7.650
Michigan.
42,800
—300
Wyoming
52,900
Montana
16,200
55,350
17,600
4,300
114,500
+6,450
-1-400
119,500
42,600
50,000
-
Eastern
Colorado
4.700
New Mexico
114,500
100,800
31,000
36,350
17,050
17,400
4,150
—100
4,500
74,050
115,050
224,087,000
1,303,000
Pennsylvania anthracite: b
Total, including colliery fuel
h
>
+
h
h
Daily average
h
.-I.,,-:"
h
h
Commercial production
Beehive coke:
Total East of Calif.. 2.818,300
605,500
Total United States
x
.
X602.990
3,520,750
3.423.S00
—4,990 3,521.750 2,947,700
(Revised.)
Recommendation of Central Committee of California Oil Producers.
Note—The figures Indicated above
do not Include any estimate of any oil which
might have been surreptitiously produced.
21,956
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from authorized
c Excludes colliery fuel,
d Subject to revision,
e Revised,
f Ad¬
justed to make comparable the number of working days in the three years,
6 Aver¬
age ba«ed on five days,
h Comparable data not yet available.
operations,
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED JULY
11,746
of historical comoarlson and statistical convenience the
Includes for purposes
a
3,447,100
670,000
4,268
1,855,900
Daily average
2,853 ,S50 —16,700 2,863,050 2,361,300
586,400
658,700
666,900 -pi 1,800
h
h
h
c
Total for period
California
259,129.000
1,667,000
201,343,000
1,447,000
Total, including colliery fuel
Daily average
29,550
109,750
28,350
115,900
39,800
Arkansas
STATES
WEEKLY PRODUCTION OF COAL, BY
ESTIMATED
10, 1937
(IN THOUSANDS OF NET TONS)
(Figures in Thousands of Barrels of 42 Gallons Each)
IThe current estimates are based on railroad carloadings and river shipments and
subject to revision on receipt of monthly tonnage reports from district and State
of final annual returns from the operators.]
are
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Gasoline
sources, or
Stocks
of
Unfin'd
Poten¬
Aver¬
Total
Rate
P.
C.
Oper¬
At Re¬
age
tial
ated
fineries
Terms., Nap'tha
&c.,
Distil.
669 100.0
563
84.2
5,342
12,383
1,157
9,646
Appalachian.
Ind., III., Ky
Okla., Kan.,
146
129
88.4
106
82.2
1,210
1,447
245
807
507
467
92.1
450
96.4
8,441
3,303
924
6,09S
Inland Texas
81.3
613
84.6
201
56 6
138
68.7
1,394
139
424
757
95.5
685
90.5
6,773
318
1,743
1,662
8,015
793
■
4.483
2.615
164
No.La.-Ark.
158
96.3
146
92.4
742
459
329
2,344
91
La. Gulf
58
63.7
43
74.1
257
129
92
406
Rocky Mtn.
89
62
69.7
46
74.2
821
746
90.9
551
73.9
9,540
102
794
1,468
67,963
1,631
California—.
Reported
3,202
380
355
Texas Gulf..
309
—
3,627
Est. Unreptd
88.8
39,813
7,097 100.937
300
2,600
23,066
3,000
3,037
457
83.7
2/273
700
288
July 10 '37
4,084
3 '37
3.270
23.7G6
7,397 103,537
c43,810 C24.170
3,325
4,084
4,084
4,084
c7 350 C101564
42,813
a
37,763
b2,95S
Estimated
on
Bureau
of
Mines
basis.
bJuly,
1936,
6,750 105,996
21,273
dally average,
c
Re¬
8
3
•2
200
178
325
13
22
20
62
Colorado
70
66
77
59
120
-
*
Georgia and North Carolina
387
70
175
s
s
590
682
592
842
1,243
233
244
297
416
8
52
48
57
66
86
100
101
128
709
706
698
603
901
661
123
120
104
113
195
183
23
24
28
28
43
47
3
4
2
5
11
12
33
33
44
33
50
38
22
-
248
74
-
Indiana
590
240
6
Illinois
36
23
23
46
51
Iowa
Kansas and Missouri
Kentucky—Eastern
Western
Maryland
Michigan
—
Montana.
New Mexico
-
Ohio
-
15
12
11
15
'88
sl4
sl3
.
399
418
328
295
446
888
1,934
1,966
1,859
1,854
2,802
3,613
96
-
„
Pennsylvania bituminous
91
75
99
113
—
74
21
15
14
14
13
16
30
34
20
31
58
89
250
245
190
18 8
238
240
26
25
25
21
51
44
1,587
1,570
1,641
1,491
2,045
1,380
568
510
382
402
735
856
81
81
68
105
93
104
1
1
7,112
6,867
3a
Utah
Virginia
Washington
—
...
—
Virginia—Southern.a
Other Western States.c
7,148
Total bituminous coal
The
*
*
1
*
PRODUCTION AND
s
2
225
Wyoming
daily average production of natural gasoline for
May, 1937, was 5,403,000 gallons, according to a report
prepared by the Bureau of Mines for Harold L. Ickes,
Secretary of the Interior.
This is 72,000 gallons lower than
the 5,475,000 gallons daily average for April, but materially
higher than the 5,314,000 gallons daily average for the first
five months of the year and almost a million gallons above
the 4,437,000 gallons daily average for May, 1936.
The only State to show a material increase was Oklahoma,
the largest percentage decline was in the Appalachian district.
Stocks at refineries and plants and terminals increased
29,274,000 gallons to 251,538,000 gallons on May 31, com¬
pared with 222,264,000 gallons on April 30.
1923 d
2
Northern, b
May Production of Natural Gasoline
Arqe.
1929
1935
r
16
West
Comparable with week of July 10 but not prior weeks.
1936
236
Alaska
Texas
aJuly 10 *36
1937 p
Arkansas and Oklahoma
Alabama
TennesSeCi-
U. S.B.of M.
vised.
1937 p
North and South Dakota
aEst.tot.U.S.
July
June 26 June 19 June 27 June 29 June 29
OU
669
449
June
State
Fuel
East Coast--.
Mo
Weekended—
and
P. C.
Daily
Reporting
Gas
in
Finished
District
*
s2
s5
9,648
6,515
10,866
the N. & W., C. & O., Virginian, K. Ac M., B. C. & G.,
b Rast of State,
and Tucker counties,
c In¬
cludes Arizona, California
Idaho, Nevada, and Oregon,
d Average weekly rate
for
the
entire month,
p Preliminary,
r Revised,
s Alaska,
Georgia, North
Carolina, and South Dakota included with "other Western States."
* Less than
a
and
Includes operations on
on
the B.
&
O.
in
Kanawha, Mason, and Clay counties,
including the Panhandle District and Grant, Mineral,
1.000 tons.
World Zinc Production
The
American
Bureau
of
Metal
issued
Statistics
the
following compilation of world zinc production by primary
metallurgical works in short tons:
May,
April,
March,
February,
January,
Dec.,
1937
STOCKS OF NATURAL GASOLINE
1937
1937
1937
1937
1936
(In Thousands of Gallons)
May 31, 1937
April 30, 1937
April,
1937
1937
May,
1937
May,
At
Plants
At
Plants
1936
Refin¬
& Ter¬
Refin¬
<t Ter¬
eries
May,
Jan.-
minals
eries
minal*
East coast
5*689
6*509
34*366
30*669
672
5*845
462
1,008
1,048
5,088
4,473
2,226
528
4,158
38,910 187,040 166,699
168
4,773
23,521
14,166
3,612
48,872 232,027 199,361
42
8,014
37,767 23,297
378
945
4,543
4,990
3,402
5,799 28,257 23,943
49,392 249.759 236,617 105,630
29,672
2,386
79,151
2,772
3.31S
Oklahoma
40,665
Kansas
4,624
49,936
Texas
Louisiana
7,881
1,014
Arkansas
Rocky Mountain
California
5,949
50,730
4,471
126
6,678
126
21,500
23,300
23,300
5,172
14,572
14,912
13,554
5,568
14,589
13,579
c3,100
3,200
3,100
3,200
1,921
2,700
1,960
cl5,000
c3,000
23,500
lands
6,090
Germany.
Italy
1,322
Rhodesia
Spain..-.
1,691
Daily
aver.
Daily
aver.
481
84
119
2,468
2,478
c600
10,942
12,413
11,941
26,600
24,300
26.000
25,100
27,400
97.734
a
157,001
52,009
159,822
129,166
139,337
145,251
55,012
World's total
53,202
47,050
104,992
106,620
37,794
91,372
40,047
107,247
99,290
98,201
162,259
United States
Elsewhere..
3,911
19,104
16,767
129
130
127
110
2,965
629
c600
12,599
..
Partly estimated,
Indo-China, with
Estimated.
b Includes Norway, Poland, Japan, and
estimates for Czechoslovakia, Yugoslavia,
and Russia,
c
2,227
2,359
2,221
128
167,496 164,262 802,368 704,214 124,530 127,008 118,272 103,992
5,403
5,475
5,314
4,633
3.988
639
434
11,965
26,900
5,88*
21,914
2,010
66,845
2,291
Total (thousands
of barrels)
1,786
c500
June Anthracite Shipments
Total
1,960
5,257
12,541
...
Anglo-Australian
b Elsewhere
4,494
4,242
Appalachian
111., Mich., Ky_.
13,735
23,200
6,178
17,371
Belgium and Neth-
France
At
At
Jan.-
47,050
11,660
22,900
5,961
17,894
a
40,047
53,202
55,012
Other North America
Stocks
Production
37,794
10,418
52,009
17,469
United States
3,024
2,816
2,476
14.92% Above
a
Year Ago
Shipments of anthracite for the month of June, 1937,
as
reported to the Anthracite Institute, amounted to 4,040,363 net tons.
This is an increase, as compared with
shipments during the preceding month of May, of 249,842
352
net
Financial
tons,
6.59%, and when compared with June, 1936,
shows an increase of 524,485 net tons, or
14.92%.
Shipments by originating carriers (in net tons) are as follows:
or
June, 1937
May, 1937
June, 1936
923,214
782,186
321,085
406,712
673,378
749,544
Reading Co
Lehigh Valley RR_
Del.
Central RR. of New Jersey
Lackawanna & Western RR..
559,965
Delaware & Hudson RR Corp
402,712
Pennsylvania RR
781,767
454,818
355,926
105,619
134,838
...
Erie RR
New York Ontario & Western Ry_.
Lehigh & New England RR
Total
May, 1936
956,304
July 17, 1937
apparent influence on the price structure of that metal.
Demand for lead was good and the views of most producers
were
strengthened.
Tin showed little change.
Domestic
antimony was advanced and refined platinum moved up SI
per ounce.
Quicksilver declined 11 per flask.
The publi¬
cation further reports:
856,235
401,598
648,881
439,477
395,426
304,235
287,135
451,865
404,656
153,684
258,741
195,656
145,621
248,621
184,195
259,973
3,790,521
4,040,363
Chronicle
3,515,878
Copper
4,274,185
299,770
473,526
592,953
402,558
335,687
272,336
The copper statistics for June, released July 14, showed a gain in world
stocks of refined and blister of 18,000 tons.
Of this total 6,151
tons re¬
presented the net increase in this country and the remainder abroad.
Stocks
of refined in this country increased 2,435 tons, with the gain in the total
abroad
7,882
The increase in stocks
tons.
Foreign mine production
than in the preceding month.
Production
The copper
and
Shipments
The American Zinc Institute
of
Slab
Zinc
on
SLAB ZINC STATISTICS (ALL
Deliveries
Production
4,410 tons smaller in June
was
down both here and abroad.
were
follows:
as
June
May
May
(blister):
June
81,336
^114,719
77,725
111,957
196,055
189,682
Deliveries, refined (appa¬
United States mine...
72,088
U. S. scrap, &c
GRADES)- -1929-1937
73,610
15,567
107,638
8,911
rent
16,122
..112,048
Foreign mine
(Tons of 2.000 Pounds)
consumption):
10,597
Foreign scrap, &c
United States^
Foreign.
Totals
Produced
Shipped
Stock at
During
During
End of
Period
Period
Period
Retorts
(a)
Shipped Operating
for
Export
Average
Unfilled
Retorts
Orders
End o]
Period
During
End
Period
Period
68,491
47,769
23,099
18,560
18,585
26,651
18,273
of
631,601
602,601
75.430
6,352
57,999
436,275
143,618
196
31,240
41
Year 1934....
504,463
300,738
213,531
324,705
366,933
Year 1935
431,499
19,875
21,023
27,190
32,944
38,329
Year 1931
Year 1932
Year 1933
314,514
129 842
218,517
124,856
170
344,001
352,663
105,560
119,830
239
465,746
83,758
59
148
8,478
15,978
23,653
28,887
32,341
30,786
51,186
1936
208,614 207,967
46,341
39,846
38,087
79,059
0
75,369
0
March
41,642
36,156
42,411
79,693
0
April
43,180
42,239
80,634
0
May
43.905
81,562
0
June
44,833
44,875
41,582
84,855
July
45,481
41,819
88,517
1
August
43,542
46,013
86,046
Of
41,308
\
*36,418
Of
40,672
1
*36,843
38,205
38,004
37,922
41,400
41,048
of
01
40,700
*36,934
41,308
1 *37,350
September
42,211
51,775
76,482
35,872
42,219
34,334
36,189
56,829
41,638
37,778
37,888
35,968
28,370
38,176
*36,972
Production
(refined):
144,458
*36,734
38,358
*37,006
38,326
*36,897
October
46,225
53,963
68,744
Of
41,733
1
November
45,670
56,887
57,527
of
*38,052
43,103
*38,607
46,940
59,512
44,955
Of
42,965
I *38,461
154,064
40,642
*38,538
\
Total for yr.
523,166
43,597
561,969
95,265
86,016
108,875 113,983
S. figures
(Detailed U.
...182,863
Foreign
released, by the
as
291,448 301,765
33,775
Of
40,285
the
the tone
firm
was
on
the
There
basis.
14c.
change, compared with a week ago.
when traders elected to
talk of
was no
37,794
46,953
24,616
53,202
59,635
18,183
Of
April.........
52,009
56,229
13,963
01
\
1
June
50,526
50,219
14,081
0
Buying
was
in fair volume until July 14
slowly pending publication of the June sta¬
move
Lead
The recent improvement in the demand for lead continued in the week
just ended.
In fact, the buying was on a larger scale, with most of the im¬
consuming industries represented in
portant
the
week's
Equivalent retorts computed
Included In total shipments.
24-hour
on
business.
Producers believe that the improved labor out¬
look encouraged buying.
The undertone at the close
Quotations continued at 6c., New York, which
Louis.
Business
As the
177,969
189,846
was
quite firm.
was
also
was
the contract
Refining Co., and 5.85c.,
reported by St. Joseph Lead in its
5 He.
per
167,143
43,205
*42,186
basis,
a
Export
St.
brands for
own
premium.
a
#
.The market
pound in terms of United States currency.
159,209
week opened,
;
.
producers
tinued
announced
that
are
their
would
quotations
active, and,
one-quarter
This failed to check the buying interest, and inquiry con¬
pound.
fairly active throughout the remainder of the week.
the total traded in called for future
accounted
for
with
By Saturday several
be raised
week that ended yesterday totaled more than 20,000 tons.
a
substantial
many consumers who
shipments
demand for zinc became quite
supplies scarce, the situation strengthened appreciably.
cent per
181,448
*42,519
*43,007
Sales
for the week totaled 7,450 tons, which compares with 5,250 tons in the
pre¬
176,544
41,177
*38,936
43,429
44,186
(
*
*38,289
43,635
*38,979
43,660
\ *39,019
43,724
oj
1 *43,270
13,774
higher market, but
a
Quotations abroad showed little net
tistics.
abroad held around
40,613
February
given
are
rate as in recent weeks, the total quantity booked in the last seven
same
delivery in the East at
*38,447
39,948
*37,851
40,588
*38,417
March
55,201
Institute
copper
department—Ed.)
Zinc
55,012
190,745
Totals
settling basis of the American Smelting &
178,626
37,915
1 *35,719
Of
42,786
May
111,020
Demand for copper in the domestic market was fair and held at about
1937
January
5,856
108,585
United States
204,140 199,9991
Totals:'
elsehwere in this
4,920
London prices ruled firm on a steady call for the metal
0
51,227
160,513
175,891
0
46,831
40,047
aver.
exports,
ceding seven-day period.
39,157
*37,893
40,125
*38,588
December
(65,173
States
Stocks, refined:
United States........
127,090
38,135
United
domestic only
days amounting to 11,881 tons.
January
February
Monthly
Totals
Foreign
Year 1929
Year 1930
expected.
statistics of the Copper Institute for the months of May and
June, in short tons, are summarized
July 7 released the follow¬
ing tabulation of slab zinc statistics:
than
Domestic mine production increased from 72,088 tons in May to 73,610
tons last month.
June
smaller
was
Sales in the
A good part of
delivery; in fact, last-quarter business
The
tonnage.
June
statistics
disappointed
confidently expected production to increase.
Stocks
of Prime Western at the end of June totaled only 10,256 tons, or
actually
less than
tons.
month
a
Total stocks, all grades, amounted to 14,081
previous.
The 7c. basis for Prime Western zinc became effective
on
Monday,
July 12.
Tin
Copper Statistics for Month of June, 1937
The
Institute on July 14 released the following
pertaining to the production, deliveries and stocks
of duty-free copper.
copper
statistics
UNITED
STATES
DUTY-FREE
COPPER
(IN TONS OF 2,000
There
was
firm.
It
news
was
fair demand for tin during the last week, and prices ruled
a
reported
was
offset
as
a
STATISTICS
LBS.)
States continues at
with
Deliveries to Customers
Refined
x
Production
Refined
Stock at
<& Custom
Production
Refineries
Intake
Domestic
Ex-port
Year 1934
523.435
Year 1935
360,534
506,085
496,658
379,843
528,194
Year 1936
731,629
748,660
764,560
Jan.
Feb.
336,710
1936....
57,201
1936....
52,303
54,451
Mar. 1936....
57,574
67,147
April 1936....
May 1936
61,560
62,100
59,374
June 1936
1936....
55.960
50,420
60,562
53,985
Aug. 1936....
Sept. 1936..1.
51.961
66,842
62,655
Oct.
1936....
72,074
72,895
75,892
75,919
Nov. 1936....
73,978
68,682
Dec. 1936....
69,656
Jan.
1937.
Feb.
1937.
Mar. 1937.
91,117
July
58,801
55.410
125,866
91,485
54,447
Imports of tin into the United States in the first five months of 1937
87,813,000 lb., against 66,668,000 lb. in the
99%,
tin,
nominally
follows:
same
perod last year.
July 8th,
58.375c.; 9th,
58.125c.; 10th, 58.150c.; 12th, 57.875c.; 13th 58.500c.; 14th, 58.875c.
was
as
DAILY PRICES OF METALS
Electrolytic Copper
("E. & M. J." QUOTATIONS)
Straits
Tin
Lead
Zinc
230,888
230,292
3,874
59,906
57,149
59,807
64,140
3,090
4,901
233,927
230,305
July
13.775
13.825
59.625
6.00
5.85
6.75
July
9
13.775
13.800
59.375
6.00
5.85
6.75
4,290
228,817
218.705
July
10
13.775
13.800
59.400
6.00
5.85
6.75
4,239
205,736
July 12
13.775
13.800
59.125
6.00
5.85
7.00
July 13
13.775
13.850
59.750
6.00
6.85
7.00
July 14
13.775
13.750
60.125
6.00
5.85
7.00
13.775
13.804
59.567
6.00
5.85
6.875
3,780
75,212
68,097
80,812
71,233
83,676
94,830
83,178
95,265
86,016
95,884
81,336
77,725
5,979
2,876
3,519
9,166
4,920
5,856
142,374
72,023
commission
Compared
238.704
161,068
In
Spot supplies remain light.
high level.
week ago the price of Straits tin advanced a bo tit one-quarter cent per
1,982
3,630
6,667
89,732
a
are
The
Consumption of tin in the United
2,287
82,409
consignment and
this
54,390
51,417
78,853
94,580
but
56,448
59,704
67,379
87.655
increasing,
are
that Bolivian producers
rumors
354.436
188,719
178,018
171,291
April 1937.
shipment
by
pound.
totaled
231,415
161,068
7,677
8,030
May 1937.
June 1937.
xOn
55,845
a
Chinese
Year 1933
Straits
however, lacked confirmation.
rumors,
Mine or
Smelter
that
market factor
experiencing further trouble because of labor and political unrest.
74,610
exchange warehouse.
Does
136,121
121,448
99,576
108,585
111,020
not
include
Dom.,Refy. Exp., Refy.
8
Average
.
_
New York
New York
St. Louis
St. Louis
Average prices for calendar week ended July 10 are:
Domestic copper f.o.b.
refinery, 13.775c.; export copper, 13.850c.; Straits tin, 59.480c.; New York lead,
6.00c.; St. Louis lead, 5.85c.; St. Louis zinc, 6.75c., 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
are for prompt delivery only.
deliveries; tin quotations
Consumers' stocks at their plants or warehouses.
Daily London Prices
Zinc Advanced
to
—Copper
Stocks
July 15
re¬
ported that the feature in the market for non-ferrous metals
the
unexpected activity in zinc, following publication
of the June statistics that revealed that
virtually no progress
was
made in alleviating the shortage in supplies.
Prime
Western zinc advanced one-quarter cent per pound.
The
copper statistics, showing an increase in stocks, had no
Copper
Tin, Std.
xLead
xZinc
Electro.
Spot
3M
{Bid)
Spot
5615,6
56%
56%
56%
5615,6
56%
56%
56%
55%
62%
264 %
264
Rise
"Metal and Mineral Markets" in its issue of
was
Copper, Std.
7c. St. Louis Basis—Lead in Demand
July
8
July
9
July 12..
July 13
July 14
x
559,6
62
62
62
261%
266%
62
266%
3M
264%
264
261%
265%
265%
Spot
3M
Spot
3M
24i516
241316
24%
2413,6
2413,6
2411,6
249,fi
24%
249,6
24%
22%
22%
22%
2213,6
22"16
22",6
22%
2215,6
23
233,6
Buyers' price.
Prices for lead and zinc are the official 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.).
Volume
June
Financial
145
Shipments Lower Than Preceding Month
Steel
353
Chronicle
rose to 19,706,593 tons from
period last year, or a gain, of
46.4% in the daily rate.
The first six months is the highest for that
period since the all-time high reached in 1929, when 21,640,960 tons was
produced, and contrasts sharply with the recent all-time low in 1933,
when production dropped to only 4,441,003 tons.
There was a net gain of 11 furnaces making iron on July 1, the 181
furnaces operating at a rate of 105,975 tons daily against 170 on June 1,
producing 103,960 tons daily.
Fourteen furnaces were blown in during
the month and) three were blown out or banked.
The United States Steel
Output
for
13,528,226
the
the
put
11
1933:
in operation
two
in
and
TONNAGE
SHIPMENTS
OF
STEEL
OF
YEARS
Year
Month
February
275,929
April
256,793
335.321
May
455,302
1
588,209
643,009
745,064
985,337
369,938
378,023
370,306
603,937
June
July
701.322
August
668,155
September
675,161
Year
1936
Year
1937
721,414
1,149,918
676,315
634.055
583,137
668.056
591,728
598,915
578,108
1,133,724
1,414,399
1,343.644
1,304,039
1,268.550
783,552
979,907
984,097
886,065
547,794
923,703
961,803
614,933
Coal,
600,639
661,515
—(19,907)
—(23,750)
independent producers
and merchant producers put
took one off blast;
and
and took one off blast,
furnaces blown in were the
Iron
Co.;
RR.
&
one
of
Corp.;
the
Gary,
Carnegie-Illinois
Monessen, Pittsburgh Steel Co., and the
Rackdale furnace
blown
Furnaces
Steel
The
one
to
out
by
the
One
included:
banked
Corp.
available
of
240
Iron
or
Products
Tennessee
number
241
Woodward
1.067,365
+ (44,283)
turnace
out.
one
furnace.
from
1,007,417
882,643
430.358
December
343,962
366,119
418,630
686,741
November
one
year
corresponding
following: One Ensley, Tennes¬
Susquehanna, National Steel Corp.; one
Sparrows Point,
Bethlehem Steel Codp.; three Haselton, one Pioneer,
Republic Steel Corp.; three Campbell, one Hubbard, Grace and Jeanette,
Youngstown Sheet & Tube Co., and one Slo6s-Sheffield Steel & Iron Co.
950,851
624,497
in
put
Among the
see
1935
Year
331,777
385,500
285,138
March
1934
Year
1933
January
PRODUCTS BY MONTHS FOR
INDICATED
Corp.
this
of
half
first
in
tons
Snipments of finished steel products by subsidiaries of
the United States Steel Corp. were smaller in June than
in May, but as compared with the corresponding month a
year ago, presented at least as substantial a gain as pre¬
ceding months showed over the earlier period.
1,268,550
tons were snipped in June; in May the amount shipped was
1,304,039 tons, and in April 1,343,644 tons.
In June, 1936,
however, tne figure was only 886,065 tons.
Following is a tabulation of the monthly shipments since
pig
making
furnaces
dismantling
the
of
reduced
been
has
iron
Vanderbilt furnace of the
Co.
—(40,859)
October
572,897
-
681,820
STATES
Yearly adjustment
SINCE JAN. 1, 1932—GROSS
BY MONTHS
7,347,549
5,905,966
5,805,235
TONS
10,784,273
47,656
67.448
65,351
103,597
62,886
57,098
65,816
107,115
111,596
55.449
55,713
51,750
39,201
45,131
52,243
57,561
80,125
113,055
85,432
86,208
103,584
108,876
February
33,251
March
May
31,201
28,430
25,276
June
20,935
18,348
19,798
17,484
20,787
28,621
42,166
28,412
24,536
54,134
54,138
74,331
18,461
57,821
59,142
39,510
49.041
31,380
January
Steel
Output in June Drops 19% Below May
April
ingots during June dropped off sharply
because of strike conditions and failed to equal the May out¬
Production of steel
put by nearly 1,000,000 gross tons, according to a report
July 8 by the American Iron and Steel Institute.
June production amounted to 4,183,762 gross tons, almost
First six months-
65,900
64,338
released
September
19,753
50,742
29,935
October...
20,800
43,754
63,820
November
21,042
36,174
30,679
31,898
58,864
December
17,615
38,131
33,149
67,950
100,485
23,733
36,199
43,592
57,556
83,658
17.115
August...
3.211.500
in the first half of 1932.
February
12
mos.
average
.
PRODUCTION
OF
COKE PIG
56,816
59,216
34,012
January
AND OF FERROMANGANESE
IRON
(GROSS TONS)
Ferromanganese
Pig Iron x
output of 3,975,569 gross tons in June,
May
2,999,218
3,459,473
3,391,665
3.537,231
months' total
June
3,107,506
19,706,593
276,097
gross
MONTHLY
HEARTH AND BESSEMER STEEL
PRODUCTION OF OPEN
INGOTS—JANUARY,
TO JUNE,
1937
reports of companies
on
Half year
December
Weekly
Production
Month
;
Gross
•Per Cent
Tons
of Capacity
4,724,939
4,413,832
81.43
1,066,578
1,103,458
4.43
84,25
5,216,666
89.91
1,177,577
4.43
14,355,437
x
128,058
20,205
20,658
15,919
19,805
24,368
25.715
254,728
30,618,797
Year
(.Gross Tons)
15.549
170,857
18,363
2,730,393
2,991,887
2,947,365
3,115,037
October
Number of
Weeks in
Calculated
Production
34,415
2,711,721
•
September
November
Calculated Monthly
24.228
27,757
26,765
34,632
2.594,268
July
August
which In 1936 made 98.29% of the
hearth and 100% of the Bessemer Ingot production)
(Calculations based
open
1936,
April
24,766
24,988
22,725
19,667
23,060
13,528,226
only 5% above the
1936 but the six
for this year was 35% above the total of 21,tons in the corresponding period of last year.
March
1936
1937
1936
1937
2,025,885
1,823,706
2,040,311
2,403,683
2,648,401
2,586,240
tonnage produced in June was
114.104
83,686
87,475
91,010
96,512
98,246
July
19% below the total of 5,153,559 gross tons produced in
May.
Percentage of capacity operated in June was 74.46,
compared with 88.82% in May.
Total production in the first six months of 1937 almost
certainly would have set a new all-time peak for the halfyear period had output not been curtained by strikes.
A
total of 28,764,633 gross tons of steel ingots was produced
during the first half of 1937, less than 1% below the output
of 29,036,274 gross tons in the first half of 1929.
The
total in the first six months of this year was almost four
times as much as the total of 7,697,210 gross tons produced
The
1937
1936
1935
1934
1933
1932
Total for year
COKE PIG IRON IN THE UNITED
DAILY AVERAGE PRODUCTION OF
These totals do not Include charcoal pig Iron,
y
Included In pig Iron figures
1937—
January.
February
March
85,23
1,116,286
12.86
April
May
5,071,875
90.27
4.29
5,153,559
88.82
June.
4,183,762
74.46
1,182,255
1,163,332
975,236
14,409,196
84.56
1,107,548
13.01
First quarter
Second quarter
'
All Major
4.00
4.43
4.29
Steel Units Resume Operations
July 15 issue of "Iron Age" stated that with re¬
sumption of work at the Indiana Harbor works of the Youngs¬
town Sheet & Tube Co., all of the major steel units that were
The
affected by strikes are again operating.
This, together with
the starting up of mills that were closed for vacations last
week, brings the average operating rate for the industry up
83%, and it will be 85% or higher by the end of the week,
when Sheet & Tube's Chicago district plant will be turning
out steel and some units of Republic Steel Corp. will be on a
to
28,764,633
84.89
1,111,891
25.87
3,039,804
2,956,891
52.39
686,186
4.43
February
54,53
3,333,853
57,46
714,225
752,563
4.14
March
9,330,548
54.80
717,734
13.00
3,932,605
4,037,375
3,975,569
69.99
4.29
69.5S
4.43
70.75
914,593
911,371
926,706
Second quarter
11,945,549
70.10
918,182
13.01
First six months-
21.276,097
62.45
817,997
26.01
3,914,370
4,184,287
4,151,388
67.61
885,604
944,534
4.42
4.43
able in the Pittsburgh-Wheeling area.
969,950
4.28
17 points to 86% of capacity and the
First six months...-.
1936—
January
better
The "Age" further stated:
operating basis.
The Chicago average rate is 79 M %,
4.43
but it will be 86% by Friday
compared with 94% just prior to the strike, but equal to
First quarter
April
May.
June
July
August.
September
72.11
74.05
4.29
prevailed during April and the early part of May.
Republic Steel Corp.
Its operations in the
Youngstown district, at 62%, will be increased this week.
All of its blast
furnaces in that area have resumed production.
Its Cleveland plant has
is
now
80%
averaging better than
12 of its
in its plants.
operation and 85% of its employees
& Tube Co. is on a
14 open hearth furnaces in
The Youngstown Sheet
there have returned to work.
fc
July 16,
the best rates that
normal operating
basis in Youngstown.
The effect of holiday and vacation
shutdowns last week was most notice¬
The Pittsburgh rate has
rebounded
Wheeling rate is also up 17 points to
95%.
Third quarter
12,250,045
71.23
932,981
13.13
Nine months
33,526,142
65.40
856,570
39.14
85%
products are
continued decline in new
business, unless arrested, may reduce rollings of other products by next
month.
Large backlogs exist in tin plate, sheets and heavy plate, but
orders are needed for bars, strip steel, rails and some other items.
Sheet
backlogs are so extended that some buyers are now making reservations as
far ahead as December at whatever price is in effect at shipping time.
In
view of this situation, there is a possibility that fourth quarter prices may be
announced within the next week or two so that consumers may make their
Indications
are
that the industry will
dining the remainder of July.
hold to an average rate of
Present operations in some
possible through August and even longer, but the
October.
^76.42
13,281,638
46,807,780
December
Fourth quarter
P* Total
1,023,532
76.94
4.43
1,007,698
78.15
4,534,246
4,323,025
4,424,367
November.
4.29
1,000,988
4.42
77.17
1,010,779
13.14
68.36
895,329
52.28
-v
percentages of capacity operated are calculated on weekly capacities
of 1,309,760 gross tons based on annual capacities as of Dec. 31, 1936 as follows:
r\oie—ine
Open hearth and Bessemer Ingots, 68,290,862 gross tons.
plans for the fourth quarter.
It is generally believed there
advances except possibly on tin plate
♦
The only reversal of the downward
June
The
Pig Iron
"Iron
Output Down: First Half Rises 46.4%
Age,"
in
its
issue
of
July
8,
reported
that
production of coke pig iron in June, at 3,107,506 gross tons,
compares with 3,537,231 tons in May.
As was to be expected
on
account of the
9.2%
The
from that
strikes, the daily rate last month dropped
in
May,
or
"Age" further reported:
from
114,104 to 103,584 tons.
will be no price
and pig iron.
trend in new buying has come to a
General Motors has placed
moderate extent from the automobile industry.
orders for fairsized lots of sheets for
1938 models and Ford Motor
Co. is
from the
automobile industry is expected within the next few weeks for its new models.
This activity is already reflected in pig iron purchases at Cleveland, where
three orders totaling 15,000 tons have been placed for automobile csatings.
inquiring for sheets for 250,000 cars.
A general buying movement
Other industries whose steel buying is
on
manufacturers of farm tractors and electric
an
undiminished basis are the
refrigerators.
354
Financial
Chronicle
of the usually foresighted scrap trade that the steel strikes have been de¬
cisively defeated and that steel buying should 6how signs of
before many weeks.
There has been
upward trend
an
on
orders taken at higher than today's prices.
Advances of $1.50 at Phila¬
delphia, $1 at Chicago and 75c. at Pittsburgh have raised the "Iron Age"
scrap composite price to
$18.50,
rise of $1.08, which is
a
in any one week of the spring advance.
flurry is not unlikely
extent
as reports are
In the face of expected decline in steel
heard of
scrap
scarcity caused to
a
large
on
for steel is generally favorable,
prospects
of automobile manufacturing of new models
resumption
on
a
circumstances will allow. In
delay in deliveries.
In
spite of such efforts some mills can offer no better than ten to
weeks
cold-rolled
on
rolled.
In other
With
quarter
buying in the lighter lines steel¬
the effort to work off tonnages already specified and to reduce the present
than occurred
more
A repetition of the first quarter
steel
July 12 stated:
on
makers continue to produce at the beet rate
by heavy exports.
Appraisal of fourth
based
markets,
mill buying of scrap at advanced
some
prices, but the scrap price rise has been hastened by short covering by brokers
July 17, 1937
"Steel" of Cleveland, in its summary of the iron and
A spectacular rise In prices of steel scrap reflects partly the conviction
this situation,
in heavy steel,
steel
sheets
cases
some
booked
are
into
October
12
hot-
on
better buying is appearing in other lines, notably
and some early placements of sheets, strip, bars and other
being made for
are
and
four to eight weeks can be obtained.
1938 models of automobiles.
fairly large scale following curtailment during the changeover period of the
next few weeks;
farm prosperity that will result from abundant crops
marketed at high prices; and further railroad buying of equipment as car-
especially in the west.
loadings rise to autumn peaks.
Railroads
placed substantial orders for rails and rolling stock and
have
than in May.
1119993376248562540
08
In addition,
a
growing export demand will
take whatever surplus American mills may have to offer.
under reduced import duties has
a
fairly large
"IRON
AGE"
July 13,1937, 2.605c. a Lb.
2.605c.(
One month ago
2.605c. I
One year ago
2.159c.
[
dication of
Steel
(Based
One week ago
1937
Some sellers are not booking
COMPOSITE PRICES
Finished
A leading steelmaker shipped
buying and that this is likely to
appear
fair volume is
a
being placed in large tonnages,
in June
more tonnage
bring
renewed volume of
a
before present backlogs have been
cleared, thus bridging the summer lull and reducing the usual dull period.
tonnage of tin bars for Welsh tin plate mills.
THE
are
The general expectation is that the fall will
British buying
begun with the purchase of
Structurals
pending for this purpose.
on steel bars,
beams, tank plates.
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
High
2.605c.
Mar.
Low
rise in prices
a
beyond third quarter, though there is
for that delivery.
of $1 on pig iron has appeared
crease
no
in¬
an
Some sentiment for
in¬
but is not strong.
Observance of the July Fourth holiday and some vacation idleness brought
the national operating rate down 3 M
week
as
whole.
a
points to 74%
of capacity
for
last
However, resumption of production by strike-bound
plants during the week gave
a
higher rate at midweek, probably about
78%, and the promise is for
a
better level this week.
9
2.330c.
1936.
2.330c.
Dec. 28
2.084c.
Mar. 10
1935
2.130c.
Oct.
1
2.124c.
Jan.
8
burgh dropped 13 points to 67%, Wheeling 15 points to 77, New England
1934
2.199c.
Apr.
24
2.008c.
Jan.
2
6 points to 86, Detroit 5 points to 95, Cleveland 2 points to 47 and Eastern
1933
2.015c.
Oct.
.
2
Mar.
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
1931
Jan.
13
1.945c.
Dec. 29
1930
2.037c.
2.2730.
Jan.
7
2.018c.
Dec.
1929
2.317c,
Apr.
2
2.273c.
Oct-
29
11
2.217c.
July
17
4
2.212c.
Nov.
1928
2.286c.
Dec.
1927
2.402c.
Jan.
9
1
Gross Ton
Based
on
Valley
furnace and foundry Irons at Chicago,
Philadelphia,
Buffalo.
Valley,
and
18.84
Southern Iron at Cincinnati.
$23.25
High
1937
$23.25
19%
4,183,762
would
have
First half ingot production
tons.
been
by
set,
a
wide
First
margin.
half this
Feb.
16
18.73
Aug.
11
1929, only 271,641 tons short, less than
a
week's production.
in export figures in May.
Finished and semifinished steel exports totaled
Nov.
5
17.83
May
14
May
1
16.90
Jan.
27
months of 1936.
16.90
Dec.
5
13.66
Jan.
3
14.81
Jan.
5
13.56
Deo.
6
15.90
Jan.
6
14.79
Dec.
16
18.21
Jan.
7
15.90
Dec.
16
18.71
May 14
18.21
Dec.
24
Steel
July 13, 1937, $18.50
a
17.04
July
17.54
Nov.
4
I
$17.42
One month ago
17.08
One year ago
on
No.
1 heavy
melting steel
quotations at Pittsburgh, Philadelphia
and Chicago.
13.17
Low
Mar. 30
$17.08
June
15
17.75
Dec. 21
12.67
June
9
13.42
Dec.
10
10.33
13.00
Mar. 13
9.50
Apr. 23
Sept. 25
12.25
Aug.
8
6.75
Jan.
3
8.50
Jan.
6.43
July
6
11.33
Jan.
6
8.50
Dec.
29
15.00
Feb.
18
11.25
Dec.
9
17.58
Jan.
29
14.08
Dec.
Dec. 31
13.08
July
11
13.08
Nov. 22
The American
Iron and Steel Institute on July 12 an¬
telegraphic reports which it has received indi¬
cated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 82.7%
of capacity for the week beginning July 12 compared with
67.3% one week ago, 76.6% one month ago and 69.0% one
year ago.
This represents an increase of 15.4 points, or
22.9% from the estimate for the,week July 6,1937.
Weekly
indicated rates of steel operations since June 8, 1936, follow:
June
8
June
15
1936—
July 27
Aug.
3
69.5%
70.0%
70.2%
74.0%
67.2%
69.0%
70.9%
71.5%
71.4%
Aug. 10
70.0%
72.2%
72.5%
71.5%
68.2%
72.5%
1937—
Nov. 23
Aug.
Nov. 30
June 22
June 30
July
6
July
13
July
20
17
Aug. 24
Aug. 31
7
Sept. 14
Sept. 21
74.4% Jan.
75.4% Jan.
75.3% Jan.
Sept. 28
Oct.
5
Oct.
12
4
79.4%
11
78.8%
80.6%
77.9%
79.6%
18
Oct.
19
Oct.
26
74.3% Feb.
Nov.
2
74.7% Feb.
Nov.
9
74.0% Feb. 22
1
74.1% Mar
81.6%
82.5%
85.8%
8
74.3% Mar.
75.9% Mar. 15
87.3%
88.9%
Dec.
Dec.
7. —.76.6%
8.....80.6%
15
Mar. 22
5
89.6%
90.7%
89.9%
12
79.2% Mar. 29
Deo.
21
Deo.
28
77.0% Apr.
77.0% Apr.
The Week with
the
Federal
Federal
in
member banks
Reserve
Reserve
July 14
exces
of steel from the Continent and to 12 H % on
of quotas.
Automobile production last week showed the effect of approaching end
of the 1937 model season, with total output of 100,981 cars, compared with
122,890 the preceding week.
27,172
with
rate,
Ford
was
compared
the only producer holding to the
with
28,775.
27.210
previous
the
As
a
Output of all other makers dropped to 12,668 from
of underlying strength
result
sharply, gaining 67 cents, to $17,75.
week.
16,415.
has reacted
in scrap the composite
This has wiped out the decline of
June and regained the level of the final week of May.
The iron and steel
composite also reflected the rise in scrap by advancing 8 cents to $39.89.
The finished steel composite continued unchanged at $61.70.
Steel
ingot production for the week ended July 12, is placed
at
78% of capacity, according to the "Wall Street Journal"
of
July 15.
and
with
This
75%
compares
with 70% in the previous week,
weeks
two
ago.
The
"Journal"
further
reported:
United States Steel is estimated at 81%, against 80% in the week before
and
86% two weeks
Leading independents
ago.
credited with 76%,
are
compared with 62% in the preceding week and 66 34 % two weeks ago.
The following table gives a comparison of the percentage of production
with
the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
May 31
June
and
S.
Steel
Independents
+
1
76
34
+
2
39
+
4
4 34
28
+
4
28
+
6
234
47
+
2
63
+
2
1
31
134
31
2
63
81
67
+
M
61
37
+
3
77.4%
1934
28
+
1933
56
+
1931
31
1930
57
—
June 28
76.2%
76.6%
75.9%
75.0%
1929
95
+
2
99
July
67.3%
1928
6934
12.....82.7%
1927
67
+
13+
34
69
7
June 14
June
July
21
5
1936
1935
...
1932
Reserve
accounts,
bank credit.
U.
Industry
+
Banks
an
Excess
increase
of
reserves
of
not
8
73
72
—
—
+
—
l
52
3
91
2
67
+ 14
3
+
1
—
2
—
1
+
1
—
64
available.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
July 14, 1937, were as follows:
Increase
July 14, 1937
$
Bills discounted
15,000,000
4,000,000
Bills bought
U. S. Government securities
2,526,000,000
(+)
or Decrease
Since
July 1, 1937
July 15,
<g
(—)
1936
$
+2,000,000
_
.
+12,000,000
+1,000,000
+96,000,000
Industrial
advances (not Including
$16,000,000 commitm't8—July 14)
Other Reserve bank credit
..
22,000,000
18,000,000
+5,000,000
—7,000,000
+5,000,000
were
$46,000,000 for the week.
The statement in full for the week ended
July 14 in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 390 and 391.
importers Great Britain has reduced import duties
on entente quotas
78
estimated to be approximately
$960,000,000, an increase of $80,000,000 for the week.
Inactive gold included in the gold stock and in Treasury
cash amounted to $1,191,000,000 on July 14, an increase of
on
%
1937
week ended July 14 member bank reserve
balances increased $101,000,000.
Additions to member
bank reserves arose from decreases of $67,000,000 in money
in circulation, $7,000,000 in Treasury cash, other than in¬
active gold, $11,000,000 in Treasury deposits with Federal
Reserve banks, and $10,000,000 in nonmember deposits
other
to 2 H
19
91.3%
Apr. 26
.92.3%
May
3.....91.0%
May 10
91.2%
May 17
90.0%
May 24
91.0%
During the
$7,000,000
The accelerat¬
Apr.
90.3%
14
for the first five
1937—
25
75.9% Jan
1
74.2% Feb.
Nov. 16
incentive to
an
shipments in
3
Jan.
nounced that
1936—
As
3
16 50
15.25
1927
tons
117,598 tons and steel ingots and
alltime high at 637,679 tons, which
General Motors fell off to 40,091 from 50,490 and Chrysler to 21,050 from
...$21.92
12
an
ing pace of foreign buying is indicated by this comparison.
previous
High
were
Scrap reached
is 72% of the total scrap exported in five months of 1936.
Scrap
(Based
Gross Ton
One week ago
Nov. 27
Pig iron exports
blooms 99,551 tons.
17
Jan.
brought
year
28,764,633 tons, compared with 29,036,274 tons in the corresponding period
405,810 gross tons, which compares with 450,859
18.59
less
mark
new
a
World hunger for steel and iron products and scrap are well illustrated
$20.25
19.71
less than 1%
was
17.90
_
because of
June tonnage
Except for strike effects
18.84
.
Buffalo at 87%
change.
no
less than in May,
strike interruption, and only 5% above that of June, 1936.
Low
9
Mar.
13 points to 96-
Louis, both at 93, showed
Steel ingot production in June was
of
Nov. 24
19.73
Chicago gained 6 J4 points to 70%, Youngs-
point to 76 and Birmingham
than the record first half of 1929.
average of basic Iron at
23.25
One week ago
One month ago
1
Cincinnati and St.
was
a
One year ago
and
and
Pig Iron
July 13, 1937, $23.25
Sept.
Pennsylvania 1 point to 65%.
town
Last week Pitts¬
Total Reserve bank credit....... 2,585,000,000
Gold stock
12,423,000,000
Treasury
currency
Member bank reserve balances
2,551,000,000
6,928,000,000
Money in circulation
6,457,000,000
Treasury cash
3,550,000,000
Treasury deposits with F. R. bank..
90,000,000
Non-member deposits and other Fed¬
eral Reserve accounts.
533,000,000
+7,000,000
+107,000,000
+47,000,000 +1,794,000,000
—1,000,000
+55,000,000
+101,000,000 +1,056,000,000
—67,000,000
+267,000,000
+39,000,000 +1,122,000,000
—11,000,000
—503,000,000
—10,000,000
+12,000,000
Volume
Financial
145
Returns of Member
Banks in
New York City
Chronicle
355
Increase
and
Below is the statement of the Board of Governors of the
Federal Reserve
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
New York City
July 14
Other
for
loans
purchasing
July 14
1937
1937
1937
Chicago
July 1
July 15
1937
1936
*
July 15
Decrease
July 8,
(—)
1936
$
or
—1,000,000
—1,000,000
+13,000,000
713,000,000
1,168,000,000
111,000,000
carrying securities
Real estate loans
Loans to banks
*
+21,000,000
+53,000,000
Other loans:
On securities.
Onllgations
fully
guaranteed
—8,000,000
♦
—4,000,000
♦
—4,000,000 —1,196,000,000
728,000,000
794,000,000
8,297,000,000
U. S. Govt, direct obligations
by
'
United States Government
1936
July 7
'
Loans—(Concluded)
Otherwise secured and unsec'd
IN
or
Since
June 30, 1937
$
July 7, 1937
$
Monday:
ASSETS AND LIABILITIES OF WEEKLY
(+)
1
Chicago—Brokers' Loans
Cash in vault
Balances with domestic baflks
—136,000,000
a—332,000,000
+14,000,000
3,045,000,000
5,278,000,000
314,000,000
1,743,000,000
Reserve with Fed. Res. banks
.
—11,000,000
—32,000,000
—122,000,000
+11,000,000
—40,000,000
1,141,000,000
Other securities
+225,000,000
+250,000,000
—359,000,000
—290,000,000
+ 606,000,000
—84,000,000
—744,000,000
(In Millions of Dollars)
$
Assets—
8,325-
Loans and Investments—total...
*3,959
Loans—total
5
2,037
558
agricultural loans:
239
1,519
230
1,491
*
*
31
413
32
404
*
162
164
*
28
27
*
1,147
1,207
978
48
49
274
279
*
78
78
134
66
134
73
132
26
14
2
14
2
246
172
U.S. Govt, direct obligations...
2,968
247
175
3.006
24
Otherwise secured & unsec'd
24
36
911
On securities.....
Liabilities-**
Demand
.....
Otherwise secured & unsec'd
Open market paper
Loans to brokers and dealers
Domestic banks
-
Loans to banks
Comparable figures not available,
*
*
*
,
36
3,945
919
95
291
595
30
152
460
519
1,141
2,173
50
81
456
6,061
741
235
6,011
742
248
6,194
551
191
posals
1,083
Domestic banks....1,927
1,985
2,521
95
291
583
30
156
60
Rival
1,524
433
543
7
669
5
553
97i
...
2,514
55
68
460
Reserve with Fed. Res. bank—
Cash In vault
Balances with domestic banks..
Other assets—net
52
68
61
37
203
77
Liabilities—
Demand
deposits—adjusted
Time deposits
-
United States Govt, deposits
34
101
Inter-bank deposits:
583
592
4
394
7
401
402
364
19
19
25
1,474
1,475
1,429
239
239
227
Foreign banks.
Borrowings
Other liabilities...
Capital account
—-
The
June 30 figures revised (Chicago district).
Committee
International
Considers
British
Comparable figures not available.
Pro¬
Status to Both Sides
Committee met
Non-intervention
at
London
yesterday (July 16) to consider proposals offered by
the British Government, designed to continue control of
shipments of arms and ammunition to belligerents in the
Spanish civil war.
Progress of the war was reported in the
"Chronicle" of July 10, pages 205 and 206.
Loyalist forces
this week continued their drive around Madrid, but although
their airplanes recorded several important victories, the
defense of the rebel troops stiffened, and the Loyalist ad¬
vance
retarded.
was
London
From
♦
a
to Govern International Action Toward
Forces in Spanish Civil War—Plan Would
Grant Belligerent
92
304
630
1,494
455
35
1,511
454
Other securities
429
982
2,462
427
+201,000,000
+9,000,000
*
Obligations fully guaranteed by
United States Government
—934,000,000
15
5
Non-intervention
...
+ 124,000,000
+21,000,000
+9,000,000
a
49
Other loans:
On securities
a—70,000,000
5,140,000,000
637,000,000
9,000,000
Foreign banks
•
carrying securities
14,855,000,000
5,249,000,000
477,000,000
Borrowings
Other loans for purchasing or
Real estate loans
deposits—adjusted
Time deposits
United States Government deposits
Inter-bank deposits:
and
Industrial,
Commercial,
®
1,963
666
5
1,979
674
$
8,884
3,279
$
8,417
4,000
,
yesterday (July 16) United Press advices
said:
The 27 nations represented on the
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
Spanish Non-intervention Committee
agreed unanimously today to accept as a basis of discussion a new British
proposal designed to revive the moribund non-intervention agreement.
The committee adjourned at 5:10 o'clock after hearing the French and
As explained
above, the statement 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
before which time the statistics
until the following Monday,
covering the entire body of reporting member banks in 101
cities cannot be compiled.
found the comments of the Board
In the following will be
of Governors of the Federal Reserve System respecting the
returns
the
entire
the
of
of reporting member banks of
body
System for the week ended with the
Reserve
Federal
close of business July 7:
The
condition
of
statement
leading cities shaws
weekly
member
reporting
banks
in
101
in demand deposits-adjusted and
$70,000,000 in government deposits, and an increase of $124,000,000 in
deposits credited to domestic banks; a decrease of $73,000,000 in loans
and investments, and a decrease of $122,000,000 in reserve balances with
7:
July
Decreases
$332,000,000
of
the week.
at
Loans
brokers and dealers
to
in
show
loans
little change
for
securities declined $20,000,000
member banks in New York City and $22,000,000 at all
banks.
Loans to banks increased $12,000,000 in New
reporting
member
reporting
declined
member
banks.
morning session of the committee.
member
United, States
of
banks
showing
net
a
decrease of $4,000,000 for the
of obligations fully guaranteed
ings
week.
Hold¬
by the United States Government de¬
and $11,000,000 at all reporting
member banks.
Holdings of "Other securities" declined $15,000,000 in
New York City and $32,000,000 at all reporting member banks.
Demand deposits-adjusted declined in nearly all districts, the principal
decreases being $232,000,000 in New York City, $25,000,000 in the Cleve¬
land district,
$24,000,000 in the San Francisco district and $23,000,000
in
the
Chicago district.
Time deposits increased $24,000,000 in New
York City and $14,000,000 at all reporting member banks, and declined
$10,000,000 in the San Francisco district.
Government deposits declined
clined
in
nearly
York
to
$8,000,000
City
and
the
banks
York
New
districts,
all
domestic
in
the
total
City
$42,000,000 in New
decrease being $70,000,000.
Deposits credited
principal
increased!
all
in
the principal increases being
$28,000,000 in New York City and $22,000,000 in the Kansas City district,
and
the
banks
total
increase
increased
$16,000,000
New
in
Borrowings
on
reporting member banks
of weekly
July 7, compared with
A summary
reporting
amounted to $9,000,000
the week before.
none
week and year
liabilities of the
for the
together with changes
ended July 7, 1937, follows:
banks,
Increase
(+)
or
Decrease
(—V
July 7, 1937
June 30, 1937
July 8, 1936
to
Loans—total
22,217,000,000
9,734,000,000
—73,000,000
—245,000,000
—26,000,000 +1,377,000,000
Commercial, industrial, and agri¬
Otherwise secured and unsec'd
Open market paper
561,000,000
3,772,000,000
462,000,000
—5,000,000
+7,000,000
—5,000,000
1,425,000,000
—22,000,000
*
»
*
Loans to brokers and dealers In
securities
+ 265,000,000
but this list may be added to by negotiation.
non-intervention observers are to be exempt from stop¬
Ships carrying
page—unless they are engaged in unneutral service in carrying military
intelligence, which presumably can only
Volunteers to Be
be proved after stoppage.
Withdrawn
Belligerent rights are to be granted anyway only after the committee
unanimously
the report
the withdrawal
approved
Instead neutral
observers are to
defined in
but the naval patrol is to be dropped.
be stationed in Spanish ports with the
control—which still has to be obtained.
parties in
of the
control is to be "further
Air
studied."
The idea behind the proposals is
obvious enough.
If they
can
be adopted
"principle" of non-intervention is safe for the time being.
the
endless
There is
details—the list of contraband
affords such opportunities—during which diplomacy will still
opportunity to quarrel over the
articles alone
be in control and an explosion will
Nothing
isolate the
sequences
previously
shown
has
be unlikely.
more
clearly British determination to
Spanish conflict and to keep her own skirts clear of the con¬
of it
no
matter what may be the effect on the one side or the other.
says the British Government synopsis,
submitting this scheme,"
"In
(the Government) would make one observation.
"they
a
as
satisfactorily.
Land control is to be established,
consent
of volunteers
of its technical subcommittee and has agreed that the with¬
drawal is proceeding
It is admittedly
compromise between varying points of view; it can only be successful if
it is accepted
by the Governments concerned in a spirit of compromise.
Held Chance for
Cooperation
"All the Nations represented on the committee have repeatedly expressed
the view that they wish
non-intervention in the Spanish conflict to continue.
They have now the opportunity to give to that wish practical effect.
in the
a
Unless
evident than has been achieved
past this scheme will fail and the Nations of Europe will be faced with
greater spirit of international cooperation is
and infinitely more dangerous situation.
new
"His Majesty's Government,
the Non Intervention
therefore,
urge
real
spirit of International
Cabinet
circulated.
approved
other Nations represented
Committee to give these proposals their imme¬
diate consideration and in the event of their
being accepted to devote
a
collaboration to their practical application."
the
proposals
this morning
before they
were
What the committee will do with them on Friday is still in
doubt tbnight but the
open
cultural loans:
On securities.
But the grant is
coincide with the articles prohibited under the non¬
agreement,
intervention
The
Loans and Investments—total
They grant belligerent
the Russians and the French.
Germans and displeasing
on
Since
everybody else in devising.
the British excel
as
conditional on a whole lot of things.
a
of the principal assets and
member
5
rights to Salamanca, as well as to Valencia, thus pleasing the Italians and
Deposits credited to foreign
York City and $21,000,000 at all
reporting member banks.
reimposing
proposals are a miracle of compromise, with a string of attachments
The
such
$124,000,000.
being
for
proposal submitted to the Non-intervention
Committee was a compromise intended to satisfy France,
Germany and Italy.
It would grant belligerent rights to
both Loyalists and rebel sides.
A London dispatch of
July 14 to the New York "Times" (from Frederick T.
Berchall) outlined the plan as follows:
decrease being
districts,
provides
The British
has
Government direct obligations increased
$18,000,000 in the Richmond district and declined $9,000,000 in the San
Francisco district and
$8,000,000 in the Boston district, all reporting
Holdings
It
Italy and Germany eased the situation by agreeing to the plan at a
$13,000,000 at all reporting member banks.
City and
Tuesday.
on
neutrality control along the coasts and frontiers of Spain.
"Other loans"
$14,000,000 in New York City and $12,000,000 at all reporting
York
probably
consideration,
Contraband is
agricultural
and
industrial
will be referred to the chairman's sub-committee
The British plan now
for
Federal Reserve banks.
Commercial,
Previously, Italy and
Germany did likewise.
principal changes for the week ended
following
the
Russian Ambassadors accept the plan in principle.
probability is that the British will be authorized to
negotiations with the contending factions for their effectuation and
the committee will then adjourn to a
The reaction
to the
future date.
0
tonight is that the Germans are believed to be favorable
proposals.
The Italians are known to
be pleased with them.
Financial
356
French
The
grant belligerent rights to
position to risk a break
Britain.
Great
..
probably
Russians will
The
they resist the more they will 6Hcourct§>e trie iour w esteru powers
more
but in other European problems.
ahead without them not only in this
to go
.
...
,
the
to
General Francisco Franco but publicly are not
likely to reject the proposals because they are in no
with
theTproposal
probably will be bitterly displeased with
#
_
#.
Bank for International
Monthly Meeting of Directors of
Settlements—Sentiment
Meeting Oct.
France Divided—Next
on
11
Chronicle
n,
June 12 of 1,423,560 shares, or 19.31% of total transactions
of 3,685,470 shares.
On the Curb Exchange member tradjng during the week ended June 19 amounted to 485,530
shares, or 19.65% of the total volume on that Exchange of
1,235,160 shares; during the preceding week trading to? the
i
-l
«
i?
o ac*
i
oar
-to
>40
oy
»
account of Curb members of 346,895 shares Was 18.43% of
total trading of 940,970 shares.
The data issued by the SEC are in the series of current
figures being publisned weekly in accordance with its program embodied in its report to Congress last June on the
"Feasibility and Advisability of the Complete Segregation
of the Bank for International
monthly meeting of the Board of Directors
Settlements, Basle, Switzer-
of the Functions of Broker and Dealer.
The figures for
the week ended June 12 were given in these columns of
July 10, page 207.
In making available the data for the
week ended June 12 the Commission said:
on July 12.
Both sides, however, seemed to be
agreed that France hasn't enough financial weight for the
franc to unset the dollar or the pound, said a wireless account
Exchange and the New York Curb Exchange represent the volume of all
round-lot sales of stock effected on those exchanges as distinguished from
European central bankers toward the
sentiment of
The
appeared divided in the exchange
French financial situation
of views at the
land, held
IWtTn
Tnlir 19
13
irom Roclo July 12, tn flip NTpw York "Times" of Julv ia,
Basle,
to the New York
limes
or juiy
Which
aciciea:
,
expressed that the franc at its
would weaken the Swiss or Dutch currencies.
There
seemed
agreement,
an
too,
is
week ended Jime lQ
The total round-lot volume for the
the New York stQck
on
Exchange^ 5t450(42o shares,
6.7% larger than the volume reported on the ticker.
York Curb Exchange, total round-lot volume in the
same
of Spain."
They give
under the surface than appears but the tendency
be maintained.
This hope
British and French will not in
Spain and if Franco wins he will turn against Italy
with the New York
The data published are based upon reports filed
Stock Exchange and the New York
members.
These reports
are
Curb Exchange by their respective
classified
as
follows:
strongly toward believing that peace can
jyew York
any
event fight over
and
Germany.
The
Curb
*****
*fff*
206
Number of reports
therefor
arguing that France can now
know they cannot afford to be weakened
optimists regarding the franc base their hopes
103
settle down because the French
L. J. A. Trip, governor of the
told the board his country had raised its embargo on gold
the condition it is.
Bank of Holland,
.
which made a £ood
and foreign loans,
impression here.
routine matters.
board meeting was accupied only with
and Labeyrie and all
.
.
Other than as specialists
Sltiated
r
on
*Note—On the New York Curb Exchange the round-lot transactions of specialists
"in stocks in which registered" are not strictly comparable with data similarly
rf ^
1
than the number of reports received because, at times,
„
Final Settlement
,
wZ..
With reference to their communique of
<•>
volume of round-lot sales effected on the Exchange—.. 5,450,420
direct and unrestricted negotiations regarding a final settlement
of
of coupons
_
_
2
...
662,900
.
,
....
6.08
„
g^(1e oIf the floor—Bought
208,320
The delegation will probably
"
A further announcement will be
!—
Total
Round-lot
communique
2224.
page
was
referred to
m our issue
of
438,580
Law to Convert
Loans Floated in United States
The
following is from an United Press
Montevideo, Uruguay, July 14:
fe*
,
loans floated in the United States in 1915, 1921 and
4.02
1930
Uruguayan
agreed between
as
1
Ground lota
A
rre
e
...
fiscal apnts, are notifying holders
the drawn bonds will
•
117)480
n
i
409,960
2. In odd lots (Including odd-lot transactions of specialists):
797,913
Bought
SoId
1,005,768
-
-
Total
NEW
york
exchange—transactions
curb
account
of members *
....
in
stocks
all
(shares)
Week Ended June 19.1937
'
T°wkT
Total volume of round-lot sales effected on the Exchange—
Per
1,235,160
=====
^^pecfaiismTsSs
1. initiated
on the
m
44,550
—....
*.<*««***
49,150
..........
93,700
3.79
TiTTZ
—"
^
Total
V
=
whSh^isSf transactlons of
floor—Bought
Sold—
-r
1,803,681
._
F0R
cease.
Attention is called to the fact that on July 12, 1937, $8,000
principal amount of the series, A bonds, due March 1, 1937,
uia
and $10,000 or the series B,
previously drawn were still
i.i
20JS1
292 480
ZZZIZZZZZIIIZZZZZZZZZZZZZZZZZZ
Total
Works, of Italy external loan
sinking fund 7% secured gold bonds, series B, due March 1,
1947, that $176,000 principal amount of these bonds have
been drawn by lot for redemption on Sept. 1, 1937, out of
moneys in the sinking fund.
The drawn bonds will be paid
at the principal sum thereof upon presentation and surrender
at the office of the fiscal agents on and after Sept. 1, 1937,
n
Bought
gold
of Credit Consortium for Public
nnrv
~—:—
2,247,170
—
Transactions for account of odd-lot dealers In stocks in which
Credit
Works, of Italy External
Loan 7% Gold Bonds, Series B, due March 1, 1947
on
10.51
■
..
from which date interest
555,200
1,145,690
go^oddli^ggo
Public
f n
which
Total round-lot transactions of members, except transactions
Redemption Sept. 1 of $176,000 of
for
in
59tM!"'
^
1
stocks
Total
The Senate passed the law July 8.
rt
In
registered—Bought—
Finance Minister Cesar Charlone and American bondholders.
r
specialists
dispatch from
The Chamber of Deputies tonight approved a law to convert
Consortium
of
Total
Uruguay Chamber and Senate Pass
Drawing for
transactions
Sol<1
♦
i
344'240
'
*
Total
course.
The March 31
.
Bought...
01
London to
.
~
members except transactions of
L Initiated on the floor
March 31, last, the Council of
which have fallen due since March 31, 1937.
Per
cent a
specialists and odd-lot dealers in stocks in which registered:
the service of the Greek external debt, including the payment
leave Greece in the course of next week.
Total for
week
Round-lot transactions of
«
Greek Government has undertaken to send representatives to
April 3,
single report may
Week Ended June 19. 1937
Foreign Bondholders and the League Loans Committee announce that the
issued in due
total more
for account of members ♦ (shares)
Greek External Debt Service
resume
a
^
may
NEW Y<>RK stock exchange-transactions in all stocks
b
External
■,'
*'"*
The number of reports in the various classifications
Speyer & Co., New York, announced on July 15 that they
had received the following announcement from the League
T nans Committee IT ondon) *
,
593
carry entries in more than one classification.
Negotiations for
o
Service
125
521
designated for the New York Stock Exchange, since specialists on the New York
the big central bank governors attended.
Resume
293
Norman, Schacht
^
of
IlZIIIIinillZIIIZIIIIIIII
transactionsZZZZZZZ-ZZZZZZZZ'ZZZZZZZ
Except for this the
meeting of the directors of the Bank for International Settlements will be held on Oct. 11.
to
off
Reports showing no
The next
Greece
,
As specialists *
partly on existing European political tension,
with Europe in
received
Reports showing transactions:
strongest
New York
Stock
largely based on the assumption the
seems
On the New
week, 1,235,160
shares exceeded by 7.6% the ticker volume (exclusive of rights and warrants).
bankers, who described the
among
political situation in Europe now is "tense because
the impression it is worse
the volume reported by the ticker.
was
Only in German circles did one hear fear
worst
The figures given for total round-lot volume for the New York Stock
3.23
*1™..
J. Initiated off the floor—Bought
sold
50,595
29,200
unredeemed.
T„ti
,
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended June 19
i
,
1
tti
1.
,1
•
n
j
•
.
.
•
number of shares traded in for the account of the members
during the week ended June 19
was
also above the previous
Week.
Sold...
During the latest week trading
on
the Stock Exchange for
(in round-lot transactions) totaled
2 , 247 170 ohftrpq
wVn'nh ammtnt woo 9D fil
/ ,1/U Snares, wniCU amount was 2u.0±
Of
nf
fn+ol
hi ,640
170,395
.
Total
312,035
^z
/
.
,
.
„
Total round-lot transactions for accounts of all members:
—
Bought
12.63
—
236,785
sold—
248,745
Total.
;
..
^
°bou°g^
Sold—
."
-
.
,
485,530
io.65
=
===
88,105
75)752
.
Total
the account of members
163 857
*The term "members" includes all Exchange members, their firms and their
partners, including special partners.
a Percentage of members* transactions
to
total Exchange transactions.
In
/q Ot total trans-
calculating these percentages the total of members' transactions is compared with
Exchange of 5,450,420 shares.
This comwith member trading during the previous week ended
twice the total Exchange volume for the reason that the total of members'trans-
actions
pares
'°
^"St'ereJ-BoS °'
In the week ended June 19
trading by all members of the
Ney,York Stock Exchange (except odd-lot dealers) and of the
i
New York Curb Exchange for their own account, m relation
to total transactions,
increased over the preceding week
ended June 12, it was shown in data issued yesterday
CJuly 16) by the Securities and Exchange Commission. The
...
on
the
Z*cmea both purchases and sales'whJle the total Exchange vo,ume Include9
Volume
Financial
145
$695,000 of Kingdom of Norway 6% External Loan Gold
Bonds
Due
Aug. 15, 1943, Selected by Lot for
Redemption Aug. 15
The National
City Bank of New York, as Fiscal Agent, is
notifying holders of Kingdom of Norway 20-year 6% sinking
fund external loan gold bonds due Aug. 15, 1943, that there
has been selected by lot for redemption on Aug. 15, 1937, at
par, $695,000 principal amount of these bonds.
Drawn
bonds should be presented for payment at the head office of
the bank, 55 Wall Street.
Odd-Lot Trading on New York Stock Exchange During
Week Ended July 3 as Reported by SEC
A summary was
made public on July 9 by the Securities
Exchange Commission for the week ended July 3, 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 June 26 were given in our
issue of July 3, page 34.
The data published are based upon reports filed daily
with the Commission by odd-lot dealers and specialists.
The following are the Commission s figures for the week
ended July 3:
and
ODD-LOT
TRANSACTIONS
OF
ODD-LOT
Sales
No. Ord.
June 29.
6,507
4,662
June 30
4,736
July
1
5,359
July
2
6,136
July
♦
3
'V,
No.
534,461
by SEC—Covers American Cer¬
Against
Securities
of
Foreign
Issuers Deposited in American Depositaries
4,479
4.940,824
3,728
5,272,285
3,884,814
4,850,202
6,174,601
4,167
116,630
90,982
101,033
101,081
4,650,473
4,498,118
6,880,262
4,944
124,735
5,051,304
4,178
*
■■
*
*
*
>'
form the SEC said:
The form is divided into
certificates,
the
Two
New Rules Issued by SEC Under Public
Utility
Holding Company Act—Deal with Relationships
The Securities and Exchange Commission announced on
July 14 the issuance of two rules under the Public Utility
Holding Company Act of 1935, dealing with realtionships
between foreign subsidiaries which obtain
exemption pur¬
suant to Section 3(b) of the Act and other
holding companies
of the same holding company
system.
The new rules are
designated Rule 12B-1 and Rule 3D-7.
Regarding them,
the announcement of the SEC had the
following to say:
Rule 12B-1 is adopted pursuant to Section
12(b) of the Act, which pro¬
or extensions of credit or
agreements to indemnify between
hibits loans
holding
company system in violation
"of such rules
and regulations or orders as the Commission deems
necessary or appropriate
investors
or consumers or
prevent the circumvention of the provisions of this title
lations,
registration statement
of the Act.
provisions
of
excess
a
certain
This rule
prohibits such
Rule 3D-7
is
of credit in
extensions
prescribed minimum, unless specifically authorized by
order of the Commission.
'
adopted pursuant to Section 3(d)
of the Act, which
au¬
thorizes the Commission to adopt rules exempting classes of persons from
obligations imposed
to
upon
them
as
subsidiary companies
affiliates and
or
provide that persons so exempted shall not be deemed subsidiary com¬
panies or affiliates, within the extent of any such exemption.
This rule
to
as
serves
the technical purpose of
include
enlarging the
foreign subsidiary
also
to
exempt
transactions
to its
as an
in
the
obligations
affiliate under Section 9
certain
within
from
exemption
scope
extent
of the
imposed
(a)
of
the
upon
exemption which
company
may
be granted
in
on an
which desire to have the
registered
upon
which added:
same
or
other securities listed and
another exchange,
said
the
Commission,
of
the
'
Industrial
Strikes,
Noted
mod¬
a
industries," the National City Bank of New
"Monthly Letter" adds that "the shut¬
plants of the Republic, Bethlehem, Youngscompanies reduced steel mill operations
90% of capacity to around 76%."
It is like¬
"automobile production has dropped about
that
15% from the spring peak; probably half of the decline is
attributable
seasonal
to
trends,"
remainder to the labor troubles,
eral Motors in
particular.
would
the
says
"and the
bank,
which have harassed Gen¬
It has been impossible for
producers to turn out as many cars
their orders
as
some
hand
on
justify."
the consumers'
In
duction
goods industries the bank states "pro¬
receding from the spring peak though still at a
is
well above
rate
orders."
The
a
with factories working
ago,
year
bank
ahead of last year
that
observes
by about the
"retail
trade
margin
same
old
on
has
run
heretofore,
as
starting the month better but slackening later."
In
surveying the half-year record, the bank says, in part:
for the prevalence of labor disturbances,
Except
It
situation.
not
is
is
good
as
declines
the
hardly
summary
the
and it
prospect,
have
the
is
tended
usual
during which
the
of
the
improved balance in
the
exchange
betterments
of
and
hitherto
lines
This
earnings
goods
of
1929
peak,
goods.
The
of
business, when
price
and
little
are
to
have
which
an
volume
like
period
have
in
any
enjoyed
practical
is
phenomenal
a
evidence
as
the
to
other elements that affect
have
record.
It does
measured against
or
been
the
spending
for
more
forward
recovery
operate
goods
at
levels
as
to business
in
earnings
sale of
with
that
the
on
needs
an
in
be
to
abnormal
filled
efficiency, keep
will keep
trade
and
and
their
costs
going,
there
half-year.
are
also
"If the labor situation
the cost of production,
loss of efficiency, it will
trade; for it will either cut into
compel
goods.
represent
by the labor situation
increases
or
the
second
bank, which says:
adverse effect
not
when compared with the past;
to
pronounced
check the
fall
the
carried
through wage increases
business
labor
the
situation
than
this has
The apprehensions aroused
either
the
to
the
of
and payrolls,
higher
use
allowed
their
concern
discussed by the
leads
stock
as
lagging.
industries
be
with
...
industries
and
capacity available to fill them,
will
all
everyday
improvement is all on
the
employment
were
influenced by
quarters
conjecture
business
sentiment
satisfactory half-year in business,
very
price relationships and the
expansion,
in
business
conjunction
spread
beginning of the depression.
exceeding
activity,
a
industrial production,
and business
trade,
since
In
to
the
to
as
that
thing to take fresh
during the off-season.
the month of June completed
of
especially
markets.
security
the facts given in this
concern
observation, however,
the business facts,
as
declines
much
warrant
to
seem
frequent
a
in
these
troubles,
down,
Exchange Commission announced on
July 8 that it has adopted a new registration form under
the Securities Exchange Act of 1934, to be used for the
registration of securities on an additional exchange.
This
form, known as Form 8-C, may be used by issuers which
have securities listed and registered on one exchange, and
of such
date
July
above
wise noted
if
The Securities and
effective
Inland
and
expansion
Additional Exchange
*
the
in industrial
its
from
the
Adopts New Form for Registration
before
or
Activity During June,
by National City
York—Finds Satisfactory Half Year
New
bile and other
foreign subsidiary.
SEC
agreement;
activity, due in part to seasonal
influences, but chiefly to the strikes in the steel, automo¬
to
as
deposit
Pointing out that "the month of June has brought
any ex¬
(2) of the Act, and
domestic parent
the
respects
at
Form C-3.
on
Decline in
Manufacturers
emption granted pursuant to Section 3 (b) to a foreign subsidiary company
so
effect
Chiefly to
erate decline
brief
Act resulting from extensions of credit by non-exempt holding companies
and subsidiaries to foreign companies which have been
exempted from the
the
Part II need be filed only
Business
in
to
Rule 12B-1 is intended to prevent circumvention of the provisions of the
and
registration
the rules, regu¬
or
orders hereunder."
or
depositary,
It need not be filed, however, if a registration statement for the
town
in the public interest or for the protection of
Part I, concerning the American
parts:
the
if the sale of the underlying securities, if made directly rather than
through
the means of American certificates, would require
securities.
downs involving
same
two
depositors,
Part II, the issuer of the underlying securities.
York
Exchange closed.
companies of the
Issued
Announcement was made on July 8 by the Securities and
Exchange Commission of the adoption of a new form,
designated "Form C-3," for registration under the Securities
Act of 1933 of American Certificates (for
example, so-called
American Depositary Receipts for foreign shares or American
participation certificates in foreign bonds or notes) issued
against securities of foreign issuers deposited or to be de¬
posited with an American depositary (whether physically
held by such depositary in America or
abroad) and of the
foreign securities so deposited.
In explanation of the new
$23,356,994
Ord.
filing
,
Adopted
tificates
Value
21,496
154,947
*
Form
New
Bank of
Shares
529,600,921
became
such other exchange not more than three years before the
on
Due
6,755,032
.
158,185
113,227
122,031
135,121
*
effective
of this application.
(Customers' Orders to Sell)
Buy)
Value
683.511
June 28.
to
Shares
27,400
.
by the registrant (or by the predecessor of the registrant if the registrant
had securities registered pursuant to an application on Form 8-B)
Moderate
Purchases
(Customers' Orders
Total for week
form other than Form 7, 8-A, 8-B, or 8-CS, filed
on a
SPECIALISTS
AND
DEALERS
STOCKS. RIGHTS AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE. WEEK ENDED JULY 3, 1937
:
357
(b) An application
underlying securities is in
IN
Trade Dale
Chronicle
in
or
price
advances
This is the chief
which
cause
will
of appre¬
hension."
If the securities to be registered on the additional
exchange are already
registered
on
the
original
exchange,
the
form requires,
in
general,
the
filing of copies of material previously filed with the original exchange.
If,
however, the securities to be registered are of a different class from those
registered
on
there be filed
the
as
original exchange,
an
exhibit
a
the form requires
statement
on
the form which would be ap¬
propriate for the registration of such securities
The
Commission
also
Securities Exchange Act
the use of the new form:
amended
that in addition
on
the original exchange.
Rule
JBI
under
the
by inserting the following rule for
Form 8-C for Registration on an Additional Exchange—This form may be
used
for
which
(a)
no
applications for registration of securities
securities of the registrant are listed and
Securities of the registrant
are
(c) and (d) on another exchange, and
on
an
exchange upon
registered, if
registered pursuant to Section 12 (b),
„
Volume
of
During
Bankers'
June
to
Showed Gain of
Acceptances Dropped $21,592,124
$364,203,843 June 30—However,
$47,772,111 Over Year Ago
During June the volume of bankers' acceptances decreased
$21,592,124 to $364,203,843 June 30 from
$385,795,967
May 29, according to the monthly report of the Acceptance
Analysis Unit of the Federal Reserve Bank of New York,
issued July 13.
This is the5 fourth consecutive month in
which acceptances outstanding were below the previous
month.
However, the volume outstanding at the close of
the latest month was $47,772,111 above the figure for
June 30, 1936, of $316,431,732.
358
Financial
The decline
during June in the volume was due to losses
of credit excepting those drawn for
dollar exchange.
The year-to-year gain is attributed to
increased credits for imports, exports, domestic shipments
and domestic warehouse credits.
The report for June 30
was issued
as follows
by the New York Federal Reserve
in
classifications
all
Bank:
1
1935.
defaulted
still
been
1.
May 29, 1937
$39,476,584
267,766,349
16,225,364
1,799,052
$41,966,163
279,268,698
New York.
3.
Philadelphia
Cleveland
Richmond
1
Atlanta
,
1,735,244
12,548,126
318,221
1,438,920
—
St. Louis.
8.
June 30,1936
$32,370,693
232,668,334
10,895,629
1,540,874
622,449
17,033,320
2,131,047
1,137,338
1,682,475
15,164,905
521,859
991,582
768,094
7. Chicago
will
52L871
21,606,018
12.
23,824,892
$385,795,967
$316,431,732
San Francisco
"
...
Decrease for month,
$21,592,124.
ACCORDING
2",073",688
Increase for year, $47,772,111.
TO NATURE
May 29, 1937
$167,505,817
76,988,528
12,638,827
42,035,052
1,484,389
80,781,962
13,053,761
48,493,197
1,371,679
$106,780,471
73,991,670
9,381,012
39,548,307
1,564,361
74,022,521
74,589,551
85,165,911
*
Domestic shipments.
Domestic warehouse credits
Dollar exchange
foreign countries
June 30,1936
BY ACCEPTING
BANKS
with
Noted
Banks
.$129,890,259
142,813,604
$272,703,863
22,777,508
Decrease for month
RATES
MARKET
Federal
Buying
30
PRIME
13,
BANKERS
Dealers'
Dealers'
Days—
90
120.
9-16
H
150.
Va
9-16
7-16
180
Increase—Rates
following table, compiled by
1935—
furnishes
us,
record
a
outstanding at the
1936—
1936—
$376,804,749
Nov. 30
Mar. 31
359,004,507
343,694,299
330,531,460
Dec. 31
Nov. 30
Dec. 31
396,957,504
Aug. 31
316,531,732
315,528,440
308,112,141
Sept. 30
315,000.590
387,227,280
Feb. 27
401,107,760
Mar. 31--— 396,471,668
Apr. 30
395,031,279
May 29
385,795,967
Oct.
330,205,152
June
Apr. 30
May 30
June 30
July
1936—
31
384,146,874
Institute
31
31
$349,053,490
372,816,963
1937—
Jan.
The
increase in
reflected
decrease
required
30
364,203,843
of
International
Finance
Finds
United
drop in
the
outstanding amount of foreign dollar
bonds publicly offered in the United States indicates the
declining importance of the United States as a creditor
Institute
the
states
International
of
Finance
in
its annual "Statistical Analysis of Publicly Offered Foreign
Dollar Bonds."
The Institute, which is conducted by the
Investment
Bankers Association of America in
New
cooperation
York
University,
reported that there were
$7,022,149,980 of the bonds outstanding at the close of 1936
as compared
with $7,490,413,280 at the end of 1935.
It
their
of
foreign dollar bonds
totaled $164,500,000.
primarily
issues
refunding operations
by
the
In
of
to
of
reduction
that
not
outstanding
The
worse
ing
figure
Polish
dollar
than
of
of
was
and
bonds
not
bonds
in
There
39.5%.
of
Province
in
were
default.
default
to
as
debt
funds
brought
time,
Due
however, it is esti¬
55%
about
or
of
the
in the United
outstanding
become
has
total
States.
slightly
38.2% of the bonds outstand¬
be accounted for by
can
defaults,
absolute
interest
sinking
As of the end of 1936 the correspond¬
increase
Alberta
In
of
internal
actually held
are
At that
This
into
together
the
$190,479,140 of bonds in
new
the retirement
with
of
the total principal amount of
figures
at
the
end
of
default
1936
was
$2,770,863,120.
principal and
as
to
in
default
$72,-
reduction
a
$1,456,850,
form
some
offered
bonds,
of
to
1936
was
The
of
the
offered for
cash,
in
total
the
partly
coupons
in
funding bonds
amount
equivalent to
equivalent
bonds
in
full amount
pengos.
was
52.5%
on
partially
the
blocked
in
or
payment was
either
in
63.4%
received
of
the
in
cash
or,
due.
as
interest,
Payments were
and
partly
in the
case
cash
to
in
of Hungary,
for coupons
contractual amount
funding
maturing
due.
This
to an actual rate of return of 3.53% on all foreign dollar
5.57%.
Of the total foreign dollar bonds in default as to interest, 53.3% were
of Latin American and 42.1% of European obligors, the latter chiefly
German.
An analysis by types of obligors reveals that corporate bonds
represent 41.1% of the total in default and that 38.4% consists of national
outstanding
gbvernment
of
$120,000,000 in total balances of
increase of about
an
$60,000,000
These changes had little effect in the money market and caused
in
advances
Rates
rates.
money
"Bulletin's"
the
as
issues.
compared!
to a
bankers'
on
"Review
declined
acceptances
of
Month"
the
also
we
somewhat
vanced
this
contractual
rate
from
the
mercial
36 leading cities
in
level
low
reached
last
from
increased
paper
levels of the latter
low
%
part of
1936,
changes in
in
customer loans as
on
continued in recent months
open-market rate on com¬
The
1%,
of
Rates
have
year.
reflected
not
was
to their customers.
charged by banks
by banks
open-market rates for money ad¬
year
extreme
open-market rates
in
stiffening
the
near
Customer Loans
on
first quarter of this
During the
which
had
prevailed
since
the
beginning of 1935, to 1% in the latter part of March, but customer rates
on
the average showed little change.
This
is
quickly
until
changes
the
mercial
developments.
conditions,
credit
to respond.
slower
while
Open-market
customer
rates
rates
are
had not fully reflected
Customer rates
the extreme monetary ease caused! by the growth in excess
the decline in the demand for credit during the depression.
latter part
of
In
decline.
and
low
a
while
sharply,
1935
steady at
to the beginning of
1929
fell
rates
paper
smaller
in
year
and
reserves
usual
with
accordance
in
reflect
last
From
1936,
on
while
level,
1935 open-market com¬
customer rates showed a much
the other hand, open-market rates
customer
rates
continued
to fall,
though not to the extremely low level reached by open-market rates.
In
1929 customer rates in leading cities were close to 6%.
By the
1936
of
summer
remained
this
they had
time.
that
In
other
leading
cities
there
1936,
and
averaged about 3%% in eight other northern
4%% in 27 southern and western cities.
and
reductions
have
they
year
fallen in New York to below 2^%> and have
since
level
that
near
further
were
rates in
in customer
the latter half of
eastern cities and about
Treasury Financing
.
the Treasury increased the public
$800,000,009 and reduced its working balance by $900,order to replenish the working balance, the Treasury on
$850,000,000 of Treasury notes.
The offering was divided
During the first five months of 1937
debt
by
about
000,000.
June
In
sold
15
equally
taxes
issues, one maturing on Sept. 15, 1939, and the other
Receipts from these new issues, together with income
in June, were utilized for meeting current expen¬
into two
March 15,
on
1942.
and other revenues
of gold, and for the redemption of $300,000,000 of
for purchases
ditures,
in
and
bills,
Treasury
the working balance of the Treasury in¬
addition
by $500,000,000.
of
These percentage distributions are similar to those for
loans
Bank
^
customers
to
Bank
business
for
Credit
purposes
have
continued
to
in¬
reporting member banks in leading cities the increased demand
commercial loans was reflected through May 12 in so-called "other"
At
crease.
for
loans,
since that
and
time in
the newly reported
item of "commercial,
industrial, and agricultural loans."
Until June commercial loans increased
both at banks in New York City and other banks, but in the four weeks
ending
June 23 the
City.
In
increase
loans
in
further increase was confined to banks in New York
New York reporting banks also showed a further
period!
this
brokers
to
increased during most
and
dealers in securities.
These loans
have
of the period since last November and for all report¬
ing banks are now about $320,000,000 larger than at that time.
Member bank holdings of
United States Government securities,
after
the first quarter of the year, showed further slight
June, when they increased.
On June 15 reporting mem¬
declining sharply in
reductions
until
ber
in
banks
considerable part of the $850,Subsequently a part of the notes
resold to other investors, and bank holdings of Treasury
leading
cities
purchased a
000,000 of notes issued! by the Treasury.
purchased
bills
700,500 in default only as to sinking fund.
On
requirements went into
repre¬
the American markets.
operations
by foreigners,
bonds
the
of
1935.
They
dollar bonds outstanding.
foreign
of bonds
dollar bonds,
position
the end
the
bonds
$3,862,182,490,
in default as to interest.
were
ing
to say that "these re¬
on
reserve
Member
thus able to take
were
in
prevailing
lending,
in the total
more
foreign
default
since
rates
external
of
and purchases
repatriation
mated
goes
slightly in June.
bodies that have paidi
political
charges in full and
foreign
new
conversion
about the
service
low interest
the
absence
the
and
debt
contractual
advantage
Level
owing to a growth in Treasury balances at depositary
the following week excess reserves increased to $810,-
During
000,000.
creased
said:
New
Low
reserves
usually much
30
States Losing
Importance as Creditor Nation—
—Reports $7,022,149,980 of Foreign Dollar Bonds
Outstanding in Country at End of 1936, Against
$7,490,413,280 Year Before
•
sented
Near
of member banks showed consid¬
reserves
member banks with the Reserve banks and
remained
with
Thereon
by $180,000,000 during the week ended
June 16, as a result of Treasury operations around the midJune financing."
The "Bulletin" adds:
rates
Feb. 29
Nation,"
Member
of
declined
effect,
but
$343,285,933
320,890,746
321,807,411
327,834,317
362,984,286
387,373,711
"The
Reserves
which had been at about $900,000,000 since May 1,
the final
when
9-16
...
of the volume of bankers' acceptances
close of each month since June 29, 1935:
Jan.
Excess
in
Reserve System, which
reported
31
in
erable fluctuations, it is noted in the July issue of the Fed¬
Dealers'
Buying Rate Selling Rate
7-16
H
Y
Oct.
securities
on
quote, in part, as follows:
7-16
60
Sept. 30
special bulletins
ACCEPTANCES
1937
Selling Rate
Rate
'
31--—
Aug. 31
due
past
American
on
in
Rates
Dealers'
Days—
July
of
showing
Last Year
of
From
ON
JULY
June 29
settlement
better
.
Total.
-
the
for
July "Bulletin" of Governors of
Reserve
System—Bank Loans
to
Cus¬
tomers
no
The
and
consequent
a
June
in
Fluctuations
banks.
Own bills
Bills of others.
CURRENT
has
however,
is another of its
in
BILLS HELD
coupons
due
instances,
many
default.
Based on goods stored in or shipped
between
interest
amount
"Statistical Analysis of Publicly Offered Foreign
Bonds," which is Bulletin No. 93 in the Institute's
eral
$157,034,526
Imports
In
of
total
eral Reserve "Bulletin" issued by the Governors of the Fed¬
CREDIT
OF
30, 1937
Exports
the
Dollar
serves,
June
form whatever.
any
be made,
In June excess
Grand total
of
value
portfolio investments.
foreign
781,717
$364,203,843
Dallas
58.7%
debt-service payments
of
resumption
16,816,002
Kansas City
11.
in
that
face
negotiations are being carried on by the Foreign Bondholders Protective
Council, Inc., or by various bondholders' committee, and it is hoped that
world-wide improvement in economic conditions, provision for the
434,418
1,825,132
19,501
583,654
17,873,329
9. Minneapolis
10.
indicates
total
series,
June 30, 1937
Boston.
2.
paid
the
of
with the
The
Federal Reserve District
figure
1931
since
not
July 17, 1937
inclusive
An
coupons
DOLLAR ACCEPTANCES OUTSTANDING—UNITED STATES
—BY FEDERAL RESERVE DISTRICTS
BANKERS'
Chronicle
also
bills.
of
As
the
was
declined
a
United
owing
result
net
States
repayment by the Treasury of maturing
transactions, holdings of direct obligations
to the
of these
Government
at
reporting
member
banks
increased
23 by $120,000,000, all of which was
in leading cities outside New York and Chicago.
Payment for the new Treasury notes acquired! by banks was made largely
through crediting the deposit accounts of the Treasury, with the conse¬
quence
that United States Government deposits at reporting member
banks increased by $440,000,000 in the week ending June 16.
Govern¬
ment deposits in these banks, which had declined from $700,000,000 at
the beginning of the year to a small figure by the middle of June, were
during the two weeks ending June
restored! to
$550,000,000 by June 23.
Disbursements
for
the
increase
by
in
the
Treasury
of its bank balances largely accounted
at reporting member banks
adjusted demand deposits
Volume
March.
since
Financial
145
the
As
included
in
accounts
and
adjusted
Balances due
Treasury
demand
to
drew
funds
which are not
transferred! to private
balances,
its
upon
deposits,
these
added to
were
were
deposits.
banks, following
$24,370,000
Government Securities
Treasury During June
of
Purchased
by
purchases of Government securities for Trea¬
investment accounts for the calendar month of June,
1937, amounted to $24,370,400, Secretary of the Treasury
Morgenthau announced July 15.
This compares with $3,853,550 of the securities purchased during May.
Net market
decline from March through the early
a
359
Chronicle
raising
of reserve requirements, showed little change thereafter
in New York but
outside New York they continued to decline through
the first part of
June.
On June 23 balances due to banks by all reporting member banks
were
somewhat
less than $5,000,000,000,
as
compared with a level of
about $6,000,000,000
during the latter half of 1936
and the opening
months of this year and with an average level of about $3,000,000,000
part of May in connection with adjustment by interior banks to the
sury
1936—
1935—
—-$19, 025.000 purchased
..15, 794,000 purchased
April.
$5,420, 800 purchased
January
March.........
41,049, 000 purchased
June
—30, 465,400 purchased
AprilJ
prior to 1934.
years
May
21,990, 000 sold
July
May
several
for
1,300, 000 purchased
23,326 525 purchased
August
15, 466,700 purchased
3, 794,850 purchased
47, 438,650 purchased
—27, 021,200 purchased
February...
Two Series to Amount
of 148-Day Bills and
Bills—Both Series to be
New Offering of Treasury Bills in
of $100,000,000—$60,000,000
$50,000,000 of 273-Day
Dated July 21, 1937
The bills will be issued in bearer form only, and in amounts or denomina¬
of
tions
$1,000,
$10,000,
$100,000,
$500,000, and $1,000,000
'
value).
v\'V;
No tender for
must be in
(maturity
less than
an amount
multiples of $1,000.
$1,000 will be considered.
Each tender
The price offered must be expressed on the
basis of 100, with not more than three decimal places, e. g., 99,125.
Frac¬
tions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized
dealers in invest¬
Tenders from others must be accompanied by a deposit of
ment securities.
10% «f the face amount of Treasury bills applied for, unless the tenders are
accompanied by
an express guaranty
of payment by
an
incorporated bank
or
■/A-1?'
trust company.
Immediately after the closing hour for receipt of tenders
all tenders received at the Federal Reserve banks
or
July 19, 1937,
on
August
purchased
17,385, 000 purchased
November.
18,419, 000 sold
the
following morning.
on
The Security of the Treasury expressly reserves the
right to reject any or all tenders
or parts
of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Any tender which does not specifically refer to
subject to rejection.
particular series will be
a
Those submitting tenders will be advised of the ac¬
ceptance or rejection thereof.
January
other
or
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale
or
other disposition of the
No loss from the sale
Treasury bills shall be allowed
as a
deduction,
or
or
otherwise recognized, for the purpose sof any tax now or hereafter imposed
by the United States
Treasury Department Circular No. 418,
scribe the terms of the Treasury bills
and
18,546, 850 purchased
4,500, 600 purchased
March
.......32,702, 150
purchased
11, 856,500 purchased
April
May.
June
—;
Total of $60,000,000—
Agreement Between Secretary Morgenthau
and Brazilian Finance Minister, U. S. Will make
Under
Dollar
Available to Brazil to Promote
Designed to Facilitate Crea¬
Brazil of Central Reserve Bank—Secretary
Exchange
Stabilization—Plans
tion in
Hull's Statement Regarding
In
Trade Agreements
joint statement issued at Washington
a
Finance Minister Arthur de
they
entering into
were
States would sell
govern
the conditions of their issue
gold to Brazil
able to Brazil to promote
to a total of $60,000,000,
up
Accepted for 155-Day Bills at Rate of 0.419% and
$50,000,000 for 273-Day Bills at Rate of 0.514%
$262,183,000 received to the offering
of $100,000,000, or thereabouts, of two series of Treasury
bills, dated July 14, 1937, Secretary of the Treasury Mor¬
genthau announced
on
July 12 that $100,060,000 were
accepted.
The tenders to the offering, which was referred
Federal
Reserve
2 p. m.,
July 10, page 209, were received at the
banks
and
branches
the
thereof
to
up
it
stated:
was
The
did
statment
faster
than
this
not
Germany,
mention
offered in amount
was
of
one
Details of the bids to the two issues of bills
available
follows
as
this
amount
The
annum
per
on
annum
price
It is
country.
no
however,
secret,
price
discount
$50,000,000,
from
basis.
accepted.
was
bank
a
or
thereabouts,
99.872,
series,
Only
amount
applied
Except
for
price
equivalent to
basis.
rate
of
of
the
price
of
a
average
is
and
the
discount
totaling
Only part
The
accepted.
a
rate
The
amount bid
of the
part
price
average
Within recent months
Brazilian officials.
to
trade
experts
German com¬
that
automobiles,
that competition has extended
calculating machines, office equipment and
typewriters,
machinery.
Barbossa
Carneiro, spokesman for Brazilian officials here, declared to¬
day's development signify no change in Brazil's relations with Germany,
ago
He said
pact between Brazil and
a
Germany ended
a
month
but that there will be negotiations for its continuance.
Joint Brazilian-American committees of trade representatives are to be
established in
Rio
de
York
New
and in
Janeiro
or
Washington, it was
announced, to assist in meeting any obstacles to natural trade development
between the two countries.
that that country will purchase
at
gold with United States dollars which it is
It might obtain dollars through
liberty to obtain anywhere in the world.
Brazil
is
provided
with
as
The statement issued
is
he said.
Morgenthau
the gold,
continued,
the
required, retaining the gold as collateral.
by Messrs Morgenthau and Costa,
given herewith:
The Secretary
of the Treasury of the United States of America and the
ment under which:
1.
of
or
average
basis.
rate
$700,000,
a
rate
about
the
for
bills
Treasury
of
about
0.531%
amount
bid
per
for
annum
at the
was
2.
about
0.514%
per
of both countries,
under conditions which safeguard the in¬
for the purpose of promoting exchange equili¬
brium.
The agreement is
favorable to
designed to promote the development
of conditions
of monetary
equilibrium between the two
countries and to facilitate the establishment
by the United States of Brazil
of
a
central
ment for
the
maintenance
reserve
bank
part of the program of the Brazilian Govern¬
as a
improving the financial structure of the Nation to meet the needs
of its expanding economy.
In recent years
there has occurred a notable improvement of the trade
of Brazil.
It is a matter of gratification both to the
Secretary of the Treasury and the Finance Minister that this favorable de¬
velopment of the Brazilian economy makes feasible at this time this im¬
portant step.
Both
the
Secretary
the Minister of Finance
of the Treasury and
are
pleased to have had this opportunity to extend the field of cooperation be¬
tween
their
countries
and,
in
accordance
with
their
conversations,
the
Secretary of the Treasury stands ready to supply such technical assistance
as
Brazil may care to avail itself of in connection with the organization
new
of
bank.
total
statement issued
we take as follows the joint
by Secretary Hull and Minister Costa:
The
commercial agreement
negotiated between the United States and
a
in
Brazil
annum,
latter
annum
gold to Brazil at such times
Government may request, up to a
The United States will make dollar exchange available to the Govern¬
terests
accepted.
to
States and Cuba—signed under the authority
bank dis¬
price
Treasury bills of this series to be
is
sell
to
ranged
per
on
undertakes
the Brazilian
From the New York "Times"
the
bids
0.396%
as
ment of Brazil or its fiscal agent,
1938
thereabouts,
accepted
States
total of $60,000,000;
the
$50,000,000,
The United
and in such amounts
of
-
$141,935,000, of which $50,000,000
was
bids
accepted.
99.610,
for
was
99.700, equivalent to
from
99.597,
count
for
three
was
total
99.819, and the average rate is about 0.419%
discount basis.
which
the
equivalent to
273-Day Treasury Bills, Maturing April 13,
this
For
some
petition has been a subject of recent discussion between the American and
and financial position
to 99.813, equivalent to a rate of about 0.434%
be issued is
to
on
in
made
1937
16,
$120,248,000, of which $50,060,000
was
bank
for
was
ranged
annum,
a
latter
of this series
per
bids
0.297%
the
at
which
applied) for
accepted
about
per
series,
were
Secretary Morgenthau:
July 12 by
on
155-Day Treasury Bills, Maturing Dec.
For
which
subsidizing exports and thereby boosting sales to Brazil
contend has been
Eastern Standard Time, July 12.
Each series of the
$50,000,000, or thereabouts;
series was 155-day bills, maturing Dec. 16, 1937, and the
other 273-day securities, maturing April 13, 1938.
bills
Accord¬
Minister of Finance of the United States of Brazil are entering into an agree¬
tenders totaling
issue of
exchange avail¬
"exchange equilibrium."
ing to the statement the agreement is also designed "to
facilitate the establishment by the United States of Brazil
of a Central Reserve Bank."
A joint statement was likewise
issued on July 15 by Secretary of State Cordell Hull and Fin¬
ance Minister de Costa in which they declared their intention
of continuing the present reciprocity trade agreement in force,
"and of bending every effort towards the attainment of its
objectives."
In Associated Press accounts from Washington, July 15
Treasury will advance dollars
of
our
Costa announced that
Souza
Secretary Morgenthau explained, after signing the agreement with Brazil,
amended, and this notice pre¬
as
$262,183,000 Received to Offering of $100,000,000 of Two Series of Treasury Bills—$50,060,000
to in
July 15,
agreement whereby the United
an
and that the United States will make dollar
When
Of
on
Secretary of the Treasury Henry Morgenthau and Brazilian
its favorable trade balance with this country,
Tenders
3, 853,550 purchased
24, 370,400 purchased
U. S. to Sell Gold to Brazil Up to
of its possessions.
or any
119, 553,000 uprchased
March
January
February
other disposition thereof will also be exempt from all
taxation, except estate and inheritance taxes.
14, 363,300 purchased
5, 701,800 purchased
February
5,275, 200 purchased
however.
July 21, 1937.
on
1937—
1936—
Payment at the price offered for Treasury
bills allotted must be made at the Federal Reserve banks in cash
immediately available funds
24, 174,100 purchased
December
branches thereof up to
possible thereafter, probably
as soon as
5, 912,300 purchased
November..
October..
60,085, 000
September
the closing hour will be opened and public announcement of the acceptable
prices for each series will follow
October.
33,426 000 purchased
.35,439, 000 purchased
July....
December
Announcement of a new offering of two series of Treasury
bills, both to be dated July 21, 1937, in amount of $100,000,000, or thereabouts, was made on July 15 by Secretary of the
Treasury Henry Morgenthau Jr.
Tenders to the offering
will be received at the Federal Reserve banks, or the branches
thereof, up to 2 p.m., Eastern Standard Time, Monday,
July 19, but not at the Treasury Department, Washington.
There is a maturity of Treasury bills on July 21 in amount
of $50,060,000.
The new bills to be dated July 21 will be
148-day bills, maturing Dec. 16, 1937, and 273-day bills,
maturing April 20, 1938; each series will be offered in amount
of $50,C)00,000 or thereabouts.
The bills will be sold on a
discount basis to the highest bidder, and on their maturity
dates will be payable without interest at their face amount.
Bidders are required to specify the particular series for which
each tender is made, Secretary Morgenthau pointed out.
His announcement of July 15 also said:
September
8,765, 500 purchased
June.......
—
on
was
issued
a
bank
was
the first accord—apart from the agreement
between the United
of the Trade Agreement Act.
Under the agreement each country, by lowering
various tariff restrictions,
prepared the way for an increase in trade between them.
Further, by ex¬
changing pledges against the increase in existing duties or the application
of
new
duties on many products vital in
existing trade.
their trade they safeguard their
Financial
360
F The specific trade concessions were no more important from a long-range
view than the type of agreement that was negotiated and the type of trade
policy to which the two Governments committed themselves in this agree¬
ment.
most-favored-Nation pledges
which guarantee that the products of each country should find opportunity
in the markets of the other on terms no less favorable than the products
It
based
is
the
on
exchange of
mutual
of any other country.
of this pledge is a broad one; to wit, that
The underlying meaning
countries
equality
of the world
rest
both
of both the form and substance of
of treatment, and that the trade relations between them and the
gain reciprocal assurances
protection.
mayjoe enabled to develop with that
H
In Operation Nearly 2 Years
||
been operative for almost two years.
It was both
and desirable that advantage be taken by the principals of the
The agreement has
natural
this country, to review its past
Mission in
Brazilian
operations and its
This has been done in a series of comprehensive discussions in
freely explained their position and their problems.
prospects.
which both countries have
end the two Governments declare their
As these conversations come to an
intention of continuing the agreement
toward the attainment of its
a
safeguard its principles and benefits in view
by
some
advisable in order to
of the form of trading pursued
benefits
against outside competition that is directly subsidized by Governments.
The high convenience was furthermore recognized of the creation of two
joint Brazilian-American committees composed of representatives of the
they
undertake to protect these principles and
of the two countries.
trade Interests
One will be established in Rio de
York or Washington, with the purpose
Janeiro and the other in New
of
for developing trade between Brazil and
the United States, and of securing, within the commitments mutually
entered into by the Government of Brazil and the Government of the United
States in the commercial agreement of Feb. 2, 1935, the most appropriate
solutions in order to overcome the obstacles which might hinder the natural
studying the best means indicated
development of trade between the two
These
two
countries.
standing, and the
They will be guided
joint committees will have independent
obligation of reporting to the two Governments.
"sterlized" gold, which
This means of "cashing in" on the
believed to have been welcomed by
be taken from the "sterilized" fund by a
$1,144,510,744 on July 7.
Government's huge gold supply was
More gold may
fiscal officers.
similar process as a
it
result of negotiations with BrazUian
financial officers,
•
believed.
was
Mr. Morgenthau
m~4
•
said the new silver obtained by the Treasury would be
certificates. Silver certificates outstanding
reflected in an Increase of silver
$1,300,498,546. Other silver liabilities of the
outstanding Treasury notes of 1890 and $41,«
653,914 of silver in the general fund.
Against these three liabilities, aggregating $1,343,324,482, the Treasury
on July 7 had $837,781,751 in silver and $505,542,731 in silver dollars,
according to the most recent Treasury statement.
The gold to be purchased by the Government of China will remain in
the United States at various banks, affording a sound reserve for Chinese
currency and a stabilizer of its exchange transactions in other currencies.
of July
as
7 amounted to
Treasury are $1,172,022 in
Documents
signed
12, at which time the
giving effect to the new agreement were
by Secretary Morgenthau on July
"Times" Washington advices said:
It
was
learned from Treasury officials that
the new agreement provides
of dollar or yuan exchange without
for extension to China
sale of silver to
provided China has gold or silver on deposit here as collateral
loans.
The loans, it was said, would be solely for currency-stabiliza¬
this country,
for such
other countries.
Accordingly,
from the Treasury's fund of
The gold will come
stood at
Experience has demonstrated that
complementary measures are
of minor
number
in force and of bending every effort
objectives.
July 17, 1937
Chronicle
It was understood that before the new agreement this
against silver actually sold to this country.
tion purposes.
credit
could be obtained only
preclude similar
arrangements with Nations which owe war debts to this country, as the
Johnson Act prohibits loans to such debtor Nations.
This feature of the
Chinese agreement would seem to
The joint statement issued as Washington on July 9 by
Secretary Morgenthau and Dr* Kung follows:
The monetary cooperation which resulted from the conference of the Secre¬
tary of the Treasury of the United States of America with representatives
of the Chinese Ministry of Finance in May, 1936, has contributed to the
very successful functioning of the new Chinese monetary system with
benefits both to the internal economy of China and to American trade.
We
are now
able to announce further progress
in monetary cooperation
of the understanding reached a year ago.
the Secretary of the Treasury, in a public statement, said:
entirely by the wish to foster
between the two countries in pursuit
Governments are
At that time
between the two
trade between the two countries.
The two
convinced that this innovation in commercial arrangements
countries, suggested by the President of Brazil, will pro¬
The
also
discussion
dealt with certain
regulations, bearing upon the operation
Mission has undertaken to give full
regulations with a view toward
minor administrative customs
of the agreement.
The Brazilian
and prompt study to certain of these
simplifying or modifying them as may be
found necessary.
substantial improvement of customs administra¬
This would complete the
tion already made effective
by the Brazilian Government.
only along sound lines, but constitutes an
toward the desired goal of stability of world currencies.
"To supplement their efforts toward that objective and to cooperate
with them in their program pf monetary reform and currency stabilization,
and in accordance with our silver purchase policy, we have definitely indi¬
cated our willingness, under conditions mutually acceptable, to make pur¬
chases from the Central Bank of China of substantial amounts of silver,
and also to make available to the Central Bank of China, under conditions
which safeguard the interests of both countries, dollar exchange for currency
stabilization purposes."
important step
of China in a public statement
of monetary reform which
the arrangements
made with the United States would insure the stability of the Chinese cur¬
rency, and this would inevitably lead to greater economic improvement and
At the
Treasury Department to Sell Gold to China—Agree¬
ment Between Secretary Morgenthau and Dr. H. H.
Kung Also Provides for Additional Purchases by
United States of Silver from China—Representa¬
tive Dirksen Seeks
sell to
Details of Arrangement
on
gold, was reached during the past week between Secretary of
the Treasury Morgenthau and Dr. H. H. Kung, Finance
Minister of the Chinese Republic.
The announcement of
the agreement on July 9, added that "to aid the Chinese
Government thus to augment its gold reserves, and in ac¬
cordance with the terms of the United States Silver Purchase
Act of 1934, the United States Treasury will purchase an
additional amount of silver from the Chinese Government."
It was further stated that "the United States Treasury
will also broaden the scope of the arrangement under which
the Central Bank of China has been enabled, under con¬
safeguard the interests of both countries, to
obtain dollar exchange for currency stabilization purposes."
ditions which
made known in a joint statement issued
The agreement was
July 9 by Messrs. Morgenthau and Dr Kung in which re¬
ference was made to the Monetary Conferences in May, 1936
between Government officials and Representatives of.the
were
Minstry of Finance, as a result of which the United
States arranged to purchase silver from the Central Bank of
China, and to make available to the latter dollar exchange
for currency stabilization purposes.
That arrangement was
noted in these columns May 23, 1936, page 3436.
Details of the agreement just concluded between the
Treasury and with China were sought on July 13 by Repre¬
sentative Everett M. Dirksen (111.) in a letter to Secretary
Morgenthau according to a special Washington advice on
that date to the New York "Journal of Commerce" which
reported:
through which the Government of
substantial amount
augment its gold reserves,
and In accordance with the terms of the United States Silver Purchase
Act of 1934, the United States Treasury will purchase an additional amount
China will purchase from
of gold.
our
the United States Treasury a
To aid the Chinese Government thus to
of silver from the Chinese Government.
broaden the scope of the arrange¬
The United States Treasury will also
of China has been enabled, under
which the Central Bank
ments under
of both countries, to obtain dollar
conditions which safeguard the interests
exchange for currency stabilization purposes.
Both the Secretary of the
Treasury and the Finance
Minister of China
results to both countries which have
and they are
equally gratified to be able to announce further progress in their cooperation.
It is a source of satisfaction to them that the program of monetary reforms
are
greatly gratified by the beneficial
been the consequence
and currency
of their understanding reached last year,
stabilization in China has been
and has been accompanied
carried out with great success
by an increase of trade between
Nations, particularly the United States,
China and other
which occupies the first place in
China's foreign trade.
Because of his desire to express the
ment and the
person to
people of China, the
appreciation of the Chinese Govern¬
Chinese Minister of Finance came in
the negotiations which have just been
the United States to conduct
concluded.
having had this op¬
the Finance Minister of China and of
conference with him to further the welfare of both countries.
The Secretary of the
Treasury greatly appreciates
portunity for personal contact with
undertaking in
the agreement con¬
Detailing in the Washington "Post"
cluded, Franklyn Waltman said:
Those present in the
nouncement of the new
Secretary of the
Treasury's office when the an¬
addition to Morgenthau
agreement was made, in
Ambassador, Dr. Cheating T. Wang, P. W.
Kuo, Director of the Bureau of Foreign Trade, Chinese Ministry of the
Interior; Dr. Jacob Viner, Economic Adviser to the Treasury, and Archie
Lochhead, in charge of the technical operations of the American stabilization
and Kung, were the Chinese
which contains a foreign exchange credit arrangement,
today seen possible of cancellation in the event that
ments in the
adopted by the Chinese Government and
fund.
The agreement,
was
time, the Minister of Finance
then being
prosperity of the Chinese people.
Chinese
also
same
expressed the firm belief that the new measures
Arrangements have now been made
the part of the United States Treasury to
the Government of China a substantial amount of
Agreement
being pursued by the Na¬
"I feel confident that the monetary program
tional Government of China is not
them both.
vide the basis of experience useful to
war-like develop¬
of
Sino-Japanese situation should necessitate the application
Following the conclusion of the agreement Dr. Kung
England on July 13 on the steamer Normandie.
sailed for
neutrality law restrictions to credits and trade.
Mr.
Dirksen wants to know how much silver is to
be acquired by the
world prices
He asks how much gold
Treasury and at what price and whether the latter accords with
and
with
China
care
that
will
get,
paid for domestic production.
whether
the
agreement
Governmental Expenditures
of changes in the price of gold, what is
the life of the pact and can
He
further
so
asks
whether silver
certificates will be issued against the
purchased, whether similar agreements are in contemplation
other so-called silver countries,
with
and finally he raises the question as to what
is the reason for this action at this time.
the question whether Silver
With the possible execption of
certificates would be issued against the silver so
acquired, and answered in the affirmative, Secretary
of the Treasury Mor¬
along these
genthau has previously declined to answer newspaper inquiries
same
In
expenditures in the United States in
approximately $17,000,000,000, according
to a survey published on June 29 by the National Industrial
Conference Board.
This estimate compared with expendi¬
tures of $14,931,000,000 in 1935.
In summarizing the results
of its study, the Conference Board said:
Total Governmental
Combined
dispatch July 9 from Washington to the New
"Times" it
was
The new program
York
will consist of purchases of gold from the
in
governmental expenditures
United States
from the
were
1936, according to preliminary estimates.
million in 1935, an increase
stated:
Per
capita
governmental expenditures rose
$117.09 in 1935, and show an increase
large silver reserves of the Central Bank of China.
1923
to
1935.
approximately $17 billion
Expenditures were $14,931
of nearly $500 million.
by the Chinese Government, payment for the gold to be made
1935 Was $14,-
1936 amounted to
lines.
a
National Indus¬
931,000,000.
it be canceled on notice.
silver
in 1936 Approximated $17,-
000,000,000, According to Survey by
trial Conference Board—Total in
contains any provision to take
from $114.11 in 1934 to
of nearly 50% in the period from
^
Volume
Undoubtedly,
Combined tax collections in 1935 amounted to $9,717 million, represent¬
ing
been
than one-sixth of the realized national income.
more
The gross debt of all governmental units was $53,421
of the fiscal year 1936.
of
million at the end
compared with $59.28 in
But
1913 and $311.72 in 1932.
annual average
the
Federal revenue,
to
contributing $739 million.
$6,171
its
this
for
of economy
of
to
business
Washington, D. C., which is to be the permanent home of
the Federal Trade
Commission, President Roosevelt de¬
clared that "eternal vigilance is the price of opportunity
for
"Undoubtedly", he said, "in large meas¬
business."
honest
constant
in
economic life."
our
of fair trade
to
Earlier in his address the President
realm
trade and
of
Commission
Trade
Federal
the
the
in
In further referring
President said:
"When the Commission discovered practices which were
unfair or which tended toward monopoly, it was to deal
Commission
the
to
with
its
and
duties,
of
the
to insist
of the government
purpose
time
as
on
greater
a
application of the golden rule to the conduct of corporations
and
business enterprises
in their relation to the body
Present at the exercises were Cabinet officers,
members of Congress, and other government officials, ac¬
Charles
Isidor
#
The
used
trowel
the
was
wielded
one
by
the
at
Capitol cornerstone laying.
W.
The
the
A.
of
financed
will
chaplain
by
Jan.
work
stone
Public
$3,665,000
a
finished
be
Its
James
and the benediction
of the Senate.
started
ceremonies
Federal Trade Commission, presided.
Shera Montgomery, chaplain of
by the Rev. ZeBarney
the
Rev.
Representatives,
Thorne Phillips,
The
of
by the
was
insist
on
a
of the golden rule to the conduct of corporations and
Material
of
Labor
and
as
Daniel
Labor;
Bell,
Budget
acting
Director;
Marriner
S.
E.
of the National
Chairman
Merriam,
Resources
Committee;
Lubin, Commissioner of the Bureau of Labor Statistics; John H.
The advice
quoted had the following to
regarding the
say
conference:
The President's experts told him that there was now a shortage of 750,000
family dwelling units.
•
The plan for a housing program that
would provide living quarters at
cheaper rentals, the President said, was in the talk stage.
declared he was considering some such idea
dividend corporations to
than the current
levels.
as
limited
build houses that could be rented for much less
He thought such corporations could get ample
finances from persons with savings who are now receiving only 2% from
Chairman
Ayres,
invocation
House
of
The President
Washington
George
Commission stand for
Donald, Administrator of the Federal Housing Administration.
politic."
cording to the Washington "Post," which also said:
Trade
of the government to
Fahey, Chairman of the Home Owners Loan Corporation, and Stewart Mc¬
symbol
a
the Federal
purpose
Eccles, Chairman of the Board of Governors of the Federal Reserve System;
them by
Federal Trade -Commission stand for all
of
enterprises in their relationship to the body politic.
Secretary
ishment being reserved for the violator of the
In
the
Henry Morgenthau Jr., Secretary of the Treasury; Miss Frances Perkins,
the
injunction rather than by punishment, pun¬
injunction."
conclusion he said:
"May this permanent home of the
symbol of
President Roosevelt included:
better than punishment."
indeed
was
money.
permanent home
warning last April that certain commodity prices were
advancing too quickly, but added that they would have to
be lowered further if building was to resume.
According to
a Washington account, July 13, to the New York "HeraldTribune" of July 14, those attending the conference with
Congress
saw
Dictates
continuation of the erection
comparatively short period of years,
his
field in which prevention
a
commerce
he
18 locations,
over
He said that the costs had declined somewhat since he issued
practices since the approval by President Wil¬
"When that far-seeing statesman asked the
create
housedi in rented build¬
scattered
agencies.
The President, of
opinion that increased building would do much to ease
the unemployment situation, intimated that construction
was being retarded by the rising costs of material and labor.
mission
here."
a
in
Many
years.
large annual rental.
a
call for
a
are
War
the
in September, 1914, of the original Federal Trade Com¬
Act justify the event for which we are assembled
son,
is
housed
been
velt and heads of Government
They make the
"all of the fine things achieved in the interest
stated that
of the World
the
greater
were
Federal Trade Commission of vital importance
work of the
taxpayers'
a
has
gov¬
of
the
Plans to bring about an increase in residential construction
discussed in Washington on July 13 by President Roose¬
"But," he added, "the dangers to the country
growing out of monopoly and out of unfair methods of com¬
petition still exist and still call for action.
over
as
During
Commission
pays
sense
agencies
and
Columbia.
example,
government
Commission
Trade
of housing eventually in
departments
of
construction
for
Federal
Plans for Increased Residential Building Construc¬
play of the light of publicity, growing out of the
Act."
It is
sharp
the
from
Constitution Avenue.
on
Federal Trade
tion—Regard Costs
Retarding Building!
administration of Acts such as the Federal Trade Commis¬
sion
protected
President Roosevelt and Government Officials Discuss
improvement in business ethics has been helped by the
ure
the
greater application
July 12, the cornerstone of the building in
on
time
the
the
District
and good business
the
the
for
and agencies have been and
which
May this
all
the
buildings in order,
Federal
save
of
all
in
Department,
War
of
most
home
carries forward the plan
it
existence
The
ings.
splendidi
buildings
other departments
In laying,
conditions,
architectural unit facing
lath and plaster
temporary
Roosevelt, in Laying Cornerstone of New
Building of FTC Declares Improvement in Business
Ethics Have Been
Helped Through Administra¬
tion of Acts Such as That Creating Commission—
Contends, However, That Dangers Growing Out
of Monopoly Still Exist and Call for Action
importance in
for honest business.
opportunity
of
price
vital
lulled by any sense of false security.
competitive
fair
Government
of
part
President
Commission of
Trade
if business is to be allowed to remain honest and
pay
of
erection
Federal
increase of 4.9% over 1934.
an
has
still exist
must not be
the
is
under
ernment-owned
1933.
Combined State and local tax collections in 1935 are estimated at
ethics
growing out of monopoly and out of
and still call for action.
They
country
Federal
We
must
we
on
Furthermore,
$7,665 million in 1934 and $7,500 million
million in 1935, compared with
the
of
life.
completes the
amounted to $8,087
Combined State and local governmental expenditures
business
in
play of the light of publicity growing out
such as the Federal Trade Commission Act.
shady practices of the unscrupulous.
The
8%.
Illinois contributed 9 % and Pennsylvania
improvement
measure
competition
vigilance
price
carry
or
collected by the
New York State contributed 29.5% of the income taxes
Federal Government in 1936.
million,
constant
of
work
the
economic
Eternal
The
peak of $3,847 million in 1936.
a
corporation income tax was the largest single source of
in
large
dangers to the
methods
make
1933.
Federal tax collections reached
the
unfair
$8,576 million, com¬
of $3,342 million during the period from 1923
our
to
in
the
by
Dangers of Monopoly Still Exist
end of the fiscal year 1936 was $415.96,
Federal expenditures for the fiscal year 1936 totaled
an
helped
the administration of Acts,
This figure represents an increase of 37 % since 1932.
Per capita gross public debt at the
pared with
361
Chronicle
Financial
145
banks and
little better rate from the Treasury's baby
a
not be necessary to
as
Works
which
structure,
is
being
allotment
Administration
and
1.
He
was
would be glad to find
accumulations
the
on
bonds.
It would
look to bond issues or bank funds carrying rates as high
5%, the Treasury thought.
confident persons with small savings
a
safe investment in the bonds of
limited dividend corporations bearing a rate not exceeding 324 %.
for which there is the most demand today, the President
The type of home
was
told, was a house costing about $5,000.
completes the architectural unit of the $75,000,000 Federal
erection
Triangle facing on Constitution Avenue.
President's
The
which
address,
broadcast,
was
follows
Roosevelt Signs Resolution Appropriating
$3,000,000 for Federal Participation in New York
World's Fair—Congressional Action on Legislation
President
in full:
Chairman
and
members
Ayres,
Most
Gentlemen:
the belief that "an
Trade
intent.
Prevention
public and to
consuming
period
the
since
the
to
need dor
since
nal
of
the
the
impacts
have
shaken
began
the
fine
things achieved in the
Trade
here
Commission
today: the
Commission.
that
warrants
The
this
continue
will
The
vision
of
record
a
Trade
field) in
To
the
to
The
in
disastrous
most
and forcible emphasis
new
the
worldi
Commission
has
made
interest of fair trade practices
of
the
1914, of the origi¬
accomplishments in
a
for
event
the cornerstone of
a
the
days
which
interest
were
we
are
home
new
for
fair
of
the land,
upon
habitation adequate to its needs and
•
tasks
which
it
has accomplished
perform in the protection of American trade.
Woodrow
Wilson
the
asked
Commission
which
the
justify
times andiwhen evil
body shall have
to
far-seeing statesman
Federal
Act
laying of
the importance of the
keeping with
and
costly
than
he
has been
Congress
saw
in
vindicated
January,
in
the
realm
of
again.
When
that
1914, to create
trade
and
the
commerce
prevention was indeed better than punishment.
Federal
6—Grover
Trade
Commission,
protecting competitive business
therefore,
from "further
was
given
the
task
of
inroads by monopoly and of
Whalen
Commends
Action
10 President Roosevelt signed the joint resolu¬
Federal participation in the New York
On July
tion
authorizing
World's
to be held in New York City during 1939.
completed action on the legislation on July 6,
Fair,
Congress
when the resolution was approved
the
form
same
Following the approval of the resolution by the
June 30.
was
by the Senate in exactly
in which it was adopted by the House on
Senate Committee on Commerce,
competition, in prosperous
in
legislative
economic
work.
its
which
contribution
the
approval by President Wilson, in September,
Federal
assembled
the
sound
generally better
July
Completed
in
The
honest competitors.
Commission
just
up
economic life.
our
All
that
is
infringements,
depression in the history of business has given
to
Ladies
set
were
pound of cure."
a
to
practices
fact. of
the
Commission,
Trade
commissions
worth
exception
no
business
after
incalculable
and
Federal
great Federal
was
unfair
administered
punishment
the
of
the
of
the
of prevention was
Commission
Federal
Great
of
ounce
called
up
on
July 6, the resolution
in the Senate under a unanimous agreement.
Approval of the bill by the House Foreign Affairs Commit¬
tee was referred to in our issue of June 19, page 4101.
The
bill
was
vetoed
a
introduced
by
Representative Matthew J.
Y., after President Roosevelt had
similar resolution authorizing an appropriation of
Flushing, N.
Merritt of
$5,000,000 and providing for a commission under control of
Congress to direct Federal participation.
The President
vetoed the original resolution because of both these pro¬
visions.
The following regarding the resolution as finally
passed is from Washington advices of July 6 to
York "Times" of July 7:
A
United
States
World's Fair
of
which
will
be the
the New
Commission is set up under the bill, the
Secretaries
of
Commerce,
Agriculture and
assuring to the public the
members
of
them
members of the House, to be named by Speaker Bankhedd,
and three Senators, who will be named by Vice-President Garner.
The
commission will name a United States Commissioner for the fair who
for
will receive
the
which
competitive
were
unfair
fullest possible measure of benefit growing out
system.
When the Commission discovered practices
or
which
tended toward
monopoly, it
was to
deal with
by injunction rather than by punishment, punishment being reserved
the violator of the injunction.
Labor, three
a
salary of $10,000 per year.
It will also name two Assistant
A
362
Financial
Commissioners,
of
to
one
be
Republican, ea:c& lie? receive
a
an
annual
salary
$7,600.
legislation,
World's
The
of
is
We
most
for
and
by
have
exhibit
Fair
New
York
the action of President Roosevelt,
Corporation!
with
to lay out
foreign
United
the
governments
for
space.
the
largest
of
the
governmental
that
First, to the continuation of the present agricultural conservation
gress:
the foundation of the long-time plan; second, for the
program as
use
the
American
Government
will
assurance
participation
record
on
by
by
city,
of crop failure; third, for protection of farm prices and farm
Farmers
and
consumers
be
can
safeguarded against the disaster that
resulted from the accumulation of surpluses by the Federal Farm Board, by
of adjusting production and marketing of the five major export
means
be
arid that the New York Fair
world,
in years
income.
the
leadership
July 17, 1937
thai ycrar committee will go*
sympathetic consideration may be given by the Con¬
you once more my hope
express to
of abundance for consumers by storage of substantial reserve® of food for
agreements
throughout
nations
the
of the
President
grateful at
the
close
to
confident
are
reflected
are
clear
now
and
Whalen,
Commission, said:
Fair
the
section
pavilions
will
Grover
Fair
way
States
May I
forward and
With the approval by the President of the newly-enacted
We
Chronicle
If such adjustment is made available only after surpluses pile up
crops.
with crushing effect, the cost will be prohibitive and the results doubtful
State, by the National Administration, and by forein countries.
Legislation Would Not Increase In Expenditures
I believe that the cost of this national farm program can be kept in line
President
Roosevelt
Urges Adoption of Long-Term
Program—In Letters to Chairmen of Senate
and House Agricultural Committees Says Problem
of Stability Is Not Yet Solved—Cites Three-Fold
Farm
plans made known last week,
President Roosevelt on July 12 sent an identical letter to
the Chairmen of the Senate and House Agricultural Com¬
mittees in which he urged the committees to go forward
with, and Congress give "sympathetic consideration" to
legislation for a long-term farm program. While the Presi¬
dent did not indicate it as his desire that the legislation be
adopted at the present session of Congress, he explained that
"if we wait until next year the ultimate objective will be the
same but we may be faced with emergency conditions which
would make the legislative and administrative problem more
difficult because of the very fact of moving hurriedly under
the fire of an emergency."
Although the President favors
Secretary of Agriculture Wallace's ever-normal-granary idea,
his letter to the Chairmen of the Agricultural
Committees
did not refer specifically to the bill now before Congress em¬
bracing this plan.
The President's letters
D.
were
addressed to Senator Ellison
South Carolina, Chairman of the Senate
Committee on Agriculture,
and Representative Marvin
Jones, of Texas, head of the House Committee.
Mr.
Roosevelt pointed out in his letters that the problem of crop
stability has not yet been solved "though we have made
much progress."
"Good as our present farm program is,"
he said, "it ought to be improved to take care of the con¬
sumers' interest in years of bad weather and of the producers'
of
Smith,
interest in years of good weather."
The President asked that
consideration be given to the following three-fold program:
First, to the continuation of the present agricultural conservation program
as
the foundation of the long-time plan.
Second, for
substantial
of abundance for consumers by storage of
the assurance
reserves
of food for
use
in years of crop failure.
Third, for protection of farm prices and farm income.
In
issue of July 10, page 212, we
referred to the plans
broad,
ong-term farm program.
The following is the letter sent
by the President to Senator Smith and Representative Jones:
our
of President Roosevelt to ask Congress to adopt a
My dear Mr. Chairman:
As
a
-
true that industrial employment
few exceptions crops are
It is
continues to gain and it is true that with
good and prices for farm products are far above
This has led
their low levels.
some
people to say, with a certain degree of
weariness, "Let well enough alone; let us defer further action at this time."
Industrial work and farm work include the great majority of all Americans
toil.
both
In
the curse of the past has
groups
been instability—
instability of annual income.
That is especially true among
arm
Extremes of
the farmers of the nation.
prices represent the principal cause of suffering, of bankruptcy and
of lack of purchasing power among them.
There is
no
benefit to
he sells his crops for high figures one year and the price drops
any
Warning signals
not adequate to guarantee
be integrated with
1938
year
over
existing
authorizations for
the operation®
An all-weather farm program can level the peaks of oversupply into the
It
can
alike the welfare of the
serve
The vital interests of the nation demand that
are
already in sight.
of this type be placed in effect.
measures
ultimate
objective will be the
more
of
an
same,
but
If
sooner
we wait
we may
later protective
or
until next year the
be faced with emergency
would make the legislative and
which
conditions
administrative problem
difficult because of the very fact of moving hurriedly under the fire
emergency.
Very sincerely
yours,
FRANKLIN
Roosevelt
President
Insists
Court
Reorganization
Letter
to
on
Bill
D.
ROOSEVELT.
Passage
at
of
This
have
Existing laws
future safety.
ing" Following Senator Robinson's Death
President Roosevelt made known
on July 15 his intention
by Congress at this time on legislation
for the reorganization of the United States Supreme Court.
In United Press accounts from Washington it was noted that
the announcement came at the close of a day in which the
report spread that the President was willing to let Congress
decide whether the bill, which has split the Democratic
party
into two bitterly opposed factions, should be shelved for this
session, following the death of the majority leader of the
Senate, Senator Robinson, to whieh reference is made else¬
where in these columns today.
In a letter to Acting Majority leader Alben W.
Barkley
(Dem.) of Kentucky, the President declared that "the
objectives of the President, as to court reform and, I be¬
lieve, of the great majority of our citizens, remain the same,"
and "I believe that it is the duty of the Congress, and
especi¬
ally of the members of the majority party in the Senate and
the House of Representatives, to pass legislation at this
session to carry out the objectives."
The President said that he had hoped that at least until
insist
to
on
action
the funeral services of Senator Robinson "a decent
respect
for his memory would have deferred discussion of
political
and legislative matters."
He added that "it is therefore with
regret that I find that advantage is being taken of what in
all
decency should be
period of mourning."
(Dem. Neb.), a leader of the
bloc of Senators opposing the court reorganization bill, was
reported in United Press accounts from Washington on July
15 as stating that the President's letter could have
"only
one possible effect"—to galvanize and unite the
opposition
a
Senator Edward R. Burke
the court bill.
to
Senator Wheeler, also one of the Senate leaders opposing
the legislation issued a statement on July 15 saying
"I
can
believe
not
the
be in character for the
our
"I
man
President
wrote
such
who is President of
letter.
a
our
It
It is my philosophy that the time to repair a
leaky roof is when the sun
Repeatedly in the last four years the Agricultural Committees of the
can not
believe President Roosevelt could make political capital out
of tragedy such as this.
men
who have lost
a
friend are particularly susceptible.
In 1934 the Congress made swift action possible in order
price emergency.
to cope with the
unprecedented drought.
one
another for the
After Tuesday I hope that
we
will all counsel with
good of the country."
Administration
production
The President's letter to Senator
Barkley follows:
In 1936 the Soil Conservation
and Domestic Allotment Act served to hold the line after the Agricultural
Adjustment
forgot the court bill.
In 1933 the Agricultural Adjustment Act met a desperate
arm measures.
adjustment
program
been
had
stopped by the Supreme Court.
We have been fortunate in the past, even though programs have
put through in the face of actual existing emergencies.
been
Your committee
will, I know, recognize the great difficulty, from an administrative stand¬
point, of carrying through any program on the spur of the moment of threat¬
July 15, 1937
My Dear Alben:
I
am
today.
■
glad
you
called my attention to certain events of yesterday and
Lest there be
please let
me
any
misunderstanding in regard to Judicial reform,
clarify the situation.
Since the untimely death of our majority leader I had hoped, with you,
that at least until his funeral services had been held a decent respect for his
memory
ened disaster.
would have deferred discussion of political and legislative matters.
.
It is, therefore, with regret that I find, that advantage is
Situation
now
"Excellent"
what, in all decency, should be
Though the situation of the moment is excellent, we have no safeguard,
my
be
in the year
or
a program
enormous
nation, if it
surpluses
1938, against the great danger of loss of income due to
against the equally great danger of low prices.
belief that
of
value
to guard against both these future dangers would
not
only to farmers but to the consumers of the
could provide
grown
I have expressed
for
an
ever-normal granary with storage of
in big-crop years for use in time of short crops.
Good
as
our
present farm program is, it ought to be improved to
of the consumers' interest in years of bad weather
interest in years
take
overhanging surpluses return.
to benefit the entire country.
though against
the acting
every
inclination, to write to you.
I do this because you are
majority leader in the Senate.
Over four years ago it became apparent to the American people and to the
leadership of the
new
administration of the natioaql Government and to the
newly elected Congress that grave problems of
reforms.
many
kinds called for great
The American people, in an overwhelming majority, recognized
need
for
bank
reform, for agricultural reform,
I cite the above merely as examples.
hand with them
effected
of good weather.
We welcome the prospect of the early return to
being taken of
period of mourning.
for labor reform,
for
housing reform and for judicial reform.
and of the producers'
well-filled bins, but we
seek to avert the danger of ruinously low farm prices if bumper crops
a
Because of this situation, however, I am compelled in the public interest,
the
Management of Low Farm Prices Aim
care
not
party and the man other Liberals and I fought for in 1932 and 1936.
"When Senator Robinson passed away I canceled all engagements and
Congress have worked with speed and effectiveness to enact emergency
drought
would
country and the leader
"But if it is true he must have accepted bad counsel in an hour in which
shining.
even
Supreme
Session—In
Senator
Barkley Declares Advantage is
Being Taken of What Should be "Period of Mourn¬
of
We have not solved the problem of crop stability yet, though we
made much progress.
can
of the AAA.
farmer
through the
bottom the next year.
are
fiscal
,
engaged in the task of giving stability and increasing
nation we are
purchasing power to those who toil in the factory and on the farm.
who
the
farmer and the consumer, of business and of labor.
his
with
accordance
Legislation
existing programs in such a way as to involve no increase in expenditure®
for
valleys of shortage and disaster.
Plan
In
with the government's fiscal program.
and
They can and should be managed in a way
the processes of
mended
as
National needs.*
during the first four
by
Other lesser reforms went hand-in-
The Congress and the administration
years many
of these reforms.
justice, the need for which
me on
Feb. 5 of this year.
was
In my message to Congress I set forth objectives.
the overwhelming
The reform of
nothing new,
The time had
was recom¬
come to act.
With these objectives
majority of the people of this country
were in
accord.
Volume
Financial
145
With these objectives the overwhelming majority of the Congress were in
accord.
Proposed tentative legislation
was
drawn at that time to facilitate dis¬
cussion of methods in both houses of the
Congress and discussion commended
immediately in the Congress and throughout the country.
Let
make
me
clear
once
more
the
objectives.
They constituted im¬
provements in the process of justice in all Federal courts, from the lowest
to
the
These improvements
highest.
included
of
addition
systematic
Chronicle
necessitate payments from the Treasury in the amount of
approximately $52,900,000 for the two years.
In the House on July 13, when the bill was brought before
that body for passage over the veto, Representative Jones
expressed regret that he could not "follow the suggestions
contained in the message of the President."
Among other
things he said:
judges to all such courts in which there were judges beyond retire¬
younger
ment age
who had not taken advantage of retirement privileges—for the dual
of helping the older judges give
purpose
a
maximum of justice in
a
minimum
All of the land-bank loans made during the last two years have borne
a
contract rate of
These improvements also contemplated adequate machinery
for supervision
by the Supreme Court of the expeditions dispatch of business
However, for the past two
rate of
These
At
no
Administration insisted that the method
be sacred
I
time have
or
methods
or
and, therefore, that the
process
of constitutional amendment was
possibility if the objective was to be attained within
It is, of course, clear
13 States for
Objectives
can
was
reasonable time.
a
one means or
another
long period of time.
a
were
of extreme danger.
This has been caused by three
factors—aggression and armament, economic crisis and major social needs.
United
armament for
States is
happily free from any thought of aggression or
aggression, but the people of the United States have called
for economic security and for major social improvements.
or
a
National safety
to be attained.
Senator Robinson advised
that
me
I told him that in my judgment, the bill he
satisfactory method of attaining such objectives.
a
some
new
form
proposed would
I told him further
of the United States falls the primary responsibility for the adoption
of methods, but that on the President falls the responsibility
ing objectives.
This seems
high as the
farmer should be called upon to pay.
6%, depending
of recommend¬
by the President
Federal
courts, because of the inability of a majority of Senators or a majority of
Representatives to
agree on method and reach a
bility squarely
you
very
simply once
to extend for one additional year
approval, H.-R. 6763, entitled "An act
the 3 M % interest rate on certain Federal
Land-Bank loans, to provide a 4% interest rate on
Bank Commissioner's loans for
a
period of two years."
objectives
as an emergency measure
Federal Land-Banks
are
in 1933 under which borrowers from the
allowed to
interest on their loans at rates
pay
those provided in their mortgage contracts.
Section 2 of the bill broadens the field of loans on which interest reductions
granted by providing that for a period of two years interest may
sioner.
Section 1—Federal Land Bank Loans
the investing public, new loans
being made by Federal Land Banks at the lowest rate that has ever
are
been made available to farmers generally in
the same, and that I believe that it is the duty of the Congress, and especially
annum.
majority party in the Senate and the House of Re¬
presentatives, to pass legislation at this session to carry out the objectives.
Very
sincerely
A
D.
ROOSEVELT.
Hon. Alben W. Barkiey, United States Senate, Washington, D. C.
on
Federal
Over
Land
Bank
Draft
on
Continue
Loans—House
3^%
Rate
Passes
Bill
Treasury of Over $30,000,000
on
one
Bank loans.
year
the 3 L2 % rate
on
certain Federal Land
The bill would also
provide a 4% interest rate
July 1, 1938 to June 30,
1939, and provide for a 4% interest rate on Land Bank Com¬
missioner's loans for a period of two y^ars.
such loans for the period from
on
The House overrode
the
President's veto
on
the bill
on
July 13, the vote being 260 in favor of over riding to 98 against
such action.
Regarding the vote Washington advices July
13 to the New York "Times" said:
In overriding the veto,
189 Democrats
were
joined by 62 Republicans,
6 Progressives and 3 Farmer-Laborites.
Only 90 Democrats supported
1
Progressive made the total 98.
the President.
Seven
Republicans and
50 members did not vote and 24
were
paired.
The bill
caused
was
has
sent
to
private loans refinanced by the Federal
subsequent
years
has been 6.3%.
Consequently, those farmers
1933 and 1934 by converting them
Federal Land Bank loans cut their annual interest charges more
20%, while those who have refinanced at the present 4% rate have
obtained
a
no
I believe, therefore,
reduction in excess of 40%.
permanent
that there is
justification for continued Government subsidy of Federal
the Senate to take its place in the legislative
jam
by the administration's attempt to bring the judiciary reorganiza¬
measure
In
to
a
are
now
offering farmer-borrowers on a
business basis.
of the rates of interest
on Federal Land Bank loans to 3
]4, %
for the fiscal year 1938, and to
4% for the fiscal year 1939,
required by the bill for loans made through National Farm
would, it is estimated, necessitate pay¬
ments from the Treasury in the amount of
approximately
$31,700,000 for the former year and $21,200,000 for the
latter, a total of $52,900,000."
He added than "the effect
of such an arrangement is that
part of the individual bor¬
rower's interest is paid for him by the United States.
In
other words, it constitutes a gift to individual borrowers
from the Federal Treasury."
The President likewise said:
as
Loan Associations
by
me
in
my
letter of June 8,
1937
...
the whole
question involves the rate of interest charged by Government agencies and
relates not only to farm loans, but also to moneys lent
Loan
Corporation,
the
Reconstruction
Finance
provided
sub¬
with the Federal Land Banks has been very
for in their mortgages
100% in the level of
farm prices since the emergency period of 1932-33.
In December 1936
the index of farm prices as reported by the Department of Agriculture stood
stantially improved, due to an increase of more than
1933, and
The
of Agriculture also
$5,337,000,000 in 1932 to $9,530,000,000 in 1936.
As an illustration of the lightening of the interest burden
at
126,
as
compared with 55 for the month of March
of 100 for the pre-war
income
as
estimated
period, August 1909 to July 1914.
Department
by the
an average
gross
rose
farm
from
during the
refinancing
be cited:
The quantity of farm
products required to meet the annual interest charge on a 6.3% private
loan refinanced as a 5% Federal Land Bank loan in 1933 is now only 63%
of the quantity required during the five pre-war years 1910 to 1914.
The
greatly increased debt-paying capacity indicated in the foregoing figures
is borne out by the record of actual payments on Federal Land Bank loans.
Approximately 85% of all loans of the Federal Land Banks were in good
standing at the end of 1936, as opposed to approximately 50% delinquency
last four years through
improvements in farm prices and the
of farm debt, the following instance may
when the emergency
legislation was first passed.
The reduction of the rates of interest on Federal
Land Bank loans to 3 H %
for the fiscal year
vote.
vetoing the bill the President stated that "the reduction
As indicated
these banks
Land Bank interest rates below the unprecedentedly low rate
1938, and to 4% for the fiscal year 1939, as
the bill for
tion
brought
been
Furthermore, the ability of farmers to pay interest at the rates
special message sent to the House of Representatives
July 12, President Roosevelt vetoed the Jones bill to
a
extend for
rates
Federal Land Banks and
Land Banks
in 1938
In
this country, namely, 4% per
interest
The average
in 1933 and
who refinanced their private loans in
yeto—President Declares Legislation Involves
Additional
farm-mortgage
the Federal Land Banks and the Land Bank Commissioner.
than
to
in
about through the refinancing operations of the
into 5%
President Roosevelt Vetoes Bill
decrease
rate of interest on the
yours,
FRANKLIN
be
paid at the reduced rate of 4% on loans made by the Land-Bank Commis¬
of the President, and I believe of the great majority of our citizens, remain
of the members of the
originally
Section 1 of the bill extends for two additional years the policy
adopted
At present, through the sale of bonds to
that the
such loans for the period
July 1,1938, to June 30, 1939. and to provide for a 4% interest rate on Land-
vote, places the responsi¬
more
passed by the House
To the House of Representatives'.
the Congress of the United States.
May I, therefore, tell
was
7, and adopted by the Senate on June 29.
Re¬
ference to it appeared in these columns April 24 page 2754
and July 3, page 40.
The following is President Roosevelt's veto message.
are
abandonment of the objectives.
An abandonment of judicial reform, including, of course, all the
on
varying from 4% to
June
lower than
This is in accordance with the Constitution.
means an
If the measure is not enacted, the
the time at which the loans were made.
upon
The bill vetoed
on
To abandon any reform of the judicial processes at this session of the
Congress
land-bank
to me to be a fair rate, and I believe these interest rates are as
what I had told to all others who have asked my opinion—that on the Con¬
gress
rate
and then it steps up on all loans to the cur¬
that beginning with July 1, 1938, all
I return herewith, without my
month ago
forms of method were called for if the objectives of judicial reform were
be
so
beginning July 1, 1938.
and Commissioner's loans will bear interest at the rate of 4%.
demands them.
About
4%,
year
enacted into law, the emergency 3H%
is
one year,
clearly constitutional.
The situation of the civilized world has been, for
several years, at a point
measure
rent contract rate of
the other reason for action by legislation rather than by Con¬
stitutional amendment.
The
If the present
will be continued for
H% for
1937, and provides for a 4% rate on all
farmers will have different rates of interest, to pay,
be obtained by constitutional legislation, and both the
original bill and Senator Robinson's bill
There
im¬
an
that any determined minority group in the Nation
could, without great difficulty, block ratification by
outstanding loans for the fiscal
originally proposed
final except to point out that action was of immediate necessity
or
in at least
member of my
any
have had an emergency land-bank
The bill under consideration continues the emergency rate of 3
the fiscal year beginning July 1,
,
the objectives.
were
years we
This rate expires this month, and in the absence of legis¬
3H%.
lation, all of the outstanding loans will revert to the various contract rates.
by the lower courts, and for getting constitutional questions to the Supreme
Court without delay.
4%, and that is the rate that is called for in the loans that
being made at this time; that is, the current loans.
are
of time, and of keeping the social viewpoints of the courts abreast of chang¬
ing conditions.
363
made through National
loans
necessitate payments from the Treasury in
it
is
of
approximately $31,700,000 for the former year and
estimated,
latter, a total of $52,900,000.
States.
In other words, it constitutes a
$21,200,000 for the
is paid for him by the United
gift to individual borrowers from
Treasury.
As indicated by me in my letter
mittees of Congress
of June 8, 1937, addressed to the com¬
then considering this legislation,
involves the rate of interest
not
the amount
The effect of such an arrangement is that
part of the individual borrower's interest
the Federal
required by
farm loan associations, would,
the whole question
charged by Government agencies and relates
only to farm loans but also to moneys lent by the
Home Owners' Loan
Corporation, the Reconstruction Finance Corporation, the Public
Works
Administration and other agencies.
The foregoing considerations
have led me to the conclusion that further
reductions in the interest rates payable on Federal
not
Land Bank loans are
justified.
Section 2—Land Bank Commissioner Loans
by the Home Owners
Corporation,
the
Public
Works Administration and other agencies.
The farm loans made
by the Land Bank Commissioner on
Federal Farm Mortgage Corporation
behalf of the
bear an interest rate of 5% per annum.
made, it cannot
In view of the circumstances under which these loans are
The President in stating in his veto message that he is
definitely seeking the balancing of the budget, said that the
approval by him of the bill, "involving as it does an additional
draft upon the Treasury in excess of $30,000,000 during the
fiscal year 1938, would be totally inconsistent with
my
purpose to bring about a balancing of the budget for that
year."
According to the President, to continue the 3%% rate
for 1938, and to fix a 4% rate for 1939 would, it is estimated
reasonably be said that
a
5% rate of interest is excessive.
with Federal Land Bank loans may serve to
Comparison
A ma¬
illustrate this point.
secured by
granted on first
mortgage security.
A Land Bank Commissioner ioan may be made for an
amount which, taking into account any prior liens, equals 75% of the value
of the property, including both land and buildings.
A Federal Land Bank
loan is restricted by law to a sum not exceeding 50% of the value of the land
and 20% of the value of the improvements.
Land Bank Commissioner
loans are frequently granted upon farms which
because of some physical
jority of the loans made by the Land Bank Commissioner are
second mortgages.
Federal Land Bank loans may only be
364
or
Financial
economic hazard, would not quality as security for a Federal Land Bank
loan.
Finally,
Land
Bank
Commissioner
loans
lack
the
element
of
cooperative responsibility through stock ownership by borrowers of their
National farm loan associations upon which the Federal Land Bank system
is
Chronicle
bullt.&In view of the added'factors of risk
present in the average Land
Bank Commissioner loan, I feel that the 5% interest rate charged on these
loans compares favorably with the ^present 4% rate of the Federal Land
Banks.
I have been unable to jfind any system in which second-mortgage
loans have been made available
to|farmers generally
Committee
July
will
sessions
continue
the
on
legislation
1937
17,
the
throughout
remainder of the week, at which time, it is expected, the members will be
ready to cast their ballots on whether to adopt the Senate revision for
that carrying the name
of Massachusetts.
of the late Committee Chairman, Senator Connery
In the event the bill is reported before an agreement is
reached by the leadership to recess the House, while the Senate wrangles
jam it
the Court Bill, an attempt will be made to
over
it is said, the measure may
through.
Otherwise,
be abandoned for this session.
low as
In effect, the Senate iCommittee in its report on the legislation served
Land Bank Commissioner loan rate.
K.The contemplated reduction in interest rates on commissioner loans
from45% to 4% under the bill would reduce the annual income of the Federal
stitutional on the grounds upon which the Natldnal Beceovery Act was
on a
basis
as
the present ;'5 %
Farm Mortgage Corporation, which
approximately
No
$8,350,000.
reimbursement of this
fawns these loans, by
for
made
provision is
a
corresponding
Losses
uncon¬
invalidated—undue delegation of Congressional legislative powers.
amount of
an
by the Treasury to the Corporation.
sum
noticefan the ^courts that in its opinion the bill could not be held
not contain any delegation of legislative power,"
"This bill does
flatly.
report stated
the
"The powers with reference to the findings of the
Board
Administrative
concerning
wages
and
hours
have
reduced
been
suffered jby the Federal Farm Mortgage ^Corporation ultimately fall upon
to the lowest minimum
the United
States as the sole holder of the Corporation's capital stock,
More than this, the payment of principal and interest on all bonds issued
of the law.
by the Corporation is guaranteed by the United States.
trusted to the Board, it has been the earnest desire of the Committee to
Any reduction in the interest rate
on
Commissioner loans will place the
Federal Farm Mortgage Corporation in such a position that there is definite
possibility that it
may not
be able to meet its obligations from its own in¬
come.
The passage of this bill was not contemplated in the preparation of the
budget for the fiscal
1938.
year
As the Congress is well aware, 1 am de¬
finitely seeking the balancing of that budget.
believed to be consistent with the fair application
to declare applicable wages and hours have been en¬
"Where powers
possible pronouncement of policies and most
chart the way with the plainest
specific standards capable of affording sufficient flexibility for geographical
and industrial ^variat ions and authorizing at the same time a sufficiently
restricted range of powers to protect the interests of the public from the
that might result from
confusion
unwarranted delegation of legislative
responsibilities."
To this end, I have called
+
upon the heads of all Government departments, establishments, and agencies
to set up reserves of not less than
year
1938, except such funds
Approval by
me
as
10% of all funds available for the fiscal
are
as
it does an ad¬
ditional draft upon the Treasury in excess of $30,000,000 during the fiscal
year
1938, would be totally inconsistent with
balancing of the budget for that
For all these reasons I
am
in j
..
'
,j
.
...
Farm^Tenancy Bill Sent to White House
House Proviso for Funds to Purchase Sub marginal
Retained by Conferees
farm'tenancy bill sponsored by Senator John H. Bankhead, of Alabama, received final Congressional approval this
week and
sent to the White House for President Roose¬
was
signature.
The
was transmitted
to the
July 15 approved a conference
report previously adopted by the House on July 13.
The
conferees reached agreement on a compromise bill on July 9.
measure
President after the Senate
on
Previous Senate and House action
on
the bill
was
referred to
in our issue of July 10, page 212.
fa The bill, as adjusted in conference, authorizes an appro¬
priation of $10,000,000 this fiscal year, $25,000,000 next
year, and $50,000,000 the following year and thereafter, for
Federal loans to be madejdirectly to competent tenant
farmers to enable them to purchase farm land.
The loans
would be payable in 40 years at 3% annual interest.
The
Senate had sought to have the Federal Government buy the
land and lease it to the tenants instead of making loans to
them as stipulated by the House and approved by the con¬
ferees.
conferees
The
also
retained
in
the
bill
a
House
proviso authorizing a $10,000,000 appropriation this year
for the purchase and retirement for cultivation of submarginal land, and $20,000,000 for the same purpose during each
of the next two years.
The farm tenants purchasing land
would take title immediately, but could not sell for five years,
said an Associated Press dispatch from Washington, July 15,
which added:
completely repaid purchasers of farms will be re¬
are
producing areas supplying the sugar market of the conti¬
States.
Advices from Washington, July 15,
to the New York "Journal of Commerce" of July 16 said
that the bill received a setback on July 15 when the House
Rules Committee refused to grant a rule to the legislation.
ment.
dations
of the
no
civil service provisions, despite repeated recom-
President that all
plant the Jones-Oostigan Sugar Control and Domestic Allot¬
ment Act which expires on Dec. 31 next.
It would also
new
agencies be put under the merit
gave it
"
sugar,
pound
' ■*,
of half a cent a
manufactured sugar.
on
of
recommendations
with
line
In
.
benefits would be paid from the proceeds of a tax
The
President
Roosevelt,
the
would
bill
children 14 years of age or younger.
proposed quota system, said Chairman Jones of the House Agri¬
deny benefits to producers employing
The
culture
Committee, represents a compromise 'between demands of
American
producers and refiners on the one hand and Hawaiian, Philippine,
Puerto Rican and foreign producers and refiners on the other.
a
Cuban,
55.59% of the American market, or
3,715,000 short tons, and foreign producers 44.41%, or an
allot domestic producers
would
It
of
minimum
of
minimum
approximate
2,967,670.
explained in a Washington dispatch, July 1, to
the New York "Journal of Commerce" that the bill agreed
It
was
committee on July 1 (and favorably reported
differs in three respects from the original "com¬
promise" bill made public during June by Representative
Marvin Jones (Democrat)
of Texas, viz.:
to
by the
July 2)
to
payable
80,000 short tone, raw value, or
payment is set at 80c. per hundredweight,
Maximum benefit
having an
producers
annual crop of
at the base of 5c. for producers of from 500 to
1,500 short tons; 7%c. for 1,500 to 6,000; 10c. for 6,000 to 12,000, and
12%c. from 12,000 to 80,000.
Payments begin
Exemption from the
distillation
now,
3.
of
alcohol has
%c. per pound excise tax of sugar used in the
removed outright.
Under the compromise
been
only sugar exported
used in the manufacture of live stock
or
the levy.
escapes
The definition of "manufactured
above
Administrative Measure
would be made at the base rate of 60c. per 100 pounds on
Payments
raw
feed
Senate Committee Favorably Reports Wage and Hour
Bill—House
Group
Begins
Consideration
of
Associated Press advices from Washington,
said
July 2, which continued:
bill
administrationJ>lessing earlier this session.J
of cash benefits to domestic pro¬
Federal production control regu¬
payment
who comply with
lations,
2.
He
the
authorize
ducers
system.
(►(Advocates expressed confidence Mr. Boosevelt will sign it, however.
imposing a tax of $65,000,000 annually on
consumed in the United States, is designed to sup¬
measure,
sugar
more.
►► The bill contains
July 2 favorably
nental United
1.
Until their loans
quired to foUow farming practices prescribed by the Agriculture Depart¬
on
reported to the House the "compromise" Jones bill, to pro¬
vide a new quota system for the domestic and foreign sugar
The
The
Agriculture
The House Committee on
of the
—
r
velt's
—Presidential Opposition to Bill
year.
After Senate and House Accept Conference Report
—Would Permit Loans to Tenants to Buy Land—
Land
"Com¬
Jones
States—Measure also Provides New Quota System
to bring about a
constrained to withhold my approval
bill H. It. 6763.
Bankhead
my purpose
Reports
promise" Sugar Bill—Would Impose Tax of $65,000,000 Annually on Sugar Consumed in United
not susceptible to such treatment.
of the bill under consideration, involving
Favorably
Committee
House
sugar" is amended to conform to the
of alcohol is no longer tax-free.
The
phrase:
.
.
.
"Notwithstanding the
proviso that the distillation
amendment
adds
the
following
foregoing, except sugar in liquid form (regardless of its non-sugar content)
which is to be used in the distillation of alcohol shall be considered as
_
"Tie SenateTComirrittee
Education and Labor
on July 13
Administration's bill to provide
maximum hours and minimum wages in industry.
Com¬
mittee hearings on the measure were referred to in the
"Chronicle" of July 10, page 214.
The House Labor Com¬
mittee on July 12 began consideration of the bill.
The
favorably
reported
Senate Committee
that
economic
on
Education and Labor said in its report
bill, as amended in Committee, is a "cautious
legislative approach" to the realization of improved social
conditions.
signed to aid only the low
It
added
that
the bill is de¬
and long working-hour indus¬
trial workers to obtain a minimum wage and that "a start
should be made at the present session of the Congress to
protect this Nation from the evils and dangers resulting from
wages too low to buy the bare necessities of life and from
long hours of work injurious to health."
Congressional
action on the bill was described as follows in a Washington
dispatch of July 13 to the New York "Journal of Commerce."
wage
The Committee's report was made available as the
yielding to
pressure
manufactured
the
the
and
on
While it could not be determined
with complete accuracy, it was indicated in several
quarters today that
the House Committee disapproves of some of the provisions so strongly
was
on
July 9 that President Roosevelt is
majority leader Rayburn of Texas by James Roosevelt, son
of the President, recently named to the White House Sec¬
retarial staff.
Mr. Rayburn was quoted as saying on July 9
that he was not at liberty to disclose the contents of the
memorandum.
Secretary of the Interior Harold L. Ickes
voiced his
opposition to the bill on July 11.
Reference to
in another item in this issue.
his criticisms appears
James
Roosevelt,
President's Son, Confers in Boston
Industrial
Reemployment of
Reports of Candidacy for
Lieutenant-Governor—Also Denies Intimations of
with
Publishers
WPA
Workers—Denies
on
Tax Evasion Through
Foreign Holding Company
Before the joint
congressional committee on Tax Avoid¬
ance and Evasion, on July 13, James Roosevelt, son of the
President, asked to have placed into the committee's records
statement
that it is seriously considering the substitution of the Senate bill in toto for
a
that originally introduced.
ever"
sugar."
reported
opposed to the provisions of the compromise bill, the Presi¬
dent's views against the legislation, it is said, having been
made known in a confidential memorandum addressed to
House Committee,
for action, continued its study of the original draft
of the legislation in executive session.
It
has
in
which
he had
any
he asserted
that "neither
now
nor
connection with a foreign personal
Volume
Financial
145
Regarding the unexpected appearance of
holding company.
committee, Associated Press ad¬
July 13 said:
before the
Roosevelt
Mr.
vices from Washington on
Fish
Representative
[of
week that it examine the
he had any
Fish
Mr.
such
committee last
President's son to see whether
suggested) to the
York]
income tax of the
interest in a personal holding company in the Bahama
said
Mr.
a
that
statement
New
Darby of New
had
he
York City had
photostatic
a
Islands.
to him with a
come
information
of
copy
pertaining to
holding company.
a
Roosevelt
Mr.
told
reporters
committee
the
When
opened
he did
its
Mr.
not know
session,
tall
the
Darby.
of the
son
President
forward andi asked the Chairman whether he could make a state¬
stepped
ment.
give your name and address, please?" Mr. Doughton asked.
the witness replied.
"I live at 3331 0 Street,
"Will you
"I
James Roosevelt,"
am
Washington."
"You
proceed," Mr. Doughton said.
may
continued:
Mr.
Roosevelt
"On
July 9 Congressman Fish appeared before
in
that
substance,
with
nection
a
your
committee and said,
certain Mr. Darby had photostatic copies of my con¬
a
foreign personal holding company—I think he said) in the
Bahamas.
have had
ever,
has since denied that he
Darby
Mr.
has such
connection, directly
any
or
indirectly, with a foreign
personal holding company."
On
the
same
submit
13)
Treadway
Representative
the
to
committee his income tax
returns
for a
five-year period during which he was in the insurance busi¬
ness.
Mr. Roosevelt indicated that he would be glad to
up
however,
committee,
insurance
Roosevelt,
business
refused to press the demand,
in
now
his father
Secretary, entered the
as
"
1930.
vitation had been extended by him to 229
publishers and edi¬
daily and weekly newspapers in Massachusetts to
of
meet with him
Boston
yesterday (July 16) at the Parker House in
upon measures for the absorption by
Others invited to attend the meeting, according to a
Wash¬
ington account, July 12, to the Boston "Herald," were offi¬
cials of Chambers of Commerce, Governor Hurley, James T.
Moriarty, State Commissioner of Labor; Frederick Graham,
Colonel John
David K. Niles,
Director of the State Reemployment Bureau;
State
WPA
Federal
WPA
McDonough,
Assistant
Director,
and
Administrator,
the
last-named
representing Harry Hopkins.
Reports that he might at the same time mak^
known his
candidacy for Governor or Lieutenant-Governor of Massa¬
chusetts were refuted by James Roosevelt, who was quoted
saying:
It
make
to
is
of
one
no
move
in my official work here that I can
having a political aspiration ascribed
things
statement without
it.
Some people always try to
we
read
unpleasant implication in anything
some
try to do.
James Roosevelt became Secretary to
his father on July 1
salary of $10,000 a year; he had previously
aid and unofficial Secretary to his father.
at
Mr. Eccles, on July 15, defended the Federal Reserve
System against the attacks of Representative Patman
(Dem., Texas), who is sponsoring legislation for Government
ownership of the banks, and the order of the Board last
May boosting the reserve requirements of the member banks
against contentions that the order was a reversal of easy
money policies.
The Washington account, July 15, to the
"Journal of Commerce" reporting this, went on to say:
During the hearing Mr. Patman charged that the Reserve banks have
evaded the law by failing to pay the interest required of them on notes issued
to them
by the Treasury Department.
"It would
that you are of the
seem
because of the private ownership
advantage.
As
a
served as
Secretaries.
elevated to the ranks of full
particular
profit
banks have not made a
years."
He said that it
of
was
particular interest who owns the
no
stock of the
The principal
under the Banking
placed in the hands of the Board of Governors,
by the Government or not.
thing, he added, is who controls the money policies, and
who
are
appointed by the President.
"Would it be objectionable to you
"I would put it this
are
"Would
the powers
you
"There is no necessity
The question
way," Mr. Eccles replied.
I don't think that is important.
for any stock in the System.
is what
if the Government owned the Reserve
Representative Patman asked.
System?"
of the System?"
oppose
providing
bill
a
Government ownership
of the
Patman persisted.
Favors Independence
that it makes
see
much
very
difference,"
I would prefer that the stock be
of independence.
the
Chairman
banks did not have a certain amount
"I would oppose it if the
insisted.
eliminated and have no
stock at all."
He added
given much consideration to
he had not
that
but Mr. Patman asked that he be prepared to go
because he would be
the subject,
further into the question
asked to testify on his Government
ownership bill
during hearings to be held later.
Mr.
Patman
then
went into
requirement
the question of the reserve
Board was opposed to an increase
and that the policy of the Board has been
increase, stating that he believed the
in the prices of raw materials
one
of deflation rather than inflation.
said that it made absolutely
If the Board's action had
brought about such a restriction on the lending powers of the member
banks as to prevent a free flow of credit then it could be said that It was
deflationary, he stated.
But the fact is, interest rates today are still
Defending the action of the Board, Mr. Eccles
no
as
difference
low
as
the prices of commodities.
on
they ever were.
"I cannot say that the action
of the Board has restricted
credit,*' he
position of the banks
to the new gold position which had been created In the form of foreign
capital that increased reserves to an unprecedented amount.
It was felt
that the reserve requirements of member banks should be adjusted in
relationship to the amount of gold the Reserve system had.
Even after
putting the increase in effect there was still $900,000,000 of excess re"It
continued,
The
was
merely an adjustment of the
■4
.
^
embodying legislation for Government
Patman bill
banks was referred to in our
Taxation of non-resident aliens
who have investments in this country is favored by Mr.
Eccles, as to this we quote the following from the "Journal
of Commerce" Washington dispatch:
ownership of the Reserve
April 24 issue, page 2752.
that he would be in favor
Chairman Eccles said
1, also, Marvin H. Mclntyre and Stenhen Early,
who had been Assistant Secretaries to the President, were
On July
opinion," Mr. Eccles said, "that
of these banks some one gets a
matter of fact, the Reserve
a
banks—whether it is owned
serves."
the annoying
or
Board's order, he pointed out, and if
would have the tendency of forcing
others from joining.
followed the
again taken they
were
banks out of the system and discourage
determine
to
private industry of workers scheduled to be dropped from
the State's Works Progress Administration rolls on July 15.
as
protests
similar steps
increased
Act of 1935 under orders
would be inadvisable to
unification of the banking structure.
he asserted, it
further increase unless there is a
"I do not
serving
of the member banks were
aUowed by the Banking
deciding to take
James Roosevelt announced that a blanket in¬
On July 12
tors
a
Numerous
later in closed session.
Young Mr.
requirements
effective last May,
stocks?" Mr.
also quote:
The
it
make
said the Associated Press, from which
submit the returns,
we
reserve
the maximum 50%
of th» Board
Act of 1935 this power is
(July
day
(Republican) of Massachusetts called upon Mr. Roosevelt
to
Although
to
in the last three
I understand
"Although
copies, I would like to put a statement in the record that I neither now,
nor
365
Chronicle
of increasing the with¬
25%, while at the same time applying the
capital gains and losses levies to the realizations of the non-rexident aliens
from their activities in the American market.
The withholding tax at the
holding tax up to as high as 22 or
present time is 10%, a levy
he believed to be entirely inadequate.
should be a flat levy and not a graduated
He said also that in his opinion it
would lead to less administrative difficulties and
He added that he was "sure" that the State Depart¬
arrangement because it
Chairman
Eccles
of
Federal
Reserve
System,
Before
Committee, Opposes Use of "Sterilized"
Gold to Redeem National Debt—Views on Patman
House
Bill for Government Ownership
Reserve
of Reserve Banks,
Requirements and Taxation of
Non-Resi¬
dent Aliens
Before the House Committee
on
Banking and Currency on
Chairman of the Board of
Reserve System opposed the use
July 14, Marriner S. Eccles,
Governors of the Federal
of the so-called "idle gold" for
debt.
From
its
the retirement of the National
bureau,
Washington
the
"Wall
Street
Journal" reported:
In
reply
to
questions
by Representative
Eccles said that should this gold be
Gifford (Rep., Mass.), Mr.
used in paying on the Federal debt, It
would go back into excess reserves and
might result in credit inflation which
the Federal Reserve System could not
He estimated gold in the stabilization
control.
fund and "sterilized gold" at approx¬
imately $3,000,000,000 and said it should be retained to
redeem outstand¬
ing gold certificates.
Ala.). Committee Chair¬
statement that the Treasury and Federal
Questions by Representative Steagall (Dem.,
man,
brought from Mr. Eccles
a
Reserve have between $4,500,000,000 and
of the minimum required by law as
Mr. Eccles who, according to
to the New York "Journal of
the House
$5,000,000,000 of gold in excess
securityfor outstanding currency.
Washington advices July 14
Commerce," testified before
Banking Committee on a bill to reimburse the
Reserve banks for amounts spent in printing gold notes now
barred from circulation, said that several proposals have been
suggested for strengthening the hand of the Board over the
market but there appears to be no necessity at the
present time for Congressional action to bring this about.
From the same advices, we quote:
money
minimize evasions
ment, which
tion of the
opposed a 22 H % withholding levy
1936 Revenue Act would not
proposed during considera¬
seriously oppose an increase in
the present rate.
The
Chairman
blamed much of the present
troubles of the Treasury
Department with reference to gold upon the low rate of tax
income of non-resident aliens from investments in this country
insistent that action be taken at an
from abroad.
early date to curb the
He refused to predict, however, that
plish this end might be
applicable to
and appeared
inflow of gold
legislation to accom¬
expected before adjournment of Congress.
»
Regulations Issued Providing for Government Control
of Futures Trading in 13 Agricultural Products
Covered by Commodity Exchange Act
Regulations providing for Government control over futures
trading in the 13 principal agricultural products covered by
the Commodity Exchange Act were issued on July 14 by
Harry L. Brown, Acting Secretary of Agriculture. The new
regulations will become effective Aug. 2. The 13 commodi¬
ties covered by the Commodity Exchange Act are wheat,
corn, oats, grain sorghums, rye, barley, flaxseed, rice, cotton,
butter, eggs, Irish potatoes and mill feed. It is estimated
that the futures trading in these products is $25,000,000,000
annually. Although the rules are applicable to all of the 13
commodities, it is pointed out that regulations dealing solely
with cotton, butter, eggs, Irish potatoes and mill feed will
be issued later. The following bearing on the regulations is
from a Washington account, July 14, to the New York
"Herald Tribune" of July 15:
The new regulations
require futures commission merchants and
members to report upon
exchange
the volume of trading in each commodity on each
exchange, as well as upon the amount
The grain trade has been
making
ojfopen contracts in various futures.
suchTreports
since
1922,"and traders
in
366
Financial
Chronicle
cotton, butter, eggt, potatoes and mill feeds will have to make such reports
be
hereafter.
amount
The
handling of customers' funds by futures commission merchants is
prescribed in
detail
chants cannot
use
the trades
carry
by
the
Futures commission*mer¬
regulations.
new
the net equity, or profit on a trade, of one customer to
to effect the net deficit, or losses, of himself or any other
or
customer.
200,000 bushels in
short
net
controlling
or
future will have to report weekly their net long
any one
cash-grain position.
In
2.
be
may
shall
Relief
Two
and
Appropriating
Work
$1,500,000,000
Relief—Also
Years—Provides
Funds
Extends
for
for
PWA
WPA,
for
RA,
and
NYA—Limit of Investments by RFC in Securities
Purchased
from
Administration
Increased^to
$400,000,000
We
presenting below the text of the joint resolution
are
making available $1,500,000,000, together
balances,
fiscal
for
relief
relief
work
with
unexpended
the
during
purposes
ending
year
June 30, 1938, and extending the life
Emergency Administration of Public Works
the Federal
of
and
for two years until
July 1, 1939.
by President Roosevelt at 11 p.
The resolution
June 29;
m.,
signed
was
in
reporting
the signing of the measure in our issue of July 3, page 40,
it was erroneously stated that the measure was approved
on June 30.
Other references to the course of the resolu¬
tion
through Congress appeared in our issues of June 26,
4261; June 19, page 4099, and June 5, page 3766. The
following is the text of the resolution:
page
of
Res. 361]
J.
the
JOINT
States
by
the
Senate
of America
in
House
and,
Congress
of
TITLE
in
That
public
order
projects,
(including
istration
to
in
continue
the
United
projects
the
June
of
Treasury
30,
the
and to
and
be
and
Territories
its
the
for
work relief
Works
used
in
possessions
the limitations
to
appropriated,
and!
of
out
remain
to
the discretion
with
until
the
shall
balances,
the second
paragraph of
as
mented
section
ing
the
vided,
of
of
1
the Emergency Relief Appropriation
unexpended
public projects,
for
each
tive
balances
class
000,000
projects
lines
eral
and
for
systems,
facilities,
supply
and
$380,000,000
and
;
work
be allocated
relief
for
for
provision
ing
Office,
Service
shall
the
the
of
for
behalf
the
of
amount
portionately in
the
and
(b)
mented
going
of
the
with
classes
effectuate
Federal
vocably
cost
and
of
person
This
administration
conditions
which
length
retained
private
son
in
takes
entitled
this
over
to
such
who
such
is
would
the
12
or
shall
been
have
for
ployed
their
has
made
of
next
those
intention
is
herein
months
private
the
direct:
in
as
in
more
receives
person
capable
of
this
available:
agreement
and rural
or
could
need
Provided
receive
further,
no
need
fault
fiscal
of
of
his
shall be
year
relief
so
and
if
Works
same
this
under
shall
be
such
per¬
any
thereof
be
status under
has
lost
the
apportioned
June 30.
and
1938,
distributed
and
shall
appropriation
aliens
or
andi
illegally
filed
dec¬
every
rea¬
have not
who
shall
they
made
are
aliens
projects
such
on
make
the destitute unem¬
of
not
in
are
prior
4.
the
to
shall be given
Administration.
Any
Progress Administration
relief
of
plated
under
more
or
.
other
or
officer
such
from
receiving
of
of
consent
any
State
more
$5,000 or
Revised
the
salary of
any
months
six
Sec.
per
annum
Appointments
made from
appropriated
lution,
the
if
Columbia
by
with
or
on
Territory,
situated,
such
in
position
Sec.
the
6.
No
salary
district,
such
all
appointments of
In
last
appointing
will
long
Sec.
give
and
sailors,
wives
the
be
within
of
persons
the
tion
sons
for
disability
for
States)
services
$30,
purview
of
employment
this joint
the classified
Service,
Civil
reso¬
Service
the
the
this
of
nearly
as
furloughs without
or
employed
in
of
to
joint
as
within
the
resolution
the
good administration
population:
the widows of
Provided,
such,
who themselves
hold
to
a
position
retention,
good
are
or
are
in
however,
the wives
or
not
the
of
qualified,
Government
in their several grades and
better.
Act of Feb. 15, 1934 (48 Stat. 351),
compensation and benefits shall apply to
the
of
death
or
as civil employees of
from the foregoing appropria¬
employees of the United States and to per¬
compensation
receiving
rendered
rendered
exclusive
foregoing
any
efficient administra¬
Service for
persons
provisions
marines,
as
the
any
said
Act
of
medical
appropriation
as
Youth
National
the United
Administration
States
created
1935: Provided, That hereafter the monthly
individual
of
of payments from
the form
under
by Executive order of June 26,
compensation
in
the several States and
population as ascertained at
of
preference,
and
receiving assistance in
services
time of
campaign
a
as
administrative employees qualifying
(except
United
serving
provisions
Federal
according
qualified
are
The provisions
to
pay
among
marines,
where their ratings
8.
full
attaches),
diem
per
the Federal
months,
the
under
shall
appointments
soldtiers,
relating
shall be used to
requiring
office
or
under
Service, shall be given preference in
classes,
project is
and emer¬
or
the period! of service
in retention to appointees from States that have not received
of
whose
office
temporary
such candidate.
basis
three
as
Columbia,
power
warrant,
injured
but
of
candidate for any State,
a
who is
or
to
from the
separations
as
of
(such
apportioned!
the
District
census.
making
to
District
the
not inconsistent with
persons
upon
outside the
appropriation
salary
for any
appointments
Columbia
States who holds
under this joint reso¬
where
who is
office
as
the
the
pay
days.
60
a
part of
to
no
available
to the
position
a
person
Columbia,
be
shall
preceding
pay
of
apply
election,
far
so
such
to
office
special
or
District
far as not incon¬
so
and bona-fide citizen of the
which
in
foregoing
of any
which
to
or
place outside the District
any
actual
an
not
exceed
the
municipal
or
is
person
not
of
Hereafter,
of
of
State shall be
any
administration
office located
any
shall
assistant thereto
or
District
last
does
and
efficient
district
or
any
expenses
otherwise,
or
of
general,
7.
for a period
administrative
an
supervisory position
person
provision
part
county,
person
Sec.
tion,
or
of
employee of the United
or
in
is
region,
but this
assignment
gency
positions
project prosecuted in
any
Columbia, unless such
State,
the
appointee and
such
any
be increased
resolution shall be
joint
officer
any
this
position
is
or
1761
administration.
administrative, executive,
of
Federal
to
inconsistent
not
compensation of
an
to
not
the bona-fide citizens of that State
efficient
as
apply
the foregoing appropriation in
under
among
with
far
not
such
from
and with the advice
That the provisions of section
appointed shall
so
regional
or
confirmation.
advisory capacity
sistent
shall
Statutes
person
after
5.
Senate: Provided,
the
$5,000
salary of
a
and
appropriation shall be appointed by the President, by
and
general
have
to
and work contem¬
program
appropriation,
salary of
a
named
and receiving
foregoing appropriation
annum
War
for employment by the
preference
.
Administrator
the
per
administrator
joint resolu¬
this
of
enactment
and
their
declared
who have
and
That veterans of the World War and Spanish
relief
of
Works
the
need)
supervision at the seat of government over the
the
own.
ending
need
Progress
Sec.
working
period
That
he
in
are
soldiers, sailors,
no
in
considered
be
not
employed, and if employed and
disclosed they shall thereupon be discharged:
citizens
That
who
the
work,
the
for
his previous employment
of
in
who
by
rehabili¬
check
Treasury
a
shall
employment
are
employment by
become
share
That
for
employment shall at the expiration
still
in
aliens
to
their
relief
of
reasonable
such
performing
to
or
foregoing
citizens,
prompt
is
from
including such
Provided,
compensation
appropriation
no
appro¬
expenditure
determine,
may
may
and
be supplied
for
relief,
Certified
irre¬
this
under
to
employment under
or
appropriated
of
and
with
alien
Provided further,
:
who
this
and
completion;
available
loans,
President
much
be
be
such
become
to
relief
any
establishments having supervision
or
the
States
the United
of
of
projects
on
That
bonds
employ
such
as
relief
need
manager
under
other Fed¬
any
on
employment.
from
aliens
whether
allocated
not
status
lution,
in
Progress
the Works
of
certificate
agencies,
that 6uch
see
supple¬
as
Works
the
between
Provided, That preference shall be given to American citizens who are in
appro¬
thereof by transfer
written
a
is
as
to
such
of
funds
consistent
of the fore¬
any
and
persons,
project
further,
adjusted-service
knowingly
intention
of
the
prosecuted
its
which
not
effort
balances
1935
employees
of
work
similar
for
actual need
limits
the
primary,
of
and
accept
to
at a wage rate comparable with or higher than
departments,
shall
within
1936,
prosecuted
or
President
resumption
if he
employment through
funds
the
under
private
immediate
appropriation
The
as
and
of
as
on
the
and
duties,
employment
accept
adjusted-compensation
an
The
3.
pro¬
the
Act
classes
or
undertaken
shall
for
projects
employment
employment
who
private
plays
of
15%
class
sufficient
sponsor
the
as
offer
service
of
appropriation
as
Act
or
That
unexpended
specified for
other
undertaken
the
work
on
bona-fide
a
be
there
appropriation
persons
for
increased
Appropriation
exceed
Admin¬
no
Administration
needy
employed
refuses
Relief
part of the entire cost thereof
funds.
for
until
be
the
of
to
shall
of
available
Resettle¬
further,
of this section from
amount
any
funds
be
the
order
until
shall
Resettlement
tation
and
Federal
unless
finance such
Federal
project
unless
Commerce
functions
such
of
Employment
Council,
may
the
foregoing appropriation: Provided, That
the
aside
be
that
except
Department,
Provided
Appropriation
the
from
of
purposes
project
non-Federal
Emergency
Relief
amounts
may
Reorganization
classes
amount
purposes
be increased1 by not to
or
the
set
priation
the
the
further, That
construction
appropriation
the
(a)
may
amount
an
by
agency
(b)
competition
any
on
to
Provided
either
received
projects for
sums
States
performing
program:
foregoing
for the
Provided
:
the
transfers
Emergency
or
avoid!
to
refused
established
determining
and
persons
relief;
United
Industries
in
expenses
of
any
of
assistance
That not to exceed
Treasury
Emergency
Prison
accordance
President
priations made
the
the
National
the
work-relief
or
for
Justice,
has
Administration:
has
So
,
except to provide relief
work
or
(c)
and
employment
employment
who
officers
authorities,
the
and
in
or
for
rate
wage
Administration,
Youth
Labor, the Bureau of Air
the
to
eradication
clerical
department
any
and
airports
the funds hereby appro¬
purpose
relief
including
allocations made to the General Account¬
of
administrative
relief
by
Commission,
Commerce,
or
any
such
apply to
Department of
specified
used
of
Department
Administration
istration,
as
not
portion of
no
for
and
similar
work of a
for
the Works
worker who
has been engaged on any Federal or non-Federal project and whose service
has
been
regularly terminated through no fault of his own shall not
lose his eligibility for restoration to the relief rolls or for reemployment
on
any other Federal or non-Federal project on account of such previous
employment: Provided further, That the fact that a person is entitled to
the
Progress
and- cooperative
$630,000,000;
National
facilities,
areas
nonprofit
need: Provided further,
or
Compensation
Department of
ment
allotted
administration
this
Employees'
in
persons
5% of the amount
expended
used
or
(d)
rural
and
$415,-
streets,
purification,
self-help,
respec¬
transmission
conservation,
work projects,
$75,000,000: Provided further, That
priated' shall
or
of
the
recreational
in
and
control,
flood
and
be used
to
exceed
electric
persons
benefit
the
professional,
projects,
serve
water
roads,
Pro¬
following classes
the amounts
other
and
utilities,
therein:
to
the
provided,
Highways,
parks
to
and miscellaneous
pests,
educational,
women's
(a)
public
systems
by
sewer
non-Federal, and
buildings,
or
transportation
insect
and
for
includ¬
appropriation
foregoing
pay
and other Federal or non-Federal agencies in the
construction projects of any nature whatsoever,
part by the Federal Government, no relief worker
on
non-Federal project
or
supple¬
Act of 1935,
referred
available
be
except as. hereinafter
therein,
sponsored!
associations,
appropriations
shall
namely:
public
buildings
distribution
other
not,
stated,
(b)
;
including
Federal
shall
amounts
for
of
That this appropriation
whole
eligible
Administration
1937, and
the Emergency Relief Appropriation Act of 1936,
by the First Deficiency Appropriation Act, fiscal year
(b)
be
in
direction
unexpended
such
made
labor
of
financed in
tion
together
determine, of appropriations made by (a)
may
money
any
available
under
and
Admin¬
hereinafter
of
President;
local
their
That
useful
on
Progress
is hereby appropriated,
$1,500,000,000
President
the
as
1938,
there
otherwise
not
President,
States
approved
is
employment
within
relief,
the
of
and
prescribe
Progress Administration
sonable
provide
out the
carry
determined by the Works Progress Admin¬
as
State
such
and
appropriation
laration
I
shall not be subject
specified in this section),
in
to
heretofore
projects
which
United
the
of
as
andi to
Government
as may
be
responsibilities:
applicants in
actual need whose names have not heretofore been placed on relief rolls
shall be given the same eligibility for employment as applicants whose
names
have heretofore appeared on such rolls: Provided further, That in
order to insure the fulfillment of the purposes for which
the foregoing
Sec.
Representatives
under the
projects
prevailing rates
approval
however,
purposes.
assembled,
regulations
and
by the President: Provided, That the rates of
locality
the
State,
necessary,
of
Resolved
the
total
purposes.
appropriation
foregoing
such rules
within
agencies
for relief
year
the
of
purposes
to prescribe
upon
the
than
same
with
Provided,
in
RESOLUTION
fiscal
the
constitute
to
as
voluntary andi uncompensated services, and utilize, with the consent
payment
Making appropriations for relief
engaged
less
not
in
the
or
[PI.
(a)
to utilize
and
year,
during such
the
out
authorized
delegated thereto
istration
Resolution
carrying
is
persons
be
nature
furnished
fiscal
such agencies to prescribe rules and regulations to
for
pay
such
during
be
necessary
empower
utilize
of
Text
will
President
functions
For the first time, dealers in the cash-grain trade holding
or
that
Sec.
the
July 17, 1937
administered
so
case
Feb.
costs:
the
heretofore
15,
1934,
Provided
Unitedi
or
hereafter coming within
shall
further,
States
not
exceed
That
so
Employees'
the
much
rate of
of
the
Compensation
I
Volume
Financial1 Chronicle
145
Commission,
with
the
estimates
Budget,
and
for
necessary
the
shall
penses
be
Commission
of
the
the
to
of
aside
set
such
for
approval
certifies
payment
such
in
District
fund
of»the
will be
the
administrative ex¬
and
compensation
special
a
by
administered
be
to
and after June 30,
purposes;
Bureau
the Treasury
of
Secretary of
the
1938, such special fund
shall
be available for such purposes
annually in such amounts as may be
specified therefor in the annual appropriation Acts: Provided further, That
this
section shall not
workmen's
apply in
compensation
claimant
has
injury
law
any
of
coming within the purview of the
case
State
any
Territory,
or
which
the
benefits
for
in
or
dieath.
or
Sec.
tion
9.
incident
visions
to
of
as
section
be
funds
or
5
the
the
similar
receive
section
the
of
such
joint resolu¬
of
depart¬
any
work
additional
for
appropriation
the
or
pro¬
allotted
therefor
available
President
until
for
by
June
1938,
expenditure
for
the purposes
and in accordance with
provisions of the first paragraph of section 3 of said Act.
the
Sec.
In
10.
President
the
establishment
until
June
taken
of
special
30,
section
1938,
unless and
sufficient
the
in
that
prescribe
in
the
rules
nature
purchase,
for
water-conservation
Federal
no
there
until
funds
funds
its
of
have been
shall
not
be under¬
irrevocably set aside
and
to flood-control
apply
by other law
here¬
prosecuted
and
C.,
The provisions of section
11.
title
41,
procured
Sec.
12.
for
Any
than
of any
person
appropriation,
under,
tion,
or
boycott,
or
be
entitled
so
doing,
shall
Sec.
directed
to
Works
amended,
and
istration
shall
June
30,
Sec.
including
by
A
year,
the
affairs
the
said
to
for
Administrator,
in
the
ministrator
and
Federal
May
Emergency
such
for
and
Emergency
1933,
12,
for
as
for
No
15.
until
purpose
incurred
submitted
by the President
of
to
the next two regular
sessions
be
its
loaned
the
or
will not
with
the
16.
that
the
or
reformatory institutions,
or
projects
to
financed with
be
unless
such loan
I
this
of
may
be cited as the
"Emer¬
1939,
The
called
the
and
until
functions
provisions
Federal
Public Works
until July 1,
date is hereby authorized to continue to perform
is authorized to perform on June 29, 1937.
All
"Administration")
such
which
law
Emergency
it
is
which,
of
in
Public
the
Sec.
substantially
Sec.
of
Administration of
hereby continued
completed
Federal
the
hereby
is
Administrator
Emergency
"Administrator"),
the
called
(herein
changed
a
"July
from
1,
of
can
be
1938"
date
of
Works
No
207.
authorized
amount
the
which
Reconstruction
Finance
Corporation
by existing law to have invested at any one time in securi¬
from the Administration is hereby increased from $250,-
purchased
000,000
to
of
the
obligations
or
for
(e)
grants;
have
been
not
made,
$54,-
this
of
be increased by not to exceed 15%
for
or
loans
for non-Federal
grants
or
the
Administration
after
the
joint resolution.
Extension
p.
of
Act
1937,
Administration
class
of the title.
by
considered
or
other
from any
amounts
or
of this joint resolution
II
Title
loans:
purposes
applications
new
received
Approved, June 29,
11
may
be cited
as
the "Public
1937".
m.
<
Objections to Jones "Compromise" Sugar Bill Voiced
by Secretary Ickes Contends Legislation Would
Discriminate Against Hawaii,
Puerto Rico, and
Cuba—Statement by Senator O'Mahoney
of
Jones
the
"compromise"
bill, which
favorably re¬
sugar
indicate in another item in this issue
we
was
ported to the House on July 2, was voiced in a statement
Washington on July 11 by Harold L. Ickes, Secre¬
issue in
criminate
Hawaii,
against
Puerto Rico
and Cuba.
Secre¬
tary Ickes also criticized the bill for its failure to restrict
domestic
cane
in
except
sugar
the
insular
possessions.
"This,"
he said, 'Vould mean that, contrary to the funda¬
mental
principles of democratic government, one group of
citizens would be compelled to suffer a wholly
American
and undesirable discrimination."
According to
Ickes, the enactment of the bill would also mean the
setting up of trade barriers within the United States which
would be contrary to the long
its
established principle of guar¬
of our country the right to exchange
freely with all other domestic areas.
He
each part
products
added:
it would mean
Furthermore,
that the Government of the United States
extremely imperialistic manner by erecting trade
barriers against the products of American citizens in its own territories,
who would be legally powerless to defend themselves by setting up similar
barriers against products from other parts of the country, under such a
be
would
acting
in
which would
policy,
of
the
of
pressure
an
tend to be expanded from time to time as a result
special groups, the economic welfare of the insular
the United States could be completely
parts of
destroyed.
14 Senator Joseph C. O'Mahoney, Democrat, of
Wyoming, in a prepared statement virtually held Secretary
Ickes responsible for the failure of an agreement being
reached in Congress on the sugar legislation.
The Senator's
statement was summarized in part as follows in a Washington
On July
dispatch, July 14, to the New York "Journal of
of July 15:
and
Ickes "in the interest of the expansion
Rico,
Puerto
Commerce"
Senator, except for the objections ad¬
opinion of the Wyoming
vanced by Mr.
there is
now
no
of sugar refining in
substantial disagreement in
Administration with respect to the pending sugar bill.
"The only question that now remains unanswered is 'shall there be any
limitation within the quota on the amount of refined sugar which may
come into
continental United States from Puerto Rico and Hawaii ?' "
Senator
The
O'Mahoney asserted.
State, Agriculture and Interior Departments propose,
stated, that Hawaii and Puerto Rico be permitted to
their entire quotas of 938,000 and 798,000 short tons
it is
send
into the
United
States.
Representative Jones would limit
29,616 and Puerto Rico to 126,000 tons.
Criticism of so-called sugar lobbyists was contained in
Hawaii
Mr.
The
amount
an
to effectuate the
be
shall
for
foregoing classes may
enactment
Sec.
to
project
1939".
202.
allotments
$78,000,000
transferring
order
206.
projects
June 29,
on
determination
Works
"July 1,
existing
determination
expenditures
$5,000,000
tentatively earmarked by the Ad¬
been
formal
which
for
have
funds
the
in
allotment,
an
Congress or in the
1937, andi relating to the availa¬
bility of funds for carrying out any of the functions of such Administra¬
tion
are
hereby continued until July 1,
1939, except that the date
specified in the Emergency Relief Appropriation Act of 1936, prior to
ties
by
in
Hawaii
1937".
Act of
Appropriation
201.
(herein
is
of the
any
In the
joint resolution
TITLE II
Sec.
all
any
promote competition of the products of convict
or
;
/v
or
of carrying out
products of free labor.
Title
Relief
gency
find
cause
to any State,
purpose
project of constructing, rebuilds
or
replanning its penal
or
President shall
grant
Sec.
agencies, for the
or
in carrying out any program
repairing,
labor
of this joint resolution,
the enactment
political subdivisions
assisting
ing,
except pursuant to an obligation incurred prior
granted,
or
this joint resolution
funds made available in
the
part of
allotment shall not be made for
has,
substantial
incurred
or
for grants and
thereof
classes
Relief Admin¬
under the foregoing appropriation,
in each
and
grants
as
Congress
day of January
for
Provided, That the grant
any such project shall not exceed the amount tentatively earmarked,
a grant for such
project: Provided further, That the amount specified
000,000
anteeing
Federal
ol
Act
in
more
hereby authorized
the
of
not
both.
be
shall
amounts,
15th
to the date of
of
but
applicant
the
receiving
of
projects for which
Mr.
Congress.
Sec.
shall
made
unnecessary
may
expenditures made and obligations
the
of
unless
contemplation
he
assists
or
and fined
or
is
expenditure
report of the operations
statement
a
classes
of
available
available
be
one
under
up
appropriations have been
$15,000,000
States,
value:" Provided, That an
par
project
political
or
which
to do,
so
misdemeanor
a
than
to
intimida¬
1938.
14.
before
funds
wind
established
force, threat,
attempts
or
of
more
the
for
portion of such
any
of the benefits
Progress Administrator
liquidate and
Administration
Relief
applica¬
any
property acquired there¬
fraud,
any
any
appropriation,
guilty
the
defraud
to
account of race, religion,
on
of
person
be deemed
The
intent
assists in diverting,
or
personal
or
of
means
imprisoned not
or
13.
any
such
under
$2,000
real
or
by
discrimination
or
affiliations, deprives
than
services
any
who knowingly,
or
aggre¬
relief aid under the foregoing appro¬
or
the
of
tary of the Interior, on the ground that the bill would dis¬
not entitled thereto,
persons
service
or
when the
false statement in connection with
or
S.
$300.
priation, or diverts, or» attempts to divert
benefit
purchase made
any
who knowingly and with
any
project, employment,
any
to
the foregoing appropriation
less
person
makes
3709 of the Revised Statutes (U.
apply
not
with
involved! is
States
United
tion
shall
5)
sec.
in connection
amount
gate
their
such
any
Criticism
Sec.
(c) for projects for which
legislatures
cre¬
(d) for projects to be financed, except for the grant,
issuance to contractors of tax or assessment securities at not lesB
the
by
than
under.
*
the
specifically
date, $70,000,000 for grants and
of
requirement
project shall
by
been
has
power
use,
rental
or
That the
and
for
taxing
$2,000,000 for loans;
the
for
funds
distribution,
Provided,
allocated
authorized
regulations
revolving
repair,
appropriation
foregoing
and
construction
completion
projects
the
of
purpose
to
equipment, and tools:
hereof
1
the
authorized
supplies,
material,
in
carrying out
is
without
corporation
State legislature prior to such
a
$22,000,000 for loans;
made
the
and
President,
the
30,
1935,
National Re¬
of the
expenses
by
determined
expenses
United States
of
this
be
may
Emergency Relief Appropriation Act of
be
the
of
1
as
for administrative
purposes
be
may
shall
the discretion of
of
for administrative
necessary
allotted
so
limitations
agency
out
of
Committee,
sources
in
to
foregoing appropriation
carrying
may
entitled
necessary
establishment,
ment,
or
be
to
the
to
the
of
President
is
or
by
for
Subject
much
so
the
received
independent
ated
367
to
Ickes's statement, as to
which he is reported as saying
situation with regard to pending sugar legisla¬
appears to be "that the domestic sugar producers are
the present
tion
being victimized
by their own lobbyists."
$400,000,000.
'
Sec.
tion
203.
of
from
the
the
The
$359,000,000;
tion
the
of
and
for
which
be
has
prior
the
Administrator,
upon
direc¬
for grants from moneys raalized
use
hereby
date
to
of
increased
from
the enactment
such date.
The
paragraph in the Independent Offices Appropriation Act,
the
caption
is
with the
205.
The
funds
Administration of Public
"in connection
striking out the words
by (a)
(b) striking out the sum of "$10,000,000" and
inserting in lieu thereof the
Sec.
Emergency
"Federal
hereby amended
liquidation" and
sum
available
of
to
"$15,000,000".
the
Administrator
for the making of
projects (in addition
purposes for which funds may be used) of the following classes,
in amounts not to exceed the sums specified for each such class: (a) For
school projects
(other than those included in subdivisions (b) and (c)
of this section) to replace, eliminate, or ameliorate existing school facili¬
ties or conditions which, in the determination of the Administrator, are
hazardous to the life, safety, or health of school children, $60,000,000 for
grants and $11,000,000 for loans; (b) for projects which have been author¬
ized, or for the financing of which bonds or other obligations have been
authorized, at elections held prior to the date of enactment of this joint
resolution, or for projects for which an authority or board constituting an
or
grants
or
loans and grants may be usedl for
to other
United
States
China
of this
204.
Works"
•
is
under
1938,
loans
which
funds
$300,000,000 to
joint resolu¬
made by the Administrator for any project the
not been approved by the examining divisions
the
after
Administration
Sec.
of
securities
allotment shall
no
application
of
amount
President, is authorized to
sale
and
munication
Concern
Peace in Appeals to Envoys of
Japan—Secretary Hull Receives Com¬
from British Government, Believed to
Urges
Far
Crisis
Eastern
Secretary of State Hull announced on July 13 that he had
received a communication from the British Government.
Mr. Hull refused to reveal the contents of this document,
but it
was
believed to contain
consultation concerning the
a proposal for international
Far Eastern situation, created
by renewed hostilities between China and Japan and threats
of a Japanese attack on Peiping.
After announcing the
receipt of the note, it was indicated in Washington that the
appeal for peace made by Mr. Hull on July 12 to the diplo¬
matic
representatives of China and Japan was considered
by this country. A Washington dispatch
July 13 to the New York "Times" commented on the
sufficient action
of
attitude of the United States
as
follows:
Secretary Hull disclosed that a communication had
Great
Britain late yesterday
been received from
after he had expressed his views to Hirhosi
Saito, the Japanese Ambassador, and Zaung Teh Ing. the counselor of the
368
Financial Chronicle
Chinese Embassy, who conferred with him in the
temporary absence from
the capital of Dr. C. T.
Wang, the Chinese Ambassador.
While Mr. Hull declined to reveal what
July 17, 1937
when consolidated with these agencies does not seem out of
reason," he
asserted.
contained in the note from
John H. Fahey, Chairman of the Home Loan Bank Board and Chairman
London, it was learned that the communication merely gave an account
for the information of the United States Government of
the steps Great
of the Board of Directors of the Home Owners Loan
Corporation, attended
the hearings and requested that he be furnished with a stenographic report
Britain
was
taking to
cation, however,
not to take
was
There could be read in it by impli¬
encourage peace.
plea for the United States to
a
leadership in the effort to prevail
move
of the
in the situation, if
Japan and China to
upon
new
measures
into the note, as was indicated when he
;
The United
Independent
States, Secretary Hull said, generally follows
conditions, common interests and common policies with
Policies of the United States and other Governments, he
pointed
out, might parallel each other in
There
occasion for
was no
an
some
the Secret Service and Postal Inspectors' force be
merged with the Bureau
of Investigation of the Department of Justice.
exchange of information with others in the
Mr. Morgenthau spoke vigorously against the
proposal, warning of "what
happens in countries where they have central police."
appeal for peace to China and Japan yesterday.
"I haven't had
In diplomatic circles there
Secretary Hull
was a disposition to read into the
position out¬
fresh reminder that the Roosevelt Administration
a
"But, talking
forgotten that in 1931, When Secretary Stimson appealed for British
cooperation during the Manchurian crisis, it was not forthcoming and that
Washington consequently does not intend
From what
was
a
situation
as
is
actively.
on
Nothing
one
new
centration of the police forces in one department.
much, saying efforts
as
were
still being
Farmers
Wheat
Roosevelt
Regarded as Opposed
Economic Parley at This Time
international economic conference do not appear
receiving the support of the President, it is indicated in
recent Washington press accounts.
One of these accounts,
bearing date of July 13, and appearing in the New York
"Journal of Commerce" of July 14, had the
following to say:
It
was
agreed in White House circles that all
that they are up against a stone wall with
the problem.
.
no one
was
a
some measure
time, it
man
in
every
the street—feels
on
Europe who
revealed
as
was
of
success
as
there
are
as
evidences of the
growing out of the meeting.
This is
a greater
and prosperity to the world.
However, It is insisted, there is
no
short cut and the nations must each
a
farmer to grow as much wheat
as
he wishes
as
long
he shifts part of his acreage from corn, oats and other
major crops to
those classed
as
soil conserving.
Observers said this
was one
of the few times that farm leaders called to
paid, rejected
expenses
an
Administration proposal.
Alfred D.
Stedman, an assistant administrator, told reporters the AAA
would continue its soil conservation program in 1938 with a
general crop
depleting base rather than
Some of the wheat
asserted, although the United States long ago evolved
plan which it considers would solve the problems and bring about
measure of peace
an in¬
The Associated Press
Instead, the 56 representatives, who had been summoned here from
31 States by telegrams from government officials, voted to continue
present
can solve
questioning the feasibility of
of 1938.
July 2, from Washington, also said:
Washington with
ternational economic conference until such time
likelihood of
Europe almost
.
President Koosevelt
not the
over
only members of governments but the
soil conservation program
advices of
policies, which allow
the jealousies and other inharmonies existing in
Europe.
overcome
Lower
suggestion made the preceding day by Administration
that Federal benefit payments be so conditioned
that they would restrict plantings of wheat for harvest next
year, was rejected on July 2 by representatives of wheat
farmers, it is learned from Washington advices July 2 by
the Associated Press.
Secretary of Agriculture Wallace,
H. R. Tolley, Agricultural
Adjustment Administrator, and
economists of the Department of Agriculture made the
suggestion to the farmers' representatives on July 1 that
the farmers put a limit on wheat
acreage under the Federal
Reports from abroad suggesting that President Roosevelt
The apparent lack of interest in the matter is said to
grow out of the belief
that the President would be expected to produce some sort of a miracle to
to
A
World
to
Proposal
Acreage Next Year
officials
held with the counselor of the Chinese Embassy
yesterday.
to be
one—not
see a con¬
It might be dangerous.*
Reject Administration's
ascertaining facts in the situation.
+
sponsor an
be centralized
involving China, does not appear
Ambassador Wang, who conferred with
developed, Mr, Hull said.
President
such, I would
as
powers
His 20-minute conference with the
Ambassador, according to Secretary
Hull, consisted of an exchange of information on and a discussion along the
lines of the
talk
can
"Under this form of government," he stated, "I don't like to
said, the Nine-Power treaty, which provides for consul¬
Secretary Hull today, indicated
Henry Morgenthau Jr., If I
as
In the Treasury Department, he asserted.
presented.
tation among the Powers in an
emergency
to have been taken up
concentrated
chance to talk it over," he stated, however, indicating
regret this consolidation very much.' I sincerely hope it doesn't happen."
He would have the same objection should the police
to step out again in the lead of
now
a
that he had not discussed the matter with the President.
has not
other Powers in such
Govern¬
on
made public Saturday by Senator Byrd, in which it was recommended that
cases.
present crisis, Mr. Hull said, beyond that announced in connection with his
lined by
ten days.
His (Secretary Morgenthau's) comment was in reply to a
question con¬
cerning the report of the Brookings Institution to the Senate committee,
common
others.
or
Reorganization, would be "dangerous." A Washington
dispatch, July 12, to the New York "Times,'* in indicating
this, also had the following to say:
a policy of
dealing separately and independently with foreign questions as they arise.
Naturally, he added, there was some flexibility to that policy when there
were
week
ment
Foreign Issues
on
a
recommended to the Senate Select Committee
as
being taken by Washington for the present.
were
the bill in
July 12, Secretary of the Treasury Morgenthau, ex¬
pressing his views as an individual, in a talk to newspaper
men, said that the consolidation of Federal police agencies,
emphasized that it was received after he had made his appeal to the Japanese
and Chinese diplomats, that it required
only an acknowledgment and that
no
on
On
maintain peace.
Secretary Hull did not read this
testimony, after which he will be prepared to appear before the
Committee
specific limitation
a
area
on
wheat.
spokesmen vigorously opposed restrictions
acreage at a time when wheat
prices have been
near seven-year
on
highs and
domestic and world supplies are low.
Farmers from wheat areas were said to have agreed that
plantings this
make their contribution, lower their trade barriers and otherwise free in¬
fall and next spring probably would approach those for 1937.
ternational trade, and desist from warlike
seeded for harvest this year, an Administration statement said, was about
moves.
18,000,000
Merger of the Federal Home Loan Bank Board, Home
Owners* Loan Corporation and Federal
Housing
Administration
Favored
Before
Senator
Byrd*s
Committee on Federal Reorganization by Dr.
Hardy
of Brookings
Institution—Secretary Morgenthau
Indicates Personal Opposition to Proposal to Con¬
solidate Federal Police Agencies
Appearing before Senator Byrd's Committee on Federal
Executive Agency Reorganization in Washington on
July 9,
Dr. Charles O. Hardy of the Brookings Institution is
reported
as
saying that savings approximating $18,000,000 would be
realized by the Government through a merger of the Federal
Home Loan Bank Board, the Home Owners* Loan
Corpora¬
tion and the Federal Housing Administration.
Senator
Byrd's bill toTconsolidate the three Government agencies
intojone agency to be known as the Federal Home Credit
Administration
was
referred to in these columns May
15,
page|3259. According to advices from Washington, July 9,
to the New York "Journal of
Commerce," Dr. Hardy said
that while he had not made a study of the worthiness of the
agencies he was convinced that there was not enough differ¬
ence between the FHA and the others to make
necessary the
maintenance
account
we
of separate establishments.
quote:
From the
same
Merger of the field offices of the Federal Home Loan Bank Board and
the FHA, he added, would reduce the
expenditures of the Government by
$3,500,000
a
year.
Dr. Hardy told the Committee that he thought that the
present was as
a time as any to begin liquidation of the HOLC in view of the
present
good
position of the money market.
"The absorption of a large block of
mortgages would place the large
holders of real estate mortgages in a more normal
position," he said. "The
banks and the insurance companies now hold excessive amounts of United
States bonds, and relatively small amounts of real estate
mortgages.
The
banks would be exceedingly glad to sacrifice United States bonds from
their
portfolios in exchange for guaranteed mortgages."
He pointed out that insurance
companies at the beginning of 1937 held
acres,
the largest
on
♦
Opponents of Compromise Court Bill Gain Adherents
—Death of Senator Robinson is Blow to Adminis¬
tration Leaders—Measure Attacked
by Senators
Bailey and O'Mahoney and Representative Sumners
Opposition to the proposed compromise
tration's
court
this week,
mands for Court reform
addressed
was
indicated in
.
.
Sees Cut in Expense Item
The Court Bill battle and. the future of remaining legislation on the
administration's "preferred" list were only two of a number of problems
placed immediately before the President and Congress by Senator Robinson's
death.
Among these is the choice by the Senate Democrats of Mr. Robinson's
The
an accurate estimate of the economies involved
in the consolidation of the FHA and the Home Loan Bank
Board, a reduc¬
tion of 25% to 50% in the present $10,000,000
expense account
for FHA
letter which he
.
assumed in
make
a
July 15 to Senator Barkley of Kentucky, Acting
majority leader, which we give in full in another item in this
issue, in which he said, "an abandonment of judicial reform
places the responsibility squarely on the Congress
of the United States."
The President went on to say "that
the objectives of the President, and I believe of the
great
majority of citizens, remain the same and that I believe that
it is the duty of Congress, and especially of the members of
the majority party in the Senate and the House, to
pass legis¬
lation at this session to carry out the objectives."
After the death of Senator Robinson on July 14,
oppon¬
ents of the measure said that they had enough votes to send
it back to committee.
A Washington dispatch of July 14
to the New York "Times" by Turner Catledge, said:
the Supreme Court to succeed Justice Van Devanter.
one cannot
seemed
on
successor as
"While
the Adminis¬
measure
smaller, following the death of Senator Robinson, majoritv
leader, who had been heading the fight for passage of the bill.
Opening debate on the bill was summarized in the" Chronicle"
of July 10, pages 213-214.
Late this week it was reported
that 41 Senators were publicly against the bill, with 40
publicly favoring it and the rest uncommitted.
That the President has no intention of giving up his de¬
$1,000,000,000 less
r
on
reorganization bill increased in the Senate
and chances of approving the
more in
in mortgages than they held in 1929, but $3,231,611,000
Government bonds than they did on that date.
The acreage
record, excepting that of 1919.
leader, and the selection by the President of
Washington that the place
move
sweep to
to
end
the
controversy
a new
appointee to
It has been generally
was promised to Senator Robinson.
over
the Court Bill,
extending its
other legislation, and to adjourn the session became
cause with
a
fervent
substantial groups in both bodies even before they convened for
their brief sessions today.
Volume
Financial
145
that
It was augmented by a warning of Senator Copeland, a physician,
disastrous consequences possibly awaited other Senators unless
the bitter
disputes were ended and the Congress session were brought to a close.
His warning was uttered In a dramatic session of the Senate, during a eulogy
of the dead
leader.|j
Court Speeches Called
Off}
■
themselves of the bill, which some insisted with feeling had
increased the
Leaving the President out of the picture. Senator O'Mahoney denounced
the bill
death of
clined to feel that the opposition to his court plan hastened the
Mr. Robinson.
Mr. Roosevelt is said to hold that the passing of his
leader should make
difference to his legislative program, and is still insistent that it be
carried
speech of Representative Sumners of Texas, Chairman of
roll-call.
his program are enacted, and contends that the death should not
of
be allowed
in
with
connection
Robinson's death,
Senator
Senator Wheeler, leader of the Democratic opponents of the Court
appealed to the President with
for
Robinson
"Joe
a
biblical quotation to abandon his campaign
was
both
colleagues,
mine," said
I beseech the President to drop the fight lest he appear to fight against
A radio debate on the Court Bill between Senator
Pettengill of Indiana, scheduled
which
Senator Wheeler called off
canceled and
night,
ceed with the fight if the administration forces insisted.
and
thing like
recommit
Starting
these
his
on
hour-long speech,
which
quite blanketed the continuing Senate
the Court Bill and which brought the House to its
the use of dynamite to repair
*
predicting dire results from its passage.
results,
would come from splitting the Nation and
he said,
bottom at
Congress from top to
He called the
but he specifically refrained from
automobile's clogged gasoline line,
The dire
feet with cheers,
merely pleading for "horse sense."
was
Court Bill unnecessary and compared it to
a
time when democratic, Anglo-Saxon
institutions are on the defensive against a world-wide
trend toward dictator¬
The Court Bill, he asserted, was working havoc with the
ship.
solidarity
"Is there anybody who has any sense who
united people and the
"Is there anybody at this hour who
a
old or because dockets are congested, but in
are
Court Justices, the adoption of which had
operation
Retirement Act for Supreme
been followed soon by the retire¬
ment of Justice Willis Van Devanter.
soon
as
some
we
more
take the lash from above the heads of these
further ?
any
a
judges over
"I mean that as a fact.
of them will retire," he said.
Everybody knows it is
What is the excuse, then, for this bill
fact.
being
To save my life I cannot figure it out.
the solidarity of the Nation,
Bill
Revised
to
All
York—Condemns
Federal
House, when we are trying to preserve
if they bring that bill into this House for con¬
left to be worth
bothering about."
Mr. Sumners compared the powers given
those given
Association
New
of
and Wagner urging them to do all
of
Reorganization
with
Interfere
to
York announced
on
The Associa¬
tion referred to a communication which it sent to the
York members in Congress on Feb.
detail
considerable
its
objections
New
19 last, setting forth in
to the court bill then
registered
The opposition
pending.
original
the
against
-by the Association was indicated in our Feb. 27 issue,
page 1374.
The latest letter addressed to Senators Cope¬
land and Wagner anent the substitute court bill reads as
bill
July 8,
Hon.
President Roosevelt in 1933 to
United States Senate,
*
of
New York sent you
United
the
On Feb. 19,
Copeland:
Senator
pending for the
of
D. O.
Washington,
"I don't know whether
under the
that
Governmental power should have been sent back into the Anglo-Saxon
institutions, he did not recognize it," continued the Texas veteran.
"He
was not well.
I pray God that same thing may not happen again."
In the Senate, meanwhile, Senator Royal S. Copeland, Democrat, of
New York, had taken over the floor at the conclusion of the long speech
of Senator Josiah W. Bailey, Democrat, of North Carolina, against the
trusteeship, or not, but when that interesting time came when
influence of the
same
Anglo-Saxon sentiment, when the time came when
Bill.
Dr. Copeland warned the President it
if he did not drop the bill.
public debt, he said.
would split the Democratic party
of a $40,000,000,000
us," and blamed this
Drawing a mournful picture
"Disaster is not far ahead of
not on unchanged old-line Democrats,
but on the men "who have taken
possession of our organization."
He said New York City apparently was in
defeat for the city Democrats, resulting from
for a repetition of the 1933
the President's "blundering"
Into the municipal campaign.
Copeland still held the floor, to begin again tomorrow,
parliamentary
row
in
which
after
consideration of other legislation
blocked, including the President's veto of the Bill continuing 3 H %
interest on Federal farm loans.
of the White House by
floor.
for a speech on "The State
The House had just declared its independence
overriding the farm bill veto, 260 to 98, when Mr. Sumners took the
He had reserved the hour's time
some
days ago,
of the Nation," but his very secretiveness on
the subject matter and his
strategic position in the court fight assured him a large audience.
More
1937, the Merchants' Association
letter expressing opposition to the proposal then
a
appointment of additional
We
States.
desire
justices to the Supreme Court
to record with
now
you
in language as
devise our opposition to the amended form of -this
proposal as introduced in the Senate on July 2 last.
The so-called compromise measure of July 2 differs not one whit in
vigorous
principle
can
the
independence
Supreme
Congress,
soundness
of
the
of
defeat
Speaking
for
the
thousands
of
condemn any and all plans to inter¬
the Federal
judiciary.
Any encroachment
direct or indirect, by the Executive or by
sweeping disapproval of those who believe in the
the American
earnestly
of
we
Court,
merit
must
We
represent,
whom we
the
proposal.
original
the
from
men
with
upon
we
as
that
urge
amended
system
you
of government.
do all in your power to bring about the
proposal.
Very truly yours,
THE
"and then had the genius to retain the power
and distribute it."
Mr. Wilson misunderstood his commission, his
1937.
S. Copeland),
Royal
President Wilson in the war years, when the people granted
him dictatorial authority,
Senator
in their power to defeat
the revised court bill now before the Senate.
MERCHANTS'
ASSOCIATION
Louis
to control it and the ability to recapture
was
for
Plans
Judiciary
Merchants'
The
fere
I do not believe they will have hide enough
sideration,
another
be such
Supreme Court by Merchants Association of New
business
Sees Bitter Battle
"If they force that bill into this
Court
Senator Bailey.
Commit murder on that basis by slow poison and see how
Opposition
Dear
of nature, Mr. Sumners argued, helped by the
pressed
judges
grave matter.
?"
The whole court issue would smooth itself through the mere
there,
because
"It is said that to do it in a little way and year by year will not
capable people who ever assumed the responsibility of Government
the face of this earth ?" he cried.
has any sense who does not know this
"As
that will make
order to effect judicial determinations the bill is offered, said
does not know that the prob¬
lems of this hour challenge us to produce the most
most
here: the conception
a court
follows:
of the Nation.
on
He wants
July 10 that it had forwarded letters to Senators Copeland
Mr. Simmers said he
an
illustration which does
legislation to be proposed by him constitutional."
Hickman
from
Powell:
In
an
quickly you get electrocuted."
counted several members hotly contested by the opponents.
debate
It is
analogy.
no
They were willing
Representative Sumners of Texas, Chairman of the House
Judiciary Committee, on July 13 declared in the House that
he would do his utmost to prevent the Court Bill from being
reported by the Committee on to the floor.
His remarks
were reported as follows in a Washington dispatch of July
Tribune"
Courts
ought to have a court which will construe the Constitution the
the other two horses are pulling.
days.
Nobody
hitched up.
The Supreme Court is a court; it is not any¬
There is
horse.
a
way
Not
"Herald
are not
Criticizes the Analogy
"Here is another thing.
prepared to pro¬
leaders conceded last night that they had no more than 50, and among
York
Courts
heretofore have been free and independent.
days ago with claims of 54 supporters in the Senate, administration
New
When did courts get to
Courts find the truth.
Courts declare the law.
rides in the buggy behind the courts.
Democratic
"Senators, come
"The court has got to pull
Senator Bailey.
get the picture," said
President's
the
"three-horse team."
a
we
The Court Bill had obviously lost votes in the last few
the
from
read
Senator
his way and that of Congress—that is the idea.
the measure to the Judiciary Committee.
to
Carolina
that
and eager to stop the debate now and allow a vote on a motion to
13
North
Victory Day speech the plea for
not illustrate the case, but it illustrates the conception
The Court Bill foes warned, however, that they were
were
Presidential measure
attempt to end 150 years of judicial inde¬
an
pendence.
was
New Orleans and Atlanta, set for Sunday and Monday.
out 10
be
conceived to
he
Logan and Represent¬
tomorrow
word
now," he echoed Mr. Roosevelt's cry for action on the court,
now.
God."
quickly
speeches against the measure at
for
preacher's finger at his
the very middle of his
President into
the
summoned
picture.
pulling before?
political and personal friend of
a
"Had it not been for the Court Bill he would be alive today.
Mr. Wheeler.
ative
Bill,
"lest he appear to fight against God."
the measure
President
Senator Bailey, his usually neatly parted
quotations.
hair falling down over his eyebrows as he shook a
The
issued
statement
a
Chides
Bailey
to hasten adjournment.
In
the adminis¬
Washington greater
has ever had in this
democracy."
but Senator Bailey's demand was for the rejection of a
Congress to stay in session until other parts
wants
today should not be entitled a bill to reform
us
control over the local administration of justice than it
"Now,
Mr. Roosevelt is said to feel that all he needs, to win, is a
"steam roller" to "throttle" debate.
a
before
measure
tration of Justice and to give the central establishment at
the Judiciary Committee, will follow along.
Roosevelt
of the New Deal, he nevertheless accused the Administration
Full of biblical
Senate
confident that the House, despite
He is represented as believing that he has enough votes in the
A
possible prelude to the "wreckage" of American liberty.
the Judiciary," he said, "it should be called a bill to centralize
through, with the Court Bill as the primary consideration.
Mr.
a
as
stout supporter
"The
and is In¬
Roosevelt takes the opposite view, it was learned,
the opposition
unusually
The bill was attacked in the Senate on July 12 by Senators
Bailey and O'Mahoney, whose remarks were summarized as
follows in a Washington dispatch of July 12 to the "Herald
leadership of operating
burden and shortened the life of Senator Robinson.
for passage, and some of his advisers are
an
Tribune" from Albert L. Warner:
Senate Chamber at noon, sad-faced members avoided any discussion among
no
floor,
than 250 members were in the seats when he took the
large attendance for the speech period in later afternoon.
f Senator Robinson's death dispelled for the time being the bitterness
that had been generated in the Senate over the court issue.
Arriving at the
President
369
Chronicle
Reference
K.
OF
NEW
Comstock,
YORK,
President.
substitute court bill appeared in these
to the
columns July 3, page
40, and July 10, page 213.
Massachusetts
Reject Originali'and
Substitute Proposals to Reorganize United States
Council of Boston Bar Association Urges
Members
of
Congress
to
Supreme Court
Opposition to all proposals to reorganize the United States
Supreme Court is voiced in a resolution adopted on July 11
by the Council of the Boston Bar Association and sent to
the Massachusetts delegation in Congress, according to the
Boston "Herald" of July 12.
Rejection is urged of both
the original
bill recommended by the President and the sub¬
According to the "Herald," the reso¬
stitute offered July 2.
lution, signed by Bentley W. Warren,
Association,
follows:
President of the Bar
.
t
of the United States has done
an eminent service to all the people of this
country not only by the firm
stand which it has taken in support of the fundamental principle that
The
Judiciary Committee of the Senate
justice
servient
in
our
courts
either to
the
can
the
be obtained only if these courts are not sub¬
or to the legislative branches of the gov¬
executive
committee's clear and convincing statement that
proposal before it violates that principle.
The principle admits of no
ernment, but also by the
Financial
370
compromise.
The proposed amendment submitted to the Senate
1937, though differing in method, seeks the
same
be
'
it
■
,
Resolved,
on
vicious endL
-
July 2,
Therefore,
appointment of Justices of the Supreme Court of the United States; and
"Resolved,
That this resolution be submitted to the Senate of the United States
•
.
July 17, 1937
conduct
will
.
.
formal
a
hearing after adequate
the
to
notice
employer.
If the charge is
it, and the proposed amendment of July 2, 1937, in so far as they relate to the
,
Board
the
"■
,
That the Council of the Bar Association of the City of Boston urges
the Congress of the United States to rejejt without compromise the proposals con¬
tained in the President's message of Feb. 5, 1937, and in
the bill accompanying
for its consideration."
Chronicle
unfounded the complaint will be dismissed.
If, however,
the evidence shows that the employer has committed the unfair
practice,
the Board has power to order him to cease and desist therefrom, and to
relief.
controversy regarding
a
The
law
Board if
the
empowers
seek enforcement of its order in the courts of the State.
necessary to
In
affirmative
appropriate
grant
the identity of employees'
representatives
the Board will, on the application of the employees, investigate the con¬
troversy and ascertain who their representatives actually
Unlike the
are.
national board, the State board has power under certain circumstances
United
States
Chamber
Objections
Exist in
Original
Bill
in
as
of
the
proposing
Finds
Substitute
Same
Court
of
Commerce, in its weekly
same
objections to the
reorganization
of
United
the
States Supreme Court apply with equal force to the substi¬
tute
United
measure.
advices
Press
July 11, quote the Chamber's review
Judged from
less
objectionable
The
If
it
the original
than
principle involved is the
is
wrong
wrong
is
and frequently will, conduct
may,
The ultimate objective of the
First
of
justices for particular
new
Relations
Named
are
the road to that goal, so that employers
on
employees may be free to deal with
one another on an
'■
Board.
'i-
'
-
United
Board
and
Newly
Mediation
Board
John
P. Boland
Board—William
H.
nation-wide
a
business
State
local
and
campaign
and other
men
stimulate interest
to
the Committee
governments,
has
means
be
issued
a
report
employed
in
looking
which
to
it
tory or constitutional
Rev. Dr. John P. Boland (Chairman), Regional Director of the National
New York City, formerly acting Regional Director of
placed
appointed by Gov. Lehman
Davis
non-official member of the
June 24
on
are :
(Chairman), New York City patent lawyer,
President's Committee
on
Industrial Analysis
and formerly Compliance Director of the NRA.
York City Board
of New
of Industrial Relations,
member of the Schulte Real Estate Co., formerly a member of the NRA
Code
Leslie,
for more efficient control," the
explains, "is evidenced by the imprudent fiscal
practices of many local communities in recent years which
have
led
to
definite and
consume
There
than
more
been
have
the
to
Y., President of the John G. Myers Co. of
Meyer, New York City, Chairman,
•
lays
stress
of
construction
The Mediation Board
furtherance
Local
is
was
created to act in labor
empowered to
the
supervise
pass
selection
of
upon
questions
representatives
bargaining and to prevent unfair labor practices; but it
The
disputes
of
New
York
State
lations Board.
Board
may not
collective
mediate in
of Mediation,
on
the
and
...
industry
a
the
same
rights
of self-organization
The State law is substantially the same
as
and
collective
the Federal Act, held constitut-
The State Board expects to avail itself of the experience of the
should
about July 20.
Meanwhile it has established temporary quarters
to
Board's principal duties are to prevent unfair labor practices and
investigate controversies regarding the identity of employees'
sentatives
for
the
com¬
long-range,
sys¬
Debt
purpose
of
collective
bargaining.
Where
repre¬
there is
a
ubetantial charge that an employer has engaged in an unfair labor practice.
maturities
Term
in
an
bonds
may
approximately
Callable
issues
of
the probable
be
and
cognizance
need
for
with
correlated
the
used
finance
to
be
greater
all
improve¬
reliance
upon
expenditures.
will
debt-6ervice
charges
dependable
current
increase
25%
than
of
should be lower.
practicable.
scheduled
so
each
each
that
issue
matures
in
year.
provisions
contain
take
non-recurring
it
more
whenever
be
amounts
of
should'
of
often
used
should
equal
there
cost
consume
should be
and
should be
when
incured
they
construction
government.
and
the
paying
the
for
plans should
should
program
of bonds
percentage
bonds
advance
Such
development,
of local
nature,
be
not
where
The
approximately
permitting
retirement
each
year
equal amount.
bonds
may be advantageous under certain conditions,
particularly in periods of high interest rates, but caution should be exer¬
As
issuance of this type of security in view of
second
a
major
"specific limitations
properly
devised
indebtedness.
upon
the
fault
marketing obstacles.
committee
believes
power to
incur debt
effective
used,
and
The
the
step,
that
in
with
can
be, if
controlling local
limitations of this
present
type lies principally with their application and administra¬
tion.
It is 'believed that
a
be workable, if used in
and
with
upon
State
of
form
some
system
can
be devised which will
connection with financial planning,
assistance
local
to
govern¬
in their fiscal administration."
ments
consider
well
may
revision
of
their
restrictions
local debt incurrence in view of the defects disclosed
by developments of the past few years, the committee ad¬
vises.
An
effective
system
of
debt limits,
the committee
suggests, "would include:
(1)
such
true
A
flat-rate
limit
being
in
the
on
amount
of
debt
which
fixed percentage of the valuation
with
accepted
assessment
be
can
of property
methods,
at
incurred,
for local
100%
of
value.
(2)
An
additional
amount
years
(3)
real
limit
a
accordance
lections, which
an
of
at;342 Madison Avenue.
The
point
a
for
Serial
Buffalo, select its limited personnel and adopt rules and regulations.
It hopes, therefore, to be ready to assume jurisdiction over the most urgent
I
to
revenues.
in
improvement
recurring
should
plan
improvements.
growth and
The
revenues
Debt
taxation,
The state board will rapidly establish offices in Albany, New York City
cases on or
a
States
National Labor Relations Board.
and
of
current
by the United States Supreme Court in its historic decisions of April
12, 1937.
control, the
of
necessity
expenditures for operations.
In
of financial planning, the com¬
program
Pay-as-you-go instead
,
The statute guarantees to employees in intrastate
bargaining that the Wagner Act gives to workers in interstate industry.
tional
revenues.
indebtedness
anticipated public improvements
orderly and economical manner, and
an
spending program
cised in the
The preservation of industrial peace is the primary object of the State
trade
in
improvements.
of employee
for
Temporary quarters of the Mediation Board have been
established in the offices of Mr. Davis at 165 Broadway,
New York City.
With the creation of these two Boards, it was noted in
the New York "Herald Tribune" of July 2, the City In¬
dustrial Relations Board, which has been doing the same
tasks in New York City, technically went out of existance.
Following a conference with Gov. Lehman on June 28, a
statement was issued as follows by the State Labor Re¬
Relations Act.
current
retire
to
various
governments
trends
ments
contrary, is designed for mediation and for mediation only.
'
their
improvements which give rise
the
in correlation with current
'
to
effect a voluntary settlement of differences between
employers and employees.
It is explained by Mr. Davis
that "the powers of the State Board of Mediation are quite
distinct from the powers of the State Board of Labor Re¬
lations.
He further explained:
Labor
the
upon
be financed in
may
Millinery Stabilization Com¬
;
disputes.
situations.
planning.
It is generally agreed, the com¬
mittee states, that governmental units should plan their
finances in advance for a term of years, in order that the
current
mission, member of the New York Industrial Council.
industrial
of
of
failures
first step in any program of debt
a
city
John C. Watson, Albany, N.
Albany, and of the New York State Council of Retail Merchants.
to
financial
acute
indebtedness."
mittee
Director of the Art Workshop of the Rivington Neigh¬
Board
third
a
frequent
projected
latter
other
Many local governments have assumed debt charges which
financing of
The
need
committee
of
organization,
be found.
can
"That there is real
Women's Trade Union League.
m
in debt
them, if their desire is strong enough, and if
upon
borhood Association, New York City, member of the executive board of the
Max
statu¬
no
sense
mittee offers the following suggestions:
Authority in the retail tobacco trade.
Mabel
to
tematic financial
The members of State Industrial Mediation Board, also
Meyer,
There is
common
as
says
buyers of their bonds
As
Paul M. Herzog, of New York City, a lawyer, member of the National
Labor Relations Board.
illusions
no
it
control;
on
within the useful life
¬
debt
the committee, which adds that munici¬
incurring exceedingly large debts probably
will succeed in doing so regardless of the legal restrictions
management,
palities bent
the National Labor Relations Board, of which he is a technical advisor.
S.
substitute for
that every
urges
effective
with
Labor Relations Board, who retires as Pastor of two Catholic Parishes in
State and
on
Local Taxation of the Chamber of Commerce of the United
States
recently enacted legislation by the State Legislature
already gotten under way.
Temporary offices were
opened on July 2 by the New York State Labor Relations
Board at 342 Madison Ave., New York City and while the
Board is already receiving petitions growing out of labor
disputes, jurisdiction over the most urgent cases is expected
to be assumed by it on July 20.
The Board was named by
Gov. Lehman on June 24 under the measure signed by the
Governor on May 25, known as the "Little Wagner Act."
Reference to its approval by Gov. Lehman was made in our
June 12 issue, page 3932.
The Board, as named by the
Governor consists of the following:
among
taxpayers in the fiscal affairs of
have
Arthur
•'1
States—Necessity of Long Range Systematic
as First Step in Any Program
universal efficacy of statutory methods.
Hammatt
;
\1
Planning Cited
frankly states, however, that it is under
"William
1
•••
Urged by Committee of Chamber of Commerce of
pur¬
number.
Davis Chairman of Latter
John D. Moore, of
and
equal plane.
The Board looks forward to cooperating closely with the State Mediation
The operations of two newly created Boards designed to
act in labor controversies in New York State in accordance
Buffalo, N. Y.
Industrial
intended to remove certain
Effective Debt Control of State and Local Governments
Appointed
State
Industrial
Begin
Functioning—Rev.
Dr.
Chairman
The provisions of the act
is the goal.
all-too familiar obstacles
The difference is merely numerical.
to pack the court with a lesser
Labor
State
determine the free choice
an election to
State labor relations act is not the mere
prevention of unfair labor practices or the conduct of elections.
peace
In
York
New
to
The Board
the request of an employer.
upon
no
proposal.
same.
to pack the court with six
is equally
it
poses,
from
Washington,
follows:
as
the Administration's Supreme Court plan
angle
any
investigate such a controversy
of the employees.
business, declares that the
bill
original
Case
States Chamber
The United
review of
Commerce
of
limits
equivalent
(say,
inflated
total
tax
borrowing
m'ices, the assessed
should
years—not
to
based
upon
the
ratio
of
debt
the amount of debt incurred!
collections
over
a
can
to
tax
col¬
not exceed
specified
period
three).
To prevent
estate
restriction
provides that
be
less
the
than
average
five.
capacity
valuation used
as
assessed valuation
in times of rapidly
a
basis for
for
a
rising
flat-rate
debt
specified period of
Volume
Financial
145
having
(4) Municipalities
specified figure,
4
i
■
■
of
•
■
the committee
a
should) not be permitted
'
.
■"
' ,i
i
f
i
i
y
■,
•
says:
i
United
its municipalities,
Finally, the committee offers several methods for dealing
with the problem of
consolidations
be reorganization and
This process,
governmental units.
being undertaken
not
are
local
of
is explained, is slow,
it
however,
The most effective
overlapping debt.
the committee says, would
solution,
such consolidations
and
Alternate
extent.
to any great
methods, which may be helpful, in the opinion of the com¬
board
for coordinating incurrence of indebtedness by overlapping
governments, or establishments of such a board as an
official agency with authority specified by State law.
would
mittee,
include establishment
of
voluntary
a
that
and
the tax was
from
derived
revenue
"most disap¬
operations had brought "numerous
consequences."
*-i
■
:
,
its
economic
undesirable
>
.
be of substantial help to
can
the
pointing"
,
.
particularly the
smaller communities, by setting up an agency to assist them in develop¬
ing and following good practices in the exercise of their borrowing power.
The States in which such an agency has been established long enough to
enable it to function effectively had but few municipal defaults during
the depression.
There is a distinct relationship between State guidance
or
supervision and goodi records of local fiscal administration.
A State
that
of debt control,
third important step in any program
a
above
delinquency
tax
cash basis,
a
on
debt.
_
As
percentage
a
not operating
or
additional
incur
to
371
Chronicle
States
Cane
Refiners Association Pro¬
Sugar
Proposed Changes in Sugar Bill Giving Hawaii
Puerto
Rico
Greater
Benefits in Refining
tests
and
Product
If demands of Hawaiian and Puerto Rican sugar
producers
for
changes in the pending sugar control bill were granted
they would destroy the continental cane sugar refining in¬
dustry and throw its employees out of work, the United
States Cane Sugar Refiners' Association said in a statement
issued July 14.
The statement asserted that if the demands
of Hawaii and Puerto Rico were granted they would cut the
volume of the continental plants by half.
In discussing the
effect of the restrictions on tropical refined sugar to consumers
Association said:
the
The competition of tropical refined sugar does not reduce prices consumers
for home refined
pay
Hawaiian and Puerto Rican refined sugar
sugar.
fastens itself to the existing price structure,
down with the latter.
and
United States
is the keen competition prevailing among
refined
and
sugar
price up and
moves its
What keeps the price of refined sugar
down in the
the sellers of home
of domestically produced beet and cane sugar.
This
competition kept down refined sugar prices in this country to reasonable
Undistributed Corporate
Report of Committee of New
Repeal of Federal Surtax
Profits
Urged
in
on
York Chamber of Commerce—Held to Be
Recovery
to
and
Reemployment
to
Handicap
Those
of
current
sold in
ever
on
profits
failed
has
achieve
to
undistributed corpo¬
on
its
and
purpose
is
a
handicap to recovery and to the reemployment of millions
persons
now
relief,
on
interim
an
report
prices for raw sugar before tropical refined sugar was
United
the
eraged only 7 /100 of
1936 continental refiners' profits av¬
In
States.
a cent per
pound of sugar refined.
made public
One refining company alone has over 21,000
in the home sugar refiners.
stockholders.
Declaring that the Federal surtax
of
over
American citizens have invested many millions of dollars of their savings
Relief
rate
levels
of small
Many
means
who
have
invested
in
this
industry
who could ill afford losing their savings
Government permitting highly subsidized
interests to scrap
are
persons
by reason of our
Hawaiian and Puerto Rican sugar
the home sugar refineries.
Permitting Hawaii and Puerto Rico to send here all their sugar in refined
form would go contrary to the purposes of the sugar bill
by the Chamber of Commerce of the State of New York on
interests of domestic beet
Sunday, July 11, urged Congress to repeal the Act for the
their
Copies of the
report -will be sent to President Roosevelt, Secretary of the
Treasury Morgenthau and members of Congress.
In the event that repeal at this time may be found im¬
practicable, the report, which was drawn by the Committee
on
Taxation, stressed the importance of immediate modi¬
fication of the law to remove the inequities and hardships
by injuring the
corresponding benefit to consumers.
general
it
economic
works
mended
welfare
of
the country.
be
amended
so
as
1.
To
repair
2.
To
provide
3.
To
enable
4.
To
set
corporate
rehabilitation.
plant expansion or
new
against
reserves
up
deduct losses
year,
and
the
fiscal
of
the
before
working capital.
necessary
appropriate
for other
losses and
future
purposes.
To
5.
current
close
losses.
capital
the
when
The committee
it
profits of the
dividends paid after the
not possible to ascertain definitely
the surtax
is
the profits of that year.
year
unable
was
preceding year from
the
from
exempt
year
of
close
in
incurred
to
find any
to
-rtdence to sup¬
of the surtax
number of individuals with large
incomes through the distribution of corporate profits to
stockholders.
It pointed out that there was always refuge
for such persons in the large available volume of
taxport the claim of the pre-enactment advocates
that it would multiply the
Even
if
this
not
were
obtained
by
incomes,
this would
of
such
economic
our
the
case
be
insufficient
an
system,
some
additional
revenue
and increase
If
tax
employment, the report said:
legislation
how
resources
for
the
this source of new
dissipates
expansion
and
existing
of
to
industries
work
provide
for
to
the
by its sound
foster home
colonial
of refined sugar
displace home refining.
policy,
takes
exceptional
refining, while promoting raw sugar production in
Instalment Sales
Inc -eased
of Commerce Survey
at
25% in 1936—Department
Estimates Total for Last Year
$4,500,000,000
sales during 1936 totaled $4,500,000,000, as
compared with $3,600,000,000 in the preceding year, Alexan¬
der V. Dye, Director or the Bureau of Foreign and Domestic
Commerce, revealed on June 14, in an introduction to the
Bureau's annual survey of retail credit conditions. Mr. Dye
pointed out that last year instalment sales increased 25%
Instalment
1935 for 12 of the 14 kinds of retail trade classified in
over
88 cities throughout the
credit or regular charge
United States. The increase of open
sales was about 15%, and when this
figure is applied to census data the estimated volume for
1936 is placed at $8,000,000,000. Mr. Dye stated, however,
that accounts receivable did not increase more rapidly than
tjie rate of increase in sales, nor did percentages of baa losses
to credit sales increase.
The
summarized
survey
of its
some
principal
findings
follows:
(1) Customers
of the
reporting
stores
paid their accounts-receivable
They paid their regular charge
accounts on an average of every 64 days, in 1936, two days less than in
1935. Instalment accounts were liquidated in seven months and one day,
1936
promptly in
more
1935.
than in
the average in 1936, a reduction
of five days from 1935,
Ratios of bad-debt losses for some trades were the lowest reported
(2)
since 1929.
The average of all 14 trades
covered was five-tenths of 1% in
1936 and six-tenths of 1 % in 1935 on open-credit sales; on instalment sales,
1.2% in 1936 and 1.5% in 1935.
capital,
we
cannot see
sufficient amount for new developments,
be available in
will
consumption
capital to expand business
for accumulating
source
through disruption of
her tropical islands.
on
tax.
Referring to the fact that corporations are regarded as a
major
measures to
could be
increased taxes upon some large
reason for impairing the stability
will inevitably result from the many under¬
as
mining influences of this
and
through
measure
a
growers,
markets and their price and freight structure, without any
logical
England, distinguished
as
adding:
exempt securities,
sugar
from tropical areas, whether colonial or foreign to
to allow credits or
exemptions to corporations for the following purposes:
cane
No other important country in the world permits imports
It recom¬
smaller and weaker corporations.
upon
that the Act
and
supply needed goods for
employment of a growing
by an increase
of sales made on instalment.
Instalment sales for all reporting stores increased 25% in 1936 over
(4)
1935, contrasted with an increase of 15% for open-credit sales and 11%
for
population.
The increase in total volume of sales was accompanied
(3)
in the proportion
cash sales.
of business, cash and openof business; however, the proportion of
(5) Measured in relation to total volume
Asserting that the hardships and inequities of the surtax
on
undistributed
to business
officials
men
corporate profits "must now be apparent
in all sections of the country and to public
consider
who
its
consequences,"
the
committee
of
Congress,
dangers
impaired
which
be lost
should
time
no
with
corporations
and
capital
your
poses,
wouldi be
exempt until
capital,
should)
profits of another.
the
plant
expansion,
payment
profits
in
The
and
other
lective
that
year
fiscal year and after the
have been definitely ascertained.
is to
be
the close of the
Chairman
of
the
Chamber at its
Edwin G. Merrill is
submitted to the
meeting to be held Oct. 7.
Committee
on
Taxation, whose member¬
Phillips, Charles K. Etherington,
James T. Lee, John J. Hopkins, Frank C. Belser and Robert
L. Hoguet.
The committee, whose report represents only
its opinion until it is acted upon by the Chamber, found
includes
Jesse
S.
Roosevelt's Observations That Col¬
Not Permitted
Bargaining Agreements Are
Government
National
appropriate corporate pur¬
losses in future years.
given to offset the losses of one year against the
More reasonable provision should be provided to enable
after
business.
Between
earnings used for needed
receivable
bad-debt losses were in the direction of
National Labor Relations Act Emphasized
by President
Association
Federal
Employees—
Manufacturers Holds It
and
of
Equally Unbelievable That Strikes Against Public
Agencies Should Be Allowed
be
of dividends
report
monthly
ship
Defects in
current earn¬
from 13%.
The slight increase in the rate of collections on accounts
reduced costs of doing a credit
and for the establishment of reserves against
Permission
of open-credit sales remained about the same (44.7% from
44.6%), while instalment sales increased to 14%
in adopting remedial action so that
ings have been applied to make up the deficit.
Reasonable credit should also be allowed for
working
The proportion
41% of total sales in 1936 from 43% in 1935.
and the decrease in the ratio of
committee has set forth are
by no means all that might be mentioned or that have been widely
discussed, but in our judgment are sufficient to warrant repeal of the
tax.
If for any reason such repeal cannot be had in the present session
difficulties
cash sales decreased slightly to
(6)
said, in concluding its report:
The
credit sales accounted for the bulk
President Roosevelt's comments upon the
impossibility of
between Federal employees and the
Federal Government are to be commended, says the National
collective
bargaining
Association
anew
of Manufacturers, but, it adds, they emphasize
woeful defects in the National Labor Relations Act.
Observations by
President Roosevelt to the effect that gov¬
permitted to join unions but that the
ernment workers are
cannot make collective bargaining agreements
219. In a state¬
issued July 9 relative to the President's comments, the
government
were
ment
referred to in our July 10 issue, page
372
Financial
Association says
ment
that
"it
established for
all
is
inconceivable
that
a
is
equally
uninterrupted
law
is
operation
stands,
now
general
no
unbelievable
is
that
Federal
what
statute
against
be
should
necessary,
matter
no
strikes
the
public
permitted.
President's
which
agencies,
But
attitude
specifically
the
as
This
which
tion
is
the
for
the
of
one
National
the
Senate
hearings
of
omissions
Manufacturers
specifically
were
from
The
National
by
law
Association
should
be
of
the
Such
Is
it
not
Manufacturers
accompanied
law?
it
Is
ask
by
union
a
be forbidden
believes
andi
deliberate
which
to
Labor Rela¬
that
rights
guaran¬
by law.
required
meet reasonable
plain
ask
to
correct
that
one
which
without
of
workers be
limita¬
violation
labor
the
agreed
that
Government's
the
in
protected from
present
has
been
voluntary
the
and
arbitration
voluntary
a
force
Vice-President
J. A.
Voss,
dent,
Inland
Eugene
until
their
the
demands
production
that
to
disputants within their
tions
whom
be
placed
the
These
are
jurisdictional
higher
some
have
pressing
no
disputes
authority
national organization;
own
sympathetic and) general
upon
strikers
toward recovery
are
met;
referred
are
be
that
instead
of
selected by
restric¬
some
strikes against
those
with
needs.
The
full
benefits
of
march
our
cannot be realized until barriers which impede that march
removed.
Secretary
Perkins
Makes
Public
Mediation Board
Committee
The
for
Report
of
Federal
Industrial
July 1, in making public
a
Organization
is
"re¬
a
special report from the Federal
Mediation Board which had been appointed to seek
ment
of
the
strike
The report was
settle¬
a
of
employees in four steel companies.
referred to briefly in the "Chronicle" of July
3, page 45.
Miss Perkins, while taking issue with Tom M.
Girdler, Chariman of the Republic Steel Corp., qualified her
statement by remarking that she did not mean that certain
individuals of the CIO might not be irresponsible at times.
She pointed out that the report of the Mediation Board did
not seek to place blame for failure to end the steel
strike,
although it criticized the independent steel companies for
failure to negotiate with the Steel Workers
Organizing Com¬
of the
Inland
10 o'clock Thursday morning, June
Steel
Co.,
Messrs,
Block,
24, with the officials
Ryerson,
Randall
Mr. Ballard, their General Counsel, was also present.
up
to
date on all matters discussed in previous
and
Sykes,
We brought them
conferences.
However,
P.
President
of
ards Board
bill
contracts in their
companies
regarding
the
we
had had Wednes¬
operation
of
the
SWOC
plants, but the experience of these other companies with
the SWOC did not in any way change their attitude.
We thereupon proposed to each company the
Larkin,
Vice-
Trust
Co.
of
Cleveland,
the Federal Labor
Ohio,
Stand¬
to be created under the Act,
exception
employed
in
of
agricultural
laborers
and
executive, administrative, super¬
visory, or professional capacity, minimum wages and maxi¬
mum hours, and in its discretion to
change such wages and
hours."
"The
magnitude
appalling,"
letin" issued
an
which
would
confront
such
a
Colonel Ayres in the July 15 "Bul¬
says
by the Cleveland
Trust
Co.
In
he con¬
part,
tinues:
The
Federal
Reserve
hourly
average
the
first of
hollow
bars
of
that
93c.
effort
while
country
represents
factory
weekly
$22.02,
be
well
in
next
in
be
East
factory,
industries
of
the
If
by
involve
slow
processes
They
that
of
of
They
subject
different
of
board
a
all
are
thousands
many
assumes
hours
the
five
and wages of the workers
indi¬
in each
justly than it
more
can be done by trial and
but the validity of that assumption
doubted.
the
Committee
for
Industrial
Organization
almost feverish energy
industries.
One
session.
a
contest
seem
the
Atlantic
States.
never-ending change.
Meanwhile,
to
new
the
to
left
movement
of the
first
four
bill
wages
wondering
if
at
members
must
be acted
there
is
involved
If
organizers.
On
the
other
C. I. 0. should continue to be
months
whether the wages and hours
working
the
the Black-Connery bill is enacted
little appeal for the workers in the argu¬
for priority.
be
labor
help
cannot
is
organize the workers in
Washington
at
have been told) that the hours and
would
Central
brought into existence its
month.
next
even
They
proper
locality
every
this
something of
Conference
Industrial
North
reached
subject to
experience and competition,
during
tobacco
the
to
his hour
for
maximum hours for these workers,
were
are
and
year,
determine
Congress
of
wages
They
change.
of
mass-production
at
from the
products
gets
eight other sorts
Standards Board is
The bill under discussion
present
ments
worker
the
The
more.
prevailing
rates
occupation
the
in
more,
Labor
competition.
can
tobacco
from $14.25 in the South
fix minimum wages and
to
different
and
54%
or
millions
varying
there
tire
operative
the
in
1937.
by bars the average weekly wages paid
in
eight geographical regions of the
workers
pay
Federal
be
present
viduals
of
the
making
rates range
occupations.
At
does
workers
showing
in
shows by means
industries ranging
10
The
figures
industries
omit.—Ed.]
compiled by the National
continuous
may
diagram
all
proposed
error
the
in
in factories
factories.
than
more
we
these two extremes.
to
to
The
to
tire
includes
various
These
States
will
hour in
paid
wages
hour
an
May
in
[these
according to data
Board.
the
43c.
earnings of
1935
for
workers
varying
of
116%
the
The second
in
the
an
between
are
of
following diagrams
pay
of
"Bulletin"
earnings
two
prevailing
of
was
"The making and signing of an agreement with the
union, to become
effective omy if the union wins an election; the
calling off of the strike and
M.
Describes
confers upon
with the
industry,
persons
organizing progress
following settlement;
J.
unrestrained authority to fix for every indus¬
United States, and for every employee of each
upon
steel
Corp.:
"a virtually
tained their position that they would not enter into any
agreement, written
or oral, with the SWOC.
other
Counsel, Bethlehem Steel Corp.;
Steel
/
of five members,
the
with
Moore,
Cleveland
the
that the
notes
with Murray and the union representatives in a joint conference and
main¬
day
A.
Ayres
highest speed and with
We informed the four companies of the conversations
H.
President, Bethlehem
in that conference and in the following conference with all the
companies,
no further progress was made.
The company heads still refused to
meet
Co.;
T.
on
the Black-Connery bill—the
so-called
and hour legislation—Colonel Leonard P. Ayres, Vice-
and many
at
Tube
and
Commenting
wage
The report discussed in detail the claims of the CIO and
of company officials, detailing the various conferences held
in furtherance of the efforts of the Board to
met
Sheet
Workers and Move to Hasten Congressional Action
Bill
task will
negotiate a settle¬
ment of the strike.
The concluding portion of the
report
discussed the final conference on June 24,
saying:
Youngstown
on
mittee.
We
counsel,
as {Appalling
the
Magnitude of Task Confronting Board Which Is
to
Administer Proposed Wage and Hour Law—
Comments on Speed of
C. I. O. in Organizing
Board is
Steel Strike
on
sponsible" labor union, Secretary of Labor Perkins declared
on
Steel Co.;
Grace,
try in the
quarrel?
practical
general
Leonard
it
forbidden; that all employees affected be granted the opportunity of a
ballot before a strike may be called; that strikers be restrained
taking possession of the property of others and continuing to hold
it
and
♦
Col.
the law
from
were:
Industrial Relations Manager, Republic Steel Corp.;
President, Bethlehem Steel Corp.
to
which
to violate
June 21
on
M.
Girdler, Chairman, Republic Steel Corp.; R. J. Wysor, President, Republic
Steel Corp.; T. F. Patton General Counsel. Republic Steel
Corp.; T. F.
Veach, Counsel, Republic Steel Corp.; Wilfred Sykes, Assistant to Presi¬
allow¬
awards
and
party
employers
the employers who met with the media¬
at^the conference
Dalton, Chairman, Youngstown Sheet and Tube Co.; Frank
Purneli, President, Youngstown Sheet and Tube Co.; J. C. Argetsinger,
secret
interrupting
W. O. C.
|a H. G.
demands; that strikes be forbidden
or
strikes to
demands
"Re!)resentatives of
tion Board
coercion from
determining whether they wish to
if any, they wish to join; that strikes
agreements
organization
Federal
defects
previous presentation of
of
to accept;
the
in
source
union,
the
other
reasonable time to consider the
of
ance
be
National
responsibilities
the consideration
Congress
fair
not
in
and not just
source
join
also,
S. W. O. O., David Watkins, District Director, Johnstown, Pa., S.
during
are
just,
to
has
directing atten¬
Congress
are essential to protect the public interest?
clearly necessary in the case of the Federal Govern¬
and it is to be hoped they will be made a part of the law.
problem,
in
to
their conduct which
limitations
ment,
any
law
existing
before
Is it unreasonable to require labor combinations to
tions upon
C.; Van A. Bittner,
Ora E. Gasaway, International Board member, U. M. W.; Vincent Sweeney,
Act.
teed
I. O.; Philip Murray, Chairman, S. W. O. O.
David J. McDonald, Secretary-Treasurer, 8. W. O.
against
strikes
has been
discussed
what later became
on
► John L. Lewis, Chairman, C.
Western Regional Director, S. W. O. C.; Lee Pressman, General Counsel,
Publicity Director. S. W. O. 0.
serious
many
Association
These
years.
first
tions
but
who^were parties to the conferences
were:
John Owens, President, District 6 (Ohio), United Mine Workers of America;
picketing of government agencies.
or
with the Board
there
be,
may
forbids
whose
July n, 1937
The union members
govern¬
the
people and interested in the
welfare of all employees should be subjected to demands
by
The Association further declares:
organized minorities.
It
Chronicle
of
this
year,
one
as
might
hand, if the
rapid
well
as
it
wonder
bill could be enacted.
the return of all the
men to work, the holding of a secret ballot
election in the
company's plants by the National Labor Relations Board; the agreement to
go into effect if the union wins, and to be torn up if the union loses."
The companies refused this proposal, as well
of it, such as an oral
as
suggested modifications
understanding to be recorded by the board, put in
writing and filed if the union should win the election.
The conference then
adjourned.
We
met
Youngstown Sheet & Tube Co. Concludes Pact with
C. I. O., Ending Strike—7,000 Return to Work—
2 Killed in Rioting at Massilon,
Ohio, Plant of
Republic Steel Corp.—Indictments for Obstruction
of Mails
Thursday afternoon
ported to them the result of
with
our
the
union
representatives
conference of the morning.
and
re¬
While the
union representatives did not
definitely accept the proposal we had made to
the companies, they did say that they would be
glad to negotiate on that
basis.
After further consideration the Board decided, in view of the
attitude
of the companies, that it could not accomplish
anything further by way of
mediation.
We did agree, however, to hold ourselves in readiness
for
any
further service in the situation, and both sides indicated that if
they thought
we could be of any further service
they would be glad to call on
us.
After the conference adjourned the four companies handed us a
joint
The Inland Steel Co. handed us a separate statement.
Steel mill operations increased further this
week, as the
Youngstown Sheet & Tube Co. and representatives of the
Committee for Industrial Organization reached an agreement
ending the strike in the company's plants at South Chicago
and Indiana Harbor, Ind.
The agreement was concluded
through the intermediation of Governor Townsend of Indiana.
On July 13 the Youngstown plants were
opened, thus ending
the 47 day steel strike which had affected four
companies
with plants in seven States.
Our most recent reference to
statement.
the
We cannot but believe that the bitterness and
suspicion which separate
the two sides would be allayed by a man-to-man discussion
around the
page
conference table between the heads of the four
companies and the union
representatives, and that the only present possible hope of settlement lies
in such meeting.
We further believe that the refusal of the four
companies to enter into
any agreement with the S. W. O. C.
regardless of the number of employees
whom it actually represents, which could be demonstrated
by a secret ballot
election, is not the way to industrial peace.
strike
was
contained in the
"Chronicle"
of
July 10,
218.
The
headquarters of the C. I. O. at Massilon, Ohio, were
on
July 12 after a riot at the plant of the Republic
Corp., when striking pickets battled police.
Two men
were killed and 15 were
injured in the riot.
On July 14 a Federal Grand
Jury at Cleveland indicted
nine men for obstructing the mails at steel
plants in Ohio
affected by strikes.
Representatives of the Department of
closed
Steel
Volume
Financial
145
Justice said they would be tried "as speedily as possible."
Associated Press advices of July 14 from Cleveland described
the indictments
The clash occurred
a
controversy between Republic Steel Corp.
and the Post Office Department, which refused to m:.ke other than
deliveries
strike-affected
to
Republic officials charged O.
plants.
mail
intended
for
delivery
at
the
I. O.
plants.
position with the assertion the department would not subject its employees
Bloodshed followed
a
This
A.
Farley seeking to force him to accept parcel-post shipments.
action
The corporation made
pending.
is
reduction
carbon
and
Witnesses said
truck headed for the mill was surrounded by pickets and officers charged
The
said
company
taken
the
that
and
power,
Dam, 35 miles
$15,000,000 expansion program would be under¬
a
5,000
approximately
when the program was
The
Republic finally filed a mandamus action against Postmaster General
James
The
affected.
are
men
club fight at the plant's entrance.
a
the picket line.
danger in passing picket lines.
to
3,000
plants of the company, employing 1,500, had continued in operation.
"normal"
The
Senate Post Office Committee which made a preliminary investigation,
heard Assistant Postmaster General W. W. Howes uphold the department's
"censoring"
were
men
mill, closed
be increased.
Approximately
The indictments followed
the company reopened its fabricating
as
18. when workers walked out demanding that the basic hourly
since May
wage
follows:
as
373
Chronicle
employees
would be doubled
completed.
the announcement said,
away, over a
would be delivered from Norris
154,000-volt transmission line, just completed
by the Tennessee Valley Authority.
unsuccessful
numerous
attempts to mail food into plants where men remained at work in
the face
effort to obtain signed bargaining
Boy Scouts' National Jamboree in Washington—Vis^t
of President Roosevelt to Encampment
Resumption of work at the Youngstown plants was re¬
ported as follows in an Associated Press dispatch of July 13
from East Chicago, Ind.:
Approximately 30,000 Boy Scouts from 48 States and 24
foreign countries attended the annual National Jamboree,
which was held in Washington from June 30 to July 9. Presi¬
dent Roosevelt, Honorary Scout Leader, toured the Scout
Encampment on both sides of the Potomac River on July 7.
Again on July 8 President Roosevelt visited the encampment,
where he and Mrs. Roosevelt, riding in an open car, passed
in review before the Scouts.
From Washington July 8 United
of the strike called
by C. I. O. in
an
contracts.
Controversy over who had "won" the strike abated little.
pany,
posted large signs at each gate.
one,
The com¬
re-asserting its position that no agreement had been made with any
They read:
"Notice—We have not made any agreement or contract with any official,
person or
This plant is
organization.
for work
open
on
the conditions which
existed when work was stopped May 26,1937."
Van A.
Press advices said:
Bittner, Regional Director for the Steel Workers' Organization
The review, with the boys standing still and the President driving be¬
Committee, repeated his contention that the company had made an agree¬
Clifford Townsend and that the union
ment with Governor M.
was
showing
W.
Gillies, Sheet and Tube Vice-President in charge of production,
B.
7,000 employees in the Calumet
some
area
which resumed partial operations a
week
a
ago,
When the strike began,
smaller one in South Chicago,
and a small one in Evanston,
May 26,
than 70,000 employees of Sheet
more
Island Steel Co. were
Later the Bethlehem Steel Corp.'s Cambria plant
of work.
In
Pa., employing 15,000 was closed, but soon reopened.
at Johnstown,
the last three weeks all of the mills have returned to at least partial opera¬
tions, and one company—Inland, employing 13,000 in the Calumet
—resumed fully after a truce arranged through
district
Governor Townsend.
+.
Workers
Union
Aluminum Co. of America in
ment
Strike
Seven-week
End
Bars Discrimination
Alcoa, Tenn.—Agree¬
,
members of
strikers,
turned to their
ended
was
of
Plants
at
The seven-week strike at the Alcoa, Tenn.,
Aluminum Co. of America
on
plants of the
the Aluminum Workers Union, re¬
jobs during the week.
The Company
em¬
The
hour.
an
almost
unanimously
an
on
This action
return to work at the Alcoa mill.
by
July 11
was
to
hastened
appeal from William Green, President of the American
Federation
reported
as
of
Labor.
conclusion
The
of
the
strike
announcing
their country
strong.
During the Jamboree Scouts visited the Chamber of Com¬
merce of the United States and saw a series of performances
of a program which the Chamber arranged for their benefit.
An announcement by the Chamber on June 28 said:
The
will begin with an address of welcome that will contain
program
Rodda,
fire
a
a
visual
lecture,entitled "Fire Hazards in Action" by William H.
preventionjexpert representing
a group
of fire insurance
com¬
The third item on the program wih be the sound film "Once Upon
panies.
a
This address will be followed by
surprises for the boys.
some
Time," which is an animated^street-safety cartoon that is full of action.
This film is being
furnished by^the Metropolitan Life Insurance Co.
The
concluding number will be a motion picture with sound entitled "The High¬
lights of the 1936 Olympics."
This sport film will be of interest to boys of
nationalities.
aU
It is also planned
to^have George H. Davis, President of the National
the
decision,
Fred
who resigned today as
Wet more,
other officials of the Chamber talk
delegations
receive
a
will
that
visit
informally to the boys in the various
Chamber
the
headquarters
Each
boy
will
souvenir program containing pictures of the Chamber building.
About 1,000
was
follows in Associated Press advices of July 11 from
Alcoa:
In
Cars containing members of the Cabinet and Senators and
Representatives followed the one in which the President and
Mrs. Roosevelt rode during the review on July 8.
In a
radio address from London July 6 Lord Baden-Powell,
founder of the Boy Scout movement, urged the youths at¬
tending the Washington Jamboree to be good friends and
promote unity rather than partisanship in order to make
Chamber: John W. O'Leary, Chairman of the Executive Committee, ank
voted
strikers
by reviewing a replica of the "Summer White House"
Eagle Scout badge on Franklyn St. John, of Poughkeepsie,
demonstration and
a
15 cents
and pinning an
July 11 and the
force of 5,200.
The strike was started on May 18
when 3,000 workers walked out in demand for elimination of
an
18-cent-an-hour differential between
the
Company's
plants at Alcoa and New Kensington, Pa.
Previous refer¬
ence to the strike appeared in our issue of May 22, page 3432.
It is stated that the wage differential now amounts to about
ploys
and ended his trip
N. Y.
and Tube, the Republic Steel Corporation and the
out
The Chief Executive paid his first visit to the 350-acre "tent city" yes¬
terday afternoon when he drove through the camp for more than an hour
suburb of Chicago, which had remained open.
thrown
devised by Scout leaders to spare the Scout*
reviewing stand.
of Indiana and Illinois
had lost about $2,000,000 in wages during the shutdown.
|i In addition to the "harbor" plant, there is
was
fatigue and possible heat prostration of a long march past a Presidential
"good faith and our responsibility as parties to a compact."
estimated
tween the double line,
American Scouts accompanied by the 500 from
Holland, where
the 24 foreign countries sailed this week for
the great world jamboree of Scouts will be
held beginning
late this month.
President of the local union, said:
"The union
voted
almost
unanimously to return to work after I had
John L. Lewis of C. I. O. Plans Union to Include State,
pleaded with them for three-quarters of an hour to do so."
He declared he had resigned at the suggestion
sonal representative
the good of the
union."
E. M. Chandler, Superintendent
Service
of shifts "
He added that the company "deeply deplores
men
Alcoa
were
the union men and hope
"They have been told to report
jobs for all of them," he asserted.
to their foremen for assignment
and
the incident Wednesday,"
killed and 28 wounded in a gun battle between strikers
officers.
Mr. Dillon left tonight for Washington,
saying he would report to Mr.
Green and recommend that "he appoint some one to assume
the
local
leadership of
union."
Mr. Wetmore said that the union did not vote on whether to
withdraw
charges he filed with the National Labor Relations Board yesterday that the
company
failed
"As far
as
"to
Strike Introduced in House—New York State Civil
of the fabricating mill, said the strikers
work tomorrow.
"We will not discriminate in any way against
when two
from
of William Green, President of the A. F. of L., "for
had been told to report for
to have
County and Municipal Workers—To Be Distinct
Recently Created United Federal Workers of
America—Bill Penalizing Federal Employees Who
of Francis J. Dillon, per¬
Under
closing of the mills and these
reopened on July 8 when some of the non-union workers
the plants.
On the preceding day two men were
killed, 20 were shot and many were injured in a fight between
strikers and police outside the gates of the plant.
Order was
finally restored after troops had been called. Associated
Press advices of July 7 from Alcoa described the riot as
entered
follows:
strikers
and
four
policemen
were
with bullet wounds following the battle near
plant.
Tonight
company
officials said
officer,
was
a
carried to the hospita
check revealed that at
battle.
least
W. M. Hunt,
machine-gun company of Tennessee National Guardsmen from Knoxville.
of
name
the
union will be entirely
new
the
special squad from Nashville to handle tear gas and riot guns were ex¬
Adjutant General R. O. Smith
arrived from middle Tennessee to take charge of the troops.
the national
of
15,000 members
union, it was said by 0. I.
of the American Federation' of
0. officials, would
State,
County and
Municipal Employees which was reported leaving the American Federation
of Labor to affiliate with the rival Lewis-controlled C. I. 0.
In addition,
it
was
the
estimated
Pacific
C. I.
there
are
some
5,000 members
St. Louis and
in
Coast,
unions
of other local
on
other cities who have petitioned the
0. for affiliation.
The
C.
I.
0.
announcement
said:
organization should promote a better understanding
between the Government employees and the public, secure a higher standard of
efficiency In service and provide adequate machinery for the adjustment of grievances
or disputes within the limits of law and sound public policy."
such
"Undoubtedly
Following
an
President
be
that there
can
statement
Roosevelt's
recent
warning
to
Federal
employees
C. I. 0.
strike against the National Government, the
said:
"The general
no
methods to be employed by this union in achieving Its aim shall
The use of strikes or picketing by the union
policy of this organization."
.
be that of legislation and education.
shall be deemed a violation of the
Police
Infantry companies of Guardsmen from Athens and Elizabethton and a
the
Nucleus
The union had abandoned its picket line.
pected to reach Alcoa before midnight.
De¬
According to the Washington "Post,"
separate from the recentlycreated United Federal Workers of America for employees
of the National Government.
The same paper stated, in
the
shot in the abdomen and was in a critical condition.
Meanwhile, shifts changed at the mill tonight under the protection of
a
Movement
municipal employees.
the gates of the fabricating
officers suffered pistol or club wounds in the
II
an
any
State, County and Municipal
L. Lewis, Chairman of the Com¬
mittee for Industrial Organization, announced on July 12
the formation of a union to embrace State, county and
"the charges will be pursued."
were
Seventeen
Resist
Workers of America, John
be
The strike had forced the
to
part:
bargain collectively."
I know," he declared,
Employees
stroying Their Unity
as
officers,
executives
from
.
.
military forces, fire-fighters, education workers,
with
authority
to hire
and
fire,
are
specifically
as
well
exempted
possible membership.
During the intensive organization drive there
no initiation fee, but membership dues will be $1 a month, "prop¬
will be
erly distributedi" between the local union and the national office.
374
f
H
Financial
^
Chronicle
The remarks
;
oil July 9 by President Roosevelt that gov¬
workers are permitted to join unions but that the
ernment
government
make
cannot
While Governor Bailey declined to forecast the
political effects of Senator
Robinson's death it
special election to
collective
bargaining agreements
July 10 issue, page 219.
On July 12 Representative Hoffman
(Republican), Michi¬
referred
was
to
in
to serve
our
It
making it unlawful for any per¬
group to influence a strike among Federal employees.
or
provides
A
fines
statement
union
by
given as follows in United
was
.
for the adjustment
of grievances
arising through
their
em¬
ployment.
Realizing their inadequate protection because of their inability to take
grievances
individually,
numerous
groups
of these employees
have
local organizations through which it was
proposed to promote their
ments and
have applied to the
units
C.
I.
0.
for
charter
a
The
tion
C.
I.
0.
several
of
has
and has
State,
and
county
municipal
the
to
the need of
recognized!
problems affecting
national
a
employees which
would
politics for
organiza¬
provide
ma¬
Vice-President
of
the
has
and
has
the
opened
ventures
advices from
which
movement
any
State
would
demoral¬
as
destroy
C.
I.
by Mr.
Brind
A.
0.
"While
with
membership
a
nomic
on
15,000,
Eulogized
President
of
Despite party
and
necessary
social
or
as
group,
said in
and
county
letter to
a
of the nearly 40,000,000 unorganized,
of the United States is
development
this Association must
a
wholly
of national
denounce
Tuesday
or
Friend and Leader
as
legislative differences the Senate, stunned by the sight
a
Funeral services will be held in the Senate chamber at
the State
to the fullest
means
well-being,
will be summoned for
Robinson, heard eulogies of him as a leader
friend voiced from all sides of the chamber
by all factions.
The
spirit of grief was unmistakable.
an¬
eco¬
dishonest
as
noon on
Friday.
At 6 o'clock the body will be taken to Little Rock for burial.
Mrs. Robinson, who rarely has left her husband's
/
complete organization
caucus
of the vacant chair of Senator
followed
throughout the Nation.
Jr.,
A Democratic Senatorial
Wednesday.
Chairman:
the
and
of
Lewis that he intended to organize municipal,
salaried andi wage-earning men and women
desirable
confronted with
was
the maQuiet campaigning has been in progress for weeks
the assumption that the Senator would be
appointed to the Supreme
Court.
their
that day, which added:
on
Association,
employees
Charles
the
Albany
the
of
nouncement
the outcome
to
as
another fundamental division—a fight over the
successorship to
present unity" was given by the Association of State Civil
Service Employees on July 14, it was stated in United Press
and
deeper shadow of doubt
as the White House was
concerned, although it was declared that
fight for passage of the Court Bill would go forward with no modification.
joritity leader's post.
Warning to Mr. Lewis that it would "resist
Action
as
President
over
judiciary.
Immediately the Democratic majority in the Senate
building in which the C. I. 0.
housed.
izing
conspicuous figure in national
a
the terrific strain he had endured
Deal, specially in the fight
far
so
been named Executive
organization
new
offices in Washington in the
York
follows:
as
Marshal of the
relations with Congress cast a
York
the New
administration Senate forces in the court
reorganization
conflict, the majority leader's death at this crisis in President Roosevelt's
trations.
Flaxner of New
14 to
Roosevelt's proposals to reorganize the Federal
chinery to establish, in the interest of the service, a cooperative working
between them and their respective governmental adminis¬
Abram
Arkansan,
was attributed to
years,
Senatorial leader for the New
relationship
is
Washington dispatch of July
The death of the 65-year-old
given serious consideration
groups,
the
engagements for the day, including the regular
"Times" reported the death of the Senator
of
affiliation.
these
race at
President and Mrs. Roosevelt attended the State funeral
in the Senate Chamber yesterday (July 16) the
White House group including Stephen T.
Ealry and Marvin
H. Melntyre, Secretaries to the
President, and Capt. Paul
Bastedo and Col. Edwin M. Watson, White House naval
and military aids.
The President canceled all appoint¬
A
local
several
Senatorship to succeed Senator Robinson, and make the
;
welfare.
These
Friends of the Governor
weekly Cabinet meeting.
formed
common
has been created must be filled
ceremony
Employees of State, county and municipal divisions of our government
long felt the need of an organization to promote their welfare and
up
a
a vacancy as
special election to be held within 120 days.
special election.
new
have
means
and that he would not appoint
any one
It is generally expected that Governor
Bailey will declare his candidacy
Washington, July 12:
provide
a
for the
Press accounts from
said by associates that he
probably would call a
said he would call the election well within that
limit.
and
imprisonment for violation.
Mr. Lewis in explanation of the
was
name a successor
during the meantime.
The law requires that such
by
gan, introduced a resolution
son
Mv
Rock.
She broke down when
consult
her
over
the
a
group
telephone
about
side
in
was
Little
of Senatorial leaders attempted to
the funeral arrangements.
She
prepared to leave this afternoon by train to be here for the ceremonies
Friday. The Robinsons had no children.
'
on
.
attempt
any
disrupt this
to
efficiency and vision
in
group
of organized workers which
dealing with
its
has
shown
problems."
President
still in
the
Death
Senator
of
Robinson
Leader—Funeral
Body
to Little
President and Others
Senator
Is
Sent
Robinson
of
Services
of
Arkansas—Majority
Held
Senate
in
Rock,
By
Arkansas,
on
Robinson.
A
statement
by President Roosevelt in which he said
passing of a greatly beloved friend
whose fidelity through long years never wavered," was one
of the many tributes to the late Senator,—Cabinet members,
Senate and Representatives, as well as various State officials,
and others, joining in eulogizing the Senate majority leader.
President Roosevelt's statement, issued July 14 follows:
"I personally mourn the
In the face of
a
dispensation
swift in its coming and
so
loss it brings to the Nation we bow in sorrow.
A soldier has fallen with face
to
so
tragic in the
A pillar of strength is gone.
Robinson
long
years
best
Mindful of the
never
wavered.
recognized in
needs
of the
him
Those
the
faithful
in
performance.
knew
Joseph
Taylor
of true liberal thought.
qualities
was
devoted always to
masses.
He
bargained where the public interest
never
was
as
high in achievement
with
temporized
as
it
principle nor
the issue.
But, day by day, through long service in high office, he brought to the
National councils the contribution of great learning and sound widsom—
a
leadership inspired by
and
a
And
courage and guided
by consummate
common sense
death found him at the last with hope unfaltering, with vision
undimmed, and with courage unafraid.
Of him well
"He has fought a good fight; he has finished his
may it
course;
be said:
he has kept the
faith."
Secretary of the Treasury Morgenthau in deploring the
death of Senator Robinson said:
"The death of Joe Robinson is
a
morning,
while
he
was
telephoned him
Mrs. Robinson.
a note to
Funeral plans and the situation arising from the death
by the President
The
at
President, it
a
luncheon
conference
with
was said at
the White
were
Senator
House, did
Little Rock, but will attend the Senate services.
an
discussed
Pittman,
not plan to
the
go
to
Vice-President Garner,
intimate friend of Mr. Robinson for decades, will
go to Little Rock from
Uvalde, Texas.
Pressure of business, it is stated, now makes it
unlikely that Mr.
seem
very
Roosevelt will be able to leave Washington,
although
there may be a change in his plans.
Body Is Found
Mary Jasper,
covered
the
a
body
on
Floor
colored maid long in Senator Robinson's service, dis¬
of her employer.
Arriving at the apartment at 110
Maryland Ave., N. E.,
before 8
across
the street from the Capitol grounds,
she found him lying on the floor
a. m.,
near his bed.
He
soon
clad
was
in pajamas.
The maid immediately notified Chesley
Jurney, sergeant at arms of the
Senate, who lives In the
apartment house known
same
as
the "Methodist
Building," since it Is owned by the Methodist Board of Temperance.
the
same
time
At
elevator
boy telephoned to Casualty Hospital.
Kennedy F. Rea, clerk of the Senate Appropriations Committee, another
resident of the building, called Dr. George W. Calver, the
Capitol physician,
and Colonel Harry M. Rutherford of the
Army Medical Corps, Senator
an
Robinson's personal physician.
Coronor A.
Magruder MacDonald,
who
was
summoned
to
the
ment, agreed with the doctors that Senator Robinson had suffered
attack and had died probably shortly after
midnight.
It
was
apart¬
a
heart
believed that
he attempted to summon aid, but died before
help could arrive.
those present concluded that Mr. Robinson, unable to
sleep,
Some of
had
been
reading in bed.
His glasses were discovered near him on the floor.
Senator Robinson, it became known to the capital
only today, had not
been in good health for some time.
His massive
energy and powerful voice all seemed
tragic loss to the Nation.
largely to his far-sighted wisdom and leadership
that
It
was
due
the Congress has
to belie such
a
condition, but Dr.
Calver disclosed that the Senator had consulted him several times
recently
about his heart, which had troubled him for six months.
Only
week before his death Senator Robinson began
(July 6) on the compromise court proposal,
reference to which appeared in these columns
July 3, page 40
and July 10, page 213.
a
debate
Death of Judge A. W. Hammarskjold of World CourtWas
devotion to duty given without selfish interest.
so
this
of his secretaries,
Besides drawing up a statement, the President
telegraphed to Governor
the
In his going Joe Robinson has left a record
was
who
under-privileged he
improvement of the lot of the
8:30
at
one
physique, unbounded
the battle.
I personally mourn the passing of a greatly beloved friend whose
fidelity
through
Early,
President pro tempore of the Senate.
majority leader of the
July 14 at his home in Washington
as a result of a heart attack.
He was 65 years old.
Im¬
mediately after his death was announced to the Senate by
Senator Caraway, the Senate adjourned out of respect to
his memory, thus ending the "legislative day" which began
on July
6 during the debate on the court reorganization
proposal. It was believed that Senator Robinson's place as
majority leader would be taken by either Senator Barkley,
Senator Harrison or Senator Byrnes.
Funeral services for
Senator Robinson were held in the Senate chamber on July
16, after which the Senate and House adjourned until
July 20. Delegations from both Senate and House went to
Little Rock, Ark., to attend burial services for Senator
Senate, died suddenly
notified
was
Stephen T.
Carl E. Bailey of Arkansas and wrote
Before
Ark.—Tribute
Roosevelt
bed.
news.
Judge
Appointed
Ake
to Bench Several Months
Wilhelm
Hammarskjold
of
the
Ago
Permanent
Court for International Justice (World
Court), The Hague,
Netherlands, died on July 7 at The Hague. He was 44 years
old.
Mr. Hammarskjold, a Swedish
diplomat and lawyer,
had been appointed to the World Court bench
only a few
months ago.
Prior to that he had been Registrar of the
Court since its foundation.
He was also a member of the
Institute of International Law.
been enabled to function with such great efficiency in these last few years."
Other tributes by Cabinet members, which we are unable
to
give because of a lack of space, were of a like tenor.
Governor Bailey of Arkansas was also one of those who
praised the late Senator; in a special dispatch from Little
Rock July 14 it was stated:
Senate
Confirms
Member
The
of
Nomination
United
States
of
A.
Tariff
Manuel
Fox
as
Commission
nomination, by President Roosevelt
on
July 9, of
A. Manuel Fox, of New York as a member of the
United
States Tariff Commission, was confirmed
by the Senate on
Volume
Financial
145
Mr. Fox succeeds Robert L. O'Brien, of Massa¬
(who recently resigned), for the unexpired term
ending June 16, 1942.
Mr. Fox has been Director of Re¬
July 12.
chusetts
search of the Tariff Commission since 1934.
J,
P.
of
Death
Haltigan,
Reading Clerk of House of
Representatives
for
Past
Patrick J.
Haltigan, reading clerk of the House of Repre¬
17 years, died on July 8 in Wash¬
ington at the age of 74. Mr. Haltigan was born in Ireland
in 1862 and at the age of 20 came to New York where he
worked as a printer for 7
years._ In 1889 he went to Wash¬
ington to become a proofreader in the Government Printing
Office in which position he remained 11 years, resigning in
1901
to become editor and publisher
of the "National
Hibernian."
Mr. Haltigan joined the House staff in 1911
and served for 26 years, 17 of which were in the capacity of
reading clerk.
Changes Made in Reorganization of Personnel
American Diplomatic Corps—Two Envoys Made
of
Assistant Secretaries of State—Assistant Secretary
W. J. Carr Named Minister to Czechoslovakia
The program
initiated by President Roosevelt and Secre¬
State Cordell Hull at the close of March to reor¬
tary of
the
ganize
personnel
resulted in
has
of the
American
They
ships.
George S. Messersmith of Delaware, Min¬
are
to succeed Mr
Carr, and
R. Wilson of
Hugh
•
•
"
J '
.
will permit
you
call
to
grateful for the services
am
hope
on
for
even
short
a
to
time
•
...
have given to the government and I
able
be spared
to think that at some future time I may be
me
again
you
you
from
if
the American people
serve
duties
the
and
work
to
you
can
which you
are
returning.
.
now
,
National Security Traders Association Appoints Com¬
mittee for Selection of Officers for Coming Year
A
nominating committee has been appointed for the selec¬
Security Traders Association for
tion of officers of National
the fiscal year beginning Oct. 1,1937.
Lawrence
of Weeden & Co., Los Angeles, is Chairman of the
S. Pulliam,
committee,
which also includes Herbert M. May, of Herbert M. May &
Co., New York; Ralph G. Randall, Fair man, Randall & Co.,
Chicago; R. J. Glas, of Moore and Hyams, New Orleans; and
Franklin O. Curtis, of Colonial Bond and Share Corp.,
Baltimore.
Dr.
Ernest
M.
The
H.
Resigns
Gruening
Puerto
many
to Austria, who was named
but the
20,
effective June 25.
said:
service
diplomatic
changes and has also brought about
several changes at the State Department at Washington.
An Assistant Secretary of State, Wilbur J. Carr of New
York, has been appointed Minister to Czechoslovakia, while
two envoys abroad have been named to Assistant Secretary¬
ister
President did not accept
Mr. Morris expressed a
desire to return to private duties.
Mr. Roosevelt accepted
the resignation "with great reluctance," and expressed his
regret that Mr. Morris found it necessary to retire.
He
Jan.
on
until June 4,
I
sentatives for the past
Many
Luxemburg
it
Years
17
375
Chronicle
Administrator
as
Reconstruction
Rico
Administration
Fairbank Appointed Acting
resignation of Dr. Ernest Gruening
of
—
Administrator
as
Administrator
of the Puerto Rico Reconstruction Administration
was
ac¬
July 13 by President Roosevelt.
At the same time
announcement was made by the Interior Department, in
Washington, of the appointment of Miles H. Fairbank as
Acting Administrator.
Mr. Fairbank is now in San Juan.
In accepting his resignation President Roosevelt wrote Mr.
Gruening in part as follows:
cepted
on
Illinois, Ambassador to Belgium, who
was appointed to succeed R. Walton Moore, recently named
to the recreated post of Counselor of the State Department.
Abroad, many important posts were involved in the changes,
cepting your resignation.
including the resignation from the service of Dave Hennen
long-range program of reconstruction of Puerto Rico has been
Morris,
initiated.
Ambassador
Belgium
to
burg, which was made known
Minister to
and
July 10.
on
Several
most recent changes have not yet received the
the Senate.
of
of
State;
nominated June 28,
of
Leland Harrison
vice
land,
Illinois,
of Illinois,
Mr. Wilson;
George S.
Grenville
T.
to
Minister to Rumania,
July
nominated
Assistant
an
as
Minister to Switzer¬
as
confirmed July 8.
1,
Assistant
an
as
nominated July 2, confirmed July 8.
Emmet
vice
Austria,
New
of
Minister
York,
The
Netherlands,
as
nominated July 6, confirmed
Messersmith;
Mr.
to
July 8.
Gordon of New
George A.
Netherlands,
vice
Ferdinand
Minister
Mayer
of
Keena
South
of
L.
Minister to Haiti,
York,
Indiana,
of
Counselor
as
Minister to The
not yet
at
confirmed.
Berlin,
July 10,
nominated
Emmet;
Mr.
Haiti, vice Mr. Gordon; nominated July
to
J.
Leo
Germany,
as
1, confirmed July 8.
Minister to Honduras, as Minister to Union
Michigan,
J.
Africa, vice Ralph
nominated July 9,
Totten;
yet con¬
not
firmed.
John
D.
Erwin of
nominated
Tennessee, as
Minister to Honduras, vice Mr.
Keena;
Bulgaria,
of Embassy at London, as
of Illinois, Counselor
A.
Frederick
vice
nominated
Sterling;
July
6,
Minister
confirmed
July 8.
S.
Hugh
Belgium
signed
Luxemburg, vice Dave Hennen Morris, re¬
July 8.
Caffery of Louisiana, Ambassador to Cuba, as Ambassador to
Jefferson
dor
confirmed
1,
nominated July
Gibson;
J.
Carr
New
of
Mansfield
Alvin
John
vice
J.
firmed
Florence
to
Mr.
H.
July
Edward
Rica;
H.
of
as Minister
May
Pennsylvania, Minister to
Cudahy; nominated April
of
Mr.
Utah,
Minister
as
March
to Irish
24.
Norway,
19, con¬
of Columbia, as Minister to
to
formerly
Minister
to
nominated
Rica;
Costa
of
29, confirmed
District
the
of
Iran
July
(Persia)
1,
con¬
April 19.
Columbia,
Minister to Finland, vice Mr.
April
Schoenfeld;
Caldwell
Fred
Claiborne
Morris
Sweden,
vice
Albright; nominated March 29,
Laurence A.
of
March 29, confirmed April 19.
Minister to Portugal, as Minister
Texas,
Pell
Rhode
of
Island,
as
Minister
to Portugal,
19, confirmed May 20.
Ambassador to Peru,
Steinhardt; nominated March
vice
nominated April
Dearing of
Laurence
A.
Missouri,
Minister to
29, confirmed
as
Steinhardt of New York,
Minister to Sweden, as Ambassador
vice Mr. Dearing; nominated March 29, confirmed! April 19.
Dave
dent
Lindley, and he is also a member of the Law Com¬
mittee, both of which positions he retains.
Reference to
Mr. Davis'
July 3
,
appointment
49.
as
Chairman
was
made in
our
issue
page
President of the New York
July 14 resigned as a member of
the New York Stock Exchange Advisory Group, which
meets
regularly with the Governing Committee.
Mr.
Williamson became a member of this group in September,
1934.
He also has been a member of the Conference Com¬
Frederick
E.
Williamson,
Central RailroUd Co., on
D.
Fraser
Nominated for
Presidency of
Mortgage
Bankers Association of America
President of $l. D. Fraser, Inc. of Cleveland,
to the Presidency of the Mortgage
Bankers Association of America at the organization's 24th
annual convention next October in Cleveland, according to
an announcement issued
July 13 by the nominating com¬
mittee headed by W. Walter Williams of Seattle.
Mr.
Fraser was named the nominee by the committee in its
A. D. Fraser,
for
slated
election
report of July 13 and his nomination is tantamount to elec¬
tion.
Mr. Fraser, a member of the Association's Board of
Governors since 1931, succeeds James W. Collins, President
Trustee
of
Loan & Trust Co. of Salt Lake City.
He is a
Cleveland Real Estate Board and former
of the Cleveland Apartment
House Owners'
the
Association.
Hennen Morris
Roosevelt
as
submitted
his resignation to Presi¬
Ambassador to Belgium
Twentieth
Century Fund Adds Five New Members to
Board of Trustees
nominated
April 19.
to Peru,
was
Allen L.
President
Minister to Dominican
Norweb; nominated April 19, confirmed April 27.
Bolivia, vice Mr.
Caldwell;
In 1927 he
19.
Granville
Herbert
first associated with the firm in 1919.
of the Tracy
vice Mr.
Robert
was
appointed chief statistician, serving in this position until
Jan. 1, 1939, when he became a general partner.
Howland S. Davis has resigned as a member of the Com¬
mittee on Foreign Business, it was announced by the Ex¬
change on July 14.
Mr/ Davis recently was appointed
Chairman of the Committee on Business Conduct, succeeding
is
Henry Norweb of Ohio, Minister to Bolivia, as Minister to Dominican
Republic,
Mr.
as
Albright of Tennessee, Minister to Finland, as Minister to . Costa
as
confirmed
State,
nominated April 19, confirmed April 27.
Biddle;
Schoenfeld
Republic,
R.
Free
1.
nominated
F.
Jr.
vice
Poland,
Hornibrook
Afghanistan,
firmed
Biddle
Jaffray Harriman of the District
vice
William
The Governing Committee of the New York Stock Ex¬
change at its meeting held July 14 appointed F. Dewey
Everett a Governing Member to fill the vacancy created by
the death of Thomas H. Gammack, until the next annual
election.
Mr. Everett, a partner of Hornblower & Weeks,
A.
27.
April
Norway,
and
Irish
to
nominated May 19, confirmed
Mr. Owsley;
Drexel
Ambassador
as
Minister
Texas,
Cudahy of Wisconsin, Ambassador to Poland;,
Anthony
Appointed
Stock Exchange—S.
of State, as Minister
Denmark; nominated May 19, confirmed May 24.
Free State,
Everett
Wright; nominated July 2, confirmed July 8.
of
successfully
mittee and the Law Committee.
1, confirmed July 8.
York, Assistant Secretary
Owsley
reluctantly ac¬
Minister to Czechoslovakia, as Ambassa¬
Wright of Wyoming,
Czechoslovakia, vice Mr.
Minister to
to
Minister to
Cuba, vice Mr. Caffery; nominated July 1, confirmed July 8.
Wilbur
to
Mr.
Butler
to
also
nominated! July
;
Brazil, vice
J.
California, Ambassador to Brazil, as Ambassador to
Gibson of
and
am very
only because I realize that you have, in the last two years, been
York
of
July 9, not yet confirmed.
Ray Atherton
to
D.
pro¬
confirmed July 2.
Messersmith of Delaware, Minister to Austria,
Secretary of State;
Minister
Minister to Switzerland,
Wilson
E.
Hugh
Secretary
of June 7, I
Governing Member of New
Howland Davis Resigns
From Committee of Foreign Business and F. E.
Williamson from Advisory Group
F.
started:
gram was
so
overburdened with these duties and that under your administration the
all the
reorganization
since the
occurred
I do
of the
confirmation
The following is a complete list of
that have
changes
Luxem¬
In accordance with your request
and Minister to
The Twentieth
Century Fund announced June 28, through
its President, Edward A. Filene, the addition of five new
members to its Board of Trustees.
They are: Francis
Biddle, of Philadelphia, Pa.; Robert H. Jackson, of Wash¬
ington, D. C.; Robert S. Lynd, of New York City; Charles
P. Taft, of Cincinnati, Ohio; and Harrison Tweed of New
York City.
The present members of the Board who have been re¬
elected, comprise: A. A. Berle, Jr., Chamberlain of the City
of New York.
„
Financial
376
Henry S. Dennison, President of the Dennison Manu¬
facturing Co.
John H. Fahey, Chairman of the board of directors,
Home Owners Loan Corp.
Edward A. Filene, Boston merchant.
Oswald W. Knauth, President of the Associated Dry
Goods Corp.
Morris E. Leeds, President of Leeds & Northrup Co.
James G. McDonald, member of the editorial staff, New
York Times; and
Roscoe
Pound, Professor of Jurisprudence,
Harvard
University.
Regarding the new trustees we take the follow¬
ing from the announcement by the Twentieth Century
Fund, Inc.:
•
Lynd, who is Professor of Sociology at Columbia
University, is best known as co-author of "Middletown" and "Middletown
social studies of a typical mid-western city.
in Transition,"
Mr.
Taft is
Cincinnati lawyer who has been active in Governmental
a
reform in Ohio and was recently a member of the Steel Mediation Board,
appointed by President Roosevelt.
Mr.
Biddle,
a
National Labor
Committee
on
Philadelphia attorney, was formerly Chairman of the
Relations Board.
He has served
on
the Fund's Special
Taxation, which recently published a report of its findings
under the title, ' Facing
the Tax Problem."
Mr. Jackson is Assistant Attorney General of the United States.
►
Mr. Tweed, a prominent
July n, 1937
Industrial Savings Bank of New York
Bruce Bliven, editor of the New Republic.
Of the new trustees, Mr.
Chronicle
New York lawyer, isAaApartner in the firm of
City, to fill a vacancy
by the death of William E. Barett in March.
caused
0
General Motors
The
Acceptance Corp., New York, re¬
ceived permission on July 7 from the New York State Bank¬
ing Department to open a branch office at San Bernardino,
Calif.
•
-
•
Sterling National Bank & Trust Co., New York,
$5,619,562 three months ago and $11,536,419 a year ago.
Cash holdings have risen to $9,320,920 from $8,709,636
three months ago and $6,434,615 a year ago while
holdings of
U. S. Government bonds have been reduced to $2,280,867
from $2,731,756 three months ago and
Holdings
1936.
30,
of
State,
Clinton
I
Trust
Co., New York, reports total assets of
as of June 30 compared with $8,974,646 on
Deposits increased to $7,763,355 compared with
three months ago.
Capital stock remained un¬
$600,000 while capital notes of $150,000 showed
$9,099,234
of Credit Men
March 31.
Paul Fielden of the Norton
Co., Worcester, Mass.,
was
elected President of the National Association of Credit Men
Chicago, June 21 to 24.
Mr.
Fielden has been in close touch with the affairs of the Na¬
having been
a
a
director in 1934 and Vice-
credit man, Mr. Fielden has been
engaged in credit work with the Norton Co. for 17 years,
10 years as Assistant Credit Manager and seven years as
Credit Manager.
Previous references" to the addresses
made at the convention appeared in our issue of June 26,
pages 4262 and 4271.
ITEMS
ABOUT
TRUST
BANKS,
COMPANIES,
&c
The
membership of A. C. Israel, on the New York Coffee
and Sugar Exchange, was sold on July 14th, to Jerome Lewine for $5,000, off $200 from the previous sale.
On the
same Exchange, the Membership of Charles Slaughter, was
sold on July 15th, to S. J. Sklenker for $5,200, an increase of
$200 from the sale transacted on the previous day. |
♦
At the
July meeting of the Board of Trustees of the Bank
for Savings, New York, held on July 14, Thomas A. Cornwall
was elected Assistant Comptroller.
Mr. Cornwall has been
with the bank sixteen years.
$7,603,431
changed at
a
reduction of $50,000 compared with March 31.
and undivided
profits
were
Surplus
unchanged at $502,624.
*—
The June 30 statement of condition of the
Empire Trust
Co., New York City, reflects the sale of 50,000 additional
shares of $10 par value capital stock at $25
per share.
This
transaction resulted in an increase of $500,000 in the
capital
account and $750,000 in surplus and undivided
profits. The
capital on June 30 amounted to $3,500,000, as compared
with $>3,000,000 on March 31, while surplus and undivided
profits on the latest date totaled $4,859,709 against $4,069,978 on March 31; the total increase in surplus and undivided
profits for the period was $789,731 of which all but $39,731
resulted from the stock sale referred to above.
the bank on June 30 were in amount of
Deposits of
$68,852,934, com¬
pared with $79,873,648 at the end of the first quarter;
deposits at the end of June were made up of $5,079,201 of
time deposits and $63,773,733 of demand deposits.
Assets
at the latest date totaled $77,369,853,
compared with $87,069,423 March 31.
Of the assets $22,406,519 represented
cash in vaults and banks (against $25,978,560 March
31);
$12,923,767 United States Government securities (compared
with $15,828,763),
and $21,181,183 street and demand
collateral loans
♦
(against $21,657,199).
»
The New York State Banking
Department on June 26,
approved plans of the Guaranty Safe Deposit Co., New
York, to reduce its capital stock from $400,000 consisting of
4,000 shares of the par value of $100, each share, to $250,000
to consist of 2,500 shares of the par value of $100 each.
The
reduction became effective at the close of business June 30,
1937, thus starting July 1, 1937 with the reduced capital of
$250,000.
approved
When the World War broke out he
was
traveling in the United States, and unable to return to Ger¬
many, he devoted his attention to the relief of interned
Germans in this country, this work gaining for him the con¬
fidence of the State Department.
After the war Mr. Bosch¬
witz decided to remain in this country and became a citizen.
In 1920 he organized the New York Hanseatic Corp. to aid in
the resumption of German-American trade relations. Begin¬
ning in 1923 the firm's activity shifted increasingly to the
financial field.
To-day the New York Hanseatic Corpora¬
tion are dealers in American Bankers' Acceptances, U. S.
Government securities, New York bank stocks and foreign
securities.
York
an
State
Banking
Department
increase in the capital
River Trust Co.,
stock
of
June
on
the
28
Hudson
Hudson, N. Y., from $125,000 to $175,000.
0
Concerning the affairs of the closed Jeffers i Trust Co.
of Hoboken, N. J., the "Jersey Observer" of
July 10 carried
the following:
A
Boschwitz, founder & President of the New York
Hanseatic Corp., dealers in Government securities and
bankers' acceptances, died on July 12 at his office 37 Wall
Street, New York City, of heart disease.
He was 60 years
old.
Born in Filene, Germany, Mr. Boschwitz had been in
New
The
♦
Carl
the textile business.
$1,822,226 from $2,-
on
Paul Fielden Elected President of National Association
As
to
March 31,1937, and $5,840,918 on June 30,1936.
Deposits have increased to $26,407,052 from $26,394,446
three months ago and $24,806,262 a year ago.
Resources
total $30,744,286 compared with $31,058,001 three months
ago and $28,459,524 a year ago.
Surplus and undivided
profits have increased to $1,585,910 from $1,553,547 three
months ago and $1,104,917 a year ago.
851,215
♦—
»
tional Association,
President in 1935.
$3,854,945 on June
municipal and corporate
likewise have been cut
securities
Milbank, Tweed, Hope, and Webb.
at the annual convention in
July 1
on
disclosed in its statement of condition as of June 30, that
its loans and discounts have increased to $16,374,646 from
second
Hoboken
dividend
was
directed
of
5%
on
the assets
by Vice-Chancellor
of
the
Jefferson
Egan yesterday
before last Christmas the court directed payment of
The bank has been under liquidation by
a
Trust
since
September,
of
Just
dividend of 10%l
Banking Commissioner
Withers
Co.
(July 9).
Carl
K.
1935.
0
In its condition statement as of June 30, the
Fidelity
Union Trust Co. of Newark, N. J., shows total resources of
$160,132,490 as compared with total assets of $157,073,626
March 31, last, and total deposits of
$142,726,371 as
against $140,572,842 on the earlier date.
The principal
items making up the assets in the present
report are: Cash
and due from banks, $26,316,263; United States
Government
obligations (direct or fully guaranteed), $46,621,488; loans
and discounts, $49,221,848,
and bonds and mortgages,
$10,160,180. On the liabilities side of the statement, capital
and surplus, at $8,000,000 and $5,500,000,
respectively,
remain unchanged, but undivided profits_ have risen
to
$2,022,207 from $1,396,387 on March 31.
on
♦
0
Guaranty Trust Co. of New York announces the appoint¬
ment of R. Tupper Barrett as Joint Manager of its Paris
Office.
Mr. Barrett was formerly Assistant Manager of the
Paris Office.
Charles S. W. Packard, Chairman of the Board of Direc¬
tors of the Pennsylvania
Company for Insurances on Lives &
Granting Annuities of Philadelphia, and for more than 30
of the best-known
financiers of that
city, died
Square, Philadelphia, on July 9,
after a prolonged illness.
Prior to 1934, when he resigned
and became Chairman of the Board, Mr. Packard for
35
years was President of the Pennsylvania Company.
Born
years
♦
one
at his home in Rittenhouse
The
statement
of condition
of
the
Banca
Commerciale
Italiana Trust Co. of New York, as of June 30, 1937, shows
total deposits of $12,474,023; resources, $16,245,897; cash
hand and due from banks, $5,839,065; U. S. Government
obligations, State, municipal and other bonds, $3,535,923;
loans, discounts and banker's acceptances purchased, $1,965,445; capital and surplus, $2,750,000; special reserves
and undivided profits, $107,661.
on
♦
John T. Smith, Vice-President of General Motors
was
Corp.,
recently elected to the Board of Trustees of the Emigrant
in
Philadelphia on June 30, 1860, Mr. Packard was educated
Rugby Academy in that city, later entering the Univer¬
sity of Pennsylvania, from which he was graduated in 1880.
at
Two years later he began his business career
to
the
until
Philadelphia
1887.
Warehouse
At that time he
was
Co.,
where
as
he
Secretary
continued
named Treasurer
of
the
Washington Manufacturing Co., a position he held for five
years.
Attracted to the banking field, Mr. Packard in 1892
Volume
-
Financial
145
joined the Pennsylvania Company as Auditor and the fol¬
made Treasurer.
During the next few
he advanced rapidly, and in 1899 was elected Presi¬
lowing
years
year
of
dent
was
institution.
the
His
other
interests
of the Philadelphia
Co., but retained until his death a trusteeship
Life Insurance Co., was a Manager of
the Philadelphia Saving Fund Society and a director of a
large group of insurance companies.
Navigation
of the Penn Mutual
G.
William
Littleton,
Vice-President
a
the
of
Fidelity-
Philadelphia Trust Co., Philadelphia, Pa., from 1915 until
his retirement last February, died in the Hahnemann Hos¬
pital, that city, on July 11.
Mr. Littleton, who was 69
old, was born in Philadelphia and was graduated
Law School in 1888.
Shortly after
years
from the Pennsylvania
being admitted to the Philadelphia Bar, he became associ¬
ated with the Fidelity Trust Co.'s trust department.
Mr.
Littleton
the author of books
was
and
indicating that the defunct Citizens' National Bank of
In
Pa.,
to
was
pay
final
a
beginning
dividend,
July 7, the Philadelphia "Record" of July 6 said:
C.
J.
Maschke, receiver
row
of
In
its condition
Bank
tional
Citizens'
National Bank of Jen¬
that distribution will begin tomor¬
(July 5)
dividend to all depositors who have proven their
final
a
the closed
for
kintown, announced yesterday
statement
as
of
June 30,
Pittsburgh,
Pittsburgh,
at
claims.
shows
are:
Cash and due from banks,
(as compared with $33,252,180 on March 31) ;
States Government obligations direct and/or fully
the present statement
and
bonds
(as against $36,462,764) ;
other
$19,925,975 (against $18,748,433),
$36,444,483
guaranteed,
investments,
(compared with $16,741,579).
On the debit side of the report capital remains
unchanged at $6,000,000, but surplus and undivided profits
and reserves are given, respectively, at $3,600,000 (up from
$3,500,000) and $2,831,918 (down from $3,033,820),
Frank
and
loans
and discountSt
loan
a
any payments to depositors.
of $1,200,000 was made by
Corporation to the Fletcher American National
make
permitted to
not
were
period
Reconstruction Finance
in
the amount
Bank.
.
-
.
-
The Continental Illinois National Bank & Trust Co. of
Chicago, Chicago, 111., reports in its condition statement of
June 30, total resources of $1,136,237,901 (as compared with
$1,057,325,345 on March 31, last), of which $333,806,160
represents cash and due from banks (against $271,151,850
on March 31); $487,180,824 represents United States Govern¬
ment obligations, direct and fully guaranteed (against $486,605,621), and $229,617,070 loans and discounts (as compared
with $217,397,200).
On the debit ide of the statement,
total deposits are shown at $1,015,616,004, as against $935,712,727 on March 31.
Capital remains the same at $75,000,000, but surplus and undivided profits have increased to
$16,000,000 and $8,491,702, respectively, from $15,000,000
and $7,611,391, respectively, on the earlier date.
In its -June 30 statement of condition the Harris Trust &
Savings Bank of Chicago, 111., reports total resources of $224,722,175 (as compared with total assets of $215,227,086 on
Mar. 31), of which the principal items are: Cash on hand, in
Federal Reserve bank, and due from banks and bankers,
$70,214,213 and time loans and bills discounts, $46,889,212.
On the debit side of the statement, deposits are given at
$194,025,884 (against $173,077,776 three months ago). The
bank's capital and surplus remain at the same figures,
namely, $6,000,000 and $7,000,000, respectively.
$18,839,377
.
F. Brooks is President.
♦
Board
The
total
$31,950,500
United
the
this
the First Na¬
Pa.,
deposits of $98,818,406 and total resources of $112,175,381
as
against $97,015,191 and $110,313,556, respectively, on
March 31 last.
The principal items comprising the assets
in
During
pamphlets on con¬
stitutional law and laws of trust estates.
Jenkintown,
dating trustees
varied
were
During the last year he resigned directorships
National Bank and the Lehigh Coal &
and many.
377
Chronicle
Directors
of
First
the
of
National
Bank of
meeting on July 9 elected Elmer E.
Scliinus and W. F. Copeland Vice-Presidents of the bank.
Both were formerly Assistant Vice-Presidents of loaning
Chicago,
111., at its
divisions
of the institution.
the quarterly
capital stock of the
bank, payable Oct.
1, 1937, to stockholders of record
Sept. 30.
This s at the same rate, 6% per annum, hereto¬
At
the
fore
meeting the Board declared
same
of
dividend
$1.50
share on
per
the
paid.
♦
A
15% dividend, amounting to $84,026, was paid on June 29
depositors of the defunct Prudential
Chicago, it is learned from the
Chicago "Tribune" of June 30, which added that the pay¬
ment was the first to be made since the institution closed.
to approximately
State
Savings
of
Bank
♦
;
■
.
Total
of
resources
$342,144,037
and
total
deposits
of
$249,577,404 are reported by the Union Trust Co. of 'Pitts¬
burgh, Pittsburgh, Pa., in its statement of Condition at the
close of business June 30, comparing with $342,961,968 and
$250,261,421, respectively, at the close of business March 31.
Loans and discounts in the later report are shown at $127,976,765,
United
$89,250,441
from
up
States Government
on
the
earlier
date,
while
securities are reported at $148,-
855,413, down from $159,666,460.
The company's capital
and surplus remain unchanged at $1,500,000 and $75,000,000,
respectively,
but
undivided profits
have increased to
Shepard, who will become Chairman of the Board of Direc¬
The Union Trust
condensed
of
as
Md., in its
of June 30,
reports
(as compared with $38,267,402
which the principal items are:
Cash
and due from banks, $14,363,016
(against $10,240,616 on
the earlier date); loans, $12,543,617 (against $12,128,021),
and United States Government obligations
(at or below
total
Diego, Calif.
assets
of
$39,743,951
He will assume his new duties on Sept. 1.
the St. Paul "Free Press" of July 3
In noting the changes,
Highland will return to the Twin Cities familiar with local
Mr.
the result of executive positions formerly held with
practices as
par), $8,147,396 (down from $10,987,188). On the debit side
of the statement, total deposits are given as $34,742,967
(against $33,350,771 on March 31), and the institution's
capital structure is shown at $4,572,618 (against $4,553,375
on
banking
financial
organizations.
several
South
west
St.
President
he was
years
Paul, and in
with
Bancorporation,
of the Stockyards National Bank
1932 he became a Vice-President of the North¬
offices
Minneapolis.
in
Two
years
later he
Vice-Presidency of the San Diego bank.
Shepard was born in St. Paul.
He has been active in local financial
accepted the
Mr.
and became President of the Empire Bank in 1926.
circles for many years,
March 31 last), of
on
now
said:
For
condition
Cities, is
Executive Vice-President of the First National Bank of San
at
Co. of Maryland, Baltimore,
statement
Highland, formerly of the Twin
Mr.
tors.
$2,725,485 from $1,826,315.
♦
'
Highland has been elected President of the Empire
National
Bank of St. Paul, Minn., to succeed David C.
Alex
♦
The
Mutual
declared
a
Bank
Co.
Trust
&
of
St.
Louis,
Mo., has
2% dividend, or $1 a share, on its capital stock,
payable July 23 to shareholders of record the same date,
it. is learned from the St. Louis "Globe-Democrat" of July
9, which went on to say in part:
This
is the
The
second
capital
stock
of
dividend
the
of
$1
bank
per
is
share paid this year.
being
increased
from
$350,000
to
$110,000 to $160,000 through the sale of
2,000 shares of stock at the rate of $75 per share.
$450,000 and the surplus from
the earlier date).
♦—
In its condensed statement of
•
condition as at the close of
Co., Cleveland, Ohio,
shows total deposits of $341,269,315 and total resources of
$381,785,608 as against $336,595,697 and $376,289,288, re¬
spectively, on March 31 last.
Cash on hand and in banks
on
June 30 totaled $96,461,462
(up from $84,356,984 on
March 31); United States Government obligations, direct
and
fully
guaranteed,
$100,046,760
(down from $104,157,517), and loans, discounts and advances less reserves,
$146,174,600 (against $149,577,603). The company's capital
structure is given as $32,396,484, down from $32,570,905 on
March 31.
Harris Creech is President of the institution.
business June 30, the Cleveland Trust
In
statement of condition as at the close of business
its
St. Louis, St.
$50,453,607 and total
deposits of $46,049,970 as compared with $53,817,433 and
$49,505,759, respectively, at the close of business March 31
June
the Boatmen's National
30,
Bank of
Louis, Mto., reports total resources of
last.
The
current
items
principal
statement
are:
comprising
Cash
and
due
the
assets
from
in the
banks,
$15,-
989,342 (against $16,073,068) ; loans and discounts, $14,804,348 (as compared with $15,061,806), and United States
Government
obligations, $12,814,911
(as compared with
$13,291,532).
The bank's capital and surplus remain un¬
respectively, but un¬
changed at $2,000,000 and $1,610,000,
increased from $300,012 to $343,516 on
The institution was founded in 1847.
Tom
divided profits have
5% dividend to depositors and creditors of
the old Fletcher American National Bank of Indianapolis
Payment of
was
and
a
announced
Collett
Fleming Jr., it is learned from the Indi¬
on
William N.
anapolis "News" of that date, which also said:
approximately $282,000, have
deposited with American National Bank at Indianapolis.
This is
the sixth
payment of 6% made by the liquidating trustees.
Previous
payments were made in February, May, July and November, 1936, and
January, 1937.
The depositors of the Fletcher Bank were paid 5% of
their
deposits in February, 1933, and in August, 1933, the depositors
Funds
for
this
dividend,
amounting
to
been
received
From
American
the later
date.
K. Smith is President.
July 1 by Otto J. Feucht, John P.
*
On June 30, The
Broadway National Bank of Tampa,
Tampa, Fla., was chartered by the Comptroller of the
Currency.
The new institution, which is capitalized at
$100,000, represents a conversion to the national system of
the Latin-American Bank of Ybor City, Tampa.
V. H.
Northcutt heads the new bank and Jules I. Griffin is
^
President.
♦—
50% of the balance.
Aug. 23,
National
1933,
Bank
the date the reorganization plan of the Fletcher
became effective, until Aug. 23, 1935, the liqui¬
In indicating that a
5% dividend, amounting to approxi¬
mately $210,000, would shortly be distributed to depositors
378
Financial
of the defunct
City National Bank of Paducah, Ky., advices
city under date of June 30 to the Louisville
'^Courier-Journal," said in part:
from
From Washington today came word that the United States Controller of
by the receiver of the defunct
approximately $210,000.
Four 10%
on
»
5% dividend
City National Bank here, amounting to
?
..-.v..
.
dividends have teen paid to depositors by the receiver since
the bank closed its doors
made
.
a
on
Oct. 28,
1931.
The last 10% payment was
Oct. 17, 1935, amounting to $410,427.54.
four days after
The last dividend
came
Hooker announced sale of the bank building to the Citizens
Savings Bank for $150,000 cash.
Eighty-five
per
have
It is expected that more than
Paducah.
near
cent of the dividends
gone
to
depositors in and
9,000 depositors will
par¬
ticipate in the forthcoming payment.
A.
of
F.
Rawlings, receiver for the old First National Bank
Jackson,
Miss.,
on
July 2 announced
a
final
dividend
payment of $144,395 to depositors. This last payment, ac¬
cording to the Jackson "News" of July 2, will bring to
79.13% the amount received by depositors, making their
loss slightly more than 20%.
Mr. Rawlings was quoted as
saying that the checks would be available for
his
office
for
delivery
at
approximately two weeks, after
which time
they would be forwarded to the office of the
Comptroller
of the
Currency at Washington.
The statement of condition of The Hibernia National Bank
in New Orleans, New Orleans, La., as of June 30, 1937, ex¬
hibits total deposits of $41,580,214, which is an increase of
$1,063,430 during the past twelve months.
Loans during
the same period increased from $7,556,574 to $9,571,985, a
gain of 26%, which significantly reflects the trend in general
business conditions.
Cash and U. S. Government obliga¬
tions decreased during the year from $33,540,454 to $31,674,739, and in spite of the gratifying increase in loans, the
bank is approximately 76% liquid.
The capital funds con¬
sist of $2,700,000 capital, $350,000 surplus, and $797,000 un¬
divided profits and reserves.
In addition to its main office,
the bank maintains four branches in New Orleans.
President of the institution and
was particularly active and climbed
upward 5 pointsjto
128; Jones & Laughlin Steel attracted fair buying and moved
up 4 points to 111, and Pittsburgh Plate Glass 3)4 points to
131.
Other gams scattered through the list included such
trading favorites as Canadian Hydro Electric pref., 3)4
points to 8834; Sherwin Williams, 134 points to 14034, and
American Potash & Chemical, 2 points to 47.
.
Market movements were moderately firm on
Thursday
though there were some soft spots scattered through the
list which, at times, gave it an
appearance of weakness.
Some of the stocks that have repeatedly made new
tops
during the past week or two were somewhat reactionary,
Carrier Corp. dipping to 58 and finally closing at 59, New
Jersey Zinc slipping back 2 points to 75 and Sherwin Williams
134 points to 139. On the side of the advance Babcock &
Wilcox was up 1 point to 129; Brill pref. 2 points to 51;
Industrial Finance pref. 3 points to 20; Royal
Typewriter 3
points to 110; Singer Manufacturing Co. 2 points to 303;
Todd Shipyard 1 point to 71; St. Regis
Paper pref. 1)4
points to 112)4 and Cuneo Press pref. 2 points to 106)4.
Narrow price movements and
comparatively light trading
were
the outstanding characteristics of the curb market
dealings on Friday. There were few changes of importance,
and while there
were occasional
strong spots scattered here
through the list, the market was without definite
trend.
As compared with Friday of last week,
prices were
generally lower, Commonwealth Edison closing last night at
114 against 115 on Friday a week ago; Fairchild Aviation at
4 against 4)4; Fisk Rubber Corp. at 13 against
13)4; Glen
Alden Coal at 9)4 against 10; New Jersey Zinc at 75 against
77)4; Pennroad Corp. at 3)4 against 3)4; Pioneer Gold Mines
of B. C. at 3)4 against 4; Standard Oil of
Kentucky at 20
against 2034 and United Shoe Machinery at 85)4 against
85)4,
.'■■■;■•
\
4,; :
and there
♦
Imahorn is
July 17, 1937
cox
that
Currency has approved recommendations for issuance of
Chronicle
R.
S.
DATLY
AT
THE
NEW
of
Shares)
July 16. 1937
Hecht,
Saturday.
Domestic
186 645
Friday
172,375
$743,000
1,038,000
1,147,000
1,231,000
1,048,000
1,236,000
Curb market prices have shown
moderate improvement
during most of the present week. There have been occasional
periods of irregularity due to profit-taking, and while the
gains have not been particularly noteworthy, the advance
has been fairly steady.
Specialties have attracted some buy¬
ing and a few selected issues among the utilities and oil
shares have registered modest gains.
The heavy industries
were represented
on the side of the advance by Jones &
Laughlin Steel, Babcock & Wilcox and Carrier Corp., all
of which have been in good demand. Chemical shares were
also higher.
Stock transfers were down to the minimum during the
brief session on Saturday as many traders were out of town
for the week-end and others were away on account of the
intense heat. The transfers were down to 73,000 shares with
241 issues traded in. The advances and declines were evenly
divided, though the market, as a whole, showed a slight
downward tendency. Public utilities were inclined to recede
due to persistent selling and oil stocks attracted little or no
attention. Some of the industrial specialties showed modest
gains but most of these were in minor fractions. Mead John¬
son
was
an
outstanding strong feature as it climbed 2l/i
points to 1183^ and Canadian Hydro Electric pref. jumped
6% pbints to 8334Rallying tendencies all along the line were apparent as the
market resumed trading on Monday. Some prominent issues
slipped back but these were few and the declines were gener¬
ally small. Gains were registered by the specialties, public
utilities and mining and metal shares.
Oil issues did not
participate in the improvement though most of the group
were steady at the previous close.
Stocks in the heavy in¬
dustries were unusually active, Jones & Laughlin Steel
moving up 2 points to 107 and Babcock & Wilcox 434 points
to 122.
Other gains included Aluminum Co. of America,
134 points to 14634; Carrier Corp., 2% points -to 60
Empire Gas & Fuel 6% pref., 934 points to 44)4; Newmont
Mining, 3 points to 107, and Minn. Power & Light pref. (7),
3)4 points to 89.
There were many strong features on Tuesday but con¬
siderable profit-taking developed which gave the list an
appearance of irregularity. Advances were numerous among
the specialties, Brill pref. moving forward 234 points to 49,
Colt's Patent Firearms 3 points to 70, Sherwm Williams 6)4
points to 139, Douglas Shoe pref. 2)4 points to 35; Fanny
Farmer 2% points to 23, and Insurance Co. of North America
3 points to 75. Some of the oil issues were higher and a num¬
ber of the utilities, particularly the preferred stocks, regis¬
tered small gains but there were also many shares in these
groups that closed on the side of the decline.
Irregular price movements during the early dealings held
the market back for a brief period on Wednesday but the list
steadied as the day progressed and several of the speculative
favorites closed on the side of the advance. Specialties were
in good demand, public utilities were somewhat mixed and
the mining issues were generally off. Oil stocks, on the other
hand, were stronger and showed improvement all along the
line though the gams were generally small. Babcock & Wil¬
$1,102,250
$6,443,000
Wednesday
Total
Sales at
Foreign
Government
Thursday...
EXCHANGE
EXCHANGE
Value)
Foreign
72,675
217,675
212,835
240,045
Tuesday
CURB
CURB
Bonds (Par
(Number
Week Ended
Monday
THE
YORK
Stocks
A. P.
Chairman of the Board of Directors.
TRANSACTIONS
Total
Corporate
$12,000
14,000
5,000
22,000
$142,000
$95,000
46,000
27,000
27,000
1,104,000
1,191,000
1,263,000
1,069,000
17,000
5,000
16,000
Week Ended July 16
$781,000
$26,000
20,000
1,272,000
$6,680,000
Jan. 1 to July 16
New York Curb
1937
Exchange
Stocks—No. of shares.
1936
1937
1936
1,102,250
2,008,335
68,570,352
79,255,484
$6,443,000
142,000
95,000
$13,404,000
$6,680,000
Bonds
Domestic
Foreign
government..
Foreign corporate
Total
$260,994,000
$496,339,000
367,000
7,668,000
168.000
6,625,000
11,005,000
7,470,000
$13,939,000
$275,287,000
$514,814,000
H. S. EDWARDS & CO.
f Pittsburgh Stock Exchange
New York Curb Exchange (Associate)
Members
UNION
|
BANK BLDG.,
Tel. Oourt-6800
120
PITTSBURGH, PA.
A. T
& T
Tel
Pitb-391
BROADWAY, NEW YORK
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Pittsburgh Stock Exchange
July 10 to July 16, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks—
Par
Arkansas Nat Gas pref.
Week's Range
for
Sale
of Prices
Low
High
Week
Price
100
Armstrong Cork Co
*
55 %
1%
Rights
Blaw-Knox Co
*
Carnegie Metals
__1
24%
2%
Duquesne
Electric
10
OH
Harb-Walker Refrac
23%
..100
1
com.
*
*
"46%
5
Mountain Fuel Supply
Nat Fireproofing Corp
*
"63%
8
5%
Reymer & Bros
Ruud
18%
Jan
26
Feb
700
18
Jan
24%
Feb
830
10
Jan
160
25% June
1,985
85c June
1.25
40% June
Apr
58%
111%
June
14%
Jan
4%
72%
Feb
Mar
100
Jan
1%
58% June
67
20
2,081
"is"
27%
June
10
Apr
29
7c
145
100
12
145
18%
12% June
19%
15
15
15
15
30
26%
1%
27%
153
1%
3%
100
200
200
3% June
19
46%
61%
1,130
90c
July
July
435
52%
90c
95c
96
3
Jan
Jan
July
Feb
Mar
Jan
29%
Apr
2% Mar
4% May
5
32%
*
Feb
1% June
35
28%
52%
_*
June
July
32%
_
27
June
*
Waverly Oil class A
12
Jan
22
Standard Steel Spring
"~95c
24%
July
15%
6%
1,795
Jan
Jan
374
6%
Jan
Mar
Feb
12
16
Feb
25c
15
6%
Mar
8%
24%
3%
Apr
Feb
Jan
Jan
3%
20%
6%
Jan
5c June
2,000
4%
16
5
West'house Elec & Mfg.50
12%
5
27
*
Westlnghouse Air Brake.
Jan
960
25
28
Shamrock Oil & Gas
United Engine & Foundry.
Victor Brewing Co
1
7%
13%
50
12
*
com
Feb
575
5
15
24%
-.1
Manufacturing
Feb
20%
10
7%
Mar
10% June
104
5%
July
227
130
62
Mar
2%
29%
8%
933
2%
63%
8%
5%
Jan
70%
4
7c
_
5
21%
Apr
1% June
10%
June
3,300
4%
_
Plymouth Oil Co
July
46%
109%
10%
10%
28
Pittsburgh Brewing Co
*
Pittsburgh Coal common.
Renner Co
146
1%
45%
33
2%
Penn Federal pref
100
Phoenix Oil Common..25c
Pittsburgh Forging Co
1
Pittsburgh Screw & Bolt. *
Pittsburgh Steel Foundry. *
157
11,378
High
90c
23
109
"Io%
McKinney Manufacturing*
Mesta Machine
Low
8% May
54% July
200
13
"35%
Koppers Gas & C pref. 100
Lone Star Gas Co
57%
2%
25%
2%
11
5%
12%
23%
21%
13%
35%
21%
*
Products
Follansbee Bros pref.
Fort Pitt Brewing
2%
5%
12%
5
Brewing
1%
24%
8%
90c
Clark (D L) Candy Co___*
Columbia Gas & Electric. *
Devonian
8%
54%
Range Since Jan. 1,1937
Shares
7%
1.25
Jan
Jan
Jan
Mar
Feb
Feb
40
40% June
132% May
8%
56%
147% 149%
163%
Jan
4%
45
3% June
5%
Mar
4%
45
4%
45
5
Feb
Unlisted—
Pennroad Corp vtc
*
No par value.
*
Volume
Financial
145
Chronicle
379
Imports
British
"Foreign Exchange Regulations Af¬
fecting Exports" contains valuable information for
Our booklet
manufacturers
and
merchants
South
Exports
Africa...
British India
Australia
New Zealand
who sell abroad.
France
Germany
MANUFACTURERS TRUST COMPANY
PRINCIPAL
OFFICE
55
BROAD STREET.
Switzerland
Other countries.
NEW YORK
;
Member Federal Reserve System
Member New York Clearing Home Association
8,250
896,386
12,675
22,570
2,125
25,455
1,229
Belgium
Netherlands
Finland
Switzerland
Yugoslavia
Other countries
£4,874,993
£11,675,100
The SS. Corfu which sailed from Bombay on June 26th carries gold to
the value of about £135,000.
'
>
SILVER
Member Federal Deposit Insurance Corporation
The tone of the market improved during the week and there was a slight
advance in prices.
The Indian Bazaars were less inclined to resell and gave
some
FOREIGN EXCHANGE
British India
5,396
2,822
693,757
11,453
Netherlands
DEPARTMENTt
FOREIGN
AND
United States of America.£3,906,303
£2,291,077
8,676
5,074
34,626
257,864
23,077
8,341,278
Tanganyika Territory..
Kenya
RATES
but American buying was only in evidence at the lower
speculative re-sales continued on a moderate scale.
support,
levels.
China sales and
The market appears fairly steady at about the present level and no wide
Pursuant to the requirements
Act of
of Section 522 of the Tariff
19JO, the Federal Reserve Bank is
certifying
now
movements are expected in the near future.
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 21st inst. to mid-day on the 28th inst.:
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
a
RATES
BANKS TO TREASURY
CERTIFIED
BY
Exports
Imports
Japan
Belgium
Other countries
FEDERAL
British India
£11,317
8,699
1,946
3,696
New Zealand
record for the week just passed:
EXCHANGE
FOREIGN
We
Arabia
Aden and dependencies
Germany
RESERVE
France
UNDER TARIFF ACT OF 1930
Switzerland
'
JULY
10,
1937, TO JULY 16,
£33,436
174,640
13,215
2,000
11,750
7,289
4,370
4,295
2,000
1,810
*3,500
6,732
United States of America..
1937, INCLUSIVE
Norway
Sweden
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
Egypt
New York
Bermuda
Other countries
Unit
July 10
July 12
July
13
July 15
July 14
£25,658
*
$
.187633*
.168373
Bulgaria, lev
.012825*
Czechoslo'kla, koruna .034858
Denmark, krone
.221437
England, pound sterl'g 4.960083
$
Europe—
Austria, schilling
Belgium, beiga
$
...
July 16
S
$
.187683*
.187666*
.187585*
.168392
.168392
.168371
.168344
.012825*
.012825*
.012825*
.018225*
.012825*
.034862
.034858
.034867
.034858
.034853
.221722
Quotations during the week:
.187700*
.168394
£265,037
Coin at face value.
$
.187650*
LONDON
IN
IN
Bar Silver per
NEW YORK
(Per Ounce .999 fine)
Oz. Std.
2 Months
Cash
.221850
.221725
.221756
.221693
June 24
.969333
,967083
4.967375
,966500
19%d.
.966666
June 25
19 13-16d.
19%d.
.021905
.021912
.021910
.021925
.021912
June 26
19 15-16d.
June 26
.038803
.038831
.038820
.038802
.038316
19%d.
France, franc
.021879
038760
June 28
19 15-16d.
June 27
45 cents
Germany,
.401600
.401808
.402014
.402114
.402229
.402119
June 29
20d.
20d.
20d.
June 28
45 cents
Greece, drachma
.009073*
.009076*
.009066*
.009089*
.009082*
.009089*
June 30
20 1-16d.
20%d.
June 29
45 cents
Holland, guilderHungary, pengo
.549817
.550867
.550917
.550896
.550925
Average
19.927d.
19.979d.
.197600*
.197725*
.197725*
.197725*
.197725*
.197725*
Finland, markka
relchsmark
549839
052600
.052603
.052602
.052604
.052605
.052605
Norway, krone
.249227
.249531
.249712
.249583
.249585
.249510
Poland, zloty
.189200
.189250
.189200
.189175
.189175
.045000*1
45 cents
June 24
45 cents
45 cents
The highest rate of exchange on New York recorded during the period
from he 24th to the 30th June was $4.94% and the lowest $4.92%.
.189000
.044983*
June 23
19 15-16d.
.045100*
Italy, lira
Portugal, escudo
.044916*
.044954*
.045012*
Rumania, leu
.007310*
.007282*
.007282*
.007296*
.007282*.
Spain, peseta
052000*
.050666*
.050800*
.051200
.050800*,
.051625*
.256016
.256179
.256072
.256083
.256002
.255729
Switzerland, franc—.
Yugoslavia, dinar
.228948
.229078
.229264
.229303
.229321
.229203
.023070*
.023090*
.023080*
.023080*
.023080
.023080*
.296125
.296291
.296250
.296291
.295812
.294916
.295208
.294166
.294000
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Asia—
Sat.,
China—
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tlentsln(yuan) dol'r
Hongkong, dollar..
.295979
.295083
.295375
.294333
.294166
.295520
.293750
.294958
.293750
.293541
.295979
.295083
.295375
.294333
.294166
.302593
.302906
.301843
.302312
.302468
.302625
.374793
374135
.374708
.374954
.374806
.374857
.287850
.288080
.289279
.289133
.289066
.288822
.581437
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.582500
.582750
.582500
.582750
Silver, per oz.d. 20 3-16d.
Gold, p.fineoz. l40s.3d.
Consols, 2%%. Holiday
British 3%%—
W. L
.*582000
Africa—
20d.
140s.ld.
74 15-16
Fri.,
Thurs.,
July 15
July 16
19 15-16d.
19 15-16d.
140s.l%d. 140s.Id.
75
74 13-16
100%
100%
100%
100%
100%
Holiday
110%
110%
110%
110%
110%
States
on
(in cents) in the United
days has been:
of silver
price
the
same
per
ounce
Bar N. Y. (for¬
South Africa, pound.
North America—
_
4.908671* 4.919500*4.917968* 4.921250* 4.921250* 4.920750*
.997956
.998138
.998125
.998151
.998125
Cuba, peso
Mexico, peso
.999166
.999166
.999166
.999166
.999166
.999166
Newfoundland,
eign)
277500
dollar
.277500
.277,500
.277500
.277500
.277500
.995488
.995647
.995647
.995625
.995625
U.
S.
44%
44%
44%
44%
50.00
50.00
50.00
50.00
77.57
77.57
77.57
77.57
77.57
Treasury
(newly mined)
330600*
.330966*
.331283*1
.331116*
.330883*
.087255*
.087272*
.087288*1
.087272*
.087272*
.087255*
.065962
.065975
.065912
.065900
.065875
.066071
.051775*
.051775*
.051775*
.051725*
.051775*
Colombia, peso
Uruguay, peso..
.569905*
.569905*
.569905*! .569905*
.569905*
.570905*
.794000*
.794166*
.793500*
.793500*
.793833*
.793833*
COURSE
.330966*
(official) milrels
(Free) milrels
Chile, peso...
Brazil
♦Nominalrates; firm
77.57
.995758
South America—
Argentina, peso
.051775*
rates not available.
ENGLISH
MARKETS
SILVER
AND
GOLD
following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
reprint
44%
50.00
Closed
_
U. S. Treasury 50.00
.998004
Canada, dollar
THE
Wed.,
July 14
Tues.,
July 13
20 l-16d.
139s.lid.
75
Holiday
1960-90
The
Australia, pound
3 .951607* 3.955178* 3.959583* 3.956517* 3.956250* 3.955937*
New Zealand, pound. 3 .981666* 3.985625* 3.989375* 3.987291* 3.985312* 3.988229*
20%d.
140s.2d.
74%
British 4 %—
Australasia—
We
Mon.,
July 12
July 1-
Chefoo
MARKET—PER CABLE
FINANCIAL
ENGLISH
.007329*
Sweden, krona_>
the
June 30, 1937:
Bank
with
OF
BANK CLEARINGS
clearings this week will show an increase compared
year ago.
Preliminary figures compiled by us, based
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, July 17)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 0.6% above
those for the corresponding week last year.
Our preliminary
total stands at $6,157,065,777, against $8,117,351,876 for
a
upon
the
same
week
week in 1936.
ended
At this center there is
Friday of 0.2%.
a
loss for the
Our comparative
summary
for the week follows:
GOLD
The Bank of England gold reserve against notes amounted to £326,406,625 on June 23rd as compared with £321,261,366 on the previous
Wednesday.
Clearings—Returns by Telegraph
Week Ending July 17
Per
1937
1936
Cent
$2,781 104,087
291 891,249
$2,787 242,574
—0.2
257 223,284
+ 13.5
307 000,000
309 000,000
—0.6
198 622,000
200 ,117,000
109 ,659,636
+ 14.4
Conditions in the open market were comparatively
quiet. At the daily
fixing about £2,500,000 of bar gold changed hands during the week and
offerings continued to be taken for shipment to America.
Prices advanced
slightly owing to the firmer tendency of the dollar in terms of sterling, but
Philadelphia..
again ruled below dollar parity.
Boston..
Quotations;
Ounce
Fine
June 24
___
~
June 25
I
June 28
""
"I
140s. 4%d.
140s. 6%d.
140s. 7%d.
140s. 8d.
_
June 29
June 30
140s. 9d.
140s. 9d.
Average
140s. 7.42d.
_
'
Equivalent Value
of £ Sterling
12s.
12s.
12s.
12s.
12s.
1.25d.
1.07d.
0.99d.
0.95d.
0.86d.
12s. 0.86d.
12s. l.OOd.
An important announcement to the effect that the Exchange Equaliza
tion Fund is to be increased by £200,000,000 to £550,000,000 was made by
the Chancellor of the Exchequer on June 25th and the reason for the
increase
was dealt with at
length when the
House of Commons on June 28th.
Whilst emphasizing the need for secrecy
the
resolution was moved in
with regard to the
current
operation of the account, the conclusion was reached that there would be
no harm in
indicating at a date after the event the amount of gold and all
other assets held by the account every six months, the information being
made public three months in arrear; it was proposed henceforth to publish
at the end of June and December the
position at the end of the preceding
March or the preceding September.
In accord with this proposal it was
stated that the gold held in the Exchange Account on March 30th last was
26,674,000 fine ounces and the amount held in the Issue Department of the
Bank of England on the same date was 73,842,000 fine ounces, making a
total of
100,516,C00 fine
....
125 430,744
Kansas City..
Per
June 26
New York
Chicago
ounces.
,
Measures to deal with the crisis of the franc were announced yesterday ,
when the French Finance Minister stated that if the Government obtained
the powers they desired the franc would be detached from the gold standara
and allowed to find its own level.
He said that he had been in conununication with Mr. Morgenthau and Montagu Norman and had received th®"
assent to this proposal.
•
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 21st inst. to mid-day on the 28th inst.:
—0.7
San Francisco.
136 625,000
84 ,800,000
126 ,644,000
Pittsburgh—
126 131,115
110 ,255,612
+ 14.4
Detroit
105 ,070,077
89 ,511,576
+ 17.4
91
St. Louis
100,000
+ 7.4
+ 7.9
96 413,622
78 509,572
+ 22.8
Baltimore
64 ,120,200
55
986,223
+ 14.5
New Orleans..
32 ,471,000
30 942,000
+4.9
$4,355,979,094
$4,239,891,477
+ 2.7
774,909,054
750,421,820
+ 3.3
$5,130,888,148
1,026,177,629
$4,990,313,297
1,127,038,579
+2.8
—8.9
$6,157,065,777
$6,117,351,876
+0.6
Cleveland
Twelve cities, five days
Other cities, five
days
Total all cities, five
days.
All cities, one day
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to
for the week previous—the
results
For that week there
was a
give final and complete
week ended July 10.
decrease of 12.9%, the aggregate
of clearings for the whole country having amounted to
$5,316,171,660, against $6,101,220,500 in the same week
"I
380
Financial
>
Chronicle
July 17, 1937
in 1936.
Outside of this city there was a decrease of 13.4%,
the bank clearings at this center having recorded a loss of
12.5%.
We
districts in
serve
the cities according to the Federal Re¬
which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a decrease of 12.4%, in the Bos¬
Reserve
ton
Week Ended July 10—
Clearings
at-
group
District
of
21.6% and in the Philadelphia
Reserve District of 17.4%.
In the Cleveland Reserve Dis¬
trict the totals are smaller by 12.8%, in the Richmond Re¬
serve District by 2.7% and in the Atlanta Reserve District
by 12.2%. The Chicago Reserve District suffers a falling
off of 14.5%, the St. Louis Reserve District ofS.5% and the
Minneapolis Reserve District of 13.9%.
In the Kansas
City Reserve District there is a loss of 9.0% and in the San
Francisco Reserve District of 13.0%, but in the Dallas
Reserve District there is a gain of 3.7%.
In the following we furnish a summary by Federal Reserve
districts:
inc.
1937
1936
or
1935
Dec.
1934
%
Seventh Feder al Reserve D (strlcr—Chi cago
Mich.—Ann Arb.
Detroit
Grand Rapids
lAnsing
344,129
82,187,142
2,457,806
1,150,787
Wayne
976,901
Indianapolis...
17.406,000
1,362,566
4,297,874
18.123,603
Ind.—Ft.
South Bend...
Terre Haute
.
260.736
97.830,950
2,651,149
1,238,189
1,178.823
20,495,000
1,442,727
6,286,126
+32.0
—16.0
—3.7
—7.1
—17.1
—15.1
—5.6
—18.7
—16 4
452,852
80,547,775
2.030,149
883.521
764,611
16,526,000
1,818.833
4,368,636
294,636
65,997.481
1,834,272
1,260,829
931,996
15.668,000
769,594
4,212,932
18,815,965
941,296
7,664,691
2,879,816
—42
897.102
14,861.474
692,879
5,823,895
2,593,289
509,083
239,435.448
580,688
2,532,186
742,105
1,467,023
-14.6
383,365,903
360.107,810
Eighth Federa 1 Reserve Dis trlct—St. Lo uli
—7.0
79,200,000
85,200,000
29,110,578
32.546,415 —10.6
—12.4
13,861.020
15,831,621
72,900,000
26,683,747
10,705,715
71,000.000
24,512,072
10 933,737
1,225,286
1,430,809
Wis.—Milwaukee
Moines...
Sioux City
Hi.—Bloom'ton..
Chicago
Decatur
Peoria
418.101,788
488,908,684
960.174
Iowa—Ced. Rap
Des
21,687,177
1,126,913
9,085,677
8,860.249
365,463
313.472,302
880,423
6,347,101
1,305,573
1,494,106
....
Rockford
Springfield
7.121.730
2,790,030
399,938
271,608,040
817,673
3,551,300
—15.7
—21.6
—27.7
+9.4
316,465
—13.4
240,980,422
—7.1
661,864
—33.6
2.453.425
862,480
—6.1
SUMMARY OF BANK CLEARINGS
Total (18 cities)
Inc.or
Week End.
1937
1936
Dec.
1935
1934
S
July 10, 1937
S
%
S
S
Mo.—St. Louis..
Federal Reserve Diets.
1st
2nd
New
224,779,078
12 cities
Boston
286,711,019
—21.6
235,224,314
205.904,511
Ky.—Louisville..
Tenn.—Memphis
111.—Jacksonville
York. 13
"
3,189,109,464
3,641,794,631
—12.4
3,562,883,477
3,323,925,577
8rd Philadelphia 10
"
325,240,619
393,987,054
—17.4
335,243,900
309,204,202
4th
Cleveland.. 5
"
260,824,939
299,185,540
—12.8
224.302,959
221,182,483
6th
Richmond .6
"
133,529,366
137,213,784
—2.7
110,769,800
100,734,933
6th
Atlanta....10
"
124,186,427
141,411,904
—12.2
107,072,081
Chicago ...18
"
"
418,101.788
488,908,684
—14.5
383,365,903
122,759,598
134,186,036
—8.5
110,727,462
106,842,809
9th
Minneapolis 7
—3 3
438,000
397,000
122,759,698
134,186,036
—8.5
110,727,462
106,842,809
Reserve Dis trlct—Minn
eapolis
56,878.338
20,711.810
1,775,109
473,836
484,782
360,107,810
St.
Total (4 cities).
608,000
99,551,350
7th
8th
x
588,000
Qulncy..
Louis..
4
10th KansasCity 10
11th Dallas
6
12th San
Fran.. 11
Total
"
"
94,787,313
110,030,852
—13.9
100,811,215
84,738,446
148,475,097
163,099,769
—9.0
129,730,702
120,104,184
"
57,918,590
55,865,832
+3.7
46,483,955
44,769,522
"
216,459,381
Outside N. Y. City
Canada.
248,825,395
-13.0
213,525,213
175,709,504
5,316,171,660
6,101,220,500
—12.9
5,560,140,981
5,152,775,331
2,232,407,722
112 cities
2,577,265,515
—13.4
2,102,273,344
1,921,361,685
473,741,134
454,017,708
+4.3
330,023,512
32 cities
328,657,88
h We now add our detailed statement showing last week's
figures for each city separately for the four years:
Ninth Federal
Minn.—Duluth.
.
Minneapolis
St.
Paul
N. D.—Fargo...
S. D.—Aberdeen
Mont.—Billings
Helena
Total (7
cities).
Tenth Federal
Neb.—FremontLincoln
Week Ended July 10—
Omaha
Clearings at—
Kan.—Topeka
Inc.
1937
1936
or
1935
1934
Mo.—Kan. City.
%
$
$
Col.—Col. Sprgs.
Pueblo
St.
First Federal
Maine—Bangor..
Portland
Mass.—Boston
Fall
..
River
Lowell
New Bedford..
Springfield
Worcester
Conn.—Hartford
New Haven...
R.I.—Providence
N. H.—Manch'er
Total (12 cities)
Second
716,716
1,830,401
192,676,443
646,715
304,636
608,669
3,159,365
1,988,257
9,469,567
3,678,961
9,369,600
630.748
864,057
—17.1
2,198,428
246,850,985
—16.7
714,915
381,128
648,843
3,960,450
2,105,760
12,280,139
4,483,650
10,744,000
1,478,664
—23.5
—22.0
—20.1
—6.2
691,494
1,877,386
202,356,403
756,649
306,696
749,206
3,182,166
1,708,129
9,815,746
3,708,840
9,572,400
499,199
564,212
1,728,676
177,542,311
698,402
259,796
554,904
Joseph
Total (10
cities)
224,779,078
—5.6
—22.9
—17.9
—12.8
—64.1
286,711,019
—21.6
Binghamton
Elmira
Jamestown
York
Rochester.....
Syracuse.
West Chester Co.
Conn.—Stamford
N. J.—Montclair
Newark
Northern N. J.
7,467,410
6,828,935
1,012,204
1,068,190
32,000.000
32,200,000
504,187
842,221
663,762
627,905
3,083,763,938 3,523,954,985
2,548,771
1,562,457
8,286,311
3,190,440
8,461,200
507.031
7,012,471
3,816,552
3,003,178
4,404,391
330,055
15,644,057
29,487,259
+9.3
235,224,314
-13.9
100,811,215
84,738,446
2,479,610
27,852,841
2,164,048
4,125,893
78,868,879
3.305,286
560,552
550,023
Reserve Dis trlct—Kans
98,700
2,858.348
6,346,346
105,390,891
2,952,054
622,184
602,553
148.475,097
1,181,320
—18.4
—16.4
—7.2
as
City
—25.3
858.366
—29.8
100,070
115,807
2,399,436
30,127,192
3,157,102
3,108,823
86,508,339
2,966,067
617,000
630,866
163,099,769
-9.0
129,730,702
120,104,184
1,048,061
34,823,732
5,985,717
1,418,000
720,041
2,488,404
829,380
33.915,951
6,179,966
1,965,000
46,483,955
44,769.522
—47.6
—35.3
—27.1
+ 19.0
+20.6
—3.7
—7.6
—19.7
La.—Shreveport.
57,918,590
55,865,832
Worth
Galveston
Wichita Falls..
77,998
District—Da
1,354,776
42,504,017
6,341,373
1,583,000
877,200
3,205,466
Ft.
119,254
132,058
238,216
3,834,481
37,011,284
2,402,950
5,260,729
109,391,597
3,195,441
774,647
40,400,812
10,361,971
1,887,000
944,698
3,142,789
Dallas
1,973,371
+3.7
1,879,225
205,904,511
7,257,577
6,947,663
877,445
27,951,028
403,936
527,858
3,231,413,646
5,973.697
3,608,116
1,568,595
2,740,246
257,000
16,076,790
25,579,557
—5.2
806,611
—0.6
+5.7
28,100,000
569,322
722,702
—12.5
3,457,867,637
8.718,073
—19.6
4,145,523
—7.9
3,144,521
—4.5
4,138,036
527,658
19,849,789
35,748,795
+6.4
6,409,680
3,845,384
2,578,334
2,298,860
375,000
15,625,510
36,426,860
Total (13 cities) 3,189,109,464 3,641,794,631
—40.1
—37.4
—21.2
—17.5
Twelfth Feder al Reserve D Istrict—San Franci
Wash.—Seattle..
Spokane......
Yakima
Ore.—Portland.
Third Federal
Calif.—Long Bch
Pasadena
San
Francisco
San Jose......
Santa Barbara.
Stockton
Total (11
cities)
Reserve Dist rict
-Phllad
elphla
—25.1
N. J.—Trenton..
686,592
400,000
369,718
1,432,237
369,000.000
1,380,442
2,584,747
1,349,041
1,620,277
15,164,000
Total (10 cities)
325,240,619
393,987,054
Bethlehem....
Chester
Lancaster
Philadelphia...
Reading
Scranton.
Wllkes-Barre..
York
+91.8
—19.4
—77.1
1,002,952
323,000,000
1,048,460
2,002,922
1,114,985
1,630,321
4,401,000
258,222
882,524
299,000,000
1,076,114
2,017,125
1,082,821
1,311,694
3,259,000
—17.4
335,243,900
309,204,202
+0.9
—15.4
+24.9
—2.6
—27.7
—5.6
116,990,141
137,757,941
—15.1
94,445,208
102,771,803
Total (5 cities).
260,824,939
299,185,540
—12.8
224,302,959
221,182.483
164,808
2,264,000
27,404,171
625,541
100,734,933
Fifth Federal
Va .—Norfolk
Richmond
S. C.—Chariest n
Md.—Baltimore.
D.C.—Washin
n.
(6 cities).
Sixth Federal
Tdnn.—Knoxville
—S.6
—30.8
+27.4
133,529,366
+ 1.0
+15.3
69.615.075
—0.8
25,745,365
—14.0
144,573
2,249,000
30,476.839
988,590
57,588,972
19,321,826
137,213,784
—2.7
110,769,800
Reserve Dist rict—Atlant
+22.9
—4.9
161,710
32,888,867
+6.7
La.—New Orleans
172,619
26,885,061
Total (10 cities)
124,186,427
141.411,904
Augusta
Macon.
Ala.—Birm'ham.
Mobile
54.966.873
15,309.540
—1.8
—8.4
—30.6
—18.5
+8.1
—7.3
—1.2
2,582,857
11,748,407
36,200,000
863,195
876,312
14,931,000
15,753,672
1,243,063
2,204,008
10,850,030
35,000,000
835,037
754,905
11,521,000
14,759,434
948,910
Miss.—Jackson..
Vlcksburpr.
1937
—18.3
120,084
22,753,491
130,051
22,547.975
-12.2
107,072,081
1936
Canada—
—4.2
—16.6
—17.3
—7.8
125,375,105
2,220,599
1,266,541
-13.4 2,102,273,344 1,921,361,685
July 8—
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
...
Victoria
...
Edmonton.....
Reglna
......
Brandon......
Lethbrldge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Hit...
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
1935
1934
571,903
968,125
+2.2
+47.6
+5.5
+ 17.2
+3.7
+16.5
781,343
695,831
895,461
2,033,512
350,342
713,109
627,180
453,290
504,992
755,149
103,520,513
92.751,218
69,647,780
16,030.985
5,622,839
4,613,795
2,671,499
3,909,148
4,816,267
2,073,171
1,619,908
2,487,375
3,670,506
2,644,789
347,305
353,631
1,262,094
458,084
955,487
678,238
548,702
195,868
793,417
599,752
1,099,195
2,094,768
272,171
647,928
589,769
432,089
421,419
828,089
...
Chatham
Sarnia
Sudbury
454,017,708
+4.3
330,023,512
328,657,889
149.169,989
161,747,213
47,388,652
23,246,975
29,747,461
6,899,866
3,671,787
9,022,733
6,353,580
2,563,605
2,275,628
3,749,084
4,348,327
5,486,801
442,178
516,598
1,690,109
796,072
1,379,222
973,400
891,637
313,403
858,676
836,613
1,361,611
3,270,855
417,145
1,128,398
809,655
662,476
593,115
1,128,270
138.911,280
108,101,282
98,988,324
20,898,132
32,646,529
5,652,739
3,065,452
5,823,583
6,426,077
2,032,833
2,094,023
3,893,414
4,788,440
4,225,655
456,559
485,641
1,696,688
473,741,134
Winnipeg
St. John.
Dec.
%
655,577
1,604,471
923,895
722,411
330,746
870,890
727,430
1,256,733
2,893,439
408,351
764,685
767.207
565,194
+7.4
+49.6
—52.1
+ 11.2
—8.9
+24.3
+19.8
+54.9
—1.1
+26.1
+8.7
—3.7
—9.2
+29.8
—3.1
+6.4
—0.4
+21.4
—8.3
+5.4
+23.4
—5.2
—1.4
+15.0
+8.3
+ 13.0
105,083,795
84,035,934
52,378,821
14,565,982
30,360,387
4,315,789
2,514,148
3,900,054
5,822,896
1,734,850
1,705,965
2,823,562
3,771,641
4,024,951
353,825
441,573
1,473,610
469,520
1,082,208
597,788
496,796
259,208
99,551,350
Total (32 cities)
—9.5
Inc. or
Medicine
a—
3,678.025
17.108,053
51,600,000
1,408.478
1,054,317
14,489,000
17,599,177
1,524,277
Fla.—Jacks'nvillc
—6.1
—23.5
28,370,105
8,711,000
677,445
26,173,806
12,330,743
3,754,351
3,245,337
at—
London
311,354
2,893,000
37,465,587
1,183,403
3,006,841
16,803,473
42,000,000
977,178
858,980
15,664.000
16,311,684
1,506,591
Nashville.....
42,002,157
66,542.986
8,761,000
1,104,537
Reserve Dist rict—Rlchm ond—
—18.2
Ga.—Atlanta
47.479,116
67,873,022
13,060,200
1,445,413
x
382,532
2,752,000
87.826,579
1,364,951
69,055,282
22,148,022
5,152,775,331
248,825,395
+5.2
Week Ended
Cleqrings
Montreal..
Youngstown...
Pa.—Pittsburgh
W. Va.—Hunt'n.
—12.9 5,560,140,981
216,459,381
5,316,171,660 6.101.220,500
Toronto
—10.6
Mansfield
175,709,504
9,837,000
1,028,051
28,049,663
15,195,920
4,790.187
3,674,169
145,984,022
3,206,859
1,573,933
2,350,109
Outside New York 2,232,407.722 2,577,265,515
58.662,654
87,324,671
13,996,800
1,443,474
Columbus
1,410,181
213.525,213
—3.6
—20.5
316,702
52,468,036
79,840,668
9,686,500
1,839,594
Cleveland
+1.7
—13.0
33.135,482
(112
cities)
537.063
285,338
220,859
Feder al Reserve D {strict—Clev eland—
Ohio—Canton..
Cincinnati
SCO
23,523,632
7,560,000
478,704
20,272,230
10,028,734
2,650.996
2,511,522
104.128.660
2,066.577
1,106,955
1.381,494
31,932,001
7,816,000
1,081,634
26,327,454
13,758,888
3,664,121
3,519,617
121,866,000
2,652,558
1,450,676
2,390,432
—12.4 3,562,883,477 3,323,925,577
514,378
767,159
297,905
1,445,361
312,000,000
1,724,289
2,516,442
975,971
1,530,114
3,469,000
Pa.—Altoona
.
Utah—S. L. City
Grand total
Total
110,030,852
+51.2
—14.4
York-
Buffalo
Fourth
—22.1
94,787,313
Eleventh Fede ral Reserve
Texas—Austin...
—32.5
725,294
3,382,802
Total (6 cities).
—20.2
Feder al Reserve D istrict—New
N. Y.—Albany..
New
Reserve Dist rict—Boston
..
Wichita
Dec.
952,894
3,116,205
73.220,025
26.410,040
2,223,592
124,918
2,480,131
26^998,972
Hastings
2,441,200
2,542,232
65,271,794
26,893,411
2,052,870
612,057
578,179
2,860,672
4,712,825
62,710,466
21,551,882
1,859,683
643,391
673,233
2,635,833
*
Estimated,
x
Figures not available.
\
Financial
Volume 145
381
Chronicle
iMooqs
OV> f I©
IO
•
§C2 O lI • If i©p
d O
I loOrHiftoO
CO 0s OO
IO
•
co el d W
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coto" Jo
Jo
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Niee
NATIONAL BANKS
The
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
•
CAPITAL STOCK PAID
! !*
|NH
i f oo
)F«0)
>5
I
J
we
00
ji
ICON
it-r"
dt1 tOMrH
CO 00
HN
"—oo
- ——
| —jV!
}r?
*3^
»
3
• to
I to CO
100 i©
I
I
FHCO
IMOH
in
—$10,000
oo>0
£5
w
II
a*"0 •
Amount
—
«
I
IN
July 7—Woodbridge National Bank. Woodbridge, N. J_.
<
lp 1*000,
I
coos
J oo 'ft- J
fCO
I*H
—
"3
CONSOLIDATION
June~30—The Lincoln National Bank of Hamlin, W. Va.
Pre¬
ferred stock, $25,000: common stock, $25,000-.
50,000
The Oil Field National Bank of Grifflthsville, W. \a
25,000
Consolidated today under the provisions of the Act of Nov. 7, 1918, as
amended, under the charter and title of "The Lincoln National Bank of
Hamlin,'1 charter No. 8171, with capital stock of $75,000. consisting of
$25,000 par value of preferred stock and $50,000 par value of common
stock, and surplus of $30,000.
The consolidation becomes effective close of business
today.
3*
^
> 00 00
>c©<
>ooc
>t-<
O
!88S
1883
^©©rHdioot-ooooV
§55
"j
^
rj
® a-1
•"<
•s
Tt<co"5—icpcoeocopQ
©ffiOOpHiOOOQW
©d'-<e©co©oot-»©»o
04IO 00 001» d 00 U) (O CD
^.d.tiooq^ooiHS,
frH 0> N^tO iH 03 CO i-^ i-H
*»©
rHCOCOf ©00t»00©
00 d CO rH« 00 00 W
,.(MrH*tic4(N^OO
f Ft
rH
OONlOCtCOO^KJ
rH
rH
O
CIHHrtH
CO
rH
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ion
I CO 00
The
following compilation, made
up
•
02
from the daily Gov¬
5
'
i
i
I
IN
!<n>© !
TREASURY MONEY HOLDINGS
l02
•
•S
"02
3 '
ernment
^statements, shows the money holdings of_the
Treasury"at the beginningof"!busines^on"the first "of April"
O2di-)coeooootoioio
C4>000 00t-d00>0t0(0
Holiingsin U. S. Treasury
May t, 1937
$
$
June
Net National bank notes.
Net Federal Reserve notes
Net Fed. Res. bant notes.
Net subsidiary silver
Minor ooIn, Ac
Cash balance In Treas.
156,039,431
„
367.462,942
13,862,502
35,380.962
1,581.406
3.241,348
12,315,231
32,829,146
1,884,406
2,933,043
13,228.804
31,751,502
1,962,484
2,761.659
To credit dlsb. officers.
Cub In Philippine Islands
Deposits in foreign depts
Net
cash
IO
d
-a
1
o
•o
I
lg
co"
0200 2DC002tDdCO>002
lOOOOdOOrHfCOrH©
rfldrHOO^CIOOCOf—itOd
fCOCOWSfrHOOOCOHll
W o CD t- M C4
000
•*OOC4i-4"^CO«^li-t
r-l
r-l
rH
§COOOOD2COtOOOp
COCO
CrHf
rl
a
C4
id
MAY 31,
AND
AGENCIES
CREDIT
0
I
I
CO
11© r-l
•
IS !
C—
IO
ICO
!**•
*
»0
I
3
00 t— CO
t-eot-ooiof eo
no
I d CO 02 02 rH rH
rH
02
K"®
lp^l'41'Cl.eOOO
oofcof pdeo
ONNO004IN
I rH
CO
3tS 5 <3
I rH O CO
JrH
02*d*C»
I
"-1
s
ico
ico
CO COO
f
d
,
1937
monthly report of the Treasury Department, showing
I
May 31, 1937, of governmental
corporations and credit agencies, financed wholly
or
36th such to be issued by the Treasury; the
for April 30, 1937,
last previous
■
Of CD CO
"I
rH*
•
IO
rH
COO
I r-l
CO
I
<32
*
I
'S
1
,to
d
I
I
I
I
rH
in part
byjthe United States, was contained in the Department's
"Daily Statement" for June 30, 1937.
The report" is"the
IOC4
<32
CO too O 02
I rH
1f I©
assets and liabilities as of
i
ico
ICO
I
O
I
I
I
l_J
I
I
i
•
60
I
I
one,
OO
d rH
oo
i
I
$
^
lH
I
I
ra
d
I
I CO rH
IrHCO
It100
I
I
iocj ip »
'tszl
|f H
'a
Ip
•
|
appeared in^our issue of June 26, 1937,
•
02 02
IO CO
I
o
4281.
I
I
for May 31 shows in the
financed wholly from Government funds
terest of the United States
of agencies
case
a
i*®
^
ii
rH rH IO
3"S8
.9
^
00
CO
CO
-
I 02 02
'
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•»
{"*. j
OOrHrHl©
f
,r*
H
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02 f d rH <32 f 00
I© CO IO d I— CO rH
IN. O
I®
s
ICOf
esodtoeoo
CO rH CO rH d t—
IO0t»
ItDd
iO
II©
I CO
It-
I
I
I
**$o" i
'
It-CO
II©
|M
I
I
I
•5 '
I©
02OCDdd
•
HOfNHI©
I
f 00!©02rH
I
»pt-Of rH
I
M
d
I rH
CO
,
CO
00 00 rH IO CO rH
t-02C0f »©02
O rH 00
fH I©
11© d 02
o CO co io
Seo co oof I MNO
• it-02co
iS""sS
•
CO
IHJI
|
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-
•
rmm d Exclusive of inter-agency assets and liabilities (except bond investments).
Also Includes real estate and other property
©*
p«Od
_
VH
f l©
interests).
pw
•
~
.
-
ri
CO CO rH
I
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a Non-stock (or includes non-stock proprietary
2%
I
If CON.
-5SS58S j
ACCOMPANYINO'TABLE
_bExcess inter-agency assets (deduct). 1
Cc Deficit (deduct) ;
!. ; i *
* ' ;
toi©doo»©oco
Idoo
IrHd
i
*
interests:
FOOTNOTES FOR
*
I CO d
i
•
proprietary! in¬
of
thatjdate of $2,668,518,375,
which compares with $2,652,968,774, April 30,f l937.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of May 31 was shown to be $1,220,785,988.
This
compares with $1,216,219,569 as of April 30, 1937.
In the
case of these Government agencies, the Government's pro¬
prietary interest is the excess of assets over liabilities, ex¬
clusive of inter-agency items, less the privately-owned
as
I
•
V>V
tt-f
I
The report
f rH
CO
K
OF
AS
02
it-CO
I rH
I
r-l
liilll
CORPO¬
GOVERNMENTAL
COCO
00
O
rH
CO
tOnJId
COd-
CO
CO
N-
2
r-(
~e
OHdHrt
rH
lOHrHdO3ddC0O2
t»
io
_
nfcd
11-11©
o MN
icOih
OOC4
CO
Includes on July 1 $374,693,834 sliver bullion and $3,796,003 minor, Ac., coin
not Included In statement "Stock of Money."
page
f O0t-I00000f t-
04
CO
d
N. I-I
*
»
IpCO d C4 IO rH p
l-T CO CO 00 rH CO 00 00 to
<0,d,rH IO
afct-cooTd WVVoo V
Available cub balance. 1.825.728.302 1,701,512,814 1,753,547.360 2.553.473,898
RATIONS
100
Jo
I
2,010,093,677 1.879,918,847 1.915.811,500 2.709,294,152
Deduct current 'labilities.
155,820,254
162.264,140
184,365,375
178.406,033
REPORT ON
lt-
I rH
J CO
•3
!
d
Treasury
MONTHLY
MO
"©rH
CO
I©"*
1»I 02
00 COO
t— 0010
CO
CO
IS
and In banks
The
f i-i O
f d f 6 00 f
f-1© »© OS f CO N-
T—I
|d
I
02 r-l
02
§di-t
In
100
CO
d
j«i
IN
rH
r-l
rH IO f-I 02
ItS«d
giS3*
19,114,610
29.202,614
1,657,514
2,605.799
To credit Treas. U. S__
"©•©'
' t— CO •
If rHC "»
if
649,462,000
141,337,926
Dep. In Fed. Res. bank...
Dep. In National banks—
104
UJ,
ill!
Treasury notes and cer¬
192,119.000
111.304,127
04
,
IHO
itprH
Jo
»©f
f rH
ooeoco
t-OOCS
09 T-1
d
CO CO IO
00 *41 CO
rH OS CO
| &S5
425.754.000
tviQUJOl^NN
m
rH
r-l
Dep. in spee'l depositories
account Treas'y bonds,
317.931,000
131,641,764
02
e
rHIOlOOJff©
NfNjOOtl
ico
*
0?
fH
TjIrHrtrHrH
Sieo
ico
.
1.162,810.517 1.380,384,257 1,562.684,024 1.865,913,689
tificates of Indebtedness
' N- co'
If rHC too
IO
156,039,431
156,039,431
156,039,431
I«©1Q'
d 02 CO
COOt—>Qi©C0OfOO
O
CO
r-l
rif eo
Total cub In Treasury. 1,318,849,948 1,536,423,688 1,718,723,455 *2021953,120
Less gold reserve fund
rH
OSCpl©
827,095,424 1,056,215,603 1,250.329,931 1,583,626,713
409.038,517
454,760.487
436,417,326
446,245.853
2,840.293
2,704,566
3,444,244
3,418,553
467,026
506,816
1,320,641
833,745
13,755,310
15,038,980
16,411,272
14,889,858
565,578
936,648
208,240
258.946
5,202,106
6.230,799
7.410,316
7,263,299
6,457,577
7,286.797
7,470.916
7,297,831
Net United States notes-
oo eo to t-«o oo r-oo 02
f r-l
$
$
d" to V eo oo oo e©
ONH^dd^OO
S
KJ
July 1, 1937
1,1937
pd_M f OOf OOrH d
© »© oo
$a
Apr. 1, 1937
Net gold coin and bullion.
Net silver coin and bullion
coeoiodfcocoeooso
dO>©©frHioooo>eo
f'■"i p IN p rH CO CO rHi-H
May, June and July, 1937:
held for sale.
'
,
,
Includes legal reserves and undivided profits totaling
j
^
_
^
^
^
T
Adjusted for inter-agency items and Items In transit.
$4,934,495.
;
—
_
"l Includes U. S, Housing Corporation, U. S. Railroad Administration, U. S.
Spruce Production Corporation, and notes received on account of sale of surplus war
supplies.
I Includes Disaster Loan Corp.; Electric Home and Farm Authority: Farm Credit
Administration (crop-production and other loans); Federal Housing Administration;
Federal Prisons Industries, Ino.; Indian Rehabilitation loans; Inland Waterways
Corporation; Puerto Rico Reconstruction Administration; Resettlement Adminis¬
tration; Rural Electrification Administration; The RFC Mortgage Company;
Tennessee Valley Associated Cooperatives, Inc.; Tennessee Valley Authority; loans
to railroads and Inter-agency Interest held by the
k Net after deducting estimated amount of
United States Treasury.
uncollectible obligations held by the
Farm Credit Administration.
1 Includes $4,193,239 due to Federal Land banks from the U. S. Treasury for
subscriptions to paid-in surplus.
m Shares of State building and loan associations. $30.125.300'.shares of Federal
savings and loan associations, $142,639,900.
n Lees than $1,000.
o
Assets not classified.! includes only the amount
of capital stock held by the
a
i
United States.
4
In liquidation.
r Represents capital stock, paid-in surplus, and other proprietary lnter-agency
Interests which are not deducted from the capital stock and paid-in surplus of the
corresponding organizations.
i
&■
I
*
1
«d
1
O
382
Financial
TREASURY
!
STATEMENT
SHOWING
of June 30,
as
OF JUNE
Federal Government, it is shown in
appropriated $19,786,688,080 for
appropriated
Chronicle
APPROPRIATIONS AND
RELIEF AS
The various agencies of the
■
of May 29, 1937.
recovery
and relief
up
July
EXPENDITURES
FOR
1937
17,
RECOVERY
AND
1937
30,
tabulation given in the Treasury's "Daily Statement"
a
to the end of June, which compares with $19,800,020,924
The figure for June 30 does not include amounts advanced under the Kerr-Smith Tobacco
Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws
were
repealed by Congress in February,
1936, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional.
The Treasury's
tabulation for June 30 follows:
FUNDS APPROPRIATED AND ALLOCATED
FOR RECOVERY AND RELIEF,
AS OF
EXPENDITURES THEREFROM, AND
JUNE 30,
UNEXPENDED BALANCES
1937
Sources of Funds
Expenditures
Appropriations
Statutory and Executive Allocations
Organizations
Reconstruction
National
Fiscal Year
Fiscal Year
Emergency
Emergency
Finance
Recovery
Appropriation
Relief
Appropriation
1936 and
1937
Total
Industrial
Prior Years b
Corporation
Specific
Act
Act 1935,
Approved
Approved
Acts
Unexpended
a
June 16, 1933 June 19, 1934
Agricultural aid:
$
Agricultural Adjustment Administration
94,311,620
Capital Btock
on
187,461,008
99,268,766
f353,790,861
3 1 6,376,778
200,000,000
16,900,000
Federal Farm Mortgage Corporation...
Federal Land banks:
Paid-in surplus
Reduction in Int. rates
10,765,452
356,790,861
545,223,847
gill,787,757
gl7,826,050
233,912,892
390,172,291
200,000,000
234,665,726
200,000,000
£3,847,885
35,198,811
123,912,630
4,935,255
106,961,657
26,839,531
88,950,000
3,000,000
60,000,000
297,495,227
169,000,000
57,635,449
_e
32,830,087
48,571,912
7,548,000
8,390,334 2,937,059,721
4,010,952
124,788,689
296,750
817,126,351
9,377,642
64,676,732 1,253,730,688
476,249
83,443,698
8,299,893
125,000,000
169,000,000
88,950,000
mortgages.
$
d
37,495,227
Commodity Credit Corporatlon.e
Farm Credit Administration
$
$
c260,000,000
125,000,000
172,877,605
Relief:
Federal Emergency Relief Admin
Federal Surplus Commodities Corp
Civil Works Administration
h604,918.257
152,072,943
480,590,512
935,005,625
h332,481,750
\
/
399,548,290
317,566,732
321,069,000
594,969^951
Emergency conservation work
Department of Agriculture, relief
Public Works (including Work
Boulder Canyon project
93,101,630
88,960,000
820,990,040
1,326,707,313
84,060,431
84,060,431
3,566,937
140,483
Relief):
Loans & grants to States, munic.,
Loans to railroads .e
11,339,960
Ac.el
44,093,000
595,625,912
3,000,000
10,000,000
126,173,971
321,836,877
438,041,640
254,702,875
2,239
93,708,085
509,536,136
144,628,195
786,107,798
15,594,476
3,351,186,746
75,139,502
482,226,327
68,432,960
1,043,636,761
9,739,350
221,361,809
5,404,010
53,289,599
397,507,814
424,767,137
J
Public highways
River and harbor work
255,488,217
Rural Electrification Administration...
Works Progress Administration
All other
Aid to home
'
911,040,000 3,083,627,339
72,000,000
1,203,068,233
493,039,156
46,500,000
260,908,921
800,334,539
94,483,515
372,693,870
62,094,476
10,254,231
1,419,475
3,351,186,746 1,896,446,658 1,263,661,490
1,415,473,627
367,540,710
865,973,581
141,824,772
25,861,771
50.420,769
191,078,597
181,959,335
owners:
Home-loan system:
Home-loan bank stock
Home Owners' Loan
125,000,000
125,000,000
200,000,000
20,664,100
200,000,000
22,183
d51.121.074
50,000,000
137,524,104
52,121,074
Corporation
Federal savings and loan associations.
Emergency housing
Federal Housing Administration
Resettlement Administration
Subsistence homesteads
3,389,487
4,993,900
55,034,074
98,750.796
448,115,762
6,403,484
209,695,579
12
6,142,514
260,981
46,250,000
£1,452,710
19,619,285
28,083.425
108,310,483
29,213,621
1,000,000
19,929,621
6,403.484
99,342,000
200,000,000
49,930,642
31,755,610
30.468,473
139,669,386
j50,000,000
424,796^653
50,734,419
16,740,080
£
47,174
4,912,521
Miscellaneous:
Export-Import Banks of Washington.e.
1,250,000
Federal Deposit Insurance Corporation.
Administration for Industrial Recovery.
Reconstruction
Finance
k
19",315",142
Emergency
169,206
113,109
Grand total
Relief
Appropriation
Act,
1935,
approved
April
8,
1935,
and
by
b The emergency expenditures included In this statement for the period prior to
the fiscal year 1934 include only
expenditures on account of the Reconstruction
Finance Corporation and subscriptions to capital stock of Federal land banks under
authority of the Act of Jan. 23,1932. Expenditures by the several departments and
establishments for public works under the Emergency Relief and Construction Act
made from general
were
12,019,673
disbursing accounts, and, therefore, are not sus¬
ceptible to segregation from the general expenditures of such departments and
establishments on the basis of the dally Treasury statements.
c The sum of
$260,000,000 Includes appropriations under the Acts of May 12,
1933, May 25,1934, and Aug. 24, 1935.
he may deem necessary for the
purposes of carrying out the provisions
of the National
Housing Act. The amounts Included in this column for the purposes specified are
based upon checks Issued therefor from time to time by the Reconstruction Finance
Corporation. The authority of the Reconstruction Finance Corporation to Issue its
bonds, notes, and debentures has been increased by such amounts as may be required
to provide funds for such purposes.
Act, and, under the provisions of the Emergency Relief Appropriation Act of 1936
to exceed $300,000,000 of the proceeds of the sale of such securities, in the
discretion of the
Net, after deducting repayments to the Reconstruction Finance Corporation.
£ Excess of credits (deduct).
h The appropriation of
$950,000,000
allocated by the President as follows:
provided in the Act of Feb. 15, 1934, was
Federal
Emergency Relief Administration,
$605,000,000, of which $81,742.11 has been transferred to the Emergency Relief
appropriation, and Civil Works Administration, $345,000,000, of which amount
$7,300,000 has been transferred to the Emergency Relief appropriation, and $5,218,250 transferred to the Employees' Compensation Commission,
provisions of the Emergency Appropriation Act, fiscal year 1935,
Finance Corporation is authorized to purchase marketable
Reconstruction
President,
are
available for the making of grants.
The amount
of obligations which the Reconstruction Finance Corporation is authorized to have
outstanding at any one time is Increased by the sums necessary for such purchases,
not to exceed $250,000,000. The purchase of such securities by the Reconstruction
Finance
Corporation Is reflected as expenditures of the Reconstruction Finance
Corporation and as credits against expenditures of the Federal Emergency Adminis¬
tration of Public
Works.
The amount by which the available funds on account of
such
transactions has been increased is, therefore, included in the funds
"Reconstruction Finance Corporation—direct loans and expenditures."
j Includes $700,000 allocated for savings and loan promotion
as
of
the
authorized by
Sec. 11 of the Act of April 27, 1934.
k Under Sec. 3 of the Act of June
16.1934, the Reconstruction Finance Corporation
Is authorized to purchase at par, obligations of the Federal Deposit Insurance Cor¬
poration In a face amount of not to exceed $250,000,000, and the amount of obliga¬
tions which the Reconstruction Finance Corporation is authorized to have out¬
standing at any one time Is increased by $250,000,000.
in
this
column
will
United States on
represent
wmmmmmmmm
i
The amount to be Included
deposited with the
proceeds
the
account of the sale of such
——— i
Treasurer
obligations by the Federal
Insurance Corporation to the Reconstruction Finance
i
'
—
of
the
Deposit
Corporatlon.1
TL
—
1 The appropriation of $500,000,000 for subscription to capital stock is Included
in the figures shown In the column for Reconstruction Finance Corporation.
Exclusive of the $84,520,600 transfer referred to In note o.
m
e Expenditures are stated on a
net basis, I.e., gross expenditures less repayments
and collections, details of which are set forth in the
supplementary statement below.
the
12,301,989
not
d
There are no statutory limitations on the amounts of funds which may be made
available by the Reconstruction Finance Corporation for carrying out the purposes
of Sec. 5 of the Agricultural
Adjustment Act, and for the purchase by the Recon¬
struction Finance Corporation of
preferred stock or capital notes of banks and trust
companies under the Act of March 9,1933. The Reconstruction Finance Corporation
is required to make available to the Federal Housing Administrator such funds as
i Under
12,301,989
2,269,915,265 m3215479400 nl331606,624 O6927011.144 6,062,675,644 19786 688,079 2,846,462,932 13119386,142 3,820,839,004
Emergency Relief Appropriation Act, 1936, approved June 22, 1936, as amended
the First Deficiency Appropriation Act, fiscal year 1937.
the
62*244
2,269,915,265 3,215,366,290 1,311,437,418 6,914,991,470 6,062,675,644 19774 386,090 2,846,462,932 13119386,142 3,808,537,015
Unallocated funds
f
"
24,240,593
d3724886,929 3,724,886,929 £333,864,455 2,031,195,725 2,027,555,659
75,000,000
75,000,000
25~,b"o"o"bob
5o",obb'ooo
Total
1932
150,000,000
~~"4~873
24,307,711
I
Tennessee Valley Authority
of
150,000,000
4,992,568
Corp.—direct
loans and expenditures.e
a
45,000,000
150,000,000
n
Exclusive of
note o,
the $39,124,000.00 and $47,536,186.06 transfers referred to In
and $2,550,000 transferred to salaries and expenses, Farm Credit Adminis¬
tration; and $25,358,189 carried to the surplus fund of the Treasury.
o Includes $4,000,000,000 specific appropriation under the Act of
April 8, 1935.
$1,425,000,000 specific appropriation under the Act of June 22, 1936, $789,000,000
specific appropriation under Act of Feb. 9, 1937, and transfers of unexpended bal¬
ances as
follows:
From the Reconstruction Finance
Corporation, $500,000,000; from
the appropriation of $3,300,000,000
for National Industrial Recovery, $84,520,600;
appropriation of $525,000,000 for relief in stricken agricultural areas
provided in the Emergency Appropriation Act of 1935, approved June 19, 1934,
$39,124,000.00; from the appropriation of $899,675,000 for emergency relief and
from
the
public works
provided
In the
Emergency
Appropriation
Act of
1935,
approved
June 19,1934, $47,536,186.06; from the appropriation of $950,000,000 for emergency
civil works provided In the Act of Feb. 15, 1934, $7,381,742.11; from
securities acquired by the Federal Emergency Administration of Public Works, but
the amount which rhe Reconstruction Finance Corporation may have Invested at
relief and
any one time In such securities may not exceed
and moneys transferred pursuant to
securities
are
$250,000,000.
Moneys paid for such
available for loans under Title II of the National Industry Recovery
DETAILS OF REVOLVING FUND3
unobligated moneys referred to in Sec. 4 of Act of March 31, 1933, $21,527,113.76;
Sec. 15 (f) of the Agricultural Adjustment Act,
$12,921,502.64
INCLUDED IN GOVERNMENT RECEIPTS AND
EXPENDITURES
This Month
Fiscal Year 1937
Organizations
■'
Repayments and
•
Net
Collections
Expenditures
Repayments and
.
-
Net
'
•
Payments
Commodity Credit Corporation
$452,277.15
Farm Credit Administration
Loans and grants to States, municipalities, &c
Loans to railroadn
Export-Import Hanks of Washington
Reconstruction Finance Corporation—direct loans & expenditures
a
Excess of repayments and collections (deduct).
a$2,276,599.48
488,007.98
$2,728,876.63
1,414,393.29
1,856,595.13
10,590.00
889,496.97
36,375,732.59
28,612,462.75
7,763,269.84
808,212.01
-
24,444,219.91
40.00
Payments
$20,672,287.58
a606,181.28
26,636.420.00
22,587,624.78
alO,550.00
a401,488.99
305,590,596.50
1,722,108.69
9,504,839.32
405,545,259.24
Collections
Expenditures
$132,460,044.92
44,462,470.18
a$111787757.34
81,110,168.06
4,840,727.91
10,957,550.28
739,409,714.49
224,480,428.44
al7.826,050.18
a3,118,619.22
al.452,710 96
a333,864,455.25
Volume
Financial
'
145
383
Chronicle
Trust
and 1935-36:
Accounts,
Receipts—
$
Internal Revenue:
Income tax.
Mtscell.
revenue
carriers
upon
310,210,352
209,761,095
Unjust enrichment tax
1,426,575,434
2,009,626,581
2,157,526,981
163,851,449
2,181,217,856
2,214,877
Taxes under Social Sec. Act..
Taxes
$
547,114,518
-
internal
July 1 to June 30—
1936-37
1935-36
$
$
Month of June
1937
1936
5,886,836
Receipts—
Trust accounts
52,681,642
252,160,840
20,605
210
9,335,181
32,121,514
486,356,599
345,088
dollar
1,676,187
784,464
1,831,545
7,946,078
39,786,924
175,789,415
44,656,848
8,500,483
294,439,871
'18,949,421
99,205,190
34,951,605
592,135,615
434,351,237
29,171,058
10,464,117
233,793,123
205,131,956
f886,226
27,513,921
127,380,803
80,788,693
223,272
333,153
791,845
875,000
5,614,453
5,920,221
12,294,165
99,573,790
397,422,480
48,752,000
8,477,000
293,386,000
18,909,000
Total
Expenditures—
Trust accounts
Transactions
in
checking acc'ts
(net)
Melting losses, &c
Payment to Fed. Res. banksk
(Sec. 13b, Fed. Res. Act as1
amended)
2,547
Interest—for'n Obligations.
2,449
72,094
69,898
'
160,596
Panama Canal tolls, &0
161,866
518,493
477,414
1,352,545
All other
3,131,197
68,258,989
90,360,933
25,899,995
3,129,649
25,371,003
2,723,863
48,911,891
6,824,124
-
2,487,600
2,722,150
Seigniorage
Other miscellaneous
5,189,472
67,2,11,066
39,266,510
60,218,663
Unemployment trust fund—In¬
vestments
Other
Total receipts
867,699,895
529,215,153
4,115,956,615
5,293,840,237
'
General—Departmental, a
41,892,626
34,715,117
509,761,212
reserve account:
Investments & transfers (net)
Benefit payments
2,166,774
33,990,146
3,800,100
5,056,382
89,703,051
14,487,254
5,443,649
140,478,750
1,049,412
694,357
11,917,182
11,447,779
15,761,374
Public highways, a
River and harbor work.a
15,045,265
28,799,817
71,398,632
26,000,000
48,321,786
86,038,862
f6,424,842
J...
Panama Canal.a.
Postal deficiency
(current) b.
Postal def iciency (prior years) c
Railroad Retirement Act
f6,424,842
943,443
103,383
5,478,665
270,435
Social Security Act.
Retirement funds (U. S.share)
Dist. of Col. (U. 8. share)
65,248,870
3,994,546
447,759,139
46,735,300
28,445,293
40,662,400
5,000,000
5,707,500
National defense:
j
19,674
30,987,518
33,116,347
359,027,974
373,014,978
47,901,832
34,898,377
497,084,719
391,424,149
48,535,593
580,234,709
24,020,871
e556,665,425
f21,506
1,773,492,532
Adjusted service Ctf. fund..
Agricul. Adjust. Admin..a
Agrlcui. Adjust. Admin. (Act
..
,
e500,380,370 ;
f26,205
Aug. 24, 1035)
1,673,492,532
79,879
42,317,929
24,161,602
297,131
51,420,709
116,799,599
135,453,093
32,529,481
Agricultural Contract Adjusts.
14,127,329
311,104
357,199,796
Soil Conservation & Domestic
Allotment Act
Emergency Conserv.
Work.a..
32,718,640
322,037,
321,130,998
...
Farm Credit Administration a
1,081,504
8,416,000
27,271,869
Tennessee Valley Authority a
Debt charges—Retirements..
3,on,631
3,790,314
41.994,141
11,551,343
21,016,755
2,226,400
Refunds—Customs
Internal
on
103,971,200
403,240,150
131,527,711
6866,384,331
749,396,802
14,085,195
30,100,430
10,081,744
1,758,869
16,549,408
2,917,160
32,848,860
342,039
farm prod.
177,563
3,564,186
revenue
Processing tax
10,603,500
gl93,578,383
Interest
1,014
6,515,774
400,648,000
3,604,543,000
3,556,159,000
54,900,000
300,319,000
354,600,000
Justed service ctf. fund series)
Certificates of indebtedness (un¬
351,755,000
26,638,000
596,439,000
37,070,000
852,904,100
435,164,500
852,904,100
2,690,266,150
68,713,000
employment trust fund series)
Treasury notes
204,425,400
795,517,400
Exchanges
Old-age
Civil
series...
reserve acct.
service
267,100,000
42,100,000
fund
retirement
91,200,000
35,000,000
54,200,000
78,700,000
518,000
296,000
881,000
631,000
134,000
1,817,000
634,000
2,378,000
Treasury bonds
670,846,550
1,221,413,000
2,301,699,900
Exchanges
955,841,600
1,546,939,100
2,182,661,400
Foreign service retlrem't fund
series
Zone
fund
retirement
series
Alaska
344,737,068
771,392
274,307,192
Receipts—
Treasury bills
Canal
48,969,067
708,658,429
166,333,225
Certificates of Indebtedness (ad-
575,982,094
Veterans' pensions & benefits:
Veterans'Administration ad
758,468,840
14,028,463
series
Army
26,969
;
58,972,477
Public Debt Accounts
a
Navy
2,100,000
2,200,000
'
85,176,727
Excess of receipts or credits
Excess of expenditures. ....
442,994,433
3,800,481
buildings.a...
1,000,000
;
Old-age
Total
Expenditures—
41,856
61,488
Seigniorage
Unemployment trust fund..... 'l
For retlrem't of Nat. bk. notes!
Proceeds of Govt.-owned sees.
Principal—for'n obligations
238,827,935
Increment resulting from reduc¬
tion in the weight of the gold
Miscellaneous receipts:
Public
£256,232,632
Chargeable agst. increm.on gold:
210
76,649,383
386,811,594
2,501
41,715,547
Processing tax on farm prod'ts
Customs
18,463,186
£52,655,309
of governmental agencies
their
&
employees
$
$
$
$
1935-36
1936-37
1936
1937
Increment
Gold, &c
on
...
General and Special Funds
July 1 to June 30
—Month of June—
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury,
we are enabled to place before our readers today the details
of Government receipts and disbursements for June, 1937
and 1936, and the 12 months of the fiscal years 1936-37
Railroad
retirement
fund series
52,000
10,000
;
30,000,000
Postal Savings System series..
United States savings bonds (in¬
29,178,342
(Govt. Life Ins. Fund series).
Postal Savings bonds
519,731,009
1,668,752,150
265,239,521
140,589,400
28,401,911
1,829,500
cluding unclassified sales)
Adjusted service bonds
1,668,752,150
e500,157,956
e500,157,956
20,744,000
Deposits for retirement of Na¬
223,895,115
tional bank notes
"
2,113,905,898
4,311,318,711
9,589,408,965
14,120,813,636
539,514,000
Total
207,582,000
3,666,199,000
3,283,135,000
Expenditures Unci. Public Debt
Retirements shown above)—
Total, general
1,040,650,956
2,091,589,340
5,588,870,388
5,258,695,615
"
Recovery and relief:
Agricultural aid:
Agricul.
Admin...
2,248,663
fl3,028,158
10,765,452
27,850,207
Commodity Credit Corp...
f2,276,599
f19,306,143
fill,787,758
Farm Credit Admin.......
f606,181
fl,142,670
fl7,826,050
129,715,023
f33,223,232
Adjust.
Federal Land banks
Relief:
Fed.
Admin,
3,234,327
64,181,014
60,486,791
792,534
283,591
12,401,286
495,591,987
145,450
316,950
2,533,700
4,159,000
2,000,000
121,100,000
144,100,000
383,300,000
ser.
303,003,000
18,161,000
303,053,000
18,161,000
961,550
1,030,296,850
1,823,426,150
2,017,122,850
Civil service retlrem't fund ser.
25,600,000
45,100,000
44,000,000
64,200,000
419,000
211,000
654,000
7,000
1,709,000
Certificates of indebtedness
Adjusted
ctf. fund series
Foreign
retirement
service
fund series
plus Com. Corporation)..
Civil Works Administration
12,383
46,818
296,751
676.196
Conserva'n work..
966,527
31 677,412
64,676,732
486,281,194
Dept. Of Agricul., relief
Public Work (incl. work rel'f):
1,889
115,550
476,249
2,882,449
Boulder Canyon project...
f74,764
1,088,781
9,739,351
10,023,711
22,587,625
48,550,435
224,480,428
172,116,012
fl27,881,597
Postal Savings System series -.
Federal
Deposit
Insurance
Loans and grants to States.
municipalities, &C
Loans to railroads...
Public highways
f10,550
f3,723,504
f3,118,619
18,921,897
24,301,576
260,908,922
4,574,441
15,291,717
94,483,515
2,029,262
All Other
338,105
10,254,233
177,076,188
1,896,446,658
1,263,661,490
29,167,162
Rural Electrlfica'n Admin.
Works Progress Admin
215,095,581
152,318,737
1/02,654
144,171,312
River and harbor work
43,154,291
367,540,711
405.333,219
Aid to home-owners:
Home loan system
20,686,284
50,734,420
16.740,080
37,385,358
24,906,423
14,504,600
209,695,580
fi3
137,907,723
fl,729
fi,803
fl,452,711
4,873
19,581,458
5,111,371
f72,023,193
f333,864,455
f238,722,417
2,179
892,717
17,126,044
105
f320,ooo
f401,489
f6,687
7,763,270
Housing Admin...
Resettlement Admlnistra'n
Subsistence homesteads
Miscellaneous:
620,510
1,107,192
21,201,298
Federal
811,959
5,911,909
Emergency housing
Ad rain, for Indus. Recovery..
Reconstruction Finance Corp.
—direct loans & expend'S..
Tennessee Valley Authority
261,103,230
255,515,022
2,846,462,933
3,290,927,870
1,301,754,186
2,347.104,362
8,105,158,548
..........
4,763.841,642
2,811,318,311
1,817,889.209
.
expenditures
(+)
or
of
receipts
expenditures
(—)
&c
.
excess of
(+)
or
(excluding pub¬
lic debt retirements)
Trust accts., increment
+431,827,891+1,807,285,709 + 2,707,347,111 +4,360,601,493
on
gold,
bank note retire't
1,831,306,581
2,873,680,336
5,920,221
12,294,165
99,573,791
excess
of expenditures
( + ) Or receipts (—)
+411,879,207 +1,819,012,416
Increase (+) or decrease (—)l n
the public debt
.+1,211,805,745
4,634,908,685
397,422,480
132,100
14,450
169,000
12,000
9,300
160,000
253,200
3,453,300
19,457,600
1,276,754,450
48,200
2,400
42,150
3,600
600
1,789,200
1,798,160
50
3,000
8,950
596,705,650
74,687,260
3,050
50,000
36,700
433
534
2,061
4,688
6,366,321
and
notes
13,714,965
114,402,169
^.428,476,842
Fed'l
902,100,153
2,169,218,333
6,942,338,727
9,043,162,767
1,211,805,745
2,142,100,378
2,646,070,238
5,077,650,869
Total
a
Additional expenditures on these
included
are
under
accounts for the months and the fiscal years
Expenditures, the classification of which
Recovery and Relief
will be shown in the statement of
p. 7 of the daily Treasury
classified receipts and expenditures appearing on
statement for the 15th of
b The item Postal Deficiency
each month.
represents advances from the General
Fund of the
meet deficiencies in the postal revenues.
These figures do not reflect any allowance for offsets on account of extraordinary
expenditures or the cost of free mailings contributing to the deficiency of postal
revenues certified to the Secretary of the
Treasury by the Postmaster General
approved June 9, 1930. Further, the expenditures
deficiency for this month and the fiscal year 1937
and §16,245,165.06, respectively, on account of
transfers of appropriations from the Post Office Department to the U. S. Maritime
Commission pursuant to the Act of June 29, 1936 (49 Stat. 1988).
These trans¬
ferred funds when expended by the U. S. Maritime Commission are classified on this
page as "Departmental," and on p. 7 on the 15th of the month as "Departmental—
shown above on account of postal
are
exclusive
+323,087,962
—128,036,307
+ 840.164,664
of
36,245,165.06
S. Maritime Commission."
c
Represents repayment of funds by Post
for fiscal years 1925 to
Includes
trator
$500,157,956.40. representing the amount certified by the Adminis¬
Affairs for payment to the United States Government Life
Veterans'
of
Fund in 4H%
,
31,636,443,116
33,778,543,494
28,700,892,625
36,424,613,738
33,778,543,494
36,424,613,732
33,778,543,494
bonds in accordance with Sec. 5 of the
Adjusted Com¬
pensation Payment Act of Jan. 27, 1936.
f Excess of credits
+2,142,100,378 +2,646,070,238 +5,077,650,869
Office Department on account of grants
1933 (deduct).
d Includes administrative expenses.
Insurance
35,212,807,988
Public debt this date.
60,617
101,393,300
21,000
Excess of receipts
Excess of expenditures
e
+ 2,774,106,545 + 4,237,486,205
of month
or year
29,822
14,850,550
890,800
...
Reserve bank notes
Total
Increase ( + ) or decrease (—)l n
general fund balance
+799,926,537
Public debt at begin,
16,025
2,450
Other debt Items
+ 274,307,192
+166,333,225
+24,020.872
—14,028,463
417,799,428
Less nat.
11,853
1,006
1,606,700
Consols of 1930
Panama Canal bonds
U.
receipts (—) or
expenditures (-t-)
987
2,050
pursuant to the Act of Congress
.
+434,054,291 +1,817,889,209 + 2,811,318,311 +3,763,841,642
Less public debt retirements..
2,226,400
10,603,500
103,971,200
403,240,150
receipts (—)
Excess
724,235,500
Treasury to the Postmaster General to
434,054,291
Summary
of
696,531,400
304,800
Treasury savings securities
First Liberty bonds
Second Liberty bonds
Third Liberty bonds
Fourth Liberty bonds..
Victory notes
Postal Savings bonds
8,879,798,258
Excess of receipts
Excess Of expenditures
Excess
27,814,668
—.
Total recovery and relief...
.'
11,162,525
724,235,500
_
Export-Import Bks. Of Wash.
Total expenditures.
36,206,921
War savings securities
108,264
1,500
1,647,328
18,254,700
Adjusted service bonds..
bank
532,400
156,000
4,434,362
United States savings bonds
National
1,878,000
55,000,000
5,000,000
Corporation series
Treasury bonds..
•
Emerg.
440,000
179,000
70,000,000
Canal Zone retlrem't fund ser.
Sur¬
Fed.
serv.
Unemployment trust fund
Treasury notes
Relief
Emer.
(incl.
3,472,053
Treasury bills
(deduct).
g Includes $22,507,108.04, representing one year's interest at
157,956.40 face amount of bonds issued to the United States
Insurance Fund pursuant to
Jan. 27,
COMPARATIVE PUBLIC
4^% on $500,Government Life
Sec. 5 of the Adjusted Compensation Payment Act of
1936.
DEBT STATEMENT
(On the basis of daily Treasury statements)
/
March 31, 1917,
Aug. 31, 1919,
Dec.
31, 1930,
When War Debt
Lowest Post-War
Was at its Peak
Pre-War
Debt
June 30,1936,
'
Debt
Year Ago
May 31, 1937,
June 30, 1937
Last Month
74,216,460.05
.
Net balance in general fund
Gross debt less net balance In general fund..
Gross debt per capita
per annum on
est-bearing debt outstanding (per cent)
$26,596,701,648.01
1,118,109,534.76
$16,026,087,087.07
306,803,319.55
$33,778,543,493.73
2,681,510,203.96
$35,212,807,987.68
1,753,547*360.03
$36,424,613,732.29
2,553,473,897.31
$1,207,827,886.23
$25,478,592,113.25
$15,719,283,767.52
$31,097,033,289.77
$33,459,260,627.65
$33,871,139,834.98
12.36
Gross debt
Computed rate of interest
A
250.18
129.66
263.01
272.41
281.63
2.395
4.196
3.750
2.562
2.559
2.582
$1,282,044,346.28
inter¬
Financial
384
Chronicle
July
PRELIMINARY
TREASURY CASH AND CURRENT LIABILITIES
holdings of the Government as the items stood
June 30, 1937, are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury of June 30,1937.
THE
OF
STATEMENT
DEBT
UNITED STATES,
The cash
1937
17,
JUNE 30, 1937
The preliminary statement of the public debt of the United
States, June 30, 1937, as made up on the basis of the daily
Treasury statement, is as follows:
Bona—
CURRENT ASSETS AND LIABILITIES
3% Panama Canal loan of 1961-..—..—.
8% Conversion bonds of 1946-47.
GOLD
Assets—
Liabilities—
Gold
.12,318.172,420.10
$197,780,860.00
Gold certificates:
Treasury bonds:
Outstanding (outside
of Treasury)
Gold ctf. fund—Bd.
2,903,632,809.00
of Govs.. F. R.Sys
6,020,442,436.78
Redemption
fund—
Fed. Res. notes.-_
Gold
10,470,461.75
156,039,430.93
reserve
Exch. stabiliza'n fund-
1,800,000,000.00
10,890,585,138.46
Gold In general fund:
Inactive
1,086,787,223.10
Balance of increment
result, from reduc¬
tion
in
weight
of
the gold dollar
140,965,030.63
199,835,027.91
In working balance—
1,427,587,281.64
12,318,172,420.10 >
Total
Total
12,318,172,420.10
Note—Reserve
against $346,681,016 of United States notes and $1,172,022 of
Treasury notes of 1890 outstanding.
Treasury notes of 1890 are also secured by
silver dollars in the Treasury.
4k % bonds of 1947-52
$
$758,955,800.00
1,036.702.900.00
-
bonds of 1944-54
j—
;% bonds of 1946-56
3k% bonds of 1943-47
8k % bonds of 1940-43
3H % bonds of 1941-43
3k % bonds of 1946-49
3% bonds of 1951-55
Z\i% bonds of 1941
3k% bonds of 1943-45
3k % bonds of 1944-46
489.080,100.00
454,135,200.00
352,993.950.00
544,870,050.00
818,627,000.00
755,469,500.00
834,463,200.00
1,400,534,750.00
1,518,737,650.00
3% bonds of 1946-48
1,036,874,400.00
3k % bonds of 1949-52
2k % bonds of >955-60
2H% bonds of 1945-47
491,375,100.00
2,611,107,650.00
1,214,428,950.00
1,223,496,350.00
1,626,687,650.00
981,848,050.00
1.786,362,050.00
% bonds of 1948-51
;% bonds of 1951-54
:% bonds of 1956-59
2 k % bonds of 1949-53
19,935,749.800.00
United States Savings bonds:
Series A—.
$187,767,107.50
350,119,466.75
218,811,243.75
42,951,083.77
Series B
Series C
•
SILVER
Assets—
$49,800,000.00
28,894,500.00
119,086,360.00
2k % Postal Savings bonds (13th to 49th ser.)
$
Unclassified sales
Liabilities—
-
-
799,648,901.77
$
Silver
835,195,892.46
Silver ctfs. outstandings 1,305,281,987.00
Silver dollars
505,602,800.00
Adjusted Service Bonds of 1945—
Treasury notes of 1890
$388,674,650.00
(Government Life Insurance Fund series)
outstanding
-
500,157,956.40
-
888.732,606.40
1,172,022.00
34,344,683.46
Silver In general fund...
Total bonds
Total
1,340,798,692.46
Total
Assets—
$
Gold (as above)
Silver (as above)
Federal Reserve notes.
13,755,310.00
565,577.50
467,026.50
5,202,106.45
3,796,002.84
.
Fed. Reserve bank notes
National bank notes
Subsidiary silver coin..
Liabilities—
1 ,427,587,281.64
34,344,683.46
2,840,293.00
...
United States notes
_
Minor coin
Silver bullion (cost val.)
Silver bullion (recolnage
141,337,925.68
Special depos. acct, of
sales of Govt.secur.
other
lawful
59,300,000.00
5,457,603.01
disbursing
of
June 30. 1941 and 1942.
fund
lawful money)
408,460.09
items,
7,357,302.60
changes, &c
4%
309,400,000.00
Foreign
Service
retirement
fund,
series
1938 to 1942..
3,111,000.00
155,820,254.30
4% Canal Zone retirement fund, series 1938
Inact. gold (as above)l,086,787,223.10
Increment on gold (as
4% Alaska RR. retirement fund series, ma¬
turing June 30, 1941
.*
other
Govt, officers
29,202,614.20
depositaries:
To credit of Treas¬
U. S__
1,136,779.21
of
267,100,000.00
4% Civil Service retirement fund, series 1938
to 1942
ex¬
19,114,609.99
of
$817,483,500.00
276,679,600.00
618,056,800.00
455,175,500.00
596,416,100.00
1,293,714,200.00
526,233,000.00
941,613.750.00
426.554,600.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707.600.00
503,877,500.00
204,425,400.00
426,349,500.00
«
$10,617,241,250.00
3% Old-Age Reserve account series, maturing
Nat.
bank notes (5%
Uncollected
3k % series A-1937, maturing Sept. 15.19372H % series A-1938, maturing Feb.
1.1938.
2% % series B-1938, maturing June 15,1938.
3%
series C-1938, maturing Mar. 15.1938.
2k % seriesD-l938, maturing Sept. 15.19382H% series A-l 939, maturing June 15.1939lk % series B-1939, maturing Deo. 15.1939.
lk% series C-1939. maturing Mar. 15,19391H% series D-l939, maturing Sept. 15.1939lk% series A-1940, maturing Mar. 15.1940.
1H% series B-1940. maturing June 15.1940.
1H% series C-1940, maturing Deo. 15.19401H% series A-1941, maturing Mar. 15.1941.
lk% aeriesB-1941, maturing June 15,1941.
lk% seriesC-l941, maturing Deo. 15,1941.
1M% series A-l942, maturing Mar. 15, 1942.
72,681,380.05
officers, &c._
Deposits for:
649,462,000.00
U. S
credit
courts,
bank
To credit of Treas¬
urer
reserve,
Redemption
depositaries:
Foreign
Savings
System:
2,661,573.73
Fed. Reserve banks..
credit
2,933,367.58
_
Postal
Other deposits
Deposits in:
To
Post Office Dept
of
Trustees,
Postmasters, clerks of
Collections, &c
To
7,682,140.97
Board
5%
Unclassified—
urer
out¬
officers:
715,536.98
and
checks
standing
Deposits of Government
money
value)
Nat.
Treasurer's
373,978,296.70
Treasury Notes—
1,340,798,692.46
GENERAL FUND
$21,821,912,168.17
today:
above)
Seigniorage (silver) see
other
Govt, officers—
Balance
notel
1,469,019.33
Philippine Treasury:
140,965,030.63
2%
3,304,000.00
Postal Savings System series,
52,000.00
maturing
June 30, 1940
355,687,781.26
970,033,862.32
Working balance
to 1942
30.000,000.00
2%
Federal Deposit Insurance Corporation
series, maturing Dec. 1, 1939
95,000,000.00
11,325,208,250.00
To credit of Treas¬
U. S
urer
1,657,514.40
Total...
2.553.473,897.31
2,709.294,151.61
Total
2,709,294,151.61
1—This item represents seigniorage resulting
Note
from the issuance of silver
certificates equal to the cost of the silver acquired under the Silver Purchase Act of
1934 and the amount returned for the silver received under the President's proclama¬
tion dated Aug. 9, 1934.
Note 2—The amount to the credit
was
or
disbursing officers and certain agencies today
$1,511,224,154.01.
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1938
%k % Unemployment Trust Fund series, ma¬
turing June 30, 1938
-
312,295.000.00
349,895.000.00
2,303,094,000.00
Treasury bills (maturity value)
Total
interest-bearing debt outstanding
Matured Debt
on
$35,800,109,418.17
-
Which Interest Has Ceased-
Old debt matured—Issued prior to Apr.l, 1917
CURRENT
$37,600,000.00
$4,711,540.26
3k % ,4 % ,and 4k % First Liberty Loan bonds
NOTICES
of 1932-47
28,557,800.00
4% and 4k % Second Liberty Loan bonds of
—Announcement has been made of the resignation of J. Gentry Daggy,
of J. Gentry Daggy & Co., Philadelphia, as President of the National Se¬
1927-42
1,435,100.00
4k% Third Liberty Loan bonds of 1928
W. Sener, of Mackubin, Legg & Co., and Secretary of the Association, said
that because of the pressure of personal matters, he did not feel it possible
Ctfs. of Indebtedness, at various Interest rates.
to devote the time and attention to the affairs of the Association that the
Treasury bills
Treasury savings certificates
2,390,350.00
38,755,550.00
693,150.00
18,368,650.00
5,999,400.00
17,357,000.00
4k % Fourth Liberty Loan bonds of 1933-38-3k % and 4k % Victory notes of 1922-23
Treasury notes, at various interest rates
curity Traders Association.
Mr. Daggy, in a letter addressed to Joseph
office of the presidency entails,
particularly inasmuch
as
such duties are
greatly augmented in connection with its forthcoming convention.
"Rather
than
do
injustice to
an
feel that it is advisable for
has been
a
privilege and
a
me
a
splendid organization," he said, "I
to tender my
pleasure to
resignation at this time.
serve as your
real regret that I relinquish the duties of office.
Needless to say, I shall
furthering the
261,275.00
—
$346,681,016.00
156,039,430.93
118,529,815.26
-------
Less gold reserve
$190,641,585.07
<
Deposits for retirement of National bank and
310,038,301.50
Federal Reserve bank notes
Old demand notes and fractional currency
Association."
our
—
Debt Bearino No Interest—
United States notes..
executive and it is with
continue to give as much of my time and energy as possible in
interest of
It
-
Thrift and Treasury savings stamps,
—Formation of the firm of Martin and Chambers to conduct a general
2,032,511.50
unclassi¬
fied sales, &c
3,262,100.79
505,974,498.80
bond business is announced by Durno Chambers and Leonard A. Martin.
Thew
new
firm, which will specialize initially in Government and Municipal
i;
Total gross debt
$36,424,613,732.29
—
-
bonds, has opened offices at 120 Broadway, N, Y. City.
Mr.
Chambers
for 7H
years
was
formerly associated with
the
Bankers
in its municipal bond department and later
was
Trust
a
Co.
NOTICES
CURRENT
general
partner for three years with the New York Stock Exchange firm of Bull &
Eldredge.
—Chas.
Mr. Martin
was
formerly with Otis & Co. in its statistical department.
nounce
D.
Barney &
Co., New York Stock Exchange members, an¬
today the opening of an office in Bethlehem, Pa., their eighth
More recently he has been associated in investment analysis and security
branch office.
activities with his father, Robert W. Martin, for many years a partner of
Ulman, while Ezra M. Stiles will act
Wm. A. Read & Co., Dillon, Read & Co. and with the old investment firm
of Vermilye &
Co., when the late Wm. A. Read
was its
active partner.
—With its total membership higher than at any time since its formation,
the New York Security Dealers Association announced the election of Morris
The
new
office will be under the management of Edgar Mc O.
as
The firm, established 64 years ago in
assistant manager.
Philadelphia, now has representation
11 major security and commodity exchanges and direct wires to corre¬
on
spondent firms and branch offices in 21 cities.
—William H. Dayton,formerly railroad editor
Cohon, of Morris Cohon & Co., and Samuel Englander, of Englander & Co.,
has
to active
division of the firm's Security Supervision.
The
membership.
continuing growth
of interest in the Association is attributed in
become associated with
Shields
&
affairs of railroad
affecting
in the Wall Street Journal he has had
over-the-counter
the Association
a
dealers.
membership directory just issued, outlining its activities,
now
furnishes, through
a
tative newspapers throughout the United States through press
—George D. Walsh is
trading department.
now
associated with
associations,
Kennedy, Hall& Co.,intheir
Journal,I
Department
as one
companies in the country.
In addition to his articles
published several special studies of
individual roads and the railroad industry as a whole.
Central Bureau, quotations on
approximately 600 issues to all of the local newspapers, and to represen¬
Research
Mr. Dayton is regarded
of the best informed students of railroad conditions and analyst of financial
part to the prominent position it has taken in connection with legislation
According to
of the Wall Street
Co. in the
—Bioren
changes,
as
&
Co.,
announce
manager
of
members of New York and Philadelphia Stock Ex¬
that Russell M. Dotts has become associated with them
their
Municipal
Trading
Department.
Mr.
Dotts
was
formerly connected with C. O. Collings & Co. and has been in the invest¬
ment business for
a
number of years.
Volume
Financial
145
385
Chronicle
DIVIDENDS
Per
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
Dividends
are
been paid.
have not yet
Name
grouped in two separate tables.
Further details and record of past
dividend payments in many cases are
Share
of Company
Group Securities, Inc.—
Agricultural shares
\
-—
-
.026c
.01c
Extra
-----
-
.03c
Aviation shares (extra)
.017c
Building shares
given under the com¬
Extra
-—
News
in our *'General Corporation and Investment
Department" in the week when declared:
name
.02c
Extra
Extra
Share
Name of Company
—
7% preferred
Alaska Packers
Payable of Record
Aug.
Aug.
Aug.
Aug.
July
(quar.)
Assn. (quar.)
7% pref. (quar.)
Allentown Bethlehem Gas,
Allied Internat. Invest. $3 con v. pref
t
American Art Works. Inc. 6% pref. (quar.)
American Business Shares (quar.)
Sept.
July
Aug.
Aug.
American Fidelity Co. (quar.)
Amer. Invest. Co. of Illinois $2 pref. (quar.)
Anglo-Canadian Telephone 5H% pref
Asbestos Mfg. Co., $1.40 conv. pref. (quar.)
Atlantic Macaroni (quar.)
Atlantic Safe Deposit (N. Y.), (quar.)
Bank of Toronto (quar.)
Borland Shoe Stores 7% pref. (quar.)
Berkshire Fine Spinning Assn.—
$5 preferred (initial quar.)
$5 preferred (adjustment)-7% old preferred (resumed)
7% old preferred (resumed)
Best & Co., dommon (quar.)
Preferred (semi-annual)
Bireley's Inc. (quar.)
Blauner's Inc. common (quar.)
$3 preferred (quar.)
Brandywine Shares
______
Broadway Dept. Stores, Inc. (quar.)
5% cum. preferred (initial)
$
Bronxville Trust Co. (Bronxville, N. Y.) (quar.)
Nov.
2
2
10
10
1
15
1
15
2
2
July
July
July
July
July
23
23
31
31
23
1 Oct.
16
14
20
15
20
Aug.
2 July 26
July 15 July 14
Sept. 1 Aug. 14
Aug.
2 July 20
July
Sept.
July
Sept.
Aug.
July
July
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
-
Extra
23
1
23
1
16
31
24
16
16
24
1
1
2
2
July
Aug.
July
Aug.
July
July
July
Aug.
Aug.
July
July
July
July
July
20
25
20
20
26
30
14
1
1
15
17
17
24
24
Buckerfield's Ltd. 7% pref. (accumulation)
June 30 June 29
7% preferred (quarterly)
Company
Bullock's, Inc. (Los Ang.) 5% preferred (quar.)_
Canadian Investment Fund Ltd.—
July 26 July 23
Aug.
1 July 12
June 30 June 29
Buda
Ordinary shares
Special shares
Aug.
Aug.
Aug.
——--------
-
Canadian Investors Corp., Ltd.
Carolina Insurance (semi-ann.)
Central Arizona Lt. S
(quar.)
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept
July
Pow. $7 pref. (quar.)
$6 preferred (quar.)
Central Ohio Steel Products
(increased)
Century Ribbon Mills
Century Shares Trust, partic. shares
Chain Store Investment $6.50 pref. (quar.)
► Common (quar.)
Chartered Investors $5 pref. (quar )_Chicago Elec. Mfg. $2 class A pref
Chicago Yellow Cab
Cleveland Hobbing Machine (quar.)_Clinton Water Works 7% pref. (quar.)
Coast Breweries Ltd. (quar.)
College Point National Bank (N. Y.) (s.-a.)_-_Colt's Patent Fire Arms Mfg. (quar.)
Columbia Pictures $2.75 conv. pref. (quar.)
Commonwealth Internat. Corp., Ltd. (quar.)--,
Community Public Service, v. t. c. (quar.)
Sept.
July
July
Aug.
July
Sept.
Aug.
Aug.
Aug.
Aug.
Extra
Confederation Amusements Ltd. 8% partic.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
July
pref.
Consolidated Press., Ltd., class A
Continental Can Co., Inc. (quar.)
Crandall McKenzie & Henderson, Inc..
Cuneo Press common
(quar.)
Preferred (quarterly)
De Met's Inc. $2.20 pref. (quar.)
Diamond Alkali Co. (quar.)
Distillers Corp .-Seagrams, pref. (quar.)
Dow Chemical Co. (quar.)
5% Preferred (quar.)
Duquesne Brewing Co. of Pittsburgh (quar.) —
Edmonton City Dairy Ltd., pref. (quar.),
Electric Products Corp. (Pa.)
English Electric Co. of Canada, Ltd.—
$3 non-cum. class A (resumed)
Erie & Kalamazoo RR. Co. (quar.)
Faber Coe & Gregg, 7% pref. (quar.)-..
Felin (J. J.) & Co., com. (s.-a.) reduced
}* Preferred (quar.)
Fidelity & Deposit Co. (Baltimore) (quar.)-__-
Payable
on coupon
June 25
July
1
July 16
July 12
Sept.13
Aug.
4
July 15
July 20
July 20
July 15
July 15
July 24
July 20
July 20
Aug. 1
July 26
June
15
July 20
Aug.
2
Aug.
2
July 22
July
July
July
Aug.
Aug.
July
July
July
July
July
July
July
31
26
15
10
10
19
19
20
15
Fund
7Hc
No. 15
First Management Foundation benefic. interest
shares (quar.)
Extra
Franklin Fire Insurance (Phila.)
(quar.)
Extra
Franklin Ry. Supply
Hammond Lumber Co., 5% pref
Hartford Times, 5H% pref. (quar.)
Hawaiian Pineapple, Ltd
Hill Packing Co., 7% conv. partic. pf.
Hollander (A.) & Son, Inc. (quar.)
Homestead Fire Insurance (Bait.)
Hormel ( Geo. A.) Co. (quar.)
►
(quar.)—
(semi-ann.)_-
6% preferred class A (quar.)
Home (Joseph) Co. 6% pref. (quar.)--
Hydro-Electric Securities 5% pref. B (s.-a.)
Idaho Power, 7% pref. (quar.)
► $6 preferred (quar.)
Illinois Northern Utilities, $7 junior pf. (quar.)_
Insurance Co. of the State of Penna. (s.-a.)_
International Harvester 7% pref. (quar.)
International Radio Corp. (increased)
International Utilities, $7 prior pref. (quar.)
$3.50 prior preferred (quar.)
----Interstate Hosiery Mills (quar.)
Jarvis (W. B.) Co. (quar.)
Jewel Tea Co., Inc. (quar.)
-----General Baking Co. (quar.)
General Cigar Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
General Foods Corp. (quar.)
General Metals Corp. (quar.)
General Tire & Rubber, 6% preferred
July 15 July 12
July 15 July 12
Aug.
2 July 20
Aug.
2 July 20
July 15 June 30
July
1 June 30
Aug.
2 July 15
July 31 July 20
Ju y
1 July
1
Aug. 16 July 30
Aug.
2 July 20
Aug. 15 July 31
Aug. 15 July 31
Aug.
2 July 24
Aug.
2 July 15
Aug.
2 July 15
Aug.
2 July 15
Aug.
2 July 15
July 14 July 12
Sept.
1 Aug.
5
July 19 July 15
Aug.
1 July 22*
Aug.
1 July 22*
Aug. 16 Aug.
2
Sept. 1 Aug. 14
Sept. 20 Sept. 3
Aug.
2 July 17
Sept. 1 Aug. 20
Dec.
3-1-38
-
6-1-38
1 Nov. 20
2-19-38
5-20-38
Aug. 16 July 26
Aug. 15 July 31
July 31 July 20
Gilmore Oil Co
Judo 30 June
Globe & Republic Insurance (quar.),
Extra
July 30 July 20
July 30 July 20
Sept.
1 Aug. 26
»
Grace National Bank (N. Y.) (s.-a.).
.02c
Extra
8
.008c
•032c
Extra..
.038c
Merchandising shares
Extra
.01c
-
Mining shares
Extra
—
Petroleum shares
.032c
.005c
.013c
-
.01c
Extra
•007c
Railroad shares
.01c
Extra
.01c
Railroad equipment shares
Extra
.015c
Steel shares
.013c
-
,025c
Extra
.023c
Tobacco shares
Extra
•005c
.02c
Utilities shares
.005c
Extra
Ltd.—
$
Guelph Carpet & Worsted Spinning Mills,
6H% preferred (quar.)
Guilford-Chester Water (s.-a.)
Kendall Co. $6 partic. pref. (quar.)
Key Company
Kings County Trust (Bklyn.)
Kittanning 1Telephone (quar.)
—-—
1,62lf
$1H
25c
$20
(quar.)
50c
—
25c
Inc. (quar.)
5% preferred (quar.)
Kress (S. H.) Co., new com. (quar.)
Special preferred (quar.)
L'Air Liquide (Amer. deposit rets.)—
Series O bearer shares (final)
Libby-Owens-Ford Glass (irregular)
Klein (D. E.) & Co.,
62 He
40c
—
,
15c
94c
$1H
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
31
July
July
July
July
July
Jmy
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
100% stock div. payable in common
Louisiana & Missouri RR., 7% gtd.
July
7
Sept. 15 Aug. 31
stock—
—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
pf. (s.-a.)__
Louisiana Power & Light, $6 pref. (quar.)
Louisville & Nashville RR. Co. (irregular)
Louisville Henderson & St. L. Ry., com.
(s.-a.)
5% preferred (s.-a.)
-—
Ludlum Steel Co
Lynch Corp_
_
McGraw Electric
(quar.)
McLennan, McFeeley & Prior, Ltd.. cl. A
Class B
(Cleveland)
Mortgage Corp. of Nova Scotia (quar.)—
Muskogee Co. 6% cum. pref. (quar.)
Mutual Management (quar.)
Myles Standish Co
y<
Co.—
preferred (quar.)
—
—
(T.) Company (semi-annual)
Light (quar.)
New Bedford Gas & Edison
(quar.)
Extra
—
Extra
7% pref. (quar.)_-
Northern RR. of N. H. (quar.)
---
Noyes®, F.) Co. 6% pref
JdPDlstilling Co., common (quar.)
—
8% preferred (quar.)
Oppenheim, Collins & Co. (resumed)
Orange & Rockland Electric
Oswego & Syracuse RR. (semi-annual)
Overseas Securities Co., Inc. (irregular)
Oxford Pipe Line, Ltd., 7% pref. (semi-ann.)—
Pacific Gas & Electric 6% pref. (quar.)
5H% preferred (quar.)Pacific Power & Light 7% preferred
Old
$6 preferred
Pan American Airways
(initial)
(semi-annual)
Passaic & Delaware RR.
Pearson Company common
5% preferred A (quar.)
*
Pelham Hall Co. v. t. c
Peoples National Bank (Brooklyn) (semi-ann.) _
Stock dividend payable in common stock
Philadelphia Suburban Water 6%
Phoenix Securities common
pref. (quar.)-
(resumed)
15
15
June 15
July 31
July 20
July
Aug.
Aug.
Sept.
July
July
1
1
15
1
1
15
2
20
2
16
16
2
15
1
1
1
15
15
July
July
July
July
July
21
21
July
Aug.
July
Aug.
Aug.
July
July
July
July
Aug.
15
4
15
2
2
20
10
25
24
14
8
22
22
June 30
July
10
1 June 25
July
1 July 16
Sept.
2 July 15
Aug.
1 July
1
Aug.
9
July 15 July
1 Aug. 16
Sept.
July 15 July 10
1 Aug. 12
Sept.
July 30 July 26
July 30 July 20
(quar.)
Niagara Hudson Power Corp.—
1st preferred 5% series (quar.)—
2d preferred 5% series A (quar.)
2d preferred 5% series B (quar.)
North American Trust Shares (1956).
Northern Insurance Co. (semi-annual)
June 24
June
Aug.
Morris Plan Bank
Northern New York Utilities
June 24
July
Aug.
Aug.
July
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
—
Minneapolis-Honeywell Regulator (quar.)
Newberry (J. J.) Co. 5% pref. A
Newberry Street Garage Co
New York Air Brake Co. (quar.)
New York Fire Ins. (quar.)
Aug.
July
Aug.
July
Mississinpi Power, Ltd., $6 1st pref. (quar.) —
Moody's Investors Service $3 partic. pref
$3 partic. pref. (quar.)
Moore Drop Forging class A (quar.)
Morris Plan Bank (Bridgeport, Conn.) (quar.)--
conv.
16 July
June
Fire Insurance (quar.)-
Metropolitan Industries—
6% prior allotment ctfs. 50% paid
Metropolitan Investments, Inc. (quar.)
Michigan Bakeries, Inc., common—
Common (quar.)
$7 preferred (guar.)
Midland Bank, Ltd. (interim)
Mine Hill & Schuylkill Haven RR. (s.-a.)
6%
16 July
July
(quar.)—
6% convertible preferred (quar.)
Mercantile Stores 7% pref. (quar.)
Nation-Wide Securities series B
16 July
June
Manufactures Trading Corp (quar.)
Marshall Field & Co., 7% prior pref.
National Guarantee & Finance
25 July
19
20
15
28
31
31
30
15
19
June
(quar.)
Merchants & Mfrs.
July
2 July
2 July
June
(qu.)_
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
16
15
15
15
15
15
15
15
15
15
15
15
15
15
2 July 20
Aug.
1
July 10 July
1 Aug. 10
Sept.
July 26 July 20
2 July 26
Aug.
7
July 10 July
1 Sept. 20
Oct.
1 July 20
Aug.
2 July 20
Aug.
2 July 20 i
Aug.
Liquid Carbonic Corp.—
National Power & Light Co.
June 28
July
Aug.
July
Fidelity Fund, Inc. (quar.)
(1945)
15
15
17
15
15
15
20
7
14
15
15
1
19
20
.023c
Investing company shares
Naum
Sept.
Aug.
Extra
First All-Canadian Trustee Shares
July
July
July
July
July
July
July
Aug.
July
July
July
Aug.
July
Aug.
.02c
.005c
Industrial machine shares
June 30
Aug.
July
July
July
.015c
-
Extra
Holders
When
Aug.
Adanas-Millis Corp., common
•028c
Extra
Food shares
Per
.007c
.017c
Distillery & Brewers shares
Electrical equipment shares
The dividends announced this week are:
.018c
.018c
Chemical shares
pany
.01c
.03c
:
Extra
Automobile shares
Holders
When
Payable of Record
July 31 July 22
July 31 July 22
July 31 July 22
July 15
July 29 July "15
July 29 July 15
July 31 July 10
July 31 July 12
1 July 26
t45c Aug.
1 June 15
10c
July
1 June 15
10c
July
50c
July 26 July 21
1 July 25
10c
Aug.
6
$2.25 Aug. 30 Aug.
2 July 26
40c
Aug.
2 July 15
Aug.
37Hc Aug. 16 July 31
34 He
Aug. 16 July 31
1 July 17
tSlH Aug.
1 July 17
t$lH Aug.
2 July 20
25c
Aug.
2 July 23
Aug.
July 26 July 15
1
31 He
Aug.
10c
July 15 July "15
2 July 13
75c
Aug.
2 July 13
6 2-3% Aug.
1 Aug. 12
Sept.
$1H
2 July 22
25c
Aug.
n&
Stock div. payable at rate of l-70th of a sh. of
Certain-teed Products 6% pref. for each sh.
6% preferred (quar.)—
Prentice (G.
E.) Mfg. (quar.)
Public National Bank &
Semi-annual
Regent Co
July
Oct.
Sept.
July 15 July
July 15 July
July
1 June
Aug.
2 July
Aug.
2 Jul j
July 15 July
Oct.
1 Sept.
Aug.
of Phoenix held
$3 conv. pref. A (quar.)
Plymouth County Electric
Plymouth Rubber 7% pref. (quar.)
Pneumatic Scale Corp., Ltd., 7% pref. (quar.)__
Potomac Edison 7% pref. (quar.)
—-
Trust (s.-a.)
1-3-38
July
22
15 I
14
9
24
20
20
1
21 ]
Dec. 21
15 July
10
386
Financial
Per
Name of Company
Share
When
5% preferred
t75c
-
—
-
_
Roosevelt
Co
2 July 15
Aug.
2 July 26
Aug.
2 July 26
Aug.
15c
2 July 15
Aug.
15c
2 July 15
Aug.
25c
Sept. 11 Aug. 27
t25c Aug. :1 July 10
1 July 15
$1)4
Aug.
50c
July 15 July 10
1 July 31
$2
Sept.
$2.10*4 July 30 July 16
80c
July 31 July 31
50c
2 July 15
Aug.
2*4c July 17 July
7
4c
2 June 30
Aug.
75c Aug. 15 July 16
20c
1 July 21
Aug.
2 July 20
Aug.
2 July 20
$1)4 Aug.
$1 Va,
July 15 July
1
2 July 15
$1)4
Aug.
10c
July 15 July 10
30c
Royal Bank of Canada (quar.)
Royal Dutch-New York Shares (final)
Royal Trust Co. (Montreal) (quar.)
Savannah Sugar Refining (quar.)
Schmidt Brewing (quar.)
Schuyler Trust Shares ord. regis
Sears Roebuck & Co. (quar.)
Seasoned Investments, Inc. (quar.)
Securities Corp. general $7 pref. (quar.)
preferred (quar.)
Sedalia Water 7% pref. (quar.)
Shamokin Valley & Pottsville RR. (s.-a.).
Shareholders Corp. (quar.)
Shell Transport & Trading—
Amer. shares for ordinary bearer (final)
$1.23 July
Shwitzer-Cummins (quar.)
25c
Aug.
Simms Petroleum (liquidating)
50c
Aug.
50c
Sivyer Steel Castings Co
Aug.
50c
Six-Twenty Jones Corp. (reduced)
July
Skinner Organ Co
5c
July
Sovereign Investors, Inc.
134c Aug.
Stover Mfg. & Engine Co. 7% non-cum pf. (qu.)
July
Syracuse Binghamton & N. Y. RR. gtd. (quar.).
Aug,
Syracuse Lighting 6% preferred (quar.)
$1)4
July
634 % preferred (quar.)
$1.62*4 July
8% preferred (quar.)
$2
July
Telephone Investment Corp. (monthly)
27*4c Aug.
Texas & Pacific Ry. Co., 5% non-cum. pref
July
Texas Power & Light 7 % pref.
Aug.
6% preferred
$1 *4
Aug.
Toburn Gold Mines (quar.)...
J2c Aug.
Trane Co., common (quar.)
25c
Aug.
$6 first preferred (quar.)
$1*4
Sept.
Union Oil Co. of Caiif. (quar.).
30c
Aug.
United Corp. Ltd. $1.50 class A
t75c Aug.
-
"
23 July
16
2 July
20
3 July
15 July
_
26
25
7 July
2
1 June 25
20 July
20 Juiy
31
2 July
10
31 July
23
20
31 July
31 July
20
1 July
20
15 July
8
10
20
2 July
2 July
17
21 July
14 July
22
1 Sept.
10 July
16 July
17
31
1
22
31
United Insurance Trust Shares—
Series F (coupon) payable on
4c
Coupon No. 17-
Series F (registered)
4c
United N. J. RR. & Canal (quar.)
United Stove Co..
Utica Gas & Elec. 7% pref. (quar.)
$2*4
15c
%\H
$6 preferred
Walker & Co. $2.50 class A
Walker (Hiram) Gooderham & Worts, Ltd.(qu.)
$1 preferred (quar.)
Walton (Chas.) & Co. 8% pref. (quar.)
Warwick Co
West Penn Electric 7% pref. (quar.)
6% preferred (quar.)
Western Cartridge 6% pref. (quar.)
Wheeling & Lake Erie RR. 4% prior lien (qu.)_.
534% conv. preferred (quar.).
WJR The Goodwill Station (quar.)
Wolverine Brass Works 6% pref. (s.-a.)
Wool worth (F. W.) Co. (quar.)
Worcester Salt common (quar.)
6% preferred (quar.)
Zenith Radio (quar.)
Zions Cooperative Mercantile Inst, (quar.)
...
Below
2
Aug.
Aug.
2 June 30
10 Sept. 20
June 30 June 25
July 31 July 28
Oct.
31 July
26 July
$1.68
July
t50c July
50c
Sept.
25c
Sept.
$2 Aug.
$1
July
$1H
Aug.
$1*4 Aug.
Aug.
Aug.
$1.37*4 Aug.
40c
July
$3
July
60c
Sept.
50c
Sept.
$1*4
Aug.
50c
July
50c
July
15
15
15 Aug. 20
15 Aug. 20
1 July 15
15 July 10
16 July 30
16 July 20
20 Aug.
2
1 July 24
1 July 24
30 July 20
15 July 15
1 Aug. 10
30 Sept. 20
13 Aug.
3
31 July 20
15 July
6
give the dividends announced in previous weeks
we
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
When
Name of Company
(quar.)
Addressograph-Multigraph Corp
Administered Fund Second, Inc
Agnew-Surpass Shoe Stores (s.-a.)
15c
_
35c
10c
Extra
J30c
J30c
_
t$I
7% preferred (quarterly)
Alabama Great Southern RR., preferred
Alabama Power Co., $5 preferred (quar.)
Alaska Juneau Gold
.75
3%
$1*4
Mining (quar.)
15c
Extra
15c
Allied Chemical & Dye Corp. (quar.)
$1*4
Aloe (A. S.) Co. (increased, quar.)
Alpha Portland Cement
Altorfer Bros. Co., preferred (quar.)
Aluminium, Ltd., 6% preferred
6% preferred (quarterly)
Aluminum Manufacturing, Inc. (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar Co., 5% pref. (quar.)
Amerex Corp. (semi-ann.)
American Can Co. (quar.)
American Chicle Co. (quar.)
Amer Cities Power & Light Corp —
Convertible A optional dividend series
50c
25c
75c
—
1-32 of
one
share of class B stock
or
■_
_
t$4
$1*4
50c
50c
$1M
$1**
12*4c
50c
$1
-
$1
Aug.
2 July 15
Sept. 22 Sept. 2
July 20 June 30
Sept.
1 Aug. 16
Sept.
1 Aug. 16
Oct.
1 Sept. 15
Aug. 16 July 12
Aug.
2 July 15
Aug.
2 July 10
Aug.
2 July 10
9
Aug.
2 July
Aug.
1 July 21
1
Sept. 25 Sept.
Aug.
1 July 15
Sept. 1 Aug. 14
Sept.
1 Aug. 14
Sept 30 Sept 15
Dec
31
.....
Extra
American Gas & Electric, preferred (quar.)
American Home Products (monthly)
American Light & Traction (quar.)
1 July
2 July
Aug.
Aug.
17
Aug. 16 July
Sept. 15 Sept.
*154
*154
Dec.
Preferred (quar.)
American Machine & Foundry Co. common
American Paper Goods Co., 7% pref. cquar.).
7% preferred (quarterly)
American Reserve Insurance (s.-a.)
Extra
10c
20c
30c
37*4c
25c
$154
$154
50c
25c
American Seating Co
American Shipbuilding
25c
American Smelting & Refining Co. (quar.)
75c
7% preferred (quar.)
American Telephone & Telegraph (quar.)
American Thermos Bottle
Extra
American Toll Bridge Co. (quar.)
Quarterly
American Water Works & Electric Co
American Zinc. Lead & Smelting preferred
Archer-Daniels-Midland Co. pref. (quar.)
Asbestos Mfg. Co., $1.40 pref. (quar.)
Assoc. Telep. Co., Ltd., $1*4 pref. (quar.)
Atchison Topeka & Santa Fe
Preferred (semi-and.)
Atlanta & Charlotte Air Line Ry. (s.-a.)Atlantic Refining Co. preferred
(quar.)
Atlas Powder Co., 5% preferred
(quar.)
Badger Paper Mills, 6% preferred (quar.)
Baldwin Rubber Co
50c
$154
$254
25c
75c
2c
2c
20c
*1 54
$154
35c
3154c
$2
$2>4
$4 54
$1
$154
75c
1254c
Preferred (quar.)
Brooklyn Union Gas
Buckeye Steel Casting
6>4% preferred (quar.)
40c
25c
$134
Buffalo Ankerite Gold Mines (quar.)
tl2J4c
Bonus
.*7 34c
Buffalo, Niagara & Eastern Power, 1st pref.(qu.)
*134
Bullock Fund, Ltd. (quar.)
30c
50c
Burdine's, Inc. (irregular)
25c
Burlington Mills
Calamba Sugar Estate (quar.)
40c
—
_
Preferred (quar.)
Calgary Power Co. 6% preferred (quar.)
California Packing Corp. (quar.)
Preferred (quar.)
Canada Bud Breweries, Ltd., common
Canada Northern Power Corp., Ltd. (quar.)
Canada Southern Ry. (semi-ann.)
Canadian Bronze Co., Ltd., common (quar.)
Preferred (quar.)
Canadian Dredge & Dock, Ltd. (interim)
Canadian Industries, Ltd.. A & B (quar.)
Carolina Clinchfield & Ohio Ry. (quar.)
Stamped certificates (quar.)
Carpel Corp. (reduced)
Celotex Corp., 5% pref. (quar.)
Central Hudson Gas & Electric (quar.)
Central Illinois Securities Corp., pref..
Central Mississippi Valley Electric Prop.—
6% preferred (quar.)
Central Power & Light 7% preferred
6% preferred
Central & Southwest Utilities 7% prior lien
6% prior lien
Centrifugal Pipe Corp. (quar.)
Quarterly
Century Ribbon Mills preferred (quar.)
Cerro de Pasco Copper Corp
;
Champion Paper & Fibre (quar.)
Preferred (quar.)
Charis Corp. (quar.)
Chase National Bank (semi-annual)
Cherry-Burrell Corp. (quar.)
5% preferred (quar.)
—
-
35c
$134
3734c
62J4c
140c
13 0c
$134
3734c
M
M
$134
25c
$134
20c
3734c
1 July
10
26*
1
■
1
v.
July 24 July
July 24 July
Aug.
2 July
Aug.
2 July
Aug.
2 July
Aug.
2 July
Aug.
2 July
Sept. 15 Sept.
Dec.
15 Dec.
Aug.
Aug.
July
Aug.
Aug.
July
July
Aug.
Aug.
Sept.
15 Dec.
5
2
2
22
2
31
31
Dec.
15
15
17
5
July 15
July 15
July
2
July 15
Aug.
6
July
9
15 June 15
2 July 20
2 July 20
15 Sept.
1
1
Sept. 15 Aug. 20
Aug.
2 July 20
Aug. 12 July 21
Aug.
2 July 20
Aug.
1 July 15
Sept.
1 July 30
Aug.
2 June 25
Sept.
1 Aug. 20
6
Aug.
2 July
Aug.
2 July 20
Aug.
2 July 20
July 20 Juiy 15
1 Sept.
1
20
20
2
2
2
15
1
15
26
12
15
5
1
15
1 Sept. 15
2 July 15
16 July 31
16 July 31
20 July
6
26 June 30
2 June 28
2 July 20
2 July 20
31 July 14
31 June 30
20 July 10
20 July 10
23 July 15
2 July 20
2 June 30
1 July 20
15
15
16
16
July
July
Aug.
Aug.
July
July
July
Aug.
Sept.
14
15
15
10
10
5
6
20
19
31
15
22
16
20
20
Y., $5 pref. (quar.)
Consolidated Laundries, $734 pref. (quar.)
Consolidated Oil Corp. (quar.)
Extra
:
10
10
10
12
20
21
1
1
20
31 Mar. 15
1
1 July
1 Aug. 16
20 July 10
Aug.
—
July
July
15 July
15 July
21
9
23 Aug
2 July 15
2 July 15
2 July 14
1 Aug. 14
14 July 31
30 Dec. 24
July
July
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Prior preferred (quar.)
Edison of N.
Series B
1 Mar
30 July
2 July
21
Dec.
—
—
10
20
Aug.
Sept.
—
7% preferred (quar.)_
Copperweld Steel Co. (quar.)
Corn Exchange Bank Trust Co. (quar.)
Corn Products Refining (quar.)-Corporate Investors. Ltd. (quar.)
Crane Co., 7% preferred
Crowell Publishing Co. 7% pref. (semi-ann.)
Crown Cork & Seal, Ltd. (quar.)-Crown Drug Co. preferred (quar.)
Crum & Forster, preferred
(quarterly)
Cumberland Co. Pow. & Lt. Co., 534% PL (qu.)
Cunningham Drug Stores (quar.)_
6% preferred B (quar.)
Davenport Water, 6% pref. (quar.)
>
Davison Bros., Inc. (interim)
Dentists Supply Co. of N. Y. (quar.)
Quarterly
7% preferred (quarterly).
7% preferred (quarterly)
Dennison Mfg. Co. debenture stock (quar.)
Denver Union Stockyards, 534% Pref. (quar.)-.
Deposited Insurance Shares, series A.
1 Mar. 20
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Consolidated Car Heating Co., Inc., (qu.)
Dividend Shares, Inc. (quar.)
Oct.
Dec.
Commonwealth Investment Co
Detroit Gasket & Mfg. Co. (quar.)--Detroit Hillsdale & Southwestern RR. (s.-a.)
Diamond Portland Cement (initial).
Distillers Co., Ltd. (final)
Extra
Oct.
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
Aug.
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Commonwealth Utilities Corp. 6>4% Pf. O (qu.)
Concord Gas Co. 7% preferred—
Consolidated Royalty Oil Co
Coon (W. B.) Co
Aug.
Aug.
July
Aug.
July
Consolidated
8
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
2| July
July 31July
July 31 July
Sept.
1 Nov
Dec.
liMay
Sept. • 1 Nov.
-
15*
14*
30
Nov. 15 Nov. 10
_
10
15
15
June
1
15 Oct.
1-15-38 Dec. 31
4-15-38 Apr.
1
Aug. 16 Aug.
Consol. Chemical Industries class A & B (quar.)_
Class A and B (extra)
—
Consolidated Cigar Corp. 7% pref. (quar.)
25
25
June 30
Oct.
Oct.
—
....
15
15
31
10
20
15
Sept. 1 Aug.
Aug.
2 July
Aug. 16 July
Oct.
LSept.
1 July
Aug.
Aug.
July
July
July
July
July
fan )_
(Ont.) (quarterly)
July
July
July
July
July
July
Nov. 15 Nov.
City of Paris Dry Goods Co. 7% 1st pref. (qu.)_
7% 1st pref. (quar.)
City Water of Chattanooga. 6% pref. (qu.)
Cleveland Cincinnati Chicago & St. Louis
5% preferred (quar.)..
Cleveland & Pittsburgh RR. Co. gtd. (quar.)-Guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Cliffs Corp
Cluett Peabody & Co., new (initial)
Colon Development Co. 6% red. conv. pref.
5% red. income stock, series A
Columbia Gas & Elec. Corp., 6% ser. A (quar )5% preferred series No. 33 (quar.)
5% preferred series No. 22 (quar.)
Columbia Pictures Corp. com. v. t. c., stk. div._
Columbus & South Ohio Eiee. Co. 6 34% pf.(qu.)
Commonwealth Edison Co
(quar.)
Quarterly
1
1
15
15
20
15
15
15
14
5
Sept. 1 Aug.
Aug.
2 July
Aug.
2 July
July 20!July
July 20 July
Aug. 16 Aug.
—
Confederation Life Assoc.
15
July 31 July
Sept.
1
*1 Yx
$134
$134
$134
(quar.)
(quar.)
Conn. & Passumpic Riv. RR. 6% pref. (s.-a.) —
Connecticut River Power Co. 6% pref. (quar.)-_
Consolidated Assets Corp. (initial)
Dec.
Sept.
Dec.
July
July
July
July
July
July
July
Aug.
July
July
Aug.
Aug.
July
Aug.
Aug.
Aug.
—
5% nref
15
15
21
June
Dec.
Extra
.
Dec.
July
July
July
July
Aug.
Aug.
Aug.
July
Sept.
Preferred (quar.)
Bloomingdale Bros. 5% pref. (quar.)
Blue Ridge Corp. $3 conv. pref. (quar.)
Payable at rate of 1-32 sh. of com. or cash.
Bon Ami Co. class A (quar.)
Class B (quar.)
Boss Mfg. Co. common
Boston Edison Co. (quar.)
Brewer (C.) & Co. (monthly)
British Columbia Telep. Co. 6% 1st pfd (qu.)__
Broadway & Newport Bridge Co. (quar.)
5% preferred (quar.)
Brooklyn-Manhattan Transit—
Cincinnati Union Terminal Co
31
31
10
10
Dec.
—
Preferred
July
July
July
July
Aug.
July
Sept.
—
Preferred
When I Holders
Payable of Record
Aug.
Aug.
Aug.
Aug.
31
Aug.
40c
Baltimore American Insurance Co. (s.-a.)
Extra
Bangor Hydro-Electric Co (quarterly)
Barnsdall Oil Co. (quar.).
Bath Iron Works Corp., payable in stock
Beatty Bros., Ltd., 6% 1st pref. (quar )
Belding Heminway Co
Bellows & Co., class A (quar.)
Class A (quar.)
Beneficial Industrial Loan Corp. (quar.)
Preferred, series A (quar.)
Binlcs Mfg. Co
Birtman Electric Co. (quar.)
Dec. 15
30 Sept. 15
50c
..
Share
Dec
cash.
Corp. (quarterly)
American Envelope Co., 7% pref. A (quar.),
7% preferred A (quarterly)
American Equitable Assurance Co. (quar.)
Per
Name of Company
Sept
75c
Amerada
Holders
Payable of Record
Adams (J. D.) Mfg. Co
July 17, 1937
Holders
Payable of Record
Quincy Market Cold Storage & Warehouse—
Railway & Light Securities Co., com.(irreg.)
Preferred A (quar.)
Republic Investors Fund 6 % pref. A (quar.)
6% preferred B (quar.)
Rike Kumler Co. (quar.)
Riverside Cement $1.25 partic. A
$6 1st preferred (quar.)
Chronicle
%
75c
75c
634c
$7
$334
20c
4334c
$2
15;July
30,July
20
20
15
1 July
15
ljJuly
15
1 Aug
2 July
16
15
2 June 25
2'July
15
14jJuly
15
14|July
15
25 July 15
2 July 10
July 10
Aug. 14
Aug.
2
Aug. 31
Aug.
2
July 20
Aug. 15
Sept.15
Aug.
2
Aug. 15
Aug. 16
Sept. 30
Aug.
2
July 20
July 20
2
Aug.
July 24
1
Sept
July
July
July
July
July
Aug.
Sept.
July
July
July
July
July
Aug.
22
6
31
24
31
2
_
20
17
5
5
20
14
20
Dec.
1 Nov. 20
Oct.
1 Oct.
I
Dec. 23 Dec. 23
Aug.
2
Sept. 1
Aug.
2
Aug.
2
July 20
July 20
Aug. 20
July
1
July
1
July
3
1-5-38 Dec.
July
Aug.
20 July
20
10
1 Sept. 15
Volume
Financial
145
25c
26c
Common
Holders
Sept.
1 Aug. 14
Dec.
1 Nov. 16
Common stk. dir. of 4-50tbs of~a"sh7of Pan
Amer. Match Corp. for each sh. of Dia¬
mond Match com. stk. held.
2d & 3d of l-50th each.
Corp. for each sh.
Match preferred rtock held.
of
75c
75c
Preferred (sern -aim.)
"
(quarterly)
37Mc
62 He
20c
Doctor Pepper Co. (quarterly)
Quarterly
Sept.
1
Dec.
1
Extra
Dominguez Oil Fields (monthly)
Dow Drug Co. (quar.)
Driver-Harris Co. (quar.)
Duplan Silk Corp. (semi-ann.)
du Pont de Nemours (E. I.), deb. stockTq'uar.)
Eastern Theatres, Ltd., pref. (s.-a.)_
Eastern Utilities Assoc. (quarterly). I HZ
Quarterly
East Perm RR. 6% gtd. (semi-a"nn.jll
Edison Electric Ilium. Co
July
50c
tlX
25c
15c
37Hc
50c
$1H
Aug.
July
July
Aug.
Lehigh & Wilkes-Barre Corp. (quar.)
Leonard (O.) Tailors Co. (quar.)
Dec.
$2
35c
.
50c
I
$1H
2H%
._
2H %
$254
62 He
$1 H
15c
$1.05
preferred"
(quar.)"."
llg
preferred
Fuller Manufacturing Co
Gardner Denver Co. (quar.)
5c
25c
10c
75c
Extra
"HI
Preferred (quar.)
General Electric Co
_
%
I"
...11111
"III"
General Electric of G. B., Ltd. (annual)
Extra..
10c
40c
III 11II
10%
7H%
...
~
Less tax; for yep
ending'March 3ll "l937~."
General Mills, Inc. (quar.)
75c
....
General Motors Corp., preferred (quar.)"""
General Outdoor Advertisement preferred
Generai Public Service Corp., $6 pref.
tfi H
(quar.)I
$5H preferred (quarterly)
General Telephone Allied Corp., $6 pref
M
II
t$iB
Gibraltar Fire & Marine Insurance
Extra
20c
Gillette Safety Razor, $5 preferred~("q"uar.)II""
Gimble Bros., preferred (quar.)
"
Glen Alden Coal (interim)
Globe Hoist Co. (initial, quar.).
$1X
$1H
I
12 He
25c
Globe & Rutgers Fire Ins. Co. 2d pref ."("sal "a".)""
Gotham Silk Hosiery Co., Inc., 7% cum. pref..
m
7% cumulative preferred (quar.)
Great Lakes Engineering Works (increased)""
Green (H. L.) Co. (quarterly)..
Preferred (quarterly)
Greenfield Gas Light Co. 6% preferred" (quar.) 11
Gude Winmill Trading Corp..
tlX
15c
40c
75c
$2
25c
Halle Bros. Co
Harbison-Walker Refractories ~Oo"pref". "(qui) 11
S1H
Hartford Electric Light Co. (quar.)
Hat Corp. class A and B
682^
6*4% preferred (quar.)...."""
Hawaiian Agricultural Co. (monthly)
Hecker Products Corp. (quar.)
tlX
Hercules Powder Co. preferred
tlX
75c
$1
20c
15c
.
(quar.)""
Hershey Chocolate Corp. (quarI)
Conv. pref. (quar.)
20c
Mon?h'lyPenCer' Bartlett & Co- (monthly)IIII
20c
HIIIIIIIIIIIIIIIIIH
(quar.)III
50c
Monthly
Hires (Ohas. E.) Co. class A common
Holland Furnace Co
w
Holly Sugar Corp
"
Preferred (quar.).
Homestake Mining Co. (new)
Honolulu Gas Co., Ltd...
Horder's, Inc. (quar.).
Horn & Hardart Co. (N. Y.")"(~q"uar.)I
Hotel Barbizon, Inc.. vot. tr. ctfs.
(quar.)
Voting trust certificates (quarterly)
Howey Gold Mines, Ltd.- (semi-ann.)
20c
y
$1
25c
tlX
37Hc
45c
25c
50c
."
Humberstone Shoe Co., Ltd. (quar.)...
Hussman-Ligonier (quar.)
I
Huttig Sash & Door Co. 7% preferred (quar.)..
7 %. Preferred (quarterly)
Illinois Northern Utilities preferred
(quar.IIIII"
(JSSrteriy
Urance of Canada (quar.)....
Incorporated Investors. Ill I
$2
(quar.)_______IIIIIIIIIIIII""!—
6H% preferred B
'
6% preferred O
IIIIIIIIIIIII"
Isotta Fraschini Amer. deposit receipts
"
'Oct.
;July
I Sept.
20
1
_
25c
*
tlX
tlX
S1H
$354
$3H
30c
37 He
$1H
t87Hc
T81 He
t75c
3Hc
10
10
Aug.
July 20
Aug.
July 15
Aug.
July 15
,Aug. 10 July 31
July 26 [June 25
July 24 June 24
[Juiy 24
Dec.
75c
14
14
1
10
3
15
31
12
12
24
15
24
6
15
15
15
24
10
3
24
24
20c
$1.63
50c
90c
nx
...
Corp., 1st $7 pref
1st $6 preferred (quarterly)
Macfadden Publications, Inc., preferred
Madison Square Garden Corp
12
—
„
—
—
Quarterly
Society (quar.).
—
24
National City Lines (Chicago)
$3 preferred (quarterly)
(initial)
(quarterly)
(quarterly)
National Funding, class A and B (quar.)
A
2 July 15
Aug.
June 20
Aug.
Sept. 30 Sept. 20
National Distillers Products
Dec. 30 Dec.
National Investors Corp. (initial)
Aug.
Oct
20
July 15
Sept. 30
1-3-38 Dec. 31
July 30 July
Oct.
Sept.
Aug.
July
Aug.
July
Oct.
Sept.
Aug. 2 July
Aug.
2 July
July 31 July
July 20 June
July 20 June
July
6
15
20
20
22
17
3
19
30
30
20 June 30
'July
7
Class A & B (extra)
-
preferred B (quar.).
National Liberty Insurance Co. of Amer. (s.-a
National Lead,
Extra
National Malleable & Steel Casting.
National Paper & Type (new)
5% preferred
National Power & Light, $6 pref. (quar.)
National Tea Co., 5H% Pref. (quar.)
Nehi Corp. (resumed)——
Neisner Bros. $4H Pref. (quar.)——-i—
Nevada-Calif. Electric Corp., pref. (quar.)
Newberry (J.J.) Realty Co., 6H % pL A (qu.)—
6% preferred B (quarterly)
30
21
2i
Nov. 15 Nov.
5
25c
July 20 July 15
July 20 June 30
July 20 June 30
1
Aug.
2 July
Aug. 16
Sept.
July 20
Aug.
July 16
Aug.
July 16
Aug.
July 16
Aug.
July 15
Aug.
Aug. 31 Aug. 31
Nov. 30 Nov. 30
July 20
Aug.
July 10
Aug.
July 16
Aug.
July 16
Aug.
2
Aug. 16 Aug.
2
Aug. 16 Aug.
2 July 23
Aug.
July 31 July 15
25c
Oct.
6c
17 He
24c
$3
75c
75c
$1H
75c
75c
50c
43J4C
43 He
tlX
$1H
$1H
7Hc
15c
26c
t$l X
July
July
t$1.40 July
til.20 July
tllH
Aug.
mx
Aug.
July
Aug.
tlx Aug.
Aug
S1H
38c
July
Wc
$1H
$1X
Oct.
30 Oct.
15
31 July 20
31 July 21
20 July 10
20 July 10
2 July 15
2 July
31 July
2 July
16 Aug.
1 July
31 June
1 Oct.
15
15
20
2
12
30
1
2
1-2-38 Jan.
Sept
1 Aug. 27
1 Nov. 26
7
July 20 July
Sept. 28 Sept. 18
18 Dec.
16
1 July
1 Aug.
1 July
15 Sept.
31 Aug.
2 July
1 July
1 July
10
17
16
10
13
10
20
20
Oct.
National Biscuit Co. (quar.)
National City Bank (semi-annual)..
non-cumul.
31
29
21
14
19*
17*
16
Aug.
Sept.
Aug.
7% preferred (quar.)
$2
28
Dec.
6% pref. (quar.)...--.
National Automotive Fibres, class A
National Bearing Metal (irregular)
(quar.)
20
31
31
31
16
Sept. 15 Aug. 27
5
Aug. 15 Aug.
Dec.
Quarterly
12
5 Oct. 25
2 June 26
50c
tlX
30 Oct.
Oct
1 Sept.
1-3-38 Dec.
Aug. 14 July
Aug. 21 July
July 31 July
1 July
Aug.
Oct.
1 Sept.
2 July
Aug.
July 30 June
Oct
1 Sept.
1-3-38 Dec.
Aug. 16 July
Aug. 16 July
Sept. 21 Aug.
Aug. 31 Aug.
$2
$25
,
Preferred
tlx
20c
Mullins Mfg., class B (payable in stock)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
20
Nov. 30 Nov. 20
Dec. 31 Dec. 20
!!
17
14
14
16
20
Oct.
tl-X
Morris Plan Insurance
15
Aug 31 Aug 21
Sept. 30 Sept. 20
75c
20
15
!0 Nov. 26
Sept. 30 Sept. 25
July 31 July 21
75c
Michigan Central RR. Co. (s.-a.)
Michigan Gas & Elec. 7% prior lien—
6% prior lien
Michigan Public Service 7 % preferred
6% preferred
Milwaukee Elec. Ry. & Lt. Co. 6% pref. (qu.)
Modine Mfg. Co.
(quar.)
Monmouth Consol. Water Co. (quar.).
Montana Power Co
preferred (quar )
Montreal Light, Heat & Power Consol. (quar.)
Moore (Wm. R.) Dr.. Goods (quar.)
15
15
15
Aug. 25
10 Nov. 26
75c
15
15
June 20
75c
75c
Metal & Thermit Corp
6
26
June 30
July
July
Sept.
$3H
15
10
Oct.
Sept. 10 Aug. 25
15
June 24
Aug.
Ju!y
Aug.
Juiy
July 26 July
Aug. 2 July
2 July
Aug.
1 July
Aug.
1 Sept.
Oct.
Sept. 1 Aug.
2 July
Aug.
July 26 July
July 20iJuly
July 20'~
July
Sept.
1 Aug.
Aug.
2 July
Aug.
2 July
Aug. 12 July
Aug.
2 July
Aug.
2 July
Aug.
2 July
Aug.
2 July
July 31 July
July 20 July
Aug.
2 July
Aug.
1 July
Aug.
1 July
July 31 July
Aug.
1 July
Aug. 14 Aug.
Aug. 16 July
Aug. 16 July
July 30 July
Aug. 27 Aug.
Sept. 24 Sept.
Sept. 1 Aug.
2 July
Aug.
Aug. 2 July
2 July
Aug.
July 26 July
July 20 July
2 July
Aug.
2 July
Aug.
5 July
Aug.
Nov. 15
1
July 15
Aug. 14
Sept. 15
Dec.
Magma Copper Co
Magnin (I.) & Co. , 6% preferred (quar.)
6% preferred (quar.)
Manufacturers Trading Co. (quar.)
Maritime Tel. & Tel., Ltd. 7% preferred
(quar.)
Massachusetts Investors Trust (quar.)
Massawippi Valley RR. Co. (s.-a.)
May Dept. Stores Co. (quar.)
Mayfair Investment Co. (Los Angeles) (qu.)
Maytag Co. $6 1st pref. (quar.)
$3 preferred with warrants (quar.)
$3 preferred without warrants (quar.)
McCall Corp., common (quar.)
McOlatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
McCrory Stores Corp., 6% conv. pref. (quar.)
McLellan Stores, pref. (quar.)
Melville Shoe Corp. (quar.)
Preferred (quar.)
Merchants & Mfrs. Securities class A 8c B (qu.)
Partic. pref. (partic. div.)
Merchants Refrigerating Co. (N. Y.) 7% pref—
Messinger Corp. (quar.)
Quarterly
_
Nov.
t50c
[July
|July
1
4
12
15
2 July 21
15 Aug. 31
1 Aug. 15
22 July
31 July
Oct.
5% preferred (quar.)
Lord & Taylor, 2d preferred
(quar.)
Lowell Electric Light Corp. (quar.)
Lunkenheimer Co., preferred
(quarterly)
Preferred (quar.)
Luzerne Co. Gas & Electric
2 July
6
Aug.
Sept.
Loose-Wiles Biscuit Co., common
15
16
22
15 Dec
Nov.
Little Miami RR., special guaranteed
(quar.)..
15
15
10
6
5
2 July 15
31 Aug. 21
2 July 20
2 July 15*
Dec.
——
15
Sept. 15'Aug. 16
Sept. 15 Aug. 16
Sept.
1|Aug. 20
5
Aug. 10 July 31
Aug. 10 July 31
Aug.
2 July 27
Extra
26
Sept. 20
21
7
July
July 16
July 23
2
July
Aug. 14
July 31 July
Aug.
2 July
Aug.
2 July
July 25'July
July 25[July
Aug.
July
Oct.
Sept.
July
July
July
July
(quar.)
Special guaranteed (quar.)
Original capital
Originalcapital
Lockhart Power Co.. 7% pref. (s.-a.)..
Lock Joint Pipe Co. (monthly)
Monthly
Monthly
Monthly
Monthly
Monthly
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc., $6H Pref. (quar.)
Lone Star Gas Corp
6H% preferred (quar.)
31 Juiy
i—
Aug.
Interstate Department Stores, 7% pref.
(quar.).
LlSht & Power, 7% pref. A
i Sept. 10
2c
International Business Machine Corp.".
International Cigar Machine Co. common——!!
International Nickel Co. of Canada,
pref. (qu.).
lc
Oct.
$2
50c
Preferred
17 Dec. 15
1 Sept. 10
[July 20 July
.............
Gas Securities Co. (mo.)
Preferred (monthly)
Geilman Mfg Co
1 Nov. 30
$1H
Aug.
2
$1.18H July 26
(quar.)
Food Machinery Corp. (quar.)
Franklin Rayon Corp., $2.50 prior pref."(quar.)
Freeport Sulphur Co., preferred (quar.)
Froedtert Grain & Malting (quar.)
—IIII
..
26
31
10 Nov. 30
Dec.
Oct.
41.2c
—
Quarterly
Lexington Utilities, pref
Preferred (quar.)_,
Lincoln National Life Insurance Co.
(qu.)
Quarterly
Lincoln Printing Co., pref. (quar.)
Link Belt Co. (quar.)
Preferred (quar.)
Lion Oil Refining (quar.)
:
23
1 Aug. 31
S1.06H July
Corp., preferred (quarterly)
11
21
Aug.
2 July 15*
Sept. 30 Sept. 15
(N.~Y.")"""""
Stores
Le Tourneau, Inc.
Dec.
$1
tlX
K®,hl£an»iM V,H •> Co-JX % preferred"(V-V.jI
Fisk Rubber Corp., preferred
.
Leslie Salt Co. (quarterly)
17
Sept.
80c
80c
(qu")
Lerner
1
20
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
Sept.
Sert.
Corp., 6% pref. (quar.)
6
24
Dec.
87Hc
Insurance stock series (stock div.)
.
Aug.
12
15
20
24
Aug.
Monotype Machine Co
10
6
Fiscal Fund, Inc. (beneficial share)—
.
Lanston
Lee Rubber & Tire Corp
Lehigh Portland Cement Co., com. (quar.)
66 He
Filene's (Wm.) Sons, preferred (quar.)..
Firestone Tire & Rubber
Fuller Brush Co. 7%
June 30
10
Sept. 16 Svpt
Lawbeck
&c
Federal Insurance (Jersey City)
Extra.
Frost Steel & Wire, 7% 1st
9
12
31 Dec.
Dec.
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
Lane Bryant, Inc.. 7% pref.
(quar.)
9
■
Bank stock series (stock div.)_
5
Aug
July
10
12
Aug.
2 July
Aug. 15 Aug
Nov. 15 Nov
A, preferred (quarterly)
Kroger Grocery & Baking, 7% preferred (quar.)
Landis Machine (quarterly)
6
Extra..
6% preferred A (quar.)
14
24
31
16
(quar.)__
20
20
1
Aug. 16 Aug.
Aug.
2 July
July 24 July
Aug.
2 July
Oct.
1 Sept.
Knickerbocker Insurance Co. (N. Y.) (quar..)_
Kokomo Water Works Co.. 6% pref.
(quar.)——
Kroehler Mfg. Co., A pref.
15
20
20
20
1
Dec.
87Hc
(auar
-•
Sept.
10
•
Fibreboard Products, Inc., 6% pref.
—
20 July
2 July
2 July
July
15 Sept.
31 July
23 Sept.
Oct
1 Sept.
1-2-38 Dec.
Aug.
1 July
Sept. 10 Aug.
25c
4H% cumul. preferred A (quarterly).
(quar?)"
preferred"
20 June 30
20 June 30
July
Aug.
Aug.
Aug,
Sept.
July
Sept.
50c
Eppens Smith (semi-ann.)
Erie & Pittsburgh RK. Co.. 7% gtd. (auarj"
7% guaranteed (quar.)
Guaranteed betterment (quar.)..
Guaranteed betterment (quar.).
Eureka Pipe Line Co. (quar.)
'
Fansteel Metallurgical Corp. $5 pref." (quar )
$5 preferred (quar.)
(Amer. deposit receipts)
-
Dept. Stores (quar.)
Kellog Switchboard & Supply Co
5% preferred (quar.)
Kemper-Thomas Co.—
7% special preferred (quar.)
7% special preferrred (quar.)
Keokuk Electric 6% preferred (quar.)
Keystone Steel & Wire
Nov. 15 Nov.
$1H
tlX
4H% cumul. preferred A (quarterly)
Federated Department Stores,
Fiat
10
2 July 20
July 31 July 10
July 30 July 22
5
Aug. 16 Aug.
July 20 July 10
"S
(quar")""'
15 preferred (quar.)
Elgin National Watch
Employers Group Assoc. (quar.)__I
Emporium Capwell Corp., 7% preferred""(sT-a )
Farmers & Traders Life Insurance
26 July
Aug.
60c
of Boston
Electric Bond & Share Co. $6 pref.
July
July
$2
....
Domestic Finance Corp. $2 preference (quar.)I*
Dominion Tar & Chemical new 5k % pf. (qu )
„
Sept.
1 Aug. 14
Marl'38 Feb 15'38
Oct.
1 Sept. 10
Oct.
1 Sept. 10
20c
50c
50c
Doehler Die Casting
Mines, Ltd. (quar.)
-
Kaufmann
(semi-ann.)
Class A (quarterly)
-
1 Nov. 10
1 July
Aug. 25 Aug.
Oct.
1 Sept.
Aug.
2 July
Aug.
2 July
Aug. 20 July
July 28 July
July 31 July
July 31 July
•—
Kansas City St. Louis & Chicago RR. 6% pf. gtd
Diamond
1 Aug. 10
Dec.
Aug.
.—
-
Match
Dome
Sept.
Quarterly
Joslin-Schmidt Corp. 7% pref. (quar.)
Kalamazoo Stove & Furnace (quar.)
Extra
Payable In
three installments, the 1st of 2-50ths: the
Dixie-Vortex Co.,
Iron Fireman Mfg. Oo. (quar.)
Jantzen Knitting Mills (quar.)
Preferred (quarterly)
Pref. stk. div. of l-60th of a sh. of Pas Am.
Preferred
387
Payable of Record
Share
Diamond Match Co
I
When
Per
Name of Company
Chronicle
—..
New Jersey & Hudson R. Ry. & Ferry Co.
6% preferred (s.-a.).'
Aug.
Aug.
Aug.
Aug.
Aug.
Aug
July
July
July
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
lAug.
1
2 July 15*
20 June 30
20 June 30
29 June 30
2 July
16 July
16 July
24 July
16 Aug.
16 Aug.
16
31
31
10*
2
2
June 28
July
31 July
July
14
15
15
June 30*
July
July
16
16
2 July
31
388
Financial
Per
Name of Company
New Jersey Zinc
Share
50c
„
Newport Industries, Inc
Div. is pay. in 5% 10-yr. notes due July 26,
1947.
Cash will be paid for all amounts less
than $25 and for fractional parts of $25.
New York Merchandise Co. (extra)
75c
Norfolk & Western By. (quar.)
Preferred
Holders
Aug. 10 July
July 26 July
20
8
Nov. 15 Nov.
$2 J
—
North Ontario Power Co. 6% pref. (quar.)
Aug.
Sept.
Aug.
Sept.
Aug.
July
July
Aug.
Aug.
Sept.
16
18
19
1
1
26
26
2
July
Aug.
July
Aug.
July
1
31
31
31
16
21
June 30
June 30
July 12
2 July 12
SIX conv. preferred (quar.)
Northern Oklahoma Gas Co. 6% pref. (qu.)
1 Aug. 17
Dec.
1 Nov. 16
6% preferred (quar.)
-—
Northern RR. Co. of N. J., 4% pref. (quar.)—
Sept. 1 Aug. 21
Dec.
1 Nov. 20
4% preferred (quarterly)
Northern States Power Co. (Del.) 7% pref. (qu.)
July 20 June 30
6% preferred (quar.)
July 20 June 30
Northwest Engineering Co
25c
1 July 15
Aug.
Nunn-Bush Shoe Co., 5% pref. (initial)
98.611c July 31 July 15
7% preferred (quar.)
July 31
7X% 2d preferred (quar.)
July 31
$1 X
Oceanic Oil Co. (quar.)
July 30 July
3
Ohio Public Service Co., 7% pref. (mo.)
2 July 15
58 l-3c Aug.
—
2 July 15
50c
6% preferred (monthly)
Aug.
2 July 15
412-3 c
5% preferred (monthly)
Aug.
Oklahoma Natural Gas 6% pref. (quar.)
Sept. 30 Sept. 15
Oliver United Filters, class A (quar.)
Aug.
1 July 20
Onomea Sugar Co. (monthly)
20c
July 20 July 10
Outboard Marine & Mfg. Co
75c
Aug. 10 July 26
Outlet Co. (Providence, R. I.) common (quar.)75c Aug.
2 July 21
1st preferred (quar.)
SIX Aug.
2 July 21
2d preferred (quar.)
2 July 21
SIX Aug.
Paauhau Sugar Plantation Co. (monthly)
10c
Aug.
2 July 15
--
Northern Illinois Finance Corp. (quar.)—
4
ns
Pacific Finance Co. of California—
5% preferred (quarterly)
Preferred A (quarterly)
—
Preferred C (quarterly)
—
Pacific Lighting Corp. (quar.)
Pacific Public Service Co., 1st preferred
1st preferred (quarterly)
Package Machinery Co., 7% 1st pref. (quar.)—
Pan American Airways
Payne Furnace & Supply Co. (initial)—
.Peninsular Telephone (quar.)......
7% preferred (quar.)
7% preferred (quar.).
......—
7% preferred (quar.)
Penmans, Ltd. (quar.)
Preferred (quar.)
Penna. Power Co., $6 preferred (quar.)
Aug.
2 July 15
Aug
2 July 15
Aug
2 July 15
Aug. 16 July 20
Aug.
2 July 15
Aug.
2 July 15
Aug.
July 20
2 July 20
Aug.
Aug.
July 28
Oct.
1 Sept.15
Aug. 15 Aug.
5
_
Nov. 15 Nov.
2-15-38 Feb.
§6.60 preferred (monthly)
6.60 preferred (monthly)
Pennsylvania RR. Co
Pennsylvania Salt Mfg. Co.
Penn Traffic Co
.....
.—..
—
—--
Phelps, Dodge Corp
Philadelphia Co. (quarterly)
—
Philadelphia Electric Co. $5 pref. (quar.)
Philadelphia Electric Power, 8% pref. (quar.)..
Philadelphia Insulated Wire (semi-ann.)—-.
Phillips Jones Corp. preferred—
—
Phoenix Finance Corp., 8% pref. (quar.)...—.
8% preferred (quarterly)
Pick (Albert) Co. (interim)
—
Preferred (semi-ann.)
—
Pirelli Co. of Italy Amer. shares—
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)__
Pitts. Cincinnati Shicago & St. Louis
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.).
7% preferred (quar.)
Pittsburgh Screw & Bolt Corp..
Pittsburgh Youngstown & Ashtabula Ry. Co.
7% preferred (quar.).
preferred (quar.)
Plymouth Cordage Co. (quar.)
12Xc
Employees' stock)
Portland RR. Co. (semi-annual)
S2X
Potomac Electric Power, 6% pref. (quar.)
SIX
5 X % preferred (quarterly)
SIX
Power Corp. of Canada, Ltd., common (interim)
J25c
Procter & Gamble Co. (quar.)
50c
Prosperity Co., Inc., 5% pref. (quar.)
5% preferred (quar.)
Public Service Co. of Colorado, 7 % pref. (mo.).
58 l-3c
50c
6% 1st preferred (monthly)
412-3C
5% prior preferred (monthly)
Public Service Corp. of N. J. (quar.)
65c
8% preferred (quar.)
12
7% preferred (quar.)
$1K
$5 preferred (quar.)
SIX
6% preferred (monthly...
50c
50c
6% preferred (monthly)
6% preferred (monthly)
50c
Public Service of Northern Illinois (quar.)
75c
6% preferred (quarterly)
7% preferred (quarterly)
Pullman, Inc. (quar.)..
37Xc
Quaker Oats, preferred (quar.)..
Quarterly Income Shares, Inc. (quar.)
Railroad Employees Corp. A & B (quar.)
5c
Class A & B (extra)
10c
8% preferred (quar.)
20c
Railway Equipment & Realty Co. (quar.).
25c
6% 1st preferred (quarterly)
SIX
60c
Rapid Electrotype Co. (quar.)
—
.
8?
Sept.
Aug. 20
Dec.
Nov. 20
July
July
Aug.
Sept.
Sept.
July
Aug.
Aug.
20
20
2
1
1
26
14
2
July
29
June 29
July
Aug.
Aug.
July
July
10
16
16
3
23*
Nov.
30
31
31
30
2
2
2
16
31
1
20
20
20
25
25
15
60c
Dec.
15 Dec.
Quarterly
(quar.)
—
Extra
Aug.
2 July
Aug.
2 July
Aug.
2 July
Aug. 12 July
Sept. 9 Aug.
Oct. 14 Sept.
Sept.
Aug.
20
20
20
15
19
23
5
25c
$3 convertible preferred (quar.)
Reading Co. (quar.)
1st preferred (quarterly)
2nd preferred (quarterly)
Regent Knitting Mills, non-cumm. pref. (qu.)—
Non-cumulative preferred (quarterly).
Reliance Mfg. Co. (quarterly
7)
"
Extra
75c
50c
50c
50c
40c
Republic Portland Cement Co. 5% pref. (qu.)—
5% preferred (quar.)
5X% preferred
1
2
1
15
15
15
24
2
15
June 30
June 30
June^30
June 30
fig
15c
$1
50c
18c
18c
25c
SIX
SIX
8c
58 l-3c
Dec.
Nov. 20
July
July
July
July
July
July
July
July
Aug.
Aug.
July
10
10
15
15
12
20
15
15
6
16
15
Sept. 1 Aug. 14
July 22 July 12
July 22 July 12
Nov.
Nov.
1
Aug. 16 July
Aug. 15 July
Aug. 16 July
15
20
31
Aug.
1 July
July 15 June
Aug.
2 July
July 31 July
Aug. 16 Aug.
30
16
15
2
Southern Indiana Gas & Electric Co.—
4.8% preferred (quarterly)
Southern New England Telep. (quar.)
_
Spang Chalfant & Co., 6% preferred-_
Spencer Chain Stores
Spencer Kellogg & Sons, stock dividends
Optional div., $50 cash or 2 shs. of com. for
each 100 shs. held.
Spiegel, Inc. (quar.)
$4 X convertible preferred (quar.)
Preferred A (quar.)
Square D Co. (quarterly)
Squibb (E. R.) & Sons, $6 1st pref. (qu.)
Standard Silver-Lead Mining Co.
Stanley Works, 5% preferred (quarterly)
Stecher-Traung Lithograph 7X% pref. (<
quar.).
7X% preferred (quar.).
Steel Co. of Canada (quarterly).
Preferred (quarterly)
Stlx, Baer & Fuller, 7% preferred (quar.;
7% preferred (quar.)
Sun Ray Drug Co. (quar.)
Preferred (quarterly)
Sunray Oil Corp. (interim)
Symington-Gould Corp., common.
Tacony-Palmyra Bridge, preferred (quar.)
Tamblyn (G.) Ltd. (quarterly)
Telautograph Corp. (quarterly)
Tennessee Corp
Texas Gulf Sulphur Co. (quarterly).
Texas Hydro-Electric Corp., S3X cum. pref
Thatcher Mfg. Co., $3.60 pref. (quar.).
The Fair, preferred (quarterly)
Timken-Detroit Axle Co.. preferred (quar.)
Toledo Edison Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Transamerica Corp. (semi-annual)
Truax-Traer Coal Co. (quarterly)
Tung-Sol Lamp Works, 80c. conv pref. (quar.).
United Biscuit, preferred (quarterly)
United Dyewood Corp., preferred (quar.)
Preferred (quarterly)
United Gas Improvement (quar.)
Preferred (quarterly)..
58 l-3c
United Light & Rys., 7% pref. (mo.)
58 l-3c
7% preferred (monthly)..——
581-3C
7% preferred (monthly)
—...
53c
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
United States & Foreign Securities, 1st pref
SIX
50c
United States Graphite Co. (quar.)
50c
Quarterly
30c
United States Guarantee Co. (quar.)
68Xc
United States Hoffman Machine Corp.. pref
SIX
United States & Internat'l Securities, 1st pref
...
.....
—
—
United States Pipe & Foundry
Common (quarterly)
Co., com. (quar.)
Extra
—
Utica Clinton & Binghamton RR
Debenture (semi-ann.)
Vapor Car Heating Co., Inc. 7% pref. (quar.).
7% preferred (quar.)
Virginia Coal & Iron Co. (quar.)..
Virginian Ry., preferred (quarterly).
Vulcan Detinning, preferred (quarterly
Preferred (quarterly)
Wailuku Sugar Co. (monthly)
Walgreen Co. (quar.)
4X% preferred w w (quar.)
Walker Mfg. Co., $3 conv. preferredWaltham Watch, prior preferred (quar.)
Warren Pipe & Foundry Co
Extra
Washington Gas Light (quar.)
%4X cum. conv. preferred (quar.).
Washington Ry. & Electric Co
5% preferred (quarterly)
5% preferred (quarterly)
5% preferred (semi-ann.)
Waukesha Motor Co. (extra)
Weisbaum Bros. Brower (quar.)
Dec. 31 Dec.
Dec. 31 Dec.
Oct.
1-3-38 Dec.
15"
8
1
7
31
20
20
15
15
15
15
15
19
15
10
10
Sept. 30 Aug. 31
Sept. 30 Aug. 31
Aug.
2 July 15
Sept.
Aug. 16
Oct.
Sept. 15
Aug.
July 15
Sept.
Aug. 16
Oct.
Sept. 15
Aug.
July 15
Sept.
Aug. 16
Oct.
Sept. 15
Aug.
July 19
1
Sept.15 Sept
Dec.
8
Nov. 24
Sept. 30 Sept
Aug.
2 July
Aug.
2 July
Sept. 20 Aug.
18
21
19
_
31*
Dec. 20 Nov. 30*
75c
July 30 July
Aug.
1 July
Aug.
1 July
Aug. 10 July
14
31
10
Sept. 10 Sept.
Dec.
10 Dec.
9
14
1
1
Sept. 1 Aug. 21
Aug.
2 July 17
July 20 July
Oct.
20 Oct.
1?
July 20 July 10
1 July 15
Aug.
Sept. 15 Aug. 26
1 July 31
Aug.
Oct.
2 Sept. 18
2 Jmy 15
Aug.
2 July 15
Aug.
2 July 15
Aug.
Aug. 10 July 31
Aug. 31 Aug. 16
Sept. 1 Aug. 16
1 Nov. 15
1 Nov. 15
1 Nov.
9
5
Aug. 16 Aug.
July 30 June 30
Oct. 30 Sept. 30
juarterly
Co. (s.-a.)—.——
6% Special guaranteed (s.-a.)
1-30-38 Dec. 31
1-3-38 Dec. 15
Dec.
1 Nov. 15
Oct.
Westmoreland, Inc. (quarterly)
Weston (Geo.), Ltd., pref. (quar.)
West Penn Power Co., 7% pref. (quar.)
6% preferred (quarterly)
Westvaco Chlorine Products, pref. (quar.)
Wilson & Co. (quar.)
$6 preferred (quarterly)
Winstead Hosiery Co. (quarterly)—-—
——-——
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Nov.
Nov.
—
Extra
Wisconsin Telep. Co., 7% pref. (quar.)
Wood (Alan1 Steel, 7% preferred
Wrigley (Wm.) Jr. Co. (monthly)——
Monthly
Monthly
Yale & Towne Mfg. Co
Zimmerknit Co., Ltd., 7% pref. (s.-a.)
15
Aug. 2 July
July 22 July
Sept. 15 Sept.
July 21 July
Aug. 16 July
Aug.
July
Sept.
Aug.
Aug.
July
Aug.
July
Aug.
July
July 31 July
July 31 July
Aug. 2 July
Aug.
1 July
Oct.
1 Sept.
Dec.
West Jersey & Seashore RR.
—
18
July 26 July 15
Aug. 2 July 15
Aug. 25 July 20
July 30 July 20*
June 17
Aug.
Dec.
Extra
July"15"
26 June 30
16 July 30
30 Sept. 23
7
Aug.
2 July
7
Aug. 2 July
Sept. 30 Sept. 15
Dec.
Extra.
*
t$2
July 15
15 Sept. 1
July 15
30
July 30 July 15
July 23 July 10
July 23 July 10
9
Sept. 1 Aug.
Quarterly
Quarterly
Quarterly
75c
75c
Aug.
Sept.
Aug.
Sept.
Aug.
July
Aug.
Sept.
15
Dec. 27 Dec.
United States Steel Corp., preferred
Universal Leaf Tobacco (quarterly)—........
Westlnghouse Air Brake (quar.)—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.'
Aug.
Aug.
Aug. 16
Sept. 1
Aug.
1
July 16
Aug.
July 20 June 30
July 15
Aug.
Aug. 10 July 31
8
July 19 July
July 20
Aug.
July
6
Aug.
Aug.
1
Aug.
(II.) & Sons, pref. (semi-ann.)
Western Tablet & Stationery (quar.).
Nov. 15
1
Sept. 17
1—3—38 Dec. 20
Skelly Oil Co., pref. (quar.)
Smith (S. Morgan) Co. (quar.).
Quarter, y
Solvay American Corp. 5X%T?ref
Southern Calif. Edison Co., com. (quar.).
Southern Canada Power Co., com. (quar.)
Sept.
1
15
9
20
20
15
Oct.
_
June 30
July 22
July 22
Aug. 20
Richmond Insurance Co. of N. Y. (quar.)
Rich's, Inc. (quarterly)
Rockland Light & Power Co. (quarterly)
Roxborough Knitting Mills, Inc.—
Participating preferred (quar.)
Royal Typewriter Co., Inc., common.,
Pref. (for period of July 1 to July 31,1937)
1
1
Dec.
50c
jpref. (quar.)
1
Aug.
Aug.
Sept.
Rhode Island Public Service Co. $2 pref. (qu.)—
Series A (quar.)
Preferred (quarterly)
Roos Bros., Inc. (Del.), %5X
1
15c
1.31 X
Stock trust certificates (quarterly)
Rolland Paper Co., Ltd. (quar.)
15
15
15
40c
10c
Revere Copper & B rass, 7% pref.
30
30
30
July
July
July
Sept.
Sept.
Sept.
Sept.
July
Aug.
Sept.
July
July
July
July
Aug.
July
Holders
15 Dec.
Dec.
Quarterly
Servel, Inc., preferred (quarterly)
Preferred (quar.)
Sharpe & Dohme, Inc., $3.50 pref. A (quar.)—.
Sheaffer (W. A.) Penn Co., 8% pref. (quar.)...
Sierra Pacific Electric, pref. (quar.)
SilexCo. (Hartford, Conn.) (initial).
Simmons Co. (interim)
Simon
When
Payable of Record
July
Aug.
Sept. 20 Sept.
July
Aug.
July
Aug.
Sept. 30 Sept.
Saguenay Power, 5X% pref. (quar.).
St. Joseph Lead Oo. (quar.)
(quarterly)
Preferred (quarterly)
1
25c
W
5
5
Aug. 16 Aug.
5
Aug.
2 July 21
Sept. 1 Aug. 20
Aug.
2 July 20
Sept.
1 Aug. 20
July 22 June 21
Sept. 15 Aug. 31
July 26 July
9
Sept. 10 Aug. 20
July 26 July
1
2 July 10
Aug.
Oct.
1 Sept. 10
Aug. 2 July 15
2 July 20
Aug.
Oct- 10 Sept. 30
1-10-38 Dec. 31
Sept. 1 Aug.
1
Aug. 15 Aug.
1
July
7
Oct.
Sept. 15
July
July 10
Oct.
Sept. 10
Oct.
Sept. 10
June 24
July
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
July
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
July
July
July
Sept.
fig
Raymond Concrete Pile Co.
Share
Name of Company
San Francisco Remedial Loan Assoc. (quar.)..
(quar.)
Quarterly
Per
Payables Record
Aug.
2 July 20
Aug.
2 July 20
2
July 26 July
Aug. 15 July 31
-—-—
North American Edison Co. pref. (quar.)
North Carolina RK. Co. 7% gtd. (semi-ann.)
July 17, 1937
St. Lawrence Flour Mills
Quarterly
Niagara Shares Corp. of Md.. class B
Nineteen Hundred Corp., class A (quar.)
Class A (quarterly)
Class B (quarterly)
When
Chronicle
——
—
Sept.
July
July
July
July
Aug.
July
July
July
Oct.
Oct.
July 31 July
Aug.
2 July
Aug. 2 July
Sept. 1 Aug
Oct..
1 Sept.
Oct.
1 Sept.
Aug. 2 July
15
15
6
6
10
14
15
15
15
15
15
20
15
20
20
20
10
15
Transfer books not closed for this dividend,
t On account of accumulated dividends,
t Payable in Canadian funds and In toe case oi non-residents of Canada,
deduction of
tax of 5% of the amount of such dividend will be mariA
Volume
Financial
145
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
weekly statement issued by the New
Clearing House is given in full below:
STATEMENT OP MEMBERS OF THE NEW YORK
CLEARING HOUSE
1937
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 10,
The
following shows the condition of the Federal Reserve
Bank of New York at the close of business July 14, 1937,
in comparison with the
date last year:
previous week and the corresponding
July 14, 1937 July
Time
Deposits,
Average
Average
1937 July 15,1936
7,
Deposits,
Profits
Capital
Net Demand
Undivided
♦
*
Clearing House
York
New
York City
The
389
Chronicle
Surplus and
Members
•
$
9
9
Assets—
Gold certificates on hand and due from
9
Bank of N Y A Trust Co
20,000,000
90,000,000
Guaranty Trust Co
Manufacturers Trust Co
42,777,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
500,000
25,000,000
10,000,000
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
Flrst National Bank
Irving Trust Co
Continental Bk A Tr Co
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar A Trust Co..
Marine Midland Tr Co—
Public Nat Bk A Tr Co.
60,930,000
23,594,000
2,430,000
350,000
2,487,000
76,458,000
44,925,000
4,054,900
128.220.000 cl,806,739,000
52,287,000
3,553,200
dSll,018,000
75,366,200
47",i~04;666
15,559,000
555,000
85.407,000
1,295,900
9,012,200
28,136,700
8,092,800
5,000,000
12,500,000
7.000,000
7,000,000
New York Trust Co
Comm'l Nat Bk A Tr Co
11,576,000
44,523.000
201.224,000
26.916,000
69,674,000
99,274,000
400,462,000
57,496,600 al ,447,805.000
54,132,100
441,863,000
179,891,500 61,394,744,000
453,497,000
43,503,300
68,112,400
715,038,000
17,508,900
247,947,000
107,641,600
455,308,000
480.964,000
60,956,200
77,500,000
National City Bank
Chem Bank A Trust Co.
139,706,000
13,102,300
25,769,700
6,000,000
20,000,000
Bank of Manhattan Co.
3,203,000
29,650,000
286,927.000
76,914,000
77,708,000
8,616,700
1,571.000
49,777,000
3,349,414,000 3,292,784,000 3,085,698,000
1,198,000
1,441,000
1,270,000
74,830,000
74,594.000
82,254,000
United States Treasury.*
Redemption fund—F. R. notes
Other cash t--
3,432,938,000 3,368,819,000 3,161,726,000
Total reserves
Bills discounted:
Secured by U. 8. Govt, obligations,
direct or fully guaranteed
6,809,000
1,762,000
Other bills discounted
5.708,000
2,096,000
1,339,000
1,413,000
Industrial advances
5,885,000
5,889.000
1,102,000
7,327,000
210,233,000
334,566,000
180,230,000
210,233,000
85,803,000
334,566,000
180,230,000
406,144,000
725,029,000
725.029.000
660,561,000
740,824,000
738,039.000
671,086,000
82,000
6,442,000
189,228,000
10,053,000
82,000
3,435,000
146,011,000
10,053.000
83,000
6,984,000
166,956,000
12,416,000
12,033,000
United States Government securities:
Bonds
Treasury notes..
1937; State, June 30, 1937; trust
National, June 30,
companies, June 30, 1937.
Includes deposits In foreign branches as follows:
f
168,614,000
751,296,000
9,434,818,000
894,463,200
523,547,000
As per official reports:
1,378,000
8,571,000
Total bills discounted
Total U. 8. Government securities—
*
718,000
1,845,000
Bills bought In open market
Treasury bills
TotalS
3,863,000
1270,050,000; 6 $89,351,000;
o
Total bills and securities
$127,137,000; d $45,519,000.
York "Times"
The New
of
are
publishes regularly each week
which
The
the figures for the week ended July 9:
number of
banks and trust companies
not members of the New York Clearing House.
returns
following
a
are
INSTITUTIONS NOT
IN
CLEARING
NATIONAL AND
Other Cash,
Trust Cos.
Disc, and
Including
Investments
Bank Notes
Elsewhere
Manhattan—
Trade Bank of N. Y.
Brooklyn—
People's National
116,000
4,928,000
226,000
754,000
Liabilities—
927,059,000
F. R. notes In actual circulation...
N
Gross
Foreign bank
Deposits
58,418,000
Other deposits
49,000,000
179,064,000
51,223,000
51,474,000
7,744,000
9,117,000
827.000
Deferred availability Items
5,805,214
Capital paid In
5,436,000
Surplus (Section 7)
Surplus (Section 13b)
Dep. Other
Banks and
Empire......
Deposits
♦5,658,000
217,440
♦1,006,232
*7,560.200
19,025,400
28,090,300 *11,337,100
75,058,865 30,778,870
Fulton
Lawyers
United States
*
80,742,000
29,888,528
.....
64,631,300
11,397,305
556! 100
9,845,999
23,479,100
768,640
916,100
666,300
16,127,026
Includes amount with Federal Reserve
as
37,914,100
40,832,000
7.654.972
3,475,000
2,819,285
69,000 117.170,000
34,532,427
follows:
Ratio
of
total
reserve
to
91,762,172
Empire, $3,326,400; Fidu¬
deposit
145,029,000
51,201,000
61,474.000
7,744,000
9,117.000
159,352,000
49,874,000
50,825,000
7,744,000
8,849,000
5,550,000
773.000
and
83.9%
1,458.000
5,527,000
5,553,000
bills purchased
for foreign correspondents...
Commitments
to
industrial
make
ad-
bances
9,424,000
t "Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x
These are certificates given by the
over
United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth
less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
wider the provisions of the Gold Reserve Act
ciary, $634,624; Fulton, $7,287,400; Lawyers. $10,571,900.
83.9%
83.9%
1,470,000
F. R. note liabilities combined
Contingent liability on
9
3,580,300
2.357,654
8,447,100
1.988.971
10,597,738
...
Brooklyn—
Brooklyn
Kings County
9
9
56,942.200
8,854,019
Federation....
Fiduciary..
21,671,000
160,957,000
Gross
Trust Cos.
S
9
63,472,000
49,037,000
4,391,983,000 4,278.472,000 4,050,283,000
Total liabilities.
Elsewhere
Investments
Manhattan—
All other liabilities
Res. Dep.,
Y. and
N.
Cash
819,654,000
3,165,475,000 3,078.793,000 2,948,435,000
Total deposits.
25,509,000
Reserve for contingencies
Loans
934,341,000
27,823,800
TRUST COMPANIES—AVERAGE FIGURES
Disc, and
10,854,000
32,594,000
4,391,983,000 4,278.472,000 4,050,283,000
Total assets—
9
1,885,300
793,000
51,326
6,929,600
6,799,000
1,600,441
All other assets
Deposits—Member bank reserve acc't— 3,026,785,000 2,956,830,000 2,553,777,000
9,454,000
212,030,000
U. S. Treasurer—General account
31,272,000
9
123,200
620,000
288,291
22,830,800
20,763,000
5,655,050
Sterling National
9
9
$
Grace National.....
Bank premises
OF
FIGURES
Dep. Other
Banks and
Res. Dep.,
N. Y. and
Uncollected items
9, 1937
FRIDAY, JULY
STATE BANKS—AVERAGE
Loans,
CLOSING
HOUSE WITH THE
BUSINESS FOR THE WEEK ENDED
Due from foreign banks
Federal Reserve notes of other banks
of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made In the breakdown of loans as reported In this statement, which were described in an
York of April 20, 1937, as follows:
'
announcement of the Federal Reserve Bank of New
The changes In the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the amounts to
(1) commercial. Industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying securities.
The revised form
York City and those located outside New York City.
Provision has been
also eliminates the distinction between loans to brokers and dealers In securities looated In New
made also to Include "acceptances of own bank purchased or discounted"
"open market paper," Instead of In "all other loans'' as at present.
segregated as
with "acceptances and commercial paper bought In open market" under the
made known that the new Items "commercial. Industrial, and agricultural loans" and "other
"on securities" and "otherwise secured and unsecured."
Subsequent to the above
announcement It
was
A more detailed explanation of the revisions was
published In the May 29, 1937, Issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY
Federal Reserve Districts—
ASSETS
Loans and
revised caption
loans" would each be
DISTRICTS, ON JULY 7, 1937(In Million, of Dollar*)
Chicago
St. Louis Minneap. Kan. CUv
Dallas
San Fran.
Total
Investments—total...
New York
Phila.
$
Loans—total
Boston
$
9
%
9,296
4,444
1,174
1,880
638
550
3,029
641
391
690
491
461
697
238
268
987
279
166
259
221
22,217
9,734
1,318
706
Cleveland Richmond
Atlanta
$
$
2,119
1,008
Commercial, Indus, and agrloul. loans:
561
dealers!
Other loans for purchasing or carrying
securities
Real estate loans
Loans to banks
I
38
243
42
42
14
11
49
42
9
18
14
39
267
1,602
160
227
87
127
543
117
75
141
123
303
103
179
27
17
10
5
49
10
7
21
3
31
44
1,226
26
23
4
7
58
6
2
4
3
22
713
37
361
39
38
20
17
93
13
9
14
16
56
85
242
60
178
29
27
81
45
6
19
21
375
111
6
74
2
4
2
5
6
8
1
1
2
728
Loans to brokers and
...
462
1,168
Otherwise secured and unsecured
3,772
1,425
On securities
Open market paper
64
280
48
121
30
24
46
12
14
9
71
109
"
Other loans:
On securities
9
794
62
237
57
47
42
45
62
26
49
27
31
8,297
1,141
448
3,232
334
857
300
174
1,438
209
169
259
192
23
466
94
60
32
31
174
50
12
44
28
127
Other securities
3,045
141
266
68
77
430
103
44
128
50
299
Reserve with Federal Reserve BankCash In vault
5,278
250
1,154
2,584
285
258
334
130
103
795
151
84
170
110
309
314
34
69
17
40
18
11
64
11
6
13
11
Balances with domestic banks
Other assets—net
1,743
1,282
100
149
139
156
106
98
315
91
73
203
148
165
86
531
88
105
39
39
92
23
16
23
26
214
14,855
5,249
969
852
1,080
415
332
2,238
392
273
478
386
883
280
6,557
1,143
279
720
200
180
866
184
121
144
122
1,010
477
39
256
20
17
12
13
50
8
2
8
11
41
747
238
112
375
183
239
Otherwise secured and unsecured..
United States Government obligations
Obligations fully
guar,
by U. S. Govt.
685
20
•
/
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government
deposits
Inter-bank deposits:
Domestic banks
Foreign banks...
Borrowings
Other liabilities..
Capital account
5,140
219
2,052
11
594
272
332
191
180
1
1
8
14
5
2
1
9
1
4
2
1
869
33
414
""21
19
19
6
'""25
8
5
4
312
3,598
236
1,609
227
345
91
88
361
87
56
80
327
637
1
390
Financial
Chronicle
July 17,
7
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the
System
as a
week last year.
on
Wednesday.
on
Thursday afternoon, July 15,
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
resources
and liabilities separately for each of the twelve banks.
The Federal
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
COMBINED
appear
in
department of "Current Events and Discussions
our
RESOURCES AND LIABILITIES
Three ciphers (000) omitted
July
ASSETS
June
30,
1937
$
June
23,
1937
5
$
BANKS AT THE CLOSE
June
16,
1937
$
June
t8.835.907
8,836,904
8,837,903
f8,838,405
10,399
10,471
10,241
9,860
9,971
277,661
t312,309
322,491
313,595
9,123,466
9.158,687
9,169,636
9.623
7.042
3,328
3,395
2,887
13,018
9,929
3,596
21,759
.
2,
$
8,835,406
15,046
reserves
BUSINESS JULY
1937
$
8,835,407
9,549
307.824
11,718
;
OF
June
9,
1937
9,152,780
Other cash *
Total
1937
$
Redemption fund (Federal Reserve notes)
/
THE FEDERAL RESERVE
July 7
14,
1937
Gold ctfs. on hand and due from U. S. Treas.z
OF
3,669
3.801
4,273
21.783
22,152
22,012
May 26,
14, 1937
19.
May
July
$
15,
1936
1937
1937
8
I
8.838,913
11,583
8,186,524
289,155
287,652
9.146,065
9.139,651
8,486,718
12,524
12.326
11,624
1,052
4,961
3,372
3,658
1,847
14,295
17,485
15,698
15,282
2,899
5,094
5,818
4,475
3,084
22,196
6,261
22,232
6,260
22,049
22,407
22,523
29,457
8,838,414
305,738
8,838,401
11,341
272,695
9,161,358
t9,154,114
9,122.437
9,844
3,459
11,521
2,807
11,006
3,289
13,303
14,328
11,341
296,310
12,542
Bills discounted:
Secured
by
S.
U.
Government obligations,
direct or fully guaranteed
Other bills discounted.
Total bills discounted
Bills bought In open market
Industrial advances
United States Government securities—Bonds.
732,508
732,508
732,608
1,152,213
732,608
1,152,213
315,672
1,166,213
732,608
1,152,213
732,608
1,168,213
1,162,213
627,969
732,508
1,170,713
622,969
732,558
1,165,713
627,969
1,165,713
Treasury bills
625,469
627,469
641,469
641,469
641,469
641,469
1,494,218
620,337
Tota
2,526,190
2,526,190
2.526.190
2,526,240
2,526.290
2,526.290
2,526,290
2,526,290
2,526.290
2,430,227
-
Treasury notes
U. S. Government securities
732.608
Other securities
Foreign loans
181
on gold
Total bills and securities
2,566,591
2,564,660
2.562,072
2,565,828
2,567,761
2,568,599
2,572,268
2,570,655
2,465,848
2.568,570
Gold held abroad
'""219
"""219
"""219
"""219
"""226
"""226
"""228
"""228
"""229
26,890
21,950
23,933
23,108
21,277
22,025
18.847
21,615
759,714
45,601
42,945
638,313
45,601
664,235
630,603
866,372
595,266
646,056
45,697
45.700
45,687
49,199
45,685
21,402
701,718
45.788
681,238
45,615
41.720
604,558
45,776
47,853
47,202
46.464
43,499
12,594,740
12,436,186
12,702,930 fl2,435,116
12.453.372
12,436,099
12,523.821
11,751,471
Federal Reserve notes In actual circulation....
4,213,898
4,252,417
4,206,477
4.162,832
4,177,805
t4.200.965
4,235,114
4,184.042
4,184,425
4,006,015
Deposits—Member banks' reserve account
United States Treasurer—General account-_
Foreign banks
6,927,951
90,232
6,826,707
6,854,411
150,928
6,807,978
6,928,977
6,943,597
6,918.227
5,871,746
250,212
80,486
116,777
592,501
172,325
166,963
147,450
84,642
139.671
6,853,710
115,099
159,009
121.749
60,100
112,381
156,553
119,479
139,470
133,705
124,041
136,725
126,110
115,621
6,900,288
92,813
157,400
127.671
123,933
205,713
7,292,813
7,212,350
7.278.172
7,328,855
7,325,119
7,292,760
7.224,263
7,284,849
7.285.047
6,730,060
741,434
132,459
145,854
27,490
35,906
625,371
664,852
645,317
132,198
618,046
132,202
705,826
132,302
145,854
27,490
851,089
132,240
145,854
591,267
132,355
145,854
634,198
132,205
145,854
145,854
145,854
145,854
27,490
27,490
35,931
7,402
27,490
35,940
27,490
27,490
669,018
129,822
145,501
26,513
35,939
35,939
34,111
7,196
7,677
7.041
10,431
12,702,930 tl2.435.116
12,453,372
12,436.099
12,523,821
11,751,471
79.0%
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other assets
Total assets
41,977
t40,733
12,496,481 tl2.475.824
219
40.243
25,884
48,055
LIABILITIES
Other deposits
Total deposits...
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
100,937
132,196
145,854
27,490
35,940
8,644
132.199
4,886
Contingent
liability on
foreign correspondents
bills
purchased
79.5%
79.6%
79.7%
79.8%
79.6%
79.6%
79.6%
79.7%
79,7%
4,138
4,015
4,044
3,745
2,532
1,532
1,532
1,532
16,171
16,110
16,331
16,733
16,801
16,956
17,018
17,188
17,311
23,839
12,877
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
12.436.186
4,150
Total liabilities
27,490
35,906
4,443
12,594,740
All other liabilities
12,525
15.947
14,276
14,044
1,959
35.906
f35,906
5,428
8,484
12,496,481 tl2.475.824
...
for
Commitments to make Industrial advances...
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
8,044
11.451
12.663
162
696
616
474
586
269
165
108
562
724
375
437
416
574
722
586
61
414
Over 90 days bills discounted
11,053
151
761
..........
81-60 days bills discounted
61-90 days bills discounted
399
206
400
397
406
367
236
132
725
17
843
1-15 days bills bought In open market
16-30 days bills bought In open market
31-60 days bills bought in open market
61-90 days bills bought in open market
Over 90 days bills bought In open market
Total bills bought in open market
842
359
461
357
362
328
299
412
137
15,046
Total bills discounted
13,018
9,929
13,303
14,328
14,295
17,485
15,698
15,282
2,899
438
232
1,956
3,098
3,223
1,437
770
364
1,625
190
1,256
1,523
470
233
880
3.002
1,663
457
352
324
348
419
1,421
647
528
635
886
581
837
1,627
1,627
1,627
426
1,116
1,187
1,187
2,915
3,073
270
1,455
26
3,596
3,669
3,801
4,273
5,094
5,818
6,261
6,260
4,475
3,084
1-15 days Industrial advances
16-30 days industrial advances
749
784
849
903
791
812
794
817
1,502
736
767
246
871
140
135
297
324
178
188
288
31-60 days Industrial advances
61-90 days industrial advances
Over 90 days industrial advances
657
341
721
910
920
996
521
566
552
670
808
969
813
748
687
465
735
1,027
18,809
18,922
19,523
19,343
19,404
19,647
19,840
19,842
1,024
19,942
26,157
29,457
Total industrial advances
840
21,759
61-90 days U. S. Government securities
Over 90 days U. 8. Government securities
Total U. 8. Government securities
21,783
22,152
22,012
22,049
22,196
22,232
22,407
22,523
35,561
38,628
57,993
146,834
2,247,174
35,063
32,247
34,710
33,561
22,120
24,767
26,107
28,827
33,045
61,621
35,561
35,063
34,660
28,520
28,459
78,920
70,223
68,298
69,886
153,359
2,243,102
148,926
132,266
78,920
2,243,381
2,245,281
70,121
2,317,340
42,051
67,808
63,075
33,461
66,075
44,151
32,247
76,689
58,493
2,314,710
2,331,236
2,318,919
76,689
2,326,676
2,172,780
2,526,190
1-15 days U. S. Government securities
16-30 days U. 8. Government securities..
31-60 days U. S. Government securities
2,526,190
2.526.190
2.526.240
2,526,290
2,526,290
2.526.290
2,526,290
2,526,290
2,430,227
70,608
130,275
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
"""181
Total other securities
181
........
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
4,550,464
4.508,973
4,517,118
4,505,125
4,496,626
4,498,606
302,496
4,501,262
338,430
4,505,873
298,047
328.068
315,069
270,011
312,584
314,181
325,162
4,213,898
In actual circulation..
4,552,646
338,748
Held by Federal Reserve Bank
4,252,417
4,206,477
4.162,832
4,177,805
4,202,049
4,235,114
4,184,042
4,184,425
4,006,015
4,587,632
4,542,632
4,544,632
4,550,132
4,538,132
4.537,132
4.535.632
4,348,023
4,331,177
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
14,860
9,984
13,801
15,634
16.324
19,943
18,037
15,891
1,647
20,000
4,563,632
12,844
20,000
4,552,632
By eligible paper
United States Government securities
20,000
20,000
20,000
20,000
20,000
20,000
35,000
39,000
4,622,492
4,596,476
4,582.616
4,576,433
4,580,266
4,586,456
4,578.075
4,575,169
4.586.523
4,388,670
Total collateral
*
z
cents
"Other cash"
These
ou
are
does not Include
Federal Reserve notes,
t Revised figure.
certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100
oents
Jan. 31,
to 59.06
1934. these certificates being worth less to the extent of the difference, the difference Itself
having been appropriated as profit by the Treasury under
the provisions of the Gold Reserve Act of 1934
Volume
Financial
145
Chronicle
391
Weekly Return of the Board of Governors of the Federal Reserve System (
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
Three Ciphers
(000)
Total
Boston
New York
Phila.
RESOURCES
$
1
$
$
certificates
hand
on
L
BUSINESS JULY 14,
1937
Omitted
Federal Reserve Agent at—
Gold
CLOSE OF
and
Cleveland Richmond
$
Atlanta
Chicago
%
Louis Minneap. Kan. City
5
$
St.
$
S
San Fran.
Dallas
$
$
%
due
from United States Treasury
8,835,407
9,549
307,824
Other cash *
Total reserves
511,107
313
525
426
22,461
14,977
9,152,780
Redemption fund—Fed. Res. notes..
435,976 3,349,414
514
1,270
39,207
82,254
475,697 3,432,938
533,881
712,635
697,133
269,588
185,188
669,479
358
440
15,502
11,088
1,806
26,429
196,716
697,714
234
604
280,637
1,165
16,944
197,986
679
18,667
231,839 1,724,808
651
1,402
12,112
41,871
6,312
288,681
245,353 1,767,330
298,746
204,977
298,112
Bills discounted:
'
•
•
i '
282,252
'
:
Secured by U. S. Govt, obligations.
direct
and(or) fully guaranteed.
11,718
3,328
Total bills discounted
Bills bought in open market
770
6,809
1,762
1,014
566
1,091
376
145
75
34
67
8
84
53
599
38
86
60
91
306
174
15,046
.
Other bills discounted
837
8,571
1,022
650
1,144
975
183
161
94
91
540
778
224
3,596
21,759
732,508
1,165,713
627,969
2,566,591
U .8. Government securities—Bonds.
Treasury notes
Treasury bills
Total U. S. Govt, securities
Total bills and securities
45,766
2,526,190
Industrial advances
Due from foreign banks
£
355
322
146
108
96
99
376
874
195
898
320
771
619
113,481
61,132
2,001
38,575
61,389
33,070
32,184
51,216
27,591
80,726
128,467
69,205
32,298
51,398
27,689
23,828
37,921
20,427
35,992
57,279
30,856
1,238
28,601
45,514
24,519
2,075
63,516
101,081
54,452
213,336
245,922
133,034
110,991
278,398
111,385
82,176
124,127
98,634
219,049
218,623
1,339
5,885
2,973
53,385
247,768
136,325
112,269
279,864
111,952
83,101
124,933
100,511
222,278
334,566
180,230
3,910
61,861
98,443
53,032
184,109
725,029
188,143
740,824
210,233
84,958
219
71,309
Bank premises
All other resources
Total resources
20
9
8
346
6,442
1,034
78,544
189,228
2,599
10,053
12,415
4,619
1,741
60,137
2,755
2,723
2,096
22,751
3,029
56,757
4,889
1,305
80,000
45,601
42,945
l
22
26,890
759,714
Fed. Res. notes of other banks
Uncollected Items
820,237 1,052,640
385
83
16
12,594,740
.
748,374 4,391,983
26
4
3
6
16
3,599
1,898
34,645
2,366
1,625
1,903
1,916
564
108,773
4,651
3,975
19,227
1,495
1,525
44,654
3,203
1,918
29,333
1,253
1,668
4,046
35,665
3,398
3,188
492,371
386,352 2,168,218
451,236
312,231
474,742
330,051
966,305
6,293
5,031
60
86
2,216
1,659
6
LIABILITIES
F. R. notes In actual circulation
4,213,898
288,546
927,059
315,012
435,236
190,942
169,876
976,354
178,972
137,334
164,828
92,037
337,702
6,927,951
342,775 3,026,785
1,026
31,272
388,500
213,095
209,740
3,870
4,722
138,193
2,863
3,621
182.062
4,254
49,000
3,530
169,519 1,003,381
3,592
19,187
5,510
18,261
3,121
1,594
247,704
15,427
9,431
463,106
8,087
14,483
20,721
6,910
2,358
187
3,860
4,565
4,881
543,091
2,861
11,177
11,012
358,168 3,165,475
418,054
506,397
228,058
181,742 1,042,423
225,242
147,035
256,710
195,368
568,141
53,942
79,194
104,681
12,746
21,504
43,241
4,022
3,000
12,916
14,323
1,007
3,121
22,045
4,336
5,616
36,531
12,245
58,539
4,860
4,869
3,422
1,497
31,628
3,877
3,851
1,262
1,847
36,315
10,137
9,645
1,996
2,037
297
446
184
293
820,237 1,052,640
492,371
Deposits:
Member bank reserve account
U. S. Treasurer—General account.
90,232
Foreign bank
159,009
Other deposits
11,491
2,876
115,621
Total deposits
7,292,813
Deferred availability items
741,434
Capital paid In..
132,459
145,854
27,490
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
77,713
9,378
9,826
179,064
2,874
1,570
7,744
9,117
299
827
35,906
4,886
All other liabilities
Total liabilities
12,594,740
4,696
58,418
51,223
51,474
13,362
4,325
748,374 4,391,983
4,664
6,769
'4,565
754
1,416
645
1,690
7,832
1,262
1,199
18,541
2,896
3,116
1,003
2,055
269
251
245
181
332
386,352 2,168,218
451,236
312,231
474,742
330,051
966,305
3,823
4,655
3,613
1,142
941
Contingent liability on bills purchased
for foreign correspondents
4,150
306
1,470
411
386
180
147
486
126
96
122
122
298
Commitments to make lndus.advanoes
16,171
2,145
5,527
167
1,435
1,991
315
10
1,072
63
125
302
3,019
♦
"Other cash"
does not include
Federal
Reserve notes.
FEDERAL
Three Ciphers
STATEMENT
!
Total
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
Boston
New York
Phila.
$
Federal Reserve notes:
I
S
S
Cleveland Richmond
%
by Agent
Atlanta
4,552,646
338,748
331,887 1,032,588
43,341
105,529
331,127
16,115
463,501
28,265
$
202,129
288,546
927,059
315,012
435,236
4,587,632
336,000 1,040,000
837
8,192
335,000
1,058
Louis Minneap. Kan. City
St.
Chicago
$
%
4,213,898
in actual circulation
held
NOTE
(000) Omitted
Federal Reserve Bank of—
Collateral
RESERVE
$
San Fran.
Dallas
$
$
%
$
188,930 1,005,242
19,054
28,888
187.565
8,593
143,317
5,983
175,037
10,209
100,969
8,932
390,354
52,652
190,942
169,876
976,354
178,972
137,334
164,828
92,037
337,702
465,500
205,000
173,000 1,020,060
190,632
145,000
176,000
102,500
399,000
679
1,170
183
106
94
100
551
923
193,967 1,020,183
190.738
145,094
176,100
103.051
399,923
11,187
security
as
for notes Issued to banks:
Gold certificates
on
hand
and
due
from United States Treasury
Eligible
14,860
paper
U. S. Government securities
Total collateral
United
4,622.492
States
York Stock
967
20,000
Government
20,000
336,837 1,048,192
Securities
Exchange—See following
on
336,058
the
466,179
New
206.170
Transactions
Stock and Bond
United States
Rates
quoted
are
21 1937
8 1937
15 1937
Dec. 22 1937
6 1938
April 13 1938
Aug. 18 1937
0.30%
Jan.
5 1938
Aug. 25 1937
0.30%
0.33%
Jan.
12 1938,
Jan.
19 1938.
0.33%
0.33%
0.33%
0.33%
0.35%
0.35%
0.35%
Jan.
26 1938.
Feb.
2 1938
Oct.
6 1937
Oct.
13 1937
Oct.
20 1937
Oct.
27 1937
Nov.
Nov. 10 1937.
Nov. 17 1937
Nov. 24 1937,
Dec.
Dec. 29 1937
Feb.
1 1937,
9 1938
Feb.
16 1938.
Feb.
23 1938,
Mar.
2 1938
Mar.
9 1938
Mar. 16 1938
0.35%
0.38%
0.38%
0.38%
0.38%
0.42%
3 1937,
each day
0.62%
11 1937
Sept. 1 1937
Sept. 8 1937
Sept. 15 1937
Sept. 22 1937
Sept. 29 1937
Mar. 23 1938
Mar. 30 1938
April
Francs
15 1941...
1X%
99.10
99.13
Mar. 15 1940...
1 X%
1,203
433
1,171
414
310
25,100
560
50
541
312
25,100
543
1,250
47
512
708
220
706
200
218
465
218
470
305
25,400
534
1,220
5G
512
702
190
213
1,410
1,220
307
497
1,400
1,230
287
487
—
de Suez cap
-.
Generale
Rate
Comptolr Natlonale d'Escompte
Coty S A
Courrleres
Credit Commercial de France.Credit Lyonnaise
Eaux Lyonnalse cap
Energie Electrique du Nord
Energie Electrlque du Littoral..
of
Sept. 15 1939...
1H%
100.15
100.17
Mar. 15 1942—
Dec.
1
100.15
100.17
June
15 1939—
—
-
June 15 1941...
Mar. 15 1939...
Mar. 15 1941...
June
14 1940...
Dec.
15 1940—
>4%
m%
134%
IX %
1X%
IX %
Maturity
99.27
99.29
100.26
100.28
Feb.
100.10
100.12
June
100.18
100.20
Mar. 15 1938...
100.14
100.16
Sept. 15 1937—
Sept. 15 1938...
1 1938—
15 1938
655
368
20
1,861
71.75
70.20
69.70
74.40
73.00
93.00
5,810
1,900
125
77
125
1,232
478
Asked
Saint Gobaln C & C
124
100.27
100.29
Soclete Francaise Ford
1 %%
100.15
100.17
Soclete Generale Fonclere
77
122
2X%
2H%
2%%
2X%
101.29
101.31
Soclete Lyonnalse.
3%
3X%
102.6
102.8
101.9
Tubize Artlflcal Silk, pref—
102.4
102.6
Union
101.25
101.27
Wagon-Lits
100.20
100.22
...
Soclete Marseillaise
101.7
x
d'Electrlclte
Ex-dividend.
1,350
1,190
295
483
1,010
655
370
22
1,840
72.40
70.90
70.40
75.30
74.00
93.50
5,790
1,920
170
373
78
Francs
6,500
-—
3/>8
25.600
—„
1,200
—
....
210
....
463
622
1,010
638
....
Rentes, Perpetual 3%
1917
1918
Rentes 434%. 1932 A
Rentes 4^%, 1932 B
Rentes 5%, 1920
616
Hollday
Orleans Ry 6%
Pathe Capital
Pechlney
Rentes 4%,
Rentes 4%,
.
-
Royal Dutch
Bid
1,220
d'Electrlclte—..
Cle Generale Transatlantique
Citroen B
Schneider & Cle
Asked
Francs
1,190
438
Cle
Int.
Bid
14 July 15 July 16
Francs
6,500
Cle Dlstr d'Electrlclte
Figures after decimal point represent one or more 32d
\
Francs
6,700
Canal
point.
Int.
Francs
6,800
Canadian Pacific
Indebtedness, &c.—Friday, July 16
Rate
BOURSE
Banque de Paris et Des Pays Bas
Banque de l'Union Parlslenne..
Quotations for United States Treasury Certificates of
15 1939...
407.
July 10 July 12 July 13 July
Lyon (P LM)
Nord Ry
Dec.
page
Bank of France
L'Alr Liqulde.
Maturity
Exchange,
of the past week:
Kuhlmann
a
Stock
Quotations of representative stocks as received by cable
Asked
0.42%
0.42%
0.44%
0.44%
0.45%
0.45%
0.45%
0.45%
0.46%
0.46%
0.46%
0.40%
0.40%
0.40%
0.40%
0.52%
0.52%
0.52%
Dec.
Dec.
0.30%
0.30%
Aug.
Averages—See
THE PARIS
£«Z
Asked
0.30%
0.30%
July 28 1937
4 1937
Aug.
York
Treasury Bills—Friday, July 16
for discount at purchase.
Bid
July
New
the
at
Daily, Weekly and Yearly—See page 407.
page.
613
Holiday
990
643
669
354
23
1,800
69.25
68.80
68.00
71.90
1,340
1,230
....
980
....
360
67.00
66.30
65.00
X67.70
70.90
68.90
92.00
89.70
5,880' 6,030
1,858
77
75
125
1,190
173
1172
99
173
363
98
N
....
r?
392
-
Stock and Bond Sales—New York Stock
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless
the
account is taken of such sales In computing the range for
Government Securities
United States
they are the only transactions of the day.
No
year.
York Stock Exchange
the New
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Below
we
furnish
a
Daily Record of U. S. Bond Prices July 10 July
Daily Record of U. S. Bond Prices July 10 July 12 July 13 July 14 July 15 July 16
12 July 13 July 14 July 15 July 16
■
116.14
{Low.
[Close
High
100.26
100.26
100.31
101.2
115.30
116
116.1
116.10
Low.
100.26
100.24
100.28
100.29
115.30
116
116.8
116.10
Close
100.26
100.26
100.31
100.29
42
Total sales in $1,000 units...
2
8
14
High
99.29
99.31
Low.
99.29
Close
99.29
1
(High
115.30
9
4 Ms,
45
10
27
106.20
106.18
106.21
106.30
.
__
Total sales in 11,000 units...
106.17
.
Treasury
2Kb, 1948-51
106.16
106.18
106.18
106.23
106.28
106.17
106.18
106.18
106.21
106.30
106.28
5
10
10
21
6
15
111.16
111.16
111.21
111.28
112
111.16
Total sales in $1,000 units...
111.16
111.20
111.25
111.16
111.21
111.28
10
2
High
109.27
109.30
109.31
109.27
109.30
109.31
109.27
109.30
109.31
2
25
10
106.31
106.31
106.31
106.28
106.31
106.31
6
____
99.30
69
9
228
460
99.24
99.26
99.25
99.26
99.29
99.29
99.30
99.25
99.23
99.26
99.27
99.26
99.25
99.24
99.26
99.29
99.29
5
26
16
4
30
97.28
98.2
98.1
110.2
Low.
Close
97.28
98.2
98.1
97.28
98.2
98.1
2Kb, 1949-53
110.2
30
103.2
102.31
"m
m
-
Low.
102.31
103.2
Close
107.6
_
3 KB,
1944-64
107.6
-
102.31
103.2
98.4
98.5
131
90
40
103.9
103.3
103.3
103.3
103.9
103.9
103.8
103.3
High
Federal Farm Mortgage
98.1
98.1
98.7
98.5
98
l
28
98.5
98.1
1
Total sales in $1,000 units.,.
107.7
mmm.-
100
99.24
'
Low.
3KB, 1943-47.
99.31
100
99.21
■
110.4
____
99.28
99.30
111
Total sales in $1,000 units...
2Kb, 1956-59
3
'
Total sales in $1,000 units..
99.28
99.29
(High
26
IiOW.
3 KB, 1940-66.
99.29
100.2
Close
8
Low.
99.30
Total sales in $1,000 units
112
1
2Kb, 1951-54
112
111.16
Total sales in $1,000 units...
4s, 1944-54.
13
100
99.30
Low.
107
106.15
Low.
3^8. 1943-46
j:
116.8
116
115.28
[High
1947-52
116
115.30
Treasury
103.9
'
Total sales in $1,000 units...
——
103.2
102.30
103.2
102.30
102.30
102.30
103.1
103
103.2
102.30
103.2
nigh
Low
3s, 1951-65.
103
6
Total sales in $1,000 units...
-■;/';
fnigh
104.18
105.17
106.8
'
■m
m.
mm
~
104.31
105
105.3
105.9
105.9
23
102.9
102.9
102.9
102.10
102.16
102.14
102.9
102.9
102.8
102.10
102.13
102.14
102.9
102.9
102.9
102.10
102.13
102.14
14
6
7
27
100.20
100.21
100.23
High
Home Owners' Loan
100.20
100.19
100.20
Low.
100.17
100.18
100.18
100.18
100.21
100.22
Close
100.20
100.19
100.20
100.20
100.21
100.22
Total sales in $1,000 units...
7
4
14
79
14
2Kb, series B, 1939-49-.
10
104.25
Home Owners' Loan
42
100.10
100.10
100.7
100.7
100.9
100.7
100.10
100.10
13
26
High
100.7
Low.
xClose
'
104.25
____
....
.....
104.25
Low.
Close
—-
2Kb, 1942-44
3
Total sales in $1,000 units...
10
106.11
(High
106.11
{Low.
....
Note-
[Close
106.11
Total sales in $1,000 units...
2
only
bonds.
Transactions in registered
(High
106.12
106.16
106.18
106.20
106.23
{Low.
106.12
106.14
106.15
106.18
106.23
106.25
1
Treas.
Close
106.12
106.16
106.15
106.20
106.23
106.25
1
Total sates in $1,000 units...
3
7
11
10
3
16
4
Treas. 3Kb, 1943-45.106.13 to 106.13
Treas. 4s, 1944-54...111.14 to 111.20
3Kb, 1944-40
103.10
High
105.9
26
Total sales in $1,000 units...
3 Kb. 1941
103.6
3
Total sales in $1,000 units..
.
105.9
1
103.5
Close
—-
105.9
(High
■
••
—
105
Z
7
— —
103.5
103.2
Low.
3s, series A, 1944-52...
105
105
105
Low
Close
Total sales in $1,000 units...
103.2
103.10
Low.
Home Owners' Loan
105
105
105
2
103.5
103.2
Close
....
6
2
102.25
7
Total sales in $1,000 units...
106.15
10
High
3K8, 1949-52
2Kb, 1942-47
106.10
106.8
102.23
102.25
2
High
_____
....
106.15
106.8
106.11
106.11
■
Total sales in $1,000 units...
'
105.17
106.11
....
1 Close
102.25
102.18
4
Low.
3s. 1942-47
Federal Farm Mortgage
10
102.18
102.18
2
Total sales in $1,000 units...
105.17
(High
.
_____
102.16
102.20
High
____
24
24
102.20
-v
Close
....
104.18
105.19
102.25
102.18
Total sales in $1,000 units
Federal Farm Mortgage
24
105.15
{Low.
3 KB. 1946-49
3s, 1944-49
2
104.13
....
Total sales in $1,000 units...
102.25
102.20
Low
103
104.18
'mrnrn'm.
Close
3Kb, 1941-43
103
15
105.19
,
{Low.
3*Ss, 1940-43
103.2
103.5
104.10
■
104.5
Total sales in $1,000 units...
1
102.18
High
Federal Farm Mortgage
1
104.5
Low
3s. 1940-48.
34
4
Total sales in $1,000 units..
103.4
104.13
104.5
High
103.5
6
1
20
1
20
Close
8
bonds
of
sales
coupon
were:
106.30
100.25
100.27
100.27
100.30
100.22
100.23
100.24
100.24
100.26
100.23
100.25
100.26
100.27
100.28
101
30
47
16
33
101
102.21
102.28
102.29
102.26
Low.
102.21
102.24
102.23
102.25
102.26
103.3
Close
102.21
102.28
102.23
102.25
103
103.3
Total sales in $1,000 units...
1
17
31
5
Treas. 3Kb, 1944-46.106.11 to 106.13
100.30
Close
Treas. 3s, 1951-55...103.00 to 103.00
17 Treas. 2Kb, 1955-60.100.19 to 100.27
101
Low.
1
3
4Kb, 1947-52.116.00 to 116.00
100.25
(High
2Kb, 1955-00
Total sales in $1,000 units..
(High
2KB, 1945-47
103.3
^JUnited States Treasury Bills—See previous
41
page.
103.7
United States Treasury
&c.—See
40
17
previous
Certificates of Indebtedness,
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
NEW
frrr
JUI
Saturday
Monday
Tuesday
July 10
July 12
July
$ per share
$ per share
*4734
48
*54I2
6212
4734
*54i4
*75
78*2
75
1778
1778
1734
*47l4
48l4
48
62l2
76i2
*5414
18l2
*28
3038
30i8
303s
2iS
7234
*2I8
2i4
*234
*95
278
98i2
m
358
12
334
2434
72
7234
258
*95
278
9812
12
1214
358
378
40
4214
41
41
*3812
40i2
40
40
4012
40i2
40l2
40i2
*40
4012
*35i2
3612
*17
19
227
228
*39
,
36U
$ per share
*54i4
2478
72
$ per share
48
*24
2ig
July 14
6212
76
*24
Wednesday
13
76
1812
*24i8
*297s
*2i8
717s
234
*95
12i8
3i2
76
48
6212
76
Thursday
July
15
$ per share
4838
48J2
48^2
62l2
*54i4
76
76
18
18&S
18U
*2412
18i2
1818
2478
2412
30i4
3014
3158
3158
32
*2i8
214
2i8
218
72i2
7318
258
72
98i2
12I4
3i2
4034
*95
258
12
338
212
22i2
227s
38i2
40
38l2
39
*37
41
*37
39i2
*37
*36
41
*36
39i2
*3812
*35l2
40l2
*31
38
*37
39l2
3658
36i2
19
*1718
19
*17
19
22612 228
227
230
36i4
23
2318
23
2318
38i2
*37
35l2
228
232
*22
23
*1718
233
22-2
18
18
18l4
79i2
67U
6734
68I4
2534
*25
5I2
*38l2
9lr,s
*9212
*227»
*6014
*
5*2
40
9158
94i2
23i2
64
*77
I9I4
1914
1919
79
77
77
1858
*77i8
1914
79
18&S
*78
69
67l2
6938
6838
69i2
68i2
*251.4
538
2578
25
25i8
25
26
24i2
*39
40
5U
*39
93
93
92
94
94l2
2512
2334
*60i4
538
64
1834
*78
64i2June 17
80*4
514
7
Jan 25
Air Reduction Inc
Air
1,700
300
300
2,000
_
'
-
-
U
-
"lV"
100i2 Jan 22
91
Mar
15*4 Feb 25
13
July
17*2 Sept
No par
2f2June 17
58a Feb 18
2i2
Apr
6i2 Nov
34i2June29
5934 Feb 11
69
123$
12*4
Jan
34
Jan
61*2 Nov
60i2 Nov
12*2
Jan
60
Industries
Inc
2,800
Allied Chemical &
23
2,200
Allied Mills Co Inc
35
30i2June 17
103
Apr 26
17*4 July
215
June 17
20
June 28
No par
»i6June 22
15
May 14
No par
23
June 17
39*4
Jan 28
1,600
Amalgam Leath Cos Ino new.l
*38
40
100
95
95
2,200
93i2
94
*92l2
25i8
25i2
*6014
93
9312
93
26
26l2
61
62
62
$ in receivership,
Nov
Alpha Portland Cem
9434
26i8
Aug
34
1,000
3934
93l2
245
6
5i8
61
Jan
Aug
9
94
6%
Am
800
30
6%
.
n
preferred.
Bank
Note
New stock,
5214 Mar 15
11478 Mar 11
Jan
June 28
6*4
69
Jan
,
Jan
35*8 Jan
19*4 May
4
Oct
31*4 Nov
75
Jan
20'8 Nov
90
Nov
81
Deo
3412 Nov
5*4
Deo
3914
Dec
12512 Mar
6
101*2
Jan 22
49
July
20i8June 30
59
Apr 8
41*8
Jan 16
36
Dec
55*2
75's
Feb
4
66
Jan
73
83
10
Cash sale,
5
80
50
r
87a Mar 13
34i4
60
Corp
Preferred
Mar
4i4June28
No par
Agrlc Chem tDeD-.No par
American
4,500
a Def. delivery
couv
Amerada
Deo
23
Jan 22
3934
111*2
157
83i2
95
Oct
Feb
98
403s
9
85
No par
100
preferred
x
Jan
Ex-dlv.
y
Nov
64i2 Nov
»32May 27
2178 Mar
5i8
26i8
33 >s
1
5%
Apr
2G7a July
Nov
Jan 16
258i2 Mar
June
25i8
64
Jan 26
27
103
2378 Apr 12
June 21
24U
94
110
74
25
26l2
9
Feb 11
68i2 Feb 17
6218 Feb 18
455s Mar 15
57
3934
25l2
May 27
2
No par
*38
64
July
Allls Chalmers Mfg
100
21,300
292
*60i4
June 26
35
1
-
Dye.No par
Allied Stores Corp
16,100
7012
Jan
Mar 11
June 16
234
7078
2
21*2 •'an
86*2 Nov
0>8 Apr
11
Allen
"
514
Jan
Jan
xli8 Jan
68
Apr
Feb
16*4 Nov
97
10
$2.50 prior conv pref.No par
Allegheny SteeJ Co....No par
Alleg & West Ry 6% gtd-.100
„
36
2i8June 17
Way El Appliance..No par
Vlcksburg RR Co.-100
Allegheny Corp
1,900
3812
..No par
36
74*4
5K %Pret A with $30 warlOO
5K %Pref A with $40 warlOO
5K%Pref A without warlOO
1,800
6934
5
Oct
Jan 26
93U
40
538
3714
4*8
39
10i8
22i8
June 16
3912
79
9
June 29
2
5l8
519
Bid and asked prices; no sales on this day.
1918
79
Feb
Jan
28
Rights
*7578
35*4
10
No par
17,500
*98
To"
3
Address Multlgr Corp
Advance Rumely
338
39
283s Feb
700
12
4112
7
958 A or
1778 June
22i2June
Alaska Juneau Gold Mln
314
69
223gMar 11
No par
Ala &
338
84i2 Apr 20
4
No par
12
12i8
6
Adams-Mlllls
Express
Nov
Jan
Jan
600
98l2
42
226i2 2261s
2234
22?s
Apr
70
6
63s4
25
258
314
*17l2
Mar
*95
1218
3534
42
25g
73
41
36l2
6
share
8
Mar
98l2
73
40i4
*39l2
3578
Mar
2i4
7338
25g
*38
41
65
69
July
16
.500
4,700
Highest
share $ per
per
44*2June29
5,300
1
214
$
share
57
Acme Steel Co
32
2i4
7238
234
98l2
1214
358
$ per
share
No par
Straus
Adams
2458
30i4
per
No par
&
2,200
1838
2478
$
Abraham
76
*24i4
*98
*1758
75
Year 1936
Lowest
Highest
Abbott Laboratories
600
6212
1834
2434
*95
Par
Shares
48i2
*5414
Range for Precious
100-Share Lots
Lowest
Week
16
$ per share
On Basis of
STOCK
YORK
EXCHANGE
the
Friday
July
Ranoe Since Jan. 1
STOCKS
Sales
CENT
Ex-rights.
89
Nov
Apr
Nov
U Called for redemption.
LOW
New York Stock Record—Continued—Page 2
145
Volume
SALE PRICES—PER
HIGH
AND
Tuesday
July 10
July 13
July 14
Thursday
July 15
$ per share
63
*62%
$ per share
63
*62%
$ per share
$ per share
$ per share
63
Wednesday
63
133%
*132% 133% *132
*132% 134
102
10484
101% 102% 101% 102%
156
156
155% 155% *15384 156
54% 54%
54% 54%
*53% 53%
*81
83
31
31
*130
135
81%
31%
*130
63%
132
64
132
103% 10484
155
52%
54
52
*81
83
82
82
31%
31%
31%
31
31%
143
*130
145
63%
132
102% 103
*153
8284
*130
63%
132
155
83
143
31
*130
155
52%
82»2
31%
145
48
43%
*3%
*42
45
44
44
*42
45
*16
17
16
16
16
16
*16
*39%
7%
4134
7%
40%
16%
7%
4184
7%
*40%
46%
16%
7%
*16
*43
43%
*43
44
14%
3%
3%
23%
14%
42
734
42
*22
23
14%
42%
3%
23%
14%
43%
*63
63%
9%
59
4058
7%
40%
43
43
43
*3%
3%
23% 23%
1458 14%
4284 43%
*107% 110
20% 20%
*9%
9%
51% 51%
70
9%
6134
3%
23
3%
July
700
52
*130
*48
50
91
91*4
91%
140
*140
70
10
934
60%
6134
52%
55
55
54
*127
132
*127
56%
18%
18
*2134
78%
18%
*8384
88
18%
18%
*8334
9%
9%
62%
133s
62%
13%
190
*140
67
2234
*59
79
138
1884
17%
*8334
88
9%
65
9%
65
14
*140
75
1434
*56
80
80
*22
18%
88
65
1434
6684
25
14%
9%
190
55-%
21
21%
109% *106
21%
*22
140
13%
80
*106
*136
14%
55%
*75
126% 126%
2284 23%
168
169%
75% 76%
77% 7834
168% 169%
76%
76%
78%
58%
I884
4784
4734
12734 12734
14
54%
132
57%
18%
47%
138
*54
*127
57&s
14
*140
132
18%
47%
140
9%
62%
12*4
5434
5638
13%
*136
9158
*140
18%
77
78*4
5234
9234
14084
5434 54%
92%
57
48%
48%
127% 127%
*21
2234
168% I6884
*76
50
49%
141
21%
109%
*63
95g
60%
66
*58
82
*80%
21
21%
105
56
*101
54.%
105
55%
*80%
21%
*106
110
*106
*22
25
70
*63
10%
984
61%
60%
52%
20%
157
*101
36%
70
10
61%
52%
21
157
*63
*140
66
*58
56
82
80%
80%
21
21
107
107
26
1%
13
13
*10%
11
1234
10%
17%
18
18
1734
*98
17%
1%
1234
1034
100
1784
*98
17%
1%
11
100
17%
*101
*98
17%
88
*87
88
*87
90
*87
90
*87
90
*100
111
*100
111
*100
111
*100
55
*52
55
*49
52
53
53
*49
52%
95
*92%
95
92%
93
*9234
95
95
88
*85
88
*85
90
*85"
90
♦
88
*85
81%
'
81%
82%
8284
81%
82%
80%
8234
*97%
5034
*19%
9734
9734
9734
9734
98
51%
*18%
26%
3038
9734
5is4
98
51%
1934
52%
50%
51%
19
19
19
28
28
30%
*109
30%
114
15%
50%
*70%
*120
15%
50%
71
121
*12%
16%
*6
14
16%
638
*34%
6%
6%
5%
36
*85%
*85%
28%
33%
90
41%
105
7
*25%
37%
2684
*14%
15%
60%
*703s
*120
6%
534
95
2938
33%
41%
33%
26
373s
2634
15%
1934
26%
31%
114
*18
*26
27
32
31%
*109
15%
6034
114
15%
15%
50%
50%
71
71
71
121
121
121
*12%
14
16%
18
*35
*7
6%
1,900
Amer Internat Corp
No par
American Locomotive.-No par
Amer Mach A Fdy Co—No par
Amer Mach A Metals..No par
1,900
Amer Metal Co Ltd.—No par
538
5%
33%
41%
106
33%
25%
38%
26%
*14%
90
95
29%
33%
41%
106
33%
25%
38%
28
27
6%
5%
5%
534
90
*88%
*88%
28%
93%
29%
3334
33
42
*41%
107
*88
93
88
95
6%
5%
88%
*86%
6%
5%
800
2734
28%
32
42
*4134
26
26
3834
27%
38%
41%
*4184
*106
3234
3134
111
55
90
90%
18%
18
*117
118
*54%
*27%
24%
*23%
*76%
55%
2838
24%
25
82
26
26
26
26
3 884
3884
May 21
18
June22
A P W Paper
512 Jan
395s July
11634May
700
Archer Daniels Midl'd.No par
100
200
7% preferred
....100
Armour&Co(Del)pf 7% gtdlOO
106
73,700
Armour & Co of Illinois.——6
7
m
1
100
.100
6% 1st preferred
7% 2d preferred.
39
4
2
4
11
5% preferred
300
5% preferred
4% conv pref series A...100
Atlas Corp...
.......1
6% preferred
50
30
22
5% conv preferred
100
Atlas Tack Corp
—No par
Auburn Automobile...No par
Austin Nichols
No par
15
11334 Apr
UtsJune
13i2June
6%June
30
Preferred
1
m
434 June 30
........100
Baltimore A Ohio........100
2,300
26
26
1,100
190
Barker Brothers
40%
27%
70
20*8 Jan
4
28
38%May 13
10038May 11
2 734June
13*4 Feb 27
99% Mar
126
Jan
1
6
70% Mar 13
2% July 8
16% Feb 27
17% Jan 21
98
June 11
24% Mar
6
Jan 28
101
125
Mar
9
66%
104
47%
7%
8%
95
Jan
Jan
84
Jan
Aug
128
Deo
Feb
Jan
Jan
Jan
12% Apr
62% Mar
18% Nov
Feb
May
22%
108
27% Nov
95
Dec
112
Oct
98
Feb
124
Oct
Jan
12,600
2,800
400
............
Barnsdall Oil Co
6
23i8June 28
1378June 28
20
Bendlx Aviation
3,200
300
June 17
21i2June 28
June 28
40% Jan
.No par
Belgian Nat Rys part pref
6,400
Feb
7
09
Feb
9
90>4
104
65% Mar 17
29
Mar 13
44
Jan 18
37
Mar 11
116% Feb 6
18% Mar 6
62% Mar 10
109
Sept
88% Aug
107
Oct
49
Deo
31% Oct
54*4 Nov
35% Apr
118% Deo
94
Mar 11
48
Jan
84
Nov
133
Jan 13
£112
Jan
131
Nov
14
June
18%
3684
9%
52%
9%
11%
9%
Jan
9
Feb 2
Feb 1
Mar 25
Jan 12
Jan 29
Jan 30
26% June
5% June
29% June
3
Api
2% July
2% July
29% Apr
3384 July
40% Mar 17
47% Mar 17
21
Apr
Apr
45
39
Deo
Feb 11
110% Feb
30%
54%
10%
46%
784
11*4
Feb
Mar
9%
94%
94%
27%
41%
49%
Dec
Deo
Jan
Jan
Mar
Deo
Dec
Nov
Oct
Feb
8
9
15%
84
..6
June
27%
26%
26%
800
25%
2434
*23%
25%
5,100
29
29
82
*80
82
4
tSMjMay 14
June 14
No par
22
Apr 28
Bloomlngdale Brothers.No par
Blumenthal A Co pref
100
22
June 23
/
Cash sale.
x
Ex-dlv.
Jan
Aug
83
54
r
18
100
Feb
54
n New stock,
9
8
Dec
Jan 16
July
28% Feb
10584 Mar
May
13
June 17
75
110
35
47%June 14
24
2
85
108
Blaw-Knox Co
14% Jan
I684 June
Feb
43% Feb 19
18% June 30
2038 Apr 29
Jao
35% Feb 1
20% Jan 16
114
24% Nov
13% Jan
114% July 14
15% Feb 8
1,200
Def. delivery,
Jan
21% Apr
11
Apr
13% Apr
26% June
5
119%
40
9484 May
5
1114 June 23
Beneficial Indus Loan..No par
Best A Co
No par
200
57% Feb 18
Jan 21
119%
a
Jan
Jan
Jan21
June 22
t In receivership,
Jan
110%
7%
42
17
'Bid and asked prices; no sales on this day,
122
43% Mar
73
*80
May
105% Jan
4% June
32
5% preferred...........20
7% preferred..........100
Blgelow-Sanf Carp Inc. No par
Black A Decker Mlg Co No par
82
50
118
6
June 28
Bethlehem Steel (Del).No par
*77
Apr
8
Mar
June 29
1,000
82
37
121% Feb
22
38,900
*77
Feb 18
46
Jan
111
27%June 29
94%
I884
25%
Nov
34
92%
*18%
27
Nov
7
No par
94
28
27
24%
89% Deo
26*4 Mar
43
514% preferred.....—..60
91%
I884
*23
Deo
July
5
93%
28
27%
25
Deo
55% Nov
June
5
54
*23%
50
Feb
Mar
9
Feb
54
55
78
Oct
Sept
Feb
3
Feb
54
*54%
*2684
24%
*23%
Jan
2784
109*4
11%
70*4
7%
37% Jan 12
10% Feb 10
120
55
55%
Feb
111
120
105
*54
190% Nov
102% Feb
May
June 29
B eldlng-Hemln way...
55%
27%
25%
Jan
97
73i2June 30
20,000
400
June 16
6%May 18
Preferred assented...—
-
26
14
16
15
4%June 29
100
-
June 17
60i2May 14
68i2June 17
Assented......
4,400
-
June 18
27i4June 28
May 21
No par
Atlas Powder..
50
June 30
107
....
100
4
44is Jan 26
17%June 11
.....100
....26
Atlantic Refining
9,200
m—mmmm
93
—100
Beech-Nut Packing Co
*54
Deo
63% Aug
145
Sept
26% Jan
June 29
40
118% 119
64
36
Feb 13
88
26
118% 119
Nov
73% Jan
145% Dec
Deo
Jan
15%
45% Deo
103
15284 Mar
Mar
35
24% Jan 16
Oct
18
Feb 23
111
Nov
150
Jan
97
37
104
May
June 29
6912 Jan
100
118
74% Sept
27% Jan
166% Aug
Jan
28
88
40
I884
14% July
87% Sept
Feb 18
900
I884
136
24
106
Barber Co Inc............10
54
Mar
88% Mar
793s Feb 23
June 18
6,100
-
87
69% Mar 10
92
101
I884
118%
1
1
5% prof with warrants..100
$5 pref without warrants 100
Atch Topeka A Santa Fe—100
$5 preferred w w
No par
Beech Creek RR Co...—50
92%
June
Feb
143s Jan 18
50
111
*52%
92%
18%
2
107
49% Mar 24
1st preferred...........100
Beatrice Creamery........25
54
Mar
153s Apr 28
July 6
Bayuk Cigars Inc.....No par
*52%
91%
*18%
June 18
87
112
70
52%
93%
18%
118
118%
5434
5434
27% 27%
25
25%
23% 24
*76% 82 '
Feb
83!iJune 17
95
900
52%
90%
18%
June 30
20% Feb 3
29% Jan 13
Assoc Investment Co..No par
80
-
8
1
4
Jan
15
-
150% Jan 26
"loo
5,200
27
4
96
....100
Associated Dry Goods—
Jan
543s July 12
H2 July 10
Rights
m
Apr 10
8l«4 Jan
.—.100
Arnold Constable Corp..——6
Artloom Corp
...No par
mm
4
20% Mar
149% Apr
Jan
18
m
9978 Feb
Jan
44
105
m
8
129
Jan 12
16.50 conv preferred.No par
Andes Copper Mining.
20
"5" 500
Jan
Jan 28
24% Dec
48% Apr
Feb 23
Anchor Cap Corp.——No par
mm
5678 Jan 11
Feb 23
10
Preferred
5
25% Jan
6684 Jan
136% Jan
57% Mar
13388 Jan
20% Apr
20
1,600
300
Feb
73% Jan 21
26% Jan 20
2384 July
79
79
32
28
Jan
185
June 26
Anaconda W A Cable—No par
7% preferred
148
99
300
par
68% Jan 29
187
44i2 Jan 7
47*4May 13
Co——No
Jan 28
14
$5 prior conv pref
.25
Anaconda Copper Mining..50
""206
10534 Mar 11
12
38~i66
^Baldwin Loco Works.No par
42
I884 Apr
167
Jan 13
100
*110% 111
....
*52
100
$6 preferred
106
106
Feb
Jan 21
29
15%June17
Amer Zinc Lead A Smelt——1
10,000
2734
27%
27%
28%
15
15
15
15
15
1434
14%
15%
111
111
*110% 112
*10984 ill
*110% 112
23% 23%
25
23%
25%
25%
25%
24% 24%
24%
*23%
24%
103
*102% 103
103
105
*102
105
103% 103%
103% 103% *102
*
*
♦
*
*__
41%
41% *__
41%
4184
4134
4184
*112"
*112%
*112% 114%
*112%
11434 11434 *112% 115
12% 12%
12%
1234
12%
12%
12%
12S4
1234
12% 12%
*12%
*87% 89
89
S9
89
*87% 89
*87%
*87%
*87% 89
*87%
20% 20%
20
20% 21
19%
20%
19%
19%
20% 2034
1934
21
21% 21%
21
2158 22%
2034
2084
21%
21% 22
#20%
111
Preferred
4,700
18,600
3138
3184
36%
72% Jan 12
29% Feb 3
170
8% June
19% Apr
8284 Jan
7% Sept
5284 Sept
3% July
88
f6 1st preferred.....No par
American Woolen... —No par
4% preferred
....100
Bangor A Aroostook
..60
Conv 5% preferred—.100
107
Nov
734June 28
64i2June 29
638 Jan 2
Am Water Wks A Elec.No par
mm'
«.
$5 prior A
No par
Avia'n Corp of Del (The)—.3
28%
31%
69
Feb
14384 Jan 13
2578 Jan 26
128%Mayl3
1158June 28
2,800
.
30
74i8May 18
Am
17,500
53s
31%
107
124i8 June
2118 June
15984 June
7334June
6% preferred
—100
Type Founders Inc
10
400
7,900
»
June 17
Common class B...—...25
4,400
6%
27%
31%
41%
....100
American Tobacco
1,600
37
Refining—100
Am Sumatra Tobacco—No par
Amer Telep A Teleg Co.—100
—25
1,600
5,400
13H2 July
48%May 14
15%June 18
..No par
6,300
90
28%
32
American Sugar
Preferred—
2,000
90
33
*106
American Stores
900
7%
538
27%
3284
—..25
6% preferred.
—100
Amer Steel Foundries..No par
30
9,800
36
*84
32
32
41
Ship Building Co-No par
American Snuff
1,400
500
*84
Jan
Feb
43
Feb 16
Mar 19
1,700
93
*35%
7%
75
16% Jan 13
87% Jan 18
Feb
58
6%
88%
July
15
54% Nov
154
17%
7%
6%
134
Jan 23
13
36
Dec
79%Mayl3
13812 Apr 14
52%June 23
Amer
Amer Smelting A Refg.No par
Preferred...—
——100
200
100
7%
Apr
Apr
118
3984
71%
*70%
*120% 122
36
May
10
27
6884 Mar 10
129% Feb 1
28*4 Nov
2,500
*34%
684
21
Apr
3~,600
*5%
8
Dec
15%
17
5
1368 Jan 20
18
50%
6%
Feb
29% Mar
125
31
15%
17%
Jan
15% Nov
48% Deo
122% Nov
29% Jan
3
a50%
17%
24
23% Apr
66
Apr
Feb
15%
6
Jan
51% Nov
5% Jan
Feb 20
540
2684
30%
*12%
46
45% Mar 11
50%
71%
Jan
2% Sept
16% Sept
9% Apr
29
15%
*70%
June 17
37
36
50%
17%
6%
5%
7
31%
6238 Mar 3
484 Mar 16
276s Feb 16
17«4 Mar 11
6878 Feb 4
2214 Apr 27
,
114
1
55«4 Mar 13
Oct
Oct
26>4June 14
19
*25%
30%
3038
114
*109
6
6%
*106
30%
June
60%June 16
Atl G A WI SS Line8-.No par
*17
6%
-
112
4%
81%May 13
100
13
7%
101%June28
18%June 28
7*4June 30
43i4Junel5
Atlantic Coast Line RR...100
*25
June 30
5
American Safety Razor—18.60
900
*109
28
17
5
7
30
Feb
1114 Mar 13
American Rolling Mill——.25
17,300
81%
*ie%
Oct
60% Deo
American Seating Co—No par
5,000
19
Feb
9*4 Mar
800
98%
*16%
14%
175
4,300
39,400
52%
80
37
29
17
100
Preferred
10
May 20
49i8 June 28
40i4June 17
18%June 17
153
Apr 16
50%
122
36
6% conv preferred
100
Amer News N Y Corp..No par
Amer Power A Light—No par
$6 preferred........No par
$5 preferred
No par
Am Bad & Stand San'y.No par
98%
13
7
100
...
100
2,100
50
120
*34%
Preferred...
400
100
51%
13
7%
6% non-cum pre!
4,000
98%
122
*121
7
6%
*87%
*87%
29%
15%
50%
7134
..No par
50
*1234
35
35
7%
6%
*70%
31%
l
American Ice
May 19
143iJune
6%June
3684June
40 84 June
2i8 Jan
I7i8 Jan
12%June
60
American Home Products
500
*9734
6%
6%
36
15%
5034
27%
114
81%
17%
17
*6
27%
30%
*109
80
13
*12%
*
105
3134
*109
52
6% preferred
200
1,200
1,200
88
*85~
Oct
60% Deo
21% July
8% Mar
95
95
*49
Jan
6% Apr
293i Jan
Jan
111
*49
984
175
Aug
Sept
8% Deo
13
100
111
4
32
101
21
11
*84
Jan 18
Mar
1334 Jan 22
16% Deo
35% Nov
American Hide A Leather... 1
16 conv pref..—....No par
*100
17
225
7% July
20% July
16% Jan
89
Apr
3% Apr
Deo
Oct
Deo
3584
300
Armstrong Cork Co.—No par
88
13% Jan 28
Nov
22% Deo
400
112
*
6%June 15
3
87% May
27
Deo
120*4
113%
Apr
14",400
5584
1% 198,200
13%
900
*84
*
10%June 29
225
Mar 4
23»s Mar
3084 Mar 31
33% Jan 21
99% Mar 2
Nov
Deo
Apr
107
*100
7
June 17
111
60%
100
2,700
21%
1738
13B8 Jan
Apr
12
107
1%
12%
Jan 25
67
25
82
*10%
29
148
30% Apr
6878 Jan 22
60
553s
Apr 26 7106
4
7
Apr 20
May 28
June 16
104i2 Feb
3234June
18isMayl8
*22
107
9
4
37
100
190
21%
6
Jan
Feb
$6 preferred........No par
Amer Hawaiian SS C0.....IO
2,300
37%
*79
Jao
71
6878 Jan 18
38% Jan 22
90
55%
Feb 18
174
45
2,500
55%
98
8034 Feb 18
160
121
Highest
$ per share $ per share
40
Apr
70% Deo
124
Dec
May 141
110
Dec
137% July
162
Deo
May 174
S7 preferred
.No par
$7 2d preferred A...No par
13,900
*106
1284
2
13
11
American Express Co.....100
Amer A For'n Power...No par
1,900
5384
*22
21%
110
-
21%
*58
5434
-
7,700
2034
60
56%
1%
1234
*10%
1%
17%
-
-
............
53
*140
56%
13
17%
88i2June 14
6% June 30
*149% 159
190
55
100
6% 1st preferred
..100
American Encaustic Tiling. .1
Amer European Sees...No par
27%
*101
*1058
*98
80
3,600
28
56
1%
100
25
2,400
36%
27%
107
1234
11%
*99
20i2June 17
American Crystal Sugar.... 10
600
18,600
27%
55
1%
100
American Colortype Co
10
Am Comm'l Alcohol Corp. .20
500
10
28
37%
*101
12*4
*10%
*98
2,400
70
2734
57
1%
25
62
984
62
27%
107
55%
2
Am Coal of N J lAlleg Co)..26
4284
3%
*3
28
190
*22
56%
Jan 25
41
*40%
4234
26
25%
7%
*7%
7%
7%
7%
7%
*7%
7%
7%
*7%
8%
43
42
42
42%
42%
*42% 43%
42%
43%
41%
41%
120
120
*11834 120
*119% 120
*11884 120
*119% 120
*119% 120
109
109
*107% 109
*108% 109
108&S 108%
*108% 109
*108% 109
1134
11%
1134
1284
11%
1134
12%
12%
12%
12%
12%
12%
91
*88
92
*90
*90
92
90
9034
*89%
91%
91%
9084
55
115
600
7%
*7%
*41%
*101
6% preferred
......100
American Chicle.....-No par
............
16
50
50
50
50
51%
9034
92%
90%
91%
92%
93%
140% 140% *140% 14034 *140% 141%
*54
55% 55%
5534
5534
56%
*127
132
132
132% *130
133%
5 884
57%
58
57
56»4
58%
18
18
18%
18%
*17%
18%
46%
46%
4634
46%
4534
46%
*127
130
126% 127
*12634 130
23
23
23
23
23
23%
169
169% 170
168% 169%
16984
75
75
*74%
75%
*75%
76%
77
76%
77%
76%
7634
77%
136
*136% 139
137% 137%
13634
14
1384
13%
14%
1334
1384
18%
1834
18%
18%
18%
18%
88
88
88
*8334
*8384
*8334
9%
9%
9%
9%
934
10%
64
64
66
64%
66%
6684
14
14
H84
13%
14%
14%
*140
56%
June 14
*51
190
55%
25
3%
28
•
20%
140
41
43
3
June 30
6,200
23%
*157
*48
*40%
*42%
77
45
7<%
Mar 25
90%June 16
152i2 Apr 12
June 29
500
145
16
100
57% Apr 28
125
46
31%
*40
3 per share
American Car & Fdy ...No par
Preferred.....
....100
Am Chain A Cable Inc.No par
82
31
......25
Preferred
1,500
52%
*81
—100
American Can
5,200
155
pre!.
conv
70
102% 103
155
Lowest
Highest
$ per share
Am Brake Shoe A Fdy.No par
2,000
132% 132%
Range for Previous
Year 1936
of 100-Share Lou
Lowest
Par
Shares
64
64
Ranoe Since Jan. 1
On Basis
Week
16
S per share
14%
42%
52
52
52
52%
52%
21
20%
213s
20% 21%
20% 21
165
165% *157
165% *157
165% *157
37
38
3738
37
37%
38%
37%
37%
28% 28%
*28% 28%
28%
28%
28%
28%
28
25% 26%
26% 27
*25% 26
28%
52
7%
NEW YORK STOCK
EXCHANGE
23
23
23%
23%
14%
*14%
14%
14%
1434
42
43%
4234
42%
42%
108% 108% 107% 107% 107% 107%
20
20
20% *19%
19%
1984
*8%
9%
*9%
9%
*9%
9%
*48% 49%
4834
4834
4834
49%
*116
120
120
122% *119
122% *116
*03
10%
60%
10
59%
52%
7%
40%
*43
110
107% 107% *105
20% 20%
20% 20%
958
9%
9%
*9%
51% 52
41%
51%
*119
122% *119
122% *119
63
7%
STOCKS
the
Friday
*10384 11038 *103*4 110% *103% 110% 10384 10334
102% 103
102% 102%
3534
3584
*25%
*25% 3584
*25%
*25%
3534
3584
*25%
3534 *25%
16
15S4
1584
*1534 16
16%
1584
*1584
16
1584
1534
*15%
23
23
2284 23%
23%
23
2334
2258 2234
23%
23%
23%
*26
2638
26% 26%
26% 26%
26
26
*26
*26% 2684
26%
94
93
*93
94
94
*93
9384
94
9334
94
94
*93
9
858
93s
9
9
8%
9%
858
9%
9%
9%
9%
14
14
14
*1184
*11%
*103.1
*11%
13%
*11%
13%
*11%
13%
*174% 300
*174% 300
*174% 300
*174% 300
*174% 300
*174% 300
8%
858
8%
8%
8%
8%
8%
8%
8%
8%
884
8%
54
53
54
53
53
*52
*51
52% 53%
51%
5134
51%
2434
25%
24%
24% 25%
24
24%
24% 2484
24%
24%
24%
*42
Sales
SHARE, NOT PER CENT
Monday
July 12
Saturday
393
8
y
Feb
87
Mar 17
30%
2384
62%
105%
Feb 11
Jan 5
Jan 8
21%
Jan
20
Jan
Mar 11
45*4
Jan 18
16%
20
48
7
94% Jan 16
Ex-rlghts.
Oct
Deo
16% Mar
89% May
32% Oct
25% Oct
72
77%
Deo
Deo
28*4 Deo
14% July
18% May
77% July
2978Mar 10
42%
112
July
20
Jan 21
38
Deo
28% Nov
105
Jan
107% July
32% Jan
28% Deo
22% Nov
115
Apr
Apr
129% Feb 16
69% Feb 10
23
38% Deo
28% Nov
Jan
Nov
135% Nov
65% Deo
*34% Deo
24%
Dee
38% Nov
120
Oct
Called for redemption.
New York Stock Record—Continued—Page 3
394
LOW
SALE
HIGH
AND
PRICES—PER
SHARE,
RE,
NOT PER
Wednesday
July 10
Tuesday
July 13
$ per share
3 per share
3 per share
3 per share
Thursday
July 14
July
15
July
% per share
Lowest
Week
16
Par
Shares
$ per share
3134
3178
3378
33
3378
32%
3378
32%
33%
32%
33%
24,400
42
42
42%
43%
43
43
43
42
42
42
42%
1,300
*8634
88
88
88
42%
88%
87%
88%
88%
*86
88%
70
*4312
2358
4412
4414
23%
45
10%
43%
23%
43%
2378
44%
23%
45
44X2
44
23%
23%
23%
46%
45%
44%
23%
45%
44
2378
45
44
45i8
12,600
*10
1034
*2%
10%
2%
400
2%
10%
2%
*9X2
2
18
18%
18
18%
13,700
41%
42%
41%
42%
44%
10,100
10%
40%
44%
40%
4
4
*378
*17%
22%
18%
2238
*17%
2178
68%
28%
*44%
*18%
1734
68%
28%
48
1834
18%
68%
;
42
42 U
42%
*44%. 45
*40
1778
*28%
*44%
*17%
9
*72
8%
9i8
77%
8%
""9%
56
*72
8%
56
56X2
34
34
17%
18%
25%
9%
79%
8%
57
35
46%
44%
10
10
10%
2%
18%
42%
*2%
18
18%
42
41%
44%
44
42%
44%
41
40
40
378
*17%
378
19
21%
28%
21%
68%
28%
45
19%
68
18
110
45
41
19%
*
♦110
23%
*44
18%
22%
68%
30
48
18%
z44
46%
10%
18
4
17%
45
23%
*10
18%
4278
44%
40%
1734
*86
17%
*
2%
*44%
*40%
3%
17%
19%
17%
21%
17
17
19%
20
*16%
19%
67
68
66%
67
28%
28%
28%
29
45
45
45
19%
19%
19%
18
17%
*
110
"~9~
75
8%
5558
56
*45
16%
*
80
8%
55%
8%
56%
*75
6
6
23
*19X2
21
19
19
*18%
29
29
*28
29%
28
28
*27%
29X2
15
15
1514
15%
15%
*30%
30%
31
15%
30%
15%
31
31%
*30%
15%
31%
6%
6%
-
34%
18
1818
2512
5%
5%
6%
5%
7
7i2
3413
18i8
25i2
34%
18%
22
22%
22X2
22%
23%
22X2
69%
68%
69
68%
69
6914
29
29
29
29%
36%
36
36%
51
51
51
*2812
35%
*49%
3%
14%
30%
29%
36%
28%
29
36%
*49%
51
*49%
3%
3%
14%
14%
28%
28%
26%
__
3%
4
4i8
4x4
14%
14X2
15
30%
30%
30%
27
27
15
29
28%
26%
28l8
57
55%
11%
55%
46%
14%
46%
14l2
*14
♦
57
26
*
48X2
*47
4812
*47
48l2
*47
99
*94%
99
*95
97
97%
*96
*7%
168
*102
37%
*7i2
*105
43
*41i2
43
78
33%
8%
8%
20
20
12%
12%
10%
*98% 105
69%
70
14%
14X2
100
20
*17
21%
78
54%
3%
14
56
107
60
*7712
8%
100
78%
12
54%
*95
56%
107
20%
14
*98% 105
70l2 71%
*14
14X2
56l2
56i2
2
2
2
4%
4%
4
9X2
2
4%
4%
3%
3%
12
12
12
12
26l2
40%
2%
10
*7
27
1%
4%
430
20i8
2%
3,600
54%
10,300
7%
200
2%
700
■
10%
9%
1,800
*7
27
26%
26%
2,200
2
1%
4i8
3%
1%
1,500
10%
11%
9%
414
3%
11%
40
4%
4,500
a%
4,800
12
12
2%
2%
2%
6%
6%
*5%
♦15%
5%
16%
16
16
16
14%
15%
14
14%
*18%
5%
15%
*1SX8
6%
5%
18%
18%
19
*18%
19%
18%
19
11
11
11
11
11
10%
10%
75
*56%
63
*10%
*56i2
75
*56%
*63
73
7%
*38%
39
*63
7%
*39
40
*85
88
*49
27%
28%
*125l2 130
1%
1316
158
*101
88
*49
28%
130
1%6
158X2
5SX2
19
18%
102%
104%
18i8
82%
18is
82%
73
*63
7%
7%
39
39%
*49
53i2
30%
*41%
43i2
12%
*4258
43X2
100
103
100% 102%
18
18
82%
74
72
72
73
*85
88
102% 102%
53
52%
M
20,900
-
-
-
-
-
-
20
62
62
63
62%
63
62
63
107
*105
120
65
67
53%
53
13%
38%
13%
37
9
12% Apr
Jan
8% Dec
2% Feb
14% Dec
12
Jan
33% Nov
2% Feb
5% Feb
4% Feb
12% Oct
24% Dec
*75
62%
80
62%
*104% 120
66%
67%
4%
1,400
June 30
98
86
Jan
1,100
Jan
4
June 28
v
Jan 18
15%June 17
14%June 28
100
100
111
98
Oct
Jan
111%
Deo
47X2
Oct
Feb
90
Deo
Mar
51
Oct
82
48
48
Apr
124
Jan
129
Jan
134
Nov
58
Nov
June
2
84
9
55%
13
Jan
2114 Dec
Aug
39% Apr
106i2 Feb
66% Nov
100
8%
Jan
30
Oct
28% Sept
48
Dec
19
Dec
36%
Feb
30
38%May 18
Jan
19%
Jan
29
28%June 17
Jan
16
Jan
94
Jan
31
May
46% Jan
20% Jan
39%
Dec
14
Jan
43X2
100
12%
22,600
32.75 conv preferred ..No par
Columbia Gas & Elec.-No par
10
June 14
600
6% preferred series A... 100
80
June
28k
108
Jan
90%
Jan
79%
62X2
79%
70
5% preferred
75
July
8
101
Jan
80%
Jan
62%
5,700
56% Apr
8
44
Jan
87
67
66
J In receivership,
a
Commercial Credit
200
104% 104%
110
108
*107
*107
*106% 110
13%
13%
13%
13%
13%
13%
13%
2%
2%
2%
2X2
2%
212
2%
53
52
52%
52X2
52i2
52%
54%
14
14%
13%
13%
*13%
13X2
*13%
37
38%
37%
37%
37%
38%
37X2
12,700
..
«,
-
-
.
.
13,200
25,000
2,300
400
5,300
100
4yi%
conv
10
preferred
100
Comm'l Invest Trust.-No par
34.25 conv pf ser '35. No par
69% Jan
Mar 15
114
63% July 2
103%May 19
120
100
Jan
80% Jan
Jan
Commercial Solvents.-No par
Commonw'lth & Sou...No par
13
June 22
May 19
21% Jan
2
36 preferred series..-No par
Conde Nasi Pub Inc
No par
46
June 23
Congoleum-Nalrn Inc.-No
34
75% Jan
19% Feb
45% Mar
Def. delivery,
n
O
New stock,
r
13% July 12
par
Cash sale.
*
June 28
Ex-div.
y
4% Jan
Ex-rlghts.
77% Deo
July
June
125% Apr
39% Jan
May 18
t c.-.No par
Feb
July
Jan 14
104% Jan
62% Feb
112% Mar
45
Apr
51% Feb
27% Mar
June 17
15
46% Mar
90
59
47%June 14
107% July 10
31
13% Nov
Jan
33
25% Mar 19
1
26
Nov
Jan
107%
170% Apr
17% June 17
June
Nov
50% Feb 26
29% July 15
132%June 3
1% July 12
122% Jan 6
56% Jan 29
102
50
4%
7
90
23%June 28
126
Mar
138% Nov
23%
5
Jan
Jan
Deo
44% Apr 22
Apr 23
Colo Fuel & Iron Corp .No par
100
Columbia Plct
89% Nov
45
113
5
47% Mar 31
Colorado & Southern
t c No par
23
Jan
103% Apr
May 21
100
v
Jan
10% Mar 1
40% July 14
7
No par
4% 1st preferred
4% 2d preferred
85%
15%
72%
July 15
5% conv preferred
Columbian Carbon
51
74
Colonial Beacon Oil
800
Jan
Feb 16
35
par
No par
25
Feb 18
5t6June28
Collins & Aikman
Mar 11
92
102%June 21
—
100
14% Dec
135% Feb 11
21% Feb 18
6% June 21
Jan
Jan
June 25
32% Apr
Oct
7
60
50
6% preferred
30
__
80
32%
30%
Feb
3
*41%
12%
*85X2
110
Bid and asked prices; no sales on this day,
Rights
210
12%
guar
Cluett Peabody & Co ...No par
Preferred
.--100
300
102% 102X2
52%
52%
18
61%
53%
13%
37%
Feb
2% Apr
2% Apr
6% May
3%
June 24
15% Mar
17% June 28
Clev & Pitts RR Co 7% gtd-50
21
SO
13%
212
19% Feb 17
80
100
100
5
Colgate-Palmollve-Peet No
18
*75
2%
1% Apr
41
94
No par
9,000
*15%
18%
76
14%
June 25
46% Jan 22
25
—5
Coca-Cola Co (The)...No par
Class A
No par
21
76
2X2
Co
1,000
200
122%
12U2 121X2 *121
29
29%
29%
28%
76
13%
May
3% Mar 18
7% Mar 17
6% Mar 4
15%May 1
9%June 17
10
634% preferred
City Investing Co
City Stores
62,800-
18%
*15%
*70
65%
Jan
6
25% May
33
14
No par
Chrysler Corp
City Ice & Fuel
Special
20%
76X2
65
-
*18%
*15%
76
*
~
50
85i2
37X2
88
"ljiioo
42%
*37
*85
1,900
17
85%
15
80
39
42%
12la
*13
550
38
37l2
12%
*106
Chickasha Cotton Oil
*49
*49
87X2
53
44,700
1,800
83%
43X2
66
4
Jan 20
9%June 26
21
Apr 28
100
Chllds Co
Chile Copper
18
87
14I8
2%
53%
1,300
75
82%
*42%
1212
2l2
2,000
900
18
86%
14
600
82%
43l2
12%
65
6
12%May 19
32
Jan
1% Apr
Jan
12l2
104l2 104% *104
18% Mar
9
2%
July
86I4
*106% 110
8
8
5
5
13
110
Mar
27% Jan 14
22% Jan 29
5
86
*106
4
1% May
June 18
5
12%
*104% 107%
65
64%
13% Mar 17
June 17
77% Nov
Mar 11
4% Mar 16
8
86
*42%
Jan
Deo
Nov
3
86i2
12%
*84%
51
100
1% Apr
*15%
30
4
Dec
69% Apr
3% Apr
3% Apr
19% Jan
17% Sept
17
30
30%
68% Mar
38%
3% Mar 17
38
30%
31%
Jan
111
10% Feb 19
8% Mar 8
*15
30
*30
59
Oct
Nov
19% Mar
72% Deo
June 25
17
21
6
74
4%June 29
3% June 28
*15
121% 123
Jan
100
2
l%June 26
3%June 17
3
Aug
Feb 13
90% Mar
24%July
5% preferred
100
JChicago & North West'n. 100
Mar
19
22%
4
108%
Feb
Nov
2
40
21
June 28
July
57% Sept
101
Feb
12
7% preferred
100
6% preferred
100
Chicago Yellow Cab. --No par
109
122%
7
Feb 10
48
8%June 26
4% preferred
100
JChic Ind ALoulsv 4% pref 100
Chicago Mail Order Co
5
JChic Mil St P & Pao-No par
97% May
47% Jan
8% June
57"
JChic Rock Isl & Pacific...100
*32
19
2
Jan 14
63%June 10
2%June 26
6%June 17
,
Preferred
82
111
50%June 29
91
Apr 7
6% preferred
100
JChicago Great Western.. 100
6% Apr
86% Mar 10
23% Feb 10
July 13
67
100
Preferred series A
115
5
May 13
48%June 19
Chesapeake Corp
No par
Chesapeake & Ohio Ry
25
3
14% Mar
35% Jan 4
14%June 16
5
Checker Cab
May
Apr
1,600
109
21
Dec
35_
1,300
40
18
Dec
9%
5%
109
*16
37%
2%
*32
123% 123% *121
Jan
6% Nov
25%
5X4
109
38%
Dec
Sept
*2%
40
37%
86
Jan
Dec
6i8
109
17i8
18%
May
39%
2%
*33
38%
54
110
6
*108
17l8
18%
*1612
7
32%
2%
40
38
82% Jan
39% Jan 12
June 14
109
17%
Dec
Apr
35
*32
37%
Nov
19
107
No par
Common
Clev El Ilium 34.50 pf.No par
Clev Graph Bronze Co (The). 1
53i2
*91
106
33 conv preferred ...No par
*108
165S
6% prior preferred
100
ChampPap & Fib Co 6% pf 100
120
102%
Jan
21% May
8
ll%June 18
Clark Equipment
No par
C C C A St Louis Ry 5% Pf 100
-
July
9
8% June 16
1
1,300
«.
Feb
June
143
June
Chicago Pneumat Tool. No par
40
37%
21
54
---1
Central Foundry Co
6,700
88
54%
9%
186
Jan
June 24
41%May 20
30
Oct
Dec
Jan
73%May 18
June 17
100
Central Agulrre Assoc.-No par
7l2
-
1
6% May
92%
116
48% Mar
900
109
17%
20%
102% *101
115
Feb
103%
Feb
Nov
2
36% Jan 13
4,100
-
*49
6
40%
7%
39
*85
-
106% Jan
26
«.
37%
122
-
100
No par
40
29
28%
29X2
29%
28%
28%
29%
2812
*125% 129% *125% 129% *125% 129% *125% 129%
1%
1%
1%
1%6
rl%6
U2
7-1X4
163
100i2 *160
161% *158
159% 159%
161i8 160
*58
*58
58
58
58X2 *58
58X2
58i2
58X2
19
19
19
19
18%
19!8
1812
19%
18%
37%
*16%
122
—
105
25%
29%
40
*32
88
~
100
85
40
130
*32
*16
*85
102l2 102l2 *101
54
52%
53%
54
♦53X2
107% 107% *108
*17%
73
101
Jan
25%
7%
7%
*7%
7%
40%
4014
40%
40%
*100l2
*10012
*100l2
*100%
*100%
107% 107% 106% 107% *106% 107l2
106% 106% *106% 107%
42
41
40
42
42
42
41%
41%
42x2
42%
58l2
18%
18%
82%
*63
7%
39%
*85
..
*58
7%
105%
18X8
82%
91
40
„
*106% 108
158
75
38%
*100%
103
82%
Jan 18
35%June
9
6
.1,000
6%
82%
106
June 23
6%June 18
JChic & East 111 Ry Co—100
2%
82
June 28
June 17
100
3
6I8
82
-
97i8
*2i8
7%
2X2
8X2
-
77
76%
54 x8
2%
101% 103%
18
18X8
96
60
6%
*56%
Jan xlOO
103
*95
3%
53
Jan
87
26% Jan
5% preferred
Feb
18%
45%
102% July
7% preferred
Aug
16
68% Nov
8
100
Celotex Co
12% May
60
30
No par
5% preferred..
Jan
Feb
Ceianese Corp of Amer.No par
Caterpillar Tractor
Jan
Apr
16% Nov
40% Apr
30% Dec
102
100
2%
*56i2 63
103% 105%
18%
18%
18% Mar 11
52% Jan 2
Jan
97%June 15
1
Preferred
6%
75
37
Certain-Teed Products.-
2%
10%
9
Cerro de Pasco Copper.No par
40
*5
61% Jan
4,400
3
11%
25%
*39
10%
8
June
13%June 29
47
July
8
100
5
Stamped
Carpenter Steel Co
54
6
4,900
25
*51i2
44
Jan 14
17% Mar
13%
41
10%
No par
7
11% July 15
72
13%
26%
18%
10% Apr
61
May
%
24% Jan 11
26
11
38% Mar 19
55
Canadian Pacific Ry
June 28
40%
18%
2 3% June 28
100
25
Canada Southern Ry.
11
40%
11
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
5
Century Ribbon Mills. .No par
27
5%
15%
18%
Nov
Central Vloleta Sugar Co. —19
26i8
15%
3
Jan
Jan
2% Jan
1
100
40%
*5
Dec
300
40%
6%
5%
Oct
48%
9%
25%
25%
*40
33%
14%
*19%
*12i8
9%
*17
27
Apr
30% Apr
July 13
2
22
10%
*7
22
2
51
June
55
10%
2
48% Feb
Mar 22
18
*17
95
31% Nov
34% Mar
50
Jan 11
6
180
95
26%
6% Mar
29% Dec
88% Deo
7
30
600
8
16% Apr
54% June
July
Central RR of New Jersey. 100
59
2%
Jan
900
55
5412
2iz
33% Nov
2%
21
108
97i8
*7%
16% Nov
Dec
107% Jan 26
41% Jan 15
59
55%
9
Dec
June 29
54
*2i8
*7%
2%
Apr
13%
6% June 17
108
3
14%
29%
96
18
*2i8
1
3
Central 111 Lt 434% pref-100
59X2
*95
Oct
2
160
77i2
3
34%
18% Mar
36% Mar
6,200
60
55
Dec
Apr
25
45% Feb
8%
8i8
270
5458
56
98%
3%
107% 107%
Deo
20% Apr
7
129% Jan 22
*59
108
Mar
59%
35%
Dec
12% Jan 28
14%
56%
77
7i8
27%
4
72
13%
14
Jan
8% Apr
11%
6% Feb 25
20% Jan 12
37% Feb 13
*98% 105
70%
78%
11%
4%
*98% 105
78
7%
26%
12%
10%
Sept
15% May
115% Sept
4
Apr 29
100
115
Jan
Jan
9%
85
Mar
100% 100%
*12i8
*9%
Jan
June 28
1,300
8X2
*19%
8%
107% Sept
12
140
19%
Dec
Deo
24
200
*100i8 102
22%
21%
9
9% Apr 20
176% Feb 9
78%
8% May
33%
1
32%
Jan
Jan
4
*32%
Oct
65%
Calumet & Hecla Cons Cop._5
14,400
Oct
57
Sept
35%June 24
Callahan Zinc-Lead
300
58% Sept
25%June 29
50
5% preferred
3,700
51% Mar
106
Jan
Jan
*77%
Dec
8%
1
July
78X4
32%
12% Mar
69
2%
Feb
112
77%
50% July
Jan
11% Jan 29
138
42
Jan
4%
39
100
97%
Dec
41
9
100
37
Apr
47
June
Preferred
36%
15
108
79
*2%
*7%
2%
2%
z3%
15
9
Case (J I) Co
41%
8%
2
Carriers & General Corp
*109% 111
10X2
7
*2
Byron Jackson Co
California Packing
80
42%
19%
12
27l2
z4l2
8X2
Feb 15
1,100
42
*32%
13
45% Jan 18
3,200
105
*103
*11%
*9%
2%
11%
7
zl2%
8X4
*16%
79%
9
78%
32
*100Xs 102
20i8
78X2
54%
2%
42
5912
*16%
3
32
59%
20%
56
42
59%
*17%
27
4
78
33%
*98% 105
70%
71%
56
26%
218
4%
12%
42X2
8%
100
108
9l2
4%
78
*29%
108
2%
12
*12
42
7
7%
122
97
9612
Jan
171%
7%
168
*119
37
10l2
*7%
*2
105
96%
103
12%
3
*7
96
95%
97i2
103l2 103% *103
95l2
103
19%
8%
12
120
12%
*2i2
26%
7%
171%
98
Jan
5% Nov
18% Feb
64% Mar
91
48%
7%
3
11%
17%June 29
*47
120
6
Apr
1% July
yl2% July
43% Apr
67
48i2
171%
7%
Nov
No par
Partic preferred
*47
122
47
32% Aug
9% Feb 25
33% Mar 9
Capital Admin class A
-1
53 preferred A
10
Carolina Clinch & Ohio Ry.100
176
Jan
No par
-100
No par
Byers Co (A M)
190
*9X2
98%
30
-5
300
122
25%
12% June 29
28%June 21
4% Apr 28
10
5% conv preferred
Butte Copper & Zinc.—
14%
170
June
Dec
24% Jan
tBush Term Bldg gu pf ctfs 100
Butler Bros
*14
122
24% Feb
117% Mar 12
143s Jan 11
15
100
14%
7%
170i2
24% Jan 11
.No par
Terminal—-—No par
*14
7l2
7
35% Feb
Cannon Mills
97%
39
45
Jan
22%June 30
4%June 9
300
*
100% Apr
18% July 14
48
97i2
80% June
40% Jan
97% Feb
44% May
17% July 12
*4512
*
63% Mar
33
Jan 12
1
"ni2
22,800
share
37%
Dec
50
7% June 17
per
16% Apr
2
52% Jan 14
June 16
Highest
40%
53
65% Mar
11%
46
500
7%
7%June 17
58
share $
38% Jan 14
102% Jan
50% Apr 9
30% June 28
46
"ni2
96%
13%
*2%
10
33%
10%
3
11,100
Jan 13
14%June28
55X2
11%
"96%
*9%
*95
96
27
*
*32
*12%
*2i2
8%
5,000
31%
26
55%
97%
60
60
6,200
33%
55
56
108%
*58
20,200
14%
*32%
19%
*98% 105
71
70%
14%
14%
4
3%
*96%
8%
100
20
*99% 100%
54i8
4
Jan 23
102%June 22
Debentures
250
34
169
77
*95
51i8
par
100
Burroughs Add Mach.
100
36
3,500
68%
97%
*118
33%
77%
1,100
51i8
23%
97%
7%
78
56
800
36%
29%
26,100
34
170
33%
*107
29%
35%
69%
7
800
97%
118
*33%
*9%
29
*49%
7%
22%
2,100
3414
118
*76
8%
15
30%
36%
37%
36%
37%
36%
111
111
*105
110% 110% *105
*109
111
111
43
30
29%
15
30%
6%
22%
68%
4% Jan 11
18%June 17
par
Burl'ngton Mills Corp
JBush
15% Mar 23
23% Feb 23
59% Feb 11
53% Feb 13
8
64% July 16
26%June 12
43% July 1
16% June 17
per
May 27
No par
No par
No par
Watch
Bullard Co
100
34%
169
97%
96X2
103% *102X2 103i2
37%
37%
37%
2,400
31
.27
*
15,800
5%
19
15%
30l8
*47
*116% 118
96
96l2
27i8
*16%
*27%
20%
29%
26%
14%
*162
5%
3%
27%
*14%
34%
26%
5%
14%
14%
34
700
6,800
Jan 18
47
15% June 17
par
par
par
par
No par
Budd Wheel
Bulova
28
47
5
7% preferred
2,300
3,800
8%
56
46% Apr 13
June 30
100
7% preferred
Budd (E G) Mfg.
300
82X2
8%
55%
31
*13%
6,700
18i8
*29
11%
46i4
14%
48l2
"97%
8%
56
14%
47
97
9>8
*75
80%
31
*45x4
34I8
7%
"~8%
9
14%
47%
97
Bucyrus-Erie Co
110
418
14%
*46
*3318
3,800
16%
*
34i2
22%
69%
31
12%
*
16%
17
36
"n%
*94% 100
2,000
1,000
*49%
11%
46X4
200
19
28%
51 x8
55%
"ii%
47
19
19i«
2,800
28%
47
6512
35%
"Il%
12
*45
36 preferred
No
Bklyn-Manh Transit..-No
36 preferred series A .No
Brooklyn Union Gas—No
Brown Shoe Co
No
Brun8-Balke-Collender.No
64X2
18
7
69%
*35
Brooklyn & Queens Tr.No par
34X2
*30%
23%
69%
700
11,400
Jan 22
2% June 17
39
5
400
19%
18%
26XZ
15i8
100
f Botany Cons Mills class A .50
Bridgeport Brass Co—No par
Bristol-Myers Co
93
22
12
25
28
28
l%June 18
15
Apr 28
39%June 17
41% July 1
Brlggs Manufacturing.No par
Brlggs & Stratton
No par
3%
18
3
48% Feb 13
June 24
85% Mar
41% Mar
21%June
3878 Apr
8% Jan
5
Borg-Warner Corp
Boston & Maine RR
400
34%
26%
5%
*17%
*27%
7%
22
*3%
Class B
Borden Co (The)
$
share
49% Mar
27%June 28
37
No par
No par
15
Bon Ami class A
$ per
3 per share
5
400
17%
6
>7
7%
700
42
Year 1936
Lowest
Highest
5
Boeing Airplane Co
Bohn Aluminum & Brass
330
7,100
34i8
26%
5%
8i2
5512
20%
2518
*34%
3%
110
~~8%
9%
76
8%
19
17%
110
"8%
9%
75
25%
44%
*40l2
3%
*34i8
17%
2518
x5%
18%
25%
4512
42
3%
*20
*
2%
Range for Previous
100-Share Lots
EXCHANGE
31%
88%
On Basis of
STOCK
NEW YORK
the
Friday
Range Since Jan. 1
STOCKS
Sales
CENT
for
Monday
July 12
Saturday
July 17, 1937
100% July
55
Jan
97
Jan
37% Mar
36
Mar
13612 Aug
x45x2 Jan
51% Jan
23i8 July
108% Oct
103
Aug
84% Sept
128
Nov
91% Nov
136
Nov
14% June
2% Apr
24%
69% Apr
82
Feb
15%
44i2
Deo
7
July
30% Aug
5i2
Feb
Feb
Jan
f Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 4
145
HIGH
AND
SALE PRICESr—PER
NOT PER
SHARE,
STOCKS
Sales
CENT
NEW YORK
for
Monday
Saturday
July
July 10
Tuesday
July
12
$ per share
$ per share
Wednesday
13
July
$ per share
14
$ per share
16
♦1312
16
*13i2
16
1314
1314
*13i2
1734
1734
*13i2
*1312
24
24
25i8
2534
*13i2
25U
*12i8
255s
25
*13
♦12
1212
*1184
1212
12i2
July
July
15
% per share
Congress
16
1812
*13k
18*2
*13k
1»2
2578
12l2
Par
Shares
*13k
15l2
*13k
15l2
10
*2434
25U
1212
25
2538
6,200
12i2
400
*1184
Cigar
Conn Ry & Ltg
No par
4H % pref-100
Consol Aircraft Corp
Consolidated Cigar
1
No par
12l2
1212
80
79
79
8212
10
7%
*86"
8734
"86"
86
"so"
86
*85"
8734
85
85
*85~
87
50
*86
90
*86
90
*86
90
*86
90
*86
90
*86
90
6H% Prior pref w w
6H % Prior prf ex-war..
♦
*
80
*.
80
338
1312
13k
365s
36's
36i2
358
10238 1023s
*10
10l2
16
16is
*10458
6U
84
*97s
3
314
1314
13i2
3512
363s
10278 103
*10
IOI2
i6i4
163s
3*2
14
312
13i2
36l4
1028s 10234
*10i8
IOI2
16
16*2
*10458 109
*
67s
1045s 109
6i4
*6
84
IOI4
4014
40
40's
40
3034
303s
26
2612
26
®8
97s
40i4
2914
26i4
29i2
2 684
293s
35s
334
384
94
*91
5684
*20
39
393s
39
475s
258
477s
473s
29
29
64
64
63
63
156
156
2l2
®4
84
934
37s
36i2
10212 103
*10
10l2
xl5k
i6i4
934
40 U
31l2
26l2
334
363s
102U 10212
1,200
Consol Film Industries
2,800
36i2
37*8
18,500
*3,900
$2 partic pref
No par
Consol Edison of N Y..No par
$5
94
*92
94l2
20
557s
*19l8
20
39
39i2
284
47k
30k
64
64
64
48l2
30i4
643s
625s
63i4
63
633S
24U
25
2514
56
295s
3H2
253s
317s
5534
56i2
39
*2i2
4758
3914
258
33s
312
9212
5578
92l2
*1918
Consol Coal Co (Del) v t C..25
tConsoiidatedTextile..No par
23,200
26
35g
7,000
1,000
3238
2534
312
Consol RR of Cuba 6% pf.100
32
31
56l2
20
314
*92
5% preferred v t c
100
Container Corp of America. 20
Continental Bak class A Nojpar
1,600
3l2
94
No par
600
240
31 is
preferred
Consol Laundries Corp
5
Consol Oil Corp
No par
$5 preferred
No par
100
35,300
40U
4014
1
Class B
4,600
8%
100
56
5634
5,700
*1912
1978
300
No par
87i2June
2i8June 18
10
June 29
31i2June 14
99i2June 15
9i4 Jan 4
14i2May 14
10434 Apr
9:
4i2June 30
5sMay 13
818 Jan 26
38&s
2,800
Continental Insurance
212
258
3,500
Continental
1
Continental Steel Corp. No par
370
Corn Exch Bank Trust Co. .20
62i2 Apr 29
63i8
63i2
63^2
64i8
158
*157
158
157i2 15712 *157
734
7k
738
7k
734
73s
4,200
Corn Products Refining
5478May 13
3,200
Coty Inc
47
47
47
4678
46i4
4634
4634
47is
U6«32 116Z332 *11688321162532 116«32 1162^32 1162332 116«32 1162332 1162*32 1162*32 1162*32
10734 108
1117s lll7s
io8i4 10912 11012 11u2 11012 11H2
lllls 11134
30
31
30
30
30
30
*30
305s
29l2
30i2
2912
305s
22
22
*21
2U2
2234
*2112
227s
2234
2234
2n2
2H2
2234
77
76
79
78
75
77
75i2
7512
76*2
75k
7834
76i2
*44
*43
*44
*45
4584
4584
4534
*45U
4584
4584
*44i8
4584
4,400
Crane
39
*36
39
♦97
9978
69
69l2
158
*li2
♦10
11
♦106
3912
11
10*4
99
99
7112
7112
72i2
71*2
♦120
123
15s
10
*38
39
38i4
38*4
1078
107s
78k
107s
79i2
72
193s
99
73U
130
112
2,600
112
79*2
38*4
1078
*78*2
112
*108
112
38*4
*38
39
38
38
11
105s
*78*2
1078
105s
1058
79*4
634
63s
6&s
1978
203s
74
55
77l2
*75
77i2
*75
♦1312
♦19*2
1434
*13i2
1434
*14
20
*19i2
20
197s
77*2
*10l78 10234
*10118 103
137
137
138
13914
13984 140*2
*28
29
29
2812
2834
2834
21*2
2014
2034
2078
2II4
21*4
40
397S
3912 39i2
39*8
39i2
16*4
16i8
16l2
16*4
157s
1534
*5*8
6I2
115
19l2
55s
113
19l2
19i2
19*4
35
*20
35
*20
35
♦5978
6212
♦60
62l2
*60
62i2
27
27
27
27
27
27
*34
35
*3284
34
167s
*33k
16k
35
*16i8
22
6I4
20is
*69i2
*47i2
74
53
77*4
153s
77*2
15*2
77l2
20
20*8
203s
102
102
140
1413s
1634
167s
22
7734
1578
16
*20
19,000
7784
16
10178 102l2 *10178 10212
139
140
13614 13914
*20
35
*20
*55
63i2
*55
63l2
27
27is
*3278
337g
173s
17
17U
22*4
22l2
2314
88t8
*86
1978
20
*19l2
2014
37
*3512
37
*37
3784
37
37i4
40
41
41
41*8
3934
*9*8
3934
39l2
3934
9i8
9i8
59
58i4
5914
1291S 130
4834
28
49
*2634
49*8
28
*27
84
5s
*5s
84
*5s
»112
178
*1*2
l7s
*1*2
34
178
434
155s
*15
58
lh
*58
*1*2
484
114
4884
484
484
*45g
484
484
484
*15
♦15
155s
153s
*15
153s
114
♦11212 11412 *112*2 114*2 *112*2 114*2
156
15878
15784 15414 156i2 15584 15784
154
*4884
27
28
4934
27
84
*1*2
17s
45s
*n2
6
75
75i2
70i2
363s
13s
*69
363s
188
514
538
*2312
24
*54
55
---
24*s
24*s
2484
24i2
2478
24&s
Dominion Stores Ltd..No par
*60
66l8
*56
63
*57
64
*57
64
*58
70
*60
70
*60
70
*60
70
*60
55s
16
16
23»4
1778
*7584
85s
"
2314
*1714
*7534
534
53s
5l2
1584
15
*22l2
23
1838
*16
79
*76
*16
19
*17
79
*7584
79
*76
79
*76
15%
16
23*2
153s
8"^
*8
23
3i2
3l2
314
3i8
35s
24
3i2
247s
3*8
3*4
3*2
3U
24i8
22i2
3l2
312
24i8
*23*2
24*2
23
23&S
23
23
312
2314
25
55
55
55U
55i2
55l2
56*8
56*8
56*2
56*4
563s
56i2
57U
22lz
♦3i4
*3
♦12478
878
*130
"
8i2
23
23
8*2
23*4
33s
85s
23
3*8
33s
884
23
3*8
338
*130
*135
*51
52*2
51
19*2
*19
20
----
8*2
23
3*8
*3*2
8i2
23
*8l2
23
884
23
314
3i2
Jan
312 Feb 19
3
Jan
378June 29
14*4June 2
8*4 Jan 16
li8 Jan
47s July
13i8 Aug
134
134
*130
140
*130
140
136
136
*131
142
102
*99
102
*99
102
*99
102
*99
101
*99
7k
75s
7*8
7*8
7
7k
73s
7
378
378
378
4i8
4
7*8
4*8
4
♦33i4
♦9278
39«4
3438
3438
7i8
7k
35
34*2
7*8
35
♦333s
*96*2
3984
95
*94
95
95
95*2
3934
*4014
407s
40
40*2
Bid and asked prices; no sales on this
6k
*678
*684
7
18484 Nov
Feb
136i2 Deo
3,900
2,600
Eastman Kodak (N
150
J)-No par
100
6% cum preferred
20
3,000
Eaton Manufacturing Co
4,700
Eltingon Schild
4
4,000
No par
Electric Auto-Lite (The)
5
Electric Boat
3
3,200
Elec & Mus Inc Am shares-
2,400
32,900
10
100
200
Electric Power & Light-No par
$7
No par
preferred
preferred
No par
Storage Battery.-No par
JElk Horn Coal Corp.-No par
6% preferred
60
3
El Paso Natural Gas
Endicott-Johnson
50
Corp
preferred
100
Engineers Public Service
1
$5 conv preferred
No par
5%
$5H preferred w w_.No par
$6 preferred
No par
2,600
3,600
Equitable Office Bldg. -No par
100
Erie Railroad
4% 1st preferred
4% 2d preferred
700
...
Erie & Pitts RR Co.
600
1,000
1,800
370
Eureka Vacuum Cleaner
1,500
4,000
34i2
3434
1,500
99
96*2
700
600
3984
May 18
3,100
a Pet, delivery.
Mar
45*2 Feb 11
16
Feb 23
5i2 July
2812
Jan
Apr
3034 Apr
10
Apr
684
5
Dec
26^8 Jan 14
68s
Jan
92*4 Jan
7
Jan
8
3284
29i2
393s
Dec
7*4 Feb
6
2
Jan 19
8
Jan 18
29
Jan 18
60
Feb 11
105i2June 10
11512 Jan 19
8
June 15
1784 Jan 16
59
May 15
Jan
Jan
i2 Jan
li2 Jan
2234 Nov
5312 July
110
Aug
712 Jan
45i2 Jan
128s
4012 Nov
1578 Nov
4712 Nov
178s Feb
784 Feb
257s Deo
9414 Deo
875s Deo
5514 Jan
15s Feb
6U Deo
2914 Deo
69
Feb
116
July
16is
Deo
Feb 19
48
Jan
Oct
89i2 June
72*2May 13
86I2 Feb 10
55
Jan
97
4&sJune 28
934 Jan 15
23&s Mar 17
353s Mar 17
28*4 Mar 17
62i2July
7
June 29
234June 30
3
June 23
2
49i2May 18
150
Mar 31
78*4 Jan 30
81
29
Oct
68
Jan
69
Jan
12
Jan
1578 Aug
2318 July
43s Jan
407b Jan
8U Mar
434 Mar
3
634 Jan 21
53s Jan 28
3414 Mar
28
Jan 28
7178 Jan 15
210*4 Jan 14
Jan 11
1634June 28
88i2May 25
293s Jan 18
3
June 14
31i2 July
1
92*2 July
6
36
May 12
x Ex-dlv.
June
107s Dec
I8I4 Sept
34i2 Oct
Jan 14
70
Federal Motor Truck..No par
Federal Screw Works..No par
514 Apr
Apr
16
Apr
1134 Jan
11
84»4
14i8 Jan 21
80
45i2June 14
6i4June 24
512 Jan 4
Cash sale,
166
Mar 17
June 15
66*3 Jan 27
9414 Apr 9
r
July
16
June
100
nNewstook.
152
37i2 Feb 11
1
7i4June 17
preferred
100
Fidel Phen Fire Ins N Y..2.50
Jan 11
163
3
5
4K%
Deo
Aug
216s Apr 28
54
July 13
50
Federal Water Serv A..No par
Federated Dept Stores. No par
Deo
185
87
13isJune 29
19i2June 29
14i4June28
i753gMay 27
100
100
116
Apr
Mar
44i2 Jan 16
2
ZIIII4 June
156
17
58i4June 15
20*4 Apr
Preferred
3484
9612
3984
62
5
17984 July 16
32i2June 28
18
2,900
3434
11034June 16
9i4June 17
151
Apr 29
150
Apr 2
29*2June 15
1034June 17
3484 Apr 28
9i4May 14
4i2June 15
14i8June 14
Evans Products Co
5
Exchange Buffet Corp.No par
Fairbanks Co
-.25
510
4
39&S
Oct
Jan
Deo
Apr
4
3934
120
133
7»8
t In receivership,
Feb
129
4
40*4
114
135*2 Feb 19
115i2 Jan 22
7*8
day,
Jan 19
I8I4
180*8 Jan 18
4
95'2
122
884
130!4June 29
7*4
7*8
4*8
3484
714
17i2 Jan 19
5i2
14812 Apr 28
101
7
Jan 16
6% non-voting deb
100
Duquesne Light 5% 1st pf-100
Eastern Rolling Mills
5
Federal Min & Smelt Co—100
135
♦99
May 28
55
Du P de Nemours(E I)& Co 20
200
•126
112
29
600
30
*90
*7h
100
917s
92
18*4
No par
preferred
*90
92
52*2
1
9178
93
♦
Deo
l*4June 29
400
*90
7
Deo
I84
1912
93
1912
Jan
51
*185s
*89
193s
29
36U
19
93
51k
1938
Jan
Jan
500
*90
51l2
5058
58 May
52"
19
123s Deo
8214 Oct
14334 July 13
5
*503s
*17*2
*5038
Deo
61*2 June
7
52*4
53
8
77U Jan 25
15
407s
13s Jan
8%
*135
♦51
123s Mar
17
4H2 Jan
7i2 Apr
39*4 Jan
8% preferred
100
Fairbanks Morse & Co.No par
6% preferred
100
Fajardo Sug Co of Pr Rlco.20
Federal Light & Traction.. 15
$6 preferred
100
*135
Jan 28
Jan
Deo
Nov
8,900
79
I8*s
13
51
95i2
25
l2June 25
Duplan Silk
18
24
*17
22l2
534
2278
*23l2
181s
1634
*512
22*2
16
2314
584
584
534
15*4
534
1612
13
345$
24*2June 22
Dunhill International
70
59*2
38*8May
9*4 July
47*8May
127*2 July
45*8 Apr
18U Apr
JDuluth S S & Atlantic... 100
6% preferred
100
63
*62
*54
Jan
Aug
No par
Class B__
50
100
70
54
No par
Douglas Aircraft
200
2,500
61
54
54l2
No par
,
24«4
66i8
*17
Aug
200
*62
♦23
40
Oct
4684 Feb 17
2,500
*60
6
41*4 Jan 25
June 15
Ik
♦59
♦534
♦1584
June 21
534
*54
*54
69i2
59i2
11112 HH2 *1085s 111*2 ♦1085s 111*2 *1085s 11112 *1085s nn2
*10
1084
10U
10*4
10&8
*108s
*10*4
11*4
III4 *10
61
61
*58
61
*56*4
60
*56*4
*69l2 60i2
59*2
♦1085s 11H2
*10l4
III4
34
No par
Class A—
Dome Mines Ltd
36*2
1*2
578
24
43
35
Co
Doehler Die CastingCo No par
$6
24
40i2
Oct
Oct
Elec
*54
Oct
37i2
4
Apr 10
Dec
1,300
*5i8
30*8
4018 Feb
June 29
19
2,000
1*2
Deo
93
3,800
534
63
9
73
*1*8
Jan
9
76
*5*2
42
Feb
36i4
24 5$
Jan
76i8 Feb 19
36*2 Feb 2
Mar 17
71
1*2
ll7s
213s
Mar
70
534
Feb
Apr
June
96
36iS
55s
153
4
25
70
*1*4
Jan
13
29
36
5*2
Dec
May 13
June 28
71
*1*8
914 Mar
90
May 19
June 16
36
36*2
Jan
May
18
70
18s
43s
128
80
36
534
Jan
Apr
Dec
30
20*4 Apr 28
70
13s
7
No par
77
5i2
24i4
22
Ltd No par
6884
3584
*li8
44i2
114
9
59i8June 29
26
1078 Feb 18
5% pref with warrants.. 100
76
7512
Dec
Dec
June 17
93g Apr
20
24i2 Mar 17
146*2 Jan
23
71
7584
June 16
3378 July 14
77
75*2
No par
Match
4
Jan
583s Mar 17
zl484June 14
37
77*4
June 28
25
70
76
Co.-.100
2,000 J?ow Chemical Co
No par
Dresser (SR)Mfg conv A No par
700
"""666
33
1384 June 28
36i4
7584
100
5
1107sJune 15
Dixie-Vortex
400
158s
112*2 112l2 *11212 114l2
159
157
16038
160*2
133
13278 133l2 *132i2 133
*132*4 133
13312 13312 *133
13312 133
11212 11284 ♦112U 11312 112l2 11212 *11212 11312 113*2 11312 11212 112i2
13
13
12
13
12
13
13
13
13*2
13i8
1214
1212
179
179
178
179
17984
178
177«4 178
178*2 17812
17812 178
15512 15512
*15434
•15212
*153*4
*153*4
*1525s
333s
33
32_7s
3284
33
3278
3278 3378
♦3112 32~i2
3278
33*4
12
1212
1214
1234
12*4
1212
1212
1278
13U
12l2
1212
12*2
38
37&s
38
383s
37l8
39
38*2
38l2 3812
38i2
3812 385s
105s
105s
103s
10*2
105s
1078
10S4
1034
IO84
10&S
107s
1078
5
484
47g
5
5
478
478
5
5*8
514
*478
53s
19
19&S
2014
19
19&8
20i8
1934
195s 2088
19i8
2014
193s
«.
129
1978 Nov
Jan
178
*15
Dec
1414 Mar
108U Dec
IO884 Dec
3238 Nov
33i2 Nov
5484 Oct
2318 Feb
93s Feb
Jan
200
*5s
153s
33s
20
Oct
Deo
Dec
1912 Apr
36'4 Jan
147s Apr
40
84
5
125
Deo
Apr
75s
52
100
*58
458
*15
1918
5684
107
27
Distil Corp-Seagr's
15,400
*27
Jan
5
6% participating pref
1,100
57
88
I8I2 Jan 16
Diamond T Motor Car Co..2
4,300
•
4
10k
5
Diamond
800
40i4
27k
99i2 Mar
29
5% non-cum preferred. .100
A ..No par
7,300
90
*35*2
4884
35*2 May
1678 June
3134Mar
Devoe & Raynolds
800
3784
27l2
1413s July 14
100
*17
37
48»4
Jan
1778June 24
JDenv & Rio Gr West 6%pfl00
100
800
27l8
337s
2678
*3278
17
♦37
27
63*2
2514 June 24
Delaware Lack & Western..50
"""ioo
l678
907s Mar 10
1043s Jan
Det & Mackinac Ry
*35*2
491s
Jan
10
110
*20
*4838
Sept
6*8
20
Detroit Edison
1978
♦2(734
9
No par
800
6212
27*s
337s
914
95i2 Apr
114 Sept
Preferred
600
19
127*2 130
4934
4934
1
6
Apr
Deere & Co
612
35
9*4
Mar
20&S Feb 11
109i2 Jan
5
11334
62l2
27*8
3378
60
43
Jan 11
Dec
7*4 May
5
35
138
127
4
Jan
5,400
9*4
Jan 11
Feb
15l2
57*2
3
109
16
138
MarlO
24
1578
1678
22U
9*4
9*2
61*2
60*s
14384 14384
135
73i2May 21
16
3778
97s
28
3
xl27gjune 17
19
Apr 29
99i4June 28
1534
36
6178
Mar
5
Delaware <fr Hudson
1978
*958
493s NOV
No par
2,700
3784
59i2
58U Nov
44
Inc
3714
36
1435s 1435s
46*4 July
Jan
3714
38
10
8
Jan 28
Apr 13
Apr 15
Deo
38
36
59l2
56i2 Jan
4714
2514
IO884
8134
8884
38
2014
144
9112 NOV
70i2
39*2
36
*95s
Nov
353s sept
36*8 May
43*4 Jan
5% pref
25
Dayton Pow & Lt 4><j % pf-100
6,100
38
5912
~377s
Jan
Feb 27
38*4
40«4
Mar
155s Mar
43&s
62
Diesel-Wemmer-Gllbert
3978
35
Deo
Apr 28
700
*86
Nov
50i2
48
2,800
88
140
No par
preferred
2834
23l2
Oct
Nov
2l78
2214
22*2
73s Mar
41
136
Jan
Sept
28
19
July
Oct
Deo
69
2214
19
4
170
4
22l4
19
5
Aug
6
2834
1934
June 15
158
3
143s Jan 12
8i2June 17
Apr
8212 June
Jan 14
21*8
♦18
Jan 16
2834 Jan 15
173s Jan
71
46
69i8
83s Mar
21*4
1512
37
734June 15
3778May 21
Dec
Apr
635s Aug
10078 Feb
li8May 28
2
Jan 30
Dec
11178July 16
884 July
110
Mar
86
2884
*5*8
Jan 28
Feb
4
2384 Mar
21*8
113
121
46
447s
June 28
1
1
Conv
150
*28
May 20
8
Feb 13
71*4 Jan 15
17H2 Jan 14
IOI4 Mar 16
56*2 Feb 3
Davega Stores Corp
900
20k
♦138
No par
4
Jan
77
Apr
Apr
June
87*4 Jan
248s Mar
June 17
Cutler-Hammer
300
2,700
20*2
3784
20
50
No par
Dec
16i2May 13
$8
3634
3712
40*4
*88*s
100
914
71
53
♦36
91
No par
100
Sugar.... 10
June
Cushman's Sons 7% pref.. 100
23*s
88*8
20*2
2212
115
Curtlss-Wright
Class A
74
891s
22k
100^
51
100
Curtis Pub Co (The)
Preferred
36,100
June 29
97*2June 23
Cudahy Packing
500
78i4
65s
39
5
Preferred
300
4118 June 29
No par
pref
Cuban-American
3,000
207s
conv
June 29
165sJune 28
Crucible Steel of America..
100
♦88i8
*1978
*88k
$5
*2778
*20
1934
♦21
22
53
*69*2
*47*2
78U
6l2
6*2
53s
5*4
*5*2
5*4
5*2
*113*2 1147s
112*4 112*4 *11212 115
55s
11312
19l2
74
79
2014
20
14*2
20
*101*8 103
♦112
*6912
*47*2
77*4
14*2
6*4
1978
No par
Cuba Co (The)
Cuba RR 6% Pref
720
87s
pref w w..No par
Preferred
1,700
Ik
10k
20*s
*75
3,200
conv
Pref ex-warrants
Crown Zellerbach Corp
100
13s
65s
*47i2
7,200
87S
1978
53
$2.25
500
103s
*108
2878June 29
18i2June 15
100
130
No par
68
158
634
*4712
*120
130
72i2
100i8June 17
No par
87g
20i2
53
*120
70i2
98
3
113i2May
.100
100
No par
1012
63s
*47*2
72
18l2
4
Crown Cork & Seal
1*8
1934
*70
71&S
17&s
*97
Jan
June 29
Crosley Radio Corp
878
6i2
74
99
40
6
Cream of Wheat ctfs
10*2
1*4
19i2
*70
1834
*97i2
*3978
40
900
9
63g
74
I8I2
40
No par
25
Co
Apr 14
3.200
11
15s
1914
♦70
40
153
June 14
4,300
9
1038
9*4
114
*79
112
187s
*97
39
3,400
x25
100
H7% preferred
5% conv pref
2,000
*110
1*4
11
878
9i8
39
*122
130
15s
158
11
9
10«4
7912
♦78i2
193s
997s
*98
39
♦112
114
♦38
19
11
OSg
9*4
*38
19
123
125
♦118
39
187s
19
187s
77s
2
55U
14
2,600
75s
1234 Nov
l&s Jan
25
May 13
64i8
77s
6
Dec
5*2 Sept
3s May
355s Mar
2
3 984 May
3114
46
6
95s Nov
17*4
106*8 June
Nov
48
75«
13U Apr
5284 Apr
Apr
Apr
Jan
101
109
64
45l2
1058 Jan 4
15s Feb 27
378
11*2
Feb
Oct
July
Jan
Dec
June
31
7i2
4512
5
109
17i2
35*2
2i8
28i8
471s
73s
177s Apr
Jan
67*4
6334
64
4512
13i2 Feb 26
1057s Jan 23
102
2534 Jan 23
4234 Jan 23
378 Feb 11
48i2Julyl2
3114
Preferred.
Jan 12
Feb
Nov
47i2
300
108
483s
JNOV
64
158
497s Jan 23
20*s
*
31
*157
Nov
7*s
Apr
Apr
353.
47
157
94
Feb
4i8 Sept
15U
27U
Jan
64
157
73*2
9
Jan
48l4
25
5
1&S
3H2
63l2
Mar
584 Jan 20
1834 Jan
1Q38
64
63i8
92
5U Jan 15
10934 Feb 17
69*8 Jan 9
30i4
13,400
Nov
3784 Jan 14
June 18
5
Nov
95
Jan
2i2June 17
June 17
$2.50
Dec
85
72U
18i8June 17
50
Motors
1984
6584 June
Mar 11
3778 Dec
26U Mar
x81
Continental Oil of Del
187s Jan 15
Mar 2
95
12*4 June
1584 May
353sMay 13
38i2
2i2
June
2534 Mar
33*2 Jan
7
373s Apr 13
Feb 24
205s Jan
18i2June 28
385s
8
July
4
33
20
212
Aug
87
9
8
Continental Diamond Fibre..5
3838
Jan
15
978June 14
July 15
100
preferred
Continental Can Inc
16
Jan 14
26
Highest
$ per share % per share
share
19*4 Jan 23
22
2
79
338
per
June 21
12
83l2 Apr
1378
10212 103
12*4June29
2134 July
100
100
338
4014
4014
20
2k
3534
4212
*92
234
48i2
3014
258
14
Lowest
Highest
$
$ per share
100
preferred
*1314
338
14
10
10
*10
103s
16
16
155s
1534
10812
108l2 *105
10812 *105
6
6
6
6
*512
6i8
34
34
34
7s
34
34
10
10
984
10
984
IOI4
40
3l2
*314
#
*105
6i8
58
10
3U
13 7s
93l2
5678
56
2014
6k
3U
1312
35i2
20l2
3934
*92
56
20I4
*
80
of IQO-Share Lots
Lowest
Week
16
$ per share
Range for Previous
Year 1936
Range Since Jan. 1
On Basis
STOCK
EXCHANGE
the
Friday
Thursday
395
25s June
8i2 Apr
3484 Jan
122i2 Jan
315s Feb
1834 Apr
4
84
150
Mar 11
37
129
Apr
103
Jan
2
115s Feb 19
lli2 Feb 25
6
Jan 14
4334 Mar
4
10878Mar 9
45^8 Jan 18
y Ex-rights.
Jan
Aug
697s Mar
73s
3
Jan
Apr
25
Deo
7184
210U
61i2
2784
10H2
Deo
92
Mar
Deo
Deo
Dec
Deo
12312 Nov
1214 Mar
6
Dec
6
Oct
2i2
Jan
2012
Jan
46it Nov
105
Dec
1153s Nov
38
Apr
4984 NOV
K Called for redemption.
New York Stock Record—Continued—Page 5
396
LOW
HIGH
AND
PRICES—PER
SALE
Monday
July 12
$ per share
$ per share
July
13
$ per share
*48
52*2
*49
5219
37
*35
37
6
6
6*2
*51
5134
*584
*50
5134
*112
4212
*103
*103
*984
*56*2
9*2
10*4
58
58
28*2
28*2
28*2
*110
114
110
*46*2
51
36
6*8
51
*51
51
114
114
114
*103
9 5S
*57
58
287g
28*2
49*2
4838
3334
33
33
33
5*4
5*4
*5
5*4
1278
5*4
12*2
13
12*2
3684
3734
*36l2
*36
3734
25
25
25
25
25
*95
101
*95
101
*95
13
13
1278
*1234
12*4
9934
67*2
67*2
13
133«
♦
127g
*_
135
37*2
*2512
*95
13
87«
25*2
26
40
3978
118*2 *110
*129
3912
39*4
38*2
*129
130
*129
130
*
125g
1234
*9934 100
1234
125g
127g
*
134
~~858
85g
39
25
*48
130
134
85g
38*2
129
25
5678
56
57
5534
38
3784
120
120
*52*4
6134
*119*2 120
53
525g
2
2
56
527S
5358
120
56
*52
38*2
2*8
55*2
*52
2*8
55*2
6134
*61*2
63
*62
63
120
120
2
2*8
120
120
5234
53*2
11538 116*2
115
115
*4812
50
49
49
*47l2
50
11
11
10
10
*10
1034
*10*2
167g
165g
16&8
16&8
16*4
*11434 1153g
*16*4
163g
2
53
52*8
15
15
15*8
79*2
2312
*80
*77*2
85
23*4
*80
23*2
45*2
45l2
45
*50*2
53*2
*51
5
*434
84
23
200
-
15
52i2
11534 116
10
57
38
47,000
4,500
3,500
2*8
52
10
600
220
116*2 117*2
5434
5434
1,100
11
11
11*2
16*4
16
16
1,700
1,400
53*2
11
11
167g
16
6
6*8
*_
400
80
*79
7934
7934
40
40
4078
403g
122
12034 12238 *120
934
934
938
93g
*8412
8534
85i4
8534
4
4*8
438
4*4
10
10
958
938
7934
397g
120
120
10
*93g
*84
85
4*8
334
*938
95g
*3
3*4
3
6
3
6
578
♦
109
3984
"38"
79
7934
4038
80
11934 12U8
39*4
85
85
*82
4
334
37g
68,000
97g
9*2
9*2
2,800
3*8
3
3
19
39
39
37*2
37l2
3758
23
2284
23*8
23
23*2
5U2
35*2
33*8
33ig
*5034
3234
6412
33
*65
75*4
16
16*8
1578
16*8
11
11
1034
11
*23g
25g
45
*39
75*4
2*4
2*4
*38
11*4
11*4
*65
45
11
11
52*8
3578
*1858
19*4
4934
35*2
137
138
64l2
*5034
64l2
3258
33*4
75*4
*32*2
*67*2
16*4
*1058
33
*67*2
1558
2*2
*38*8
*10*2
16*4
11
2l2
49*8
35h
135
*5034
*1058
78
Deo
Apr
53*2
Feb
384
Jan
106*4 Jan 28
19*2 Feb 1
Gen Amer Investors—No par
10i2May 13
No par
Transportation
6
General Baking
5
$8 1st preferred
No par
99i2July
$6
preferred
Gen Am
10S4June 23
134
July 16
5
73sJune 29
20
No par
Class A
7% cum preferred
General Cigar Inc
7%
preferred
34i2June
129
July
4988June
36
May
.100
..No par
No par
General Foods
No par
Gen'l Gas & Elec A
June 14
39i2June 14
112i2 Apr 28
100
No par
General Electric
48
...100
117
preferred
General Motors Corp
75*4
1634
11
20
1958
400
3958
395fi
3758
38
38
227g
50*8
2278
23*8
50*4
35*2
1,300
3,400
6,900
4934
*35*8
3534
135
*5034
32*4
*67*2
16*4
5
Feb
153
14
4
4
65
4
Mar
152
Jan 13
No
6% preferred
Gen Realty & Utilities
Jan
Deo
605s
Deo
17
Jan
49
Jan
12834 Nov
Dec
70*2
59*2 June
55
Dec
44
Nov
8
1
July
1
June 21
104
100
11»4
28
152
3i4June 23
4U4May 13
par
Oct
Jan
Jan
May
106
par
No par
Signal—No
No
$6 preferred
Gen Time Instru Corp. No par
Gillette Safety Razor—No par
preferred...No
$5 conv
Gimbel
16 preferred
Glidden Co (The)
43^ %
June 28
60
Gobel (Adolf)
Goebel Brewing Co
July
2
2018 Jan 4
80i2June29
3978 Apr 30
61*2May 14
No par
No par
preferred
conv
par
No par
Brothers
4
1
June 14
1
5% June 17
Gold & Stock Telegraph
Co 100
110i2 Apr 29
Goodrich Co (B F)
No par
31
64*2 Jan 29
6578 Jan 18
124
Feb
1
70*2 Feb 11
12258 Feb 2
140
78
11
116
Oct
123
Aug
Jan
77
Nov
5378
118
Preferred
4
Jan
100
82
June 28
1134
May
1
10
No par
.100
40
Feb 27
Gulf Mobile & Northern.. 100
10
June 16
43
*38*2
June
Greyhound Corp (The)-No par
1684
43
34
135
100
45,600
1,100
1,400
16*8
1078
2*4
*11
Preferred
100
64i2
16*2
*38*2
June 15
8
5934 Apr 24
27i8June 2
65*4June 18
10
11*2
June 12
Great Western Sugar—No par
160
3,500
45
17
x32
$3 conv pref series...No par
1,100
67
*10*2
4
17,400
33
11*2
2
Jan
2*2June 14
Motors
1734June 28
4058 Jan 4
67
45
Jan
6i2
1
Graham-Paige
Gt Nor Iron Ore Prop-No par
Great Northern pref
100
3258
23g
3
6
Grand Union Co tr ctfs
34*2June29
*5084
11
1
Granby Consol M S & P
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
Greene Cananea Copper
hYi %
8%
11*4
11*4
300
preferred.....
Guantanamo Sugar
preferred
Jan
Jan
123*8 Nov
18&s
Jan
684
Jan
19
69*2 Deo
1534 Dec
110
Jan 19
53s
65*8
117*2
584
Jan 13
Feb 4
Jan 22
Jan 20
Jan
105
3*2
32*2
110
Apr
Apr
57
Jan
106
4878 Jan
70*4 Feb
7
88
Jan
6
3384
Jan 25
4
63g
4378 Feb 11
2078 Feb
1
9
61*2 Jan 28
58*8 Jan 18
678 Feb 25
8*4 Feb 19
115
Feb 17
17
4738 Mar 11
141
Mar 11
13*2 Jan 18
96
Jan
5
484 Feb
9
15
Jan 12
558 Jan 22
Dec
44*8 Nov
1938 Oct
90
Jan
Jan
2712 Nov
92
37*2
37s
Jan
6*4 Nov
116
Feb
Nov
65*4
'
Jan
66
Dec
52*4 Sept
Dec
7*2
Feb
10*4
Feb
118
Oct
Jan
35*2 Deo
Sept
86*2 Nov
3178 Apr
215s July
Dec
8i2 Apr
77
Jan
2
June
10578
Dec
145g Dec
96*2 July
Apr
4i2 Feb
11*4 Mar
638 Jan
Apr
z255g Nov
13s July
1
16
48*8 Feb
8
2412 Aug
28*2 Jan
98
Deo
3184
Oct
684
16
Dec
Dec
89
July
2784 Feb
475s Jan 6
28*2 Mar 8
6684May 20
42i2 Jan 2
145*2 Mar 2
64*4 Mar 10
39*2 Mar 10
478
71
13&S June
Aug
3*8
Feb
Dec
4812 Dec
30*8 July
zlOO
June
118*2 Mar
2
Apr
26*2 May
33*4 Apr
32*2 Apr
74
734May 18
Oct
1
Mar 20
87»4 Mar 11
No par
76
2*2
70*2
9
135s
100
Feb
Jan
July
50*2 Mar 11
No par
3234
11
2*4
71
14
4
Jan
Grant (W T)
135
*132
48s
Jan
Deo
58
7778June 29
2784 Jan 4
No par
Oct
7
534
Feb
15U Feb
J6 preferred
Dec
Nov
155
Apr
60*2 Jan
Gen Railway
76
20
Jan
141
33 38
878May 17
15is Apr 13
Gen Public Service
104i2 Apr
Apr
Apr
34*2
42i2May21
1
Jan
1034
44*4 Feb 9
384 Jan 18
..No par
General Printing Ink
1778 Nov
14s8 Nov
6478 Jan 21
Gen Outdoor Adv A...No par
Common
105*2 Aug
Dec
8*2 May
97
42*4
Feb 11
32*2 Mar
Nov
Nov
15*4
9
86*2 Feb 17
19*2 Jan 14
15
Mar 22
113
No par
$5 preferred
15*2 Mar
105*4 Jan
30
11*2 May
100
13
Granite City Steel
64i2
25g
*39*2
25g
500
39*2
*19
73s Aug
14
48i8June 14
10
Jan 16
126&8 Mar 31
52*4 Jan 23
June
60
33
30
U2May 19
$6 conv pref series A .No par
No par
General Mills
6%
1
62i2June 30
No par
30
3*8
*18*2
39*2
37*4
2234
38*4
140
Jan
31*2
June 17
85
334
18*4
51
4738
8
11
3
Gotham Silk Hose
*9*2
37*4
35*4
4
Gar Wood Industries Inc
400
97g
38*4
*138
Jan
z39*4June21
900
27,500
3
3778
3734
5218
3534
Feb
Apr
7*2 Mar 3
143s July 16
May 13
No par
10
*81
73
Oct
355s
Nov zl35
48*2 Jan
95
preferred
5% preferred
No par
Goodyear Tire & Rubb.No par
$5 conv preferred
No par
700
4lg
37*2
137
«.«;
934
37
137
-
3
378
3*8
18*4
51*2
3512
3512
136*2 138
6412
*5034
-
Feb
23*2 July
108
"
3*8
18*4
22*2
5158
3534
-
17,900
3978
*834
Mar 25
3684 July 12
22
Apr 26
S3
GamewellCo (The)
121
3912
85
—
79*4
*118
9
1834
22*8
51*4
40*8
1,100
'
3834
79*4
120
9
37*2
223S
37
39*4
120
110
~38~
80
1,800
6
*57g
*
3858
9
9
37
1834
*36*2
6
110
3738
100
Dec
9784
84
300
5,300
Deo
July
90*4 Mar
5,900
*
Jan 13
32*4
117
63
70
5
6*8
9
88*s Feb 23
293s Mar 9
53
4034
Jan
78
45
109
"3934
83
June29
5
*79*4
3912
4084
453s
1838 Jan 12
48
53
~3978
127
20*4June 28
34*2June 14
1418 June 14
4478
5*8
120
Gen Theat Equip Corp .No par
53
5
Aug
Gen Steel Cast 16 pref.No par
45*8
45
*51*2
June
24i8 Apr
9584 July
230
82
538
32
Jan 14
Deo
1134 Mar
4812 Deo
106
Apr
54*2 Feb
14,000
1,300
4,500
82
5234
378 Aug
Apr 26
84
45
Dec
Deo
June 17
*82
3934
10'
423s
6684
June 17
147g
79*4
23*4
"3934
H84 June 14
Deo
685S Nov
3414
3
2234
5
1
Gair Co Inc (Robert)—
36*4
IO534 NOV
Dec
65
1434
*78*4
4434
5234
2
July
4i2June 14
40*8 Sept
Jan
25*2 Mar
978 Feb
58
Apr
135
Jan
Feb
40
Apr
30*2 Sept
45
68*2 Feb
39*2 Mar
128
20*4
z2478
100*2
31
78
538
June 14
25
9
1
23
52
45
No par
$6 2d preferred
Gabriel Co (The) cl A..No par
3984 Feb 19
4l38Mar 11
107*2 Feb
52*4 Mar
46*4 Feb
Highest
share % per share
J per
par
78
45
24*4May 14
10518 June 22
share
General Refractories...No par
500
23
4478
9
June
per
2,500
2,300
79*4
52
109
100
23*8
52
478
-
79
84
1434
-
1,300
1,400
2234
*81
1458
*.
_
79
45l8
5
-
..
52,100
1,000
53
15
.
1,500
62*2
120*2 120*2
5178
5234
120*2
51
1434
-
23*2
84
6*8
*
109
14i2
*7734
*80*s
*478
6*4
*6*8
♦
15*4
79*2
24
55
10
Cable
129
2
June 23
7^8 June 16
'
39
*107*2 10834 *107*2 108*2 *107l2 108l2 *107*2 108*2 *107*2 108*2 *107*2 108*2
384
*33g
3*2
3l2
35g
3*2
35g
358
3*2
*3*4
33g
3*2
48
*48
*45
48
47
48*2
47*2
48*8
48*s
48*8
48*8
48*8
*
*
*
104l2 10412 104l2 *_
104i2
10412
10412 *
104l2
"~33g
33g
33S
3*2
"3*2
3*2
"3*2
312
312
""312
3I2
3*2
37
36
36
36
36
*35l2 36*2 *36
35*2 36*4
*3512 37
58
59
58
59
58
58
*57
5934
59*2
58*8
58*2
58*2
60
60
58
61
58
*59
59
59
60*2
60*2
59*8
60*2
24
25
24
24
23
2412 2458
2334
*23*2
*23*2 2334
2338
*34
37
38
38
38
*37
39
3512
35*2 36
*3634
36*2
*77*2
37i2June 17
6% conv preferred
.100
Fuller (G A) prior pref.No par
Freeport Sulphur Co
Bronze
50
52
June 21
100
General
*62
5134
115*2 115*2
50
preferred...No par
Francisco Sugar Co
No par
F'k'nSlmon&CoIno7%pf 100
General
3734
38*8
62
47*2 Jan 25
108
700
.
"56*8
57
38*4
2
45gJune 17
4X|% conv preferred—100
Foster-Wheeler
10
1,400
85g
118*8
#
129
56*8
50
25
*47
50*2
118*8 *116
39
38*2
38
600
1,700
3,900
135
8l2
25
*116
39
*129
134
5678
61*2
2,100
1212
38*4
*52*4
1234
"l~7()6
13
8
33*4May
Year 1936
Lowest
Gannet Co conv $6 pi..No par
6834
55*8
2*8
17,400
660
68
3734
623g
140
500
500
68
55*2
56
"60
2534
1258
1258
*9934 100*8
38
2
5,200
101
68
""858
par
$7 conv
37*4
25
*95
125g
12i2
547g
623g
900
250
110
37
2558
101
38
*52*4
3,200
1234
25*2
2534
52
52
*50*2
50*2
50*2
118*2 *115*2 118*2 *11512 118*2
130
t Follansbee Brothers.-No par
Food Machinery Corp
100
68
1234
3978
52
53
*49
*114
1,900
26 *4 June 30
46
Apr 12
No par
65g
101*8June 30
39*2June21
'
26
§58
No
5U2
5U2
113*2 114
43
423S
37*2
25*2
13
25*2
Fllntkote Co (The)
2934
*60*4
*95
1284
~*85g
2,800
2,600
$
share
June 17
31
Range for Previous
Share Lots
Highest
39*4 Apr 23
6% preferred series A—100
First National Stores—No par
Florence Stove Co
6*4
11414
*36
Fllene's (Wm) Sons Co.No par
Florsheim Shoe class A .No par
*9
26
*67
87g
41*2
$ per
Firestone Tire & Rubber.—10
100
10
1258
*9934 1005g
1258
25*2
^
m
400
200
*9
101
68
25*2
m
3,500
50
*103
37
*36
2534
101
"*8*4
m
Par
35*2
50
*35
110
63*2
2834
13412
85g
m
3234
80
5978
68
*
3834
103
40*2
2934
43
13
1212
103
60
60
65*2
2734
27*2
2734
27*2
28*4
*108*2 H312 *108*2 112
*108*2 112
48
48
*47*4
48*2
46*4
46*8
*30
32
*32*2
33*2
32*2
3212
5
5
5*2
5*2
5*2
*5*8
12*4
12*2
12*4
1334
1378
1438
597g
127g
*29i2
32i2
43
984
5*4
Shares
"500
984
3334
$ per share
Range Since Jan. 1
On Basis of 100
Lowest
934
934
287g
EXCHANGE
Week
15
*103
110
9934100
13*8
13412
*103
113
44*4
*1234
1238
1278
12*2
125g
*9984101
68
6778
123g
9934
110
II384
*4634
48*2
*46*2
43
43*4
*110
*32*2
127g
6*4
63g
STOCKS
NEW YORK STOCK
the
CENT
Friday
July 16
*29*2
3834
32i2
33*8
10234 103
4134
41*4
29*2
29*4
*48
52*2
*35
35*2
65g
658
50*2
51*2
35*2
658
51
4238
9*2
114
35*2
114
119*2 *113*4 115
44
43
43*2
110
*110
51
*35
$ per share
July
*29*2 3 884
32*2
33*4
102*4 102*4
42
415g
29l2 2958
*48
52*2
*29*2 3834
*27*2 39
*27*2 39
33
32*g
3258
3234
32i2 33
102*4
*1017g 10212 *102
102*4 *102
42
42
42
4134
41*2
*4134
30
30
30
3034
30*2
29l2
*35
NOT PER
Thursday
$ per share
Tuesday
1
SHARE,
Wednesday
July 14
Sales
for
Saturday
July 10
July 17, 1937
Jan
32*4
Jan
31
Jan
136
Jan
44
Deo
52*4 Nov
228g Oct
463g Oct
4214 Deo
14912 Aug
50*2 Mar
65
22
Apr
397g Nov
65
May
Mar
3
1238May 13
1678 Feb
8
1434
103sMay 26
Oct
lU2Mar 18
2
June 17
484
Jan 11
Deo
Jan
9
17*2 Mar
5
15s July
24
July
9*4 Jan
69
95
Jan
177g Nov
484
66
Deo
Dec
19«4 Mar
'
45*4
*43
*28*4
30
*287S
*30
31
45
*14
14*2
28
*27*2
*103
45*2
4312
4312
400
30
30
30
30
*42l2
*28*4
45i2
30
*4214
*28*4
45l2
30
30
200
31
*31
33
*31
33
*31
33
*31
33
90
14
1334
*27*2
104
100
*
31
*43l2
1358
28
28
104
104
45*2
.14*8
28*2
14l4
*1334
29
2834
13*2
*28*8
13*2
29
1334
700
1334
29
1,400
104
*2834
10
100
*103
104
*103
104°
*103
104
*103
108
12
*96
12
105*2
*147*4 155
29
29
-
-
700
30
3,200
100
1,200
155
155
156
156
*155
170
*155
167
*158
161
*125
132
*125
132
131
131
*128
' 132
*128
132
10
62
*58
61
58
58
*58
61
*58
61
*58
61
100
*103*2 10558 *105
105*8 *105
105*8
*32*2 3334
32*2
32*2
3212
3212
42
43
40*2
40*2 41
*4158
4358
3334
*105*4 106
*105*4 106
*105*4 106
26*4 26*2
2558
2534
32
32
32
32*4
3218
2638
*3184
*111
-
-
-
m
*483g
49
*34
35*2
20*2
*58*4
2034
*92
96
1534
7712
*3
59
*111
•..MM.
49
49*2
*34
353«
*111
49*2
*34
50*2
353g
21
25*g
*44*4
*58*2
*1534
*
25
z32
*110*4
4934
2534
32
«.
-
a
M
50*4
353g
353g
20*4
2O84
2034
2034
59
59
*59
59*2
*59
*93*8 100
*92
95
*9338 100
20*2
59l2
104
*25*4
3U2
10434
2578
31*2
*110
49l2
*35
20*4
20*2
200
1638
79*4
3
3
*27g
3
8
8*8
*8
8*4
16*8
15*2
157g
3*2
25*8
2578
3*2
25*2
45*2
35g
3l2
25
*43*2
255g
358
1538
1534
3*2
2412
2512
358
2,800
200
1534
1558
2038
59
78*4
10
100
93*2
3
*8
7,200
35*2
59
16*2
78l2
78
15*8
3*2
2434
16
1534
16
22,500
78*2
78
78
15*4
37g
2434
6,400
*42
46
*42
46
61
61
*59*2
*1534
61
"30
1634
100
*60
61
1638
163g
17
*16
17
*16
17
Bid and asked prices; no sales on this day.
*1534
17
J In receivership,
a
40
June 17
128
Apr 13
—
10i2June 22
1
91*2 July 12
4
May 14
100
Ills June 30
May
z24
June 17
100
125
May 22
No par
58
Apr 27
Holland Furance
5%
conv
~
»«■
Def. delivery,
1
Jan 27
1
11034 Apr 27
47i8June24
29>4 July
9
35
No par
June
18
par
Jan
12
Jan
104
Nov
107
Feb 26
8
Jan 14
1578
3
Jan 25
June 29
Deo
115
Jan
Apr
9
Mar
995s Dec
1258 Aug
133
Mar
45s
218g
Jan
9
117
May
141
Jan
6
150*4 July
25*2 Apr
165
Dec
41
Oct
395s Feb 11
185
Feb
3
84
Jan
150
Dec
135*2 Feb
2
126
Aug
135
Apr
6878 Sept
102
Sept
80
Jan
119
Feb
6784
Jan 21
Jan 19
June
4
6
120*2 Jan
3034Mar 9
43*2 Jan
11434 Mar
50*2 June 29
41
Jan
5
277S Feb 11
73
Jan 11
94
30*8
108
Jan
June
9
Jan
19*4
Jan
49«4
124
Deo
Deo
3384 Oot
427g Dec
108
Feb
115
Oct
407
Dec
544
Feb
397g Juno
22*4 July
5484 June
44*4
33
Feb
Mar
Mar 20
v
12
t c._25
5
Hudson Motor Car
Apr
6234 Jan
8
4
234June 15
1
67s July
100
17*2 Jan 22
90*2 Mar 10
38
July
Leased lines 4%
100
RR Sec ctfs series A... 1000
58
Mar 17
6
67*2 Mar 11
30
June
7
72
Jan 20
68
Jan
25*2 Mar 11
11
May
13*2 June 30
Ex-dlv.
Feb
29i2 Oot
543g Sept
73*4 Oct
May 11
June 28
43
7
Dec
57s
173g
185g Apr
3
21
Cash sale,
65
225g Nov
1
July
1378 Dec
Jan
13*2 May
100
Hupp Motor Car Corp
13i4June 17
Jan
3*8 June
8I2 Apr
6% preferred series A... 100
No par
63g
4884
y
z785s Nov
578 Jan 21
1578 Jan 21
23*4 Feb 17
4
Apr 24
r
55
135*2 Deo
18*4 Nov
Jan
88i2June 11
Manhattan....100
New stock,
Nov
Feb
573s Mar 25
5% preferred
n
32
12512 Nov
105*2 Mar
126
stk.No par
5% preferred
Illinois Central
62i2 Oct
347g Dec
37
Aug
1512 Dec
166
100
com
Jan
120
5234 Feb
35i2May 13
30*8
Jan
Feb 26
37
21
5
6
Jan
1734 Jan 11
111
10H2 July
No par
Class B
58*2 Mar
140
32!2 July 13
100
Homestake Mining new. 12.60
Household Fin
205g Feb 10
102i2Mar 12
No par
Houdaille-Hershey cl A .No
6
14478May 17
preferred..No par
6
Jan
10984 Mar
May 17
997s July 15
14 conv preferred...No par
Hlnde & Dauche Paper Co. 10
8,000
16,100
46
61
Powder
300
*43
*59
Hercules
Houston Oil of Texas
Howe Sound Co
46
59
June
140
6% cum preferred
Hershey Chocolate
Hudson &
*43
59
100
June
..No par
No par
Motors
1,100
46
61
Hercules
2,900
37g
24l2
Jan 22
25
15*4
35g
105
June 29
100
8*4
24
May 14
Hecker Prod Corp v t c.No par
Helme (GW)
Preferred
27g
27g
8*4
1434
98
25
Holly Sugar Corp
7% preferred
93*2
3
Dec
2
1,100
59*2
16*8
Jan
xl04
100
w w
1,000
50»8
20
14
Feb 18
Hollander & Sons (A)
95
78*4
10
480
*59
16*2
*8
2,400
*93l2
1534
78*2
16
4984
*35
16
1238
300
105*4 105*2
*25
2538
*31
3134
35*2
7734
33g
200
*110
"50"
16
*3
400
10534
105*8 105*8 *105
*30
32*2
3212
32*2
34434
46*4
443g
4438
78
3*2
*8*g
*155g
33g
104l2 10512
Feb 16
108
103
100
12
12
12
12*8
1214
1178
12*8
12*8
*96
*96
*97
101
*99
102
105*2
105*2
997g
9978
*147*4 155
*150*4 155
*150*4 155
*150*4 155
*150*4 155
29
29
28*4
28*2
*27*2
2934
2934
2934
29l2
287g
156
*25
6% preferred
Hazel-Atlas Glass Co
104
31
9
Hat Corp of America cl A
6M % preferred
Hayes Body Corp
132
*32*2
*39*2
June
Harbison-Walk Refrac.No par
«.
-
156
104
33
1,800
.
*125
*57*4
Jan
7
preferred
100
Hanna (M A) Co $5 pf.No par
500
1073g 108
30
36
43i2 July 14
6%
800
107*2 10734
8
2612 Apr 17
13i2 Jan 4
25i2 Apr 2
—10
Hamilton Watch Co—No par
107*2 107*2 *10712 109*4
*106*2 108
1238
12*4
30*2
27
59i2 Mar
3434 Feb
6
26
25
...100
Water
7% preferred class A..
Hall Printing
70
100
100
100 • 100*2
*99*2 100*2 *99l2 100
*99*2 100
46
46
46
46
45*2 45*2
4534
45*2
46*2
45*2
4512 46
*130
136*4 *130
136*4 *130
136*4 *130
136*4
136*4 *130
136*4 *130
12
12
*12
*12
*11*2
1234
1212 112
1214
12*4
12*8
*117S
*91 *91*2
91*2
*90
92*2
91*2
92i2 *89*2
9212
92i2
9212
9212
5
5
5
5
5
*5
47g
*5
5*8
5*8
5*4
5*4
*106
6% preferred..
Hackensack
Ex-rights.
20
Jan
Oct
H Called for redemption.
&
AND
LOW
NEW YORK
10
July
15
1514
15
39
1634
38i8
*136
*13514
11334 115
115
Friday
July 16
$ per share
$ per share
Shares
1,600
24*2
25*8
11,000
2434
2538
2458
253s
5
5
5
5
5
5
7%
7i8
7%
7l2
7%
7*2
110
*56
56
58
IIOI4 *110
678
714
"
*5
6%
6_78
67s
"7"
2038
203s
2078
2078
2158
21*2
6%
6i2
638
658
638
638
50
2058
6*4
49l2
52
*50
52
50
153
^153
|11034 111
155
155
155
*146*8 147
IP4
1118
*146%
IOI4
1338
17l2
13
13
13
634
678
7
6%
678
684
7
6*4
6i4
6*4
6I4
52i2
2438
5212
243s
42
42
38%
38%
9778
113s
11*4
243s
6U
101*2 102i2
6*4
6i8
634
6*4
*5034
6*4
*4134
42l2
*38%
41
*24*8
*42*4
*38%
42
96
96
9778
9778
12
115s
25*8
1178
1178
253g
25
103*2
103
18*2
*18
5184
25
25l2
103% 103i2 *101
*18
1834
5178
25*2
4212
*18
1834
128
129
129
129
123
15l2
5l8
44
15«4
4612
22
2212
*10
IOI4
*11018 125
35
*33i2
20l2
21
20
*17
16
38l2
514
38*4
31%
223s
10%
46
45
32
*30*4
22&8
*10*2
*30
*1914
20
*13l2
147fi
25%
26
30
32l2
1912
1478
35i2
3578
35%
179
"1514
153g
2
10l2
4114
4938 Jan
"l5%
36
2%
15i2
Corp..
No par
Island Creek Coal
1
*74
*35%
15
*11
11*2
39
41
*15
42
42
42
42
61*2
63*2
6334
65
*26l2
27%
*26
1284
2714
13*8
98%
*96
98
9714
9784
*15612 160
22
*21
65
65
*55
57
*55
50
50
50%
8012
79is
1284
27*8
97
9784
97*2
*156*2 160
22
*21*4
65
6,400
1978
34i2
27*8
.97
*2
*434
*1814
♦
*5
6
*4i2
20
19
*18%
*
4h8
4,500
1538
200
42
42
42
64l2
67*2
6534
68
1,100
9,200
125g
1278
1234
13
4,200
99
100
300
Liggett & Myers
58
58
5934
58*2
5834
58
51*2
52
52
51*2
7984
7984
80*4
79*2
578
19
19
*18*8
*
18*2
1834
19
*
35
485s
*11*8
46*4
1384
18
*16*2
"1334
*12*2
19*2
18
8*2
20*4
*77s
8*2
20*8
4*2
20*4
434
434
434
10*4
10*2
10*4
*12*2
103s
22
22
*3
3%
*39
40
2414
2212
*834
*55
2412
22l2
912
5634
3434
23
*278
*39
24l2
2234
*834
*55i2
10i2
2i8
*11
13
24
*23*2
*278
3%
40*8
25
2638
25
2212
2338
2234
2234
9
9
9
9
5578
56*2
56*2
36
36
145
*144
61
62
6178
105
*98
37%
*99"
105
*144
6278
62*2
*9*2
10*8
*35
*
36*4
36*4
145
*10
1038
36%
3934
38
37*2
*99*4 105
*35
*
*56
145
10
10*4
*35*2
36
63*2
*3438
38
105
93g
56*2
36
6358
2212
9
145
36*2
145
37*2
*l66"
*9*8
*5584
25
■
n
*99"
63*2
10
10
36
105
9
5678
36
*14412 150
6358
37*2
40
25*2
23
*34*2
*
63*2
10
35*2
Bid and asked prices; no sales on
this day.
t In receivership,
Jan
Sept
Apr
21%
Jan
26*2
151
Jan
19*4June 17
Jan
102%
Oct
22*4 July
35
Feb
Oct
42
Jan
82*4 July
2
4
4
99
Mar 17
4134 Mar 11
36
Feb 11
57%
33
Oct
134% Nov
Mar 31
132% Feb
9
127*2
Jan
40%June 22
62*4 Mar
8
27%
Jan
49*4
June 17
58*4 Mar
65*4 Nov
130
10*2 June 14
May 23
15%
63
Oct
8
40%
Apr
Jan 20
8%
Jan
15%
Mar 10
34*2
Nov
1%
Jan
Jan
57
Jan 12
9
Dec
7*4
Jan
35*2
Deo
18
Nov
334May 17
7%
4*2May 14
7
Mar 30
14
June 28
30
Jan 11
14
June 24
Deo
Jan 14
32
Dec
57*4
Jan
12%
Dec
23%
Feb
29% Jan 30
17*2 May
2*4 Jan
8*2 Apr
100
25
Oil Exploration.. 1
3*4 June 17
5
9% June 29
Corp
634 Feb 17
14% Feb 13
3*2 Mar 29
100
l%June 24
preferred
100
prior preferred—-.100
10*4June30
20
Jan 21
39
Jan 20
6% 2d preferred..
100
Marlin-Rockwell Corp
Marhsll Field & Co...-No par
19% July 1
234June 22
39*2June 28
18% Jan 4
5134 Mar
1
19*8June 16
Market Street Ry._
6%
6%
Martin (Glenn L)
Co
Martin-Parry Corp
No par
7
No par
Masonite Corp..
1,500
Mathieson Alkali Wks.No par
30
7% preferred
100
May Department Stores...10
Maytag Co
No par
100
105
a Def. delivery,
May 14
48*2June 28
32%May 30
142
May 17
6% Mar 27
4
30% Mar 10
29*4 Apr 30
1*8 Jan
6*2 July
I834 Jan
2% July
2434 Dec
634 Mar
1234 Aug
3% Mar
23
Nov
45
Nov
May
7% Dec
56*2 Nov
11%
Jan
25*8 Nov
6*2
Apr
12
4238 Nov
41
13%
Jan 10
74
Feb
8
27*2
Apr
Jan 25
153%
Mar
5
4134 Jan
Jan
163
Dec
43*4 May
13*2 Apr
Nov
June 12
66*4 Mar 11
15% Jan 11
70
8
51 *4June
2
165
21%
Feb
No par
34
June 23
44
Jan 13
43%
55
Feb
33 preferred ex-warr. No par
35
June
3
45
Jan 13
44
Nov
50*2
Apr
No par
97
July
8
111
Jan 22
103
Jan
110%
Oct
33 preferred w w
36 1st cum pref
d Change
*
45
113
16*2 Jan 20
37*2
*99
Oct
39
50
1,000
8
Feb
Dec
8% Mar
May
*3834
107
3%
61%
30*4
678June 15
18*4 June 22
Marine Midland
1,800
8
May 12
Jan
Jan
15*4June 14
Maracaibo
600
33s
100
Modified 5% guar
Manhattan Shirt
1,000
35*2
1034 Jan 26
t Manhattan Ry 7% guar. 100
1,000
18,900
4,100
2
75*4 Mar 11
108% July
June
6,700
"""266
De\
Dec^
Feb
Apr
104%
7
2,200
3*2
3*2
*39
35
IOI4
*278
3*2
2334
145
36%
25
67%
43
21% Apr 6
16% Jan 11
13
*23
40*8
61
103s
*10*4
2638
145
40
13
25
Db
46*2
Apr
July
13% July 12
deposit
Mandel Bros
1,600
*23
25
55*2
912
57
37%
3*2
2*8
40
9
19*2
434
1038
2*8
*10*4
23*4
26*4
23l2
*35i2
*23*4
*278
2434
*158
2*8
13
2534
*39
40
*3534
*10*2
2038
16*2
8*4
19*2
4%
10*4
*158
834
40*8
2534
*59
*1018
*15s
2*8
13
*20
16*2
18
*39
145
3434
10*2
8*8
"1384 """166
55
32*2 June
36
-No par
Pref ctfs of
*19
*19
*12*2
Preferred
2
Jan
Jan
Dec
JManati Sugar
40
Jan 23
25%
Jan
170*4 Dec
23% Feb
63% Nov
May
100
Magma Copper
500
Jan 14
53% Mar 3
84*2 Apr, 19
Jan
116%
20
42
600
83*2 Feb 15
Nov
31%
115
140
i-10
100
Certificates of deposit--.100
300
Nov
Jan 13
44
5
Apr
9734 Mar
13
Jan 20
30*2May
II84
6,600
19
28% Feb
12334 Nov
2134 Nov
2834
10
No par
Mar
5
43% Jan
Nov
14734
29*4 Jan
No par
preferred
Mack Trucks Inc.-
May
97
Oct
3% Feb
18% Nov
1834 Dec
45% Nov
7
July
100
1
47
19*4
*17
1334
10%
*158
*10l2
6%
"2" 100
June 26
Macy (R H) Co Inc
No par
Madison Square Gard..No par
49*2
185g
*8
13
43
Steel
Mac Andrews & Forbes
12H2 129
*17
*1258
434
700
584
*17*2
*19*2
438
10*4
*158
31*4
*4
19i2
458
3,500
31*4
,
20
127
Louisville Gas & El A.-No par
Ludlum
534
19
10
preferred..
25
160
110
Mar 31
—100
preferred
Lorillard (P) Co
Louisville & Nashville
#4
13i8
21
700
June 22
50*4May 14
534 June 17
2 8*4 June 17
Jan
50*4 July
2634 Feb
80*4 Nov
May
Jan 13
110
106
100
5%
2,000
534
"1318
*1912
43g
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
7%
1
No par
Inc
20*2
88l2
35*4
5
*18
20%
4i4
10%
2%
40
210
5*2
1912
834
900
3,000
42
1
Loft
22
88
105*4June
Lone Star Cement Corp No par
128
*412
19
No par
4,400
22
*19*2
64*2 Jan
Jan
3378
65
Jan
7
175
No par
Dec
Nov
28
Oct
Jan 28
61
18% Nov
51
Oct
114
23*2May
32% Nov
135
47%
2
28% Jan 18
113*4 Feb 4
4
Jan
Nov
3878 May
9
Jan 16
15% Mar
4
4
3,900
1,300
Jan
Dec
7%
61
Feb
8%
2
Jan 18
79
51*2May 14
46*2
Oct
19
58% Jan
59
Oct
6338 Nov
24%
9% Apr
2
4338 Jan
Jan
4
Jan
May 20
Jan
24%
107
22
May
93
Nov
28%
180
12
2
2
25% Feb 25
Feb
33*4
Jan
89
934 Jan
36% Nov
110
July
21% Feb 11
No par
36.50 preferred
100
1
43*2June 10
58*2 July
Dec
Apr
26
Apr
48*2 Aug
Apr
94*2 Apr
6
14% July
*40
July
Lima Locomotive Wks.No par
128
538
13%
*8%
'
July
June 17
36
700
Loew's Inc
Jan
7%
15*2
1
18*2 Jan 18
*1834May 28
-No par
Feb
334
Lily Tulip Cup Corp ...No par
Carbonic
15% July
12
24% Mar 17
300
8034
10634 10634
203
6
100
Liquid
1
June
13%June28
l%June 23
8%June 29
Preferred
Link Belt Co
6
51*2 Feb
94%June 14
151
May 20
1,700
2,600
11,300
Mar
1734 Mar
25
400
51*2
8084
52*8
81*2
Tobacco..25
Jan 14
27% Mar 11
June 30
Jan
32
24
8
4
B
Series
2,200
58
52*2
*4
6% conv preferred
50
Lehman Corp (The)..-No par
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
96*2
96*2
51*2
79*4
6
No par
Lehigh Valley Coal
Libbey Owens Ford Gl.No par
Libby McNeill & Llbby No par
Life Savers Corp
5
67
*4*2
Lehigh Valley RR
27*2
*27
2712
*18
9
500
4038
65
538
160
1.400
98*4
98%
98*4
*9734
98*4
97*4
*156*2 160
156*2 156*2 *156*2 160
22
*20
21*4
2084
*21*4 22
66
67
*65
6584
6534
66
6
100
50
4% conv preferred
2*8
57
*5
32
4134
*12%
*8l4
20i2
414
1038
*1%
*10l2
1,100
Lehigh Portland Cement--.25
10
65
558
Jan
10
♦IO6I4 107
*106i4 10612 106*2 106*2 *10634
2
2
2
2*8
2*8
17s
1%
57
56*2
56
56
5634
5658
5634
7*2
*7*8
7*2
714
75g
714
7%
31*4
30
31*4
31*4
*2978 30%
31l2
*10634 10734 *10684 10734 xl0734 10734 *10684 107S4 *10684 10734
22
22*8
22*4
22
22
22
2218
22*4
2218
22i8
130
130
129*2 129i2 12912 129*2
129l2 129l2 129% 130
20
20
20
*20
20
1978
20
*19*2 21l2
20%
8s*4
88
88*2 *87*2
88
88
8784
8734
*87l2 88
35
35
3412
*34
34l2
3534
347g
3584
34%
35l2
32
31*4
*31*4
31
31
31
31*4
*30l2 31*4
*3084
*121l2 129
*121*4 129
*121*2 129
*12h2 129
*121% 129
44
44
43
45
45
45
4334
4484
4458
4434
48*2
48
48*2
48*8
48
4778 48
48l2
48*2 49*2
1138
1134
11*8
12
II84
*1134
*1184
1212 *1134
1214
*47
48*2
4758
47
47
*48
4758
47*2
47*2
4884
5%
17
"MOO
15*2
108*2 *107*8 108*2 *107*8 10812
2
2
2*8
2*8
2*4
5634
57
56*4
5634
56*4
7
7*4
7*8
7*4
7*4
31
*31*2 31l2
31*4
30*2
5i2
Lee
179
52i2
8OI2
July
19% June
20*2 Apr
41% Jan 14
3
18% June 30
12
1,300
35
"IB"
23*4June
100
preferred
27% Jan 14
15*2June 15
No par
...No par
Rubber & Tire
5
*15
*96
5%
4% Apr
74% Feb
3534 Aug
24%
June 14
18
20*2 Apr
Jan 13
47*2 Jan 23
31*4June28
No par
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
Lane Bryant
16
*27
Kress (S H) & Co
2
15% Jan 16
147
May 11
50*4
6
29% Jan
8*4May 18
105
Apr
30
Feb 30
35*2 July
31% July 12
20%June 29
100
preferred
8%
71
Jan
3% May
938 Mar 30
July 10
Feb
1734 June
18*2 Jan
8
4634 Apr 14
June 14
44
Dec
28*4
4
69% Mar 10
Dec
87
19*2 Jan 14
Jan
19*4
17%
109*2 Feb
Lambert Co (The)
-100
25*4
*
Kresge Dept Stores
20
800
1934
25
41*4
15*2
6178
133s
300
22
*14*2
Kresge (S S) Co
20
3334
35
42
97*2
3334
2134
35
61%
27*2
300
25*4
42
12%
3,600
11*4
125
preferred
5
No par
No par
10
No par
$5 prior preferred
225g
22*2
*1034
2*8
10*4
1
Jan
Dec
80
23% Feb 11
20% Mar
Jan
17
2378
5
Jan 14
110
14%June 14
37*4 July 9
No par
130
25*4
413g
Kinney (G R) Co
50
25*2
10*4
Kimberly-Clark
38
14
*1538
*26*2
*95*2
1,200
32
15*2
19*4
44% Jan 16
Apr 29
51
No par
Keystone Steel & W Co No par
32
125
15
Kennecott Copper
330
19%
*12*4
179
Kendall Co $6 pt pf A.No par
1,100
5*4
*30*4
62
9734
.
14
42
1234
21,100
1,300
39
*5*8
5*4
1934
61%
*1234
13
50
106
32
41
Jan
12% June 17
9*2June 22
101
May 25
1
Class B
1,600
1178
*102
103
14
2*8
13
June 16
1934
~1478
Mar 17
96
14
*
29
27*4 Jan 18
"""600
Deo
Nov
Mar
Sept
93% Nov
121
116
1
126
Dec
Mar 17
35
preferred
3138 Nov
133
121
July
4%
600
Apr
2234
Dec
June 28
15
Oct
107
75*8 May
39% July
6
June 30
19l2
35%
City P & L pf ser B No par
Kansas City Southern
100
Feb
19*4
37% Nov
126*2
Feb
8
115*2 Apr
Kan
Jan
June 28
32
1578
Feb 15
46
20
32*2
2278
413g
136
June 29
28
25
46*2
1034
pref.-lOO *117*4 June 29
Feb
152
May
12134
25
*3038
41l4
2
5
Keith-Albee-Orpheum pf__100
Kelsey Hayes Wheel conv cl A1
*45
2*s
1034
*15
Jan
100
32%
10*4
126
Kayser (J) & Co
45*2
*2
Mar 18
Kaufmann Dept Stores.J12.50
45
2*8
120
700
39
1034
2
2i8
11
100
Preferred
400
38*2
15*2
88
Jan
58*2
8
28
*97*2 109*2
15*2
*15*8
Apr
113
5
Jan
22*8
*97*2 109*2
Jan
Jan
87%
22*8
40
179
15
126*2 Mar 29
Jan 16
Jan
2438 Aug
Apr 15
30
28
*38
35*2
82
6
22
1534
"l5"
Nov
28l2
5934
*
93
26*2 Jan 30
69*2June 30
Kalamazoo Stove & Furn__.10
32*2
15*2
June
11*8 Sept
10% Apr
155
Jones & Laugh Steel
*30
50
Jan 18
June 17
700
33*2
Feb 19
120
460
5*4
Nov
No par
126
126*2 *124
33
335g
*3214
33*4
*119
119
119
120*2
19
*18%
185g
18*2
3178
31%
31*4
*3034
1,200
35
No par
20
10
Apr
Jewel Tea Inc
3,100
585g
3534
121
Oct
15
107*2 Apr
25*2 Jan 26
1
preferred
Oct
53 %
47
36%
June 18
17
Oct
10%
61% Nov
30
4
Johns-Manville
130*4
*123*4 125
45*4
179
"l5"
900
74i2
129
*15*2
*25%
$6
10
*122l2 132%
74*2
100
8% Dec
98% Dec
11% Oct
Mar 11
15% Feb 19
20 *8 May 27
100 June 18
Preferred
Jan
Aj?r
Dec
Deo
14%
110
934 May 14
Interstate Dept Stores.No par
Nov
23%
52
6
2
.No par
6638 Nov
136
Jan
3
834 Jan 30
June 17
88
100
preferred
Intertype
15*2
*30*2
19*2
*13*2
7%
100
59%
19*2
100
International Silver
Inter Telep & Tel eg
900
15*2
30
Shoe
2834
28*2
5878
14l2
263s
*
200
20
16
*41
80
41*4 July
3134 Jan
16
*1514
*64
No par
125
1578
156l2 157
22
*21
International
80
125
4112
9734
500
*99*4 103*2
18*2
*17*4
103
18
*1058
4078
*96
43
43
29
16
103s
19*4
23
31
19*2
26
179
>_
2
41
57*2 Feb 16
2834 Jan 25
9,100
53g
6
24
25*4
15
6
Dec
*Feb
18*4 /Dec
2% Jan
1% Jan
20*2 Apr
334 Jan
6
43%May 26
25
*11
43% May
125*4 Feb
334 Apr
6
Feb 16
10
June 15
8
Dec
2434 Apr
18
Apr
9*4 Apr
12134 Apr
8
10%
Jan
13%
...100
253s
103
4*2
7
7338 Mar 10
13 534 J an 5
No par
25
2134
9
preferred..
5%
59,900
*28
15*4 Apr
International Salt
1278
124
Apr
210
98
*72*2
234
200
42*2
125
Apr
25
12;%
18
160
49*2
*40
29
Deo
Jan
1834 Jan
90*4 Jan 6
5i2June 17
June
Dec
148*2
1678 Jan 29
May 18
6
Dec
Jan 18
Voting trust certifs..No par
*45
*135s
26*4
...100
7%
194
105%
Internat Rys of Cent Am..100
*95
124
-
193s
*12i2
25%
No par
1278
1834
*5*4
Class C
5% Mar
Jan
120
23
2234
2234
225s
2258
11
*1034
11%
1078
1078
IOI4
125
*110*8 125
125
*110*8
*110*8 125
*110%
34
34
3334
3334
35
*33
*33*4
34
22
21&8
2134 2178
2112
2134
2li4
2084
*16
1978
*16
*15
1978
1978
*15
20
34
*30
8,200
Dec
Dec
5%
18*4
56%
162
16*2 Feb 23
10% Feb 24
534 Jan 12
...No par
Apr
160
4
11434 July 14
860
9778
130
5*4
Class B
Jan
4834 Nov
Sept
112
2% July
2234 July
63*2 Apr 14
189
Apr
6
42
29
124
Inter Pap & Pow cl A.-No par
1134
103
4
55*8 Apr 29
12778May 27
100
Preferred
9*8 Apr 14
Jan
Jan
May
2*2 Jan
9% July
11*2 Mar 16
2
Dec
Jan
37
6
28*2 Mar 11
Jan
7
14478 Apr 30
87s Jan 4
6*2 Jan 4
Int Nickel of Canada.-No par
Jan
7%
18%
107
64*4 Apr 20
24%
Jan
5
1078
Jan 20
111*4
Oct
Dec
6%
Jan 18
6
1334
16*2May 13
10
2,500
4,100
Nov
99*8 Apr
1
Mining Corp
Dec
122
146*2June 14
100
Preferred
140
is16May 13
42
100
No par
Int Hydro-Elec Sys cl A.-.25
Int Mercantile Marine. No par
internat
Aug
88% July
33*8 Feb 23
5
Int Business Machines.No par
Preferred
125
6
6*4
*95
124
38*2
5*4
6,300
100
*41
42l2
129
16
5%
4412
32
*31
100
.
Internat Agricultural.-No par
Prior preferred
Jan 21
49*2
*24i2
25*2
42i2
130
123%
38
15i2
37%
514
?800
19,900
No par
Internat Harvester
137
131*4 Mar
1
Jan 21
41
No par
Iron
147
107*4 Apr 24
434 Feb 5
.100
preferred
May
6
50
50
12*8
2558
34
*33
33
33
32
3414
3534
32
*117*2 119
*117*2 119
*118% 119
*11812 119
185s
185g
18*2
19
1812
18i2
1812
*1712
32
31
32
3178
*30*4 32
*2914 31
28
28
28
*27
*275s
28*2
2734
2734
22
22
*21
22
2n2 *2138
2214 *2118
*97
109i2 *97i2 109l2 *97*2 109*2 *97*2 109l2
15
15*4
16
15%
15l2 *15*4
16i2
*15i2
11*4
11*4
11*4
11*4
1178
11%
11%
1134
103
103
*101*2 103
*101% 103
*101% 103
59*2 60*2
593s
6058
6OI4
5912
59i8
58%
*37
1,400
j
6%
Intereont'l Rubber
106
4%June 4
57sJune 17
Corp..No par
Interlake
5
6
42
103
129
16
97
7*8
*123*2 124
130
*123*4 124
121l2 12112
*6
98
2834
28*2
*128% 124
*120i8 122
978
*24l2
*74
*12314 124
*9*2
13,700
12*4
25i2
42l2
28l2
2812
28i2
2838
*122l2 13212 *122l2 13212 *122l2 13212 *122*2 132*2
74
74
74
74
74
74*4
74*2
*28%
*126
11*2
100*8 101
6
63s
7*8
5178
*95
III4
24%
50%
25
103
*18"
147
12?
*558
517s
*24i8
42i2
*3812
24%
*
103
102
103
6%
*94
300
147
13
1258
1338
1234
61
6178
6134
62i8
6134
6034
6u8
13534
13534 *127
13534 *127
13534 *127
17
16%
16*2
1738
1634
16%
1778
18*2
12
13
13
1134
12i2
1278
1278
12i2
634
6*2
678
634
67s
658
634
658
1778
102
600
20,000
61*8
17%
102
400
163
13534 *127
17*4
*1238
102
500
June
Feb
Feb
316June 1
1738May 18
1
d Interchemical
32,900
3,200
113*4 1143g
113*2 11414
Insuranshares Ctfs Inc
t Interboro Rap Tr v t C...100
30
47*2
47*2
*158
158*2 158
94
No par
Steel
144
133*2 Mar 27
100
preferred
15*8 NOV
41% Nov
Jan
4%
25% May
47*2 Apr 20
June 28
June 28
500
6*8
if?
13? 1?%
62i8
13?
*127
131
49
49
49*2
113*2 11434
33
124
900
56
6
6*4
6*4
115s
6h8
61%
60%
1,600
*110*2 111*2 *110*2 111*2
7
*6*2
*658
7*8
2l38
2058
20*2 21*4
638
No par
No par
6%
7*4
56
56*2
147
1138
^3 I 13?
131
*634
146
*146*2 147
*146*8 14678 0146
1134
113s
11*2
12*4
11*2
11*4
10*8
10*4
10*8
9%
934
*9*2
10%
10*4
10*4
7*8
56*2
158
158
155
11234 11338
11034 11314
7
56*2
6i2
k*49%
5*8
5
7*4
*7*8
56*2
*110*2
20lg
*7
2478
2412
Industrial Rayon
Ingersoll Rand
share $ per share
£ per
22*4 Jan 20
12i2June 28
Rights
Inspiration Cons Copper.-.20
5
2558
110*4 IIOI4
3 per share
10
Inland
---
5
56
Indian Refining
"moo
400
Highest
Lowest
Highest
$ per share
Par
3,300
2478
57
Lowest
*14i2
1558
*1458
16*4
1558
16
38
38
38
38
3838
38*2
*129
132
132
129*2 129*2 *129
*135*4
*135U
*135*4
*135*4
117
118
117*2
11412 11538 116
117*2 116
2458
Year 1936
100-Share Lots
EXCHANGE
1634
131
24%
*4%
*53
On Basis of
STOCK
Week
39i8
1634
131
*128l2 131
Thursday
July 15
.
$ per share
per share
38i2
39
131
*129
114
13
~fp
$ per share
$ per share
*38
July
12
July
Wednesday
July 14
Tuesday
Monday
the
Range for Previous
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
for
Saturday
397
New York Stock Record—Continued—Page b
145
Volume
n New
of name from Intern ational
stock,
r Cash sale,
x
Dec
Print! ng Ink Corp.
Ex-dlv.
y Ex-rlghts.
T Called for redemption.
New York Stock Record—Continued—Page 7
398
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
Saturday
July
Monday
Tuesday
July 12
9 per share
10
$ per share
*24%
25%
25%
1078
1678
17
NEW YORK
Thursday
July 15
Friday
the
July 13
Wednesday
July 14
July 10
$ per share
$ per share
$ per share
Range Since Jan. 1
STOCK
Shares
On Basis of
Week
$ per share
26
17%
*26
27
26%
17%
17%
26%
17%
17%
*25%
17%
*25
2634
1734
26%
17%
Lowest
$ per share
Par
McCall Corp
McCrory Stores Corp
6% conv preferred
$ per mare
No par
89
*86
89
*86
89
*86
89
*86
90
*86
90
50
*45
49
*46
49
49
49
*49
19%
36
20
*19%
500
McGraw-Hill Pub Co ..No par
36
35%
1,900
Mclntyre Porcupine Mines. _5
McKeesport Tin Plate
10
44
13%
14%
3234May 10
31%May 11
12% Jan 6
4234 July 1
12%June 1
21
14%
*4378
*13%
20
20
35%
36%
14%
35%
36%
35%
36%
14%
14%
44
43%
13%
43%
14
99%
30%
1378
*4334
13%
*96
99%
*96
30
30%
*96
98
*96
*70
74
72
*96
*29%
11%
13%
1334
97
72%
13%
*96
*95
98
72%
1434
44%
44
99%
30%
30%
35%
14%
*96
99%
30
30
*96
29
30
96%
96%
96
73
conv
6%
96%
73
73
*71
73%
$3
29
No par
Stores
conv
1
preferred
400
25
No par
..No par
11%
*11%
11%
11%
11%
11
11%
*39
2,100
40
*40
40%
40
40
*37%
40%
90
*32
35
*25
35
*25
35
35
*32
*59%
62
18%
*60%
18%
63%
*61
*61
61%
61%
61%
62
63%
""400
1834
18%
29%
17%
2934
18%
30%
4,500
Miami
30%
18%
29%
7,100
Mid-Continent Petrol
41
41
41
41
41%
2,200
Midland Steel Prod
112
112
112
*29%
39%
*112
29%
29%
39%
39%
*112
114
*103
98%
103%
*112
114
*96%
13%
*96%
1%
26%
*4%
7%
32%
96%
60%
*36
57%
1%
*29
20%
*44
30
30%
40%
*1%
*2%
*3%
28%
4
29
98
1%
*1%
4
*3%
28%
96%
98
98
6078
62%
6034
38%
57%
1%
30%
20%
35
36
31
56
57
57
28
57
7%
734
25%
26
4%
7%
32%
32
4%
*7%
32%
1%
1%
28%
20%
2878
29
20%
20%
45
45
45%
1%
26%
26
92
92
27
*68
73
*68
28%
73%
65
63%
63%
18%
14
18%
35%
20%
14%
24%
18%
35%
25
*32
20
19%
14
2478
*
151
27%
99%
*
151
"27"
57
1%
*3%
*32
8
32%
99
61%
33
1%
60%
*31
1%
30
29
20%
19%
20%
44
44%
25%
92%
43
43%
25%
27%
*92
9934
*90
33%
2784
*140
2734
34
*110
111
111
17%
17%
17%
18%
7
7
7
7
30%
30%
30%
3078
*30
14%
32%
14%
35%
*30
111
18%
18
7
7%
31
7
3034
*30
14% 1434
14%
35% 3638
35%
*157% 159
*157%
35%
*157% 159
*129
*129
134
*128% 135
*49
*49
50% *49% 50%
10
10
10
*78
%
10%
42%
53
*102% 106
*20% 23
33
33
*71
77
40%
54%
54
*80
125
86%
37%
125
125
42% 42%
*50% 52
*102% 106
23
23%
3278 33%
43%
50%
43%
50%
106
36
9%
*1
87
38%
37%
*124
125
7%
*934
*43%
7%
10
984
45
*43%
50
50
60
108
*106
26
Feb 13
28% Apr
*5% Jan
1
37s4 June 23
51
20
June 17
39% Mar 20
9938Mar 19
36% Feb 11
650
7,000
7,700
700
79
77
79%
77
4034
39%
40%
38%
600
54
54
54
8884
54
23
52
87%.
93% Apr
29% Jan
24
V 23
22%?
9
9
.
470
480
22%
21%
22%
18%
131%
*124% 140
%
*
7I
91
"5%
15%
3
5%
16%
3
11
11%
*58% 61%
90%
90%
100% 100%
3
*2%
884
18%
*122
9
9
9%
7%
734
734
7%
18
19
18
18
19%
18%
19%
*127
12934
12934 *127
12934
12984 *127
*124% 140
*124% 140
*124% 140
*124% 140
1
1
1
1
1
1
%
1
*124% 140
1
*7U
*_
r
91
"5"
16
3
10»4
*58%
90%
100
*2%
91
""5%
5%
16%
1534
3%
10%
*59%
89%
3
1034
61%
90%
100%
100
3
*2%
5%
16
3%
10%
61
*
91
"5"
15%
3
*1034
*56%
2%
100
*2%
*236
240
*237
240
239
239
*238
*105
106
*105
106
106
106
*106
26
26
25%
*53
54%
12%
12
*97% 100
*99% 102%
*4%
25%
54%
12% 1234
*97% 100
*53
12%
30
2934
30%
46
46
5
32%
26%
54%
*53
12%
12
2534
*98
*97% 100
*99% 102% *100
102% *100
47%
29%
*46
*29
26%
64%
4%
458
*28%
20%
30
*46
32%
*4%
*28%
20%
31
47%
4%
91
"5
5%
16%
15%
234
*10%
3%
11%
5%
1584
2%
11
29%
*46
4%
*28%
2084
68%
61%
59
59
90
90
100
*
8934
9934
2%
8984
9934
2%
100%
234
*
6,200
5
15%
3
10%
*53
61%
90
90
99%
99%
*2%
234
23934
239
239
*238
239
110
i06
106
106
106
26%
54%
25%
*54
12
1234
100
97%
100%,
30%
47%
4%
100
29
*46
4%
*2884
20%
67%
26
54%
12%
98
100
29%
47%
4%
3284
20%
7084
66
*121
125
*82%
26%
*50%
*114%
94%
88
26%
64%
28%
94%
18%
9%
28%
16%
16%
18
*9
*
*122
*84%
26%
55%
*114%
94%
18%
*8%
134
*124
88
*85
26%
55%
26%
*57%
*114%
94%
94%
18
18%
9%
28
28
I6S4
1634
9
134
85%
26%
*124%
86
26%
*25
26%
59%
*58
61
95"
94%
95"
*114%
94%
19
18%
934
18%
18
10
29
30%
*9%
29%
17%
934
1634
17%
1634
18
Bid and asked prices; no sales on this
day.
*25
59
*114%
94%
18%
10%
9%
26%
59
Jan 18
3384 Jan 13
103% Feb 3
38% Feb 25
26% Feb 8
112% Mar 11
112
May 20
24% Mar 9
10% Jan 28
5
9% Apr
Oct
2834
153
Jan
30%
Dec
37%
Dec
100
Dec
107% Dec
21
Apr
Apr
32% Nov
21
10784
Oct
107
Dec
10
Apr
28% July
112% Mar
112
June
24% Nov
Mar 17
25% June
333s Mar
Mar
28^1
37% Apr
June 17
18% Apr 22
44
3
Mar 11
Oct
26%June
36% Nov
Jan 22
155
Oct
171
Dec
Jan 29
13734
Jan
147
Nov
44
54
Dec
6%
July
9
June 17
61% Jan 22
1484 Jan 14
2% Jan 18
8% June 17
%June 15
1
%June25
70
2
Jan
No par
No par
94% Mar
38% July
3184 June 23
121% Feb 26
6%June 12
984Jime 16
100
37
1
No
July
Jan 18
5
6
Apr 19
12% Jan 15
130
100
Dec
75% Nov
133
Dec
12% Nov
60
64% Nov
Jan 11
Mar 17
Apr 28
No par
No par
78
41
37
June 24
28
Jan
7% July
10% June
Feb
Feb
3234 Apr
109
17
1
74%
Feb
1%
6484 Mar 10
2
100
% Jan
57% Apr
19% Jan
Deo
3
13% Feb 25
67% Feb 13
50. June 17
100 (Apr 7
par
9% May
% Jan
61%
14%
4184 Jan 18
98% Feb 10
55% Mar 17
73% Apr 30
34%June 28
Apr
104% Apr
13%
Jan
Nov
110
Nov
10%
Feb
43
9
Apr
40
Dec
32%
Jan
83
Dec
2734
Jan
Apr
Oct
Jan
4
72
Mar 17
1734
Jan
49%
53%
79% July
2
100
Jan 22
36%
Jan
95
Sept
15
Nov
41
100
preferred series A... 100
21
July lu
r
1534 Apr 29
21% Mar 20
6
No par
Oct
31% Mar 19
12% Jan 22
2538 Jan 22
July
2
12%June 17
50
121
125
90
3% July
10% May
May 17
135
Jan 20
119
May 19
137
Mar 12
S4June 25
2
5
June
97
150
Oct
125
Jan
138
Sept
1
Jan
Jan
Feb 10
90
Jan
334 June 15
12%June 17
934 Mar 8
26% Feb 25
3
Apr
2%June 29
8%May 18
6% Feb 11
55
June 28
29% Nov
Jan
19% Feb 11
76% Jan 22
7% Apr
4
July
9% Apr
2% Feb
99% Sept
6%
Dec
18% Dec
7% Feb
15% Mar
57
May
99
Sept
83
Mar
104
Nov
9
200
{ Norfolk Southern
100
2
Jan
4
112%May
434 Mar
93% Apr
1% Aug
3
200
Norfolk & Western
100
23 684
110
Adjust 4% pref
North American Co
100
102
Apr 29
Apr 8
No par
21
June 17
34% Jan 14
48%June18
9%May 18
9734 June 25
57% Feb 3
17% Jan 21
600
6%
preferred.,
50
North Amer Aviation
1
No Amer Edison $6 pf.No par
Northern Central Ry Co...50
700
10
Northern Pacific
Northwestern
20" 100
5,600
60
100
Otis Steel
""306
300
40
2,000
36%
Aug
57
4
18
4
4
28
2
Jan
19
Aug
13
June 28
June 28
12%May 14
3334May 14
126
July
7
9%
300
29%
310
1734
880
a Def.
delivery,
1st preferred
2d preferred
n
New stock,
Cash sale,
Jan 18
22% Apr 5
73
Apr 20
4% July
26% Feb 16
114
Feb 13
19% Mar
1
45% Jan 21
140
Feb
3
2438 Mar
8
134
Mar
6
Mar
8
75
Jan 26
97
Apr 29
28
Nov
Feb
Mar
4% Mar
32
Nov
18
Dec
59% Dec
75
Jan 12
17
July
107
Jan
8
Jan
24% Apr
123
Jan
12% July
July
70
25% Mar
115% Feb
19% Nov
3934 Nov
136
June
2084 Mar
120% Nov
83% Dec
Jan 26
5484 June 29
114
Mar
4
115
£82% Apr 28
£17
June 30
6% June 17
23%June 22
13
x
12% Aug
24% Jan
103
7
22
No par
No par
r
40
Oct
June
14% Dec
106% July
50
95
par
100
59
23% July
112% Jan 23
.
Jan
Jan
Oct
35% July
53% Jan 22
6% Mar 3
prior preferred
100
$5.50 conv 1 st pref. .No par
Outboard Marine & Mfg
5
Outlet Co
No
Owens-Illinois Glass Co. 12.50
Pacific Amer Fisheries Inc
5
Pacific Coast
10
6%
98
115
36% Mar 11
14%May 18
Preferred
"3" 500
18%
8
310%
8
No par
7%
104% Jan
105
Jan
May
23% Apr
5234 Feb
July
26%May
17% Jan
53% Jan
284June
No par
6% preferred
10,600
105
8
3% Jan
Rights
Omnibus Corp(The)vtc No par
8% preferred A
100
Oppenhelm Coll & Co ..No par
Otis Elevator
No par
""800
210
Jan
97% Apr
46
50
par
Oliver Farm Equip.
Jan 14
114
25%June 28
.....100
Telegraph
Mar 23
272
109% Aug
2% Jan
Jan 28
93
Norwalk Tire & Rubb.-No par
Preferred
50
Ohio Oil Co
.No
22,800
9,700
5,700
95"
{ In receivership,
167
June
18
29%
17%
2
73
95%
29%
17%
62% Nov
47% Oct
19% Dec
15% Mar
38% Jan
164% Dec
No par
134
*57%
*114%
9
Jan
460
500
86
Mar
43
20% May
12% Apr
10234May
484
86
1
63%June 14
10
87
Dec
79% Aug
; Dec
2234 Mar
3634
108
No par
17,200
87
3934 Nov
101% Nov
N Y Steam $6 pref.
$7 1st preferred
29%
86
44% May
102% July
14
Apr
18% Jan 21
3038June 17
Shipbldg Corp part stk_.l
7% preferred
100
50
47%
*126
Jan
Oct
Nov
35
N Y
1,010
99
134
*25
29
700
99
*126
Apr
May
27
38
{NY Ontario & Western. .100
1,600
13,100
134
59%
28%
4,300
12%
*4%
11
70
21
43%
5
N Y Lack & West Ry Co.. 100
{ N Y N H & Hartford... 100
Conv preferred.
100
"6" 100
12%
32%
*2834
3284
20%
21
2034
21%
20%
20%
66%
66% 69%
67
08%
69%
68%
70%
r5 38
r5%
5%
6
15%
16%
15
15% 15%
15
15
15
15%
15%
15%
15%
*100
104% *100
104
*102
104% *102
104
104
*102
*102
104
*15%
15%
1538 15%
15% 1534
16
16
*15%
1534
1534
1534
42% 42%
43
44
42% 4334
42
42% 43%
4234
42% 4234
126
126
*126S4 131% *127
131% *127
131%
131% *127
131% 131%
18%
18%
18%
19
18% 19%
18%
1834
19%
19%
19%
20
31
Feb
2% Nov
June 14
10% preferred50
{NY Investors Inc...No par
16,300
28%
Feb
71
171
5% preferred
1,700
26%
54%
*46
Nov
5984
Jan
150
N Y & Harlem
25%
54%
*99% 100%
68
Dec
12
NYC Omnibus Corp..No par
Purchase warrants
New York Dock
No par
91
5
15%
*234
10%
Jan
41%
29
....
8%
*16%
*124
3534
60%
15434 Apr 26
N Y Chic & St Louis Co
800
19
193S
130
*122
21
Mar
127
{ New Orl Tex & Mex
800
873.
2234
22%
103
100
Neisner Bros Inc.
120
23%
23
24
9
27% Feb
Mar
33% Mar
6% June 17
'
*23%
Feb
May
100
34,000 Newport Industries
1,300 N Y Air Brake
59,800 New York Central
52
*86%
79
A
Newberry Co (J J)
120
5% pref series A..
40
88%
71
17%June 29
ll%May 18
2234June 14
10
600
78
3834
Mar 13
47% Mar 11
June 30
National Tea Co
Natomas Co
1,100
36%
78
Feb
734
Jan
2084 Feb 11
June 29
25
Preferred
1,000
108
77
30
Nat Rys of Mex 1st 4% pf.100
700
5% 2d preferred
100
7,800 National Steel Corp.
25
7,800 National Supply of Del new 10
37%
*124% 1261
7%
7%
934
934
44
44%
44%
50
53
*49%
353s
4
33% Dec
a:24% Jan 28
200
7%
934
*20
9%
3338
Nat Mall & St Cast's Co No par
National Power & Lt...No par
400
1%
*106
Feb
Feb
Dec
Feb
Oct
6% preferred B
38 A
23
84
108% Jan 26
May 18
pr- ferred
Feb 17
90
6
145
7%
MarlO
16%June 17
.No par
3% Jan
19% Aug
Jan 18
8
10%June 28
58% Jan 23
Nat Enam & Stamping.No par
Nat Gypsum Co
1
National Lead...
10
7,000
10
36%
Apr
100
6%
100
%
87%
108
July
Jan
46
June 17
67
10
preferred
Nat Distillers Prod
6%
Sept
69
June 15
102
2
66% Jan 18
3% Feb 26
•
11,500
49%
35
80
14%
101
May 13
24
No par
cum pref.
2
Nat Dairy Products.-.No par
18%June 25
7% pref class A
100 £10 734 June
1
7% pref class B
100
107
Mar 11
Nat Depart Stores
No par
15 June 14
134
37%
Co
Jan
Nat Bond & Invest Co.No par
5% pref ser A w w__
100
Nat Cash Register
No par
~1~566
Feb
5%
Mar 15
Wheel
Nat Aviation Corp
2,400
23%
8684
38% Jan 15
__5
34May 12
27% June 30
17%June14
National Biscuit
10
36
*52
June 12
~2j66
100
23
88%
.
July 13
56
Nashv Chatt <Sc St Louis.. 100
National Acme
1
17,000
3434
*52
87%,
31
June 28
48
50
11,400
~3~66o
35
41%
Apr 29
Mfg Co class B...1
$7 conv pref erred.. .No par
Munsingwear Inc
No par
Murphy Co (G C)...No par
5% preferred
100
Murray Corp of America... 10
Myers F & E Bros
No par
Nash-Kelvinator Corp
5
7%
29%
85
Mullins
2,100
1634 June
5% Jan
May 14
Mueller Brass
15,600
234
28
Motor
100
Dec
138 July
2% Aug
234 Jan
June 29
1,800
200
94
6
1,400
4,800
Jan
100
conv preferred
42%/
*1
%
5% June 17
57%
3
20
40
2% Jan 23
5% Mar 4
6% Jan 8
34
Apr 5
984 Mar 17
34% Mar 17
6% Mar 17
12% Mar 17
40% Jan 23
12% Mar
21
Mother Lode Coalition.No par
Motor Products Corp.-No par
23
40%
54
5%
MarlO
Jan
100
9,900
77
41%
1.800
101
6%
...100
12,100
23
*2034
No par
Preferred series A
16% Mar 11
2% June 30
23%June 14
No par
1%
126
7%
*106
106
*130
88
87
100
{Missouri Pacific
37,000
1438
1438
3634
36%
*157% 158%
1%
%
100
3384
33%
77
i
30
10
934
87%
7%
7%
30%
10
10%
*52
800
17%
*48%
7%
9%
88
2,700
20%
30
14%
36
4934
7%
40
25
preferred
4% leased line ctfs
Mission Corp
Mo-Kan-Texas RR
1,500
2,500
112
48
4934
7%
*71
20
334
28
111
48
50%
383S
125
88% Jan 7
1% June 24
238June 28
99%
134
86
7%
Dec
$6.50 conv preferred.No par
Minn St Paul & S S Marie. 100
34
*130
37%
10
Nov
120
7%
28%
*157% 159
134
86%
3884
125
112
Dec
151
3034
31
14%
1%
125
7%
10%
31
10%
*123
*41
3584
1%
38
85
Apr
119
134
72
*130
9%
3778
£65
Mar 10
Morris & Essex
*157% 159
1®4
%
8634
86
Mar 17
124
120
134
10%
38
120
conv pref ser B
700
159
*1%
%
38
*50%
14%
48% Sept
131% Mar
109
Sept
58 84
17%
*634
7%
*30
31%
14%
36%
Mar
31
33%
20%
18
30%
31
*30
10%
1
*85
*7%
*978
£30%
31%
14%
36%
17%
*684
7
%
1
34%
33%
18%
%
1%
*%
34%
Feb
88
6238
28
Jan
110
5,300
*90
21%
2
Jan 22
99
20%
20%
20%
20%
109
109% 109%
109% 110
112
*109
*109
*109% 112
18
31%
*90
5
Jan
106
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
Mont Ward & Co Inc..No par
Morrel (J) & Co..
No par
*140
2734
99%
2734
*90
33%
151
48% Mar
122
4
70%
*106
107
105% 106
*106
107
*106
107
12
12% 1234
12%
1234
12%
12%
12%
*62
66
*62
64
*62
64
64
*62%
18%
1834
18%
1834
18%
18%
18%
18%
*32
34
*32
34%
*31%
3534
3584
*31%
19% 20%
20
19% 20
1934
19%
1934
13
14
13% 13%
13%
1384
*13%
13%
23
23% 24%
23%
23%
24%
23%
23%
151
33% June 28
4
300
*140
Nov
I684 Dec
30% Nov
Jan
900
28
Oct
65
May
4%
400
151
45
June 21
1,100
72
31% Jan
40% Jan
584 Jan
£17% Apr
May 14
25%
92%
90
*24%
72S4
Jan 16
72% Mar 5
26% Feb 23
35% Mar 10
11
25%
33
112
26
*25%
26%
41
1
96
*85
26%
70%
Dec
June 16
32%
42%
*25%
Oct
12
8
108
*24%
*90
9934
*110
31
91
9
Dec
Dec
par
4
*57%
1%
30%
19%
55% Jan
6% May
Jan 13
1234
100
90
28
33
32%
6884
1%
*57%
1%
Nov
£95
Dec
94
31
62
122
Jan
11% Apr
Jan
108
7%
32%
9734
99%
Dec
Apr
100
60%
99
*20%
45%
26%
92%
27%
7334
3334
20%
20%
20
20% 20%
20%
*109% 111
*109% 111
*109% 111
33
33
Nov
Nov
Nov
Jan
1434
49%
2138
108%
2834
8%
3734
6% pf-100
1st pref
Minn-Honeywell Regu.JVo
4
4
Dec
Nov
1,800
7%
24%
cum
10
24%
4938
June
Oct
86
Apr 28
1484 Apr 29
25%June 17
No par
46
16
Feb 16
16% Feb
4784 Mar
Dec
23% Nov
101% Dec
40% Nov
38%
8
Jan
June
37
Minn Mollne Pow lmpl No par
40
100
7
7%
25%
4%
7%
1,000
1438
*1%
*2%
*3%
*26%
28
8%
July
92
share
per
Feb
2% May
£95
1
June 25
58
5
29
26,400
114
100
334
*26%
7%
24%
4%
7%
57
29
29%
20%
109% 10934
14
32
Copper
Milw El Ry & Lt
10
July
2
Jan
Highest
share $
per
101
9% June 29
34
70
26%
7234
*70
105% 105% *105
105%
12%
12%
12% 12%
7%
24%
4%
7%
32%
98%
60%
*30%
3%
28%
758
25%
4%
112
*110
14%
14%
100% 100%
*1%
134
4
*2%
134
4
3%
6078
7%
25%
*4%
7%
*27
*92
*1%
*2%
4
96%
7%
*90
"27"
14%
14%
99% 101
134
*2%
*25%
19%
*13%
2478
114
4
92
*
*110
97%
28%
18
114
14%
98
*27
*62
*110
13%
*89
*32
110
67
1
100
Merch & Mln Trans Co-No par
Mesta Machine Co
5
35
*97
9984
106
28%
7%
26
4%
734
32%
99%
62%
32%
26%
4%
7%
32%
*97
9934
107
98
4
113%
*98%
*106
114
114
28%
*32
108
14%
44%
26%
*25%
18%
2934
41
40% 41
112% 112% *112
114
13%
97%
4
*28%
7%
30%
114
*112
13%
*2%
*3%
61%
18%
98
*96% 98%
*104
103% 104
98
*1%
18%
Mengel Co. (The)
5% conv 1st pref
$
112% Jan 14
3434 Apr 19
93%May 11
34
18%
June 17
No par
40
18
19
June 21
$6 pref series A
Melville Shoe
*38
11%
3934
95
100
Mead Corp
40
*32
11%
June 23
40% Jan 12
5
preferred
McLellan
3,100
84
5
McKesson & Bobbins
700
""966
29%
96%
*72%
11%
96%
72%
1138
40%
1,500
9,100
1434
43%
13%
99%
100
McGraw Elec Co
Lowest
24% Feb 11
106% Mar 2
54% Mar 12
28% Jan 19
42% Jan 14
42% Mar 24
16% Mar 17
47% Jan 12
16%June 21
36
35%
*35%
36%
14%
44
*1.9%
35%
35%
14%
49
20%
35%
14%
£48%
20%
35%
35%
14%
43%
13%
""300
19%
*3534
49%
20%
35%
35%
14%
44%
35%
,
36
2484 June 30
14%May 20
1
*45
*35%
Year 1936
Highest
*86
*20
Range for Previous
100-Share Lots
EXCHANGE
1,600
2,400
1784
July 17, 1937
June 14
Ex-dlv.
y
June
9
79
Dec
47
Jan
70
Nov
114
July
114
July
13
July
"22"
Dec
15
Dec
96%May 10
23
Jan
7
15% Feb
1
3%
40
Mar
3
27% Feb
2
8% July
4% Jan
Ex-rights.
Jan
32% Dec
29% Dec
If Called for redemption.
'1
je
Volume
New York Stock Record—Continued—Page 8
145
9
9
9
•1012
HI*
212
212
1H2
2i2
6712
100
•92
2112
2134
157
•147
♦139
25i2
25
914
918
•1H2
212
9612
1H2
212
97
9814
6912 6912
*98i8 100
21% 22
100
67
SHARE, NOT PER CENT
Wednesday
July 14
•150
158
*67
100
2118
•146
1978
2678
514
1934
—.
*139
26I4
9I4
12
2i2
9612
69l2
2578
9
*1112
2i2
95
26
9
*1112
2l2
95
93
69«4 70
*98l8 100
20% 2H2
100
21%
158
*139
*145
19»4
26%
153
•25
2678
1934
*25
4i2
•3734
434
38
38
38
38
38
38
2512
25
2514
25U
25%!
26
4%
8%
15%
4%
838
15%
4%
7%
15%
*3%
8%
15%
20»4
*144
26
•4%
8%
*15%
69l2
100
38
2512
438
8%
15%
•19U
19»4
478
4%
7
7
7
41%
41*4
97
97%
*25
434
4%
7*4
55
50%
26
26
40
40
♦50%
55
*47
*50
48
48%
10%
*7
*6%
*31
37
*33
•72
74%
80%
*72
*76
*76
53
•75%
5%
8%
80
*
55
*51
53
112
112
*112
116
30
48
500
74%
80%
*72
*76
*18%
20
*19
19%
9%
20
19%
48
9%
4884
49
50
41%
41%
4034
4034
80
*
*76
9%
80
"5"
5
5%
5
8%
*8%
1%
1%
90%
*12%
90%
14%
91%
*12%
92
14%
*13
*69
80
*70
80
*70
*75
5%
8%
1%
91%
14%
80
1%
58%
*6%
58%
58%
8
*6
♦49
52
*48
♦15%
16%
16%
30
30
30
*
*
10
8%
1%
1%
91
60%
7%
60%
*6
*5%
*8%
*72
74%
80%
*76
20
*19
19%
9%
80
80
♦8%
1%
91%
1%
93%
40
*
80
"*5~
534
410
584
8%
1%
8%
70
1%
10
1%
2,300
8,400
93
92%
94%
13
13
*13
14
13
13
*70
80
*70
90
*70
80
61%
61%
7%
*6
61%
7%
60%
*6
♦48
52
*48
52
*45
*16%
16'4
*16
16%
2934
*29
30
2934
*
44
16%
*
61
61%
*6
61%
7%
7%
*45
17
17
30
*29
a..'.
--
36,900
...........
52
17
200
•
52
30%
40
900
400
50
44
40
•il"
12
*n%
12
~ii%
12
"12"
12
"l2'
12
*11
12%
900
*56%
69
57
57
*56%
58%
♦56%
58%
*56%
59
*56%
58%
100
175
♦166
175
45
♦166
1478
48
15
14%
44
*166
*5
5%
*
108
"33%
•1%
26%
•16%
24%
33%
5%
*100
*33
18
*16%
18
24%
•24%
*20%
20*4
20%
57%
20%
*20%
*55%
117
60
59
117
*41%
20%
57%
60
116% 117
41%
41%
42
20
534
1%
27%
17%
1%
27
1%
27%
1%
27%
*16%
*16%
24
24
*6
6'4
*2%
2%
♦2
8%
8%
20%
*19%
20%
20%
8%
20%
20%
*56
59
54
40
•33
32%
34
*37
37*4
9%
*34%
*8%
79%
2%
20
65
*2%
20
*18%
*22%
24%
25%
24%
*8%
*61
2%
19%
*17
9%
*100
69%
8%
34%
*34%
6%
103
37
•73
79
*.__.
132%
90
*25%
26
104
•103
*21
50%
*60%
•11%
21
22%
50%
65
12%
21
*64%
67%
*35
36
*5%
6
58%
6884
3%
*3%
6%
6%
76
*
*130
41%
156
2134
1534
1534
17%
*17%
9
9%
"26"
*100
26%
8%
33
33
*32
3434
*32
3484
*37
42
*37
42
*834
*65%
2%
*34%
*884
*65%
*238
3784
*20
3734
9%
79%
25
22
50
50%
*62%
*11%
21
*65%
36
5%
58%
3%
*6%
65
12%
21
200
200
4,400
320
4,400
700
200
100
-----a.
6,300
88,100
300
500
1,500
300
1,500
8,500
32%
500
3434
600
41%
3584
100
3is June 30
5% June 16
43% July 6
22
50
No par
6% oonv preferred...—100
People's G L A C (Chlo)
100
No par
Corp of Am
5
Pfelffer Brewing Co...No par
Phelps-Dodge Corp...
25
Rights
Petroleum
Philadelphia Co 6% pref.—50
*6 preferred
No par
t Phlla Rapid Tran Co
50
Jan 13
47
July 15
43i2 June 25
4i8 Jan 5
3034 July 2
72
Apr 29
No par
100
1
100
6% preferred
Pittsburgh United
....25
Conv pref unstamped—.100
Pittsburgh A West Va
100
Pitta Young A Ash 7% pf.100
Plttston Co (The)
No par
Plymouth Oil Co.
5
Pond Creek Pocahon—No par
.No par
No par
6% conv 2d pref—
Procter A Gamble
50
No par
5% pf (ser of Feb 1 *29) .100
of N J—No par
$5 preferred
No par
6% preferred
100
7% preferred
100
8% preferred—
...100
Pub Ser El A Gas pf S6.No par
Pullman Inc
No par
Pub Serv Corp
No par
Pure Oil (The)
8% conv preferred
100
6% preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp..10
Radio Corp of Amer...No par
$5 preferred B
No par
33.50 oonv 1st pref—No par
t Radio-Keith-Orph ...No par
Raybestos Manhattan.No par
Reading
60
4% 1st preferred—
4% 2d preferred
Real Silk Hosiery
Preferred
60
50
*70
78
37
*70
6,200
82
400
98
98
40
6%
*35
*
90
"26"
21%
50%
64%
*11%
70
36%
38
5%
59%
3%
59
5%
3%
6%
26%
*
76
90
26%
26%
103% 103%
90
"26%
26»4
36
1,200
*71
78
*
700
36
37
*71
37%
____
78
100
*121% 130
*
90
"25%
26%
104
*100
104
10384 *100
10334 *100
21
*20
21
21
22
21%
21%
50%
50%
50%
50%
50%
50%
5034
65
67
65
*65
65
64%
64%
*11%
12%
12%
*11%
12%
12% *11%
21
21
*20
20% *1934 21% *20
70
68
*65%
70
*65%
65%
*63%
36
36
36
*34%
38
36% 3734
5
5
5
5
*484
5%
5%
60
59%
59%
59
59%
59%
58%
3%
*278
3%
3
3%
3%
3%
6
6%
6%
6
6%
6%
6%
17
*12
17
*12
17
*12
17
*12
17
*12
34
*23
34
*23
24
*23
34
*23
34
*23
800
6,000
80
......
300
100
1,400
700
4,400
1,000
1,500
17
•23
3,600
34
Bid and asked prices; no sales on this day.
X In receivership,
a
Def. delivery,
38
Apr
4
Jan
65U Feb
10
Common
Rhine Westphalia El A Pow..
No par
Roan Antelope Copper Mines
Rltter Dental Mfg
6
17
Mar
4
481a Mar
5
58
Oct
7% Feb
46% Aug
Deo
Nov
215s Mar 11
13% Feb 19
5978 Mar 10
7t6June 4
16%June 17
73sMay 17
June 14
40
i4June 14
38i2 June 23
76
June 28
4%May 20
54U Jan 14
100% Jan 8
7U Feb 2
14
Jan 12
3is Feb
1
94% July 16
Apr 7
1184June 17
20
72
8
87% Jan
6
4
6i8May 13
61% July
9U Jan
74U Jan
2084 Apr
33% Jan
14
July
49ia Jan
44
June
3
1434 June 16
28%June 17
40
July 16
10
June
52
56
June 17
8
Jan 16
20
13
5
18
Feb 17
18U Jan 2
76% Jan 22
12% June
10% June
25% Jan
45%
Jan'
81%
Jan
3% Jan
8% Jan
1% July
66
Mar
7*4 Apr
68
May
Nov
112
Deo
18%
19% Mar
56% Deo
54% Aug
102% Oot
12
Mar
167s Mar
3% Jan
101% July
16
Nov
88
Mar
38% Jan
5% July
70
July
62% Deo
11% Deo
8
Jan
27%
Deo
18% Deo
37% Jan
62% Aug
18% Deo
49% Deo
7% June
36% Apr
84
Feb
77
Deo
175
Jan 18
155
Mar
160
May
190
Jan
7
176
Feb
187
June 14
20
Mar
8
Dec
43
Mar
8
7% Apr
23% Deo
1378
24isJune 29
29
Deo
Jan
110
Dec
165
Apr 12
1741s Apr 23
12
June 28
122
MarlO
2U June 21
July 2
4
Jan 12
28
Jan 12
33g Jan 2
97U Apr 29,
141
84
17
29
85s Feb 1
July 14
47% Mar 5
June 17
167
Feb 16
1
June 22
2414 Mar 22
16i2June 29
21%June 17
4% June 15
li2June 29
7
June 23
17i2June 17
18
June 26
54
July
2
167
Feb 16
3
Jan 12
.
2978 Apr 22
21% Apr 14
83% Feb 4
117s Jan 22
37s Jan 22
15% Jan 20
317( Feb 11
31
Feb 10
86
Feb 11
55ia jan 4
1141a Mar 25
3634june 17
9934 July 2
113i2June 29
65%
118%
5234
112%
128%
124
140%
162%
113%
72%
June 24
147iaMay 11
110
June 17
6134June 29
165s June 14
107iaJune28
99
Jan
15
July
Apr
7
1
16
8
784 June 29
103
63
Jan 21
Jan 20
Jan 25
Jan 25
Feb 4
24% Feb 3
11284 Feb 27
107
Feb 15
2334 Feb 25
187S Jan 21
12«4 Mar 6
7
103
June 17
80
Jan
Jan 15
Jan 4
Jan 21
Feb 8
Jan
7
Jan 15
6%June 17
29 May 18
10% Apr 19
8684 Jan 11
32
June26
47
36
June 26
49
3584 July 9
7i2June 17
62
Apr 28
2
June 14
20
June 14
I6I2 June 15
22
June 17
21
Apr 28
May 19
May 14
80
97
Jan
2
27ig Jan
4
6
Jan 19
97% June 21
32
June 29
Jan 21
71
89
June 10
22i2May 18
102i2May 15
xl6%June 14
49
May 17
59*2 June 30
ll>4May 28
19
June21
60
Apr 27
June 28
Mar
8
Jan 11
4384 Jan
8
13% Jan 16
83
Jan 20
4% Mar
5
5
30
Mar
22%
35%
29%
94%
Feb 8
Mar 31
110
Mar
9
Jan 30
Feb 18
9% Feb 18
47% Mar
Apr
110% Mar
49% Apr
98
Apr
139
Apr
95*4 Jan
30% Jan
124
112
Jan
lH
23
10
14
14
17
26
14
8
Jan 26
14
Feb 23
31% Feb 4
86% Mar 10
38
June
Jan
167
July
9% Apr
112% Nov
41% Apr
167
July
3% Feb
1% Apr
117s Jan
20
May
Jan
12
4% Jan
1% Jan
6% May
17% Oct
17% Oot
57% Oot
40% May
115*4 Dec
Apr
39
37% Mar 11
934 Feb 19
65
y Ex-rights
27*4 Deo
26% Mar
29% Deo
11% Dec
3%
13%
28%
28%
73%
Deo
Dec
Dee
Deo
Deo
56
Dee
122% Feb
50% Nov
103% Feb
113% Apr
128
Apr
146
Apr
113
112
114
Jan
July
July
130
144% July
164
July
Apr
Jan
897s Deo
16
Aug
247S Mar
103
May
May
133*4 Apr
117% Mar
20% Nov
19% Oot
14% Jan
367s
91%
9%
16%
9*4
83%
68%
May
Oot
May
Jan
Apr
108% June
80
July
5
Jan
107s Nov
287s
35is
Jan
38% Nov
Jan
50*4
39
Jan
60
Dec
37
Jan
47
Nov
97s Jan
65% Oot
17S Apr
12% May
16
Aug
17% A«g
81
Deo
99% Sept
4% July
16% Apr
77
May
78% May
10
Apr
24% June
90
Apr
Oot
16% Jan
100
'
Deo
4% Deo
31
Deo
24% Nov
25
Nov
90% Nov
Apr
8% Mat
114
297s Deo,
128
Dec
104% Oct
39*4 Dee
79% Deo
138
Oct
Deo
98
Nov
22% May
105 i Apr
34
Feb
117
Jan
92
58% Sept
8*4 Nov
36% Nov
60% Nov
65% Feb
13% Jan
Mar
19%
Feb
35
32
Jan
75% Deo
5% June
July
lOts Feb
50% Deo
1%
2%
7%
Jan
15
Oot
Jan
37
Oot
4
May 27
Cash sale, x Ex-dlv.
Oct
Jan
21
Apr
26
434 June 28
2%
58%
July
67
4% Deo
30% DdO
50
8
Oot
June
25
Jan
100
Jan 29
23sJune 29
l%May
14
68
Jan 27
3%June 17
4334
49
34% Jan 22
11
r
Oct
59% Nov
116*4 June
31
t St Louis Southwestern...100
Btock.
45
90
4% Mar 17
11% Feb 25
2034 Mar 5
n New
Deo
27% July
Jan
30
6% preferred..
74
Jan
No Par
100
St Joseph Lead
...10
t St Louis-San Francisco. .100
6% preferred
-100
Ruberold Co (Tne)
Rutland RR 7% pref
Feb
16
12684June 10
37
25
82
9934
Feb
Mar
73
112% Nov
67s Jan
10% Mar
56
7% preferred
100
Bk% preferred....
100
Reynolds Metals Co.—No par
5H% conv pref
100
Reynolds Spring
——1
Reynolds (R J) Tob class B.10
37
2484
82
30
110
17% Nov
3% Dec
8
109
25
82
*98
9
11634 Jan 27
117s Apr
7
6% oonv preferred
—.100
6 % oonv prior pref ser A-100
Revere Copper A Brass..—.5
Class A
...........10
2434
82%
9934
6%
—
Co
June
Apr
10
Jan 11
200
6%
1,500
25%
Rels (Robt) A
Mar
17
28% Apr
Jan
Jan
Republic Steel Corp—No par
6%
200
63
3% June
4% Jan
28*4 Jan
5%
47% Mar
32% Nov
Jan
10,700
9984
6
*24
25
Mar
5
Deo
22*4 Deo
37% Dec
25
83,900
25
*98
10
20
20
19
25%
200
1,000
Aug
69
Jan
Mar 11
174
91
6%
*24
25
9
79%
2%
Apr
Dec
87
40%
19
19%
*24
2%
23
Feb
Deo
25
2
5%
19
25
*884
*65%
*2%
*20%
10
79%
June
8% Aug
17% Jan
25* July
40*4 May
60
70
7% gtd conv preferred-.100
Plttsb Screw A Bolt ...No par
59
Apr
June
Phillip Morris A Co Ltd
10
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
No par
Pittsburgh Steel Co
7% cum pref
Pitts Term Coal Corp
Jan
Jan
Apr
103
July
7% Aug
67
9
June 11
100
Jan 14
13s
18%
Jan
June 17
6
..100
Pierce Oil 8% oonv pref—.100
Pillsbury Flour Mills
25
PireIll[Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
6% preferred
100
May 13
MarlO
June28
1
Hosiery
Preferred
July
Dec
Oct
Jan
Apr
23%
13%
20%
4%
74%
97%
109%
19
8
Phoenix
Dec
152
75
50
preferred
153
25% Apr
64% Jan
No par
7%
Phlla A Read O AI
Jan
Jan
11% Apr
67s Jan
12% Aug
Feb 18
64
June 28
112
118
140
10334 Mar 8
6% Jan 23
12ia Feb 2
76ia Feb 1
2934 Feb 10
SOU Mar 17
2
June 16
39%
*20
2%
•12
•
85
41
July
68% July
47% Deo
2
4% Jan
6% June
10% May
1% Jan
38i8May 13
34i4 June 28
Class B
4,000
3% Jan
75s
10%
237s
73s
303* Jan
4434 Deo
14% May
4
Apr 6
Feb 18
Jan 20
Jan 25
1097s Mar 18
2884 Jan 28
2001a Jan 28
2684 Jan 28
34i8 Jan 6
814 Feb 25
4434 Feb 3
29ia Feb 3
284June 17
6i4May 18
14% Feb 5
6%
2%
21%
19%
24%
*81%
20%
65%
684
No par
June 16
Penn G1 Sand Corp v 10 No par
J Postal Tel A Cable 7 % Pf-100
Pressed Steel Car Co inc.—1
5% conv 1st pref—
5
8%
32%
*32%
41%
*34%
17 oonv pref ser A
23
Pennsylvania RR
Peoples Drug Stores
Porto Rle-Am Tob cl A.No par
25,100
69
8
3
--No par
Penney (J C)
No par
Penn Coal A Coke Corp
10
Penn-Dlxle Cement
No par
600
9%
6884
..No par
2,000
17%
9
69%
8%
*34%
16%
Pathe Film Corp
Poor A Co class B
*100
*69%
3784
102
*1584
17%
17%
9%
*100
8%
32%
82
10334 *100
22
102
No par
2.50
June 29
2534 July 6
4
May 14
36%June 30
39
40%
39% 40%
39% 40%
*116% 117
*114% 116% *114% 116
103
103
103
103
103
103
76
90
21%
109% 109%
Parker Rust Proof Co
900
156
21
16
132% *120% 132% *121% 132% *121% 130
*
*143
103
69»4
*98
37
37
156
41
42
82
103
11734 11784
3484
2434
•100% 103
55%
59%
59%
..I
Parke Davis A Co
121
5
100
No par
1st preferred
100
Reliable Stores Corp.—No par
Reliance Mfg Co..—.....10
Remington-Rand
......1
Preferred with warrants..25
Rensselaer A Bar RR Co— .100
Beo Motor Car
5
25
115
20
*50
59%
8%
32%
25%
25%
115
*19
54
69%
33
*24
117
20
19%
111% *109
111%
111% *109
57
5634
55%
58%
58%
a*
8%
19
40%
2%
8%
59
41
9
70
25%
39
37
*17%
9%
110
9
39
*114
15%
79%
22
6%
21%
16%
17%
9
2%
9934
6%
6%
111% *109
58
58%
*65%
2%
21%
I884
9%
65
82
38%
40
1,200
7,400
18
54
*102
3784
*80
6
21%
2034
*109% 109%
*37
*98
6
*1%
*8%
102
42
82
6%
2%
8%
110
*32
100
23%
102
8%
32%
3434
82
*22%
110
70
•98
24%
*99% 102
9%
*20%
18%
•23%
24%
1%
27%
18
1%
27%
*16%
1%
21
21%
109«4 110
16
100
20%
20%
*20
54
15,500
930
*130
*130
42
8%
20
32
156
156
•37
20
*2
1.480
......
124
127
*130
8%
20%
20%
*584
600
32
11784 11784
41%
41%
100% 100% *100% 101%
*100% 101%
*112% 1138,
113% 114
*112% 114
*115
129
*115
129
*125% 129
41
156
69%
24
5834
58% 59
116% 117% *117% 11734
111% *109
111% *109
58
57*4
5784 58%
69%
8%
32%
3334
6%
18
24%
6%
2%
8%
58%
*130
*69%
8%
32%
3384
*16%
24%
5%
6,000
124
27%
*109
110
5
5%
3284
127
*96
17%
125
*30
128
*100
484
124
33%
*123
19% 21%
109% 109*4
*99% 102
16%
16%
1734
1734
141
33
100
101% 101% 101% 100
*112% 115
114% *112% 114
1978 20%
•109% 109%
♦99% 102
*16%
16%
*17% 17*4
9%
9%
7%
5%
*2%
20
100
128
9%
92%
2%
17%
*17%
33
*115
67
*17%
100
♦112
101
91
2%
33
24%
6%
2%
8%
20»4
•1%
8%
2%
100
33%
1%
*6
59%
5%
5%
108
27%
6*4
*55
*17
1%
2%
8%
*20
20
27%
*178
•8%
2934
93
*2i4
1%
*6
*27%
92
2%
19%
26*4 ,2634
1%
*28%
93
*2%
15
14%
Park Utah C M
Pitts Ft W A Chicago
175
15
30%
91
2%
*166
30
91%
*2%
91
175
15
30
30
89
*17%
15
92
30
89%
2%
19
14%
*166
30
29%
89
♦15
15
175
1*%
29%
*2%
♦166
15%
30
♦2%
175
4
xl5%June 14
1
Pet Milk
800
June
...100
10
6% 1st preferred
6% 2d preferred
Park-Tlltord Ino....
100
100
100
2,300
12,800
99
165s June 14
100
4,000
Jan
1
200
19%
9%
50%
40
9%
Paramount Plot urea ino
5% Prior preferred
5% Preferred
20
19%
9%
49%
19%
100
Pere Marquette
80%
20
90
Peoria A Eastern
74%
*76
40%
16%
30%
♦2934
*72
*19
121
4% oonv preferred
Peerless Corp
Penlck A Ford
June 28
6
100
33
74%
80%
40%
"*5"
8,600
9%
*31
33
50
♦
10
47%
*7%
48%
10%
18%
9%
48%
534
1%
91
48%
*7%
*31
52
*
200
*51
74%
80%
41
4184
39%
53
33
41
*41
26
38%
400
53
26
115
48%
10%
9%
2,100
784
*50
26%
3934
900
*51
33
47%
3%
7%
784
700
2
2934
123s
17is
4lf
60
Parmelee Transportan.No par
2,800
•
Highest
S per share 3 per share
30
Dec
39% Nov
Jan
149
Apr 28
20«4May 14
778June 17
1078 July 2
Year 1936
Jan
152
133
6178 June 29
Patino Mines A EnterprNo Par
*112
48%
*7%
46%
678
41%
9784
3%
*51
10%
9%
97
'
134%Jui}e 2
—.100
400
8%
8
5334 Jan 14
9
447t Jan
No par
8% oonv preferred
Parafflne Co Ino
5,200
5,200
2,800
4
4
39
34
46%
97%
*111% 116
19%
9%
46%
634
41%
97
600
40
49
18%
9%
16%
*25%
*7%
♦33%
20
1584
26%
•48
18%
100
41
734
10%
20
""600
4%
8%
15%
6%
41%
8%
4
37
•18
1914
28
1.200
14%
684
7
48
•18*4
150
*1812
*25
17,100
*25%
*72
42,400
484
26%
3934
20
30
38%
261s
*25%
39%
55
*111% 116
70
1,100
*144
52
39
93
70
*458
*4
41%
97%
*3%
7«4
J Panhandle Prod A ReLVo par
3814
26
3%
96%
Pan-Amer Petrol A Transp-_5
438
7%
*50
6%
•4134
100
1,100
38i2
26i4
51
15
100
100
preferred
15,900
♦98i8 100
203s
2II4
193s
267s
*50
40%
♦111% 116
155
Paoiflo Telep A Teleg
Jan 12
38
5 Jun628
tO%June21
..No par
.
3234 Jan 14
2034June 16
28%June 17
Pao Western OH Corp......10
Packard Motor Car
No par
93
21l8
S per share
25
"2",900
*69
70%
$ per share
No par
918
12
25s
9
100
Lig Corp
Pacific Mills
6%
*1H2
•2U
93
51
26
39%
8
193s
2678
4l2
38i2
26I4
60
Highest
Flpance Corp (Cal).lO
Pacific Gas & Electric
25
25
2i2
50
50%
8
4%
1984
2678
478
Paoiflo
Pacific
*139
12
Par
100
?4i2
30%
4484
27l8 2712
140% 141
30»4
44l2
Range for Previous
Lowest
Lowest
3,100
3,000
1,300
*22
4
8
8
•50%
•25%
434
518
Shares
263s
918
634
4134
97%
3%
734
4134
97%
4%
4
1938
*25
-.
8%
15%
7%
4134
97%
4%
7%
7
♦40%
96%
•4
$ pen share
Range Since Jan 1
of 100-Share Lots
On Basis
Week
July 15
26i4
93s
12
2i2
STOCKS
NEW YORK STOCK
EXCHANGE
the
Friday
July 16
Thursday
f per share
I per share
S per share
$ per share
•22
•2134
Z5
♦2178 25
2312
feu 2214
3018 3058
30% 3078
305s 3034
30*2 3084
44
44
42% 43
4414 44l8
44i8 4412
2712 2814
27
283s 283s
27i8 27i8
27is
*140% l4l
*14014 141
*14014 141
•14038 141
30% 303s
42% 4278
•2712 2812
•14014 141
*139
•136l2
2414
*24% 24%
•95
Tuesday
July 13
Monday
July 12
July 10
$ per share
•22
2312
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
Saturday
399
Mar 11
22
18
Jan
Jan
3% Mar
6*4 Deo
% Called for rademption
New York Stock Record—Continued—Page 9
400
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
Sales
CENT
STOCKS
Thursday
July 15
Friday
July 16
$ per share
$ per share
$ per share
33*2
Shares
95
*99
July 12
33%
95
100
*95
21%
*21
42
42
94
94
42*4
*93*4
*2034
1%
184
138
14%
14%
*1438
40
40
1*4
1%
3984
188
5*4
*42*2
5%
4384
43*2
*7*4
8%
*758
5%
92
92*8
30*4
30*4
13%
13*4
36
*35
3658
115
*104
*104%
IO84
1058
*10*2
91*2
*2984
*13*2
*57%
15
47%
*3*2
*5784
34
34
95
95
95
*99
99
101
101
101
101
101
101
*101
103
108
108
109
21
22
21*4
43
43*2
42%
93% 9384
94%
1%
1%
1%
*14%
15%
1538
39% 40*4
3984
1%
1%
1%
5%
5*2
658
44*2 45*8
44%
8
*7%
8
92% 9284
92%
30
30%
30*2
1384
13%
13%
36
36
3658
*104% 105
105
11*4
10%
11
3%
3412
3484
110
*108
110
109*2 *108
*20
21%
20%
21%
*19% 20*2
43
44
43*4
44%
43% 4484
94
94
95
*93%
*93% 95
158
1%
1%
1%
1%
I84
*14
*14
14%
14%
14%
14*2
*40
*3984 40*4
40*4
40*4 40*4
1*4
1%
1%
1%
1%
1%
5
5%
5%
*5%
684
5%
44% 46*4
4434 44*4
4484 45*2
8
8
8
*7*4
*7%
8*8
91*8
29*4
1358
36
105
10*2
93
91%
29%
29%
1334
36*4
105
1334
35%
104
11
IO84
91%
9184
29%
13%
30
11
10%
3%
59
59%
*99% 101
*3%
90
190
800
9,000
300
31
95
200
8% preferred
110
Soott Paper Co
No par
11,000
4 2%
Sheaffer (W A) Pen Co .No par
5,300
1,100
30%
3,700
300
11
59%
40
30
29
7,000
3%
384
500
10434 10484
14%
5034
1,100
2,900
4,200
160
165
166
171
164
169
104
*100
104
101
101
*100
104
101
*34%
35
*34
35
35
35
*32
33
32
32
*32
*21
22*2
22
22
*22*4
58*2
101*2 101*2
160
161
*100
21
20%
*110
21
20% 21*4
110% 110% *11084 112
4
4%
3%
4%
35
35
35*4
35*4
110%
4
4
*35%
35%
*142
150
32%
22%
21*4
*142
*142
150
150
59% 59*2
*99% 100*2
*34%
32
35%
*34%
334
101
*34%
*32%
*22%
20*4
33
*32
33*4
22
22
22*4
20%
21*4
2034
21*4
*110
111
*109% 111
22
4
3%
33
33
3234
*142
150
3%
142
111
142
42
Jan 27
9812 Apr 29
South Am Gold A Platinum. 1
34
1,100
80 Porto Rico
50
Sugar.
8% preferred
3l2June 14
32i2June 17
No par
100
_
Mar 18
110
Solvay Am Corp 5)4 % pref 100
Mar 29
141
"24%
24%
2,800
47*2
45*4
31%
46*2
18,400
Southern Pacific Co
100
22%May 13
4034 June 28
32
12,000
Southern Railway
100
24
44%
45
45%
46*4
46%
47
5% preferred
100
60
61
60
9612
*618
96i2
6l4
96*2
6*4
23
*21
61
61
96*2
61
63S
96*4
6%
*20%
*50
*60
96%
6%
96%
6%
55
61
*60
*92
96%
6%
*50
8
7%
61
60
*20
21%
21
*21
22
80
*75
80
*75
80
*75
80
*75
80
*75
*29
31
*29*2
30%
*2934
18%
29%
30%
19%
*30
30%
1938
*30'
30%
29%
30
30%
47%
23%
*29*2
47*2
22%
86%
*42%
12%
18i2
2712
*45
1812
27i2
18%
2278
8512
40%
12%
18%
28%
*45%
22%
85%
1278
42
12%
23
28%
47*2
23*2
86%
42
471
13
*8%
8%
8i2
19i2
8%
*39
48i2
*278
43
19i2
4034
48i2
19%
4034
4734
*2%
3
4312
4414
44
*..—
43%
44%
34%
6884
40
"($8%
*38
6314
17s4
46
12%
69
*122
122l2
1934
20
44
44
514
34i2
*3234
*16
2438
*31
5%
3412
33l4
17l4
24l2
31l4
1878
19
1418
*10l4
14i4
1238
*5012
*684
1278
62l4
6118
714
*35*4
1478
613s
(
7
13
714
*11%
52%
6%
13%
61*4
1338
6234
7*8
36
36
1484
*1188
1478
H34
*40
48
*34
37
11%
44%
*33%
*62
62l8
*62
*10
10i8
89l2
*87
*85
*834
87S
334
*8%
4
*2558
5l2
*2l34
18%
94l2
*22l2
62i2
10%
884
*4
93s
2634
*8%
26%
5i2
5*2
2312
1878
9412
2268
63
*22
18%
44%
44%
44%
7
7%
36%
15*4
12
*7
13
62%
7%
6234
15*4
2134
62*2
17%
*15%
62%
15%
21%
1734
15*2
17%
52*4
7*8
1388
62%
52%
26%
7
1234
62%
7%
63*2
36
14%
11%
13
7%
36%
15%
12
123
*10
10%
10
*87
89*2
*87
3%
*8*2
3%
93s
26%
26*4
26%
13%
8*2
*101%
35%
36%
45
45
1034
74l2
*10
10*2
10
*65*4
19%
384
*65
87
74*2
20%
384
8734
79
82
10%
10*4
18
1784
3534
128
129
*27
28
28
28
30
29%
31%
*44
19%
334
5
6234
213%
5*8
25,900
68%
400
123% 123%
19
19*2
10,200
123
384
15*4
1834
83S
31
102
2538
131
26
Feb
60i2Mar 6
65*8 Jan 20
11% Mar 16
77&s Mar 17
104i2 Jan
7
912 Jan 28
31
Feb 26
94
Feb
2
Jan
2
23 84
Jan 12
6
Jan 18
50
28*4 Feb 11
95>2 Apr 28
48% Mar 8
16*4 Jan 20
128%
12%
14%
3258
Feb
8
Jan 22
Mar
Mar
8
8
Jan 12
65
72% Jan
7
Jan
32*2 July
47% Oct
26% Dec
19
Jan
64%
Deo
34
Jan
59
Oct
101% Mar
5%
Jan
63% Mar
21%
143$
Apr
Apr
120%
Jan
37
18% Nov
9% Feb
27% Deo
62
31
17
June 17
.1
12
June 14
20
No par
65
May 27
77% Jan 11
6% preferred
100
10
__
118i2June
19
July
37i2June
418 June
2858June
31
July
17
16
29
Feb 17
125
Jan
4
14%
Deo
70% Deo
40% Oot
78% Nov
24% Apr
Jan
16% Apr
Corp (The)
Feb
48*i Deo
Mar
65
'*n
47%
55% Jan
24% May
Jan 29
Deo
3%
Jan
Feb 11
17% Jan 20
335s Jan 9
Deo
72*4
Aug
75
Feb
13*4 Mar
9% Jan
2434 Apr
26% Apr
2
»eb
25
Nov
43*4 Nov
129
9% July
5% Apr
32%
9
Oct
44
35
5
27
92*| Oot
86% Jan
24% Aug
Feb
Mar
Oct
114% Nov
934 Mar
Apr
6% Jan
73% June
29% May
16% Apr
13% Jan
Feb 19
Mar
82
63% June
50
48
11% Nov
6»4 July
50
76
Feb
Mar
Apr
17
14
14
18
34% Jan 2
62%June 29
36*2 July 12
160
12%
*1.11
9
July
23%
"Jan
"30%
Jan
15%
Deo
Oct
70
Deo
91
Mar
118
Jan
125
Nov
27
Jan
3
Jan
6% Mar
9% July
Nov
42% Deo
37% Oot
13*t Nov
26% Nov
35% Jan
20% Dec
12% Nov
16% Deo
9%
5,300
Without warrants
—1
15%May 14
H78May 14
200
Talcott Ino (James)
9
1014 June 26
15% Jan
8
*50%
*684
12*4
52*4
*50*2
52%
50
28
57*2 Feb
3
*684
500
13
13
5%
Apr
63%
62%
16
28
18
3
62%
7*4
65% Apr 22
28%
Jan
7%
36
36%
14%
7*4
36%
14%
12%
7%
13%
63*2
7*4
36%
53*% preferred..
Telautograph Corp
1434
11%
7%
12%
46
34*2
884
3%
*8%
2584
5
200
*984
3%
9%
9*4
2534
26
15%
13%
'
4,500
36,400
5,600
4,600
10,400
23,800
62%
10%
85%
500
40
3%
1,200
Third Avenue Ry
9%
100
100
1834
16,100
13%
1334
15
25%
130
*91*8
28%
2984
131
93
19%
83S
13,100
5,000
No par
Timken Detroit Axle....
10
Tim ken Roller Bearing. No par
Transamerlca
11
1,000
17%
500
35%
9,400
46
100
10%
800
72
2,300
800
11,900
12934 131*4
1,900
91%
28*2
30%
500
14,400
800
21,400
Def delivery
Truscon Steel
20th Cen Fox Film
10
CorpN# par
$1.50 preferred
No par
Twin City Rap Trans.-No par
Preferred
100
100
United Aircraft Corp
n New stock,
r Cash sale,
5
x
28
Jan
49
Apr
912 Apr 29
85
Apr
6
734june 17
3 June 22
71% June 17
Mar 22
23
17
16
17
20
17»4June 14
3i2June
1784 June
158sJune
91«4May
June 23
65
l2i2June 16
7i2June 28
101i2June 28
Jan 11
&t»
14
June 12
3034June 29
39 June 28
8%June 28
66
63
100
15% Jan 28
13*4 Mar
1
93*s
4
8% June
Oc
86
July
48% Nov
63% Oct
16
110
8% May
3% Jan
Nov
Feb
8*4
245s
4%
Jan
26
Apr
14%
Jan
12%
9*2
13%
32%
8%
89%
21%
28% Feb 11
12%
79
66
Jan
Apr
27% Dee
74% Nov
11
Apr
14%
Jan
18% Nov
27% Apr
98
Jan
Jan
Mar
Feb
Nov
July
Mar
Feb
Deo
June 10
Feb
4
17% Feb
3
22%
27%
11%
109%
12
Jan 11
Jan 22
Mar 8
Jan 21
Mar
3
26k Mar
8
n% Mar 13
Mar 13
10% May
7% Jan
93
Jan
313s
17% Jan 22
884 May
65% Jan
»4
Jan 20
•5
22%
Deo
12
Feb
110
4% Jan
7% Apr
22% June
50
Oot
9% Nov
28
Deo
38% Nov
47% Nov
17% Deo
Apr
Mar 29
Jan
)0(j%
9i
95
Apr 28
22%June 28
122
July 1
90% May 7
2484 June 14
23%May 18
111
v
Jan
Feb 3
Jan 13
Mar 5
Feb 11
10*4 Jan 25
40% Jan 25
215s Feb 4
13%
8%
15*4
28%
Feb 17
Ex-dlv.
6
Jan
Deo
Dec
8% Deo
44% Nov
15*4 Feb
14% Mar
Mar
Union Bag A Pap Corp No par
Union Carbide A Carb.No par
No par
Jan
7% Jan
9% June
59
2%June 1/
73 June 14
4% preferred
9%
13
66*4
Nov
33
33%
Apr a-.'
16i2June 14
Union Tank Car
6
Mar 30
165s Jan 22
Jan 13
9
...1
25
9% Mar 15
44
Feb 19
Feb
No par
Under Elliott Fisher Co No par
Union Oil California
Union Pacific
6% May
64
62
Ulen 4 Co
Twin Coach Co
16
48
Ttl-Oontlnental Corp..No pa<
$6 preferred
..No par
Truax Traer Coal
No par
200
90
a
pref
Jan
20% Apr
28% Apr
54*4 Mar
June 30
3,100
81%
101*4 102%
2534
2584
t In receivership
conv
Jan 12
6&s
~6~0~ *Dec
Jan
4284 Apr 29
june14
90
30*4
$4.50
10
June 14
10
8%
15% Mar
23
32
June 28
900
30%
Tide Water Assoc Oil
June 29
6
3334June 17
1184May 13
1,
3,600
28*2
Thompson (J R)
25
Thompson Prods Inc..No par
Thornpson-Starrett Co.No par
$3.50 cum pref.. ...No par
48i2June
6i2June
IO84 Apr
608s Jan
13
3%
*9138
100
8
Transue A Williams St'i No par
1984
28%
...1
Jan
2134june 14
2978June 16
Corp
No par
Transcont A West'n Air Inc. 5
102
*76
....
13
17
25
~
1,100
18%
3%
90
25%
15
19%
8*4
*66
...100
Thermoid Co
13*4
3%
Co..—100
Preferred
1,700
22*2
*9%
par
Texas Pacific Land Trust... 1
9
1,300
*43%
Co No
Texas Gulf Sulphur...No par
Texas Paoiflo Coal A Oil
10
Thatcher Mfg..
No par
$3.60 conv pref..—No par
The Fair
.....No par
4,200
17*4
35%
*
Texas A Pacific Ry
5
*1034
6
25
...
300
26
102
6
Tennessee Corp
Texas Corp (The)
Texas Gulf Produc'g
300
22*2
18%
25
26
35
5
5*4
81%
102% IO384
1
...100
Sutherland Paper Co
...10
Sweets Co of Amer (The).—60
46
13%
89
Superior Oil
Superior Steel
Symington-Gould Corp ww..l
85*4
8%
334
8%
*78
superheater (Jo (The)..No par
Swift & Co
*62
15
3%
Sunshine Mining Co
Swift International Ltd
*43*2
*34%
1934
31%
32i2 Jan 13
653s Mar 11
438g Mar 17
21
1,300
6,100
2,700
30
7*2
35*2 Aug
Jan
June 29
5,000
63*2
92
J 50
June 17
31%
23*2
28*2
2
Jan
No par
Stone A Webster
Sun Oil
114
Mar
3% July
Apr
26
14
17%
24%
63
132
42i2 Jan 12
12% May
110
17
31*4
2234
92
30*2 Deo
17% Nov
Sept
5
10
Stokely Bros A Co Ino
24%
24%
31*4
63
28*2
Jan
21
...1
Sterling Products Inc..
Stewart-Warner
Ptudebaker
Nov
5,100
*14
24*2
63
103%
25%
9
63s Feb 26
155
Jan
Dec
Apr
72
12%
17*2
*14
*31%
23%
88*4
10
Feb 16
Feb 16
July 12
June
115
6%
4738
132
85
1434
35*2
300
23%
63*2
82
....
Standard Oil of New Jersey .25
Ptarrett Co (The) L S_.No par
Dee
127*2 Nov
14% Jan
48% Oct
Sept
54
19%
1,800
1,200
88
Standard Oil of Kansas.
Nov
40*4 June
4
395sJune
40%June
30%May
03%May
Deo
45
8
Jan 11
14%
24,300
34
96
82
Standard OH of Indiana.-.25
64i2
40*s
29*4
21i4
18*4
5*8
35*2
34
9584
81
Standard Oil of Calif...No par
Jan
*11*4
5%
34%
95*2
23%
88
19i8June 14
8OI4 July
2734 Apr 26
Square 1* Co class B
...1
Standard Brands
.-.No par
II84 June 17
U Preferred
No par 1201*16 Apr 30
ftanc Comm Tobacco.
1
684June 17
futand Oa» A El Co ...No par
5%May 18
13 June 14
$4 preferred
No par
33 June 17
*0 cum prior pref....No par
$7 cum (rlor pref...-No par
36i2June 17
Stand InvbuMng Corp..No par
284june 12
64
28*4
z3% June
19% Jan
97% Deo
19%
5*2
34%
95*2
3%
605s Apr 22
102% Feb 4
34*8 Apr
June29
19%
11%
5%
34%
*34
95%
3%
June 14
16
44
31% Nov
19% Nov
32% Dee
104% Deo
11% Dee
it6 Apr 28
414 Apr 21
36
26i2 July
Dec
8% July
14*2
1,000
18*4
13%
14
14
22
102
Deo
7% Nov
Jan
19
44
18%
1584
13
4%
11%
44
*22*2
87%
101% 10334
25% 25%
132
132*2
9284 9284
*28
2834
80
preferred
28
5
44
101*2 Nov
43% Jan
30% Apr
14*4 Apr
14*2
19%
44
15%
18%
19*4
8%
8%
8%
8%
*101% 102
102
*101% 102
10% 210*4
10%
10*2
10*2
18
1784
1834
1734
1784
36%
35%
3584
35% 3638
*44
46
45%
*43% 46
*10
10
10
10
10%
72
*66
74%
74% *65
*19
20
19%
19%
19%
16*4
19%
Mar 16
89
20% July 12
61% Feb 3
7*4 Mar 2
47*4 Mar 11
39% Jan 25
20% Jan 20
28% Mar 8
33% Mar 31
23*4 Jan 20
17% Jan 21
19%
19
Bid and asked prices; no sales on this day.
7,500
12%
68*2
24
80
30%
21%
12%
21%
13
69
62*2
87
3%
938
23*4
2134
10*4
3%
*8*2
26%
*22*2
18%
95*4
600
85
884
19
2,300
15%
10
884
2484
900
1734
*15%
89*2
884
5%
62%
17%
15%
62*8
10*4
8%
1334
103% 103*2
25
25*2
130
130%
91
90%
*62
*
45%
1734
44
62%
62*8
1334
16*4
1984
834
*17
*50%
21
12%
*68%
62%
10%
89*2
884
45%
*
6234
17%
63*2
*62
35%
2934
28,100
*62
*10
10278 10278
2434
25
200
7034
*43%
34%
35l4
*4312
87i2
7978
36%
39
34
102
16,100
11,500
"70"
46
1534
19*4
44%
*37
*
34
*95
44*4
45%
300
234
70%
*
*40
18
*75
45%
36%
35
*17
*85i2
4434
45
11
19i2
334
44%
45
45
11
*312
4434
900
1,700
39
13%
10%
3
4,600
*37
64
102
46*2
"70"
63
15
40
39
23
*19%
8%
18%
40
46*2
234
"69%
734
36*4
15%
12%
5*4
*22%
18%
6,500
*37
14%
1134
36
4,600
*234
3
700
16,700
8%
47
*37
47%
*11%
*50%
8%
7%
440
12%
70
64
1334
42
39
36%
63%
19i4
87%
12%
41
18%
42
*3384
25%
*86%
*40%
1234
46*4
20
45
26*2
5*2
8684
43
15.300
8%
19%
36
4%
93g
22%
45*2
36%
7034
22%
1534
1912
45
95*4
2334
95
1358
*65
47
*234
19%
95*2
23%
15i4
*1834
834
884
*101l2 102
19%
*37
2%
*15
|'
*50*2
23%
8*4
19%
21*4
21%
21% 2134
14
1334
1338
13*4
13%
12%
69
68
68
*68%
68%
68%
122% 122% *123
123*2 *123
123%
20*2
19% 20%
20*8
19*2 20%
43
*43
45
43
43
44%
5%
584
5%
5%
5*8
5%
35
35
35%
35%
34%
35%
*34
*34
35*2
33*4 34
35*2
*14
*16
16*4
17*4
I684
17*4
24*4
24%
24% 2434
24%
24%
*31*4
31%
31% 32
3134 32
19
19*4
19*2
19*4
19%
19%
14%
14%
14*4
14%
14%
14%
1238
1134
12*4
1134
1378
160
8
62%
17%
15*8
2138
1,600
8%
*37
18
*68
9,500
47%
23%
7%
69*2
63*2
*2Hs
1384
193t
31%
8*2
20*2
*
70*8
39
15
19
47*2
9
4784
Sperry Corp (The) vte
1
Splcer M fg Co
No par
|3 conv preferred A.,No par
Spiegel Inc..
2
Conv $4.50 pref
No par
15 50
"
30
9
43
29l2 July
21
19
9
44*4
4434
36*2
1734
1234
No par
Si encer Kellogg A Sons No par
6%
47*2
8%
19%
45
*63
87
43
47*4
2%
4434
15l4
86%
42%
12%
12%
June 28
49
100
-
80
30%
4
37% June 29
30%
Spaldmg (A G) A Bros.No par
90
1st preferred
100
260
pang Cbaifant A Co 6 % pf 100
3,600 .'•parkt Withlngton
No par
700 Spear A Co
1
30*4
9
*40
3
18
87
42%
18%
8%
41
6314
47*2
z22%
884
20%
*15
19
23*2
*41
49
*38
20%
46
23%
86*2
884
8%
39
22
300
96
21
*75
.
Jan
6i2June
58i2 Feb
96I4 July
5%June
175sJune
75 May
6*4
6%
Mobile A Ohio atk tr ctfelOO
______
~
8
60
*92
96
6%
55
26
Southern Calif Edison...
5,000
45%
*7%
8
Socony Vacuum Oil Co Ino.16
400
5.800
32%
8
1
96,300
2484
55
Feb
Snider Paoking Corp...No par
24%
*7%
MarlO
14
700
21%
3*2 July
59% Jan
15% Jan
Jan
600
2914 June 28
19i2June 21
16U Jan 15
Apr
30*2 Aug
Jan
July
Mar lO
22%
2
2% Deo
8% Dee
Jan
11%
Mar
33
%
20%
120
45*2
31%
*50
4
Dec
93
175s Feb 10
197
48
8
Feb
June
11
37% July
42if Mar 10
2
24%
55%
34
June 17
3284
8
958s Mar 10
June 14
85>4 Jan
2458
4534
*48
1
96
preferred
31%
55*8
834
11% Mar
68
33*2
*8
Feb
May 13
49
*48
20%
Mar 2
Mar 17
Mar 15
Feb 9
Feb 10
Jan 14
Jan 2
8i2 Jan 2
5418 Apr 5
40
24%
8i4
7% June
27if
51«4
98i4
3U
235s
45i4
2i8
17% Mar 11
47*4
60
1% May
Mar
Nov
Nov
Mar
Feb
June 29
24%
*758
Nov
114%
17%
56%
101%
4*4
12
32*4
*48
114
34*4 Feb 19
105% Feb 2
4884
3388
44%
Aug
110% Sept
2558 ApJ 28
102
Mar 20
24%
45*4
108
3
JaD21
2458
45
6
Feb
Feb
4784
32*4
47
Dec
Jan
113
44
24%
47*2
32*2
4458
99
113
65
32
*24%
46*2
Dec
27
$6
150
*«
July
96
5812June 11
34»4 July 1
25
—.100
share
49% Nov
27
6
120
'tuMay 10
3% Jan 5
Highest
per
Mar
No par
100
4%
*33*4
5
Jan 13
46
103
May 13
9U Apr 28
Sloes Sbeff steel A Iron—100
210
35
111
4
4*8
33%
Jan
Lowest
% per share
Smith (A O) Corp
10
Smith A Cor Typewr. .No par
1,960
104
104
35
June 17
95
10
0% preferred
Apr 28
12
—
Skelly Oil Co
100
4
26
No par
simms Petroleum..
Jan
29
53*% conv preferred ...100
Sliver King Coalition Mines. 6
Simmons Co
No par
2,800
3%
59*8 -59%
*99% 10038
168
17434
3%
3%
58*s
58%
*99% 100i2
165
168%
81
$3.50 con v prefser A .No par
Shell Union Oil.
June 29
36%May 3
634June 29
Seagrave Corp
No par
Bears, Roebuck A Co ..No par
Servel Inc.
...1
Shattuck (F G)
No par
Sharon Steel Corp
.No par
15 eonv pref
No par
Sharpe A Don me
A 0 par
18,400
4
30
18
24
28
Jan 11
4
100
preferred
9
29
lis June 24
8eaboard Oil Co of Del-No par
100
May 19
July 9
z38
I Seaboard Air Line...No par
1,500
6,200
Highest
$ per share
share
99
July
104U June
14ig Jan
385s June
93s4May
HgJune
12%June
100
Rights
*3*2
384
57% 59%
*9938 101%
per
No par
63*% preferred
....100
fSchulte Retail Stores
1
2,100
*3438
28%
14%
50*4
%
5% preferred
....100
0% pre/erred
....100
7% preferred
100
Savage Arms Corp....No vat
Scbenley Distillers Corp—. -5
Safeway Stores...
70
*57
*57*2
*3438
Lowest
Par
3,300
92%
Range for Previous
Year 1936
EXCHANGE
2,800
1384
13%
33
35
36*4
104% *101*4 104
*57
59*2
59%
38%
38% 38%
28
28%
27%
28%
104% 104% al04% 104%
15
14%
14%
14%
48% 49%
48%
50%
59%
*57% 59%
35
35
37%
28
2834
28*2
2884
104*8 10438 *104% 10484
15
15*4
15*4
15*4
47*2 49
48% 49%
288s
10458 104%
47*8
35
95
*35
28
14%
34%
97
*57%
59%
36%
*35
33%
33%
*99% 101
107% 107%
107*2 107*2
the
*95
100
On Basis of 100-Share Lots
Week
$ per share
$ per share
33
33%
Wednesday
July 14
Monday
$ per share
Tuesday
July 13
Range Since Jan. 1
NEW YORK STOCK
j"'
Saturday
July 10
July 17, 1937
H
i
Jan
M
Fen .'0
28*4 Fet
4
2% June
745* June
38% May
715s Jan
20% Aug
1488« Mar 16
(08%
99% Jan 12
31% Feb 4
35% Mar it
4)%
Jan
Jan
109
8%
102%
7vj
Der
Jan
Dec
Dec
105*4 Nov
28% Feb
149% Aug
100
Jan
\pr
Ex-rlghts. 1f Called for redemption.
31%
32%
June
Feb
Feb
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
145
HIGH
SALE
PRICES—PER
SHARE.
fnr
Monday
Tuesday
July 10
July 12
July
$ per share
U per share
17%
17%
*20
17%
23
*23
*20
23%
23%
5
July
13
17%
18%
23
*20
18%
17%
*20
22%
23%
23%
117% 117% *113%
89%
89%
89%
*31%
32
*31%
5
5%
5%
38%
5%
5%
38%
38%
38%
38%
39
39
12
►
12%
12%
12%
12%
20%
12%
12%
21
22
22
100
*98
100
*19%
*98
21
21%
7%
6%
7%
50
50
52%
52%
6%
52%
80%
80%
13%
13%
*52%
80%
12%
55
80
80%
13%
79%
12%
7%
7%
13
13%
*104% 105
17%
17%
*17%
17%
94
94
*94
96
*1%
2%
*1%
16
*15%
17%
105
104% 104% *104% 105
11
*10%
10%
10%
10%
*10%
15%
18%
18%
2%
1%
15%
*15%
18%
19%
115
116
115
*114
114%
*159
*159
162
*158% 162
18
17%
17%
17%
*17%
18
18
*94
1%
18%
60
60
60%
*57
*31
32
32
32
*9%
*16%
10
109
*100
55
54%
12
11%
11%
60%
61
93
93%
94
*89
90%
90%
*66% 69%
107% 108%
9%
*67%
9%
17
109
*16%
54%
12%
53
12
91
18%
31%
9%
52
91%
113ie Mar 16
09% Apr 28
500
31
5%
15,600
38%
2,000
2,900
12%
1,200
21%
600
2,400
19%
2,700
115%
2,100
162
4,300
19%
9%
1,500
16%
*16%
2,700
12
11%
12%
11%
12
61%
59%
60%
59
60%
20,500
94
93%
93%
92%
93%
90
88%
*68%
92%
69%
91
92
4,200
69%
11538
6,200
200
69%
69%
115% 117% 180,500
3,300
132% 134%
112% 116%
*18
20
19%
19%
19%
19%
19%
No par
44i2June 14
10
May 13
U S Rubber
No par
44%
8% 1st preferred
148
20
78
50
*36%
37%
37%
112
*105
*41%
*41%
*
95
8%
8%
56%
8%
8%
56
*110
21%
21%
*72
85
*118
*21%
125
22
128
*120
128
*118
37
95
8%
55
35%
*105
41%
9
55%
*41%
♦
111
*7
8
*7
8
*21%
22%
*2134
22%
*72
85
*118
125
6
6
6
125
*118
28%
1,400
*86%
87%
700
14%
14%
14%
10,900
49%
51%
16,500
19%
48%
*19
50%
*1938
19%
300
28%
28%
86%
87
14%
47%
48
47%
48
49%
19%
*19%
19%
14%
15%
47%
19%
*46%
19%
7
7%
80
♦75
7
47%
19%
7%
*70
76
14%
14%
*29
32
32
7%
*70
14%
14%
15%
19%
32
*31
32
*30%
*19%
7%
76%
13%
31
*6%
13%
14%
6%
6%
77
*70
13%
31
13%
100
6%
6%
*55
*55
60%
60%
*55
60%
%
%
%
%
%
8%
8%
*21%
8%
28%
8%
8%
24
24
%
8%
*22%
*%
8
1'3.%
13%
16,300
%
%
%
%
1,900
8%
8%
8%
5,800
28%
100
42%
3,400
42
42
43
43
44%
*41%
28%
42%
*28%
30%
27
28
*28%
28%
46%
48
47%
45
47
*5
5%
*5
47%
5%
1%
46%
28%
46%
28%
46
*5
5%
1%
46%
1%
46%
83
*1
46%
82%
89%
89%
93%
93%
*81%
89%
*
93%
*1
45%
94%
*81%
♦
•
94
90
*121
116
*111
"
89
*88
121
*86
*86
121
29
8%
8%
29%
8%
17%
*16%
17%
*15
3
*2%
*7%
45
44%
44%
45
147%
146
*150
160
*151
7%.
7%
48%
48%
147
*2%
3
7%
48%
45%
149%
159
*15
,
2%
7%
*88%
17%
2%
7%
45%
45%
45%
44%
147% 149%
*152
159% *155
24%
37%
*35%
*21%
21%
21%
30%
21%
30%
21%
*30%
23
23%
15%
15%
*119
*113
54%
54
53%
54%
114
22%
*20%
23%
112
4%
4%
*20%
33%
33%
33%
No par
Walk(H)Good A W Ltd No par
No par
Class B
100
6
Warner Bros Pictures
5%
9%
519
5%
5%
9%
9%
10%
82%
5
83
46
*81%
45%
36
36
37
98%
98%
*82%
85%
98% 100%
82% 82%
82%
82%
46%
37%
106% 109%
68
68
53%
53%
53%
55
24%
25
24%
25%
*67
69
15%
82%
45%
36%
99
*123
128
*123
128
3D
40
40
*98
37%
5%
•
*20%
114
22%
Western Paoiflo
2,000
6% preferred
100
Western Unlop
Telegraph 100
5,800
6,100
10
200
Westlngh'se Air Brake.No par
Westlngbouse EI A Mfg
60
1st preferred
50
Weston Elee
Instrum't.No par
No par
Class A
110% Apr
24
9
June 21
7%June 17
13%June 17
2
June 25
7,700
2,900
ProfArrPfl
5
600
*4%
*32%
33%
5%
2,600
10%
28,500
82
107% Jan 22
94%
163%
170
May 14
May 17
35% July 2
21
700
$4 Conv preferred —No par
Wilcox Oil A Gas——
Wilson A Co Inc
$6
6
No par
100
preferred-
70
900
800
16,600
10
127
39%
39%
39%
39%
91
90%
92
1,200
20,000
98%
Wright Aeronautical—-No par
Wrigley (Wm) Jr (Del).No pa'
Yale A Towne Mfg Co
25
Yellow Truck A Coach ol B—l
Preferred
100
Young Spring A Wire—No par
Youngstown S A T
No par
38%
37%
38%
7,200
5%
5%
5%
5%
900
delivery
100
preferred
500
37%
100
6% pref B stamped
1,300
40
Def
Jan 22
30% Jan 22
39
May
6
90
Jan 18
34% Jan
7
115
Apr 13
114
Jan 18
123%May
4
05
6
Mar 11
May 20
113
July 14
8
107
Jan
123% Jan
22% June
36% Oct
19% June
31% Nov
34
Jan
90% Nov
Deo
160
33%
Oct
Oot
Jan
39
Jan
32
July
35%
91
99
July *120
39%
21% July
84
109%
July
Oct
Nov
Oct
July
Jan
July
—1
White Sewing
89
1,750
Feb
143
33% Feb 10
18% Jan 25
88%
90
Feb
Deo
Feb
23%May 15
105%
91
Feb
4
130% Apr 12
June 17
105
107
Deo
23% Sept
9%
June 29
*87
89
17s Nov
8ept
*50%
20
400
*88%
16
6% Aug
107
rnfa
*85
a
6
4% Mar 17
20
1,100
5%
t In receivership,
23% Mar
WhiteDentalMfgCo(TheSS)20
22%
WortblngtonPAM (Del.)Nopar
Preferred A 7%—
100
Preferred B 6%
—100
this day
123% Mar 9
115% Jan 8
29% July 12
11% Mar 5
107
72% May
34% Jan
99
85
Bid and t iked prices; no sales on
9
11% Mar 17
38
Woolworth (F W) Co——10
5%
Deo
83% Jan 22
57% Mar 6
5%June 25
41%June28
-..-100
Preferred.
6,200
5%
83%
1
*40%June 29
Wheeling Steel Corp—No par
14,400
6
Feb
27% Feb 23
39%
6
78
June 17
45%
6
84% Feb
19
45%
38
Jan
Deo
4
6
Mar 17
29%May 27
38%
37
2%
62%
2% Jan
56
30
Wheeling A L Erie Ry Co.. 100
6 H % conv preferred — 100
6% conv preferred
38%
37%
Feb
Aug
33% June
1
Westvaoo Chlor Prod--No par
45%
36%
Deo
11%
9% Feb
700
38
37%
39%
0% June
38% Feb 19
48% June 10
1,000
45%
!*%
»
1%
Deo
12%
38%
38
37%
110%
5
*98
Apr
19% Apr
Jan
34
98%
21
Feb
Apr
Apr
45%
*98
Dec
8%
Co—10
100
100
—100
Western Maryland
82
98%
Dec
38%
111%
100
6% preferred
Western Auto Supply
82
91%
12%
Apr
82
98%
Jan
Jan
Sept
10%
89%
Deo
2%
124% Sept
Apr 10
10%
91%
Deo
% June
Jan
118
Maeh—No par
98%
Nov
116%
7% pref-100
5
98%
18%
110
33%
89%
69
102
34%
5%
10%
91%
Apr
Apr
5
Jan
Feb
3%June 17
25 June 17
98%
9%
18
Nov
7% Nov
87
July
14%May 15
P'l
105
2
Nov
52
1 *100% Jan 19
81
White Rk Mln Spr ctf—No par
87%
Jan
99% Mar
20
Jan
White Motor Co.-
98%
Apr
Jan
1,200
127
2%
47%
96
6,000
128
Jan
10% Feb 26
91%
16
*123
Apr
Apr
10%
Jan
23%
128
17%
Feb 11
16
39%
26%
8
1
Jan
109
23
*123
51% July 15
50% Feb
102
16
106
Deo
Deo
49% Nov
12%
Jan
July 14
23%
85
Nov
90%June 17
15%
*81
7% Mar
19
39%
89
100
100
23%
87%
July 15
4% Feb
10% Mar
5%
19%
Feb
137% June
18% Mar 11
35% Jan 16
46
Mar 10
1
Deo
80
July 15
June 15
May 14
Jan
Apr
Deo
41%
131% Aug
Mar 13
114
10
9%
30
4%
15%
5
5%
Jan
5
4% June
12% Jan 25
15%
5
Aug
120
Aug
2% Aug
70
1
4
Jan
80
------
*20%
8
May
$4 conv preferred
No par
West Penn El class A—No par
21,300
52%
51%
112% 113
*109
87
Feb
14
zll4%
Deo
13%
43%May 14
4% 2d preferred
*119
53%
111% 113
*109
89
5%
1
99% 104
85
86%
40
*
Co
Wells Fargo A
19% Feb 11
Apr
Dec
58%
114% May
W esson Oil A Snowdrift No par
900
*100
109
104% *101% 109
103% 103% *100
*70
68
69
69
70
68
70%
68%
54
54
55
55
*53%
*53%
55%
55%
24%
23%
24%
24%
23%
23%
24% 25%
39
*38%
87%
—No par
Mar 17
4
%May 18
6% Feb
33% Apr 28
26%June 28
42%June 29
1
Wayne Pump Co
70
22
53
122% Jan 11
10% Mar 16
Mar
44
par
Waukesha Motor Co——6
37%
*119
Mar 12
109
09% Jan 23
1% Feb 17
par
Webster Elsenlohr
1,800
25
*2114
11% May 13
Apr 27
69
22
45%
85
128
*123
22%
par
3,700
155
21%
5
5%June 21
75
May
3
par
37
100%
84%
*83
54%
No
No
pref—A o
Warren Fdy A Pipe
No
X Warner Qulnlan
JWarren Bros
$3 convertible
West Penn Power
*35%
2
24
*82
46%
36%
*83
127
No par
$3.86 oonv pref
30
....
*23%
98
May
88%
37%
Feb 17
June 17
50
*35%
21%
4
19
89
*23%
6
24
89
*152
Jan
Mar
—No par
Preferred
7% preferred
6% preferred
25
37
135
84%June 24
11% Jan 4
42% Apr 28
30
155
20%June 17
Apr 26
*434
34%
5%
10%
35
5%
9%
81%
109%
155
7
49
650
-
12% Jan
12% July 16
24% June 24
89
-
6
Feb 15
—No par
No par
96
*121
6% Apr 28
74% Apr
115
18% Mar 16
95%
*4*4*
June 29
16
95%
<*
48% June 17
105
8%
300
82%
82%
Sept
4% Jan
28% Aug
48% July
2,200
45
*80
84
23%
15%
5
32%
5%
*100
22
109% 113
24%
15%
4%
81%
45%
159
*107% 115
21%
23%
15%
*4%
9%
24%
15%
*108
32%
.
21%
109% 110% *108% 109%
*20%
70
1%
*1%
44%
30%
30%
30%
30%
30^2
30%
31%
30% 30%
109% *102
109%
109% *102
109% *102
109% *102
*113
*108
5%
*113
116
116
112% 112% *113
29
28%
28%
28%
28% 29%
8%
8%
8%
8%
*8%
8%
*15
*15
*15
17%
17%
17%
2%
2%
2%
2%
*2%
2%
6%
6%
6%
6%
6%
7%
47
45%
46%
47%
45% 46%
44
45
45
44%
43%
44%
148
147
148
150
148%
149%
37%
21%
22%
*121
*121
24%
111
90
88
*24
*20%
45%
82%
89
*35%
*105
1
45
95
89
1
1%
45%
*88
37%
*108% 109%
5,700
1,800
94%
25
53%
500
47
5%
82%
24%
_
29
46%
5%
89
*35%
54"
*27%
46%
94%
24%
—
29
5
81%
37%
54
29
44%
89
*24
*113
*41
94%
*35%
109% *102
41%
89%
*24
*102
28%
*41
82%
112% 112%
29
29%
8%
8%
*112% 116
29%
8%
.
*21%
*20
*82
*121
28%
*1
45%
5%
8ept
Ward Baking class A ...No par
...
7%
28%
*1%
60%
%
*41%
*45%
*81%
*55
84
6
7% July 15
Preferred
8%
*21
5%
60%
*55
Aug
Feb 26
12% Apr
6% July 15
■
62
*51
Aug
88
100
prefdrred B
Walworth Co
2,200
116
80
Mar
pref with warr'ts—100
77
*70
77
*70
14
*27
31
*27
7
Jan
Feb
May
Jan
Walgreen Co
86%
14%
*110%
Oot
Deo
30% Dec
49% Nov
72
Feb
Waldorf System
86%
14%
28%
6
2%
67
Mar 27
3%
4,200
28%
Jan 20
Apr
6% Mar
80
117%
13
13%
13
Aug
Apr
3%
Mar 27
100
-
28%
13%
29
115
Apr
100
.-—100
Preferred.
12%
13%
165
Jan
40
100
t Wabash Railway
6% preferred A
120
13%
29%
Nov
Mar
May 12
70
9,400
13%
July
8% Nov
47
100
5%
Deo
115
124
7
13%
29%
85%
44%
Apr
40% June 17
Virginia Iron Coal A Coke-100
6% preferred
100
Virginia Ry Co 6% pref—100
8
13%
29%
85%
14%
15%
6% preferred
6%
13%
June 29
75%
79%
50
June
32
103% Nov
153
1
2%
Nov
NOV
16%
Jan 13
Deo
49% Nov
101
92
30
4%
19%
Jan
Dec
111% Mar 27
Va El A Pow $6 pref—-No par
7%
13%
Jan 18
03%
Jan
Sept
102
Jan 20
Mar 18
7
*7
Jan 19
9%
18%
104
Apr
57%
39% Mar 11
June 17
7%
9
11%
164
108
20% Nov
62% Nov
69
Apr
07% May
68% Jan 20
Jan
7
125
May 17
Jan 21
Jan
Feb
6
Vulcan Detlnnlng
83
Jan 11
86
39%
169%
168
4
l%May 13
48
85
6%
11%
*8%
86
90
.—_
21
Jan
Apr
131
24%June 14
100
1,400
84%
Nov
5
154% Nov
144
July
Jan
July
l%June 17
No par
7%
11%
11%
142% May 17
63 June 18
6% non-cum pre!
Va-Carolina Chem
10%
12
*8%
June 11
18% June 30
May 13
68
80
6,700
11
9
100
100
3%
11%
29%
85%
14%
100
3%
12
86
No par
4
*6
1
Preferred
3%
11%
28%
Vadsoo Sales
6
6
*85%
5,800
------
22%
*118
125
*118
^Utilities Pow A Light A
VI ck Chemical Co
8
*72
100
65
Vlcks Shr A Pac Ry Co oomlOO
110%
21%
No par
preferred
11
4%
No par
7% 1st pref
*118% 128
*117% 128
*119% 128
83
*75
*77
83%
Jan
169
800
56
*7
115%
Apr 29
400
8%
8%
*54%
110% *110
*110
Jan 22
147
Vanadium Corp of Am .No par
Van Raalte Co Inc
6
95
8%
111
85
*
56%
8%
*110
8%
20
42%
*41%
Jan
Jan
100
Universal Pictures 1st pref. 100
112
*105
42%
1,300
8,500
31%
35%
35%
36%
112
95
56
1%
49
30%
5%
28%
5%
*
9
125
*83%
31
3,700
2%
*47
49
29%
8
*7%
22
21%
*119% 128
8
*120
48
30%
112
41%
57%
*110
111
*7
*36%
*105
42%
1%
1%
1%
51
30%
37%
95
9
8
*7%
*49
30%
112
*41%
58
111
*110
*36%
*105
42%
1%
1%
51
87
57
57
37%
112
*105
42%
*
*1%
30%
72% July
68%
46%
75%
Jan 18
Jan
126% Mar 11
Mar
Universal Leaf Tob
148
*49
Mar 11
4
136
Universal-Cyclops Steel Corp 1
*66
1%
Jan
Jan 12
May 15
200
70
51
Apr
47
19%
9
72% Mar 31
120
200
77
30%
Jan
No par
$6 conv pref A
100
148
29%
21%
7%
16%
72%Mar
160
100
19%
70
*49
Jan
126l2June 14
Preferred
76
*72
1%
Aug
71
105
Jan
Oct
10
Mar 30
June 17
76
4%
22% Mar 17
112
Oct
*145
51%
15% Mar 13
Jan
Aug
Aug
Apr
70
30
49
31%
9
Feb 18
06%June21
8%
23% Mar 22
70
Mar 22
43% Feb
118
78
100
100
5
77
1%
4
3
100
148
*29%
125% Nov
Jan 13
5
70
*49
Jan
60
Corp...
*73
2%
1%
24% June
80% May
May
34%
81i2June 17
60
U 8 Smelting Ref A Mln
Preferred
*19%
2%
23% Nov
9
5
*72
2%
20% Jan 19
Apr
Jan
*144
2%
100
20* "Feb
10
8% Feb
70
2%
20
Jan
113% July
Jan
9% Feb
148
2%
4
19%
Nov
Jan
3%May 17
68
2%
2
87
2
z5%June 30
*72
2%
Jan
Deo
50% Nov
13
1
*144
2%
1%
Jan
U S Pipe A Foundry
U S Realty A Impt
Preferred
74
2%
6%
13% Apr 23
100
_
Apr
8%
June
91
United Stores olass A ..No par
78
2%
Jan 11
June 18
Jan
United Stockyards Corp
150
*70
l5%June 29
63%
109
Feb
29% Aug
105
9
Feb 10
28
July
Feb
3
Feb
6
4
32%
June
66% Jan
14% Nov
9%
16%
Jan 28
3%
137
166
Jan
Jan
9,600
78
76%
100% Feb
15
93
3,400
*70
78
80
June 11
10%
8
172
60
U S Tobacco
144% 144% *144
*77
Jan 14
May 10
100
19%
*19%
Jan 14
June 30
1% Apr 29
89
U 8 Steel
17
15
4
2
113%
92
Jan
Partlc A conv class A .No par
2,500
113
1
Mar
16% Feb
24% Mar
6%
Prior preferred
52%
51%
52%
9% Mar 11
115„May 17
15i2June 5
No par
20 *103%June 14
U 8 Industrial Alcohol-No par
U 8 Leather
—_!Vo par
105
*98
June 14
11
102% July
100
5H% oonv pref
600
9%
9%
m.No par
U 8 Hoffman Mach Corp
300
1,600
16%
100
.
7% preferred
30
60
105
10
U S Gypsum
162
12
*68%
No par
70
31%
26% Apr 19
106% Feb 26
63
*19
19%
487g Aug
86% Mar 19
16 1st preferred
31%
Apr
Apr
Apr
5% June 17
U S Dlstrlb Corp
60
40%
75%June 29
USA Foreign Seour—No par
32
6%
Jan 14
8
Mar
45i2June 17
$5 preferred
Jan
8% Jan 14
5
United Gas Improve—-No par
117
90% Nov
6
—
Oct
35% Nov
No par
United Fruit
115
18%
4
Jan 26
111
33% Nov
Jan
United Eng A Fdy
100
15%
Jan
25% Sept
37% Nov
Jan
United Electric Coal Cos
Conv preferred
U S Freight
15
16
18is
90%
13
68
16
100
Jan
10% Apr
24% Mar
22%
Mar 17
46%
Preferred
200
2%
June 17
"
Feb
91
35
10% June 29
2,000
*1%
Apr 30
4
Jan 11
117% Feb
5
10
United Paperboard.
99
29
Highest
$ per share $ per share
sMre
24% Jan 1
31% Feb 1.
30%
32% June 15
17%
17%
June 21
No par
-
United Drug Inc
United Dyewood Corp
500
134
134
133% 134%
131% 131%
132% 134
*126
128% *127% 128% *127% 128%
*125% 129
128% *126
128% *126
161
*155
161
*155
161
*155
*157% 161
*157% 161
*157% 161
7
7
7
7
7
73s
7%
7%
7%
7%
7%
7%
5
5
4%
5%
4%
5%
5%
4%
5%
5%
5%
5%
*65
*65
*65
67%
*65
68
68
67%
67%
67%
67%
*62%
*19%
$3 preferred,
2,800
60
93%
*88%
No par
11%
*94
2%
12,600
13
107
11
18
9,100
53%
79%
12%
United Carbon
United Carr Fast Corp .No par
United Corp
No par
------
7%
7%
*52%
*105
Preferred
10
21
13
9%
*16%
53
1,100
60
*57
17
100
89
*98% 100
114% 115
52
54%
*67% 69%
111% 113%
133
133%
108% 112%
18%
22%June 17
5
10%
*1%
*15%
1,700
No pat
79
99
*98
95
91
1%
105
62%
93%
1734
*94
17
United Biscuit
38%
*12%
80
106
10%
*100
12%
60%
12%
*105
31%
*9%
17
*98
69%
13
10%
60
31
62%
94%
54%
60%
9%
16%
109
79%
United Amer Bosch—No par
5%
21%
21%
*88% 100
6%
7%
*52% 54%
7%
14%June 15
17%
30%
31%
*159% 162
18%
19%
18%
18
*55
32
9%
12%
SO
5
$ per
share
24
88%
162
60
16%
12
53%
Un Air Lines Transport
per
22%
*113%
39
5
117
*30%
*100
31
38%
116
*53
16%
32
15
18%
-
89
5%
39%
12%
*159
117%
162
«.
6,200
$
17%
24
23%
...
Par
Shares
Lowest
Highest
Lowest
*19%
18%
Year 1930
EXCHANGE
Week
16
$ per share
23
88
18%
15
19%
*113%
90
97
1%
16%
17%
*19%
23%
23%
106
10%
97
17%
*94
18%
100
80
7%
July 15
21%
*98
100
*98
July
$ per share
23
23%
23%
14
Range for Previous
IQQ-Share Lots
On Basis of
STOCK
NEW YORK
the
Friday
Thursday
$ per share
$ per share
*114% 117% *114% 117%
*89
90
89%
89%
*31% 32% *31% 32%
5
Wednesday
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
Jur
Saturday
401
Zenith Radio Corp
Zonlte Products Corp
n
New stock
r
No par
1
Cash sale
4% Apr 28
8%June 16
77
June 14
43%June 29
30%June 18
81
Jan
4
6% Mar 22
46% Jan
4
6% Jan 25
18%
Feb
13% July
Apr
16
Apr
2% Jan
0% June
3%
28% Nov
17% Nov
0% Nov
43
Nov
5% Mar
11
Jan
12% Feb 27
91% Mar 2
70
June
87
Jan
65% Jan 20
44%
Apr
71
Nov
Jan 22
23%
Apr
36%
Deo
112% Mar 25
50
Apr
86%
Deo
47
Jan
80%
Oot
Jan
47
76% June 30
100
Mar 10
82% July 12
90
May 18
65% July 2
85
July 14
48
20%
June 15
Jan
4
123
Apr 28
35%June 21
74%June 17
97%June 2
30
June 17
4% June 18
r Ex-div
y
128
Mar
6
62%
76
Jan
7
03
62% Jan 27
37% Feb 16
142
Jan 23
46% Feb 15
101% Mar
115
0
Jan 27
40% Feb 17
9% Jan 16
140% Sept
33%
Aug
Apr
8%
Jan
23%
Dec
83% Jan
42% July
163%
Deo
41%
105
11%
Jan
Jan
Jan
79
Feb
51
Nov
65
87%
122
Apr
Oct
Aug
42% Nov
6% July
Ex-rlgbts. T C»ued tor redemption.
9%
Jan
402
t"
_
YORK
July 17, 1937
STOCK NEW
EXCHANGE
Bond Record, Friday, Weekly and Yearly
On Jan. 1, 1909, the Exchange method of guoting bonds teas changed and prices art note "and interest"—except for income and defaulted
bonds.
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling
trfootnote In the week In which they occur.
No account Is taken <Jf such sales In computing the range for
outside of the regular weekly range are shown In
the year.
Friday
Week Ended July 16
Range or
Range
Sale
STOCK EXCHANGE
Y
Week's
Last
BONDS
N.
Friday
Since
Price
Bid
*
Low
S.
U.
Friday
Asked
High
Low
16 1947-1962 A
O
116.10 115.28
116.14
16 1945-1946 A
16 1944-1964 J
O
106.28 106.15
112
111.16
107
67
104.2
D
112
24
109.12 115.20
16 1946-1966 M
S
110.2
109.27
110.4
67
107.12 114.9
D
107.6
16 1943-1947 J
Mar
3s
109.20
106.28
107.7
40
104.28 110.18
102.30
103.5
50
101
16 1946-1948 J
15 1940-1943 J
104.18
49
102.10 107.30
105.15
105.19
34
104.20 107.27
106.8
106.15
18
104.24 108.24
D
104.17 104.5
D
S
106.28
15 1946-1949 J
D
104.31
105.9
47
102.20108.24
16 1949-1952 J
D
104.25
104.25
3
102.24108.18
Aug 16 1941 F
A
106.11
106.11
2
104.24 108.24
16 1944-1946 A O
15 1956-1960 M 8
106.25 106.12
105.9
101
15 1946-1947 M 8 103.3
15 1948-1961 M S
1951-1954 J D
15 1956-1959 M S
161949-1953 J
Federal Farm Mortgage
ses
113.16 121.14
15 1961-1955 M S 103
15 1941-1943 M
106.30
50
100.22
101
268
102.21
103.7
111
100.29 100.24
101.2
37
100
100.2
99.28
99.29
99.21
104
109.25
99
104.30
100.18 100.10
99.2
104.10
878
98.4
103.17
99.29
109
98
103.18
D
98.5
97.28
98.7
264
90.0
101.22
103.9
102.31
103.9
60
101.7
May
3s
Jan
15 1942-1947 J
2Kb
Mar
102.25
17
100.11105.17
J
102.25 102.16
103.10 103.5
103.10
26
101.8
105.23
8
100.18
100.19
4
99.0
104.10
Home Owners' Mtge
Corp—
3s series A
May
1 1944-1952 M N
2Mb series B__Aug
2)4o series G_
A
1942-1944
102.14 102.8
102.16
60
99.24105.3
100.22 100.17
100.23
160
98.28103.2
100.10 100.7
1 1939-1949 F
—
100.10
49
98.10102.31
Foreign Govt. & Municipals-
♦External
s f
1945 J
7s series B
23)4
*23)4
9944
12)4
J
s
f 7s series C
f 7s series D
sec s f
s f
22 X
11X
20 X
12
20
11M
11)4
11)4
12
3
1
11 %
20
11X
20X
7
12
10%
17H
6
•
10X
16M
9
10X
16)4
98 X
101X
10044
24
2
100
100M
3
IOO2332 100)4
10044
30
97
5
1244
1144
7b 2d oerles-1957
f 7s 3d serles.1957
Antwerp (City) external 5s
s f
6s of Oct 1925—1959 A O
A
1957 M S
10044
100)4 1003i 32
1001532 1009,6
101m IOIH32
1001532 1009,6
100)4
ioosjz
101932 1 01 )4
IOOI32 100332
101)4
101)4
92)4
92)4
106
10644
106
10644
101 44
102 44
s f 6s series
100IS32
101X
Ry)..1960 M S 1001532
TExtl 0s Sanitary Works
100)4
1961 F A
TExtl 6s pub wks May 1927—1961 M N
f Public Works extl 6440
1962 F A "160132
\Extl
s f
6s of May 1920
^External s f 0s (State
I960 M N
8 f external 4
Ms
1971 M N
8 f external conversion
4s—1972 F A
Australia 30-year 6s
J
1955 J
External 5s of 1927—
External g 4 )4s of 1928
"l957
s f
1945 F
♦External
s
103
103
10944
117
118
*100
1958 J
D
6)4s of 1920
♦7s (Central By)
Brisbane (City) s f 6s—
Sinking fund gold 5s__
20-year s f 0s
Budapest (City of)—
♦08 July 1 1935
coupon
10144
D
1941 J D
1957 A O
f 0)4s of 1927—1957 A O
f
106
1900 M S
1950 A O
J
♦Brail 1 (U 8 of) external
8s
s
92)4
106)4
24)4
10944
109)4
1955 J
1955 J
External 30-year s f 7s
Bergen (Norway) ext s f 5s
♦Berlin (Germany) s f
0)40—
♦External sinking fund 08—
♦External
101)4
A
—1949 M S
0s
1952 J
Il957
M
1958 F
1950 J
109H
109)4
*22
24
48)4
42
D
41)4
42)4
S
101)4
A
23)4
46)4
40)4
40)4
4044
101)4
*101)4
102
D
1902 J
D
1965 J
J
102 X
External s f 6s ser C-2—
1960 A O
External s f 0s ser C-3
1960 A O
♦Buenos Aires (Prov) extl
08—1961 M 8
12
13
5
23
14
HXPMaKKM
29
-
♦6s stamped
1901 M
.
*10044
101
4
100'32 103
96 X 101X
83
149
♦644a stamped
F
M
S
82)4
F
A
82
A
O
~
1901
s 14440-4440
—1—1977
Refunding s f44(s-4)48-—
1976
renidj 4448-4448
Extl
s
f
90)4
102M
92)4
38
104)4 110)4
22
104H 110
99)4 103 H
52
24)4
2
98
104
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s
1952
25-year gold 4)4s_
1953
♦Cordoba (City) 7s
—1957
Il976
4)48-4)48
110
101)4
25)4
24)4
48)4
42
13
s f 3 bonds
(Kingdom of)—
1984
3
A
26 X
Cuba (Republic) 5i of 1904
External 5s of 1914 ser A
F
A
107)4
113)4
63
229
External loan 4)4s
1949 F A
J
Sinking fund 5)4a.-Jan 15 1953 J
♦Publlo wks 6)4s—June 30 1945 J D
99)4
94)4
1957
extl s f 0s
1951 A O
1942 A O
Denmark 20-year extl 6s
External gold 5)4*
30m
99M
98 X
100 M
30
96 m
99
29
93
84
2
77
101m
99m
90
78
80
12
70m
80
96 %
10
95
99
34)4
34 M
101
104 M
100
103
7
1
... -
100
103
64M
67 X
27
30m
100M
105 m
101
102 X
97 X 101m
667
102 m 104m
50 m
68
1
104
104
104
5
103 m 105 X
104
104
104
14
103 X 105 m
106
101X
100 X
16
104 m 108
44
100 m 102m
117
97 m 101m
100 X
100 X
*50 M
76
76 X
74m
50m
82 X
76 X
72
82
79%
73
82
75
81m
81m
O
*75
*75
M S
*70
76
76 m
M S
*76
76M
25M
74m
81
19m
26
♦Frankfort (City of) sf 0Ms—1953 IVI N
French Republic
7Ms stamped .1941 J D
7 Ms unstamped
—1941
External 7s stamped
7s unstamped
25
55M
*99
23 M
23M
105
1905 J
♦German Rep extl 7s
stamped. 1949 A
♦7s unstamped
1949
German Prov A Communal Bks
♦(Cons Agrlo Loan) 6Ms
Government
s
D
28M
35
D
29M
f ser 7a—1964 MN
1968 F A
32 M
105
4
104 m 119m
17m
24m
12#m
4
110
130
106
31
105
124
29
91
34 X
35
28M
29M
8
20 m
18M
25m
31m
28M
25m
*70
27 X
7
23 m
36
30
23 m
32
33
27M
41
27h
35
1
32 X
19
100M
*35 X
20
Helslngfors (City) ext 0Ms
1900
Hungarian Cons Municipal Loan—
♦7Ma unmatured coup on_..1945 J
29M
31
100
1958 J
Haiti (Republio) a f 6s ser
A—1952
♦Hamburg (State) 6s
1940
♦Heidelberg (German) extl 7 Ms '50
s
*23X
19M
♦105M
J
24 m
J
*23 %
MN
5
25
20
IVI N
*22 X
F
61X
A
96m 100m
17
"6
15m
105
*22 X
1946 J
1960 MN
D
1951 J
f 5s
25
20 m
107
24m
21m
35
21m
30m
21m
30m
27 m
62 m
"36""
21m
62
47m
30m
103)4
"i§
♦7s with all unmat
coup..... 1957 A
♦Leipzig (Germany) s f 7s
1947 F
Lower Austria (Province
114
86 X
114
1
87 %
45
85
85X
4
72 X
93 X
86
73
93
99m
138
47
79X
79m
85m
41m
40 %
5
41m
111
80
115m
93m
80 m
94
71x
82m
93
100m
89%
Jugoslavia State Mtge Bank—
20X
6
10244
11
26X
100
100
162""
99)4 102)4
1950 J
97 X 103
♦Medellln
(Colombia) 0Ms
*>
♦Mexican Irrlg assenting 4
Ms..1943 M N
♦Mexico (US) extl 6s of 1899 £.1945 Q
♦Assenting 5e of 1899.
1945 Q
♦Assenting 5s large
89)4
♦Assenting 5s
75)4
75)4
84)4
♦4s of 1904
1954 J
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large.
♦Assenting 4s of 1910 small
1954 J
77
85)4
80)4
5
85
85)4
48
78)4
88
62
10
56
65)4
26)4
26X
7
21)4
2744
2
22
9944
99)4
94)4
10
42
26
45
60
27)4
28)4
~~6
Mlnas
(City,
*7
J
7%
7%
J
D
*>
24 m
33
4
65 X
73
5
60 m
New So Wales
64
103m
21
External
s f
104 x
106
2
D
(State) extl 5s—1957 F A
5s
Apr 1958 A
1943 F
1944 M
106M
1950 M
103M
1965 A
Norway 20-year extl 6s
20-year external 6s
Municipal Bank extl
102 X
99
f 5s
1970 J
1952 F
1953 IVI
J
20 X
1944
20 X
37
1955 A
M S
20)4
1944
20 X
5
Oslo (City) s f 4Mb
Panama (Rep) extl 5 Ma
♦Extl s f 5s ser A— j
4
17
5
73
6
101
%
106m
104
O
104 m 107 m
105m 109
101m 105
28
98 X
102m
99m
112
102M
1
4
25 X
77
83
74m
74M
75 X
9
101M
7
101
49
*106 M
1963 J D
1903 Wl N
70
101X 105
5
77
101
101x 105m
6
28
25X
S
1958 M N
♦Stamped
Pernambuco
72m
63 m
103m
103m
105m
106 m
103m
102 X
1963 F
a
Oriental Devel guar 0s
Extl deb 5 Mb
1644
34
13
21
♦Nuremburg (City) extl 6s
1744
82
25
13m
63 m
16
18X
9
4!
8:
7m
70 m
73
35
1744
16)4
7244
19
28
31
17)4
11
27
20 X
17)4
2
9X
8m
73
20 X
O
~T%
28
20)4
21
9n
9m
9m
8M
J
1959 M N
20
18
9
5;
8
20
*17)4
11
5m
5X
16
20
D
5M
72
20 X
4
1*
11H
UN
28
20 X
6
6M
6
27
20)4
18
10
71
O
18
"i
5m
28
A
20 X
17
4m
1952 J
♦6s series A
MN
20 X
7%
7%
b
"1m
J
—1958 M
4s 8 f ext loan...
20)4
1944
98m
11
8
1959 M S
(State)—
sf0Ms..
♦Sec extl s f 0Ms-_
♦Montevideo (City) 7«
18
1744
17)4
19
6M
5m
Italy")Yx"ti 0 Msl 111952 A O
39
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12
5
8X
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40
9
26
5
♦STreas 6s of *13 aasent(large) *33 J
♦
I Small
J
Milan
4m
11M
4M
small
43
53)4
19m
95
104M
7m
91)4
83)4
78
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ig
*23 X
D
1954 J
►82)4
47
A
79m
33)4
102 X
102
8344
107)4
113)4
100)4
O
of)—
39)4
♦Chinese (Hukuang Ry) 6s
1951 J D
♦Cologne (City) Germany 544s 1950 M S
8
8
28 M
O
♦Sink fund secured 6s
39
M N
23 M
al05
28M
27M
♦Greek
55 m
66m
98
100m
105m 109
105M
105M
*25 X
38
S
11
"3
al05
D
1965
♦5 Ms unstamped
10
26
93)4
*56)4
50 M
107M
105
1949 J
78
78
99)4
4
99M
107M
104M
.1949
.
German Govt International—
♦5 Ms of 1930
stamped
64
8344
106)4
45
M S
A
41)4
83 X
11244
m
*70
107M
42
1961 A
"70"" '""3
99 m 103
99 m
95m
102 M 103 X
17
25m
75m
85
71m
79m
97 m 101m
104m 107
68 M
85
63
..
62 M
64
21
60M
70
25
24 X
25
8
22 X
30M
21M
28
20
(State of)—
♦7s Sept coupon off
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s 1st
♦Nat Loan extl
8
1947 M
8
1959 M S
ser
1960 J
f 0s 2d ser-_1901 A
♦Poland (Rep of) gold 8s
♦Stabilization loan 8 f 7s
♦External sink fund g 8a
100
"~66M
♦El Salvador 8s ctfs of
J
dep new. 1948
Estonia (Republic of) 7s
J
1907
Finland (Republic) ext 6s
1945 M S
39)4
1962 M N
1960 M S
407.
30m
20
*102)4
25M
"42""
J
♦Guar
see page
20
24 M
101
1946 MN
O
1961 J
For footnotes
31
23M
95M
^Stamped extd to Sept 1 1935— M S
Dominican Rep Cust Ad 5)4s_.1942 IVI s
1st ser 6)4s of 1920
1940 A O
O
M
20m
23X
101M
42)4
82
53
D
f6a
38
100 M
1955
External g 4 Ma
Apr 15 1902
Deutsche Bk Am part ctf 6s___ 1932
A
J
s
"80"
1952
A
J
S
♦Sink fund
6441 of 1920
♦Guar s f 08..
♦Chilean Cons Munic 7s
38
25m
105M
Cxecboslovakla (Rep of) 8s
Sinking fund 8s ser B
External sink fund 4Mb
External s f 4Mb
M
Jan 1961 J
♦Extl sinking fund
6s—Sept 1961
♦External sinking fund 0s_. 1962
♦External slnklog fund 0a...1963
♦Chile Mtge Bank 044s
1957
25 x
35
84
A
102 X
102 X
92
~82X
99)4
11944
♦External sinking fund 08— 1900 A
♦Extl sinking fund 0s...Feb 1961 F
♦Ry ref
O
M N
99)4
♦Carlsbad (City) sf 8s
""l954
♦Cent Agrlo Bank (Ger) 78— 1950
♦Farm Loan s f
6s__July 15 I960
♦Farm Loan 8 f 08—.Oct 15 1960
♦Farm Loan 6s eer A
Apr 15 1938
♦Chile (Rep)—Extl s f 7s
1942
100 M
98 M
S
1949 F
26
28 X
24 X
27X
27X
*23 %
34 M
1944 M
Italy (Kingdom of) extl 7s
2744
1961
7-year 2Ms..
30-year 3s
"~23M
28M
*23 H
J
Italian Cred Consortium B
.1947 M 8
Italian Publlo
Utility extl 7s_.. 1962 J J
Japanese Govt 30-yr s f
1954 F A
6Ms
Extl sinking fund 5
1905 M N
Ms
14
61)4
"85)4
1900 A
11952
Aug 16 1945
D
IVI N
♦7s stamped
1957 F
Cordoba (Prov) Argentina 7S--1942 J
Costa Rica (Republic of)—
♦7« Nov 1, 1936 coupon on.. 1951
♦Sec extl
10-year 2)4s
25-year 3Ms
J
28 X
28X
A
Irish Free State extl
8344
j"3
♦Sink fund 7s July
J
coup off. 1907 J
♦Sink fund 7440 May
MN
coup off 1968
Canada (Dom of) 30-yr
4s_—
High
13
"90""
*
A
1975
3% external
J
F
♦Hungarian Land M Inst 7 Ms. 1901
♦Sinking fund 7Ms ser B
1901
♦Hungary (Kingdom of) 7Ma__1944
5
*98
*
S
Extl
Bulgaria
100)4 103
1001532102 H
100X 103)i
100'132102
100)4 102)4
4
*10044
on
O
O
1940 MN
F A
♦Sinking fund 7s of 1920
7 Ms June 1 1935
coup on
Buenos Aires (City)
644s B-2
Low
of)
♦0s Apr 1 1935 coup on.-Oct 1901 A
♦6s July 1 1935 coup on _Jan 1961 J
♦Colombia Mtge Bank 6)4s
1947 A
♦7s unmatured coupon on
♦Bavaria (Free State) 0 Mb
Belgium 25-yr extl 6)48
External
M S
1950 M N
J
1957 J
Austrian (Govt) sf 7s
(Republic
Since
Jan. 1
High No.
♦5Msstamp(Canad'an Holder)'65
1958
Argentine Govt Pub Wks 6s„1960
Argentlnei(Natlonal Government)—
^External
?External
Colombia
Range
Asked
30
3
"llM
7s 1st series---1957
sec s
25
12)4
1244
1945
♦External
♦External
♦External
23
9944
12 x
U X
1945
8
23)4
1244
1244
1244
1945
♦External
♦External
A
Low
♦Dresden (City) external 7s
A
♦Sink fund 6s Apr
O
coup on..1948
Akershus (Dept) Ext 5s
1963 MN
♦Antloqula (Dept) coll 7s A
Bid
(.Concl.)
2d series sink fund
5)4s
1940
Customs Admins 5)4s2d serl961
5 Ms 1st series
1969
5 Ms 2nd series
1909
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on-1947
Price
Is
Sale
100.10
Corp¬
15 1944-1964 M 8
15 1944-1949 MN
1 1942-1947 M
Range or
Friday
Nft,
Week Ended July 16
Foreign Govt. & Mun.
133
Last
EXCHANGE
High
Government
Treasury 4MB—-Oct
Treasury 3Mb—.Oct
Treasury 4s
Dec
Treasury 3Ma
Mar
Treasury 8Mb—-June
Treasury 3s
Sept
Treasury 3s
June
Treasury 3Ms—-June
Treasury 3^0—-Mar
Treasury 3M»—June
Treasury 3Ms
Deo
Treasury 3M8
Treasury SMs—-Apr
Treasury 2Mb—Mar
Treasury 2MB— .Sept
Treasury 2M8—Sept
Treasury 2Mb
Treasury 2MB—Sept
Treasury 2Mb.--Deo
Y. STOCK
Jan. 1
No.
Week's
S3
BONDS
N.
1940 A
19
19m
19m
21M
18M
22X
D
19m
59
17 X
O
19m
19
19m
53
17m
54
57
13
47
02
68M
50 m
72
29
60
80
53
34
45m
64
1947 A
O
O
*71m
1960 J
J
51x
20
3K
Volume 145
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 16
Last
Range er
Price
"••ft*
Since
Bid
F*rslgn Govt. AMunle. (Ciwci.)
Porto Alegre (City of)—
A
Low
J
D
J
j
2834
2634
2734
26
m n
mmmmrnm
a95
m s
mmmmmrn
24
o
a
a
o
F
a
24
23 h
10934
------
m ti
109
111
*2734
Asked
N
Jan. 1
Bioh
No.
29 H
12
1
Low
33H
26
31
8
92
100
25
24)4
24h
17H
16H
35
17
110
109
9
111h
109
36)4
F
Rio Grande do Sul (State
o
a
24H
113H
118
32H
oflllll-l-lww
7
25)4
27 h
26
26
34H
2234
31
31)4
10
29
25 h
27
14
23H
33
27
15
25
32H
------
2534
2034
72h
d
A
25H
72H
un
O
oamurss
7234
26h
2
73)4
4
Roum&nla (Kingdom of) Monopolies
a
J
J
3834
a
D
~
Serbs Croats A Slovenes (Kla*<.v—,
Bktyn Edison
3634
Bklyn Maah&t Transit 4 Hs—-1966 MN
Bklyn Qu Co A Sub oon gtd 6a. 1941 MN
25
34H
-
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40
6
36H
31h
3234
13
29H
44
43H
30
21
25
35)?
26)4
2634
10
24
84H
1st Uen A ref 6a series B
95h
9534
42
91
98
29j4
29h
*22
----
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----
22
11
25
26H
24
31H
80H
40 H
64
39H
2934
29h
52
52
♦30
36
95
95
1
10434
105
22
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7234
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74)4
101)4
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7634
73h
78 h
101h
22
71*?
105
72)4
o
M N
7.434
______
A
70
♦External s 16s
1960 M N
♦External a f 6s
...—1964 M N
Venetian Prov Mtge Bank 7s..1962 a o
f
14
1
49
70H
70 H
83H
98
72H
99 34
7
63H
68 h
6734
68 h
63
63H
68)4
68
68 h
31
80
11
63H
79
Yokohama (City) extl 6a...
99
*98)4
50
62
83)4
12
85
h
13
89H
77H
64
86H
COMPANIES
100
19
84
109 H
------
100h
101
2
99
106
101h
100)4
101h
6
d
J
re
1946
.....1946
1962
98)4
8
d
J
10-year deb 4 Ha
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a
101
11
f
A
A
O
81
84
4
D
------
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112
19
J
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108
A
O
—
—
10134
63
64
74
107
96
9034
9034
o
------
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98h
11
88
68 h
777
93)4
1
10934
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98)4
110
4
100 h
3
99)4
7
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8
80
8
79)4
10634
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107
80h
97
5
10634
107
79
105
106
47
97
d
j
33
92
63
93 h
o
M N
J
97 h
87 h
6354
f4 A
J
76
101
d
M
59
3
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10134
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82
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67 H
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a
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j
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1M
8
j
D
.......
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------
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10334
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114
120
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J
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1
j
j
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ij
J
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45
75
Ref A gen 6s series C
>j
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1
1970
Guar gold 434s
June 16 1966
Guaranteed told 4 Ha
1966
Guaranteed gold 4 Ha—Sept 1951
A
O
MN
J
112
Collateral trust 4 Hs
guar g
f
.I960 J
4s—..1949 J
....
{♦Central of Ga 1st g 6a—Nov 1846
♦Consol gold 6s....
♦Ref A gen 6Hs series B_
♦Ref A gen 6s aeries C
♦Chatt Dlv pur money g 4s..
F
1959
-----
SHs.1966
gu
4a
— — -
....
-
....
——
108
6
110
47
99
112h
103)4
9234
95 H
08
104
19
18
5134
15
47
14
75
1
57
---.
10
106 h
—
105
11834
—
——
----
87 H
90
116
10534
99H
99H
102 H 10634
46
60 H
42
64
73
103
109
103 H
106K
10634
6
110H
100
82H
101" u
100
8334
80 H
•17 H
18
1634
93
82
♦16H
20
20
31
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85
89
68 H
9034
5934
16
5834, 88
66
66
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11
58
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103
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9
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112
35
11234
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8
9
118
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28
1
17
10
35
iSB
110
100
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3
73
103
2
11
101
6
82
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7
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33
80
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34
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10934 116
113
11834
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11434 121
11234 118 H
11034 116 H
2
11034
26
11934
149
114
100 H
*1734
42
20
112
11534
11734
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11634
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113H
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12434
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10334
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82
7334
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104
H
38*
99 H 105 H
7034
103
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108)4 111H
100
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82
93
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40
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81
25
15
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40
16
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32
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1934
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32
30
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81
140 H 244
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103
6
96
106 H
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101)4
102
39
104
104
20
"70"
70
70
4
51
50
52
42
48
88 H
40H
M
1960 F
Guaranteed g 6a
(Cent RR A Bkg of Ga ext 6s .1942
Central Steel 1st g s f 8s
1941
Certaln-teed Prod 5Hs A.....1948
Champion Pap A Fibre deb 434sl960
Ches A Ohio 1st oon g 6s.....1939
General gold 4Hs—
1992
Ref A lmpt mtge 3Hs ser D1996
Ref A lmpt M 3Hs ser E...1996
Craig Valley 1st 6s
May 1940
10134 102
108 H 110 H
46H
1
45
78H
22
S
A
102
110
109
110H
104
104
104
2
97
98
42
92
92
10
124
124
9734
MN
MN
M
S
M S
MN
M
S
MN
F
A
82
2
81
106H
10634
121H
98
9734
8234
30
106
106 H
14
10634
120 H
9734
9734
107
13
J
♦111
72
98
*107
R A A Dlv 1st eon g 4s
1989 J
2d consol gold 4s
.....1989 J
Warm Spring V 1st g 6s
1941 M
98
48
♦106
Potts Creek Branoh 1st 4e—.1946 J
8
121H
109H
111)4
12534
109
99H 10434
10034 108 H
63
75H
106H 112H
108 H
101
96
10434
88
96H
122
ll®
7434
105)4 108
1O0H 109
116H 128H
95
10234
9534 102 H
11034 111
11134 11134
1203?
11134
108
H2H
10934 115
106
103
106 H
10634
88
99H
76
93 H
65H
82 H
93H
63
103 H 108 H
74H
9434
110
116H
87 H 103 H
34
102
106
09
101N
10? H
82 h
06
70)4
127
s
81
81
72)4
83 k
41
74
113)4
108)4
1
111
38
103
112
21
108)4
113)4
10734
112
111
Chic A Alton RR ref g 3a
1949
Chlo Burl A Q—111 Dlv 8 Ha—1949
General 4a
♦107H
S
—-
——
111
111H
A
({♦Chicago A East 111 1st 08..1934
{♦C A E 111 Ry (new Co) gen 68.1961
♦Certificates of deposit
Chicago A Erie 1st gold 5s
1982
{♦Chieago Great West 1st 4s..l969
{♦Chlo Ind A Loulsv ref 6s
1947
♦Refunding g 5s ser B
1947
♦Refunding 4s ser C
...1947
♦1st A gen 5s series A
...1966
♦1st A gen 6s series B.May 1966
Chlo Ind A Sou 60-year 4a
1966
Chlo L S A East 1st 4Hfl
.1969
110
A O
A
ser
.
.....
HI
34
110
3
10834
111H
111 34
110)4
10734
-----
1958
4Hs
30
104 H
25
10834 11334
10734
10634
48
26
M S
114
119
1
100
10134
35
55
32
33
15
118H
39 H
4
118H
40 H
25
J
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30
----
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30
—
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29
—
—-
—
—
—
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MN
13)4
15H
20
J
14
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2
J
103K
♦111H
J
D
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4
33
40
5834
101H
34
MN
61
117
116H
10134
32
MN
108
52 K
52
—
10734
ser B.......-1077
A....
...1971
1st A ref
108
104
6
30H
3034
117
463?
453?
124
3634
5134
29 H
4434
27 H
25
11
14
la
26 H
10034 1073?
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83H
31
85H
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l j
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132)?
106
37
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1949 F A
Through Short L 1st gu 4s—1954 A O
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see page
122H
90
*10
1966
1961
111
4
11234
70 h
—-
103H
100
J
1951 A O
Cent 111 Elee A Gas 1st 6s
Cent Illinois Light 3 Ha
113
80 h
—
111
117
106
8234
..1941 M
Gen mortgage 6a.
Cent Hud G A E 1st A ref
110
8
—
11534
*31
9434
*10134
110H
♦Mobile Dtr 1st g 6b
1946
Central Foundry mtge 6S......1941 M
....
a
—
83
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17
11334
105
1961
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107
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u
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90
115
A
1969 A O
106
92 h
10334
j
11234
11034
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1st A tef 6s
91
104
J
84
103
Carriers A Gen Corp deb 6s w w 1980 MN
D
Cart A Ad 1st gu g 4s
....1981
♦Cent Branch U P 1st g 4s
1948 J D
111
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4H>-
41H
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101
"9334
Caro Clinch A 01st 6s
1938 J
1st A cons g 6a ser A.Dec 16 1962 J
108
5
32
21
103 h
------
413?
1834
74 H 101H
89
6934
112
J
J
Illinois Division 4s.........1949
11234
9534
10334
104 h
11134
9234
J
18
60
*
101
J
J
P »
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J
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103 H 110
104 H 108
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102
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J
112
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102
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10534
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105
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a
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----
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D
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109
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------
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90
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20
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8934
101
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80
68 H
J
.Oct 1969 A
....
♦104
4934
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103h
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10734
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96
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60
101
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42 H
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104
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General «e
...........1987
110 h
Nov
For footnotes
6s A.
{♦Cert New Engl 1st
♦Anglo Chilean Nitrate—
Con*
eona gu
87H
Amer Water Works A Electric—
Cor* deb 4Ha
F
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j
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Canada Sou
97
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103 H 106
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8HS
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6
13
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22
1942 AO
—1962 AO
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{♦Car Cent 1st
100
J
Adriatic Eloc Co extf 7s
Ala Gt Sou 1st cons A 6s......
1st M s f 4a ser O (Del)
23H
M S
MN
Canadian Northern deb
Canadian Pao By 4 % deb slk perpetJ
J
Coll trust 4 Ha
—1946 M s
6s equip trust ctfs
1944 J
J
Coll trust gold 6s—Deo 1 1964 J
M
21
8034
8234
10134
8534
25
25
107
22
J
Canadian Nat gold 4Hs
1957
Guaranteed gold 6s—July 1969
78
65
3
70
63
75
({♦Burl C R A Nor 1st A eoll 6s 1934 AO
♦Certificates of deposit...
{Bush Terminal 1st 4s
...1962 A
92 H
1
J
♦Consol 6s
..—1966
{♦Bush Term Bldgs 6s gu
...1960
Cal G A E Corp unlf A ref 6S.-1987
Cai Pack conv deb 6s....
.1940
80
1912 mn
1968 F a
1961 J D
Brans A West 1st gu g 4a
1938
Buffalo Gen Elec 4 Ha aer B—.1981
TBulf Recti A Plttt gen g 6s...1987
Consol 4 Ha
.1967
96H
106
78 H
73H
80H
103
71 ■
90H
Vienna (City of)—
6a Nov coupon on..
1957 MN
1960 F A
Brown Shoe «t deb 334s
80
.....
Bklyn Union El 1st g 6a
Bklyn Un Gas 1st eons g 6s
"67
96H
79)4
"23h
26 H
18H
1834
19H25
a
a
..1961
Trondbjem (City) 1st 6 Hi
1967
♦Uruguay (Repubdo) extl 8s..1946
♦Warsaw (City) external 7a
79)4
82 H
J
38)4
29)4
28)4
1966 F a
J
1971 i
1962 m S
f 6 Ha
Taiwan Else Pow s t6Hs
Tokyo City 6s loan ol 1912
a
1941 J
1st 6s stamped....
29
Stytta (Pronnee of)—
7s Feb eoupon off..........1946 F
1941
mtge 3348—1966 MN
27
a
♦BUeslan Landowners Aasn 6s..1947 r
J
Brqpklyn City RR 1st 6s
2634
95h
♦8s Nov 11936 ooupoo on...1962 M N
♦7s Nov 11986 eoupon on.. .1962 M N
♦Silesia (Prov of) extl 7s
—1968 J d
Sydney (City)
1967 M S
1966 MN
4348 series JJ__
1961 A O
{♦Boston A N Y Air Line 1st 4s 1965 F A
({♦Botany Cons MUla 6 Ha
1934 A O
cons
131
~20"
20
10334
1st g
30
------
1
15
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D
3234
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10
27
25
25
10234
9534
96
27
— — —
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103
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—
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1956
1944 J
89
120
12634
2634
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1968
25H
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78H
72H
102)4 103H
115H 121H
120"
11934
12634
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♦Berlin Elee El A Undergr 6 Hs 1966
Beth Steel oona M 434s «er D..1960
....
Low
♦104
1960 F A
1945 M N
1st lien A ret 6s series A.....1947 MN
Debenture gold 6a
....I960 J D
40
o
J
30
25
j
.1946 J
41
39
*28)4
MN
j
38
♦22
M N
J
J
(♦8s July eoupon off
19
j
♦External 8s July eoupon «£f-18««, J
♦External 7a Sept coupon off 1966 m S
♦Saxon State Mtge inat Ts
7234
.1959
Cons mtge 334s ser E
Jan. 1
High
♦Certificates of deposit—
F
Sao Paulo (City of Brail!)—
*8a May coupon off..
10
♦Extl 6Hi May eoupon otf..l9
San Pamo (State of)—
11934
.1948
Boston A Maine 1st 6a A O
1st M 6s aeries II
40
Since
Asked
♦102
33
26 h
o
d
mn
M N
J
VVTIOJ;
29)4
A
♦
1st A ref 6s aeries C
...1960
Belvldere Delaware cons 3 Ha—1943
♦Berlin City Elec Co deb 6Ha—1951
Big Sandy 1st 4s
J
M.WAXKV
28)4
Bid
Low
♦Deb sinking fund 6Hs
♦Debenture 6s
Range
-»
Friday
Sale
Price
Battle Creek A Stur 1st gu 3s..1989
Beech Creek ext 1st g 8Hs
1961
Bell Telep of Pa 6a series B
24H
21H
otj—
a
♦7« May eoupon
2934
2734
15
•"•ft.
High
27X
3
26)4
a95
STOCK EXCHANGE
Week Ended July 16
ttlo do Janeiro (City sf)a
Y.
Range or
Last
BONDS
Rant«
Friday
Sale
il
403
Week's
Friday
Week's
Friday
116
110H
109 H 116H
*
{♦Chlo MUw St P A Pao 6s A..1975
♦Conv ad) 6s
Jan 1 2000
{♦Chlo A No West gon g 3HS—1987
♦General 4s.....—..
1987
♦Stpd 4s non-p Fed ino tax 1987
♦Gen 434s stpd Fed ino tax..l987
♦Gen 5s stpd Fed ino tax
1987
♦4Hs stamped............1987
(♦SBcured g 6 Ha
1936
♦1st ref g 6a
May 1 2037
5034
5534
......
♦Gen 4Ha series C„May 11989 J
♦Gen 4Hs series E..May 11989 J
♦Gen 434s series F
May 11989 J
54H
54H
*54 H
......
60
*
59H
......
F
2534
A
7H
MN
------
29
50 H
50
♦Chlo M A St P gen 4s ser A..1989 J
♦Gen g 3Hs ser B._May 11989 J
24H
734
----
— —
----
210
26)4
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♦31
35)4
—-
312
----
•
35H
*34)4
38
11
MN
39
----
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40
MN
38
40
MN
♦1st A ref 4Hs stpd.May 1 2037 J D
♦1st A ref 4Hs ser C.May I 2037 J
♦Conv 4Kb series A
1949 MN
0934
64
71H
3634
1234
21H
634
32 H
49H
34
52H
34
62 H
4534
54H
56
52
39
61
27
1834
38
24)4
13
1934
22 H
24 H
17
20
363
15
16)4
87
1234
243
-
24
42 H
25
22
22H
15
------
1
5734
693*
5434
37 H
42 K
------
----
40
*34 H
D
50
46
MN
MN
J
47
9
—
3
363
New York Bond Record-Continued -Page 3
404
July 17, 1937
Week's
Friday
BONDS
N
Bennett
ros.
memberj
&
8TOCK
Johnson
16
F
A
A
F
ser
O
O
Bid
J
Chicago III,
104
J
D
Randolph 7711
System Teletype •>- Cgo. 543
M
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Si
Week Ended July 16
Range
Sale
Price
A
Low
D
A
O
——————
J
J
------
J
J
O
Asked
Jan. 1
*65
33 %
1988
♦Certificates of deposit
76
Low
High
64
♦Certificates of deposit
I^Secured 4%s series A
1952
♦Certificates of deposit
♦Conv g 4%s
O
45
M~S
1960 MN
"is %
16M
ism
16M
16%
11%
10
11%
18M
43%
20
42%
16%
14%
26%
22%
15
15%
25%
14
15
22%
50
17
101
9%
16
1951 J
D
109M
109%
June 15 1951 J
D
*86 M
94%
1951 J
D
91%
1960 J
D
91M
88 M
90
70
87%
995
79%
83
9
75%
91
106 H
110
107
9
Cb St L A New Orleans 5s
3%s
Memphis Dlv 1st
4s
g
Chic T H A So East 1st 5s
S
Dec 1 1960 Wl
Ino gu 5s
1
108% 113%
....
91
98!
Guaranteed 4s
1944
1st mtge 4s series D
1st mtge 3%b series E_
3 %s guaranteed
Chic A West Indiana
1st A ref M
4%s
1963 J
108%
107%
105%
1951 M
"105""
1952 J
4s
con
ser
1963
1962 M
D
104
102
1943 A
{♦Choc Okla A Gulf cons 5s___1952 Wl N
Cincinnati Gas A Elec 3%s
1966 F A
101%
Chllds Co deb 5s
Cln Leb A Nor 1st con gu 4s.
1942 M N
Cln Un Term 1st gu 5s ser C__1957 Wl N
1st mtge guar 3 He series D..1971 Wl N
85
Clearfield A Mah 1st gu 4s
1943 J
Cleve Cln Chi A St L gen 4s
General 6s ser B
1993
D
1993
1977
J
1939
J
"look"
Spr A Col Dlv 1st
J
W W Val Dlv 1st g 4s
1940 J
Cleve-Cllffs Iron 1st mtge 4%s.l950 M N
J
Cleve Elec Ilium 1st M 3%s—. 1965 J
1950 A
s
101%
~93~~
27
102%
2
85%
101%
"~16
12
107
101%
93%
80%
94
40%
97% 104%
104% 108%
106% 109%
101
110%
104% 104%
107%
118
98%
104
103% 106%
93
93
103
98%
95
104%
ioi"
103"
l03~"
107%
109%
108
107
110%
106% 111%
108
110% 110%
*104
*109%
108%
*106
106%
Iio% 113""
108%
107
108%
106%
105
106
109
111%
106%
*109
*110%
109 M
108%
107%
106%
103
102
109%
108
107%
69
104% 111%
103
82
81M
80%
83
36
60
60
61%
49
*108%
105
1961 J
A
•
J
100
100%
99 %
O
—1955 F A
Columbus Ry Pow A Lt!4s
1965 M N
Commercial Credit deb 3%s_._1951 A O
Commercial Invest Tr deb 3%s1951 J
Conn A Passum Rlv 1st 4s
1943 A
106%
97
101%
100
"1
i05~~
113
100%
4
100%
98%
*111%
*112%
42
99%
112%
105
114
"
68
94
100%
20
97
105
104%
105
106
105%
106%
22
69
104%
34
99% 105%
104% 106
105% 112%
104% 107%
100% 108%
102% 106%
101
107%
♦Consolidated Hydro-Elec Works
Consol Gas (N Y) deb 4%s
Consol Oil conv deb 3%s
18%
1951 J
107%
107%
107%
40
1951 J
103%
102%
103%
118
36
36
8
1955 J
36
36
2
♦Debenture 4s
1956 J
*31
non-conv
deb 4s—1954 J
1956 A
♦Debenture 4s
♦Consolidation Coal
1960 J
f 5s
s
*31
1st mtge 3%s
1st mtge 3%a
1970 Wl N
—
Container Corp 1st 6s
16-year deb 5s with
a
"I62"
warr
1943 J
D
J
F
A
Cuba RR 1st 5s g
1952 J
7 Ms extended to 1946.
J
6s extended to 1946
J
50%
10
102
100%
101%
27
101
100% 103%
99% 102
100%
106%
101%
30
97
103
106%
1
104
107
105
3
5s...1951 Wl N
1951 Wl N
J
1936 J
1936 J
2
103%
105
106
49%
16
45
65
50%
51
10
46%
64%
90%
54
90
61%
55
7
5
104%
27
91%
96
56
52
101%
88%
61%
55
108
95%
Erie RR 1st
cons g
Series B
Gen
conv
A
99%
99%
99%
7
80
81%
26
76
81
82
15
80
80%
81%
16
80
92%
94%
94%
A
O
1953
A
O
*
88%
91
93%
73%
73
75%
148
68
89
1975 A
1955 J
73
72%
75%
125
68
89
------
O
*118
Genessee River 1st s f 6s
J
1957 J
N Y A Erie RR ext 1st 4s—1947 Wl N
*118
119
----
*108%
-----
—
1938 Wl
4%s_
------
S
6s International series
1st lies s f 6s stamped
1942 Wl
s
1942 Wl
1942 Wl
1st Hen 6s stamped.
30-year deb 6s series B
H
{♦Fla Cent A Penln 5s
1943
{♦Florida East Coast 1st 4%s—1959
♦1st A ref 5s series A
J
*68
73
11%
11%
11%
--
*
Galv Hous A Hend 1st 5%s A.. 1938 A
Gas A El of Berg Co cons g 5s .1949 J
Gen Amer Investors deb 6s A—1952 F
Gen Cable 1st s f 5%s A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J
*3%
J
1940 J
1948 Wl N
Gen Motors Accept
Corp deb 3sl946 F
15-year 3%s deb
1951 F
Gen Pub Serv deb 5%s
1939 J
Gen Steel Cast 5%s with warr. 1949 J
D
——————
O
J
J
lull
KU
UBaiMaJLv *1
J
87%
92
100%
35%
35%
35%
28%
16
15%
1
21
9
21
72
7
7
1
*46
71
15
23
14%
22%
19
5%
50%
32%
12
57%
-----
*26
30
104
103%
—
-
—
—- —
77
104%
—
101
69
105
—
105%
64
98%
*102%
4
99
104%
— —
—
32%
44%
30%
—
100%
101
105
—
62
23
30%
102% 107
97% 101%
103
106
95% 107%
103
103%
108% 111
108%
1
"98_~
12
90
98%
63
84%
95%
108%
*09
96
96
88
90
15
29
1976 J
J
105
1977 J
J
104%
124%
109%
105%
105%
130%
381
100% 109%
100% 108%
117% 141%
110
133
106
117%
126
109%
94%
1950 A
_
Il961
O
O
------
J
------
A
O
95%
65
11%
3
10
15
98
O
J
1949 J
J
*24
Hocking Val 1st
1999 J
J
119%
1944 A
O
♦Adjustment Income Sa.Feb 1957
A
O
Illinois Bell Telep 3%s ser B...1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3%s
1951 J
102%
104
*106%
91
------
62%
------
----
2
102
13
99
—
-
— — —
-
—
—
---—
----
90
92 %
93%
99%
22
98
27
102%
1
104
107%
—--
-----
----
3
119%
3
91
2
66
102%
120%
7
65%
24%
88
106%
27
63
62%
23%
23%
106
J
*110%
*101%
1951 A
O
1951 Wl
8
1952 A
O
19
62
46
98
*101%
J
1953 M N
1955 M N
40-year 4%s
Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Div 1st gold 3s—1951 J
Loulsv Dlv A Term g
3%S—.1953 J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term
g 3s._.1951 J
Gold 3 %s
1951 J
g 3%s.—1951 J
Western Lines 1st g 4s
1951 F
A
D
------
J
85
86
29
84%
20
80
80
75%
75%
78%
------
95%
67
67%
------
*105
*90
96%
*
------
------
*_.,
*
------
-
105% 108
25
27%
114% 126%
84
62%
101
38
97%
86%
103%
57%
116% 124
62%
21%
85%
36%
101% 110
110
111
107 %
107 %
92%
93
83%
81%
95
79
90%
20
74%
90
96%
14
69
73
95% 104%
66%
80
-
—
-
106%
—
— —
—
—
—
— —
1
96%
83%
91%
96%
-
4
-----
97%
107
93
96
109
98
-
— ——
—
—
— -
——
—
95
102%
85
-
*97
*
—
99% 105%
102% 105%
102
83%
J
*
-
83%
J
J
-
85
J
A
—
93
------
'
102
-----
*89
------
106%
100% 106%
95% 103%
----
44%
120%
45%
-----
106
■
102
102%
O
J
111%
92%
65
O
Hudson Coal 1st s f 5s ser A...1962 J D
Hudson Co Gas 1st g 5s
1949 M N
Hudson A Manhat 1st 6s ser A.1957 F A
115%
1
1952 J
{♦Housatonlc Ry cons g 5s
1937 M N
Houston Oil sink fund
5%s A—1940 Wl N
108
65
{02
98%
*91%
*91%
97%
101%
98%
J
J
67
116%
114% 119%
95%
11%
*105%
N
30
99
110
65
------
Feb
2
94%
1946 A
Springfield Dlv 1st
21
----
37
98% 105
98% 105%
101% 103%
80%
97%
111
1952 J
15
36
82
40
117%
Purchased lines 3%s
Collateral trust gold 4s
14%
40
28
35
1966 A
Refunding 5s
40
29%
102%
*30
10-year deb 4%s
Hackensack Water 1st 4s
♦Harpen Mining 6s
Extended 1st gold 3%s
1st gold 3s sterling
Collateral trust gold 4s
30
114
Gulf A S 11st ref A ter 5s Feb 1952 J
cons g 4 %s
♦Hoe (R) A Co 1st mtge
30
1
111
Greenbrier Ry 1st gu 4s
1940 M
Gulf Mob A Nor 1st
5%s B—1950 A
Gulf States Steel s f
4%s
Gulf States Utll 4s ser C
6
5
102%
102%
*34
121% 122%
100% 102%
103% 106%
113%
117%
ctfa B
1st mtge 5s series C.
—
12
13
J
J
J
1946 J
Gen mtge 4s series H
J
...1946 J
Gen mtge 3%s ser 1
J
1967 J
♦Green Bay A West deb ctfB A
Feb
Stamped
-
—
101%
105%
-----—
J
General 4%s series D
General 4%s series E
General mtge 4s series G
-
-----
80%
J
Great Northern 4%s series A—1961 J
General 5%s series B
..1952 J
General 6s series C
1973 J
5
107 % 107%
107% 110%
67
101%
D
A
— — -
-
6%
3
*101
1
1
1944 F
----
9%
3%
3%
1
102
80%
D
J
X vi ill
20%
71%
34
102
N
s
20
94
35%
-
------
D
Wl
UlUD
-
102%
D
*
-
J
Wl
87
9%
9%
9
----
33
——————
-
J
J
96%
81%
78
60%
18
5
101%
104%
------
A
{♦Ga A Ala Ry 1st cons 6s
1945 J
"
|{*Ga Caro A Nor 1st ext 6s. .1934 J
♦Good Hnpe steel A Ir seo 7s„ 1945 A
— -
68
110%
*117
101%
105%
A
J
—
105
71
J
♦Sinking fund deb 6%s
-
104%
96
82
94
94
A
♦20-year
----
101
3%
*104%
*109%
O
D
-
101% 102%
101% 105%
17%
*3
-
-
-
12%
11%
------
Fort St U D Co 1st g 4 %s
J
1941 J
Framerlcan Ind Dev 20-yr 7%s 1942 J
J
Francisoo Sugar coll trust 6s.—1956 Wl N
Gt Cons El Pow (Japan) 7s
-
78
*70
I {♦Proof of claim Hied by owner M N
♦Certificates of deposit
6s
2
96%
90%
D
♦Certificates of deposit..
s f deb
1
102%
96
J
Fonda Johns A Glov 4%s
1952
I {♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s
1982
103%
----
102%
S
105
102
100%
*
80%
101
----
102%
------
64%
1
103%
-----
J
1974 M
116% 118%
112% 114%
22
102%
102%
*
J
2
75
------
103%
------
------
D
1946 I
--
114% 119
....
75
75
8
1954 J
f g 7s
—--
—
*102
Ernesto Breda 7s
1954 F A
Fairbanks Morse deb 4s
D
1956 J
Federal Light A Tr ist 5s.....1942 Wl S
1955 M N
28%
....
J
s
97% 106%
1967 Wl N
Ref A lmpt 5s of 1927
Ref A lmpt 5s of 1930
Erie A Jersey 1st 8 f 6s
Flat deb
103% 107
80
O
1953
4s series D
....
J
1996 J
1953
106%
106
-----
J
1996 J
4s prior
1st consol gen lien g 4s
Conv 4s series A
105
*104%
Refunding 4s
106% 108%
26%
36%
27% 38
106% 112
J
104
45
11
109
172%
103
106%
104% 106%
113%
140
— —
1
101
106% 108%
100% 105
1
104
107%
....
106%
1
20%
109
108%
104%
3
"15
111
....
106%
102%
"27%
139%
107%
112
*110%
104%
106%
*107%
26%
131
2
41
J11
J
102%
*105%
107%
107%
"27%
107%
O
106%
"l02%
J
{♦Den A R G West gen 5s_Aug 1955 F A
♦Assented (subj to plan)..
♦Ref A lmpt 5s ser B
O
Apr 1978
{♦Des M A Ft Dodge 4s ctfa—1935
J
{♦Des Plains Val 1st gu 4M8-1947 Wl s
104%
1943 Wl N
J
For footnotes see page 407.
8
59%
J
Stamped as to Penna tax
|*Den A R G 1st oons g 4s
5*Consol gold 4Mb
.,57
100%
104%
1969 J
71%
99% 107%
98% 108
96% 103!
102%
61%
1st mortgage 4Mb
Den Gas A El 1st A ref
63%
103% 110%
102
"l04%
J
8
40%
47
D
Del Power A Light 1st 4Mb—1971 J
1st A ref 4Ms
1969 J
s f
11
23
O
Dayton Pow A Lt 1st A ref 3 Ms 1960 A
Del A Hudson 1st A ref 4s
D
D
67%
40
104%
"ioI%
J
J
41%
41%
101
101%
1950 MN
f 4s
107%
34%
34
104%
D
Crown Willamette Paper 6s... 1951 J
Cuba Nor Ry 1st 5%b
—1942 J
108%
100
34
"38
106%
103%
67
106%
1055/
100%
1966 M N
1946 M N
Copenhagen Telep 5s .Feb 15 1954
Crane Co I f deb 3%s
1951
Crown Cork A Seal
106%
25
35%
103%
67%
Consumers Power 3%s.May 1 1965 J
1st mtge 3%a
May 1 1965 Wl N
116%
103%
— -
Erie A Pitts g gu 3%s ser B_—1940 J
Series C 3%s
1940 J
♦Debentures
31
♦Debenture 4s
{♦Consol Ry
112
110
109
109%
------
72%
108
135
135
—
102%
110
....
------
J
102%
*106%
*24
-
101%
102
....
D
97% 105%
98
102
....
115
*107
of Upper Wuertemberg 7s—1956 J
-
39
-----
96
96% 105
55
118%
106%
*104
77%
108%
96%
101%
104%
76%
56%
41%
111
114
D
108
102
*104%
104%
104
111%
106%
Stamped guar 4%s
1951 J
Conn River Pow s f 3%s A
1961 F
Consol Edison (N Y) deb 3%s.l946 A
3 %s debentures
1956 A
99% 105%
60
65
45
42%
1951 J
110% 112%
109
.
113
48
106
Conn Ry A L 1st A ref 4%s..-1951 J
-
Wl N
.
108% 116%
55
1980 Wl N
1948
99% 105%
90%
*109%
1945
15
111%
101% 108%
100% 108%
118
Colo A South 4%si er A
Jan
104% 113
103
97
1943
1970
Debenture 5s
107%
35
""29
Coal River Ry 1st gu 4s
Colo Fuel A Ir Co gen s f 6s
♦6 Income mtge
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
104
103
108
F
Columbia G A E deb 6s—May 1952 WIN
Debenture 5s
Apr 15 1952 A O
J
-
91%
98%
*103%
1977
f 4%s series C
45
117
1972
1973
Cleve Union Term gu 5%s
1st s f 6s series B guar
105
107%
104
"Ilk
O
Gen 4%s ser A
1977
Gen A ref mtge 4%s ser B...1981
Cleve Short Line 1st gu 4%s...l961
1st
93%
J
1942 J
1948 M N
Series A 4%s guar
Series C 3%s guar
Series D 3 His guar
25
108
*
O
Cleve A Pgh gen gu 4%s ser B.1942 A
Series B 334s guar
1942 A
125
106%
106%
106%
*104%
101%
.1940 MS
4s
g
J
1990 M N
St L Dlv 1st coll tr g 4s_
108%
*105
J
Cln Wabash A M Dlv 1st 4s. 1991
iolk
101%
D
Ref A lmpt 4%s ser E
Cairo Dlv 1st gold 4s
110%
27
35
__
*105%
*113%
*104%
—
....
—
45
105%
J
3d mtge
Chicago Union Station—
3
60
55
45
101
— —
-
*43
83%
31%
33
""51
"18 %
16%
1934 A
64
34%
16M
f ♦Refunding gold 4s
Gold
33 %.
*
—— —
A
conv 48
*100%
——————
J
F
I {♦Chicago Railways 1st 5s stpd
Feb 1 1937 25% part pd
{♦Chic R I A P Ry gen 4s
----
A
No.
High
—
102
105%
M N
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4%s ser A
51
—
-
114%
102
105%
J
Electric Auto Lite
High
111% 116%
106% 110%
105% 111
101
109%
"
Range
Sines
—
1
Low
--U-
114%
------
J
or
Friday
Bid
J
Jan.
----
63
*48
WIN
East T Va A Ga Dlv 1st 6s
Week's
Friday \
24
85
*48
f Dul A Iron Range 1st 5s
{|*Dul Sou Shore A Atl g 5s..
Duquesne Light 1st M 3%s._.
Connections
«
-<• 'Bell
8
38
109%
104%
*61
Detroit Term A Tunnel 4%s_.
La Salle St.
5
114%
107
*58
A
TJlgby 4-5200
•5\£. T. 1-761
135 So.
No.
High
103%
D
Dow Chemical deb 3s
J
Trivate Wire
Bonds Sold
Asked
106%
108%
♦1st 4s assented
♦Second gold 4s
♦2d 4s assented
One Wall Street
A
114
—- —
106%
109%
S
M
Gen A ref mtge 3%s ser G_.
♦Detroit A Mac 1st lien g 4s._.
%AILROAD ''BONDS
--
Rann*
or
Friday
Price
A
Detroit Edison Co 4 Ms ser D-.
Gen A ref 5s ser E
Ymrk Curb Exchange
Y.
Range
Sale
Low
Gen A ref M 4s
York,
Last
Inter st Period
_
EXCHANGE
Week Ended July
r°rk S,ock e"ha"<"
{
Y.
89%
92%
88
94%
98%
100% 100%
94
101%
Volume
•
BONDS
N
Y.
STOCK
Friday
Wetk'e
Last
Range or
Sole
■<3
s
to
EXCHANGE
Week Ended July 16
Friday
Bid
Price
A
Low
III Cent and Chlo St L & N O—
Joint 1st ref 6s series A
1963
D
78 %
1st & ref 4 Ha series C
Illinois Steel deb 4%s
1903
D
72%
1940
O
Ind Bloom A West 1st ext 4s1940
Ind 111 A Iowa 1st g 4s
1950
{♦Ind A Louisville 1st gu 4s
1966
O
78 X
72%
106%
1961 F
A
1966
J
I ♦ 10-year 6s
104 %
61 ...
1932 A
O
7% notes
♦Certificates of deposit
Int Agrlc Corp 5s stamped 1942
62%
9
22
23%
28
20
63%
64%
61
'"22"
A
O
M N
1952
99
.-----
J
A-.July 1952
O
1950
J
-----
♦1st g 6s series C
1956
J
o
1941
Int Rys Cent Amer 1st 6s B
o
73
1947 J
f 6s series A
J
100
S
1972 IV1 N
1st lien A ref 6 34s
71%
100
97%
96%
11%
31
67
101%
61
97%
A
J
71%
70%
72
91
91
92%
77%
281
7%
23
6%
James Frank A Clear 1st 4s
1959 J D
Jones A Laughlln Steel 4%sA..1901 M S
Kan A M 1st gu g 4s
1990 A
{|*K C Ft S A M Ry ref
g
95
104
"
w w
47
89
D
109
62
104
103%
104
18
15
*27%
S
99%
J
*109%
.1901 J
J
*
J
J
*102%
J
J
J
J
1937 A
O
.1949 F
A
J
1977 M
S
1
1940 J
1951
M
1952
IVI
1979 J
J
---
——
42%
101%
42%
102%
1
34
100
101%
101
101%
53
*83"
"95"
8
------
—
-
-
14%
*3%
4%
20%
20%
21%
29
8%
37%
18%
7
18
32
8
20%
41%
18%
3
17
30
IVI
3
14%
15%
8
J
J
82%
83
14%
82%
28%
95%
97
97
*104%
154%
98
11
109%
102%
J
104%
104%
105
100%
100%
100%
J
14
28
28%
94%
7
25
94%
8
90
60
60
60%
34
69%
59%
50
50
60
50%
J
50%
101
50%
6
58
50
-
-
—
IVI
8
104%
101%
102%
99%
98
—
109%
35%
34%
35
30%
J
96
94
96
92% 106%
J
93
93
93%
102%
90
100
104%
105%
84
86
94%
*95%
*61%
97%
90
100%
61%
96%
79%
69
73%
88%
66%
68%
10
63%
70
69
70
11
69
79%
69
19
63%
80
37%
35%
37%
35%
17%
9
31%
2
33
48%
45%
49
14%
24
37%
88
31%
49
34
10
31%
38
68
31%
48%
8
32%
45%
18%
48%
78%
——————
70
—
——
—
——
16%
16%
37
------
36%
33%
36%
34%
.
— ——
------
IVI N
♦1st A ref g 58 series H.
A
35
*76
*101
48
84%
F
O
—
—
A
♦Ref A Impt
12%
13%
33
10
36
37%
78
31%
35
35%
21
32
36%
35%
37%
35%
82
-
37
I
MN
4%s
*
*
S
61%
78
5
60
77
Mohawk A Malone 1st gu g 4s. 1991 M S
3
54%
75
Monongahela Ry 1st M 4s ser A *60 M N
f
J
J
Leh Val Harbor Term gu 5s
1954 F
A
166""
Leh Val N Y 1st gu g 4%s
1940 J
J
Lehigh Val (Pa) cons g 4s
General cons 4%s..
2003 M N
2003 M N
99%
54%
56%
2003 M N
66
65
95
95
100%
98
107
♦Secured
*107%
100
97
39%
12
31%'
86
49%
47
93
30
85%
85%
27%
54%
39%
14
I
109%
11
29%
~~8
100%
57%
19
111
60%
117
67%
11
1941
98%
111%
108%
110%
131
121
122%
*108
1946
99%
1952
Unified gold 4s
Guar ref gold 4s..
73
1950
1938
1949
A
Long Dock Co 3%s ext to
Long Island gen gold 4s
*101%
*103%
102%
102%
127
128
O
1951 F
A
118%
1969 J
A
S
1944 A
Louisville Gas A Elec 3%s
Louis A Jeff Bdge Co gu 4s
73
102%
103%
103%
103%
S
J
88%
1966 M S
1945 M S
118%
88%
101%
107%
59
"l2
14
"78
23
105
102%
103%
1949 M
Lorillard (P) Co deb 7s
6s
"99%
118%
90%
101%
107%
1940 J
106%
108%
106%
108%
1st A ref 4%s series C
1st A ref 4s series D
2003 A
106%
106
2003 A
100
1st A ref 3%s series E
Paducah A Mem Dlv 4s
2003
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4%s
1980 M
A
93%
1946 F
88%
""5
J
97%
*112%
*96%
A
107
100%
94
103%
104%
13
100
102%
102
102%
15
101
1966 J
D
93%
19411J
J
72
Montana Power 1st A ref 3 %s.
53
76%
Montreal Tram 1st A ref 5s
80
Gen A ref
104% 109
Gen A ref
s
Gen A ref
s
129%
129% 130
117
120%
108
97% 101%
69%
79%
101% 103%
102% 108
21
100
51
100
100%
104%
5
126 % 135
5
110% 124%
82
100%
92
5
30
99% 101%
106
112%
16
105%
100%
52
99%
134
133
108%
88%
96
90%
105%
85%
110%
94%
109%
"97%
"99"
93
s
f 5s series A
f 5s series B
301
5
92
83
85%
80%
80%
O
86%
79%
O
82%
79%
80
O
2000
84
D
89%
88
89%
27
85%
Constr M 6s series A
1955 M N
94%
94%
95%
26
92
Constr M 4 %s series B
1955 M N
86
26
Morris A Essex 1st gu 3%s
Mutual Fuel Gas 1st gu g 5s
1947
85%
M N
Mut Un Tel gtd 6s ext at 5%..1941 M N
Namm (A I) A Son & See Mfrs Tr—
A
Nash Chatt A St L 4s ser A
1978
Nash Flo A S 1st gu g 5s
J
*114%
115%
*106
93%
92%
"41%
"38"
28
1937
1951
Nat Aome 4%s extend to
1946
Nat Dairy Prod deb 3%s w w__ 1951
Nat Distillers Prod deb 4 %s_—1945
Nat Ry of Mex pr Uen 4 %s
1957
♦4%s Jan 1914 coup on
1957
♦4%s July 1914 coup on
1957
♦4%s July 1914 coup off—1957
♦Assent
warr
stpd
A rets No 4
on
D
103%
103%
M N
105%
105
J
3%
J
♦Assert
warr
104
105%
138
*2%
3%
*57
*2%
*2%
1977
3%
3%
5%
5%
*2%
103%
104
103%
105%
103%
104%
104
5
39
98%
100% 102%
38
♦4s April 1914 coupon off
1951
1951
3%
46
2
3%
4
4
*2%
♦Assent warr A rets No 4 on *51
3%
3%
4
5
3%
"6%
5%
13
4%
7H
*3%
D
3%
6
....
4
1954 IVI N
*70%
85%
77
1948 J
D
119%
119%
118
J
J
64%
36%
18
39
N J Pow A Light 1st 4 %s
I960
32
32%
5
New Orl Great Nor 5s A
1983
2013
16%
16%
1
s f 5s
1953
*92%
1939
a90
1959
*65%
75
First A ref 5s series B
1955
New Orleans Term 1st gu 4s—1953
105
*55
New Orl Pub Serv 1st 6s ser A-.1952
Manila RR (South Lines) 4s
1st ext 4s
105%
NOANE 1st ref Almp4%s A1952
37
4
"_5
Newark Consol Gas cons 5s
35
a90
4
"6%
3%
1965 J
63
36%
3
4
....
Nat Steel 1st coll s f 4s
64
6
15
63%
100%
99% 107
103
106%
4 %s—
A rets No 4 on. 1926
♦4s April 1914 coupon on
63
"78
111
90
95
*2%
J
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien
"14
*101
IVI N
♦4s April 1914 coupon on...1977
*48 April 1914 coupon off
~42~~
84
97%
102
97
82%
112% 119
106%
94
A
Nassau Elec gu g 4s
99%
98% 104%
79%
1955 A
78%
407.
93%
99%
1955 A
78
{♦Man G B A N W 1st 3%S—. 1941
99
*
f 4%s series C...1955 A
Gen A ref s f 5s series D
{♦New England RR guar 5s...1945
♦Consol guar 4s
1945
New England Tel A Tel 5s A
1952
1st g 4%s series B
1961
N J Junction RR guar 1st 4s... 1986
|{*Manatl Sugar lstsf 7%s.. .1942 A O
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s. 1990 A O
♦Certificates of deposit
93%
99
1955! A O
{♦Naugatuck RR 1st g 4s
s f deb 5s 1951 M N
McKesson A Robblns deb 5 %s_1950 IVI N
Maine Central RR 4s ser A
1945 J
D
Gen mtge 4%s ser A
1900 J D
109
104%
O
50
11
*111
1955 M N
Lower Austria Hydro El 0%s__ 1944 F
93%
*107%
1945 M S
1952 J
99
107%
O
62%
101% 106%
Louisville A Nashville RR—
2003 A
I
1900 A
1965 A
99% 103%
108
103%
1949 M
4s stamped
105%
1st mtge 4%s
Monongahela West Penn Pub Serv
116
122
129%
1962
Little Miami gen 4s series A
Loews Inc s f deb 3 %s
*118%
1951
6s
104%
1905
1944
39%
84
105
.
6s debentures
100%
40%
31%
30
10
40%,
30
1938 M S
6% notes
95%
83%
28%
1977 M S
47
99
8
40
A
57
A
35%
•
—
13
— — —
M
Ju:
♦Montgomery Dlv 1st g 5s..1947 F
----
------
♦Certificates of deposit.
Mo Pao 3d 7i ext at 4%
98%
—
—
-
99%
100% 100%
98
10
25
-
3
IVI
M N
99%
*100%
95
59
88
—
A
70
62
95
58
87%
78%
-
O
F
A...
70%
08%
55
ser
28
67%
J
A
{♦Mo Pao 1st A ref 5s
70%
25
J
—
*
J
J
—
59
D
J
40-year 4s series B__
—
87%
—
J
J
Mo Kan A Tex 1st gold 4s
Mo-K-T RR pr lien 5s ser A...
18
A
— — —
1941 M N
1st Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
113
55
3
20
22%
54%
Liggett A Myers Tobacco 7a
I
10
18
56
page
4%
5%
18
A
see
21%
5%
------
22
A
For footnotes
11%
9
J
1974 F
Manila Elec RR A Lt
57
9
....
J
1964 F
Leh Val Term Ry 1st gu g 5s
Lex A East 1st 50-yr 6s gu
40%
67
14%
J
1954 F
♦Second 4s
63
-
14%
>
J
f 6s
McCrory Stores Corp
32
J
1997
South Ry Joint Monon 4s
Atl Knoxv A Cln Dlv 4s
7
*
J
1941
Unified gold 4a
lBt A ref 6s series B
36
99%
91%
79
108
f 6s
ser
4
36
—
85
90
79
101%
1942
5s
90%
105
83
^
*•
99% 105
79
—
-
108
42
102%
f 6s
Louisiana A Ark 1st 5s
—
101
J
i
ser
9
106
104% 110%
O
s
Lombard Elec 7s
....
D
1st A ref
cons
103% 105%
....
--
J
1st A ref
General
—
107%
*99%
1938
-
-----
J
1960
Secured 0% gold notes
-
1901 J
1971
5%
20%
F
III—|*15l%
Lehigh A New Eng RR 4s A
1965 A O
Lehigh ANY 1st gu g 4s
1945 M S
Lehigh Val Coal 1st A ref s f 5s. 1944 F A
s
6
104%
105
..
24%
1940 A
—
Is A ref
*92
28
J
113
1954 J
1954 J
104%
*107%
16%
,
-----
Q
J
1975
104%
11
3
4%
*25
------
103
*
Coll tr 0s series B
1942
Lake Erie A Western RR—
6s 1937 extended at 3% to..1947
♦1st mtge Income reg
s f 4%s A
Cons sink fund 4 %s Ber C
S
....
99
95
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 5s. 1939
Lehigh C A Nav
*2%
*2%
J
3
11%
------
N
93
103% 107%
100
109%
100% 104%
*100%
J
1953
*
13
105
D
-
------
D
IVI
{♦Kreuger A Toll secured 5s
2d gold 5s
Lake Sh A Mich So g 3%s
Lautaro Nitrate Co Ltd—
S
113%
1941 J
Coll A ref 5%s series C
Coll A ref 6 %s series D
Coll tr 6s series A
A
M
100
.1954 J
Kresge Foundation coll tr 4s. .1945 J
3%s collateral trust notes.
-1947 F
O
F
103%
*101
O
.1997 A
Purchase money 6s...
103
A
1977
|*Mllw A No 1st ext 4 %s(1880) 1934 J 1J
1st ext 4%s
1939
Con ext 4%s
1939
W
8
{♦Mil Spar A N W 1st gu 4s
J
{♦Mllw A State Line 1st 3 %s_. 1941 J
{♦Minn A St Louis 5s ctfs
1934 M N
*21
♦Ctfs with warr (par $925)—1943
Keith (B F) Corp 1st 0s_
.1940 IVI
Kentucky Central gold 4s
.1987 J
102%
8
High
97%
{♦Mid of N J 1st ext 5s
44
*11%
107%
IVI
Low
Mllw El Ry A Lt 1st 5s B
1st Mtge 5s
26
*40
107%
2
100%
105%
107%
1st gold 3%s.
Ref A impt 4%s series C
45
109
85%
87%
107%
104%
City Air Line 4s
Jack Lans A Sug 3%s
5
46%
88
stmp (par $925)..1943
1961
20
6
86
104%
Since
Jan. 1
87% 100
96%
------
♦Mlag Mill Mach 1st s f 7s
1950
Michigan Central Detroit A Bay
21
1950 A
100%
5
J
♦4s (Sept 1914 coupon)
44
50
47
♦Karatadt (Rudolph) 1st 6s
1943 M N
♦Ctfs w w stmp (par |645)—1943
♦Ctfs
102%
49
A
Ref A Impt 5s
Apr 1950 J
Kansas City Term 1st 4s
I960 J
Kansas Gas A Electric 4%s_._1980 J
105
102%
4s. 1930 A
♦Certificates of deposit
Kan City Sou 1st gold 3s
95%
104
High
103
*90
O
♦Mex Internat 1st 4s asstd
480
S
No.
103
D
Metrop Ed 1st 4%s ser D
1908
Metrop Wat Sew A D 5%s
1950
|{*Met West Side El (Chic) 4s.1938
228
J
{♦Iowa Central Ry 1st A ref 4s. 1951 M
1943 J
Range
Mead Corp 1st 6s with warr..1945 IVI N
1947 F
76
Bonds Sold
Price
Marlon Steam Shovel s f 0s__—1947 A
Market St Ry 7s ser A...April 1940 Q
36
97%
90
76%
Friday
Bid
A
Asked
EXCHANGE
Mfrs Tr Co ctfs of partlc in
A I Namm A Son 1st 6s
183
Int Telep A Teleg deb g 4%s._1952 J
Conv deb 4%s
1939 J
Debenture 6s
1955 t
A
STOCK
15
*97
1-1598
Week's
Range or
Sale
Low
Y
Week Ended July 16
45
*83%
-----
Y
Last
BONDS
N
7
30
73
N
Friday
8
78%
Tele
18
100%
*29%
76%
A T
44
100%
31%
10%
29%
78%
1955 M
Internat Paper 6s ser A A B
s
10%
A. T
Telephone Whitehall 4-2900
96
32
NEW YORK
Wall St.
63
6
100%
-----
1944
Internet Hydro El deb 6s
Int Merc Marine s f 6s
64
Membert New York Stock Exchange
57
98%
♦1st 6s series B
Ref
D. H. SlLBERBERG & Co.
14
33%
62%
1947 A
BANKS AND DEALERS
FOR
14
103
--
Interlace Iron conv deb 4s
BROKERS IN BONDS
16
105%
63%
M~S "qI'H
1932
1
High
37
104%
♦Certificates of deposit
ser
Low
103%
t
♦Certificates of deposit--
♦Adjustment 6s
80
75%
107%
No
20
Inland Steel 3%s series D
tlnterboro Rap Tran 1st 5s
ser
High
Jan
61%
S
{♦Int-Grt Nor 1st 6s
Since
35
103%
*
J
1980 M
conv
Range
Asked
*101
J
Ind Union Ry 3%s series B
|*10-year
405
New York Bond Record—Continued—Page 4
145
J
J
*55
J
D
125
IVI N
F
A
119%
*100%
106%
106%
87
85%
119%
105%
52
57
65
55
64
125%
119%
102% 107%
16
106%
118%
116%
100%
104%
93%
122%
82
74%
127%
125%
101
107%
87
84
98
76
77
73
85%
96
97%
10
96%
96
96%
47
92% 103%
92
103
92
91%
92
36
90% 100%
New York Bond Record—Continued—Page 5
406
Friday
Last
Range or
Week Ended July 16
Price
July 17, 1937
Week'!
BONDS
N. Y. STOCK EXCHANGE
Sale
♦1st 5s series B
♦Certificates of deposit
♦1st 6s series C
♦1st 4 54s series D
♦1st 6 Ha series A
O
1946 A
89 54
9854
108)4
M N
J
J
J
105 54
8954
9054
A
O
A
1998 F
1937 A
99541
Purchase moDey gold 4s
ser A
1973
454s series B
1973
N Y L E A W Coal A RR
554S.1942
N Y L E A W Dock A
lmpt 68.1943
N Y A Long Branch gen 4s
♦Non-conv debenture 4s
♦Non-conv debenture 4s
♦Conv debenture 354s
IVI N
IVI N
37
101
27
9954 107
"9754"
10954
101
102
107"
10554 10654
106
10854
*30
3654
3654
3554
37
A
*2654
3654
3654
40 54
3654
4054
1992 MSI
D
0|
60
71
1854
3754
Series C
38
55
14
105
105 J"
106
108)
10454
10554
35
105
10554
37
98
11
30
20
20
*60
90
*
70
10654
10754
1996 O
A
1961 F
80
25
2354
1
106
10
100
104
22
31
80
69
8254
11754
51
112
10254 10654
10554
10654
10354
104
40
S
103
10354
10354
10154
12454
26
10354
101
10154
1974 IVI
S
*12054
1974 IVI
S
1
29
12554
120
*80
♦Oct 1935 and sub coupons.. 1945
♦Stpd as to sale of April 1 '33 tol
*7254
April 1 1935 lncl coupons.. 1945
North Pacific prior lien 4s
1997
Gen lien ry A Id g 3s Jan.
2047
J
F
10454
7354
81
10554
7454
9754
11054
10154
10154
10554
95
2047
J
2047
J
11054
11054
J
10054
10054
2047
J
1938
O
Northwestern Teleg 454s ext... 1944
J
Norweg Hydro-El Nit 6 548
1957 M N
♦Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
1948 J
1943 M
Ohio Edison 1st mtge4s
1966 MN
J
2354
*10654
10354
S
104k
Ohio Indiana A West 5s.
.Apr 11938 Q
Ohio Public Service 754a A—.1946 A
180
98
54
9454 106
10954 112
65
55
118
1961
110
10054 10954
10454 10454
23
156"
10554
2054
80
9954
48
83
109k
10454
11154
11254
*11054
10954
11754
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10654
9154
9154
29
112
11254
115
11054
14
11854
16
107k
"61
10154
9154
"23
1st A ref mtge 354 8 ser H
1961
1st A ref mtge 354s ser I
F&c RR of Mo 1st ext
g 4s
10254
9954
1938
1966
10354
73
9954
107
10754
9954
32
97)4
1964
98
68
*
1938
O
10154
1966
109
10154 10654
9754 100
10154
10054
1955
lt*Pan-Am Pet Co (Cal) conv 6s '40
♦Certificates of deposit
Paramount Pictures deb 6s
debentures
1955
1947
100
103
9954
10454
10654
100
10654
10
loi"
161 k
159
k
47
8
9
105
-
10154
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99k
10654
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11354
10
9954
82
121
52
11054
11154
60
117
103
11354
121
9954
11154
11754
118
31
82
102
103
10854
10754
10854
86
108
107
108
62
10754
10654
11754
11754
113
9254
17
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10154
10154
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10754
154
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4
17
10
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106)4
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112)4
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109
11554 126
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113)4 123
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107
103k 11154
103)4 11154
103)4 lllk
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112
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90
99
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2654
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113
41
100
106
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108
111
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93
93
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5
91
101
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94
9454
58
91
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116
129
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112
119
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24
24
11
11
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O
108)4
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1945 M N
9854
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106
77
61
96
100
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1854
106
10654
8554
99
30
10854
99
10754 111)4
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11054
109
111
109
11354
11354
113)4
113k
*108
1949 F
A
108
112)4
1953 J
*>
*107
111
1957 M N
*110
109
U1w
Series G 4s guar
Series H cons guar 4s
Series I cons 4 54s
1960 F
*110
109
*11654
113
Series J cons guar 454s
General M 5s series A
1964 M N
1963 F
A
A|
D
11654
1975 A
O
11754
1977 J
Pitts Va A Char 1st 4s guar
Pitts A WVa 1st 454s ser A
J
10754
1943 M N
1958 J
1st M
454s series B
1st M 454s series C
11654
11754
10754
11654
11754
10754
D
*8454
8554
8554
8554
114)4
114)4
12554
111
12454
11354 124
13
*103
1958 A
1960 A
122
*117
1970 J
General mtge 6s series B
General 454s series C
Pitts Y A Ash 1st 4s ser A
1st gen 6s ser I s B
1948 J
Port Gen Elec 1st
"8954
11354 12354
10454 10754
112 54 113
87
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D
6s
J
J
60)4
J
1942 J
{♦Postal Teleg A Cable coll 68 1953 J
J
Potomac Elec Pow 1st M 354 s 1966 J
J
Pressed Steel Car deb 5s
J'
1951 J
{♦Providence Sec guar deb 4s..l957 M N
{♦Providence Term 1st 4s
1956 M S
Pure Oil Co s f 454s w w
J
1950
114)48 w w drawn bonds
1950
45is without warrants
...I960
fx w drawn bonds——.1950
Purity Bakeries s f deb 5s
1948
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s A com stk
124k
*110
1960 M S
ser C
conv
11054
*118
1977
4)4s
108
11954
*10854
A
D
1st 5s 1935 extended to 1950
Porto Rlcan Am Tob
D
1962 F
1974 J
...
1st gen 5s sen jb C
1st 4548 series D
106
7454
7454
21
2054
6154
69
106
2
•7454
2254
220
103
103
5
96
96
2
*1354
1654
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10954 131)4
108
11354
J
J
97
J
(65% pd)—
D
98
12
108
25
95
41
10254 10554
1021932102* 12 I
9654 101
D
^Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 454s series A
.1997
Gen A ref 454s series B
1997
5454 76]
105X 108)
4
J
Ol
J
106
95
9454
10554 12654
89)4 10454
10654
10754
33
105
107
10654
J
Remington Rand deb 454s w w.1956 M Si
Rensselaer A Saratoga 6s gu
1941 IVI N
Republic Steel Corp 4 54s ser A. 1960 M S|
Gen mtge 454 s series B
A
1961
Purch money 1st M conv 554s '54 M N
Gen mtge 454s series C
1956 M N
Revere Cop A Br 1st mtge 454 s. 1956
♦Rhelnelbe Union s f 7s
1946
10754
24
105)4 108
58
105
1953
76
♦Direct mtge 6s
....
111
9954 10754
9454 100)4
9754 10254
9954 10254
10154
99
10154
9654
120
12054
9854
9754
10354
31
2454
*2454
1952 M N
♦Cons mtge 6s of 1928
1953
♦Cons mtge 6s of 1930
..1955
{§♦ Richfield Oil of Calif 68—1944
♦Certificates of deposit
108 54
212
112
127
212
9754
54
12154
9854
76
57
95)4 100
104
25
10054 106
94)4 100
108
130)4
31
24
32
2454
18
19
2454
2654
-----
25
25
A
2454
2554
25
19)4
1954
mi
O
2554
19)4
26)4
IVI N
*4554
48
44
66
M N
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4754
44)4
66
1977 M
2454
J
*104
A
J
103)4 104)4
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60
53)4
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8954
7254
3654
6954
84
34
5254
D
70
O
3654
S
117
91
^
117
109
1854
109
1754
1854
22
107k
"22*
23)4
24
101
9854
*
1996 J
"99*54
31
"l4l
9954
2d gold 6s
1996 A
St Louis Iron Mt A Southern—
101
1933IM N
78
2854
2554
3254
2254 3454
9954 104)4
107
112)4
97
IOP'32
100
103)4
7954
9854 102
12
75
9854 104)4
-
-
10554
-
37
68
42
5754
98
9854
9854
34
100
6754
44
6554
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94
74
86
94
*77
*♦8 L Peor A N W 1st gu 5s
1948 J
Rocky Mt A P 5a stpd... 1955U
{♦St L-San Fran pr lien 4s A..1950
St L
♦Certificates of deposit
♦Certificates
1950
of deposit
♦Con M 454s series A
1978IM
♦Ctfs of deposit stamped—
35
79
75
8254
8254
3654
8254
2454
2454
2454
26
23
24 )4
81
18
2454
2454
26
26
22
2354
2454
2454
25)4
2354
16
22
109
17
1954
*10754
USt Jos Ry Lt Ht A Pr 1st 6s—1937 M N
9154
2054
10054
St Joe A Grand Island 1st 4s—1947 J
60
11654 117
11
*25
♦Rut-Canadian 1st gu g 4s
1949 J
♦Rutland RR 1st con 454s—1941 J
Saguenay Power Ltd 1st m 454sl966 A
♦IRlv A G Div 1st g 4s
♦Certificates of deposit
183
115 M
112
-----
A
1962 M S
|{»R I Ark A Louis 1st 4548—1934 M S
♦Ruhr Chemical s f 6s
1948 A O
St Lawr A Adlr 1st g 5s
10754
F
123
103
97
J
12154
82
176
1950 M N
Pr 7s
116
10354 10754
9954 102 54
8754
9254
10654
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J
♦Rhine-Ruhr Water series 6s
10654
180
J
Roch G A E 4 54s series D
Gen mtge 6s series E
4554
6754
9954
10254
9954
O
114
44
92
106k
10454 110
'Irak
1940 A
♦Prior lien 6s series B
1955
*105
1942 M N
106
*4554
9854
104
1942 A
guar
{♦Rio Grande June 1st gu 5s_.1939
♦Rio Grande West lBt gold 4s. 1939 J
♦1st con A coll trust 4s A—1949 A
*4054
S
454s
10954 11254
11054 115
10754 116
Corp—
f g 3s loan ctfs
Pitts CC A St L 454s A
Series B 454s guar
Rlchm Term Ry 1st gen 5s..—1952 J
♦Rlma Steel 1st s f 7s
1955
67
9754
*104
*105
104
1941
109k 113"
111
*6554
10654
10254
1946
107
107)4
117
111
*101
I
1962
Panhandle Eastern Pipe L 4s. .1952 M
99
*10254
111
1st A ref 7b series B
1947
Ontario Power N F 1st g 5s
A
1943
Ontario Transmission 1st 5s... 1945 M N
Oregon RR A Nav com g 4s
1946 J D
Ore Short Line 1st cons
g 5s
1946
Guar stpd cons 5s
1946
1
7254 8154
10154 11254
6954
82K
118
24
QQ
I
1963
103k
10354
2354
104
104
D
D
1952 M N
1963 F A
1944 J
♦Rhlne-Westphalla El
10054
*10454
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10354
10154
104"
1942 J
83
7254
10454
7354
2047
1966
122
107
*120
1972
3254
24
117
{Northern Ohio Ry 1st guar 5s—
♦April 1 1934 A sub coupons. 1946
conv
9754 10954
100
10954
10754
A
Nov 15 1969 M N
98
2254
13
80
11754
1154
27
27
9854
2554
2354
2654
89
47
9454
100
102
100
A
1957 IVI
Aug 15 1963 F
13
iosk
91
19
6954
10054 10654
10654 10954
83
9054
10754
92 54
10354
10654
10254
10654
102
56
8454
1254
10254 1085,
9854 10754
7954
10754
83
83
2354
^♦Norfolk A South lBt g 68—1941 IVI N
354 s
10
105
10654
95
10154 10954
106
90
Broadway
8354
106
A
A
10154
10554
A
M N
O
4254
105
IVI N
Nord Ry ext sink fund 6
54s
1950 A
^♦Norfolk South 1st A ref 5s..1961 F
♦Certificates of deposit
1254
105
33
D
4654
100
31
J
9954
20
"84"
104541
J
M N
60
104k
10454
J
1947 IVI N
43
9054
*10354
A|
45
9054
68
118
9054
*10054
1941 F
Series D 4s guar
Series E 354s guar gold
Series F 4s guar gold
2154|
6354
.
62
1951 IVI N
F
47
42
2054
1254
1254
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55
7754
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85
9054
100)4 10154
4654
6454
118
MS
Penn-Glass Sand 1st M 454s
I960 J D
PaOhloADetlstAref454sA.1977 A O
454s series B
1981 J
J
Pennsylvania P A L 1st 4 54s
1981 A O
Pennsylvania RR cons g 4s
1943 M N
Consol gold 4s
1948 M N
4s Bterl stpd dollar May 1 1948 M N
Gen mtge 354s ser C
1970 A O
Consol sinking fund 4 54s
1960 F A
General 454s series A
.1965 J D
General fis series B
1968 J
D
Debenture g 454s
1970 A 0
General 454 s series D
1981 A O
Gen mtge 4 54 s series E
1984 J
J
Conv deb 354s
1952 A O
Poop Gas L A C 1st cons 6s
1943 A O
Refunding gold 5s
1947 M S
Peoria A Eastern 1st cons 4s
1940 A O
♦Income 4s.
April 1990 Apr
Peoria A Pekin Un 1st 554s
1974 F A
Per© Marquette 1st ser A 5s
1956 J
J
1st 48 series B
1956 J
J
1st g 454s series C
1980 M 8
Phelps Dodge conv 354s deb... 1952 J D
PhllaBaltA Wash 1st g 4s
.1943 M N
General 5s series B
1974 F A
General g 4 54s series C
1977 J
J
General 454s series D
.1981 J D
Phlla Co sec 6s series A
1967 J *>
Phlla Electric 1st A ref 354s
1967 M 8
{♦Phlla A Reading CAIref5s_1973J J
♦Conv deb 6s
1949 MS
5*PhllUpplne Ry 1st s f 4s
1937 J
J
Plllsbury Flour Mills 20-yr 6s. 1943 AO
Pirelli Co (Italy) conv 7s
1952 M N
2154
4154
9454
20 54
Low
94
1937 M s
28-year 4s
1954
4054
9454
"26"
3654
A
Jan. I
High No
29354
*44
1942 M
Penn-Dixie Cement 1st 6s A
60
"4054
103
s
35
a93
5s...1949 M
Guar 3 54s trust ctfs D
Guar 4s ser E trust ctfs
3454
3454
3854
9054
1st M
10
98
J
J
1254
M S| 10354
A O
Paramount
9454 10554
103
101
4654
4454
4754
1956 M N
f g 454a
68
10354
47
1946
s
9754 10154
35
t*N YWestch A Bost 1st 4548-1946
Niagara Falls Power 354s
1966
Nlag Lock A O Pow 1st 5s A...1965
Niagara Share (Mo) deb 654s.. 1950
Paducah A 111 1st
11654 12554
10954 11754
35
1951 IVI N
♦2d extended gold 5s
Pacific Tel A Tel 354 s ser B
Ref mtge 354s ser C
10
9954
5654
10554
9754 10554
97
98
{♦|N Y Susq A West 1st ref 6s. 1937 J
|*2d gold 454s...
1937 F
Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G
72
5554
101541
40541-
{N Y Rys prior lien 6s stamp..1958 J
Ore-Wash RR A Nav 4s
Oslo Gas A El Wks extl 5s
Otis Steel 1st mtge A 454s
55
60
64
7254
42
N Y A Putnam 1st con
gu 4s...1993 A O
N Y Queens El Lt A Pow
3548-1965 M N
1st mtge354s
109
5554
*30
1955 J
A Boston 4s 1942 A
Nor Ry of Calif guar g 5s
9654
9854
88
9754
100'»32l0254
92jf 105
8054 9554
9754 10054
100
10554
106
10954
109
"6
114
♦Harlem RAPt Ches 1st 4s. 1954 IVI
Ref A lmpt 454s series A
Ref A lmpt 6s series B
Ref A lmpt 5s series C
Ref A lmpt 5s series D
85
8854
*30
♦1st A ref 454s ser of 1927.-.1967 J
North Cent gen A ref 6s
Gen A ref 4 54 s aeries A
4
105
*100
1957 IVI
Deb 6s series C
57
10954
94
A
1948 J
No Am Edison deb 6s ser A
Deb 654s series B
86
123541
1940 A
N A W Ry 1st cons g 4s
North Amer Co deb 5a
70
166
104
10454 108H
IVI
♦Conv debenture 6s
♦Collateral trust 6s
6s stamped
5
cons
Since
Asked
9654
103
IVI
♦Debenture 4s
♦General gold 6s
....1940
♦Terminal 1st gold 5s
1943
NYTelep 1st A gens f 4548—1939
N Y Trap Rock 1st 6s
1946
2
'6054|
*10554
10654
..1956 J
1st mortgage 5s
1st mortgage 6s
32
91
101
1955 J
N Y A Rlchm Gas 1st 6s A
N Y Steam 6s series A
5
100*32
9754
8654
9954
10554
10854
9954
*10054
9754
9754
10354
10354
IVI N
J
"
1966 IVI N
4s
33
12254
1941 M
{♦NYAN Eng (Boat Term) 4s 1939
J«NYNHAHn-c deb 4s
1947
♦Non-conv debenture 354s._1947
♦Non-conv debenture 3 54s..1954
325
114
2000 M N
N Y Lack A West 4s
94
128
6954
*5854
10054
10054
1949 F
84
9054
59
1946 IVI N
11354
10654
9954 10354
185
98
104
12254
67
95
212
109
10854
*10954
1948 J
44
105541
9054
101
130
10254
8954
10554
8854
104
6254
47
98
91
A
tit
110
O
1946 F
N Y Greenwood L gu g 5a
N Y A Harlem gold 354s
80
54
100"»32 1001932
1974 A O
97
9754
1978 M S
8554
8554
Oct 11938 A O
9954
9854
N Y Gas El Lt H A Pow g 5s
48
58
97
J
Certificates of deposit......
N Y Edison 3548 ser D
19651A
1st lien A ref 354s ser E
19661A
N Y A Erie—See Erie RR
nce
♦Paulista Ry 1st ref s f 7s
Penn Co gu 354a coll tr A
Guar 3 54s coll trust ser B
Guar 3 54s trust ctfs C
8854
9854
10854
N Y Connect 1st gu 4548 A
1953 F
1st guar 5s series B
.....1953 F
N Y Dock 1st gold 4s
1951 F
Serial 6% notes
1938 A
|*N Y Provide
1944
Pat A Passaic G A E
102
O
O
A
1998 F
4s collateral trust
g
Parmelee Trans deb 6s
60
6554
4654
2
6054
97
9754
O
2013 A
Lake Shore coll gold 3 54s
Mich Cent coll gold 354s
♦General 4s
1953 J
*11054
1998FA|
2013
Conv secured 354s
1952
N Y Cent A Hud River M 3 Ha. 1997
Debenture 4s
1942
Ref A lmpt 454s ser A
2013
{♦N Y Ont A West ref
1968 IVI
f ♦Park-Lexington 654s ctfs
57
1945 J
10-year 354 s sec s f
Ref A lmpt 4 54a series A
Ref A lmpt 6b series C
8-year 6s
Paris-Orleans RR ext554s_.
5954
5454
54
A
Low
51k
48
Range
Friday
Bid.
High
4454
53
5754
Range or
Last
Sale
Price
53
54
N A C Bdge gen guar 4 54a
N Y Cent RR 4s series A
Low
gsl
4854
*50)4
6054
♦Certificates of deposit
IN Y Chic A St L 1st g 4s
Refunding 5 54s series A
Ref 454sseries C
High
*48
A
1954 A
Week Ended July 16
51)4
5154
1956 F
1956 F
N. Y. STOCK EXCHANGE
48
O
1964|A O
Since
Asked|
A
LOW
ti*N OTex A Mex n-clnc5s_.1935 A
Range
Jan. 1
Friday
Bid
Week't
J SI Friday
BONDS
8954
88)4
35
48
82
36
85
2154
37)4
3354
3654
1754
20
18
33)4
3354
30)4
Volume
Week's
Last
Range or
Sale
STOCK EXCHANGE
Y.
Friday
Bid
Price
Week Ended July 16
A
N. Y. STOCK EXCHANGE
Sale
Week Ended July 16
Price
Jan. 1
High No.
16
80
52 H
8
60
74**
Virginia El 4 Pow 4s
45 H
46 H
5
45**
65H
365*
b
54
33
— —
— —
18H
tPacific ext gu 4s (large)... 1940 J
St Paul Un Dep 5s guar......1972 J
J
18**
10
104H
A
104H
118H
1
118H
110 H
1946 J
{♦Schulco Co guar 634s
♦Stamped
♦Guar
s
♦Stamped
1989 M N
{{♦Seaboard Air Line 1st g 4s_1950 A O
27
{♦Wabash RR 1st gold 5s
♦2d gold 6s
1939
M N
92 H
91H
93
78
79
86 H 103"
98
78
79**
82**
16H
Sharon Steel
cony
deb
Shlnyetsu El Pow 1st 6 Hs
♦{Siemens 4 Halske s f 7s
♦Debenture
s
b
♦Ref 4 gen 4 Ha series C
106 H
99**
1935 J
85
f 6 Ha
18H
17H
15 J*
30**
8H
9H
79
297
8**
106
112
99**
88 H
99H
136
4b
117**
95H 102
81
89**
106
100
32
50 H
24
2
18H
72
8
24
100
73
24H
82H
97H 102H
100** 107 H
68
101
bO
105H
*122**
106H
43
98**
99 H
77
15
105
17
101H 106
5
100
118
-----
106
106
104**
104
106 H
105
105
105H
1947 J
98 H
130
99**
107 H
103H 106**
100
92 H
29
95
99
100
50
92 H
10-year secured 3Ha
1946
1950 A
San Fran Term 1st 4s
So'Phc of Cal 1st
M N
1955 J
J
So Pao RR 1st ref guar 4s
1st 4s Stamped
Southern
J
1951
East Tenn reor lien g 5s
1938
106 H
1938
74H
M S
1956
Devel 4 gen 6 Ha
Mem Dlv 1st g 58
1956
1996
St Louis Dlv 1st g 4s
S'western Bell Tel 3H8 ser B..1964
S'western Gas 4 Elec 4s ser D.1960
{♦Spokane Internet 1st g 5s... 1955
Staley (A E) Mfg 1st M 4s
1946
Standard Oil N J deb 3s
1961
Staten Island Ry 1st 4 Ha
1943
♦Studebaker Corp conv deb 6s. 1945
Swift 4 Co lBt M 3 Ha
1950
cony
Tennessee Corp deb 6a ser C..1944
3
93** 103
2
101H 105
16
88
95**
102
109 H
99
25 H
25H
25**
2
22
M S
M S
97 J*
A
J
3
105
105
105
140
98
97H
*103
---
—
84
106
113
107 H
*150
-----
9
----
5
121
120
122H
103H
101H 106 H
95
102
mmmmmt*
108 H
107 H
deb
e
interest payable at
103
105
85
104
----
21
18
116
104
104H
1085*
25l
106
109 H
115
118H
105H 111**
103 H 108**
100
105 H
105
r
6
121 J*
121H
103**
103H
118
101
100
103
103**
46
108 H
109
24H
32 H
17
16 H
17 H
16
25 H
24
i"j
27**
*10**
146H
141
102
101H
123** 162 H
91
146H
102
week,
x
week,
Ex-Interest.
Included In the yearly
n
a Deferred delivery sale; only
Under-the-rule sale; only transaction during
t Aocrued
maturity,
( Negotiability Impaired by
exchange.rate of $4.8484.
*
Friday's bid and asked price
♦
reorganised under
by such companies.
Bonds selling flat.
No sales transacted during current week.
(Deferred delivery sales transacted during the current week
and not Included
In the yearly range:
Paris Orleans 5Hs
8
1968, July 16 at 93.
54
45 H
17**
95
14
86 H
22
84
100**
61
15
84
74H
101
3
100
99
*103
10
105 H
105
105
73
■
—
46
101H
*103**
-----
----
♦117H
-----
114H
*98
*96
A
83
108 H
97 H 103
----
-
— — —
----
1
1145*
99 H
....
100
102 H 107 H
116
118
114H 123
90
90
Daily, Weekly and Yearly
73
97 H 100 H
120
80
Transactions at the New York Stock Exchange,
100
48 H
45 H
74H
94 H
—
98 H 105
191
Cash sale; only transaction during current week,
108 H
107 H 109 H
100**
— —
— —
100
Stocks,
Week Ended
July 16 1937
Railroad &
State,
United
Total
Number of
Shares
Miscell.
Municipal <fc
States
Bond
Bonds
For'n Bonds
Bonds
94 H
Tuesday
Wednesday
....
♦118H
122**
—
— —
Thursday
Friday
Total
$27,300,000
$5,316,000
New York Stock
8,976,304
239,725,592
278,456,204
$2,698,000
5,316,000
27,300,000
$20,379,000
54,396,000
$272,679,000
204,605,000
1,313,998,000
1,586,517,000
$35,314,000
110
111
32
1135*
114**
34
$80,306,000
$1,791,282,000
$1,948,005,000
Government
107
107 H
115
52
State and foreign
97
1936
1937
1936
1937
4,646,880
Stocks—No. of shares.
----
107H
96 H
Jan. 1 to July 16
Week Ended July 16
—
114
96 H
$35,314,000
331,000
334,000
97 H
110H
115
$2,698,000
1,285,000
864,000
986,000
1,015,000
Exchange
18
349,000
704,000
899,000
$81,000
1,022,840
848,610
1,036,890
736,860
703,980
$407,000
759,000
4,646,880
Monday..:
18
96
Sales
$2,770,000
5.783,000
6,500,000
6,904,000
6,742,000
6,615,000
$2,282,000
4,690.000
4,884,000
5,691,000
5,052,000
4,701,000
297,700
Saturday
....
A
1st lien 4 ref 6s.......June 2008 M
34-year 3 Ha deb
1970 A O
Bonds
1
Railroad and industrial
5,531,000
$173,960,000
187.528,000
22
1971 M N
96 H
96 H
97 H
42
O
106**
106**
1065*
30
96 **
96 H
United Biscuit of Am deb 6s.. 1950 A
1953
M
.1944 M
({♦United Rys St L 1st g 4s._.1934 J
U S Pipe 4 Fdyconv deb 3 Ha. 1946
111**
U N J RR 4 Can gen 4s
J
——————
27 H
98
HI**
28
128 H
128 H
107
U S Rubber 1st 4 ref 5s ser A..1947
106H
106H
♦Un Steel Works Corp 6 Ha A. 1951
♦Sec s f 6 Ha series C
1951
30H
30 H
*30 H
♦Sink fund deb 6Ha aer A...1947
—
—
-
—
Utah Lt 4 Trac 1st 4 ref 5s.._1944
99H
Utah Power 4 Light 1st 5S...1944
102 H
*30 H
99 H
102
1947
55 H
55H
1959
55H
55 H
30 H
Total
34
*
5
1
Below
46
103
Vanadium Corp of Am cony 5s. 1941 A
1955 F
A
1957 MN
102
♦In"
the
and
Bond Averages
daily closing
on
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
----
100 H
23
102 H
45
58 H
46
57
103
31
Bonds
Stocks
10
60
-----
------
are
stocks and bonds listed
6
as
35
Stock
9
10
110**
110 H 113**
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
98 H 111
110 **
30
Indus¬
Date
Cons s f 48 series B
106 H 115
22
35 H
*15**
Section 77 of the Bankruptcy Act, or securities assumed
108
103H
100H
1952 J
Vandalla cons g 4s series A
'23
106H
38 !
15H
Union Pac RR 1st 4 Id gr 4s_.1947 J
1st lien 4 ref 4s
June 2008 M
♦Debenture 5s
24
23
128H
8
103
Union Oil of Calif 6s series A.. 1942 F
{♦Utll Power 4 Light 6 Ha
102
103**
99
1 Bonds called for redemption or nearing maturity.
110
103
84
UJlgawa Elec Power s f 7s
1945 M
If Union Elec Lt 4 Pr (Mo) 5s. 1957 A
5s
62
104
103**
32
Cash sales transacted during the current week and not
Sales at
(Del)
15
10
♦108 H
22 H
47
31
4
103 H
101H
"22 H
47
32**
13
17
range:
eurrent
mmmmm
46 H
..1952 F
1st mtge s f 4s ser C
transaction during current
103 **
4s. .1946 J D
Trenton G 4 El 1st g 5s
1949 IV
J
Trl-Cont Corp 5s cony deb A.. 1953 J
Tyrol Hydro-Elec Pow 7 Ha—-1955 M N
Drug Co
"l02"
1951 F A
1961 M N
195
103
O
O
D
1950 A
1942 M S
35-year 3 Ha debenture
16**
103 H
*15H
3 Ha
107**
1
107**
104 H
Toronto Ham 4 Buff 1st g
United
17
*20
{♦Wor 4 Conn East 1st 4Ha.. 1943
Youngstown Sheet 4 Tube—
159"
143
109H
105H
1953
3Ha debentures
37
37
102 H 105
39 H
38
J
113**
97 H 103 H
104
*102 **
♦Certificates of deposit
140
126
116
108
1952
{{♦Union Elev Ry (Chic) 6s_.1945
38
107
106
"l3
100 H
{♦Sup 4 Dul dlv 4 term 1st 4s '36 MN
Conv
105
111**
100
♦Certificates of deposit
101
105
----
2
116
105
1937
f 7s
108
111**
{ Companies reported as being In bankruptcy, receivership, or
90
*106**
Tol 4 Ohio Cent ref 4 Imp 3Ha 1960
sec s
♦107
100 **
1940 M N
102 H
Tokyo Elec Light Co Ltd—
Guar
100 H
96
Oslo 4 Hs 1955, July 14 at 103.
117
103**
"89H ~~88H
1960
C
86
40
107
*120 H
Jan 1960
ser
13
111**
♦Ctfs for col 4 ref cony 7s A.1935 MN
♦Wllkes-Barre 4 East gu 5s... 1942 J D
WUmar 4 Sioux Falls 5s
1938 J D
----
-
106**
106
107
J
5Ha A.. 1964 M S
1980
1st 6a dollar series
89
86
88 H 107 H
109 H
87
106H
1977 A
Tol St L 4 W 1st 4s
25 H
81
86
A
105 H
31
1979 A
Tide Water Asso Oil 3 Ha
19
91
25H
91H
6
D...1966 M S
89
41
Gen 4 ref 5s aeries C
♦AdJ lnc 5s
144
121
91H
J
106H
101H
Gen 4 ref 5s series B
{Third Ave RR 1st g 6s
94 H
93 H
25
1949 M S
gen
89H 111**
92
J
{♦Wlckwlre Spencer St't 1st 7s. 1935
J
♦Ctf dep Chase Nat Bank
116
93
91
J
105H
F A
J D
1943 J
J
2000 J D
Third Ave Ry 1st ref 4s
ser
100 H 104 H
89
J
RR 1st consol 4s
85
101H
92
J
95
111**
91
J
2361 J
2361 J
West Shore 1st 4s guar
1960 J
101H
Texarkana 4 Ft S gu 5Ha A..1950
Texas Corp deb 3 Ha
1961
Tol W V 4 Ohio 4s
Un El Power 6s.. 1953 J
4s._.1949 J
102 H
91
90 H
108*|
106
2
39*5
101H
Funding 4 real est g 4Ha... 1950 IW N
D
25-year gold 5s
1951 J
30-year 6s
1960 M 8
101H 105**
105H
40H
97 H
102 H
108 H
109 H
99H 106 H
24
i"~j
Western Union coll trust 5s... 1938
Wilson 4 Co 1st M 4s series A. 1955 J
106H
1953 J
Tex Pao Mo Pac Ter
91
107 H
28 H
Winston-Salem S B 1st 4s
91H 110**
107
102
117
26
85 H
2
5
18
103 H
32
112H
60
"~2
109 H
102 H
102 H
107
1946
{♦Wis Cent 50-yr 1st
118H
107
31H
101H
♦5s assented
Registered
Wheeling 4 L E Ry 4s
110H 112**
104 H I08H
116
127*4
117
123H
106H 109 H
123
106
110H
106
28**
71
102
106**
33
104
100
2
"16
32
41
99
106 H
76
80
101H 102**
31H
61
95
mmmmmt
106 H
'i6<T"
55
"~2
101H
♦109 H
55 H
44 H
77
108 H
43
102
99H
22
75 H
8
76 H
101H
1944 F
Gen 4 ref 6s series D
108 H
20
61
O
107 H
74H
95 H
4Ha..1939 A O
Texas 4 Pac 1st gold 5a
103
N
J
A
D
D
J
1st cons gold 5s
Tex 4 N O con gold 5s
97
107H
106H
D
Gen refund
f g 4s
101H 103 H
M
J
F
J
J
J
1947 ■*
Tenn Elec Pow 1st 6a ser A
106 H 109 H
J
M S
A
1956 F A
5s.. 1951 J J
5 Without warrants
s
96
lnc ww '56 F
Tenn Coal Iron 4 RR gen
Tenn Cop 4 Chem deb 6s B...1944
96** 102 H
9
108H
"l06" "loe"
M s
Mobile 4 Ohio coll tr 4s
1956
155
100
48 H
90
A
1943
White Sew Mach deb 6s
99H
100 H
77 H
A... 1946 M
ser
97**
*101
A O
A O
A O
J J
J J
Term Assn of St L 1st g
{♦Western Pao 1st 5s
80 H
107 J*
93
IoIH
J
100H 100H
1955
Ry 1st cons g 6s.....1994 J
Devel 4 gen 4s series A
Devel 4 gen 6s
f ♦Symington-Gould
1977 J
87
100
99H
63
59
O
Wheeling Steel 4Ha series A...1966 F
91H 100H
94
k
J
98
g 5s..1937
con gu
97** 101H
91H
99H
1
♦118H
118**
109 H
1st 4 ref 5Hs series A
West N Y 4 Pa gen gold 4s
109 H
104
27
96 H
94
48 H
"93H
J
1966 J
1952 A
39
40
81H
118**
1961 J
44
96 H
93
Westchester Ltg 5s stpd gtd._1950 J
D
West Penn Power 1st 6s ser E.1963 M 8
1st mtge 4s ser H
1st mtge 3 Ha series I
Western Maryland 1st 4s
90
43*
29 H
28 H
40
80
8
1939 J
f 6s
44
28 H
27 H
2
107
105
81H
106 H
s
97H
O
33 H
J
Wash Water Power
81
87**
31
106 H
81
86 H
112
30
8
61
87
32 H
A
84
1981 M N
J
J
30 H
8
138
Gold 4Hs--
41
O
..1939 M
95 H
87 H
87
O
87 H
87 H
33 H
1980 AO
94**
1969 M N
30 H
32
94 H
Gold 4 Ha
41H
A
29 H
29 H
30
88
88 H
88
10
O
♦Westphalia
Southern Natural Gas—
1st mtge pipe line 4Hs
1951 A O
So Pac coll 4s (Cent Pao coll) .1949 J D
1st 4Hs (Oregon Lines) A...1977 M S
Gold 4Hb
..1968 M 8
44
31H
Washington Cent 1st gold 4s.. 1948 Q M
Wash Term 1st gu 3 Ha
1945 F A
1st 40-year guar 4s
1945 F A
5
142
99
29 H
{♦Warner-Qulnlan Co deb 6s. .1939 M
{♦Warren Bros Co deb 6s
1941 M
213
71H
97 H
12
Warren RR 1st ref gu g 3Ha..2000 F
36
60
91H
31H
Warner Bros Plct deb 6s
____
65
34 H
....1955 A
6s debentures
2
61H
99
1965 F
1961
14:**'
59
106
M
6
....
74 H
31**
8
♦Certificates of deposit
Walker (Hiram) G4W deb 4Ha 1945
Walworth Co 1st M 4s
1956 A
....
16H
85
100 H
1962
1st mtge 4 ref 4s
Southern Colo Power 6s A
10
24
South A North Ala RR gu 5s. .1963 A
A
South Bell Tel A Tel
3Hs
Southern Calif Gas 4**s
27 H
71H
1950 A
Oil 3 Ha
28 H
61
1951 M S
1946 F A
♦58"
*
S
86
106 H
81
97
"78"
*
O
1941 M
5 Ha A. 1975 M
♦Certificates of deposit
♦Ref 4 gen 5s series D
....
*95**
J
♦92"
J
1978 A
gen
105 H
*
J
♦Toledo 4 Chic Dlv g 4s
{♦Wabash Ry ref 4
....
8**
A
♦Silesia Elec Corp 6 Ha
Silesian-Am Corp coll tr 7s....1941 F
Skelly Oil deb 4s
1951 J
Socony-Vacuum
9H
1951 M S
1952 J D
Shell Union Oil deb 3Hs
♦Det 4 Chic Ext 1st 5s
♦Des Moines Dlv 1st g 4s...1939 J
♦Omaha Dlv 1st g 3 Ha
1941 A
2
34
*28
M N
4J4s__.1951
J
1976 F
14H
16H
16H
..1936 F
A
1941 J
♦Certificates of deposit
*8H
1945 M S
♦Series B certificates
124
1939 F
1954 J
♦1st lien g term 4s
♦Ref 4 gen 5s series B
♦Certificates of deposit
15H
♦Certificates of deposit
(♦Alt A Blrm 1st g 4s
1933 M~S
{♦Seaboard All Fla 6s A cts_..1935 A O
series A
113
58
26
{♦Gold 4s stamped
1950 A O
♦Adjustment 5s
Oct 1949 F A
(♦Refunding 4s
1959 A O
♦Certificates of deposit
cons 6s
101H 106 H
21
♦113H
*21H
Scioto V A N E 1st gu 4s
♦1st A
5
27 H
28 H
101H
107 H
16 H
34
28H
94
101
104 H
113**
*28 H
110
103
96
104 H
5
27
1946 A O
f 63^8 series B
41H
8
1
*20 H
107
♦103 H
96
J
20
104 H 109 H
57
67
O
5s
109
113**
J
25
1966 M
cons
101H
110H
101H
20
1958 A
1st
110
101H
8 A & Ar Pass 1st gu g 4s
San Diego Consol G A E 4s...1965 M N
Santa Fe Pres A Phen 1st 5s.. 1942 M S
♦55
High
Low
22 H
Virginian Ry 3Ha series A
109
1943
San Antonio Pub Serv 1st 6S..1952
High No.
108
108 H
1956 MN
A
37
109 H
St Paul Minn A Man—
J
ser
28 H
106
24 J*
*17
♦Vertlentes Sugar 7s ctfa
Jan. 1
108 H
69 H
21H
S
36 **
Va Iron Coal 4 Coke 1st g 5s.. 1949 M
Va 4 Southwest 1st gu 4s
2003 J
100
Asked
A
Low
22
D
1942 J
83 H
52 H
Sines
Friday
Bid
High
Low
82 H
------
F
{♦St Paul dbKCShLgu 4HS-1941
BONDS
Sine*
Range
Range or
Last
Ratio*
Bonds Sold
Asked
Low
82 H
1089 MN
J
♦2d g 4s lnc bond ctfs___Nov 1989
J
(♦1st terminal A unifying 5s. 1952 J
J
J
♦Gen A ref g 6s series A
1990
St Paul A Duluth 1st con g 4s.. 1968 J D
J
{♦St Paul E Gr Trk 1st 4Hs—1947 J
{St L SW 1st 4s bond otfs
WeeJk't
Friday
Friday
BONDS
N.
407
New York Bond Record—Concluded—Page 6
145
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
r*.
6H
4
4
28.18
62.02
106.64
109.59
86.03
103.73
101.50
53.82
28.18
62.19
106.65
109.74
86.29
103.85
101.63
178.57
53.70
28.11
61.89
106.65
109.65
86.39
103.64
101.58
178.24
54.21
27.88
61.90
106.74
109.58
86.63
103.58
101.63
178.70
54.67
28.21
62.23
106.84
109.34
86.61
103.53
101.58
July 10.
3
♦3
53.34
July 12.
*25*
179.71
July 13.
J
J
179.53
July 14.
(♦Vera Crux 4 P 1st gu 4HA--1934 J
J
{♦July coupon off
176.72
54.00
28.06
61.57
106.90
109.45
86.63
103.43
101.60
July 16.
July 15.
sr
Exchange—Weekly and Yearly Record
New York Curb
408
NOTICE—Cash and deferred delivery sales are
regular weekly range are shown in a footnote
July 17, 1937
transactions of the week, and when selling outside of the
No aooount Is taken of such sales In computing the range for the year
disregarded In the week's range, unless they are the only
In the week In which 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 10, 1937) and ending the present Friday (July 16, 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
In the
dealings occurred during the week covered:
which any
Last
Sale
STOCKS
Par
Aome Wire v t
Price
200
13J4
2%
3%
1
Air Investors common...*
Conv
50
4%
1434
""800
234
2%
1,200
1
Agfa Adboo Corp com
Corp
4734
com
42
May
Jan
Jan
Bowman-Blltmore
6%
Mar
Feb
38
11
June
22
Feb
June
4
May
May
3%
28
3
1,000
28
100
*
..*
pref
preferred
Alles A Fisher Ino
"64"
Aluminium
Co
_*
common.
100
Aluminum Goods Mfg...*
6%
preference
Aluminum Industries
*
com
Aluminium Ltd common.
0%
preferred
100
10
June
Jan
100
21
July
26%
Feb
1,500
120
Apr
500
111
Apr
"18
Mar
16% June
17 %
Jan
16%
7%
123
2634
17
8
350
116% 118
'~~7%
450
123
26%
2
123
27%
2
62
19%
62
19%
1934
7
June
98 %
14%
Jan
140
131
Feb
Mar
May
.25
Brown Co 0%
24%
% June
11
1%
5%
7,400
33
33%
75
32
34
June
42
June
89%
3%
Mar
Apr
Mar
Feb
Feb
Mar
July
June
Class A with warrants 25
"~4%
Class B
4%
5%
10
34%
Amer Equities Co com
1
Amer Foreign Pow warr...
Amer Fork A Hoe
5
*
Preferred
*
American General Corp 10c
S2 preferred
l
3434
Amer Lt A Trac oom
47
8
Jan
Jan
36
Feb
20,400
26 %
Apr
35%
Jan
200
4%
Apr
5%
Jan
800
100
4,600
10934
400
934
10%
1,200
31%
31%
700
17
17
108
*
Amer Potash A Chemical. *
Amer Seal-Rap com
2
1st preferred
4334
.....
1%
June
4%
24
48%
112%
12
Jan
Feb
Jan
Jan
Mar
50
9% June
30% June
36%
Feb
July
42
Feb
17
July
32
Jan
May
37
Mar
26%
19
26%
44%
200
1,500
Jan
38
Feb
20%
Jan
24%
17% June
200
26%
1%
25
32 %
8,300
2
43%
43%
47
47
6%
1%
200
50
7%
600
1%
6,700
600
July
Jan
Mar
1 %
Jan
4%
pref.._.
334
*
82
2%
Mar
40% June
Jan
63
Apr
38
5%
May
1% June
88
Mar
92
32%
1,000
4%
300
4%
May
3%
300
3
10%
24% June
6%
Jan
26% June
Jan
Arcturus Radio Tube
1
Arkansas Nat Gas
*
com
Common class A
"7%
1%
7%
7
"""l"20
101%
July
l',000
3,400
1
June
6%
May
8
11,200
2,100
80
82
80
11%
♦
11
100
8%
Arkansas P4LJ7 pref..*
Art Metal Works com
5
Ashland Oil A Ref Co
1%
7%
1%
io
Preferred
105
1
6%
6
8
6%
2,500
6%
May
8%
Apr
70% June
10
June
5% June
11%
£1
2%
1%
2%
21%
20%
A
preferred.
♦
'
Option
500
12
23
3„
332
warrants
2%
2%
10%
Apr
600
1%
June
332
5,100
1,600
2% June
17%
'is May
200
7i6
t
c
Atlantic Coast Fisheries..*
Corp warrants
1
Automatlo
51%
Products
2
23
25
1%
Automatic Voting Maoh._
Avery (B F)
Axton-Flsher
1,900
51%
10
2%
25%
2,400
1,000
1%
1,000
5
(Baldwin Locomotive
1%
5%
10%
9%
25
25
129
warr
Baldwin Rubber Co com.
Bardstown Distill Inc
_
1
1
Barium Stainless Steel... 1
"14%
2%
700
6
9%
Seellg Mfg A...5
Bath Iron Works Corp
1
Baumann (L) A Co com..*
7% 1st pref
100
pref
Jan
1% June
5%
7
0%
16
"l6%
230
28
9%
1,000
2,000
4,900
Bellanca Aircraft
J
1
1
com
Bell Tel of Canada
900
July
100
634 % pf-100
Jan
Carnation Co common...*
Carnegie Metals com..
l
Carolina P a L $7 pref...*
•
~~~
Jan
Jan
Apr
3
Jan
5%
Jan
Jan
Jan
7J2
Feb
1%
% May
11%
11%
Feb
Mar
May
Jan
Mar
Mar
Feb
Mar
June
Jan
156
Jan
July
June
11
2% June
3%
17%
3%
14%
Mar
10%
8
Feb
21
Feb
1,000
9%
8H
July
Mar
_
rJ,%, 1.!.t^art,c
celluloid
Corp
"
com
103
Jan
zl8
May
27
May
3%
500
3
June
11,000
11
June
4% May
18% July
8% Mar
18%
6
1,100
5
June
169
20
159
Feb
130
115
113% June
4
18
2
13%
2%
4,400
1%
1,400
13%
100
May
Jan
2
June
%
.3;
109
125%
5%
19
0% Pref Without
warr 100
7%
preferred
Conv preferred
ser
Jan
Feb
Jan
37%
Feb
*
com
14%
24%
38%
July
14%
15%
May
4%
Jan
500
13%
July
800
13
June
34
14%
14%
June
5
"2% "1%
1
2^666
*
45%
46%
900
Biumenthal (S) A Co....*
Bohack (H C) Co com..
17%
21%
2,300
15
For footnotes see page 413
%
Z716
5%
50
15
Jan
27%
28%
900
24
June
28%
July
Jan
4%
100
1%
200
%
14
76
6%,
89%
Preferred b...i
Preferred bb.I
Cities Serv P & L $7
*
*
3",660
18%
500
1%
1%
4,300
"~6%
1%
19%
200
300
28%
29
2%
94%
87
87
57%
8%
61%
2%
2%
9
89%
July
8%
May
Jau
Jan
Apr
Jan
3%
Jan
23%
May
June
2%
Jan
20%
Anr
Mar
7%
5
26
May
36
Jan
Jau
Feb
7,200
1%
June
3%
10
87%
June
102%
82
June
97%
Jan
10,900
30
Jan
July
600
8
July
61%
14%
June
300
Jan
Feb
28
38%
Feb
June
27
200
39%
Mar
June
10%
6%
2,600
5%
150
108%
Jan
6%
161
Feb
Mar
1%
119% 121%
6%
7%
Apr
Jan
1%
15
29%
Jan
124
June
10
10
500
7%
June
15
Mar
45%
49
230
39%
Jau
57
Mar
93%
*14%
89%
Jan
15%
June
19
Jan
May
90
Feb
12%
July
Feb
Jan
15
15%
900
105%
Mar
85%
86
3%
1%
3%
14
1%
13%
75
3L
1%
14%
3,100
1,500
225
5%
5%
1,000
June
June
6%
1
June
2%
Jan
10
June
27%
Jan
June
62
Jan
June
33%
11
85%
2",500
2%
10%
16%
22%
91%
23%
14
June
20%
82
4%
14
May
July
Apr
Jan
Jan
7
Mar
19
May
12%
116
15%
3
44%
17%
Mar
110%
Jan
62%
Jan
70%
May
14
Apr
17%
Mar
May
June
2%
92%
Apr
June
6%
Jan
1,600
74
3
15
100
3%
43%
%
100
75%
15,6
"74%
Feb
82%
200
62
10%
Jan
250
117
61
June
71%
45%
17,600
1,400
70
2%
38
June
3%
June
July
70
Feb
p'refl*
54
50
40
Homes" io
4%
4%
1,200
100
Jan
Feb
53
10%
Jan
79%
June
9%
5%
Feb
July
38
9%
60
Apr
Jan
39
preferred
123
68
39
7 %
4
June
Apr
1
33%
July
IncJ.l
Jan
'S8
40
3%
Feb
Feb
Apr
Mar
2%
6,400
8%
Jan
10%
40
40%
"""366
37%
June
48%
Jan
14%
15%
5,100
10
Jan
15%
July
5%
5%
100
4
Feb
1%
2%
%
1%
15%
1
May
400
14%
July
7%
Apr
2%
Clayton A Lambert Mfg
15%
Cllnchfield Coal Corp
100
Club Alum Utensi] Co
*
Cockshutt Plow Co comll*
14%
700
9
2%
22
Jan
Apr
Mar
Mar
7%
7%
100
J sh
5%
6%
2,400
3%
Jan
9%
8%
£1
4%
4%
1,400
4%
Jan
4% May
Rosenberger Inc.
6% income stock A
0% conv pref
£i
4
4%
600
3%
Jan
Colorado Fuel A Iron warr
Colt's Patent Fire Arms.25
15%
15%
16%
2,400
11%
June
68
64%
70
1,500
60
70
70%
150
8%
7,500
4
Feb
4%
24%
74%
Feb
Feb
Feb
Feb
Apr
Columbia Gas A Eleo—
Columbia Oil A Gas
1
Columbia Pictures com..*
Commonwealth Edison 100
Commonwealth A Southern
7%
114
"""760
114
114
56%.
Jan
25%
25%
Warrants
New
v t c
%
11,100
1%
200
16
ext to 1940...
62
5%
June
June
104%
10%
Jan
Jan
29
June
5%
Mar
May
Apr
73
39%
41
Jan
Mar
39%
1%
Feb
45
29
38%
Mar
Mar
10
94%
87
11111
%
7%
7
Apr
24
Community P A L $0 pref *
Community Pub Service 25
Community Water Serv..l
Compo Shoe Mach v t o..l
19
20
Feb
31%
*
♦
Cleveland Eleo Ilium...I*
Cleveland Tractor com.."*
Feb
32%
Apr
.....
"i%
Commonw Distribut.
Apr
Apr
Apr
155
Jan
July
650
♦
City Auto Stamping..
Jan
Jan
May
5%
Jan
H
%
6%
Jan
4%
Mar
4%
11
13% June
Jan
1%
700,
43%
100
Mar
Jan
1
200
48%
400
Mar
8
1%
7
6
5%
*
loo
6%
40
July
Mar
%
Feb
July
June
7
17%
new
Jan
16% June
Cherry-Burrell Corp "com *
Chesebrough Mfg...
25
Chicago Flexible Shaft Co 6
Mining
Mar
%
24
*
Co preferred
cities Service common
Preferred
Jan
38%
June
%
1,100
100
Chlca Rivet & Mach
Chief Consol
5
June
4
""360
June
42%
6%
26
(Botany Consol Mills Co.*
Bourjols inc
_.*
100%
June
2%
29
100
Jan
Mar
June
5
Conv 5% preferred. .100
13%
Feb
25
Mar
June
*29.100
Colon Development
Mar
51
22%
100
Pipe..
Mar
4
30%
June
93
Chamberlln Metal Weather
Strip Co
5
Charls Corp..
jo
Cohn A
Feb
Apr
Apr
June
28%
"16%
Mar
15
June
June
Feb
Jan
300
%
1
Clark Controller Co
Claude Neon Lights
Apr
70
Feb
Apr
400
100
Cent A South West UtU.SOo
Cent States Elec com
1
$0
June
215%
28%
12%
96%
*
I""*
Cent Maine Pow
7% pf
Cent Ohio Steel Prod
Conv pref opt
85
Mar
23%
1%
49
1st preferred
Cent Hud G A E
Centrifugal
July
Feb
Feb
9%
4%
--100
11% June
June
1,000
Apr
May
2%
39
23%
4%
common. 15
$7 dlv preferred
11
May
7%
America
City A Suburban
May
36
com
5
Jan
5
114
115
*
pref
July
June
.
Blue Ridge Corp com
Mar
3 %
169
6«
169
1
& Machine Co com
4%
14%
16
*
common
1%
43
June
25%
6%
""% "'%
common.*
10%
Mar
11
100
59%
preferred
96
15% Feb
8%
Jan
500
6%
May
Jan
1,200
13
26%
Carman a Co class A._
*
class b
._.::::*
Celanese Corp of
Feb
44
79
12%
75
July
June
4
28""
1
Feb
3%
Feb
96
23%
pflioo
Capital City Products..
Carlb
Syndicate
~25c
Feb
July
25
114%
80
warrants
1st preferred
Borne Scrymser Co
Canadian Indust7%
Canadian Marconi
3
9
Jan
32
Mar
45%
*
12%
13%
15%
$2.50 conv pref
BIrdsboro Steel Foundry
7%
B non-voting
Products
*
Castle (A M) com new..10
Catalln Corp of Amer.
.1
27
Berkey A Gay Furniture. 1
$3 opt conv
12%
Casco
4
33
Apr
30
6% preferred
100
Canadian Indus Alcohol A *
Jan
88
Mar
Canadian Canners com
Canadian Car a Fdy pfd 25
Canadian Dredge a Dock*
Canadian
Hydro-Elec—
Feb
29%
/30%
Calamba Sugar Estate. .20
Canada Cement Co com
Feb
2,100
Benson A Hedges com....*
Conv pref
*
Bliss (E W) A Co
Bliss A Laughiln
75
Am dep rets A ord sh._£l
Am dep rets B ord shs.£l
Amer dep rets pref shs £1
42%
13%
67%
300
Warrants
110%
100
5%
16
20
Beech Aircraft Corp
Bell Aircraft Corp com
Purchaso
June
200
Beaunlt Mills Inc com... 10
Blckfords Ino
Jan
1% June
19
600
11
117% 129%
1%
*1%
13%
14%
2%
2%
5
5
Barlow A
Bell Tel of Pa
'
31%
%
Corp
Carter (J W) Co
39%
Mar
18
Carrier
Tobacco—
Class A common
10
Baboock & Wilcox Co....
conv
7% June
47
87
6
*
8%
8%
2%
Atlas Plywood Corp
Austin Sliver Mines
$1.50
Jan
common
Atlantic Coast Line Co..60
Atlantic Gas Light pref. 100
Atlas
July
%
Assoo Laundries of Amer.*
V
June
Mar
20%
1%
Corp Am dep rcts..
Burry Biscuit Corp.. 12%c
Cable Elec Prod v t c
Cables a Wireless Ltd—
Jan
Eleo—
1
31
35
P * L 7% pref... 100
Amer deposit rets
12%
May
May
31
Burma
$6
Jan
Associated Elec Industries
Common
May
22%
$3 convertible pref
Jan
13%
100
70
Bunker Hill a Sullivan 2.
.50
Burco Inc common
Jan
Feb
31%
"~6%
Buckeye Pipe Line
.50
Buff Nlag a East Pr pref 25
$5 1st preferred
59%
4%
Feb
Mar
100
$6 preferred
Bruce (E L) Co
99
ya
\Y
10%
26%
.100
pref
Brown Forman Distillery
Jan
_
103"
9%
Jan
Jan
Feb
24
28
Class A pref
3
June
300
Apr
Mar
Jan
31%
4%
3%
6%
Wupperman._l
Apex Elec Mfg Co com
Appalachian El Pow pref. *
88
Tan
59
92
*
Preferred
Anchor Post Fence
106
82
2
*
com
26
18%
26%
44%
2634
1
Amer Meter Co
June
June
z20
Amer Mfg Co common 100
Preferred..
-.100
Amer Maracalbo Co
1%
17%
28% June
Jan
36
25
American Thread
35
1034
26
preferred
Corp
2%
19%
32%
Jan
May
*
Amer Laundry Mach.,.20
Am Superpower
5
41%
3%
33%
31%
109
S2.60 preferred
1
Amer Hard Rubber com.50
Amer Invest (111) com
5
34%
2%
19%
*
com
Amer Gas A Eleo oom
31%
June
31% June
450
3,200
Amer Cyanamld class A. 10
n-v
30
June
8%
Brown Fence a Wire com. 1
Feb
2%
6%
46%
1,300
250
51
dep rets ord reg._10s
Jan
34
33
Am
Jan
17%
600
1%
4
10%
Class B
3%
900
May
British Col Power class A.*
32%
75
%
10%
Am dep rets ord bearer £1
Amer dep rets reg
£1
June
Jan
Apr
British Celanese Ltd—
June
62
Jan
108%
24
June
30
21%
Apr
100
Class A__
19
1%
9%
49
7% preferred
.100
Brllio Mfg Co common
120
100
*
Class A
10%
100
84
3%
1%
3%
Corp olass B
Class A
2,500
7% June
334
Mar
Jan
Apr
Mar
British Amer Tobacco—
21
148
115%
30%
Mar
10
108%
British Amer Oil coupon..
145
600
1,100
31
Jan
Am Cities Power A Lt—
$5
3,700
Brill
115
Centrifugal Corp..
Class
19%
Bright Star Eleo cl B
*
S5.60 prior pref
Assoc Gas A
17%
25
100
Jan
10c
preferred
Angostura
18%
Machine
Preferred
Jan
10c
Common class B
0%
July
77
Capital—
Class A common
Class B
Mar
5%
87
146 %
Amer Box Board Co com.l
Amer
14%
June
115
*
_
American Airlines Ino
S3
30%
June
19
American Beverage com... 1
American Book Co
100
American
Jan
June
2%
Jan
Jan
Jan
June
2%
24
8
Feb
June
59%
Mar
June
2%
4%
70
IU
32%
3,800
24
Bridgeport Gas Light Co
Jan
Apr
5%
Bridgeport
June
35%
20%
4%
Jan
80
20% June
1% June
5%
Brewster Aeronautical...
200
21
50
18%
8%
Jan
1% May
Allied Products class A..25
100
600
220
*
3,000
1%
24%
10%
o1H
3% June
pref
,
9%
5%
34%
*
Common
32%
29%
1%
1937
10%
3%
Jan
25% June
Jan
*
High
Low
25
73
3%
Range Since Jan.
for
Week
Shares
100
preferred
64
150
High
Breeze Corp
63
3%
com..
78
Low
Brazilian Tr Lt A Pow...
Jan
Allied Internet Investment
conv
2d
s Range
of Prices
24%
100
72 %
67
76%
Alliance Invest common.
S3
7% 1st preferred
Week
3%
1%
com.
72%
78
Price
31%
Bower Roller Bearing
Apr
% June
28
preferred
Alabama Gt Southern. .50
$0
60%
24
June
Warrants.
Ala Power J7
or
33
14$
2%
Sale
High
Low
Shares
Last
Continued)
Week
High
4%
Ainsworth Mfg common..6
stocks
Range Since Jan. 1, 193^
for
21
Aero Supply Mfg class A_*
Class B
*
Air Device*
Range
of Prices
Low
47
20
o com
Week's
Sales
Friday
Sales
Friday
38%
1
15%
15%
June
39
Jan
104
June
139
Jan
in
June
June
>
2%
Jan
Jan
175
32
June
04
Jan
50
24
June
34
Jan
2%
Mar
1%
500
%
14%
June
June
17
Jan
15%
"""600
14%
May
17%
Jan
Volume
New York Curb Exchange—Continued—Page 2
145
Sales
Friday
STOCKS
Las i
Week's Range
(Continued)
Sale
of Prices
Par
Price
1
5%
Consol Copper Mines
5
Consol GELP Bait com *
10 %
73 X
5%
72
Consol Gas Utilities
2
1
58,500
2X
100
preferred
8%
7X
Consol Royalty Oil..
10
Consol Steel Corp com...*
"l~8k
Continental Secur Corp..6
Cook Paint A Varn com..*
"l5k
•
*
*
S3
com
prior preference
Copper Range Co
Copperweld Steel com...10
Cord Corp
6
Corroon A Reynolds—
$6 preferred A
"2i"
H
I
June
June
Mar
Mar
600
Crocker Wheeler Eleo
38
Crown
Drug Co com..25c
6%
Press
6 k%
June
35
Apr
Amer dep rets ord reg.£l
Gen Flreprooflng com
*
Gen G AE|6 conv pf B
*
Jan
Gen Investment
Jan
July
200
10
May
18k
32
100
27
July
34
2,300
2
June
900
lb", 500
6k
7k
Jan
Mar
May
Jan
Feb
94 k
Jan
Mar
4% June
5k
July
4% June
25X
26%
900
23
13
13X
525
12 X
June
28
July
Mar
14 k
lk
Feb
Mar
May
38k
July
7,000
38X
14X
400
%
Jan
May
lk
28X
2,800
12
%
2 X
13k
8,300
2%
3,000
500
Jan
20
12
1
com
$6 preferred
*
General Telephone com.20
S3 conv pref...
*
General Tire A Rubber.._6
6% preferred A
100
*
Feb
*
Glen Alden Coal
Jan
Godcbaux Sugars class A.*
Class B
$7 preferred
Goldfleld Consol Mines
Gorham Inc class A
6
June
15
Jan
*
40
June
$3 preferred
Gorham Mfg Co—
100
40
105X 106 X
6
com
X
%
14X
316
13%
13%
"22
200
14,500
~22%
800
13,
T.200
*16
""160
Dejay Stores
70
7%
l
X99%
Douglas (W L) Shoe Co—
7% preferred
..100
Draper Corp
Dublller Condenser Corp. 1
Duke Power Co
..100
Durham Hosiery cl B com*
Duro-Test Corp com
1
Duval Texas Sulphur
*
Eagle Pic her Lead
10
6X
48 X
4%
6%
200
49
28%
31%
800
*
123 k
July
l3u
July
Feb
14
Feb
5%
Jan
June
Jan
Mar
2% June
3% June
5
k
8k
88
19 k
20
Apr
Jan
May
Feb
3k May
11
June
10k
July
64
50
28%
July
Feb
31k
30
Feb
Jan
Feb
July
Apr
9
Apr
10 k
Mar
29%
Jan
4% June
5k
July
Mar
22 X
22X
23%
1,500
12
Jan
15
May
35%
35
35 X
125
30
Jan
28 k
17 k
Jan
Apr
Non-vot
stock
com
78%
90
76 X
30
72
3X
300
June
2% June
50
96
42k
111
6k
Apr
♦
4
X % prlur preferred. 100
6% preferred
100
6%
Feb
Malleable Iron_25
Eastern States Corp
*
10k
100
5X
76 k
150
11
Ilk
200
Jan
10k
Jan
2,000
4% June
3,900
June
15
Jan
200
38
June
51
Feb
28k
100
24
June
39k
Feb
30
95
100
28k
500
21k
Mar
2k
2k
2,600
lk
June
k
Jan
14k
200
12k
18k
Jan
10k
1,000
Jan
July
22 k
Jan
82k
85k
240
80 k
July
117k
Jan
%
55%
%
58k
72
72
121
June
63k
Jan
25
72
July
92
Apr
June
90
Feb
17 k
Apr
700
5
25
1
Hearn Dept Store com
800
14k
14k
46
May
62
17k
~18k
2_,200
15k
June
25k
Mar
7k
7k
400
6k
June
9k
Apr
7k
17k
June
*
16k
42
Ilk
22 k
38
June
71
19%
19X
25
21
Apr
26 k
Jan
1,600
June
16 k
July
39k
June
Ilk
27
""366
13k
Jan
Jan
900
19
May
24
Mar
June
4
Jan
1,300
225
33
li"
June
k
28 k
Jan
June
80
Feb
18k
64%
400
56X
72
70%
72%
900
66 X
July
87k
Jan
300
5 X
June
1,200
5%
June
Ilk
9k
Jan
June
80
Jan
OX June
14
Jan
5X
6
5%
60
57
320
10
500
4
700
85
3%
1%
13 k
45
25
15
2%
85
15
1,600
16
2%
2%
1,300
3k
Jan
Preferred.
50 k
50
87
12k
7,700
Ilk
July
22k
400
k
k
500
IX
34
1%
4k
1,100
50 k
3k
48
150
8k
800
26k
10
30 k
1,300
July
Apr
Feb
Mar
2
Feb
July
May
27k
Feb
Feb
26
Apr
7k May
3k June
43k June
6k June
13
Feb
5k
Jan
53k
Ilk
33k
Mar
600
6k
40k
Mar
Britain
and
Jan
47
25
40
June
74
Feb
700
June
7k
June
May
13k
May
32
22
July
June
62k
Feb
9k
Mar
24k
Apr
20k
20
June
100
20
July
24
Feb
Jan
15
Mar
Mar
44 k
47
75
40
June
77
Mar
50
50
40
July
81
Feb
July
Feb
13
June
31k
19k
2k
47k
"25"
37k
300
10k
300
44 k
"25"
"25"
"16
36 k
Mar
7k
Jan
15
Mar
18k June
36k
10k
36
Jan
39 k
Jan
19
June
91k
May
Jan
Indian Ter Ilium Oil—
15k
15
1%
34
600
lk
4,600
50
34
716
lk
lk
19X
20X
T666
1% June
34
June
Class B
*
2 k
*
2k
Jan
Feb
Jan
2k
100
2
June
4k
800
2k
lk June
4k
Jan
2k
22k
Feb
1
Mar
105
Jan
Industrial Finance—
V t o common
ik
1
2
300
..100
19k
15k
20 k
650
Insurance Co of No Amer 10
75 k
71
75 k
1,250
7% preferred
Feb
International Cigar Mach •
Internat Holding A Inv__*
X
Feb
*t« June
Feb
9
June
64 k
22 k
June
75 k
28 k
July
June
4k
Feb
Feb
Internat Hydro-Eleo—
Jan
July
18 %
45 k
Mar
27k
Mar
3%
8
2k
2k
2k
1,300
2k
Apr
31k
28 k
31k
1,700
25k
Apr
44
k
Pref $3.60 series
Jan
k
100
%
Jan
2k
18k
39k
Mar
Mar
A stock purch warr
50
July
8 k
Feb
Ilk
Mar
International Petroleum..*
Apr
24
Feb
Feb
Mar
Feb
Internat Radio Corp
18 k
13
Internat Metal Indus A..*
Jan
3,600
1,300
4%
Non-voting class A
X June
1,100
3,400
11
22 k
23
500
14k
200
12 X
July
13
45%
300
12
June
2,100
35
June
17k
15k
47k
Internat Safety
6,900
13k June
% Mar
65k May
Feb
%
lk
Jan
Jan
"34k
"34"
'34 k
4",660
34k
300
May
33 k
June
33k
Jan
Jan
Mar
International Utility—
82 k
1
44%
44
75
73
12X
Flat Amer <lep rots
%
30
19 X
Registered
6% preferred
.
.
•
75
112% 112%
12%
13%
74
74
10
"5 k
1
"IB"
Razor B.*
k
1
114k
Mar
Jan
18k
Mar
Mar
k
1,800
2,900
10
50
70
June
International Vitamin
103
11
June
k
%
1
5k
»
8k
Apr
Mar
15 k
May
lk
400
%
July
lk
Feb
100
%
16
lk
38
Jan
5k
15k
June
21k
Feb
lk June
3k
Feb
H
k
7k
Mar
7,200
'i6
New warrants
92
15
Old warrants
k
14
16
*
June
500
6
100
Class A
109 k
5k
July
July
100
33 k
•
International Products.
Class B
13
21
20k
Indiana Pipe Line
10
Indiana Service 6% pref 100
Mar
14
100
20 k
36 k
Ireland..£
60
10%
"23""
23
May
Imperial Tobacco of Grea
7% preferred
..100
Indpls P A L 6 k % pref 100
6
July
14
Feb
"ilk
413
%
Feb
12k
23
4,500
20 k
20 k
Imperial OH (Can) coup..
Registered
Imperial Tobacco of Can.I
Jan
72k
4
*
For footnotes see page
June
18
.....
1
1
2
Jan
Feb
k
17k
26 X
l
...100
13X June
7k
98 k
22
July
100
Flsk Rubber Corp
Jan
8k June
35
k
%
Fldello Brevrery
1
Fire Association (Phila).lO
First National Stores—
17
Jan
52
75
European Electric Corp—
Option warrants
1
Jan
Feb
41k
June
9k
50
15%
Metallurgical
112
72
29
47
Emsco Derrick A Equip. .6
Fanny Farmer Candy
Mar
June
June
3,300
7k
25k
Ctli of deposit
45
44
47
Fedders Mfg: Co
Ferro Enamel Corp
Jan
45
6% preferred
100
6k % preferred
100
7% preferred
100
8% preferred
1Q0
Empire Power Part Stk__*
Fansteel
May
30 X
Elgin Nat Watch Co
16
Empire Dlst El 6 % pref 100
Empire Gas A Fuel Co—
Brewing
2% June
68
15
Electrographlc Corp com.l
.
22 k
Jan
Jan
Imperial Chem Indust—
57
85
*
Apr
Jan
Feb
31
83k
80k
Ilk
Illuminating Shares cl A..
3
5%
l
3
June
42
100
Illinois Zinc
5X
56 conv pref ww
*
Elec Shovel Coal 54 pref..*
Evans Wallower Lead
16k
33k
Ilk
19k
Jan
July
25k June
Am dep rets ord reg..£
50
June
2",900
%
Illinois Iowa Power Co
17%
64
2%
9%
10c
10k
19
16
Hygrade Food Prod
Hygrade Sylvanla Corp..
17%
Option warrants
com
Apr
"32k
7% pref stamped
10
7% pref unstamped.. 10
Hydro Electrlo Securities.
64 %
2X
l
1
June
35
24
....
2,600
54,900
Apr
45
June
22k
82 k
23
k
Jan
24
20
Hussman-Llgonler Co
7% June
42
Jan
102
32 k
JHuylers of Delaware Inc—
Common
Apr
12k
100
Jan
xl5% June
11
16k
Hormel (Geo A) Co com..
12k
900
Feb
28 k
16
preferred
Feb
Mar
7k
Hummel-Ross Fibre Corp
45 X
Feb
36
"26k "26k
Feb
44
Feb
17 k
100
14k
42
Jan
45%
15
lCk
June
6k May
Horder's Inc
5%
June
June
13
23
5
com..
Jan
200
25
w w
Apr
4
Ilk
2
Preferred
Jan
3k
ik
15
11
*
Class A
Jan
Jan
70
ik
50
26c
Jan
June
1,800
7k
24
10k
lk
6
6% preferred
Hecla Mining Co
Helena Rubensteln
Jan
4k June
Apr
17k
56
May
lk
*
Hat Corp of Am cl B com.l
Hazeltlne Corp
*
Jan
50
14 k
4k
Harvard Brewing Co
Jan
10,300
5
Hartford Elec Light
Hartman Tobacco Co
Mar
84
Gypsum Lime A Alabas
Hall Lamp Co
Haloid Co
Jan
Electrol Inc vtc
8
4
58
Jan
Electric ShareholdingCommon
July
Jan
Gulf Oil Corp
25
Gulf States Util $5.60 pref »
$6 preferred
*
6k
*
28 k
33
ik
82 k
Elec P A L 2d pre! A
Apr
100
16 k
6
82 k
1
Feb
July
7 k
38
Jan
May
May
*
Feb
k
Feb
Jan
June
com
107
June
7i« June
3
Class A
June
k
4,200
4k
62
56 preferred
X
8k
63
Elec Bond A Share com..6
55 preferred
•
3is
100
*
Edison Bros Stores new..2
Elsler Electric Corp
1
Jan
100
31k
Jan
2,200
Feb
1,400
Hud Bay Min A Smelt...
Humble Oil A Ref
80
11
Feb
10k
42
9k
Holt (Henry) A Co cl A—
55X June
9%
95 k
16
45k
15k
4k
Hollinger Consol G M....6
Holophane Co com
Feb
150
"16"
9k
Jan
July
8k
15k
4k
*
Easy Washing Mach ••B".*
EoonomyGrocer y stores.*
Apr
15k
Mar
Feb
900
Apr
Apr
Greenfield Tap A Die...*
Grocery Sts Prod com._25c
Guardian Investors
1
Mar
10
4
June
Ilk
36k
k
Apr
lk
79
63
3%
72
Apr
Jan
Feb
Feb
7k
Apr
62
3%
June
107
47
Apr
27
6X
z99k July
10k June
128
56 preferred series B
56 preferred
100
Jan
May
$7 preferred series A
7% 1st preferred
z99k 106
July
l«k
June
5% June
68
62
Eastern
Falstaff
46
37k
*
10
Jan
3,500
Mar
15k June
100
119k
10
May
9
21
Feb
61 k
38 k
900
75
Hires (C E) Co cl A
Hoe (R) A Co class A
6%
8X
19%
Feb
450
Heyden Chemical
17 X
9
3k
22k
40k
Hewitt Rubber
75
20
Jan
Mar
123 k
Jan
6X
1X
6X
Jan
96 k
100 k
39k
Jan
May
72 X
72
2,500
2,200
6%
July
Jan
106X
3X
3t«
Apr
May
40
Heller Co
76X
Jan
Feb
8k
25
43 X
800
100
Feb
14k
100
200
5
Jan
83
5,100
27k
2k
7% 1st preferred
26
5
Mar
June
17k
28 k
Gt Northern Paper
1"«
25%
5
lk
26
33k
Apr
15%
4%
Feb
23k
64k
lk
46
33k
Apr
li
6X
23
Jan
24 k
"33%
Horn A Hardart
Common.
7% preferred
300
May
6k
33
Jun»
mei Assoc—
Ex-cell-O Corp
Falrchlld Aviation
1,600
Feb
June
16k
100
Jan
19%
"260
100
com
87
X
85 k
75
4%
18 k
17 k
6k
28k
28 k
150
1,100
Jan
Great Atl A Pac Tea—
Jan
2%
3
39 k
9%
42
Jan
May
5,800
Jan
Mar
32
15k
16
10
7% preferred
Corp
ik
76
11%
May
87
7%
Jan
19
34
Gray Telep Pay Station. 10
junt
2%
*
Driver Harris Co
Eureka Pipe Line
"l%
10k
Feb
June
76
14 k
98
46
17k
"24%
18!
10X
■
Jan
Ilk June
14k
Feb
lk June
June
60
£1
Dominion Steel A Coal B 25
Domln Tar A Chem com.*
V10 agreement extended
Grand National Films Ino 1
Grand Rapids Varnish
*
Feb
Jan
Jan
Jan
73
*
Feb
Feb
160
6%
5 k
Feb
May
89k
Ilk
"nx "17k
10
Distillers Co Ltd
Feb
100
Diamond Shoe Corp com.*
Distilled Liquors Corp...5
Dlvco-Twin Truck com__l
Jan
nx
2%
_
com
60k
108k
16k
Feb
70
Detroit Gasket A Mfg coml
Detroit Paper Prod
Detroit Steel Products.
2k
68
75
i
6% pref ww
20
Detroit Gray Iron Fdy
1
Det Mich Stove Co com
1
July
25
nx
1
7% pref. 100
Derby Oil A Ref Corp com*
June
11% June
3i« June
14
reg...£l
Dennlson Mfg
104 X
27
Defiance Spark Plug com.*
De Havlland Aircraft Co—
Equity
5,000
86
13 %
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
Class A
35
Eleo Power Assoc
400
23 k
*
100
p|»0
"Ik
1
June
preferred
Am dep rets ord
20 k
21k
♦
13
40
Feb
17
56
*
Jan
k
May
k
Feb
% June
*
Darby Petroleum
"l",666
*
5
2k
"4 k
20 k
1
com
S3 preferred
Warrants
16
k
*
Gen Rayon Co A stock
to.*
v
Mar
8k
29k
31k
*16 June
June
1% June
1
23 k
Jan
Ilk May
Warrants
10
com
65
76
Gen Outdoor Adv 6 % pf 100
Gen Pub Serv 16 pref
*
Georgia Power $6 pre!
Gilbert (A C) com
Preferred
Jan
Mar
800
1
*
2% June
12
19
6
Cusl Mexican Mining..60c
t
Feb
21k
61k
nx
Curtis Mfg Co
East Gat
250
May
Inc
De Vilbiss Co
13k
17k
4
preferred
Cuneo
15
Conv preferred
Mar
*
com
Cuban Tobacco
12
17
15
35
IX
2 k
*
June
21k June
July
22
1
General Alloys Co
Gen Electric Co Ltd—
62 k
2%
100
15
1
Feb
35
13
2,400
24
*
25
Preferred
Crystal Oil Ref
Common
Gamewell Co $6 pref
7
2%
24
24
8k
Jan
14
~2%
22%
9
Jan
*
Crown Cent Petroleum... 1
23 k
24
100
2X
26k
37X
Crown Cork Internat A..*
Apr
200
% July
16% June
8X June
100
100
X
6k
9%
Mar
20
%
0%
10k
17 H
800
5
May
9%
102 k
Gen Water G A E
1
Crowley, Mllner A Co
Jan
Apr
23
"4% "lx
High
k
10%
Feb
1,000
3%
0%
2,400
0%
Franklin Rayon Corp com 1
Froedtert Grain A Malt—
May
X June
*
Croft Brewing Co
Jan
Mar
6
86
13 k
Cramp (Wm) A Sons Ship
A Eng Bldg Corp... 100
Creole Petroluem
6
10
135
*
85
'""466
4%
£1
Courtaulds Ltd
Apr
73%
OX June
96
July
100
Class B
3,400
18k
3
Low
36
Amer dep rets
lOOfrcs
Fox (Peter) Brewing
5
IX
X
32
3k
Range Since Jan. 1 1937
Shares
Ford Motor of France—
900
nx
60
5% conv preferred
Am dep rets ord reg..£l
Ford Motor of Can cl A__*
Feb
"l5k "l5k
21
High
Ford Motor Co Ltd—
Mar
35
4%
25%
com...
Jan
Apr
„*
.
.
.
Mar
Low
for
Week
of Prices
Price
*
01X
1
Common
Cosden Petroleum
Ilk
87
18
11%
Florida P A L $7 pref
50
10%
X
Jan
Jan
113
2X
Cont Roll A Steel Fdy,..*
preferred
Cooper Bessemer
7%
11
June
170
97
87
11X
Cont G A E 7% prior pf 100
Continental Oil of Mex.-.l
$4
7%
96
June
5
Par
High
64
Consol MlD & Smelt Ltd..5
1
I
1,000
Warrants
Consol Retail Stores
Low
Week's Range
Sale
(Continued)
20
113
113
100
6% pref class A
200
n%
73X
5%
10%
Consol Biscuit Co
Shares
Last
STOCKS
Range Since Jan. 1 1937
Week
High
Low
1
Friday
I
for
409
Sales
k
1,100
5k
400
Jan
k
Jan
4k June
Jan
Feb
New York Curb
410
STOCKS
Week's Range
Last
Sale
{Continued)
Par
of Prices
High
Lou
Price
Interstate Home Equlp_—1
65*
65*
Interstate Power $7
7
300
100
12
1334
140
916
203*
123*
"2134
916
22
123*
100
'l6
1434
Italian Superpower A—
Warrants
63*
3434
July
Nat Service common
360
11
100
*16
1,000
7
7
400
6
June
76
25
66
June
110
75
June
88
10
85
June
6
400
110
111
1,800
110
100
434
107
Julian A Kokenge com.
110
Kansas G & E 7 % pref. 100
Ken-Rad Tube A Lamp A *
Kingsbury
25
253*
63
26
63
45* June
Jan
9034
253*
1085*
300
19
10
54
1
Breweries
45
4 5*
1
1
45
10
425* June
45*
5
3,300
454 June
6
100
6% preferred D
Kingston Products
Klrby Petroleum
6
600
53*
,#i«
Kirkld Lake G M Co Ltd -1
Klein (D Emil) Co com.-.*
Klelnert (IB) Rubber...10
Knott Corp common
1
1234
113*
108
1234
108
300
25
Feb
Jan
113*
1334
T,§66
5034
5134
1~9O6
53*
600
Lackawanna RR (N J)-100
513*
5
5
Lakey Foundry A Mach__l
Lane Bryant 7% pref.-100
Lefcourt Realty com
1
Apr
July
Apr
113*
7034
4634 June
434 June
975*
Apr
234
234
*
834
83*
9
2,700
234 May
May
75*
Apr
26
Preferred
Leonard Oil Develop
Line Material Co
134
134
13*
3,400
"is
Jan
2634
Apr
100
*
—
Lehigh Coal A Nav
1334
*
Lion OllReflning
*
Lit Brothers com
2834
273*
434
*
Loblaw Groceterias A
3034
434
23,200
*
Class B
1
Lone Star Gas
*
223* June
15
6
Lockheed Aircraft
Corp
Jan
Mar
1234
103*
1534
500
125*
133*
2,900
Jan
103*
1034
1,600
June
*133*
Jan
35*
4
7934
79 34
80
66
66
673*
4
*
—100
100
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L $6 pref--*
Lucky Tiger Comb g m._10
2,200
76
65
July
Apr
May
3
4
300
1354
14
10,600
46
1
334
234
Mangel Stores
96 conv preferred
1
63*
65*
334
7
1,800
1,600
Apr
30
Mar
7% preferred
Feb
New Engl Pow Assoc
Jan
6% preferred
100
New England Tel A Tel 100
New Haven Clock Co
New Process
1334
173*
Jan
Apr
234 June
55*
60
June
May
2034
Apr
Communication ordreg£l
Margay Oil Corp
31
100
3
3
400
*
Mass Utll Assoc v t c
31
*
Marlon Steam Shovel
83* June
1
Massey-Harrls common..*
Master Electric Co
1134
2134
100
'"634 "65*
Mead Johnson A Co
*
21
120
83*
Feb
1834
Jan
Jan
'"260
2034
2434
1183* 120
1
Apr
1,200
225
May Hosiery Mills pref..*
McCord Rad A Mfg B
*
Mc Will lams Dredging—»
June
3
55
105*
2134
Jan
12
11
17
434
900
634 June
2034
10134
July
Jan
Memphis Nat Gas com...6
Memphis P A L 91 pref..
434
45*
300
72
"4534
45
455*
"406
May
Mercantile Stores com...*
39
JaD
Merchants A Mfg el A...1
634
6
63*
1,600
5
Feb
Participating preferred.
Chapman A Scott*
255*
634
„7
June
554
May
600
Jan
64
634% A preferred...100
Co
67
175
May
7,800
Jan
134
"33"
"33"
"""£6
Jan
2
2
25*
83*
83*
934
4,600
6,100
133*
400
13
Michigan Steel Tube..2.60
*
Class B
Midland Oil
"34
conv
34
1
55*
134
55*
400
1
13*
20
20
8454
»
81
81
3
3
—
Jan
N Y Pr a Lt
5934
Mar
934
110
Feb
Feb
2.60
Molybdenum Corp
1
3
Jan
234
3034
Feb
34
Feb
July
7
Mar
24
May
223* June
18J4
Jan
163*
Feb
143*
Jan
65*
Jan
93
Mar
80
Jan
65*
Jan
153*
Jan
100
Feb
23*
46
634
1034
Jan
July
Feb
10
Jan
1434
4434
7
73
535*
7
313*
1134
234
8034
234
534
Feb
Feb
Mar
Jan
834
1,800
c
43 34
4 3 34
"334 '"§34 "T
1134c
634
National Container (Del)-l
National Fuel Gas
*
Nat Mfg A Stores com...*
113*0 1154c
634
141
195*
For footnotes see page 413,
June
9434
107
800
92
June
200
26
35*
100
295*
3134
300
14
100
10634 107
983* 983*
6 5*
1,000
4,000
143
2054
1234
8434
3 2 34
1234
8434
13
85
com
Nor Ind Pub Ser 6 % pf. 100
7% preferred
..100
Nor N Y UtU 7% 1st pf 100
Feb
Feb
Jan
Feb
Mar
293*
934
2
5534
2
45*
1454
5434
7
'if"
234
5534
4,200
7
500
100
Ohio Brass Co cl B
00m.
16
18
2,300
115*
145*
834
12
500
1534
9 3*
40
6854
1534
1,200
15
Jan
Mar
118
Feb
Pennroad Corp v t C.....1
Pa Gas A Elec class A
*
Pa Pr A Lt 27 pref
*
1,300
6
113*
Jan
25* June
73*
Jan
88
88
10
8734
July
Apr
97
9734
50
97
July
8
97
834
1,100
1,300
205*
15*
2134
x2
2534 *2754
100
"58"
34
60
76
400
500
734
Jan
1654 June
134 June
300
25k
""50
25
111
983*
11034 HI
400
10934
107
220
Phillips Packing Co
97
June
>38
108
Feb
Jan
125* May
41
Feb
37
Feb
Jan
355*
Jan
67
Mar
110
Jan
1065* May
10234 June
11134
112
Jan
1115*
Feb
92 34
June
Feb
135*
145*
5,600
1234 June
934
Apr
14 5*
323*
850
26
3254
125
973*
10134 105
27
Jan
Apr
29
143*
3 34
8
3 5*
293*
2634
2954
27
*
105
Feb
July
May
July
106
Feb
6
Jan
Jan
900
3
June
1,500
1,200
73*
July
105*
28
Mar
325*
Feb
2654
Mar
2934
10754
Feb
300
50
Feb
6634
834
6734
May
June
5
Apr
834
Jan
215* May
38
May
854
103
65
245*
6434
7534
Jan
Mar
m
Feb
""166
8 5*
1,300
34,600
"22k ~23k
""250
59
Apr
2834
28 34
2 9 34
37
36
37
85*
283*
85*
283*
2,600
30
June
2234
July
25k
June
29
Apr
3034 June
300
7
Jan
50
26
June
1095* May
Jan
89
Feb
"22 k
354
354
334
6,700
13
"94k
13
300
9434
953*
150
12
89
82
Jan
Jan
Jan
30
Jan
303*
July
63
Feb
43
Feb
1234
305*
Feb
Mar
110
Apr
174
175
119"
119
854
113
Jan
112
Jan
Jan
179
June
Jan
250
162
June
95
"75
Feb
109
June
161
Apr
"§k "8k
313* Mar
734 June
37
"600
June
111
June
31
June
834
934
1,800
834
95*
3,100
6
3954
200
334
4
400
35*
254
35*
2,000
234 June
354 June
734
73*
734
900
73* June
38
10
*
1
Mar
1734
k
93*
9734
Feb
May
May
May
8
•
Pioneer Gold Mines Ltd_.l
Mar
73
175
IiTk
Phoenix Securities—
Common
Mar
3534
1934
Feb
854
July
20
Jan
1163*
Feb
34
Mar
July
1534
Feb
Jan
115*
Mar
Apr
40
Mar
Jan
335*
334
Feb
634
Jan
Feb
Pitney-Bowes Postage
27
June
443*
Feb
Jan
65*
134 June
1454
Mar
334
59
Feb
Jan
Mar
105* May
1434
June
18
June
45
July
July
115*
July
1254
June
145*
July
1934
Jan
113*
100
20
23
Jan
Jan
303* May
4334
Jan
Jan
Jan
Jan
Mar
Jan
Apr
Jan
101
110
Phlia El Power 8% pref-25
May
June
Mar
Feb
Jan
Jan
Apr
Apr
5 54
Apr
Feb
77
Apr
Jan
"585*
983*
5
July
Feb
m
493*
Jan
23* May
534
516
773*
-
Conv pref ser A
Pierce Governor com
Pines Winterfront
Jan
Jan
Apr
354
8*
8
June
June
35
98
654 July
334 June
184
73*
2",100
50
60
355*
Feb
June
Mar
Feb
Feb
2,100
254
16
65
June
May
Feb
*
3
13c
Feb
54
254
June
Mar
5
115
33
44
734
Feb
*
Mar
Feb
100
3 34
Penn Mex Fuel Co
Feb
43*
Feb
76
Pender (D) Grocery A...*
Class B-.
Jan
Apr
Feb
834
16
Peninsular Telep com..
Preferred
100
4234
64
"l43* "1534"
10
98
May
Jan
1634
334
5,
..10
Perfect Circle Co
*
Pharis Tire A Rubber coml
Philadelphia Co com
*
PhHa Elec Co 25 pref
8
143*
Pan Amer
Airways
22.80 preferred
25 preferred
25
95* June
8134 June
563*
21.301st preferred.....*
Pacific Tin spec stook
Jan
3334
Feb
65
Apr
51
*
Jan
100
Mar
654
Mar
June
May
May
May
534
85*
2934
44
550
11934
June
24
40
51
35*
37
70
Mar
600
100
1
May
40
Jan
125*
2,500
1,300
2,100
100
June
300
10534
254
Penn Edison Co—
43
115*
9734 June
563*
5734
...50
3134
Jan
Mar
5454
234
5
00m
S3 preferred
29
July
Mar
1155*
1034 June
473*
4734
♦
Pepperell Mfg Co
7
Feb
1634
June
106
1,300
55
*
com
Ohio Edison $6 pref
Ohio Oil 6% pref
Jan
515*
34
125* June
Jan
Mar
123*
15*
Jan
15534
2834
100
575
4534
453*
INorTsxasElec6% pf-100
Feb
June
200
10,400
Novadel-Agene Corp..... *
5
20 *138
934
60
55
Northwest Engineering..*
43
3
2934
10
473*
4734
"2l""
Feb
Mar
63*
16
1134
Northern Pipe Line
10
Nor Sts Pow com cl A—100
Ollstocks Ltd
Mar
Apr
Apr
734
....
Class B
Oklahoma Nat Gas
Jan
90
1834 June
July
*16 May
134
Apr
334
16 preferred
*
North Amer Rayon el A_.»
Jan
Jan
June
1,100
20
434
Nsma Electric
Nor Amer Lt A Pow—
Common
Jan
May
434
Apr
954c June
55* June
Mar
37
95
18034
"700
33*
103* July
2834 June
110
31 34
5534
17
50
Jan
1355*
734 June
5
157
150
5
Jan
Class A pref
NUee-Bement-Pond.
Nlplsslng Mines.....
June
200
23* June
3134
14
107"
5
common
26 preferred
Penn Salt Mfg Co
60
Pa Water A Power Co.._.*
9734
National Oil Products
4
National P A L 96 pref...*
National Refining Co
26
»
June
72
Niagara Share—
Parkersburg Rig A Reel—1
Patchogue-PlymouthMills*
3
*
Corp..*
18
850
400
6% 1st preferred....100
1654 June
Nationa Candy Co com..*
National City Lines com__l
93 conv pref
60
4,600
25*
98
Jan
134
Feb
Mar
285*
7734
100
10
113* June
834 Mar
30
Mar
>34
30H
Class A opt warr new
Class B opt warr new...
Mar
24
June
88
July
Feb
Parker Pen Co
Mar
Mar
July
May
Feb
33* May
734 June
1373* 13734
305* 305*
335*
3434
_
National Baking Co oom.l
Nat Benks Hess com
1
31
35
72
78
Feb
114
150
94
7
300
Apr
Feb
2
125*
934
Jan
Jan
893
63
93
June
12
June
7354 June
34 June
125*
934
100
.
100
Pantepeo Oil of Venes.
Paramount Motors Corp.l
20
"50
45*
Jan
2534 June
100
100
Ohio Power 6% pref—100
Jan
893*
70
Ohio PS 7% 1st pref—100
Jan
89
"25
Jan
Jan
100
Apr
134
18
6% preferred
Nat Auto Fibre A v t
Nat Rubber Mach
5% 1st pref new....
6% 2d pref cl A
5% 2d preferred
6% 2d pref olB
Mar
8
893*
*
Nach m an-Sprlngfilled
253*
7434
25*
105
6% prior preferred...60
July
934 June
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co
Muskogee Co com
25*
No Am Utility Securities-*
Nor Cent Texas Oil
...5
Nor European OH com__.l
3334 Mar
2234 Mar
33*
Jan
1634 Mar
2534 Apr
6634 May
121
10
Jan
May
May
25* June
3334 May
88
May
Mountain States Pow com*
Nat Bond A Share
Common new
Jan
82
255*
34
100
*
10
75
7334
"Bk "55*
600
34
com 5o
265*
7234
Paciflo Public Service
2,200
254
235*
Apr
Niagara Hudson Power—
Mar
1034
334
Mar
Feb
Apr
Feb
118
New York Transit Co
5
N Y Water Serv 6% pf-100
1154
183*
234 June
June
134
103*
TN Y Telep 634% pref. 100
Jan
25*
1134 June
395*
100
Cop
"2534 "2534
7234
105
934
334
•
Mountain Producers
"72"
Pacific Ltg $6 pref..
Paciflo P A L 7 % pref.. 100
3834
Mtge Bk of Col Am shs_.
Mountain City
~72~
*
Jan
Jan
71
12
1
Apr
45*
43*
33*
43*
June
300
400
803*
195*
1934
Feb
Shipbuilding Corp—
Founders shares
135*
May
134 June
22
(Tom) Distillery.. 1
15*
534% 1st preferred...25
103*
Montgomery Ward A
Class A 7% pref
15
15*
Paciflo G A E 6% 1st pf.25
175
100
Montana Dakota Util._.10
Moore
26 preferred
N Y
Jan
Jan
200
13
15
Jan
20
Monroe Loan Soo new A.l
Montreal Lt Ht A Pow
Mar
Jan
100
Monarch Machine Tool-
Moody Investors pref
Moore Corp Ltd com
7% pref..100
20
Mock, Jud, Voehrlnger Co
Common
11234
5934
Feb
"395*
Mining Corp of Can
Minn P A L 7% pref
.100
Miss River Pow pref...100
June
32
80
37
800
Mid-West Abrasive comSOc
Midwest Oil Co
10
*
Minnesota Mining A Mfg.*
102
5334
106
June
65* June
Midland Steel Products—
92 non-cum div shs
*
Mid vale Co
20
105
Jan
700
*
pref
Apr
Jan
35*
Feb
Jan
63*
*
*
234
June
»$?
1C
v t c
Mar
Warrants
2134
2
Preferred
1
32
Mexico-Ohio Oil
Michigan Sugar Co
100
6% conv pref....
Oldetyme Distillers
Overseas Securities
Corp com..*
Part preferred
Metropolitan Edison pref-*
Middle States Petrol—
Class A v t c
134
95
34
34
1
Michigan Bumper Corp.-l
Michigan Gas A OH
1
334
2854
31
7834
434 June
Warrants
Jan
July
105
common
N Y A Honduras RosarlolO
N Y Merchandise
—10
June
Merrltt
13*
2034
N Y Auction Co com...
N Y City Omnibus—
11134
1254
May
600
152
*
Feb
Jan
134
100
Apr
21
Jan
Jan
934
1234
900
.—6
New Jersey Zinc
26
New Mex A Ariz Land..
Newmont Mining Corp.10
Jan
Jan
28
May
10
1,000
10 0
com
New Bradford Oil
Feb
Feb
11
Mar
Mar
2
2 3 3*
6
Jan
Mar
2434 June
*
Jan
1145*
2834
334
8834
653*
834
85*
134
Marconi Intl Marine—
Metal Textile
Nv-Callf Elec
"600
54
73*
5734
22 34
Neptune Meter class A...*
Neetle-Le Mur Co cl A
*
June
38
500
*
*
Mapee Conaol Mfg Co
May
1
42
46
6
Hi
95
Lynch Corp common
Majestic Radio A Tel
Mesabl Iron
1st preferred
Nelson (Herman) Corp
June
334
1334
334
40
250
1034
15*
15*
2234
♦
Class B
7% preferred
0% pref class B
"2534 "27"
High
Jan
Jan
June
8
*
Jan
Long Island Ltg—
Common
2534
Jan
334 June
23
*
Locke Steel Chain
1634
200
Jan
3*
33*
49
Jan
934 June
106
1134
1
Kreuger Brewing
Jan
400
934
1263*
165* July
103* June
Koppers Co 6% pref—100
Kress (S H) A Co pref—10
Lake Shores Mines Ltd—1
Jan
June
534
100
Apr
July
15* June
Kings Co Ltg 7 % pref B100
89
965*
80
88
6
5
Nebraska Pow 7% pref-100
Nehl Corp common..
*
80
88
*
Nebel (Oscarl Co com
76
Lou
1,100
Navarro Oil Co
June
Shares
*16
Nat Union Radio Corp—1
Jan
Jan
13
High
3*
National Tea 634% pref-10
National Transit
12.50
July
Range Since Jan. 1 1937
for
Week
of Prices
Lou
1
Conv part preferred
'n
Jan
1934 June
100
Week's Range
Price
National Steel Car Ltd-.
National Sugar Refining.
Jersey Central Pow A Lt—
634% preferred
100
6% preferred
100
7% preferred
100
Jonas A Naumburg—2.60
Jones A Laughlln Steel-100
Last
Sales
Sale
Par
High
|
Jan
634 June
34
14
143*
--
STOCKS
(Continued)
Lou
1,
'16
1
Iron Fireman Mfg v 1o—10
Irving Air Chute
—1
Jacobs (F L) Co
Jeannette Glass Co
Range Since Jan. 1 1937
for
Week
Shares
37
12
pref
Investors Royalty
July 17, 1937
Friday
37
Mills-.*
Interstate Hosiery
Exchange—Continued—Page 3
Sales
Friday
1334
Feb
47
Feb
9134
Jan
Jan
14
May
Jan
19
Apr
Meter
»
Pitts Bessemer A L Erie RR
Common
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
40
50
Forgings
1
A Lake Erie.50
Plate Glass.-25
Pneumatic Scale Corp
Potrero Sugar com
233*
2034
June
94
24
973*
4,500
973*
410
8634 June
11634
1434
1434
100
12
12^
12434 131
15*
1534
2,600
134
500
1 55*
500
5
6% 1st pref
..100
Pratt A Lambert Co
*
Premier Gold Mining
1
"2"
934
22
""23*
Y,o66
954
200
22
25
June
11434 May
134 May
153* June
6
10
Powdrell A Alexander
5
Power Corp of Can com..*
17
Jan
Apr
4234
273*
Metallurgical 10
Pleasant VaUey Wine Co.l
Plough Ino
*
June
934
16
Feb
Mar
June
14734
23*
19
Feb
Feb
Jan
Apr
Feb
15* June
83* June
1834 June
3334
31
June
41
2
June
k
434
Jan
Feb
Feb
Jan
Jan
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Price
*
Prosperity" Co olass B
400
Feb
Jan
Common class B
X
Feb
Preferred
17#
11#
14#
Mar
Jan
Jan
X
12
June
8X
June
100
10X
June
99
May
98
June
105
Feb
106
450
100
100
100
*
103
June
109
Jan
7%
100
100
1st pref
55
47#
56#
730
30#
*
*
27
33 X
660
7% preferred
June
41
Mar
98
Jan
Jan
June
117 X
Apr
Pub Service of Okla—
2#
2#
50
72 X
175
32#
30 X
73 X
33
1,445
""60
Feb
106#
Jan
4#
Jan
June
26# June
90#
Jan
63X
Jan
50
June
17 X
19#
109
12 5 X
18#
Apr
May
17
June
Rainbow Luminous Prod
*
Class B
#
1,200
X June
#
#
#
#
*
Class A
500
60 #
Jan
14#
124#
Feb
160
Jan
Jan
Red Bank Oil Co
Reed Roller Bit Co
5#
16#
*
(Daniel)
Jan
49
Mar
Jan
53#
100
4
Jan
7#
Mar
Feb
17#
1,800
10
Jan
17#
July
34#
200
32
5#
5#
16
June
4#
1#
1#
900
Jan
600
#
#
1
4X
June
1,200
X
July
#
July
May
104#
Feb
98
6% preferred cl D...100
Rolls-Royce Ltd—
---5
1
2%
ex
6
200
100
1,800
""# ""x
*
2X
June
"'600
X June
12
12X
1
14 X
13X
Ryerson a Haynes com.. 1
4#
4#
90
Jan
200
12
July
1,400
15
50#
5X
61
5#
S2.50 conv pref
Apr
'"206
IIo
107"
*
2#
150
5#
4X
2,000
2,700
Mar
4
3X June
8#
5
8X
8X
5,300
110
113 X
205
6
110
100
ex
800
Sanfod Mills com
Jan
18
Jan
Jan
1
65#
14#
17#
6#
3#
4#
1
Feb
July
60
50
53#
July
6
6#
900
500
3
Apr
ex
69
Tilo Roofing Inc
1
13#
13#
14#
600
12#
Tobacoo and Allied Stocks*
"64#
64
64#
""l25
4#
4
4#
1,700
4#
Corp
July
54# May
29
June
78#
Jan
June
6#
Jan
44 X
May
1#
5X
June
June
50#
4#
Jan
Feb
Mar
pref...*
Securities Corp general...*
2X
*
2
Segal Leek A H'ware
1
Selberllng Rubber com...*
ex
2X
6X
2,800
700
22
Selby Shoe Co
x95
10
May
9#
30
Jan
Common
2X
Common
2X
250
9oX
July
4#
28#
101#
50
92 X
July
104
1,100
2X June
24
...6
93#
95#
S5.50 prior Btock
25
Allotment certificates..
94#
95X
June
Jan
Mar
Mar
"22#
Tublse ChatlHon Corp.—1
Class A
..1
"22# "23"
70
6#
Tung-Sol Lamp Work*—1
""466
200
72
6
6#
10#
80c div
7% preferred.
1,100
200
11
j
June
IX
£1
Jan
X
8X
Apr
May
com
United
Aj-craft
2#
""166
600
2#
15#
10#
300
21
15#
10#
400
20
oom
4 part pref
cum
__*
United Gas Corp com
1st $7
7#
20
1
pref non-voting.*
Option warrants
7% pref. 100
United Lt 4 Pow oom A.*
Common class B..
2#
1#
Feb
9#
113
X
17#
3#
June
12#
6#
Mar
3,000
Jan
United Profit Sharing
1,400
15#
Apr
28#
27X
400
25X
Apr
33 #
Feb
Feb
United Shipyards cl A
2#
2#
10
114#
31,400
2#
3,000
1,100
Shawlnlgan Wat A Pow__*
27#
1,300
118
June
154#
Mar
70
108
Mar
com..25
140
135
140X
6% cum pref ser AAA 100
Sherwln WUllams of Can.*
110
110
110
24
114
Feb
*
47#
26
Preferred
25
1
12
1#
6#
200
2#
85#
6#
2#
85#
3#
2,600
86#
1,475
40
28#
Apr
1
12#
1
Jan
U S Foil Co olass B
1
....—
35
Feb
1st pref with warr
U S Lines pref
U S Playing Card
301X
13X
2,700
4,000
20
301X 303
3X
June
llX
July
Apr
295
7#
Feb
13#
July
370
Jan
Singer Mfg Co Ltd—
ord reg.£l
5X
*
*
40
13#
500
13#
13#
2#
1,000
2
£83
130
39#
12#
800
100
£83
£83
5X
1,300
5X June
6#
Apr
2#
2#
300
1
10#
10#
'"loo
U S Rubber Reclaiming..*
4X
117A
400
1#
U S and Int'l Securities—*
4
25
27
1#
Jan
31
pref
*
Simmons Hard're A Paint *
6#
ex
200
716
100
U S Radiator com
U S Stores Corp com
$7 conv 1st pref
10
716
*
*
8
Sioux City G A E 7 % pf 100
Skinner Organ com
*
98
Apr
100
Jan
2
July
2
July
Smith
20 X
Jan
Mar
United Verde Extsn—60c
3#
..*
3#
8
10
3#
4
14,300
United Stores vto
(H) PaDer Mill...*
Solar Mfg Co
1
ex
Sonetone Corp
Soss Mfg com
1
1
IX
ex
IX
714
7X
ex
IX
7%
600
4X
June
2,500
IX
July
1,600
5X
Apr
29#
7
Mar
6% original preferred.26
36#
26
5#% pref series C—.25
6% preferred B
27#
Southern Colo Pow cl A.26
7%
27X
25X
5X
10
5X
3
10
25
_45#
3X
8
20
Unlversa
Pictures own—1
*
61
62#
150
3#
200
July
41#
Jan
June
29#
Mar
2,000
24X June
4X May
300
300
1,100
46
45
""166
Standard Brewing Co
Conv
preferred..
10 X
7#
Mar
5 #
Feb
Mar
11#
Apr
48
Jan
Apr
pref..*
Utah Radio Products
»
2",066
Class B
Jao
1
Mar
Valspar Corp vto
May
1#
Mar
8X
3X
Feb
pref
—6
Van Norman Mach Tool.5
X
May
X
100
20 X
200
20
21X
21 X
200
21#
4%
4#
200
4
15#
»
June
July
June
Jan
43X
20
43X
50
41
June
20
20 X
2,800
19
Apr
9X
37X
100
1,100
103X
175
9X
"~36#
103
For footnotes see page 413
36X
103
9# June
33
102#
June
June
1
22#
27
5#
Apr
Jan
Jan
May
Apr
21
Jan
May
63#
20#
13#
Mar
Apr
45
Mar
105#
Jan
Jan
preferred—....100
com—1
3#
50
10
94
5#
900
76#
76#
25
,51S
3#
3#
700
#
X
2,700
5
26
6#
100
1516
Co..10
Venezuelan Petrol
1
Va Pub Serv 7% pref—100
Venezuela Mex OH
21#
6#
*25*"
5,600
26
500
6#
65
v t c conv
Vogt Manufacturing
Waco Aircraft Co
400
1
42
June
12#
4#
9
25
94
pf 100
*
*
Utility 4 Ind Corp com. .5
Conv preferred
7
lUtU Pow 4 Lt common.. 1
Utlca Gas 4 Elec 7 %
June
Feb
3#
100
9
61
20
25
Utility Equities Corp
Priority stock
X
X
Oil
100
Jan
Jan
2
8X
20
21X
Standard Invest $5# pref*
preferred
Tix
10
*
10
(Ky)
10
Standard Oil (Neb)....25
Standard 01! (Ohio) com 25
Mar
160
Jan
42
400
*
Standard Dredging Co—
Common
._*
Standard
Feb
83
July
Utah Pow 4 Lt $7
X
Standard Cap & Seal com.l
Conv preferred
8#
Jan
Universal Products
7%
X
Spencer Chain Stores....*
6%
5
dep rots ord bearer £1
com
28
July
65
27
West Pa Pipe Line..60
Stahl-Meyer Inc
200
Insuranoe
35 X
800
10
Spanish & Gen Corp—
Am dep rets ord reg..£l
Am
100
4#
4
26X
10
"5X "~5X
*
Penn Oil
4#
17#
1
50
154#
Southland Royalty Co...6
So
2,700
3#
17#
Oil—10
Universal Corp vto
1,200
New Engl Tel.. 100
Southern Pipe Line
Southern Union Gas
South
30X
27X
25X
5X
65
65
100
preferred
Consol
Unlversa
Southern Calif Edison—
South
United Wall Paper
Jan
Feb
Universe
2#
8#
25
100
65
25
100
6#
6#
7
900
2
1#
2
2,900
*
"12"
*
5#
"12"
5#
19#
Wagner Baking v t e——*
Wahl (The) Co common
Waltt 4 Bond class A.
"12#
5#
20
'"TOO
*
500
300
Clasa B
Walker Mining Co.
June
May
13# June
10# July
#
Apr
Jan
17# Ju
M
7# Ju
108
Mi
1# Ju
89# Ju
5
Ju
2#
2#
2#
1,000
25
Ju
55
May
Slmmons-Broadman Pub—
Conv
48
27
United Specialties com
X
June
2
4# Ju
June
Shreveport El Dorado Pipe
3#
33# Ju
1
1
Class B
Jan
9# June
3# May
2,500
46
1C
United Shoe Much com .25
Jan
June
"ex ""6# "6# "3",700
United N J RR 4 Canal 100
Preferred
4#
xll
9#
113
Am dep rets ord reg
3#
18
15#
60
6# Ju:
United Molasses Co—
Jan
July
May
52# Mi
# Ju
*
X
3X
Mining..6
100
preferred
June
1# June
100
7#
"""#
*
$6 1st preferred
»
United Milk Products...*
4
10#
"900
7#
*
United Corp warrants
United Elastic Corp
._*
3X
17X
27X
*
#
Jan
X June
85
100
Warrants
$3
100
Transport
100
1
Seversky Aircraft Corp._l
July
June
112
"4# "4#
2#
190
Union Stockyards
$3
Selfrldge Prov Stores—
July
July
Jan
92#
8
...*
United G 4 E
Ino—
61
Trans Lux Pkrt Screen—
Transwestern OH Co
United Chemicals
Brook—
SO
350
Union Oil of Calif deb rta—
42
Scranton Lace Co com...
71
200
Jan
Mar
3
99
*
May
Apr
Apr
2#
Am dep rets def reg—£1
*
26
55
16#
Union Gas of Canada
55
Jan
Apr
Tobacco Securities Trust
Union Investment
May
Jan
8
Tlshman Realty 4 Const.*
Feb
July
May
June
43#
Union Elec Light 4 Pow—
May
May
June
5
175
Apr
6X
June
3#
55
Jan
Jan
June
33# June
52
Apr
Apr
.1$
Jan
9#
52
X
June
Apr
July
*
15#
7# June
Apr
98
Thew Shove JCoal Co
38#
97
June
101
5#
Jan
Apr
16
4#
Jan
Apr
40# June
2,300
Trims Pork Stores
Mar
May
18#
5
4#
57
60
pf.100
28
200
June
Amer dep rec
Taylor DlstUllng Co
1
Technicolor Inc common.*
900
8
July
May
3#
1,100
1,400
9,500
1,500
38X
Singer Mfg Co
1#
3#
29#
35
1#
21 X
Simplicity Pattern com
200
1#
3#
28#
2",300
4#
500
Line stamped...
'"16# "10# "n#
11#
141
July
X June
18
98
950
113# 115#
114
1#
Jan
21
11
4#
July
51
Jan
June
IX May
44
11#
1,700
Sherwln-Wlillams
175
1#
3X
Shattuck Denn
100
18#
4#
46X
com
46
18
11#
22#
Seton Leather
46
46
1
3 X
dep rec
Sentry Safety Control
8,800
10
44
Amer
4#
TTi-Continentai warrants..
21X
Conv stock
400
Apr
Mar
June
110
4#
1,300
7% preferredA
100
Tonopah Belmont Devel 1
Tonopah Mining of Nev.l
13#
3X
Industries
300
#
4#
x95
21#
46#
Selected
22#
19
*
*
Inc..
18
Toledo Edison 6% pref .100
5
Manufacturing .26
Bros
300
Feb
Schlff Co common
Socman
3,300
70
Savoy Oil Co
Water Serv
5#
2#
15
Jan
X
58
Scran ton-Spring
6#
2#
22#
4#
9#
Samson United Corp com
Scovllle
July
#
preferred
*
U!en 4 Co 7#% pref..25
5% preferred..
2
Unexcelled Mfg Co..—10
June
400
*16
...50
7% preferred
5#
19
27 X
Anthony Gold Mines.1
St Lawrence Corp Ltd—.*
St Regis Paper com
10X June
46X June
111
Safety Car Heat A Lt.100
pref A
600
July
27
July
5
40
Ryan Consol Petrol--.—*
conv
June
26
11X June
20
Royallte OH Co Ltd
S2
6#
34#
Todd Shipyards
27#
27#
2X
ord reg—£1
Root Petroleum Co
St
June
Am dep rets ord rsg—£1
Rochester Gas A Electric—
Jan
8#
Tobacco Prod Exports—.*
5
4#
1
Co
Apr
10
16
Feb
Mar
Feb
!116 June
13#
7#
*
100
3,100
5#
2#
IX
8X
4#
May
13
11#
"2#
July
June
Feb
8
""800
Tampa Electric Co com..*
Tasty east Ino class A
1
Teck-Hughes Mines
May
5#
6#% conv pref
50
Superior Ptld Cement B__*
Mar
Feb
17#
12#
9#
June
4H
Rustless Iron A Steel
preferred
60
preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
—.1
Stetson (J B) Co com
*
StinneB (Hugo) Corp.—6
Stroock (S) 4 Co
—.*
5Stuts Motor Car
*
Sullivan Machinery
*
Sunray Drug Co
;
1
Sunray Oil
1
Texas P 4 L 7% pref—100
Texon OH 4 Land Co
2
June
""966
21#
1st
2d
Tenn El Pow 7% 1st
22 X
1
46#
8#
Feb
June
35
Feb
100
20#
"16# "16#
*
Apr
5,800
Roosevelt Field Inc
Jan
4#
1,500
100
Mar
100
1#
—
pref
6#%
Sterch! Bros Stores
1#
July
5#
24#
1
Royal Typewriter
Ruiseks Fifth Ave
June
107
32#
5#
5H
5#
Reynolds Investing
Rice Stlx Dry Goods
SI.20 conv pref
5
Syracuse Ltg 6% pref. .100
41
X
24#
Roesla International
June
400
"2l"
Stein (A) 4 Co common..*
Jan
X
24 H
Reybarn Co Inc
Am dep rets
23
7#
16#
Feb
2
100
100
V tc common
1,900
6#
'1#
$3.30 class A particlpat.*
250
*
Rio Grande Valley Gas
6,100
14# June
93
Swan Finch Oil Corp...15
Swiss Am Elee oref
100
48
34#
Reliance Eleo A Englng—5
Richmond Rad oom
#
33#
5
Jan
39
*
com
Relter-Foster Oil
June
100
20
A Acid Works com
Starrett (The, Corp v t c .1
28#
48
*
June
16#
7#
Jan
38
*
60c
Raytheon Mfg com
36
33#
Standard Steel Spring com*
Standard Tube clB
1
Taggart Corp new com.. 1
Common
S3 conv preferred
2
50
16#
71S
28#
16
25#
July
Raymond Concrete Pile-
Reeves
117#
Mar
Apr
103
June
8
ill" "112# iii'
Feb
93
119#
Apr
IX May
92
100 X
73 X
Jan
July
112
6% prior lien pref...100
7% prior lien pref.-.100
Pub Utll Secur $7 pt pf_._*
Puget Sound P A L—
S5 preferred
*
SO preferred
*
Pyrene Manufacturing.. 10
Quaker Oats com
*
6% preferred
100
Quebec Power Co
*
Ry A Light Secur com
*
68#
19X June
90 X
60
100
100
6% preferred
39
75
Pub Serv of Nor 111 com..*
Common
300
Steel Co of Canada ord...*
Public Service of Indiana—
$7 prior pref
$6 preferred
2,900
Standard Wholesale Phosp
Pub Service Co of Colo—
6% 1st preferred
Jan
2# June
3#
36
1
Lead...l
Silver
Low
36
*
Standard Products Co
Standard
Range Since Jan.
for
Week
Shares
3#
3#
3
3
___*
of Prices
High
Low
3#
1
35#
May
Mar
X
11,200
1,600
150
9
u%
lix
*
S0 preferred
bis
3*16
13 x
9
*
«
Prudential Investors
X
£#
13#
Standard PAL
May
28
X
1
SPropper McCallumHos'y*
Price
Par
High
LOW
Pressed Metals of Amer—*
Producers Corp
Sale
{Continued)
Shares
Week's Range
Last
stocks
Range Since Jan. 1 1937
Last
Par
Sales
Friday
Sales
Friday
stocks
{Continued)
Providence Gas.
411
New York Curb Exchange—Continued—Page 4
145
M
115
1937
New York Curb
412
Exchange—Continued—Page 5
Sales
Friday
STOCKS
Last
Week'slRange
Sale
of Prices
Frida V
for
(Concluded)
Week
Low
Price
Wayne Knit Mills
5
Welsbaum Bros-Brower.-l
7%
7%
Wellington OH Oo
1
9%
1.25
5%
Wentworth
Mfg
High
Western Air Express
West Cartridge 6% pi 100
Western Grocery Co.—20
Range Since Jan. 1. 1937
Shares
Low
8%
8%
900
7
Mar
900
7%
July
600
9%
July
5%
1,100
9%
400
9
Sale
High
5
8%
10%
13%
Feb
9
June
7%
Mar
13%
102%
21%
16%
Feb
106%
105%
♦6%s
Aug 1
♦Certificates of de
2
6%
6%
t
6%
6%
♦Deb 7s
2
Mar
.Aug 1
.
7% 1st preierred
100
*
98
117
*32
Feb
6
July
9
June
5
Apr
8%
62
West Texas Utli $6 pref-.»
West Vl Coal A Coke
♦
Weyenberg Shoe Mfg
Williams (R C) A Co
Jan
Apr
28
50
62
Apr
Mar
0
76%
July
4%
4%
800
3%
June
95%
6%
12%
400
12%
7%
July
14
*
Feb
Williams Oh-O-Mat Ht-_»
8
8%
800
{Wll-low Cafeterias Ino.-l
3%
Z%
400
3%
300
3
Apr
20%
100
20
June
Conv
3
*
preferred
Wilson-Jones Co
*
20%
Willson Products
6
June
% June
13%
Winnipeg Electrlo ol BWisc Pr A Lt 7% pre!-100
Petroleum
July
Feb
0
Empire Dlst El
19f 2
5s
Empire Oil A Ref 5 %s. 194 2
Ercole Marelli
4%
500
14
4%
14%
1,000
10%
10%
Jan
Jan
May
3
16%
May
1
10
Jan
95
Jan
8%
18%
Feb
3
Feb
2
12%
Jan
80%
1
7
8%
May
Flnland
104%
105%
97%
July
23%
Jan
6% preferred
£1
Wright Hargreaves Ltd.
Youngstown Steel Door-
6
Apr
6%
Apr
1
5% June
61%
Apr
8%
80%
4%
Jan
3
Mar
6 %
2%
6%
67%
2%
6%
1,300
68%
1,500
2%
1,000
2%
June
Mar
3
102%
1st A ref 6s
1951
1st A ref 5s
98
___1968
1st A ref 4%s
1967
83 X
IT Aiummum Co sf deb 5s'52
103 %
Aluminium Ltd deb 5s 1948
5s called
102
103
103% $13,000
96%
98
38,000
J94%
96
86%
87% 48~666
82%
83%
103% 103%
106% 106%
42,000
82,000
21,000
Amer G A El deb 5t--2028
107%
Am Pow A Lt deb 6s, .2016
Amer Radiator 4%s.-1947
Am Roll Mill deb 5s-1948
91%
107% 107%
91
92%
Appalachian El Pr 58.1956
104%
Appalachian Power 68-1941
106%
105% 105%
102% 103
104% 104%
104% 105
106% 107%
114
114
101%
101% 101%
97%
98%
54
52%
'102%
8eating 6s etp--1946
2024
Ark-Louisiana Gas 4s 1951
Arkansas Pr A Lt 5s. .1956
Associated Elec 4 %s_. 1953
104%
Apr
108%
Jan
91
June
105
Jan
i "89"
92%
June
May
May
105%
99%
Jan
83
Jan
103%
July
98
53%
114
52,000
38,000
7,000
39,000
2,000
36,000
18,000
6,000
20,000
42,000
41,000
102
Apr
June
105%
85
103%
102%
103
104%
Mar
June
Jan
95
106
Jan
Mar
Mar
107
98%
93%
Apr
June
104%
June
67%
76
50%
1948
Conv deb 4%s
77
13,000
68
50%
2,000
88,000
25,000
63.000
45
May
41
June
50
48
50%
51%
50%
1968
50
49%
51%
50%
1977
58
58
58
2,000
Assoc TAT deb 5%s A *65
Atlanta Gas Lt 4%s.l955
84
83%
98%
84
5,000
1,000
Conv deb 6s
1949
__1950
Debenture 5s
Conv deb o%8
98%
Apr
45% June
44% May
53
May
79% June
83%
62%
Jan
Jan
65%
Jan
91%
♦6s without warrants 1938
♦6s stamped x W..1938
Bell Telep of Canada—
1st M 5s series A.-.1955
1st M 6s series B...1957
5s series C
-.I960
Bethlehem Steel 6s
$169
♦&8t
Ry. 6%s
98
Apr
105%
Jan
240
Mar
158
Jan
240
Mar
"10" 000
140
June
225
Feb
54,000
135
June
227
Mar
114%
120"
Broad River Pow 58.-1954
"88"
72%
93%
f Buffalo Gen Elec5s._1956
Canada Northern Pr 5s '53
103
♦Canadian Pac Ry 6s. 1942
Carolina Pr A Lt 5s.-.1956
Cedar Rapids M A P 6s *53
Central III Public Service—
110%
5s series E
98%
1st A ref 4Hsser F-1967
6s series G
1968
97%
101%
4%s series H
1981
Cent Ohio Lt A Pr 5s. .1950
Cent Power 5s ser D..1957
95%
5%s ex-warrants-..1954
Cent States PAL 5%s *63
Chic Dlst Elec Gen 4%a'70
6s series B._
120
120
tl33% 136%
88
87%
9,000
1,000
1,000
*
Mar
115%
Jan
113
Mar
124
Mar
125
"76%
6s series B
99%
8 f deb
Indiana
—»
VVJ
O \J A
V#
—a
—
—
6s series A
6 %s series B
1953
1951
Indiana Gen Serv 5s„1948
"88%
Apr
JaD
39,000
108
May
114%
Jan
48,000
93
June
105%
Jan
•nd'polls P L 5s ser A.1957
{♦Intercontln'ts Pow 6s '48
International Power Sec—
6%s8eriesC
1955
105%
104
Feb
113%
July
5s.
1st lien A ref 5s
56
55
57
82,000
58
59%
26,000
105% 105%
35,000
2,000
104%
56
58%
105%
77%
104% 105
76%
89
July
Mar
94
Feb
99
Jan
72%
Jan
72%
Jan
46%
June
46
June
50%
June
103%
Apr
106
Jan
Mar
107
June
75%
Jan
97%
97%
108
97%
108
7,000
92
Apr
100
Jan
1,000
106
Mar
110
Jan
101%
Mar
104
Jan
101% 101%
69
93
92%
2,000
70
6,000
93
9,000
96
2,000
73
7,000
71% 127,000
101
101%
70%
62% June
84
Jan
54
54
40%
39%
80
79%
75%
75
5s series
D
4 %s series F
1958
Iowa-Neb L A P 5s—1957
5s series B
Apr
June
Iowa Pow A Lt
4%s..l958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 78-1952
Isotta Fraschini 7s
1942
Italian Superpower 6s_1963
Jacksonville Gas 6s..-1942
Stamped
Jersey Central Pow <fe~Lt—
5s series B
4
%s series C
1961
.
'
»
-
-
50%
50
June
75%
Jan
Mar
109%
Jan
Apr
97
July
Jan
18,000
w
^
^
16,066
«.-
8,000
95
101%
98
"104%
1948
1955
93
91
93
5e series 1
1969
85
83%
85%
95
95
79%
Jan
Jan
50%
50%
20,000
46%
June
56
Feb
Lake Pup Dlst Pow 3 %s '66
Lehigh Pow Secur 6s..2026
1st M 5s series A...1953
1st M 5s series B-.-1954
1st 4%s series C
1956
112
111% 112
111% 112%
15.000
110%
Jan
113%
12,000
110%
Jan
113%
Apr
May
Lexington Utilities 68-1952
Llbby McN A Libby 5s '42
Lone Star Gas 5s
1942
26%
104%
Mar
Mar
106%
104%
Jan
99%
Jan
Apr
91
June
$94
95
113% 115
101
101
101
96% July
81% June
107
Feb
86
June
105%
109%
Feb
61 %
June
103%
Mar
89,000
4%
July
2,000
im
"
m
62% June
59% June
65
73%
,
3",000
Mar
Apr
Apr
1954
Jan
Jan
72
June
10,000
92
June
1,000
92
July
48,000
5,000
104%
99%
Apr
Mar
Feb
80
Feb
50
June
71
Feb
21,000
46
Mar
66%
Jan
14,000
103
Mar
105%
105%
97%
Apr
Mar
6",000
35,000
-
«.
..
-
«.
102%
Apr
93% June
113
June
121%
Jan
84%
87
101% 101%
15,000
100
Mar
104%
Jan
80% June
94% June
99%
Jan
107%
103%
Jan
"l05
102
104% 105
101
102
10,000
2,000
88
July
11,000
79%
July
1,000
34,000
93
Mar
7,000
8,000
100%
May
100
June
13,000
36,000
103% June
92%
1,000
104%
18,000
100%
Mar
106%
JaD
102% 102%
15,000
102%
Mar
104%
90%
June
♦7s without warr'ts.1941
Jan
{♦McCallum Hos'y 6 %s *41
McCord Rad A Mfg 6s '43
Memphis P «k L 5s A..1948
98%
Apr
104%
Feb
Metropolitan
May
109%
Jan
Apr
125%
Jan
M il
75
May
93%
98%
Mar
160"
100
100
$60
9,000
Feb
103%
Apr
72
103% 104
1,000
Jan
100%
Mar
78% June
102
97
73
5",000
101%
Mar
June
80
105%
Jan
Jan
Jan
104% 105%
103% 103%
92%
37,000
5,000
87
105
108
Jan
Jan
Jan
Jan
Jan
Feb
105%
107
Apr
May
106%
May
July
105
Jan
22% May
$27
26
Feb
Mar
50
"96"
85
106%
Middle States Pet 6%s '45
Midland Valley 5s
1943
w
Gas Light 4 %s_
Minn p A L
103% 103%
4 %s„ 1947
Ed 4s E.1971
conv
118
1940
------
99%
101%
111%
Mansfield Mln A Smelt—
107%
119,000
Jan-
2,000
106
87
May
79%
Jan
104%
85%
106
Jan
106
85%
Jan
88%
Feb
105%
Feb
104%
106% May
72
104
1958
Jan
66
18,000
92%
Crucible Steel 5s
Feb
96
106
10,000
83%
69%
104%
81
Jan
June
Long Island Ltg 6S-..1945
Louisiana Pow A Lt 5s *57
80
Jan
77
27
♦Manitoba Power 5%sl951
81
Apr
76% June
July
May
1943
Jan
106%
14%
16,000
June
A stamped
Cont'l Gas A El 5s
Jan
Jan
82%
31,000
107
24,000
June
78
Feb
112
101% 102
June
79%
May
112
$106% 107%
$120% 122
107%
111
78%
Apr
Men gel Co
101%
Jan
June
104
1939
101
49
74,000
Apr
Jan
Jan
107% June
81
Mar
Jan
Jan
99
109
107%
101
Jan
106%
Mar
107%
130
105
May
102%
May
Jan
66
5,000
June
Feb
105
3,000'
7,000
73,000
96
Feb
95% June
91% June
90
106
71% June
Feb
Jan
111
126
Apr
June
112
17,000
Feb
Mar
103% June
Feb
112
21,000
Mar
107%
106%
110%
105%
77%
105
Jan
Feb
June
109
Mar
103% Mar
103% June
104%
Feb
125
34
Mar
7,000
7,000
34,000
7,000
39,000
104% 105
6%s series D
5%s series F
80
75
106
102%
May
May
2,000
51%
Apr
June
97
Jan
47
102
8,000
104% 105
H...1961
61% June
$122
62
Jan
108
^
«.
104%
ser
62%
76
94%
Utilities Co—
27.000
Community P S 5s
1960
Conn Light A Pow 7s A '51
Consol Gas El Lt A Power-
Jan
Feb
Jan
58,000
80%
75%
1st mtge 5s
68%
"102%
Jan
July
June
48,000
70
Kentucky
67%
1965
29%
89%
89%
Jan
107
86%
Apr
48% June
31%
75
Jan
67%
106
88
Jan
6,000
96%
98
96%
96%
$105% 105%
103
102% 103
70
71%
71%
i.
$70
76
53%
53%
54%
1947
66%
1957
Jan
105%
106%
20%
98
1961
68
$71
1956
67%
413
75
97
105
5,000
56%
41
5%s
1949
♦Commers APrivat 5%s'37
Commonwealth Edison—
«ee page
76%
Mar
Mar
i"o766
107%
2,000
61,000
For tootnotee
-
-
Mar
23
68
70
101%
Delaware El Pow 5%s_1959
68
107
1943
Cuban Telephone 7 %sl941
Cuban Tobacco 6s
1944
Feb
7000
6%
Jan
June
Feb
25%
21%
84% June
16,000
63%
63%
105% 106
1952
Cities Serv PAL 5%s_1952
100
26
97%
^
69
83
June
65%
99%
—
2,000
14,000
69
103
68
mm
2,000
111
Apr
Jan
77
July
Apr
2,000
93%
95%
$98
100
84% 86%
$107%
87% 88%
106% 106%
June
Feb
105%
75",000
50
Jan
101%
July
Jan
17%
247)00
$25% 26%
97
97%
103% 103%
101% 101%
82
July
-
—
50%
Kansas Eleo Pow
3%s. 1966
Kansas Gas A Elec 6s-2022
Kansas Power 5s
1947
92
96
«
54
1957
Jan
Jan
May
Jan
70%
21%
•
88
50%
4%
Interstate Power 5s.-.1957
Debenture 6s
1952
Interstate Publio Service—
Jan
8,000
75
7s series E
Jan
104%
M
9",000
78%
International Salt 5s—1951
Mar
Apr
-
---_■«,„
31
67%
69
1963
Jan
Mar
92%
33,000
ser
22
67%
105
May
—
i",66o
100% 101
106% 106%
111
.1957
--
Mar
98
76%
92%
101%
6s
"86"
106%
101
Gen mtge 4%s
Consol Gas Utll Co—
95
lQi(
Mar
93
m
Jan
Electrlo Corp—
July
71%
6s
96%
93%
X. 1/ t/\J
5%s-..May 1957
101
98
32,000
«.
17%
100
103%
101%
(Balt> 3%s ser N._.1971
Consol Gas (Bait City)—
99%
74
82%
77,000
102%
i9~66O
1950
A Lt 6s '57
Jan
Jan
3,000
87
Jan
tl03<32
102% 103%
Cities 8ervlce Gas 5%s '42
Service
Gas
Pipe
Community Pr
Feb
102% 102%
106
63%
72%
Com'wealth Subsid 5%s '48
101
101%
104%
4,000
5s A1952
1966
3>4s series H
July
92
106% 107%
102% 103%
99
100%
96
97%
93
93%
♦Indianapolis Gas
96
1981
90
90
106%
111 Northern Util 5s.—1967
Jan
54
1927
1st 4 %s series D
1st M 4» series F
Jan
106%
101%
Cities
Line 6s
Jan
101%
99
98%
1,000
July
1955
Cities Service 5s
Conv deb 5s
104%
102%
Feb
100%
109
88
55%
Chio Pneu Tools 5%s.l942
{♦Chic Rys 5s ctfs
Apr
Mar
23,000
2,000
4,000
10,000
109
1,000
Chicago A Illinois
Cincinnati St Ry 6%s A '52
Jan
109
93%
92%
1961
Midland Ry 4Mb A 1956
Chio Jet Ry A Union Stock
Yards 5s
1940
Jan
101%
86%
Jan
3,000
7,000
40,000
39,000
Jan
June
33%
88%
88%
95%
96
Mar
May
98%
Jan
June
67%
95%
Jan
94
76
77,000
104%
104%
103%
«
77
72%
94%
Mar
103%
-
3i,66o
Jan
48,000
17,000
2,000
103%
17,000
22,000
Jan
100
"7" 000
78
99
111%
Jan
Feb
102%
105% Mar
105% June
78
145
3,000
Jan
76
Apr
16,000
101%
77
June
102% 103%
96%
97%
101
101%
Mar
May
96
$30%
76%
110% 110%
97%
98%
112% 112%
93%
"77"
7;
6s series B
20~66O
69%
93%
Jan
19,000
77%
Jan
114%
33
July
77%
jjaj
Hygrade Food 6s A...
Jan
130
May
71
May
—
Jan
110
Mar
97%
98
102% 103
101% 101%
101% 101%
7s series F
1956
Cent Pow A Lt 1st 5s. 1956
Cent States Eleo 5s___1948
113% 114%
119% 119%
103% June
June
'
5s series C.
1998
Birmingham Elec4%s 1968
Birmingham Gas 5s.-.1959
169
162% 169%
1,000
Feb
33
20~666
84
"97%
Feb
158
179
165
162%
175
Feb
115
100%
53
♦Hamburg Elec 7sII"
Hamburg El Underg
v
175
73%
108%
'
I Baldwin Locom Works—
♦6s with warrants--1938
♦6s stamped w w_1938
Jan
"I'ooo
$100%
103% 104%
104%
98%
99
98%
$34%
Jan
69
Jan
63
68
—
Jan
61
93%
72
May
65%
June
97% 249,000
103%
1938
—.
83
70%
-
Associated Gas A El Co—
Conv deb 5%s.
Conv deb 4%s C
67,000
May
July
Jan
Apr
88
Jan
Jan
104%
103%
96%
87
$73
JaD
47
June
95%
78
May
Jan
92%
89%
100%
June
110%
119%
102%
101
Jan
Jan
39,000
$29
Jan
109
9,000
33,000
95%
109
Apr
70%
Mar
106
12,000
31,000
5,000
Mai
89
July
104%
108%
Jan
June
97%
107
May
107% June
105% Mar
108% June
106%
Jan
Mar
102
79%
92%
91%
$15
Jan
June
Jan
Mar
100%
78%
102%
100
17%
May
76%
Jan
Mar
May
4%
4%
100
103% 104%
105% 105%
$70
3
98%
105
-.1948
Debenture 6s
JaD
7
1956
1st A ref 5a
tl03% 105
103 X
12%
June
so" ooc
105% 105%
$30%
79% 80%
86
87
3
1946
Amer
101%
90
1
BONDS
1st A ref 6s
13%
June
Gary Electric A Gas—
)
Abbott's Dairy 6s
1942
Alabama Power Co—
Jan
Junt
6
2%
2
73
$94
92%
18
67 %
6
$101 % 102
1
5
Mai
Residential Mtge
5
Yukon Gold Co
103
6,00C
8.00C
88%
$70
7
24
Jan
4% July
12% June
109%
Apr
107%
106% May
105%
14,00C
7%
7
87
88%
3
June
600
Mar
Jai
Fet
15,00c
Eleo Mfg-
6
10%
Wool worth (F W) Ltd—
Amer dep rots
Mar
6
Mar
June
9%
12%
1%
9%
7
76
Wj/verlne Portl Cement-10
Wolverine Tube com
2
Woodley
Mar
12%
1
106
High
18.00C
2%
2%
$2%
3
$100% 101%
87
87%
89%
104%
104% 104%
84%
83% 85
104% 104%
101
102
101%
96
95% 97
t
Western Tab A Sta
Low
Detroit Internat Bridge—
Jan
Western Maryland Ry-
Westmoreland Coal Co.__*
West N J A Seashore RR 50
1 1937
Range Since Jan
I
.$108%
106% 106 %
104% 105%
7
Mar
Feb
for
Week
Hig)\
0
5s 1st series B
Apr
7% June
101
Low
Price
Apr
Sales
|
Week's Rang 9
'
of Prices
Last
BONDS
(Continued)
10%
7%
7%
9%
5%
July 17, 1937
6B
4%s
.
1967
103%
83
91
100%
97
1955
102
86
106% 108%
102% 103%
84%
1978
"96"
91
85%
100% 101
96
97%
101% 102
Feb
60
4,660
90
July
104
26,000
83
July
104
Jan
Mar
118
Apr
10,000
5,000
105,
101%
Jan
Jan
90
80
May
July
July
107%
1,000
65,000
99%
97%
Mar
Jan
97
June
94%
July
106%
102%
Feb
18,000
19,000
100 %
Mar
106
Jan
11,000
Jan
Volume
New York Curb Exchange—Concluded—Page 6
145
Week's Range
for
of Prices
Last
Price
Low
108%
I ♦Missouri Pub Serv5sl947
%
5%S...
.
1944
Deb 68 series B
{♦Nat Pub Serv 5s ctfsl978
Nebraska Power 4%s.1981
6s series A
109k
Nelsner Bros Realty 6s '48
Nevada-Calif Eleo 5s. 1956
New Amsterdam Gas 5s '48
N E Gas A El Assn 68-1947
84 M
"72%
72 M
♦Certificates of deposit
Debenture 6s
1951
93 %
8,000
8,000
2,000
92
Debentu
93
554
102
7954
38~65O
4454
4454
10854 10954
26,000
9954 100
84
8454
11854 118>4
7254
7354
7154
73 54
13,000
5,000
8,000
57,000
2,000
Jan
Standard Investg 5 54s 1939
'93 54
Jan
fStandard Pow A Lt 681957
♦Starrett Corp Ino 5s. 1950
Stlnnes (Hugo) Corp—
2d stamped 4s
1940
2d stamped 4s
1946
Super Power of 111 4 54s *68
6954
June
May
May
10754
9754
51
Jan
10654 June
111
July
110
May
12654
Jan
July
110
Jan
44
99
80% May
113
76 >4
4%s stamped.. 1950
N Y PAL Corp 1st 4 %s *67
N Y State E A G 4 Hs. 1980
106
N Y A Weetch'r Ltg 4s 2004
Debenture 5s
1954
102
99 %
Mar
10954
Jan
Apr
10654
Jan
Twin City Rap
Ulen Co—
1,000
103
73.000
105
96
June
8,000
*11254 114
*84
8754
Nippon El Pow 6%s.. 1953
10454
Jan
100
Apr
10454
May
11054
80,000
Apr
11254
May
Mar
8654
Feb
Apr
10054
Jan
May
6954
84
No Amer Lt A Pow—
5%s series A
1956
Nor Cont'l Utll 6%s._1948
No Indiana G A E 6s. 1952
93 %
9354
67
108"
94
5754
10754 108
17,000
91
3,000
47
5,000
10654
5s series D
1969
10154 10254
4%s series E
1970
N'western Elec 6s stmpd'45
N western Pub Serv 6s 1957
103
98
M
"94"
Ogden Gas 5s
16,000
101
1966
29,000
3,000
103
9754
9854
10354 10354
94
9554
10854 10854
*10554 106
*10554 10554
...1945
Ohio Power 1st 5s B..1952
1st A ref 4 %s ser D. 1966
May
1953
6s series
108
108
105"
105
1954
D
5 %s series E
Okla Nat Gas 4%s—.1951
6s conv debs
1946
Okla Power A Water 6s '48
9754
10354
Pacific Gas A Elec Co—
1st 6s series B
1941
ser
11654
A. 1948
74>4
Penn Cent L A P 4 %s. 1977
"94k
5s--Penn Electric
9454
102H
May
104 54
Jan
Feb
10554
Jan
9354
June
105
Jan
10654
Apr
11154
Jan
6s series A
1952
Jan
10654
Mar
6s series A
1973
Feb
10554
May
10054 104
116
116>4
74
7454
7,000
10754
June
11054
Feb
4,000
10354
Mar
1,000
18,000
97,000
7,000
11,000
44",000
"9054
1971
94
9454
42",556
9754
9054
9754
9154
10,000
33,000
Deb
1950
x-w
102>4
6%s series B..1959
97
Penn Pub Serv 6s C..1947
107
6s series D
..1954
Penn Water A Pow 6a. 1940
103
4%s series B
10254 103
97
107
103
*108
1968
97 54
107
103
4,000
10,000
*10554 106 54
1981
9454
§• Peoples Lt A Pr6s..l979
Pblla Eiec Pow
13
6%s..l972
11054
Pblla Rapid Transit 6s 1962
Pledm't IJydro-El 6%s '60
Elec 6s. 1953
71
19",666
108
3,000
5,000
2454
7554
10654 107
10654 10754
73
1961
Potrero Sug 7s stpd_.1947
Power Corp(Can)4 Mb B '59
1,000
12,000
21,000
18,000
70
70
9,000
9854
Power Securities 6s... 1949
♦Prussian
15,000
69
24>4
Potomac Edison 6s E.1956
series F
27,000
10354 104
Portland Gas A Coke 6s '40
4
58,000
12
108
-71"
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s_..1948
♦Pomeranian
9154
94>4
14J4
11054 HI
*90
92
9854
9754
1,000
9754
*2554
Electric 6s. 1954
1st A ref 6s
1,000
...1956
13354 134
11054 11054
3,000
1966
104>4 10454
12,000
1978
105
105
2,000
1980
10354 104
22,000
103
14,000
1st A ref 4 >4s ser F.1981
4 >4s series I
I960
Pub Serv of Oklahoma—
48 series A
101
25,000
8354
1st A ref 4 >4s ser D. 1950
Quebec Power 6s
1968
83
41,000
82
8,000
7654
100
27
*R.uhrrf Housing 6 >4s.. 1968
Safe Harbor
25
Water 554s *79
{♦St L Gas A Coke 6s..'47
10754
1454
San Antonio P 8 5s B.1968
San Joaquin L A P 6s B '52
1965
1948
1968
8,000
18,000
16,000
2954
7,000
105
10554
6654
9354
2,000
9654
9754
Si",666
10654
15,000
10254 10354
103
103 54
10354
10754 10754
10754
*10354 10454
1945
55,000
106
1 I960
10354
Ref M 3Hs B.July 1 '60
1st A ref mtge 4s... 1960
Sou Counties Gas 4 >4s 1968
Sou Indiana Ry 4s
1951
106
"77
S'western Assoc Tel 6s 1961
9554
S'weatern Lt A Pow 5s 1957
10154
So*west Pow A Lt 6s. .2022
So'west Pub Serv 6s.. 1945
88
10354
76
77
9554
9554
10154 102
88
9154
54%
10354
8354
10854
2022
98
1944
—
Utlca Gas A Elec 5s D 1956
1952
series E
Feb
32,000
9854 June
30
May
106
33~666
June
106
Feb
106% May
113
Feb
8,000
104
90
"12",600
"25",coo
75
47,000
108 54
Jan
92
1946
91
90
89
10354 10454
June
108
May
June
108
Apr
June
Apr
Mar
10654
117%
79%
Mar
27
July
July
Mar
27
69
June
89%
71
June
94%
10154
July
79
June
Jan
Wash Gas Light 5s___ 1958
105%
Jan
Wash Ry A Eiec 4s...1951
Mar
117
*10654 10754
105% 106
105%
Jan
June
102
Jan
Jan
106
Feb
Mar
107
June
Feb
103
Mar
104%
Jan
June
10254
Jan
80
June
101
27
6,000
June
87
24,000
Wash Water Power 53.1960
June
93 54
Jan
West Penn Elec 6s
9954
Mar
102*4
Jan
West Penn Traction 5s *60
Jan
West Texas Util 5s A 1957
2030
July
105 54
96
June
105 %
Jan
West Newspaper Un 6s '44
88
June
103
Jan
West United G A E 554s *55
Mar
95
10854
*105
93%
92%
92%
Wheeling Elec Co 5S..1941
Wlso-MInn Lt A Pow 5s *44
9954
June
106
8954
June
105 %
Jan
Wise Pow A Lt 4s
May
109
Apr
Yadkin Rjver Power 5s '41
Jan
York Rys Co 5s
Mar
108
July
Mar
100
Jan
Feb
June
9954
Mar
♦20-year
Feb
Jan
♦20-year 7s
♦Baden 7s
Jan
58
107% 107%
10454
105%
June
July
108
Jan
Apr
107
Mar
Feb
103
June
106%
95
June
105%
Jan
105
July
114%
Jan
91
June
9954
Jan
49%
May
79%
Feb
103%
10554
Mar
105%
Jan
Feb
108
Apr
105 54
107
Apr
92%
Feb
Apr
102%
Jan
103%
June
107%
Jan
May
100%
Jan
52",660
8,000
7,000
1,000
3,000
Jan
Mar
30 54
112
57
10454 105
2,000
14,000
Jan
32%
June
July
57
104%
107%
Jan
103
92
"~9"666
9654
Jan
7054
27
10554
Jan
89%
July
94
8,000
2,000
10254
27
Jan
116
June
104%
10554
102%
119
105
Jan
Jan
96%
88
44,000
Mar
27
Jan
107
June
103
"32",000
Mar
1954
Jan
Feb
Mar
69 54
June
9054
55
Waldorf-Astoria Hotel5s Income deb
Jan
94%
66%
32,000
Jan
♦
Apr
June
9,000
Jan
113
June
111
12,000
100
9454
Jan
23%
109
1954
108
115
104%
2054
June
91
June
Feb
103
86
68....
Jan
Jan
4054
105%
103%
12,000
92
Mar
49% June
6,000
80
"9754
July
1854
10654
14,000
*103
96%
Jan
Jan
80
35
10654 10854
76
*73
92%
9154
98%
97%
*10554 10654
109
*107
June
98%
85%
66
35
102 54 103%
84
83%
Mar
107%
Jan
7,000
May
Buenos Aires
105
10054
May
10754
Mar
1966
'"97"
1937
10654 10654
9754
9654
104% 105
9154
9154
32,000
6.000
8154
34,000
Jan
88 54
12
10854
88
Jan
77
10654
Jan
108
102 54
18 54
Apr
107
6254
AND MUNICIPALITIES
Agricultural Mtge Bk (Col)
7s
1946
1951
10554
Jan
10754
Apr
104
Apr
109
Jan
July
81
Mar
July
104
Feb
70
June
2454
85
July
Jan
23%
"4",000
90
3,000
9154
2,000
1254
9754
July
102
Feb
18
Mar
25
July
♦7s stamped
♦7 54s stamped
12%
2,000
♦Prov Banks 6s B..1951
♦6s series A
Danish
1952
1955
654a
*26%
2654
100%
1953
6s
18%
108 54
Apr
147
112
Jan
Jan
10354
Mar
10554
101
Mar
105
101
Mar
10454 June
10354 June
10554 May
10054
Apr
Apr
July
Mar
Mar
73
May
70
May
6954
May
10354
Jan
100
22 54
18
June
Mar
Apr
10454
Jan
1154
June
10054
127 54
Apr
28 54
May
Feb
Mar
June
10554
9854
96
Jan
Jan
Jan
9254
Jan
10454 May
107
Jan
2754
July
25
July
10854
1854
107
132
11054
May
Mar
Jan
Jan
May
29
Mar
47
July
6654
6654
24%
2454
28,000
4,000
June
101
Jan
9054
June
109 54
Jan
26~566
5,000
13,000
4.000
4,000
External 654s
♦Secured
1947
6s.
♦Hanover (City) 7S...1939
♦Hanover (Prov) 6548.1949
"2454
♦Medellln 7s series E.1951
1954
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
23%
23%
23%
3,000
11,000
*1854
1954
♦Mtge Bk of Chile 68.1931
(State) 7s
1958
♦Rio de Janeiro 0%s._1959
♦Russian Govt 6 54s...1919
♦6>4s certificates...1919
♦654a..
1921
♦554« certificates
1921
♦Santa Fe 7s stamped. 1945
♦Santiago 7s...
1949
99
99%
26
25%
26%
25
25
3154
Feb
1%
1%
1
1
1%
1%
154
154
*74
1654
Feb
9654
Apr
Apr
27%
Feb
27%
Feb
Feb
Jan
21%
Mar
100%
June
June
95%
June
34
21%
13,000
2,000
2,000
7,000
7,000
8,000
Apr
23%
i2"666
May
July
35%
2
Apr
Jan
Apr
1%
75%
*16%
21
Jan
Jan
17%
16%
July
154
154
1%
62%
Jan
81%
Mar
1554
May
20 54
Mar
Jan
20%
Mar
1
1% June
1
"7",000
16
•
x
Ex-dlvidend.
y
Apr
Apr
t Friday's bid and asked price.
Jan
♦
107
110*4
Jan
105
May
87
Jan
year's range,
not Included
n Under
In year's
Ex^lnterest.
Jan
85
Mar
Jan
No par value,
a Deferred delivery sales not Included In
the rule sales not Included In year's range,
r Cash sales
Jan
10054
18
99%
1961
♦7s
July
29%
15%
3.000
23%
17%
♦Issue of Oct 1927...
♦Parana
July
2354
Jan
21%
18,000
6s stamped
1931
Mtge Bk of Denmark 5s '72
25
Apr
22
92%
108
Mar
Mar
Feb
9054 June
91
108
July
Mar
June
24%
14
29
4,000
Apr
May
25
18
14%
Mar
9354
25%
Jan
17%
14
14%
9954
9954
77
Jan
17
26
*26
99 54
Jan
Apr
17
2554
*2454
*1854
♦Lima (City, Peru6548.'58
♦Maranhao 7s.
1958
range,
Mar
Feb
Feb
Mar
9154
73 54
101 %
July
72
10254
Jan
Apr
Feb
10554
104
Jan
Mar
May
105
Mar
102%
17
14,000
Apr
50
2,000
Mar
27%
26%
97
2,000
24%
23%
*24%
Feb
Apr
99%
1952
June
21
99
7,000
*99%
June
95
June
20
2,000
100% 10154
94
Mar
11%
Jan
104*4
103
May
Mar
103 H
10754
10154
Feb
84 54
Mendoza 4s stamped.. 1951
102
Jan
Mar
83%
29
♦German Con Munlc 7s '47
Mar
29%
25
19%
2654
26
Feb
Apr
22
Cent Bk of German State A
70
23%
9154
*23%
2354
24
30
22% June
4,000
23%
*2354
90
2354
1947
(Province)—
1952
1947
♦Cauca Valley 7s
1948
Apr
Sou Calif Edison LtdDebenture 3%s
Ref M 3%s.May
105
109%
7854
6454 June
10,000
9654
9,000
9754
69
Jan
106%
Mar
May
107
107%
76
92
1,000
6554
May
May
74
1st ref 5s series B...1950
26",666
*9254
PAL 6s..2025
105%
10954
106
7054
Jan
22
1,000
104
105"
106%
Mar
6,000
10054
10754
104
1st 4>4s series D...1970
Jan
Mar
102%
10,000
Apr
—-
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s.1957
Southeast
4,000
18,000
1554
10554
1454
2954
10154 10254
10254
*10754
104
10454
10454
Shawlnigan W A P 4>4s '67
4 >4s series B
25
7,000
*27
2954
Scrlpp (E W) Co 5 >4s. 1943
6s
10054
27>4
*12754 12954
*10854
Wks 6s-1937
♦Sohulte Real Est 6a..1951
Inc
53,000
10654 10754
105
♦Saxon Pub
Serve/
10154
85>4
8354
7654
7754
*10354 10454
Queens Boro Gas A Elec—
6>4s series A
1962
♦Ruhr Gas Corp 6%s.l9ft3
49%
102
11,000
103",6 105
113% 113%
96
14,000
82
10154
May
To", 000
47
29
*23%
107 M 108 54
79% 80%
Vamma Water Pow 5>4s'57
Va Pub Serv 554s A..1946
99
1966
Sauda Falls 6s
103 54
104>4 10454
Puget Sound PAL 6>4s '49
1st A ref 6s series C.1950
iol~M
Apr
12,000
6s series C
4
37
106%
Danzig Port A Waterways
4
>4s series D
>4 s series E
Apr
100 54 100*4
Apr
129
133J4
Utah Pow A Lt 6s A
5s
37
6954
67%
July
56
5,000
83
107
Public Service of N J—
6% perpetual certificates
Pub Serv of Nor Illinois—
*46
105%
105M
*106%
*107
Jan
44%
FOREIGN GOVERNMENT
Peoples Gas L A Coke—
4s series B
56
106 54
105
2,000
4,000
10854
54
Jan
Penn Ohio Edison—
6s series A
32%
30% June
105
10254
24,000
62
10,000
78%
1974
1959
Un Lt A Rys (Del) 554s '52
United Lt A Rys (Me)-
10554
Mar
26,000
*26%
*27
76
654a6548
June
Jan
June
96
7054
70
1945
9954
4 548
*10254 10354
1979
4s F
9854
98>4
99
*11354 114
Pacific Ltg A Pow 5s.. 1942
Pacific Pow A Ltg 5a.. 1955
Palmer Corp 6s
1938
„
9754
105
89>4
89>4
*10354 10454
Pacific Coast Power 6s *40
Pacific Invest 6s
108
10354 10354
1961
f 68...
Jan
Ohio PubMc Service Co—
6s series C
113%
United Lt A Pow 6S...1975
B
102
69
53%
♦United Industrial 6 54s.'41
Jan
103
3,000
7954
United El Serv 7s ex-w 1956
107
Mar
93 54
1031 he 105
108
Mar
96
June
July
94%
1967
Jan
Mar
96
63%
10554
10454
1,000
14,000
108
T4 5^a
1957
United Elec N J 4s... 1949
♦1st
100
Mar
95%
93%
1954
Jan
95
9,000
13,000
~90"
Conv 6s 4th stamp. 1950
Union Elec Lt A Power-
1f 5s series A
15s series B
2,000
38,000
106%
Tr 554s '52
Mar
Northern Indiana P S—
6s series C
105*
♦Tletz (Leonard) 7548.1946
Toledo Edison 6s
1962
92
Mar
Mar
67% June
63% June
6554 June
30,000
34%
Tide Water Power 5s.. 1979
Feb
72
70%
2022
6s
Jan
10454
10854 10854
10554 10654
9854
9!
102>4
Jan
9554
9954 May
5,000
13,000
69
10054
{♦Texas Gas Utll 6s..l945
Texas Power A Lt 5s.. 1956
8554 June
July
65,000
102
Ternl Hydro-El 6548—1953
Texas Elec Service 58.1960
Jan
Jan
90>4
7854
8954
7654
Jan
10154
102 54
10154 10154
90
8454
July
June
71%
82
Tenn Public Service 5s 1970
June
69%
69
1956f
Tennessee Elec Pow 5s
9054
96
105k
1970
1954
Jan
89
49,000
56
1957
5s series B
Jan
6654
7354
93
96
May
1st 454s
Syracuse Ltg 5 Mb
85
57,000
7154
9254
95
1942
Jan
Jan
46,000
72 M
92%
Elec 5%s *50
New York Penn A Ohio—
9954
Apr
6554 June
1960
♦Inoome 6s series A. 1949
Jan
6554
Conv deb 5a
N Y Central
Feb
34,000
New Eng Pow Assn 6s. 1948
Ext
14 54
28,000
1948
5s stamped
July
74
70
95
95
67%
3,000
70
June
65% June
17,000
3254
Feb
107
70%
7054
72%
69 54
10054
July
102
"6954
e6s.Dec 1 1966
June
8354
89
113
654
~70""
70
High
Low
%
70
♦Certificates of deposit
♦Convertible 6s
1935
Feb
107
10054
1 1937
Range Since Jan.
for
Week
70
7054
{♦Stand Gas A Eleo 6sl935
Jan
Apr
Conv deb 5s
Debenture 6%s
1954
New Orleans Pub Serv-
Jan
Feb
111
"99k
99
6754 June
7754
2022
June
May
6,000
*88
79
2030
High
Low
8454
102
Nat Pow A Lt 6s A...2026
Price
23,000
10,000
554
♦Munson 88 6%s Ctfs.1937
Nassau A Suffolk Ltg 5s '46
of Prices
Low
High
90
108 >4 108 M
7054
71
Montana Dakota Power—
93 %
Week's Range
Sale
77 54
81
8954
90
1957
Miss River Pow 1st 5s. 1951
High
Last
1931
11,000
81
Mississippi Pow 5s—.1965
Miss Pow A Lt 5s
bonds
(Concluded)
Range Since Jan. 1
Week
Sale
{Continued)
Sales
Friday
Sales
Friday
bonds
No sales were
transacted during current week.
Bonds being traded flat.
S Reported In receivership.
1 Called for redemption
e
Cash sates transacted during the current week ano
103*4
Jan
Jan
not
Included In weekly or
yearly range:
104
No sales.
June
10454
Jan
Ma.\
106
Jan
y
Under-the-rule sales transacted during tne current
or yearly range:
week and not Included In
weekly
,
No sales.
a
Deferred delivery sales transacted
during the current week
and not Included
In weekly or yearly range:
No sale.
Abbreviations
Used
Above—"cod," certificates of deposit;
"cons," consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting
"v t c," voting trust certificates: "w 1." when Issued: "w w." with warrants:
stock:
"x-w"
without warrants.
3k
414
Financial
Chronicle
Other Stock
July 17, 1937
Exchanges
Sales
Friday
New York Real Estate Securities
Last
Stocks (Concluded)
Closing bid and asked quotations, Friday, July 16
Unlisted Bonds
Bid
Ask
Unlisted Bonds
.
Bid
Ask
Maine Central pref
Mass Utilities vtc
94
Drake (The) 6s
1939
11 West 42d St 6%s—1945
600 Fifth Ave 6%s... 1949
32
Park
...
42
'.«»•*»
Majestic Apts 6s
6%
Pennsylvania Bldg ctfs
30
1948
mmm
29
80
40
250 West 39th Bldg 6s 1937
2124-34 Bway Bldgs 5%S 43
mm-
16%
■
mmm
mm
—
mm
—
-
'mmm
15
'
-
-
-
3
216
Inc
North Butte
New
York
Cwb
4
211
83
100
Jan
Feb
56
July
7%
*
13%
21%
*
39
United Shoe Mach Corp.25
Preferred
25
311
85%
39%
2%
1%
12%
8%
39%
2%
Venezuela Holding Corp..*
Waldorf System Inc
*
12%
*
Mar
June
93
80
3% June
68o
88
18
June
6%
Jan
Jan
60
Mar
11%
34% June
705
Mar
29%
44%
July
25
Jan
Mar
9%
2%
Jan
Mar
Jan
2%
13%
21%
2% Feb
12% June
3%
Jan
485
17% June
16%
33%
Feb
439
39
13
21%
38%
"85%
Mar
163
8
914
34% June
41% May
40c
1
Warren Bros Co
19%
28%
40%
27%
38%
7%
2%
Apr
x6
142
3%
19
2,780
11%
Mar
Apr
6%
114% June
303
5%
1%
19
*
*
8%
4%
1%
1%
19%
100
41c
86%
1,390
40
0
2%
30c
150
84
36%
Apr
1%
Mar
98
Mar
59
5,890
Jan
1.00
Jan
Jan
Jan
Jan
46%
2%
July
25
1%
Apr
2%
Mar
218
12%
July
6%
Feb
19%
12%
Feb
60
1%
14
8%
Jan
Bonds—
Exchange
Eastern Mass St Ry—
Series A 4%s
1948
Baltimore Stock
Mar
3%
May
2%
41
2,195
1,070
120
83
*
Utah Metal A Tunnel
New
York
and
Baltimore
Stock
Exchangee
Chicago Board of Trade and Commodity Exchange, Inc.
Chicago Stock Exchange
Members
4
llo"
TorrlngtonCo (new)
Members
Associate
7%
118
*
Union Copper Ld & Mln.25
Yotffc, Pa
Louisville, Ky.
Hagerstown, Md,
8
-.1
Nat'l Tunnel A Mines
New England Tel & Tel 100
New River Co pref
100
N Y N H & H RR(The) 100
Stone A Webster
39 Broadway
NEW YORK
BALTIMORE, MD.
64
Jan
36
396
44
High
Low
15
55%
3
Shawmut Assn tr ctfs
STEIN BROS. &> BOYCE
6.S. Calvert St.
Range Since Jan. 1, 1937
Shares
43
Pennsylvania RR
60
Quincy Mining Co
25
Reece Folding Machine. 10
Baltimore Stock Exchange
Established 1853
High
*
Old Colony RR
---
on
Low
Price
55
Pacific Mills
Orders Executed
Week
Narragansett Racing Ass n
6
c
10 East 40th St Bldg 5s 53.
— m
m
38
1943
Corp—
1088 Park Ave Apts 6sl939
45
Internat Commerce Bldg—
6%s
Place Dodge
Income bonds v t
for
of Prices
Linotype..*
Mergenthaler
B'way A 38th St Bldg 7s 45
Bryant Park Bldg 6 %s 45.
Par
Week's Range
Sale
Exchange
Series B 5s
Exchange
78
79
$15,000
78
July
89
Feb
87
1948
87
$5,000
83
June
95
Jan
July 10 to July 16, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks—
Par
Arundel Corp
Week's Range
for
Sale
of Prices
Price
*
Black A Decker
Low
"26%
73 %
6%
preferred
100
Eastern Sugar Assoc com.l
1
.
20
559
18
Jan
160
46
Jan
54
Mar
3
Jan
9
Jan
38
Jan
89%
Jan
1%
39
4%
27%
73%
182
152
24% June
26%
72%
113% 113%
26% 27%
37
38%
283
64
112
Apr
285
34%
82
38%
60%
Mfrs Finance
1st
22 %
100
119%
June
38%
July
48%
Jan
13%
19%
Apr
23%
Mar
May
*
com v t
pref
23
%
25
-
2d preferred
Mar Tex Oil
___1
Com class A-
Merch A Miners Transp..*
13%
100
*
com
330
3
32
10
100
X
5
Apr
Stocks-
97%
Apr
% May
40
73
June
34
Aetna Ball Bearing com__l
June
21
32
Apr
77
24%
34%
35
Allied Labor Ino
A
5s flat
29
1975
28%
33%
Read Drug & Chem 5%s '45
32
102
29
$13,000
33%
18,850
102
1,000
Aro
27% June
41%
Jan
32
June
48
Jan
Jan
102
July
100%
*
com
Amer Pub Serv Co pref. 100
Armour A Co common...5
Bonds—
Bait Transit Co 4s (flat) *76
*
Adams Royalty Co com..*
Advance Alum Castings. .6
June
1,184
75%
23
*
Adams (J D) Mfg com
Jan
13%
100
77
Par
Abbott Laboratories—
Common (new)
22% May
44
Equipment
1
com
Asbestos Mfg Co
Associates Invest
30 State
Bangor
Backstay Welt Co
•
com
6
__*
com
5%
..10
conv preferred...,30
Par
Exchange
of Prices
6%
50
Amer Tel A Tel
15
mm m m
m
m
100
169%
Bigelow-Sanfd Carp pf.lOO
Boston A Albany
100
129%
Boston
Elevated
for
Range Since Jan. 1, 1937
Week
Low
High
Chain Belt Co
2,690
40
560
1,515
47
100
85c
May
14
July
30
Jan
6%
Jan
159% June
107% May
2
July
2%
Jan
187%
Jan
115
Feb
147
Jan
128%
60%
June
69%
Mar
Cities Service Co
com
*
170
25%
Apr
30%
Jan
Club Alum Uten
com
10%
6%
39%
35
8%
10%
Jan
14%
5%
Mar
65
15
11
11
30
11
*
11
80
13%
4%
14%
11%
13%
6
July
265
36
9%
11
17%
Jan
10%
Jan
June
81
Jan
June
69
Jan
61
63
127
45
104
35%
2%
25
2
June
100
46
40
46
45
40
June
100
11
11
11
30
11
East Steamship Lines com*
Preferred
*
1 Edison Elec Ilium
Employers Group
mmmmmm
47
100
_*
General Capital Corp
_*
Georgian Inc(The)clA pf20
136
21
mmmrnrnm
8%
47
2%
8%
48
131% 137
19%
21%
42%
42%
2%
2%
GUchrlst Co
*
12%
11%
12%
Gillette Safety Razor
Helvetia Oil Co t c
*
14%
14%
15
2
Isle Royal Copper Co
Loew's Boston..
For footnotes
see
50c
25
25
page
3%
15
418
15
20
150
540
412
July
July
June
Feb
Jan
3%
Mar
51
Jan
15%
Jan
12
Jan
53%
160
,
Jan
Jan
19
June
26%
Mar
10
39%
June
47
Mar
25
1%
Jan
3% June
195
10
June
14%
Jan
279
14
Jury
20%
Feb
50c May
2.50
Jan
60c
385
3%
320
15
8%
47
127%
July
7%
20%
5
2
Mar
14% May
6%
19
Jan
Jan
Vtc pref part shs
Cord Corp cap stock
61
June
17%
84%
21,600
7
Jan
13%
Feb
12%
250
11% July
1% June
12%
July
4%
Mar
48% Mar
8% June
3%
Jan
14%
Feb
57%
1,300
50
6
350
17
17
50
300
16
June
19
Jan
23%
Feb
10
May
550
9%
14%
14%
Feb
Feb
39%
550
32 %
Jan
43%
2,100
38%
Apr
Apr
50
11
1,850
15
15
32%
15%
30%
30%
31
38%
39%
16
16
200
Elec Household Utll cap.5
Elgin Natl Watch..
15
FitzSim & C D A D com..*
Fuller Mfg Co com
1
Gardner Denver Co—
New common
_•__*
$3 cumul conv pref--.20
General Finance Corp
com
1
Jan
Common
...
Mar
June
15%
28%
Feb
Feb
30%
33%
Mar
June
18%
Apr
Mar
350
28% June
36%
Mar
1,150
29% June
39%
July
15
19
50
13
Jan
Feb
1% June
1,130
53% June
3%
x81%
3%
4,300
2% June
86% June
6%
Jan
110%
Mar
91
51%
9
61
50
240
47
June
71
80
5
June
20%
70
58%
July
73
11,750
3%
June
Feb
Feb
Feb
Jan
Mar
4%
44%
1,650
43
June
48
Feb
62%
200
59
June
77
Mar
150
3
June
4
6%
6%
Mar
Mar
1%
16%
20
16%
40
14%
65
65
65
10
65
July
77
14
14
16
1,250
14
June
27%
3
3
2% June
1% May
6%
Jan
2%
Mar
1%
114
43
5%
42
5%
13
3%
3
19%
6%
22
3%
1%
115
3,000
100
200
43%
250
5%
1,600
13%
3%
20%
1,950
6%
20
23
50
400
250
1
103
July
Apr
Apr
38% June
5
12%
2
June
July
3
37%
139
Feb
Feb
May
Jan
Jan
48%
Feb
11
Jan
13%
July
June
5%
Feb
18% June
Jan
26%
10%
Feb
Apr
5
Feb
19%
JaD
28%
100
5%
May
280
8%
July
11%
17%
Jan
10
20
20%
200
18
25
Feb
20%
21%
200
20% June
29%
6%
8%
21
35
"~7%
34
.....
7%
33%
12%
6%
35%
June
100
1,950
7
June
12%
Jau
250
31
June
40%
Mar
12%
July
20
x4%
July
50
5%
1,100
23
23%
950
70
5%
July
35%
70
"fx
Jan
21%
7%
34%
12%
5
23
June
May
23%
70
50
58%
5%
1,500
4%
5
5,450
Jan
Mar
4%
4
36%
35
36%
350
12%
12
1,250
20%
12%
21
11
11
900
50
3% June
Jan
5% May
20% June
Gen Household Utll—
Goldblatt Bros Inc com..*
Gossard Co (H W) com..*
Great Lakes DAD com..*
Hamilton Mfg cl A pt pf 10
Feb
300
50%
1
32%
Mar
1%
70%
91
Decker (Alf) & Cohn com 10
Dexter Co (The) com
5
Dixie-Vortex Co com....*
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
Jan
26% Jund
17% June
9
Mar
350
44
59%
4%
43%
61%
3%
Jan
9
200
150
4%
Feb
17
1,000
16
21
3%
Jan
10%
12%
16
20%
10%
11%
37%
100
3%
Apr
19%
20%
250
50
5
10% June
20
12%
67
19%
Curtis Lighting Inc com..*
Dayton Rubber Mfg com.*
May
40
-
14% May
27
Cunningham Drg Stores2%
June
61
.«
Jan
10
40
—
Mar
405
100
.100
Mar
18
12
100
com.
Mar
100
6%
1st preferred
Preferred B
56%
20
390
167
Compressed Ind Gaaes cap*
Consolidated Biscuit com.l
Consumers Co—
23
4%
4%% prior pref
pref
East Mass St Ry
Jan
June
July
Jan
15%
4%
55%
cum
Mar
13% May
3% May
11%
Apr
6%
12%
June
19%
32%
Commonwealth Edison. 100
25
June
12%
"51%
Jan
7
10%
67
Mar
Feb
11
2%
52%
1%
Feb
100
27
mmmmm
65%
17%
12%
1,000
150
10%
5%
52
July
Jan
12%
*
14%
11%
13
June
27
mmmmm
43%
Chicago Flex Shaft com..5
Chicago A N W Ry com 100
Chicago Rys pt ctfs I..100
Chic Rivet & Mach cap
4
Chicago Towel com.
*
Chicago Yellow Cab Co..*
10%
6%
39%
25
East Gas A Fuel Assn—
Common
*
260
mmmmmm
2
8
13%
High
46%
12%
*
com
common
26%
100
Class A 1st pref stpd.100
1st pref cl C std
100
Boston Personal Prop Tr. *
Copper Range
*
63%
Prior preferred
Calumet A Hecla
44
*
62
Preferred stamped... 100
*
1
Prior lien pref
Preferred.
26
100
Brown-Durrell Co
mmmmrn
Central States PAL pref.*
Shares
Boston A Maine—
Common
mmmmm
68%
62
*
_
15
2%
2%
168% 170%
108% 110
129% 130
mmmmm
Cent 111 Pub Serv pref...*
Central S W-—
26
100
Boston-Herald-Traveller
1.00
11%
2%
1%
Preferred
93c
*
non-cum pref
High
12%
66%
11%
11%
12%
1
Chicago Corp
Amer Pneumatic Service—
Common
*
1st preferred
Sales
Low
Price
13
mmmmrn
Castle (A M) common..10
Cent Cold Stor Co com..20
Common...
Stocks-
8
13
12%
Central Illinois See—
Common
Veek's Range
Sale
8
13
10%
Butler Brothers
July 10 to July 16, both inclusive, compiled from official sales lists
Last
6%
pref- *
Bucyrus Monighan cl A..*
Lewiston
Friday
10%
50
9%
N. Y. Tel. CAnal 6 1541
Portland
Boston Stock
45
150
1
Bruce Co (E L)
DEPARTMENT
St., Boston
500
11
9%
10%
Brown Fence & Wire com.l
Class A
*
New York Curb Exchange (AmoO
Private Wire System
Boston Tel. LAF 7010
48%
10%
mmmm —
Borg Warner Corp—
(New) com
New York Stock Exchange
UNLISTED TRADING
47%
—
mm
1
conv
Low
48%
_*
Autom Washer
Range Since Jan. 1,1937
Shares
mmmmm
1
Bliss A Laughlln Ino cap.5
1887
Members
Boston Stock Exchange
Price
com
Berghoff Brewing Co
Blnks Mfg Co capital
Tyson
and
Week
com
Barlow & Seelig cl A com.5
Established
for
of Prices
Low
High
Athey Truss Wheel capital. 4
Bastlan-BIessing Co com.*
Townsend, Anthony
Sales
Week's Range
Sale
Mar
%
23%
July 16, both inclusive, compiled from official sales lists
Last
July
1,326
to
Friday
Jan
113
14%
1
U S Fidelity A Guar
2
Western National Bank.20
1%
3%
45
Chicago Stock Exchange
July 10
June
100
26%
13%
St., CHICAGO
Apr
July
9
65
45
New Amsterdam Casualty5
Northern Central Ry___50
%
25
33
25%
National Marine Bank. .30
Penna Water & Power
28
3%
3%
32
MononWPennPS7% pf_26
46
9%
1%
9%
1%
3%
3%
25
Owings Mills Distillery
726
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle
Jan
12%
Exchange
(Associate)
Jan
34
22%
Members
New York Stock
New York Curb
Jan
48
136
,
Houston Oil pref
Vml R Davis & €a
Jan
June
50
13
Apr
115
21% June
370
130
13
13
23%
-
June
50
38%
*
•
1% July
3% June
1%
126
10
Finance Co of Am ol A
SECURITIES
Listed and Unlisted
High
20%
4
Consol Gas E L A Pow—*
Preferred
Low
52
1%
*
Fidelity & Deposit
Fidelity A Guar Fire
Shares
High
52
—*
com
CHICAGO
Range Since Jan. 1, 1937
20%
Atlantic Coast L (Conn)_50
Bait Transit Co com v t c_*
1st pref vtc
mjiM)
Week
July
July
5% May
10%
Jan
July
July
42%
12%
Mar
11%
18
June
29%
34
9% May
14
July
Jan
Apr
Volume
Financial
145
Sales
Friday
Range Since Jan. 1,
Last
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Shares
Price
Par
10
Helleman Brew Co G cap.l
Heln-Wern Mot Pts com.3
9
com.
Hupp Motor
3%
3%
13
13
10
30
*106
100 zl06
39%
39%
Independ Pneu Toll v t c *
9
Indiana Steel Prod com_.l
9%
20%
Iron Flrem Mfg com v t c.»
700
9%
52%
3%
350
4,350
14%
52%
(new)..l
com
Illinois Brick Co cap
111 North ITtll pref
Members Cincinnati Stock Exchange
80
1
"46%
Jan
37%
June
49
300
350
25
26%
3,450
41
100
46%
46%
100
45% June
10%
25
31
"69 k
67%
6
------
Kingsbury Breweries cap. 1
1%
La Salle Ext Unlv
5
2%
pf 100
250
2,400
2,911
June
8
UNION
27
20%
June
29%
37
June
41%
69%
6%
Feb
16%
Last
Mar
Apr
28%
Feb
June
43%
Jan
67%
July
89
Jan
1.600
10
9
50
Cumulative preferred..*
Le Rol Co com
10
29
30
30
18
18
100
Llbby McN A Llbby
12%
12 %
10
13%
1,750
Mar
May
7%
1% June
3%
Jan
Jan
3%
Feb
6
1%
Apr
50
Jan
Jan
13%
Feb
June
34%
Mar
38
7%
25
16% June
9%
Jan
19% May
16% Mar
Dow
*
Drug
Formica Insulation..
*
Gibson Art.
*
*
12
Hatfield prior pref...
8%
*
40
$3% preferred
Lindsay Light com
8%
39%
4
4
10
3%
4
8%
June
40
39%
July
200
4
27%
29
Lion OH Refining Co com.*
Loudon Packing com
*
700
8%
40
4%
Mar
33%
July
30%
4
2,300
550
3% June
6%
Jan
700
46%
July
140
38% Mar
24% June
48%
Feb
40
48% June
57%
Mar
45%
25
McQuay-Norrls Mfg com.*
Manhatt-Dearborn com..*
"48%
48%
48%
2%
2%
50
2
June
Marshall Field common..*
25%
24%
26%
4,450
19
Jan
Mer & Mfrs Seo cl A oom.l
6%
6%
6%
2,350
*
29%
29%
Mlckel berry's Food ProdCommon
1
3%
3
9%
9%
3%
3%
*
Prior preferred
Jan
45
Jan
46%
26%
6
Jan
12%
Jan
4
16%
43%
Lynch Corp com
McCord Rad A Mfg A
130
30
4%
25
June
June
4% June
30%
Mar
7
3%
10%
4%
June
7%
9
June
22
Apr
1%
12%
Jan
Apr
Jan
28%
28%
25
*
44
44
214
40
June
Julian A Kokenge...
*
27%
25
27
June
31
Kahn
*
27%
9%
99%
115
9
June
15
99
June
26
18% June
24
Jan
28%
Preferred
July
Apr
Feb
20%
...50
50
50
50
10
49
May
50
June
*
29
29
29
60
27
June
37
Mar
2 50
483
com
100
9%
99%
*
Kroger
Lunkenhelmer
2
2
4%
4%
%
4%
1
25
Coney A
2
*
*
42
*
10
*
Magnavox
Moores
28%
45%
27%
9%
99%
20%
1st preferred
59
...
B
Nash
National Pumps
.100
5% preferred.
*
Randall A
10
77
2
9%
151
60
20
116% 116%
8%
3%
59
18
July
27
168
25
June
8
47
8
July
18
18%
25%
8
Jan
Feb
July
% July
29% Mar
9% July
9% July
56% June
116% July
12
9%
9%
58%
116%
18%
40
Jan
11%
101%
1% June
4
75
467
1
42
9%
Preferred
Procter A Gamble
Jan
June
Jan
16
Feb
Feb
42
July
16
Jan
10%
65%
116%
23%
34%
12%
July
Jan
Jan
Jan
Feb
Mar
100
21
21
21
216
20
June
26
May
100
114
114
114
4
92
Jan
134
Apr
Jan
% June
Feb
5%
Jan
1%
10
10
8
1,750
Jan
36
100
10
Jan
5
Mar
9
25
10
Western Bank
15%
198
5
July
May
7
24
Jan
June
31
41%
16% June
29% June
4% June
65
10
26
7%
110
Apr
24
10
2% June
7%
17
39%
10
US Playing Card
1,700
4,200
26
5
5
Feb
31%
41%
7%
16%
30%
7%
16%
30%
41%
24%
30%
49%
Wurlitzer
Middle West Corp cap
6
Stock purchase warrants
High
Low
Shares
24
100
Partlc pref
Hilton Davis com...
Little Miami Spl
Co—
Common
Week
of Prices
High
Low
41%
Dayton Michigan
Hobart A
9
Price
Range Since Jan. 1, 1937
for
Week's Range
Sale
Par
Feb
12%
17%
250
2
2%
41%
June
8% June
9%
25
1,000
Cln. 363
Friday
Feb
July
170
90
CINCINNATI
BLDG.
Feb
51
46%
TRUST
Phone Cherry 6711—Bell Sys. Tel
10% May
19% June
850
'
*
Common
& CO.
Mar
40
9%
21%
25 %
Lincoln Printing
BALLINGER
Apr
Jan
Ken-Rad T A Lamp com A*
Lawbk Corp 6% cum
Leath A Co—
4
19%
110
Stocks (Concluded)
60
Unlisted Securities
Mar
May
Kellogg Switch A Sup com*
com
May
3
13%
54% May
June
11%
25%
31%
Kerlyn Oil Co cl A com..5
Jan
Markets in
Cincinnati and Ohio Listed and
Jan
11%
10%
100
June
Mar
11%
99%
10%
6% preferred
8%
45
20
70
10
1
Ky Utll jr cum pref
May
150
10
Common
8%
40%
"26%
*
Joslyn Mfg A Supply com5
Katz Drug Co—
Active Trading
Jan
14
107
.
Jarvls (W B) Co cap
Jefferson Elec Co com
High
Low
9%
8%
9
Hibb Spencer Bart com.25
1937
wtet
14
14
HarnLschfeger Corp
415
Chronicle
Preferred
Midland United Co-
Common
%
1,000
6
5%
100
Jan
Ohio Listed and Unlisted Securities
10
1% June
8%
Jan
Members Cleveland Stock Exchange
3
9%
Mar
8%
46%
Jan
%
%
♦
Conv preferred A
*
3%
Midland Utll—
100
100
1%
1%
4
4
20
Miller A Hart Inc conv pf. *
5
5
20
38
39
650
6% preferred A
7% prior hen..
38%
Modlne Mfg com
8%
Monroe Chemical Co com *
*
Montg Ward & Co cl A
50
*
Preferred
138
Prior lien
Jan
50
July
135% June
156
Feb
30
4
July
12%
28
June
36%
Feb
50
1%
Jan
3%
Feb
41
43%
900
37%
June
11%
12%
1,850
60
60
30
34
27
35
240
23
July
54
Jan
22
22
50
18%
Mar
22
July
30%
30%
20
27
1%
1%
600
*
Peabody Coal Co B oom__6
1%
13
13
Perfect Circle Co com....*
3
2%
1
3%
3%
*
2
1%
81
30%
2%
Jan
May
35
850
4,150
*
2%
2%
200
*
79%
79%
100
Jan
5% May
2% June
3% June
7%
3%
5%
Feb
1%
3%
Jan
4%
Jan
99%
Jan
June
1% June
Public Service of Nor HI—
Common
100 *113%
6% preferred
7% preferred
Quaker Oats Co
»
Preferred
Common
109% June
120
Jan
122
Jan
125%
Jan
150
Jan
114
Apr
109
June
30
121
Apr
50
18
May
37%
50
4
Jan
7%
Feb
June
3%
36%
Feb
...
Mar
;
t c
5
com
Rollins Hos Mills
conv
5
5
2%
50c
6% pref v t c
Reliance Mfg Co
v
22%
June
10
131
22%
70
500
118
114%
10
Raytheon Mfg—
320
115
111
130
"114%
100
Rath Packing Co com
113
118
—100
com
2%
200
1%
10
24
24
100
22
June
pf.»
25
26
500
15
Feb
28%
Jan
34% May
25
Mar
30
Feb
37
30
37%
30
37%
300
34
May
42
Apr
Schwltzer-Cummlns cap.. 1
Serrlck Corp cl B com
1
SIgnode Steel Strap—
Common
*
22
21
22
450
19%
June
Feb
12
11%
12%
250
10% June
28%
14%
31%
33
350
16%
Jan
40
Apr
Sivyer Steel Castings
22
22
22%
130
22
Apr
26
Mar
So Bend Lathe Wks cap. .6
22%
21%
22%
800
19%
Jan
27%
Mar
S'west Gas A Elec 7% pflOO
Southwstn Lt A Pow pref.*
97%
97%
"91"
Ross Gear A Tool com
*
Sangamo Electric
*
com
com
"4%
17%
(A)
com
95
•107
Jan
91
120
90
June
95
Jan
75
10
73
June
83%
Jan
5%
Jan
July
4%
4%
600
17%
17%
21%
200
16%
Jan
500
17%
May
20% May
21% July
32
24%
500
30
June
36%
Mar
24%
31%
24%
22%
June
21
21
21%
350
20
June
28%
28%
Mar
25%
23%
25%
2,100
20
June
25%
July
3%
16
3%
3%
2,000
Feb
4%
Apr
"31%
25
8undstrand Mach Tool Co*
Trane Co (The) com
2
Utah Radio Products com •
Utll A Ind
30
91
20%
*
Swift International
Swift A Co
Mar
75
Convertible preferred..♦
1,600
4
Apr
2%
Mar
Corp—
Common
6
%
%
Convertible pref
7
3%
3%
*
3%
28%
3%
28%
*
Woodall Indust
93
.....
2
Jan
June
6%
Feb
June
5
Jan
950
ft25
June
49%
40
91
700
Feb
July
7%
8%
550
6
June
12%
900
8%
May
12
250
9%
June
15%
June
40%
10%
10%
*
37%
36%
38%
30
Feb
Mar
Amer Coach A
Par
Price
11
Clark Controller
*
*
111 $4.50 pref..*
Cleve Elec
Cleveland Railway
100
-100
*
Cts of dep
Clifrs Corp vtc
—
Commercial Bookbinding.*
Dow Chemical pref
..*
Faultless Rubber
Harbauer
Interlake Steamship
*
*
Jaeger Machine
200
18
June
20%
July
225
17% June
32
25
211
Industries.
*
Baldwin pref
loo
Champ Paper pref
Churngold
100
*
Cinti Advertising Prod.
Clntl Gas A Elec pref.
8
_
Amer Laundry Mach.. -20
*
American Products
Week's Range
of Prices
High
Low
*
8
8
26%
1%
25%
1%
26%
1%
93
93
93
107%
8%
11
33
107
3%
Feb
Jan
40%
July
June
8
Mar
101%
Mar
32
85
Feb
21
103% June
Jan
112
Jan
56
46
June
47
529
45
July
38%
40
2,010
32
June
50
Mar
52
38%
47
45
52
52
30
Jan
54
May
112% May
117
Jan
68
Feb
95
Mar
25
Feb
30
12
14
June
60
12
July
10
25
15%
60
15%
12%
62%
891
56%
Feb
32%
33%
241
24
Jan
24
25
125
23
8
62%
8
8
60
500
May
7% June
Jan
22%
Feb
18
Apr
Mar
73%
37%
Mar
Feb
30
8% June
9
Jan
Jan
14
27
12%
13
Leland Electric
*
22
22%
325
13
June
McKee A G class B.
*
46%
46%
60
41
Apr
58%
Medusa Port Cement
*
43%
43%
5%
75
40
Jan
60
.*
12
Jan
40
25
12
63%
63%
168
112% 112%
82
83%
25
5%
Metropolitan Pav Brick..*
National Refining
pref. 100
7%
cum
cum
Van Dorn Iron..
5%
35
3%
25%
1%
360
95
25
10%
4%
Mar
Jan
Jan
5%
1%
25%
July
Apr
2%
Feb
July
11
1%
Feb
59
67
Mar
16%
23%
7%
211
14% June
20%
Mar
100
23
34
45
47
569
50
14%
9%
15
10
430
45
1
June
47
*
Seiberl'g Rub8%cum pdlOO
S M A Corp....
I
Mar
100
16
16
Upson Walton
35
Jan
58
58
*
*
-3
Peerless Corp
Jan
95
23%
6%
...*
Packer Corp
Patterson-Sargent
22
100
1%
cl A._*
Ohio Brass B
25
96
22
100
pref.
Nestle Le Mur
Mar
11%
22
5%
3%
50
National Tool
4% June
Feb
22
96
*
National Tile...
250
Jan
Mar
96
*
Monarch Mach Tool
"14%
10
*
7
Warren Refining
Weinberger Drug Inc
New York Stock
Detroit Stock
Range Since Jan. 1, 1937
for
—2
*
55
44
Jan
June
Feb
Jan
7%
Mar
45
July
57%
Mar
125
38
July
64
no
7%
13% July
8%
Jan
6% June
3% June
17%
Feb
19
685
190
107% 108
8%
11
8%
11
50
4
4
24
24%
24%
Excnahge
3%
13%
Apr
Jan
Mar
14
Feb
50
315
150
Low
7
24%
1%
DETROIT
High
June
Jan
July
13%
36%
2%
Randolph 5530
Feb
Feb
Apr
10
88
Feb
93
35
108
May
111
Jan
Detroit Stock
July
102
10
406
7%
10%
98%
Jan
5%
25% June
Chicago Stock Exchange
Buhl Building
Week
Shares
148
New York Curb Associate
Exchange
Telephone
Aluminum
10
4
93
"46%
Kelley Isl Lime & Tran—*
Lima Cord Sole A Heel
Feb
20%
18%
4
*
*
Foote-Burt..
14%
92
93
100
*
Elec Controller A Mfg
June
32
1
Cleve Builders Realty
Cleve Cliffs Iron pref
10
18
*
210
20%
Body
City Ice A Fuel
11
Members
Sales
Friday
Sale
High
Low
Shares
Watling, Lerchen & Hayes
Cincinnati Stock Exchange
Last
High
Feb
93
June
July 10 to July 16, both inclusive, compiled from official sales lists
Stocks—
Week
ices
Low
Range Since Jan. 1, 1937
for
Feb
2,900
93
2
com
Zenith Radio Corp com.
June
2
350
93
8%
10%
*
com
%
2%
1,650
7%
Wieboldt Stores Inc pr pf.*
Williams OU-O-Matlc com*
Wisconsin Bankshs
1
3%
3%
29%
Price
*
Akron Brass
Rlchman...
Wahl Co (The) com
Walgreen Co common
Range
Sale
Par
Stocks—
Lamson A Sessions
*
St Louis Nat Stkyards cap *
Standard Dredge com
»
Stein A Co
Last
Mar
Feb
lists
Sales
Friday
Jan
17%
May
4,050
Cleveland Stock Exchange
July 10 to July 16, both inclusive, compiled from official sales
Apr
July
12
3%
3%
2%
Telephone GHerry 6050
Jan
June
1%
30
50
A. T. A T. GLEV. 565 6c 566
Jan
57% June
Union Trust Building, Cleveland
Feb
16%
70
34%
5%
5%
Pictorial Paper Pack com. 5
Pines Wlnterfront com
1
58
10% June
250
13
34
Penn Gas & Elec.A com..*
GILLIStf JWOODc'a
Jan
250
Oshkosh B'Gosb Inc pf
Process Corp com
10
Mar
47
5
preferred..100
...
Jan
Jan
12%
*
7% pref
-.100
Ontario. Mfg Co com
*
Potter Co (The) com
Prima Co com.
June
June
7%
29
kl"
Noblltt-Spark8 Ind com..5
Northwest Bancorp com.
Northwest Utll—
100
138%
3%
35
28%
1%
28%
1
com
50
50
5
Natl Republic Inv conv pf *
National Standard com. 10
Nat Union Radio
50
8%
June
July
13%
Jan
Exchange
July 10 to July 16, both inclusive, compiled from official sales lists
Sales
Jan
Friday
June
108
Jan
Last
Week's Range
for
June
412
Jan
Sale
of Prices
Week
June
14%
100
100%
100
100%
CNO ATP
100
375
375
375
5
Cincinnati Street Ry
Cincinnati Telephone.
.50
7
377
89
787
85
June
100
17
July
22
Jan
10
103
Jan
180
May
Range Since Jan. 1,1937
Jan
4
_
_
.50
Clntl Union Stock Yard
*
Coca-Cola A
*
6%
89
17%
175
For footnotes see page 418
6%
85%
17%
175
17%
175
370
6%
June
10%
Jan
Stocks—
Par
Price
Auto City Brew com
1
1 %
Baldwin Rubber com
1
14%
Low
1%
13
High
Shares
1%
400
14%
5,686
Low
1% May
9%
Jan
High
2%
15%
Feb
Feb
416
Financial
Chronicle
1937
17,
July
—,
Friday
Sales
Last
Stocks
(Concluded)
Par
Week's Range
for
Sale
of Prices
Price
Low
Burroughs Adding Mach.*
Burry Biscuit com
12 He
Consolidated Paper com. 10
Detroit Cripple Creek Gd.l
com
100
'Ii3k
Detroit-Mich Stove com._l
5
1,025
18
18
4X
2 X
18
June
22
200
2
June
300
113X
5
97
Jan
7X
Mar
Feb
3X
Mar
116 May
X
Jan
June
145 X
11
Feb
110
Jan
11X
11X
100
11X
June
14 X
24 X
900
May
32 X
Jan
pref
25
35 X
35X
35 X
90
22 X
30
41
Feb
6% pref B_
5X% pref C
25
27 X
27 X
27 X
800
26
X June
29X
Jan
.25
25X
25X
25 X
400
25
Jan
28X
Mar
29 X
29X
29 X
300
29 X
July
29 X
July
47 X
47 X
43 X
47 X
100
43 X
June
46
Mar
44 X
800
40
June
49 X
4 X
600
3 X
June
5
Feb
700
37 X
June
55
Maa
Orifinal
10
Jan
28
Jan
Standard Oil of Calif.__
*
15X June
23
Jan
Sunray Oil Corp
1
100
6X June
IX
Jan
11X
2X
Feb
Superior Oil Co (The).. .25
12X
12 X
655
5X
5X
6X
450
3%
3X
IX
5X
4X
16
4X
IX
5X
4X
9X
17X
6,810
IX
16
1
Graham-Paige com
1
Grand Valley Brew com..l
16
1
"4 X
Hall Lamp com
*
Home Dairy class A
*
Hoover Ball & Bear com. 10
9X
Hudson Motor Car com..*
1
1
1
250
Mahon Co (R
1
X
5
27
C) A pre!..*
Masco Screw Prod com___l
"i
McAleer Mfg com
McClanahan Oil com
"k
x
13 X
13 X
Union Oil of Calif
.25
25X
25
18 X
4X
Feb
Wellington
..1
9X
1,000
9X
July
2X
May
Feb
Black Mammoth ConsollOc
25c
25c
25c
1,000
20c
Jan
3c
3c
3c
5,000
lc June
4c
Feb
1
40c
40c
40c
1,500
34c June
82 Xc
Feb
1
7c
7c
7Xc
3,000
15c
Jan
5X June
Co
Oil
Calumet Gold
7
Jan
Cardinal
July
11
Apr
670
July
22
June
23
Feb
188
22
IX
Gold
Murray Corp com
10
com2.50
Packard Motor Car com..*
Parke-Davis
Pfeiffer Brewing com
Rickel
1
com
*
28
Apr
17X
23
June
28X
Feb
11X June
18X
Mar
13X
Apr
31
July
31
31
100
7X
3X
7
X
200
3X
200
2X
2 X
100
6X
6
X
500
Jan
35
29X June
5X May
2 X June
2X May
6 X
Curtiss Wright Corp__u _.l
7X
3X
2 X
*
5X June
9X
5X
Jan
4X
Jan
8X
Mar
Jan
Feb
General Electric Co
56 X
200
52 X
Apr
62 X
Feb
Montgomery Ward & Co.*
56 X
61X
55
Jan
61X
61X
100
52 X
June
68 X
Mar
Jan
Nor American
12 X
12 X
300
9X May
17X
IX July
2X June
Jan
Standard Brands Inc...
100
11X
June
Jan
300
51X
Jan
63 X
2 X
June
4X
Jan
Texas Corp (The)
United Corp (Del)
60
4X
June
8X
June
36 X
Jan
U S Steel
100
96 X
Feb
26
Feb
Warner Bros Pictures Inc 5
800
11X
May
June
29
20 X
227
20 X
12 X
240
10X June
20 X
100
13
July
21X
12 X
12 X
12 X
12 X
25
63
63
63 X
*
5
*
Jan
Jan
16
July
Feb
16X
Aviation ..1
Mar
9
9X
625
Apr
8
June
12 X
38 X
787
37
June
455
23X June
44 X
28
""4X
4 X
4X
1,255
9X
4X
9X
4X
110
8
"_4k
964
4X
6
6X
245
5
4X May
5X
5X
5X
923
230
7
7X
3,675
23 X
102 X 109 X
515
no
110
14 X
110
14 X
14 X
110
Jan
July
Feb
17X
Feb
26 X
Corp
-
Feb
37 X
*
4X
'"7k
3X
Jan
Establi
Feb
13
Feb
July
6
Jan
June
X
9X
5X
6X
4X June
10 x
23X
109X
135
'874
Members
Jan
28 X
109 X
i>en
DeHaven & Townsend
5X May
May
Feb
Jan
5
New York- St ck Exchange
Feb
PhUadelphia Stock Exchange
Feb
Jan
PHILADELPHIA
NEW
1513 Walnut Street
..100
7c
2 X
X
25 X
38 X
Timken-Det Axle com..10
Preferred
39c June
4X
IX
2X
4X
IX June
IX June
100
River Raisin Paper com „.*
Standard Tube B
3
590
2
(IIW) com
Aviation Corp (Del)...
Cities Service Co
2 X
*
Prudential Investing com.l
Reo Motor com
5
Atlantic Refining Co... .25
Jan
32 X
9
*
com
Parker Rust-proof com 2.60
Penln Metal Prod com_._l
400
200
Feb
Feb
12 X
16X
5
Musk Piston Ring
IX
3
IX
8X
IX
32 X
20 X
32 X
20 X
12X June
1,300
•:
June
2X
*
Jan
5,700
2,400
Unlisted—
June
May
Feb
200
2,500
IX
Mid-West Abrasive com50c
Motor Wheel com
100
13ir
3
Micromatic Home com___l
Motors Products com
IX
2 X
X
1
McClanahan Relcom
.
13 X
25 X
18 X
17X
9X
10.
Feb
450
15X
13X
>3,6
4X
X
10c
Zenda Gold
2 X
*
1
Feb
Universal Consol Oil... .10
9X
620
28
42
X
Feb
30
630
X
40
*
Commonwealth & South
Kingston Products com__l
Kinsel Drug com
4X
39 X
Feb
19X
4X Mar
4X June
353
1
4X
X
725
4 X
Jan
8
11X June
5X June
3X
Jan
751
44 X
July
Feb
Transamerica Corp
3
Goebel Brewing com..
Mar
48
May
24 X
Jan
950
Cigh
35
11X
375
IX
100
24 X
261
6X
IX
38
*
240
6 X
38
Low
Shares
High
25
6X
6X
IX
Low
Calif Edison Co
16
18 X
Week
Sontag Drug Stores
So
21X
3X June
5X June
for
of Prices
38
So Calif Gas 6% pref A. .25
Southern Pacific Co
100
1,320
Range Since Jan. 1, 1937
Week's Range
Price
*
Signal Oil & Gas A
15X
Frankenmuth Brew com__l
Hurd Lock & Mfg com
35
Par
(Concluded)
21X
Federal Mogul com.
*
Federal Motor Truck com *
com
X
22X June
4X
Apr
Stocks
4X
6X
Detroit Paper Prod com__l
Detroit Steel Corp com...5
General Finance
High
100
2X
X
113
345
Low
Last
Sale
Shares
26 X
""2k"
Gar Wood Ind com
Range Since Jan. 1, 193
26 X
4X
Detroit & Cleve Nav comlO
Detroit-Edison
High
Sales
Friday
Week
19 X
102 X
June
July
YORK
30 Broad Street
July
Tivoli Brewing com
1
6
6X
1,125
5
June
10
Feb
Tom Moore Dist com
1
3X
173
2 X
June
8
Feb
United Shirt Dist
*
7X
37 X
3X
7X
150
7
May
11
Feb
37 X
250
38 X
Feb
com
U S Graphite com
10
Universal Cooler A
*
6X
4%
*
6 X
200
4X
4X
1,675
5
*
B
Walker & Co B
5
100
Warner Aircraft
com
1
IX
IX
IX
1,098
Wolverine Brew
com
1
9,*
9,*
9,c
34 X
6
Jan
Philadelphia Stock Exchange
July 10 to July 16, both inclusive, compiled from official sales lists
9X
Feb
Friday
June
8X
Mar
Last
Week's Range
for
7X
IX
Feb
Sale
of Prices
Low
High
Week
1S16
Feb
400
1
June
X
July
■
Jan
Par
Stocks-
Price
*
American Stores
American Tel & Tel
17X
168X
6X
100
Baldwin Locomotive
-■-*
Bell Tel Co of Pa pref-.lOO
Budd (E G) Mfg Co
General Motors
101X
35X
52X
10
Chicago Board of Trade
San Francisco Stock Exch.
Lehigh Coal & Navigation *
Los Angeles
Teletype L.A. 290
Lehigh Valley
15X
50
Mitten Bank Sec Corp..25
Preferred
25
"_2X
Natl Power & Light
Los
Angeles Stock Exchange
Sales
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan. 1, 1937
Barnhart-Morrow
4X
1
5X% pref..50
Cons..l
com..
B common
100
55c
2X
10
2X
4
10
Central Investment
39
60c
Berkey & Gay Furn Co...l
Bolsa-Chica Oil A
4
40
4
1.25
1.25
32
32
4
Chapman's Ice Cream
Claude Neon Elec Prods
Shares
Low
11
6X
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
15
Farmers & Merchs NatllOO
450
General Motors
90c
10
52 X
General Paint Corp pref..*
38 X
com
70
60c
800
2X
400
4
500
1.25
32
4
100
53
100
4
July
36 X
45c
■
Phila Electric of Pa $5 pfd *
Phila Elec Pow pref
25
Jan
50
50
50
9X
41X
Mar
Jan
90c
Apr
Tonopah Mining
Jan
Union Traction
7 X
Jan
2.50
Jan
United Corp com..:
Pref erred....
Jan
2 X
3X
43
Feb
Jan
4 X
Feb
iox
200
10
June
12 X
Jan
16X
400
14 X
May
17X
11
300
3X
5X
Jan
17X
Mar
50
5X
87Xc
450
52 X
6X
15
1.05
450
400
100
7,700
22
52 X
100
14
Jan
June
60c
432
140
18X
Low
16
High
June
170
196
125
159X
4X
June
6X
114X
9X
8X
102X
36 X
53X
33X
138
112
May
200
120
June
7X
June
7X
June
Feb
26X
187X
Jan
Jan
11
127X
14X
Mar
Jan
13
Feb
207
95
June
209
33X
June
939
48X
June
70 X
Feb
32
June
41X
Feb
45
8X
14X
187
134X
44X
Mar
Jan
4,839
7X
13X
IX
2X
8X
3X
1,061
38X
July
50 X
108
8X
15X
2X
2X
2X
2X
9X
10X
3X
4
38X
40X
114X H5X
33X
33
5X
5X
8X
8X
10X
12
108X
31X
4X
7X
9X
June
117X
35 X
7X
13X
16X
12X
Apr
20
Jan
Jan
45X
Jan
120
10
830
400
516
550
65
510
United Gas Improv com..*
Preferred
*
12X
Jan
7
Feb
19X
Apr
13X
Jan
June
24 X
Mar
May
June
Apr
June
4X
5X
14X
June
m
Apr
Mar
June
May
May
June
Feb
Jan
Feb
Apr
Feb
Jan
Feb
Mar
1,747
168
38X
13X
i3S
200
500
5X
5X
1,295
>16
Jan
,SI6 May
X June
4X June
1»16 Mar
Feb
7X
Jan
8X
46 X
Jan
Jan
17X
551
4
145
33
39
13X
104
106.X
12X
12X
4,506
179
75
June
June
10X June
June
114X
Jan
Apr
14X
Jan
May
102
16X
Mar
9X
Bonds—
El & Peoples tr ctfs 4s 1945
11X
12X
7,000
10
Mar
IX
*
16 X
40X
X
1
5
*
Westmoreland Inc
14X
39X
X
4X
*
Mar
15
52
1
1
Apr
29
16X
39X
*
Tonopah-Belmont Devel.l
July
IX June
4
1.25
"iok
1
Salt Dome Oil Corp
Scott Paper..
July
11
15X
Creameries of Amer vt c..l
3,100
38X
114X
33X
7% preferred
8X
8X
99X
36X
Range Since Jan. 1,1937
Shares
High
10X
15X
iox
Consolidated Oil Corp
Consolidated Steel Corp...
4
4X
40
50
Philadelphia Traction
°
Bandlni Petroleum Co
Barker Bros
""§k
Phila Rapid Transit
Week
Price
1
Pennsylvania RR
July 10 to July 16, both inclusive, compiled from official sales lists
Friday
*
Penroad
Corp vtc
113X
33
Horn & HardartCN Y)com*
Exchange
523 W. 6th St.
*
Chrysler Corp
5
Storage Battery 100
Electric
MEMBERS
Los Angeles Stock Exch.
114
*
Budd Wheel Co
Wm.Cavalier&Co.
New York Stock
Sales
June
4X June
4
June
460
70
Pittsburgh Stock Exchange—See
378.
page
Jan
48X June
38 X July
Feb
200
*
8X
38 X
8
38 X
Golden State Co
8X
400
7X
Mar
Goodyear T & Rubber
*
40 X
40 X
40 X
100
Jan
46
Mar
Hancock Oil Co A com...*
25 X
25
1,800
Jan
25X
July
Holly Development Co___l
1.05
1.00
25X
1.05
32 X
21
800
85c
Jan
1.50
Mar
11c
11c
JUc
1,000
8c
Jan
18c
Mar
Jade Oil Co
10c
Klnner Airpl & Motor
28c
1
8X
Apr
Apr
30c
5,000
16c
June
72 Xc
5,000
25c
July
1.00
13 X
200
Feb
4
4
4X
1,300
6X
Feb
5X
5X
5X
100
9X
Jan
3X June
5X
Jan
16 X
75c June
I. M. SIMON &CO.
Feb
13
25c
Los Ang Investment Co. 10
26c
25c
10
LOUIS MARKETS
ST.
Jan
25c
13
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp__l
Los Ang Industries Inc...2
39 X
Business Established 1874
Enquiries Invited
on
all
Mid-Western and Southern Securities
Feb
MEMBERS
Mascot Oil Co.
1
85c
85c
85c
300
Menasco Mfg Co.
Merchants Petroleum
1
2X
2X
2X
1,600
40c
40c
40c
900
Mid-Western Oil Co... 10c
11c
11c
1.45
4 X
Jan
32c June
80c
New York Stock Exchange
Mar
June
Mar
2X
lc
Jan
St. Louis
35,000
17c
17c
17c
1,300
16c June
45c
Feb
1
45c
45c
55c
1,300
33c June
80c
Feb
Oceanic Oil Co
1
1.25
1.15
1.25
400
Jan
2.00
Olinda Land Co
1
500
18c
Jan
40c
Mat
*
11c
lie
11c
100
9Xc
July
18c
Feb
1
1.20
1.00
1.40
3,500
1.00
July
IX May
Pacific Finance Corp com 10
Pacific Gas & Elec com..25
22 X
22 X
22 X
200
19X June
32
Jan
30 X
30 X
100
29
May
37 X
Jan
29 X
29 X
400
28 X
New York Curb (Associate)
Board of Trade
Chicago
Mar
Pacific Clay Products
Pacific Distillers Inc
Exchange
Chicago Stock Exchange
23c June
17c
5
Occidental Petroleum
Stock
Nordon
Corp Ltd
25c
25c
25c
25
30X
29 X
Pacific Indemnity Co...10
Pacific Lighting 6% pref..*
105 X
Pacific Public Service com*
5X
5X
Republic Petroleum com.l
8
7X
10
47
44 X
50
6% 1st pref..
5X% pref
50
Rice Ranch Oil Co
105 X 105 X
5X
1
25c
*
Roberts Public Markets..2
9X
6 X
Ryan Aeronautical Co...l
2
2
2
Security Co units of ben lnt
Sierra Trading
rui
Corp
footnotes see
25c
St. Louis Stock
Exchange
July 10 to July 16, both inclusive, compiled from official sales lists
June
July
Jan
Friday
27
35
Feb
Last
Week's
46
104
May
107
Mar
Sale
of Prices
Low
High
100
10,600
250
5X June
8X
Jan
Jan
13X
Feb
6X
40
June
25c
34c
4,700
9X
9X
2,300
8X June
6X
6X
1,100
6X
40 X
40 X
12c
12c
25c
page 418
32 X
St., St. Louis, Mo.
Telephone Central 3350
100
29 X
Richfield Oil Corp com
70c
315 North Fourth
40 X
12c
100
47
50
00 ■Vl £ a
Par
A S Aloe Co pref
38
110
High
July
114
Apr
com
*
20
20
20 X
175
20
July
22 X
*
45 X
45 X
46
190
44
July
49 X
Burkart Mfg com
1
Coca-Cola Bottling com__l
30
30 X
165
30
July
37
Jan
"38"
37 X
38 X
122
36X June
40
May
35
35 X
143
25
Jan
48
Feb
102X 102X
27X
28X
Jan
106
120
.luly
32
Apr
Feb
Feb
Ely & Walker D G 2d pflOO
July
Emerson Electric pref-_100
12c
Low
110
American Inv
Dr Pepper com
56
20
Brown Shoe com.
Feb
Jan
Range Since Jan. 1, 1937
Shares
July
IOX May
Jan
9X
3X
110
for
Week
Mar
July
June
2c
Price
100
June
2
3,500
July
Stocks—
Sales
Range
*
"27 X
14
99 X
27X
Apr
Feb
Volume
Financial
145
Sale
Stocks
(Concluded)
Price
Par
Falstaff Brew com
Range
of Prices
High
Low
35
11
845
8
Jan
11%
Mar
35
55
32
Jan
40%
100
3%
3%
21%
23
180
55
55
12
14 %
16
85
85
50
Preiser 1936
5
__100
Preferred
2% June
6
Feb
B___
Jan
23
June
55
July
488
13
June
20%
Feb
57
75
June
90
Apr
Rheem
10
14
49%
10
July
16
Feb
14
Key Co
com
Laclede Steel
McQuay-Norris
common
"19 %
Mo Ptld Cement com...25
1,165
National Candy com
1st preferred
Rice-Stix D Gds
.
117
10
114
Apr
120
219
26
Apr
33%
775
34% May
48%
69%
July
14
July
22
Mar
Signal Oil & Gas Co A...
*
32%
Mar
Sound view Pulp
Preferred
5
105
17
July
22
Feb
July
58
Mar
26%
Mar
So Pac Golden Gt A
15
49
369
49
17%
Jan
Co
Jan
115
25
112%
8
25
7
June
106
15
106
July
285
9
July
5
4%
380
4%
July
116
13%
Mar
Jan
119
Mar
8%
Tide Water Ass'd Oil com.*
Apr
16
Jan
Transamerica Corp
July
90
Jan
Union Oil Co of Calif...25
12% June
90
305
19
Jan
25
100
July
'ii&%
118
120
207
10%
10%
9%
15
42 %
44 %
80
Apr
Union Sugar Co com
25
Universal Consol Oil
128
Western
Mar
Wagner Electric com... 15
300
% June
208
1,600
8% June
39% June
1,370
15
Jan
2,140
16
June
July
Mar
Jan
21,956
25%
3,232
Jan
18%
Mar
31%
33
735
30
June
40%
Mar
43
44
100
43
June
64
20
18%
13%
13%
Jan
38% June
49%
500
80
91
Jan
95
26,000
20,000
88
Jan
12
May
28
26
June
1,047
18
18%
4,000
11%
Feb
Jan
17%
28%
Apr
Feb
24
June
20
Feb
June
Feb
Jan
Feb
80
50
49%
21%
21%
12% June
23
Feb
12
Jan
690
20
Pipe & Steel Co. 10
Yel Checker Cab A
July
93
"44 H
% June
65%
1%
1%
25%
19%
16%
44
10
19%
27%
Stlx Baer & Fuller com. .10
*
29% Mar
101% June
25
9%
10 %
117% June
600
July
105
,
43
Super Mold Corp of Calif 10
Feb
11
15
i02
Mar
41% June
10
33
Standard Oil Co of Calif..*
13%
75
27
161
8%
44%
20%
19
13%
8%
44%
20%
18%
13%
25%
50
100
Feb
40
10,071
105
Feb
Feb
Mar
8%
Spring Valley Water Co..*
26
15
Mar
May
13%
23%
8% June
5,956
48%
%
%
%
75
100
15
19% June
10% May
3% May
May
48%
%
%
*
13%
23%
15
1,581
28%
39%
69%
105
48%
%
*
75
5
*
100
pref. 100
1
28%
37%
61%
28%
9%
Southern Pacific Co__.100
10%
48%
18%
9%
3%
9%
3%
63
100
24
10
106
Scruggs-V-B Inc com
Sculltn Steel pref
Securities Inv pref
Sterling Alum com
33
117
14%
8
100
S'western Bell Tel
July
117
14
115
St L Bank Bldg Equip cm *
St Louis Car com
10
Preferred
June
135
10
Apr
3
17
*
com
Feb
50
24
17%
100
*
..100
160
204
S J L & Pwr 7 % pr pref. 100
Shell Union Oil common..*
B
Natl Bearing Metals pf
July
9%
13%
225
25
20%
July
79
25
Jan
July
19%
85
Jan
6% June
41% June
24
100
49
Jan
46
25
Warrants
17%
*
com
50
1,080
3,080
1
Richfield Oil
17
17
25
com
380
79
7
46%
18%
24
20
com
LandLs Machine
42
85
76%
Jan
10
*
Knapp Monarch com w 1.*
Laclede-Christy Clay com*
±1% June
443
42 %
10
42 %
*
Int'l Shoe com
High
46%
18%
9%
3%
Manufacturing
Roos Bros
Low
Shares
83
8
Preferred
July
Week
76%
1
,
16 %
50
1,1937
Range Since Jan
for
Range
s
85
*
Republic Petroleum
of Prices
Low
High
Price
Par
Rainier Pulp & Paper A._*
Apr
*
Huttig S & Dcoin..
Stocks (Concluded)
High
Low
Week
Sale
Shares
Hussmann-Ligonier com__*
com
Last
Range Since Jan. 1, 1937
for
Week
10%
Griesedieck-West Brew cm*
Ham-Brown Shoe
s
35
1
.
Week
Sales
Friday
Sales
Friday
Last
417
Chronicle
9%
STOCK.
STRASSBURGER & CO.
Bonds—
St Louis Car 6s extd.
93
1941
t Scullln Steel 6s
f United Rys 4s......1934
July
36%
133
Jan
STREET
MONTGOMERY
FRANCISCO
SAN
(Since 1880)
Membersi New York Stock
Dean Witter
Exchange—San
8c Co.
MEMBcua
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Stockton
Sacramento
Oakland
Tacoma
Seattle
Portland
Fresno
New York
Beverly Hills
Honolulu
San
Francisco Curb
Los Angeles
Pasadena
Francisco Stock
Long Beach
Exchange
July 10 to July 16, both inclusive, compiled from official
Week
Last
Par
Last
Sale
Par
Stocks—
Price
of Prices
High
Low
Anglo Cal Nat Bk of S F.20
Assoc Insur FVnd Inc..-10
25%
4%
25%
4%
Atlas Imp
18
16
5
Diesel Eng
Bank of California N A..80
214
9
9
*
29%
29
9%
29%
7% pref-20
21%
21%
21%
Bishop Oil Co
Byron Jackson Co.
368
1,653
23%
4%
Jan
July
Calaveras Cement com...*
8
Calif-Engels Mining
1
Calif Ink Co A common..*
49
25
July
36
California Packing corn-
50%
50
Preferred
Caterpillar Tractor pref—
Claude Neon Elec Prods.. *
103
*
41
Creameries of Amer Inc..*
6
Cons Chem Indus A
10%
%
%
49
49
35%
36
540
194%
Jan
6%
Jan
25% June
30
21% June
220
7
675
June
%
46
Jan
May
35
July
50
May
Mar
Mar
35
Jan
46
Apr
Columbia River Packer
5% June
16% June
25
170
14% June
17%
20
41% May
48
10
36
June
59
Mar
Jan
27
Jan
882
16% June
190
39
General Paint Corp com..*
*
Preferred
Gladding McBean & Co..*
8
Golden State Co Ltd
*
Hale Bros Stores Inc
*
15
Hancock Oil
*
Hawaiian
5
25%
41%
Pineapple
Home F & M Ins Co
20
7%
34%
16%
37%
20%
8%
15
17%
25%
25%
41%.. 41%
*
June
280
47%
357
10
680
303
1
Libby McNeill & L com..*
13
13
13
1
*
1%
13
1%
July
Jan
Jan
18%
41%
31%
8%
714
15
July
22
21
May
25%
53%
44%
36%
16%
4%
435
35% June
37
27% July
12% July
2% July
37% May
300
149
205
2,067
30
13
111
10
13%
1%
429
120
100
18
18
Marchant Cal Mach com.5
27%
24%
27%
5,308
11%
30
830
10
450
July
June
Jan
9%
Jan
1% May
17
June
22% June
10% June
28
North Amer Oil Cons... 10
14
14
14
300
Occidental Ins Co
10
29
29
29
365
28% June
32
Oliver United Filters A...*
24
24
24
255
23
28
10%
10%
10%
O'Connor Moffatt&CoAA*
14
14
15
Paauhau Sugar..
13
12%
18%
12%
30%
29%
27%
18%
14%
18%
12%
B
*
...
15
Pacific Amer Fisheries...5
Pacific Can Co....
*
Pacific G & E common. .25
1st preferred
25
preferred
Lighting
25
preferred
Pac Pub Ser (non-v)
45
*
com
*
6%
com.
105%
*
5%
12%
30
29%
27%
995
70
830
460
290
30% 401,799
220
29%
493
27%
43%
45
105% 105%
955
5%
959
5%
20%
50
8% June
13% May
12% Apr
17%
Apr
11% July
28% June
28% Mar
25% Mar
41
June
103% May
5
June
19% June
Apr
Feb
Jan
Feb
13% May
44%
Feb
13%
Feb
26% June
9% June
23%
Jan
12% May
June
Jan
Mar
11
10
Jan
23%
29%
9%
25%
25%
Jan
Mar
Jan
Feb
11
*
Feb
July
Feb
29%
9%
25%
100
Feb
Apr
42
Meier Frank..
com
Jan
Mar
45%
14%
16%
2%
Nat Automotive Fibres. _*
540
51%
130
49
June
6%
6%
51
51
8%
June
Gt West Elec Chem com..
73
79
40
37%
80
35
"l"05
1
Tio
2
Internatl
54
Jan
79
July
Mar
June
1.60
Mar
1.00
1.05
4,100
1,450
80c
Jan
4.05
3.60
Apr
7%
Jan
1.01
1.15
1,100
1.05 June
1.85
Mar
11%
Cinema
12%
22
9% May
15%
Feb
1
Preferred
67C
64c
73c
2,233
Jan
1.25
Mar
1
Italo Petroleum
4.95
4.80
5%.
1.661
4.00 June
7%
Mar
27c
31c
2,600
10c June
72c
Feb
25c
25c
500
20c
Apr
50c
Mar
2.25
2.60
120
2.25
July
4.80
45c
6,600
40c May
63c
Feb
325
9% June
9% May
34% June
17%
17%
Mar
Kinner Alrpl & Motor.. 1
10
Kleiber Motors
2
Menasco Mfg
Co
"45c
42c
11%
12%
11%
12%
12
37
37
38
North American Aviation 1
20
Oahu Sugar Co
Petroleum. _1
2
Occidental
2
Pac Coast Aggregates.
51c
18
24%
25%
27%
25
25
25
25
25%
Standard Brand Inc
2
Stearman-Hammond 1.25
1.65
575
1.70
1.40
12%
Feb
8
37%
12%
20%
7% June
10
40%
July
50
Jan
Jan
27
Mar
18
110
10
38%
41%
July
June
10
May
June
June
32%
28%
29%
16%
1.25 June
430
2.70
6
190
22%
24%
26%
11%
120
85
60
2,400
June
20
20
50
17
9
9
10
9
24
May
Mar
9%
Jan
Jan
Jan
107
8%
Schwabacher & Co.
Jan
Members
New
Jan
Jan
24
111
Jan
*
21
21
585
Pacific Tel & Tel com..100
141
141
141
20
135
July
156
140%
69%
139
140%
50
133
Apr
150
Jan
62
June
87
Feb
3
June
5%
18%
Jan
Jan
York Stock Exchange
Broadway, New York
July
(Non-v)
preferred
Cortlandt 7-4150
6%
preferred
Paraffine Cos
common
Pig'n Whistle pref.
100
*
3
*
11%
Ry Equip & Realty com..*
For tootnotes see page
.18
3
11%
3%
11%
"loo
338
11%
July
Private wire to own offices In 8an Francisco
Santa
Barbara
—
Del
Monte
—
Jan
Jan
Mar
May
Jan
29%
53%
Feb
15
Jan
32%
Jan
Apr
Feb
38
Jan
1.80 May
June
9
B
Jan
Feb
29%
June
20
Sunset McKee A
4.15
Jan
50
13
7
7
Sherwood Swan
40%
22
38%
7%
25%
25%
27%
4
26%
35
16
40%
21%
38%
40%
Schumacher Wall Brd pref.
5%% preferred
100
13
Santa Cruz Port Cem.,-50
Shasta Water Co com.....
July
21% June
8% June
110
16
Riverside Cement A
6% preferred
22%
18%
9
America
Sou Calif-Edison
9%
5
82c
July
1.00
105
44
July
2.15
890
29%
9%
29%
20
Pioneer Mill Co
32c
5,150
26
5
1
365
1.35
1.00
24%
8%
Packard Motors
Mar
12% May
17%
Apr
2.50
24%
275
1,600
2.65
2.50
10
Park Utah Mines
Mar
57c
1.25
Pac-Western Oil
Radio Corp of
12%
48c
48c
10
Pacific Distillers
16%
Mar
1
1
33
Jan
25c
Copper..5c
M J & M & M Consol
2
Mar
4.00
Internatl Tel & Tel
2
Apr
July
48%
66% May
37%
20
2 Holly Development
1
Idaho-Maryland Mining. 1
Mar
260
18
Natomas Co
Mar
5
Hawaiian Sugar Co
Mountain City
(I) Magnin & Co com....*
No Amer Inv
Jan
6%
405
Mar
Jan
663
37%
Mar
Mar
7
Apr
28%
12%
2%
40
Mar
40
6%
38
35
24%
47%
19%
96%
57%
Jan
18%
12%
2%
40
34%
14%
36%
Jan
500
28
36%
4
7,571
37
40
.10
Lyons-Magnus Inc B
May
80
160
LeTourneau (R G) Inc.-.l
Lockheed Aircraft..
15
160
37
Langendorf Utd Bak A com*
Salt Co
160
28%
12%
2%
10
Honolulu Oil Corp Ltd...*
B
34%
15%
37%
5
June
Mar
Mar
200
40
245
5.25
3.00
3.25
16%
40
23
Mar
Mar
48
3.00
3.00
Jan
3%
2.50
70c
16%
40
17%
40%
15%
86%
52
5%
Jan
70c May
48
100
16%
Mar
Continent Oil
Curtiss-Wright Corp
23
Mar
1.90
Consolidated Oil
Dominguez Oil Fields
40
1.90
2% June
733
17%
Jan
Jan
3,700
1,300
454
Apr
34%
15%
37%
20%
40c
40c
1.45
20
Apr
Feb
1.35
1,407
6% May
July
82c
1.35
41
Feb
50o
1.40
3%
...
Mar
Laundry..*
8
July
500
1,835
Cities Service
17%
Merc
May
Feb
35c June
45c
1.660
75c
Apr
108%
5
6
50c
43c
3%
52
103% June
Jan
51%
120
6
45c
1
Preferred
June
84%
July
40c
1
2
4
5
June
17
2%
40
Pacific
C ntral Eureka
96
10
24
215
1%
23
5%%
2
150
Insur..25
July
200
17%
75c
*
6%
Jan
Feb
Feb
721
Fund
Jan
28%
25%
27%
6
1
10
Food Mach Corp com...
Jan
6
50c
Cardinal Gold
99
Foster & Kleiser com..2%
9%
13%
1,960
43c
Carson Hill gold
10
15%
May
8% June
10
9%
17
2
Jan
Feb
Mar
27%
Calif Art Tile A
98
15%
84%
51%
13
6%
3
22
11%
18%
9
75c
101% May
*
4%% cum pref ww.__50
Emsco Derrick & Equip. .5
Leslie
23%
12%
1%
53%
48%
2
10
Wrorks
June
6% June
6%
9%
10
Bunker Hill-Sullivan
98
Emporium Capwell
Galland
Feb
Mar
*
Eldorado Oil
Fireman's
10
34%
Fruit com...10
preferred..
Feb
14% June
2%
1,412
27%
10
Coen Go's Inc A
30
Feb
June
34
Claude Neon Lights
210
Jan
97c
6
25
7
15%
Feb
18
Preferred.
22
7%
186%
19
287
130
15
Caiif-Pac Trading pref..
500
Feb
Apr
71c May
160
2,025
12%
18
S3
1
Feb
50c
Jan
Crown Zeller Corp com..5
Di Giorgio
7%
5
3
Bancamerica-Blair
2.50
Jan
81c
7
Aviation Corp
Jan
6c
10
6%
19%
6
21%
5
Corp com
45c
1,500
175
50%
51%
102% 103
10%
10%
39%
Atlas
100
13c
Feb
214
1,525
135
8
8
%
Feb
Mar
June
13
D
Calamba Sugar
31%
7%
Feb
1.35
80c
Arkansas Nat'l Gas A
646
50c
168% 170
170%
"22
Argonaut Mining
High
Low
Jan
11c
1
Anglo Nat.'l Corp
Week
Shares
30
214
211
5
26
4%
18%
Range Since Jan. 1, 1937
for
100
American Toll Bridge
High
Low
10c
18c
1.35
12c
5
American Tel & Tel
Sales
Weeks Range
Alaska United Gold.
Week
Shares
1,400
15c
25
Alaska Treadwell
Range Since Jan. 1, 1937
for
Range
s
of Prices
High
Low
Price
5
Alaska Mexican
sales lists
official sales lists
Sales
Friday
Sale
Friday
(Associate)
Exchange
July 10 to July 16, both inclusive, compiled from
Stocks—
San
Exchange—Chicago
Curb
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
San Francisco
Exchange—San Francisco 8tock
Francisco
Board of Trade—New York Curb Exchange
Direct Private Wire
Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago Board ofTrade
New York Curb Exchange
si
—
Hollywood
Los Angeles
—
Beverly
—
Hills
Jan
May
Jan
Mar
Jan
Jan
Mar
Feb
Mar
418
Financial
Friday
Sale
Stocks
(Concluded)
Texas Consol Oil
1
Victor
100
com
116*6
9*6
1
Preferred
5
Warner Brothers
*
March 9,
21
May
58
Feb
3.75
Jan
80
July
Feb
Mar
8*6
4M June
Jan
2.10
2,500
1.25
Jan
2.90
Feb
50
77*6
6*6
Jan
15
Jan
126*6
9M
18M
Mar
3,199
1,660
200
Jan
11M
July
Apr
18
Mar
Feb
a A. M. Castle A Co. split Its common stock on a
1937.
Cash
•
Listed,
of Ontario—
Ask
Jan
1 1948
758
60
5s
Oct
4Mb
Oct
1 1956
/56
57 M
6s—
Sept
6s
May
Prov of British Columbia—
5s
July
4Mb
Oct
12 1949
100
97
4M8-
1 1941
87
90
4Mb
15 1954
88
90
4s
5s
June
88
90
4Ma.
May
Deo
4Mb
4Mb
Apr
Apr
110M
1 1958
106 M
107M
1 1961
109 M 111
Quebec—
Prov of Saskatchewan—
75
15 1900
110
112
5s...
June
15 1943
15 1961
104
105
5Ms4Ms.
Nov
16 1946
mm
75
1 1951
75
79
Mar
5s...:
116
109
of
114
15 1965
Jan
Provlnce
Prov of New Brunswick—
117
117*6 118M
106M 107
1 1959
Feb
2 1959
..Aug
5s
109 M 110M
116
4Ms.
Province of Manitoba—
Ask
Bid
1 1942
15 1943
4s.__
95 M
99
1 1953
4Mb.. ——Sept 15 1952
d Stock split up on a two-for-one basis.
Province
Bid
5s
Province of Nova Scotia—
6 Ex-stock dividend.
1 1960
108
Oct
109
115M 116M
of 100% paid Sept. 1, 1936.
0 Stock dividend
r
Provincial and Municipal Issues
Province of Alberta—
116*6 116*6
9M
9*6
18
19*6
13*6
14
19
c Cash sale,
on
High
1.55
50
100
2.00
5
No par value,
17
1,000
5
"2I00
Equipment
two-for-one basis
2.75
61
5
1
Low
50
61
U S Petroleum
U S Steel
Shares
19
2.65
2.65
Range Since Jan. 1, 1937
for
Week
High
19
Title Guaranty pref
United Corp of Del..
z
Range
Low
Superior Port Cem B
z
8
of Prices
Price
Par
July 17, 1937
Sales
Week
Last
Chronicle
sale—Not
Included
In
range
for
year.
* Ex-dlvldend.
v
Ex rights
t In default.
Canadian
H Name changed to Boston Edison Co. effective July 16.
{Company in bankruptcy, receivership
or reorganisation.
Bonds
Gundy
Foreign Stocks, Bonds and Coupons
14 Wall St.
Inactive Exchanges
New York
p
&
fx
ksO., Inc.
Private wires to Toronto and Montreal
WALTER E. BRAUNL
62 William
St., N. Y.
Tel. HAnover 2-6422
Railway Bonds
Bid
Canadian Pacific Ry—
4s perpetual debentures.
Ask
93 H
Ask
Bid
Canadian
93
Pacific Ry—
4Mb
6s
Bid
Ask
1946
Antloqula 8%
1946
/22M
/25
24 M
29
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Argentine 4s
1972
92 *6
Bank of Columbia 7 % 1947
Bank of Columbia 7% 1948
/20
/20
/26
/23M
92 M
23
Hungarian Ital Bk 7 Ms '32
Hungarian Discount & Ex¬
Barranqullla 8s*35-40-46-48
Bavaria 6 Ms to
1945
23
8s
7s
6s
m
1 940
mm mm
Brandenburg Elec 6s. .1953
Brazil funding 5%. 1931-51
Brazil funding scrip
Bremen (Germany) 7s 1935
Ilseder Steel 6s
1948
50
1940
British Hungarian Bank
7 Ms
1962
52
9M
Koholyt 6 Ms
8K
Land M Bk Warsaw 8s '41
8K
Leipzig O'land Pr 6 Ms '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light &
10
24 M
84 M
/24M
/65
Buenos Aires scrip
Merldionale Elec 7s
Munich 7s to
68
Ceara
1947
/12
/15M
/8
Magdeburg 6s
1934
Chile Govt 6s assented
/23
/17M
19
/17M
19
1968
/71M
72 M
1953
/31
/78
/58
/79
/29
/3QM
13 M
16M
10
Central German Power
Issue of 1934 4%... 1946
Cordoba 7s stamped. .1937
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 Ms '49
1949
1959
Dortmund Mun Utll 6s '48
Duesseldorf 7s to
1945
Dulsburg 7 % to
1945
East Prussian Pow 6s. 1953
Electric Pr (Germ) 6 Ms '50
6 Ms
1953
7 Ms
7s
37
/24
15
26
5s
8%.
Scrip
Santander
25 M
/39
/37M
/36
/23M
/6M
German Young coupons:
Dec 1 '34 stamped
June 1 '35 to June 1 *37.
Graz (Austria) 8s
1954
Great Britain & Ireland—
4s
1960-1990
1948
/9M
/18M
712
/14M
105M
1957
109
State Mtge
9M
19
12 M
15
Hansa SS 6s stamped. 1939
6s unstamped
1939
/62
/77
424.
27.37
22.17
25.66
28.12
3*6
Series S-4
12.40
13.74
5.08
---
—
.74
M ut ual Invest Fund.
M
24
25"
1
Century Shares Trust
_
£21*6
4.85
42
6
8
* £25.93
5.47
18.85
20.27
3M
17*6
18 M
mm-m
3.64
mm—
—
3.64
27
100 115
32
35
7% preferred
100 112
6.36
Cumulative Trust Shares. *
2.37
Deposited Bank Shs ser A1
3.47
mm
—
—
mm
—
—
3.50
C
3.50
5.00
1
7.40
11K
8.20
£1.95
2.10
33.85
10.50
11.34
Machinery stocks
13.47
14.06
15.17
15.73
16.97
59 *6
63M
1
Series 1956...
1
1
Northern
Securities... 100
Pacific Southern Inv pref. *
Class A
*
*
14.54
2.74
3.48
3.42
3.22
80
85
35
16
3
4
13 H
35K
38 M
23 M
Fidelity Fund Inc
28.15
30.32
26M
25 %
Fiscal Fund Inc—
Bank stock series
50
27 M
52
Insurance stock serieslOo
Fixed Trust Shares A
10
50
52
.85
.96
Quarterly Inc Shares.....
Representative Trust Shs.
17.72
19.41
13.83
14.33
36.37
/23M
/24M
4s—1936
1946
Certificates 4s—1946
28M
Dividend
Shares
81M
B
10c
10
91
3.88
3.86
4.20
13.08
10.87
/12M
6.88
5.72
1.23
22.24
Standard Am Trust Shares
Standard Utilities Inc...*
4.10
4.35
4.14
16.11
.83
B
4.27
BB
2.72
C
7.91
.90
__
2.72
.
m
mm,
II
7.91
14.37
Trustee Stand Invest Shs.
Series C
l
Series D
l
3.08
1.45
2.05
2.22
Trustee Stand Oil Shs
A~1
7.98
mm~-
1.59
1.73
l
7.75
mm-
.95
1.04
.86
.96
1.57
1.70
Trusteed Amer Bank Shs B
Trusteed Industry Shares
1.50
1.66
1.40
1.52
1.73
1.88
1.53
1.66
1.46
1.59
2.15
2.33
Un N Y Bank Trust C-3_*
Un N Y Tr Shs ser F
*
1.02
1.12
Wellington
M
H
Agricultural shares
Automobile shares
2.00
2.16
1.33
Group Securities—
Food shares
Petroleum
23 M
24 M
1.11
21.13
-mm
7.53
shares
Mining shares
25M
14.78
*
_.3
46.20
6.92
Merchandise
J86.61 91.21
1.60
1
Shares.2M
Sovereign Invest Inc com.
D
42.97
Investing shares
Union of Soviet Soc Repub
/23M
/22
/23
5.20
25.91
6.23
Building shares
Chemical shares
13K
M
AA
4.85
2
General Capital Corp
General Investors Trust.*
93
Selected Amer
1.45
Super Corp of Am Tr Shs A
3.56
23.97
B
25
Republic Investors Fund..
Royalties Management.. 1
Spencer Trask Fund
*
Fundamental Investlnc_.2
Fundamental Tr Shares A.
/49
1945
13.44
Insurance stocks
Plymouth Fund Inc A. 10c
mm—m,
...25c
/SO
/12«
/22M
/24M
7s unstamped
1947
12.55
12.50
Series 1958
«
Eqult Inv Corp (Mass)..5
Equity Corp conv pref
1
/27M
/80
/41
/23
/69
/59
/61
Vesten Elec Ry 7s
12.23
11.62
!
equipment
Class B
B
/56
Wurtemberg 7s to
11.32
supplies
Electrical
Series 1955
_
-
-
3.23
D
Oct 1932 to April 1935
99
Bank stocks
Building
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
Diversified Trustee Shares
53
25
N Y Stocks Inc—
Railroad equipments
Steel stocks
2.82
13 M
7.59
4.51
N Y Bank Trust Shares.. 1
mm--
10
7.41
£4.41
5.85
11K
mm— —
Common B shares
National Investors Corp..
Nation Wide Securities
27.88
9M
25
17.61
2.19
2.82
10
30.07
16.11
2.03
2.97
..1
28.34
Voting trust certificates.
New England Fund
1
-.1
35"
55
1943
10.46
1
10
...
23*6
4.45
40
1
Deposited Insur Shs A...1
Deposited Insur Shs ser B1
51
7% gold ruble
9.55
Mass Investors Trust
38.06
3M
10c
.54
26.56
Crum A Forster Insurance
24
24
52
1947
.._*
35.59
8% preferred
1956
1955
Major Shares Corp
Maryland Fund Inc
24.83
Series ACC mod
Crum A Forster com
1956
Unterelbe Electric 6s_-1953
/22M
25.13
20.26
Accumulative series... 1
Series AA mod
1
Coupons—
Toho Electric 7s
110
Series K-l
Series S~2
Series AA
Bk Jugoslavia
Stlnnes 7s unstamped. 1936
16.38
23.22
32.84
Series K-2
Foundation Trust Shs A.l
Stettin Pub Utll 7s— .1946
15.43
21.24'
30.05
Series B-2
1.19
Central Nat Corp class A. *
Class B.
2d series 5s
7
1
Keystone Cust Fd Inc B-3.
Ask
47*"
6
Canadian Inv Fund Ltd__l
5s.
25 M
1.07
Investors Fund C
Bid
25.03
45
8*6
4K
54M
/56
m
Siem A Halske deb 68.2930 f345
7s
1940
/98
/48
97
1956
Tolima 7s
....1953
page
2d series 5s
1.32
10
7M
25
Nov 1932 to May 1935
Nov 1935 to Nov 1936
Hanover Harz Water Wks
see
6 Ms
1951
Saxon State Mtge 6s.. 1947
Serbian 5s
...1956
28*6
12 M
com.
5M
Bullock Fund Ltd
100
/25
Certificates
Apr 15 '35 to Apr 15 '37.
For footnotes
(Colom) 7s.1948
(Brazil) 6s.. 1943
11M
Investors..*
Corp *
Corporate Trust Shares. .1
Oct 1935 to Oct 1936..
German Dawes coupons:
Dec 1934 stamped
6%
Sao Paulo
Invest Co. of Amer
British Type Invest A
1
Broad St Invest Co Inc.-5
Coupons—
/41M
6%
1947
Santa Fe 7s stamped. 1942
Par
Incorporated
Boston Fund Inc
f22
/25
/21
/30
/21
/22M
/22M
/22
Ask
19.73
11.08
Bankers Nat Invest Corp *
Basic Industry Shares. .10
162
/40 M
Guatemala 8s
/31
/98
/23
/38
/34
/12
/71
/61
1948
1 1962
Assoc Stand Oil Shares. .2
/31
1945
8s ctfs of dep
1948
Santa Catharlna (Brazil)
1 1962
Jan
10.05
26 *6
1.20
Amer A Continental Corp.
Amer Gen Equities Inc25c
Am Insurance Stock
Saarbruecken M Bk 6s '47
/36M 37M
100
/80
Jan to June 1935
German scrip
26 M
Inc—.IM
24 M
/88
/86
Royal Dutch 4s
1957
1957
Jan
18.55
Fund..
26
Saxon Pub Works 7a.-1945
July to Dec 1934
Jan to Mar 1937
/23M
26
/58
/40
July to Dec 1936
/23
25
26
Conversion Office
Jan to June 1936
Affiliated Fund
Rio de Janeiro 6%
8s
July to Dec 1935
Administered
/24M
4s scrip
July to Dec 1933
Jan to June 1934
Bid
83
25
80
Commonwealth Invest..
1933
4s.
3s
117M 118M
117M 118M
Investing Companies
/23
/22M
Rom Cath Church 6 Ms '46
R C Church Welfare 7s '46
/35
1946
Int ctfs of dep Jan 1 '38
German defaulted coupons:
25
Consol Funds Corp cl A.l
Continental Shares pf.100
Rhine Westph Elec 7% '36
6s
1941
/30
/23
Funding 3s
/23
52
1941
Salvador
/23M
1 1970
49
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
1 1946
July
25
24 M
28
Feb
24 M
1968
8Mb
Grand Trunk Pacific Ry—
25M
25
100 M
1 1969
/45
/47
many) 7s
/30
6s
1040
German Atl Cable 7s.. 1945
German Building <fc Landbank 6M%
1948
/23
/23M
24M
25
1 1957
1 1969
.Oct
5s
Protestant Church (Ger¬
/34
/14
/24
/22M
/22M
/23
/24
/82
/67
/60
/26
5s.
/22M
80
32 M
113M 113*6
112
112*6
115M 115M
1 1956
1952
60
32
115M 115*6
1945
to
5% scrip
Porto Alegre 7%
81
112 M 113 M
30"
53
1967
1937
25
/23
1967
6s
5s
/27
Canadian Northern Ry—
11951
Feb
July
July
4Mb
4Mb
Bonds
Ask
June 15 1955
s
/41
/23M
/52
1947
/35
Gelsenkirchen Min 6s. 1934
102 X 103 M
a......Sept
/56
Oberpfals Elec 7 %
1946
Oldenburg-Free State 7%
7%
7s ctfs of dep
Frankfurt 7s to
1945
French Nat Mall SS 6s '52
Haiti
Hungary 7 Ms
1962
National Hungarian A Ind
Mtge 7%
1948
1966
Income
29
Nat Central Savings Bk of
1966
7 Ms
7s Income
German
1948-1949
Panama
European Mortgage & In¬
vestment
1946-1947
Panama City 6Ms
Colombia scrip Issue of '33
Cundlnamarca6 Ms
(A A B)
(C A D)
4s
City
_
Nassau Landbank 6 Ms '38
Natl Bank Panama 6M%
North German Lloyd 6s '47
7s assented
6a
1957
...1945
Municipal Gas & Elec Corp
Recklinghausen 7s.. 1947
1944
1946
Savings Bank
Budapest 7s
Water 7%
1948
Mannheim A Palat 7s. 1941
26"
Callao (Peru) 7 Ms
Cauca Valley 7 Ms
Chilean Nitrate 5s
1943
25
Burmelster A Wain 6s .1940 /HI
115
Caldas (Colombia) 7 Ms '46
16 M
/15M
Call (Colombia) 7s... 1947
16M
/15
(Brazil) 8s
Nov 1932 to May 1935
Nov 1935 to Nov 1936
Munic Bk Hessen 7s to '45
Brown Coal Ind Corp—
6 Ms
...1953
1 1960
Canadian National Ry—
Coupons—
23
/38
6s_.
July
52
50
22
/96
/24
/22
1 1954
4Mb
114M
Bid
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s
1956
20 M
/8K
/8K
/8
/23
83 M
1969
Dec
102
113
Dominion Government Guaranteed
30
/18
Bolivia (Republic) 8s. 1947
7s
1958
5s
101
1 1944
/19
/31
/31
25M
/21
/19
fSH
1945
1936
110 M
15 1944
1 1946
Ask
/35
/26
Bavarian Palatinate Cons
Cities 7% to
1945
Bogota (Colombia) 6 Ms '47
change Bank 7s
15 1942 /110
Dec
July
5s
Bid
Anhalt 7s to
Sept
4Mb
Foreign Unlisted Dollar Bonds
103 M 104 M
106 M
106
Sept
_
shares
RR equipment shares
Steel shares....
Tobacco shares
Guardian Inv Trust com.*
$7 Preferred
*
Huron Holding Corp
1
Institutional Securities Ltd
Bank Group shares
Insurance Group Shares.
24
26
.60
1.00
1.73
1.87
1.59
1.72
Supervised Shares
Series
B_.
U S El Lt A Pr Shares A__
B
16*6
2.62
.98
1
3 K
m
16*6
2.72
1.06
4
1*6
1*6
18.61
20.41
Investm't Banking Corps
Bancamerica-Blalr Corp.l
First Boston
For footnotes see page 424.
3.02
Voting trust ctfs
Fund
15.62
Corp
Schoelkopf, Hutton
Pomeroy Inc
com
10
9*6
26
10
27 M
A
10c
3*6
4*6
members
new york
UTILITY
CANADIAN
IN
SPECIALIZING
52
BUILDING
ALDRED
PRIVATE
WILLIAM
145
WIRES
For
see
CONNECT
OFFICES
419
AND UNLISTED
Montreal Stock Exchange
418 and 421.
pages
Sales
Friday
Week's Range
Sale
Montreal Stock Exchange
Stocks (Concluded)
July 10 to July 16, both inclusive, compiled from official sales
Range Since Jan.
Week's Ranoe
for
Sale
of Prices
Low
High
lt 1937
Week
Price
Par
Shawinigan W A Pow
*
High
Low
Shares
25
11*4
114
106
106
-.100
15
12
Jan
Tooke Brothers
110
Jan
United Steel Corp
*
3
3
45
3
100
18
18
355
18
*
Amal Electric Corp pref.50
4
4
15
5
Jan
7
Mar
30
30
20
29
Apr
30
Apr
11
Jan
16
Mar
17
Apr
23)4
Alberta Pac Grain A
Preferred
Amal Electric Corp
14
Breweries—
Associated
Bathurat Pow <fe Paper A.*
21
*
100
168
Brazilian Tr Lt & Power..*
25
Bawlf IN) Grain
Bell
Telephone
:
144
160
204
214
2,785
2
2
168
169
23)4
35
British Col Power Corp A.*
5
64
Mills
Bruck Silk
Preferred
61
1,110
56)4
Jan
14)4
June
105
108
897
104
Jan
22
67
20
3
3
515
3
May
July
73
Preferred 7%
96)4
Mar
78
72)4
June
88)4
Mar
Apr
5)4
11)4
Mar
60
Mar
Feb
60
4
5
3
8)4
<5 H
560
50
50
5
5
Mar
Feb
70
70
Feb
70
120
5
Mar
120
10
5
11
July
23
Jan
413
3
June
10)4
Jan
247
3)4
June
10
Jan
30
Mar
43
Jan
60
June
""454
4)4
4)4
30
30
161
4)4
4)4
30
70
115)4
110
Jan
59
88
57
Jan
161
161
24
150
Jan
160)4
188
188
64
183
Jan
211
Montreal
100
224
228
17
219
Jan
241
Feb
235
235
2
314
Jan
340
Mar
200
202
225
200
May
226
Feb
58)4
50
.100
22 H
Apr
Nova Scotia
100
111
Feb
Royal
100
July
Jan
Jan
1254
433
11
July
130
47
May
61)4
1554
555
13)4
May
21)4
Feb
25
26
25
25)4
201
Jan
14 H
Apr
Apr
1,450
23
Apr
32
Feb
707
23
July
31
HANSON BROS
Mar
116
.100
117
70
118
July
126
21
25
21
Jan
22
Canadian Government
Municipal
INCORPORATED
Mar
21
Mar
42
19
19
19
19
July
30
Invest.*
pref--100
24)4
24
24)4
30
23
Apr
33
Feb
Can Hydro-Elect
87
77
89
5,561
71
Apr
83)4 June
Canadian Indust Alchol..*
6)4
7
3,975
1,870
5
Apr
ESTABLISHED
Public Utility and
1883
Feb
Canadian Foreign
Converters--100
Jan
—100
Commerce
50
21
Canadian
June
10
—100
Canadienne
25
Rights
May
Banks—
Canada
25)4
Celanese
77
4)4
Jan
15
26
Preferred
440
120
120
*
Jan
11
"
Canadian Car <fc Foundry
Winnipeg Electric A
Jan
50
11
....100
Canadian Bronze
"76"
--*
*
Preferred.
11)1
75
85
50
Windsor Hotel pref
Jan
July
July
7)4
5
Feb
Feb
Apr
34)4
18)4
3
B
Mar
355
July
7)4
"~7k
—100
Preferred..
Apr
29)4
6*4
18)4
3
Canada Steamship (new)
Canadian
6)4
5*4
170
Western Grocers Ltd
12
77
"78"
...
Viau Biscuit...
665
84)4
100
Jan
Jan
Jan
14
12
;.*
Jan
30)4
39)4
11)4
Jan
22
107
Can North Power Corp..*
Preferred
May
18)4
1,575
*
100
Canada Cement
8
6
61
*
Building Products A
July
157
3,148
610
8
B
2
595
254
35)4
7
42)4
16
128)4
Jan
1454
12
25
Jan
Jan
Apr
9)4
Apr
130
14
1454
*
Preferred
18)4
8)4
105)4
80
30
Mar
65
1454
Simon (H) A Sons
*
Southern Canada Power.. *
485
June
July
July
.....
Feb
June
23
185
115
Preferred...
High
33)4
Apr
25)4
1,935
28)4
24
25
9**
12
94
*
100
Preferred
Low
Shares
115
Steel Co of Canada
Acme Glove Works Ltd..*
High
27
27
Range Since Jan. 1, 1937
for
Week
of Prices
Low
Price
Sherwln Williams of Can.*
Last
Par
lists
Sales
Friday
Agnew-Surpass Shoe
BUILDING
TORONTO
Last
Stocks—
BANK
ROYAL
YORK
usually found
Canadian tables,
miscellaneous
this section,
STREET
BONDS
AND
STOCKS
Canadian Markets
LISTED
in
Cable Address Hartwal
INDUSTRIAL
AND
NEW
MONTREAL
Volume
security dealers association
Bell System Teletype NY 1-395
2-0980
Telephone HAnover
5)4
8)4
Jan
5)4
13)4
4)4
Apr
7)4
13)4
105
13)4
1154
12
4,394
11 n
June
July
23)4
17)4
Mar
Cockshutt Plow
14
15
July
81
81)4
1,500
1,858
13)4
Con Mln & Smelt new._.25
13)4
80)4
72
Apr
22)4
100)4
23
23
185
20)4
Apr
48)4
20)4
50)4
670
47
21
360
19
Industrial Bonds
330 Bay St., Terinti
Sparks St., Ottawa
Jan
""1154
255 St. James St.. Montreal
56
4)4
Class B
Canadian Locomotive—
25
Canadian Pacific By
Distill Corp Seagrams
Dominion Bridge
48)4
*
Dominion Coal pref
20)4
100
Dominion Glass
4)4
May
June
Jan
Montreal Curb Market
Mar
Mar
July 10 to July 16, both inclusive, compiled from official sales
29
Mar
58)4
23)4
Mar
Friday
Mar
Last
100
113
113
115
25
110
Dominion Steel & Coal B 25
23
22
24
19,218
13
Jan
28 *4
Mar
*
13
13
14
920
12
June
18)4
86
86
86
5
86
July
Range Since Jan. 1, 1937
or
Week
Apr
100
lists
Sales
Week's Range
Dom Tar & Chemical
118
Sale
Stocks—
Par
of Prices
High
81
81
175
73
Jan
85
Apr
6% cum pref
58
143
143
1
145
Feb
145
Feb
Certificates of dep—100
61
13)4
Jan
20
Apr
*
116
87
Dairies
1
15)4
17 H
1754
*
Electrolux Corp
15)4
2
125
1.50
July
5
18
405
17)4
Apr
24
5
510
"40
37
40
1,176
14)4
13
Foundation Co of Can...*
24
23)4
General Steel
13
13
14)4
24
1354
55
55
11)4
12
1354
14)4
14)4
*
English Electric B
Wares
*
Goodyear T pref inc
27.50
Gurd, Charles
*
Gypsum Lime A Alabaster*
465
5
2
Enamel A Heating
Prod.. *
English Electric A
*
1554
1354
15
4)4 May
30
June
655
10
June
410
23
Apr
480
100
8)4
53)4
320
7)4
Jan
1,545
11)4
June
165
12)4
Jan
8)4
40
Mar
B C Packers Ltd
Can A Dom Sugar Co
Canada Malting Co Ltd..
10 H
May
18)4
Jan
34)4
100
106
104
61)4
61
34)4
34 H
3454
3554
Intercolonial Coal
Int Ilydro-Elec Sys
40)4
100
12)4
A...25
Intl Nickel of Canada....*
Internat- Pet Co Ltd
*
International Power
*
4)4
86
Power pf.100
Lake of the Woods
100
30
8)4
Lindsay (CW).......
Preferred
30
268
99)4
Apr
4,034
20)4
June
900
13)4
Jan
335
33)4
Apr
2,364
54
1,289
15
200
*
1054
McColl-Frontenac Oil
*
1134
Montreal Cottons pref. 100
~324
Jan
Apr
5
25
33)4
4)4 June
86
35
86)4
32
8)4
June
Apr
Apr
Jan
*
--*
Preferred
Jan
67
67
50
66
June
67
July
15
73)4
39)4
12)4
98
Jan
7% cum pref
Mar
Cndn
Mar
-100
Jan
Jan
July
Cons Bakeries of Canada. *
"20
Consolidated Paper Ltd..*
17
16)4
Mar
15
Mar
105
May
110
Apr
Dominion Stores Ltd
*
89
May
40)4
National Breweries pref.25
National Steel Car Corp..
40
40
"4954
4954
514
43
43
66
62)4
63
700
241
158
16)4
6
Ford Motor Co of Can A__ *
Apr
42)4
Feb
Foreign Power Sec Ltd
Mar
Jan
Apr
Apr
30
July
30
July
1.60
1.50
21
95
Feb
99
Jan
MacLaren Pow A Paper..*
3354
32)4
34
10
103
May
103
May
55)4
53 4
48
20
Jan
23
June
91)4
91
564
914
30
58
May
Apr
Massey-Harr 5% cu pf.100
McColl-F Oil 6% cu pf.100
Melchers Distill Ltd
*
*
"12)4
50
33)4
"87k
1,107
4,523
30
Feb
464
294
Feb
50
Apr
95
95
220
76
Jan
110
Mar
5
6
20
6
July
11
Jan
60
15)4 June
21)4
Feb
Internatl Utilities Corp B. 1
200
1.25 June
34
Feb
1.65
3,685
Mackenzie Air Service
Jan
2254
350
17
June
25 54
Jan
Price Bros A Co Ltd
10)4
23)4
160
8
Apr
33
25
87)4
89)4
3,073
6% cum 1st pref
Quebec Tel A Pow A
100
*
Apr
39 H
25
Apr
Royallte Oil Co Ltd
Apr
25
Jan
Mar
Feb
97
May
*
No par value.
Mar
452
894
June
10QH
Mar
9
Feb
2
62
7
32
6
July
22
85
19
30
Jan
39
424
2,740
35
Apr
Apr
484
Apr
67
100
644
Apr
79
100
20
994
July
107
4)4
*
48
20
4)4
10
Reliance Grain Co Ltd..
22
Jan
734
100
pref
100
Corp of Canada
Apr
Apr
374
Jan
66
40)4
cum
15
50
68
Power
100
Jan
1,140
956
6)4%
1.80
Apr
52 4
27
7
2
Mitchell A Co (Robt) Ltd
18)4
1.25 May
340
2,920
22
Melchers Distillers Ltd pf.
Feb
13
3454
Apr
1.80
33 *4
103)4
50
1614
Feb
25
St Lawrence Flour MillslOO
46)4
45
1.80
June
23)4 June
106)4 Mar
1254
45
95
16)4
18
Jan
Feb
*
Intl Utilities Corp A
127
Jan
2.50
45)4
(Can) Ltd A—*
25
Jan
Apr
45
...
873
19
1.00
100
25
99*4
8)4
Feb
1.00
30 1
104
294
1.00
Mar
5
June
1.00
150
Jan
214
22)4
300
50
Apr
138
23)4
150
100
Apr
Apr
13
9
1,405
104
234
115
102
Apr
194
June
9
115
102
Saguenay Power pref
244
12%
8
9
Int Paints
104
Jan
July
May
Jan
19
Feb
23)4
Mar
30
83
104
224
May
54)4 June
235
Apr
June
Jan
June
Voting trust ctfs
*
Gen Stl Wares 7% cu pf 100
11
Apr
8 4
Fraser Cos Ltd
10
4*4
134
Jan
10
Jan
Apr
88
10
Feb
18
Mar
80c
4
425
154
10
Feb
63)4
3)4
20)4
104
2.50
Apr
134
54
130
May
30c June
Jan
255
43)4
57)4
*
70c
175
3%
2,100
Apr
21)4
"164"
6,109
1.80 June
94
Apr
126
July
164
86)4
102)4 102)4
25
5
174
9
40
125
1.50
15)4
10
B
Dalries7%cmpfl00
100
20
39)4
18
St Lawrence Paper pref 100
9
20
65
Quebec
St Lawrence Corp
A preferred
2)4
37/«
640
630
62
100
425
37 «4
39
22
Preferred
25
40c
15)4
3954
Rolland Paper pref
75c
35c
1.75
3)4
15)4
Donnacona Paper A
87
Regent Knitting
2
June
Feb
15
2.00
75c
35c
78
Apr
2
1.90
City Gas A Electric Corp.*
Claude Neon Gen Advert.*
89
*
40
Westinghouse Co..*
40)4
Power
"2
Cndn Wineries Ltd
*
100
Feb
Jan
National Breweries
Preferred
11 h
65
Mar
Power Corp of Canada...*
Jan
July
100
Penmans
July
42
80
23
62
Jan
214
10
6
23
Jan
Jan
40
Fairchild Aircraft Ltd
100
20
94
2*4
144
94
Canadian Vickers Ltd—
Feb
100
150
40
June
65
Ottawa Traction
3)4
21
Jan
46
Mar
86)4
4
Jan
58
30
Feb
20
Jan
74
25
158
112
June
84
57
158
Jan
18
406
274
57
100
109
5
18
Mar
Montreal Telegraph
40
Montreal Tramways...100
Ottawa L H & Power... 100
May
May
Eastern
241
Mar
39
3
Jan
241
73
Jan
18
Feb
"63"
22
Apr
34
40
31
new
Feb
60
35
38
21
Mar
164
40
179
267
184
71*4
38
Mar
20
36)4
Preferred
264
325
Jan
100
Apr
3
Apr
Preferred
214
2
29
Ottawa Car Mfg
1,367
18
29
Ogilvle Flour Mills...
24
3
3
*
Apr
18
3,237
Ltd
Jan
9
*
1
5% cum preferred
Commercial Alcohol pref..
877
107
Feb
Canadian Pow A Pap Inc.*
30
*
23)4
Jan
Apr
74
Cndn Marconi Co
Jan
Jan
3
100
25
Candn Gen Investments. .*
15
8)4
8)4
10
7
Mar
June
71
Apr
94
Mar
8
1,122
Apr
124
15)4
38)4
50
1,978
1224
Feb
June
24 *4
Commercial Alcohols Ltd.*
H54
104)4 104)4
3054
32)4
June
7
94
Jan
114
78
Mar
103
30
Noranda Mines
1,583
Apr
Apr
Mar
6
3
43)4
10)4
135
Apr
532
18
June
1
May
794
8,009
111)4 111)4
21
114
80
9)4
18)4
*
Canadian Breweries
Jan
458
154
7H
9)4
105
105
9
71*4
38
Can Nor P 7 % cum pref 100
Canada Vinegars Ltd
*
Montreal Loan A Mtge..25
Mtl L H A P Con8ol
"2§k
28
71
1054
Apr
Mar
._
6)4
7
80
71
100
Massey-Harrls
37)4 June
10)4
105
*
Feb
87)4
*
Jan
15)4
18)4
860
36
100
18
770
Industrial Acceptance
_
56
"J*
21
14)4
36
40)4
12)4
62)4
Beldlng-Corticelll Ltd.
Jan
30)4
1454
July
May
11)4
20)4
9
*
30
1454
9
Beauharnols Power Corp.*
Brit Amer Oil Co Ltd
30
21
Bathurst Pr A Pap class B *
Brewers A Distill of Van
*
Preferred
Asbestos Corp voting tr__*
Jan
Apr
Howard Smith Paper
Imperial Tobacco of Can.5
Jan
Jan
Hollinger Gold Mines
Imperial Oil Ltd
59
Mar
16 *4
18)4
15)4
106
Aluminum Ltd
31
*
5
Hamilton Bridge
100
654
41
100
92
Eastern
*
Abitlbl Pow A Paper Co..*
High
80
116
Paper
July
5H May
Jan
41)4
3,390
61)4
86
Low
Shares
Low
7)4
62)4
Dry den
Niagara Wire
Price
*
Textile
Preferred
International
Mar
100
Preferred
Dominion
Jan
47
50
5
10
(
1,192
1.50 June
94
Feb
Mar
Feb
Mar
4*4
144
Mar
10
344
May
594
Mar
44
Jan
Feb
Financial
420
Chronicle
July 17, 1937
Canadian Markets —Listed and Unlisted
Montreal
Curb
Toronto Stock
Market
Friday
Last
Par
(Concluded)
Week's Range
for
Sale
Stocks
of Prices
Low
High
Range Since Jan. 1, 1937
Low
25
8
106
107
21
5
5
85c
25
16%
16%
2%
51%
165
1,020
19 %
75
16%
United Securities Ltd.. 100
2
Walkerville Brewery Ltd.*
1.90
49%
Walker-Good & Worts (H)*
46%
19 %
Walker-G & W $1 cum pf. *
468
*
Brown Oil Corp..**..
16
Jan
108
Feb
Buffalo-Ankerlte
7%
Jan
Buffalo Canadian
1.15
Jan
Building Prod
Jan
Bunker Hill
Jan
Burry Biscuit
1.75
June
42
9.20
2%
3%
6,600
1,600
27,100
60%
60%
61%
116
14c
12c
15c
3%
49%
18% June
Jan
20
Apr
Feb
...i
3
53
Aldermac
18o
Arno
Copper Corp
18c
3.000
15c
June
1.09
1.14
76c
1.90
3c
Apr
June
9c
Jan
20c
June
65c
Feb
3c
3%c
27c
28c
4,050
3,000
1,300
48c
48c
200
41c
10,500
1,500
260
6c
*
Mines
Gold
Beaufort
1.10
•
28c
1
Big Missouri Mines Corp.l
27c
23c June
Feb
Apr
8
Jan
60
Feb
44%
675
14% June
18
2 00
Apr
6 55
Feb
40c
Apr
75
Mar
Feb
Jan
Canada Permanent
1,300
815
23%
June
3.15
3.30
1,100
2.10
May
6.40
Feb
80c
80c
100
1.55
Mar
1.70
Mar
25
Bulolo Gold Dredging Ltd 6
1
25
3c June
13c
Jan
30
Feb
Can Malartlo Gd M Ltd.*
1.08
1.08
1.10
1,800
900
June
2.28
Feb
Cartler-Malartic G M Ltd 1
17c
17c
18c
1,500
15c
June
47 %c
Jan
Central Cad
30c
29c
35c
6,300
25c
June
2.85
2.70
2.85
700
2.20
Feb
5.15
1.00
1.00
1.08
June
2.70
Feb
1.00
1.10
55c
Apr
3.60
Feb
7c
7%c
3,870
3,595
4,400
92o
1.00
5%o
Jan
15c
Mar
Cent Patricia Gold
1
Consol
1
Chlbougamau
Daihousle Oil Co
Duparquet Mining Co...*
30
m
16
17
215
Mar
65
Feb
*
*
new
m
m
*
1st preferred
11%
*
15
T06
1.00
1.07
Jan
Canadian Dredge
2.85
2.98
6,100
5,475
2.03
2.85
2.10
Apr
3.60
Apr
7.85
7.85
225
7.00
June
12%
Feb
Francoeur Gold M Ltd...I
72c
71c
78c
6,200
1,500
60c
June
1.58
Feb
9c
June
1,140
9,250
25%
June
20c
June
32
31%
22c
1
Lake Shore Mines
12c
12c
Graham-Bousquet Gold M1
Hudson Bay Mln A Smelt *
J-M Consol G M Ltd
12c
32
20c
50
-.1
5c
22c
50
250
71c June
47
60c
Feb
Feb
41%
Canadian
5c
7,500
4o
May
27 %C
Jan
15c
15c
1.099
12c
June
30o
Jan
2 He
2%c
1,000
2%o
July
7%c
Jan
Macassa Mines.
i
5.30
5.30
130
4.25
June
8.50
Jan
35%
35 %
17c
555
33% June
Jan
Chromium Mining
15c
1,500
14c June
3,000
Montague Gold
5
1
Moffatt-Hall
1
Mclnty re-Porcupine
42
45c
Mar
2c
Pamour Porcupine M
Jan
May
2.15
July
5.50
Juue
13%
Jan
50c
2,000
40o
June
1.10
Mar
2.30
615
2.15 June
4.05
Jan
21c
5,668
18c
19c
Parkhlll Gd M Lid new-.l
8c
1.43
5,575
2.30
*
July
200
6.90
50c
Pandora Cad
2c
2.15
6.30
6.60
O'Brien Gold Mines Ltd__l
2Hc
2.12
Mines
Normetal
7%
Jan
1.00
1.12
3,450
85o
June
2.30
Feb
1.08
13
1.60
1,700
99c
1.00
2,950
2.65
2.90
13%c
15c
71c
79c
13,460
60c
Apr
1.47
Jan
40c
40c
900
24o
Jan
95o
Feb
Mar
♦
79c
*
.
*
55c
*
100
41c June
85c
Feb
2,800
3,200
2.80 June
6.85
Feb
Dome Mines
68c
June
2.00
Feb
Dominion Bank
8^c
6,000
7%o June
22c
Feb
4c
4C
900
4c
July
16c
Feb
Dominion
1,000
2.38
Jan
Dom Scottish Inv
Seagrams
40
220
220
June
1.13
Feb
8,125
1.80
Apr
4.00
Feb
Slscoe Gold Mines Ltd_._l
3.75
*3.60
3.75
1,915
3.20
June
6.65
Jan
Dom Stores-
Bladen Mai
3
1.01
96c
1.05
1.25
1.22
1.35
1
1.20
1.21
1.30
Teck Hughes Hold
1
4.80
4.80
4.80
1
59c
56c
36c
36c
2.50
Jan
June
2.90
Mar
2 25
Jan
200
4.60
June
6.10
Feb
59c
22,775
470
June
2.15
Jan
38c
3,850
30c
June
73 %C
Apr
Jan
— —mmm
5%C
5%c
50
4
July
5
40
20
38
June
44
Apr
22 %
21%
24
9,499
12%
Jan
Mar
9%
9%
595
9%
June
28%
12%
—
13%
55c
93c
1.10
5%
5%
20^
2.85
2.80
2.99
15,045
*
-
—
-
-
*
23
•
24
..100
72 c
-
-
m
General Steel Wares..
Gillies Lake Gold
...1
God's Lake Mines
-
Gold Belt
50c
Mining
Gold Eagle
—
Goodflsh Mining
Goodyear Tire
—
1
1
Preferred
1 22
2 06
Jan
4%
Jan
9%
Jan
Apr
3 65
Apr
2
10
Apr
10
June
16%
Jan
7 .05 June
12 90
May
12
3,815
11c
25
June
19
17,950
Apr
1
*
*
Apr
May
20c
Jan
Gunnar Gold
—
3c June
10%c
Jan
GyDsum Lime <fc Alab.
...
Jan
Jan
46c
20,600
20 %c June
1.25
Feb
65c
80c
39,000
7
190
25
102% 102%
July
11
Jan
Jan
107
Mar
8
13 %
125
Jan
18%
Apr
38c
20,100
29c June
65c
May
8c
8 %c
7%o June
30c
63c
54c
70c
8,275
61,143
June
1.02
Jan
6c
6c
500
6c June
30c
Feb
23c
25c
4,100
—
-
-
—
-
—
-
-•
—
*
21c
500
40c
6,500
18
June
12c
22c
Apr
82
May
92%
Feb
Mar
57
54%
11c
13c
4,150
15,400
15c
20
725
41
40
53
13%
13%
33%
Mar
100
1%
July
3%
77c
3,400
65c
June
1 26
Jan
13%
14%
1,430
11%
June
18%
Apr
2
Jan
96c
Feb
Harding Carpets
Feb
Hard Rock
1
2c
2%c
2,500
2c
May
4 % c
Jan
Harker.
*
13c
...10
30%
550
29%
May
35%
Jan
*
25c
25c
25c
300
15c
Anglo-Huronlan Ltd
♦
5.50
5.75
6.00
June
8.76
Feb
Argosy Gold Mines
1
42c
43c
1,026
4,026
Hlghwood Sarcee
Holllnger Cons
350
June
1 42
Feb
Home OilCo...
*
Arntfield Gold
1
39c
1
7%c
8c
J
9c
10c
5,000
3,000
26,000
60
58%
58%
31
19c
4,775
18,066
Bank ol Canada
Bagamac Mines
18c
1
Bankfleid Cons
1
75c
40c
85c
Bank of Nova Scotia...100
325
328
Bank of Toronto
255
255
100
Barkers Bread Ltd
Base Metals Mln
*
Bathurst Power A
Beattle Gold..
•
1
Beatty Bros pref
B
25c
pref
'
Bidgood Kirkland
1
44c
47
43c
47
*
Brit Col Power A
B
*
"23%
24%
15%
Mar
Jan
Mar
Feb
16
17
21%:
Feb
1.75
1.55
1.85
3,252
June
3
15
60c
60c
66c
3,900
50c June
1
61
Mar
30c
33c
8,086
25c June
53c
Mar
1.12
45,677
20 %c 22 %c
9,400
17
I
Jan
Apr
00
Apr
650
24%
1.76
Feb
Apr
Feb
15
100
July
112
Apr
5
100
July
105
May
10,686
6
Jan
214
154
Apr
27,800
38c
400
June
5
24%
Apr
9%
176
1.70
72c
16%
40
pref
*
intemat Utll B.
Jack
Walte Mines
Jacola Mines
1
1
.
Jelllcoe Cons
1.08
Jan
J M Consolidated
1
Feb
Kelvlnator
*
Jan
Preferred
Feb
Kerr Addison
Feb
Kirk, Hud Bay
Kirkland Lake
Mar
29c
Jan
May
9.00
Feb
26%
Mar
Jan
30%
Mar
15
7
Apr
9%
Mar
Lava
Mar
10
21%
35%
Apr
26%
39
Jan
11%
Jan
1.10
Feb
7
6
10
•
No
par
106% 106%
June
2.15
59c
Feu
,
Feb
26
June
39
Feb
5
106
June
108
Mar
2.46
2.94
June
3 30
1.65
66,770
1,600
2.00
1.60
1.35
Apr
2.65
1.29
1.40
35,245
90c
Feb
1.70
Apr
50c
50c
200
40c
July
1.10
Feb
51%
46%
June
69%
4c
May
28o
58o
June
1.33
Jan
51
4%c
5c
68c
4%c
1
70c
3,403
14,193
7,300
Apr
Feb
Jan
Feb
1.15
1.20
43,200
68c
June
1.20
July
15c
19 %c
68,800
lie
June
30C
Jau
3c
3c
500
3c
May
7 %c
Jan
72c
....
valu
1.00
19c
Leltch Gold
20C June
i
19o
Feb
50c
Lee Gold
July
7
70o June
Feb
1.65
Cap Gold
July
10
1 25
105
85
32
31
July
1.36
2.75
Lebel Oro
3,163
160
97
1
Lamaque Contact
Lapa Cadillac
May
10
95c
10
1
Lake Shore
6,112
7
32
106%
Laguna Gold
12c June
7
Apr
Jan
13%
*
....*
British Dominion nil
20
110
Intl Utilities A
6.40
24
June
6,720
14%
May
25o
660
35%
-100
220
21%
Mar
19,155
23%
Intl Milling
29
20%
14
21
39%
7.25
35%
-.5
Mar
73%
17c
7
225
Imperial Tobacco
Jan
Jan
June
15%
251%
Apr
13 %c
7
220
.100
Mar
72c
94
54%
7.15
*
Feb
33% June
15% June
Jan
—
Jan
11
3,598
June
B A Oil
72
55
5,785
10
Brew A Distillers
July
25
12
34%
35
25%
30c
80
12
97
10
25
8,350
34c
78
62%
185
23%
37c
36c
100
97
3,100
25
Jan
34%
13
25
Jan
87o
61
50
»
4.05
May
34%
36
Brazilian
15%o
Apr
3o
61%
12
Brantford Cordage pref. 25
Apr
1.40
6,600
*
36
i
10%o
1,380
45c
*
13
*
3,327
2.30
International Pete
36
Bobjo Mines
11%
2.18
40 %c
.100
20%
Imperial Bank
Imperial Oil.
Apr
Jan
11%
2.18
International Nickel..
_*
Bralorne Mines
Mar
Mar
50
16c
90o
June
Blue Ribbon pref...
1
Jan
15
Biltmore Hats
Big Missouri
Feb
47
290
48c
Jan
33o
273
1,250
9%
3.44
Apr
June
1.25
169
1.00 June
12 %c June
10% May
43% July
21%
100
7%
167
11,460
14,600
250
9,095
105
490
1.85
Jan
5%
1.42
13c 15%c
15
25
29c
100
9
June
June
7
5%
1.27
42c
Huron & Erie
57
64C
4%
Jan
5%
11%
Howey Gold
Feb
16%C June
754
7
June
340
25c
1.20
167
Feb
Jan
500
Apr
May
25
100
100
Beauharnols
Bel Tel Co of Canada
15c
25c
80
2c
Apr
Feb
305
14%
43%
20%
*
100
Feb
July
June
1
'
51
4
14%
43%
Preferred
16
7%c
6%0
Junp
2c
Apr
1.35
Homestead Oil
35c
26%
125
1.89
Astoria Rouyn
Feb
1%
Apr
Ashley Gold
Feb
57c
42%
June
34
Jan
63o
June
1%
73c
Cyanamid B
Apr
74c
------
29c
Amer
68
9c June
3,470
»
May
July
20c 24 %c
20
20%
58
39c
Jan
June
54%
24 %c
Jan
7%o
89
9%c
49
Jan
30
14c 200,500
93
27
i
*|
|l
21c
38c
-
13 %c
40c
14,725
43%
Feb
June
43c
July
1 58
50c
6
100%
1.15
16
Feb
54c
33c
12c
—
11c
100
24%
29%
1.07
16
Mar
June
7c
40 %c
16
35
Jan
21% June
♦
Alberta Pac Grain pref.iuo
A P Cons Oils
1
36%
1,023
24
Halcrow Swayze
Aidermac Copper
Alexandria Gold
Feb
13%
54%
Graham Bousquet
Granada Mines
Great Lakes Paper
41%
7.500
Jan
June
34c
*
Preferred.
Great West Saddlery..
4c
-
23c
Apr
3c
Apr
40c
65o
13%
*
16%
1
18
Mar
30
1,715
23%
10%c
—-1
80
Afton Mines Ltd
Apr
8c
Mar
7,400
11% June
Jan
180
25
22%
*
Preferred
7.90
40c
*
Francoeur
15c
July
6%
10%c
Frost Steel & Wire
14
22
4c
Jan
192
39
7.50
25
25
»
Foundation Pete.
37
13
Federal Kirkland
May
14%c
-
7.75
*
6%
13c
-
*
m
Ford A
50
10,300
5%
1
38%
1,600
14
47c
*
689
*
9%
55c
.
1,913
4
1.04
Goldale Mines
100
-
4
*
Golconda
6% preferred
Mar
Mar
English Electric A
Acme Gas &OH
28%
24
1
Eldorado Mines
1.499
Jan
May
Easy Washing
7%
Apr
Jan
Jan
2.95
19
East Malartic
62
20
June
75
20%
Glenora
%
31o
21
Fanny Farmer
6
14,200
1,030
20%
Famous Players
58
60c
50
51
Falconbrldge
•
Apr
250
English Electric B
Abltlbi
41
July
Dorval Slscoe
June
High
43
27%
May
..
90c
Low
May
220
Preferred
1.00
Range Since Jan. 1 1937
Apr
July
22
25
Dom Tar & Chem
*
Sullivan Cons Mines Ltd
8.100
28,860
3,400
76 %c June
Stadacona-Rouyn
for
72
199%
..25
Dom Steel Coal B
Week
92c June
Jan
*
Apr
38c
2.86
Shares
Jan
40
1.47
6,600
2.60
High
430
220
Explorers.. —.1
2.65
of Prices
Apr
143
23%
41%
40
.100
83
May
46%
22
*
...1
Week's Range
1,327
202
52c
23
Dominion Coal pref... -25
Low
201
20
7,765
45
8c
Par
9o June
1.10
100
Dlst
Stocks—
7,100
121
26
30c
Sales
Jan
13,860
Feb
81%
80
201
21
25
4.05
Toronto Stock Exchange
15%
*
30c
July 10 to July 16, both inclusive, compiled from official sales lists
1.66
5 25
Mar
14
80%
.
.100
67c
WA. 3401-8
June
Mar
Consumers Gas
Cosmos
West, Toronto.
July
91c
100%
Feb
14
Jan
1.41
2.10 June
211
Feb
3.50
15 King Street
1.46
Jan
Feb
(Associate)
1.75
Jan
Mar
Feb
42c
Curb
June
2.85
r
Dark water Mines
York
1.75
2.68
Feb
New
350
Jan
Mar
1.00
6.50
Exchange
Canadian Commodity Exchange, Inc.
2.25
2.00
17%
4.00
20%
3.80
BROKERS
July
1.00
May
Toronto Stock
11%
Cons Chlbougamau... ...1
Cons Smelters,,6
June
STOCK
135
115
6,179
Feb
9.10
Members
19
Apr
11
81
12
23
June
Duncanson, White & Co.
11%
June
80
116
13%
115
Jan
20%
July
Wood Cad
May
8%
♦
5.20
Cad
47
Apr
June
Cons Bakeries
250
Thompson
May
4%
2.14
15c
1.70
38
Jan
3.50
1.90
55
Jan
22%
2.55
1.70
32
Feb
400
50 H
Apr
1.00
6.00
l
23%
2.10 June
5.80
1
Feb
65
14
5.80
San Antonio Gold
21%
200
Pickle Crow Gd M Ltd...]
Sherritt-Gordon
Apr
4%
...1
Crow's Nest
Shawkey
20%
12%
Jan
Mar
14
590
3,000
4c
May
10
2,515
Jan
1
18%
2.16
2.51
Ritchie Gold
50
285
560
•
1.25
2.00
-
Jan
1.19
June
Reward
Feb
2.12
3.85
50c
9%
1.24
70c
68c
Apr
2.12
16,350
1
7%
*
1.08
1
195
5
85c
Red Crest
Jan
Coniaurum Mines
1.08
Read-Autbier Mine
Jan
14%
Conlagas Mines
Perron Gold Mines Ltd...1
Quebec Gold
21
231
1.00
Commonwealth Pets
Cockshutt Plow
3.50
i
Pend-Oreille
12
15%
3%
2% June
20
1.53
2.00
Pato Gold
Jan
765
3%
21%
8%
19%
555
*
Central Porcupine
-
Apr
210
4,195
Castle Trethewey
Central Patricia
4%c
31
Jan
5%
Cariboo Gold
-.1
Lee Gold
Apr
June
7
11%
...J
Lamaque Contact G M._*
LebelOro Mines
18
19
183
41
.100
Wineries
July
10
176
997
12%
4%
C P R
Jan
59
June
Oil
Preferred
10
24
190
6
*
Canadian
Apr
41
*
Feb
57c
May
7
6
*
Canadian Malartlo
Feb
160
July
mmmm
*
B
98
Jan
3
26
Canadian Ind Alcohol A__*
7.85
June
146
85
14%
25%
25
*
1
Eldorado Gold M Ltd
82
6
88
8%
19%
11%
—----
*
Preferred..
Feb
170
21
------
.100
2nd preferred
Canad Car A Foundry
Mar
3
3
21
*
Canadian Cannons
110
155
10%
------
Preferred.
Apr
24
185%
♦
Breweries..
Jan
23
185
10%
»
.
May
14% June
101
May
1
10%
59%
3
84%
------
mm
Canada Wire & Cable B
99
107%
6% June
50
Jan
Mar
155
84%
.100
Falconbrldge Nickel M__*
East Malar tic
103
mm mm
Can Bank of Commerce 100
Canadian
15
6%
52
Can Steamship (new).
Preferred
6%
52
Canada Packers
15c
Brownlee Mines
6%
.100
1.15
4c
Calmont Oil Ltd
6,087
Apr
6c
4c
Calgary A Edmonton
84c
76c
1
*
50
May
31c
60
(1936)...1
9,340
June
27c
Bouscadlllao Gold Mines. 1
Feb
July
3.30
Preferred
23c
5
18
Feb
Brazil Gd & Diamond M_1
11c June
Feb
39% May
3.15
72c
Mar
50
17%
Canada Cement......
74%
85
3.15
—
Jan
Jan
100
17%
B preferred
6%c
315
5%
*
Calmont Oils
12.50
50
*
Canada Bread
June
Apr
2o June
8.25
41
5%
50
Calgary <fc Edm
Anaconda Oil
51
65
50
------
...50
—25
Burlington Steel
Mines—
High
July
40
50c
Preferred
Burt (FN)
Low
49
10,100
*
25
June
Week
Shares
9.00
»
15H
High
50
♦
Apr
Apr
65c
Low
Range Since Jan. 1 1937
for
Rang
of Prices
Price
Par
Jao
6
85c
Stocks (Continued)
High
Jan
1
105
5
United Distillers of Can..*
Week's
Sale
Shares
Sarnla Bridge Ltd B
♦
Southern Can P pref..100
Thrift 6 % % cum 1st pref25
Sales
Last
Week
Price
Exchange
Friday
66c
75c
24,500
45c
June
1.35
Feb
1
Volume
Financial
145
Canadian Markets
Chronicle
—
421
Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
11 KING ST. W.
Stocks (Concluded)
Pa
r
Week's Range
Sale
of Prices
Lota
Price
Range Sin^e Jan. 1 1937
for
Week
Low
Shares
High
Treadwell-Yuk
40c
.__1
on
Uchl Gold
50c
40c
2,800
76
75
87
8,150
Union Gas
*
15H
15H
15 H
1,043
The Toronto Stock Exchange
United Oils.
*
29 He
29c
30c
8,750
Montreal
Noranda
Sudbury
United Steel
*
8
7H
8H
6
*
1,725
3,856
July
17c
Winnipeg Grain Exchange
MEMBERS
Cobalt
Ottawa
High
TORONTO
WAverley 7881
OFFICES
Toronto
Kirkland Lake
Montreal Curb Market
North Bay
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Feb
870
July
Jan
19
Apr
70c
Feb
May
11H
Mar
*
Walkers
*
8.10
6.00 June
9.10
May
2.06
1,850
1.00
Apr
2.25
Mat
3.05
10,120
2.10
June
4.65
47
51 H
14.324
42
May
49 H
19H
19 %
1,863
19
May
20
Jtn
June
12H
Jan
48
H
19 H
*
Preferred
7.75
1.95
2.96
7.80
Walte Amulet
Tlmmlni
Apr
2.99
Vulcan
Bourlamaque
50o June
13
2.60
2.00
Ventures
Sarnla
Owen Sound
Hamilton
Sales
Las
GRAIN
BONDS
STOCKS
Exchange
Friday
-50c
Wayside Cons
5H
5H
5H
305
6
Feb
Mar
Western Canada Flour-
Toronto Stock
Exchange
Week's Ranoe
Last
Sale
Stocks (Continued)
Week
Shares
5.50
2,315
Low
Eg
High
5.40
5.15
24M
24 H
23
*
B._._
25
23
506
Apr
25
Jan
23 H
July
21
8.40
Jan
Feb
100
21c
Apr
90c
....1
5.35
5.20
5.65
9,197
4.15
June
8.00
1
1
2.00
1.91
2.14
18,655
1.65
May
4.85
80c
85c
55o
June
1.20
2Hc
2c
June
16c
Feb
11c
June
36c
Jan
30c
Mar
410
4H
4H
4
4
3H
Manitoba & East...
4Hc
14c 14 He
14 He
Malargo Mines
25c
Ymir Yankee Girl
*
23 H
23 H
23 H
500
20c June
52c
Feb
*
160
3H
7H
Apr
6
6
Toronto Stock
Sales
Friday
Week's Ranoe
for
Sale
460
8 Vi
Jan
Jan
16 H
74
Mar
of Prices
Low
High
Shares
14 H
Mar
52 H
554
8H
Apr
776
86^
July
101
Mar
33 H
3,200
18
May
44
June
35 H
36
32 H
May
42 H
June
45c
36c
4,000
1.20
1.25
27c 31 He
"36c
Mercury Oils
50c
35c
1.20
2,185
8,200
19,500
12,700
2.03
Jan
17c
Jan
57c
Feb
June
1.18
Jao
26c
Apr
63c
Mar
12 He
12 He
1,500
3*60
3.50
3.95
7.705
13c
*
Merland Oil
12 He
13c
3,500
1.80
108,190
43 H
330
41
June
45
~
....
*
Mlnto Gold
1.67
Moneta Porcupine
1.44
43 H
Moore Corp
43
Jan
35c
1.00
10c
Apr
39c
Feb
2.70 June
5.00
Feb
lie
June
33 He
May
95c
June
1.98
Apr
Mar
100
180
180
10
173
June
267
Feb
Monarch Royalties Ltd..*
42
46
14,800
42
July
48
June
A
21c
1
*
Murphy Mines
27c
17,800
20c
July
88c
Feb
75c
22c
Morris Kirkland
Mulrheads Cafe
75c
100
60c
July
1.25
Feb
3c
June
10c
Feb
8H
Jan
July
1
3c
9H
*
42c
Naybob Gold
1,500
10H
1,235
19H
15
201
6
N1 pissing
June
3 He
4c
11,200
51c
55c
9,600
2.45
2.50
710
62 H
.
6c
Norgold Mines
June
30c
3Hc
.5
201
35,700
4c
New Golden Rose
18
35c 42 He
53c
New bee Mines
Noranda Mines
3 He
201
100
National Trust
,
9H
19H
National Grocers
Natl Sewerplpe A
64
Apr
Jan
Jan
1.05
Feb
May
12c
Feb
50o June
1.49
Jan
3.60
Feb
2.40
Apr
2,026
64H
June
6c
5,000
5c
June
2.23
5HC
11
21
212
Feb
R3
16Ho
Jan
2.05
55,560
4,200
Apr
2 23
July
60c
June
95c
Apr
6.35
6.95
18,945
5.60
June
13.26
Jan
2.10
2.35
5,475
1.05
Apr
4.10
Feb
50c
46c
57c
24,138
45o
Apr
1.28
Jan
2
2
2
*
1
1.20
70c 73Hc
...
O Brlen Gold
1.86
6*55
2.25
Normetal
North Canada MIn
Okalta Oils
Omega Gold
Orange Crush
*
17
1.08
22c
*
Pacalta Oils
Page Hersey
'2*35
Paraour Porcupine
1.10
5,500
20c
24c
39,250
1.03
Oro Plata Mining
1.03
120
2.40
12,615
95c
2.05
July
85c June
10c
98
Apr
Feb
1.90 June
8
1
Partanen-Malartlc
1
_
Paulore Gold
l2Hc
J
Paymaster Cons
18
J
17c
56
1
30c
1
1.02
)
Pickle Crow
)
"5*65
3.85
1
100
Powell Rouyn
Apr
15c
June
14c
8,100
13c June
12Hc
17c
20c
2.20
43 He
Mar
Feb
Mar
118
4.00
9H
Jan
Jan
Feb
40
41c
Apr
3,000
12c
June
4ttc
Jan
43,850
62
49c
June
1.38
Jan
30c
28,150
22c
June
32c
May
81c
1.10
22,175
70o
June
2 50
Jan
lHc
5,500
1 He
Apr
3HC
Jan
5.95
12,500
4.90
June
3.85
2,505
3.65
June
24c
5.65
3.80
1.07
7
100
100
"
)
Power Corp
5H
8,388
Mar
co
lHc
Payore Gold
Perrod Gold
Pioneer Gold
245
21H
55
Peterson Cobalt
Porto Rico pref
8H
18
Pantepec Oil
Parkhlll
92c
1.13
17,140
248
22
96
Jan
75c
9.20
6.85
Feb
Feb
Mar
102
June
2 20
Feb
18
June
33 H
2.35
1
*
30 H
Preston E Dome
1
1.03
2.45
1,200
1.95
June
4.50
45
27c
July
36c
60,150
1.10
65c June
1.47
1.40
900
1.10
Feb
1 55
11c
5,000
9c
July
48c
Real Estate Loan
100
Red Crest Gold
4.05
7.305
2.85
June
0 86
40
2
69c
60c
69c
♦
41c
38c
44c
Reeves-M acDonald
*
74c
74c
3,700
18,545
1,600
40
July
55o
July
1.95
June
l.7«
70c
July
2H
2H
40
2
July
24H
24 H
325
22
Jan
82c
90c
7,100
72
June
135
Jan
30
Feb
33
Coast Copper
Rocne Long Lac
1
74c
31H
mi
45
"l5c
12 He
15 c
23.700
200
200
9c
1.52
4
100
St
Anthony
St Lawrence Corp
San Antonio
16 He
i
*
1*75
.1
June
48 HO
59c
Sheep Creek
60c
227
32
198
May
50
1,357
35
Apr
«n
Simpsons B
110
Jan
120
Simpsons B pref
39,700
4.50
5.00
400
*49*
49
49
16H
17H
1.10
5,925
DeHaviland
*
16
16
Dominion Bridge
*
48 H
49
Dotn Found & Steel
*
39
40
East Crest Oil
*
39
14Hc
100
Preferred
16c.
1.65
18c
1.80
10,600
June
200
13
9H
Jan
15
14,600
1.25
Apr
2.40
5,200
40c
June
1,200
57c
Mar
2.86
31,918
1 90
Apr
7H
May
Apr
80 H
81
2.12
80 H
2.30
3,375
60c
5
31H
31H
14
14
14 H
55
55
July
4%c
37c
7,300
22c
July
69C
Jan
1.25
-
2.00
2.00
Mercury Mills
2.00
31
National Steel Car
25
50
1.60
2.00
130
1.60
July
4
Jan
3H
3H
100
3H
July
4H
Jan
5c
4Hc
5c
8,000
4c
May
12c
Jan
V/sc
2Hc
\%c
3.50
3.85
7,620
2.00
July
May
6.05
Feb
3H
4H
2,000
3 Ho
May
lie
Feb
4c
July
3c
Julv
—5
Preferred....
Oil Selections
....
Pawnee-Klrkland
3.65
Fend Oreille—
1
Porcupine Crown
3c
Robb Montbray
100
*
*
*
5c
3,400
2,500
Rogers Majestic
Shawlnlgan W A P
Stand Paving
27
27H
5H
5H
1.25
2H
530
25H
Apr
195
4H
1.00
36c
50
33 He
50
52
38
97 H
50
85c
3,625
2c
Government
2Hc
3,500
85c
550
85c
•
Municipal
•
32o
Bid
Tip Top Tailors pref
Toburn Gold
1
Manitoba Power
Fer>
Maple
81c June
Beauharnols Pr Corp 5a '73
65H
66
1
10
3 96
Feb
Bell Tel Co. of Can 5s. 1955
1M June
17
Feb
Burns & Co 5s
June
110
Feb
Calgary Power Co 5s.. 1960
95
Bid
99
85
1958
June
2 50
Feb
Canadian
lHc June
5Hc
Jan
Canadian Lt A Pow 5s 1949
2 00
Feb
Canadian Vlckers Co 6s '47
50o
SSf*
Apr
Inter Pap 6s '49
113H 114H
91
93
76
78
96 H
97 H
Mas8ey-Harris Co5s__1947
80
McColl Frontenao Oil 6s *49
96 H
97 H
Minn A Ont Paper 6s. 1945
103 H 104 H
68 H
/67H
Montreal Island Pr
104H 105
-
-
99 H
90
1961
/88H
/67
6Ha.l945
92 H
93
Apr
84H
83 H
85 H
219
77 H
May
96
Feb
75
74 H
75
71
May
88
Mar
Dom Gaa A Elec
Mar
Donnaconna Paper Co—
45
17
5Hs 1961
5Ha ex-stock
15H
100
\i
July
3.85
4.10
3,140
3 00
June
6.90
Feb
20c
20c
5,600
15c
June
40 He
Jan
East Kootenay Pow 7s 1942
1*24
1.22
1.32
4,000
1.03
June
3.26
Jan
Eastern Daries 6s
3.15
3.15
3.30
4,835
2.70
Apr
4.80
Feb
FraserCoes
16 H
8c
16 H
184
16H
Jan
9c
19,500
6o
June
4.55
June
4.80
1.75
12
H
110
2.35
15
16 H
28 HO
6 00
1.01
4s
85 H
1956._
Jan
86 H
99 H
100 H
1
105
Jan
Int Pr A Pap of Nfld 5s
102 H
103 H
Jat,
Lake St John Pr A Pap
101
102
'68
Co
2.35
14
Apr
5Hs
1961
40
104
1%
110
Apr
5s
1961
82 H
MacLaren-Que Pr 5Hs '61
100 H
4.06
Jan
46
Apr
Jan
6,273
73o
June
2.00
Feb
1.00
1.14
•
No par value.
H
Pa Mills
4Hs *51
Steel of Canada Ltd 6s '40
111
/ Flat price
83 H
101
United Grain Grow 5s. 1948
81H
83"
United Secure Ltd
Apr
52
101H
104 H
Feb
July
104 H
100 H
103 H
10
July
103 H
1968
Smith
817
Jute
103
103
4,020
1.85
105
102
104 H
97 H
48 %
99
104
1
Shawlnlgan WAP 4Hs '67
102 H
34
Quebec Power 5s
98
1957
5Hs '47
Dec
104
/96 H
100
5s
H
103
1956
135
100
1950
4,450
2,230
96
99 H
104 H 105H
102H 103H
1.95
2.55
100 H
95 H
Saguenay Power 4Hs A.'66
4.Hs ser B__
.1966
Gt Lakes Pap Co 1st 5s '55
50
51H
1956
1973
Montreal Tramway 5s 1941
Ottawa Valley Pow 5H»8 '70
Power Corp of Can 4Hs '59
99 H
3Hs-
67
Gatlneau Power 5s
35
50 H
3Ha
65
Jan
50
1939
value) 3s
1949
4.95
110
5Hs '57
Montreal L H A P ($50
Provincial Pap Ltd
14 H
1.50
70
Feb
34
98 H
-
U2H 113H
Mar
Ask
5H8.1951
Milling—
Leaf
78
Cedar Rapids M A P 5a '53
68c
2.85
"50"
Jan
Feb
2Ha to '38—6Ha to '49
Consol Pap Corp
July
June
*2*50
Mar
Utility Bonds
A k
83 H
28c
*
5
HAnover 2-6363
/97H
16 H
Toronto Elevator pref.. 100
Towagm ac Kxi'i
t
•
Abitlbl P A Pap ctfs 5s '53
15H
Toronto Elevators
68o
62H
Juue
Montreal and Toronto
Alberta Pac Grain 6s. 1946
9Lc
100
1H
Jan
500
1.85
Jan
June
20c
46
NY 1-208
Industrial and Public
44,625
4.80
June
J an
Apr
28c
14 H
June
39
Corporation
•
New York
Bell System Tele.
1.33
*
Jan
85
Royal Securities Corporation
30 Broad Street
28c
*
3.50
Jan
Feb
Mar
Jan
48,950
Private wire connection between New York,
1.20
*
9H
SECURITIES
CANADIAN
1.24
Texas Canadian
34
•No par value
102
Teck Hughes
8H
June
Feb
300
40c
101
80c
_*
Tip Top Tailors
Jan
Feb
33H
280
2
Feb
12 Ho
80
10
146
par
8c
100
.
101 H
1
100
Jan
122
May
1.25
80
2
6c
July
6
37
.
Apr
170
80
1
100
Fuel prof
Water.oo Mfg A
109
6H
36H
*
Temlskamlng Mines
15
28H
6H
Stop A Shop
Supersilk Hosiery pref.. 100
Supertest ordinary
120
116
lHc July
2,500
3 He
5c
Ritchie Gold
Robt Simpson pref
103
......
Feb
Jan
3H
5
North Star Oil
101 H
Tashota
Jan
49C
Apr
102
Tambiyns...
67 H
6c
15o
108
1
Apr
3,000
4,850
1941
Rylvanite Gold
40
2c
16c
Canada North Pow 5s. 1953
1
Jan
15c
Canada Bread 6s
Sullivan Cons
July
37 H
lHc
Jan
4.00
2.00
Apr
1.60
Nordon Corp
Jan
"
May
29
5
15c
1
Night Hawk
0.05
»
Jan
59
31
48 H
*
2.49
1
Jan
Feb
May
lHc
June
Sudbury Contact
41H
May
50
June
Sudbury Basin
June
12
5
76c
Stuart Oil pref
25H
683
10,600
3.15
*
Jan
2c
10,080
26
Jan
Feb
Apr
35c
1
24,950
Preferred
1.75
1 He
100
1.05
Steel of Canada....
4.05
18 H
65
3.75
90c
Apr
50c June
1.40
2,068
97c
Petroleum...
Jan
18H
90jH
63
20
3.60
Stadacona
Feb
3.55
1.00
Spooner Oils
Apr
July
45c
Jan
Jan
3.60
80c
40
May
lOo
Apr
Siaden Malar tic
!
29
90c
Siscoe Gold
Southwest
Feb
58 H
12H
97
South Tiblemont
Feb
22H
15
May
160
97
Slave Lake
3.60
Mar
12c
52c 59 He
2.57
100
19 H
1,700
*
United
Feb
60
Apr
Feb
47H Junt
70
*
Montreal L H A P
Jan
June
16,000
Inter Metals A
....
Feb
15 H
55o
50
Hudson Bay MAS
Mandy
10.00
47
165
32
Malrobic
Mar
1.30
—
Langleys pref
Jan
31c
14 H
1.20
*
Home Oil
3H
14
*
*
Honey Dew
25
H
Feb
21
June
60c
Foothills Oil
Hamilton
Bridge
May
Feb
3.00 June
929
98c
100
Feb
1.50 June
5c
*
July
16c
7H
*
2,295
8c
Jan
38 H
Jan
July
21c
Mar
15
'*2*72
Sherritt Gordon
2.15
6c
12
Feb
120
78c 79 He
Phawkey Gold...
17
17H
2.00
♦
Apr
202
12 H
"
125
17H
2.15
6 He
Dalhousle Oil
Mar
116
100
34
Consolidated Paper..
Cons Sand & G pref
June
29 H
47
Royal Bank
Royal I te Oil
Russell Motor pref
212
—5
Jan
90c
38
70
June
July
Feb
1
*
3 Ho
5
8,000
1
Central Manitoba
Feb
29c
*
l
130
6
1
Canada Vinegars
Canadian Marconi
Jan
6
37H
*
*
Feb
58
Relnhardt Rrew
Reno Gold
8 He
*
Jan
Remington Rand
Riverside Silk A
60
8 He
1
Canada Malting
45
10
60
100
Brett Trethewey
Bruck Silk
Feb
*
Shbre...
Btssell pref
Jan
3.40
40
3.85
High
Jan
98c
9c
.1
Lots
Feb
*
Authler.
1 1937
Range Since Jan.
Week
Jan
30 H
1.40
Prospectors Air..
Quemont Mining..
Price
Feb
30
21H
...»
Premier
Pressed Metals
Lake G
2
Par
Stocks—
Mar
11H
91H
27c
Mining Corp
Last
Jan
10
*
McVVatters Gold
Jan
1,015
Jan
Exchange—Curb Section
11
57
May
July 10 to July 16, both inclusive, compiled from official sales lists
12 H
89 H
32
McVlttle Graham
Feb
Zimmerknlt
Apr
54
McKenzle Red Lake
770
8.10
700
13,236
June
11H
36
Jan
June
5.85 June
38c
6.55
5
11H
6
Mclntyre Mines
30c
Jan
5c
38c
5
10 H
McDougall-Segur
10
July
Jan
91
*
100
Preferred
June
2c
6.20
140
50
100
Preferred
McColl Frontenao
3H
Jan
10
6.50
1,327
10 H
•
Massey Harris
June
*
...I
Wright Hargreaves
6H
*
Preferred
3
2,000
2c
6H
Maple Leal Milling
10c
40
2c
*
Mar
Madsen Red Lake
Red
18H
May
Mar
4c
9,350
71,100
5,675
MacLeod Cockehutt
Read
90
June
*
Jan
85c
25c
*
Lowery Petroleum
Macassa Mines..
July
14
1,400
Feb
175
23H
June
52
1,160
14 H
4H
White Eagle
4.85
10
14 H
13
Winnipeg Elec A
Wood Cadillac
Little Long Lao
Loblaw A
.1
.
B
of Prices
High
Low
Price
Par
Ranoe Since Jan. 1 1937
for
55
14H
13
*
Whitewater Mines
Jan
55
14 H
ino
Preferred
Westons
Sales
Friday
5Hs '52
75 H
76 H
Winnipeg Elec 6s.Oct 2 '54
92 H
Financial
422
July 17, 1937
Chronicle
an
Quotations
New York
Bid
Jan
038
1 1964
04#s Mar
1 1966
04#8 Apr
04#S Apr 15 1972
99
105 # 106 X
106
106 X
a4#s June
15 1976
105
104
15 1978
106
108
a4#s Nov
112#
112X
114#
1 1960
113 #
115
04#S
a4 #s
a4#s
«4#8
a4Xs
a4#s
1 1962
114
115#
1 1977
a4XB Dec
Nov
1 1958
a4a
1 1959
o4s
May
May
1 1977—
a4s
Oct
1 1980
-
112 X
114
Mar
May
1
1981
1 & Nov 1 1957
Mar
1 1963
June
1 1967
Dec
15 1971
...
1 1979-
Par
u
34
Klngsboro National —100
65
66
71
Merchants Bank
.100
100
95
50
125
National Bronx Bank—50
13.55
52
54
National Safety Bank. 12#
12#
46
48
Perm Exchange—
Commercial National.. 100
190
196
10
Peoples National.......50
Fifth Avenue
970
1010
Public National
First National of N Y..100 2205
2245
Bensonhurst National... 50
Chase
City (National)
100
30
100
25
13
15
76
43#
45#
Sterling Nat Bank & Tr.25
33
35
30
37
Bid
12#
Companies
Par
Ask
Itallana.100
105
115
Fulton
Bk of New York & Tr..l00
450
460
Guaranty
Irving.
Kings County
Bankers—
-10
—
67
.7
100
Bronx County..
Brooklyn
Central Hanover:
New York State Bonds
118
123
69
13#
12#
255
270
100
319
324
...10
—
3s 1974
62.55 less
1
48
54
56
50
62.60 less
1
4#s April 1940 to 1949.
Highway Improvement—
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J '60 to '67
Barge C T 4s Jan *42 & '46
62.85
m
131#
m
m
mmm
131#
mmm
62.10
52
124#
124#
'
m
20
125
128
63
65
Clinton Trust
50
85
90
Preferred
25
16
18
New York.
16#
17#
Title Guarantee & Tr —20
Corn Exch Bk & Tr
World War Bonus—
3s 1981
Ask
1850
45
Continental Bank & Tr.10
Bid
16
15
100 1750
Lawyers
Colonial Trust.-l
Ask
Ask
Bid
-100
—
Cehmical Bank & Trust. 10
Canal & Highway—
5s Jan & Mar 1964 to *71
20
18
60
122# 124
Banca Comm
Highway Imp 4 #s Sept '63
Canal Imp 4 #8 Jan 1964..
Can & High Imp 4#s 1965
-
115
Trade Bank.....
40
New York Trust
120# 122
Par
Bid
Ask
Bid
32
Bank of Yorktown—66 2-3
Flatbush National
118
117
Ask
Bank of Manhattan Co. 10
118# 119#
118# 120#
119# 120#
1 1965
July
Bid
Ask
114# 115#
115
116#
116# 117#
116# 117#
116# 118
117
118#
117# 118#
118# 119#
1 1974..
a4#s Feb
a4#s Jan
105# 106 X
111#
MX
MX
112#
USX
o4s
a4#s Sepo4#s Mar
Bid
103
102
a3#s July
1 1954—
d3#s May
1 1954
«3#s Nov
1 I960..
a3#s Mar
15 1976
a3#s Jan
1 1975
a3#a July
a4s
1 1957.
May
New York Bank Stocks
City Bonds
Ask
98 #
1 1977
1 1975
Over-the-Counter Securities—Friday July 16
on
20
63#
64#
Underwriters
-100
Empire
10
30
31
United States
-.100 1750
Manufacturers
—
.20
—20
132# 135#
13#
12#
104
94
1800
110#
'
129
Barge CT4#s Jan 1 1945.
114
Chicago Bank Stocks
Par
Bid
Ask
American National Bank
Port of New York
Bid
Ask
Port of New York—
Gen & ref 4s Mar 1 1976.
107 X 108#
104# 105#
101# 102#
98#
99#
3#s *65
Gen & ref 3d ser 3 #8 '76
Gen & ret 4th
ser
& Trust....
280
135
Ask
& Trust
3s. 1976
1939-53
—J&J 3
Holland Tunnel 4#s ser E
1938-1941
_M&S
1942-1960
M&S
104
325
405
430
740
780
Northern Trust Co
33 1-3
100
111
I
2.00
112#
nsurance
Par
Bid
Companies
Ask
111#
M&S
61.50
1942 1960
M&S
108
2.25
109#
Par
10
89
93
Home Fire Security
10
Aetna Fire.
10
46#
Homestead lire
10
Aetna Life....
10
27
48#
28#
25
84
86
Ins Co of North Amer
American Alliance
1938-1941—
110
Aetna Cas & Surety
Agricultural
George Washington Bridge
4#s ser B 1940-53.M N
10
21#
36#
23
Knickerbocker
Lincoln Fire.
American Equitable
.5
American Home—.
10
American of Newark...2#
United States Insular Bonds
Philippine Government—
4s 1946
Bid
100
1959
...
4#s July 1952
5s
April 1955
...
Ask
Bid
101#
Honolulu 5s.—
Ask
63.50
105# 107
U S Panama 3s June 1 1961
105# 107
100# 102
3.00
Govt of Puerto Rico—
4 #s
American
12#
39#
5 #s Aug
1952
108
111
1941—
110
113
Hawaii 4#s Oct 1966
58
26#
dZ.75
3.50
115# 117#
2#
Bankers & Shippers
Bid
100
103
630
640
Camden Fire
Carolina...
5
111
19#
10
23#
10
25#
34#
Bid
M&N
3#s 1955 opt 1945. .M&N
4s 1946 opt 1944
J&J
100# 101#
3s 1956 opt 1946
102# 102#
109# 109#
4s 1957 opt 1937
4s 1958 opt 1938
Ask
M&N
M&N
4#s 1957 opt Nov 1937—
100 X 101#
4#a 1958 opt 1938
103# 104
.
.M&N
102# 102#
101# 101#
Federal..
Bid
Bid
Ask
Lincoln 5s
100
Louisville 5s
100
92
Maryland-Virginia 5s
100
Mississippi-Tennessee 5s—
100
Ask
95
'
Burlington 5s
/5 5
....
California 5s
100
Chicago 6s
/5#
Dallas 5s
65
-
-
-
6#
North Carolina 5s
100
Denver 5s
95
First of Fort Wayne 4 #s—
First of Montgomery 5s.
—
First of New Orleans 5s...
First Texas of Houston 5s-
96
98
First Carollnas 5s
New York 5s
100
—
Ohio-Pennsylvania 5s
95
m
mf
mm
99# 100#
99# 100#
100
100
m m m
Pac Coast of Salt Lake 5s_.
100
Pac Coast of San Fran 5s.
100
103
83
Greenbrier 5s
100
100
.
St Louis 5s
Greensboro 5s
Illinois Midwest 5s
Illinois of Montlcello 4#s.
Iowa of Sioux City 4#s_..
Kentucky 5s.
San Antonio 5s
North River
Northwestern
131#
75
78
Fireman's Fd of San Fran25
Firemen's of Newark
5
84
5
12
10#
32
330
84
87
101
96
99
100
Bid
50
Phoenix 5s
—
30
looN
Southwest 5s
—
85
Southern Minnesota 5s
/16#
Tennessee 5s_
100
Union of Detroit 5s
101
xlOO
Virginia-Carolina 5s
Virginian 5s....
^87
18X
...
.
99# 100#
100
—
---
Par
Bid
New York..
100
12
Ask
60
Ask
16
45
North Carolina
100
35
40
70
75
Pennsylvania
100
22
43#
45#
21#
63#
Seaboard Surety
Security New Haven
49
46#
48#
22#
20#
92
25#
126
95
27
131
127# 130#
89#
85#
16#
32#
34#
7#
23#
25#
8#
25#
27#
18#
87
91
26#
27#
Hanover Fire
Hartford Fire..
10
5
5
Seaboard Fire & Marine..5
8
9
9#
11#
204# 209#
Springfield Fire & Mar..25
Stuyvesant.
5
12#
31#
36#
112# 115#
7#
8#
10
Sun Life Assurance
100
645
695
24#
26
Travelers
474
34#
78#
58#
..100
U S Fidelity & Guar Co..2
U S Fire....
4
464
32#
19#
16
9
—.10
.10
Hartford Steam Boiler-.10
Home
5
75#
56
35
I
37
.10
10
U S Guarantee
10
Westchester Fire
2.50
10#
29#
35
22#
52#
24
54#
55
58
33#
35#
Surety Guaranteed Mortgage Bonds and Debentures
Allied Mtge Cos Inc—
All series 2-5s
1953
Arundel Bond Corp 2-5s '53
82
78
Arundel Deb Corp 3-6s '53
Associated M tge Cos Inc—
jbenture 3-6s
.1953
JontTInv Bd Corp 2-5s *53
Contl
45#
Ask
■
mmm
mmm
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
Series B 2-5s
—1954
53
Ask
...
77
55
Potomac
48#
43
Bond
Corp
46
(all
Issues )2-5s—
1953
Potomac Cons Deb
76
3-6s
74
1953
43
46
43
46
—1953
43
46
Potomac Maryland Deben¬
ture Corp 3-6s
1953
70
Potomac Franklin Deb Co
Empire-Properties Corp—
48
1945
35
79
1953
(Central Funding series)
...
Corp—
Potomao Deb Corp 3-6s '53
Ihy DebCorp 3-6s '53
3-6s.._
38
—
Realty
/32#
43
35#
Realty Bond
1953
Unified Deben Corp 5s 1955
33
46
44
46
deb3-6s.
74
43
...
Atlantic
Deb Corp 3-6s—-.1953
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6s.l953
16
...100
63
58
63
San Antonio
100
40
16
Virginia
5
100
1#
3
Potomac
&
Mortgage
36" "
67
45
#
50
Telephone and Telegraph Stocks
1#
55
8
Virginia-Carolina.
Par
Teleg (N J) com.*
Preferred
Intermediate Credit Bank Debentures
100
Bell Telep of Canada.. 100
Bell Telep of Pa prof.. 100
Clncin & Sub Bell Telep.50
Bid
Ask
116# 117#
122# 123#
167# 169#
113
114#
85
Cuban Telep 7% pref-100
40
87
...
Emp & Bay State Tel—100
Bid
Ask
Bid
F I C 1#S—-Aug
FIC l#s—Sept
16 1937 6.45%
15 1937 6 .45%
FICl#s—Dec
FICl#s—Jan
FlCl#s—Oct
15 1937 6 .50%
15 1937 6 .55%
FIC l#s_—Mar 15 1938
48
26
6
F.I C 1 #s...Nov
10
St Paul Fire & Marine. .26
..5
Great Amer Indemnity...1
Halifax Fire
10
Am Dist
Federal
5
.
Reinsurance Corp (N Y).2
Republic (Texas)
.10
Potomac
12
100
10
Preferred Accident
27
.....
100
14
Fremont
Phoenix
Providence-Washington
27
Bid
107# 108#
Potomac 5s
40
Lincoln
....25
40#
Nat Bondholders part ctfs
100
Pacific Fire
25
Joint Stock Land Bank Stocks
First Carolinas...
2.50
25
2d preferred
Great American
Inc 2-5a
Des Moines
12.50
i
National.25
38#
tnterstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Denver
Northern
Revere (Paul) Fire
Rhode Island.
Rossla..
60#
100
Pennsylvania 5s.
100
99
100
2
87
-3s
Dallas
10
20
mmm
80
Atlantic
10
New
29#
5#
43
41#
2
New Brunswick Fire
8
18#
66#
9#
10#
126# 130#
13
14#
34#
36#
mmm
100
Par
.2
20
7
16#
64#
...
Pacific Coast of Los Ang 5s
Pacific Coast of Portland 5s
99# 100#
99# 100#
101
Atlanta
National Liberty
National Union Fire
New Amsterdam Caa
7
99# 100#
66
/62
Oregon-Washington 5s
97
First Trust of Chicago 4 #s
La Fayette 5s...
-m^m
m
10
4#
5#
■
100
Fletcher 3#s
Fremont 5s
-
'
13#
.10
New York Fire
Glens Falls Fire—.
5
Globe & Republic5
Globe & Rutgers Fire—.15
100
—
11#
Merch & Mfrs Fire New'k.5
35#
7#
127
General Reinsurance Corp5
10
Gibraltar Fire & Marine. 10
Atlantic 5s
51
27#
10
Georgia Homo
Atlanta 5s
48
Hampshire Fire
New Jersey
5#
10
Fire Assn of Phlla
Franklin Fire
Joint Stock Land Bank Bonds
67
Merch Fire Assur com...5
48
4#
46
..5
Fidelity & Dep of Md—20
21#
25#
27
Eagle Fire
2#
Employers Re-Insurance 10
Ask
100# 101#
100# 101#
8#
7#
25
..100
111
Excess
J&J
J&J
4
64
Merchants (Providence)-.5
Connecticut Gen life... 10
Continental Casualty
5
3s 1955 opt 1945
3s 1956 opt 1946
5
Maryland Casualty
1
Mass Bonding & Ins. .12#
National Casualty
National Fire
Boston
Federal Land Bank Bonds
17
54
109
Conversion 3s 1947
76
15
31#
108
U S conversion 3s 1946
9
75
5
29#
112#
5#
10
52
111
Ask
19
7
25
115# 117#
Baltimore Amer
July 1958
July 1948
13#
41#
27#
Bid
4#
317#
Reporters & Exporters.
10
Surety
Automobile
City of New York
Feb
39#
14#
13
*
American Re-Insurance. 10
American Reserve
10
5s
Ask
320
Savings. 100
105
61.00
Inland Terminal 4#s ser D
4#s Oct
Bid
...100
Harris Trust &
139
Continental Illinois Bank
Bid
Par
First National
260
100
Bayonne Bridge 4s series C
Gen & ref 2d
ser
Authority Bonds
15 1937 6 .60%
15 1938 6 .65%
F I C l#s—Mar 15 1938 6 .70%
Ask
61
Franklin Telegraph.... 100
Gen Telep Allied Corp—
$6 preferred
*
Int Ocean Telegraph... 100
42
48
96
99
95
99
Mtn States Tel & Ttf-.100
142
6.70%
For footnotes
se
page 424.
...
Par
New England Tel & Tel. 100
New York Mutual Tel. 100
Bid
Pac & Atl Telegraph....25
18
Peninsular Telep com
*
Preferred A
....180
110
Rochester Telepnone—
$6.50 1st pref
100
So & Atl Telegraph... 1.25
Sou New Engl Telep.. 100
S'western Bell Tel pref. 100
Wisconsin Teiep 7 % pf.100
.
Ask
117# 119#
24#
27
21
28#
112
111
20
24
157# 160
117
120
112
115
Volume
Financial
145
423
Chronicle
Quotations on Over-the-Counter Securities—Friday July 16—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
bought
sold
.
quoted
.
Monthly
Earnings and Special Studies
3oscpb (Ualker $ Sons
Ahrmkert Hew York Sink
Extkimff
Dealer* In
120 Broadway
Members New
GUARANTEED
NEW YORK
e. sloane & co.
john
Tel. REctor
41 Broad St., N. Y.
-
2-6600
STOCKS
Bulletin
Request
on
York Security Dealers
HAnover 2-2455
-
Association
Bell Syst. Teletype NY 1-624
5gncel855j
Railroad Bonds
Guaranteed Railroad Stocks
Ashed
Bid
(Guarantor in Parenthesis)
Dividend
Ashed
Bid
Par in Dollars
6.00
95
100
100
100
10.50
165
172
6.00
98
102
....50
2.00
40
43
(New York Central)...
...100
...........100
8.75
128
132
8.50
135
140
Albany 4 Susquehanna (Delaware 4 Hudson)
Allegheny & Western (Buff Roch 4 Pitts)
Beech Creek (New York Central)
Boston & Albany
Boston 4 Providence (New Haven)
53*8
6s
Augusta Union Station 1st 4s
.....100
Alabama 4 Vlcksburg (Illinois Central
1945
.
.
Birmingham Terminal 1st 4s
Boston 4 Albany 1st
4X8
-
Boston 4 Maine 3s
2.85
54
95
99
5.00
96 3*
99
5.00
3.50
86
89
....50
2.00
49
67
97
Carolina Cilnchfleld 4 Ohio (L 4 N-A C L) 4%
Common 5% stamped
Betterman stock
....
...
104
100
47
44 3*
25
100
2.00
5.60
86
90
Georgia RR & Banking (L & N-A C L)
100
Lackawanna RR of N J (Del Lack 4 Western).....100
10.00
190
195
4.00
65
Michigan Central (New York Central)..
50.00
1000
........
Fort Wayne 4 Jackson pref
(N Y Central)
Morris & Essex (Del Lack &
Western)
.......100
50
100
...50
86
85
87
...1940-45
1961
94
96
....
;
—
98
Northern Central (Pennsylvania)
Northern RR of N J (Erie)
Oswego 4 Syracuse (Del
923*
63
643*
1978
1939
101
/18
102 3*
23
1949
102
1033*
102
1951
65
70
1955
92
95
1949
1956
42
50
1946
1966
53*s
...
70
Kansas Oklahoma 4 Gulf 1st 5s_.
Little Rock 4 Hot Springs Western 1st 4s
89
Long Island refunding mtge 4s...
99
101
60
64
68
95
...
Hoboken Ferry 1st 5s
60~
64
99
90
1965
Goshen 4 Deckertown 1st
85
4.50
60
58
97$*
.......-.1945
1978
1946
57
4.00
....
Lack 4 Western)
90
.....
Georgia Southern 4 Florida 1st 5s...
5.00
4.00
88
52
1942
..1949
..........—1965
1995
Chateaugay Ore 4 Iron 1st ref 4s
Choctaw 4 Memphis 1st 6s
Cincinnati Indianapolis 4 Western 1st 5s
Cleveland Terminal A Valley 1st 4a
3.875
New York Lackawanna & Western (D L 4 W)
67
83
1944
Prior lien 4s
Prior lien 4X8
Convertible 6e
68
Delaware (Pennsylvania)
—...
Macon Terminal 1st 5s
Maryland 4 Pennsylvania 1st 4s
Meridian Terminal 1st 4s
—
Minneapolis St Laul A Sault Ste Marie 2d 4s..
Montgomery 4 Erie 1st 5s
—......
1.60
40
43
3.00
80
85
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
Preferred
100
7.00
165
174
177
6.82
98
101
Piedmont 4 Northern Ry 1st mtge
6.00
139
144
Portland RR 1st
Rensselaer A Saratoga (Delaware A
3.00
69
6.00
139
100
100
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
10.00
245
.100
.50
.50
(Pennsylvania)
Susquehanna (D L A W)
United New Jersey RR A Canal
Utlca Chenango A
Warren RR of N J (Del Lack A
West Jersey A Sea
Western)
Shore (Pennsylvania)..
3X8
3J*s
95
5.00
80
84"
5.00
85
90
3.50
47
4X8
—
60
63
91
1951
95
90
Toledo Terminal RR 4 3*8
43*8
1957
1966
-
$6
Bid
Ash
Atlantic Coast Line
61.80
1.20
Baltimore A Ohio
62.75
2.10
62.50
2.00
63.00
2.40
63.75
6s
Tel. DIgby 4-280o
63.00
2.25
Alabama Power 37 pref—»
2.75
Arkansas Pr 4 Lt
823*
62.80
5s
2.00
2.25
Associated
1.50
63.00
2.25
62.50
2.00
63.85
6s
3.00
7% pref*
123*
23
3.00
Bangor Hydro-El 7% pf
43*3
61.90
1.25
Pennsylvania RR 43*s
62.00
1.25
Birmingham Eleo 37 pref.*1
Buffalo Niagara Eastern—
31.60 preferred
25
Carolina Pr 4 Lt 37 pref*
Chesapeake A Ohio 53* s—
1.00
Northern Pacific
61.50
63*s
43*8
61.50
1.00
5s
62.60
2.00
62.00
Jan 4 July
1.25
6%
1987-49
3.00
43*s.
OS
—
Pere Marquette
4.50
Reading
65.25
4.75
84
58
86
84
Chicago RIA Pao 43* a
86
Co
64.00
2.75
6s
64.00
2.75
53*8
64.00
2.75
43*s..
62.50
1.50
62.50
1.50
43*8
62.80
2.25
5s
62.50
2.00
2.25
2.25
100
100
Cent Pr 4 Lt 7% pref—100
Great Northern
—
43*8
61.90
1.25
61.90
1.25
61.75
68
Hocking Valley 5s
—
62.25
5s
Internat Great Nor
43*s__
Long Island 43* a
1.25
63.90
2.75
63.00
2.00
1.10
7% preferred
36 preferred
43*8
6s
5X8
-
—
5s
Minn St P 4 SS M 4s—
99
Consumers Power 35 pref. *
99
100
98
100
Continental Gas 4 El—
63.50
2.50
2.00
100
87
89
2.25
Dallas Pr 4 Lt
7% pref 100
113
115
62.50
2.00
Derby Gas 4 El 37 pref--*
53
62.85
2.20
Essex Hudson
100
185
2.00
Federal Water Serv Corp—
Gas
5s
Virginia Ry
43*8-
63.00
2.25
36.50 cum preferred
413*
433*
2.25
37 cum preferred
433*
1.50
Gas 4 Elec of Bergen..100
120
61.60
1.10
Hudson County
185
1.10
61.75
1.00
61.75
5S
Wabash Ry 43*s—.
1.00
Gas.-.100
36 preferred
7% preferred
*
100
109
Interstate Natural Gas...*
283*
303*
12
14
61.90
1.25
62.75
101 x
2.25
62.65
2.00
Jamalcaywater Supply—
73*% preferred
—50
Jer Cent P 4 L 7% pf—100
Kan Gas 4 El 7% pref. 100
Kings Co Ltg 7% pref—100
Long Island Ltg 6% pf-100
7% preferred
100
Memphis Pr 4 Lt 37 pref-*
108
107
100
Interstate Power 37 pref..
100
53*8
106
92
100
Western Pacific 5s.
373*
Nassau 4 Suff Ltg pref. 100
28
Nebraska Pow 7% pref-100
Newark Consol Gas
100
105
New Eng G 4 E 5X % Pl-»
N E Pow Assn 6% pref. 100
120
72
143*
43*
413*
30
106 3*
—
403*
413*
72
733*
62 3*
63 3*
603*
613*
98
993*
New Eng Pub Serv Co—
$7 prior Hen pref
*
New Orl Pub Serv %7 pref*
$0
preferred
7% cum preferred...100
Nor States Pr $7 pref.. 100
cum
106 3* 108
84 3*
Ohio Edison $6 pref
873*
*
99
100
$7 preferred
—*
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf—100
108
110
1083* 110
95 3*
973*
1023* 1043*
7%
100
pref—100
preferred..
Okla G 4 E 7%
105
683*
943*
Philadelphia Co $5 pref—*
Pub Serv of Colo 7% pf 100
713*
1073*
72
63.75
2.75
63.75
2.75
106
953*
75
108
6% preferred
Republic Natural Gas
100
1
653*
53*
683*
63*
100
97 3*
983*
93
95
Rochester Gas 4 Elec—
92
2.25
33*
Queens Borough G 4 E—
..
Idaho Power—
92
Maryland 43*s..
113
453*
61.60
43*8.
403*
423*
62.25
43*s
100
preferred
643*
Pacific Pow 4 Lt 7% pf 100
Penn Pow A Lt $7 pref
*
63.00
4s.
7%
60
593*
69 3*
55
7% preferred
5X8
For footnotes see page 424.
87
85
52
5s
3.00
85
36 cum preferred
Texas Pacific
Miss Rlv Pow 6% pref. 100
Mountain States Pr com—«
Ash
553*
203*
1.25
2.25
95
173*
1.50
63.75
923*
823*
47
61.90
63.00
873*
Consol Traction (N J). 100
100
63.00
86
62.75
5s
Southern Ry 4X8
Western
Maine Central 5s
933*
233*
963*
Consol Eleo 4 Gas 36 pref.
62.50
5s
Loulsv A Nash
2.40
23
63.00
53*8
Southern Pacific 4 J* a
Union Pacific
63.00
763*
63.00
St Louis Southwestern 53—
1.25
Illinois Central 43*8
743*
98
96
1.75
53*s
6s
»--
97
43*s
5s
Denver A R G West
62.70
62.00
5s
St Louis-San Fran 4a——
$7 preferred
Bid
New York Power A Light
63.00
43*3
4X8
3.00
64.85
*
preferred
63.00
Deo 1 1937-50
64.00
23
132
Central Maine Power—
2j*s series G non call
64.00
1133*
2.00
48 series E due
6s
1.00
62.80
100
Mississippi Power S6 pref—
Mississippi P 4 L $6 pf—.*
103*
63.85
1.75
843*
213*
213*
2.25
61.50
733*
*'
37 preferred
*
Atlantic City El 6% pref.*
36.50 preferred
2.40
62.75
Par
Ash
—*
Original preferred
2.40
N Y N H 4 Hartf 43*8—
Utility Stocks
Gas 4 Electric
63.00
Cent RR New Jersey 43* s_
Bid
72 X
63.00
5s_.
ST.,N.Y.
Teletype n.y. m146
2.00
63.80
New Orl Tex A Mex
N Y Chic 4 St L 43*8—
Erie RR
Par
3.00
63.00
Chic Milw A St Paul
ONE WALL
exchange
62.25
62.75
33*8 Dec 1 1936-1944..
Chicago A Nor West 43*8.
PREFERRED
stock exchange
63.00
53*8
5s
Canadian Pacific 4 3* a
64
Ash
63.00
Missouri Pacific 43*s—
43*82.00 New York Central 43*8—
4>*s—
$7
-
Public
5s
983*
62
....
Equipment Bonds
Bid
Canadian National
96
1954
.....
est. 1908
n. y.
and n.y. curb
4>*s
109
Bmtell Brothers
Philadelphia, Pa.
members
58
90
87
pennsylvania power & light co.
Stroud & Company Inc.
Boston A Maine
66
...1951
...
Toronto Hamilton 4 Buffalo
$5
4>£s.
4>*s
90
1955
1955
Quotations-Appraisals Upon Request
Railroad
88
86
Shreveport Bridge 4 Terminal 1st 5s
Somerset Ry 1st ref 4s
Southern Illinois 4 Missouri Bridge 1st 4s.
EQUIPMENT TRUST CERTIFICATES
New York
68
St Clair Madison 4 St Louis 1st 4s
Washington County Ry 1st 3 3*8
Private Wire® to
953*
66
86
61
3.00
933*
—.1945
......1957
Consolidated 5s
250"
88
5.00
93
-1951
-
Rock Island Frisco Terminal
6.00
Valley (Delaware Lackawanna A Western)
Preferred
73
New York 4 Hoboken Ferry general 6s
85" "
80
170
7.00
Hudson)......100
St Louis Bridge 1st pref (Terminal RR)
.100
Second preferred
...
100
Tuone RR St Louis (Terminal RR)
.100
Pittsburgh Bessemer A Lake Erie (U S Steel).......60
Preferred
...50
105J*
65
51
Canada Southern (New York Central)
lOl"'
99
104 J*
1950
1942
58
4.00
100
Clevs Clnn Chicago & St Louis pref (N Y Central)..100
Cleveland 4 Pittsburgh (Pennsylvania)....
...60
66
64X
—1953
1957
April 1, 1943
...
Buffalo Creek 1st ref 5s
100
100
64
1945
Akron Canton 4 Youngstown
53 3*
87
90
109
111
60
64
653*
79
673*
803*
613*
643*
$6 preferred C
Sioux City G 4 E $7 pf-100
27
28
B-25
185
South Jersey Gas 4 El. 100
56
54
Tenn Eleo Pow 6% pref 100
613*
603*
7% preferred
100
Texas Pow A Lt 7% pf-100 H033* 105
Toledo Edison 7% pf A 100 1013* 1033*
87
84
United G 4 E (Conn) 7% pf
62 3*
603*
Utah Pow 4 Lt $7 pref.—*
95
93 3*
Utlca Gas 4 El 7% pf-100
174
Virginia Ry
100 169
Sou Calif Edison pref
424
Financial
Chronicle
July 17, 1937
1
Quotations
Public
Bid
Amer States P S 6%s.l948
Amer Utility Service 6s '64
Over-the-Counter Securities—Friday July 16—Continued
on
Utility Bonds
Ask
/83
m
80
Bid
Cumberl'd Co P&L 3 %s '66
m
m
82
Specialists in —
Ask
96 %
96
Dallas Pow A Lt 3%s.l967
federated Utll 5%s--_1957
Water Works Securities
102 % 103%
78
79%
Amer Wat Wks A El 6s '76
98% 100
Associated Electric 6s. 1961
68%
60
Green Mountain Pow 6s '48
Houston Lt A Pow 3%s '66
103
Income deb 3%s.--1978
Income deb 3%s-._1978
37%
37%
38%
98
100
45
47
Income deb 4s
40%
38%
41%
Iowa Sou Utll 5Ha.-.1950
Kan City Pub Serv 3s. 1951
Income deb 4%s--.1978
45%
47
Conv deb 4s
Conv deb 4%s
1973
74
76
1973
75
77
Conv deb 6s
1973
81
83
92
94
Assoc Gas A Elec
Corp—
1978
Conv deb 5%s
1973
8-year 8s with warr.1940
98
47
Metrop Edison 4s
46
52
50
55
60
43
45
Sink fund lnc 4 %-5 %s'86
Sink fund lnc 5-6s.. 1986
Sink fund lnc 5 %-0 %s'86
Atlantlo City Elec 3%s '64
50
104
98 %
99
94
Bid
1965
94 %
101
108
1st lien coll trust 68.1946
Cent Maine Pr 4s
ser
G *60
96%
102 %
68
98 %
Parr Shoals Power 5s.. 1952
104
101H
..1957
5s series B
1954
103 H 104H
100 H
1954
102 H
Butler Water Co 6s.. .1957
105%
104 %
Public Serv of Colo 6s. 1961
Pub Utll Cons 6%s.--1948
Calif Water Service 4s 1961
Chester Wat Serv 4Hs '58
Citizens Wat Co
74%
76%
72
99% 101
Sioux City Gas A El 4s 1966
Sou Cities Utll 5s A—.1958
76%
78%
103% 104
97%
City of New Castle Water
52
77
5s..
101
Union Elec (Mo) 3%s_1962
Utlca Gas &ElCo5s—1957
104% 104%
121
119
105
Clinton W Wks Co 58.1939
100 H
Phlla Suburb Wat 4s.
90
76%
Plalnfleld Union Wat 6s '01
Richmond W W Co 5s. 1957
105%
Connellsvllle Water 5s 1939
Consol Water of Utlca—
1st mtge 5s
95 H
97
1958
1958
60
96
100
Roanoke W W 5s
4Hs
104 % 105%
Roch A L Ont Wat 58.1938
100
St Joseph Wat 4s ser 19A'66
1942
6s series B
4%S
101H
101
1960
*
102 H 103%
-
Greenwich Water A Gas—
5s series A
Markets
1952
98
-
98
100
5 Hs series B
1977
BAKER
& CO.
BArclay 7
150
2360
1954
101
..1954
103
5s
1962
Illinois Water Serv 5s A '52
104 H
102
103 H
100%
1966
5s.
97
Bid
1st 6s...Jan 1 1941
Broadmoor (The) 1st 6s '41
/41H
/44H
B'way Barclay let2s__ 1956
B'way A 4l8t Street—
/30H
1st leasehold 6%b..1944
Broadway Motors Bldg—
39H
4_gg
.....1948
Chanln Bldg lnc 4s
1945
_
Chesebrough Bldg 1st 6s '48
Ask
44 H
49 H
33 H
42 H
65
66%
59
63 H
H
67H
60H
6s
Dorset
Apr 28 1940
(The) 1st 6s.-.1941
/3SH
/30%
41%
33
East Ambassador Hotels—
1st A ref 5%s
1947
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended
/7
78 H
8%
83 H
76
50 Bway Bldg 1st 3s lnc '46
54
6 %s unstamped
62d A Madison Off
6s...
55%
40 H
Corp 6s
/50
/49H
52 H
1958
60
62
1939
67
69
1400 Broadway Bldg—
1st 3 %-6 % sistam ped 1948
37
Fox Theatre A Off Bldg—
1st 6Hs
Oct 1 1941
/12
14
64
66
Fuller Bldg deb 6s
6%s unstamped
Graybar Bldg 5s
1st mtge 2s stmp A reg'55
1st A gen 6s
.1946
N Y Eve Journal 6%s.l937
N Y Title A Mtge Co—
5%s series BK
6Hs series C-2
5Hs series F-l
5Hs8erles Q
19th A Walnut Sts
1944
1949
1946
/41H
66
69
59 H
Nov 15 1939
1951
1950
101
104%
Westmoreland Water 5s '62
101% 103
Wichita Water—
5s series B
1956
101
6s series C
1960
104
Middlesex Wat Co 5Hs '57
Monmouth Consol W 6s '56
104
6s series A
1949
1st 0Hs
Apr 15 1937
Lincoln Bldg lnc 6HB.1963
99
93 H
95 H
59
Cuban Atlantic Sugar
45
Eastern Sugar Assoc
Preferred
57
Ask
Bid
Par
Income
.1943
1st fee A l'hold 6%s.l940
Savoy Plaza Corp—
Realty ext 1st 5hs.1945
18%
26
28%
1
37
39%
Associates Invest 3s.. 1946
90 H
75"
73
51
55
52 H
65 H
Ask
/56
River Bridge 7s
1953
fl8
21
/18
21
38 with stock
1956
37
40
/26
103% 104%
46
No par value,
52
94 %
96%
1st 3-58 (w s)
Trinity Bldgs Corp—
1st 5%s.
49
1948
91
1958
11939
4s
s
89
f revenue 1977. A&O
Interchangeable,
a
b Basis price,
100%
91
105% 100%
t Now listed
on
per 100
d Coupon,
Now
p
selling
2.05
3.90
t
Ex-rights
New
on
York
New York Stock Exchange.
gold rouble bond, equivalent to 77.4234 grams
THE
STOCK
BERLIN
o
f pure gold
EXCHANGE
Closing prices of representative stocks
each day of the past week:
as
July
July
10
12
received by cable
July
July
79
82
Allgemelne Elektrlzitaets-Gesellschaft
130
131
62
64 H
Berliner Handels-Gesellschaft
131
132
164
165
114
114
Walbrldge Bldg (Buffalo)—
lst6%s
Oct 19 1938
Westinghouse Bldg—
/23H
28 H
1st fee A leasehold 4s '48
66 H
70 H
Berliner Kraft
u.
Licht (8%)
(6%)
-
Commerz-und Privat-Bank A. G. (5%)
Dessauer Gas (7%)
July
14
13
Per Cent
1939
2 Park Ave Bldg 1st 4s 1941
93 H
101932 101' %Z
1007,« 1001732
Aug
.June
price,
to i When Issued,
x
Ex-dlvldend.
Curb Exchange,
z Ex-stock dividends,
51
6s
15 1938
/ Flat
36
/50
/49H
32
2s.
Reynolds Investing 5s. 1948
Trlborough Bridge—
4s serial revenue 1942-68 b
50
/34
1947
67
100
29
London Terrace Apts 6s '40
Ludwlg Bauman—
67
15 1937
1 Hs
10O9i6
...1938 1001332 100%
t Quotations
.
73 H
/30
Ask
Home Owners' Loan Corp
l%B......Aug
Federal Farm Mtge Corp—
1 %s
Sept 1 1939 1007i6
Federal Home Loan Banks
*
71H
1936
1%
7%
53
1st 6Hs
Oct 23 1940
Textile Bldg—
1942
Bid
94%
59
/51%
94
Bear Mountain-Hudson
1 %8
71H
(Bklyn)
(LI)
6%
Ask
38
13
50 H
1st 6Hs
1
34
29 H
68H
1st 6s
Bid
Haytlan Corp Amer
•
Savannah Sug Ref com___l
West Indies Sugar Corp.-l
Miscellaneous Bonds
/9H
1945
3-5%8 deb lno (ws).1956
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6 Hs'38
61 Bway Bldg 1st 5 Hs 1950
Syracuse Hotel (Syracuse)
Majestic Apts 1st 6s.. 1948
Metropolitan Chain Prop—
Par
16%
1
10
47
/24H
Sherneth Corj>—
52
104
Roxy Theatre—
51H
Corp
102
Sugar Stocks
29H
/47H
Loew's Theatre Rlty
1st 6s
103%
W'msport Water 5s.-.1952
29 H
99% 101%
61H
59
71H
97%
105
27 H
f27
/50H
56
68 H
97%
...1950
35%
165 Bway Bldg 1st 5Hs '51
Co—
'
79%
Bldg—
103
98 H 100%
104
Prudence
49 H
1st 4-6s extended to 1948
Lewis Morris Apt
101
Western N Y Water Co—
1st mtge 5Hs
Bid
2nd mtge 6s
1951
103 E 57th St 1st 6s.-.1941
62 H
83 H
Hotel Lexington 1st 6s 1943
Hotel St George 4s
1950
Lefcourt Manhattan Bldg
102 H
Union Water Serv 5Hs '51
W Va Water Serv 4s..1961
Kokomo W W Co 5s.. 1958
6s.
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
Texarkana Wat 1st 5s. 1958
Lexington Wat Co 5 Hs *40
Long Island Wat 5H8.1955
mzA
6Hs double stpd...l961
Realty Assoc Sec Corp—
45 H
99
(Phlla)
July 7 1939
Oliver Cromwell (The)—
5s
96
101
104
1949
68
66
/56
m
/55
/43
1st 6s—Nov 61935-1939
Film Center Bldg 1st 6s '43
42 Bway 1st 6s
Ask
102 H
101
99
1 Park Avenue—
Bldg—
Nov 1947
40 Wall St
Munson Bldg Ist6%s.l939
N Y Athletic Club—
1st 6s
1949
...1945
1st 6s
600 Fifth Avenue—
Bid
Metropol Playhouses lnc—
S f deb 5s.
Court A Remsen St Off Big
1st
*
Metropolitan Corp (Can)
6s-.,.
1947
76
102
1st mtge 5s
102 H
1957
93%
lol"
105
5s series B
93
.1958
Interstate Water 6s A. 1940
Joplin W W Co 5s
Alden
1900
1960
6s series A
Indianapolis W W Securs—
Mortgage Certificates
72
1955
Terre Haute Water 5s B '56
Indianapolis Water—
1st mtge 3Hs
Real Estate Bonds and Title Co.
99
Sprlngfl. City Wat 4s A *66
5s series B
Beli System Tel.
NY 1-588
Broadway, N.Y.
91%
B 1961
ser
5s series B
103
109
6s
INCORPORATED
91H
1967
Shenango Val 4s
1st mtge 5s.
5s series A
Huntington Water—
AMOTT,
1901
South Bay Cons Wat 5s '50
South Pittsburgh Water—
100
1952
Hackensack Wat Co 5s '77
101% 102%
-.1958
Water Serv 5s
1st & ref 5s A
5s series B
Reports
93%
101
104%
ScraDton-Spring Brook
100
1942
5s series D
99
99
Scranton Gas A Water Co
105%
E St L & Interurb Water—
5s series A
91 %
1950
98
■
Davenport Water Co 5s *61
Issues
101
105
101% 102%
87
102
105H
1965
.
73H
100% 101%
Estate
99 H
1946
Wisconsin G & El 3 Ha 1966
Real
104
5s
100
6s series A
Wise Mich Pow 3 Hs—1961
55
100
1948
98%
102
Wisconsin Pub Serv—
94
1948
Pittsburgh Sub Wat 6s '58
100% 101%
6% secured notes—1937
1948
Pinellas Water Co 5Hs '59
104% 104%
84
1961
1950
72
1966
1st mtge 4s
96%
69
3 %s series G
59
93
95 H
1946
Conn River Pr 3 %8 A. 1961
Consol E & G 6s A
1962
6s series B
1962
56
91
6Hs series B._.
103 %
1966
105
90 H
Prior Hen
1957
3*48 series F
104
106
1st consol 5s
100%
Community Water Service
mm
Western Mass Co 3 %b 1946
Western Pub Serv 5%s '60
96
73"
1st & ref 5s
1954
1st 5s series C_.
101% 102%
86
98 H
67
1st consol 4s
1941
5s series B
79
81
94
1st coll trust 4%s_. 1966
Peoria Water Works Co—
103
City Water (Chattanooga)
7%
100%
103% 104
98
50
77
84
Ohio Water Service 5s. 1958
Ore-Wash Wat Serv 6s 1957
Penna State Water—
102
1951
1951
5%s
1951
New York Wat Serv 6s '51
Ohio Cities Water 5Hs '53
Ohio Valley Water 5s. 1954
102
1951
58 series B__
101
Newport Water Co 5s 1953
104"
(Wash)—
5s
75
Ask
105 %
New Jersey Water 5s. 1950
New Rochelle Water—
5s series C
98
«•
Morgantown Water 5s 1965
M uncle Water Works 5s '65
5 Hs series A
90
1967
Conn Lt A Power 3 %b 1956
101H
101H
Birmingham Water Wks—
69
83"
/80
104% 105 %
Corp 1st 4s '65
Peoples L A P 5%S--.194l
105% 106%
1953
...
Colorado Power 6s
98%
102%
Bid
Monongahela Valley Water
5Hs
1950
101% 103
Penn Telep
...
/6%
100
97
95
Tel Bond A Share 5s. .1958
Income 5 %s with stk '62
Ask
97 H
105
1956
6Hs series A
Central Public UtilityClnn Gas A El 3%s
Co. 5s
Ashtabula Wat Wks 5s '58
101%
Debenture 4s
1946
Old Dom Pr 5s May 15 '61
102% 104
Cent Ark Pub Serv 6s_1948
Central GAE5«b... 1946
Alabama Wat Serv 5s. 1957
Alton Water
Atlantic County Wat 5s '58
98%
Bellows Falls Hy El 6s 1958
...1967
95
101%
North*n States Pow 3 %s'67
Okla Gas & Elec 3%s.l966
Pennsylvania Elec 5s. 1962
3%s series C
Water Bonds
103%
105% 106%
60
Blackstone V G & E 4s 1966
Buffalo Niagara Electric—
PLACE, NEW YORK
Teletype: New York 1-1073
104%
Corp—
4s
53
58%
97%
EXCHANGE
102 %
N Y Telep 3%s B
1967
Northern N Y Utll 68.1955
52
51
INCORPORATED
40
100
55
Sink fund lnc5%b—1983
Sink fund lnc 4-6S..1986
G *65
Missouri Pow A Lt 3%s *66
Mtn States Pow 1st 6s 1938
45
Sink fund Income 6s 1983
ser
Narragansett Elec 3%s '66
Newport N A Ham 5s. 1944
50
41
98
Tel. HAnover 2-0510
N Y State El A G
Cons ref deb 4%s..l958
SmRT.BRENT & CO.
108 % 109
Keystone Telep 5%s_.1955
100
Sink fund Income 4s 1983
Sink fund lnc 4 %s.-1983
104
101% 102%
Kan Pow «fe Lt 1st 4 %s '65
98% 100
8s without warrants 1940
Assoc Gas A Elec Co—
Vomplete Statistical Information—Inquiries Invited
15
July
16
of Par
132
135
134
132
132
132
132
165
166
166
166
114
!
132
114
114
115
124
Par
Borland Shoe Stores
*
7% preferred.......100
B/G Foods lnc common..*
Blckfords lnc
52.50
conv
*
pref
--*
Boback (H
7%
C) common
*
preferred-...... 100
Diamond Shoe pref
Flshman (M H) Co lnc
Kobacker
7%
Stores
preferred
100
...
*
*
100
*
Par
Miller
(I) Sons common..*
6H% preferred----. 100
Murphy (G C) 55 pref.100
Reeves
(Daniel) pref.-.100
128
128
121
121
121
153
154
153
153
154
Deutsche Relchsbahn (German Rys) pf 7%.127
H) 6% pref
128
121
154
127
127
127
127
127
Dresdner Bank (4%)
>
Kress (S
129
Deutsche Erdoel (5%).
Chain Store Stocks
.—127
Deutsche Bank und Dlsconto-Gesell. (5%).121
105
105
105
105
105
105
166
166
166
167
167
168
154
154
Farbenlndustrie I. G. (7%)
Gesfuerel (6%).
—
Hamburger Elektrizltaetswerke (8%)
Hapag
Mannesmann Roehren
(3%)
Norddeutscher Lloyd
6% pref ctfs
New
New
common
preferred-.......*
Rheinlsche Braunkohle
121,
154
125
126
.
i
156
155
155
156
157
19
19
154
153
151
19
19
19
19
128
128
128
129
20
21
21
21
21
21
213
Relchsbank (8%)
United Cigar Sts 6 % pf. 100
-
'
213
214
214
213
214
233
233
233
233
232
...166
165
167
168
168
222
222
223
223
224
(8%)..
Salzdetfurth (7%%)
Siemens & Halske (8%).....
225
;
Volume
Financial
14$
Quotations
Chronicle
Over-the-Counter Securities—Friday July 16
on
Industrial Stocks and Bonds
Bid
Par
425
Industrial Stocks and Bonds—Continued
Par
Ask
Bid
Ask
Par
American
Arch
*
41
44
Garlock Packing com
62%
64%
Remington Arms
American
Book
100
62
65
Gen Fire Extinguisher...*
24
25
Rome Cable
30
32%
106
Golden Cycle Corp..... 10
Good Humor Corp
1
Scovin Mfg
Simplicity Pattern
American Hard Rubber—
8% cum preferred
100
American Hardware...-25
101
*
Graton A Knight com
34%
15%
3.5%
American Mfg 5% pref.100
80
84
Great Lakes SS Co
American Republics com.*
Andlan National Corp...*
Art Metal Construction. 10
10%
49%
27%
51%
17%
*
67
Beneficial Indus Loan pf.*
Bowman-BUtmore Hotels
50%
53
Lord A Taylor com...
1st 6% preferred
33%
Climax Molybdenum
Columbia Baking com
50
51%
.....
*
*
*
7
8%
Macfadden Publlca'n
Columbia Broadcasting—
29%
31
Class B.__
29
30%
42
45
Crowell Publishing com..0
$7 preferred
,.100
Dennison Mfg class a
10
Dentists' Supply Co of N Y
108%
4%
...
«
-
57
60
Devoe A Raynolds B com *
55
National
66 %
70%
Preferred..
Dixon (Jos) Crucible
American
5%
19%
5%
Cudahy Pack
42%
1st 3 5*s-
-
-
-
-
-
9%
165*
44
49
111
8
*%
27
*
29
36%
...100
35
Northwestern
81
Norwich
1055* 105%
6
7
21
35
37
*
3%
3%
*
4%
Preferred 6%%
38%
90
100
60
6
Ohio Leather common—*
*
Ohio Match Co
.96
72
35%
Yeast... 100
Pharmacal
37%
18%
23
10%
11%
Pathe Film 7 % pref..... *
Petroleum Conversion. .1
93
97
Publication Corp com
46
%
1%
5%
*
Taylor Wharton Iron A
Steel common
Tennessee Products.
Trlco Products Corp
Tublze Cbatlllon
*
*
....
_
17%
101
*
pf. 10
cum
49
Preferred
Bonds—
185*
American Tobacco 4s. 1951
101
1st conv
4%
5%
13%
1%
11%
14 %
13%
45%
s
1940
102
48
.100
1948
ser
19%
107
Conv 6s
...1939
185
—
-
/50
80
1005* 1005*
Scovill Mfg 5%b
1945
106
108
Simmons Co deb 4s...1952
—
—
104 % 10V
3
..
1946
1946
Safeway Stores Inc 4sl947
37
-
95
1035* 1035*
102
1025*
N Y Shipbuilding 5s..
22
'35
90
A... 1951
L)—
Nat Radiator 5s
7% preferred
100
West Va Pulp A Pap com. *
Preferred.
.100
West Dairies Inc com v t o 1
101
1025*
1025* 103
90
/88
/265*
285*
1955
1937
Conv deb 6s
Kopper Co 4s
98
99
conv 4s. 1950
f 6s
Martin (Glenn
2
Warren Northam—
$3 conv preferred*
Welch Grape Juice com..5
106
Deep Rock Oil 7s
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
96% 100
United Artists Theat com *
United Cigar Stores—
See Chain Store stocksUnited Merch A Mfg com *
United Piece Dye Works.*
94%
15%
*
preferred
78
19
shares
18?*
4%
40%
-
■
*
New Britain Machine
01%
100
Follansbee Bros pref
Foundation Co For shs
995*
New Haven Clock-
30
Preferred
95
99
115
Nat Paper A Ty pe com... *
32
Douglas Shoe preferred. 100
Draper Corp..
*
Du Pont (E1) 45* % pref.*
Federal Bake Shops...... *
93
39%
Casket
18%
57%
100
,.
95
Chicago Stock Yds 5s. 1961
69
Preferred....
59
Dictaphone Corp
*
..100
Am Wire Fabrics 78—1942
Commercial Crodlt 25*s '42
Cont'l Roll A Steel Fdy—
38
Muskegon Piston Ring...
L
5%
...
15"
■
120
100
126
31%
7%
65%
Preferred...
265*
945*
105
13
Mock Judson A Voehrlnger
.
6
5%
95
295*
.100
6% preferred
Class A
304"
60
255*
925*
153%
37
35
110
*
*
100
Young (J S) Co com... 100
7% preferred
100
315*
57
York Ice Machinery
7 % preferred. ......
V
301
Ask
295*
.100
Worcester Salt
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
1
Merck A Co Inc com
20
45%
Bid
Woodward Iron com....10
5%
16%
46%
1%
*
com
Preferred
10%
18
.1
.
Par
Ask
4%
15
5
25
2%
240
100
100
2d 8% preferred..... 100
com..
Skenandoa Rayor Corp...
Standard Brands 45* % pf *
Standard Screw
100
51
1
Lawrence Portl Cement 100
24%
80%
5%
preferred.
42
Lawyers Mortgage Co.. 20
20
cum
*
Bid
*
com
Corp
Singer Manufacturing.. 100
Singer Mfg Ltd....
28%
1st preferred
100
Burdlnes Iuo common
*
Chilton Co common.... 10
$1
100
com..
13
70
49%
39%
1%
*
Preferred
17%
9
7%
11%
Great Northern Paper. .25
Klldun Mining Corp
1
Amer Maize Products
Continued
Standard
Products
Textile
1st 6 )*s assented.
35*
545*
85
.1942
$3 cum preferred
*
White Rock Mln Spring—
$7 1st preferred
100
101
Wickwire Spencer Steel..*
Wilcox & Glbbs common 50
17%
18
Wilson A Co conv 8 5*s 1947
Wltherbee Sherman 6s 1944
27
30
23
/215*
Woodward Iron—
Titusvitie
Wells
65*8——
Willys Overland Motors.. 1
6% preferred
10
WJR The Goodwill Sta.. 5
Strutbers
34
32
-
—
-
2d conv Inc 5s.
105*
30%
105
1005* 1015*
53
/51
1962
1st 5s—
5
4%
9%
X28%
104
...1943
1025* 1035*
122
.1962
1275*
r
For footnotes see page 424.
Tennessee Products Common
H.
S.
EDWARDS
/
120
& CO
United
Pittsburgh Stock Exohange
New York Curb Exchange (Associate)
\
Cigar Stores
SELIGSBERG .& CO.
Broadway, New York
Tel. REotor 2-7890
Iron
Woodward
Follansbee Bros.
Members New York Stock & Curb Exchanges
Teletype N. Y. 1-869
Union Bank Building, Pittsburgh
50
Broad St.,
Telephone
.
New York
Bowling Green 9-8200
Wickwire Spencer Steel Co.
COMMON
STOCK
WICKWIRE SPENCER STEEL
Bought—iSold—Quoted
New Common—Warrants
QUAW & FOLEY
Members New York Curb Exchange
30 Broad
St., N. Y.
fecpsieAA, ^jccAu/ttgey
Hanover 2-9030
52 Wall Street,
CLIMAX
New York City
A. T. & T. Teletype N.
HAnover 2-3080
MOLYBDENUM COMPANY
Houston Oil Field Material
C.
E.
Wamhn_
Members
UNTERBERG
&
Preferred
CO.
61 Broadwav
Droaaway,
mew
iors
Teletype N
Y
1-1666
following securities
the
current
were
INO.
sold at auction
on
Wednesday
AUCTION
SALES
week:
N.?;TPB
Stocks
(Concluded)
By Barnes & Lofland, Philadelphia:
By Adrian H. Muller & Son, New York:;
Shares
Stock
uSSSKSus 52 William Street, N.Y.
AUCTION SALES
The
Company, Inc.
Common
ROBINSON, MILLER & CO.
BOwilng Green 9 3566
New York
and
Prospectus and supplementary information on request
f New York Security Dealers Association
j Commodity Exchange. Inc.
oj.
of
Y. 1-1642
Shares
$ per Share
$7,000 The Fairbanks Gold & Sliver Mining Co. of Colorado 8% 1st mtge. trust
deed bonds.
Dated Sept. 1,1888.
Due on or before Sept. 1,1893.
($6,000
with all coupons on, $1,000 with Sept. 1,1890, and subs, coupons attached.);
3 The Frank B. Marchant Co., Inc. (N. Y.), par $100—.
$1 lot
2 American Woman's Realty Corp. (N. Y.) common, par $50; 10 Durant
Motors, Inc. (Del.), no par; 25 Freed Television & Radio Corp. (Del.),
no par; 10 Queens Heights Land Corp. (N.
Y.), par $100; $7,000 American
Real Estate Co. (N. Y.) accumulative gold bonds.
($3,500 due Nov. 1,1924,
no coupons attached, and $3,500 due Nov. 1,1929, with May 1916 and subs,
coupons attached.)
Eight distributive payments of 5% each made by
receiver in bankruptcy....
_$51ot
S per Share
Stocks
20 Philadelphia National Bank,
par $20
50 Pennsylvania Co. for Ins. on Lives A Granting
—1195*
—
Annuities, par $10.
20 East Temple Corp.,
$6 preferred
40 Philadelphia Electric Co. common, no par
2 Martinsburg Community Hotel preferred
1 Martinsburg Community Hotel common
CURRENT
—Jas. H. Oliphant & Co. have
...
375*
10X
35
$1 lot
—■._$! lot
NOTICES
published the 11th annual edition of their
—
"Studies in Securities," which contains 231 pages of analyses covering 51
Bonds—
50 Petroleum Investment Co.
note, due Oct.
19, 1927.
leading industrial, utility and railroad companies.
(Del.), no par; $4,000 Pilgrim Petroleum Co. 8%
Payment guaranteed by Petroleum Investment
(defaulted); $2,500 Petroleum Investment Co. 8% note, due Feb. 16,
1930 (defaulted); $2,000 Petroleum Investment Co. 8% note, due March 2,
1929 (defaulted)...
$10 lot
—„
_—
current
position enabling judgment of the character of the securities of
companies in which investors are generally interested.
viewed in most
By R. L. Day & Co., Boston:
Shares
10
$ per Share
Boston,
$12 %
20 Boston Worcester A New York Street Ry. Co. common, par $100
15 Springfield Fire & Marine Insurance Co., par $25
par
1
Massachusetts Lighting Cos. common
1 Boston Athenaeum, par $300..
10 Old Colony Trust Associates....
5 Railway A
1
$100.
—
Light Securities preferred A, par
....
515*
3
114
535*
290
155*
103
Bonds—
$122,000 Unicorn Real Estate Trust 1st mtge. 6s, Oct.
Oct. 1, 1933, A subsequent, on
By Crockett & Co., Boston:
Shares
■
Stocks
1, 1934.
10 Columbia National Life Insurance Co., par $100
5 Rhode Island Public Service preferred, par $27.50
Columbian National Life Insurance Co., par $100
or more
Coupons
$15,000
years.
Records
are
re¬
The text is liberally illustrated
figures where available regarding sales,
earnings, operating ratios, depreciation accruals, tax and dividend pay¬
ments, important balance sheet items and miscellaneous data.
In the foreword to its book the firm says, "The information published
about businesses which
more
illuminating.
are
publicly owned has grown
Unfortunately,
holders take full advantage of it.
semination of information derived
over
the
years
steadily
there is reason to doubt if security
We have endeavored to promote dis¬
from
company reports,
security pros¬
pectuses and official remarks by means of our publications during these
many
years."
—Formation of the
■'
18 Saoo Lowell Shops common, par $100.
25 Consolidated Investment Trust Warrants
for 10
new
firm of Charles Clark &
Co., members of the
.
25 Berkshire Fine Spinning Associates common
13 United Merchants & Manufacturers, Inc., par $1
1 Berkshire Fine Spinning Associates, preferred, undeposlted
18
cases
with tabulations giving comparative
Stocks
•
First National Bank,
-
The purpose of the book is to present facts regarding past history and
Co.
$ per Share
12 %
14
92
81
305*
81
7%
2%
New York Stock Exchange, with offices in New York, Philadelphia and
San Francisco, is announced, as dealers in State, municipal, and railroad
bonds.
The main office will be located at 120
Partners of the
new
Broadway, New York.
firm will be Charles M. Clark Jr., Clayton Snyder,
member of the New York Stock Exchange, David A.
Pincus, David Flnkle,
Robert H. Rich, all of New York, and John G. Hopkins of Philadelphia.
Mr.
Hopkins
will
Edwin G. Roodhouse
be resident partner of the Philadelphia office with
as
resident manager of the San Francisco office.
426
Financial
General
Chronicle
July 17, 1937
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
on
March 22, last, Dec. 22,1936, and Oct. 10,1936, and 15 cents
paid each
three months from
July 10, 1935 to and including July 10, 1936.
The
July 10,1935 dividend was the first paid since April 11,1932, when a regular
quarterly distribution of 25 cents per share was made.—V. 145. P. 98.
RIGHTS—SCRIP
Ahlberg Bearing Co.—Stock Offered—Public offering was
July 16 of 75,000 shares ($1 par) common stock of the
made
Specialists since 1917
company by the investment
Stuart & Co. of Chicago.
The
j* The company is one of the country's leading manufacturers and
tributors of bah bearings.
It has been in continuous operation for the
McDonnell&fa
New York Curb\Exthange
Broadway, Now York
Telephone REctor 2*7815-80
Bell Teletype |NY M640
FILING
OF
REGISTRATION
The
UNDER
STATEMENTS
SECURITIES
ACT
following additional registration statements
(No's.
3286 to 3293, inclusive) have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is approximately $24,923,232.
W.
M.
Johnson
Texas, has filed
a
(Individual)
(2-3285,
FormlG-2), of Fort
"Worth,
registration statement covering 200 non-producing gas
and royalty interests in the W. M. Johnson farm at
gate amount of $10,000.
$50 each, for an aggre¬
(L. H.) Gilmer Co. (2-3286, Form A-2), of Philadelphia, Pa., has filed a
registration statement covering 42,000 shares of common stock, $5 par,
to be offered first to stockholders at $11
per share and any unsubscribed
shares
are to be offered to the public through underwriter at $11 each.
Proceeds -will be used for payment of debt, for purchase of machinery and
for working capital.
Walter Lyon & Co., Inc., will be underwriter.
John
S. Krauss is President.
Filed July 6, 1937.
£* Republic Pictures Corp. of Delaware (2-3287, Form A-l), of New
York, N. Y., has filed a registration statement covering 1,316,000 shares of
Capital stock, $1 par, including 261,000 shares of capital stock reserved for
warrants and warrants entitling holders to
purchase 261,000 shares of
capital stock.
Filed July 10, 1937.
For further details see subsequent
page.
General
Frigid Transportation Corp. (2-3288, Form A-l), of Jersey
City, N. J., has filed a registration statement seeking to issue 189,572
shares of common stock, 50 cents par, through voting trust certificates.
Of the shares registered, 164,572 will be
publicly offered through under¬
writer and the remainder will be optioned to underwriters at $3 per share.
Proceeds will be used to repay loans and for working capital.
Underwriters
will be Hammons & Co., Inc., and Robert L. Foster.
F. E. Gilmore is
President of the company.
Filed July 10, 1937.
General Frigid Transportation Corp. (2-3289, Form F-l), of Jersey
City, N. J., has also filed a registration statement seeking to register
voting trust certificates for above shares.
Filed July 10,1937.
American Republics Corp. (2-3290, Form A-2), of Houston, Texas,
has filed
dis¬
past
28 years and has a nation-wide distributing organization consisting of
28 company warehouses and 6 affiliated warehouses and 387 authorized
distributors in 289 cities.
Among its customers are numbered the leading
Members J
New York Stock Exchange
120
banking house of Wm. R.
stock is priced at $3 per share.
registration statement covering 218,008 shares of common stock,
$10 par, to be offered to stockholders at $15 a share through warrants.
The company also registered warrants for common stock and stock sub¬
scription instalment receipts.
Any unsubscribed-for shares or shares not
fully paid under the instalment plan, will be publicly or privately offered
at a minimum of $15 a share.
Proceeds will go to subsidiaries for payment
of bank loans and for exploration,
development and plant expansion.
No
underwriter is named.
Craig F. Cullinan is President.
Filed July 12,1937.
railroads, automobile manufacturing companies and industrial organiza¬
tions throughout the country.
In addition to the financing being done publicly, 200,000 shares of
common stock are being offered to present shareholders in a share-for-share
exchange for 200,000 shares of class B common now outstanding, and 50,000
shares of class A $5 par stock is offered to present shareholders in a sharefor-share exchange for 50,000 shares of class A common stock now out¬
standing.
Of this amount, more than 12,000 shares have already been
converted.
On completion of the present financing, capitalization will
consist of 50,000 shares of $5 par class A stock, all outstanding; and 500,000
shares of $1 par common, of which 275,000 shares will be outstanding.
This financing represents the first time that the public, employees and
branch managers of the company have had the opportunity of purchasing
the $1 par common stock.
Proceeds from the financing will be used for machinery and equipment
and additional working capital.
Net earnings last year after all charges including Federal income taxes
amounted to $49,695, as against $27,536 in 1935.
First quarter business
this year was ahead of the same period last year by about 24%, despite
the fact that for about 28 days the company was moving from its old
plant to its new one.
Last year the company paid 25 cents on its common stock and it is
expected that a dividend policy of five cents a quarter for the last half of
this year will be inaUgurtaed, with an extra dividend in December based
upon full year's earnings.
It is expected that the company will make application to list the common
on either the Chicago Stock Exchange or Chicago Board of Trade.—V. 144,
P. 4164,
Allied Brewing &
Distilling Co., Inc. (& Subs.)—Earn.
1936
1935
1935
$1,986,237
1,432,702
$1,550,999
1,144,131
$1,718,028
1,172,900
$553,534
185,681
300,725
$406,868
169,773
309,328
$545,127
278,586
236,590
$67,128
8,470
loss$72,233
6,602
$29,951
8,532
$75,599
8.221
43,320
loss$65,631
8,358
45,380
10,076
1,005
$38,483
11,053
41,510
2,616
11,369
$14,999 loss$130,450
loss$28,065
$14,999 loss$130,450
loss$50,763
Calendar Years—
Sales, less returns and allowances
Cost of goods sold
Gross profit
Selling expenses
General and administrative expenses-
Operating profit
Income other than from trading.
Gross profit
1
Interest
Depreciation
Non-recurring
expenses
Provision for Federal income tax
9,059
a
Kysor Heater Co. (2-3291, Form A-2), of Cadillac, Mich., has filed
a
registration statement covering 70,000 shares of common stock, $1 par,
of which 2,242 shares will be offered by company and 10,912 shares by
stockholders through underwriters at $9.87M.
Remaining shares presently
outstanding are not to be offered.
Proceeds will be used for plant addi¬
tions, equipment and working capital.
Keane & Co. will be the under¬
writer.
W. A. Kysor is
President. Filed July 12, 1937.
First State Trust Co. (2-3292, Form A-l), of "Wilmington, Del., has
filed a registration statement covering 190,000 shares of 10-cent class A
common stock, $1 par, which will be offered at $2.25
per share.
Proceeds
will be used for equipment, advertising and working capital.
Eberhardt
& Co. were named as underwriters.
L, B. Eberhardt is President.
Filed
July 13, 1937.
Financial
Independence
Founders,
Inc.
Form
(2-3293,
C-l),
Net profit for the period
Loss from revaluation of inventories
to
22,697
present market
Total profit for the
period
-
Consolidated Balance Sheet
on
demand-
Notes & accts.
at Dec. 31
1936
1935
rec.
(net)
Fixed assets (net).
200,870
128,442
2,817
30,934
935,623
Deferred charges-
23,458
Intangibles
42,914
Mdse. inventoriesRevenue stamps—
Other assets
1935
$5,240
121,480
$21,267 Notes payable
Accounts payable.
136,536 Oust, credit bal'ces
114,697 Fed. inc. & excess
prop, taxes, &c.
1,492
22,386 Accrued liab., &c_
968,330 Mtge. instalments
$6,160
101,875
715
8,500
41,657
1,000
30,293
1,000
139,500
31,934
355,714
948.427
260,375
140,500
23,607
353,214
941,184
273,726
17,848 Res. for taxes and
contingencies—
57,230
15,678
Mtges. on land and
buildings
Other liabilities.
—
Com. stk. (par $1)
Paid-in surplus
of
New York, N. Y., has filed a registration statement covering trust certifi¬
D, the total aggregate amount of the proposed cash offering
as
Liabilities—
1936
$28,732
Assets—
Cash
Earned deficit
cates series
being $15,000,000.
Of the offering, 7,000 periodic deposit certificates with
insurance and 4,000 without insurance will be offered at $1,200 each, and
3,600 fully paid certificates at $500 each.
The proceeds will be used for
investment.
John L. Thomas is President.
Filed July 13, 1937.
The last
in
our
previous list of registration statements
issue of July 10, p. 268.
was
given
Total
.$1,393,792 $1,339,786
Total
$1,393,792
.
$1,339,786
—V. 142, p. 4011.
Allied International Investing Corp.—Accum.
Div.—
a dividend of 50 cents per share on account
the $3 cum. conv. pref. stock, no par value, payable
The directors have declared
of accumulations
on
Aug. 1 to holders of record July 23.
Like payment was made on Feb. 1,
A dividend of 45 cents per share was paid on Aug. 1 and Feb. 1,1936,
and compares with 35 cents paid on Aug. 1 and Feb. 1,1935, this latter being
the first dividend paid on the pref. stock since Aug. 1,1931, when 50 cents
last.
Acme Gas & Oil
Co., Ltd.
-Earnings—
Years Ended Dec. 31—
Net income
was
1934
1936
1935
Previous surplus
$89,590
8,750
$59,046
28,904
$104,636
77,460
Total surplus.
$98,340
$87,950
40,315
$182,096
80,629
Dividends paid.
Surplus
Alpha Portland Cement Co.—Earnings—
Sundry charges of previous years
Appreciation in value of investments-
-
Surplus, Dec. 31.
Cr4~479
$8,750
$28,904
1936
Cash
Call loans (secured)
Oil in storage
Accts. receivable-
Advances to agents
Inv. at mkt. value
$35,757
62,000
2,844
14,383
$16,760 Accounts payable10,000 Reserve for taxes_
$1,071
13,134
Capital stock.—
Surplus
475,400
45,027
21,648
36,619
383,881
$534,632
$495,193
-
$1,043
10,000
475,400
8,750
1,513
33,681
48,106
1935
1936
y
24,770
121
337,740
Royalties
x
1935
Liabilities—
1935
1934
$4,632,058
3,612,412
1,456,465
$4,545,291
3,533,233
1,423,859
5,129,513
1,172,574
$719,613
142,314
$155,143 loss$436,819 loss$411,801
145,357
220,632
180,769
$861,927
36,596
$300,500 loss$216,187 loss$231,032
^
41,270
48,233
61,678
Profit—
Charges
x
Minority interest
Federal income taxes
Net profit-Preferred dividends
Common dividends.
Deficit----
Oil & gas wells &
leases
1936
$5,883,559
4,525,859
1,202,557
Operating expenses
Depreciation-
Other income (net)-
Balance Sheet Dec. 31
Assets—
12 Mos. End. June 30—
1937
Net sales
$7,021,700
Operating profit
$101,467
72,563
$47,635
43,364
$98,340
60,000
1,185
Cr7,871
$45,027
Reserves for taxes, &c
distributed; similar payments were made on the two preceding quarters,
dividends of 75 cents per share were dis¬
prior to which regular quarterly
bursed.—V. 144, p. 1095.
x
677
-
8,173
10,275
134,351
$690,980
805,750
$114,770
Loss applicable to minority
$259,907 loss$256,247 loss$282,435
58,384
140,000
644,600
483,450
$384,693
$798,031
$422,435
interests.
Note—No provision has been made for surtax on
undistributed profits.
—V. 144, p. 2814.
Total
x
After
reserves
Total.....
$534,632
$495,193
for depreciation and depletion of $230,000 in
$180,000 in 1935.
y Represented by 2,015,732 shares
paid).—V. 142, p. 4009.
no par
1936 and
value (fully
Addressograph-Multigraph Corp.—Dividend—
The directors
common
have declared a dividend of 35 cents per share on the
stock, par $10, payable Sept. 22 to holders of record Sept. 2.
A
25 cents paid
like payment was made on June 22, last, and compares with
Allied Stores
Corp.—Acquisition—
The O.O. Anderson Co. chain, operating
2d dry goods and department
stores, has been acquired by \>his company, according to an announcement
made on July 14 by B. Earl V uckett. President of Allied Stores.
The deal
involved an exchange of stock, Allied obtaining all of the common stock of
Anderson.
With the Anderson group, Allied now operates 53 stores.
Sixteen of
the new units are in Idaho, two are in Oregon, one in Colorado, and one
Volume
Financial
145
Chronicle
427
in
South Dakota.
Another unit is scheduled for opening at Pendelton,
Ore. some time in September.
O. G. Anderson, who organized the company in 1896, will be Chairman
of the Board of the Anderson chain.
J. J. Chapman will be Managing
director.
\
The 20 Anderson stores do a business of $4,000,000 annually.
The
largest
We Invite Inquiries in
Milwaukee & Wisconsin Issues
of the group, located in Boise, Idaho, does about $1,600,000.
store
—V. 144, p. 3826.
American Colortype Co.—Sales—
•;
Period. End. June 30—
Sales
—V. 144, p. 3485.
a>®nwa & ®®.
1937—6 Mos.—1936
$4,915,352
$4,084,509
1937—3 Mos.—1936
$2,082,387
$1,872,593.
Phone Daly S392
,
MILWAUKEE, WIS.
Teletype Milw. 488
American European Securities Co.- -Earnings6 Mos. End. June 30—
Cash divs. received
1936
1935
1934
$162,560
64,430
1937
$213,223
68,295
Int. received or accrued,
Divs. rec. in securities.,
Miscellaneous interest.,
$142,836
55,282
$146,607
52,502
630
"'273
335
Total income
Int. paid or accrued
$282,148
36,530
75,575
$227,325
9,506
75,575
$198,119
9,819
75,578
$199,383
9,270
75,717
Net loss from
sold..
$170,042
2,163
$142,243
4,356
$112,723
239,341
$114,395
651,339
Pref. stk. div. require'ts
$167,879
150,000
$137,888 def$126,619 def$536,944
100,000
$17,879
$37,888 def$126.619 def$536,944
Exps., inel. miscell. taxesi
sec.
Total profit
gold debentures due Jan. 1, 1948; (b) $2,028,495 to repay bank loans, the
were applied toward the redemption on April 15, 1937,
$1,931,900 cumulative preferred stock, 6% series B. of the company;
vC) approximately $10,760,000, in accordance with the construction plans
of the company; (d)
approximately $1,500,000 toward financing the con¬
struction in Australia of a plant for the manufacture of iron and steel
specialty sheets; (e) approximately $4,571,505 to pay or reduce bank loans
in addition to the loans referred to
above, and\f) the balance of approxi¬
mately $2,883,790 for working capital and other corporate purposes.
Business—Company and its subsidiaries are engaged primarily in the
business of manufacturing and
selling iron and steel products.
The plants
owned or operated by the
company and its subsidiaries have an estimated
iHgot capacity of approximately 2,531,000 gross tons per annum.
The principal products manufactured and sold
by the company are various
types of sheets made of steel and ingot iron, the latter being sold under the
proceeds of which
of
trade name "Armco"
Balance, surplus
Stock dividends
of
the
are
not treated as income but are entered on the
books
by recording
only the number of shares received and
book value of the securities involved.
No stock dividends were received during the six months ended June 30,1937.
In determining the profit or loss on 86010*1 ties sold, the cost of the specific
company
making
no
increase in the cost or
certificates sold
was
used.
Comparative Balance Sheet June 30
1937
Assets—
1936
%
Cash
1937
56,924
c
Securities—at cost:
Stocks
b
Furniture and fix¬
tures
reserve
Accrued taxes
on
bonds
45,023
Total
5,000,000
Commonstock..10,139,510 10,139,510
General
706
Accrued Interest
18,213,571
$
5,000,000
d Option warrants
615
Funded debt
3,023,000
Int. on fund. debt.
50,475
16,449,947 16,492,890
1,652,404
1,611,627
Bonds
Preferred stock..
1936
$
Liabilities
$
66,197
45,323
Deficit
615
3,023,000
50,475
600,000
4,835
604,864
600,000
3,571
609,701
20,500 shares
V. 144, p. 3993.
of
common
Total
stock
at
American Gas & Electric Co.
Period End.
Sub.
cos.
May 31—
consolidated: *
18,213,571 18,207,470
a
price of $12.50 per share.—
(& Subs.)—Earnings—
1937—Month—1936
1937—12 Mos —1936
820,151
$5,475,428 $72,041,277 $66,838,451
1,720,979
22,381,069
20,802,746
328,399
4,124,764
3.723,816
762,741
9,546,815
8,914,226
762,252
9,943.658
8,875,194
$2,118,501
21,322
$1,901,057 $26,044,970 $24,522,468
41,204
416,318
405,249
$2,139,823
921,804
417,884
$1,942,262 $26,461,288 $24,927,717
953,228
11,113,576
11,252,362
417,883
5,014,393
5,014,392
Taxes.
Operating income
Total income
Int. & other deductions.
Pref. stock dividends—
Balance
$800,135
$571,150 $10,333,318
not be entitled to receive further
royalties from any of such licensees after
The principal raw materials used by the
company are iron ore and scrap
iron and steel.
A part of the iron ore requirements of the company are
supplied by iron ore companies in which the company has minority stock
interests, and the balance of such requirements under term purchase con¬
tracts with independent iron ore companies, or under annual
arrangements
with others.
Company's requirements of scrap iron and steel are obtained
by purchase.
Company purchases a portion of its pig iron requirements
from others and a considerable part of the iron ore
required for the pro¬
duction of the pig iron so purchased is sold to the producer thereof by the
Subsidiaries—Subsidiaries
are:
Sheffield
Steel
Corp.;
The Armco
International Corp., and Hamilton Coke & Iron Co.
Company owns a number of subsidiaries fabricating sheets manufactured
by the company into culverts and certain other products which are sold in
parts of the United States and Canada.
Through two wholly owned sub¬
sidiaries the company engages in the fabrication and sale of metal house
sections and related
building materials.
Funded Debt and Capital Stock—The capitalization of the company and
its subsidiaries, as at June 30. 1937, adjusted to give effect to the proposed
financing, to the retirement of the outstanding 5% sinking fund gold deben¬
tures due 1948 and to the redemption on
April 15, 1937 of the cumulative
preferred stock, 6% series B,
follows:
was as
Authorized
Outstanding
c$l,800,000
$2,000,000
a
1942 to 1946
$800,135
240,142
$571,150 $10,333,318
282,149
3,262,547
$8,660,962
3,295,000
from
159,171
2,876
159,171
12,702
1,910,050
209,438
1,910,050
220,362
$1,202,324
77,453
$1,025,173 $15,715,354 $14,086,374
54,691
665,996
530,448
Balance
$1,124,870
Int. & other deductions.
170,853
Pref. stock divs. to public
177,811
$970,482 $15,049,358 $13,555,926
213,567
2,347.809
2,562,802
177,811
2,133,738
2,133,738
Balance
$776,205
*
Figures for periods prior to Jan
purposes.—V. 144, p. 4332.
$579,104 $10,567,811
$8,859,386
1, 1937 restated for comparative
Expense
pany also manufactures and sells forged steel railroad car wheels.
Company owns patent structures covering the production of hot rolled
strip, sheets and light plates by certain continuous sheet rolling processes,
most of which processes are used
by the company.
Twelve domestic and
two foreign steel companies are licensed under these
patent structures on a
royalty basis. Under the license agreements now in effect the company will
4% 1st mtge. guar, serial notes, maturing
earns,
sub. companies
Other income
Total income
from Rustless Iron and Steel Corp.
Company fabricates a relatively small
amount of sheets into a few finished
products including formed and welded
products and pipe and does a small amount of blanking business.
Com¬
Hamilton Coke & Iron Co.—
Serial notes maturing 1937 to 1941
applic. to Amer. Gas
& Elec.Co., as shown
above..
Int. from sub. cos
Pref. stock divs.
use in general sheet metal work.
Of the sheet tonnage sold to others, an
average of approximately 29% has, during the past five years, been sold
to the automotive industry and a substantial
proportion of such sheet
tonnage has been sold to distributors and jobbers.
As a part of its sheet
manufacturing business, the company rolls and
finishes stainless steel sheets made from ingots most of which are
purchased
$8,660,962
Amer. Gas tfe Elec. Co.:
Bal. of sub. cos.'
for
company.
(Interco. items elim'ted)
Operating revenue
$5,944,460
Operating
■
1,857,487
Maintenance
346,607
Depreciation
801,714
Other income
variety of products, including automobile bodies and automotive products,
refrigerators, stoves, electrical equipment, culverts and railroad cars, and
1945.
18,207,4701
b Represented by 354,500 shares of no par value,
c Represented by
50,000 shares of no-par $6 cum. stock,
d There are issued and outstanding
option warrants entitling the holders to purchase at any time, without
limit
Ingot Iron. The greater part of the tonnage of sheets
manufactured by the company is sold to others for fabrication into a wide
American International Corp.—Net Assets—
Based
on market quotations net assets at June 30,1937, were $28,917,718,
equivalent to $2,514.58 per $1,000 principal amount of outstanding indebconsisting of note of $1,500,000 and 5H % debentures of $10,000,000.
eaness
Net assets applicable to common stock amounted to $17.41 per share.
been made in these calculations for Federal surtax on
allowance has
No
un¬
2,000,000
2,000,000
4H% cumul. conv. pref. stock ($100 par).
450,000 shs.
d450,000 shs.
Common stock ($25 par)
b4,500,000 shs. ©2,869,560 shs.
Note—Sundry long term indebtedness of sudsidiary companies, not
included above, amounted to $67,984 as at May 31, 1937.
a The interest rate on the notes which matured
July 10, 1937 was 13^ %
per annum which rate increases at the rate of H % per annum on the notes
maturing in each successive year.
b At stockholders' meeting held April 15, 1937, amended articles of
incorporation were adopted under which company is authorized to have
outstanding 5,100,000 shares, classified and designated as follows:
600,000
shares, (par $100) pref. stock (issuable in series), and 4,500,000 shares
(par $25) of common stock.
1,125,000 shares are reserved for issuance upon
conversion of 450,OOO shares of 4H% cumulative convertible pref. stock,
c Of this amount $200,000 was paid on or about July 10, 1937.
d Directors at a meeting held July 10, 1937 adopted an amendment to
the amended articles of incorporation creating a series of 450,000 shares of
the 600,000 shares of authorized pref. stock and designating such series
4H% cumulative convertible pref. stock to and including July 15, 1947
and thereafter 43^ % cumulative pref. stock, and authorized the issuance
thereof.
©
Includes 1,040 7-20 shares represented by scrip.
names of the several principal underwriters and the
Underwriters—The
distributed profits.
Net assets at Dec. 31, 1936 of $31,065,111 were equivalent to $2,588.76
several amounts underwritten
$1,000 principal amount of outstanding indebtedness (consisting of
$10,000,000 5>3% debentures and $2,000,000 note payable) and $19.06
per share of outstanding common stock.
On March 31, 1937 indebtedness
on note payable was reduced to $1,500,000 by a cash
payment of $500,000.
There were 1,000,000 common shares outstanding throughout the half year.
Securities were valued at June 30, 1937 on the same basis as in the
annual report of Dec. 31,1936. Those carried at a nominal value at that time
are still so carried.—V. 144, p. 2638.
W. E. Hutton & Co., New York
Edward B. Smith & Co., New York
per
American Republics
Corp.—Registers with SEC—
See list given on first page of this department.—V. 144. p. 3660.
American
Public
Rolling Mill Co.—Preferred Stock Offered—
offering, by means of a prospectus, of 450,000 shares
of 4^% cum. conv. pref. stock ($100 par) was made July 15
by
&
composed of W. E. Hutton & Co.; Edward B.
Co.; The First Boston Corp.; Brown Harriman
a group
Smith
&
Co., Inc.; Kidder, Peabody & Co.; Glore, Forgan & Co.,
Lee Higginson Corp.
The shares are priced at $101
and
and accrued dividends.
Redeemable, at the option of company, in whole or in part, at any time
30 days notice, at the following prices per share plus accrued dividends:
or before July 15, 1938, $107.50; thereafter and on or before July 15,
1947, $105; thereafter and on or before July 15, 1948. $104.50; tnereafter
and on or before July 15, 1949, $104; thereafter and on or before July 15,
1950, $103.50; and thereafter $103.
Dividends cumulative from July 15,
1937, and payable quarterly Jan. 15, April 15, July 15 and Oct. 15 in each
year.
Convertible, at the option of the holder, into common stock at the
following stated conversion prices per share: on or before July 15, 1939,
$40; thereafter and on or before July 15, 1941, $42.50; thereafter and on
or before July 15, 1943, $45; thereafter and on or before July 15,
1945,
$47.50; and thereafter and on or before July 15, 1947, $50; unless pre¬
viously redeemed.
Company has agreed to apply for listing of the 4M % cumulative conver¬
tible preferred stock on the New York Stock Exchange.
on
on
Purpose—Proceeds to be received by company from the sale of the
450,000 shares will aggregate $44,100,000, exclusive of accrued dividends.
Company intends to apply the net proceeds as follows:
(a) $22,184,075,
toward the redemption on Sept. 1, 1937, of $21,643,000 of 5% sinking fund
by them, respectively,
are as
follows:
Shares
The First Boston
Corp., New York
Brown Harriman & Co., Inc., New York
Kidder, Peabody & Co., New York
Glore, Forgan & Co., New York
Lee Higginson Corp., New York
Goldman, Sachs & Co., New York
Blyth & Co., Inc., New York
i
Bonbright & Co., Inc., New York
Hayden, Stone & Co., New York
Baker, Weeks & Harden, New York
Cassatt & Co., Inc., New York
Hallgarten & Co., New York
W. O. Langley & Co., New York
Stone & Webster and Blodget, Inc., New York
White, Weld & Co., New York_
Mellon Securities Corp., Pittsburgh
Kuhn, Loeb & Co., New York
*
Earnings—Year
ended
Dec.
....
_
80,000
80,000
45,000
30,000
25,000
15,000
15,000
11,000
10,000
10,000
8,000
6,000
5,000
5,000
5,000
5,000
5,000
45,000
45,000
31:
1934
1935
1936
$54,485,115 $76,799,385 $101463,383
39,960,457
56,251,499
74,652,806
Maintenance and repairs
4,551,531
5.857,845
7,776,473
Depreciation and depletion.
1,917,084
2,075,958
2,923,731
Taxes, other than income
674,361
660,206
1,146,003
Rents and royalties
269.091
127,899
Selling, general and administrative.
7,047,609
4,254",809
5,631,116
Provision for doubtful accounts.
169,087
173,635
195,377
Net sales.
Cost of sales
_
Profit from operations.
1,957,786 a$6,041,937 a$7,542,190
1,862,695
2.907,202
827,710
Other income
Gross income
$3,785,496
Interest and expenses long term debt
2,183,172
Other interest, discounts & miscell339,527
Total income and surtaxes
296,231
Minority interests
925
Net income
a
$965,641
$7,904,632 $10,449,392
2,388,172
1,793,354
587,487
840,273
615,215
1,368,626
3,628
5,462
$4,310,130
$6,441
*77
Includes gross profit from miscellaneous operations of $20,709 in 1935
and $89,896 in 1936—V. 144, p.
3994.
.
428
Financial
American
Telephone & Telegraph Co.—Report—
Walter S. Gifford, President, states in brief:
The Bell System had a net gain of about 529,000 telephones during the
first
six
months
of
this
year
responding period of 1936.
The total number of toll
as
compared
with 374,000
during the cor¬
and
long distance calls during the first six
increase of about 8 % over the corresponding
months of this year showed an
period last year.
Chronicle
,
Period End. June 30—
Oper.
al937—3 Mos.—1936
,
exps.
Net operating income.
Dividend income
Interest income.
Other income—net
Total income
Interest deductions
$5,063,812 $25,134,828 $19,417,966"
35,836,836 180,198,389 132,745,644
1,773,403
6,303,468
8,652,865
186,200
814,050
789,308
$4,553,757
41,765.853
1,532,985
176,298
—$48,028,893 $42,860,251 $212,450,734 $161,605,783
4,373,751
5,777,700
21,912,062
23,307,140
Net income b
.$43,655,142 $37,082,551 $190,538,672 $138,298,643
42,045,287
42,017,890 168,155.286 167,996,464
Dividends.
Balance
$1,609,856 c$4,935,338 $22,383,386 C$29697,821
Average number of shs.
of cap. stk. outstand'g 18,686,794
18,674,618
18,683,921
18,666,274
Earnings per share
$2.34
$1.99
$10.20
$7.41
a
Subject to minor changes when final figures for June are available,
b Does not include the
company's proportionate interest in the undivided
profits or deficits of subsidiary companies,
c Loss.
(Consolidated Accounts of American Telephone & Telegraph Co. and its 25
Principal Telephone Subsidiaries) \
Period End. May 31—
1937—3 Mos.—1936
$
1937—12 Mos.—1936
$
$
$
Operating revenues
264,571,352 246,892,9921022,795,385 948,944,618
x.Operating expenses...175,496,480 163,307,472 673,894,947 648,700,041
Taxes
34,506,731
29,690,969 124,709,741 103,741,067
Net operating income.
54,568,141
9,682,427
53,894,551 224,190,697 196,503,510
6,948,407
33,585,582
19,005,20.9
Interest deductions
64,250,568
10.428,820
60,842,958 257,776,279 215,508,719
12,436,085
47,152,900
51,245,065
Total net income
53,821,748
48,406,873 210,623,379 164,263,654
Other income—net.._
y
Total income
Net
income applicable to
stks. of sub. cons, held
held by public...
3,160,610
applic. to Am.
& Tel Co. stock
50,759,600
share—Am. Tel &
Tel. Co. stock
2.72
45,246,263
13,120,091
inc.
Tel
Per
x
12.553,489
197.503,288 151,710,165
2.42
10.57
8,13
Includes current maintenance,
depreciation, traffic, commercial, general
and miscellaneous expenses and
operating rents,
y Includes proportionate
interest in net income (partly estimated) of controlled
companies not con¬
solidated, including Western Electric Co.—V. 144,
American Water Works & Electric
4165.
p.
Co., Inc.—Contracts
Disapproved—
The
New
York
Service
Commission
has
disapproved proposed
to prove
that the proposed basis of charge to the
operating companies for services by
American Water Works and the Water Works Construction
Co. does not
exceed the reasonable cost of
performing these services.
Weekly Power Output—
Output of electric
energy
hours for the corresponding period of 1936.
Comparative table of weekly output of electric energy for the last five
years follows:
K Week Ended—
July
July
3
10.
144, p. 269.
Lines
Period End. May 31—
Operating revenues
Operating expenses (incl.
depreciation
(& Subs.)—
V
.
'
1937—Month—1936
1937—5 Mos.—1936
$2,117,269
$1,943,729 $11,897,388 $10,400,529
2,024,825
1,800,043
10,812,938
9,243,596
$92,444
$143,686
$1,084,450
$1,156,933
136,970
Net operating revenue
Taxes
42,175
25.041
264,571
$50,269
7,050
$118,645
7,186
$819,879
25,850
$1,019,963
1 9,970
$57,319
113,429
$125,831
117,745
$845,729
557,937
$1,039,933
597,043
___________
Operating income
Other income
Gross income.
Interest, rentals, &c--_
_____
__
Net income
_xloss$56,109
$8,086
x$287,791
$442,890
adjustments,
provision has been made by Atlantic Gulf and West Indies Steam¬
ship Lines or any of its subsidiary companies for surtax on undistributed
profits as the earnings cannot yet be determined.—Y. 144, p. 3996.
These operating earnings are before any year end audit
x
and
no
Beech Aircraft
Corp.—Orders and Deliveries—
Unfilled orders on June 25 plus actual deliveries from Jan. 1 totaled
$681,900, Walter H. Beech, President, stated.
Total 1936 sales came to
$559,053.
Deliveries through June 25 aggregated $426,960 against $296,620 a year
ago.
These figures included engines, aircraft and spare parts, and were less
commissions.
for the first four months this year were previously reported
$278,884 against $183,074 in the like 1936 period.
Thus, it is indicated,
months were running at about $75,000 monthly
compared with a monthly average of $69,721 in the first four months
Deliveries
as
deliveries in the past two
this year.
Unfiled orders on June 25 totaled $255,000, compared with $286,050
reported as of April 30, 1937.—V. 144, p. 3322.
Belmont Radio
Corp.—Net Sales—
$2,308,245, compared
$1,227,895, for the same period in 1936.
For the month of June,
net sales amounted to $491,710, compared with $347,182.25, in the same
month a year ago.—V. 144, p. 3323.
'
with
Berkshire Fine
Spinning Associates, Inc.—Dividends—
Directors on July 15 declared two dividends of $1.75 each on the 7%
preferred, one payable July 23 to record July 20 and the other payable
Sept. 1 to record Aug. 25.
The company also declared dividends on the new $5 preferred stock,
one of $1.25 payable July 23 to record July 20 and the other of $3.75,
the amount provided for under the recent plan, payable Sept. 1 to record
Aug. 25.
'
Current dividend declarations are the first in seven years, the last pay¬
,
1937
1936
50,609,000
49,972,000
47,850,000
44,221.000
45,115,000
45,601,000
45,661,000
43.273,000
1935
1934
1933
A
.
,
_
,
7% preferred having been made Sept. 1, 1930.
While dividends were declared on the old 7% preferred this has nearly
all been converted into new $5 preferred and common under plan of re¬
capitalization.—V. 144, p. 3661.
ment on the old
Bliss &
Laughlin, Inc.—Earnings—
1937
6 Months Ended June 30—
Net profit after interest, provision for
normal Federal income taxes, &c__
Shares
common
stock (par $5)
1935
1936
$491,050
171,438
$2.80
Earnings per share
of the electric properties of American Water
Works & Electric Co. for the week ended
July 10, 1937 totaled 44,221 000
kilowatt hours, an increase of 2.19% over the
output of 43,273,000 kilowatt
—V.
Earnings—
Indies SS.
,
Public
management and engineering contracts made by New Rochelle Water Co
and Port Chester Water Works, Inc., with their
parent company, American
Water Works & Electric Co., Inc., and American's
wholly owned sub¬
sidiary, American Water Works Construction Co.
The contracts, the Commission contends, are not in the
public interest.
The Commission also found that the
parties to the contracts failed
June 19June 26
& West
Net sales for the first six months of 1937 totaled
3,062,148
Net
Atlantic Gulf
al937—12 Mos —1936
$26,525,846 $26,394,820 $108,500,773 $101,028,272
incl. taxes._ 21,972,089
21,331,008
83,365,945
81,610,307
revenues
,
•
Earnings of American Telephone & Telegraph Co.
Operating
July n. m 7
Consolidated shipments, incl. Midvale, in June aggregating $4,488,056
as compared with $2,497,940 in June of last year.
Consolidated shipments
for the first six months of 1937 were $20,438,208 as compared with $10,41^,516 for the first six months of 1936.
■
On
June 30,
1937, consolidated unfilled orders including Midvale,
aihounted to $29,805,293 as compared with $30,531,416 on Jan. 1, 1937•
and with $13,117,083 on June 30, 1936.
All figures are without intercompany eliminations.—V. 144, p. 4334.
$219,782
152,680
$1.44
$270,372
152.680
$1.74
—V. 144, p. 3323.
Bon Ami Co.
(& Subs.)—Earnings—
6 Mos. End. June 30—
1937
Gross profit on sales
$1,342,829
Net profit
before int.,
1936.
1935
^
^
1934
$1,245,177
$1,150,276
$1,240,417
832,962
727,596
604,060
667,361
37,901
40,293
33,628
37,635
deprec. & Federal and
36.711,000 34,334,000 34,638,000
35,261,000 34,742,000 35,408,000
36,440,000 34,467,000 36,295,000
Depreciation
30,694,000 29.032,000 32,910.000
Canadian income taxes.
Canadian income taxes
.
Reserve for Federal and
„
116,063
99,550
75,658
85,106
x$678,998
$587,753
$494,774
$544,620
s
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the month of June, 1937—
(In South African Currency)
Tons
x
Companies—
Brakpan Mines, Ltd...
Daggafontein Mines, Ltd--.
Springs Mines, Ltd
West Springs, Ltd.
Milled
Value
£248,052
£275,833
£301,777
£116,001
x
Before provision
Bond
for surtax on undistributed profits.—V. 144, p. 3323.
Stores, Inc.—Sales—
1937—Month—1936
$1,631,299
$1,575,549
Period End. June 30—
Gold Declared
135,500
132,500
150,700
92,000
Net profit.
Costs
Profit
£108,796
£132,048
£160,411
£41,081
£139,256
£143,785
£141 366
£74,920
Each of which is incorporated in the Union of South Africa.
Note—Revenue has been calculated on the basis of £7
per ounce fine.
—V. 144, p. 3995.
Sales
—V.
144,
Boston
1937—6 Mos.—1936
$9,635,284
$8,044,224
3998.
p.
Revere
Beach
& Lynn
RR.—To Default Bond
Interest—
x
Armstrong Cork Co.—Listing—Rights—
The
New
York
Stock
additional shares of
Exchange has authorized the listing of 201,520
common stock (no par)
on official notice of issuance
and payment in full, making the total amount
applied for 1,410,644 shares.
The board of directors at a meeting held on June
28, 1937, authorized
an
offering of 201,520 shares of unissued commission stock (no par) at
$45 per share, to holders of common stock of record at 12:00 M., Eastern
Daylight Saving Time, July 10, being at the rate of one share for each six
shares then held of record.
Rights to subscribe will terminate at 3 p. m.,
Eastern Daylight Saving Time, July 30, 1937.
Guaranty Trust Co. of
New York has been appointed agent to receive
subscriptions.
The offering to stockholders has been underwritten
by Edward B. Smith
& Co.; Kidder,
Peabody & Co.; Mellon Securities Corp.; Lazard Freres &
Co., Inc., and Kuhn, Loeb & Co., and the company has agreed to pay the
underwriters, as compensation under the underwriting agreement, an
amount equal to 85 cents per share in
respect of each of the 201,520 shares
to be offered by the company to its stockholders for
subscription; such com¬
pensation amounts to $171,292.
The net proceeds from the sale (after deduction of estimated
expenses),
are estimated to be
approximately $8,778,686.
Company intends to redeem
all its outstanding 15-year 4% debentures, due
July 1, 1950.
The amount
necessary to redeem the debentures after July 1, 1937, consists of $8,400,000 principal, $252,000 premium, and accrued interest to date of
redemption.
The sum by which the net proceeds exceed the amount
required for such redemption will be added to working capital.
Bowman-Biltmore Hotels
Period End. June 30—
Loss after ordinary taxes,
4% debentures, due July 1, 1950 for redemp¬
tion Aug. 10 at 103 and interest.—V. 145, p.
Associated Gas & Electric
270.
Co.—Weekly Output—
rental &
int.,
profit
after
exp.,
deprec., &c., charges.
$4,941
prof$131,473 prof$24,355
1937
1 936
$380,702
$233,014
1 935
$75,070
1934
$145,168
(J. G.) Brill Co.—Orders Booked—
Charles
orders
J. Hardy, President of the company, stated on July 15 that
booked for the first six months ended June 30, 1937 amounted to
$4,758,888
as
compared with bookings of $2,773,106 in the first six months
$1,985,782 or approximately 71
•—Y. 145, p. 103.
of last year, a gain of
Co., Inc.—Report—
Company reports as of June 30, 1937, net assets of $8,214,929, equal to
a share on 247,640 shares of capital stock outstanding.
As of Dec. 31,
1936, net assets were $5,862,175, equal to $35.25 a share on 166,298 shares
outstanding.
$33.17
Income Account 6 Months Ended June 30
1937
on
stocks
1936
1935
1934
$120
116,913
$47,411
$1,420
45,961
$1,289
49,761
$117,033
31,749
5,303
$47,411
.16,318
1,691
$47,381
9,637
1,411
$51,049
12.680
2,667
$29,401
28,732
$36,333
33,220
$35,702
35,732
$669
$3,113
def$30
92,117,371
Shipments—
The dollar value of orders taken in June by the company and subsidiary
companies, including The Midvale Co., was announced July 16 as $2,585,080 as compared with $3,229,571 for June, 1936.
The month's book¬
ings brought the total for the consolidated group for the first six months of
1937 to $19,638,082 as compared with $16,865,613 in the same period
_
$1,745
—V. 144, p. 4169.
Total income-
Deductions.
last year.
1937—6 Mos.—1936
Current assets as of June 30,1937, including $241,945 cash and inventories
of $1,883,175 amounted to $4,100,784 and current liabilities were $988,218.
This compares with cash of $324,406, inventories of $1,287,347, current
assets of $2,532,285 and current liabilities of $484,967 on June 30, 1936.
Cash divs.
Baldwin Locomotive Works—Orders and
Corp.—Earnings—
Bridgeport Machine Co., Wichita, Kan.—Earnings—
6 Mos. End. June 30—
reported
Gross output, including sales to other utilities, amounted to
units for the week.—V. 145, p. 270.
the $1,000,000
Net
Interest earned
ago.
on
but be-
fore amort.& inc.taxes
—V. 144, p. 4169.
For the week ended July 9, which included a holiday week end, Associated
Gas & Electric System reports net electric output of 82,285,304 units (kwh.).
This is an increase of 5,143.289 units, or 6.7% higher than production
a year
interest due July 15
1937—Month—1936
Broad Street Investing
Debentures Called—
The company has called its
Directors have voted not to pay the
first mortgage 4% bonds.
It is probable that within a short time the road
will file a petition to reorganize under Section 77 of the Bankruptcy Act,
stockholders having given authority for this action.—V. 144, p. 1431.
Taxes
Net income for period
Dividends
Surplus
x
paid
$79,981
xl29,691
def$49,710
Includes $46,936 special dividend on capital stock.
Volume 145
Financial
Statement of Surplus, June 30,
Chronicle
429
shares to
1937
Capital surplus, Dec. 31, 1936
Additional Federal income tax paid for year 1935, and interest
.
$3,770,872
500,000 shares; also a reduction in capital represented by out¬
standing common stock from $3,699,881 to $2,521,132.50—V. 144, p.4171.
175
Brown-Forman Distillery Co., Inc. (& Subs.)
Year Ended April 30—
$3,770,697
■Earns.
tion
1936
1935
Cost of sales
$8,618,141
6,103,676
$7,664,379
5,458,505
$3,887,197
2,915,885
Other operating income.
$2,514,465
8,209
$2,205,873
15,887
$971,312
18,149
$2,522,674
1,828,549
$2,221,760
1,602,053
$694,125
22,038
$619,706
,21,840
$43,184.
5,626
Flood loss
2
Discount allowed & interest paid, &c_
Income, &c., taxes (estimated)
$716,163
217,053
145,841
64,576
$641,547
$48,810
79",685
"8",040
86,800
9,800
$288,694
90,000
$0.71
$475,062
90,000
$1.92
$30,970
90,000
Net sales.
account), less cost of issuance
2,814,728
$6,585,425
Excess of cost of capital stock repurchased over
par
value thereof (after giving effect to allocations to
the ordinary distribution account)
Expenses in connection with registration of capital
stock under Securities Act of
1937
Income credits.
Excess of proceeds of capital stock sold over
par value thereof
(after giving effect to allocations to the ordinary distribu¬
1933,
as
amended.
Selling, admin. & general
$308,875
expenses
310,566
1,690
_
1,274,860
Ordinary Distribution Account from Jan. 1, 1936:
Balance, Dec. 31, 1936
$2,853
79,981
Net income, as per statement
Net amount allocated to this account in
respect
of sales and repurchases of capital stock
3,772
Net profit
Dividends
$86,606
Ordinary dividends
on
capital stock
on
3,852
82,754
Earnings
477 less than
1937
58,627
was
$610,-
Assets—
1937
1936
$102,154
19,312
dl2.202
Spec. deps. for aivs
74,467
15,382
2,172.033
Invest, at cost.._.c7,110,640
Rec. for sec. sold..
2,675
Total
27,566
Market value of investments
c
Divs.
p.
on
1937
for
$15,383
exps.,
taxes, &c
Due for
1936
$74,467
payable
Reserve
29,951
...
31,591
purch.
(par $5)
69,079
472,695
"ec.
Cora. stk.
1,238,200
Earned surplus... 6,337,339
$7,679,956 $2,329,338
by $639,391.—V. 144,
47,466
Total
accts.
and
receivable
27,505
in
were
34,976
of cost
3829.
stock
common
retained
was
case
of
a
68,801
by the previous equity interests
default.
A deposit fund of $50,000
Broadway Department Store, Inc.—Initial Pref. Div.—
directors have declared
p.
an initial dividend
of $1.66 2-3 per share
stock, par $100, payable Aug. 1 to holders
This dividend covers a four-month period.—V. 144,
the 5% cumulative preferred
on
of record
July 17.
2642.
Brooklyn Borough Gas Co.—Gas Users
year
period in 1934-35, when
a
temporary rate
Service Com¬
charged during the onerequired.
Those affected
was
by the ruling, made public on July 7 in the opinion written by Commis¬
sioner George R. Van Namee, live in the
Coney Island, Brighton Beach,
Manhattan Beach, Sheepshead Bay and Flatbush sections of
Brooklyn.
It was suggested that if city taxes were the same now as in
1932, a reduc¬
tion in rates of
more
than
$172,000 could be ordered.
City taxes, the Com¬
held, prevent a rate reduction of more than 7%.
The order
issued three years ago, directing the
company to make a temporary reduc¬
tion in gas rates of 13% for the year ending March,
1935, did not become
effective because of rehearings and other proceedings.—V.
144, p. 4170.
mission
Bulova Watch Co.,
Inc.—Earnings—
Total
1937
Total income
1935
$2,108,160
1,182,708
$2,876,749
628,326
Operating profit.
Other income
1936
$3,263,981
1,480,649
$1,783,332
177,967
$3,505,075
324,881
$1,317,268
275,000
$387,989 loss$311,100
275,000
275,000
$4.15
297,183
$2,643,123
stock (no
com.
par)
share
per
Includes $22,518 surtax
x
$948,102 loss$150,497
84,942
29,482
60,390
414,780
131,121
x542,403
Net profit
Shs.
$925,452 loss$187,578
22,650
37,081
$1,961,299
84,099
231,676
328,255
22,366
Earnings
1934
$529,076
716,654
$8.13
Interest
Federal taxes, &c
Other deductions
on
).77
Nil
undistributed profits.
in
x
1937
Land, machinery
equipment,
&c.
z$3.50
$259,180
1,308,937
Cash
bullion
4,504
payable
to
foreign bank—
Due salesmen
246,552
3,093,283
Accrued liabilities.
562,490
1,928,277
Real
8,901
19,818
103,504
231.334
(not
gages
Bulova
Watch Co., Ltd.
estate
mort¬
62,146
Res. for foreign ex¬
change fluctu'ns.
33,486
life insurance...
96,985
2,809
Canada Northern Power Corp.,
Covers,
2,649,554
87,873
factory earnings and the desire to conserve resources.
The company had
been paying 50 cents quarterly on the
common, and the last payment was
distributed on May 15, last.—V. 145, p. 271.
Canadian Hydrc-Electric Corp.,
At
The amended plan provides for the
exchange of one share of 5% Gatineau
Power preferred and 1 ^ shares of Gatineau Power common for each share of
Canadian Hydro first preferred; 5.27608 shares of Gatineau Power common
for
each share of Canadian Hydro second preferred,
Gatineau Power common for each share of Canadian
and 12-100 share of
Hydro common.
Hydro-Electric System holds all of Canadian Hydro's
common and second preferred shares.
The change in the proposal was made
by the corporation to meet the
views of holders of substantial blocks of first preferred shares, including the
Association of Investment Trusts in England, and several large holders in
Canada.—V. 145, p.104.
International
has been awarded to
Bank of Commerce;
Ry.—Equip. Trust Certifs. Awarded—
syndicate composed of Bank of Montreal, Canadian
Dominion Securities; Bell, Gouinlock & Co.; A. E.
Ames & Co.; McLeod, Young Weir & Co.; Mills Spence & Co. and L. G.
a
Beaubien & Co.
Earnings of System for Week Ended July 7
1937
—V.
1936
Increase
$3,507,111
Gross earnings
$3,212,113
$294,998
145, p. 271.
Canadian
Wineries, Ltd.—New Directors—
A. G. Sampson and J. A. Miller were elected to the board of directors,
filling the positions of F. W. Lee and K. S. McKenzie, K.C.—V. 143, p.
1391.
Canal Construction Co.— -Earnings1936
tion contracts, &c
Cost of construction....
1935
1934
,
Depreciation
Sundry deduct, from inc.
•
Net loss.
$34,168
51,324
23,170
Cr2,240
23,384
20,997
$80,571
90,860
23,511
$82,467
Gen. & admin, expenses.
Miscellaneous
$82,536
1933
$146,346
341,138
44,038
Cr98,910
45,000
10,504
24",000
24,735
$595,227
463,327
55,034
Cr781
45,000
$195,424 prof$32,648
Consolidated Balance Sheet Dec. 31
1936
Cash In banks
rec.
1935
$197
$11,598
(trade).
receivable
500
al0,120
_
Inventories
7,500
12,665
5,001
366,769
Liabilities—
412,896
equip..
Res.
for
Fed.
16,433
1935
$6,400
15,437
$6,934
18,470
9,611
15,002
inc.
taxes on accumul.
prof, on
201
prem.
1936
Notes payable
Accounts payable.
Accruals
5,192
Prepaid, ins.
pleted
c
d
uncom¬
old
con¬
contr.
22,500
22,500
400,000
77,000
160,340
400,000
$379,467
$453,174
Conv. pref. stock
(no par).
-
Com.stk.(no par)
Deficit
77,000
77,873
30,174
$7,494,354 $7,884,075
Total
$7,494,354 $7,884,075
After depreciation of $774,037 in 1937 and $711,301 in 1936.
y Rep¬
by 324,881 (275,000 in 1936) no par shares,
z Represented by
no par
Ltd.—Merger Approved
special meeting of 6% first preferred stockholders of corporation,
a
held July 15, the amended plan for absorption of Canadian Hydro-Electric
Corp. by its subsidiary, Gatineau Power Co., was approved.
b Mach. &
3,329
resented
50,000
Deferred—
Directors deferred action on the common dividend due at this time.
The company stated that this decision was reached in view of the unsatis¬
Total
x
$2,777,526
Canadian Converters Co., Ltd.—Dividend
of foreign
Total
$4,496,842
1,719,316
$2,821,748
Net earnings
V. 145, P. 271.
into U. S.
branch & subs..
1936
1937
dollars of Iiab. &
assets
1949.
$4,700,585
1,878,836
Operating and maintenance
struction
14,554
p.
Ltd.—Earnings—
12 Months Ended May 31—
Gross earnings
Unexp. ins. prem.,
&c
shares.—V. 144,
Commission, J. J. Dunlop, Vice-President, said.—
V. 145, p. 271.
Accts.
officers'
Funds in closed bk.
no par
The company on June 23 mailed stockholders a notice
stating that they
could purchase new stock in the ratio of one share for each two shares
held,
at 50 cents a share.
The program contemplates addition of 144,340 shares
to the capital of the
company.
Registration has been made with the Se¬
curities and Exchange
Notes
2,417,337
439,159
$6,162,664 $5,242,170
Total....
Represented by 15,000
z
Other assets
Surplus
710,368
637,853
California-Engels Mining Co.—Rights—
Assets—
42,075
payable-.
200,000
397,510
280,000
value)
par
After allowance for doubtful accounts of
$50,534 in 1937 and $35,359
y After allowance
for depreciation of $102,142 in 1937 and
297,835
1,622,338
receiv.
val.
Loan
805,576
147,233
current)
Cash
Accounts payable-
12,308
$2,750,000
900,000492,533
271,731
stock.$3,699,881
4,072,641
rec.
Inventories
from
y
1,193,698
Notes & accts.
Due
808,926
Common
1936
pref.
conv.
$311,483
held
abroad
Notes
1937
147,139
N. Y. City bonds.
Other securities...
Gold
Liabilities—
1936
47,039
1936.
Calendar Years—
Gross rev. from construc¬
Consolidated Balance Sheet March 31
Assets—
1,500,000
An issue of $14,300,000
2M% 10-year serial equipment trust certificates
Years Ended March 31
$5,035,436
2,158,687
Gross profit
Expenses
149,236
1,500,000
Capital surplus
Surplus
$6,162,664 $5,242,1701
Canadian National
[Including Wholly-Owned Subsidiaries]
Consolidated Income Account for
2,143,575
11,058
charges
at cost.
to Get Rebate—
The company has been ordered
by the New York Public
mission to refund a total of $250,778 to customers
long-
pay.,
non-operat'g
68,240
11,448
deferred
155,037
Brands & tr.-mks.,
guarantees continued interest payments.
The
1,014,461
98,928
129,293
z6% cum. pf. stk.
Common stock ($1
500
$65,324 in 1936.
(Transportation Building) reported net profit
before bond interest of $127,940 for the year ended March
31, 1937, which
was at tne annual rate of
2.00% on the $6,383,500 of outstapding first
mortgage bonds, according to a current report on the property issued by
Amott, Baker & Co., Inc.
This compared with net profit before bond
interest for the first quarter of 1936 of
$6,046, equal to 0.38% on the out¬
standing bonds, on an annual basis. For toe year 1935 the building earned
at the rate of 2.13%.
The Transportation building has been assessed jfor
1937 at $5,500,000
and real estate taxes have been paid
through theTirst half of this year.
As of May, 1937, it was reported
approximately 75% occupied, against
65% in August last year.
A reorganization plan for the
property was finally consummated in
February, 1937, under which interest on its bonds is fixed at 2% per year.
entire
7,842
1,275,258
Land, bldgs. and
equipment
Prepd. ins. & oth.
Broadway-Barclay, Inc.
The
6,039
102,498
(est.)
term
Res.,
Sundry invest'ts..
1,740,590
excess
15,317
17,494
comm'ns,
taxes, &c
Notes
deposits
1936
1937
Fed'l Income, &c.,
taxes
y
x
1937
Accrued
2,785,449
Accts. rec., officers
Broadway-Barclay, Inc.—Earnings—
subject to forfeiture in the
Nil
$211,662 $1,855,544
447,414
399,714
Accounts payable.
Acer, storage,misc.
$7,679,956 $2,329,338
June 30,
Liabilities—
Notes payable
982*586
1,179,292
3,282,993
Inventories
Life insurance
Liabilities—■
$472,863
Int. &. div. receiv.
$322,780
27,896
and employees__
Balance Sheet June 30
Cash..
$217,428
Notes & accept, rec
x Accts.
red., trade
Dec. 31, 1936.
on
1936
Trade accept, rec.
$6,337,338
June 30,
1937
Cash
$7,091
98,471
$105,562
46,935
on
preferred stock
Assets—
capital stock.
The unrealized appreciation of investment
on
per share on common stock.
Condensed Consolidated Balance Sheet Spril 30
Investment Profit and Loss and Special Distribution
Account from Jan. 1, 1936:
Balance, Dec. 31, 1936
Net profit on sales of investments
Special dividends
$989,461
946,276
.
shares.
To Reduce
Capital—
1
The company has notified the New York Stock Exchange of proposed
changes in authorized capital stock by elimination of 50,000 shares $3.50
convertible preferred stock and an increase ib common stock from 325,000
$379,467
$453,174
Total
a After reserve for losses
and sundry debtors of $500.
b After reserve
for depreciation of $359,756 in 1936 and $343,953 in 1935.
c Represented
by 40,000 shares,
d Represented by 77,000 shares at a stated value of
$1 per share.—V. 143, p. 1553.
Capital Administration Co., Ltd.—Report—
Company reports as of June 30, 1937, net assets of $7,009,201 before
deducting a bank loan of $1,700,000 but after deducting provision for
normal
Federal
income
tax
on
unrealized
appreciation.
This
indicates
Financial
430
an
asset
coverage as
Chronicle
July 17, 1937
Losses Restated in Accordance with
of that date of $122.33 a share of $3 preferred stock
of class A stock and 33 cents a share of
1936
and asset values of $21.32 a share
outstanding in the hands of the public after provision for
normal Federal income tax.
As of Dec. 31,1936, net assets, after deducting
class
B
stock
the bank loan, were equivalent to $137.86 a share
share of class A stock and $1.18 a share of class
a
$20,123
131,986
$152,109
17,575
Dividends
.
Total income
Interest
5% debs
on
1934
1935
$63,700
120,103
$67,261
105,136
$144,399
45,668
$183,803
85,425
General
Service
under
3,909
9,855
17,659
6,876
3,909
9,393
16,293
7,010
of leaseholds.
16,630
17,239
5,731
9,966
17,567
expense
fee
6,564
Taxes
"
Unamort. disct. & exps.
Net restated losses—
15,079
31,750
15,079
31,750
15,079
$129,239
$134,295
Common Stock Less Operating
$162,920
$106,895
38,480
Deficit Years Ended Sept. 30
1936
$883,276
1933
1934
1935
$1,583,211
$1,346,206
$1,055,668
Loss of bldgs., equip. &
cane in hurricane of
Nov. 9,1932, net of
collected:
insurance
Buildings and equip.
5% debs, called for red
31,750
31,750
15,079
Amort,
Bal. at beginning of year
debs.
$153,724
supplemental
Amort, of bond exp.
and discount
$172,397
85,425
Amortization of discount
and expenses on
$209,750
indenture—
1,273
bonds
on
of preferred stock, $24.61
1936
$19,870
124,530
1937
6 Mos. End. June 30—
Interest
1933
1934
1935
$176,068
$181,125
above
as
Deductions not allowable
B stock.
Income Account
.*
Losses,
Supplemental Indenture
Dr83,280
.
Dr80,787
Cane..1
Reversing part of Cuban
Class B dividends
$50,367
97,650
$60,079
65,100
$19,377
65,100
$100,437
65,100
71,703
30,720
Net inc. for the period
dividends
Preferred
Class A dividends
tax on interest, set up
of
as
181,125
209",750
153",724
$702,151
Balance at end of year
$47,283
$5,021
$45,723
$67,086
Deficit.
Cr3,675
176,068
$883,275
$1,055,668
$1,346,206
Sept. 30, 1934—
Net loss (as above)
Note—Sept. 30 1936 balance composed of—Common stock,
operating deficit, $2,821,819, and balance as above, $702,151.
,
Balance Sheet June 30
$382,007
$105,918
4,497
4,594
31,899
33,159
currencies
dividends
$33,159
2,165,000
for exps.,
b Invest, at cost-.
5,177,104
82,077
62,608
434,000
434,000
Class A stock
143,405
2,400
143,405
2,400
3,234,963
3,134,873
taxes,
c
5,78~6~283
1936
&c
Surplus..
to
.
by
$5,975,447
pany, net
$5,637,021
Contingent reserve
of am¬
359,466
36,846
373,591
126,107
467,541
after Sept. 30...
126,107
Prior lien notes...
Deferred charges--
13,548
30,121
Slow accounts rec.
Carbc-Oxygen Co.—Sold—
below.—V. 125,
p.
100.
(Philip) Carey Mfg. Co .—Stock Increases Voted—
At
a
special meeting held July 12, stockholders voted to amend articles
of incorporation to allow directors to split company's stock on basis of five
shares of no par common for each share of $100 par common now outstand¬
The change is being effected in order to give the stock greater mar¬
wider distribution.—V. 145, p. 272.
ing.
ket stability and
Inc. (& Subs.)—Earnings—
1936
Not
Year Ended. Dec. 31—
Net sales.
Reported
Cost of sales
Gross profits on salesComm.
on soap
sales, &c
Gross profits & comm.
Sell.,
gen.
v
& admin, exps
1935
Not
Reported
5,100
6,781
Property and plant 5,143,344
55,100
Leases, less amort.
5,250,271
admin, for crop.
>
1933
$2,760,771
2,033,919
1934
Not
Reported
$874,504
2,791
$750,532
1,810
$703,274
1,801
$726,851
6,836
$877,295
709,281
$752,342
637,404
$705,075
620,286
525,151
77,818
Prov. for Fed. inc. tax__
4,977
29,889
15,377
16,861
14,758
10,684
$115,057
Net profit
a
$135,970
$83,321
$39,524
Including surtax on undistributed profits of $2,215.
Consolidated Balance Sheet Dec. 31
Accts. & notes
rec.
Mercli. inventories
1935
$89,818
590,369
622,165
650,164
679,145
Prepaid
Due
63,236
_
.
26,107
22,885
Other assets
CI. A stk. repurch.
CI. B stk. repurch.
Fixed assets
14,875
75,000
75.000
Res. for contingent
21,275
Instalm't mtge. on
7,108
26,136
Mln.
int.
Davles & Co.Inc
7,190
1,117,382
Class A stock
7,501
1,117,382
Class B stock
192,035
Capital surplus
Earned surplus
81,623
167,544
Expendlt.
in
32,754
100,000
Casco Products
Total
x
1936
$54,386
Earnings per share on 170.452 shares capital stock
r)
(no par
$0.46
$0.32
1937, totaled $303,000, against
$199,000 in the same month of the preceding year.
Total sales for the
first four months of the current fiscal year amounted to $980,000 against
$685,000 reported in same period of preceding fiscal year.—V. 145, p. 104.
Gross
a
The
Total-.
Rep¬
shares
y
have
declared
a
dividend
of 25 cents
per
share
on
1937—6 Mos.—1936
$234,219
120,000
$1.95
2820.
Ltd.—Special Meeting—
on
Central Ohio Steel Products
Co.—Earnings—
Net
earnings after charges
1936
1937
6 Months Ended June 30—
but before normal
After normal Federal
The
hipments of raw sugar &
by-products
(net
of
sugar hedges and com¬
missions thereon)
Sugar pioduced and de¬
livered for cane purch.
Total income
1935
16,371,988
1934
10,465,340
1Q33
16,592,128
directors
$877,674
$409,070
$382,679
52,572
$735,909
and
have
declared
a
dividend
of 35
cents
per
$877,674
compares
Central States Power & Light Corp. (&
Subs.)—Earns,
Consolidated Income Account Year Ended Dec. 31, 1936
Operating
Operating
$3,643,240
1,684,294
revenue
expenses
244,108
280,781
Provision for depletion
Taxes
287,250
Maintenance
-
114,917
.$1,031,890
54,846
$409,070
$435,252
$1,086,737
1,042,500
17,379
60,843
15,945
18,895
Gross income.
'Interest
on
funded debt
Interest
on
unfunded debt
Amortization of debt discount and expense
Taxes
on
interest and other charges
Rents
on
undeveloped leases
292
Minority interest in net income
743,421
894,436
share on the
stock, par $1, payable Aug. 1 to holders of record July 20. This
with 25 cents paid on May 1 and Feb. 1, last; an extra dividend
of 25 cents and a regular dividend of 35 cents was paid on Nov. 1, 1936;
and a dividend of 25 cents was paid on Aug. 1, 1936, this latter being the
initial dividend on the $1 par stock.—V. 144, p. 4338.
common
Total
Cost of sugar & molasses
shipped (before deprec.
ana lease amortization)
income taxes.
Pay Larger Dividend—
Non-operating income
$735,909
x$ 170,962
$195,912
Federal income taxes
Provision for retirements
Sugar Co.—Earnings—
Sept. 30—
1936
Cane ground, arrobas._ 11,862,456
income
1937—3 Mos.—1936
being notified of a special meeting to be
July 27 at the company's head office to authorize the capital
change already approved by noteholders.
See also V. 144, p. 4172.
no par
Years End.
Other
June,
x$346,477
Cawthra Apartments,
This compares with
Caribbean
of
x$644,677
$139,069
Shares common stock
240.000
240,000
120,000
$2.68
Earnings per share
$1.44
$0.79
x After deducting surtax on undistributed profits
-V. 144,
depreciation & taxes..
the
value, payable July 23 to holders of record July 15.
75 cents paid on April 16, last; 50 cents on Jan. 15,
last; 50 cents on Oct. 15, 1936, and dividends of 40 cents per share dis¬
tributed each three months previously.
In addition an extra dividend of
50 cents was paid on Dec. 19, 1936.—V. 145, p. 104.
stock,
month
the
(A. M.) Castle & Co.—Earnings—
.$2,002,695 $2,039,499
34,381 shares (no par),
z Represented
by 76,814
After depreciation of $17,440.—V. 144, p. 2820.
directors
for
Period End. June 30—
x
Carpel Corp.—Smaller Dividend—
common
sales
100,000
.$2,002,695 $2,039,499
(no par),
Corp.—Earnings—
1937
'
After depreciation of $237,338 in 1936 and $220,759 in 1935.
by
less
$79,088
To
resented
(authorized 300,000 shares)
3 Months Ended May 31—
80,948
34,681
chem. mfg. prof.
Goodwill tr.-mks.,
&fi
$6,378,375 $6,637,468
Tota
shares outstanding
Net profit after all charges but before provision for
Federal surtax
252,554
al52,982
par
supplemental indenture of Dec. 11, 1926, no such dividends shall be paid
unless all unpaid bond interest shall have been paid in full to the last int.
date.—V. 142, p. 455; V. 134, p. 2728.
192,035
con¬
nection with pat.
Wecker
&c
no
Holders of preferred stock are
z
in
mach'y & equip.,
185,892
---.$6,378,375 $6,637,468
157,414
held
y
Invest,
Common stock..
indenture, it is payable only if earnings after Sept. 30, 1931 are sufficient.
No dividends have been paid on the 7% preferred stock.
Under the
cap.
&
surplus
Henry
K.
of
304,926
in
y
3,282,000
1,500,000
883,275
Notes—Interest on first mortgage bonds is unpaid since Feb. 1,1929 and
has not been accrued above for the reason that, under the supplemental
4,037
land & buildings
stock
5,670
7%pref.stock
1,950
640,000
3,282,000
1,500,000
702,151
Net profit after all chgs.,
losses
19,789
7,031
34,168
5,670
287,549
1st mtge. 6% bonds
70,179
154,143
disc. & expense.
Total
$200,000
80,944
14,532
$175,000
124,558
39,167
tax
officers
and employees--
x
payable
Accrued liabilities
58,261
25,498
-
expenses
from
Notes payable
Accts.
Prov. for Fed. inc.
Value of life insur.
policies--
1935
1936
Liabilities—
1936
$97,689
Assets—
Cash--
4,500
640,000
Unamortized bond
$733,687
10,003
a22,042
1,547
Accts. payable, due
*2,193
operating deficit (as above).
Prov. for bad debts
Int. paid & miscell. inc.
and deductions, net.
58,846
5,000
loss
Cultivation cost of
y
Carman it Co.,
5,000
Prov. for hurricane
352,887
Inventorles
See National Cylinder Gas Co.,
46,033
26,008
payable
Mortgage
com¬
Reorgan. expenses
was
181,405
31,622
50,945
current
Accrued liabilities.
ortization
Total
$114,532
47,625
Accts. pay.,
43,769
71,574
as
cane
(bags
pay.
coll., per contra)
doubtful accts._
Admin,
$11,400
of sugar held as
coonos,
$1,494,434 in excess of cost in 1937 and $1,499,014
in 1936.
c Represented
by 143,405 shares of $1 par.
d Represented
by 240,000 no-par shares.—V. 144, p. 3499.
...$5,637,021 $5,975,447
b Market value
Notes
23,995
28,823
-
1935
1936
liabilities—
Notes pay. for pur¬
chase of colonias
less allowance for
valued
Total
$31,148
collec¬
tible currently
Advs.
1935
$17,311
Assets—
Cash
Accts. rec.,
d Class B stock—
1,338
sold.
sec.
Reserve
Preferred stock
divs. rec...
Speclal deposits for
Rec. for
$40,176
1,700,000
payable
Bk. loans secured-
Deposits In foreign
Int.
Divs.
45,492
40,176
Cash..
$3,523,9705
Balance Sheet Sept. 30
1936
1937
Liabilities—
1936
1937
A ssets—
387,226
426,324
ex-
Crl0,136
Cr2,212
Crl ,426
Crl,783
$2,624
42,862
9,782
loss$14,549
59,245
12,333
$23,270
54,677
10,261
$10,711
35,410
5,555
2,776
Drl6,199
116,688
2,324
Dr4,017
121,289
9,237
Dr60,337
129,347
25,131
Cr59,567
131,590
$69,118
Consolidated net loss
Note—No provision made, or believed to be required, for Federal taxes
income or undistributed profits.
on
Profit
Molasses sales (final)
Commercial dept. profit
Allowance for
or
write-off
of colonos' accts., netincome & expenses
Other
Depreciation
Interest expense less int.
earned-
Amortization of leases.
_
Amort, of bond discount
Legal
fron
-
58,638
15,079
31,750
52,207
15,079
31,750
293,104
-
-.$1,024,863
33,942
15,079
31,750
Non-operating income
Amortiz. of debt discount and expense.
Taxes on interest and other charges
Gross income
Interest
$181,125
$176,068
$209,750
$153,724
on
funded debt
Interest
x Before
deducting interest on bonds unpaid from Feb. 1, 1929; also
before deducting losses from hurricane of 1932-1933 charged to surplus in
1933 and 1934.
31, 1937
$3,642,924
1,690,972
237,988
395,997
Provision for retirements and depletion
Taxes
27,474
53,899
15,079
31,750
arising
bankruptcy pro¬
expenses
Profit
expenses
Losses
revenue
Maintenance
ceedings
x
Consolidated Earnings for the 12 Months Ended March
Operating
Operating
on
unfunded debt.
Rents on undeveloped leases
Minority interest in net income
Consolidated net loss
51,794
-
-
$1,076,656
1,042,500
16,708
60,844
18,410
14,315
287
$76,407
Volume
Financial
145
Note—No provision made, or believed to be
required for Federal taxes on
income
or undistributed profits.
consolidating the statements of income of the Canadian subsidiary
companies, the Canadian dollar has been considered as equivalent to the
,
In
United States dollar.
431
Chronicle
After allowing for preference stock at original stated value of
$50 a share, plus accrued dividends, net asset value amounted to $4.18 a
share on 3,306,341 shares of common stock.
retirement.
$49,892,823, equal to
and $5.57 a share on
This compares with net assets on Dec. 31, 1936, of
$79.25 a share on 629,541 shares of preference stock
3,303,341 shares of common stock.—V, 144, p. 1432.
Consolidated Balance Sheet Dec. 31, 1936
Charis
Liabilities—
Fixed assets
Accounts receivable
(less reserves)
rec.
__
Minority Interest in sub
Accounts payable
703,752
48,675
Accrued liabilities
Other liabilities
Cash deposit for matured int.,
Matured
59,712
12,560
1,196,353
&c., (contra)
Other deposits
Deferred charges
3,112,913
195,753
-
credits..
b 40,600,
pref.
no par,
Period End. June 30—
Railway
$511,145
439,447
Net
rev.
from ry. oper.
Railway tax accruals
$494,587
478,402
$71,698
24,357
oper. expenses.
$675,183
535,039
$669,858
528,589
$623,413
Other trading income
Income on investments.
$115,269
31,430
11,534
$140,144
33,511
13,780
$141,269
29,668
17,378
$157,425
33,727
18,718
Net profit before taxes1
Federal income taxes
$158,233
21,017
$187,435
24,137
$188,315
24,179
$209,870
28,857
Net profit after taxes.
Earns, per sh. on 100,000
shares common stock.
$137,216
$163,298
$164,137
$181,013
Net profit on sales
$16,184
8,772
$55,888
106,227
$612,124
145,965
$47,341
36,648
$7,412
11,451
$466,159
234,891
Assets—
$10,693
2,254
def$4,039
2,500
$231,268
12,458
fixed charges
$12,947
112,744
def$l,539
105,111
$244,581
651,779
def$40,855
647,697
Deficit, balance.
144, p. 4338.
$99,797
$106,650
$407,198
$688,552
y
income
oper.
Net ry. oper. income-
Other income
Income
available
for
—V.
y
Real estate
Other assets
Deferred assets
Total...
$767,378
163,025
$464,364
128,170
$542,734
126,422
$376,269
85,391
$604,353
$336,193
$416,313
$290,877
433,084
Total income
Exps. (incl. Fed. taxes).
433,084
$0.77
433,084
$0.96
outstanding (no par).
Earnings per share
$1.39
Assets
1936
—
$101,407
rights
1935
,
80,557
1,310,356
Surplus
2,771,892
Dec. 26, '36
Years Ended—
$1,669,922
116,832
Profits from operations
Provision for depreciation
Maintenance,
repairs
ments of tools, &c
Real estate, personal
and
1, 1936,
Dec. 28. '35 Dec. 29,'34
$596,199
$1,103,791
132,375
116,280
replace¬
128,199
232,015
170,044
40,287
16,800
30,408
26,305
12,568
"8",494
$1,233,579
$778,591
$317,042
43,741
28,223
26,366
$1,277,321
$806,815
$343,408
3,733
z260,762
property
138",500
54,049
$668,315
$289,358
x64,220
x78,681
$732,535
287,811
$368,040
179,882
$4.07
$2.04
and
Federal
unemployment tax
Royalties
.
10,086
I
Miscellaneous
Profit
deduction.
and income
of parent corn-
$1,012,825
for the year
foreign subs, for the year
of U. S. rate of Austra¬
94,354
lian and Canadian exchange
company
cost
Profits
of
at average
53,620
176
stock,
937
110,675
285,685
rec..
237,580
119,419
9,482
Royalties receiv..
profit and income of
parent and subsidiaries
$1,107,179
Dividends declared and paid
611,684
Earnings, per share on 179,882 shs.
(par $5) capital stock
y$6.15
Combined
937
271,025
shares, at cost..
Cash In banks....
comm.
July 19.
1935, and compares with 50 cents per share paid on
Sept. 10, March 5 and Jan. 12, 1934, this latter payment being the first
made on this issue since Jan. 3, 1928, when a regular quarterly dividend of
50 cents per share was disbursed.
Accumulations after the payment of the July 29 dividend will amount to
$11.50 per share.—V. 143, p. 3835.
♦
2,771,892
Co
153,092
8,745
Invests, in market¬
able
the $2 cumul.
and May 1 and Feb. 1,
Ferric Engineer'g
Curr.
dividend of $1 per share on
42,883
and advances to
Treas.
a
1,193,910
Federal taxes accr.
De Lavaud Mfg.
Dividend—
Chicago Electric Mfg. Co.—Accumulated
1935
'x Capital stock
$2,165,420 $2,165,420
5,510
$71,180 Accounts payable.
3,516
Investment In Int.
Corp., Ltd
Invest.,
at
1936
..$1,327,422 $1,297,003
Total
143, p. 2045.
subsidiary).
Liabilities—
1,000,000
212,818
"4" 758
18,765
The directors have declared
Balance Sheet Dec. 31
Patents and patent
-
.$1,327,422 $1,297,003
433,084
$0.67
stock
common
$10)
other general taxes
Profit before providing
for amort, of patents
Shares
18,527
$358,660
17,609
$445,837
1,000,000
199,946
6,893
Capital stock (par
Chicago Flexible Shaft Co.—Earnings—
$526,237
16,497
$738,149
29,229
Other income
Surplus
31,637
Res. for taxes
class A stock, no par value, payable July 29 to holders of record
A similar distribution was made on Dec. 20, Nov. 7 and on Feb.
1933
1934
1935
1936
64,895
336,354
After depreciation.—V.
y
Centrifugal Pipe Corp. (& Subs.)— ■Earnings—
Calendar Years—
Royalties
436,881
58,343
14,523
243,033
278,417
60,773
332,661
11,931
Mach. & fixtures
def$53,313
13,313
Inventories
1936
$45,655
Accounts payable.
Accrued expenses.
431,214
47,162
6,651
.
$68,103
22,484
36,889
$138,216
$139,847
Other advances
1937
Liabilities—
1936
1937
Cash
def$50,339
2,974
Railway
Hire of equip., rents, &c.
$1.81
$1.64
$1.63
$1.37
465,988
Comparative Balance Sheet Jan. 1
Accts. receivable
1937—6 Mos.—1936
$3,347,924
$2,790,405
2,735,799
2,734,516
1937—Month—1936
Railway opelr. revenues.
1933
1934
1935
1936
$652,754
537,485
Securities invest..
Inc.— Earnings—
Central Vermont Ry.,
Corp.—Earnings—
Calendar Years—
Gross profit on sales
Sell. & admin, expenses.
$34,027,362
Total
Represented by 80,000 shares, no par value, $7 cum.
shares.—V. 145, p. 272.
a
59,712
interest,&c(contra)
Reserves..
Mlscell. unadjusted
$34,027,362
Total
44,796
190,894
(trade)
Notes payable
233,634
2,006
Investments
19,500,000
280,240
Funded debt-.
Consumers' deposits
Note and account receivable
from affll
743,189
2,570,598
3,601
Capital surplus
Earned (deficit)
192,857
259,393
63,802
21,243
-
Merchandise installments
$7,132,000
4,582,434
Preferred stock
b Common stock
429,685
-
Unbilled utility rev. accrued.
Inventories
Mlscell.
a
$30,742,234
813,882
Cash
securities,
x
at cost
After provision for
in 1936.
z
United States income taxes thereon,
179,907 shs.
undistributed
y
Includes $68,000 provision for Federal surtax on
profits.
$3,559,849 $3,407,724
Total
x
$3,559,849 $3,407,724
Total
Balance Sheet
V. 143. p. 3623.
Represented by 433,084 no par shares stated value $5.
Dec. 26,'36
Dec.28/35
$1,018,774 $1,027,506
Accts. receivable-.
652,451
921,430
671,974
Inventories
969,129
Accounts payable.
$364,746
Mlscell. accr. liab.
Century Electric Co.—Earnings—
$189,816
136,711
Reserves
157,968
133,500
Year Ending Dec. 31—
Gross profit from operation
1936
1935
646,636
$995,975
559,684
$952,672
Claims agst. closed
Res. for Fed. tax s
284,550
$436,291
(excl. of depreciation). $1,599,308
Selling, administrative and general expenses
524
Interest
amortization of commission on
indebtedness, provision for doubtful
and sundry other income
Depreciation
expense,
145,382
368,642
97,795
259,589
alOO.OOO
11,000
$338,648
accounts, &c.t less rents
$67,907
Including
$30,000, Federal surtax on undistributed profits.
1936
Accts. receiv.
(less
allowances)
I
Inventory finished
543,124
436.007
663,139
raw
592,699
971,517
712,879
12,724
113,179
....
Subscr. to cap. stk.
-
2,489
3,847,941
exps.
57,290
46,689
200,001
200,001
Pat'ts, trade-mks.,
(estimated)
Benefit
Judgments
23,669
18,439
100,000
64,155
73,563
$6,388,094 $5,929,847
•»
-
_
73,563
19,851
Series A deb. notes
123,200
116,901
124,323
4,532,500
400,480
4,531,000
a
have
no par
June 1, and March 1, 1932, and dividends
each month from April 1, 1928 to Dec. 1,
V
Calendar
\
Federal & State inc. taxes
Net profit
dividends
Preferred
Previous surplus
Amt. restored to surp. in
respect
a dividend of 5 cents per share on the com¬
stock, payable Aug. 1 to holders of record July 15. An initial dividend
of like amount was paid on May 1, last.—V. 144, p. 3168.
The directors have declared
in
of divs.
$123,824
Chicago Corp.—Net Assets—
x
y
After
$295,487
$0.98
1934
1935
1933
z586,311
100,000
80,456
z$109,011
100,000
z$166,290 yloss$65,935
100,000
50,000
5,000
$405,855
430,982
$9,011
$61,290 1o8s$115,935
def$25,127
105,575
$9,011
96,563
$61,290 def$115,935
35,274
107,878
$80,448
$105,575
cred.
prior yrs. to invest,
pref. stock—
......
deducting manufacturing,
/
-
$96,563
43,331
$35,273
selling and administrative expenses,
After deducting income from investments,
investments.
Nil
Equipment Co.—■Earnings—
in co.'s
Balance, surplus
loss$29,534
$0.41
1936
Years—
Operating profit
Depreciation
x
mon
$66,268
$0.22
no-par
Dividend—
1937—6 Mos.—1936
1937—3 Mos.—1936—
$6,388,094 $5,929,847
The company reports for six months ended June 30, 1937, net assets of
$44,737,826, equivalent to $72.73 a share on 615,091 shares of $3 convertible
preference stock outstanding, exclusive of 14,450 shares purchased for
of 50 cents per share paid each quarter from
June 1 last; 25 cents paid each three months
1,1932, to and including March 2,1936; 50 cents paid on Sept. 1,
of 25 cents per share distributed
1931, inclusive.
from Dec.
shs. cap. stock_
—V. 144, p. 4000.
Corp.—Common Dividend•—
treasury
in 1936.
declared a dividend of 25 cents per share on the
value, payable Sept. 1 to holders of record Aug. 20.
Period End. June 30—
ticipating shares, payable Aug. 1 to holders of record July 14. This com¬
pares with 35 cents paid on Feb. 1, last; a special dividend of 10 cents paid
on Dec. 24, 1936; 38 cents on Aug. 1, 1936; 45 cents on Feb. 1, 1936; 40
cents on Aug. 1, 1935, and on Feb. 1, 1935; 37 cents on Aug. 1 and Feb. 1,
1934, and 35 cents paid on Aug. 1, 1933.
The current dividend will be paid from the net investment income of the
trust and does not represent an y distribution of realized profits from the
sale of investments.—V. 144, p. 4173.
stock,
Net profit after deprec..
Federal taxes, &c
Earns, per sh. on 300,000
dividend of 41 cents per share on the par¬
Chain Store Investment
directors
This compares with dividends
June 1, 1936, to and including
243,039
144, p. 4338.
Century Shares Trust—To Pay 41-Cent
The directors have declared
......
Capital stock ($100
...$4,336,271 $3,495,856
Total
Chicago Yellow Cab Co.—Dividend Halved—
The
common
757,500
Total..
$4,336,271 $3,495,856
deducting cost of 118 shares (par $5 each) held in
amounting to $1,208 in 1935 and 93 shares amounting to $371
y After reserve for depreciation.—V. 144, p. 1432.
After
■>
20,658
for depreciation.—V.
675,812
34,615
'
649,800
tax bill
par)
reserves
393,137
776,756
39,426
charges.
Total.
11,000
Special Improve'ts
Surplus
After
126,131
Reserves.
and
supply Invent...
a
265,667
Mtge. Indebted
3,766,807
Prepd.
-
Deferred
Prov.for inc.taxes
Real estate bonds.
trustee
514,927
Land, buildings,
x
&
Empl.savings fund
dep. withi'
on
int.
general taxes
31,099
and
partly finished..
22,966
advs. to
wholly
owned
foreign subs
notes
(current)
&
1,997,435
pur. of co's. cap.
$25,000
Accts. pay. & accr.
estate
pay.
Other assets..
Casn
Real
.
product
Inventory
1935
$60,040
1935
$17,500
Liabilities—
1936
2,495,877
Surplus
machinery
$60,313
Assets—
Cash
134,750
138,352
898,792
Capital stock
Engi¬
collateral
y
Balance Sheet Dec. 31
899,629
39,498
x
stock pledged as
Inv. in &
Net profit..
a
72,336
Cooper-
Stewart
neering Co., Ltd
Adv. to employ, for
mortgage
861
banks
Due from
Liabilities—
Dec. 28,'35i
Dec. 26, '36
AssetsCash
z
After including income from
432
Financial
Chronicle
July 17, 1937
Comparative Balance Sheet Dec. 31
Assets
1936
Cash
Notes & accts.
847,445
494,289
rec.
Inventories
x
1935
1,051,541
Land, bldgs,
Liabilities—
chin'y, plant.&c 1,100,059
1,897
&c
26,468
Goodwill & patents
766,757
Deferred charges..
19,707
Total
in treasury,
z
Chilton
88,981
2,475,000
1,498,400
Capital surplus
766,757
19,133
60,496
y
$4,279,4481
Earned surplus..
Total
32,500
32,500
555,370
567,704
(Formerly United
1936
1935
1934
1933
$3,689,176
$3,408,995
$2,988,960
$2,613,038
34,667
16,511
23,251
18,599
$3,705,687
$3,432,246
3,198,881
27,726
46,183
$3,007,559
2,863,263
35,188
11,752
$2,662,195
2,672,594
40,157
27,614
J
discount &
Operating expenses
Interest paid....
3,396,776
15,257
58,720
Provision for taxes
Net profit from oper.
Cash divs. paid
$234,934
$159,456
$97,356
loss$78,170
41.827
Assets-
c
338,412
Inventories at cost
surance
Due t.o associated companies.
policies
62,905
Mortgage
upon real
Due in 1937...—
3,475
secured maturing more than
one year
from date.
deposits & securities,*
(less reserves)...
Advances
to
49,654
(less
employees
3,446
expenses
charges
Liabilities—
$2,953,789 $2,765,326
chin'y & equip
_.
232,106
25,100
207,529
92,000
4,214,298
3,868,239
payroll
Fed.
2,870,705 Accrued
State taxes
574,141
2,767,071 Surplus-.
8,095
3,068,357
473,071
Cash & investm'ts 3,145,290
Def'd chgs. prepd.
13,426
&
...
Total
$9,653,933 $8,985,340
$9,653,933 $8,985,340
—V. 144, p. 3493.
Oil
Columbia
&
Gasoline
(& Subs.)—Report
Corp.
Consolidated Income Account for Years Ended Dec. 31
1936
1935
1934
Gross
Gasoline—Wholesale
Retail gasoline, gas
$1,734,717
1,501,139
.
$1,649,044
1,092,135
$1,847,223
936,105
$1,178,888
865.681
&
miscellaneous—.—
1,462,936
2,217,256
2,017,629
1,773,628
Total gross oper. inc..
$4,698,792
2,830,397
$4,958,434
2,801,524
$4,800,957
2,599,642
$3,818,198
2,245,460
625,468
z229,739
675,255
205,855
621,101
218,309
551,161
166,995
$1,013,187
250,941
$1,275,800
1,129,036
$1,361,905
873,761
1,476,341
charges $1,264,128
864,174
$2,404,836
2,086,349
$2,235,667
2,123,459
$2,330,922
2,118,912
y$318,487
y$112,208
y$212,010
oper.
for retirements
&
gen. exp_
.
&
'
depletion
Taxes
Operating income
Non-oper. income
Total
$6,068,300
After reserve for depreciation of
reserve of $23,424.
'
Total.
.$6,068,300
b Less
$782,618.
reserve
of $75,920.
>
Net inc. for the year..
Note—The balance sheet gives effect to a plan for reorganization of the
company approved by the stockholders on March 31,
the authorization of 500,000 shares of common stock
Inc. before int.
Interest charges
Less
1936, providing for
of a $10 par value
442,408 shares in exchange for all of the old $100 par
preferred stock and no par value common stock then outstanding
providing for the cancellation of all arrearages in dividends.
Of the
old preferred stock, 828 shares had not been submitted for exchange pur¬
suant to the plan for reorganization at Dec. 31, 1936.
Since that date 750
of the 828 shares have been exchanged, leaving 78 shares still to be ex¬
changed.—V. 145, p. 274.
and the issuance of
value
and
$399,954
Colonial Ice
Consolidated Balance Sheet Dec. 31, 1936
Assets-"-"-
v
b Prop., plant &
Liabilities—
equipment.$35,349,291
Pipe Line Co
Co.—Earnings—
Calendar Years—
1936
Cash
1935
$1,035,124
692,531
60,740
35,690
revenue
1933
1934
$986,467
a
Maintenance
Taxes
;—
'
i
6% gold notes
w
Other interest
■
$965,057
681,489
61,684
32,444
7,608
560
673,972
65,300
33,988
643
576
2,843
876
2,200
955
60,000
13,831
60,000
55,000
12,000
$167,289
$136,734
$150,009
$125,611
202,938
177,669
88,342
7,301
346,568
Accounts receivable
31,847
Accrued interest payable
402,577
Prepayments
Organization expense
Advs. for develop, of acreage.
55,000
14,641
c
Inventories
122,345
261,322
Accrued taxes
40,781
-
Other accrued liabilities
—
notes
expense
V>.
Total..
Provision for retirement
and replacement
Prov.for Fed.inc. taxes
Net
income
671,375
750,485
Total
$59,505,724
Columbia Pictures
plant,
ment
of
common
144, p. 4339.
3,000
credit
to
Exchange has approved for listing 10,342 additional
stock, no par, upon official notice of issuance.—Y.
.
Engineering Co., Inc. (•& Subs.)—Earns.
Calendar Years—
of
account
Due
on
Loss
common
on
stock.
foreclosure
—
_
~
—
—
—
1,260,034
1,184,382
$1,275
47,399
$411,564
79,917
$739,335
39,314
Net loss before Federal income tax.
Provision for depreciation
Interest on funded debt
106
844
61,559
x52,750
■
63,612
45,000
4,705
_
prior years
Cr6,444
$46,124
225,689
118,890
9,443
16,715
$331,647
$700,021
$242,453
$324,612
$331,647
Other interest charges
Provision for Federal income tax
5,853
$202,938
Earned surplus at end
of year
x
$177,668
Net loss
$88,342
.
Balance Sheet Dec. 31
Assets—
1936
prop. & eq.$
Cash
Notes & accts.
64,592
83,432
23^549
rec
67,941
Accr. storage chgs.
Curr. &
accr.
1936
liabs
Note payable,
Accr. int. receiv'le
Cash in closed bks.
14,411
4,519
229,581
after one year..
266,168
424
age revenue
9,692
charges
a
Pref. stock...
896,100
Common stock...
300,000
Capital surplus...
270,000
300,000
270,000
591
19,339
res.
of
series
96,187
242,453
96,187
202,937
Trade creditors
1
Accr. wages, commissions, State & local taxes, &c.
Provision for current income taxes
Advance payments by customers
...
Total.. —-.--$2,211,106 $2,180,787
-V. 143, p. 2203.
Reserve
Columbia Brewing Co.-
Selling, delivery, admin. &
Profit before
1936
gen. exp._
1935
on fixed assets
Provision for bad debts
Prem. paid in the retire, of debs
Federal and State income taxes
$484,597
342,959
$409,784
288,339
$141,638
54,311
18,030
12,500
10,077
$121,445
43,317
17,857
$68,633
33,011
12,920
$46,019
on
installation
mm
mm
mm
-
mm
m,
mm
mm
mm
mm
-
-
3,061
$703,082
mm
—
mm
—
—
9,422
_
•»
M
$50,848
on
completed
Earned deficit
;
3,700
■
a
$19,002
$6,744,638
1,560,092
566,767
290,025
16,192
83,993
21,764
242,227
155,874
5,000
3,823,000
99,895
89,501
151,055
3,250,079
1,468,254
92,248
150,613
3,250,079
1,143,641
$6,744,638
1
461
47,117
con¬
stock deficit of sub¬
sidiary companies consolidated herein
Capital stock (par $1)
t
Capital surplus
Total
M
1935
$765,293
219,994
1,238,039
1,560,291
168,636
67,822
2,724,560
in
contracts
Reserve for contingencies
Minority interest in capital
$295,595
226,961
After unearned billings on installation contracts and reserve for bad
debts
Net income for year.
losses
Long-term debt
1934
depfec., bad debts, &
Depreciation
for
progress, and additional costs
tracts
-Earnings—
Years Ended Dec. 31—
mm
m.
$8,453,557
Liabilities—
Due to the Superheater Co
B
pref. stock
Earned surplus.
j.--$2,211,106 $2,180,787
mm
21,684
3,812,000
80,423
Total
Surpl. arising from
22,452
mm
mm
$8,453,557
Prepaid expenses and deferred charges
b Property, plant and equipment
Patents, trade-marks and goodwill
896,100
17,805
Receivables
Other assets
28,678
22,355
............
—
1936
Inventories
Unearned cold stor¬
228
'
-
$750,659
3,018
2,174,518
2,559,972
21,535
133,575
2,810,279
1
Marketable securities
due
6,077
Prepd. exps. &def.
Total.
$152,783
44,483
Inventories
Other assets..
Assets—
Cash.
1935
$116,094
Reserves
receivable......
—
Consolidated Balance Sheet Dec. 31
Liabilities—
1935
1,906,273 $ 1,828.611
143,451
140,288
—
Note—Costs and expenses include provision for depreciation on plant
and equipment in the amount of $214,145 in 1935 and $209,605 in 1934.
Accrued in 1933, paid in 1934;
Plant,
$445,046
Net loss from operations
Other inc. (less miscell. deductions)..
of
mortgage receivable.
Prov. for Fed. inc. taxes,
$848,469
Reported
Drl5,521
CV983
54,511
75,000
1934
Not
profit on sales
Selling, gen. & admin, exps. and prov.
Adjust, for
accr. divs. on
pref. stock pur, in 1934
Surplus debits—net
Divs. on cum. pf. stocks
1935
1936
Gross
& equip¬
prop.
Corp.—Listing Approved—
The New York Curb
shares
Combustion
collectible accounts
Transferred
$59,505,724
a Represented
b After reserves for retirements and
by 400,000 sharas.
depletion of $14,681,542. c After reserve for doubtful accounts of $28,468.
V. 143, p. 3994.
1,750
Earned
surplus at end
preceding year
Adjust, of res. for un¬
5,049
Surplus
Amortiz. of disc, on 6%
Amortiz. of organization
239,031
..
Reserves
52,250
26,125
Other deferred charges
Non-cum. partlc. pref. stk.
(no par)$34,087,500
Com. ($1 par) stock
2,336,826
20-year debs, due Feb. 1, '56. 20.600,000
Notes payable
300,000
Accounts payable
254,136
22,704,395
454,090
-
Notes receivable
$1,018,884
691,044
74,533
32,716
1,190
81
Operation
$854,581
x Figures
restated in present form for comparative purposes,
y The
corporation's proportion (50%) of the net losses of Panhandle Eastern
Pipe Line Co. and subsidiary companies of $163,027 in 1935, $436,003 in
1934 was absorbed by reduction in interest income to the amount earned
by the company; in 1933 the net loss $651,058 was charged to surplus,
z Includes $13,233 surtax on undistributed profits.
Invest, in Panhandle Eastern
gold
1933x
(excl.
inc.
oper.
inter-co. sales):
•
Interest on
1936
1937
$5,000,000 $5,000,000
Accts. pay. & accr.
Prov.
3,443,212
Total
$2.89
804,677
&c
a
$2.81
Capital stock
Costs,
Publications, subscription lists,
c
1936
Inventories
4,424,080
Surplus
$577,823
290,362
$4.13
real
Accts. receivable
Dr241,400
1,081,817
848,663
Fixed assets.
incl.
Oil—Wholesale
14,230
1934
1935
$562,285
338,779
of
est., bldgs., ma-
com¬
panies (net)
a
1937
Assets—
Plant
183,848
deferred
&
..._.
Accounts with associated
-Earnings—
1936
$825,653
485,393
Balance Sheet Jan. 1
177,990
Stock in treasury
reserves)..
Prepaid
Reserve for contingencies
Common stock (par $10)
first mortgage on its real estate, and equip¬
per share on 200,000 shs.
capital stock ($25 par)
2,501
Reserve for unfilled subscrip¬
tions
3,333
Miscell.
a
Earns,
estate-
150,000
Total...
Calendar Years—
( 15,955
Deferred income..
rec.
$810,810
$810,810
Net income after deprec. & tax reserve
Dividends
72,944
158,737
Accruals
154,766
Cash surrender value of life in¬
Post office deposits
Purchase
money
notes
$41,827
$809,299
1
Colt's Patent Fire Arms Mfg. Co.■
Total
Liabilities—
Dividend pay., Jan. 15,1937..
Accounts payable
$341,526
b Accounts & notes receivable.
152,465
4,280
.....
payable of $125,000, secured by
ment.—V. 143, p. 4148.
Consolidated Balance Sheet Dec. 31, 1936
Cash
500,000
17,318
100,000
500,000
131,446
incl. income tax.
b After depreciation of $129,294 in 1936 and $76,328 in 1935.
c After
d Collateralled by the company's promissory demand note
in¬
earnings
Total income
1
10,465
50,000
Cap. stock (par $5)
Surplus
14,490
Rentals and miscell
1,799
expenses,
reserves.
Publishers
Corp.)—
:;V;v v:-;
25,000
Note payable
d Collat. sees, debs
Total...
$4,425,594 $4,279,448
for depreciation of $2,583,844 in 1936 and
After deducting cost of 490 shares of preferred stock
Accounts receivable only.—V. 144, p. 4000.
Co.
Accounts payable-
and
$809,299
Other assets.
reserve
Calendar Years—
Services and printing...
vestment
Accrued
1935
22,805
Liabilities—
$35,247
Trade accepts, pay
78,693
on
and trade names
60,496
102,480
y
Earnings—
Interest,
47,025
bank
b Bldgs., mach'y,
equip. & contain
Formulae, tr'marks
1,498,400
77,353
57,745
77.347
Land..
2,475~666
for taxes.
Accts. receivable
Inventories
c
5,171
Common stock
$80,607
$34,028
50,000
1935
$75,872
in
wkg. fd.
102
Preferred stock
15,730
26,468
$4,425,594
32,762
2,684
1936
1936
hand
Cash
$83,346
31,233
23,219
102
1,121,827 Reserve
Other assets
Patterns,
Assets-
1935
$147,967
41,849
Acer, royalties, &c
Dividends unpaid.
916,336
ma-
x After
deducting
$2,514,605 in 1935.
1936
$243,055 Acc'ts payable
816,257 Accrued taxes
z353,885 Acer, wages & com
$117,431
Investments
Balance Sheet Dec. 31
and
allowances,
1935 and $3,290,020 in
b After
for
depreciation of $3,147,147 in
1936 —V. 143, p. 3624.
reserve
Volume
Financial
145
Inc.—June Time Sales
Columbia Broadcasting System,
Time
sales
the
on
System network for June
the like month a year ago,
Broadcasting*
Columbia
totaled $2,476,576, an increase of 64.8%
when time sales aggregated $1,502,768.
over
k Cumulative total for first six months of 1937 was $14,803,265, an increase
of 32.3% over the $11,185,775 time sales reported for first six months of
1936.—V. 145, p. 106.
-Earnings—
Commonwealth Securities, Inc.
1934
34,299
x$21,652
24,427
33,422
security
transactions
prof$33,185
$36,197
Income from divs. & int.
Interest
General expenses
Loss
x
1933.
$21,735
32,356
29,728
$36,498
85,599
38,351
1935
1936
x$81,670
14,186
Calendar Years—
received at its Corporate Trust Department, 16 Wall St., New York City,
on or before 3 o'clock p. m., Daylight Saving Time, Aug. 2, 1937, for the
sale of bonds of the above issue, of any one or more of the above series.
Proposals should state the amount and price of bonds
which amount may, however, be stated as all or any
New Haven Gas
Notes
4,328,005
Prepaid Int., &c_1,876
$74,136
2,985,675
2,201
to
(secured)
payable
$200,000
& accrued taxes.
$186,278
Investments
a
4,625
_
$450,188
Unpaid synd. com
3,578
290,464
-
8,038,600
318,449
3,692,892
6,039,266
Deficit
$2,448,930 in 1936 and $5,592,044 in 1935.
par shares.—V. 143, p. 2204.
b Represented by 318,428 no
Community Public Service Co.—Special Dividend—
The directors have declared a special dividend of 25 cents per
addition to
a
Surplus, balance Jan
share in
stock,
quarterly dividend of 25 cents per share on the common
$550,815
57,965
$524,930
11,789
1.
Advances from the U.
<
65,000
dated March 9, 1936-
$601,720
.
$608,780
596,991
596,991
$4,729
Preferred dividends
$11,789
Surplus
..$4,516,160 $3,062,013
Total..
$4,516,160 $3,062,013
After deducting reserves of
a
366
4,929
payable
payable
banks
Accounts
6% preferred stock 7,686,000
b Common stock.
318,428
Total
Expenses
loans
$559,233
3,123
$540,288
2,721
12,636
income
on
$506,735
52,497
47,248
The Hartford Gas Co
Total
Interest
1935
1936
Liabilities—
1935
1935
1936
$493,040
Light Co. (subs.)
Provision for Federal and State taxes.
Balance Sheet Dec. 31
Cash
Co.—Earnings—
Income—Dividends—
,
1936
any amount
Connecticut Gas & Coke Securities
$2,525 in 1935.
Note—No provision has been made for Federal taxes for the year 1936
as the corporation has allowable deductions sufficient to exempt its income
from normal Federal tax and surtax on undistributed earnings.
Assets—
as
Calendar Years—
$87,451
and call transactions of $5,206 in 1936 and
$40,350
offered of each series,
of a specified amount
within specified limits. The prices at which any bonds
are offered should be stated in dollars (or percentage of principal amount)
plus accrued interest, and must not exceed the following redemption prices
of the respective series: series K, 105%; series L, 106%; series M, 106%;
series N, 108^ %.
On or before Aug. 5, 1937. the trustee will mail notices
of acceptance of any proposals to the addresses stated on such proposals.
There will be available for the purchase of such bonds the sum of $588,208.05.—V. 145, p. 106.
or
before
Includes income from put
433
Chronicle
include interest on loans obtained during
Note—The above figures do not
Gas Improvement Co., which loans remain out¬
standing Dec. 31, 1936 in the amount of $171,173.
Interest on loans from
others, repaid during 1935, is included.
1935 figures restated for com¬
parative purposes.
Balance Sheet Dec. 31
from
1935
the
United
Liabilities—
$
$
ccctu
1935
1936
1935
1936
both payable Aug. 2 to holders of record July 20.
Similar payments were
made on May 1 and Feb. 1, last.
A special dividend of $1 was paid on
$
$
15,134,792
171,173
171,173
144, p. 3494.
Compressed Industrial Gases, Inc. (& Subs.)—Earns.
aCapital stock...15,134,792
Cash
Nov. 2, 1936.—V.
Investments
Loans payable
15,316,330 15,316,330
156,149
151,444
charges.
400
350
Deferred
Accounts
payable
100
1935
1934
$2,442,941
1,267,367
$1,708,031
807,289
$1,046,054
480,278
Other operating income.
$1,175,574
76,644
$900,742
64,604
$565,775
67,050
$1,252,218
853,275
$965,346
633,784
$632,825
396,673
of no par common
Sell., distributing & adminis. expenses
$398,943
Cf49,706
10,358
a82,468
$331,562
Cr21,245
1,712
60,276
$236,152
Cr 12,707
1,595
39,643
$290,818
115,187
140,061
76,398
$3.81
149,248
1,010
4,729
11,789
Production—
$355,823
111
149,248
12,836
(affil. company)
payable
1936
Calendar Years—
Net sales
Cost of sales
Dividiend
Accrued taxes, &c.
Earned surplus
a
Other deductions
Prov. for Fed. & State income taxes.
Net income
144,169
b303,312
150,755
Deprec. incl. in above costs & exps_.
Dividends paid
Shares capital stock outstanding
Earnings per share
$2.36
$207,620
80,293
53,810
$3.86
Includes $5,097 provision for Federal surtax on undistributed profits,
b In addition to the cash dividends a stock dividend of 60% was distributed
15,472,879 15,468,124
Total
15,472,879 15,468,124
Total
Represented by 198,997 shares of no par, pref. stock and
299,498 shs.
stock.—Y. 138, p. 4294.
Consolidated
Mining
Period End. June 30—
Lead—tons..;
Zinc—tons
& Smelting
Co.
1937—3 Months—1936
50,515
46,100
39,265
31,160
Copper—tons
534
357
Gold—ounces
of Canada—
1937—6 Mos. -1936
90.942
106,419
59,062
65,266
11,901
2,332,562
Silver—ounces
14,740
2,162,690
36 a 57
4,578,939
25,846
4,911,243
145, P. 275.
—V.
Consolidated Retail Stores, Inc.—Sales—
a
to stockholders
of record Aug.
1,
$206,910
$110,117
and commissions
150
Marketable secur.
6,423
2,067
35,046
248.454
310,698
105,230
45,056
26,173
465,805
receivable
Inventories
Def d &
prepd.chgs
in
Inv.
Nat.
409,155
;
Dep.,
«,
10,778
3,283
3,859
19
70,031
71,071
4,932
3,712
def'd rental
former stkhlds. of
Welders
1,607,321
1,177,318
1
1
672,696
632,616
597,747
545,988
276.
1935
$563,256
1936
$448,620
Net prof, after all charges
and taxes
1933
1934
$645,553
$442,604
54,589
84.390
175,743
241,353
104,296
299,557
30,380
451,473
$230,332
$325,743
$403,853
$481,853
57,296
Previous surplus
Total surplus
on sale of property.
Loss
13,185
Sup.Co
Res. for contlng..
7,500
753,775
1.468,803
Earned surplus—
522,994
c
Phosphate Co.—Annual Report-
Calendar Years—
Gross income
Due to trustees for
Patents
717,350
750,226
$494,434
515.089
849,202
606,439
688,832
498,125
759.365
736,425
767,512
Coronet
local
& unearned int.
9,004
Security investm'ts
(at cost)
b Land, bldgs. and
equipment
and
State
taxes
Accrued interest..
State inc. taxes.
Gas Co., Pacific
Coast
Other assets
826,186
757,283
June
Prov. for Fed. and
Cyl
1,066.853
—V. 145, p.
1934
1935
$517,572
527.142
Accr'd cap. stock,
1,045
Acer. int. recelv..
700.884
April
May
11,056
Notes and accts.
a
.
March
1935
1936
Liabilities—
1935
$225,168 Accounts payable.
5,200 Acer .salaries,wages
$286,411
1936
$552,326
639,861
1937
$554,392
of—
January
February
—
1936.
Consolidated Balance Sheet Dec. 31
1936
Assets—
Cash
Month
Capital stock—
Capital surplus
Divs. declared during the
7,500
100,000
150,000
162,500
125,000
$130,332
$175,743
$241,353
$299,557
year
381,990
881,998
470,981
Sin-plus, Dec. 31
Balance Sheet Dec. 31
$3,076,415 $1,953,697
Total
a
After
and
1935
allowance for
$45,233 in 1935.
and $1,474,289
doubtful
$3,076,415 $1,953,697
Total
notes
and accounts of $48,893 in
1936
b After allowance for depreciation of $1,481,834 in
1936.
c Represented by 76,398 no par shares
held in treasury in 1935 and 150,755 shares
in
Phosphate lands..$l,362,054 $1,383,980
1936.—V.
145, p.
Earnings—
Coniagas Mines, Ltd. (& Subs.)*
1936
Profit
on
Profit
1935
$45,603
Calendar Years—
Int. & divs. on invest
$36,998
118,744
sale of securities
on
$47,966
54,241
sale of
742
$156,938
$101,638
$49,870
86,354
Gen., adm., investiga'n,
«Scc., expenses
on
843
640
76,487
57,859
sees..
Net profit
—
_
Previous surplus
ioss$40,lll
1,688,943
$80,451
1,704.236
$43,779
1,756,265
loss$38,456
1,895,641
Drll
43
19
164
Int. of minor, in subs
Real, on sale of secur. for
Total surplus
Surplus, Dec. 31
423,982
39
$2,072,803
95,788
$1,977,016
1936
Mining properties.
$1,784,730
95,788
$1,688,943
$1,800,063
95,788
$1,857,349
95,790
5,294
$1,704,236
■Investments
$21,991
$10
y
11,613
11,496
1,737,695
1,641,753
110,218
61,806
51,162
receivable.
of
1936
23,178
95,788
1,977,016
payable
$2,121,348 $1,814,640
Gas
Electric
Net profit.
$2,121,348 $1,814,640
Total
Light
&
on
1936
deposit
a
1935
$83,120
$64,819
86,394
hand & on
Marketable sees.
98,038
Acer. int. on bonds
959
986
26,982
29,295
Inventory..
10,011
9,975
~4~, 188
326,437
10,765
of
$67,422
28,184
6,157
$68,014
27,495
4,224
$33,081
21,565
$36,295
5,511
$560,501
$550,653
Liabilities—
Accounts payableAccrued liabilities.
Res, for taxes
1936
$7,321
17,453
1935
$6,399
8,057
1,700
*5*0*666
4,724
344,255
Cash
surr.
c
d
Capital stock
Surplus
e
Treasury stock..
50,000
541,175
Dr.57,149
Dr47,672
$560,501
$550,653
533,869
value of
625
life insur
Other assets
Co.
$58,424
Crl5,094
5,504
Balance Sheet Dec. 31
Cash
after amortization
Power
$57,218
Crl3,140
2,937
$49,394
40,387
Prov. for est. Fed. income tax
77,268
60,441
$90,792
28,806
12,592
Profit
Provision for depreciation
$196,133
73,858
59,554
$85,343
Cr.10,669
5,220
b Custs' acc'ts rec.
Profit & loss acct.
1934
$190,631
83,042
64,229
General, administrative, &c., expense
4,552
95,788
1,688,943
1935
$232,614
operations
Assets—
Accounts payable.
Dividends
164
$2,743,199
$2,703,997
•
Sell., collection, delivery, &c., exp —
$25,192
175
y Represented by 766,300 shares of $5 par value and
of mining properties of $3,806,308.—V. 143. p. 2204.
Consolidated
Total
Crandall-McKenzie & Henderson, Inc.—Earnings—
1935
$25,192
—
19,880
ing phosphate..
Years Ended Dec. 31—
Gross profit from
minority
shareholders
5,000
Res. for cost of dry¬
Dividend
Capital stock...
Int.
288,243
Cash..
Deferred credit
13,472
37,500
Stockholders at a meeting held on Feb. 1, last, voted to reduce com¬
pany's capital stock to $1,250,000 by reducing the par value of the 25,000
outstanding shares from $100 to $50 per share.—V. 142, p. 1814.
$1,756,265
1936
Liabilities—
1935
Real estate,
bldgs.,
equipment, &c_
5,287
160,136
11,742
13,250
25,000
1,154
income tax
Other deductions
Consolidated Balance Sheet Dec. 31
Assets-
Accrued wages
Operation profit.
year,
less
amounts
written off invest
Dividend payable
Other surplus deduct'ns
98*782
Res. for div. pay..
Capital Stock Reduced—
82,604
5,722
1,904
100,343
$2,703,997 $2,743,199
Total
$46,243
Total income
Total
Deferred assets
1,726
3,928
454
Other income
Accts.
Inventories
sale of capital
assets
Fees for services
Net loss
Notes rec. for land
1933
473,512
5,840
302,377
9,915
on see..
Accts. receivable..
1934
$40,899
Reserve for Federal
336,859
Acer. Int.
1935
1936
$2,500,000 $2,500,000
175,743
130,332
Accounts payable.
16,483
9,380
Capital stock
Surplus
200,860
444
39,748
banks
U. S. Govt, securs.
106.
509,416
Cash in hand & In
after deducting 3,509 shares
in
445,897
Plant equipment. -
Liabilities—
1935
1936
Assets—
Permanent assets
Deferred charges..
9,581
Baltimore—Tenders—
Holders of first refunding mortgage sinking fund bonds, series K, 3^%,
due Nov. 1, 1964; series L, 3M%. due May 1, 1960; series M, 3}4%, due
July 1, 1965, and series N, 3H%, due Dec. 1, 1971, are being advised that
he Bankers Trust Co., trustee, invites sealed written proposals to be
t
Total
a
n
Total
After allowance to reduce to market value of $1,120 in 1936 and $4,931
b After allowance for doubtful items, &c., of $2,500 in 1936 and
1935.
$5,000 in 1935.
c
After allowance for depreciation of $157,242 in 1936, and
Financial
434
$135,019 In 1935. d Represented
V. 143
(7,090 in 1935) at cost.
by^50,000 no par shares, e 8,913 shares
Consolidated Textile Corp.—Transfer Agent-—
1937
....
Gas
Miscellaneous
Total
Operating and non-operating expenses
Balance, income from operations
6 Mos. End. May 31—
xl937
Net sales....
$8,501,760
Cost of sales
7,417,351
Interest charged to construction
Net income
Total income
Depreciation
Estimated Federal taxes
Northrop Corp. loss...
Other
the
usual
accounting
practices
of
the
The foregoing figures do
Federal surtax on undistributed net income.
With respect to the year 1936, according to the company's Federal income
tax return, there was no undistributed net income subject to surtax; on
the basis of present estimates, it is anticipated that no such tax will be
payable for the year 1937.—V. 144, p. 4177.
account
$1,136,840 loss$220.633
22,139
178.699
117.000
14.763
4,155
.
of bonds
on sale
deductions
Cr29,734
$525,822
$194,612
$0.92
$0.42
pany and its subsidiaries, and is subject to audit.
into
$?50,013
25,420
29,981
Net profit
—
Earns, per sh. on capital
stock outstanding
company on the basis of interim figures, as shown by the books of the com¬
take
$1,113,201 loss$230,214
23 639
9,581
Adj. minority interest._
$10,841,575 $10,857,300
reflects
..
204,870
$218,639
31,374
$645 444
62,912
86.444
..
...
Amortization of debt discount and expense
$650,943
606,741
167,000
107,416
58,298
185,829
358.789
Profit
Net loss
$5,503,171
4,145,843
$725,620
Dr80,176
Expenses..
Other income (net)—_
...$16,905,235 $17,380,588
5,799,374
6,278,800
Cr22,200
264,286
266,689
xl934
xl935
xl936
$1,902,842
1,380,098
99,235
Reduction of inventory.
r
$16,776,100 $17,257,119
129,135
123,470
Gross corporate income
Int. on funded & unfunded debt.
not
of 450,000
Douglas Aircraft Co., Inc.—Earnings—
$57,411,291 $52,446,655
40,635,191
35,189,536
.—..
Other miscellaneous income
statement
shares, or certificates for common stock showing a capitalization
of 450,000 common shares.
■
■
After said date permanent certificates showing a capitalization
common shares shall be the only delivery.—V. 145, P. 109.
1936
$55,124,312 $50,032,579
1,891,406
1,931,850
386,038
359,027
9,535
123,199
.
—
Steam.
Note—This
1937
17,
(& Subs.)—Earnings—
12 Months Ended June 30—
Gross Earnings from Operations—
Electricity—
July
Committee on Securities rules that until and including Julyf29,
deliveries against transactions in the common stock (no par) may be made
with either certificates for common stock showing a capitalization of 300,000
The
common
The Manufacturers Trust Co., is transfer agent for 3,428,070 shares of
company's capital stock.—V. 145, p. 275.
Detroit Edison Co.
Chronicle
x
any
Excludes
Northrop
$936,002 loss$356,551
Nil
$2.00
y Includes Northrop
Corp.
for surtax on undistributed profits.—V. 144»
Corp.
Note—No provision is made
4177.
p.
Dubilier Condenser
Corp.—Rights—
The New York Curb Exchange has received notice from this company
Detroit
Paper Products Corp.—Stock Offered—The cor¬
poration offered on July 14 by means of a prospectus, the
unsold portion of 24,240 shares ($25 par) 6% cum. con v.
pref. stock, through Russell Maguire & Co., Inc.; M. J.
Hall & Co., Inc., and Weed, Hall, Berndt & Co. as principal
underwriters, at $25 per share.
that Cornell Dubilier Electric Corp., will subject to the prior effectiveness
of registeration under the Securities Act of 1933, offer to stockholders of
Dubilier Condenser Corp. of record July 19 right to subscribe to common
stock of Cornell Dubilier Corp. in the proportion of one share of common
stock of Cornell Dubilier for each 10 shares of commo. of Dubilier Condenser
$11.50
'•
upon purchase by underwriters
—V. 141 „p. 1767.
The balance of the proceeds will be used in part to
rehabilitate the paper mill and for additional working capital.
formed in Michigan in 1919 and is principally engaged
in the manufacture and sale of corrugated paper boxes, containers and
other corrugated paper products.
It also makes paper insulation products
and breaker strips used by the refrigeration industry, as well as molded
plastic products.
Net profits of the company, after all charges, for the first quarter of
1937 were $70,693, equal to 34 cents a share on the presently outstanding
common shares and 25 cents a share on the common stock to be outstanding
on completion of this financing, after deduction of the new preferred divi¬
dend requirements.
These first quarter earnings were nearly twice the
annual preferred dividend requirements and compare with net profits,
after all charges, of $166,432 for 1936 and $120,140 for 1935.
Upon completion of the present financing the company will have out¬
standing an authorized issue of 25,000 shares of 6% cumulative convertible
preferred stock and 240,000 shares of $1 par common stock o an authorized
issue of 500,000 shares.
The March 31, 1937 balance sheet of the company, before giving effect
to this financing, showed current assets of $458,665 and current liabilities
of $195,244.
Of the total assets, 56.2% were liquid assets and 40.9%
was
fixed
&
Raynolds Co.,
May 31—1
,I ■ ■<.... *-K'
Assets—
x
1937
y■,
$211,078
64,460
44,429
40,008
11,921
24,639
278,032
437,575
120,835
294,131
Net operating income.
$143,290
880
$110,059
3,505
$1,901,419
12,967
$1,331,992
42,612
$144,171
$113,564
30.494
2,665
56,157
$1,914,386
453,846
43,617
$1,374,604
682,262
$111,011
$52,413
$1,416,923
4,756
$619,067
Pr9,786
$52,413
5,832
$1,421,679
103,579
$609,280
69,979
Misc. inv. & receiv.
217,992
27,763
4,360,513
169,922
932,212
186,390
2,276,289
35,449
3,495,587
756,973
Total gross income
Interest
Amortization of debt exp
859,475
Notes rec., exist rs
154,546
Accts. rec., cust rs 2,426,549
Inventory
Prepaid expenses &
—
deferred charges
Total
—
—12,199,067 11,053,524
After
reserve
1936.
y
no
._
Com. cl. B stock
1,333,333
2,350,000
Accts. pay., trade667,094
Acer. chgs. &res._
474,701
Res. for contings.
184,899
2,855,294
Surplus
z
Notes payable
Total
Net income.
1936
■'
and surplus.
$101,885
$46,581
$1,318,099
$539,301
Federal income tax includes an in crease of $11,500 above the January
April, 1937, monthly accrual.
This increase is made necessary because
of the additional business attached since Jan. 1, 1937.—V. 145, p. 111.
x
to
3,539,746
1,333,333
1,500,000
671,517
383,248
250,000
2,481,679
Empire Gas & Electric Co. (& Sub.)—Earnings—
[Now merged with N. Y, State Electric & Gas Corp.)
1936
1935
$3,438,456
a2,924,717
$3,266,788
2,883,695
1934
$3,083,848
2,636,585
$3,025,080
2,446,335
$513,739
29,013
Years End. Dec. 31—
Total oper. revenues
Total oper, exps. & taxes
$383,092
1,438
$447,262
2,071
$578,745
3,791
$542,752
268,940
100,606
26,382
$384,531
268,990
96,660
26,384
$449,333
268,990
93,583
26,492
$582,536
268,990
108,844
26,393
perating income
Other income
1933 T*
for depreciation of $3,151,928 in 1937 and $3,085,010 in
Represented by 95,000
no par
shares,
z
Represented by 40,000
Gross income
Interest
p-277.
.:y;
Dobeckmun
Co.—Acquisition—
of the Doebeckmun Co.
The purchase, which is expected to add approximately 20% to the volume
of business of Dobeckmun, places the company in position to expand and
to
speed up its service to the large volume markets for its products in the
Pacific Coast and Rocky Mountain states.
The Pacific Coast plant was built in 1935 and its equipped to produce
plain and printed Cellophane bags and printed roll and sheet Cellophane.
New facilities will be added to enable the plant to produce the entire line
of the company's products.
Chemical
Co.,
Ltd.—Admitted
to
Unlisted Trading—
The New York Curb Exchange has admitted to.unlisted trading privileges
the new 5)4 % cumulative preference stock, $100 par, in lieu of old 6)4 %
cumulative prerence stock, $100 par.
The new 5)4% cumulative prefer¬
ence stock is being issued, share for share, in exchange for old 6 )4 % cumu¬
lative preference stock, par
$100, in accordance with the provisions of the
compromise or arrangement, as modified, dated Jan. 28, 1937.
The Committee on Securities of the New York Curb Exchange rules
that transactions in new issue must be settled by delivery of certificates for
the "new" 5)4% preference stock and that the certificates for the "old"
6)4% preference stock of the company will not be good delivery in settle¬
ment of transactions.
on
Securities also rules that the "new" 5)4% preference
stock shall be dealt in "ex" the following dividends, provision for which is
made in the company's compromise or arrangement;
(a) Cash dividend of $1.37)4 per share, payable on July 31, to holders of
record July 10, at Montreal, and
(b) Stock distribution of two shares of common stock of the company
*or each share of preference stock held.
on
funded debt.
unfunded debt
Amort, of dt. disc. & exp.
Credit for interest dur¬
Cr2,710
income.
Cr613
$149,534
construction
Net
loss$6,890
Crll5
$185,752
174,430
def$6,890 def$114,047
$149,534
a
Includes $15,582 provision for
Cr7,443
$60,383
174,430
$11,322
Pref. stock dividends
Federal surtax on undistributed profits.
Consolidated Balance Sheet Dec. 31
1936
^
1936
1935
ft
1935
'
Assets
rec.
43,277
cos..
(contra)
7,050
6,060
In lieu of mtged.
property sold...
(incl. work¬
ing funds).....
104,508
11,109
304,235
243,227
acc'ts
sold
(contra)
151,000
Def'd debit items.
288,574
Total
144,
119,102
15,615
331,898
242,799
1,478,080
7,050
163,493
110,412
66,269
27,630
6,060
156,423
71,979
67,986
& line deposits..
Guaranty of appl.
accts.
rec.
sold
....
Total
80,000.
1,734,510
143,727
6,421,028
1,481,301
22,037,927 22,014,241
3837.
Ebasco Services, Inc.—Weekly
For
60,424
63,879
23,920
Consumers service
(contra)
151,000
80,000 Reserves
1,688,698
257,476 Contrib's for ext's
(non-refundable)
146,364
Capital surplus... 6,269,256
Corporate surplus. 1,630,795
22,037,927 22,014,241
p.
1,445,081
(contra)..
Mlscel. accruals..
Accpliance
—V.
4,927,000
Interest accrued..
2,400
Cash
rec.
$
Funded debt
5,368,900
4,928,000
Accounts payable.
Taxes accrued....
Deps. with trustee
Notes receivable._
Acc'ts receivable..
Mat'ls & supplies.
$
5,332,900
Matured bond int.
Deps. for matured
bd. int.
Liabilities—
Capital stock
Notes A accts. pay.
to affiliated cos.
Plant, prop., &c..20,825,000 20,890,916
Investments
57,545
70,373
from affll.
has approved for listing 100,000 out¬
standing shares of common stock, $1 par, with authority to add to the list,
upon official notice of issuance, 10,000 additional shares of common stock,
$1 par.—Y. 144, p. 4177.
&
on
Notes & accts.
Listing Approved—
The New York Curb Exchange
Tar
Int.
ing
The company announced that it has purchased from Crown Zellerbach
Corp. the properties of the Western Shellmar Products Co. at Oakland,
Calif.
The property will be operated as the Pacific Coast branch factory
The Committee
$110,516
8,632
Bal. for common divs.
.
$894,000
The income account for 6 months ended May 31 was published in V. 145,
Dominion
Dr495
Pref. stk. div. require
shares.
par
73,274
,
..12,199,067 11,053,524
-
4,993
Net income before non¬
recurring income
Non-recurring inc. (net)
616,061
_ -
Cash....
Aocts. rec., others.
pref.
stock
$894,000
(par $100)
y Common class A
stock
3,539,746
$336,050
Other income.
Balance
.■
1937—12 Mos—1936
$3,805,754
$2,599,512
1,188,727
852,553
108,323
Prov. for retirements.__
First
machinery, &c. .$3,395,256 $3,341,613
(non-current)
1937
Liabilities—
1936
Real est., bldgs.,
x
Inc.—Consolidated
.
(Del.) (& Subs.)—Earnings-
1937—Month—1936
Period End. May z\—
Operating charges
Taxes (Incl. Fed. inc. tax:
May, 1937, x$29,210;
May, 1936, $2,485)..
stock is listed on the New York Curb Exchange.
Devoe
of
upheld patent in¬
;
Gross oper. revenues
—V. 144, p. 277.
Sheet
Court of Appeals has reversed decision
El Paso Natural Gas Co.
assets.
The company's common
Circuit
p.3331.
■
were
States
fringement claims brought against this company by Hill Mfg. Co. of
Kansas City, Mo., and which involve $3,000,000.
The Kansas City firm
had claimed triple damages amounting to $9,000,000.
The suit was based on alleged infringements of patent on a gas-purging
device used in the Kodak Park refrigeration system.
The lower court
declared two of the Hill claims valid and appointed a special referee to
determine the amount of damages. In the Circuit Court's opinion the Court
held the Hill firm patents were invalid because of prior patents.—V. 144,
paid by the company, will be used by the company, together with 30,000
day.
United
The
former Federal Judge Harland W. Rippey in which he
shares ($1 par) common stock, to acquire a paper mill/which, it is estimated,
will be capable when rehabilitated of producing 100 tons of high-grade
Corporation
of shares not subscribed for by stockholders.
Eastman Kodak Co.—Wins Patent Suit—
■**»■
The new 6% preferred stock is convertible at the option of the holder
into 3 shares of the company's common stock prior to July 1, 1942, and
thereafter into 2)4 shares of common until June 30, 1947.
»
Of the proceeds from the sale of this stock, $115,000 less $5,500 already
paper board per
share.
a
South Plainfield, N. J. not later than 3 p. m. (Eastern Daylight Time) on
the third day following the record date, and will be accepted conditionally
Common stockholders of record June 25, 1937 have been given the prior
right to subscribe to the preferred shares at $25 per share, for a period of
11 days following the effective date of the registration statement at the
rate of not less than 1 share of preferred for each 8.4 shares of common
stock.
The offering price is as yet undetermined, but will not exceed
Subscriptions must be received by Cornell Dubilier at
Corp. held.
Input—
the week ended July 8, 1937, the kilowatt-hour system input of
operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp., and National Power & Light
Co., as compared with the corresponding week during 1936, was as follows:
the
Volume
Financial
145
Chronicle
435
-Increase
Operating Subsidiaries of—
1937
National Power & Light Co
Amount
1936
American Power & Light Co_.116,540,000
Electric Power & Light Corp.. 56.289,000
1936
Asset?—
8,887,000
9,813.000
4,913.000
107.653.000
46.476.000
68.312.000
73,225,000
Condensed General Balance Sheet Dec. 31
Investm't in affil.
co
Eaton Mfg. Co.
(& Subs.)—Earnings—
Period End. June 30—
1937—3 Mos.—1936
1937—6 Mos.—1936
Other curr. assets.
Deferred assets
$872,850
standing (no par)
Earnings per share
144, p. 3670.
$1,709,629
696,146
$1.25
696,146
$1.91
.
696,146
$1.08
$
Total
8,210,600
493,050
.
-
,
702,957
$1,335,285
696,146
$2.45
$751,903
1935
$
Fund, debt; equip.
769,978
obligations
5,579,000
6,814,000
1,230,810 Curr. liabilities
1.013,734
978,484
1,790,620 Deterred liabilities 1,024,533
751,756
940,360 Oper. & deprec. resl9,273,056 18,750,192
Profit & loss, surp. 2,547,545
2,750,144
1.043,869
793,857
2,361,762
Cash
net
profit after
taxes, int., deprec., &c
Shs. common stock out¬
1936
Liabilities—
$
31,272,627 32,076,290 Capital stock
8,210,600
property- 1,966,447
1,940,167 Prem. on cap. stk493,050
Miscell.
—V. 145, p. 278.
Consol.
1935
$
Equipment
38,141,519 38,748,228
Total
38,141,519 38,748,228
-V. 142, p. 3675.
—V.
Empire Gas & Fuel Co. (Del.) (& Subs.)—Earnings—
6 Months Ended May 31—
Gross operating revenue
1936
o
_
1935
...$44,130,314 $39,041,980 $32,973,971
maintenance & taxes
x29,101,198
24,850,853
19,790,602
Oper. exps.,
Netoper.
1937
rev.
before depl. & depre.$15,029,116 $14,191,1^7 $13,183,368
Other income, incl. income from affil.
„
„
pipeline
Total
companies
1,922,222
1,967,176
1,631,201
income
$16,951,338 $15,822,328 $15,150,545
Int. charges & amort, of discount
3,704,936
3,319,103
2,964,857
Earnings applic. to minority interests Crl42,311
430,694
Cr25,248
Empire Gas & Fuel Co. int. charges
and amortization of discount
2,637,126
2.507,802
2,085,186
Reserves for depletion & depreciation
7,227,088
6,076,300
6,228,145
Foreign Bond Associates, Inc.—Asset Value—
The company reports that net asset value on June
per share as compared with $10.25 per share on June
of $1.95 per share were
30, 1937,
30, 1936.
paid during the period.—V. 144, p. 2997.
Franklin Fire Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of
10 cents per share in
to the regular
quarterly dividend of 25 cents per share on the
common stock, par $5, both
payable Aug. 2 to holders of record
July 20.
Similar payments were made on
May 1 and Feb. 1, last, and extra dividends
of five cents per share were
paid in each of the 10 preceding quarters.—
V. 144,p. 3500.
addition
Fyr Fyter Co., Dayton, Ohio—Earnings—
6 Mos. End. June 30—
Net
1937
sales
$3,524,500
$3,170,890
$4,215,141
x
Includes provision for normal Federal income tax and reserves for
possible liability for Federal surtax on undistributed profits.—V. 144,
p. 4178.
Endicott Johnson Corp.— Consolidated Balance Sheet—
May 29,'37
May 30/36
AssctS"""*"
Property acct-..
x
8,168,344
8,483,187
1
1
Goodwill
Inventories
24,755,456 20,885,470
Accts. & notes rec. 9,621,905
7,020,456
Empl. bldg. fund,
&c
2,093,574
2,045,582
Sundry debtors
43,543
28,667
Miscell. investm'ts
431,333
507,537
233,018
133,175
Prepaid taxes, &c.
96,402
Empl. stk. acct..
156,633
Cash
2,844,339
2,908,387
Tanning liquors
1,998,226
317,413
304,762
Balance, surplus
4
$81,694
5,340
23,386
Miscellaneous deductions
Federal income tax
Net profit.
Assets—
1937
Bldgs., machinery,
equipment, &c__
282,833
Treasury
155,000
Res. for work comp
250,000
2,063,571
250,000
Res. for invent's..
59,985
129*699
5,753,284
Total
Notes & accts.
rec.
Inventories
..49,049,947 42,169,099
111.
English Electric Co. of Canada, Ltd.—Divs. Resumed—
The directors have declared a dividend of 62H cents per share on the
$3 non-cumulative class A stock, payable Sept. 15 to holders of record
Aug. 31.
This will be the first dividend paid since April 15, 1932, when
75 cents per share was distributed.—V. 143, p. 920.
$22,348
$17,755
ioss$1,296
1937
$443,500
$443,500
Reserve for deprec.
170,246
172,484
1
161,869
113,179
Accounts payable-
26,426
22,302
14,061
10,061
69,817
15,030
17,501
Surplus
Commissions
100,744
37,280
108,428
due
When accts.
are
paid
Accruals,
&c
Dlvs. due
on
131,495
cl. A
stock
7,375
Reserve for doubt¬
ful accounts
Total
$785,435'
$901,241
12,052
$901,241
Total
11,394
$785,435
x Represented by
20,000 shares class A stock and 40,000 shares class B
stock, all of no par value.—V. 144, p. 4345.
Gatineau Power
Co.—Merger Approved—
See Canadian Hydro-Electric
General
Corp., Ltd. above.—V. 144,
$1,197,519,
as
against $672,501 a year ago,
as
1937
Net income after int., de¬
were
of 78%.—V. 145, p. 111.
a gain
(John J.) Felin & Co., Inc.—$2 Common Dividend—
The directors declared
a dividend of $2 per share on the common
stock,
$100, payable July 15 to holders of record July 10.
This compares
with $3 paid on Jan. 15, last; $2 paid on July 15, 1936; $8 paid on Jan.
15,
1936; $2 paid on July 15, 1935; $3 on Jan. 15, 1935, and July 15, 1934;
$4 on Jan. 15, 1934, and $5 per share paid semi-annually from July 15,
1932, to and including July 15, 1933.—V. 144, p. 278.
par
Fidelity & Deposit Co. of Md.—Extra Dividend—
The directors have declared
an extra dividend of $1 per share in addition
regular quarterly dividend of like amount on the capital stock, par
$20, both payable July 31 to holders of record July 19. See aiso V. 144, p.
612 for detailed record of previous dividend payments.—V. 144, p. 4344.
,
to the
prec., Fed. taxes, &c.
Earns, per sh. on 1,588,697 shs. com. stock—
x
Before surtax
General
on
x$394,421
$656,051
x$577,993
$1,051,024
$0.14
$0.30
$0.14
$0.44
undistributed profits.—V.
144, p. 3500.
Capital Corp.—Earnings—
6 Months Ended June 30—
Income—Cash dividends
1937
Finance Co. of America
at
6 Months Ended June 30—
Operating
Interest
expenses
-
Provisions for Federal income taxes..
Net profit
Preferred and common dividends
Loss on sale of treasury stock
Baltimore—Earnings—
1937
1936
$244,042
91,400
28,192
19,571
$209,516
74,724
26,617
15,195
$104,878
47,968
$92,978
41,811
$247,141
74,071
44,320
16,304
1,453,625
Drl,307
1,327,121
Cr23,038
$112,445
39,512
6,200
5,132
1,324,265
Dr56,182
$1,509,227
$1,401,327
$1,329,684
Cash value of life ins.
charged off
Common equity Jan. 1
Surplus adjustments (net)
Common equity
—V. 144, p. 4178.
Financial
1935
Independence
Founders,
Inc.- -Registers
with SEC—
See list given on first page of this department
.
-V. 143, P. 4153; V. 131,
.-
945.
First State Trust
See list given
on
Fruit Growers
73
$110,176
25,526
1936
.
Other income.
$84,650
Rental
on cars
Amortization of discount
on
equipment trusts.
.
Accrual for Federal income tax.
.
.
Profit on property sold and retired.
Miscellaneous
Total
.
Cash dividends
Loss
on
property retired.
Miscellaneous
Credit balance Dec. 31
on
$72,515
43,356
298,598
sale of investments (based
Net operating
ended June
profit for six months
30
$98,956
81,319
Dividends—...
$20,983 loss$226,083
82,880
175.876
Comparative Balance Sheet June 30
1937
Assets—
Cash
1936
_
Cash divs.
receiv.
Liabilities—
18,450
1937
1936
$559,672
4,755,095
Accts. payable and
accr'd liabilities.
$49,753
3,126
21,258
$369,493
Investment at cost 4,712,500
Accts. receivable.
17,904
Dividends payable
$21,936
50,234
3,339,497
3,006",921
a
Capital stock,..
Shares sol
but
un¬
issued
2,574
Capital surnlus...
Treasury stock
Total
$5,118,346 $5,339,151
Total
1,676,288
3,379", 122
Drl 068.829
$5,118,346 $5,339,151
a
Represented by 124,870 no par shares in 1937 and
124,271 in 1936
after deducting 50,893 shares held in
treasury in 1937 and 33,988 in 1936
b Treasury stock held at June 30,
1937, represents in part stock so re¬
deemed and in part stock purchased in the open
market.
Note—The marketable securities at June
30, 1937 are carried on the cor¬
poration's books at cost, $5,126,308.
No provision has been made in the above
.statement for Federal normal
$9,118,936
8,446,361
$9,087,596
8,228,655
$672,574
79,761
3,000
$858,940
$589,813
319,765
$766,801
304,610
$909,578
286,585
209,652
29,494
$1,071,411
341,435
210,179
29,493
$383,848
50,684
$490,302
63,979
$333,164
2,750,144
$426,323
2,678,926
61,206
89,139
3,000
General
Frigid Transportation
SEC—
See list given
on
$3,177,305
328,424
19,536
281,800
210
$3,166,666
328,424
22,362
65,734
$2,547,545
$2,750,144
first page of this department.
General Motors
Corp.—Registers with
.
Corp.—New Officer—
Alfred P. Sloan Jr., Chairman of the Board
announced
Edwin R. Palmer has been appointed
Aissistant
on July 14 that
Comptroller of this com¬
pany.
Subsidiary—
A new subsidiary, known as the General
Motors Overseas Corp., has been
organized by General Motors. The new
company, 100% owned by General
Motors Corp., was formed to facilitate both
routine and mechanical opera¬
tions of the export business.—V.
145, p. 279.
General Finance
Corp. (.& Subs.)—Earnings—
6 Months Ended May 31—
Total income
Interest
1937
$844,970
67,771
Trustee's fees
Miscellaneous deductions
Operating
expenses
Debenture interest, discount, amortiz. and
expense
Provision for Federal income tax
Net income .before prov. for undistr.
profits tax)
Preferred dividend
Common
-
$64,338
prof. 14,306
Net income
Net loss
New G. M.
.
Interest
$89,348
16,833
policy adopted, liability
finally determined only at
31, 1937.—V. 144, p. 4007.
1935
1,900
92,097
.
Tax accruals, other than income tax.
Uncollectible accounts
$84,273
19,934
Expenses and taxes.
for such taxes, if any, will be small and can be
the close of the corporation's fiscal year, Dec.
Express CoEarnings—
.
$86,690
2,658
or undistributed profits taxes on
profits for the six months ended
June 30, 1937, inasmuch as the corporation
expects to qualify for 1937 as
a "mutual investment company"
and, under the
Co.—Registers with SEC-
.
1935
$84,200
income
first page of this department.
Calendar Years—
1936
$110,176
Interest
\
Gross income, less chargeouts
26 Weeks
June 26 *37 June 27 '36 June 26 '37 June 27 '36
_
of May 31,
4007.
p.
Baking Co.—Earnings—
Period—
Corp.— Unfilled Orders—
1936
Capital stock...
$372,229
11,134
—IS Weeks
Fairchild Aviation
The company announced that unfulled orders
$581
30
Liabilities—
5,869,877
49,049,947 42,169,099
1,876
22,472
3,991
133,821
35,685
130,929
184,870
stock.__
Securities
After depreciation,
y Represented by 405,360 shares, par $50.
The earnings for 52 weeks ended May 29 were published in V. 145,
p.
$23,930
3,282
2,893
Sheet June
x
Deferred charges..
Cash
x
loss$3,940
4.521
1
145,000
Earned surplus
$21,639
2,290
10,271
314,313
108,302
$188,729
109,799
82,871
$39,489
7,985
9,156
'
1936
$379,201
Patents
Fed. tax reserve..
taxes
1934
$229,603
136,865
71,098
$36,723 '
2,767
$52,969
Balance
1935
$270,581
153,626
80,232
$78,152
3,542
Goodwill
Acer. Fed. & State
Approp. surplus..
Total
Net profit on sales
Other income.
$
Accts. payable, &c 2,642,644
Sundry creditors..
Selling and admin, exps.
Res. for contlng..
653,730
--
$
5% pref. stock
7,306,000
7,306,COO
7% prcf stock
y Common stock,20,268,000 20,268,000
Notes payable
9,000,000
4,750,000
Notes held by emp.
842,051
942,388
...
Dies and lasts
May 30/36
May 29/37
Liabilities—
$
1936
$392,049
213,227
100,670
Cost of sales
Net income.
$11.21
Dividends
was
dividends
Net earnings per common share
...
14,432
3,663
323,426
28,461
60,125
$347,094
19,742
80,530
$0.40
1936
$507,009
55,189
12.812
3,280
203,205
11,475
38,500
$182,547
$0.25
Financial
436
Consolidated Comparative Balance
Coll.
on
1,245,251
6,427,314
Deben.
requirements^.-
4,534
12,271
policies
Life lnsur.
Capital
dealers
Other
_
19,723
19,633
Deferred
Conv. 5% deben._
Preferred stock
897,000
749,000
658,050
817,300
538.082
658,050
641,800
398,675
12,135,244
7,501,424
made that the directors have elected William C.
Grunow to the newly-created post of Chairman of the Board and that
Harry Alter becomes President, sales manager and director; also that
A. Dangler Jr. was elected Vice-President and will continue his duties as
Announcement
Treasurer of the
was
12 Mos.
-6 Mos,-
Inventories
1,299
54,734
60,915
Accounts
Land
21,000
21.000
Note
473,059
552,453
1937
$122,302
27,057
stocks
Interest on bonds and notes
13,950
$179,414
32,844
3,499
$367,100
69,825
10,990
Revenue from option contracts
Total
34,279
Expenses
Taxes (other than Fed. income taxes)
Deb. int. & Fed. & State taxes pay¬
able under debenture indentures..
3,758
prof$9,708 prof$13,868
$22,027
Net loss.
272,417
133,363
133,347
12 Mos.
1937
-6 Mos.-
Capital surplus at end of
Earned surplus (from
Income surplus:
1936
1937
Capital surplus:
api
Excess of assigned value over cost of
pref. stock purchased & retired. _
$29,045
$29,045
1
Deferred charges—
Balance at end of
Years Ended—
22,027
$81,452
$692,067
$952,846
84,979
credit
Net
Charges:
d Dividends on
pref.
Exp. on debentures
$326,648
$416,218
1,914,910
5,570,830
393,575
237,510
$2,331,128
137,054
$492,401
equipment
or
scrapped
of designs,
&c., written off
drawings,
value
Earned surplus at
36,267
100,000
stock
Feb. 28 '37 Feb. 29 '36
$861,887
$700,533
Cash...
Accrd. Fed. taxes_
100,598
89,034
793,299 Accrd. other taxes,
int. and expenses
498,480
33,611 Building loan due
66,084
47,131
Accts. & notes rec.
833,243
454,518
24,171
Inventories
Other assets
Ins. co. (not pay.
Real estate, plant
912,153
before
19,647
1
equipment.
and
inv. of supplies.
911,628
21,892
and
1
Goodwill
y
$1,566,715
period
$692,067
$1,566,715
$2,946,512
Total
120,000
$3,118,5551
120,000
1,000,000
1,000,000
2,297,053
2,395,878
Earned surplus
z
$694,085
8,
April
1941)
Common stock..
Com. stock pur.
and held in
$125,483
treas.Dr757.573 Dr455,073
$2,946,512 $3,118,555
$402,123 in 1936.
Total.
x After reserve for depreciation of $439,857 in 1937 and
Represented by 200,000 no par shares,
z Represented
in 1937 and 17,300 shares in 1936—V.
144, p. 1280.
by 27,300 shares
y
Earned surplus at
b Profits
average
or
$773,519
$1,662,034
end of period
$1,662,034
sold were determined on the basis of the
which were the written-down values established
subsequent cost,
c No provision has been made
undistributed profits which may be payable under
losses on securities
values
book
31, 1931, and (or)
for the Federal surtax on
Dec.
liability for such tax cannot be de¬
d Includes the cumulative preferred
Feb. 1, 1937, plus the regular quar¬
terly dividends since that date.
The preferred dividend requirements on
shares outstanding during the 12 months' period amount to $146,359.
of 1936, since any
the year,
dividends accrued and in arrears on
the
Revenue Act
termined until the end of
Comparative Balance Sheet June
1937
Assets—
Accounts
Investments:
Common
Pref. div.
stocks_$2,654,871 $6,343,375
524,076
510,492
1,663,890
947,383
188,545
5,476,349
Cash
Accounts
and
29,888
.
stock.
g Capital surplus.
Earned surp. (from
Jan. 1,
...$9,618,983 $8,772,516
|
34,324
~~9~969
2,369,000
2,631,000
2,305,258
669,886
2,118,368
669,886
29,045
1932),— 1,662,034
1,773,519
Total
share upon involuntary
General Telephone Corp.—Gain in Phones—
corporation reports for its subsidiaries a gain of 1,401 company-owned
telephones for the month of June 1937, as compared with a gain of 596
telephones for the month of June, 1936.
The gain for the first six months
totals
13,835 telephones, or
Godchaux Sugars,
gain of
period of 1936. The
company-owned tele¬
4.13%, as compared with a
10,555 telephones, or 3.38%, for the corresponding
subsidiaries now have in operation a total of 348,551
phones.—V. 144, p. 4008.
170,000
Approp. to reserve for
contingencies._
$857,642'
651,750
Net income
on
$7 preferred stock
Dividends paid on class
1936
1937
$
$
1st
$48,750)
55,210
$658,307
$546,606
100,000
100.000
serial
cur¬
rently
48,750
1,166,161
1,577,473
—
1,148,221
1936
payable and
mtge.
bonds, due
(approx. market
and
$732,098
299,388
accrued expenses
1,107,818
Marketable securs.
value
$741,619
Balance Sheet Jan. 31
1937
Liabilities—
Liabilities—
$
Accts.
Cash in banks and
Notes
140,000
170,500
A stock
Condensed Consolidated
Assets—
oh hand
$1,234,823
162,726
200,000
120,123
165,000
250,000
(estimated)
Dividends
1935
$1,354,488
127,746
200,000
and State income
Provision for Federal
taxes
1936
1937
$1,390,276
funded debt.112,634
operations.
Interest aud expense on
Provision for depreciation
Prov. for Fed. and
accts.
receivable
Inventories
79,078
110,387
79,406
crops
60,654
20,942
61,070
42,672
66,057
8,761,123
equipment
& trade¬
1,900,000
serial
128,801
165,000
($7 cum) 2,700,000
4,262,500
d Class B stock— 3,205,850
2,720,000
Res. for contlngen.
b Pfd.stk
c
Notes receiv. (past
120,123
1,800,000
lst mtge 5%
bonds
Prepaid expenses—
170,000
State Inc. taxes.
Planted & growing
Class A stock—
3,597,700
3,524,745
x8.604.351
due)
Investments
aProperty, plant &
General Tire & Rubber Co.—Pays Off Pref. Arrears—
July 13 declared a dividend of $7.50 per share on account
of accumulations on the 6% cumulative preferred stock, par $100, payable
July 31 to holders of record July 20. This payment will ciear up all accruals
on the preferred stock.—V. 145, p. 113.
»
1
1
117,175
133,559
marks.
Unamortized bond
disct. and exp__
Total
13,025,458 12,674,175
of $2,298,939 in 1936 and $2,474,595 in
by 27,200 no par shares in 1936 and 27,000 no par
shares in 1937.
c Represented by 71.954 no-par shares in 1936 and 85,250
no-par shares in 1937.
d Represented by 83,446 no-par shares in 1936
Total..
a
After
1937.
13,025,458 12,674,175
reserve
for depreciation
b Represented
and 1937.—V. 144. p.
Granite City
The directors on
Inc. (& Subs.)—Earnings—
Years Ended Jan. 31—
Goodwill
The
1937
The directors have
Income from
period.—V. 144, p. 2828.
of
America—Extra
declared an extra dividend of five cents per share in
addition to the regular quarterly dividend of 20 cents per share on the
common stock,
Doth payable July 30 to holders of record July 20.—V.
144, p. 2654.
liquidation, plus accrued divi¬
dends).
Total preferred stock authorized 47,980 shares, of which 23,690
shares of $5.50 preferred are reserved for conversion of 5% debentures.
Junior preferred stock authorized 10,000 shares of no par value, of which
no shares have been issued,
g During the period May 1, 1937, to June 30,
1937, the corporation purchased and retired 1,950 shares $6 dividend pre¬
ferred and 70 shares $5.50 dividend preferred.
The cost thereof was less
than the assigned value of such shares by $29,044 and this amount was
credited to capital surplus. On July 1,1937,340 shares $6 dividend preferred
were purchased for retirement at a cost of $25,568, which will result in an
addition of approximately $5,800 to capital surplus,
h Represented by
669,886 shares of no par value. Authorized 900,000 shares, of which 26,310
shares are reserved for conversion of hYt % debentures,
i Before provision
for cumulative dividends on preferred stock not declared, $547,727.
Note—Based on the market value, as per investment list, the unrealized
net depreciation of investments at June 30, 1937, was $456,676, compared
with a net appreciation (after deduction for normal Federal income tax on
the taxable profit which would result from the realization of appreciation)
of $1,008,270 at Dec. 31, 1936, or a decrease of $1,464,946.
As shown in
the above surplus statement a net profit of $867,867 (after provision for
Federal income taxes) was realized from the sale of securities during the
dation, or $100 per
Republic Insurance Co. of
Dividend—
$9,618,983 $8,772,516
f Represented by 22,690 shares (1936—24,640 shares; $6 dividend pre¬
ferred and 210 shares (1936—280 shares)
$5.50 dividend preferred, of
no par value (entitled to $110 per share upon redemption or voluntary liqui¬
Total
&
1936
91,206
f Preferred stock__
h Common
1601.
(L. H.) Gilmer Co.—Registers with SEC—
See list given on first page of this department.—V. 118, p. 2444.
$13,883
2,369,000
2,631,000
5%, 1953
5Yi%, 1939.;
52,630
"Curb Exchange has approved the application of the com¬
117,696 outstanding shares common capital stock, (no par).
$14,120
Conv. debentures:
in¬
terest receivable
pany to list
—V. 144, p.
1937
payable
payable-
Taxes accrued
Preferred stocks
Bonds
Approved—
Gilchrist Co.—Listing
The New York
Globe
30
Liabilities—
1936
$2.27
Feb. 28 '37 Feb. 29 '36
$20,409
Accounts payable,
$21,524
1,000
$445,119
$2,094,074
Liabilities—
Prepaid exps.
$694,085
$2,297,053
$2.61
$2,395,879
$2.85
end of year
Balance Sheet
$1,568,734
$124,483
$445,119
stock—
$1,646,455
77,722
2,094,074
$2,789,453
and
machinery
on
sold
x
retired—
Total charges.
Balance at end of
$333,905
7,257
$867,868
profit on sale of secur__
Provision for Fed. inc. taxes.
b Net
$476,756
2,297,053
Dividends paid
(less reserve)
c
$561,714
68,074
77,422
profit for the year
beginning of year..
Assets—
Credit:
$635,250
42,251
100,598
Earnings per sh. on common
$490,902
Feb. 28 '35
$617,643
51,853
89,034
taxes
$95,320
$1,143,966
_
Feb. 29 *36
Earned surplus at
$81,452
prof 13,868
$95,320
Security profit surplus:
Balance at beginning of period.
Feb. 28 '37
,
profit for the year before deduc¬
tion for depreciation & Fed. inc. tax
Depreciation of plant and equipment -
verses,
period
shares.—V. 142, p. 1121.
Net
Book
292,153
$653,845
-Earnings—
Gibson Art Co.-
$29,045
$71,744
prof 9,708
331,359
$568,148
Total
$653,845
Represented by 100,000 no par
Federal
5,571
payment planDeficit
$568,148
Total
5,097
2,101
def.
Notes pay. on
900
Dep. in escrow—
10,000
10,000
•
ployees
1
6,641
Loss
$117,346
beginning of period—
Net loss, as above
4,346
717
6,426
29,869
9,500
9,500
payable
payable
Due officers & em
banks...
x
payable.
expenses-
Mortgage
Cash on deposit in
Jan. 1, 1932):
Balance at
264
Treasury stock—
Note
1
264
$783,600
49,000
30,677
7,742
49,882
payable
Accrued
Total
$29,045
period—
1
Automobile
Net
30
Comparative Surplus Statement June
equip—
Fixtures &
Common stock-
x
1935
1936
$756,540
49,000
37,426
Pref. stock cl. A—
1,263
$301,319
64,206
1,575
$149,358
on
1936
$120,757
44,707
$148,347
Liabilities—
1935
1936
$6,961
closed
1937
Period Ended June 30—
sur$186,369
$ 9,747
—
Goodwill
•Earnings—
39,862
$206,551
20,182
$292,153 sur$108.485
$331,359
Assets—
company.—V. 144, p. 2828.
General Public Service Corp.-
Dividends
"
Accounts receiv—
Co.—New Chairman, &c.—
20,000
39,400
37,040
Comparative Balance Sheet Dec. 31
Cash.
General Household Utilities
$47,971
340,124
Total deficit
190,060
30,478
Surplus—Earned.
4179.
-V. 144, p.
.def$287,299
44,060
Surplus charges.
Common stock
Total
75,084
$69,991
256,542
.
Total surplus.
7,501,424
52,980
$77,422
186,369
51,768
284.964
567,236
Capital
12,135,244
Total
59,781
$97,554
108,485
Net loss
25,030
21,381
33,918
1933
$1,187,753
1.182,660
$46,631
def292,153
51,485
Surplus credits—
53,397
88,508
64,988
charges110,061
24,461
Furniture & flxt._
Company autom._
156.837
Previous surplus.
charges
automobiles
Deferred
Deprec., amortiz., State
and Federal taxes
*
finance
Repossessed & other
1934
$1,130,267
1,154,710
33,544
inc—un-
earned
Cost of sales.
73,924
243,510
23,505 Reserve for losses-
45,160
81,367
26,385
and
receiv
1935
$998,909
1,036,681
1936
$996,705
991,568
'
—
62,371
113,576
renewals
—
notes
accounts
8,550
Calendar Years—
Total sales.
def.
Reserve for taxes.
Reserve for lnsur.
3,760
to
loans
and
$551,357
279.
Georgian, Inc.—Earnings—
certlfs.—Dealers
57,661
Interest..-
45,104
■—
Reserves
lncl. curr. deposit
Accrued
59,574
$664,857
4,592,500
lnsur
cruals
1 to July 7
-Jan.
July—
$22,750
$28,750
Gross earnings
payable and ac¬
fund
sink,
First Week of
—V. 145, p.
7,698,500
&
Accounts
accept¬
and
notes
trust
(secured)
830,342
receivablelO.535,984
hand
ances
$
$
Liabilities—
Cash in banks and
Notes
1936
1937
$
$
Assets—
RR.—Earnings-
Georgia & Florida
Sheet May 31
1936
1937
July 17, 1937
Chronicle
2128.
Steel Co.—Transfer
The Manufacturers Trust
for
Agent—
dividend disbursing agent
stock.—V. 144, p. 2999.
Co. is transfer and
400,000 shares of common
Volume
Financial
145
Goldblatt Bros., Inc. (&
Consolidated Balance Sheet, Dec. 31,1936
Year Ended
13 Mos.End.
31, *37 Dec. 31, *35
$44,717,294 $32,049,952
22,363,665
29,749,607
Jan.
Net sales (less returns and
allowances)
Cost of sales
Gross profit from trading
Commission from concessions
14,967,688
144,770
(incl.
$315,012 in
expenses
in 1935 and
ended Jan. 31, 1937)
$9,686,286
105,585
$15,112,458
$249,458
$9,791,871
deprec. of
period
the
8,342,338
12,588,676
Net operating profit
$1,449,533
170,433
9,259
$2,523,782
215,496
6,982
Interest paid
Amortization of bond discount and expense
Expenses of financing (incl. write-off of unamor¬
tized disct. and expense of $12,219 on bonds re¬
tired
Loss
maturity)
building demolished
profit
before
considering
miscell.
income
income
on
Net profit before Federal taxes
$2,224,635
86,501
$1,215,884
112,107
$2,311,137
income
on
Cash
in
Accounts payable
transit
sec.
Trade
a
and
in
the
notes
and
$1,327,992
363,722
207,353
Income taxes
(incl. additional provisions for prior
and incl. prov. for surtax of $6,756 on un¬
distributed profits for period ended Jan. 31, *37)
125,554
165,000
.
Prov. for purchasedstumpage
1,332,281
80,794
7,739,827
Provision for Federal taxes..
accounts
cut, not yet due
recble
Inventories
Invests, and advances, &c_._
c Stock held In
treasury
Timberland
tions, maturing subsequent
to 1937
968,673
120,000
Capital stock ($25 par)
40,072
27,216,596
Capital assets
150,000
201,688
purchase obliga¬
Prem.
prem. and other
on
24,958,260
685,050
15,903,271
sale of capital stock
Earned surplus
charges
85,478
Total
$42,603,849
|
$42,603,849
Total
Less reserve,
b Including $8,012 due from officers and employees,
Represented by 750 shares at cost.—V
144, p. 3334,
Group Securities, Inc.—Dividends—
The directors have declared the
following regular
the various classes of stock of the
company, payable
holders of record
and extra dividends on
July 31, 1937, to stock¬
July 15, 1937. Each class of stock represents an invest¬
ment in a
single industry or character of business. The amount of the extra
dividend has been influenced by net profits realized on sale of securities
during the first six months of the year.
-Divs.
-
Net profit
and
Timberland pur. obligations
57,009
years,
$1,120,638
6,412
$1,947,414
Minority int. in profits of sub. disposed of in 1935-
$295,037
payrolls,
3,031,875
receivable
Unexp. insur.
int.,
expenses
(at cost)
b Other accounts
deferred
Accrued
$2,051,243
hands of paymasters
Market,
41,655
12,301
26,644
and Federal taxes
Other income
Liabilities—
treasurer
c
50,025
Other deductions
Net
Assefs—
Cash in banks and in hands of
a
before
on
437
Subs.)—Earnings—
Period—
Total gross profit
Store and operating
Chronicle
Per
Automobile shares
Aviation shares
Share—
Extra
Regular
$0,010
Agricultural shares
$0,030
.026
.010
.030
Building shares
Earnings
share
per
$1,114,227
27,647
816,060
596,223
$1,947,414
796,890
438,885
629,136
$3,07
Dividends paid in cash
Dividends paid in common stock
Shares common stock outstanding (no par).
$1.86
Assets—
Liabilities
on
hand-_
$491,314
2,870
Tax-antlcip. notes (at mkt.).
a
Accounts receivable
Other assets
2,454,893
8,470,122
162,753
155,701
b Fixed assets
Accounts
payable
Maturities, within
-
expenses
Goodwill
1
$2,676,022
.
one
year,
of long-term debt
Accrued expenses
Bonus payable to employees.
8,700,757
Inventories
Prepaid
Instalment
notes
and
$2.50
cum. conv.
619,139
1,416,741
35,057
other
long-term liabilities
c
pref. stock
3,392,290
3,000,000
d Common stock
.018
.020
Distillery and brewery shares
.007
.017
Electrical equipment shares
.028
.015
Food shares
.020
Industrial machinery shares
3,402,430
$20,438,413
Total
$20,438,413
a After
reserves
of $293,700.
b After reserves for depreciation of
$1,379,647.
c Represented
by 60,000 no par shares,
d Represented by
629,136 no par shares.—V. 144, p. 1785.
Year Ended Jan. 31—
Gross profit from sales.,
1937
1935
1934
Selling,
Income
gen.
$1,075,746
$848,880
$772,603
$690,315
1,043,948
x
962,055
1,072,569
1.008.941
$113,174
51,099
$299,965
99,491
$318,626
61,843
$164,274
2,109
18,655
$399,457
6,784
23,904
3,017
$380,469
18,305
20,861
9,598
& admin.
prof$31,798
38,760
charges.
Gross loss
Interest
$6,962
2,273
24,746
earned
Cash discts.
purchasei
on
Profit from sale of
secur.
Credit balances in accts.
receivable written off.
.008
Drl65
3,415
.032
.005
.013
.010
.007
.010
Railroad equipment shares
.010
"2"006
2*807
$139,530
$360,329
.013
.025
Tobacco shares
Utilities shares
.023
.005
.020
.005
—V. 144, p.
1110.
Guarantee Co. of North America
Years End. Dec. 31—
Inc.—Premiums (fidelity
1936
& surety excl.)
Interest and rents
2,994,117
$488,191
199,036
$516,265
210,785
$749,296
312,391
96,422
82,170
40,946
97,472
7,090
$687,227
297,879
97,684
128,275
41,405
97,472
78,991
$727,050
288,983
107,071
112,328
42,957
97,472
66,863
$134,306
4,598,875
Lossespaid.net
Invest. & real est. exps.
Divs. & bonus paid
.
Profit and loss items
Balance
Previous surplus
Increase in valuation of
bends and stocks
...
$112,803
4,273,771
loss$54,477
4,328,247
$11,376
4,316,871
$4,273,771
$4,328,247
266,041
212,301
$4,999,223
Balance, Dec. 31
$4,598,875
Assefs—
1936
2.628,981
2,536,999
1935
67,098
_
.
69,942
adjust..
Dividend payable.
27,018
Real est. & bldgs
Prems.
in
course
$277,622
3,996,055
26,221
State
229,035
accrued
12,609
$3,001,920
$2,863,448
Total
re¬
on sec.
4,504
Per. End. June 30—
Operating profit
104,246
234,466
of the
Deprec. & depletion
Consolidated Balance Sheet Jan. 31
Notes
1937
1936
Liabilities—
$630,651
&
$461,609
27,568
51,282
Trade accts.
Credit
accounts
1937
334,430
Accrued accounts.
$3
$70,512
In
4,228,995
x
2,300
2,300
y
Class A stock...
z
Class B stock
impts. at cost..
Prepaid insurance,
221,243
256,542
rent and taxes..
38,905
23,189
2,202
1
60,331
34,981
2,787,250
25,859
1,948
1
Prop. & leasehold
pf. stk..
Goodwill
2,524,650
625,000
Surplus
78,896
740,000
3,002,847
304,600
304,600
$4,999,223 $4,598,875
125,000
4,807,471
3,065,150
1937—6 Months—1936
$600,084
6,667
77,995
41,368
$1,699,062
22,893
173,087
112,649
$1,130,317
6,667
150,385
68,838
$474,054
$1,390,433
324,052
488,112
$904,427
$490,325
com.
stk.
$578,269
(no
par)
$0.72
$0.30
$1.05
$0.56
—V. 144, p. 3174.
Harbison-Walker Refractories
625,000
125,000
4,807,471
2,978,953
Capital surplus
Deficit
Other
36,446
78,864
Earns, per sh. on 1,016,-
22,455
44,552
Operating supplies
a
cum.
$896,419
162,026
244,068
Preferred dividends
Common dividends
961 shs.
29,841
87,388
Net income
1936
pay$182,172
balances
accts. receivable
receivable, net.
397,642
Inventories, net.. 4,031,812
Investm'ts at cost.
95,868
Federal income taxes
year
$2,978,953
$3,065,150
$2,994,116
$2,628,981
Including depreciation and amortization, 1937, $50,345; 1936, $48,805;
1935, $61,611; 1934, $69,992.
Assets—
Total
1937—3 Mos.—1936
$1,090,934
11,259
Interest
x
Marketable securs.
$4,999,223 $4,598,875
■
63,006
Cash
24,368
41,794
—Y. 144, p. 2129.
pref. stock
end
192,872
taxes
(M. A.) Hanna Co. (& Subs.)—Earnings—
»
value
retired
at
inc.
re¬
3,300
Deficit
&
Capital paid-in
$3,169,396
for taxes of prior
cost of
67,796
196,773
24,368
proc. of
950,000
Surp. tosharehldrs 3,109,780
years
over
bonds
All other liabilities
35.749
stated
$218,846
Voluntary reserves
$3,041,959
of
1935
$225,246
Spl. res. for guar.
(estimated)
prior years
Excess
Unearn. prem. res.
Losses, pend. & in
of collections
»
mfrs.' excise
tax and int. applicable1
excess
1936
Liabilities—
$310,469
4,373,201
221,436
Additional
for losses
1933
$534,790
192,718
21,788
$738,622
332,028
82,275
37,561
47,643
97,472
7,337
expenses..
Reinsurance
Bonds and stocks.
"
Inventory adjust, applic.
to prior year
serve
1934
$538,797
199,825
Int. & rents due &
3,065,150
serve
-Earnings—
1935
Res. fund in trust
$326,448
3,298
Restoration of
.015
Steel shares
2,448
1,614
1,389
prof$23,191
excess
.010
Railroad shares
Cash
tal assets.
to
.032
Comparative Balance Sheet Dec. 31
977
Other
Restoration of
-
Petroleum shares
Underwriting
1936
.020
.038
Total income
Gorham, Inc. (& Subs.)—Earnings—
.005
.023
v
Investing company shares
Merchandising shares
5,896,733
Earned surplus
Total
.018
,
Mining shares
1, 1937
Cash in banks and
.017
Chemical shares
_
Period End. June 30—
Co.-
1937—3 Mos.—1936
-Earnings—
1937—6 Mos—1936
Net
inc., after deprec.,
depl., taxes., &c. (est.)
Shares
per
$807,700
$2,013,100
$1,348,800
1,358,883
t
$0.64
1,380,000
$0.55
1,358,883
$1.41
1,380,000
$0.91
stock
common
(no par)
Earnings
$921,300
share
Estimated net profit for the 12 months ended June 30, 1937, amounted
Total
x
$5,375,513
$5,407,5191
—$5,375,513 $5,407,519
Total
Represented by 50,493 (55,745 in 1936)
shares at a liquidation
y Represented by125,000 no par shares stated value of $5
a share,
z Represented by 25,000
no par shares at a stated value of $5
per share,
a After reserve for depreciation and amortization, $453,821 in
1937 and $406,357 in 1936.—V. 144. p. 2482.
no par
value of $50.
Great Northern
Paper Co. (& Subs.)—Earnings—
Consolidated Income Account for the Year Ended Dec. 31, 1936
Operating profit before providing for depletion and depreciation $2,723,214
Provision for depletion and depreciation
1,457,238
Operating profit
Income from investments,
$1,265,976
187,474
interest, royalties, &c
Total income
1
$1,453,450
Miscellaneous
interest on
charges, including losses resulting from floods and
timberland purchase obligations
Provision for Federal income taxes
51,855
202,850
to
$4,126,700, equal to $2.90 a share on 1,358,883 common shares, against
$2,370,700, or $1.59 a share, on 1,380,000 common shares for the 12 months
1936.
Note—No provision was made for surtax on undistributed profits.
—V. 144, p. 3674.
ended June 30,
Hazle Brook Coal Co.—Tenders—
The
receive
Fidelity-Philadelphia Trust Co. will until 12 o'clock noon July 24
bids for the sale to it of sufficient 6% refunding notes, series A
$201,969.—V. 142, p. 128.
and B to exhaust the sum of
(G.) Heileman Brewing Co.—Earnings—
Net profit for year.
Total surplus
—
Cash dividends paid ($1.12 per share)
$1,198,745
15,821,815
--$17,020,560
1,117,290
Cash dividends
Earnings per share on 997,580 shs. capital stock
$15,903,271
$1.20
paid
Earns, per sh. on
stock, $1
1934
$987,418
548,065
$771,767
xl27,707
Crl2,736
102,632
$403,194
375,000
$349,456
120,000
$252,794
$1.34
$1.16
$0.84
432,114
11,500
4,272
Cr8,467
79,554
300,000 shs. of cap.
par
undistributed profits.
Note—Provisions for depreciation deducted in arriving at the net profit
amounted to $192,385 in 1936, $189,126 in 1935 and $165,951 in 1934.
x
Consolidated earned surplus balance, Dec. 31, 1936
_
1935
$1,168,506
647,810
Cr"l0~,205
Shipping, advg., selling & gen. exps..
Provision for loss on hop contracts.._
Net loss from oper. of prop, not used
in bus., &c
Prov. for Fed. & State income taxes.
Consolidated earned surplus balance, Dec. 31,1935
1936
Calendar Years—
Includes $6,608 for surtax on
Financial
438
Balance Sheet Dec.
216,421
250,544
Receivables
a
$155,747
217,907
237,186
$288,450
Inventories.-.
Ins.,
Unexp.
&c
143,000
290,323
1,501,191
262,214
1 ,351,738
$37,054
1,853
15,095
112,024
232,523
245,962
3,182
22,313
Accruals
for taxos—
Res.
for
loss
on
6,000
contracts
Capital stock—
Paid-in surplus...
300,000
300,000
1,243,102
Earned surplus—
521,796
1,258,107
493,602
c
used
76,376
15,000
Organ, exp., &c__.
.$2,486,378 $2,469,694
a After reserve for losses of $15,000.
b After reserve for depreciation,
Represented by shares of $1 par.—V. 144, p. 2130.
c
Total
$2,486,378 $2,469,694
Total
Hewitt Rubber
$129,134
$0.77
Subs.)—
Interest, discount, &c__
Income taxes
241,321
249,795
57,128,152
483,606
366,226
1,091,088
$5,042,786
$1,339,129 x$5,187,232
115,204
345,613
161,443
85,607
373,429
Depreciation
1937—9 Mos.—1936
$6,886,831 $4,792,991
$3,661,875
345,613
$1,860,592
150,892
92,501
278,070
$2,261,162
Total income
$833,275
9,014
$824,717
11,209
$131,169
$179,723
$842,289
$835,926
3,279
35,061
3,315
38,303
16,174
186,522
16,511
191,483
$92,829
$138,105
$639,593
$627,932
$1.22
$1.82
$8.42
$8.26
$128,989
98,706
Total fixed charges
& Worts, Ltd. (&
1937—3 Mos.—1936
$2,214,976 $1,790,834
46,186
69,758
$177,940
1,783
income.
Net ry. oper.
Other income
446,805
240,877
693,229
chgs.
share of
Net inc. aft. fixed
Net income per
stock
'
excise tax account Railroad Retire¬
Note—Does not include accrual for
144, p. 4181.
ment Act.—V.
Earnings—
Other income
2,180
70,323
income
3674.
Per. End. May 31—
Operating profit
$1,646,331
384,527
428,529
$298,018
Total income
$200,017
$1.19
Indianapolis Power & Light Co. (&
Earnings for 12 Months Ended
Subs.)—Earnings—
March 31,1937
$11,070,932
3,639,743
Operating revenue
Operating expenses
787,070
1,491,050
*1,601,226
Maintenance
Provision for retirements
Taxes
-
$3,551,843
Profit
Netprofit
Preferred dividends
...x$l,640,683
115,204
com.
$1,525,479
J >1,223,925
$4,841,619
$3,316,262
724,004
Surplus for common..
660,000
$1.85
724,004
$6.69
660,000
$5.02
stock
$2.10
Earnings per share
x
Before
provision
any
for Federal
surtax
on
undistributed profits.—
$3,735,959
1,875,450
19,474
87,396
40,379
6,620
(A.) Hollander & Son, Inc. (&
193465
Interest
36,900
119,022
100,000
Other deductions
Federal taxes
Pref.
B.
divs.
man,
7.855
13,806
36,000
60,000
144,674
100,000
Depreciation
J.
36,000
116,013
107,612
9,029
32,745
Good¬
3,000
719
Inc
Note—A. Hollander & Son, Inc. also owns an
$202,396
$55,918
$341,321
$393,393
Netprofit
87H% interest in A. Hol¬
This company shows a loss of
six months ended May 31, 1937.—V. 145, p. 281.
lander & Son, S. A. Paris, France.
for the
Hollinger Consolidated Gold Mines,
x
$2,706,329
$3,084,213
Subject to depreciation and adjustments.—V.
Holly Sugar Corp.—Payment of
Dividend Enjoined—
corporation is sending a notice to preferred and common stock¬
holders pointing out that a court order has been entered temporarily
enjoining the payment on Aug. 2 of a dividend of 25 cents per share on the
common stock, recently declared, and that the order, by its terms, does not
whether the payment of dividends in excess
of $2 per
is without the corporate powers of the corporation, but
merely seeks to maintain the present situation until the merits of the con¬
troversy can be finally adjudged.
The temporary injunction was granted by order of the New York Supreme
Court, filed July 9, in an action brought by two preferred stockholders to
enjoin the payment of the August 2 dividend as well as further dividends
on
the common stock in excess of $2 per share in any calendar year.—
V. 145. p. 282.
calendar
Corp.—Common Stock Offered—
made July 15 of 110,000 shares ($1 par)
common stock at a price of $2.50 per share, by a syndicate
headed by Tobey & Co. and including Watson & White,
the First Cleveland Corp. and Neergaard, Miller & Co.
Machine
Industrial
Public offering was
is part of an authorized issue
The offering
year
other purposes.
for
Corporation, with head offices at
Scranton, Pa., is engaged in the business
machine for "throwing" or "twisting"
corporation's machines for commercial
of selling and installing a patented
silk or rayon yarn.
The first of the
and installed in silk-throwing plants. The
the result of a consolidation in March of the current
of the General Patents Corp. and Federal Machine Corp.—V. 144,
present company is
year
p.
3840.
Corp.—Dividend Passed—
Industrial Securities
The directors
took no action upon the payment
International Radio Corp.—To Pay Larger
The
directors
Operating revenue
Operating expenses
Capitalization—Certificate of incorporation
was
amended on June 9,
1937, changing the authorized common stock from 16,500 shares (no par),
issued at, and had, a stated value of $50 per
share, to 200,000 shares (par $5).
There were issued 10 shares of new common stock, in exchange for each
share of 10,215 shares (of which 8,885 shares were outstanding and 1,330
shares were in the treasury).
There were issued 7 shares of new common
stock, as a 70% stock dividend, in respect of each 10 shares of new common
stock, then outstanding.
Giving effect to the foregoing transactions and
the issue and sale of 8,955 shares of authorized but unissued common
stock, the capitalization will be as follows:
of which 10,215 shares were
Outstanding
Authorized
Common stock (par
$5)---
Summary of Sales and Net
Net Sales
$1,245,730
1,671,705
2,232,165
200,000 shs.
160,000 shs.
Earnings for Calendar Years
Net Earns.
b Taxes
c Net Earns.
$112,724
$15,990
$96,734
245,945
40,950
204,995
396,631
d98,495
298,136
210,739
e53,064
el57,675
Provision for
undistributed
profits,
c After all charges and Federal income taxes,
d Of this amount
$34,780 was provision for surtax on undistributed profits,
e No provision
has been made for surtax on undistributed profits for the four months
ended April 30, 1937.
Underwriting—The obligation of the underwriters shall be several and
not joint, each underwriter agreeing to purchase the number of shares of
common stock set forth below:
Purchased from Purchased from
Company
Underwriter—
5,902 shs.
3,053 shs.
Chicago, 111
Co., Inc., Chicsgo
4180.
?
Paul H. Davis & Co,
H. M. Byllesby &
144,
p.
Stockholders
28,425 shs.
21,947 shs.
Earnings per share on 389,611 common
1936
1935
1934
$168,131
$150,625
$137,681
$191,047
$0.70
$0.63
$0.57
$0.79
after all exp.,
earns,
int., deple., deprec. &
est. Federal taxes
Earnings per share on
240,000 shs. cap. stk.
—V.
144, p. 1963.
Interstate Power Co.
Consolidated
(& Subs.)—Earnings—
Income Account
Year Ended Dec. 31,
1937
$685,982
440.993
shares.$1.13
1936
$321,176
158,401
$0.41
1936
$6,217,740
2,533,277
T.
Maintenance
-—
Provision for retirements
Taxes
$2,112,630
1,888,750
199,439
Cr4,326
117,361
33,962
2,569
1,827
Gross income
Interest
on
funded debt
Interest
on
unfunded debt
Interest
charged to construction
Amortization of debt discount and expense
Taxes
interest and other charges
on
on pref. stock of subs, company in hands of
Minority interest in net income
Divs.
public.
$126,952
Consolidated net loss
a
Includes $255
Federal surtax on undistributed profits.
Earnings for the 12 Months Ended March
Operating revenue (affiliated company $123,534)
Operating expenses
...
31,1937
$6,257,379
2,537,357
493,030
596,666
529,346
Maintenance
Provision for retirements
Local, State and miscellaneous
Federal taxes
780
Federal income tax
Federal surtax
on
255
undistributed profits
$2,099,945
Profit
6,916
Non-operating income
$2,106,861
Gross income
1,888,750
Interest
on
funded debt.
Interest
on
unfunded debt (parent company
$
$148,500)
Interest charged to construction
Amortization of debt discount and expense
Taxes
469,685
594,749
a515,004
$2,105,025
7,605
Total
Non-operating income (net).
on
, _
interest and other charges
on preferred stock of subsidiary
Minority interest in net income
Hummel-Ross Fibre Corp.—Earnings—
6 Months Ended June 30—
Subs.)- -Earnings—
1937
Dividends
Profit before prov. for deprec. & income taxes
Prof, after deprec., taxes & pref. dividends
—V. 145, p. 282.
International Salt Co. (&
6 Mos. End. June 30—
&
1937 (4 months)
...
1,075,720
a After
all charges, but before Federal income taxes,
b
Federal normal income and excess profits taxes, and surtax on
—V.
25 cents per share was
Net
Dividend—
a dividend of 60 cents per share on the
19, to holders of record July 15. A dividend of
paid on Jan. 30, last.—V. 145, p. 282.
declared
have
stock payable July
includes more than 1,200 items.
The company
particular field of electrical manufacturing and has
introduced many innovations in electrical wiring devices now in common
use.
It enjoys nationwide distribution and maintains offices in Bridgeport,
New York, Chicago and San Francisco. It owns its own plant in Bridgeport.
Its complete line
has been a leader in its
of a dividend on com¬
pany's common stock at this time.
A regular quarterly dividend of 20
cents per share was paid on April 1 last.
An extra dividend of 25 cents
in addition to the regular quarterly dividend of 20 cents was paid on
Dec. 26, 1936.—V. 144, p. 940.
(Harvey) Hubbell, Inc.—Stock Offered—Paul H. Davis
Byllesby & Co., Inc., on July 14 offered
59,327 shares of common stock at $20 per share.
Most of
the financing being done represents stock acquired from
individuals, but the proceeds from 8,955 shares will accrue
to the company and will be used for additional working
capital because of the increase in business.
The company, located in Bridgeport, Conn., dates back to 1905, and its
principal business consists of the manufacture and sale of electrical wiring
devices, including switches, outlets, connectors, attachment plugs, sockets,
and many other articles, most of which are sold under the company's own
& Co. and H. M.
Up to April 16, 1937,
in November, 1936.
purposes were ready for delivery
49 machines had been delivered
comn on
name.
of 400,000 shares, of which
previously issued, and the renaming 89,000 reserved
Proceeds of the present offering will be used for
working capital purposes, purchase of machinery, payment of loans and
for exercise of warrants.
„
$2,232,451 $3,521,822
144, p. 3839.
The
purport to determine
on
201,000 shares were
1934
1 935
;
Net prof, after expenses
and taxes
1 $1,706,640
for Federal
Federal income tax of $336,371 and
undistributed profits of $295.
Note—The provision made in the above statement for Federal surtax on
undistributed profits is in respect of the calendar year 1936.
No provision
has been made in the three months ended March 31, 1937.—V. 145, p. 282.
surtax
$9,722.34
Ltd.—Earnings—
1 936
1937
6 Mos. End. June 30—
x
and expense
deductions
Includes provision for
x
^
$403,960
$217,133
......
write-offs
debt
bond interest
on
Consolidated net income.
1934
1935
$645,995
$649,314
Inc. from all sources
Non-recurring
Taxes
Subs.)—Earnings—
1936
1937
funded debt
on
Amortization of debt discount
Miscellaneous other
V.144,p.4180.
6 Mos. End. May 31—
Interest
Interest on unfunded
184,117
'
Non-operating income (net)
Gross income
Shares
$1,475,641
285,886
365,038
$322,135
63,810
80,385
Net rev. fromry. oper.
Ry. tax accruals
Equip. & jt. facility rents
Miscell. deductions from
1936
1937
incl. deprec. & normal
Fed. inc. tax but before provision for possible
surtax on undistributed profits
Earnings per share on common stock
1937—5 Mos—1936
$4,535,855
$4,039,596
2,889,524
2,563,955
1937—Month—1936
$857,860
$808,582
559,842
486,447
Period End. May 31—
4180.
RR.—Earnings—
Indiana Harbor Belt
Ry. oper. revenues
Ry. oper. expenses
will sell ex16 and until further
The date at which tne stock
rights will be announced lacer.
Deliveries after July
notice must carry due bills for the rights.—V. 144, p.
Corp.—Earnings—
6 Months Ended June 30—
Hiram Walker-Gooderham
for 25.000
Exchange has been informed.
Net earns, after all charges,
—V. 144, p.
stock are to be offered the right to subscribe pro
additional shares at $22.50 a share, the New York Curb
of common
Holders
rata
Liab. for con. held
by cust.
property
Plant prop.not
In oper
1935
$20,461
Cust. credit bal
&
cases
bottles
Plant
52,338
40,636
—
b Kegs,
1936
payable—
Accts.
Prov.
sup.
Hussman-Ligonier Co.—Rights—
31
Liabilities—
1935
1936
Assets—
Cash
July 17, 1937
Chronicle
in hands of public. _
33,793
2,569
1,641
$131,526
Consolidated net loss
Note—The provision made
198,354
Cr4,101
117,381
in the above statement for Federal surtax on
undistributed profits is in respect of the calendar year 1936.
has been made in the three months ended March 31, 1937.
No provision
Volume
Financial
145
Chronicle
Consolidated Balance Sheet Dec. 31, 1936
Option warrants to purchase 137,827 common shares of the capital stock
Liabilities—
Assets—
$10,996,000
8,596,473
Preferred stock
Prop., plant, equip. & lntang $57,029,936
a
Cash
b Common stock—
1,264,088
430,631
343,637
348,663
73,322
3,244
91,872
Notes & accounts receivable..
Unbilled utility revenue accr.
Inventorles
Instalments due
Investments
Construction project in abey.
Cash in escrow
Cash dep.
1,559,583
Capital surplus
121,949
36,700
Earned deficit
Pref. stock of subs
103,940
Minority int. in subs
36,275,000
Funded debt
361,238
Consumers'deposits
48,000
Bank loans
135,000
for mat.
203,876
271,206
Notes & contract obligations.
int., &c.
Accounts payable.
Accrued liabilities
46,039
(contra)
Other special deposits
30
1,394,489
Demand note pay. to par. co.
Matured int., &c. (contra)..
105,917
Abandoned st. ry. prop. & eq.
1,982,762
Contract obligations, &c
2,239,792
-r
129,103
2,475,000
46,039
Reserves
Debt discount & expense
Other deferred charges....
2,341,448
96,956
Miscellaneous unadj. credits.
$64,453,418
Total
a
$64,453,418
Total.
outstanding.—V.
145,
p.
The
been
Telephone
corporation annnounced July 16, that an underwriting agreement has
with Swiss bankers to underwrite $9,150,000 of an issue of
approximately $30,000,000 of debentures of United River Plate Telephone
Co.
The financing program contemplates that the balance of the $30,000,000 will be subsequently sold and to the extent not sold retained by
International in settlement of its receivables from the United River Plate
The net proceeds from the financing will be used by Inter¬
off a portion of its bank loans and used or set aside to
of its 4%% convertible debentures, due Jan. 1, 1939.
The United River Plate Telephone Co. Ltd. was organized in London,
England, Dec. 17, 1886.
It owns and operates a telephone system in
Argentina, centering principally in Buenos Aires.
As of Jan. 1, 1929,
International acquired controlling interest in the company and owns at the
present time substantially all of the outstanding common stock.
Upon completion of the contemplated financing, which will include
acquisition of approximately $8,500,000 of pref. stock by International,
the company will have' no debt other than accrued liabilities and the de¬
bentures issue of approximately $30,000,000.—V. 144, p. 4011.
Telephone Co.
national
to
portion
a
pay
International Utilities
Curb
York
New
Iowa Electric Co.—Accumulated Dividends—
Both dividends will be paid on July 20 to holders of record July 8.
Similar
payments were made on April 20 and Jan. 20, last, Oct. 10 and July 10,1936.
—V. 144, p. 2306.
(W. B.) Jar vis Co.—Larger Dividend—
The directors have declared a quarterly dividend of
the capital stock, par $1, payable Sept. 1 to holders
on
Exchange
Investment Co. of
America—Report—
The net
asset value per common share at June 30, 1937, was $55.37,
securities owned adjusted
prices, and after allowing for normal Federal income tax at current
rates and management compensation payable if all unrealized appreciation
is realized.
The computation does not allow for surtax which may become
payable with respect to any undistributed net income.
There were sold to
The Management Group, Inc., at June 30, 1937, 1,139 shares of the com¬
pany's common stock at a price of $55.77 per share.
This sale represented
an investment by
The Management Group, Inc.—in accordance with its
agreement with the company—of the compensation which had accrued to
it for the fourth period of the agreement.
The net asset value at June 30,
1937, compares with values similarly computed at earlier dates as follows:
'35
June 30 *36
$30.79
$52.51
June 30
share
was
paid
on
Dec. 15, 1936.—V. 144,
Dec. 31
p.
1964.
Kennedy's, Inc.—Earnings—
Kennedy's,
Inc., 5Mos.
Predecessor
Predecessor
Co., 6 Mos.
Co., X Year
Feb.l,'36 to Feb.l,'3Qto
June 30, '37 June 30,'36 Jan. 31, '37
$869,557
$794,830
$1,985,826
18,979
8,199
22,523
Feb. 1, '37 to
Gross income f rom store operations
Profit from real estate operations
Total income
Selling & administrative
$803,029
501,870
118,829
8,886
16,448
23,242
$888,536
551,549
122,146
29,135
10,679
25,705
expenses
Rents
Taxes (other than Fed. income taxes)
Prov. for depreciation & amortization
_
Prov. for normal Fed. income tax
$2,008,348
1,187,432
283,197
31,919
38,035
71,656
Net profit
$149,322
$133,755
$396,109
Note—Figures shown on this statement of the Predecessor Co. are for
operations only.
In the above statement, provision has not been made for Federal un¬
distributed profits tax.
Above first two column figures are interim figures and subject to final
audit.—V. 145, p. 283.
store
(G. R.) Kinney Co., Inc.—To Redeem Scrip—
Dec. 28, 1938, issued to holders of $8 preferred stock of record of Dec. 21.
1936. that it will exercise its option of redemption of the certificates at its
Park Avenue, New York City, on July 28 at par and accrued
144, p. 4349.
office, 2
interest.—V.
Kroger Grocery & Baking Co.—Earnings—
June 19
Weeks Ended—
24
June 13
1937
'36
June 30 '37
$59.87
$55.37
The figures for Dec. 31, 1936 and the current date are after payment of a
15% stock dividend (optional $7 per share in cash) on Dec. 23, 1936.
The
current figure also allows for dividends of 60 cents per share paid April 1
and July 1, 1937.
June 15
1936
Net profit after deprec.,
Federal taxes, &c
x$l,397,810
based upon the balance sheet at that date with
common
share
per
The company has advised holders of its scrip divided certificates due on
has approved the application
to market
Net Asset Value at—
50 cents per share
of record Aug. 14.
Dividends of 37% cents per share were paid on June 1, March 1, last,
and on Dec. 1, 1936, and previously regular quarterly dividend of 25 cents
per share had been distributed.
In addition, a special dividend of $1.25
Corp.—Listing Approved—
of the
company to list 108,837 shares of prior pref. stock, $3.50 series of 1931
(no par); 91,525 shares of pref. stock, $1.75 series of 1931 (no par); 112,847
outstanding shares class A stock (no par); 1,229,503 outstanding shares
class B stock (par $1), with authority to add to the list upon official notice
of issuance, 312,649 additional shares class B stock, and 214,015 warrants,
$7.50 series of 1940, entitling the holders thereof to purchase class B stock
at $7.50 per share on or before Dec. 1, 1940.—V. 144, p. 2658.
The
any
The directors have declared a dividend of 43 % cents per share on account
of accumulations on the 7% cum. class A pref. stock, par $100, and a divi¬
dend of 40% cents per share on the 6% % cum. class B pref. stock, par $100.
Telegraph
&
made
retire
share, the options being exercisable at
Option warrants to purchase 282,173 common shares of the capital stock
of this corporation at $155 per share, the options being exercisable on or
before Dec. 31, 1942.—V. 145, P. 283.
283.
Corp.—Sub¬
sidiary to Place $9,150,000 Debentures in Switzerland—
International
Per
of this corporation at $115 per
time without limit.
Represented by 72,500 shares, no par value, $7 cumulative preferred
no par value, $6 cumulative preferred stock,
stock and 47,500 shares,
b 175,000 no par shares,
439
1935
1934
$984,840 y$2,353,947
$2,285,520
Number of shs. of com.
stock outstanding—_
Earnings per com. share
x
Before
surtax
on
1,821,989
$0.77
undistributed
1,821,989
$0.54
profits,
y
1.813,092
$1.30
Includes
1,798,633
$1.27
$402,764
non¬
recurring profits.
The statement does not include earnings of
company's subsidiary Piggly
Wiggly Corp., which declared no dividends in the first six periods of 1937
or
1936.
During the first six periods of 1937 there was charged to operations ap¬
proximately 21 cents a share due to losses and damage to property and in¬
ventory caused by unprecedented floods in January and February.
This
does not take into account losses in business and profits from interrupted
sales operations.
During the same six periods of 1937 as compared to 1936, operating ex¬
penses incident to wage increases, shorter hours and social security taxes
increased approximately 79 cents a share.
The average number of stores in operation during the first six periods of
this year was 4,184 as compared with 4,263 last year.
Financial Condition
Income Account Six Months Ended June 30
<
1937
1936
1935
$3,993
$7,101
$7,568
$13,818
and common stocks..
109,951
98,684
75,984
73,342
& research..
$113,944
23,496
6,763
$105,785
19,960
7,491
63.735
$83,553
18,121
4,743
63,317
$88,024
16,453
5,307
63,307
6 Mos. End, June 30—
Int.
on
invest, in bonds.
Int.
on
1934
demand dep.,&c.
in pref.
Divs.
864
from inv.
Current
assets
June 19
Current liabilities
Custodianship & agency
Int. & 5% deb. bonds
.
Int.
lb". 192
bank loan
on
Federal capital stock tax
& miscell. taxes
10,926
4,799
7,967
$61,756
681,266
$3,671
1,193.250
loss$7,428
235,440
loss$5,011
Profit from sales of inv..
4.8—1
4.7—1
12,033,442
Ratio of cash and U. S. Govt, securities to cur¬
Net working
Inventories
1.4—1
1.7—1
27,252,016
26,452,612
21,862,419
Profit before pro v. for
Federal income tax.
$743,022
$1,196,921
$228,011
$184,310
contingently payable.
Prov. for contingencies.
63,511
118.661
19,291
Prov. for Fed. inc. tax..
x83~,5i7
146,408
$595,994
$931,852
189,321
19,332,333
See list given on first page of this department.
"""755
$183,555
larger except for the fact that profits, for income
tax
acquired under the plan of reorganization, which, in general, were higher
than "cost to this company" referred to above.
In arriving at the charge for management compensation and the provision
for Federal income tax, no surtax on undistributed net income has been
provided in respect of the six months ended June 30, 1937.
1936
• Accrued interest..
Cash in banks and
demand deposit.
$274,930 $1,049,037
Cash In closed De¬
troit
banks,
otherwise
unpaid
stocks ex-div.
accrued
&
$1,170,857
$682,649
$24,020
751 494
y$2.08
495,628
$1.38
495,628
$0.39
495,628
Nil
stock
common
(par $25)
Earnings per share
-
undistributed income,
y Based
on 12 months' dividend requirements on 57,486 shares of 4% preferred stock
outstanding at close of period, balance of earnings for the 12 months ended
June 30, 1937, is equal to $2.23 a common share.—V.144, p. 2831.
x
No allowance was made for surtax on
Lehigh Valley Coal Corp.—Earnings—
1937—3 Mos.—1936
1937—12 Mos.—1936
and
$357,525
$424,557
$1,771,938
Income from other oper-
Dr28,497
Drl7,590
Dr98,830
Dr54,714
$329,028
278,230
$406,967
284,567
$1,673,108
1,322,769
$2,293,616
964,512
$607,258
$691,535
$2,995,877
$3,258,128
273,653
292,591
1,125,766
1,190,322
61,482
25,859
151,288
54,506
51,672
116,276
121,605
3,600
4,218
1,492,942
10,690
1,304,815
selling coal
Other income
14,692
25,481
363
18,437
5,674,609
re¬
income tax
6% gold debs.,
6,266,943
30,936
59,959
25,106
29,400
53,798
83,517
payable
Res've for conting.
Reserve for Fed'l
interest
ceivable
1934
Total inc. from oper—
$31,812
2,884
1,000,000
37,065
Fed'l capital stock tax
Divs.
on
Investm'ts at cost.
1936
1935
---
$2,348,329
Accr'd
12,574 I
3,091
receivable......
Investm't sales
$1,942
xl,408
Accounts payable.
Notes pay. to bk__
Invest, pur. pay..
or
re-
restricted
Divs.
1937
1936
x$l,910,428
obsolescence....
Income from mining
Liabilities—
|
1937
after taxes,
deplet.
and
Period End. June 30—
Balance Sheet June 30
1937
profit
deprec.,
Shares
$206,520
purposes, were computed in part on the basis of the predecessor company 's
costs and of the costs to California Associates, Inc., of those securities
Assets—
Lehigh Portland Cement Co.—Earnings—
12 Mos.Rnd. June 30—
Net
2,200
Net profit
This item would be
Liquide (France)—Final Dividend—
The company paid a final dividend of 94 cents per share on the American
depository receipts for series O bearer shares on July 7, last.—V. 144, p.
1605.
Prov. for mgt. compen.,
x
capital
19,1937 company had no bank loans.—V. 145, p. 118.
On June
L'Air
__
'36
Kysor Heater Co.—Registers with SEC—
11.737
Profit
June 13
10,231,675
Current ratio
Cash and U. S. Government securities
rent liabilities
Administr.
'37
$34,463,780 $33,677,216
7,211,764
7,224,604
—
146,408
on
ser.
deb.
2,545,000
in
treasury
Common stock.. 1,010,700
Capital surplus
1,440,289
2,859,097
y
Earned surplus
-
Federal
A, dated Oct. 1,
1927
Dlsct.
4,106
Gross income
Int. & carrying charges
on reserve coal lands__
2,134
896,640
973,463
&
State
unem¬
ployment tax
Fed. old age benefit tax.,
Federal taxes
Pennsylvania income tax
Minority interest
^Cr173
1,246
Deprec'n & depletion...
436,675
339,553
29,532
6,964
-,
income after de¬
prec'n & deple'n__-loss$200,876
17,100
400
18,000
Net
2,094,491
$14,786
$49,914
$558,189
227,309
1,205,210
227,409
1,205,437
227,309
1,205,210
$0.07
$0.22
$2.46
Shares outst'g June 30:
Total
$6,550,018 $6,780,138
Total
$6,550,018 $6,780,138
Includes unolaimed dividends,
y Includes 1,911 shares in 1936 .4,906
to be issued subsequently, representing the unissued balance of
common shares of the capital stock of this corporation
required under the
plan of reorganization placed in force as of Dec. 5, 1933.
The plan called
for issuance of one common share with respect to each
preferred share of
x
in
1935)
the predecessor of this corporation; the balance indicated accrues to holders
preferred shares not yet surrendered for cancellation.
of
Note—Option warrants outstanding and which may be outstanding
(upon completion of conversion of common shares and option warrants
of predecessor) are as follows:
227,409
1,205,437
Preferred
Common
-
Net income per share:
Preferred
Common (see note)
-----—
------
Note—Computation after providing for preferred stock at its fixed rate
of $3 per share.—V. 144, p. 3180.
Lehigh Valley RR.—Obituary—
Edward E. Loomis,
144,
p.
4349.
72, Chairman of the Board, died on July 11.—V,
440
Financial
Chronicle
Lehman Corp.—Annual Report—
Libbey-Owens-Ford Glass Co.—Earnings—
Robert Lehman, President, states in part:
(
Period End. June 30—
The net earnings of the corporation for the fiscal year ended June 30,
1937, including net realized profits on investments computed on the basis
of average cost amounted to $12,497,339.
Dividends declared and paid
during the fiscal year amounted to $9,790,166 of which $7,732,186 rep¬
resented special dividends which were declared by reason of the profits
from the sale of securities and in view of the Revenue Act of 1936 imposing
a^tax on undistributed profits.
In addition, dividends aggregating $1,-
193,276 declared in June, 1936, were paid
July 17, 1937
$5,038,677
$9,168,866
432*817
$8,514,058
172,162
$5,210,839
$9,601,683
$8,888,600
692,852
677,181
734,800
1,574,514
1,074,800
1,320 900
1,343,965
1.354,363
1,087,300
$3,610,484
$3,106,005
$5,631,469
$5,102,972
2,506,117
$1.45
Total income.
2.503,505
$1.24
2,506,117
$2.25
2,503,505
$2.04
374,542
Selling, adv., administra¬
tive, experimental and
development exp. prov.
July, 1936.
on
1937—6 Mos.—1936
1937—3 Mos.—1936
825,553
537,401
846,850
Other income
$5,558,848
261,438
$5,820,286
Manufacturing profit...
for doubtful accounts,
As approved at a special meeting of the stockholders on May 14, 1937,
the^uthorized shares were increased from 2,000,000 shares to 2,500,000
contingencies,
Depreciation
shares and the outstanding shares were split three for one.
The net asset value of the capital stock of the corporation as of June 30,
Est. Federal inc. tax
1937, valuing assets at market quotations, or, in the absence of market
quotations, at fair value in the opinion of the directors, was approximately
$41.79 per share on the 2,081,580 shares of stock to be outstanding in the
hands of the public.
After deducting an allowance for Federal normal
and State taxes and for management compensation, both computed upon
unrealized appreciation but without any allowance for Federal excess profits
tax or surtax on undistributed profits, such net asset value was approxi¬
mately $40.18 per share.
The corresponding net asset values per share
as of June 30, 1936, were $41.51 and $39.75 after adjustment to give effect
to the three for one split-up of the corporation's shares.
Based upon the terms of the management agreement, as amended Oct.
16, 1935, compensation accrued and in July, 1937, payable to Lehman
Brothers for their management services to the corporation for the six months
period ended June 30, 1937, amounted to $570,620.
Lehman Brothers are
required by the terms of the agreement to apply a sum equal to this com¬
pensation to purchase from the corporation shares of its capital stock at a
book value per share as calculated in accordance with the agreement, which,
at June 30,1937, amounted to $34.55 per share.
This will amount to 16,515
shares which the corporation will issue out of its unissued stock.
The
payment of management compensation to June 30, 1937, and the resulting
sale of stock to Lehman Brothers have been taken into account in determin¬
ing the net asset values per share above shown.
&c
Netprofit
Shares of
common
stock
outstanding
Earnings per share.
Dividend Doubled—
The directors have declared
a dividend of $1.50 per share on the common
value, payable Sept. 15 to holders of record Aug. 31.
This
with 75 cents paid on June 15 and March 15, last; $1.25 paid on
Dec. 15 and on Sept. 15, 1936; 50 cents paid on June 15 and March 16, 1936,
and 30 cents paid each three months from Dec. 15, 1933, to and including
Dec. 16, 1935, and on Oct. 2, 1933.
This latter was the first dividend paid
since Sept. 1, 1930, when a quarterly payment of 25 cents per share was
made.—V. 144, p. 2832.
^
stock,
no par
compares
Louisville Gas & Electric Co.
(Del.) (& Subs.)—Earns.
12 Months Ended May 31—
1937
1936
..$10,273,844 $10,764,028
5,189,421
5,490,326
Operating revenues
Oper. exps. maintenance and taxes
Net oper. rev.
Other income
(before approp. for retire, res.)
$5,084,423
313,118
$5,273,701
381,383
Net operating revenue & other income (before
appropriation for retirement reserve)
$5,397,541
Appropriation for retirement reserve
1,200,000
Amortization of contractual capital expenditures..
37,000
$5,655,084
1,025,000
37,000
.
...
Income Account Years Ended June 30
1936
1937
1935
1934
$304,006
3,229,129
116,405
88,587
$424,778
2,138,462
"2,837
57",814
63",782
$3,738,126
Franch. & cap. stk. tax.
147,773
Regis., transf., &c., exp.
101,760
$2,566,077
152,924
62,995
389,787
$2,540,609
131,232
52,326
313,127
$2,202,831
132,073
56,236
314,703
Interest earned
Cash dividends
Taxable divs. in
secur__
Miscellaneous income
Total income
446,340
Other oper. expenses
Profit
$3,042,254
12,358,879
Net realized prof, on inv.
$600,121
1,882,674
$1,960,371
10,055,847
$557,673
1,581,376
profit on
commodity transact'ns
Recovery on real estate
loans & equities writ¬
$2,043,924
1.072,641
2,042
$1,699,819
4,034,255
25,139
cl08,736
$3,141,704
15,000
$3,969,896
a460,000
bl ,655,442
$15,420,824 $12,123,580
Prov. for Federal taxes. d2,015,000
al,359,797
Prov. for compensation
Total income..
.
ment agreement
b908,485
427,247
..$12,497,339 $10,336,537
9,790,167
2,627,695
Profit for year
$3,126,704
xl,804,405
...
$3,5 9,896
1,632,240
$2,707,172
$7,708,842
$1,322,299
$1,877,656
2,065,065
679,500
681,700
678,700
$6.05
$15.21
$4.58
$5.17
a Includes State income taxes,
b All but $94,320 of the present write-off
has been reflected in former valuations by the directors in arriving at the
reported asset value of the corporation's shares,
c Loss,
d Includes
$55,000 for Federal surtax on undistributed profits.
blinder the terms of the management agreement, and as shown in the
report as of Dec. 31, 1936, Lehman Brothers applied $337,865 of this
amount to the purchase of snares of the capital stock of the corporation.
Balance, surplus
Shs.cap .stk .out. (no par)
Earnings per share.
_—
Notes—The
after
net unrealized appreciation
an
allowance for Federal
normal and State taxes based on income and management compensation
both computed upon unrealized appreciation (but without any allowance
Federal excess profits tax or surtax on undistributed profits) of the
corporation's assets on June 30, 1937, based on market quotations or, in
the absence of market quotations, on fair value in the opinion of the di¬
rectors, was $13,072,385.
The net unrealized appreciation computed on
the corresponding basis was $14,713,151 on June 30, 1936.
The net unrealized appreciation after an allowance for Federal and State
taxes based on income (at 1934 rates) was $5,120,000 on June 30, 1935.
Dividends paid in securities which are taxable have been taken into in¬
come, the basis being the approximate market value on the date of receipt
of such dividends.
Where the securities received represented security issues
of the paying companies the amounts so taken into income in respect
thereof were not in excess of the amounts charged to surplus by the paying
companies.
for
Statement of
Surplus Fiscal Year Ended June 30, 1937
Capital Surplus—
Balance, June 30, 1936
_
■
$81,338,741
Excess of proceeds over cost of 4,132 shares of
livered under the management agreement
Excess of proceeds over cost of 1,500 shares
livered upon exercise of option thereon
treasury stock de¬
xl9,708
of treasury stock de-
,
x60,450
stock)
Excess of proceeds over $5 per share (the value assigned to capital
with respect to 3,223 shares of previously unissued shares de¬
x320,985
livered under the management agreement
Balance, June 30, 1937 (of which $87,710 is applicable to
5,304 shares of treasury stock)
$81,739,884
Profit and Loss Account—
Balance (debit) June 30, 1936.
Balance (profit) for the fiscal year
17,819,375
12,497,339
ended June 30, 1937
$5,322,036
Balance
9,790,167
Dividends declared
Balance (debit) June 30,
x
The capital
1937
.$15,112,203
—
stock of the corporation was split three for one subsequent
to the delivery of these shares.
x
67,301,178 61,501,212
1,976,921
1,502,671
Secur. owned
x
TJ. S. Govt,
x
Invest, in real est 2,509,036
senur
1,028,938
investments
3,260,008
2,509,036
105,638
for securi¬
79,958
ties sold
rec.
Capital stock.
z3,362,905 y2,865,208
Dividends payable
1,193,275
Payable for secur.
Accrd.
& taxes 2,197,225
managem't
1,543,395
427,247
570,620
Capital surplus—81,739,884 81,338,741
compens.
pay.
_
342,755 Profit & loss def--15,112,203 17,819,375
and int.
328,550
accrued
72,758,430 70,014,271
x
At cost,
y
Represented by 679,500 no par shares, excluding 7,400
$569,292.
z Represented by 2,065,065
shares, excluding 5,304 shares held in treasury, at cost of
—V. 145, p. 284.
no
par
Lincoln Stores,
Sales.....
—V. 144, p. 1790.
$87,710
1937—Month—1936
$495,801
$485,326
$1,673,211
estimated that
of 1936 will be incurred
1936.—V. 145.
p.
by the other companies consolidated herein for the
284.
Liquid Carbonic Corp.—Debentures Offered—Public of¬
fering of $3,500,000 10-year 4% convertible sinking fund
debentures was made July 14 through underwriters headed
by Munds, Winslow & Potter; Spencer Trask & Co., and
Merrill, Lynch & Co., and including Glore, Forgan & Co.;
Cassatt & Co., Inc.; E. H. Rollins & Sons, Inc.; Blair,
Bonner & Co.; Farwell, Chapman & Co., and Laurence M.
Marks & Co.
The debentures were priced at 102^ and
accrued interest.
Dated
in
N.
as
Y.
of June
City.
15,1937.
Due June 15,1947.
Interest payable J. & D.
Denom. $1,000.
Debentures convertible into common
stock up to and incl. March 15, 1947, at following rates: Into 36 shares
on or before June 15, 1939; into 34 shares thereafter and on or before June
shares thereafter and on or before June 15, 1943; into
on or before June 15, 1945; into 25 shares there¬
15, 1947.
Reimbursement will be made,
on application as provided in the indenture, for Mass. and Calif, income
taxes not exceeding 6% of interest on debentures in any one year and Pa.
personal property taxes not exceeding five nulls per annum on each dollar
15,
1941; into 31
28 shares thereafter and
after
and
on
or
before March
Debentures redeemable on not less than
45 days' notice in whole or in part at any time or from time to time at the
principal amount and accrued interest, plus a premium commencing at
5% for the first two-year period ending June 15, 1939, such premium being
subsequently reduced so that debentures are redeemaDle without premium
during the last year prior to maturity.
Provision will be made for a sink¬
ing fund of $175,000 a year, payable semi-annually on Sept. 15 and March
15, beginning Sept. 15, 1938 and ending March 15, 1947.
Debentures
redeemable for the sinking fund on any interest payment date in like man¬
ner and at same price as in case of redemption otherwise than for the sink¬
ing fund.
Listing—Company has agreed upon request of Munds, Winslow & Potter
to make application in due course for the listing of the debentures on the
New York Stock Exchange and for their registration on said Exchange under
the Securities Exchange Act of 1934.
Company—Corporation, whose business was founded in 1888, was incorp.
in Delaware on July 23, 1926.
The business conducted by the company
and its subsidiaries consists of (a) the manufacture and sale of carbon
dioxide in liquid form (known as carbonic gas) and in solid form (known as
Dry Ice); (d) the manufacture and sale of soda fountains, luncheonette
equipment and incidental products; (c) the manufacture and sale of bottling
equipment designed to perform the operations of carbonation, filling,
pasteurizing, capping, labeling and washing; and (d) the manufacture and
sale of extracts for the flavoring of beverages.
The main plant is located
in Chicago, at which practically all the manufacturing operations are carried
on, with the exception of the manufacture of carbonic gas and Dry Ice.
Thirty-six plants, located in the United States, Canada, Cuba and Trinidad,
are operated by the company and its subsidiaries for the making of carbonic
gas and (with certain exceptions) Dry Ice.
of assessed value of debentures.
Net Sales
and
Net
Income
a
Sept. 30—
1927
1928..
1929..
—
.
1930.
a
(Company and Subsidiaries
—
Interest Charges
Sales
$10,116,555
9,987,029
& Income Taxes
$1,194,502
1,539,288
2,098,659
2,104,482
1,258,523
def402,977
430,813
572,022
1,083,452
1,331,735
12,729,571
13,626,530
9,858,263
6,814,368
7,566,880
9,210,443
11,012,807
13,705,977
Net Income
After All
Charges
$738,661
<
1,230,367
1,763,528
1,786,087
1,085,557
def440,528
366,913
463,212
903,273
1,106,823
After depreciation.
The interest charges upon
the $3,500,000 of debentures will aggregate
a year.
Mar. 31 '36 Sept. 30 '36 Mar. 31 *37
$4,695,038
$9,010,938
$6,595,101
Net sales
Balance available for interest charges
and income taxes
Net income after all charges
a
Consolidated)
Balance Available for
Net
-
loss52,779
loss61,021
1,384,514
1,167,844
300,964
275,029
After depreciation.
Funded Debt and Capitalization—Giving effect to the issue and sale of the
debentures and the amendment to the company's certificate of incorpora¬
Inc.—Sales—
Period Ended June 30—
-
$3,028,131
1,354,920
$1,491,618
pref. stk. of Louisville Gas & El. Co. (Ky)
13,650
$2,846,538
1,354,920
bonds redeemed in 1936, which will result in no taxable income.
It is
no surtax on undistributed profits under the Revenue Act
on
a
shares held in treasury, at cost of
126,127
17,809
6 Months Ended—
Total
$4,593,084
1,425,177
149,680
25,000
that company will claim as a deduction in its final income tax return the
unamortized discount and expense and redemption premium and expense
$140,000
318,700
.72,758,430 70,014,271
Total
1934652
$4,160,541
1,121,515
Note—No provision was made by Louisville Gas & Electric Co. (Ky.)
for Federal income taxes or for surtax on undistributed profits for 1936 as
1931
465,781
purchased
expenses
1
1
1
equities
Loans & advances.
Divs.
$
Res've for accrued
8,099
Real estate loans &
Receiv.
1936
$
Liabilities—
$
Cash
Misc.
1937
1936
1937
on
Years Ended
Balance Sheet June 30
Assess—
Divs.
year
accrued under manage-
Dividends
Other income deductions
Net income.
105,319
19,691
ten off
..
Balance-
realized
Net
Gross income
Interest charges (net)
Amortization of debt discount and expense
Amortization of flood expense
1937—5 Mos.—1936
$2,150,461
$2,154,555
increasing the authorized number of shares from 400,000 (no par) to
1,200,000 (no par), and changing each outstanding share into two shares,
capitalization of the company is as follows:
tion
the funded debt and
Volume
Financial
145
Outstanding
Authorized
10-year 4% conv. sinking fund debentures.
_
Common stock (no par)
$3,500,000
700,000 shs.
$3,500,000
a1,200,000 shs.
441
Chronicle
its field ever since its organization in 1883.
The company
the active management of Mr. Buck since Jan. 1, 1885.
has been under
tures.
Prior to the public offering it is the intention of the company to split
its present common stock two for one, and a special meeting of the stock¬
holders is being called for July 26 to approve ah increase in the company's
Application of Proceeds—Net proceeds from the sale of the debentures,
after deducting expenses and underwriting discounts in connection with the
issue, are to be applied (1) to the payment of bank and other loans aggre¬
gating $3,130,000; (2) to the making of certain further capital additions and
improvements to the plants of the company and its subsidiaries during the
balance of the calendar year 1937, for which purpose the company plans to
spend approximately $40,000; and (3) to the addition to working capital
authorized common stock to 500,000 snares.
The company proposes to
file a registration statement under the Securities Act of 1933 in the near
future, after the effective date of which the public offering will be made.
Upon completion of the proposed program the company will have out¬
standing only common stock.
(
The company intends to apply in the near future for listing of its common
stock on one of the New York exchanges.
126,000 shares initially reserved for issuance upon conversion of deben¬
a
of the remainder of the net
proceeds.
Underwriting—The names of the proposed several underwriters and the
principal amount of debentures that each agrees to purchase, are as follows:
Munds, Winslow
Spencer Trask &
Merrill, Lynch &
Glore, Forgan &
$860,000
770,000
520,000
& Potter, New York.
Co., New York
Co., New York
Co., New York
Cassatt & Co., Inc., New York
E. H. Rollins & Sons, Inc., New York.
Blair, Bonner & Co., Chicago
Far well, Chapman & Co., Chicago
Laurence M. Marks & Co., New York
.
500,000
350,000
200,000
100,000
100,000
100,000
Consolidated Ba lance Sheet March 31,1937
$739,689
115,015
Notes & accts. reo., trade (net)
Miscell. accounts receivable.
Inventories
Investments
Fixed assets
(net)
Deferred charges
Notes
$2,215,000
461,335
payable
Accounts payable
4,305,979
106,776
4,431,092
655,255
421,121
Accrued liabilities..
Customers'credit bal. & dep.
Goodwill, pats., processes, &c.
119,767
eign income taxes
4,160
969,343
Deferred credit to income._.
Miscellaneous reserves
Minority int. in capital stocks
and surpluses of subsidiaries
1
188,042
Other assets
Federal and for¬
Reserve for
277,530
10,469,423
107,344
136,277
alO,500,000
2,747,388
2,511,248
Capital stock
Capital surplus
Earned
a
$20,740,892
350,000 shares of
To
no par
surplus
$20,740,892
Total
Miscellaneous credits
declared
stock dividend
a
of
Calendar
payable on or
100%
Years—
284.
$693,883
434,656
Surplus Dec. 31
Other operating expenses...;
Selling, general and administrative
$259,227
149,073
29,223
$503,692
234,463
26,662
expenses
193
Balance
Other
$80,738
32,735
$242,567
33,865
$113,473
39,765
795
458
666
a4,824
7,449
$67,631
Income deductions
State
United
States
....
$4,144,629
-
of
subsidiary
Net income applicable to minority interests
a
$3,907,759
$3,846,800
$3,866,017
$2.67
$0.91
$0.19
$0.01
Balance
Assets—
1936
Cash...
Other market,
4,438
424,509
21,250
408,071
sec.
receivable--
Sheet
1935
$185,986
Accrued interest--
234,357
1,951,931
31,997
Plant and equip.
Goodwill, patents,
tr.-marks, copy¬
31
1936
Res.
for
19,064
$52,986
8,512
8,512
22,196
132,999
523,800
1,000,000
4,144,629
523,800
1,000,000
Federal
income tax
2,439,868 Preferred stock
136.025 y Common stock.
Surplus
_
$48,567
107,300
$0.07
Earns, per sh. on 715,337 shs. cap. stk. (par $10)-No
a
surtax
$186,442
157,374
$0.26
Total
$6,029,477 $5,548,0971
Less
x
1935.
y
Total
.$6,029,477 $5,548,097
for depreciation of
$2,937,426 in 1936 and $2,831,402 in
Represented by 200,000 no par shares.—Y. 144, p. 779.
reserve
Lynch Corp.—Dividend Doubled—
The directors have declared a dividend of $1 per share on the common
stock, par $5, payable Aug. 16 to holders of record Aug. 15.
Previously
regular quarterly dividends of 50 cents per share were distributed.
In
addition, a special dividend of $1 was paid on June 29, last, and an extra
dividend of $1 was paid on Dec. 19,1936.—V. 144, p. 4012.
Lyons-Magnus, Inc.—Earnings—
Years End. Dec. 31—
1936
on
class A stock..
1935
1934
1933
$32 556
23 957
Net profit (after deprec.
amortiz. & taxes)
$53 229
23,957
$86 604
11,978
$27 297
Condensed Balance Sheet Dec. 31
1936
ketable
$148,142
813,240
813.240
Mining Co
Investments
Property,
8,180
8,180
23,933
96,145
31,601
secure..
Inventories
a
$17,060
20,045
$28,795
28,478
$46,509 Accounts payable. $159,548
162,819 Accrued expenses.
4,650
635,875 Reserve for taxes.
18,557
x Capital stock
1,179,881
Capital surplus
44,375
Earned surplus
129,110
Treasury stock, 1,4,130
790, sns. class A
Inventories.
Ad vs. to officers &
68,572
.
Reserves
4,000
paid,
196,623
211,716
_
_
3,504
595,846
cost
Dr8,530
19" loo
1,179,881
44,375
108,219
Dr8,530
612,746
z25,710
at
1935
$150,853
charges to oper.
Total
28,316
..$1,527,592 $1,493,8971
Total
$1,527,592 $1,493,897
Represented by 49,705 shares class A stock and 60,000 shares class B
paid in value of $1,119,881 and 60,000 shares of special stock
at $60,000.
y After reserve for depreciation and amortization of $628,210
in 1936, $585,244 in 1935.
z Deferred charges only.—Y. 144, p. 109.
stock at net
Dr4,970,994£>r4,970,994
capital
cos.
Plant & equipt.
1936
x
repre¬
b Earned surplus.
Due from affil.
4,460
4,593
Liabilities—
Other assets & def.
7,153,370
senting return of
b Unrealized appr.
12,900
purchase contr.
4,000
7,153,370
Cap. stk. ($10 par)
Divs.
19,539
61,895
36,478
Minority interests
31,074
103,987
94,286
plant
& equipment...
3,648
Life insurance
y
Buckskin Nat.Gold
mar¬
Accts. receivable.-
1935
1936
Accounts payable.
Accr'd liabilities.-
securs.
(at cost)
Accr'd int. on
1935
156,122
711,857
Deposit on product
Liabilities—
1935
$96,773
Marketable
1936
$12,455
Receivables.
Assets—
employees
Consolidated Balance Sheet Dec. 31
Assets—
3,907,759
•
liability recognized.
Cash
32,843
1
rights, &c
Cash
Net income for the year
Dividends paid..
1935
$172,928
46,609
items
32.631
2,443,136
130,431
Dec.
Liabilities—
$199,614 Accounts payable.
5,596 Pref. dividends
528,072 Reserve for county
taxes & miscell.
20,000
2,379,657
Def'd & miscell...
Divs.
Net income before minority interest in earnings
♦
xl4,221
5,381
U. S. Treasury bonds,
y After Federal income tax of $32,473 in 1935
$9,647 in 1934.
z After Federal
normal income tax and surtax on
undistributed profits.
$217,276
30,834
Provision for taxes—Mexican.
5,453
x
$276,432
40,548
10,492
income.
3,629
and
$927,482
423,790
Bad debts charged off
"9",801
$3,919,147
8,528
25,000
1935
1936
Cost of goods sold
^
631
$3,961,365
34,112
75,000
Earns, per sh. on 200,000
shares common stock-
Inventories
Lucky Tiger-Combination Gold Mining Co. (& Subs.)
Sales....
$36,951
3,867,503
4,892
t,065,449
34,063
120,000
$4,478,676
34,047
300,000
assets & market, secur.
Miscell. deductions
x
have
directors
1934
y$73,458
3,866,017
21,259
Total surplus
Preferred dividends
Common dividends
Other assets
Pay 100% Stock Dividend—
The
1935
y$216,487
3,846,800
2,162
Write-up of U. S. secur's
Disc, on pref. stk. purch.
Accts
value, at stated value of $30 per share.
before July 26 to holders of record July 19.—V. 145, p.
1933
1936
z$568,550
3,907,759
2,366
after depreciation
Previous surplus.
U. S. Treas. bonds
Total
Co.—Earnings—
Net write-down of other
Liabilities—
Assets—
Cash and demand deposits..
Marketable securities at cost.
Lunkenheimer
Calendar YearsNet profit from operat'ns
7,857
127.275
of Tigre M. Co.,
S. A., propertyDeferred charges.-
1,014,590
31,454
23,849
Other assets
Total
a
Mac Andrews & Forbes
1,014,590
23,653
Per. End. June 30—
3,488
Net profit
Preferred dividends
Total
-.-$2,336,389 $2,452,359
After
reserve
$2,336,389 $2,452,359
for depreciation, depletion and amortization of
Common dividends
$474,805 at Dec. 31, 1936—V. 143, p. 3003.
Ludlow Mfg. Associates
Interest
Dec. 28 '35
$11,432,236 $10,236,305
179,6251
148,536
Total
$11,580,773 $10,415,9301-
Years Ended—
2
Jan.
"37
Net profit
Earnings per share on 178,771 shares
capital stock (no par)
Consolidated
Jan.
Assets—
Not
Cash
1,916,716
U. S. Govt, secus. 3,667,998
Int. accr. on lnv_.
21,395
2,044,824
6,100,512
Sheet
Jan. 2 '37 Dec. 28 *35
362,449
contingencies
1,470,631
171,534
1,053,891
186,460
Capital stock—23,746,125 23.433,843
7,126,226
153,447
$
$
380,656
Res've for taxes «fc
Res. for pensions..
973,147
8,773,271
Inventories
$6.38
39,147
Accts. & notes rec.,
less reserves....
$1,141,285
Accounts payable.
163,678
662,812
y
Prepaid ins.prems.
& other expenses
Mtges.
receiv.
on
99,559
70,291
chln'y & equip.. 10,163,414
8,829,152
properties sold..
x
Land, bldgs., ma-
Total
x
25,768,947 25,036,645
After
1937.
y
reserves
25,768,947 25,036,645
1935 and $11,720,048 at Jan. 2,
shares.—V. 144, p. 3180.
of $11,950,930 at Dec. 28
Represented by 178,771
Lufkin
Total
Rule
Co.,
no par
Saginaw,
Mich.—Arranges
for
Financing—
Fred Buck, President announced July 15 that the company had entered
an aggreement with F. Eberstadt & Co., Inc. of New York covering the
public offering of a block of common stock, the proceeds of which will be
used by the company to retire its outstanding preferred stock.
The offer¬
ing will also include certain outstanding shares to be purchased from present
stockholders.
The firm of Auchincloss, Parker & Redpath will be asso¬
ciated with F. Eberstadt & Co., Inc. in the public offering.
The company is one of the country's principal manufacturers of rules,
measuring tapes, and machinists' precision tools, and has been a leader in
into
$99,679
$38,458
$0.57
$1.33
$1.13
After expenses, Federal income taxes, &c.
y
Before Federal surtax
on
3678.
Inc.—Listing—
par) voting, upon official notice of issuance in connection with the
acquisition by the corporation of certain of the assets of Milwaukee Drug
no
available
$8.44
Liabilities—
$20,495
$0.70
The New York Stock Exchange has authorized the listing of 10,000
additional shares of preference stock, $3 series, convertible (cumulative,
$1,509,044
Balance
stk.(par $10)
McKesson & Robbins,
$8,042,189
$10.73
$
Surplus.
x
$1,918,845
2 '37 Dec. 28 '35
$
$402,064
59,712
303,894
Dec. 29 '34
8,906,886/
9,661,928
y$463,285
59,712
303,894
undistributed profits.—V. 144, p.
Cost of sales, incl.
taxes & conting.,
deprec., mfg., sell. & admin, exps..
29,856
151,947
Earns. per sh. on 303,894
shs.com.
(& Subs.)- -Earnings—
Net sales
1937—6 Months—1936
$202,298
29,856
151,947
$2,309,635
Dec. 31, 1935, and $2,329,904 at Dec. 31, 1936.
b After deducting
earned surplus of Tigre Mining Co., S. A., of $513,160 at Dec. 31, 1935,
at
and
Co.—Earning,
1937—3 Mos.—1936
y$243,151
$61,348
x
Co. (Wis.), and 20,000 shares of common stock ($5 par) upon official notice
of issuance on conversion of the shares of preference stock to be outstanding,
making a total amount applied for, 543,000 shares of preference stock and
2,705,309 shares of common stock.
The executive committee of the board of directors on June 18, 1937
authorized the execution of a contract with Milwaukee Drug Co. (Wis.),
whereby certain assets of the latter corporation are to be acquired in
exchange for not more than 10,000 shares of preference stock of the corp.
Under the provisions of the contract the assets of Milwaukee Drug Co.
which are to be acquired consist of receivables, subject to the assumption
of certain accounts payable, merchandise, furniture and fixtures.
The
shares of stock to be issued in respect of the receivables, less the accounts
payable which are assumed, are to be valued for purposes of the exchange
at $47.50 per share.
It is expected that approximately 4,000 shares of
preference stock will be required for this purpose.
The shares of stock to
be issued for the other assets to be acquired are to be valued for purposes
of the exchange at $50 per share, it being expected that approximately
4,200 shares or preference stock will be required for this purpose.
All of
the stock to be issued is to be capitalized on the books or the corporation
at $50 per share.
The balance necessary to bring the shares issued for
receivables, less payables, to the $50 figure will be transferred from capital
surplus.
If 4,000 shares of preference stock are so issued the total to be
transferred from capital surplus will be $10,000.
The Milwaukee Drug Co. was originally formed in 1848 and since that
time has been engaged in the business of supplying drugs at wholesale in
the City of Milwaukee, the surrounding territory in the State of Wisconsin
and in Northern Michigan.
At present it owns in fee a warehouse in
Milwaukee which it is to lease for a period of five years to McKesson &
Robbins, Inc., at an annual rental of $12,000 a year, the lessee having an
option to extend the term for a further period or five years at an increase
in rent of $3,000 per year.
Upon completion of the sale of assets to the
corporation, Milwaukee Drug Co. and its three principal officers have agreed
not
to compete with
the corporation in any wholesale drug business for
period of five years from June 30, 1937 at any place within the States of
Wisconsin, Michigan, or Illinois.
In addition, Milwaukee Drug Co. has
agreed to consent to the use by the corporation in its business or either or
both of the words "Milwaukee" or "Drug."—V. 144, p. 4350.
442
Financial
McColl-Frontenac Oil Co
Years End. Jan. 31—
Ltd. (& Subs.)-
,,
1937
Operating profit
Interest
Depreciation
Tax provision
Res. for bad & doubtful
1936
■Earnings—
1935
1934
y$2,613,835 y$3,045,611 x$2,570,218
571,075
581,928
582,077
818.917
709,113
647,808
166,000
191,000
170,000
73,238
51,597
3,932
46,916
48,899
11,669
164.409
$2,703,439
589,830
640,047
140,000
Chronicle
Six-Cent Dividend—
The directors have declared a quarterly dividend of 6 cents per share on
the common stock, payable July 20 to holders of record July 15.
An initial
dividend of like amount was paid on April 18, last.—Y. 144, p. 2487.
229,182
accounts...
Amort, of bond disc't
Directors remuneration.
17,660
45,334
11,357
93,492
45,004
(P. R.) Mallory & Co., Inc. (& Subs.)—Earnings—
Legal fees and executive
officers renumeration.
Consolidated Income Account for Calendar Years
32,959
Balance
$764,665
466,044
528,000
$1,226,904
459,252
459.398
$1,095,981
458,815
412,497
$1,162,106
463,173
314,986
.def $229,379
$308,254
$224,669
$383,947
Dr43,600
Drl3,950
3.099"02d
2,888",302
Preferred dividend
Balance
Cost
Net sales
$4,803,454
Sales costs, administration and gen. exps
4,077,132
Dr76,744
Dr71,823
3,363,674
Profit & loss balance.
x
Includes
$2,985,728
$3,363,674
$3,099,020
—
Assets—
$2,888,302
;./>
Cash
Marketable
»
rec..
Inventories
76,461
1,709,311
3,872,798
1,900,245
Investment, &c.._ 2,346,309
Cther invests, loans
and
1937
Liabilities—
$
702,898
835,327
ing funds
48,000
Deposit with bond
sink. fd. trustees
Deferred charges.
_
y Plants, &c
Trade-marks, pro¬
cesses and good¬
will.
742,837
Prem. paid on purchase of subsld.
company
1,051,773
Accrued interest—
Deferred contract-
902,869
187,200
486,743
193,174
198,015
50,917
187,200
376,035
39,693
217,448
payable
Gen. & conting. res
9,360,000
9,408,000
7,767,400
7,841,700
x Common stock.. 10,710,000
10,710,000
Earned surplus... 2,985,728
3,363,675
Capital surplus...
133,400
59,100
Pref. stock
$4,632
$3.19
$2.05
$0.04
Liabilities—
1935
$144,232
475,199
625,080
$176,831
355,218
395,304
67,269
60,261
35,577
Notes & accts.rec
Inventories
Prepaid
exp.
78,226
$18,725
$100,000
40,450
Accts. payable and
accrued exp
247,965
203,568
for Fed.
Res.
and
131,733
deferred charges
Due
from
and
Cash
officers
705
sink, fd, trustee-
Total
35,013,677 33,401,392
Represented by 660,000 shares (no par).
y After reserve for deprecia¬
Jan. 31, 1937 and $3,994,791 at Jan. 31, 1936.—
tion of $4,419,861 at
Y. 144, p. 3006.
Res. for inventory
obsolescence...
109,738
155,681
915,650
Investments
727,735 Capital surplus...
c
and
equipmentPatents, licenses &
Common stock..
Earned surplus...
xl936
Total.
_
1934
Total profit
$94,485
650,834
Cr477,132
1933
$136,306
505,034
0258,310
$328,485
12,527
loss$79,217 loss$110,418
7,174
42,060
$168,847
23,500
loss$86,391 loss$152,478
25,499
15,785
$247,459
164,534
($2.00)
$129,562
102,834
(.$1.25)
$2.93
....
Prov. for est. Fed. taxes
$167,009
01,838
$315,957
y43,000
_
_
Net profit...
Divs.paid—class B stock
Rate
$1.53
Earns, per sh. on 84,410
shs. cl. B stk. (no par)
Nil
Nil
Including subsidiary company, Pulaski Engineering Works, Inc.
eluding $6,000 provision for surtax on undistributed profits.
y
$7,396,057
Cash
xl935
$215,628
U. S. Govt,
Accts. & notes
303,609
625,463
16,435
60,768
103,071
12,586
rec.
Contr'ts in process
Inventory.
Other assets
Prop., plant & eqp.
Deferred charges..
Total...
Liabilities—
1936
$253,892 Accounts payable.
100 Unpaid payroll—
83,644 Divs. payable
taxes...
237,634 Accrued
23,350 Res. for contingen.
60,435 y Capital stock—
101,053 Surplus
13,788 z Treasury stock..
secur.
$773,897'
$1,337,560
$1,093,721
7,005
$1,174,014
8,443
Net operating revenue & other income (before
appropriation for retirement reserve)
$1,100,726
Appropriation for retirement reserve
500,000
$1,182,457
500.000
*1935
$98,854
Net income
Period End. June 30—
Total earns, from oper..
Prov. for deprec. & depl.
Net
from opers.
credits
earns,
Income
Income charges.
1
Fed. inc., undist. profits
1935
1934
1Q33
$7,915,130
250,725
71,130
$6,714,440
182,248
71,723
$533,101
$302,140
$1.19
$179,595
$0.70
$110,525
1936
Cash
SecuritiesCustomers accts..
1935
$300,786
343,257
2,390,705
$309,935
343,740
Empl. stock purch.
& loan accts
Merchandise
Adv. spring pinch.
Life insurance....
Fixtures
35,156
15,780
833,490
334,486
197,496
516,436
15,790
729,160
28,403
43,256
x
no
and
-$5,032,069
$4,611,1031
1935
1,471,399
other
713,351
200,000
Fed. & state taxes
201,247
Com.
stock
Total
1,348,399
'
payable..
Notes payable
735,811
100,000
134,418
div-
dend payable...
298,723
186,196 Sundry reserves..
120,410
544,171 Earned surplus
1,034,146
1 Capital surplus...
128,014
10,241
38,304
1
Goodwill
Other assets
Prepaid expenses.
Total.
Common stock..
accts.
27,972
Other accts. receiv
1936
Preferred stock...$1,163,500 $1,163,500
x
$637,083
12,343
$533,071
8,274
$1,232,244
22,713
$903,678
16,974
$649,427
33,419
$541,345
32,134
$1,254,957
65,223
$920,651
62,549
99,281
81,021
195,956
140,219
$516,726
830,428
$428,191
830,438
$0.46
$993,778
$717,883
830,428
$1.10
830.438
$0.76
$0.58
Earnings per share
La. Works, located on tide-water, thereby saving the heavy inland rail¬
road freight on export shipments.—Y. 144, p. 2661.
Melville Shoe Corp.
Jan. 16
Feb. 13
Mar. 13
Apr.
—
10
May
5
July
-
3.
144,
—V.
1936
1935
1934
$2,894,849
1,910,326
2,227,330
4,833,573
$2,131,902
1,413,889
1,887,855
3.812,588
2,795,262
3,602,140
3,249,480
$1,748,419
1,421,024
1,699,250
2,516,819
3,364,128
2,985,692
$1,325,240
1,290,858
1,543.401
2,720,111
2,323,145
2,910.143
2,654,958
2,152,583
3,055,173
8
June
Sales—
1937
p.
4,070.364
3,633,309
4185.
Mengel Co. (& Subs.)—Bookings—
Liabilities—
2,099,684 Merch.
$1,737,019
833,341
capital stock taxes
$0.43
Balance Sheet Dec. 31
Assets-
$2,101,475
869,231
Our export business should be of increasing importance, due to the fact
that in a short time we will be able to ship direct from our Lake Charles,
$8,988,863
372,100
69,960
$2.03
1937—6 Mos.—1936
$952,292
419,221
$773,897
$10,289,201
602,911
69,810
Bal. avail, for com. stk
Earns, per sh. on com..
Works, Inc.—Earnings—
1937—3 Mos.—1936
$1,072,572
435,488
Dr73,813
(I.) Magnin & Co.—Earnings—
1936
4,481
Net income.
No. of shs. of com. stock
and
4 Weeks Ended—
Calendar Years—
$159,236
.$1,337,560
Total
84,410
443,613
acquired by the parent company.—V. 144, p. 4012.
Sales
$682,457
493,081
25,658
E. M. Allen, President, says:
General business continues good, the total June sales being the largest
in the history of our company.
$232,772
19,398
41,133
26,384
Consolidated hgures.
y Represented by 84,410 no par shares of class B
stock,
x Represented by 2,143 shares at cost.
Note—On Dec. 31, 1936, the assets of Pulaski Engineering Works, Inc.,
Net income after taxes..
Divs. on pref. stock
$600,726
474,174
24,060
3,639
Gross income
Interest charges
Amortization of debt discount and expense
Other income deductions
$661,296
12,805
41,133
60,190
25,000
84,410
526,538
Dr73,813
x
were
1936
6,222,043
In-
Balance Sheet Dec. 31
1936
$2,373,452 $1,950,341
1937
$7,393,939
6,300,218
Operating revenues
Operating expenses, maintenance and taxes
Mathieson Alkali
loss$86,391 loss$152,478
x
Assets—
144,430
519,951
352,641
—V. 145, p. 285.
Net loss of Pulaski Engi¬
neering Works, Inc
20,000
Co. (& Subs.)—Earnings—
12 Months Ended May 31—
Other income...............................
xl935
$488,404
$284,689
1,371,456
1,308,757
contr'tsCrl,211,537 Crl,191,076
on
64,300
20,000
144,430
519,951
918,079
1
1
$2,373,452 $1,950,341
Net oper. rev. (before approp. for retire, res.)..
(Arthur G.) McKee & Co.—Earnings—
Net profit from oper
Other deductions—net.
419,000
64,300
funded debt
1,082
Sundry accts. rec.
b Prop., plant
86,000
313,000
gold bonds
Interest accrued on
of
hands
in
127,000
tax
6% 10-year coll. tr.
employees-.
Market Street Ryv
-.35,013,677 33,401,392
Expense
Items appl'd
inc.
'
a After reserve
for bad debts of $82,751 in 1936 and $88,877 in 1935.
b Less reserve for depreciation,
c Represented by 144,430 no par shares.
—V. 144, p. 4183.
6,942,479
Calendar Years—
Net profit on construc'n
contracts, &c
1935
1936
Notes pay., other.
Notes pay., bank.
hand—
Total..
131,733
$271,144
1936
trade names
742,838
purch,
Total
x
payable
com. shs. of
under by-law
A QoplQ
a
accrued liabilities
r
capital stock... 6,942,479
Cost of
$462,036
14,443
No provision
on
Bonds
128,360
915,062
929,193
15,963,733 15,782,557
928
Cash in banks and
Accts. & notes and
Mortgage
advances..
$
2,185,000
Tax reserve
6% bonds for sink¬
19,362
19.362
46,000
has been made for surtax on undistributed profits.
The
company claims no such tax will accrue for the current year on account of
a provision in the trust indenture restricting the payment of dividends
notwithstanding an opinion to the contrary by the office of the Commis¬
sioner of Internal Revenue.
Should the company's claim for credit be
denied, the amount of the tax would be approximately $110,000.
1936
$
444,580 Bank loan
288,431
87,660
1,976,320
4,773,722
secur.
Accts. & bills
•
$5,560
1,787
1.787
83,021
Consolidated Balance Sheet Dec. 31
1936
$
2,308,413
$336,506
stock
mon
2,504,354
Consolidated Balance Sheet Jan. 31
1937
2,794,735
$546,844
$632,210
57,772
...
3,618,518
$4.38
Federal taxes
Surplus for year
Dividends paid
of $22,657 and profit on sale of
Includes income from investments $16,850 in
1936 and $19,048 in 1937.
_
w
Earned per share on com¬
income from investments
y
1933
$2,313,973
Cr25,778
Cr25.778
119,891
Misced. deductions (net)
x
investments of $11,091.
1934
$3,131,241
$726,322
Operating profit
of
pref. shs. pur¬
chased during year for
redemption
Prior year's taxes
Previous surplus
s
1935
$4,165,361
1936
IT. S. exch. paid & accr'd
on bond interest
Common dividend
July 17, 1937
making plans to increase its working capital funds through sale of short-time
debenture note bearing reasonable interest rates.
The board of directors have also authorized the filing of an application
for listing the company's shares on the New York Curb Exchange.
47,803
109,810
843,349
128,014
$5,032,069 $4,611,103
Represented by 254,945 no par shares as at Dec. 31, 1935 and 263,145
shares as at Dec. 31, 1936.—V. 144, p. 1286.
Bookings of company and its subsidiaries for June were $960,000 as com¬
with $802,406 in June, 1936, an increase of $157,594 or 19.6%.
For the six months ended June 30, last, bookings totaled $5,706,047 against
$4,624,148 in the first half of 1936, an increase of $1,081,899 or 23.4%.
June billings were $883,078 as compared with $752,141 in June last year,
an increase of $130,937 or 17.4%.
For the first six months of this year,
biliings aggregated $5,668,975 against $4,313,744 in the first six months of
1936, an increase of $1,355,231 or 31.4%.
Unfilled orders on June 30, 1937, amounted to $2,030,721
against
$1,719,160 on June 30,1936, a gain of $311,561 or 18.1%.—V. 145, p. 120.
pared
Metropolitan Industries Co.—Accumulated Dividend—
The directors have declared a dividend of 25 cents per share on account
of accumulations on the 50% paid allotment certificates of 6% preferred
stock, payable Aug. 1 to holders of record July 21. This compares with
$1.50 paid on April 20, last, and a quarterly dividend of 25 cents per share
was paid on Feb. 1, last.
Accumulations after the current payment will
amount to $9 per share.—V. 145, p. 285.
par
Manufacturers Trading
Mexican Light & Power
Corp.- -Earnings—
6 Months Ended June 30—
Net earnings
1937
after all charges.
.....
—.....
$17,725
,»««
$4,845
Alfred H.
Period End. May 31—
Gross earns, from oper__
Sachs, President, "states that purchases of commercial paper
totaled $2,121,476 for the six months of 1937, as against $909,875
n
the
1936 period.
Total assets at June 30,1937, amounted to $860,239, which compares with
$311,014 on Jan. 1, 1937.
This increase resulted from public sale of the
company's common shares this spring.
Except for approximately 30,000
shares, all of the issue has been sold.
All of the funds derived from the stock
issue have been promptly invested in diversified and guaranteed whole¬
common
salers' accounts receivable and other commercial paper.
with
Co., Ltd.—Earnings—
[Canadian Currency)
1936
The company is
Oper.
expenses
& deprec.
Net earnings
-V.
1937—Month—1936
1937—5 Mos.—1936
$740,019
$659,766
586,601
464,601
$3,674,598
2,631,446
$3,350,145
2,292,405
$153,418
$195,165
$1,043,152
$1,057,740
144, p. 4351
Michigan Bakeries Co.—40-Cent Common Dividend—
The
have declared a dividend of 40 cents per share on the
stock, payable July 15 to holders of record July 8. This compares
paid on Jan. 15, last.—V. 144, p. 285.
directors
an
initial dividend of 10 cents
Volume
Miami
Financial
145
Bridge
Other
authorized under
Bridge Co.—Earnings—
1936
1937
$118,060
2,224
$138,837
$171,957
2,638
2,077
$120,284
$141,475
$174,034
34,189
17,345
7,828
20,703
revenue
revenue
Total
37,902
26,421
11,054
23,670
2,732
42,664
20,613
8,380
23,949
2,437
$39,694
$75,956
z46,095
Operation.
Maintenance,
Taxes
Depreciation
2,736
Amort, of security & reorg. costs....
Debenture interest paid on
$37,427
xl4,525
March 1__
Dec.
32
53
Other deductions
Surplus income
y21,622
$22,902
$18,071
$29,861
1.352,909
1,411,622
1,813,726
Remainder
Vehicles crossing bridge
of the
Moody's Investors Service—Dividend Accruals Paid Up—
The directors have declared a dividend
of $1.25 per share on account of
Aug. 16 to holders of record Aug. 2.
This payment
mulations on the issue.
See also V. 144, p. 2662.
wijl clear up ah accu¬
Paid from the surplus income
Midwest Piping
& Supply Co., Inc.—Listing
Approved—
approved the application of the com¬
The New York Curb Exchange has
to list 193,140 outstanding shares common stock (no par),
authority to add to the list, upon official notice of issuance, 20,000
tional shares common stock.—V. 145, p. 285.
pany
with
addi¬
Acquisition—
This company^ which up to a few years ago had been a
Rubber Reclaiming Co., will shortly become the
and own the Akron property and machinery outright.
subsidiary of the
parent company
Its stockholders
plant for 3,027 shares of
Akron
July 9 ratified the proposal to buy the Akron
preferred and not to exceed 14,600 shares of common stock.
It has been
operating the Akron plant under lease, as well as its own at Monsanto
for the past; year and a half as a result of its enlarged business.—V. 144,
p. 1288.
Miller Wholesale Drug
$762,213
485,089
166,237
$858,335
561,517
.
179,480
68,795
74,101
Store expense
Warehouse expense
Administrative expense
60,975
72,554
$25,558
Cr37.036
1,511
2,623
Other deductions.
Federal income and surtaxes
$22,644
Cr27,873
Drl,616
$7,343
Operating loss_.
Other income
$3,612
Net profit
$7,201
Scrip
821
84,137
13,331
2,623
payable
Accounts payable
661
661
113,882
119,718
Accrued
Inventories—mdse
235,278
231,516
Income taxes pay
_
155,000
80,122
equipment
according to E. E. Morrison, President. These rights expire Aug. 1. Rights
by June 25 next, will participate in the regular 25-cent quarterly
Mortbon Corp. of New
Int.
on
Total
$732,971
$619,049
37.710 no par shares in
Earnings Statement for 12 Months Ended May
515,149
__
-
$4,532,321
3,101,663
$1,430,658
29,667
$1,400,990
448,814
85,915
14,021
4,211
30,817
Other interest
Amortization of pref. stock refunding expense
(estimated)
$817,213
Net income
144, p. 1115.
July 10 declared a quarterly dividend of 75 cents per
share on the common stock, no par value, payable Aug. 20 to holders of
record Aug. 4. This compares with 50 cents paid on May 20 and on Feb. 20,
last, and regular quarterly dividends of 37K cents per share paid on Nov.
20, Aug. 15, and on May 15, 1936, prior to which the stock was split threefor-one.
Prior to the split-up the company on Feb. 15, 1936, and in each
of the three preceding quarters paid an extra dividend of 75 cents and a
on
quarterly dividend of 75 cents per share.
In addition, a special dividend of $1.50 per share was paid on Dec. 21,
1936, and extra dividends of 12
cents per share were distributed on Nov.
20, Aug. 15 and May 15, 1936.—V. 144. p. 3008.
Mississippi Power & Light
Co.—Accumulated Dividend—
The directors have declared a dividend
*»
S.
Cash
c
Real
31,914
sold
M.
mm.
mm m
25,844
'
14~952
'
Prov. for real
j
Fix.
real
taxes
4,665
est.
91,366
105,037
208,949
int.
237,338
465,040
due &
accrued
14,952
214,512
k Inc. int. accrued
5% coll. tr. mtge.
19,061,347 20,483,885
151,582
400,308
120,022
480,684
1,779
stock
Excess of assets.
2,026,617
236,616
Surplus
2,370,831
53,876
7,646
19,659
1 Capital
m
821,317
16,426,330 18,611,815
191,240
191,240
bonds
&
6 Coll. trust mtge.
bonds
1,396
260
Fed.
tax
29,154
Ml W *
depos.
assign
14,964
est.
—
55,225
Unexp. ins. prem_
'
20,044,470 22,088,003
Total
a
6,156
taxes
taxes
*«*
—
41,287
5,476
Prov. for corporate
on
Int. rec. on mtges.
Prepaid
3,705
h Int. on mtges...
i Prov.-for 2 %
deposited.
Assets
»
»
1,000
1,600
1,000
contr
e
m.
2%
cons.
est.
M
2,600
21,072
28,507
Receivables
a
«
-
After allowance for
20,044,470 22,088,003
Total
doubtful items of $903 in 1937
and $3,135 in 1936.
by N. Y. State Banking Department pending liquidation of the
Mortgage-Bond Co. of N. Y. c As bond in legal action, d Not assigned as
collateral, e As collateral to collateral trust mortgage bonds, f On mortgages,
b Held
Purchased but not received for cancellation until June, 1937 (face amount,
$2,600), at cost, h Received in advance, i On bond interest of the MortgageCo. of N. Y.
j On collateral trust mortgage bonds at 2K% per
annum,
k 2H% Per annum on collateral trust mortgage bonds payable at
maturity of each bond and before maturity only from net earnings of the
corporation, estimated "net earnings" available for payment of income
interest as at May 31, 1937, $150,494.
1 Represented by shares of $1 par.
value, payable Aug. 2 to
Like payments were made on May 1 and Feb. 1,
last, Nov. 1, Aug. 1 and May 1, 1936; and compare with $1 paid on Feb. 1,
1936, 50 cents paid on Nov. 30; 1935, 75 cents paid on Nov. 1 and 50 cents
paid on Aug. 1, May 1 and Feb. 1, 1935; Dec. 15, Nov. 1, Aug. 1, May 1,
Feb. 1, 1934; Nov. 1, 1933, and Aug. 1, 1933, prior to which the regular
quarterly dividend of $1.50 per share was paid.—V. 145, p. 285.
Chemical
Co.—Preferred
Stock Offered—
15 50,000 shares of
Edward B. Smith & Co. offered on July
series A (no par—$4.50 dividend),
share.
cumulative preferred stock,
priced at $101.50
per
Proceeds from the sale of these shares will
be added to the general funds of
and expended for capital additions, replacements and im¬
provements to plants, processes and facilities to meet increased demands for
products.
' *
Company has agreed to make application for listing the shares on the New
York Stock Exchange.
An amount equal to $100 per share will be credited to the capital stock
account of the company and the difference between such amount and the net
proceeds received by the company will be debited to paid-in surplus account.
The company may redeem the whole or any part of the stock at $110 if
redeemed prior to July 1, 1947, or at $107.50 if redeemed thereafter, to¬
gether with the amount of any accrued and unpaid dividends.
Upon completion of the present financing, the capitalization of the com¬
pany will be as follows;
company
(
Outstanding
par) $4.50 div.—being a 1st
shares of an aggregate of
stock authorized for issuance
Cum. pref. stock, series A (no
series
consisting of 50,000
of pref.
under certain conditions)
Common stock ($10 par)—authorized 1,725,000 shares
a The 50,000 shares of preferred stock is part of 275,000
Bond
m
Acquired upon reorganization, at book amounts, over liabilities and par
of capital stock, less losses upon sale or other disposition of such
adjustments.—V. 143, p. 2059.
value
assets and
Mountain States Power
12 Months Ended May
1937
a50,000 shs.
bl,114,409 shs.
shares of preferred
1936
$3,870,996
2,551,830
$3,498,392
2,329,353
for retire, reserve) $1,319,166
184,689
$1,169,039
205,267
$1,503,854
$1,374,306
Operating
revenues
_•
Operating expenses, maintenance
Net oper rev. (before approp.
Other income, net-.
Net oper. rev.
for retirement
Co.—Earnings—
31—
of $1.50 per share on account of
accumulations on the $6 1st pref. stock, no par
holders of record July 15.
shares
Accts. pay. & accr.
expense
299,393
1936
$
$
Liabilities—
S
389,781
America
of
S.
U.
1937
1936
$
291,003
g
Minneapolis-Honeywell Regulator Co.—Larger Div.—
275,000
$192,125
Balance Sheet May 31
1937
d Real estate
Interest on funded debt
the
x$161,476
d Mortgages
31,1937
Amort, of debt discount and expense
Monsanto
$532,257
340,132
net capital loss on
Allocation of net loss:
Sun. stks. & bonds
Net operating revenue.
Other deduction (net)
The directors
1936
sale or other disposition of
assets acquired upon reorganization,
charged "Excess of assets acquired
upon reorganization, at book amounts, over liabilities and par value of
capital stock" Dr. $344,215; net income for the year ended May 31 1937, to
surplus, Cr. $182,739. balance, loss, $161,476.
x
f Adv.for taxes,&c.
-V.
$676,624
,
Other income
Treas. bills
Minneapolis Gas Light Co.—Earnings—
Provision for Federal income taxes
251,067
946,011
bonds
Interest on collateral trust mtge.
Loss from operations
$1,620,447
955,625
368,176
857,375
admin. & gen. exps;, &c
HOLC bonds
7,343 defl99,470
.
.
Represented by 42.40 no-par shares in 1936 and
1935.—V. 144, p. 1967.
Operating revenues—Gas sales
Operating expenses-
1937
$1,698,596
1,149,670
&c
mtges., real estate rentals,
Real estate oper. exp.,
Other deductions.
b U.
$732,971
$619,049
York—Earnings—
Years Ended May 31—
'
surplus.
x
June 30 to stock of record June 25.—
declared recently, payable
bond
Total
Ltd.—Rights Issued—
exercised
dividend
14,000
14,331
13,300
terest, &c
Morrison Bond Co.,
*737,083
507,113
.
surplus--
Earned
of
is
Rights to purchase one new snare of common stock at $1 per share for
each four held, have just been issued to stockholders of record of June 1,
Assfifs—
10,000
Common stock
Insurance, rents in¬
decided to take no action on the
making operations unprofitable.
Dividends of 60 cents per share were paid on May 3 and on Feb. 3, last,
this latter being the initial distribution on this company's stock.—V. 144,
p. 618.
-
Cash.
Paid-in
7,564
Other assets
meeting held July 12
16,025
Long-term
Furn. & fixtures—
a
105,742
Loans payable—
281,000
86,085
Investments
$32,091
17,500
Loans
Accounts receivab.
Notes receivable.
1935
$4,502
Notes payable-..
$4,800
78
—
1936
Liabilities—
1935
1936
Cash
Directors at
payment of a dividend on the no-par capital stock at this time.
This action was taken in view of the fact that abnormal shortage
livestock in the territory from which the company draws its supplies
Net loss for year
Condensed Balance Sheet Dec. 31
Assets—
Bond Street
eight
$1.38 for a carton of 200.
smoking tobacco prices are set at 15 cents for 1 % ounces; 65 cents for
ounces and $1.25 for 16 ounces.—V. 144, p. 3844.
1935
1936
Years Ended Dec. 31—
has signed a contract under the Feld-Crawford Act estab¬
price of 15 cents a package of 20 cigarettes on Philip Morris cigar¬
a
ettes; 35 cents for 50 cigarettes and
V. 144. p. 4014.
Co.—Earnings-—
Sales (net)
Cost of sales...
(Philip) Morris & Co.—Fixes Price of Cigarettes—
The company
lishing
(John) Morrell & Co.—Dividend Omitted—
Mid-West Rubber Reclaiming Co.—Initial Com. Div.—
initial dividend of $1 per share on the common
stock, par $5, on July 10 to holders of record June 28.
Stockholders at a meeting held March 1 iast changed the par value of
company's common stock from no par to $5 par.
The company paid an
on
amendment to the certificate of incorporation
31,
accruals and the regular quarterly dividend of 75 cents per share ordinarily
due at this time on the $3 cum. partic. preference stock, both payable
for calendar year 1934.
y Paid from the
surplus income for calendar year 1935.
z Paid from the surplus income for
calendar year 1936.—V. 144, p. 4186.
x
an
which is issuable in series by the board of directors,
b Since
1936, transactions have occurred as a net result of which the
company
now
has 1,114,407 2-9 shares of common stockoutstanding,
exclusive of amount held in its treasury, and has 25 7-9 shares in its treasury.
There are included shares issued in the name of a nominee and reserved for
exchange of shares of predecessor corporation, Monsanto ChemicalWorks.
For the year ended Dec. 31, 1936, the company reported net income after
all charges of $4,468,704, as compared with $3,591,016 for the year 1935,
and $2,619,465 in 1934.v
The company and its subsidiaries are engaged in the manufacture and sale
of a widely diversified line of chemical products.—V. 144, p. 4352.
company
1935
12 Months Ended June 30—
443
Chronicle
and taxes
and other income (before approp.
reserve)
—
300,000
300,000
$1,203,854
$1,074,306
477,522
488,747
381,224
14,284
2,851
395,068
5,297
$330,825
$182,344
Appropriation for retirement reserve
Gross income
Interest on funded
debt
Amort, of debt discount
and
expense
Other interest (net)
Other
x
income deductions
Net income
for amortization of discount
mortgage bonds.—V. 144, p. 4188.
x
Before
provision
and expense on first
Mutual Investment Fund—Asset Value—
reports for six months ended June 30, 1937, net asset value,
dividends, and reserves, was $14.9445 per share as com¬
pared with $15,027 per share on June 30, 1936.
A distribution of 25c., payable July 15, to holders of record June 30, was
declared for the quarter ended June 30, 1937.—V. 144, p. 618.
The company
after all expenses,
Nash-Kelvinator Corp.—Shipments—
Enjoying its best June since 1929, the Nash Motors Division of NashCorp. last month shipped 8,780 automobiles to all points,
registering a gain of 4.947 units, or 126%, it was announced on July 13
by C. H. Bliss, Vice-President in charge of sales.
Shipments for the six-month period ended June 30 totaled 56,587 cars,
a gain of 29,373 over the first six months of 1936, or 108%, he said.
So that production may keep pace with its soaring sales records, Nash is
going full speed ahead on its $2,000,000 program of plant expansion in
Kenosha, Racine and Milwaukee, Mr. Bliss announced.
Kelvinator
444
Financial
Chronicle
This
Balance Sheet June 30, 1937
corporation
purchased for cash in April, 1937 , 50,040 shares of
capital stock of Electromaster, Inc., manufacturers of electric
heaters, in accordance with a previous option from that
company covering such shares.
In April, 1937, an additional
26,591 shares
Assets—
unissued
of the
stock
same
were
purchased for cash from
Electromaster, Inc.—V. 144,
Divs. receiv. & int. accrued_„«_
of the voting
1936
-
$388,456
Accts. receivable..
Inventories
1935
x
Liabilities—
38,449
Prop., plant &
eq.
Deferred charges..
Total
sing taxes
c
Capital stock
1,243,265
1936
Prov.
income taxes
Net inc. for the year.
Previous surplus
1935
1934
61,600
$438,863
501,708
$329,551
619,048
pref. stock
Fed.
inc.
,571
311,127
29,873
9,530
tax
Balance
Deferred charges..
Investments
$0.92
1936
$619,048
advs. to sub.
co.
1,163,333
Other investments
$1.27
1935
Trea8.
Liabilities—
235,301
ctfs.
$620,945
235,160
328,570
&
real estate mtge.
1st mtge.
2,059
Notes receivable-_
b Accts.
recelv'le.
1,569
1,016,459
Loan to employee.
Working
funds
hands of sal'men
fd.
cash
retlrem't
30,964
1,665
prop,
2,860
2,580,269
2,606,658
8,556
Land,
bldgs.
equipment
-
1,219,500
March 16, 1938.
for
market
8,955
&
3,500
metal
100,000
(par $100)
3,075,400
Common stock.. 1.194,900
Earns,
3,083,200
1,194,900
1,457,755
36,846
660,397
a
Represented by 119,490
no par
x
..—$7,358,982
taxes, &c_
Shares common stock—
Earnings
per
Customers' accts
$0.39
6,289.448
$0.42
$5,422,792
6,289,448
$0.72
3183.
p.
25 cents per share payable July 15,1937, amounted to
$11,001,694, equival¬
ent to $61.12 per share on the
outstanding capital stock.
This
compares
with $66.15 per share on March 31,
1937, with $62.19 per share on Dec. 31,
1936 and with $57.30 on June 30,1936, since which time dividends of
$4 per
share have been declared on the
capital stock.
Such net assets are after an
allowance for Federal normal and State taxes at current rates on realized
securities
estimated allowance for taxes
held,
unrealized appreciation in
but without any allowance for the surtax on realized but
undistributed profits
unrealized
or
on
any allowance for excess profits tax or surtax on
appreciation.
Total assets of corporation based on market
1937
quotations
distributed approximately as follows:
Cash, U. S. Govt, securities, accrued interest, &c__
29,889
24,478
as
of June 30,
....
5%
ser.
gold notes
Deferred credit.
325,000
49,000
82,341
43" 000
26.200
82,341
74,059
532,000
18,180
121,114
interest in subs.
Res. for conting..
587,093
585,798
7% 1st pref. stock.
944,100
1,006,600
4,820,375
_.
Min. shareholders'
5,372,973
82,804
15,856
18,788
Surplus
1,286,879
1,006,600
4,820,375
1,315,080
..10,234,590
9,934,699
Total
10,234,590
9,934,699
_
248,579
patent
rights & tr. mks.
Total
x
7% 2d pref. stock.
Common stock
60.000
60,000
944,100
Less
allowance for doubtful accounts, &c., of
$75,493 in 1935 and
$76,043 in 1936. y Less allowance for depreciation of
$4,473,771 in 1935,
$4,801,370 in 1936.—V. 144, p. 4015.
and
National Oats
Co.—Earnings—
Years Ended Dec, 31—
1936
Operating profit and miscellaneous income
Depreciation on buildings, machinery and equipm't
1935
over
$209,671
'38,834
23,675
$147,161
196,195
$498,989
200,000
1,577
$343,549
100,000
$297,412
Net income
Previous surplus
Excess reserve for 1934 Fed. inc. tax
$341,390
32,105
a53,845
$255,440
243,549
$243,549
5.55
Provision for income tax
$1.47
require't
Total
Dividends paid (cash)
Additional Federal income taxes for prior years.
193
were
Bonds
Preferred stocks
Common stocks
$2,660,164
204,844
1,031,750
7,696,938
22.9%
1.8%
8.9%
66.4%
$11,593,695
314,000
278,000
100.0%
Surplus
Earnings
a
as at
Dec. 31
per share on
reserves
for taxes and dividends
Provision for taxes
on
unrealized profits.
Balance
Balance Sheet Dec. 31
875
accts. recelv'le..
Expenses
Provision for miscellaneous Federal, State and other taxes
Net income
$160,871
14,881
13,748
c$132,242
90,000
Dividends declared
Prepd.& defd
-
$42,242
Earns, per share on 180,000 shares capital stock (no
par)___
$0.73
c No deduction has been made for
any surtax on undistributed profits for
the period and no deduction has been made, in respect of unrealized
appre¬
ciation, for any surtax on undistributed profits or any excess profits tax
which might be payable if the appreciation were realized.
300,506
estate
expg
Due
from
1936
expenses.
Due to employeesRes.for
18,378
15,017
358,773
52,283
raxes
advetising
Capital stock
1935
$48,751
$46,288
9,483
9,373
85,519
12,487
1,625,000
297,412
6,596
2,495
50,658
12,486
58,871
Surplus
1,625,000
243,549
notes
668
752
21,911
25,178
8,095
8,144
767,601
770,783
officers
and
employees..
Investments
b
Liabilities—
Accounts payable.
Acer, payrolls and
Provision for
receiv., secured.
Land, bldgs.,ma¬
chinery, furnit.&
flxts.
Surplus
3,300
214,708
460,252
Inventories
Real
Total
$531,544
204,781
on purch. of
grain & supplies,
deposits & misc.
$153,250
6,746
on bonds
Other income
1935
$253,548
Advs.
Earnings for the 6 Months Ended June 30, 1937
Interest
1936
Cash....
Bonds (at cost)
a Cust. accts. rec_
$11,001,695
Cash dividends
100,000 shares capital stock.
Includes provision for surtax.
Assets—
Less:
1,250
$
324.032
106,108
67,050
483,000
Ser. g. notes pay'le
Dividends payable
Accrued accounts.
Taxes.:
1935
398,863
Perm't assets
Corp.—Report—
The net assets of corporation at June 30,
1937, taking securities owned at
on market quotations and after
deducting the dividend of
an
10,100
$
Accounts payableNotes payable
Deferred assets
their value based
profits and
on
Good will,
$6,004,742
6,289,448
$0.81
Before provision for Federal surtax on undistributed
profits.
Net profit for 12 months ended June 30, 1937 was
$12,058,126, equal to
$1.64 a common share, against $11,756,879, or
$1.59 a common share,
for the 12 months ended June 30, 1936.—V.
144,
$1.82
undistributed profits.
127,941
334,707
5,362,845
63,779
y
1937—6 Mos.—1936
$3,087,619
on
loss$2.60
1936
612,562
43,472
1,009,817
2,335,058
Process'g taxes de¬
x
National Bond & Share
1,372*634
2,580,108
deps.
posit in escrow.
Other assets
-Earnings—•
$2,884,035
6,289,448
share
secur.
grain futures
Cash value of life
insurance
$7,007,511
shares after deducting 510 shares held
1936 and $20,000 in 1935 for
Period End. June 30— 1937- -3 Mos.—1936
Net profit after charges,
$.73
Liabilities—
$
521,647
Inventories
in treasury,
b Less reserve of $20,303 in
doubtful accounts.—V. 144, p. 4352.
National Biscuit Co.-
$159,376
shs.
1935
$
Cash
x
Tot'l
com.
192,815
$488,740
66,087
70,462
192,815
Consolidated Balance Sheet Dec. 31
Assefs—
252,680
594,720
1,457,755
42,573
$7,358,982 $7,007,511
192,815
70,462
192,815
1936
252,680
Margin
Total
70,462
Includes $1,350 estimated surtax
Marketable
Deferred charges--
$2,147,383
1,487,242
76,962
94,438
def$14,520 def$723,823
on
issued over
Earned surplus
450
$314,844 loss$394,459
66,087
66,087
...
stated val. thereoff
6,182,280
1934
91,517
(no par)
a
pro¬
cesses, &c
share
per
1935
$1,270,680
1,581,700
82,988
a67,050
Balance, surplus
Pf. 7% cum. stock
sees,
5,410,285
5,442,874
500,000
414,856
477,523
•Earning,
1936
$2,098,708
1,625,297
Net profit..
Dividends 1st preferred
Dividends 2nd preferred
Common dividends
Res.
a
(& Sub.)
Income taxes
maturing
in
$
2,775,000
1,312,402
217,651
,net)
1,331,000
other
invent
1,072.963
1,572,375
2,338,183
Sell., adminis. & general expenses
Other deductions
fund
.
1935
$
2,775,000
6,410,285
Deprec. reserve... 5,793,589
General reserve...
500,000
Accounts payable.
441,836
Taxes
540,605
Surplus—.
6,297,369
Years Ended Dec. 31—
Gross profit from sales
real est
on
1936
Liabilities—
100,000
400,000
649,829
National Candy Co.
$405,827
141,684
surp.—excess
of amt. ree'd for
3,440
Other property
$250,452
21,758,684 21,202,817
Total......^..21,758,684 21,202,817
Represented by 721,372 shares (no par).—V. 143
p. 435.
x
Cap.
1st
mtge. bonds
Goodw., trade
2,083
983,495
33,169
4,626
for
of
note
fluct.
2,737
1,188,285
Rl. est. mtge. notes
Other assets
Sink.
2,129
10,012
860,059
2,500
in
Inventories
$623 518
194.250
Total...
1935
Accounts payableAccrued accounts.
1st
mtge.
20-yr.
6%
sink,
gold bonds
notes
1936
$662,063
U.S.
on
1 154 195
Investment in and
$501,708
328,739
Acer. int.
151,532
470,414
1,281,038
1,516,418
2,776,801
_
Inventories
$1.87
ctfs.
at cost.
$1,598,897
1,154,195
Preferred stock...
x Common stock..
1,500,000
114,810
100,000
Cash...i-.
$594,720
$699,638
Treas.
355,642
$1,971,963
194,250
$
600,000
Condensed Balance Sheet Dec. 31
S.
1,500,000
Accts. receivable.
b$4.07
Cash
356,790
1935
~
j
$
Goodwill
amount
U.
--.v;
Time loans
$660,397
stock
Assets—
12,887
322,464
100,000
345.249
$1,774,016
194,250
1,442,744
Property accts._..11,963,846 11,924,604
$792,276
173,228
Including $16,900 estimated surtax on undistributed
profits, b Before
appropriated for reserve for fluctuation in metal inventories.
a
431",311
$137 022
Assess—
$950,226
448,518
3,104
Earned surp. Dec. 31.
412,440
.
surplus
1936
for
—
com.
$372,031
420,245
1,749
Earns.per sh.on 119,490
shs.
"7*260
$2,379,497
buildings and machinery..
Call loans
treasury
1933
on
Net income
1,626
,195,932
215,330
310,674
on com. stock
Net prem. on 1st mtge.
bonds & pref. stk. pur.
Add'l
14*433
$2,758,916
$2,214,002
158,235
Balance Sheet Dec. 31
Gross surplus.
& held in
Deprec.
1934
$2,543,246
investments sold
on
1935
$2,527,009
217,475
co
Common stock dividends
held in treasury
on
Earnings—
1936
Directors' fees
Reserve for income and profits taxes.
Reserve for oth er investments
1933
$524,828
91,197
55,300
$10,708,963
$2,309,788
147,216
64,583
21,658
Preferred stock dividends
$601,211
594,720
_
loan to subs.
on
Profit
100,000
_
Breweries, Ltd.
Total income
$468,170
83,319
on 1st mtge. bonds
pref. stk. purch. &
Divs. paid
Divs. paid
Int.
2687.
76,000
Disct.
&
p.
$595,606
80,743
al35,000
Amt. approp. for res. for
fluct. in metal invent.
Total
Investment income
Corp.—Earnings—
$912,794
76,583
1st mtge. bonds.
for Fed. & State
on
National
b Including
143,
profits)269,000
x4,500,000
5,155,498
739,465
shares.
par
Years Ended Dec. 31—
$1,885,806 $4,454,259
After allowance for depreciation of
$3,133,653 in 1935.
processing taxes,
c Represented by 75,000 no
par shares.—V.
Int.
no
Operating profits
Total
a
Years End. Dec. 31—
Net income
undistributed
$10,708,963
Represented by 180,000
$45,000
on
approximately $278,000.—Y. 144, p. 2662.
84,544
3,000,000
1,354,356
600,000
Surplus
$1,885,806 $4,454,259 |
National Bearing Metals
$7,453
7,905
5,574
for possible surtax
Note—The aggregate value of securities
owned, based on market quota¬
tions at June 30, 1937, was in excess of cost
by $884,731.
If this appre¬
ciation were realized, taxes thereon
(other than excess profits tax and surtax
on undistributed
profits) computed on the basis of specific costs in accord¬
ance with Federal tax
regulations and at present rates are estimated at
1935
$36,966
.
27,347
90,558
1,290,071 a4,147,323
35,396
3,413
Other assets
1936
Accounts payable.
Accrued accounts
Reserve for proces¬
l
Total
power
2662.
$125,136
60,480
3,533
129,902
prov.
Capital stock
Capital surplus
Surplus income
Nashawena Mills—Balance Sheet Dec. 31Assefs—
Cash
Div. payable July 15, 1937-,-.
for taxes, &c. (without
Res.
30,647
Furniture and fixtures
a
had 55.27%
p.
$8,219,171
2,459,144
Cash in banks
stockholder of Electro¬
master and 6% convertible income
notes of the company in the amount of
$156,462 were purchased from a noteholder.
These notes were converted
into 31,292 shares of the
capital stock of Electromaster in accordance with
the terms of the notes.
As of June 30, 1937, Nash-Kelvinator
of
Liabilities—
Securities owned, at cost
ranges and water
'
July 17, 1937
Buys Stock of Electromaster, Inc.—
v
&
miscell.
equipment
Total
$2,088,024 $1,987,075
Total
$2,088,024 $1,987,075
a After
reserve for bad debts of $4,053
in 1936 and $3,313 in 1935.
b After reserve for
depreciation of $1,231,232 in 1936 and $1,199,126 in
1935.—V. 144, p. 3510.
Volume
Financial
145
National
Dunham, Chairman of the Board of this company,
Cylinder Gas.—V. 145,
[Now merged with N. Y. State Electric & Gas Corp.]
Years End. Dec. 31—
1936
1935
1934
1933
Electric
$4,034,639
$3,985,844
$3,827,210
$3,709,990
Gas
1,166,580
1,008,457
891,804
872,682
Steam heating
49,336
46,673
47,312
44,608
123.
p.
Total oper
New
(& Subs.)—Earnings
New York Central Electric Corp.
Cylinder Gas Co.—Acquisition—
announced
on July 15 the acquisition of voting control of the Car bo-Oxygen Co.
Mr. Dunham stated that it is his belief that under the management of
National Cylinder Gas Co. considerable economies will be effected and
the move will result in increased earnings for the stockholders of National
M. Keitb
445
Chronicle
England Gas & Electric
Association—Ann. Report
F. H. Golding, President, says
In 1935, subsidiary companies
in part:
of the association operating in the Pro¬
vince of Nova Scotia, Canada, were sold. As of Sept. 1, 1936 the Maritime
Electric Co., Ltd., operating in the Provinces of New Brunswick and Prince
Edward Island, Canada, was also sold, completing the program of saxe of
all the Canadian properties.
The association's subsidiaries are now con¬
fined, with relatively minor exceptions, to the Commonwealth of Massa¬
$5,250,555
3,604,364
revenues..
Oper.
exps.
Prov.
and maint..
$5,040,975
3,496,082
$4,766,327
3,069,224
$4,627,281
2,852,700
280,806
for retire., renew.
326,698
334,563
339,655
Federal income taxes)
y424,560
373,042
384,630
359,871
Operating income
$894,933
44,038
$837,287
1,438
$972,817
2,071
$1,133,904
5,435
$938,971
507,237
246,450
Cr3.101
43,503
17,500
174,430
$838,725
507,288
234,858
Crl,341
43,505
17,500
174,430
$974,888
507,288
236,615
Crl51
43,614
19,500
174,430
$1,139,339
507.288
266,419
Crl4,616
43,514
x29,700
174,430
$47,048
$137,515
and
replacements
(incl.
prov.
Taxes
for
Other income
chusetts.
Early in the year 1937 the
association acquired the controlling interests
in
Electric Co. and Plymouth Gas Light Co. through the
exchange of stock with Massachusetts Utilities Associates in some of
whose affiliated companies a subsidiary of New England Gas & Electric
Association held minority interests. Plymouth County Electric Co. serves a
population of about 41,000 in 13 communities which include the towns of
Plymouth, Marsbfield and Wareham.
Company furnishes electricity to
the Plymouth County
15,600 customers. Plymouth Gas Light Co. serves a population of
15,700 in the towns of Plymouth and Kingston, furnishing gas to ap¬
proximately 1,700 customers.
During the year 1936 the Cape & Vineyard Electric Co. issued 4% first
mortgage bonds due 1965 in the principal amount of $750,000, the proceeds
of which were applied to a reduction of its debt to the association.
This
increase in subsidiary funded debt was more than offset by a decrease of
$307 900 in the debentures of the association outstanding in the hands of the
public, a reduction in notes payable to banks of $894,600, and a reduction in
indebtedness to affiliated companies of $360,138 or a net reduction in con¬
solidated funded and short-term debt of $812,638.
Gross income
Int.
on
funded debt
Int.
on
unfunded debt..
Int. during construction
Amort, of dt. disc. &exp.
Amort, of misc. suspense
Divs.on pref.stks.of subs.
about
Net
loss
y
Consolidated Balance Sheet Dec. 31
1936
$
6,757 ,UU1
Maintenance
1,072,009
^reS^omx'SfS;
1,246,389
352,839
Federal income taxes
1,878,913
$2,339,126
Operating income
Other income
461,921
(net)
1.183.278
$2,455,041
356,139
$2,310,224
272,589
$2,811,180
37,107
(contra)
CrlljBo
Cr5,533
Cr~7~,584
73,564
92,381
91,527
88,205
Taxes accrued
Consum's'
& line
149,109
136,093
11,952
451,164
499,213
Mat'ls & supplies.
256,676
315,126
funds)
727
2,231,939
4,977
2,222.805
12,327
19,409
19,409
19,402
$448,665
99,994
$237,599
112,504
$390,041
487,475
$1,003,594
549,970
$348,671
$125,095
def$97,433
$453,623
Consolidated Balance
1936
$
92,785,040
10,185,063
91.057,464
10,416,748
b Cap. stock
al70,582
13,399
90,393
287,640
57,093
Special deposits.
26,790
1,797,660
1,952,049
Cash..
768,174
40,500,000
1,732,827
42,908,600
Accts. pay .to
filiated
1,917,007
42,466,500
28,351
1,617,200
33,777,412 33,817,819
of Income
Notes receivable
157,500
9,318
~8~i05
Accts. receivable
1,665,563
1,602,942
20,085
14,542
834,125
Int. & divs. rec.
Mat'ls & supp Is
965,911
958,226
922,785
Def. debit items
a388,490
Accts.
57,093
payable.
Divs. declared..
443,690
14,784
Acer .taxes & int.
900,638
Misc. accruals..
35,143
512,984
44,825
1,032,886
24,276
521,698
Consumers dep.
43,287
Cont. for exten.
14,975,032
Reserves
3,443,777
Corporate surp.
15,543,506
3,097,313
Total
a
New River Co.
1934
1934
$1,598,936
92,535
105,231
46,673
47,311
$1,853,818
$1,795,204
1,039,085
961,911
159,882
153,100
66,462
9,426
143,327
$381,194
Operating expenses
1,751,480
836,614
136,237
94,628
17,043
141,400
$454,194
$525,554
$454,194
238,297
138,198
175,684
104,755
Provision for retirements ,&c
Other
2,977,621
$404,566
2,503,708
2,965,061
$791,363
2,565,608
2,377,460
2,134,505
220,090
5,131,244
,908,274
,168,824
215,500
48,616
391,880
$2,439,295
61,836
3,284,712
$357,701
2,558,043
tons)—
Total surplus
Miscellaneous charges.
1935
on
Amort, of debt discount and expense.
Amort, of miscell. expense
Provision for losses of subsidiaries
_
1st deficiency assessm'ts
of Fed. income taxes
prior years.
416,346
Preferred dividends
Profit & loss surplus._
$2,499,398
1936
$
$2,503,708
$2,558,043
Sheet Dec. 31
Net loss.
Notes & accts. rec.
Inventories
Other assets
Investments
Cash
(incl.
31,585
167,315
13,449
72,326
2,205,331
to
cos
30,056
29,844
261,009
Other curr. liabil..
303,316
accts.
rec.
sold
"
supplies.
107,000
479,600
Def'd debit items.
56,000
477,210
22,350,802 22,467,468
Total
144,
p.
107,000
182,841
22,849
26,104
8,117,418
Capital surplus
Corporate surplus.
Total
56,000
145,546
(contra)
Reserves
Contrib. for ext'ns
Appl'ce accts. rec.
sold (contra)...
3,669
8,267,030
94,657
22,350,802 22,467,46
2838.
New York Central
1935
$
banks
300,000
300,000
505,052
49,903
97,551
512,901
Railway oper. revenues_$31,127,851
Railway oper. expenses. 23,605,472
$28,154,613$155,829,496$142,029,465
21,250,946 116,174,847 108,793,286
$7,522,379
2,360,874
1,205,125
$6,903,667 $39,654,649 $33,236,179
2,202,644
11,876,969
10,603,856
1,420.039
6,431,733
7,183,754
income. $3,956,380
1,948,442
53,280,984 $21,345,947 $15,448,569
1,666,504
9,706,358
8,317,697
$5,904,822
160,187
$4,947,488 $31,052,305 $23,766,266
109,997
690,586
610,859
$5,744,635
4,528,695
$4,837,491 $30,361,719 $23,155,407
4,763,998
22,692,288
23,840,269
Net rev. from ry. op_.
Misc. ded'ns from inc..
available
fixed charges
Total fixed charges
Income
129,000
33,795
90,620
conting..
432,884
983,890
6% cum. pref. stk.
6,962,500
6,962,500
stock—
3,837,900
2,499,398
3,837,900
ment Act.
2,558,043
local passengers
Accrued accounts.
Common
Surplus
43,119
97,273
103,051
14,814,188 15,322,768
14,814,188 15,322,768
of $5,389,998
Total
depletion, depreciation and amortization
in 1936 and $4,188,396 in 1935—V. 143, p. 4010.
New York Air Brake
1937—6 Mos.—1936
$240,444
*®14,794
$328,160
259,120
259,120
259,120
$i.94
$0.92
$3.53
$1.26
undistributed profits.—V. 144, p. 3512.
XJ502.102
259,120
Earnings per share
Before Federal surtax on
,
Net
for
$1,215,940
income..
Net inc. per sh. of
stock.
$73,493
$7,669,431
$0.19
$0.01
$1.19
def$684,862
def$0.14
Note—Does not include accrual for excise tax account Railroad Retire¬
Excluding commutation passengers and revenue, interline and
for May, 1937, increased 575,454, or 50.93%, but revenue
resulting therefrom increased only $606,928, or 14.85%, and for the five
months of 1937 the increase in interline and local passengers amounted to
2,353,744, or 39.99%, with an increase in revenue of only $1,544,393, or
7.11%i.—V. 145, p» 125.
New York
& Queens Electric
Light & Power Co.—
New President—
Co.—Earnings—
1937—3 Mos —1936
RR.—Earnings—
[Including All Leased Lines]
1937—Month—1936
1937—5 Mos.—1936
Period End. May 31—
Res. for
Hanseatic Corp.—Obituary
Boschwitz. President of the company, died
attack in his office on July 12.—V. 144, p. 459.
30,007
147,772
ing funds)
Acc'ts receivable..
Est. Fed. inc. tax.
11,494,902 12,281,376
New York
payable
4,437,500
Guaranty of appli.
work¬
329,992
Carl
29,844
$
6,868,100
2,354,400
debt
affiliated
30,056
850,646
stk. (no par)
Funded
■
Total income
payable-
Notes pay.to
After reserves for
Shs. capital
$
6,868,100
4,437,500
Mat'd bond int
bond interest
1935
1936
Liabilities—
Capital stock
Accts.
5,394
Deposits for mat'd
Burial assn. deps..
Period End. June 30—
$6,407
Net ry. oper.
Other income.
$
Liabilities—
Accounts
N6dtep?SloanftIc.to!!8:
$
from affil. cos..
69,773
1,243,215
Min'g suppls., pre¬
Total
$137,515
Company Only)
(Parent
1935
Notes & accts. rec.
450,492
paid exps., &c__
31
10,911,433 10,937,197
10,624,513 10,697,569
18,570
1,295,882
1,020,548
348,340
buildings,
mines, &c
Dec.
$
Assets
Fixed capital
532,894
U. S. Govt. & oth.
mkt. secur., &c.
Sheet
Balance
5,377,461
1936
1935
$
Cash
19,500
114.047
Cr35
$396,219
238,297
145,843
17,121
17,500
24,896
Interest charged to construction
Railway tax accruals
Equip. & jt. fac. rents..
65,057
208,179
93,892
207,723
Comparative Consolidated Balance
Assets-
17.121
17,500
181,320
Cr728
$47,048
funded debt
$525,554
238,297
143,032
17,121
Cr391
income
Gross
Interest
$84,701
215,500
Miscellaneous credits—
15,025
Other income
1933
1936
Calendar Years—
Production (net
x
1935
$1,655,995
49,336
heating
Total
-V.
(& Subs.)—Earnings—
Net profit for year
Previous surplus
x
33,777,412 33,817,819
Total
1936
1936
145,254
90,393
540,403
13,474
107,472,205 108,579,029
Includes notes,
b Represented by 100,000 shares of $5.50 dividend
series preferred stock, no par:
155,000 shares of $7 cum. 2d Ptef. stock
no par, and 200,000 shares of common stock, no par.—V. 144, p. 3682.
107,472,205 108,579,029
Total
166,577
241,299
100.568
Mat'ls &
Land,
7,861,863
$1,703,915
Years Ended Dec. 31—
Gas
from
Mat'd bond int.
52,209
Ctf. of deposit.,
x
136,000
2,106,317
(contra)
(Parent Company Only)
Operating revenues—Electric
2,511,800
af¬
co
Notes payable..
Finance Co..
notes pay.
to banks
for
258,000
172,468
(non-refundable)
7,568,378
Capital surplus
150,311
Corporate surplus.
136,000
734,686
Interest on unfunded debt
of
stock
Advances
pledged
$
com.
cos.
Funded debt
.
1935
$
N.E.G.&E.A. 40,500,000
Subs.
Deps. for mat'd
agst.
1936
Liabilities—
Accts. rec. from
bond interest
Sheet Dec. 31
1935
$
affil.cos
38,464
154,309
2,197,640
rec.sold
Operating income
-
—
46,265
166,302
deposits..
Reserves
Maintenance
$5.50 pref. shs_
Fixed capital
134,330
_.
Guar .of appl.accts.
15,615
258,000
Def'd debit items.
Statement
2,158,220
1,537
2,124,766
Balance of income
Assets—
35,903
116,543
127,178
service
Provision for taxes—Federal
Balance
239,453
Contrib. for exten.
Appli'ce accts. rec.
sold (contra)...
Steam
expense
Cash
accrued..
Interest
Miscell. accruals
2,400
property sold...
(incl. work¬
Cash
Total
19,385
debt..
unfunded debt
&
Investments
(contra)
Accounts payable.
35,903
with trustee
in lieu of mtgd.
165,444
& Elec.
Gas
<fc divs.
Dep.
ing
3,683,412
37,107
182,546
171,350
Matured bond int.
& divs.
$3,504,195
78,819
Amortiz. of debt disct.
on
$3,140,311
363,884
84,816
Int. on funded
on
1,676,595
1,767,159
1,879,512
$2,582,813
funded debt
Engl.
int.
Accts. receivable..
Assn.:
Divs.
128,760
112,061
28,333
Cr6,454
chgd. to construe.
applic. to com.
Int.
987,094
338,961
252,354
un¬
stk. held by pub___
New
1,116,454
1,065,514
$2,801,047
Gross income
Sub. cos.:
Int. on
funded debt, &c
Int.
1,076,934
1,119,453
bd.
$
3,783,216
to affiliated cos.
32,407
Notes receivable..
taxes" V-
Int.
$12,966,341
5,850,301
42,107
nrofits
on
6,432,211
undistrib.
Fed. surtax on
Int.
6,801,204
$13,688,385 $13,439,681 $13,175,342
Totaloper.revenues
Operating expenses
O th er
1933
debt
9,545,000
9,365,500
Notes & accts. pay.
Notes & accts. rec.
Deposits for mat'd
1934
1935
1936
.
9,545,000
9,364,500
Capital stock
Funded
104,052
87,005
$
Liabilities—
Plant, prop., &C..31 736,434 31,828,113
Investments
1935
1936
1935
$
Assess—
from affil. cos.1.
Calendar Years
Consolidated Income Account for
$6,408prof$132,604
was shown as a direct charge to corporate surplus in 1933.
Includes $15,582 Federal surtax on undistributed profits.
This amount
x
suddenly of a heart
Ralph H. Tapscott, President of the Consolidated Edison Co. of New
York, Inc., was on July 12 elected President of this company, succeeding
Frank W. Smith, who retired on June 30 under the utility system's age
limit of 70.
Mr. Tapscott succeeded Mr. Smith as President of the Con¬
March 17.
complete roster of officers of the Queens company includes, in addi¬
Floyd L. Carlisle and Oscar H. Fogg, Chairman &
Vice-Chairman of the Board; Lawrence A. Coleman, Executive VicePresident; Harold C. Dean, Vice-President; Douglass Brown, Secretary,
and Frank O. Gordon, Treasurer.—V. 144, p 3011.
solidated company on
The
tion to Mr. Tapscott,
446
Financial
New York & Richmond Gas
6 Mos. End. June 30—
Net income after Federal
taxes and
charges
Exclusive of Federal
x
Co.—Earnings—
1937
1936
x$59,628
surtaxes on
1935
certain
1934
Corp.—Annual Report—
Elmira Light, Heat & Power Corp.
Dec. 29, 1936, as of Nov. 30, 1936.
was
merged with this
company on
New York Central Electric Corp. and Empire Gas &
Electric Co. were
merged with this company in 1937, as of Dec. 31, 1936.
The history of the company from the time of its
formation has been a
record of progressive simplification and unification.
At the close of 1935
the corporate structure reflected the results of the
acquisition and merger
of approximately 100 gas and electric
properties located throughout the
beginning of 1936 the company had plans under
way to acquire by purchase or merger the property of the
following affiliated
companies: Elmira Light, Heat & Power Corp.; New York Central Electric
At the
Corp.; Empire Gas & Electric Co.* Owego Gas Corp., and Tracy Develop¬
Co.
■■■V.--
The P. S. Commission authorized the
merger by the company of the
New York Central Electric Corp. on Dec. 9, 1936 and of
the Empire Gas &
Electric Co. on April 27, 1937.
A sufficient amount of the preferred stock
of New York Central Electric Corp. and
Empire Gas & Electric Co. to
effect the mergers, was acquired and the
mergers were completed
on
April 20, 1937 and May 5, 1937, respectively.
Owego Gas Corp., which is
now a direct subsidiary of New York
State Electric & Gas Corp. in all
probability will be merged within the current year.
The acquisition of the property of
Tracy Development Co. will be
accomplished as soon as practicable following favorable action upon the
petition by the P. S. Commission.
Financing—Pursuant to authority of the P. S. Commission, company
during the early part of 1937 issued $13,906,500 of first mortgage bonds,
4% series due 1965, to refund certain issues bearing higher rates of interest.
This resulted in a marked simplification in the
capital structure of the
company and brought about a reduction in annual interest
charges of
approximately $150,000.
Company had previously filed a registration
statement for this issue with the Securities and
Exchange
the Federal Securities Act of 1933, as amended.'
ties, Inc., by
The
were
sold and distributed
Commission under
through General Utility Securi¬
nation-wide group of dealers.
applied the proceeds of this issue to the retirement by
exchange of outstanding bonds, to the payment of a promis¬
a
company
redemption
or
sory note and to the construction of certain rural electric lines.
(1)
$361,000 New York State Gas & Electric Corp. 1st mtge. 6s, 1952,
July 1, 1937.
:V."
:*/■'
(2) $3,445,000 New York State Gas & Electric Corp. 1st mtge. 5^s,
1962, redeemed April 5* 1937.
(3) $305,000 New York State Electric & Gas Corp. 1st mtge. 5s, 1962.
(4) $1,218,000 Lockport Light, Heat & Power Co. 1st mtge. 5 Mis,
series A 1954, redeemed May 1, 1937.
(5) $6,971,000 Binghamton Light, Heat & Power Co. 1st ref. mtge. 5s,
1946, redeemed April 1, 1937.
(6) $366,400 Depew & Lancaster Light, Power & Conduit Co. 1st mtge.
5s, 1954, redeemable Aug. 1, 1937.
(7) $5,500 Chasm Power Co. 1st mtge. coupon bonds (5% due serially
to April 15, 1955), provision for the payment thereof was made
by deposit
of amount of principal and interest to maturity.
(8) $235,000 Plattsburgh Gas & Electric Co. 1st mtge. 5s, 1939, provi¬
sion for the payment thereof was made by deposit of the amount of
prin¬
cipal and interest to maturity.
(9) $750,000 promissory note 4due Aug. 19, 1941.
redeemed
Under dat8 of April 30, 1937, the holders of New York Central Electric
were informed that the terms and conditions of
Corp. 7% preferred stock
the merger
amount
applied to the above statement for the
a net income of $1,777,794.
$2,321,095, which if
ended Dec. 31, 1936 would
year
al936
Operating revenues
Operating expenses
_____
Maintenance
Prov.
for
1935
1934
retirements,
replace¬
capital.
and
renewals
ments of fixed
631,054
189,047
999,446.
593,131
236,635
898,866
337,854
306,438
897,718
314,173
330,495
739,967
$3,453,975
284,398
1,281,781
151,387
!,714,417
147,543
[,848,143
147,879
$3,738,373
1,730,680
302,367
$3,433,168
1,592,235
203,456
$3,861,960
1,586,830
153,134
$3,996,022
1,586,401
96,356
114,845
73,016
113,312
113,215
70,563
Federal income tax
Other taxes
Operating income.
_.
_
Other income
Gross income
Interest
on
funded debt.
Interest
on
unfund. debt
Amort, of debt disc, and
1
expense
Amort, of misc. suspense
Interest charged to con-
Net income
Divs. on A & B
70,563
*
com.
5,456
5,938
6,073
$1,522,921
$1,459,540
$1,944,291
$2,180,596
1,175,000
1,775,000
2,831,000
2,060,000
stk.
Balance, surplus
def$315,460 def$886,709
$120,596
a As of Nov. 30,
1936, Elmira Light, Heat & Power Corp. was merged
with New York State Electric & Gas Corp. and the
figures for 1936 as
shown above include the operations of the merged
companies from that
date.
Balance Sheet Dec. 31
1936
Acscts
//-v. y-."
1935
$
"
1936
$
Liabilities—
x
Investments
Funded debt
579,100
1,469,593
Notes & accts. rec.
from sub.
filiated
Depos.
&
335,370
1,110,455 Purch.
mat'd
int.
(contra)...
Notes pay.—banks
137,272
200,000
26,137
ing funds)
23,110
27,022
Accounts payable.
558*980
556,503
Taxes accrued
funds, Ac......
Cash
(incl. work-.
Interest accrued..
611,735
645,600
494,212
Misc. accruals
190,715
79,361
932,039
816,435
1,097,589
365,848
Notes receivable-.
14,850
9,346
Accts. receivable..
1,254,594
1,193,841
Cons,
9,554
line
TOpio
Mat'ls & supplies.
495,993
service
note pay.
800,000
on
(cont.)
20,000
20,000
901,000
449,000
5,859,909
4,248,039
Guar, of appl.accts
liability on note
payable..
Appl. accts.
rec.
20,000
20,000
901,000
5,443,009
449,000
3,714,194
rec. sold
Res.
and
unadj.
(contra)
miscell.
credits..
Contribs.forexten.
(non refundable)
711,802
605,829
Capital surplus..118,753,724 13,611,207
Corporate surplus.
724,153
401,158
98,527,870 81,493,579'
Total
Total
-.98,527,870 81,493,579
x
Represented by class A common 90,000 shares authorized; 41,884
shares issued and outstanding; class B common, 60,000 shares
authorized;
4,600 shares issued and outstanding.
Note—The 1936 statement does not give effect to the sale during the
latter part of 1936 by corporation to Generai Utility
Securities, Inc. of
$13,318,000 first mortgage bonds, 4% series due 1965, dated Aug. 1, 1935
and maturing Aug. 1, 1965, at par and interest from Aug.
1, 1936 to Nov. 2,
1936, nor to the contract made about the same time by the corporation
with General Utility Investors Corp. for the issue to the latter of an addi¬
tional $588,900 of such bonds in exchange for a like amount of other bonds
of the corporation.
All of thes.e bonds, except for $400 of those covered by the contract with
Under date of June 22, 1937 the Commission approved the reclassifica¬
tion of the capital stock of the corporation into 50,000 shares of authorized
common stock without par value
(into which all of the present and out¬
Taxes, incl. Federal income tax of $39,764
Total
Operating
:
renewals,
and replace¬
of fixed capital
Provision for taxes:
ments
Federal
income
(incl.
1,041,701
Federal surtax
on
Operating income
Other income
Gross income
Interest
on
on
1,022,597
216,678
1,578,170
256,190
1,465,484
Newport Electric Corp,—EarningsEarnings for the 12 Months Ended March 31, 1937
revenue
expenses.
funded debt
unfunded debt
Amortization of debt discount and expense
Amortization of miscellaneous suspense
Less: Interest charged to construction (credit)
$4,792,843
$4,699,639
240,542
$5,033,385
2,469,340
650,176
.
— -
-
-
-
-—.
.
.
.
......
—
.
28,546
$270,221
8,320
... - - -.
Gross income
—
-
Interest on funded debt—
Interest on unfunded debt.
Amortization of abandoned property
Net
$781,940
315,285
65,396
102,493
—
Profit
income
-
—.....
—
...
$278,540
31,320
1,043
21,247
$224,930
Northern Insurance Co. of N. Y.—Extra Dividend—
stock,
par
$12.50 payable July 29 to holders of record July 15.
Similar
15, last.
Extra dividends of 50 cents per
Jan. 27, 1936 and on July 29, and Jan. 28,
144, p. 783.
payments were made on Jan.
share were paid on July 30 and
Northern States Power Co.
(Del.) (& Subs.)—Earnings
Period End. May 31—
1937—5 Mos.—1936
Gross oper. revenue
$15,151,032 $14,580,284
Net oper. rev. & other
inc. before approp. for
retire,
res.
& taxes
Approp. for retire,
res.^
1937—12 Mos.—1936
$35,418,551 $33,661,519
6,485,835
1,126,667
6,373,821
1,126,667
14,807,834
2,900,000
14,613,216
2,900,000
2,805,206
2,490,341
5,505,681
5,107,890
Net inc. after income de¬
ducts. incl. int. chgs.,
118,016
9,091
exp.
$1,629,549
both periods of all companies irrespective of dates acquired.
Deductions
income in the above statement applying to interest on funded and
unfunded debt are computed on the amounts outstanding at Dec. 31, 1936
from
annual basis.
Annua 1 interest requirements based on the funded debt
outstanding at
April 30, 1937, after giving effect to the acquisitions and to the refunding of
-
—
175,395
Notes—The above statement, prepared from the books of the companies,
without verification by certified public accountants, includes operations for
on an
— — -
N on-operating income....—
amort
of debt disc't &
other inc. deducts.
&c
Net income
...
^
Provision for retirements
1935.—V.
undis¬
tributed profits)
Other..
Interest
set aside for rural construction.
The operations of the corporation for the
year ended Dec. 31, 1936 included interest on the bonds so issued for the
period from Nov. 2 to Dec. 31, 1936.—V. 145, p.„287.
The directors have declared an extra dividend of $1 per share in addi¬
tion to the regular semi-annual dividend of $1.50 per share on the common
revenues
retirements,
1936 at 102 and int.
Owing to an unforeseen delay, how¬
which arose in connection with the authentication and delivery of the
by the trustee, the entire proceeds of sale were deposited with
Continental Bank & Trust Co. of New York against the issue of its interim
certificates which were delivered to the purchasers.
During the latter part
of January, 1937, the bonds were issued and the proceeds from the
$13,318,000 of bonds sold to General Utilities Securities, Inc., together with
other funds of the corporation, were applied towards the retirement of
other bonds of the corporation outstanding, with the exception of $250,000
bonds
Note—'There was no Federal surtax on undistributed profits payable in
the calendar year 1936 and no provision has been made in
respect of the
three months ended March 31, 1937.—Y. 141, p. 443.
expenses
Maintenance
Provision for
the latter part of
ever,
$22,021,333 $20,968,893
12,607,500
11,745,856
1,784,439
1,779,125
...
operating
General Utility Investors Corp., aggregating $13,906,500, were sold by
General Utility Securities, Inc. (acting as agent for General Utility Investors
as to the $588,500 principal amount of bonds) to the public during
Corp.
_.....$18,238,282 $17,560,766
3,373,434
3,033,853
198,224
177,223
211,392
197,050
Gas.
Steam heating
Transportation
593,057
and
deposits
Conting. liabil.
Contra to contisg.
(contra)
1,281,886
200,000
Mat'd bonds &bd.
27,022
Depos. for sinking
sold
.
23,110
(contra,.--
Def. debit items..
4,026,535
ob¬
money
ligations
bonds and bond
int.
1935
■
40,596,900 33,538,200
Note & accts. pay.
to affil. cos
af¬
cos.....
for
:c
:
$
$
Capital stook.. .23,771,668 23,771,668
Plant, prop., &c._88,019,967 72,602,594
Maintenance
Operating revenues—Electric.
52,028
$347,921
construction.
1935
120,033
64,663
,
Operating
Operating
1936
1933
$14,633,251 $13,723,190 $13,205,606 $12,871,486
8,291,424
7,617,262
6,923,539
6,613,418
1,068,304
1,095,516
1,025,639
1,025,289
of that company with New York State Electric & Gas Corp.
provided that for each share of preferred stock the owner would be entitled
to receive $100 in cash.
An alternative offer was made on April 22, 1937
providing for the delivery $105 of 5% promissory notes of New York State
Electric & Gas Corp. due March 15, 1938 for each share of such stock.
Under date of May 4, 1937 the holders of Empire Gas & Electric Co. 6%
and 7% cumulative preferred stocks were informed that the terms and con¬
ditions of the merger of that company with New York State Electric &
Gas Corp. provided that for each share of preferred stock the owner would
be entitled to receive $100 and $105 in cash respectively.
An alternative
offer was made under date of May 7, 1937 providing for the
delivery of
$105 of 5% promissory notes of New York State Electric & Gas Corp. due
March 15, 1938 for each share of such 6% preferred stock and $105 of such
notes plus $5 in cash for each share of the 7% preferred stock.
An application has been filed with the P. S. Commission requesting
authority to issue first mortgage bonds bearing interest at a rate not in
excess of 4% to refund the outstanding New York Central Electric
Corp.
and Empire Gas & Electric Co. 5, 5H and 6% bonds
totaling $9,364,500.
This application is now pending before the Commission.
Under date of May 4, 1937 the P. S. Commission authorized the issuance
of $5,000,000 of bonds (the rate of interest not to exceed 4%) to be used as
collateral for $3,500,000 five-year notes payable to Chase National Bank,
New York, issued to provide funds for construction.
The bonds authorized
will be sold to pay off the notes and the balance of the proceeds used for
standing stock is being converted), and 100,000 shares of authorized 5%
preferred stock having a par value of $100 per share.
The Commission
authorized the issuance of $8,507,800 of the above mentioned 5% preferred
stock of which $5,000,000 is to be used for construction and the balance
for the payment of indebtedness.
Statement of Income (Earning Power—Annual Charge Basis) Jot Cal. Years
[Giving effect to merger of New York Central Electric Corp. and sub¬
sidiaries and acquisition of Tracy Development Co.]
1937
to
Income Account for Calendar Years
Int. & divs. rec...
The following issues were retired:
above,
reflect
struction—Cr._.
Acting upon approval obtained from the Federal Power Commission and
New York P. S. Commission,
company proceeded to merge Elmira
Light, Heat & Power Corp. on Dec. 29, 1936, as of Nov. 30, 1936.
the
The securities
described
as
$73,021
$113,015
undistributed profits.—V. 144, p. 4354.
S. J. Magee, Chairman and C. L. Cadle,
President, state in part:
Since publication of last year's report considerable
progress has been made
in the program of consolidating the New York State
operating properties
of the Associated Gas & Eiectric Co.
Among the maior accomplishments
aro these:
ment
July 17,
securities
x$68,408
New York State Electric & Gas
State of New York.
Chronicle
—V. 145, p. 126.
(Charles F.) Noyes Co., Inc.—Accumulated Dividend—
The directors have declared a dividend of 45 cents per share on account
of accumulations on the 6% cumulative preferred stock, par $30, payable
Aug. 1 to holders of record July 26.
A dividend of 75 cents was paid on
April 26, last; 60 cents was paid on Feb. 1 last dnd dividends of 45 cents
were paid on Nov. 2 and Aug. 1, 1936.
Arrearages after the current pay¬
ment will amount to 90 cents per share.—V. 144, p. 2839.
Volume
(Minn.)—Weekly Output—
for the week
Power Co.
States
Northern
We maintain markets
States Power Co. system
Electric output of the Northern
increase of 5.3%, com¬
1937, totaled 24,257,744 kwh., an
pared with the corresponding week last year.
ended July 10,
May 31
Earnings for 12 Months Ended
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
(Incl^Subs.)
other income after tax
operating revenue &
depreciation
and
.
_
_
„
10,725,307
10,398,155
5,676,178
j
4,747.596
amortization of debt dis¬
& other income deductions
in
1st 5s, 1960
Missouri Public Service
$30,624,509 $29,257,845
Gross
Net
447
Chronicle
Financial
145
Net income after interest,
count & expense
YARNALL & CO.
—V. 145, p. 288.
A. T. & T.
Oklahoma Gas & Electric
Co.—Earnings—
1937
12 Months Ended May 31—
Operating revenues
Operating expenses, maintenance
i,107,918
2,265
Net oper. rev. & other income
tion for retirement reserve)
$6,110,183
$5,612,485
1,200,000
(before appropria-
1,025,000
Appropriation for retirement reserve
$4,910,183
1,980,704
327,915
39,586
(net)
of debt
and expense
discount
deductions
Other income
145, p.
held
with Fed. Res.
U. S. Government securities..
Loans upon collateral
Co.—Dividend Increased—
dividend of 40 cents per share on
the
Investment
Earnings for the Year Ended
Miscellaneous
Dec. 31, 1936
Bank building,
$1,091,773
(bulk and case goods)
and
$223,273
47,420
profits from sales
Total
57,247
49,021
24,664
(estimated)
$139,761
Net profit
Balance Sheet Dec. 31, 1936
Liabilities—
Assets—
banks—secured..
payable—others..
1
$183,839
3,399
Accts. & trade accept'ces pay.
Inventories (at cost)...
Accrued Interest receivable—
equipment.
Accrued salaries,
(payable
at
Common stock ($1 par)
3,909
5,047
34,954
103,146
24,664
285,795
Surplus...
235,016
Funded debt............
and
time of
Other liabilities
Reserve for 1936 income taxes
withdrawal of whiskey from
30,261
9,919
warehouse)
Deferred charges.^_.
Organization expense
$958,0021
-
After reserve for
x
income taxes.
635,083
10,881
161,769
88,000
$210,453
119,934
$576,658
profit for the year
Dividends on preference shares
Dividends on ordinary shares
Net
119,934
150,000
Balance Sheet
$434,260
573,191
1,595,379
Inventories
April 30
Accounts
$207,679
1,484,682
Serial
1937
payable.
notes
pay..
Dividends payable
Investm'ts & accts.
1936
370,879
280,490
11,390
y750"666
200,448
Res've for Dom. &
other than
Provincial
87,189
98,653
current
Guar.
15,021,420 15,033,991
6%
Deferred charges to
due
132,663
103,146
operations
sub.
taxes
279,423
Pennsylvania RR.—Definitive
Peter Paul,
17,826,050
stock
1,998,900
7,500,000
6,726,400
1,998,900
7,500,000
6,435,088
$11,899,834 in 1936.
V. 143, p. 598.
y
17,826,050 17,203,848
Total
17,203,8481
depletion of $12,051,454 in 1937 and
Includes $150,000 current
serial notes payable.—
have declared
Co.—Accumulated Dividends—
a
cumulative preferred stock, par
on the 6% cumulative preferred
4356.
p.
Pan American
Airways Corp.—Initial Div. on
The directors have declared an
New Stock
initial dividend of 25 cents per
share on
capital stock, par $5, payable Aug. 2 to holders of record July 20.
The company's capital stock was recently split up on a two-for-one basis—
two new $5 par shares being issued for each old $10 par share.—V. 144,
p. 3514.
the
Panhandle
Plan
Producing
&
Refining
Co.—Assents
to
a
Pfeiffer Brewing
directors believe that the amended plan is eminently
of all stockholders," Mr. Jones states. "Under
provisions the company will be able not only to pay its indebtedness but
increase substantially its working capital which is essential to its further
"The officers and
fair and to the best interests
to
Co.—Sales—
Company's sales in June totaled 36,326 barrels, a gain of 41% over sales
in June, 1936, according to Alfred Epstein, President.
For the
six months ended June 30, 1937, sales totaled 132,768 barrels, against
126,217 in the corresponding period of 1936, an increase of 5.2%.
The company's proportion of bottled beer to total sold has increased to
75% in June.
This compares with 68% in both June, 1936, and January,
1937.
June, 1937, bottle sales were 17% over June, 1935, the company's
best year, Mr. Epstein stated.—Y. 144, p. 3515.
Phelps Dodge Corp.—New Director—
has been elected a director to fill a vacancy.—
V.
George N. Humphrey
145, p. 289.
Phoenix Securities Corp.—Resumes Dividends—
declared a dividend of 25 cents in cash and 1 /70th
share of Certain-Teed Products Corp. 6% pref. stock on the common
stock, payable Aug. 2 to holders of record July 22.
This is the first dividend
on the common stock since 1930.—V. 145, p. 290.
The directors on July 9
a
Pittsburgh Coke & Iron Co.
progress."
Since the court has
ordered a hearing for the consideration
19, Mr. Jones points out, it is of
tion of this plan on July
importance that assents
be on file on that
(& Subs.)—Earnings—
Ended March 31. 1937
depl.. Fed. & State inc. taxes, &c.,
but before any provision for surtax on undistributed profits. _
Earnings per sh. on 608,469 shares common stock (no par)
—V. 144, p. 3515.
of confirma¬
the greatest
date.—V. 145, p. 289.
$202,487
$0.29
Pittsburgh & Lake Erie RR.—Earnings—•
1937—Month—1936
1937—5 Mos.—1936
Railway oper. revenues. $2,191,706
$1,824,036 $10,337,434 $7,721,102
Railway oper. expenses.
1,662,633
1,330,733
8,437,830
6,280,613
Period End. May 31—
Net rev. from oper...
$529,073
$493,303
$1,899,604
Railway tax accruals
Equip. & jt. facil. rents.
142,853
Cr201,877
169,311
Crl82,844
780,090
Cr881,006
$588,097
$506,836
$2,000,520
Net ry. oper.
income.
13,644
73,894
73,530
$602,273
72,900
$520,480
91,244
$2,074,414
5,435
7,469
312,817
29,248
$1,759,747
311,660
$421,767
$1,732,349
$1,408,998
$0.61
$0.49
$2.01
$1.63
Total fixed charges
income
Net inc. per sh. of stock.
Note—Does not include accrual
ment Act.—V.
Cr889,353
$1,686,217
$523,938
Total income.
Net
$1,440,489
643,625
14,176
Other income..
letter to stockholders urging
stockholders.
its
6 H % cumulative converti¬
called for redemption on Sept. 15 at $110 a
Payment will be made at the Chase National
of New York.—Y. 145, p 289.
announced that 750 shares of its
ble preferred stock have been
share and accrued dividends.
Misc. deduc'ns from inc.
Urged—
them to sign and file their assents to
the amended plan of reorganization as promptly as possible, Roy B. Jones,
President, sets forth as grossly misleading and unfair, certain statements
contained in a letter sent out by a protective committee for common
In
Inc.—Preferred Stock Called—
Peoples Drug Stores,
The company
the distribution of new shares
Net inc. after int., deprec.,
dividend of $1.75 per share on the 7%
$100, and a dividend of $1.50 per share
stock, par $100, both payable on account
of accumulations on Aug. 1 to holders of record July 17.
Arrearages after the current payment will amount to $5.25 per share
on the 7% stock and $4.50 per share on the 6% preferred stock.—V.
144,
directors
held July 9 authorized an increase of
Earnings for 3 Months
Pacific Power & Light
The
Inc.—Stock Increase Voted—
Stockholders at a special meeting
company's shares to 250,000 from 100,000 and
two for one as of July 24.—V. 144, p. 4019.
of
After reserve for depreciation and
Bonds Ready—
July 12 announced that its 15-year ZM% convertible
April 1, 1952, will be ready for delivery in definitive
form on July 15, 1937. upon surrender of temporary bonds at the office of
the company, Room 1846, Broad Street Station Bldg., Philadelphia, Pa.,
or 380 Seventh Ave., N. Y. City.
To facilitate prompt delivery, all exchanges made by mail or express
should be forwarded direct to the Treasurer of the company at its Phila¬
delphia office.
The railroad also announced that the following issues will mature and
will be paid on July 15:
$566,000 4% series "E" equipment trust certificates.
485,000 4% series "F" equipment trust certificates.
—V. 145, p. 127.
The company on
218,680
759,300
1945
Earned surplus...
x
144, p., 288.
debenture bonds due
mtge.
6% cum. pref. stk.
Total
85,390
242,377
239,819,310 246,305,460
2,558,467
2,275,301
266,859,721 272,663,328
Total
gold bonds,
Common
contingencies
336,000
434,252
of 25,735
Bond int. accrued.
257,643
for customers.,.
8,400,000
12,000,000
2,584,549
406,756
336,000
184,535
354,770
....
-
Bank of the City
Liabilites
1936
1937
Assets
Cash
Acc'ts receivable..
!
and expenses.
Dividend payable
Miscellaneous liabilities
Letters of credit and accept, exec,
$90,519
$306,724
Surplus
Properties
$1,106,188
4,318
90,049
155,000
38,713
228,000
—
Prov, for Dom. & Prov.
.164,446
620,367
631,985
10,742
—
Bond interest
Reserve for building, taxes
1935
1936
1937
$1,486,098
Depreciation
Depletion
x
2220.
Ltd.—Earnings—
April 30—
Profit
rec.,
$958,002
Total
depreciation of $22,406.—V. 143, p.
Pacific Mills,
Years Ended
5,385
—
Total
com¬
Accrued taxes
Accrued storage, insurance
taxes
wages,
missions and interest
2,395
x259,781
8,400,000
12,000,000
2,799,883
-
24,663
within one year.
247,510
176,019
266,859,721 272,663,328
Undivided profits
Reserve for dividends
Reserve for
242,377
1,894,826
of credit issued
accepted, executed
Surplus
—V.
payable, amounts due
Mtges.
hypothecated,
securing $181,805 loans
vaults and equipment
7,436,335
5,318,118
635,822
354,770
;
Total
53,569
Notes
45,708
Notes receivable.
41,444,126
9,823,000
25,110,470
7,904,573
5,402,775
448,462
1,988,431
;
Deposits
Notes pay.,
$65,996
115,029
demand depos
Accounts receivable
38,765,808
of "cash balances in
assets
cSu'l-
$270,693
_
Selling expense
General and administrative expense.
Federal income taxes
32,417,469
Customers' liability account letters
868,500
Other income
38,393,287
37,952,828
9,424,000
Interest accrued
Cost of sales
Property, plant &
Dec. 31 '36
82,490,434 102,752,608
50,082,692 39,239,839
Bank
securities..
Commercial paper
Reserve fund for protection
trust
accounts"
Inc.—Earnings—
Owings Mills Distillery,
Notes receiv'le,
Lives & Granting
Call loans to brokers
paid since
Cash on hand &
July 22—V. 144, p. 3685.
Cash and amount of dep.
stock, no par value, payable Aug. 2 to holders of record July 26.
This compares with 30 cents paid on Jan. 27, last, and 25 cents paid on
Aug. 5 and on Jan. 27, 1936, this latter being the first dividend
Aug. 15, 1929 when $1 per share was distributed.—V. 144, p. 2840.
Gross
it does not
meeting to be
June 30 '37
common
Income sales
on
at a special
Assets—
have declared a
directors
The company stated that
at this time.
preferred.
Pennsylvania Co. for Insurances on
Annuities—Balance Sheet—
127.
Overseas Securities
The
134 of common for each
contemplate issuing any of this preferred stock
Stockholders will vote on the above proposal
$1,958,532
Net income
-V.
The company has notified the New
to increase its capital stock by 40,000
$4,587,485
2,224,888
375,360
28,705
5.561,977
income
Gross
Interest charges
Amort,
Inc.— To Increase Capital—
York Stock Exchange of a proposal
shares of 6% cumulative convertible
$50 par preferred stock and to change the present 250,000 capital shares to
common shares and increase them to 300.000 shares.
The new preferred
stock would be convertible into common stock at any time at the rate of
2,709
---1
Philadelphia
Park & Tilford,
$5,609,776
res've).
Teletype—Phila. 22
1528 Walnut Street
1936^
$12,791,011 $11,694,702
6,683,093
6,084,926
and taxes
(before approp. for retire,
Net oper. rev.
Other income
,
^
for excise tax account
39,089
Railroad Retire¬
145, p. 129.
(G. E.) Prentice Mfg.
Co.—Dividend Increased—
The directors have declared a
dividend of $1 per share on the common
stock, par $25, payable July 15 to holders of record July 1.
Previously
regular quarterly dividend
of 50 cents per share were distributed.
In
addition, an extra dividend of $1 per share was paid on Dec. 15, 1936
—V. 143, p. 3855.
448
Financial
Chronicle
Postal
Telegraph Land Line System—Earnings—
Period End.
May 31—
Tel. & cable oper.revs__
Tel. & cable oper. exps.
The
1937—Month—1936
1937—5 Mos.—1936
$1,976,845
$1,957,399 $10,022,761
$9,495,345
1,942,789
1,784,039
9,514,832
8,781,112
Net tel.&cable op .rev.
$34,057
4,000
78,213
$173,360
2,500
40,000
$507,929
28,000
392,376
$130,860
3,092
3,130
$87,553
18,428
$481,732
13,437
def$45,064
245,812
$133,990
236,583
$105,981
1,220,544
$495,170
1,176,623
$290,876
$102,593
$1,114,563
$681,454
ojaer. revs.
Taxes assign, to oper
Non-oper. income.
Deduc'ns from gross inc.
Net deficit
—V.
144,
4196.
p.
Pullman
warrants.
The registrant was incorporated on
July 6, 1937, and acquired as of
April 30, 1937, Cajo Co., Inc., which owned all the issued
and outstanding
capital stock of Republic Products,
Inc., Republic Pictures Corp. and
Arthur Realty Corp.
Co.—Earnings—
at
[Revenues and Expenses of Car and
Auxiliary Operations]
1937—Month—1936
v 1937—5 Mos.—1936
The prospectus states the shares to be
sold will be offered to the
public
$6.25, and the issuer is to receive $5.
The president of the
company is Walter W. Vincent, of New York.
Period End. May 31—
Sleeping
Total
Net
Reynolds Metals Co.- -Rights to Subscribe
car operations:
revenues
$4,659,696
4,489,112
Total expenses
$170,584
$28,110
$3,080,350
operations:
R. S.
The
$1,885,908
$168,698
146,937
$143,334
114,008
$895,358
717,188
$802,891
627,059
Net revenue.
$21,761
$29,326
$178,170
$175,832
$57,436
188,156
$3,258,520
1,529,993
$1,728,527
on July 2.
Pin-pose of the split
a
Storage
&
Warehouse
dividend of 75 cents per share
declared
on account
Rio Grande
Uncollectible oper.
166,346
$25,477
75,932
def$8,996
47,994
$249,072
390,238
$36,281
214,739
revs_
Taxes assign, to oper
Operating income
Non-oper. income
Gross income
Deduc'ns from gross inc.
$101,409
27,898
$639,310
140,684
$9,171
$498,626
$5 par.—V. 145.
Curb
Exchange has approved for listing 189,250 out¬
stock, $5 par, with authority to add to the
list,
issuance, 10,750 additional shares of common stock,
p.
291.
Rustless Iron & Steel
Period End. June 30—
Gross sales, less
returns & allowancesCost of goods sold
1937
March
April
May
971,527
831,967
June
Earnings for Period Ended June 30
prof, aft int., deprec.
(Including Subsidiaries)
1937—3 Mos—1936
1937—6 Mos—1936
$352,636
$249,942
$417,753
$235,028
$0.91
$0.65
$1.03
$0.54
For the 12 months ended June 30,
1937, earnings (after above charges)
$1,121,990, or $2.90 per share, compared with
$795,641, or $2.01
per share for 12 months ended June 30, 1936.
x After estimated
provision for bad debts and repossession losses for 1937.
Note—Above figures are exclusive of
company's share in the earnings of
Corp.
Federal surtaxes on undistributed profits have not been
deducted from
the profits shown above.
Such taxes for the full year 1936 amounted to
$35,010.
All figures for 1937
subject to audit and adjustment at the
end of the calendar year.—V.
144, p. 4197.
are
$1,782,602
730,293
853,284
bottling, &c
Net earnings from operations
Other income.
Provision for depreciation
_
-
*
Net profit
Dividends paid
$109,651
89,809
14,145
14,864
29,142
Miscell. income—net
$97,057
3,266
$447,200
10,886
$156,491
6,073
Total income
Int. on 1st mtge.
$254,013
$100,324
$458,087
$162,565
4,113
3,300
8,227
to F.
pay.
note
R. Bank__
Other interest
Amort, of exp. in
704
Assets—
Liabilities—
-
Rec. (less reserves $13,775)-Inventories
$37,073
80,944
Accounts payable
Notes payable
i48,913
Taxes payable and accrued-_
1936 Federal normal & surtax
Youngstown,
Ohio
Packaging and distrib. equip.
Property and plant..
1,313
129,200
*699,947
Other assets.-.-------
9,074
Goodwill—----------
1
Customers'
cash
$37,712
39,207
-
deposits
containers
6,065
107
Net profit.
on
24,089
30,220
515,000
122,304
110,050
187,522
—
Capital stock ($1 par)
Capital surplus
Paid-in surplus
Earned surplus
Total
$1,106,466
reserve
Accts.
$1,106,466
Exchange Commission
registration statement (No. 2-3287, Form A-l) under the Securities Act
of 1933 covering 1,316,000 shares
($1 par) capital stock including
shares of capital stock reserved for warrants and
warrants
purchase 261,000 shares of capital stock.
$844,107
receivable.
247,769
Fixed
457,646
in sub
261,000
entitling holders
1
96,255
32,460
1st mtge.
22,301
eral
805,569
6% note
Fed¬
Res. Bank.
Preferred stock.
Common stock
1
2
Total
$123,838
90,128
payable to
32,274
1,604,522
assets
1936
71,769
eral income tax.
144,756
813,119
nventories
assets
1937
$353,812
Accrued liabilities.
Reserve
for
Fed¬
$143,110
notes
Prepaid & deferred
Surplus
$3,541,795 $1,573,3851
Total
275,000
b625,000
a370"681
x847,311
1,547,649
681,279
$3,541,795 $1,573,385
Represented by 741,671 no par shares after
deducting 36 shares held
treasury at cost of $173.
b Represented by 25,000 no
par shares,
$1, after deducting 141 shares held in
treasury at a cost of $677.
y After reserve for doubtful accounts of
$9,061 in 1937 and $5,163 in 1936.
z After
reserve for depreciation of
$416,007 in 1937 and $516,056 in 1936.—
V. 144, p. 3851.
a
in
Par
Rutland
RR.—Earnings—
Period End. May 31—
oper. revenues.
oper.
expenses.
Net rev. from
ry. op.
accruals.
Railway tax
Equip. & jt. facil.
__
rents.
Net ry. oper. income.
Other income
Total income
Misc. deduc. from inc..
Note
1937—5 Mos.—1936
$1,483,070
$1,337,542
1,366,201
1,330,678
266,467
255,744
$44,469
19,125
Crl,213
$39,451
12,664
Dr2,156
$116,869
91,508
C/-9.175
$6,864
63,055
Crl ,667
$26,557
3,943
$24,631
11,906
$34,536
18,768
def$54,524
$30,500
$36,537
$53,304
1,898
170,793
def$20,216
2.530
171,908
$119,387
$194,654
384
334
34,373
$4,032
DoeS not inclUG.u
Act.—V. 145,
1937—Month—1936
$310,936
$295,195
34,148
Total fixed charges
ment
Republic Pictures Corp. of Del.—Files with SEC—
to
&
$134,122
Accounts payable-
hand
on
$389,421
Liabilities—
Cash in banks and
y
20,000
Sheet June 30
1936
Net deficit
Total
for depreciation of $208,412 —V.
143, p. 2066.
The corporation has filed with the Securities and
a
1937
215
63,900
$80,102
$218,409
Balance
Assets—
691
16,000
34,900
34,298
Reserves for contingencies—
774
connec¬
tion with 1st mtge.loan
Est. provision for Fed¬
eral income tax
Railway
Railway
Balance Sheet, Dec. 31, 1936
After
125,882
1,201
679
6,896
x
$199,026
15,791
70,868
34,298
Federal normal tax and corporate surtax
x
$312,718
161,289
2,305
$248,694
5,319
Patents
Government and State beer taxes
of
$625,659
63,951
86,443
1,245
Net profit from oper__
Invest,
Report—
Earnings for Year Ended Dec. 31, 1936
Net sales for period
Costs of manufacturing,
Scrip—City
$175,834
expenses
z
Renner Co.—Annual
Cash
$1,120,412
807,694
Selling, general & admin.
were
Frank
$2,162,362
1,536,702
$343,279
Gross profit on sales
$627,566
451,731
1936
$373,062
431,249
576,449
664,463
771,582
741,545
1937—6 Mos.—1936
$1,165,552
822,274
patent expenses
$439,911
540,923
677,442
864,436
& Fed. norml.inc. taxes
Earns. per sb. on 354,620
shs. coxhmon stock
-Earning
Research, development &
of—
Period End. June 30—
Corp.
1937—3 Mos. —1936
disc'ts,
Corp.—Sales—
January
February
no
"
common
Prov. for doubtful accts.
Reliable Stores
"
Corp.—Listing Approved—
York
upon official notice of
$85,362
4197.
New
standing shares of
$251,020
165,658
$73,510
income
$38,999
29,827
on account
participating class A stock,
of record
Pendleton, Inc.—Rregistrar—
Rome Cable
$153,865
42,456
73,333
5,000
81,706
42.489
70,739
5,000
dated
The Chase National Bank of
the City of New York has been
appointed
registrar for company's common
stock.—V. 143, p. 3855.
The
$448,669
under voting trust
agreement
stock, $1 par.—V. 144, p. 4022.
July 10.
This compares
.36yi paid on Dec. 1,1936; 20 cents
■
1934;
eb. 1,
of 31K cents per share were
paid
from Aug. 1, 1928 to and
including Nov. 1, 1930.—V. 144, p. 1975.
$1,830,559
1,676,694
$12,172
8,478
14,053
1,000
14,595
issued
common
Aug. 1 to holders
paid on April 15, last;
Roeser &
$59,674
8,494
12,602
1,000
29,090
expenses
12,1936, for
par value, payable
with 30X cents
1937—5 Mos —1936
$2,169,188
1,720,519
Exchange has approved for listing and registration
certificates
Riverside Cement Co.—Accumulated
Dividend—
Communications, Inc.—Earnings—
Net tel. & cable op.rev.
Other oper. revenues
trust
The directors have declared a
dividend of 25 cents per share
of accumulations on the
$1.25 cumulative
dividend of 30 cents per share on the com¬
stock, no par value, payable Aug. 2 to holders of record Dec.
26.
This
compares with $1.30 paid on Dec. 23, 1936 and 25 cents
paid on Feb. 1,
1936, this latter being the first payment made on the issue since
May 2,
1932, when 37
cents was paid, prior to which
regular quarterly distribu¬
tions of 50 cents per share were
made.—Y. 144, p. 3016, 621.
Total tel.& cable op.exp_
voting
dated Dec.
a
1937—Month—1936
$397,662
$349,571
337,987
337,398
Valley Gas Co.—Listing and Registration—
The New York Curb
the
mon
Period End. May 31—
Tel. & cable oper. revs._
authorized
working capital, &c.
Giving effect to the split, the company has
$1,500,000 in capital and
$2,203,810 in surplus.
The book value of the
150,000 shares now out¬
standing, using figures as of Dec. 31, 1936 is
approximately $25 per share.
Net income of Rhinelander
Paper in the year ending Dec. 31 was
$237,121
against $145,255 in the previous year.
Gross sales profit was
$824,098 in
1936 against $622,320 in 1935.—V.
126, p. 1521.
Railway & Light Securities Co.—To Pay 30-Cent Div.—
Tie directors have
Net
1, Folke Becker, President, dis¬
as
stock will be issued when there is
need for more
Co.—
$1.25 per share
paid on May 1, 1934.
A distribution of 25 cents was made on Feb.
1,
1933, and 50 cents per share was disbursed in the three
preceding quarters,
prior to which regular quarterly dividends of $1.25
per share were paid.
Effective with the current
payment, accruals will amount to $5.80 per
share.—V. 144, p. 2843.
Month
split 5 for
given
$100 par.
Through the five for one split, it now has
outstanding
150,000 shares of $10 par, the
remaining $1,500,000 being transferred to
It is anticipated that an additional
150,000 of the
was
p.
been
was
surplus.
The directors have declared
144,
on July 13 announced to stock¬
share at $17 for each 15 shares now held.
placing the firm in a capital position
favoraDle for the issuance of additional
stock, which is not now contemplated*
On Dec. 31, 1936 the
company had outstanding in capital stock
30,000
shares of
of accumulations on the
5% cumulative preferred stock, par $100, payable
Aug. 2 to holders of record July 15.
A similar payment was made on
May 1, last and compares with $5.45 paid on March 26
last; $2.75 paid on
Feb. 1 last, and dividends of 75 cents
per share were paid on each of the
12 preceding quarters.
In addition, a special dividend of
Net
one new
Rhinelander Paper Co.—Stock
Split—
$993,374
Quincy Market Cold
Accumulated Dividend—
—V.
proposal to offer
closed
$2,061,739
1,068,365
loss$10,881 loss$130,719
Operating income
—V. 144, p. 4196.
oper.
a
offering involves 64,019 shares and will be made to
stockholders of
July 23.
The rights will expire Aug.
12, 1937.—V. 145, p. 291.
Company's stock has
$192,346
203,226
Taxes accrued.
Other
Reynolds, President of the company
record
Total expenses.
R. C. A.
Additional
to
Shares—
$4,163,358 $25,772,361 $22,442,263
4,135,248
22,692,011
20,556,355
holders
revenue
Auxiliary
July 17, 1937
expects to realize net proceeds of $3,000,000 for
600,000
are to be sold
through Hammons & Co., Inc., of New York,
underwriter.
The proceeds will be used for the
repayment of loans owing Consolidated
Film Industries, Inc.,
Setay Co., Inc., Francis J. Levine, and notes.
Of
the balance of tbe
total, $1,010,250 will be used for
working capital for
production and distribution purposes.
Of tbe total offering, aside from
tbe 600,000 shares to be
sold, 225,000
shares have been issued to Cajo
Co., Inc., 150,000 shares to Consolidated
Film Industries, Inc.;
80,000 shares to Setay Co., Inc.; and the
balance,
261,000 shares, will be reserved for tbe exercise of the
warrants which may
be issued to Hammons
Co., Inc. if it elects to exercise ail or part of the
$714,232
32,500
200,000
def$48,156
Uncollectible
issuer
shares which
prof.$l,830
atu
uai
1U1
caoioq
p. 130.
auuuuill
34,308
JV<U11U<IU
ACUl'tr
Royal Dutch Co.-—Dividend—
The Chase National
Bank, as successor depositary of certain
ordinary
stock of Royal Dutch Co. has
received a dividend of 11
guilders (Fl. 11 %)
for each 100
guilders (Fl. 100) par value of this stock held
by it, this divi¬
dend being the final
dividend over the year 1936.
The equivalent thereof
distributable to holders of "New York Shares" is
$2,105 on each "NewYork
Volume
Financial
145
This dividend will be
Share."
distributed on July 30, to holders of "New
of business July 16, 1937.—V. 144, p.
York Shares" of record at the close
4358.
...
10 & 25-Cent Stores, Inc.-
Rose's 6,
Month of—
January
February
-Sales—
$257,051
326,195
295,556
March
395,855
308,669
April—
May
369,566
422,319
350,704
397,643
June
352,044
338,465
—V. 144, p.
1934
1935
1936
1937
$317,107
1,1936—Balance, Dec. 31, 1936, $2,394,and security profits and losses, less
1936.
Net income, $685,631; net
profit on sale of securities, $2,719,641; less provision for normal Federal
income tax, $300,000; balance, $2,419,641; total, $5,499,770.
Dividends—•
Prior stock, $829,138; convertible stock (on account of arrears), $318,239;
profit and loss account from Jan.
498.
This balance includes all income
dividend distributions, from Jan. 1,
$186,000
$213,387
199,420
237.261
206,861
235.262
241,914
290,727
315,913
310,872
307,797
balance, $4,352,393.
Total, $24,987,641.
The unrealized appreciation of investments on
ducting provision for the normal
on Dec. 31, 1936.
233,004
Southwestern Ry.—Southern Pacific Co.'s
$18,352,577 Protested—
There was filed in the U. S. District Court in St. Louis, Mo. July 15 by
Harry Hoffman, of 30 Pine St., New York, attorney for a group of foreign
bondholders of the St. Louis Southwestern Ry., in protest against the
claim of the Southern Pacific Co. amounting to $18,352,578.
Originally the Reconstruction Finance Corporation had advanced to the
otton Belt $17,882,250 which the Interstate Commerce Commission had
conditioned upon the guarantee of the Southern Pacific Co., in considera¬
tion of the benefit which would flow to the Southern Pacific Co. as a stock¬
holder of the Cotton Belt.
The Southern Pacific Co. owns 97% of the
preferred stock of the Cotton Belt and 77% of the common stock.
The objections to the claim are based on several grounds.
One of the
grounds of objection is that the Southern Pacific dominates, owns and
controls the Cotton Belt and that therefore the claim should be treated in
the same way as if it were held by the Cotton Belt itself and not by a
stranger; another ground of objection is that in taking over the claim
from the RFC and paying the RFC for it, the Southern Pacific did nothing
than discharge its own debt.
The third ground of objection is that
the securities of the Cotton Belt pledged as collateral for the claim are
improperly pledged and should be disregarded; and a further ground of
objection is that whereas the RFC had reduced the rate of interest on the
loan to 4% the Southern Pacific, on acquiring the claim, had retroactively
increased the interest rate from 4% to 5%, and the protest states that in
any event this increased amount of interest
should oot be allowed.—
St.Louis
more
1,277.707
566,578
904,809
1,147,819
1,306,138
1,124,285
had 269 stores in operation on
ago.—V. 144, p. 4359.
The company
Seaboard Air Line
441,916
664,335
833,852
877,446
1,131,682
1,143.763
844,512
1,186,297
1,273,394
June 30, 1937, as against
Ry.—Interest—
guaranteed
Central
due
due Jan. 1, 1933, on (a) Carolina Central RR
consolidated mortgage 4% gold bonds, due 1949; (b) Florida
Peninsular RR. 1st consolidated mortgage 5% 50-year gold bonds,
The interest
first
&
1943, is now
being paid.—V. 145, p.
8,000,000
Mar.
125,215
13,380
9,475,000
Cum. conv. stock. 2,121,585
Common stock
2,093,334
9,475,000
2,121,585
2,093,334
24,987,642 22,483,909
JDr9,662,641Drl 525,905
Investments
Scullin Steel Co.—Earnings—
Net income after deprec.
and
but before interest
1934
$418,451
60,607
Servel, Inc.—Registrar—
$600,793
$479,058
76,500
80,000
55,542
$463,416
52,742
Federal tax—
conting—
surplus
$559,586
1__
surpl. adjustm'ts
1,209,893
Dr5,879
Net income to
Surplus balance Jan.
Sundry
$1,763,600
540,000
Total surplus
Dividends paid
Adjust, of reserves
stock.—V, 144, p. 3692.
of pref.
Shawmut Bank Investment
received...
$269,475
profit on secur. sold
JDrlO.395
91,327
132,689
loss25,109
$259,080
$297,462
$339,870
$193,059
x32,053
233.674
24,737
241,915
23,400
243,654
25,986
253,864
& divs.
Net
Profit....
operating exps.
including taxes
Interest paid and accr._
Current
?
Net
loss
from
opera¬
provision for Federal surtax on
int.
Accr.
29,*36
$50,972
$170,739
&
Accts.
divs.
15,605
a7,981
receivable
Accts. rec. for sale
284,854
4,748,639
&redemp. of sees
4,433,896
x
420,000
390,000
Crl44,356
$1,399,802
450,000
71,471
$1.41
$294,313
261,217
1936
$5,373
114,544
Accrued accts
$1.37
1935
$6,192
1,656,203
Capital stock
Surplus
80,000
97,983
80,000
3,000,000
1,223,600
1,647,106
Res.forgen.contg.
x After reserve of $6,653 in 1936 and
depreciation.—V. 144, p. 2675.
1,920
3,864,000
960,000
43,434
38,151
Interest
only.
Shippers' Car Line Corp.—Earnings—
[Including American Wolding Co.]
Consolidated Income Account
for the Year Ended Dec.
.$4,423,517 $4,394,068
$8,527 in 1935. y After reserve for
Total
i
$52,804
Net loss for the year
equip.
Securities owned
a
-
(cost)
Preferred stock in treasury
$910,802
3,866,537
60,000
14,310
1,776
1,425
Goodwill
375,367
90,673
Current assets
share of
1937
1935
1936
$54,091
$87,661
$171,357
1934
$174,646
Deferred assets
684,434
1,223
728,440
587,384
28,750
Dividends on $5.50 cum.
conv.
89,040
15,148
25,728
$580,727
$710,886
$627,285
stock—
Deficit-
829,138
318,239
$971,757
703,810
Statement of
1,105,978
Reserve
Surplus June 30,
$478,693
1937
This balance includes capital
sales of securities and excess of
Dec. 31, 1935. Income and
for
336,708
deprec.
of tank
1,226,974
cars
Reserve for deprec.
$5,320,892
Total
Represented
V. 134, p. 1389.
a
by 95 shares
of bldgs.,
306,405
contin¬
60,601
72,197
Signal Oil & Gas Co.
$5,320,892
Total
of Shippers' Car Line Corp.
1936
and royalties (net)
-$19,661,135
marketing, selling & admin, expenses 17,543,951
Income from sales
$2,117,184
Profit from operations
59,654
and other miscellaneous income
Income before interest,
$2 ,176,838
depreciation, &c
Interest
and expense
Depreciation and depletion
Intangible drilling expenditures
Prov. for loss on
on
—
uncollectible accts., less recoveries
abandonments
purchased and retired
Premium on debs,
Prov. for Federal
and"
Class B dividends
loss of Signal
State taxes
Net income
Class A dividends
paid
paid
at
cost.—
(& Subs.)—-Earnings—
Calendar Years—
Proportion of operating
sur$7,076
1,579,417
turing 1937 to 1945
Current liabilities
Surplus
Amortization of debt discount
1,552,484
152,289
gencies, &c_
Loss
Surplus, Dec. 31, 1936, $20,635,248.
surplus to Dec. 31, 1936, and net loss on
dividend distributions over net income to
48.726
A,
class B,
Reserve for bad debts,
$790,780
47,381
83,600
$461,746
prior stock
Divs. on
$857,015
60,434
112,008
36.097
26,836
$685,631
Taxes
$816,102
$100).^. $1,586,300
1,526 shares, and
100,000 shs, no par
Car
trust certificates other
car liabilities, secured, ma¬
Class
fixtures
Rentals, discounts
43,384
128,506
69,651
34,994
Interest
Dec. 31, 1936
Preferred stock (par
mach., equip., furniture &
Cost of sales,
$962,166
General expenses.
Service fee
29,078
234,574
depreciation
Furniture and fixtures
amounts of the corporation's prior stock.
Such purchases
37,250 shares of prior stock.
As of Dec. 31. 1936, net assets
were equivalent to $144.17 a share of prior stock and $35.58 a
convertible stock.
Income Account Six Months Ended June 30
901.501
6,574
101,560
profits
Provision for
Patents and dies
amounted to
corp.'s own stk. held).
income..
$495,023
35,429
147,185
scrapping of tank cars, machinery, &c
—
Interest and discount on car trust certificates and interest on
other car liabilities
Provision for Federal income tax and surtax on undistributed
on
Tank cars..:
of additional
Miscellaneous
$492,404
2,619
and discount earned
deductions
Miscellaneous
Land, bldgs., mach. &
Selected Industries, Inc.—Report—
of June 30, 1937 net assets of $49,213,560 before
but after deducting provision for normal Federal
income tax on unrealized appreciation.
This indicates a coverage as of
that date of $137.42 a share of $5.50 prior stock and $24.60 a share of $1.50
convertible stock outstanding in the hands of the public.
Bank loans on
June 30 amounted to $10,884,440.
Of this amount. $4,000,000 was bor¬
rowed during the second quarter of the year in connection with the purchase
Dividends (excl. divs. on
31, 1936
operations
Earnings from
Company reports as
deducting bank loans
Interest income.
$4,612,617 $5,100,072
Total
Liabilities—
37,204
38,319
2,333
3,605,000
960,000
Consolidated General Balance Sheet
366,964
$4,423,517 $4,394,068
Total
a
3,000,000
1,209,893
in¬
&c
Federal
for
capital stk. tax.
Senior debentures.
Note—Capital as represented by share capital of 75,000 common shares
of no par value; 44,105 (43,460 in 1936) shares issued and outstanding,
and 30,895 (31,540 in 1936) shares issuable on conversion of warrants out¬
standing.—V. 144, p. 4199.
42,500
88,561
374,075
Fixed assets
Prepaid taxes,
Prov.
$878,332
31
Accts. payable
35,000
74,179
$236,000
$1,850
surtax
Total earnings
Liabilities—
1935
Detroit
Other assets
$4,612,617 $5,100,072
Total
Loss
Balance Sheet Dec.
Trust Co.
surance,
$1,301,848
$1.48
-
y
$1,629,893
$1,209,893
1936
Cash
$197,869
x Accts. receivable
165,734
Inventories
1,882,137
Investments
1,656,203
Pref. stock
$410,674
989,128
$1.86
Assets—
payable for
purch. of securs.
Prov.
for Federal
Surplus
Cr29,878
$1,056,204
As adjusted.
Feb. 28,'37 Feb. 29,'36
Liabilities—
Feb. 28,'37 Feb.
Assets—
Cash in bank
78,048
$423,516
878,332
$444,293
xl. 155,722
$1,223,600
Surplus
prof$72,816
$86,793
undistributed profits.
$6,647 prof$30,808
tions of year.
Including $1,850
x
Earnings from interest
Earns, per sh. on 3b0,000
shs. cap. stk. (par $10)
Trust—Earnings—
'36 Feb. 28, '35 Feb. 28, '34
$206,135
$207,181 >
218,168
Feb. 28, '37 Feb. 29,
Years Ended—
Int.
Junior notes
,
'
for 1,794,061 shares of common
Trust Co. is registrar
The Manufacturers
1933
$385,368
Provision for
$98,663
$468,948
$106,727
$302,195
Securities
Dillon Co.—EarningsCalendar Years—•
1936
1935
Net inc. from operations
$597,855
$600,793
Miscellaneous income._
49,731
Prov. for
1937—6 Mos.—1936
1937—3 Mos.—1936
Period End. June 30—
Scotten
$647,586
88,000
41,230,412 38,406,780
Total
(incl. syndicate participations) owned on March 31, 1931,
are carried at the lower of cost or market at that date.
Subsequent pur¬
chases are carried at cost.
The market value of investments on June 30,
1937, was $9,314,201 in excess of the amount shown above,
y Represented
by 36,394 (9,450 in 1936) units allotment certificates and 63,706 (7,950 in
1936) shares $5.50 cumulative prior stock.—Y. 144, p. 3852.
x
Balance Sheet
•
Total income
prior
cum.
Treasury stock
38.406,7801
...41,230,412
Total
130.
Segal Lock & Hardware Co., Inc.—Contract—
The Segal Safety Razor Corp. division of this company has closed a
contract whereby the John H. Swisher & Sons Co. of Jacksonville, Fla.,
manufacturers of King Edward brand of cigars, will distribute to about
100,000 of their retailers in the United States the Segal safety razor blade —
V. 144, p. 4198.
1, 1939...
Due for secur. pur.
y
$357,430
$486,507
515,158
$478,982
611,832
811,059
1,190,423
1,279,334
1,231,582
1,202,744
1,323,238
year
507,297 $5.50
Surplus
1933
1934
1935
1936
$607,780
June
a
560,965
stock and 6,932 shares
1937
April
May
243
198,832
—V. 144, p. 4360.
Schiff Co.—Sales—
$681,079
633,294
1,094,763
due
loans
Bank
rec__
taxes
Month of—
divs.
&
stock
has authorized the listing of $15,000,000
4% sinking fund debentures, due June 1, 1947.—V. 144, p. 4358.
February
March
512,405
2,884,440
accr.
depos. for
(contra)
& divs.
divs.
York Stock Exchange
January
payable
576,576
loan—see'd. 2,884,440
17,395
251,410
135,496
&c
Special
V. 145, p. 130.
Inc.—Listing—
348,631
Bank
for securities
sold,
Int.
629,262
Int.
10,040
8,929
cost...x38,271,491 35,974,580
currencies
Rec.
exps.,
&c
taxes,
Deposits in foreign
Invest, at
for
Res've
1,647,167
$
$
Liabilities—
$
2,053,588
1936
1937
1936
1937
Assets—
Claim of
10-year
$6,664,103
June 30
Balance Sheet
Cash
Safeway Stores,
June 30, 1937, after de¬
Federal income tax thereon, was
less than
4197.
The New
449
Chronicle
136,025
16,365
441,761
138,734
190,865
167,294
2,075
Gasoline Co.
132,726
$950,992
230,331
66,051
1935
$13,873,825
12,912,470
$961,355
66,024
$1,027,379
137,141
11,056
387,284
188,915
145,513
45,950
9,170
13,000
$89,346
450
Financial
Chronicle
July 17, 1937
Consolidated Balance Sheet Dec. 31
Asset-a—
1936
Marketable
1935
$549,981
$208,415
79,162
5,000
1,173,129
Cash
1,041,833
554,425
176,044
securs.
N ote8 <fe accts. rec.,
less reserve
Inventories
704,943
Cash & securities
c
Investment
In
Gas
&
Liabilities—
Accts.,
36,887
2,505,450
Unsecured
(due
Total
-
500,000
260,475
236,281
114,811
420,850
-
Pur.
mon.
45.746
1,088,505
76,541
127,695
142,270
458,105
15-yr. 6H% conv.
debs.,ser. A, due
May 1, 1945... 1,739,000
1,852,000
b Capital stock
926,195
926,195
Surplus
533,345 defl46,661
Total
Reserves
278,240
reserve
I
Total
$1,342,149
for doubtful accounts of $11,834.
144,
p.
b After
reserves
(A. O.) Smith Corp.—New Vice-President—
Southeastern
Express Co.
Calendar Years—
from
JL
116,132
$3,405,812
3.249,428
$3,135,464
3,003,179
$2,905,116
2,768,986
$156,383
96,271
2,769
$132,284
95,719
1,204
$136,130
94,280
3,875
$57,344
4,118
$35,361
28,805
$37,975
15,358
$61,461
$64,167
3,333
$53,333
""479
"Y,461
$60,000
60,000
revenue.
Operating income
Other income
Exchange has approved for listing 215,000 out¬
$2,788,984
125,273
$57,410
3,069
expenses
Express taxes
Co.—Listing Approved—
$3,010,191
120,758
$3,903,567
3,705,140
•
Net oper. revenue
Uncollectible
$3,285,054
$198,427
139,856
1,160
V VJ-IUU.
Operating
1933
$4,325,552
1,536,568
$60,479
V/VUIJ,
1934
$5,059,591
2,049,401
$60,000
$67,500
67.500
$53,333
50,000
other
oper.
than transporta'n
ordinary stock of the par value of one pound (£1) sterling each.
The
equivalent thereof distributable to holders of "American Shares" is $1.23
on each American share.
This dividend will be distributed on
July 23 to
registered holders of "American Shares" of record at the close of business
July 16, 1937.—V. 145, p. 131.
1935
$5,519,548
2,234,494
117,896
.
_
$6,269,567
2,483,896
$3,785,671
i
Revenues from trans
Rev.
-Earnings—
1936
Charges for transpor
Express privileges—Dr.
of
standing shares of common stock, no par.
1937
1936
$154,126
$0.71
Net
^
before
other
deductions
Net
Co.—Liquidating Dividend—
inc.
Reserve for dividend
Miscell. deductions
$89,043
$0.41
—V. 145, p. 292.
Simms Petroleum
income
Approp. for dividend
' ::
The directors on July 15 declared a liquidating dividend of 50 cents per
share on the common stock, par $10, payable Aug. 3 to holders of record
60,000
Balance transferred to
reserve
Similar payments were made on April 30 and on Jan. 9, last
paid on July 29,1936; $1 on Jan. 27,1936; one of $1.25 on Oct. 18.
1935; and one of $10 per share on July 5, 1935.—V. 144, p. 3852.
for dividend
$3,333
July 26.
$1.25
Balance
was
Assets—
1936
1936
Gross profit
Sell., adm. and gen. exp.
Prov. for depreciation._
Operating profit
$263,786
146,014
63,383
Int. & other income...
$182,826
20,203
1934
1933
$195,507
122,520
57,727
$54,389
10,703
$87,426
89,561
45,897
$15,260
8,479
loss$48,032
9,203
$203,029
$65,092
$23,739
44,849
10,189
6,292
21,894
17,845
$147,992
79,790
$36,906
79,990
x$5,521
Net profit for year—
com. stk. (no par) —
Earnings
per
$0.46
80,000
$0.03
loss$38,829
1935
$144,893
26,719
Cash
Bonds
Accrd.int.
$151,173
37,064
Liabilities—
1936
Accounts payable.
$18,984
$5,439
17,766
wages
Accrued taxes
Surrender value of
1935
2,067
Accrued salaries &
285
on sees.
17,833
68,567
156,876
62,775
Sundry accruals..
986
9,851
1,690
111,011
Res. for Inc. tax_.
44,849
6,292
342
139
206,186
Properties
1,023,226
Unemploy. Benefit
J
129,152
1,064,584
life insurance
Accts. & notes
Acer. int.
rec.
Res.
on notes
receivable
Inventories
y
Trust
-Jl...
Fund
Def'dchgs.to oi)er.
Total
9,015
10,387
13,976
$1,640,784 $1,575,585
for
unempl.
benefits
x
9,015
Common stock
1,200,000
129,966
1,200,000
210,453
Dr 53
Total
60,680
common
have
Exp.
3,948
3,975
Est. tax
Bals. in closed bks.
8,193
9,781
Unmat'd divs. pay.
Rents & insur. paid
in advance.....
2,681
930
Other unadj. debits
4,492
3,434
declared
stock, payable Aug.
dividend
88.071
Unadjust.
12,336
credits.
Total
13,319
30,000
537,286
131,224
Profit & loss bal..
j.$2,443,171 $2,353,308
68", 189
156,473
liability..
647,820
131,224
.$2,443,171 $2,353,308
-V. 143, p. 1574.
Southern Kraft
Corp.—Earnings—
>
Income Account for Year Ended Dec. 31, 1936
Gross sales, less returns, allowances and
discounts—Customers.$29,532,614
Affiliated and subsidiary companies
4,421,743
262,909
Total sales and other income
Cost of sales.
$34,217,266
19,155,536
4,379,718
1,212,395
65,003
Outward freight and delivery expenses
Selling, general and administrative expenses
Provision for doubtful accounts
Balance
Interest to public
;
Interest to parent company
Amortization of debt discount and expense
$9,404,613
304,922
1,701,958
71,196
788,141
Depreciation
880,926
_
Net profit for the year
Dividends paid
$1,640,784 $1,575,585
$5,657,470
4,814,661
Balance Sheet Dec. 31, 1936
After depreciation of
y
Assets—
V
Liabilities—
Plants & props., deve». costs
a
1st
leasehold
&
gen.
mtge.
and other intangibles
of
50
cents
per share on the
15 to holders of record July 25.
A similar
a
Total
on empl.
priv. liabll..
Provision for Federal normal and State income taxes
Pay 50-Cent Dividend—
directors
Fed. taxes
72,372
280,604
Z>r5 3
Surp. arising from
appraisal valua'n
Treasury stock
Represented by 80,000 shares (no par) stock,
$890,490 in 1936 and $807,204 in 1935.
The
__
Earned surplus—
x
To
Misc. accts. pay..
96,352
8,490
228,183
226,083
Other income—net
Balance Sheet Dec. 31
1936
receiv'le
agencies..
4,702
288,897
224,180
wages payable..
113,827
73,553
Nil
Before deducting $3,234 provision for unemployment benefits in accord¬
ance with Wisconsin Unemployment Reserve and Compensation Act.
Assets—
bal.
from
373
x
■
Net
Misc. accts. receiv.
Material & supplies
80,000
$1.85
share—..
$1,000,000 $1,000,000
Traf. bals. payable
loss$51,261
Sundry charges
Capital stock
1935
Audited accts. and
12,433
Prov. for income taxes..
Shs.
$1,250,533 $1,209,681
797,703
779,710
4,318
5,378
Remit, in transit..
183,921
171,695
1936
Cash with treas'er.
1935
$457,859
199,156
75,877
31
Liabilities—
Investments
Calendar Years—
Dec.
Sheet
1935
Notes
Sivyer Steel Casting Co.- -Earnings—
payment was made on Dec. 26, 1936, and a dividend of 25 cents per share
paid on Sept. 10, 1936, this latter being the first dividend paid since
Dec. 1, 1930, when 50 cents per share was distributed.—V. 143, p. 4167.
was
$29,119,079
bonds, 4Yt.% ser. due 1946 $13,894,000
Woodlands, less stpge. credits
4,784,439 Pur. mon. mtge. note, due
Investments
1938 to 1942....
1,234,692
149,711
Cash
752,702 Accounts payable
908,122
b Accounts & notes receiv'le
4,735,033 Acer, taxes, payrolls & other
Inventories..
expenses
3,935,895
1,518,219
Deferred assets & expenses..
1,168,541 Accrued Interest
49,208
Serial obllga'ns pay. in 1937.
Six-Twenty Jones Corp.—Smaller Dividend—
Due to Internat.
The directors have declared
a dividend of 50 cents per share on the com¬
stock, no par value, payable July 7 to holders of record July 2.
This
compares with $1.25 paid on April 5, last; $1.35 paid on Dec. 22, 1936;
$1.25 on Oct. 1, 1936 $1.50 on July 1, 1936, and regular dividends on $1.25
per share previously distributed each three months.
In addition, an extra
dividend of 90 cents was paid on April 5, 1937; an extra of 75 cents paid on
Dec. 22, 1936 and one of 25 cents paid on Jan. 6, 1936 and on Oct. 2, 1935.
—V. 144, p. 2499.
parent
mon
30,000
Paper Co.,
company
18,678,643
Reserves
c
33,899
Capital stock....
Paid-in
Earned
Total
$45,730,382
7,000,000
2,764,582
surplus
surplus...
703,997
Total
$45,730,382
After reserve for depreciation of $8,697,474.
b After reserve for doubtfill accounts of $345,819.
c Represented by 100,000 no par shares.—V.
143,
a
Skenandoa Rayon
Corp.—Recapitalization Plan Effective
At meeting of directors
held July 15, the plan of recapitalization dated
April 27, 1937, previously approved by stockholders, offering holders of the
convertible preferred stock the right to exchange each share of such stock
for 1 4-10 shares of the new cumulative prior preferred, convertible series,
and $5.50 in cash, was declared effective.
The board of directors also approved plans for
increasing the productive
capacity of the Utica plant to 7,500,000 pounds per annum.
The cost of
this expansion is to be defrayed from working capital.—V. 144, p. 3693.
South Bend Lathe
Works—Earnings—
Income Account
$1,912,530
1,158,822
Gross profit
Selling, general and administrative expenses
Net profit from operations
Other income and deductions.
$753,708
401,351
-
-
Federal income taxes.
$352,356
Cr5,892
Surtax on undistributed profits
$358,248
50,750
20,250
Net profit carried to earned surplus account
Cash dividends paid
$287,248
156,000
for depreciation included as a deduction above
A stock dividend of 116,000 shares, which increased
stock to 120,000 shares of $5 par value each, amounting
$580,000 was paid during the year.
Note—The
provision
amounted to $33,510.
the outstanding
to
p.
3162.
Southern
Ry.—Earnings—
—First
Period—
Gross
Week of
1937
earnings
—V. 145, p. 292.
July
1936
Jan.
1
1937
to
July
7
1936
(est.)...$2,366,932 $2,397,693 $70,161,616 $62,142,954.
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility operating
companies in Standard
& Electric Co.
system for the week ended July 10, 1937, totaled
105,732,824 kilowatt hours, an increase of 7.8% compared with the cor¬
responding week last year.—V. 145, p. 293.
Gas
for the Year Ended Dec. 31, 1936
Gross sales, less discounts, returns and allowances
Cost of goods sold
Net profit before provision for
Normal income tax
for
3192.
Rudolph Furrer has been elected Vice-President in Charge of Engineering,
according to announcement by W C. Heath, President. R. F. Bell has been
elected to fill the new office of First Vice-President.—V. 144, p. 3693.
Co., Ltd.—Dividend—
6 Months Ended June 30—
Net profit after deprec., amort., Fed'l inc. tax, but
before prov. for surtax on undistrib. profits
Earns, per sh. on 215,000 shs. com. stk. (no par)—
9,522
2,500
71,000
600,000
558,153
Capital stock ($5 par)
$1,342,149
After
a
depreciation of $192,649.—V.
Chase National Bank, as successor depositary of certain
ordinary
stock of the "Shell" Transport & Trading Co., Ltd. has received a dividend
on the ordinary stock held by it of two shillings six
pence (2s. 6d.) per share
Curb
12,000
Earned surplus
The
York
and
wages
Prov. for Federal Income taxes
947,898
-
Si lex
17,600
salaries,
commissions
& other
$6,605,673 $5,524,8111
Total..
$6,505,673 $5,524,811
a After
reserves
for depreciation
and depletion and revaluation of
$6,474,706 at Dec. 31, 1935 and $6,386,126 at Dec. 31, 1936.
b Repre¬
sented by 143,957 shares class A stock and 41,282 shares class B
stock,
both of no par value,
c Fledged in connection with Federal income tax
litigation.—V. 144, p. 2675.
The New
Accrued
Accrued State and local taxes.
Accrd. Fed'l capital stock tax.
10,178
Property, plant and equip't
$71,373
credit balances and
deposits.
509,073
26,266
expenses,
(at cost)
b
obligations
Shell Transport & Trading
81,811
324,163
&c
Bonds and other investments
not
payable—trade
Customers
Inventories
Prepaid
487.641
Accounts
$112,417
(at cost)
obligs.
dates
Liabilities—
hand
on
Receivables
a
taxes (lncl. Fed.
determinable)..
500,000
Assets—
U.S. Treasury notes and bonds
Accrued interest &
marketing
contracts
Other assets
1935
Cash in banks and
income tax)
36,887
2,925,909
Deferred charges
1936
and
wages
royalties pay..-$1,417,152 fl,202,775
Purch. money obli¬
gations (curr.)__
95,024
111,056
re¬
lated oil co
Property
a
Balance Sheet Dec. 31, 1936
Standard Oil Co. of Ind.— Wins "Esso" Suit—
The suit of this company to enjoin Esso,
Incorporated,
Standard Oil Co. of New Jersey, from
using the trade
decided in favor of the Indiana company in an
a
subsidiary of the
name
"Esso"
was
opinion handed down on
The opinion decreed also that Esso, Inc.,
any other term derived from this company's name in the 14
July 9 by Federal Judge Moore.
is not to use
Midwest States in which Standard of Indiana is
operating.
The decision also awarded csots and
monetary damages* to Standard of
Indiana, the amount of money to be paid to the company by
Esso, Inc., to
be determined by a
Special Master.
The suit was begun in 1925 soon after
Esso, Inc., had opened three
gasoline filling stations at St. Louis, Mo.
In their advertising, the stations
specifically stated they were "not connected with Standard Oil Co. of
Indiana."
Judge Moore held, however, that the sign of itself was not
sufficient to prevent infringement of the rights of Standard of
Indiana.
Staunton B. Boudreau, a lawyer, was apponnted
Special Master to take
testimony and determine the amount of the damages to which the Indiana
company is entitled for infringement of its title.—V. 145, p. 132.
Volume
Financial
145
State Street Investment
6 Mos. End. June 30—
$948,399
56,187
169,607
Reserve for taxes
$375,825
15,325
92,000
""$268,500
$496,172
474,332
$323,876
7,000
75,360
$241,515
292,231
$685,678
50,000
$722,605
749,985
Divs. & int. received...
Expenses
1934
1935
1936
139,505
stock (par $1) on the basis of 25 shares of capital stock
(par $1), for each share of common stock (par $100).
,
„
_ nnfx
There is offered 94,325 shares of caiptal stock, comprised of 70,000
shares owned by J. F. A. Comstedt and 24,325 shares authorized but
unissued and to be sold by the company.
shares of capital
Corp.—Earnings.
1937
451
Chronicle
of Proceeds—Net proceeds from the sale of 24,325 shares of the
are estimated at $99,717.
used either to reimburse the company for ex¬
penditures made by it pursuant to existing commitments for raw material,
to purchase raw material pursuant to existing commitments or to purchase
additional raw material not covered by present commitments.
Use
capital stock
Net income
Dividends
sur$21,840 sur$268,500
$50,716
gain from sale of securities of $2,515,$631,488 in 1935 and $790,824 in 1934.
June30,'37 JuneZ0,'36 June 30,'35 June 30,'34
worth
$50,043,984 $49,208,083 $32,685,217 $24,146,632
of sh. outstanding._
499,990
471.749
477,150
373,075
worth per share
$100.09
$104.31
$68.50
$64.72
Deficit
$27,380
For the six months there
Such net proceeds will be
was a net
Net
No.
Net
—V. 144, p. 3021.
Liabilities-
Assets—
Notes and accounts
275,398
427,776
(net)
Inventories..
.
Accrued liabilities
Stecher-Traung Lithograph Corp.—To Split
Stock—
14 sent stockholders a letter telling of a proposal
stock four-for-one and to issue rights to stockholders to
7,780
Other current assets
to
split its common
subscribe to additional shares.
stockholders' meeting has been called for July 29 to increase the
authorized capitalization from 46,000 shares of no par value common stock
to 300,000 shares of $10 par value; to exchange the present outstanding
44,537 shares of common for 178,148 shares of new common, and to raise
additional capital by issuing rights to purchase one new share at $20 for
each 10 shares of new stock held after the four-for-one split.
Rights will
expire 30 days after issuance.
No change in the 7H% preferred stock, of which 11,591 shares are now
outstanding, is proposed.
Funds raised from sale of new stock will be
used for expansion and working capital, Charles F. Traung, President,
said.—V. 145, p. 132.
Fixed assets
10,598
566,652
(net)
6,510
6,558
Deferred charges
Debt discount & expense
1936
$276,360
382,800
March
428,000
401,000
April
May
485,253
718,113
Consolidated
464,579
June
1937
1936
—V.
$123,203
10,849
taxes,
144,
p.
$1.34
$1.27
$0.80
Thomas Allec
Interest
Loss
—
on
1
1934
$1,004,080
$366,152
$201,736
480,947
380,446
254,253
395,928
218,951
171,049
8,421
$843,199
414,865
228,278
197,590
8,661
Crl,018
42,309
~Cr984
CrT 176
CrT390
46,960
55,012
56,440
$40,305
$67,159
$61,245
Balance Sheet Oct. 31
$33,860
76,011
69,712
Accounts payable.
hand
206,362
$455,988
$357,044
81,745
132,841
•
15,181
10,506
commissions
2,889
Unemploy.Ins.accr.
Accrued real estate
in
&
6,292
6,075
mento
500
719
assets.. 1,037,970
Goodwill and trade
114,216
routes
1,076,732
31,247
24,786
a
$746,598
1935
$20,563
Accrued wages and
Sacra¬
estate
Sundry rec., &c
x375,065
1936
$20,221
Liabilities—
1935
$34,086
Investment in real
227,195
425,115
$1,910,141
Capital
Deferred charges..
personal prop¬
b Capital
9,456
10,365
erty taxes
250
250
150,000
150,000
1,300,144
169,277
Sundry
Note payable
114,216
......
1,300,144
stock
Operating deficit
__
194,270
18,239
$1,300,106 $1,326,317
a After reserve for depreciation of $554,534 in 1936 and $521,713 in 1935.
b Represented by 60,006 shares class A stock and 39,999 2-3 shares B
stock, all of no par value.—V. 142, p. 880.
1
$1,300,106 $1,326,317
Total
$1,535,076
Net income
$781,027
398,551
222,647
155,611
8,566
1936
Assets—
$129,848
sale of securities.
Earns, per sh. on
stock Cno par)
$751,050
372,472
212,966
151,584
8,357
$802,288
614
Accts. receivable..
1935
1936
re¬
Total income.
paid
equipment
Net loss for year.
on
(Exclusive of Canadian Affiliate)
1933
1934
1935
Cash in banks and
Superheater Co.—Earnings—
Deprec. & Fed. taxes...
on
Depreciation
outstanding.
F. W. Magin, President, reported shipments during the first half had run
considerably ahead of the like 1936 period. He added that incoming business
was continuing on a satisfactory basis.—V. 144, p. 3853.
of
1935
$230,984
$24,993
operations.
Collection & delivery
are
acquired company stk.
1936
$300,556
1936
Dyeing & cleaning earn¬
ings (less returns and
allowance)
Miscellaneous income—
Loss
1937
$332,340
Corp.—Earnings—
Years End. Oct. 31—
Administrative & general
Profit from plant oper__
Inc. from other sources.
ended Dec. 31, 1936.
$84,379
the exchange by nolders of the 123,222
a like number of class B shares. Des¬
ignation of latter shares was changed to common stock.
>
This action makes the company's stock capitalization 500,000 authorized
shares of $1 par common, of which 350,072 including 6,212 held in treasury,
sale
State and Federal
profit after all expenses and taxes
Plant
for
1937
$134,052
19,231
23,283
7,159
4025.
Stockholders at a special meeting held July 15 approved amendments to
on
$1,800,799
1,677,597
&c
goods sold and expenses
(James) Talcott, Inc.—Earningt
$74,892
articles of incorporation reflecting
6 Mos. End. June 30—
Ended May 1, 1937
Weeks)
Net income
1935
*
$118,998
Square D Co.—Capital Change Voted—
shares of class A preferred stock
$1,448,284
Total
(52
Year
Statement
Income
—V. 144, p. 2848.
$125,925
Earnings per share on 93,800 shares
capital stock (no par)
—V. 144, p. 3695.
Profit
322,787
Drl9,800
Undistributed profits tax paid for year
Federal
&c
taxes,
...
Earned surplus
Total income
Net
(S.) Stroock & Co., Inc.—Earnings—
6 Months Ended June 30—
136,825
412,892
surplus
Capital
6 Mos. End. June 30—
Net profit after depreciation,
replacement of rolls
Capital Stock ($1 par)
Gross profit
144, p. 4025.
—V.
Reserve for
Other income
427,524
....
.........
Funded debt
Gross sales, less discounts,
Cost of
379.728
565,622
.........
.....
Other current liabilities
$1,448,284
Total
Provision for income
1937
$338,300
405,974
38,917
12,928
243,000
10,191
—--
Income deductions
Inc.—Sales—
Month of—
January.
February
Notes
Capital stock in treas. at cost.
892
Other assets
A special
Sterchi Bros. Stores,
$38,800
251,742
payable, to banks
Accounts payable (trade)
$146,120
Cash and cash items
Other security investments
The company on July
1, 1937
Pro Forma Consolidated Balance Sheet as at May
895 in 1937, $4,081,706 in 1936,
$540,235
$323,148
$257,059
capital
....
x No
provision has been
profits.—V. 144, p. 3696.
$1.73
made for
$0.61
$0.37
$0.30
Federal surtax on undistributed
Tilo Roofing Co.,
The company reports total net assets at June 30 market prices of $11,256.731, amounting to $13.33 per share on the 844,157 shares outstanding
at that time.
This figure compares with total net assets of $9,061,386 on
the same date a year ago, giving a liquidating value of $13.64 on 664,350
shares.
Liquidating value at the close of 1936 was $14.45 a share.
The figure for Dec. 31 is after a dividend payment out of realized profits
of $1 a share and that of June 30, 1937, is after payment of dividends out
of profits aggregating 12 cents a share during the first six months of this year,
making a total of $1.12 in such dividends for the last 12 months.
Referring to recent payments of quarterly dividends totaling 15 cents a
share and comprising 9 cents from investment income and 6 cents from
realized profit, the second quarter report states that:
"Because of the Federal tax on undistributed earnings, the quarterly
the portfolio of this com¬
bear no significant relationship to total yearly dividend disbursements.
It is anticipated that the investment income to be received by this company
pany
during the last half of this year will be substantially greater
received in the first half."—V. 144, p. 4363.
than that
shares of common
p.3696.
Transeamrica Corp.—Stock
Transue & Williams
Period Ended June 30—
Williamsport, Pa.—Stock Offered—
Of the stock being offered
financing by the company.
24,325
shares represent
new
resulting from the merger and consolida¬
Sweet's Steel Co.
Its business
through re-rolling, accessories such
as ties, splice bars and clips, and steel posts, and the direct sale of concrete
reinforcing bars and equipment for bending and deforming bars.
Capitalization—Company has 6% 1st- mtge. gold bonds, due Nov. 1,
1942, issued and outstanding in the amount of $231,500 of which $500 is
The company is a corporation
tion in 1920 of West Branch Steel Co. and
consists of the manufacture of steel rails
held in the treasury.
Upon the completion of the financing contemplated by this prospectus,
and outstanding 130,000 shares
capital stock (par $1) and 60,000 shares of capital stock will be reserved
for issuance upon the exercise of warrants to purchase 60,000 shares of
capital stock.
By agreement dated May 21, 1937, with Amott, Baker & Co., Inc.,
company has agreed that upon the purchase from it of 24,325 shares of the
authorized but unissued capital stock by Amott, Baker & Co., Inc., it will
issue to Amott, Baker & Co., Inc., warrants (called "warrants of 1939")
to purchase 30,000 shares of unissued capital stock on or before July 1,
1939, at $7 per share, and warrants (called "warrants of 1942") to purchase
30,000 additional shares of unissued capital stock, on or before July 1,
1939, at $7 per share, thereafter and on or before July 1, 1940, at $8 per
share, thereafter and on or before July 1, 1941, at $10 per share, and there¬
after and on or before July 1, 1942, at $12.50 per share.
On May 1, 1937, the company had outstanding 4,500 shares of common
stock (par $100) representing capital stock liability of $450,000, out of a
total of 6,000 shares of common stock authorized.
On May 1, 1937, the
company had 3,000 shares of cumulative 6% pref. stock (par $100), au¬
thorized none of which was outstanding.
Of the 4,500 shares of common
stock of the company outstanding on May 1, 1937, the company held
273 shares in its treasury, and 4,227 shares were publicly held.
At a meeting held on May 6, 1937, the stockholders authorized (a) the
creation of 300,000 shares of capital stock (par $1) and (b) the change of the
there will be authorized 300,000 shares,
of
$188,388
43,303
72,409
$40,115
$136,180
$
1.340
3,255
$41,455
$139,435
12,000
3,000
28,000
5,000
$49,085
$38,455
$111,435
$69,971
$0.36
Fed.
$281,057
43,395
101,482
$61,085
Total income
$0.28
outstanding, into 112,500
$74,971
profit
share on 134,-
Earns, per
par)
ino
—V.
$0.83
$0.52
144, p. 3696.
Tri-Continental Corp.—Report—
reports as of June 30, 1937, net assets of $51,702,642,
bank loans and funded debt but after deducting provision
for normal Federal income tax on unrealized appreciation.
This indicates
a coverage of $4,511.57 for each $1,000 of bank loans and debentures and
$265.27 a share of preferred stock and an asset value of $10.32 a share of
common stock.
As of Dec. 31, 1936, net assets were equivalent to $4,735.89 for each $1,000 of bank loans and debentures, $305.64 a share of
preferred stock, and $12.89 a share of common stock.
Earnings for Six Months Ended June 30
Corporation
before deducting
1937
1936
1935
1934
$58,195
1,042,980
$110,655
670,268
$302,741
685,293
$299,645
536,098
6,574
273,061
240,176
1,223
129,828
39,308
101,858
$1,380,810
59,181
$1,021,100
61,120
$1,119,088
29,930
251,119
Interest earned
Dividends
265,709
196,972
$976,910
49,419
177,360
154,652
102,009
189,672
189,672
$592,263
$690,124
769,026
782,376
$560,458
782,376
Comm'ns and profits on
underwritings & synd's
Managem't & service fees
Total income.
Taxes
Expenses
Prior years expenses un¬
12,389
der-accrued
,
4,500 shares of common stock (par $100), then
i
72,676
2,295
income
taxes, &c_
Net
1937—6 Mos.—1936
$99,706
21,645
37,946
$59,560
1,525
Profit
Other income
Estimated
Steel Forging Corp.—Earnings—
1937—3 Mos.—1936
$127,325
21,696
46,069
Gross profit
Depreciation
Expenses.
Public offering of 94,325 shares ($1 par) capital stock was
made July 13 by means of a prospectus through Amott,
Baker & Co., Inc.
The stock is priced at $7 per share.
Distribution Voted—
held July 10 approved the distribution
approximately 58% of the stock of Bank of America N. T. & S. A. and
the reclassification of the corporation's 50,000,000 shares without par value,
both issued and unissued, into 25,000,000 shares of the par value of $2
each, of which there will be 11,590,784 shares issued.
The corporation owns
99.65% of the bank's 4,000,000 shares of the par value of $12.50 each.
The distribution, on the basis of one share of the bank's stock for each
five new shares of Transamerica stock, will be made with the cash dividend
on July 31 to stockholders of record July 15, 1937.—V. 145, p. 293.
Stockholders at a special meeting
of
__
Sweet's Steel Co.,
Inc.—Listing Approved—
Exchange has approved for listing 85,000 additional
stock, $1 par, upon official notice of issuance.—V. 144,
The New York Curb
Supervised Shares, Inc.—Asset Value—
dividends of many corporations represented in
Total
Interest
on
5% debs
Netprofit.
Pref.
divs.
declared
Common dividends
$915,859"
456,150
607,330
452
Financial
Statement of Surplus June 30,
a
1937
Surplus, Dec. 31, 1936.
$23,740,977
Income and profit and loss account from Jan. 1, 1936:
b Balance, Dec. 31, 1936
Net
2,121,311
915,859
1,595,976
Dr190,443
income
Net
profit
sale of securities..
on
Provision for normal Federal income tax
Total.
Preferred dividends
Common
dividends.
—
$28,183,680
456,150
607,329
_
Balance.
The
$27,120,201
unrealized
appreciation of investments on June 30,' 1937, after
deducting provision for the normal Federal income tax thereon was $7,501,973 less than on Dec. 31, 1936.
a This balance includes capital surplus to Dec.
31, 1936, and net loss on
sales of securities and excess
of dividend distributions
net income to
over
Dec.
and
31, 1935.
b This balance includes all income and security profits
losses, less dividend distributions, from Jan. 1, 1936.
Chronicle
Underwood Elliott Fisher Co.
Cash.
1937
$
4,565,862
currencies
Invs.
(incl.
9,209
11,984
and
844,439
958,167
478,575
1,574,100
against cash
Bank
se¬
loans
2,275,200
due
Sept. 30, 1938..
curities sold
Interest
404,670
dlvs. payable
partlc.) at cost.M1703,125 45,350,699
Spec. dep. for divs.
958,167
478,575
Receivable for
x
Due for sec. loaned
synd.
2,224
17,395
Funded
6%
328.428
348,731
receivable, &c_.
debt
47,590,093 49,655,1941
b The market
Total
value of investments
47,590,093 49,655,194
June
30, 1937 was in excess of
cost by $7,049,486.
c Represented by 2,429,318 no par shares,
d Rep¬
resented by 1,800 shares in 1937 (8,300 in 1936).—V.
144, p. 3856
Union Investment Co.
on
income
depreciation, interest, Federal
income taxes, &c., but before surtax on undis¬
tributed profit.
—V. 145, p. 294.
Union Oil Co. of
Profit
after
1936
Fed.
$148,410
$116,508
1936
$29,600,000 $32,500,000 $26,500,000
9,850,000
4,650,000
6,300,000
4,300,000
6,500,000
3,550.000
3,600,000
3,300,000
approximated 10,950,000 barrels, an increase of 750,000 barrels over the
Oil inventories which totaled approximately
25,600,000 barrels on June 10, 1937, were reduced about 950,000 barrels
first six months of last year.
from the total
on
hand at the first of this year.
oil inventories
Total
In the first half of last
increased about 1,900,000 barrels.
June 30 approximated $50,000,000 of which
and current liabilities $7,200,000, indicating net
were
assets
current
at
$16,400,000 was cash
quick assets of $42,900,000
or a ratio of about 7 to 1.
have
declared a dividend of 30 cents per share on the
$25, payable Aug. 10 to holders of record July 22.
Similar amount was paid on May 10, last, and previously regular
quarterly
dividends of 25 cents per share had been distributed.—V. 144, p. 2679.
stock,
par
Union Tank Car Co.—Purchase—
r'The company has purchased 50 shares of Products Tank Line, Ltd., of
Canada, at $100 a share, constituting 100% ownership, according to
statement filed with Securities and Exchange Commission.—V. 144, p. 3195.
United Aircraft
The
New
York
Corp.—Listing—
Stock
Exchange has authorized the listing of 12,400
making
additional shares (par $5) capital stock on official notice of issuance,
the total number of shares applied for 2,645,5743^ shares.
The directors
on June 28,1937, authorized the issue and sale to 12 officers
employees of 12,400 shares of stock at $15 a share, in cash.
corporation will realize from the sale of the shares aggregate net cash
proceeds of $186,000, less listing and registration expenses.
Net proceeds
are to be used by the corporation for working
capital and other corporate
purposes.—Y. 144, p. 4027.
and senior
The
United
Period End. June 30—
Dividends received
Current expenses
c
1937—6 Mos.—1936
$2,696,038
$5,098,857
102,829
xl59,609
$4,905,930
162,592
53,824
112,784
131,988
$2,662,670
1,866,521
(no par)
Earnings per share
$2,539,385
1,866,518
$4,826,464
3,733,041
$4,611,350
3,733,016
$796,149
$672,867
$1,093,423
$878,334
14,529,491
$0.06
14,529,491
$0.05
14,529,491
14,529,491
$0.08
$0.06
but does not include
any provision for estimated Federal surtax on undistributed profits.
The securities in the corporation's portfolio, which at June 30, 1937
were carried on the books at a cost or declared value of $581,285,157, less
a reserve for depreciation of securities of $350,000,000 (created by a charge
to capital surplus), had an indicated market vaule of $180,227,874 at that
date, based on current published quotations.—V. 144, p. 3024.
Includes estimated
Federal normal
income
tax,
accumulations
on
the
agent
for
30,000
shares
of
Foundry Co.—Earnings—
1935
1934
y$810,965
273,629
69,000
x$662,717
304,990
42,000
$1,199,239
$468,336
$315,727
$1.39
$1,356,859
$2.01
$0.22
Nil
taxes), and doubtful accounts,
y Excluding $11,895 in 1936 ($24,780 in
1935) dividends on preferred stock owned by company,
z This provision
to cover Federal income taxes for the period except for con¬
tingent liability of additional tax on undistributed earnings.
is estimated
Earnings for 12 Months Ended June 30, 1937
Total earnings after deducting cost of operating, maintenance of plants,
expenses of sales and general offices, provision for taxes pother than Federal
income tax) and doubtful accounts, $3,408,454; less, allowance for deprecia¬
tion,
$382,457; less, reserve for Federal income tax. $440,509; net profit
$2,585,488.
Depreciation provided for the six months ended June 30, 1937 was
approximately $76,000 less than the amount which would have been pro¬
vided under rates used prior to the fiscal year 1937.
This reduction resulted
from the adoption of depreciation rates allowed by the United States
Treasury Department in a proposed adjustment of income tax liability
for period.
for prior years.
Tnis provision is estimated to cover Federal income taxes for the period
except for contingent liability of additional tax
on
undistributed earnings.
—V. 144. p. 2502.
United States Steel
Corp.—Classification of Stockholders
Common stock of the United States Steel Corp. outstanding as of June 30,
8.703,252 shares while preferred stock amounted to
1937, amounted to
3.602,811 shares.
,
Of the common stock outstanding on June 30, 1937, 2,204.571 shares, or
25.33%, were in brokers' names, representing an increase of 45,277 shares
over the 2,159,294 shares, or 24.81%, held by brokers on March
31, 1937.
Investors common stock holdings on June 30, 1937. were 6,498,681 shares,
or 74.67%, as compared with 6,543,958 shares, or
75.19%. on March 31.
Of the preferred stock outstanding 407,133 shares, or 11.30%, were in
names on
June 30, 1937, an increase of 4,289 shares over the
402,844 shares, or 11.18%, so held on March 31,1937.
Investors' holdings
of preferred amounted to 3,195,678 shares, or 88.70% of the outstanding
issue on June 30, 1937, as compared with 3,199,967 shares, or 88.82%
held by them on March 31. 1937.
New York State Brokers' holdings of common stock as of June 30, 1937,
were
1,889,676 shares, or 21.71%, as against 1,848,144, or 21.24%, on
March 31, 1937.
On the preferred stock their holdings were 368,270 shares,
or
10.22%, on June 30, 1937. compared with 362,844, or 10.07%, on
March 31, 1937.
New York State Investors' holdings of common stock on June 30, 1937,
were 1,318,038
or 15.14%
as compared with 1,307,928. or 15.03%, on
March 31, 1937.
On the preferred stock their holdings on June 30, 1937,
were 1,308,065 shares, or 36.31%, as against 1,312,828 shares, or
36.44%,
on March 31, 1937.
Foreign holdings of Steel common on June 30,1937, amounted to 727,879
brokers'
shares,
or
8.36% of the issue, as compared with 726,217 shares,
held
on
March 31, 1937.
so
were
so
owned abroad
on
Of the preferred stock 73,925 shares,
1937, as against 74,804 shares,
June 30,
a
$1.50
dividend of 75 cents per share on account
cumulative class
A stock,
no
or
8.34%
or
2.05%
or
2.08%
held March 31st last.
June
Shipments—
See under "Indications
V. 145, p.
of Business
Activity"
on
a
preceding
page.—
136.
United
Stockyards Corp.—Earnings—
v
Net income of the 11 operating subsidiaries of this company for the 12
months ended .Time 30, 1937, was at a rate sufficient to cover this company's
annual bond interest 3.4 times and to leave a balance of 86 cents a share for
the 374,000 shares of common stock after providing for a year's preferred
dividend requirements, according to W. K. Wright, President.
The amount of net income of operating subsidiaries for the period
applic¬
able to United's annual bond interest requirements of $263,500 was $895,633
after giving consideration to all charges including tax on undistributed prof¬
its.
While actual figures on a strictly comparable basis are not available
for the preceding 12 months, Mr. Wright said that earnings of the 12 months
of the preceding three
years
by
a con¬
margin.
After estimated annual administrative expenses of approximately
for the 12-month period and annual preferred dividend
$70,000
requirements of
$304,000, the balance available for the
a
share.
The
share.—V.
common
stock is
on
a
common stock amounted to 87 cents
regular dividend basis of 50 cents a
144. p. 4202.
Universal Cooler Corp.—To Vote on Kelvinator Suit—
special meeting called for July 29 will vote on terms of
brought by minority interests to restrain Universal
of Nash-Kelvinator Corp., the 66,180
and 206,390 shares of class B stock
covered by an option which Kelvinator attempted to exercise on Oct. 10
last.
Terms of the proposed settlement will be contained in letters being
prepared for mailing to stockholders.
Universal Cooler now has outstanding 66,178 shares of the authorized
135,000 class A shares and 206,386 of the authorized 565,000 class B shares
of which the unissued portions are reserved for option except 135,000 shares
settlement
of
a
a
suit
from issuing to Kelvinator division
shares of class A convertible stock
of class B which
are
reserved for conversion of class A stock.
During Universal's fiscal
year
ended Sept. 30, 1934, it issued the options
for the class A stock at $4.65 a share and for the class B shares at 93 cents
a share
in connection with the raising of necessary additional working
Corp., Ltd.—Accumulated Dividend—
The directors have declared
of
Corp.—Transfer
After deducting cost of operating
maintenance of plants, expenses of
sales and general offices, provision for taxes (other than Federal income
Stockholders at
Profit for the periodShs. com. stk. outstand.
transfer
x
,
Net income
Preferred dividends
Machinery
is
1937
1936
—x$l,741,980 y$l,638,891
Allowance for deprec'n.
153,620
231,651
Res. for Fed. inc. tax...
z231,500
208,000
siderable
1937—3 Mos.—1936
$2,795,517
x82,773
50,074
Taxes
United
Co.
ended June 30 bettered the average
Corp.—Earnings—
r
x
Trust
6 Mos. End. June 30—
Cigar Stores Co. of America—New Director—
Boykin Wright, counsel for the reorganization committee for this com¬
pany announced on July 7 that Louis K. Comstock, President of the
Merchants Association of New York, had consented to serve as a director
of the new company under a reorganization plan approved last June 10 by
Federal Judge Alfred C. Coxe.
Mr. Wright explained that a common stock committee, represented by
Archibald Palmer, who had opposed the plan, had joined with the com¬
mittee favoring it in requesting Mr. Comstock to serve as director, thus
ending further litigation.
The board of directors of the reorganized committee, Mr. Wright said,
will be for the first year of its operation: Allen L. Woodworth, President
of the reorganized company; Peter Grimm, Milton Diamond, Gladden W.
Baker, Louis K. Comstock, Wallace Groves, Walter S. Mack Jr., Edward
A. LeRoy Jr., Ray Kramer and Joseph V. McKee.—V. 144, p. 3858.
United
Hoffman
1937.
30-Cent Dividend—
directors
Co.—Weekly Output—
5341% cumulative preferred stock .—V. 144, p. 3025.
resources
The
States
Manufacturers
The
reflected
common
2,906,000
$2.36
Agent—
Total current assets
a net increase of about $6,600,000 from Dec.
31, 1936, and cash
were about $4,700,000 greater than at last
year-end.
Drilling operations and additions to plant and equipment during the first
half of this year required a capital outlay of approximately $5,700,000.
Development of the Santa Maria field prospecting operations and ex¬
penditures in connection with the construction of a new crude distillation
unit and a 12.000-barrel cracking plant at the Oleum
refinery were the
principal items.
$6,878,000
2,906,000
$2.61
July 10, '37 July 3, '37 July 11, '34
80,505,767
86,848,985
81,721,796
Electric output of system (kwh.)
—V. 145, p. 294.
Net profit
1934
Net profit
...x$5,200,000
$2,000,000
$2,950,000
$300,000
Shs. com. stock (par $25)
4,666,270
4,386,070
4,386,070
4,386,070
Earnings per share
$1.11
$0.45
$0.67
$0.07
x Before provision for surtaxes on undistributed
profits.
Sales for the six months ended June 30, 1937, amounted to $38,350,000.
an increase of $8,750,000, or
29.4% over the same period last year.
Total
sales of oil products amounted to 17,950,000 barrels as
compared with 14,700,000 barrels in the first six months of 1936, an increase of 3,250,000
barrels.
Production, subject to royalty of crude oil and natural gasoline,
year
United Gas Improvement
Earns, per share on com.
1935
taxes,
interest, &c
Deprec'n, depletion, &c.
1937—6 Mos.—1936
$7,592,000
Total income
California-—Earnings—
6 Mos. End. June 30—
1937
Sales
.$38,350,000
Co.—Earnings—
1937—3 Mos—1936
earnings after all
charges but bef. taxes. $4,196,000
$4,228,000
United States Pipe &
1937
after
$2.08
undistributed profits.—V. 144, p. 3354.
Week Ended—
(& Subs.)—Earnings—
5 Months Ended May 31—
Net
$1,486,625
668,551
Net
United
Total
192,157
$657,964 x$2,576,409
668,551
733,084
$0.91
$3.51
outstanding (no par).
2,906,000
2,906,000
Earnings per share
$1.44
$1.45
x Approximate figures.—V. 144, p. 3196.
cum. pref. stk.
c
on
239,244
579,406
Shares of common stock
9,000,000
2,460,000
2,460,000
3,837,500
6,519,800
Common stock__ 2,429,318
2,429,318
Surplus
27,120,201 35,518,837
d Treasury stock.. Drl93,863
Dr870,975
divs.
Before Federal surtax
$1,918,026
241,824
82,371
Period End. June 30—
15
Res. for exp. & tax
Int.
accrued
and
3,470,888
Deposits In foreign
120,506'.,.
x$l,170,977
Shares common stock—
733,084
Earnings per share
$1.59
1936
Liabilities—
$3,397,639
$860,841
Net income
United Fruit
1936
$
1937—6 Mos.—1936
$3,338,077
$1,893,273
59,562
24,753
$1,563,458
120,912
271,569
Total income
Depreciation
Federal income taxes—
x
(&Subs.)—Earnings—
1937—3 Mos.—1936
$1,538,164
$847,218
25,294
13,623
Per. End. June 30—
Net after expenses
Other income
Balance Sheet June 30
1937
Assets—
July 17, 1937
payable Aug. 16 to holders of record July 31.
A similar dividend was paid
on May 15 and Feb. 15, last; one of $1 was paid on Nov. 16, 1936; 75 cents
was paid on May 15, 1936, and one of 50 cents was paid on Nov. 15, 1935,
this latter payment being the initial distribution on the class A stock.
—V. 144, p. 2680.
par
value,
capital to J. B. Ford, who later
Kelvinator.—V. 141, p. 4179.
assigned larger part
of his
option
to
Volume
Financial
145
Utilities Employees Securities
Balance Sheet Dec. 31
Co.—Earnings—
Assets-
Earnings for the 12 Months Ended May 31
$1,159,566
$855,667
24,673
7,295
$1,184,239
94,442
92,029
Interest
$862,962
61,917
91,580
Total
General expenses—
Provision for taxes
Interest
on
——..
Inventories
Other
408,466
470,081
$300,999
$527,686
Balance
$65,000
x$450,000
yl,627,000
2,346,150
3,859,360
Common stock
and
Income bonds due 1981
bonds (mkt .value at June
Income notes due 1981
cos.—stock
8, 1937—$14,604,120)- 10,476,818
Deposits for matured int. on
302,499
Subscr. to inc. notes due 1981
3,142
inc. bonds & notes (contra)
inc. bonds & notes (contra)
Cash
Matured
unclaimed
int.
on
3,142
26,576
260,089
Accounts payable
271,380
Int. & divs. receivable
Dividends declared
160,000
116,109
Taxes accrued
Interest accrued—.
83,630
———
14,766
Miscellaneous accruals
1,618,197
Reserve for guaranty fund—
469,000
Corporate surplus
Total
x
$11,076,428
$11,076,428
Total
Represented by 4,500 no par shares,
y
Represented by 1,000 no par
shares.
Note—The
company's liability for Federal income taxes for the period
from the commencement of business in 1931 to 1936, inclusive, is still subject
to final determination.
For the years 1931 to 1933, inclusive, the company
was
Gas
yll,468
83,147
800,000
192,379
264,153
Capital stock
Capital surplus
|
$1,750,913 $1,564,548
After
included in consolidated returns with other companies in the
& Electric System.
Separate Federal income tax returns
Associated
were filed
for the year 1934 and subsequently.
Under the
tions covering the years 1931 to 1933, inclusive,
Federal income tax regula¬
the companies included in
consolidated returns may be held? to be jointly and severally liable for any
deficiencies assessed against the consolidation.
Notice of assessment for
Federal income taxes with penalties and interest for the years 1931 to 1933,
inclusive, and excess profits taxes for the year 1933, aggregating $23,354,683, with demands for immediate payment and notice of tax liens addressed
to Associated Gas & Electric Co. and(or) the company and its subsidiaries,
have been served on Associated Gas & Electric Co.
The assessments and
assertions are being contested.—V. 141. p. 1952.
reserve
Includes
for
State and
Chemical
Chicago—Arranges for
Works,
President, announced July 14, that the company had
an
agreement with F. Eberstadt & Co., Inc., New York,
banking firm, covering the sale of 75,000 shares of stock, the
proceeds of which will be used for plant expansion, made necessary by the
increasing business of the company.
The company intends, in the near future, to file a registration statement,
under tne Securities Act of 1933. F. Eberstadt & Co., Inc. will subsequently
make a public offering of 150,000 shares, representing the 75,000 shares to be
purchased from the company, and an additional 75,000 shares to be ac->
quired from present stockholders.
The proposed offering represents the first public sale of stock in the
history of the company, its stock having been closely held prior to this time.
Upon completion of the financing, the company will have outstanding
696,000 shares of stock. It has no funded debt or preferred stock.
The company intends to apply in the near future for the listing of its
stock on the New York Stock Exchange.
Company is the largest producer in the country of high-grade phosporic
acid and phosphates for technical, pharmaceutical and food purposes.
It
also manufactures various other chemical products^including triple super¬
phosphate, ferrophosphorus, oxalic acid and formic acid. Its products are
sold to a wide variety of industries, including the food, steel building,
textile, fertilizer, oil, paint, pharmaceutical and chemical industries.
The
company is also introducing to the market several new products which have
been developed in its laboratories.
The company has shown substantial earnings for every year since 1924
and has paid dividends in every year since 1926. For the year ended Dec. 31,
1936, the company reported net profit of $810,379.
As of Dec. 31, 1936,
the company's balance sheet shows total assets of $5,778,137. with current
assets of $2,359,181, including $1,002,367 of cash, as compared with current
liabilities of $374,945.—V. 135. p. 315.
into
investment
Victor
Equipment Co. (& Subs.)—Earnings—
Consolidated Income Account for the Year Ended Dec. 31, 1936
1936
18,048
Net prof, on sale of secur.
37,405
1934
$16,215
26,700
deflll,613
—
Amortization of patents
Federal income and excess-profits taxes
$21,114
126,816
7,570
1935
$11,550
21,658
dividends
Dividends paid
$77,469
3,217
3,253
2,735
Total income
Interest
Regis. & transf. expenses
Other
18,061
expenses
Net
$29,598
5,196
8,018
2,934
12,637
74,488
Previous earned surplus.
Total earned surplus.
$124,691
$58,472
2,875,720
$812 loss$158,365
2,824,413
2,900,413
$50,203
income
$155,500
70,138
7,152
2,305
17,432
loss$68,698
65,176
7,975
2,303
14,213
$2,825,225
$2,742,047
$2,934,192
Collat. notes pay.
15,505
Accounts payable.
539
Acer. Int. & taxes.
4,242
Investment res've.
18,045,459
682
810
400,000
type of security, as
,101,427
/
payable during 1937
Promissory note & land
6,964
sundry
920
5,358
3,564
pur¬
51,268
chase agreement
——
2,999
Dec.31'32
362,210
81,029
208,111
116,919
Deferred credits-
and other
assets
Pref. stock ($5 par)
Common stock (par $1)
Capital surplus
Earned surplus since
$1,027,668
,825,225
"
After allow*ance for losses of
due after
Wabash
Assessment
worth, with break-down of investments according to
of June 30, 1937, and Dec. 31, 1936, is as follows:
30,1937-—
7o Total
J Jet Assets
Amount
$225,706
691,682
712,128
2,308,900
10,063
Investments—Bonds and notes.
Preferred stocks
Common stocks
Sundry
Total net assets.
$3,948,480
400,000
Deduct—Note payable
-Dec. 31, 1936
% Total
Amount
Net Assets
5.72
.25
100.00
3.88
$202,618
393,105
981,870
3,638,270
7,753
$5,223,616
17.52
18.03
58.48
7.52
18.80
69.65
.15
100.00
400,000
values as shown in the statement
of investments, amounted to $5.27 per share of convertible preferred stock,
compared with $7.16 on Dec. 31, 1936.
The decline of $1.89 per share in
net worth can be accounted for largely by the decline in market value of
three blocks of public utility holding company stocks in corporation's
portfolio which amounted to $1.57 per share.
Sales wrere made of each
of these items at close to the high prices registered during the period and
the proceeds were reinvested in other industries.
Corporation's portfolio contained 81 items on June 30, 1937, compared
with 55 on Dec. 31, 1936, after the execution of a program of purchases
and sales for better adaptation of investments to the current outlook.
A
comparison according to industrial classification for June 30, 1937 and
Dec. 31, 1936 is as follows:
Dec. 31, 1936
69.6
June 30, 1937
Percentage Invested in—
49.0
44.3
Industrials
most classes
5.2
Miscellaneous
1.5
1.4
of reorganization does not have
approved by the Interstate Commerce Commission, since the Wabash
Ry. is in equity receivership and not under Section 77 of the Bankruptcy
Act.
The plan provides, however, for issuing new securities, and these
must be approved by the ICC.
The plan provides for a cash assessment of $7 a share on the preferred
and common stocks outstanding.
Stockholders who pay this assessment
will receive $7 par value in 4H% income mortgage bonds.
In addition,
holders of the class A preferred stock will receive one share of new no-par
common stock; holders of class B preferred one-half share of new common
and holders of common stock one-third of a new common share.
to be
Class A preferred stockholders who do not pay the assessment will receive
a share of new common stock, non-paying holders of class B
-Earnings1935
1936
$2,003,819
Manufacturing expenses
§53,422
All other expenses
of
a
a new
common
831,969
L
,232,428
727,930
440,402
share and
non-paying common stockholders one-
share.
the plan would amount to $7,251,342 of
be $2,000,000 for new equipment.
The
other items include: $820,428 to adjust interest on bonds; $250,509 to
adjust interest on equipment trusts; $1,082,036 cash payments under the
plan; $1,850,000 reserve for option to purchase Hannibal-Moberly Line
(M.-K.-T.); $600,000 estimated reorganization expenses and taxes; and
$648,359 for working capital, <&c.
The Pennsylvania Co., a wholly owned subsidiary of the Pennsylvania
RR. owns approximately 48.8% of the total Wabash Ry. stocks and would
pay about $4,730,000 to meet the assessment.
If all stockholders pay the
reorganized company would receive $9,668,449 from the assessment.
The receivers, in their petition to the Federal court, state that "the
plan incorporates the suggestions of and meets the views expressed by
the committee representing holders of preferred and common stocks, of
Total cash requirements under
which the major portion would
which Tom K. Smith is Chairman."
The plan further provides:
The 1st mtge. 5% bonds of
794.
Brewing Co., Jeannette, Pa.
of security holders, with stated reservations.
Other Provisions of Plan
0.0
Calendar Years—
Filed—Provides Cash
It is understood that the proposed plan
29.0
Railroads
Gross income, less excise taxes
Plan
has the approval of representatives of
announcement states that the plan
ninth of
of June 30, 1937, based on
Public utilities
Ry.—Reorganization
of $7 per share—
one-third of
$4,823,616
$3,548,480
Dec.
The receivers for the company, on July 14, filed a plan of reorganization
with the U. S. Federal Court for the Eastern District of Missouri.
The
one-sixth
Net worth
$1,027,668
Total
$25,838.
b Consisting of conditional sales
31, 1937.
c After allowance for depreciation of
"1,529.—"V. 145, p. 137.
a
contracts
(without par value) issued and outstanding,
Net current assets
p.
& land purchase agreement,
38,354
315,412
45,541
14,894,482 18,115,675
Total
—-June
Victor
Plant and equipment
Patents at cost (less amortiz).
,719",262
y
A comparison of net
144,
Instalments on promissory note
b Notes receiv. with collateral
Total
Capital stock... 9,719,262
Capital surplus.._1
124,691
18,115,675
Convertible pref. stock
—V.
Taxes payable
462,000
673,381 shares at capital of $7 per share; common stock (without par value),
1,000,919 shares, at capital of $5 per share; and option warrants outstand¬
ing granting the holders thereof the right to purchase 1,000,000 shares of
common stock on or before Feb.
1. 1944, at $17.50 per share.
as
255,010
321,628
Inventories
c
$27,028
138,292
36,248
Accts. & accrued exps. payable
accrued
contracts,
int. & accounts receivable—
4,645,748
Earned surplus
Net worth
Notes,
Notes payable
7,266
14,894,482
Total
Liabilities—
$38,480
496
133
14,663,864
less
a
Deferred charges
53,768
Deferred accounts.
y
S
18,984
receivables.
Investm'ts, at cost
or
Consolidated Balance Sheet Dec. 31, 1936
Assets—
Cash in banks and on hand...
1936
$
Liabilities—
210,952
Cash in banks
Accr'd int. receiv.
Other
S
for Federal surtax on undistributed
profits.
Guarantee deposits
1937
1936
S
No provision is considered necessary
Patent applic. pending(at cost)
Comparative Balance Sheet June 30
1937
Assets—
$125,735
82,205
Net profit transferred to surplus
x
Taxes
$172,865
19,589
6,897
x20,645
& Federal income taxes
Depreciation of buildings and equipment
■Earnings—
1937
$18,406
6 Mos. End. June 30—
Interest received
Cash
Fi¬
August Kochs,
entered
Profit before depreciat'n, amortization,
Utility & Industrial Corp.
$1,750,913 $1,564,548
Total
depreciation of $409,662 in 1936 and $276,583 in 1935.
Federal income and capital stock taxes of $67,775
in 1936 and $9,229 in 1935 and $4,951 for State and Federal
unemployed
insurance tax.—V. 144, p. 123.
Ml
y
Victor
Preferred, $5 non-cumulative
Subs. co.—capital stockAffiliated
75,210
137,367
800,000
164,897
341,947
nancing—
Liabilities—
Investments—
Accrued items
23,461
1,291,728
1,280,860
Total
Balance Sheet May 31, 1937
Assets—
53,756
148,335
34.698
Fixed assets
x
Note—No provision is made in this statement, for Federal surtax on un¬
distributed profits, if any, for the year 1937.
44,732
Earned surplus—
income bonds, notes and subscriptions
thereto, and other interest
$186,760
Instal. notes pay..
Dep. for packages.
deferred charges
x
$159,643
Accounts payable.
and
assets
1935
1936
$42,378
58,646
$148,832
108,926
177,597
Accts. receivable..
Liabilities—
1935
1936
Cash
1936
1937
Income from investments:
Dividends
453
Chronicle
1934
21 1,526,058
513,390
x739,042
the Wabash, of which $33,891,000 are out¬
standing, would receive 100% principal in new 20-year first 4s.
The 2d mtge. 5% gold bonds of the Wabash, of which $13,993,000 are
outstanding, would receive 100% of principal in the new 35-year general
mtge. 4s.
All equipment trust certificates of the Wabash would receive 100%
principal in new 10-year equipment trust 3s, except that the equipment
trust of 1920, of which $755,400 is outstanding, would be paid in cash.
Receivers' certificates, of which there are $21,440,994 outstanding, would
25% principal in new first 4s and 75% in 60-year income 4)^s.
and general mortgage bonds, series A, B, C, and D of
principal in the 60-year income 43^s and
50% in 5% preferred stock of $100 par value.
The accumulated interest
on these bonds would be paid in full in new 5% preferred stock.
Including
unpaid interest, these amount to $79,906,677.
The 1st mtge. 4 % bonds of the Ann Arbor RR.. affiliated with the Wabash
of which there are $6,997,000 outstanding, would receive 50% in 20-year
1st 4s and 50% in 35-year general 4s.
A payment of $26,310 in cash is provided for the minority stock interest
receive
$273,624
64,000
$218,428
80,000
;
Surplus
Previous surplus
Prior years' adjustments
$64,095
$138,428
264,153
Cr340
Net income
Dividends paid
$64,095
273,909
y73,851
$209,624
64,285
$264,153
$0.08
$273,909
$0.35
Prov. for State & Fed. income taxes.
60,974
Surplus, Dec. 31
Earnings per share on capital stock—
$341,947
$0.26
I
x
Including
income
taxes,
y
Federal income taxes of $3,158.
Including
provision
for
1935
State
and
The refunding
the Wabash would receive 50% of
in the Ann Arbor.
held by the Reconstruction
$4,491,411 held by banks.
In their petition
All the receivers' certificates outstanding are
Finance Corporation excepting
454
to
Financial
the receivers say that these banks consider these securities
adequately secured and that "they feel that they are entitled to be paid in
full or to foreclose their lien upon the
pledged collateral or, if asked to
accept new securities, to receive only sucn securities as will provide a fixed
income of a market value equivalent to the face of their certificates."
Under the plan, the reorganized
company would have outstanding $6,795,000 in equipment trust certificates; $2,190,000 in Wabash-St. Charles
Bridge 1st mtge 4s; $350,000 in Wabash-Hannibal Bridge 1st mtge 3Hs;
$49,411,249 in 20-year 1st mtge 4s; $3,360,500 in 35-year 3Hs; $20,869,000
35-year general mtge. 4s; $53,915,587 in 60-year income mtge. 4^s; $49,773,177 in $100-par preferred stock carrying 5% annual dividends and
775,433 shares of common stock of stated value of $1 a share.
amount to
$2,426,202 annually, while sinking fund requirements would be
$539,156.
The sinking fund on the general mortgage would be $242,295
yearly, while provision, is made for an improvement fund of $1,000,000
year.
On the
basis
of
forecast
a
OF NEW FOR OLD
SECURITIES
-
''■}[<:\:'r
'
■Will Receive-
20-Yr. -35-Yr.Gen.-
Outstanding
Existing Securities—
$
Wabash RR. 1st 5s
Cash
33,891,000
Det. & Chic. Ext 1st 5s
1st lien term. 4s
Des Moines Div. 1st 4s
1st 4s
3 Ms
100%
100%
100%
c50%
1,834,000
3,000,000
3,555,000
Omaha Div. 1st 3Hs._
2d mtge. 5s
Deb. 6s
ser. B &
4 Hs
4s
Pref.
Stock
$55,279
4,230
1,772
b6,541
$42,287
3,761
12,385
3,250
loss$84,554
loss$9,235
13,750
Net profit
Previous surplus
Adjustment's prior
$42,735
449,193
Cr8,175
$22,891
428,196
£>rl,894
loss$96,734
524,930
Total income
Interest paid
deductions-.-.
Miscell.
Total surplus
100%
1st series 4s
(RFC) ..10,250,000
(RFC)..
906,583
(RFC).. 4,575,000
Ser. B4Hs (banks). 4,491,411
Serial 4s (RFC)
1,218,000
25%
25%
25%
25%
25%
--
....
$449,193
$428,196
$524,930
$463,504
$449,193
$428,196
$524,930
—-
75%
75%
75%
75%
75%
50%
Ref. & gen. 5Hs ser .A. 12,500,000
Interest
4,354,167
B..15,500,000
deducting cost of goods sold, incl. materials, labor, factory
and depreciation,
b Including provision of $652, for tax on un¬
distributed profits.
Balance Sheet, Dec. 31
Assets—
on
100,000 100%
$104,044
b Stockholders
1,176
817,864
369,500
425,599
463,270
&c
415,528
tax
6,541
Accrued
c
6,831
&c
Capital stock (no
par)
Earned surplus...
25,000
29,387
Total
$2,120,291 $2,133,353
.$2,120,291 $2,133,353
a After
reserves
for doubtful accounts, discounts, &c.t of $17,744 in
1936 and $22,850 in 1935.
b After reserve for depreciation and amortiza¬
tion of $674,920 in 1936 and $753,278 in 1935.
c Represented by 100,000
shares of class A stock and 200,000 shares of class B stock.—V. 144, p. 123.
a dividend of 50 cents per share on account
the $2.50 cumulative class A convertible stock, no par
on
Walkerville
Brewery, Ltd.—Earnings—
Calendar Years—
1936
Executive
b
..
salaries
fees
441
Profit from oper. before charging depreciation.
Miscellaneous income
$36,211
10,852
$3,136
7,493
$47,064
29,528
$10,629
29,475
$17,536
.
loss$18,846
b
50%
25%
50%
....
...
H share of
common
terminal bonds is subject to revision on a
of the properties under this mortgage.
Provision for depreciation
75%
....
Net profit for the year.
pur-
Balance
for each $100 of debt,
preferred A, preferred
on present
share
(no par) respectively.
Stockholders not paying assess¬
ment receive 1-3 share, 1-6 share and 1-9 share new common (no
par) for 1 share
of present preferred A, preferred B and common stock respectively.
c This allocation
of securities of new company in exchange for 1st lien
Assets—
principal
instalments
maturing
in
1936
outstanding equipment trust
certificates, may be paid off in cash, and the remaining instalments assumed
by the new company.
Interest Payments Permitted
of the Federal Court at
St. Louis, Mo., entered July 14,
primary jurisdiction in the receivership proceedings, the
authorized to pay up to but not exceeding 80% of the follow¬
1936
1935
$27,799
121,000
$67,352
Accr'd int. rec'le..
1,096
399
21,400
14,019
313
622
Cash
Sundry accts.
due on the dates stated
on
the
Liabilities—
rec.
(less reserve)
1936
expenses,
Advs. to exployees
Inventories
2,806
1,858
180,550
taxes
4,620
1,272,500
43,512
def4,487
7,893
Total .........$1,336,746
9,608
1,272,500
43,512
986,485
0:
1
12,175
Capital surplus...
500
969,104
$4,911
Reserve for Dom.,
Prov. & munic.
157,490
500
$3,076
&c—
b Capital stock
shareholders
1935
Accts. pay., accr'd
84,435
Advs. to officers &
$1,321,056
Earned surplus
8,048
Invest, in Brewer's
Warehous'g Co.,
Ltd
a
Land, bldgs.,ma¬
chinery, equip.,
fixtures, &c
Goodwill, trade
has
to become
Dec, 31
Dom. of Can. bds.
study to be made by an expert
in the aggregate amount of $1,433,000 and in 1937 in the amount of
$1,433,000 deferred to 1939 and 1940, respectively, under agreements between
the receivers and the holders of all of the
or
1935
$148,888
145,752
$232,597
190,944
5,000
a
b
paying assessment of $7 per share
ing amounts of interest due
1,499,300
449,193
Similar payments
made on April 26 and Feb. 18, last; Nov. 30, Oct. 15, Aug. 31, July 1,
April 25 and Feb. 15, 1936, and on Dec. 20, Nov. 15, Aug. 15, May 15
and Feb. 15, 1935—V. 144, p. 2503.
stocks receive $7 par value in income mtge. 4 Hs, and 1 share, H
present
1,499,300
463,504
2,816
v
25,000
26,906
3,250
salaries.
wages,
were
31,8001 $26,310 allowed in cash requirements to
chase minority interest,
the
53,794
Reserve for Federal
23,876
1,176
valu,e, payable July 26 to holders of record July 15.
and 1-3 share new common
alternative,
$125,000
40,070
&c.)
Walker & Co.—Accumulated Dividend—
a
6,997,000
200,000
Com.stock (min. int.).
9,000J
a One-half
share of preferred and
are
credit
Net profit for year before prov. for depreciation.
1st mtge. 4s
Receivers ctfs. (RFC).
Pref. stk. (min. int.)..
receivers
of
The directors have declared
....
1,589,142
66,951,475
1935
1936
pay'le
letter
Accts. pay. (trade,
3,105
680,881
of accumulations
69,580,150
Common stock..
court
20,591
266,657
287,883
2,792
89,757
Total
Ann Arbor RR.:
an order
(trade)
under
—.
600,000
Pref. stock A 5%
Pref. stock B 5%
By
Accts. rec.
Legal
(estimated)
which
Liabilities—
Acceptance
$150,595
Dominion, Provincial and municipal taxes
1st mtge. 5s
Unsecured general claims
d As
1935
$127,097
Cash in escrow
....
N. J. Ind. & 111.:
common
1936
hand.
Prepaid ins..taxes,
supplies, &c
50%
100%
50%
50%
100%
50%
50%
100%
50%
50%
100%
-
Interest
4,792,916
Ref.&gen. 4)4s ser.C.17,867,000
Interest
5,024,094
Ref. & gen. 5s. ser D..15,000,000
Interest
4,687,500
B and
After
a
expenses
&c
....
loss$22,985
531,514
Cr 16,400
$500,103
36,599
—
—Will remain undisturbed-
6,509
5,670
Surplus, bal. Dec. 31-
b Fixed assets
—
$415,376
386,758
Class A stock dividends-
Investm'ts,
755,400 100%
6,795,000 dWill receive 100% in 10-yr. equip, trust 3s.
Series A 4s
years
Goodwill.tr. mks..
2d series 4s
ser
loss$40,036
30.801
Inventories
Receivers' certificates:
Reg. & gen. 5s.
$28,618 loss$110,874
13,669
26,319
Accrued int. rec...
1st M. ser'l 3 ^ % notes
Will remain undisturbed350,000
Wabash Ry.:
■ •\
Other equip, trusts...
$43,251
12,028
Operating profit.
Other income
cos.)
100%
Wabash-St. Chas. Bdge.:
1st mtge. serial 4s
2,190,000
Wabash-Hannibal Bdge.:
Equip, trust of 1920-..
$352,489
392,524
a
100%
200,000
1933jnn
$345,613
456,487
Com.
Columbia & St. L. RR.:
1st mtge 4s
1934
1935
$438,275
395,024
Cash in banks and
5%
c50%
100%
3,160,500
Inc.—Earnings—
1936
Accts. rec. (other)
Accts. rec.
(affil.
13,993,000
200,326 100%
scrip
inc.
....
1,600,000
Tol. & Chic. Div. 1st 4s
Waitt & Bond,
Calendar Years—
Manufacturing profitSell., adm. & gen. exp-a
of this
year's operations, there would be a
deficit of $762,997 after these charges and before dividend
requirements of
$2,488,659 on the 5% preferred stock.
For the common stock there would
be a deficit of $3,251,656.
EXCHANGE
July 17, 1937
Prov. for Federal taxes.
Deficit After Fixed Charges
Fixed interest charges under the proposed plan would amount to
$3,232,527 annually, which, on the basis of estimated earnings for 1937, would be
2.07 times income available for interest.
Income bond interest would
a
Chronicle
the court,
names, tr.-mks.,
formulae, &c...
Prepaid expenses-
1
following mortgage bonds:
Date
Amount
First mortgage 5% gold bonds
May 1, 1937
Columbia & St. Louis RR. 1st mtge 4% gold bonds May 1, 1937
Detroit & Chicago extension 1st mtge 5% bonds. July 1, 1937
$847,275
4,000
46,100
Des Moines Division 1st mtge. 4% gold bonds
July 1,1937
32,000
First lien terminal 4% gold bonds
July 1, 1937
71,100
Toledo & Chicago Division 1st mtge. 4% bonds.. Sept. 1,1937
60,000
Omaha Division 1st mtge. 3j4% bonds
Oct. 1, 1937
55,309
Announcement will be made in due course as to when payments will
be made in accordance with the foregoing authority.—V. 145, p. 137.
a
After
for
(John Warren) Watson Co.-
1936
»
$1,053,695
863,306
Cost of sales
1935
1934
$1,235,903
999,122
1933
$895,421
747,409
$974,547
721,221
1935
1934
$79,407
120,206
$35,628
196,248
$54,392
15,043
28,456
$40,800
10,328
30,991
$160,620
expense
Net operating loss.
Other deductions
$97,891
39,239
$82,119
30,186
$231,446
$137,130
$112,306
$302,385
Cost of sales
Gross loss
Net loss for the year
Engineering, selling and
admin,
Balance Sheet
243,747
expenses
Net operating loss
Other income, less other
243,930
$53,359
$7,148
deductions
Federal income tax
9,661
223,819
196,357
$75,807 prof$56,968
12,396
8.840
10,764
Dr724
Assets—
$43,698
shares capital stock—
prof$4,523
Nil
$66,966 prof$67,733
$0.03
3 Months Ended March 31—
Net sales
Nil
1937
a
$132,904
44,918
1936
Cash
$91,852
Accts. rec.(less res.)
Notes receivable
.
44,547
1,572
.
Inventories
256,936
Oth. current assets
assets
5,571
222,958
319
3,552
2,670
(less
res.fordeprec.).
Deferred
$181,459
23,560
2,670
Investments
Fixed
1935
282,981
7,374
expense.
294,384
9,561
Liabilities—
1936
Accounts payableAccrued payroll.
1935
$2,205
$1,719
6,727
4,699
1,947
6,425
1,419
14,730
12,051
2,556
11,901
1,350
2,432
3,689
520,000
60,192
73,717
520,000
60,192
$688,253
$743,717
5,026
_
Accrued county
&
Federal taxes
Cust. & oth. credit
balances
Cust. dep. on order
Guar, deposits by
distributors
Other
cur.
liabll
Ties .—for conting.
Com. stk. (145,000
shs. no par)
Capital surplus
Earned surplus
1,282
Other assets
Plant & equipment
Goodwill & pats..
Deferred charges..
d Deficit
Total
10,644
3,949
78,388
72,032
e
63,359
53,439
1
-V.
143
$688,253
p.
3166.
$743,717
Total
1,555
931,678
390,000
Capital stock._.
2,860
913,004
390,000
''
-
1,419,478
Total
$1,687,049 $1,592,414
...
$1,687,049 $1,592,414
a After allowance for doubtful of
$1,300 in 1936 and $1,909
b Cash value of policies after deducting
policy loans,
c
equipment
used
in
operations,
d After deducting original
declared value of no par value stock of $26,350.
e The 200,000 no par
common shares and 450,000 no par deferred common shares are not
given
any value in the above balance sheet.—Y. 144, p. 469.
not
present
Weber Showcase & Fixture Co.,
Calendar Years—
Sales
1934
118,989
Other deductions (net).
$1,138,904
897,417
$241,101
6,831
$241,486
1,520
$239,009
251,225
Total gross profit..
adminis. & general expense
$1,280,959
1,039,858
$233,970
5,040
net.
Sell,
Net loss.
1935
$1,314,041
1,080,071
Cost of sales.
Rentals earned
Inc.—Earnings—
1936
net
.
Total
liabilities
debt
191,060
4,659
1,556,609
Funded
1935
$95,489
256,231
1
3,054
Deferred
?
1936
6,794
b Life insurance._
70,938
$107,585
Accounts payableAccrued accounts-
3,290
Inventories
49,171
31
Notes payable
$1,980
407
21,655
in 1935.
Machinery and
Balance Sheet Dec. 31
Assets—
Dec.
Liabilities—
1935
$94
Accts. receivable
1936
$191,668
38,718
Net loss after taxes and charges
$0.46
1936
Cash
c
Net loss for the year._
Earns, per sh. on 145,000
-Earning
1936
$70,665
125,056
Co.—Earnings—
Calendar Years—
Net sales
$1,336,746 $1,321,056
Total
depreciation of $224,804 in 1936 and $195,276 in
Calendar Years—
Net sales
Selling
Waco Aircraft
reserve
b Represented by 375,000 no par shares.-—V. 143, p. 2701.
1935.
$247,933
238,926
$243,006
233,152
loss$12,216
21,468
$9,007
37,463
$9,854
56,610
$33,684
$28,456
$46,756
Volume
Financial
145
455
Chronicle
Consolidated Balance Sheet Dec. 31
Balance Sheet Dec. 31
Notes,
*
&
$57,265
$27,770
410,489 Cust'ts deps., &c.
363,42/ Accruals
33,259 Res. for conting..
366,828
416,146
28,265
rec
Inventory
Inv. in leased equip
Deferred Income,-
Inv, In and adv. to
subs d ary
Other assets
7,343
547,231
538,476
4,084
522,624
Real estate
538,476
$2
Capital surplus---
214,156
229,670
1
Deficit
1,680
4,100
13,689
699,760
156,600
749,118
882,370
534,292
523,217
6,108
-
process &
patterns
Deferred charges-_
Notes
Notes receivable.
.
46,965
29,836
Accts. receivable
x
Insurance claims.
Accts.
rec'le
-
$2,130,588 $2,193,271
x After allowance for doubtful accounts of $60,000 in 1936 and $105,027
1935. y After allowance for depreciation of $363,269 in 1936 and $347,400
in
9,071
11,127
1,687
Props. & equip't
316,304
$652,544
After reserve
$5,637,378
4,520,717
$1,116,661
6,238
Gross profit
Bad debt recoveries
(net)
$1,122,899
20,570
Total income
Net
interest
and
discount
Depreciation
Estimated
141,897
-
278,652
taxes
Net profit—
Dividends
$681,779
—
x547,350
Including $33,530 declared in 1936, payable in 1937.
x
of $5,098
in
Western Grain Co.,
Earnings for Year Ended Dec. 31, 1936
-
-
_
222,645
413,887
41,954
222,645
413,887
44,490
$673,837
Total
x
Operating costs
.
35,054
1,387
428,001
y
The passing of
Total
$652,544
$673,837
1936.
y After reserve for de"
$131,688 in 1935.—V. 144, p. 2327.
1935 and
preciation of $189,294 in 1936 and
Waltham Watch Co.—Earnings—
(par
$1)
16,765
9,442
15,386
Misc. stks.& bonds
in 1935—V. 143. p. 2701.
Gross sales
12,691
7,600
Operating deficit-.
1,000
plane purchases.
Inventory of parts
20,536
inc.
Capital surplus
and supplies
Total
for Fed.
Capital stock
50,711
40,874
air¬
Prepaid expenses.
$2,130,588 $2,193,271
$40,331
10,035
taxes
air mail contract
on
$48,568
chases
Res.
Dept. under old
pay.
pur¬
Accounts payable-
U.S. Post Office
Adv.
1935
payable for
airplane
Accrued expenses-
from
U. S. Govt. sees..
Total
$82,400
1,854
48,219
$180,293
hand
on
1936
Liabilities—
1935
1936
Cash in banks and
1
12,238
equipment
Patents,
1st pf. stk.
Common stock
Bldgs., mach'y &
y
cum.
$2 cum. 2d pf. stk.
$125,000
88,031
7,214
1,937
3,000
10,852
699,760
156,600
749,118
882,370
Accounts payable-
contracts
accts.
$40,000
97,393
12,774
Notes payable
Assets—
1935
1936
Liabilities—
1935
1936
Assets—
Cash
Ltd.—Passes Interest on Bonds—
half-yearly interest due July 2 on the first mortgage sinking
announced in a letter to bondholders from A. C. Reid,
fund gold bonds is
General Manager.
"It is regretted that it was necessary to take this
unprecedented crop conditions which have de¬
The letter In part says,
course
but in view of the
veloped in the Province of Saskatchewan there was really no choice in the
matter.
At the present time the whole of the southern half of the Province,
as well as a large part of the central and western areas is a complete failure
and it is not anticipated that any grain will be harvested for market.
Unfortunately the majority of the company's elevators are located in
area.
Crop deterioration is extending northward from day to day
this
and
in the immediate future
conditions our elevators
are being closed where no handlings are available and all expenses as far
as possible are being eliminated."—V. 144, p. 2702.
unless timely rains and plenty of them are received
this disaster will continue to spread.
Under these
Balance Sheet Dec. 31,1936
$242,067
Cash
of Jan.
prior pref. dividend.—
Deposited
a
for pay.
8,382
Secured short-term notes and
529,362
loans
2,873,567
3,293
Trade accounts receivable
Other accounts receivable
657,678
Inventories..
Prem.
deposit
(at cost),
payable
City, State and Fed'l taxes—
1st mtge. 6% gold bonds, due
240,206/!
78,252
239,567
504,800
7% prior pref. stock (5,048 sh.)
3,418,800
6% pref. stock (34,188 shs.)
8,570 259 2-10 shs. pr. pref. stk. &
68 15-100 shs.
pref. stock
7,707
Wal¬
680 shs.
—
tham Nat. Bank pref. B
Deposits in closed banks
Common class A (no par), 10
held for cancellation
100
shs. at $10 (res. for empl.)..
b Plant
1,327,507
Prepaid expenses
c
Capital and capital surplus.
Earned
Dr25,192
(cost).
567,541
_
Trademarks, patents, &c
Operating revenues
Operation
Maintenance
Taxes
surplus
Net oper. revenues—
$59,031
Dr2,480
$48,613
8,974
$720,419
12,324
$654,348
51,972
$56,551
28,851
$57,587
28,897
$732,743
350,586
$706,320
349,616
$27,699
$28,691
$382,156
227,805
$356,704
217,958
$154,351
119,451
$138,746
119,451
$34,900
$19,295
Balance
Int. & amortization, &c_
Balance
$7,438.3341
Total
$7,438,334
Total.—.
415.
41.868& shares
Appropriations for retirement reserve..
Including accrued interest,
b After reserve for depreciation of $2,349,c
Represented by 25,000 shares common stock, class A (no par),,
and
a
common
Balance--
Preferred
stock class B (no par).—V. 144, p. 795.
a
have declared an extra dividend of 15 cents per
requirements.
dividend
Balance for common
Weisbaum Bros.-Brower Co.—Extra Dividend—
The directors
addition to
share in
quarterly dividend of 10 cents per share on the common
stock,
both payable July 23 to holders of record July 10.
Similar payments were
made on June 1, last.
An initial dividend of 10 cents was paid on March 1,
No provision
a
dividends and surplus—
Federal surtax on undistributed
liability for such tax cannot be determined until the
has been made for the
since any
end of the year.
profits,
The current payments are out of current fiscal year earnings, which,
according to Harry J. Weisbaum, Secretary-Treasurer, are currently esti¬
mated at $1.10 per share. Sales will probably run 30% ahead of the previous
fiscal year.
Company's "Beau Brummel," "Topper," "Palm Beach,"
and "Burton's Poplin" men's neckwear lines have all contributed to the
Tel. & cable oper. revs—
Western Union
•
Period End. May 31—
Total tel.
the company recently signed a two-year con¬
employees who are organized under the Committee for In¬
dustrial Organization.—V. 144. p. 3198.
Jan. 1, 1937, adopted the Federal Power Com¬
year's figures are not exactly
of accounts, hence previous
comparative.—V. 145, p. 138.
mission system
Mr. Weisbaum stated that
&
Telegraph Co., Inc.—Earnings—
1937—Month—1936
1937—5 Mos.—1936
$8,541,268
$8,067,219 $42,217,131 $38,772,782
cable oper.
7,392,596
expenses
6,517,930
35,329,663
31,806,860
$1,148,672
$1,549,289
$6,887,469
$6,965,922
42,707
460,689
56,470
331,815
211,086
2,333,135
1,647,838
$645,276
$1,161,004
92,072
$4,343,248
$5,046,675
tract with its
Welsbach Co.
"
1936
1935
1934
1933
$606,021
462,318
$480,046
383,375
$360,167
$386,357
308,054
288,160
Years Ended Dec. 31—
Net sales
Cost of sales
Gross profit
Sell., adm. & gen. exp-_
$143,703
149,391
$96,671
126,622
$52,113
115,443
$98,196
114,296
$16,100
13,894
$2,206
53,740
Other income (net)—--
6,154
$29,951
5.152
$63,330
2,307
Loss before fixed chgs.
prof$466
45,804
$24,799
62,965
$61,022
58,257
$5,688
Net loss from sales
Fixed charges
i
Uncoil, oper. revenues..
Taxes assignable to oper.
(& Subs.)—Earnings—
„
_
Note—The companies on
last.
advance in sales.
1937—12 Mos.—1936
$2,165,287
$2,035,849
1,079,669
1,112,867
115.976
133,740
185,855
a!98,260
Non-oper. income (net).
923,263
7,643
1,750,000
1937—Month—1936
$166,403
$162,958
80,236
88,225
11,482
10,196
al5,654
15,923
Period End. May 31—
$8,098,205
$9,391,358
(& Subs.)—Earnings—
Western Public Service Co.
119,159
Reserve for bond discount
Jan. 1 to July 7
1936
1937
1936
$252,842
$301,308
Gross earnings
—V. 145, p. 295.
1,145,500
1943
Reserve for taxes
22,457
Insurance Co
Inv.
33,530
Prior pref. dlv.
July
1937
5,727
Res. for bad or doubtful accts.
Mutual
with
First Week of
$187,180
Payroll accrued & accts. payInterest accrued on bonds
2
Maryland Ry.—Earnings—
Western
Liabilities—
Assets—
Operating income.-.
88,951
Non-oper. income
Gross income
562,700
615,303
$1,253,077
682,360
$4,905,948
613,286
3,074,975
$5,661,978
3,432,378
$120,942
$570,717
$1,830,972
$2,229,599
$734,228
Deduct, from gross inc.
Net income
271.409
Employees Association to Ask
10% Pay Rise—
Association of Western Union Employees has decided to ask the
for 10% increase in pay, shorter hours and restoration of sick
Based on present wage rate this would mean that employees are
asking for a 40-hour week and 48 hours of pay.
The company now gives 50% sick pay and the Association is asking for
full restoration on this score.
Just when this request will be made to the company is not yet known
but will probably be some time in August.—Y. 144, p. 4366.
The
company
pay.
$45,338
Net deficit for year
$87,764
$119,279
$55,946
Consolidated Balance Sheet Dec. 31
y
$7,682
36,874
$16,153
35,405
Accts. receivable
40
95
204,076
161,811
Notes receivable--
Inventories
36,178
36,178
3,310,236
3.305,299
Investments
Property & plant.
Deferred charges.
banks.
$250,000
$270,000
xNotes pay .U.G.I.
905,250
843,000
Notes pay.,
54,968
51,522
124,928
104,894
291,122
7,878
Other accr. liab's.
2,070,330
Reserves
1,225,000
7% pref. stock
255,619
Accts.
payable
5,995
3,012
3,600.569
3,600,569
_
Acer. int. U. G.
I.
4,702
2,072,269
Common stock
Total
$7,208,652
$7,151,521
3,500,000
1,225,000
3,500,000
Deficit
Goodwill & pat'ts.
1,220,825
1,175,486
Total
$7,208,652 $7,151,521
x Capital stock of Camden County Land Co., a subsidiary which owns
and buildings at a ledger value of $918,897 pledged as collateral,
Less reserve of $4,527 in 1936 and $3,118 in 1935.—V. 143, p. 2702.
land
y
West Shore RR.—Asks
Directorship Approval—
George Whitney on Juiy 3 applied to the Interstate Commerce Commis¬
for authority to be a director of th.s Railroad to which position he
was elected In April, and for general authority to hold the position of director
or officer of any of the carriers included in or affiliated with the New York
Central system.
He already is a director of the Central.—Y. 145, p. 138.
sion
Western Air
Express Corp. (& Subs.)—Earnings-
Calendar Years—
Operating and general expenses.
Depreciation
Net operating income
on sale of equip.
&
parts incl.
provided
Miscellaneous charges
Int. earned less int. charges
1936
$740,984
556,677
95,638
$88 668
1935
$586,989
495,295
71,109
1934
$379,209
468,444
62,348
$20 585 loss$151,583
Loss
19,100
reserves
32,448
l5~986
1,188
$8,188
Dividends
prof$50,697
55,661
$153,509
556,612
Deficit.
$4,964
$8,188
$710,121
Prov. for Fed. income tax
Loss
"2,077
Stock Exchange has authorized the listing of 5,814
stock (par $50) upon official notice of issuance
with the acquisition by the company of the assets, property,
business and goodwill of A. B. See Elevator Co., Inc. (Del.); making the
total amount applied for 2,592,155 shares.
By resolutions adopted at a meeting held May 26, 1937, the board of
directors authorized the acquisition of the assets, property, business and
7,600
New
York
additional shares of commo.
in connection
goodwill of A. B. See Elevator Co., Inc., in exchange for 10,000 shares of
common stock of the company. The shares of common stock of the company
so to be exchanged are 4,186 shares of common stock held in the company's
treasury and 5,814 shares of authorized, but unissued, shares of common
stock of the company. It is expected that the assets of the A. B. See Elevator
Co., Inc., to be acquired by the company, will be taken on the books of the
company at the book value of such assets on the books of the A. B. See
Elevator Co., Inc., as of the date of closing, including related reserves and
current liabilities.
It is estimated that such net book value will be ap¬
proximately $1,068,000 which value is in excess of the par value of the
common stock of the company to be issued in exchange for these assets.
The transaction will result in a credit to treasury stock account of $140,663, a credit to common capital stock account in the amount of $290,700,
and a credit to paid-in surplus equal to the difference between $431,363
and the net book value of the assets acquired plus expense of the company
in connection with such acquisition.—V. 144, p. 4031.
Wheeling Steel Corp.—Recapitalization
Approved—
Company's plan of recapitalization which provide for the elimination
the 6% preferred stock, was approved at a
special meeting of stockholders held July 14.
Under the plan, recommended by the board of directors, accumulated
dividends aggregating $9,157,128 on the 6% pref. stock will be eliminated
through the voluntary exchange at the rate of one share of new $5 prior
preferred stock and one-half share of common stock for each share of the
of accumulated dividends on
old
36.158
"Y, 384
Sundry income—Net
Westinghouse Electric & Mfg. Co.—Listing—
The
Taxes due and un¬
paid
Ad vs. to salesmen.
1935
1936
Liabilities—
1935
1936
Assets—
Cash
preferred stock.
The management reported that 73.3% of the pref. stock and 72.8%
the company was voted in favor of the plan, as
against 0.5% of the preferred stock and 1.2% of the common stock in
opposition.
It was announced at the meeting that preferred stock sufficient, in the
judgment of the directors, to warrant the carrying out of the plan had been
deposited prior to the meeting. The management announced that it would
recommend to the directors that the holders of 6% pref. stock who have
of the common stock of
456
Financial
Chronicle
their certificates be given an
opportunity to participate
board is expected to set Aug. 11 as the date
up to which
deposits of such stock will be
accepted under the plan.—V. 144, p. 4366.
Wieboldt Stores,
Balance Sheet Dec. 31
Assets-
1936
Cosh
Notes
a
1935
$118,143
Market, investm'ts
Inc.—Earnings—
&
Liabilities—
,
53 Weeks
.
$9,247
Acer, pay roll taxes
Acer. Fed. taxes_.
1,592
accts.
receivable
Year Ended
End. Jan. 30 '37
25,196
235,865
510,301
31,229
Inventories
Jan. 25 '36
b Fixed assets
$23,271,711 $19,991,210
22,111,698
19,551,573
Other assets
22,181
259,852
521,919
Other
$1,160,013
Cr32,696
Cr192,736
168,281
income
Interest paid—first mortgage note
Interest paid—W. A. Wieboldt
5}4 % sinking fund
bonds called Feb. 1, 1936
Reorganization
3,234
26,800
185,992
24,400
Provision for Federal income taxes
(estimated)
Surtax on undistributed net income
(estimated)
Net profit for the year
Dividends on $5 cum. prior
pref. stock..
Dividends on 6% cum. conv.
pref. stock..
Dividends on common stock
a
Including depreciation
Assets—
$
Common stock..
a
Jan. 30 '37
$
Liabilities—
431,192
8,517,219
141,400
b Inventories
Other assets
§5
7,590,298
cum.
993,103
510,235
263,387
3,831,500
85,358
2,931,125
3,391,537
Capital surplus...
118,022
Earned surplus... 1,075,145
e
Treasury stock.. Drl22,882
stock...
Cost of sales
Provision for depreciation
Profit from operations
3,391,537
214,272
Net profit for year
809,164
Z>rl21,900
depreciation
Assets—
on
Jan.
2, '37 Dec. 28/35
Liabilities—
a
Wolverine Tube
Calendar Years—
Gross profit (before
9,237
26,113
361,849
368,962
Accrued liabilities.
18 039
13,174
Provision for taxes
25 670
61,251
1,551
Investments
3,901
3,284,391
(book
assets
3,376,990
37,230
expenses.
$625,713
9,304
$226,345
11,054
$635,017
8,042
expenses
$500,667
274,322
$237,399
13,567
10,750
2,658
8,776
49,893
20,975
Other income.
Total income
Interest on funded debt
Bad debt provision
...
Other income deductions
Loss on capital assets
D epr eciation
Federal normal tax and
6,500
4,064
;
22,555
52,858
80,123
...
surtax on undistributed inc.
Net profit to surplus
Cash dividends paid on
preferred stock
Cash dividends paid on common stock
$460,874
26,568
due after 1 year.
per
share
1937
1936
$316,980
396,122
$246,278
115,297
$2.02
$0.77
,
Total
|
$3,983,175 $3,899,499
Total
Balance Sheet Dec. 31
Assets—
1936
Notes
in banks
$305,895
U. S. Govt, securs.
Other
marketable
$95,248
Customers'
5,231
Receivables....
Inventories
a
b Fixed assets
Deferred charges..
Other assets
Accts. pay.—trade
Metal contr'ts pay.
289,077
securities
1935
$100,000
$192", 907
2450.
p.
■1.
Accrued
46,676
56,243
854
Provision for
Provision for
27,409
Provision for
6,164
16,552
sundry payables
Employees' savings
deposits
Accrd. mtge.
interest
46,573
263
Accounts
$1,252,559
589,615
i
56,700
common
875
1,680
1,350
1,259
819
20,975
317
720
190,000
a
p.
Stock subscription
Capital surplus
surplus
Total
Wolverine Portland Cement
378,800
792,244
379,800
Calendar Years—
402,147
521,737
After
for
reserve
of
$242,610.
x
:....._
35,179
1,858,633
1,729,043
13,194
-
Total
$4,418,367
depreciation of $787,309.
b After reserve for amorti¬
c Represented by 332,960
no par shares.—V. 144,
Subs.)—Earnings—
*
1936
1935
1934
1933
$131,015
44,253
1,500
33,539
9,544
$100,909
31,366
4,143
11,051
3,617
$42,179
39,044
_
Bond interest
Bond discount
Provision for income tax
Previous surplus
Preferred
7,500
26,602
p.
4204.
$19,260
28,533
$21,103
$35,744
11,181
Cr5,000
8,750
def27,026
CY2.463
$28,533
$11,181
.
expenses.
Profit on operation before depreciation.
Other income
$108,682
38,888
15,122
_
$82,270
45,000
44,639
1,500
—
$148,528
45,000
1,500
58,285
$39,044
$63,722
Consolidated
Assets—
y
Balance
1935
1936
$773,133
$757,828
1
1
1,626
on
5,023
at
443,224
1st mtge. and coll.
2d mtge.
250,000
4,046
5,686
250,000
487,300
488,300
129,921
20,412
9,037
144,442
3,900
& collat.
Accts. payable and
900
683
accrued charges.
118,535
293,018
823,122
221,435
Bond int. payable.
Sales tax payable.
20,468
10,142
274,448
30,693
28,289
759,332
cash
surrender value.
1935
$250,000
443,224
trust 6s
Inventories
ins.
1936
$250,000
Common stock..
x
trust 6s
first
mtge. bonds
Cash
Life
31
Preference stock..
equipment, &c__
Discount
Sheet Dec.
Liabilities—
Ld. ,bldgs. ,mach.,
expenses
$66,327
33,977
15,807
8,750
8,000
Before providing for depreciation.
Prepaid & deferred
$324,614
258,287
1.500
—
17,500
Total surplus
Goodwill
1935
$430,824
322,142
years
dividend
Receivables
Bank
•
advances
Res. for inc. tax..
8,700
Surplus
$54,672
9,682
$16,542
7,399
$64,353
3,279
.
$23,942
2,896
49
13
Total
2,500
2,363
41,383
3,538
$11,240
18,607
$2,425
of
$1,926,541 $1,778,2801
63,722
39,043
Total
$1,926,541
$1,778,280
Represented by 80,545 no par shares,
y After
$159,188 in 1936 and $129,365 in 1935 —V. 145,
x
Earned surplus.
•
4366.
347,468
$699,882 in
1936
Cost of sales
Net profit.
36,309
368,616
other accrued liabilities.-...c Common stock
$4,418,367
Adjust, prior
664", 853
Co.—Earnings—
Net sales
Prov. for Federal income tax
—
$390,586
payroll
taxes
685,354
153,398
applications.
charges----...—
Zimmerknit Co., Ltd.(&
.$3,061,145 $1,882,774
Represented by 116,14816 shares.—V. 144,
expense.
1,247,126
Net profit
a After allowance for
doubtful of $20,788 in 1936 and $19,831 in 1935.
b After allowance for
depreciation of $701,467 in 1936 and
Bad debt allowance
and
Depreciation
No par com. stk.
Earned
Taxes—Coldwater plant
Depreciation
Accrued
87,830
Years End. Dec. 31—
Net operating profit.
cum. pref. stk.
tpar $100)
Total income
Accounts payable—trade
Accrued
265,000
c
Capital stock taxes
Exchange and collection
$441,134
1,008,099
782,232
b Patents & pat.
liability
$2 par com. stock,
Selling expenses
Administrative and general
hand._.
Builoings,
machinery
equipment dies, <fcc
2,650
1st mtge. notes...
c
$3.76
no par
note
90,419
7%
1935.
on
receivable
Land
zation
State taxes
|
stock,
Liabilities—
Inventories
108
savings bonus..
$1,882,774
common stock
17,069
Res. for employees'
..$3,061,145
......
Consolidated Balance Sheet Dec. 31, 1936
Total
&
group insuranceRes. for Fed. and
Total
\.
....,
Accrued compensa¬
tion,
,
$1,826,998
2,114
36,359
depreciation of capital assets
122,162
amortization of patents and patent applications.
77,121
Federal & Canadian income & excess profits taxes
254,104
Federal surtax on undistributed profits
82,579
Preferred dividends paid
Earnings per share on 332,960 shares
Unclaimed wages&
missions..:
'
$1,801,245
25,753
Goodwill..
1,044.815
■'
_
Provision for
Deferre
1,163,572
27,961
...
Loss on sale or disposal of capital assets
Expenses in connection with refinancing & listing
&
com¬
;
.
Profit
payroll,
bonuses
.....
Other income
a
386,009
,
Consolidated Income Account for the Year Ended Dec.
31, 1936
Gross profit on sales before provision for
depreciation
$2,162,541
Selling, general and administrative expenses
361,296
credit
bals. & advances
5,565
286,391
406,794
447 658
815,587
1936
pay.—bank
2,454,355
$3,983,175 $3,899,499
Youngstown Steel Door Co. (& Subs.)—Earnings—
Cash in banks and
Liabilities—
1935
hand and
on
2,269,078
3,600,000
a After reserve for
doubtful accounts,
b After reserve for depreciation
of $824,935 as at Jan. 2, 1937 and $835,435 as at Dec.
28, 1935.
c Secured
Assets—
Cash
111,675
2,408 546
Cap. Rtk ($100 par) 3,600 000
Deficit
2,472 209
Balance transferred to surplus
Common dividends paid
222,695
6 Months Ended June 30—
Net income after charges and Federal income taxes
Shares common stock
;
Earnings
$130,779
payable—
ferred) and int..
1935
$1,019,454
393,741
depreciation)
61, 749
Notes payable (de¬
s
1936
Selling, general and administrative
Accts.
c
20,987
by machinery pledged.—V. 141,
Co.—Earnings—
28/35
$375,000
c
R.
For the first six months
production was 49,628 units and total output
since operations began in
November, 1936, totaled 53,648 units.—V. 144,
p* 3524*
'37 Dec.
Accounts pay'le.
Accounts payable.
29, 704
155,665
Inventories
b Fixed
2
$200 000
$49,337
171,920
$49,889
Accts. receivable
Prepaid
Jan.
Bank loans
hand
values)
Willys-Overland Motors, Inc.—June Output—
$17,399 loss$173,633
Cash in banks and
reserves,
Production of Willys cars for June totaled
7,154 units, according to David
Wilson, President of the company.
Shipments of the new coupe,
production of which started about the middle of
June, are now running
about 25% of total
output.
loss$24,639
148,994
Condensed, Balance Sheet
14,769,663 12,907,782
Total
14,769,663 12,907,782
After allowance for doubtful of
$131,824 in 1937 and $129,814 in 1936.
b After estimated
purchase discounts,
c
After reserve for possible
price
decline,
d
After
valuation, amortization and
144, p. 2851.
$192,988
175,588
Interest and other charges
2,931,125
a
At cost.—V.
53 Wks.End. 52 Wks.End.
2, 1937 Dec. 28, '35
$2,425,470
$1,710,356
2,142,482
1,646,995
90,000
88,000
Jan.
Net sales...
Total
e
(Me.)—Earnings—
Period—
1,750,000
cum. conv. pf.
stock ($50 par).
Common
Machinery Corp.—Gets Navy Contract—
Jan. 25'36
prior pref.
stock (no par)..
122,781
$917,668
a contract from the United States
Navy
Department to furnish air conditioning and refrigerating equipment for
13 destroyers, 3 cruisers and 3 submaiines.
The equipment wili bo installed in the
navy yards at Brooklyn, Phil¬
adelphia, Boston, Norfolk, Charleston, Portsmouth, Puget Sound and
Mare Island.
V. 144, p. 2328.
43,967
131,761
6%
d Store property &
equipment
Deferred assets
$937,203
Total...
The company has just received
York Mfg. Co.
1,850,548
1,688,493
3,378,241 c2,773,439
356,262
297,675
Receivables
3,902
1,000,000
90,503
Products, Inc.—Sales—1
York Ice
$469,182
$
Accounts payable.
Accrued liabilities.
$917,668
77,966
1,000,000
__
After
Willson
$151,754 in 1936.
1,085,713
588,290
Other curr. indebt.
35,000
Long-term indebt. 3,821,500
Reserve
96,212
Tax antic, warr'ts.
359
The company reports total sales for
June, 1937, of $181,899, compared
with $134,113 for June, 1936, an increase of over
35%.—V. 144, p. 3356.
79,982
Sheet
Jan. 25 '36
520,340
5,652
__
$952,616
45,456
175,842
461,147
of $263,687 in 1937 and
Balance
Jan. 30 *37
Cash
68,496
20,272
20,237
20,578
expense
359
400
reserve for doubtful accounts and discounts of
$616 at Dec. 31,
1935 and $1,208 at Dec. 31, 1936.
b After reserve for depletion and de¬
preciation of $1,118,836 at Dec. 31, 1935 and $1,164,295 at Dec. 31, 1936.
c Represented
by shares of $10 par.—V. 143, p. 2870.
a
3,543
Other interest paid
Amortization of refinancing
expense
Premium paid on bonds called
$937,203
400
taxes
Operating deficit
Total
......
3,538
Dividend account.
$439,637
Cr35,276
Cfl83,256
$7,412
32
Res. for cap. stock
26,612
c
Nonprofit from operations
Adjustment of prior year's local tax accruals, &c._
1935
1936
$61,947 Accounts payable25,155 Accrued royalties.
16,469
•
Period—
Net sales (including leased
departments):
a Cost of
goods sold and operating expenses
1937
17,
July
not yet
deposited
in the plan.
The
reserve
p.
for depreciation
138.
Z. & F. Assets Realization Corp.—Futher Distribution—
Holders of participation certificates series B and series C are notified
that
the directors have declared a second dividend or distribution of
4% of the
amount of the outstanding participation
certificates, series B, and a first
dividend or distribution of 50% of the amount of the
outstanding par¬
ticipation certificates series O, payable forthwith upon presentation of the
certificates for endorsement thereon of said payment.
Payment will be
Volume
Financial
145
made upon presentation of certificates at the reorganization department
New York Trust Co., 100 Broadway, N. Y. City, the disbursing agent.
of
Corp. was organized pursuant to a
plan of composition and settlement offered by the firm of Zimmermann
<Sc Forshay to its creditors in bankruptcy proceedings brought against the
firm in 1923.
That plan provided that stocks, bonds or securities owned
outright by customers of the firm should be returned to such customers;
that the claims of all other customers and creditors should be stated and
after payment of the expenses there should be paid to each creditor upon his
claim a cash dividend of 40%; and that all other assets of the firm should be
transferred and assigned to a corporation to be formed, *or liquidation and
distribution pro rata among the creditors according to their claims as
liquidated; subject to the expenses of the corporation and of liquidation and
distribution.
In addition, the firm agreed to produce waivers of claims to
certain securities of an estimated value of $200,000 in the hands of the firm,
and to procure subordination of certain claims to the claims of other creditors
until a dividend of 50% in cash had been paid to such other creditors.
The
members of the firm also undertook to make an agreement with the cor¬
poration to pay separately over a period of years sums aggregating $100,000,
such agreement, however, not to be binding upon the estates of the members
of the firm.
The stock of this liquidating corporation was to be held by
persons nominated by the receiver from among the creditors, in trust for
the purpose, among other things, of exercising all voting rights and ap¬
The Z. & P. Assets Reorganization
pointing directors.
After this plan had been submitted to the creditors it developed that the
assets which could be quickly realized upon in cash were not sufficient to
enable the firm to pay the cash dividend of 40 % to the creditors as provided
in the plan.
Certain creditors, however, agreed to accept as a first dividend
20% of the amount of their claims instead of 40%, with the understanding
that the balance of the 40% dividend, that is 20%, would be paid as and if
funds for such purpose later became available, and before any further pay¬
ments were made to creditors whose first dividend amounted to 40%.
This plan was accepted by the required number and amount of creditors
was confirmed by the Court in the bankruptcy proceeding by decree
457
Chronicle
by this corporation out of the funds
that will remain after the present distribution is made, until certain con¬
tingent claims and obligations have been finally disposed of.
Nor can it be
stated now just what further amount will be available for distribution.
No further distribution can be made
NOTICES
CURRENT
—Formation
securities
of the
business,
new
of Lobdell
firm
&
Co., to conduct a genera
Lobdell and David S.
announced by Charles E.
was
Lobdell, formerly of Lobdell & Co., members New York Stock
Associated with the
firm will be John Herr, Anson
new
Exchange.
Haskell, Robert C.
Johnson, Edmond E. Green, John F. Markle, Robert F. Maine,
Stephen M.
Hart, Bernard B. Hope, and Harold N. Niles.
Philadelphia and New York Stock
—E. W. Clark & Co., members of the
Exchanges,
admitted to member¬
for the
he has been man¬
graduate of the Harvard School
that John H. Repass has been
announce
Mr. Repass has been associated with the firm
ship in the firm.
past nine years, during the greater portion of which time
ager
He is
of the statistical department.
a
of Business Administration.
—Bioren & Co., members of the
Philadelphia and New York Stock Exr
changes, announce that H. Clifton Neff, F. Lester Smith
and Charles S-
Schell, Jr., all formerly with C. C. Collings & Co., have become
with them, Mr. Neff in their investment
associated
department, Mr. Smith in charge
of their municipal statistical work and Mr.
Schell to handle their corporate
statistical work.
and
28, 1924, and this corporation was organized as the liquidating
corporation provided for in said plan, with 15 shares of capital stock (par
$100).
In November of 1924 this corporation organized by the election of direc¬
tors and shortly thereafter received from the firm of Zimmermann & For¬
shay and the receiver of that firm transfer of assets consisting of unmatured
real estate mortgages, securities, both domestic and foreign, mainly inactive,
and foreign currencies of undetermined value, accounts and notes receivable,
domestic and foreign, mostly overdue but not collected by the firm or the
receiver, claims in process of litigation and sundry minor items, including
a
small balance
of undistributed cash.
The aggregate nominal book
value of these assets as recorded in the books of the receiver amounted to
$5,735,862.
Between the date of confirmation of the plan and payment by the receiver
of the first dividend of 40% to certain of the creditors and 20% to the re¬
mainder, and the actual turning over to the realization corporation of the
assets mentioned above, a further dividend of 5% was paid by the receiver
to those creditors who had received only 20% as their first dividend, leav¬
ing these creditors with the right to receive 15% of the face amount of their
claims as allowed in the bankruptcy proceeding before the creditors who
had received 40% would become entitled to any further dividend.
The claims which were subordinated to the claims of other creditors until
dated April
dividend of 50% in cash had been paid to such
distribution to award holders funds sufficient to pay upon
these claims if
proportionate amounts paid to claimants
who have
finally allowed, the
same
received awards.
If these claims are disallowed, further payment out
of
its awards;
these withheld funds should be made to this corporation upon
but the amount, if any, will not be sufficient to make more than a very
distribution to the holders of the series B and series C certificates.
small
Any substantial payments upon these awards
reparation payments owing by Germany to the
will have to come from
United States.
PbThe series A certificates issued by this corporation have been paid in
full.
In addition, a dividend of 6% upon the series B certificates was paid
in 1928.
When the additional payment of 4% upon the series B certifi¬
cates and 50% upon the series C certificates has been completed, all cer¬
tificate holders will have received 50% of the amount of their respective
claims against Zimmermann & Forshay.
points off to
unchanged in the Santos contract, with sales of 21 lots.
The
points off, with transactions of
Both the Rio and Santos bolsas
250 reis off at
17.975 for July
were
easy on
Satur¬
Rio futures in Brazil were
and 17.050 for September.
The Rio spot price declined 300 reis to 18.000 and the open
markfet dollar rate held unchanged at 15.070 milreis to the
dollar.
The "C" contract at Santos closed 125 to 25 off at
22.775 for
ber.
July, 22.275 for September and 21.775 for Decem¬
The "B" closed 100 to 25 reis lower at 19.475, 19.475
and 19.375.
Havre futures
were
1 franc off to .75 franc
contract, with sales of 65 lots.
up.
points off in the Santos
The new Rio contract was
On the 13th inst. futures closed 5 to 3
of Whitehouse & Co., is now with the firm in its
of the firm of Charles W.
—Announcement is made of the formation
N. Y. C. to deal in municipal and cor¬
poration securities, specializing in New Jersey issues.
will be President and Russell G. Barber,
—W.
Hutton
E.
&
associated with them
Co.
as
Charles W. Barber
Vice-President.
William D.
that
announce
manager
Cambria, formerly
Brooklyn office.
Crim has become
of the Investment Department of their
Lothrop has become associated with their
Detroit office and Gilbert M.
Boston office in the stock department.
—John E. Sloane & Co., 41
Broad St., N. Y. City, Members New
York
Security Dealers Association, have issued for distribution a circular con¬
C. on eighty-nine rail
taining comparative figures as reported to the I. C.
road companies.
—Announcement is made that F. H. Peper formerly
has formed the firm of F. H. Peper &
with Stout & Co.
Co. with offices at 189 Montague
St., Brooklyn, N. Y. for the transaction of a General Unlisted
Securities
business.
•—Rudolph A. Avenius has been admitted as a general partner in
as a
trader for
a
Farson,
the
Mr. Avenius has been associated with
Son & Co., it was announced.
firm
number of years.
—George M. Spindler and Marguerite Spindler announce
of Spindler & Co. to conduct a
the formation
general securities business with offices at
120 Broadway, N. Y. City.
—Eastman, Dillon & Co. announce that Merle
associated
with them at their
R. Walker has become
630 Fifth Ave.,
Rockefeller Center office,
N. Y. City.
New
—The
Ltd.
York
announces
Office
Representative's
of Evers,
Paulding & Co.
R. H. Evers &
that the firm name has been changed to
Co., Ltd.
—Luckhurst & Co. announce that Mr. Herbert
Lax, formerly with Harder
Co., has become associated with them in their
&
—The firm of
Trading Department.
Henry Kemp & Co. has been succeeded by
& Co. who will continue the business at
Van de Wate1"
111 Broadway, N. Y. City as before*
Y. City, have prepared a
N. T. & S. A.
—Hoit, Rose & Troster, 74 Trenity Place, N.
special analysis of Bank of America
—J. N. Hynson & Co., Inc. announces
ciated with the firm in its municipal
that J. A. Andrews is now asso¬
department.
-—Rogers & Tracy, Inc., 120 South La Salle St.,
an
analysis on Arkansas-Missouri Power
—Seligman, Lubetkin & Co., Inc.,
tion of a direct private
Chicago, have prepared
Corp.
of N. Y. City, announces the installa¬
wire to Chicago.
—Schoellkopf, Hutton & Pomeroy, Inc. announce the
Fritz
as
election of Emdon
Assistant Vice-President.
—Alfred Benjamin has
become associated with William E. Lauer
& Co.
points lower at the close, with sales of 20 lots. The
opened 100 to 25 reis off at 22.675
for July, 22.250 for September and 21.675 for December.
The "B" opened 50 to 275 reis lower at 19.475, 19.300 and
19.175. The Santos spot price closed 100 reis off from July 7
at 22.400 milreis.
Rio futures were 50 to 150 up at 18.025
"C" contract at Santos
Friday Night, July 16, 1937
Coffee—On the 12th inst. futures closed 2
day and again today (Monday).
change firm of Alexander Eisemann & Co., and John
Barber & Son, Inc., Ill Broadway,
Philadelphia, has
Co.,
2 to 4
COMMERCIAL EPITOME
14 lots.
&
of the New York Stock Ex¬
other creditors amounted to
$177,308.
Participation certificates entitled series A, series B and series C were
issued by this corporation to the creditors of Zimmermann & Forshay in
respect of their claims as follows;
Series A certificates, to creditors who had received from the
receiver a total of 25% of the amount of their claims aft al¬
lowed, representing their right to receive an additional 15%
before creditors to whom 40% had been paid received any
further dividend, in the amount of
$485,476
Series B certificates, to creditors (including those to whom A
certificates were issued), other than those who had subordi¬
nated their claims until 50% had been paid, representing
their right to receive distribution pro rata according to the face
amount of their claims after series A certificates had been
paid in full, in the amount of
5,435,451
Series O certificates, to one creditor (Mrs. Leopold Zimmer¬
mann), who had subordinated her claims until all other
creditors had received 50% of the amount of their claims as
allowed, representing the right to receive 50% of the amount
of such subordinated claims after 50% had been paid to
other creditors, and thereafter to participate pro rata with
the other creditors, in the amount of
177,308
With the exception of the balances still payable upon the Mixed Claims
Commission awards against Germany, currently amounting to $311,870,
plus interest, liquidation of the assets received by this corporation hasbeen
substantially completed.
There still remain a few securities and a few
accounts receivable, some of which appear to be worthless and none of
which have any substantial value.
What further amount, if any, will be realized upon the Mixed Claims
Commission awards is uncertain.
There are still pending before the Com¬
mission certain contested and unsettled claims, and until these claims are
finally disposed of, the Secretary of the Treasury is withholding from
Rio contract closed 1 to 7
Fassler, formerly of Diffenderffer
•—Joseph
become associated with the Philadelphia office
for
at
at
to
July and 17.200 for September.
The Rio spot price held
market dollar rate was unchanged
15.070 milreis to the dollar.
Havre futures were 1.25
1.50 francs lower. On the 14th inst. futures closed 5 to 8
18.000 and the open
in the Santos contract, with sales of 88 lots. The
points higher, with sales of only
9 lots. The "B" and "C" contracts on the Santos bolsa both
closed 125 reis up to unchanged, but these advances were not
posted until after the close here. Rio futures were 25 to 175
higher at 18.050 for July and 17.375 for September. The
Rio spot price was 200 reis up at 18.200 milreis, and the
open market dollar rate held at 15.070 milreis to the dollar.
points
up
Rio contract closed 8 to 12
458
Financial
The Havre market
July 16, is
closed for Bastille
was
Day.
Tomorrow,
holiday in Brazil.
a
Chronicle
first
of March
rising above
On the 15th inst. futures closed 9 to 16
points higher, with
The Rio contract closed 11 to 8
points up,
with sales of 24 lots.
The "B" contract at Santos closed 325
to 425 reis higher, and the "C" contract
closed 400 to 200
reis up.
Rio futures closed 100 to 275 reis up at 18.150 milreis for July and 17.650 for
sales of 67 lots.
September.
the
at
while
Colombian
In
the
brunt
chased
contract, with sales of 43 con¬
Rio contract closed 10 to 8
points up, with
sales of 26 contracts.
The upward trend in the coffee market
continued despite a holiday in Brazil.
Brazil's financial
agreement with the United States was hailed as
helpful to
Brazil's coffee program.
new
Arrangements
being made for
are
internal coffee loan of about
$30,000,000 in Brazil.
an
the
early afternoon Santos
higher, while Rios were 8 to
about the highs of the
day.
light but steady.
Rio coffee
prices closed
contracts
December
Santos coffee prices closed
September
7.08
6.95
March
follows:
as
10.111 December
10.05 September
May
July
10.28
10.62
10.931
1,831,000
Bags
of
Brazilian
June—47,481,000
Coffee
Bags
Destroyed
Elimated
Since
During
Start
of
Program
During June 1,831,000 bags of Brazilian coffee were
more than the total for the two
preceding months,
the New York Coffee and
Sugar Exchange announced July
9 that it had learned
by cablegram.
For the 12 months
ended June 30, the
burned,
Exchange said, destruction totaled
bags (Brazilian exports were Rut 13,551,000
similar period)
bringing the grand total of surplus
eliminated to 47,481,000
bags.
The Exchange's
10,893,000
over
a
stocks
announcement continued:
This
when
season
follows:
as
burnings
11,038,000 bags
1932-33,
bags;
Prior
to
9,721,000
1935-36,
highest rate since the 1933-34 year,
destroyed.
By seasons, destruction has been
1931, 479,000 bags; 1931-32, 8,376,000
bags;
June,
bags;
1933-34,
1,467,000
bags;
11,038,000
bags; 1934-35, 5,980,000
10,893,000 bags.
Despite
important world commodity, as dis¬
and
the enormity of the destruction of
1936-37,
an
played by the performance to date, next
season, according to present plans,
will bring an even greater rate of
elimination.
Brazil during the year which
will end June 30, 1938,
plans to purchase and destroy
70% of the new
crop of 25,462,000 bags; a volume of
17,823,400 bags, and this figure may
be further augmented
through the burning of additional coffees now held
for destruction by the National
Coffee Department of Brazil but not
yet
burned.
In addition to the destruction of
70% of the crop, about 800,000
loan" stocks and
destroyed as payments
made to bankers against the
remaining coffees pledged against the 1930coffee loan which
currently total 9,021,607 of the 16,500,000
bags
bags will be released from "coffee
are
40
originally pledged.
New York
Coffee
&
Sugar Exchange Reviews United
During 1936-37 Crop Year
States Coffee Situation
—Deliveries for
A
review
of
the
Consumption Below Year Ago
United
States coffee situation for the
1936-37 crop year which ended June
30, prepared by George
Gordon Paton, statistician of the New
York Coffee and
Sugar Exchange, Inc., said that the
ing
one
the
middleman
shores
from
for
year was a disappoint¬
viewpoint of the Brazilian exporter and
the
who
handle
American
deliveries
exceeded
previous
all
those
while,
use,
imports and
for
coffees
the
on
consumption
records.
from
other
of
Brazilian
hand,
both
other
growths
deliveries of
Statistically,
all growth of coffee in
consumption channels in the United
States totaled 12,349,281
bags during the 1936-37 season
against 13,161,544 during the previous record
season,
a
decrease
of
812,263 bags,
6.2%, the review pointed
or
It continued:
The
smaller
takings during the previous
Current
"invisibles"
year,
estimate
all
that
of
actual
the
last
coffee
unexpected
which
the
at
believed
are
conditions
not
was
fairly large "invisible" stocks
unsettled
out.
-
disappearance
be
to
few
any,
the
below
months,
consumption
probability showed little, if
of
in
view
believed to
were
start
normal
and
of
the
as
in
just ended.
result
a
for
that
past
12
of
reason
the
during
record
have resulted
which
season
the
experts
months
in
loss when compared with the previous
period.
A
went
that
Brazilian
to
country
season,
the
smallest
since
the
the
civil
United
1928-29
in the
States
month
months
in
and
since
year
the
Brazil
forced
the
of
market
coffees
which
grown
in
exception
closed
the
switch
of
the
1932-33
important
coffee
to
other growths to
deliveries of 383,963 bags were the smallest for
1925.
On the other hand, deliveries of "all other
June,
season
set
a
against 4,381,453 bags during 1935-36,
October,
of
a
June, 1937,
during the past
growths"
The
share
deliveries
with
year
disturbance
Santos for three
extent.
some
coffees.
occurred
totaled 7,386,482
when
of
port
however,
bags against 8,780,091 during the 1935-36
loss of 1,393,609 bags, or 15.9%.
United States deliveries were
a
period,
any
change,
sharp
was
1936,
featured
by
all
by
a
new
a
record
gain of
compact
signed
high at 4,962,800 bags
581,347 bags, or 13.3%.
in Bogota, Colombia, in
important
Central andi South American producers.
parties to the pact, and in all about 95% of the
American imports normally come from the
signatory countries.
The agree¬
Brazil and
Colombia
were
ment
provided for joint action to maintain a remunerative price to
producer, with individual countries acting independently and in their
discretion
just
with
in
before
the
the
Brazilian
lombian
matter
of
conference
Santos
grade, but
lc.
4s
how
the
meeting
at
while
then
Manizales
prices
grades.
have
Santos
4s
sold
been
at
slightly above
irregularly
currently
held
are
13c.
weaker, par¬
coffee,
coffees
However,
fidence
record
the
in
statistics
at
11 %c.,
National
on
several
occasions
roasters
to
under the Bra¬
%c.
or
Brazil and Colombia
have borne
the
of
continue
Federation
the
in
if
the
not
during
the
of
during the
United
year,
lost
good
a
supplies.
to have
pur¬
supporting meas¬
a
as
of
Brazilian
In addition,
of
surplus
reported:
deal
of
con¬
the producing countries when
of
curtailment
middle
was
States
producers.
the
long
destruction
Growers,
the aims,
sharp
a
from other
Brazil
ll%c.,
and
has
pointed
at
accustomed to
support prices both
ability,
shipments
developed in
price
on
sale
supporting measures.
Brazil,
continued to restrict exports,
abroad,
through
for
are
in the trade,
many
necessary
and
Colombia,
ure.
Manizales
exports
against
the imbroglio which
February with
Sao
Paulo
and
Coffee Department officials at
loggerheads over a sharp rise in
the Santos market, served also to produce a cautious attitude by
processors.
Cocoa—On
the
12th
Transactions
lower.
London
in
inst.
totaled
unchanged
futures closed
only 90 lots,
8
or
to
6
points
1,206 tons.
the outside and 3 to l%.d.
Market, with only 790 tons of
futures trading.
Local closing: July, 7.40; Sept., 7.61;
Oct., 7.15; Dec., 7.97; March, 7.94.
On the 13th inst.
futures closed 3 points higher to unchanged.
Opening sales
were at losses of 2 to 6 points, but the
closing showed a sub¬
stantial recovery.
Transactions totaled 252 lots, or 3,377
came
on
London
tons.
on
the Terminal Cocoa
in
came
Is.
to
9d.
lower
for
actuals
and
6 to 10 3^
weaker on the Terminal Cocoa Markbt, with 690
tons trading.
The weakness in the United Kingdom ap¬
peared responsible in part for the softening of values in the
local market, where prices showed maximum declines at one
stage of 14 to 15 points for the active deliveries.
Local
closing: July, 7.42; Sept., 7.62; Dec., 7.78; Jan., 7.84;
March, 7.94; May, 8.05.
On the 14th inst. futures closed
10 to 12 points higher.
Opening sales were 3 points up
from the previous close.
Transactions totaled 377 lots, or
5,052 tons.
London came in Is. to 9d. higher, recovering
its previous day's losses.
Futures on the Terminal Cocoa
Market rallied 10to 6d., with 740 tons trading.
In the
local
the
at
were
were
the
of
home
at
lower
follows:
7.04
6.93
7.26
March
In
5
to
points
10 points higher, which
proved
Cost and freight offers were
as
May
July
1
were
Since
of
eyes
of
1.75 to 2.75 francs up.
To-day futures closed
16 points up in the Santos
The
pound,
per
mild
coffees.
control
tracts.
the
on
zilian
The Rio spot price
held at 18.200 and the open market dollar rate was
un¬
changed at 15.070 milreis to the dollar. Havre futures were
unchanged to
12c.
point.
top
ticularly
July 17, 1937
gradual price advance developed, with Brazilian Santos 4s
a
9%c.
aims
were
and
above that price.
could
at
be
about
Manizales,
From
accomplished.
the
a
low
of
Prices
the
representative
October
until
the
own
year,
Co¬
nearly the
market evidence of extensive interest by a leading
manufacturer, who has been prominent on the buying side
over the pasjt six or
eight weeks, turned cocoa prices firm.
Local closing: July, 7.54; Sept., 7.73; Dec., 7.89; Jan., 7.94;
March, 8.04; May, 8.15.
On the 15th inst. futures closed 8 to 6 points lower.
The
opening range was unchanged to 2 points lower.
Trans¬
actions totaled 134 lots or 1,796 tons.
London came in un¬
changed on the outside, while futures on the Terminal Cocoa
Market ranged l^d. higher to 3d. lower, with only 340 tons
transacted.
Local closing: July, 7.46; Sept., 7.66; Dec.,
7.82; March, 7.97; May, 8.08. To-day futures closed 3 to 8
points up.
Transactions totaled 445 contracts.
The cocoa
market had a firm undertone during most of the session.
Altogether 180 transferable July notices were issued, but
they were promptly stopped, for the most part by the leading
manufacturer.
The notices were issued, it was believed, by
another important manufacturer.
The leading interest had
bids in for large lots both July and September.
Warehouse
stocks decreased 1,799 bags.
They now total 1,310,066 bags.
Local closing: July, 7.49; Sept., 7.72; Oct., 7.77; Dec., 7.89;
Jan., 7.93.
Sugar—On the 12th inst. futures closed 2 to 6 points net
At one time prices showed maximum declines of 9
points.
The Admimstration's emphasis once again that
there would not be a sugar bill unless it provided for unlimited
imports of white sugar from Hawaii, was too much for the
domestic sugars market to weather as the new week started.
This latest selling was reported to be in large measure for
"investors," whose stop-loss orders were uncovered. Trans¬
actions totaled approximately 400 lots.
In the market for
raws no demand existed because of the
depressed state of the
futures market.
Refiners appeared content to watch the
lower.
market
tract
for further
closed
market
1
totaled
weakened
the
developments.
The world sugar con¬
points lower. Transactions m this
only 153 lots.
Hedging and liquidation
to
23^
world
futures closed 1 to 2
contract
market.
points higher.
On
the
13th
mst.
Transactions totaled 328
lots.
Technical considerations and hedge lifting against
actual business promoted the steadiness. Since last sales of
more than a week ago in
the market for raws, raw sugar
sold 8 points lower today, which of course was influenced by
the extended decline in the futures market recently. Savan¬
nah bought 3,400 tons of Cubas, now loading, at 2.52c.
c. and f.
(3.42c. delivered), and Godchaux got 3,200 tons,
also loading, at the same price.
Eastern refiners were not
ready to pay more than 3.40c. While asking prices generally
were held at 3.45c., more might have been available on a bid
of 3.42c.
The world sugar contract closed 2 to 4 points
higher, with transactions totaling 270 lots. This latter mar¬
ket was buoyant on the prospect that today Cuba will an¬
nounce extension of quota certificates for the world market.
On the 14th inst. futures closed 1 point up to 1 point off.
The domestic contract market was steady and as the result
of heavy switching the volume of business expanded to 469
lots. At the lowest of the session the market was unchanged
to 2 points lower, and at the best 1 to 2 points higher than
previous close. In the market for raws a quiet situation pre¬
vails, which is quite to be expected in view of the unsettled
Volume
Financial
145
DAILY CLOSING PRICES
Sellers'were asking 3.45c., but
might have taken less on a bid. The world sugar contract
market closed 1 to 1^ points higher, with sales of 215 lots
for the day. The London terme market closed unchanged to
J^d. lower, and actuals were offered at 6s. 73^d., equal to
1.183^c. f. o. b. Cuba.
state of the futures market.
Sat.
the
inst.
15th
closed
futures
1
to
Prices
were as
Fri
12.12
12.40
12.15
12.37
12.17
12.37
12.42
12.27
12.40
12.20
12.47
12.30
12.47
12.30
12.45
12.30
12.45
12.32
Oils—Linseed oil is firm and active.
Crushers
are
asking
pound for raw oil in tank cars.
Quotations: China
Wood: Tanks, July for'd., 12.1c.; Drums, 12^ to 12%c.
Coconut: Sept .-Dec., 5^c.; Coast, Forward, 5c.
Corn:
West tanks, old crop, 8Mc.
Olive: Denatured, Spot, $1.45;
Shipment, $1.40. Soy Bean: Old crop, 7%c. to 8c.; Tanks,
West, 7^c.; L.C.L., 10c.
Edible: Coconut: 76 degrees,
113^c. Lard: Prime, 133^c.; Extra winter, strained, 123^c.
Cod: Crude, Japanese, nominal; Norwegian light yellow,
nominal.
Turpentine: 383^c. to 423^c. Rosins: $9.12^ to
10.6c.
2.30
2.47 January
2.45 March
May__
CHICAGO
Thurs.
12.12
12.40
Pork—(Export), mess, $36,123^ per barrel (per 200
pounds); family, $35.12^ (40-50 pieces to bale), nominal,
per barrel.
Beef: (export), steady. Family (export), $23 to
$24 per barrel (200 pounds), nominal.
Cut Meats: Pickled
Hams, Picnic, Loose, c.a.f.—4 to 6 lbs., 18c.; 6 to 8 lbs.,
16%c.; 8 to 10 lbs., 15Skinned, Loose, c.a.f.—14 to
16 lbs., 21 y2e.; 18 to 20 lbs., 20^c.; 22 to 24 lbs., 18Mc.
Bellies, Clear, f.o.b., New York—6 to 8 lbs., 22c.; 8 to 10 lbs.,
21 %c.; 10 to 12 lbs., 21^c.
Bellies, Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 17%c.; 18 to 20 lbs., 17%c.;
20 to 25 lbs., 17ysc.) 25 to 30 lbs., 183^ Butter: Creamery,
Firsts to Higher than Extra and Premium Marks: 26c. to
32^c.
Cheese: State, Held, '36, 223^c. to 233^c.
Eggs:
Mixed Colors.
Checks to Special Packs: 18^c. to 23Mc.
4
2.31
2.34
2.45
Wed.
Tues.
12.02
12.30
December
follows:
December
Mo<n.
12.05
12.35
October.
contracts.
July
September
OF LARD FUTURES IN
July
September
points lower.
Transactions totaled 136 lots, or 6,800 tons.
The outstand¬
ing transaction was the posting of a block of 40 lots of March
at 2.33c. by a trade commission house.
Except for the sale
of a small parcel of Cubas at 2.55c cost and freight (3.45c.
delivered), the raw sugar market was quiet.
The Cuba sale
was for
prompt shipment, presumably by sea-train to a New
Orleans refiner.
The world sugar contract market closed 1
to 2^ points down.
Transactions in this market totaled 139
lots.
The London market was unchanged to 3^d. lower, and
raws there were offered at 6s. 73^d., equal to 1.18^0. f.o.b.
Cuba, after sales at that price of parcels to outports.
Today
futures closed 1 point up to 2 points down in the domestic
contract, with sales totaling 96 contracts.
This market was
subject to further hedging and liquidation.
The raw sugar
market was dormant, with refiners not bidding.
What
appeared to be trade covering in September, started a
minor upswing in the world sugar market.
World sugar
prices closed 1 point up to unchanged, with sales of 370
On
459
Chronicle
a
1.05.
Domestic Sugar Prices During First
Year Ago While Quotations in
Half of Year Below
World Market In¬
Oil, sales, including switches, 90 contracts.
Crude, S. E., 83^c. Prices closed as follows:
Cottonseed
creased
prices during the first six months of
slightly lower than for the same period last year,
quotations for sugars sold in the world market registered an
appreciable increase, it was announced recently by Lamborn
& Co., New York. According to Lamborn's Statistical De¬
partment, the average price for refined sugar, New York
basis, during the first half of 1937, was 4.736 cents per pound
as against 4.752 cents for the similar period last year.
Raw
sugar, on a cost and freight New York basis, averaged 2.629
cents per pound as compared with 2.663 cents for the
January-June 1936 period. World market sugars, on an
f. o. b. Cuba basis, averaged 1.125 cents per pound, the firm
said, as contrasted with .920 cents per pound last year, an
increase of .205 cents per pound, or a little over 22%.
were
New Edition
of "Lamborn's Vest
Pocket Sugar
October
Data"
edition of "Lamborn's Vest Pocket Sugar
containing statistical data in connection with the
United States beet sugar industry, is now being distributed
by Lamborn & Co., New York. This issue provides a ready
reference as to beet acreage, yields, production, factories
operating, sucrose content, &c., for the domestic sugar beet
crops from 1915 to 1936, inclusive.
Beet sugar production
figures by States, as well as monthly distribution data for a
series of years, are also contained in this vest pocket ready
third
booklet.
\
Lard—On the 12th inst. futures closed 2 to 7
lower.
Even
though
the
July
1
points net
storage figure for lard
proved better than expected, futures continued to show a
declining tendency.
Commission house liquidation and
hedging sales in the deferred deliveries put mild but persistent
pressure on prices throughout the day.
Buying was also
very moderate and had little or no effect as a factor, it being
largely of a "scale-down" character.
A total of 185,567,000
pounds of lard were in cold storage at the start of the month.
This compared with 195,077,000 on June 1, or a reduction of
9,510,000.
The decrease proved better than trade expectations, but had no more than a steadying influence on the
market.
On the 13th inst. futures closed 7 to 12 points
net higher.
Notwithstanding a weak hog market, lard
showed moderate strength.
Hogs ruled dull and
weak, closing losses averaging about 25c.
Weakness was
traced to the poor summer demand for fresh pork products.
Chicago received about 13,000 head, of which approxi¬
mately 6,500 were purchased.
On the 14th inst. futures
closed unchanged throughout the list.
Trading was quiet
and without feature.
Commission housed were operating
in a moderate way on both sides of the market, tending to
keep prices within a narrow range.
Chicago hogs finished
futures
the
Packers bPught 7,500 head and shippers
500, with 3,500 being worked direct.
Receipts were esti¬
mated at 10,000 head, with 9,000 estimated to come to¬
morrow.
Official arrivals on Tuesday were 12,350.
Liver¬
day steady.
pool lard ruled quite firm, closing 6d to Is. higher.
On the 15th inst. futures closed 3
points down to 3 points
relatively dull.
The hog market was 10
to 25c. higher.
Chicago lard stocks as of July 14th were
reported at 112,154,481 pounds, or 3,616,792 less than at the
end of June.
Hog receipts today were estimated at 7,000
head, with a like total anticipated for tomorrow.
The
official figure for Wednesday was reported as 9,423 head.
Liverpool lard futures were unchanged to 9d. higher.
Today
futures closed unchanged to 2 points higher.
Trading in the
lard market was relatively quiet, with the news largely of a
up.
Trading
was
routine character.
9.20@ 9.22
9.20@
9.22@
points
opening, prices were 26 to 47 points
lower owing to liquidation caused by the estimated large
increase in crude rubber shipments from Malaya during July.
These shipments were estimated at 67,000 tons.
However,
a fair volume of factory business was reported at prices only
slightly below last week's closing levels.
Outside prices
were quoted on a spot basis of 193^c. for standard sheets.
The volume of shipment business was said to be substantial.
London and Singapore markets closed quiet and steady,
prices decling 3-16 to J^d.
British rubber stocks declined
872 tons last week to 42,175 tons.
Local closing: July,
18.96; Sept., 19.11; Oct., 19.16; Dec., 19.28; Jan., 19.34;
March, 19.46.
On the 13th inst. futures closed 6 to 15
points net lower.
Transactions totaled 1,300 tons. - The
opening range was 4 points lower to 9 points higher.
Out¬
side prices were quoted on a spot basis of 19c. for standard
sheets, although some dealers quoted a slightly higher price.
London and Singapore closed dull and steady, respectively,
prices ranging unchanged to 3-32d. lower.
Local closing:
July, 18.90; Sept., 19.05; Oct., 19.09; Dec., 19.17; Mar.,
19.33; May, 19.45.
On the 14th inst. futures closed 12 to
15 points net higher.
At the opening the market was 6 to
28 points lower.
Transactions were only 1,840 tons.
Out¬
side prices were quoted on a spot basis of 193^c. for standard
sheets.
London and Singapore closed steady and dull,
respectively, the former 1-6 to 3^d. higher, while the latter
declined 1-16 to 3-16d. higher.
Local closing: July, 19.05;
Aug., 19.13; Sept., 19.20; Dec., 19.31; Jan., 19.35; Mar.,
Data,"
reference
9.19@
[November
I December
J January
[February
Rubber—On the 12th inst. futures closed 5 to 10
net
Available
The
9.20©
9.25©
9.22©
9.18©
July_
August
September
While domestic sugar
1937
lower.
At
the
19.45.
On the 15th inst. futures closed 5 to 9
points net higher.
opened with gains of 7 to 10 points.
Trans¬
actions totaled 1,370 tons.
Outside prices were quoted on a
spot basis of 19 3-16c. for standard sheets.
London and
Singapore markets closed dull and firm respectively, the
former 1-16 d. lower to l-16d. higher, while the latter ad¬
vanced 3-16 to 7-32d.
Local closing: July, 19.11; Sept.,
19.26; Oct., 19.29; Dec., 19.40; Jan., 19.44.
Today futures
closed 29 to 25 points down.
The market was down on
reports of heavy shipment offerings by the East.
There
was
some
trade selling, while manufacturer interest was
The market
N
reported to be small.
Sales totaled 97 contracts. London
and Singapore closed quiet and dull, with prices 1-16 to 3-32d.
lower.
United Kingdom stocks declined about 100 tons this
week, it was estimated.
Local closing: Sept., 18.98; Dec.,
19.11; Jan.; 19.18; March, 19.27; May, 19.40.
Hides—On the 12th inst. futures
closed 13 to 17 points
higher. Transactions totaled 3,360,000 pounds. No new
developments were reported in the domestic spot hide situa¬
tion during the day, and prices apparently were without
important change. Local closing: Sept., 16.82; Dec., 17.22;
Mar., 17.58; June, 17.89. In the 13th inst. futures closed
1 to 2 points net lower. At the start prices were 5 to 13 points
up.
Leather business, according to one hide factor, has not
been as good as many had anticipated, which is held partly
responsible for the easier tone to the hide market. No new
developments were reported in the domestic spot hide mar¬
ket, and prices were virtually unchanged. Transactions in
futures totaled 5,040,000 pounds.
Stocks of certificated
hides in warehouses licensed by the Exchange increased by
961 hides to a total of 841,941 hides. Local closing: Sept.,
net
16.80; Dec., 17.22; Mar., 17.57; June, 17.88.
9 points net lower.
inst. futures closed 5 to
On the 14th
Transactions
Financial
460
totaled 2,760,000 pounds.
developments reported
In the Argentine, however,
itjwas reported that there were 10,000 hides sold, including
4,000 fngorifico steers at 16 9-16c.
Local closing: Sept.,
16.75; Dec., 17.13; Mar., 17.50; June, 17.83.
On the 15th inst. futures closed 17 to 21 points up.
Open¬
ing prices were 3 to 5 points down from the previous close.
The tone of the market improved as the session progressed,
and at the close prices were at about the highs of the day.
Transactions
totaled
1,440,000- pounds.
Local closing:
Sept., 16.92; Dec., 17.34; March, 17.70; June, 18.01.
Today
futures closed 32 to 29 points up.
Transactions totaled 219
contracts.
The market was strong and active on news of
further spot hide sales at higher prices.
There was good
commission house demand.
In the domestic spot market
sales totaled 38,200 hides, while in the Argentine market
5,000 hides were sold.
Local closing: Sept., 17.24; Dec.,
17.63; March, 17.99.
No
new
in the domestic spot hide market.
Ocean
Freights—The market for charters was unusually
week.
Charters included: Grain Booked—
Five loads Montreal to Hull July, 2s 9d.
Two loads New
York to Havre, Dunkirk, July, 18c.
Two loads, Montreal
to Hull, July loading, 2s 9d.
Grain: Nine boats, River
Plate to United Kingdom, July-August, 33s 9d, up-river.
Vessel, one trip, St. Lawrence to United Kingdom ports,
9s, time. Vessel, one trip, Port Churchill to United Kingdom
ports.
Scrap: North Atlantic to United Kingdom port,
August loading.
Done abroad, North Atlantic to United
Kingdom, 25s, optional Gydnia.
>
dull
the
past
r
Coal—It is reported that operators and dealers
are using
persistency than usual, the argument of
higher prices in the fall to induce customers to buy now.
While consumers are not as yet showing any great response,
it is believed that they will come in shortly before
any ad¬
vance does actually go into effect.
It is now believed that
several leading smokeless shippers will advance prices 15c.
a ton on August 1st on
lump, egg, stove, nut and mine run.
Though there are signs of improvement here and there and
production in the week preceding Independence Day had
begun to rise, the coal market as a whole continues slow.
even
Metals—The report
of Copper, Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the
department headed
"Indications of Business Activity," where they are covered
more fully.
Wool—The recent strike has
trade is back to
been settled and the wool
normalcy again.
Termination of the strike
of wool handlers and warehousemen and others in the Boston
involving mutual concessions—an open shop for the
trade, and higher wages for employees—leaves wool houses
area
a
position^ to
resume
operations of acquiring the unsold
portion of this year's clip and passing the raw material over
to the mills when wanted and at
prices still in the making.
It is reported that dealers are now looking ahead and at¬
tempting to appraise wool values in the early fall.
The
territory group is now only about 2c. per scoured pound
higher than the average price of the group for the last quarter
of
On
14th
the
futures
inst.
totaled
Transactions
higher to Yo. off.
Sentiment as to the
closed
2,510
lc.
bales.
seriousness of the Sino-Japanese situation was still a market
factor, but had no great depressing effect.
Crack double
extra was Yc. lower at 1.933^c.
Grade D was 1Y yen off
in Yokohama at 8773^ and 5 yen lower in Kobe at 880.
Futures were 1 to 6 yen up at Yokohama and 6 yen off to
4 yen up in the latter.
Spot sales at the two centers totaled
1,175 bales, and futures sales were 15,000 bales.
Local
closing: July, 1.91; Aug., 1.903^; Sept., 1.89^; Oct., 1.87;
Nov., 1.87; Dec., 1.87.
On the 15th inst. futures closed 1 to 3c. higher.
The
opening range was 13^ to lc. up.
Transactions totaled only
1,120 bales.
Nine new notices brought the total for July to
228.
Crack double extra was up 23^c. to 1.96.
Grade "D"
ruled at 890 in Japan, or 12 Y yen higher in Yokohoma and
10 yen up at Kobe.
Japanese futures were 11 to 17 yen up at
Yokohama and 18 to 8 yen up at Kobe.
Spot sales for both
markets totaled
1,075 bales, while futures transactions
totaled 7,050 bales.
Local closing: July, 1.92; Aug., 1.92;
Oct., 1.90; Nov., 1.893^; Dec., 1.893^.
Today futures
closed Yi to 2c. down.
News of Sino-Japanese fighting and
war
preparations impaired confidence in the silk futures
market, with the result that prices fell 13^ to 2c. a pound.
In the New York spot
Transactions totaled 115 contracts.
market crack double extra declined lc. to
$1,983^
pound.
a
Yokohama closed 7 to 13 yen lower, but the price of grade D
silk remained unchanged at 890 yen a bale.
Local closing:
Aug., 1.91Y; Sept., 1.90; Oct., 1.88; Nov., 1.88Y; Dec.,
1.87y2\ Jan., 1.88; Feb., 1.87^.
more
and
in
July 17, 1937
Chronicle
1936.
Most holders
of
wool
seem
confident
of
Silk—On the 12th inst. futures closed 2Yo. to
The market opened 6^c. to 4^c. off as
53^c. lower.
liquidation un¬
covered stoploss orders.
Later in the day the market rallied
somewhat as some interests felt that the
Japanese situation
was not so warlike as seemed from first
reports. Transactions
totaled 2,050 bales.
One notice brought the total for July
Crack double extra
was
4c. lower at 1.95.
Another
contributory factory to the weakness was the slightly bearish
crop report.
Grade "D" was 123^ yen off at 890 yen in
Yokohama and 20 yen lower at Kobe at 885.
Futures were
31 to 41 yen lower in the former center and 25 to 30
yen off
in the latter market.
Spot sales in the two markets totaled
475 bales, while future transactions totaled 14,150 bales.
Local closing: July, 1.92; Aug.,
1.92; Oct., 1.90^; Nov.,
1.90; Dec., 1.90.
On the 13th inst. futures closed 2c. to
33^c. net lower.
Japanese cables were again a depressng
influence.
The Yokohama Raw Silk Traders' Guild stated
that the total spring cocoon crop for the entire
country had
been officially estimated at 42,136,720 kan,
against last
year's actual
of 41,392,474 kan, an increase of 1.8%.
Futures in the local market opened 2)^c. to 3^c. off, rallied
more than a
point in some positions, and then declined again
toward the close under what was believed to be Japanese
liquidation. Transactions totaled 2,290 bales. Crack double
extra was off lc. at 1.94.
The price of the yen in Japan
weakened
to 29c.
Grade D was quoted at 885 yen at
both Yokohama and Kobe, or 5 yen off at the former. Futures
at Yokohama were 9 to 18
yen off, and at Kobe 11 to 24
yen lower.
Spot sales at the two centers totaled 1,200 bales,
while futures transactions were 11,550 bales.
Local closing:
July, 1.90; Aug., 1.90; Oct., 1.87; Nov., 1.87; Dec., 1.862^.
crop
Friday Night, July 16, 1937
of the
The Movement
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 17,371
bales, against 17,059 bales last week and. 15,752 bales the
previous week, making the total receipts since Aug. 1, 1936,
6,281,775 bales, against 6,715,985 bales for the same period
of 1935-36, showing a decrease since Aug. 1, 1935 of 434,210
bales.
Sat.
Receipts at—
301
298
—
...
473
_
1,304
325
314
41
45
236
369
150
275
—
Jacksonville
2,782
2,667
2,461
481
700
New Orleans
Mobile
242
1,941
473
Christi-.
Total
Fri.
Thurs.
24
17
88
77
Houston
Corpus
Wed.
Tues.
Mon.
Galveston
mm
—
mm
30
661
273
453
35
567
101
306
30
1
........
—
Savannah
Charleston
3,165
4,433
1,497
974
160
Lake Charles
80
—
-
-
-
m,
—
—
—.
mm
-
—
_
—
_
~
Wilmington
Norfolk
—
174
mm
1
129
75
mm
•
«...
427
155
-
-
-
767
767
3,955
17,371
Baltimore
5,343
Totals this week.
The
1
137
....
—
1
mm
1,289
2,317
1,759
2,708
following table shows the week's total receipts, the
Aug. 1, 1936, and the stocks tonight, compared
total since
with last year:
better
prices, though few visualize any real advance. Quotations
on spot wools are
fully maintained. Good fine French comb¬
ing, original bag territory brings 95c. to 97c. for spot wool,
scoured basis and original bag fine short French is available
in restricted lots at 91c. to 93c., scoured basis.
Buying,
however, is reported to be very light.
At Wednesday's
London wool auction sales, offerings of 6,675 bales of Colonial
wool sold readily to home and Continent
buyers at the recent
firm price basis.
to 219.
COTTON
1936-37
Receipts to
July 16
1935-36
Stock
This
Texas
This
Since Aug
Week
Galveston
Since Aug
1, 1936
Week
1,1935
2,782 1,700,749
City
2~,667 1,296,796
Houston
473
2,055 1,563,043
44,483
2",459 1,730,310
273,528
1,429
38,052
6",838 1,805,556
474
393,202
167,776
,3,792
1,497
284,592
23,286
2,027,933
325,504
100,949
4,627
145,444
1,872
318,250
"974
172",638
414
215",408
1
56,001
27,414
43,933
17
427
155
335
56,045
23,819
46,496
"767
Corpus Christi—
71",909
1,079
Mobile
3,165
4,433
-
Pensacola, &c
""30
Jacksonville
Savannah
248",739
24,486
14,264
275,854
33,689
3,702
1,588
128,199
36,225
Beaumont
New Orleans
1937
313,616
1936
374,064
1,856
230,381
28,649
28,083
287,701
87,639
6,508
1,909
155,508
Brunswick
Charleston
29,290
5,041
28",821
Norfolk
1
20,817
12,149
12,153
26,662
""ioo
Lake Charles
Wilmington
"i",731
3,885
1,125
1,000
11,425
Newport News
New York
Boston
Baltimore
398
Philadelphia
Totals
17,371 6,281,775
16,973 6,715,985 1,115,820 1,283,212
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1936-37
Receipts at—
Galveston
2,782
2,667
3,165
4,433
1,497
Houston
New
Orleans.
Mobile
Savannah
1935-36
1934-35
474
1,886
3,245
9,079
3,317
1,872
329
2,055
2,459
6,838
1933-34
11,017
7,056
15,164
4,871
1,103
Brunswick
1932-33
11,262
16,678
21,881
5,641
8,953
1931-32
3,886
3,613
9,444
5,592
1,605
83
"
"""974
_
"""414
"*"291
"1453
1
2
66
5,114
803
264
427
155
Charleston
Wilmington
335
128
736
468
929
"1,271
"2",525
"2",438
"10",269
54,604
"6", 049
17.371
16,973
20.715
51,435
125,404
31,530
_
Norfolk
65
Newport News
All others
Total this wk_
Since Aug. 1__ 6.281,775 6,715,985 4,038,899 7,380,388 8,775,602 9,696,727
The
the week ending this evening reach a
bales, of which 3,163 were to Great Britain,
1,731 to France, 2,390 to Germany, 2,472 to Italy, 6,787
to Japan, and 722 to other destinations.
In the corre¬
sponding week last year total exports were 44,023 bales.
For the season to date aggregate exports have been 5,389,911
exports for
total of 17,265
Volume
Financial
14S
bales, against 5,966,869 bales in the same period of the
previous season.
Below are the exports for the week.
those inclined
or
more
or
July 16, 1937
Exports from,—
Great
France
Houston
3,163
'
2,058
1,261
New Orleans
Mobile
mm mm
mm
m
m, m mm
mm
mm
982
,
•
t
-
-
-
-
22
22
Savannah
828
Charleston
—'
Norfolk
Los
90
'•
90
;
Jacksonville
694
.——.
414
568
m
6,754
4,013
28
3,093
470
Total
Other
China
Japan
Italy
many
Angeles
—
904
~
3,125
547
547
1936
1935
1,731
2,390
2,830
3,691
722
4,897
9,996
17,265
4,320
31,229
44,023
6,787
12,512
4,298
2,472
2~668
3,163
19,464
9,404
Total
Total
-
-
3,125
m
San Francisco
Total
-
-
904
——
mm~
-<m mmm
828
•
"200
61,486
Exported to—
From
Aug. 1, 1936. to
France
Britain
51,022
46,949
9,728
963
408,063 279,186
Orleans—
191,664
151,671 137,783
Houston
Co8pus Christ!Beaumont
210,912
150
66,045
17,454
1,130 184,428 1353,925
55,318
17,484
27,217 311,490
11,077
21,353
5,194
120,061
1,630
42,714
84,479
28,074
8,945
«.
—
47,003
1,794
29,601
2,850
m
mm
Savannah
57,984
1,791
2,238
m
mm
Charleston
67,320
48,905
58,888
5,661
3,718
Lake Charles
__
Jacksonville
&c_
Pensacola,
mm
m
m
-
13,358
4,050
89,324
127,994
5,317
149,525
3.028
2,900
27,440
8,611
'
-
2,420
—
'
-
-
1,200
Wilmington
939,640
2,213 144,979
355 26,893
280,028
.
210
Mobile
Total
18,387248.401 1527,898
604,108
176,418 121,017
120,155 98,051
11,603
8,045
6,613
Other
China
Japan
Italy
many
180,003 179,564
179,344 114,870
Galveston
New
Ger¬
Great
July 16, 1937
Exports from—
—
mm
-
•
mm
Norfolk
2,702
6,172
18,000
....
-
30
4,601
275
•
-
-
—
2,415
■
1,700
—
m
1,004
985
6
m
16,175
1,121
4,007
Gulf port
mm
-
1,498
-
-
^
^
<
V.
-•
-.
333
JL
419
33
12,409
7,701
6,879
3,862
13,495
Los
Angeles...
30,265
22,063
30,935
1,330
280,400
100
16,424
381,517
San
Francisco.
11,626
784
5,258
100
125,569
1,000
5,629
149,966
10
10
York
New
62
4
Baltimore
Philadelphia.
634
—
•
w
mm
-
-
-
—
m
m
-
1,422
393
'
100
261
Boston
6,516
2
«•
639
*.
«.
m
m*'m
m
'mm
3,157
Seattle
1186,105 717,360
Total
23,185 719,570 5389,911
750,540 411,3781581.773
42,175962,320 5966,869
778,959 395,037 437,265490,1941578,265 108,674 965,1314753.525
Total
1935-36. 1437,537 712,366
Total
1934-35.
875,930395,0011541,540
On the other hand sellers were
no disposition to become
buy.
the downside.
The market opened steady at
to 5 points and later showed net gains of
5 to 9 points.
Early demand came from trade, commission
houses, NCw Orleans and locals.
Mill interests were also
moderate buyers, but this buying was of short duration.
The New York Cotton Exchange Service estimated that
total consumption of all cotton in this country in June was
700,000 bales, compared with 669,000 in May and 555,000
in June.
Southern spot markets as officially reported, were
unchanged to 5 points lower. Average price of middling Was
12.67c.
On the 13th inst. prices closed 7 to 10 points up.
Trading was relatively quiet.
Operations appeared largely
of a local nature, with outside trade awaiting developments.
The market opened steady at 1 to 2 points decline.
Liverpool
opened quiet at a decline of 2 to 4 points and closed steady at
a decline of 1 to 4 points.
Private cables reported a dull
situation abroad, with light Bombay and Continental buying
imparting a steady tone. Southern spot markets as officially
reported, were 5 to 10 points higher.
Average price of
middling at the 10 designated spot markets was 12.74c. On
the 14th inst. prices closed unchanged to 8 points up.
Short
covering in near-by positions and scattered buying in re¬
sponse to weevil reports from the Carolinas rallied the cotton
market today, after early unsettlement.
The market closed
about 70c. a bale over the early lows.
The Government
weekly weather and crop summary was favorably inter¬
preted, although it reported that frequent rains in southern
sections of Texas had damaged the staple and favored
weevil activity.
The trading feature in the market was
belated covering in July prior to expiration of trading in that
position tomorrow. Speculative interests also were credited
with covering in October and December.
The Census
Bureau report on cotton consumption in the United States
for June was below expectations, but apparently had little
effect marketwise.
Indicated consumption of 681,394 bales
on
advance of 1
an
Ger¬
'
Britain
to
less cautious and showed
aggressive
Exported to—
Woet Ended
461
Chronicle
compared with 669,460 in May and 555,449 in June last
year.
Southern spot markets as officially reported were
unchanged to 3 points higher. Average price of middling at
the 10 designated spot markets was 12.76c.
On the 15th inst. prices closed 33 to 39 points net lower.
The almost constant flow of favorable crop and weather
reports and no real serious inroads by boll weevil, together
with reported increased acreages in foreign producing coun¬
tries, were a combination of factors that easily made for
bearish sentiment, and encouraged some aggressiveness of
the speculative short element.
On the scale down large
numbers of stop loss orders were uncovered, and this, of
course, accelerated the decline.
Except for steadiness just
before
the close,
when covering developed, prices fell
steadily throughout the session.
The setback carried the
list into new lows for the movement.
Southern spot'mar¬
kets, as officially reported, were 35 to 37 points lower.
Av¬
erage price of middling at the 10 designated spot markets
.
the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border 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
have been 16,960 bales.
In the corresponding month of the preceding season the
exports were 22,000 bales.
For the ten months ended May 31, 1937, there were
239,806 bales exported, as against 203,820 bales for the ten months of 1935-36.
NOTE—Exports to Canada—It has never heen our practice to include in
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
Shipboard Not Cleared for—
Leaving
July 16 at—
Ger¬
Great
Britain
France
_
900
1,747
6,864
Houston.
Stock
Coast¬
Foreign
wise
Total
2,814
200
500
7,800
4,758
17,788
3,200
"316
2,800
Galveston
New Orleans.
Savannah
Other
many
"416
2,100
1,500
1,613
853
545
768
3,157
4,185
3,000
Charleston
'ioo
Mobile
Norfolk
Other
ports—
Total
1937.
Total
1936..
1935.
Total
3,714
1,643
2,207
11,511
2,834
1,055
.
_
5,881
2,453
5,107
6,626
11,716
26,374
6,230
800
820
305,816
243,981
258,066
124,999
29,290
33,273
20,817
65,616
33,962 1,081,858
19,446 1,265,766
35,563 1,079,217
Speculation in cotton the early part of the week
w..s
moderately active, with the market showing no really defi¬
Thursday, however, the picture changed very
trend.
nite
decidedly.
carried
of liquidation struck
A wave
The persistent
bale.
tlm market
and
prices down 39 to 45 points, or approximately $2 a
highly favorable reports of the grow¬
together with bearish reports concerning crops
abroad, strained the nerves of holders of cotton a little too
ing
crop,
far, and all it needed was a little aggressiveness on the part
of the
ward
speculative short element to start prices on the down¬
plunge.
Excellent consumptive figures received only
passing attention.
On the 10th inst. prices closed 14 to 17
The weather
news
appeared to be the dominating influence.
the forecast for clear warm weather
over
12.40c.
Today
closed 19 to 3 points down.
The cotton
early losses during the afternoon trad¬
prices
market recovered the
off again and closed materially
Continued heavy liquidation in
July and heavy selling for prominent Wall Street operators
and brokers with Far Eastern connections were contribut¬
ing factors to the decline.
The market opened barely
steady, 6 to 18 points lower, and showed a heav tone dur¬
ing most of the session. The weakness of the July delivery
was the most pronounced, 27
notices being issued n^inst
this position on its last trading day.
There were foreign
offerings and a decline below 12c. for October uncovered
additional stop orders.
A forecast for continued clear
weather in the Eastern belt and overnight reports of only
scattered showers over the belt did much to encourage
bearish sentiment.
Liverpool declined in sympathy with
the break in New York yesterday.
but subsequently fell
the previous close.
ing,
below
for Grade and Staple—The
gives the premiums and discounts for grade and
Premiums and Discounts
points net lower.
A favorable weather map,
in the Eastern belt
was
the week-end and
a
check to the
activity of boll weevil in some areas; also beneficial rains in
Texas and Oklahoma, were a combination of influences that
easily encouraged activity on the part of the bearish element
many holders to take down profits that had
table below
staple in relation to the base
established
grade, Middling
July 22, 1937.
Premiums and
grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over %-inch cotton at the 10 markets on July 15.
for deliveries on contract on
discounts for
and induced
accrued
as a
result of the recent extended advance.
bearish influence
pool market.
was
Speculative buying recently
but it showed
was a
conspicuous
marked falling off during
today's session.
Cooperative brokers sold moderately, and
there was evidence of further hedging pressure, which was
feature in cotton,
Vs
a
attributed both to Texas cotton and South American growths.
Foreign interests were also on the selling side. Southern spot
markets as officially reported, were 12 to 18 points lower.
Average price of middling at the 10 designated spot markets
was 12.70c.
On the 12th inst. futures closed 1 to 5 points
lower.
Trading was relatively quiet and in sharp contrast
to the activity and strength that prevailed in this market
towards the close of last week.
Weather and crop news
1 In. &
%
15-16
Inch
Longer
Inch
Inch
1 In.
Jk
Longer
Spotted—
White—
Mid. Fair
.69
on
1.07
on
41
on
Good Mid
.12
.38 on
.68
St. Good Mid-
.62
on
1.00 on
34
on
St. Mid
.08 off
.19
on
.50 on
Good Mid
.55 on
.93
on
27
on
Mid
.72 off
.49 off
.25 off
St. Mid
.36
.74 on
07
on
*St. Low Mid- 1.59 off 1.43 off 1.22 off
Mid.
Basis
.37
70
on
♦Low Mid
St. Low Mid...
.70 off
.39 off
♦St.
on
09 off
2.30 off 2.17 off 2.07 off
Tinged—
15 off
Good Mid
.03
on
06 off
St. Mid..
Ord.... 2.82 off 2.78 off
.24
.50 off
.72 off
1.60 off 1.47 off 1.28
♦St. Low Mid_. 2.35 off 2.23 off 2.12
2.86 off 2.79 off 2.73
♦Low Mid
off
75 off
♦Mid
off
♦Good
Extra
White—
.55 on
-
Mid
St. Low Mid—
Low Mid
Good Ord.
Good Ord
.93
on
1.27
on
.36 on
.74
on
1.07
on
Even
St. Mid
.37 on
.70
on
Good Mid
.37 off .07 off
.69 off
1.52 off 1.34 off 1.12 off
2.24 off 2.11 off 1.99 off
♦St. Mid
2.80 off 2.72 off 2.69 off
Good Mid
♦Mid
.22 off
off
off
84 off
1.25 off 1.05 off
1.82 off 1.69 off 1.56 off
2.49 off 2.43 off 2.35 off
Gray—
♦Mid
Not deliverable on future contract.
.44 off
Yell Stained—
St. Mid
*
on
1.55 off 1.37 off
Good Mid
♦St.
on
on
Good Ord. 2.26 off 2.16 off
Low Mid
*
generally favorable, and with grain and other
commodity markets showing a decided tendency downward,
there was very little comfort for speculative holders of cotton
continues
15-16
Inch
Another
the disappointing action of the Liver¬
.15 off
.36 off
.59 off
.40 off
.61 off
.84 off
1.45 off 1.29 off 1.10 oft
462
Financial
Chronicle
The official
quotation for middling upland cotton in the
New York market each day for the past week has been:
July 10 to July 16—
Sat.
Tueg.
12.90
Middling upland
Mon.
12.87
12.94
Wed. Thurg.
12.73
Monday
July 12
July 10
Tuesday
July 13
12.60
Wednesday
Thursday
July 14
July 15
July
of
bales over11935,
2,413,162 bales from 1934.
72,340
12.62
detail below:
Friday
July 16
Movement to July 16, 1937
Towns
Receipts
12.29
—
12.39
—
12.47
—
12.08-12.10
Week
Range—
Closing
12.33n
12.31ft
12.40ft
12.47ft
12.09n
467
Ala.. Birming'm
12.47ft
12.10ft
11.97ft
Range.. 12.40-12.60 12.37-12.48 12.35-12.46 12.35-12.48 12.03-12.40 11.98-12.14
12.44-12.45 12.47 —- 12.10-12.12 12.02
Closing. 12.40-12.41 12.37
1,483
489
Closing. 12.36ft
12.32ft
1
12.42ft
12.07ft
54,557
Jonesboro—
11.99n
19,792
Little Rock—
Dec.—
Range.. 12.31-12.43 12.28-12.40 12.27-12.37 12.27-12.40 11.95-12.31 11.92-12.06
12.32-12.33 12.28
12.36
12.38-12.39 12.05-12.07 11.97
Closing
110
193,474
*200
142,653
28,004
Newport
Pine Bluff—
.
'•
Walnut Ridge
Jan.(1938)
Range.. 12.32-12.42 12.28-12.40 12.27-12.37 12.30-12.39 11.97-12.31 11.94-12.07
46,186
Ga., Albany
12.39
12.06
14,048
Athens
Range..
Closing. 12.34ft
12.30ft
12.40ft
12.41ft
12.07ft
12.01ft
Mar.—
Range
12.36-12.46 12.33-12.43 12.30-12.43 12.32-12.45 12.00-12.36 11.99-12.11
Closing. 12.36-12.37 12.33
12.43
12.43
12.08-12.09 12.05
821
300
500
207,199
18,925
48,589
—
Rome
—
April—
29,489
Columbus—
11.97
364,701
Macon
12.37
821
Augusta
12.28
Feb.—
9
Atlanta
Closing. 12.33
14
Columbus—
1,114
15,568
82,917
171
10,696
2,510
52,275
54,195
66.720
7,660
6,975
16,279
9,751
43,683
3
227
700
500
700
308
12.38ft
12.35ft
12.44ft
12.44ft
12.09ft
253
1,312
May—
Range.. 12.39-12.49 12^37-12.46 12.35-12.45 12.33-12.47 12.01-12.39 12.01-12.10
12.37
Closing. 12.40
12.45
12.46
12.11
12.08
June—
Range..
Closing
782
1
44
13,811
985
32,147
11,466
15,929
29,764
103.839
97,782
33,350
32,708
20,859
15,630
1,639
19,645
7.303
7,772
17
120
24,336
""16
855
1,032
600
33,100
19,853
19,857
1,889
3,739
5,925
66.165
309,085
8,154
6,150
188,398
47,789
17
400
956
64,733
15,448
400
71,437
405
128,574
1,174
36
41,648
670
426
179,927
58,184
1,990
63,180
20,998
39,423
225
72
870
80
909
""64
51,409
21
1,670
3
334,413
1,419
2,249
2,955
10,974
106
3,193
78
8,795
31,656
37,815
242,330
9,828
177,314
53
53,920
65,403
17
387,659
Jackson
Natchez
Mo., St. Louis.
N.C.,Gr'nsboro
.
75
""70
115,733
34,472
Vicksburg_P.
!
282
31,264
"289
14,793
8,876
3,716
Greenwood—
12.06ft
411
27,572
36,973
31,826
19,363
164,821
Yazoo City—
.
347
85,761
109.822
1
*24
l,177i 32,408
5,139
1,139 12,361
240
9,633
416
12,940
1,520 12,901
6,876 97,400
3,168 71,478
21,198
100,182
164,986
39,568
262,785
La., Shreveport
Mlss.Clarksdale
Range..
Closing
17
1,407
338
32,639
59.164
*16
2,404
■4,800
3,850
7,484
1
755
60,608
Hope
12.40ft
July
6
34,040
32,786
Helena
12.40-12.40
686
53,319
55,448
64
Ark.,Blytheville
Forest City-.
Nov.—
Range..
Stocks
Week
Season
Week
17,391
6,129
26,410
18,310
85
Selma
12.42ft
Oct.—
84,794
9,420
14
Montgomery.
.
12.33ft
16
168,184
Eufaula
Range.
Closing. 12.36n
Ship¬
ments
Receipts
July
11.92ft
Sept.—
»•'
Season
Stocks
Week
Aug.—
.
Movement to July 17, 1936
Shipsments
12.30
.
decrease of
a
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
at
July (1937)
Range
12.30-12.47 12.29-12.36 12.27-12.40 12.31-12.47 12.08-12.40 11,80-12.00
Closing
and
1937
17,
Fri.
Futures—The highest, lowest and closing prices
New York for the past week have been as follows:
Saturday
increase
12
191
2
829
210
2,366
230
1,509
1,951
2,477
3,427
121
Oklahoma—
ft
Nominal.
-
,
.
4
15 towns *
..
Range for future prices at New York for week ending
July 16, 1937, and since trading began on each option:
S. C.,Greenville
Tenn.,Mem phis
1,396
3,278
Texas, Abilene.
238,435
,565,232
38,932
Austln
Option for—
July
Range for Week
1937- 11.80 July
Range
16 12.47 July
14 11.41
Since Beginning of Option
Nov. 12 1936 14.59 Mar. 30 1937
Aug. 1937—
11.50
Aug. 29 1936 12.92 Mar.
Sept. 1937—
11.52
Nov.
Oct.
1937- 11.98 July
4 1936 13.95
Mar. 17 1937
Nov. 1937— 12.40
July
16 12.50 July
12 12.40 July
10 11.05 Nov. 12 1936 13.98 Apr.
12 11.87 June 17 1937 12.40 July
Dec.
1937- 11.92
July
16 12.43 July
10 11.56
Jan.
1938— 11.94
July
16 12.42 July
10 11.70
Feb.
1938-
Apr.
1938—
Dec.
17 1936 13.93
Apr.
Feb.
3 1937 13.94
Apr.
11937 13.85 Mar. 31 1937
July
16
12.4*6
July
10 11.85 June 14 1937 13.97 Apr.
July
15
12.49*
July
19
Texarkana
5 1937
5 1937
12.0*1
Il.89*
June
14 1937
12.96"
The Visible
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
cable and
the
total;show the complete figures for tonight (Friday)
add the item of exports from the United States, for
16—
1937
1936
1935
56
79,672
9,727 6,076,401
18
512
2,536
527|
4,234
60
3,635
64
6,517
80,311
2,102
38
88
245
2,555
""15
*151
604
990
196
5,928
21,446 5,246,414' 69,183 1301765
38,982 873,772
Includes the combined totals of 15 towns in Oklahoma.
The
above
totals
show
that
interior
the
stocks
have
decreased
during the week 29,255 bales and are tonight
427,993 bales less than at the same period last year.
The
receipts at all the towns have been 11,719 bales less than
the
week last year.
same
New York
Quotations for 32 Years
we
Friday
only.
July
143
35,243
—
Total. 56 towns
5 1937
May 21 1937
646
8,952
Waco
*
2,908
71,825
13,701
—
San Antonio.
1938—
May
5 1937
Paris
Robstown
1,277
81
83,124
281
24,918
280
6,426
82
Dallas
85,194
3,584 38,355
27.181402,170
6
1,222
762
168,768
12,7442,056,861
54,788
18,553
27
12,255
610
59,396
60
35,040
10,533
10,224 255,045
1,614
16,253
Brennam
12 1937
Mar.
12.10
Mar. 1938— 11.99
3 1937
4,607
1,219
1934
The
quotations for middling upland at New York on
July 16 for each of the past 32 years have been as follows:
18.35c.
1921
12.85c.
1913
535,000
71.000
877,000
103,000
1936 „13.40c.
1928
1927
1919
42.50c.
35.25c.
1912 —12.45c
12.25c.
21.60c.
18.30c.
1920
1935
1911
14.30c
1934
Stock at Havre
Stock at Rotterdam.
1929
640,000
117,000
13.25c.
1926
18.55c.
1918
33.15c.
757,000
195.000
141,000
11,000
66,000
77,000
11,000
10,000
606,000
168,000
86,000
21,000
64,000
58,000
12,000
11.000
980,000
144,000
190,000
20,000
69,000
55,000
7,000
10,000
1933
1932
11.40c.
1925
14.90c.
1917
1916
27.40c.
1910
1909
16.40c
882,000
140,000
163,000
10,000
Total Great Britain...
Stock at Bremen
12.52c.
727,000
155,000
Stock at Liverpool
Stock at Manchester
1908
1907
1906
11.00c
Stock at Barcelona
Stock at Genoa
28,000
9,000
7,000
Stock at Venice and Mestre
Stock at Trieste
5.90c.
1931
9.30c.
1930
13.15c.
357,000
511,000
420,000
795,000
European stocks
Europe
1,239,000 1,268.000 1,026,000 1,775,000
72,000
68,000
102,000
98,000
80,000
136,000
149,000
140,000
Egypt, Brazil,&c.,afl't for Europe
157,000
166,000
171,000
161,000
Stock in Alexandria, Egypt
108,000
134,000
124,000
245,000
Stock in Bombay, India
958,000
800,000
685,000
991,000
Stock in U. S. ports
1,115,820 1,285,212 1,114,780 2,425,245
Stock in U. S. interior towns
873,772 1,301,765 1,145,008 1,179,660
U. S. exports today
5,669
5,149
29,133
16,518
India cotton afloat for
American cotton afloat for Europe
Total visible supply
4,618,261 5,155,126 4,545,921 7,031,423
above, totals of American
Liverpool stock.__
and
other descriptions are as follows:
bales.
265,000
237,000
176,000
320,000
48,000
41,000
30,000
42,000
101,000
130,000
119,000
Havre stock
130,000
103,000
71,000
Other Continental stock
29,000
98,000
89,000
663,000
American afloat for Europe—80,000
136,000
149,000
140,000
U. S. port stock
1,115,820 1,285,212 1,114,780 2,425,245
U. S. interior stock.
873,772 1.301,765 1,145,008 1,179,660
U. S. exports today
5,669
5,149
29,133
16,618
Manchester stock
Bremen stock
Total American
2,648,261 3,337,126 2,922,921 4,786,423
East Indian, Brazil, &c.—
Liverpool stock
Manchester stock..
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East
1915
12.95c.
9.25c.
22.65c.
1914
13.25c.
—
India, &c
462,000
107,000
40,000
33,000
24,000
72,000
166,000
108,000
958,000
403,000
76,000
67,000
38,000
75,000
68,000
157,000
134,000
800,000
359,000
41,000
49,000
15,000
77,000
102,000
171,000
124,000
685,000
557,000
61,000
week at New York
For
the
1,970,000 1,818,000 1,623,000 2,245,000
2,648,261 3,337,126 2,922,921 4,784,423
Total American
5,155,126 4,545,921 7,031.423
7.47d.
7.02d.
7.l7d.
13.23c.
12.30c.
13.00c.
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s'fine.Liv
11.25d.
10.74d.
8.33d.
5.87d.
5.86d.
8.12d.
6.20d.
8.08d.
5.77d.
of
143,378
bales,
a
loss
of 536,865 from
1936,
an
11.00c
each day during the
of the reader, we also add columns
glance how the market for spot and futures
days.
on
same
a
Futures
Saturday.
Monday
Tuesday
Wednesday.
Thursday
Friday
__
__
Quiet, 15 pts. dec-—
Quiet, 3 pts. dec
Steady, 7 pts. dec—
Steady, 3 pts. adv..
Quiet, 37 pts. dec—
Quiet, 8 pts. dec
SALES
Market
Closed
.
Closed
Contr'ct
Spot
Steady.
Steady
Steady
Steady
Barely steady.
Steady
Total
_
"700
"700
200
1,700
200
500
1,900
700
500
500
_
400
3,400
3,800
72,029 164,800 236,829
Total week-
Since Aug. 1
Overland Movement for the Week and Since
Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1935—36
Since
July 16—
Shipped—
Since
Week
Aug. 1
Week
1,419
1,520
Via St. Louis
Via Mounds, &c__
Via Rock Island
Via Louisville
h
h
3,427
2,140
h
Aug. 1
h
h
h
h
"165
h
h
4,369
3,000
h
h
.12,568
h
13,101
h
767
h
1,079
h
Via Virginia points
Via other routes, &c
Deduct Shipments—
Overland to N. Y., Bos
Between interior towns.
3,842
5,787
..
h
144
h
196
h
4,132
h
9,529
h
5,043
h
10,804
h
Leaving total net overland ♦— 7,525
h
2,297
h
.
_
Total to be deducted
Continental imports for past week have been 62,000 bales.
The above figures for 1937 show a dcerease from last
week
the spot
on
Spot Market
5.97d.
9.26d.
5.52d.
12.85c
indicated in the following statement.
-
Peruvian
12.50c
convenience
which show at
closed
are
1936-37
132,000
98,000
161,000
245,000
991,000
12.35c
Market and Sales at New York
...
Of the
1924 -—31.45c.
1923 —27.55c.
1922
The total sales of cotton
Total Continental stocks
Total
1937
-
-
*
Including movement by rail to Canada,
h We withhold the totals
since Aug. 1 so as to allow proper adjustment at the end of crop year.
Volume
Financial
145
1935-36
1936-37
In
Sight and Spinners'
Takings
Southern
h
h
h
16,973
^^2,297
125,000
169,896
$29,255
H
H
144,270
*47,737
H
Interior stocks in excess
*
proper
H
19,748
adjustment at the end of the crop year.
France
12.95
12.95
12.65
12.65
13.15
12.60
13.12
13.19
12.65
12.60
12.70
13.22
12.70
12.61
12.58
12.65
12.68
Little Rock
12.40
12.35
12.45
12.45
Dallas
12.40
12.37
12.44
12.47
Fort Worth
12.40
12.37
12.44
12.47
12.55
Savannah.
__
_
12.90
Norfolk.
12.90
Montgomery
Augusta
Memphis
12.60
Houston
12.59
12.95
New Orleans Contract Market—The
Spain
Belgium
Other Europe
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
July 10
July 12
July 13
July 14
July 15
July 16
12.02-12.03
12.45-12.46 12.45-12.47 12.09
12.38
November
123761238a 12.46
12.47
12.12-12.15 12.04
12.47
12.48
121261214a 12.05
124661247a 12.43
12.50
125261253a 12.19
12.49
December.
12.52
125461255a 12.22
12.42
Jan.(1938) 12.44
February
March
229,639
Total.
12.41
—
.
commercial cotton, exclusive of linters, grown
in 1936, as compiled from various sources, was 30,386,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ended July 31. 1936, was 27,631,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 152,000,000.
Report
Cottonseed Oil Production—On
Census issued the following state¬
on
July 13 the Bureau of the
ment showing cottonseed
and cottonseed products
hand and exported for the
Quiet.
Steady.
Quiet.
Dull.
Steady.
Steady.
Easy.
Crushed
Aug. 1 to June 30
Steady
Aug. 1 to June 30
a
291,120
294,685
93,600
425,705
175,927
333,501
451,717
174,453
Alabama
Arkansas
California
Georgia
476 574
Louisiana
241,352
832.659
232,880
MississippiNorth Carolina
Oklahoma
333,853
299,168
365
942
450.012
294,177
2,331
168,368
92,851
7,193
2,917
1,098
471,855
446,189
177,183
525,443
230,521
242,825
524,739
813,852
223,577
233,119
1,684
6,361
201
107
20,843
12,308
451
3,133
991
82,997
192,229
83.299
193,481
753
221,387
208,030
231,446
962,510
222,138
208,944
234,391
434
847
700
1,461
974,622
5,710
10,300
104,326
498
261
4,484,972 3,727,770 4,460,823 3,781,296
45,840
36,049
-
South Carolina
356,770
917,608
163,074
Tennessee
Texas
All other States
United States
*
1936
1937
1936
1937
1936
Membership in New York Cotton
meeting of the Board of Managers of the
New York Cotton Exchange, held July 12, Sartell Prentice,
a partner of Prentice & Brady of New York City, who are
stock brokers; William Christian Helmbrecht, a partner of
Helmbrecht & Co., Dallas, Texas, cotton exporters; and
George Richard Payne, a partner of Payne & Co. of Hong¬
kong, China, commodity brokers, were elected to member¬
ship in the Exchange. Mr. Prentice is a member of the
Chicago Board of Trade, New York Curb Exchange, New
York Commodity Exchange, and the New York Produce
Exchange.
Mr. Helmbrecht is a member of the New
Orleans Cotton Exchange, Galveston Cotton Exchange, and
Texas Cotton Association.
Mr. Payne is a member of the
New York Coffee & Sugar Exchange, Inc.
Exchange—At
June 30
Slate
1937
to
On Hand at Mills
Received at Mills *
Steady
Barely stdy
Elected
(TONS)
CRUSHED, AND ON HAND
12.14
Quiet.
Three
received, crushed and on hand,
manufactured, shipped out, on
month of June, 1937 and 1936:
12.11
—
Steady.
Spot
STATISTICS
WORLD
The world's production of
Tone—
Options
5,816,304
4,373; Japan, 2,809; Canada, 630.
COTTON SEED RECEIVED.
12.46
5,315,732
18,664 bales during June In
1937, and 19,128 bales In 1936; 246,037 bales for the 11 months ended June 30
in 1937 and 221,377 bales in 1936. - The distribution for June, 1937, follows:
United Kingdom, 1,527; Netherlands, 3,568; Belgium, 26; France, 5,731; Germany,
April
May
297,500
not included above, were
Note—Linters exported,
Census
—
September
12.41
36,152
238,594
47,133
22,048
All other
13 ,957
123961241a 11.94
July (1937) 122761231a 122461228a 12.34
October
538,870
L,463,297
55 034
12.02
closing quotations
152 ,261
496 ,916
288 426
Canada
12.02
373,757
279
14,549
2,786
12.50
12.20
12.77
12.20
740,606
204,894
155,486
668,181
3,148
357
12.25
626 ,661
66,247
2,025
44,061
China
12.23
1,349,334
1,522 ,499
Japan
the past
August
5~285
27,538
1,120 ,026
652 ,640
387 ,033
24,493
13,167
3,621
31,785
~
12.17
12.52
leading contracts in the New Orleans cotton market
week have been as follows:
for
Germany
12.37
12.11
Mobile
12.66
12.81
12.62
12.97
12.64
12.81
12.56
12.73
12.52
12.87
12.90
12.60
12.76
Friday
1936
1937
83,614
31,381
23,832
50,705
8,531
39,925
28,041
-
12.22
12.30
12.44
12.25
12.61
12.60
12.30
12.86
12.35
12.33
12.10
12.11
Galveston
New Orleans
Excluding Linters
for Linters)
11 Mos. End. June 30
1936
1937
Italy
Wed'day Thursday
835
amounted to 43,133
June
Country to Which Exported
United Kingdom
Middling Cotton on
Tuesday
134,512
(Running Bales—See Note
day
Week Ended
Saturday Monday
234,074
ended May 31, 1937,
of the week:
July 16
12,462
Exports of Domestic Cotton
principal cotton markets for each
Closing Quotations for
77,208
10,163
44,046
24
equivalent 500-pound bales.
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other
4,235
35,953
Linters Imported during ten months
of
1,018
24,365
3,387
4,495
Total
1 so as to allow
h We withhold the totals since Aug.
Decrease,
60,861
18~668
All other
"
h
16- 11,097
North, spina's' takings to July
140
British India
h
96,533
H
h
45
2,212
Mexico
"
n
140,641
101
7,911
Peru
China
72,244
1,634
45,434
27,391
5,806
4,778
Egypt
n
,
consumption to July 1
Came into sight during week
Total in sight July 16
1936
1937
1936
1937
"
takings
mill
Southern
of
n
30
11 Mos. End. June
June
Country of Production
h
Total marketed
over
Week
(500-45. Bales)
Imports of Foreign Cotton
Since
Aug, 1
w
7,525
consumption to July 16-145,000
17,371
Receipts at ports to July 16
Net overland to July 16
Excess
Since
Aug. 1
Week
463
Chronicle
104,202
Includes seed destroyed at mills
356,881
921,774
162,847
89,575 tons on hand
reshipped for 1937 and 1936, respectively.
but not 21,926 tons and
Aug. 1 nor 95,494 tons and 58,247 tons
SHIPPED OUT AND ON
PRODUCTS MANUFACTURED,
COTTONSEED
HAND
-
Census Report on Cotton Consumed and on Hand,
&c., in June—Under date of July 14, 1937, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of June, 1937
and 1936.
Cotton consumed amounted to 681,394 bales of
lint and 66,618 bales of linters, compared with 669,460
bales of lint and 70,480 bales of linters in May, 1937, and
555,449 bales of lint and 64,891 bales of linters in June,
1936.
It will be seen that there is an increase in June,
1937, when compared with the previous year, in the total
lint and linters combined of 127,672 bales, or 20.6%.
The
REPORT
OF
COTTON
[Cotton In running bales, counting round
as
ON
HAND,
ball bales, except foreign, which la In
Cake
Cotton
on
June 30
and
meal.J
*21,372,990
37,250,608
a517,334,191
408,944,414
28,262,543 1,152.679,606 1,145,605,076
a,318,873,305 51286354,382
444,833,215 1,062,140,172
2,002,428
2,010,544
65,053
1,801.740
1,720,377
198,367
1,095,850
1,135,422
23,893
1,011,721
981,167
76,604
1936-37
1936-37
1935-36
tons
Hulls, tons---
1936-37
Linters, (running j
1936-37
43,819
1,119,991
,'1,292
865,101
88
47,510
37,245
73,169
117,004
63,465
1,076,068
1935-36
870,534
45,241
38,465
46,789
41,083
1935-36
bales)
Hull fiber,
(500-J
1936-37
1935-36
1,332
Grabbots, motes,'
1936-37
2,991
lb.]
1935-36
lb
bales)
*
—.
-
5,966
52,243
42,268
46,050
87,742
65,859
2,357
112
8,445
7,151
I
Includes 6,232,774
establishments
consumers
and 11,603,177 pounds hela by refining and manufacturing
and 4,387,220 pounds in transit to refiners and
4,411,300
and
Aug. 1, 1936, and June
30, 1937, respectively.
15,100,446 and 13,868,273 pounds held by
at places other than refineries and
Includes
warehousemen
refiners, brokers, agents,
manufacturing establish¬
6,207,436 pounds in transit to manufacturers of lard
substitute, oleomargarine, soap, &c., Aug. 1, 1936 and June 30, 1937, respectively.
5 Produced from 1,371,577.984 pounds of crude oil.
ments,
During—
On Hand
*19,191,508 1,350,662,832 1,353,827,673
1935-36
and
Cotton Consumed
June 30
1936-37
lbs—J
Refined oil, lbs.
a
500-pound bales)
Aug. 1 to
June 30
1935-36
Crude oil,
bales
IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES
CONSUMED,
Shipped Out
Aug. 1 to
Aug. 1
&c., 500
following is the statement:
JUNE
Produced
On Hand
Season
Item
Hand
June 30
and 9,643,060 and
Cotton
Eleven
In Con¬
Months
Year
suming
Ended
In
Public
Storage
Establish¬ & at Com¬
Spindles
June
j
Cotton-growing States
j
June 30
ments
presses,
(bales)
(bales)
(bales)
1937 681,394 7,361,737 1,550,540 3,091,797 24,555,716
f 1937
j
1936
71,448
1937
20,488
990,156
750,165
234,023
1936
15,803
165,718
1936
6,839
5,297
60,833
1937
10,958
90,212
1937
7,275
1,497
56,671
1936
Included Above—
1,372
1937
1936
1937
Other foreign cotton
1936
Amer.-Egyptian cotton
Net
92,737
806,545 4,462,378 17,027,828
88,559
262,233
6,025,078
144,738
58,126
5,293,152
12,851
55,966
740,612
3,867
38,143
700,062
,
Egpytlan cotton
Linters
989,426 4,524,371 23,021,042
1937 568,169 6,137,558 1,232,341 2,990,387 17,790,026
1936 468,198 4,828,221
All other States
35,006
27,353
14,987
17,028
19,097
19,621
31,790
15,537
4,763
5,279
66,618
742,785
269,169
62,710
64,891
663,242
208,712
46,030
70,923
19,877
10,746
1,097
418
Included Above—
'
-j
OF
COTTONSEED
PRODUCTS
FOR
TEN
MONTHS ENDED MAY 31
(number)
1936 555,449 5,744,104
New England States
IMPORTS
AND
June
(bales)
United States
EXPORTS
Active
During
Exports—
Oil—Crude, pounds
Refined, pounds
Cake and meal, tons
184,172
5,436,996
*22 ,318,965
2,000 pounds.
Linters, bales of 500 pounds
—
for
202,249
13.459,115
*139 ,083,868
---
Refined, pounds
Cake and meal, tons of
Amounts
10,352
227,373
Imports—
Oil—Crude, pounds
*
387,373
2,612,497
4,361
of 2,000 pounds.
Linters, running bales
104,744,369
2,734
27,656
43,133
(Not available)
above are 1,064,000 pounds crude, and 28,for consumption," 2,791,306 refined "withdrawn
June not included
604,881 refined "entered directly
from
1936
1937
Item
warehouse for.
consumption," and 7,224,439 refined
"entered directly into
•
warehouse."
Exchange Fixes Limitation of
Interest—The Board of Managers of the New York Cotton
Exchange voted on July 13 to set the maximum limit of
New
York
Cotton
464
Chronicle
Financial
interest
future contracts for delivery in any one month
by any member, firm, or corporation, and his or its affilia¬
tions, at 250,000 bales for delivery in July, 1937, and in
all months up to and
Cotton
Visible supply July 9-Visible supply Aug. 1
Telegraph—Reports to us by tele¬
graph this evening indicate that little fault is being found
Rainfall
Inches
High
Low
4
1.99
89
Amarillo
1
0,34
98
1
0.32
94
2
0.11
100
70
Abilene.
3
2
Corpus Christ!..
3
3
88
1.38
76
76
70
El Paso
Kerrville
72
'
70
70
70
■
90
92
96
1.08
■
0.80
94
70
96
72
68
68
3
92
100
2
Smith
2.94
0.25
1.22
95
1 •;--
Little Rock
0.01
.
i
1.01
92
72
94
1.85
92
67
76
0.59
0.04
95
70
96
72
" ; 0.01
dry
dry
92
72
73
,
Birmingham
Montgomery
93
94
1
0.24
90
70
70
72
74
74
3
7
1
1
1
0.16
92
97
Pensacola.
Georgia—Sa1
Atlanta.
Macon
South Carolina—Charleston
0.26
96
1
2
...
0.02
96
0.38
88
72
96
70
74
74
nent
China
22,000 2,511,000
Great
Britain
Total
Conti¬
1
nent
Japan
&
China
Total
96
1
2,000
2,000
10,000
34,000
3,000
45,000
50,000
84,000
114,000
10,000
—
18,000
28,000
64,000
7,000
2,000
2,000
494,000
369,000
674,000
602,000
268,000
591,000
46,000
391,0001,524,000 1,999,000
396,0001,359,000 1,869,000
341,0001,280,000 1,685,000
i
1936-37-.
2,000
5,000
1935-36
1,000
1,000
—
1934-35—
2,000
Total all—
1
1936-37—
1935-36—
1
4,000
3,000
1,168,000
971,000
859,000
1
15,000
34,000
4,000
45,000
53,000
52,000
12,000
1934-35—
18,000
30,000
578,0001,065,0001,524,000 3,167,000
483,000
332,000
998,0001,359,000 2,840,000
932.0001,280,000 2,544,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's
receipts of
35,000 bales.
Exports from all India ports record a decrease
of 1,000 bales
83
during the week, and since Aug. 1 show
an
of 327,000 bales.
increase
71
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
1.32
100
71
74
71
81
94
64
79
0.62
96
72
84
1
4
0.34
0.90
98
72
72
85
74
70
72
Alexandria
86
98
100
82
dry
96
dry
dry
Nashville
1
93
98
0.01
96
Above
zero
Above
zero
Above
zero
Alexandria, Egypt#
81
■>: 1936-37
1935-36
1934-35
1,000
8,209,014
4,000
7,367,090
14
Receipts (cantars)—
This Week
Since Aug. 1
Feet
4.6
10.8
9.1
July
4,000
8,838.379
July 17, 1936
Feet
a
•
84
July 16, 1937
1.8
of gauge.
Above zero of gauge.
zero
Shreveport
Vicksburg
weekly
dria, Egypt.
84
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:
Nashville
ceive
86
The
Memphis
1
1 1
Aug
85
84
2
Above
Jap'n&
87
96
0.81
1
New Orleans
49,000 3,032,000
Other Indla-
82
100
dry
Conway
Wilmington
Tennessee—Memphis
Chattanooga
1935-36
81
5
0.20
Columbia
North Carolina—Asheviile
Raleigh
Conti¬
1936-37—
83
84
0.02
2
Since
Week
Aug. 1
Since Aug
Great
1934-35..
83
0.68
1
1934-35
Bombay—
83
84
0.01
■
Week
Atg. 1
Britain
83
84
1.07
h
Exports
81
74
1
Florida—Jacksonville
h
Since
14,000 3.097.000
From—
82
"
1935-36
For the Week
82
1
1
h
Since
Bombay
84
Alabama—Mobile
h
Week
84
2.92
4
295,850
214,650
81,200
h
1936-37
83
4
Shreveport
Mississippi—Meridian
Vicksburg
h
July 15
80
3
New Orleans
309,819
221,019
88,800
84
70
70
94
h
h
Receipts—
83
4
Louisiana—Alexandria
0.04
5,450,976
5,155,126
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
— ;
81
83
82
1
h
h
81
70
72
98
92
dry
^
Bluff
4,928,080
India Cotton Movement from All Ports—The
84
3
Oklahoma—-Oklahoma City
Arkansas—Eldorado.
h
of Indian cotton at
82
0.84
;
h
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
h We withhold the totals since Aug. 1 so as to allow proper adjustments
at end of crop year.
6 Estimated.
'
79
79
85
80
1.48
2
3
2
2
Fort
96
98 »'
H
9,000
h
*
84
•
200
h
Of which other
88
92
1.38
2
Weatherford
66
70
66
62
0.46
3
3
San
102
106
1.56
5.06
2
Lampassas
Luling
Nacogdoches
64
h
h
h
4,618,261
82
98
dry
dry
Henrietta
800
4,000
Total takings to July 16—
Of which American
84
88
94
0.30
0.16
Dallas
h
h
Total supply
79
84
85
81
82
82
0.34
Brownsville
h
h
Deduct—
Mean
78
60
74
h
96,533
49,000
2,000
140,641
14,000
7,000
Visible supply July 16
-Thermometer
Texas—Galveston
5,294,243
h
Bombay receipts to July 15—
Other India ship'ts to July 15Alexandria receipts to July 14
Other supply to July 14 * 6—_
Temperatures remain moderately high.
Some portion of
the central belt are boasting of their
bumper crops.
Late
cotton has been much improved
by rains during the week
in Texas, but considerable damage has been done to
open
bolls in the extreme south
by continued rains which also
favored insect activity.
Cotton is fruiting rapidly and
blooming well to the northward.
Season
Week
Season
4,761,639
American in sight to July 16—
with weather conditions in any portion of the cotton belt.
Days
1935-36
1936-37
Week
including June, 1938.
Rain
Takings,
Week and Season
Weather Reports by
Pine
1937
17,
July
on
of gauge.
of gauge.
of gauge.
This
Exports (Bales)—
To Liverpool
To Manchester, &c
To Continent and India—
To America.
5.0
10.6
3.6
12.9
3.7
6.5
Receipts from the Plantations—The following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
Southern 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.
Since
Week
Aug.
6",666
Total exports
This
1
190,963
205,777
731,375
42,680
6,000 1170795
Since
This
Week
Aug.
6",606
203,700
163,259
669,939
1
Week
Since
Aug.
1
37,249
131,993
153,409
727,938
37,844
6,000 1074147
11,000 1051184
ll",660
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended July 14 were
4,000
cantars and the
foreign shipments 6,000 bales.
Manchester Market—Our report received by cable toriight from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to
pay
Week
Receipts at Ports
Stocks at Interior Towns
Ended
1937
1936
1935
1937
1936
1935
Receipts from Plantations
1937
1936
present prices.
We give prices today below and leave those
for previous weeks of this and last year for
comparison:
1935
Apr.
1937
16-
42,828
34,922
23-
40,673
30-
44,904
34,771
20.044
15,829 1 440.172 1 833.913 1,451,845
21,251 1,387,245 1,814,475 1,423,178
15.791 1,322.016 1,779,076 1,396.198
NU
Nu
15,333
N>i
8X Lbs. Shirt
Nil
14-
40,825
31,296
39,157
40,509
21-
28,231
45.482
28-
25,457
52,470
4-
23,761
47,072
11-
23,325
32,597
21,595 1,255,379 1.732,379 1,370.838
21,061 1.206.606 1,693,071 1,345,933
18,627 1.162,626 1,651,649 1,328,412
21,846 1.107,259 1,594,234 1,301,899
NU
NU
18-
15.944
39.972
25-
19,653
21,698
1.201
ings. Common
to Finest
Middl'g
Upl'ds
1,106
NU
NU
NU
NU
7,151
Nil
N11
Nil
NU
d.
NU
4,060
s.
16..
U,';'
d
s.
14K@15« 10
23- 14^@15Ji 10
9
@11
0
21,952
9,188
13,918
20,715
9..
17,059
13,381
16-
17.371
16,973
930,969 1,384,154 1,181,353
903,027 1,349,502 1,161,421
873,772 1,301,765 1,145,008
Nil
NU
Nil
NU
NU
6
@ 10
30- 14
@15
10
May7.. 14^@15H 10
6
@10
d
NU
Nil
Nil
Nil
Nil
Nil
Nil
4,302
4,140,563
(2) That, although the receipts at the outsorts the
past week were 17,371 bales, the actual movement from
plantations was nil bales, the stock at interior towns having
decreased 29,255 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
from all
sources
obtainable; also the takings
sight for the like period:
are
or
from which statistics
amounts
gone
Middl'g
Upl'ds
out of
d
d.
s
s
d.
u.
.
9
i%@
9
4%
6.58
9
7 49
7 22
9H@llX
9X@U%
9
9
9
l%@ 9
1%@ 9
4%
4%
6.46
9H@U%
9H@UX
9
1%@ 9
4%
6 46
9
1%@
9
4 %
9H@11X
9H@11X
9
9
4%
6.57
9
1%@
1%@
9
4%
6.64
9
6
@10
9
7 45
14H@15J^ 10
14^@15^ 10
6
@10
9
7.12
6
@10
9
7.29
14
6
@10
9
7.36
14..
NU
bales.
seasons
to Finest
9%@11%
28-
NU
The above statement shows:
(1) That the total receipts
from the plantations since
Aug. 1, 1936, are 6,216,627 bales;
in 1935-36 were 6,998,758 bales and in 1934-35 were
for the last two
Cotton
ings, Common
7.47
21-
15,752
32s Cap
Twist
Apr.—
July
2-
V
8% Lbs. Shirt
NU
NO
NU
June
18,907 1,064,946 1.554,313 1.269,564
14,317 1.030.520 1,517,933 1,244,820
13,466
998.705 1.465.362 1,218.931
8,706
964,392 1,424,612 1,201,295
Cotton
32s Cap
NU
May
7-
1936
Nil
Twist
Nil
@15
10
6.62
6 56
June
4_.
14@15
10
6
7.31
9%@11X
9
0
11- 13^@14^ 10
6
@10
8
7.06
6
@10
9
6.92
9hi@UH
10Vs@U %
10%@11%
9
18- 133*1} @15
25- 13
@15
9
9
1%@ 9
i%@ 9
1%© 9
9
6
10
9
@10
10
6
@10
9
2— 13M@14%
9
9— .13^ @14% 10
6
@10
9
6
@10
9
6.98
16.. 13%@14% 10
6
@10
9
6.85
-
6.95
Till xr
d
@
3
6.68
4%
4%
6.82
4 %
7.18
7.00
my
Shipping
News—As
6.87
shown
10%@11%
11
@12%
11%@12%
on
a
9
9
9
@
9 10%
0
@10
10%©10
previous
7.18
7.58
2
7.47
page,
the
exports of cotton from the United States the past week have
reached 17,265 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
HOUSTON—To Reval—July 9—Binnendijk, 16—.To Tallin—July 9—Binnendijk, 12
To Japan—July 9—Friesland, 3,093
To Liverpool—July 14—Musician, 676
To Manchester—July
14—Musician, 2,487—
To Havre—July 15—Nevada, 409
To Dunkirk—July 15—Nevada, 61
*
16
12
3,093
676
2,487
409
61
Volume
Financial
145
Bales
NEW ORLEANS—To
283
100
Gdynia—July 10—Tatra, 283
To Gothenburg—July 10—Tatra, 100-To Antwerp—July 8-—Florida, 308
To Havre—July 8—Florida,
.
308
711
711
To Dunkirk—July 8—Florida, 550
To San Juan—June 30—Fairisle, 3
To Genoa—July 14—Monfiore, 2,058—
550
3
2,058
568
414
22
350
300
--
MOBILE—To Bremen—July 12—Wasgenwald, 568
To Genoa—July 8—Ada A, 414
SAVANNAH—To Japan—July 15—Victoria City, 22.
CHARLESTON—To Bremen—July 12—Skeldergate, 350
To Bremerhaven—July 12—Skeldergate,
To Hamburg—July 12—Skeldergate, 178
300
178
648
648
NORFOLK—To Bremen—July 16—City of Hamburg,
256
547
Hamburg—July 16—City of Hamburg, 256
To
SAN FRANCISCO—To
Japan—547
ANGELES—To Japan—July 12—President Polk, 200July 8—Hokubasan Maru, 800_-_July 11—San Too Maru,
LOS
3,125
800; Tatsuta Maru, 1,325
JACKSONVILLE—To Bremen—July 10—Skeldergate,
90
90
Total
17,265
-
Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Density
ard
Density
,85c.
1.00
.85o.
1.00
,57c.
Trieste
d.45o.
.60o.
Piraeus
Manchester .42c.
,57c.
Flume
d.45c.
.60c.
Salonica
*
*
Venice
*
*
*
*
Copenhag'n.52c.
Naples
d.45c.
Leghorn
d.45c.
Gothenb'g .52c.
39% c. .54% c. Barcelona
Antwerp
Havre
.51c.
.36c.
Rotterdam
Japan
.39% o. .54% c. Shanghai
d.45c.
.60c.
Bombay *
.50c.
,65c.
Oslo
,53o.
.68c.
Bremen
,37c.
.53c.
Stockholm
,52c.
.67c.
Hamburg
.37c.
Standard
High
Standard
mah
Stand-
High
Density
.42c.
Liverpool
.60c.
d.45o.
-
.67c.
.60o.
,60c.
.53o.
Genoa
»
Rate is open,
d Direct steamer.
Only small lots.
x
,67c.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
June 25
July 16
Of which American
Total imports
Of which American
Amount afloat—
July 9
57,000
901,000
341,000
10,000
129,000
72,000
861,000
326,000
34.000
9,000
150,000
55,000
882,000
313,000
80,000
11,00
93,000
28,000
Total stocks
July 2
62,000
886,000
352,000
38,000
16,000
165,000
Forwarded
27,000
22,000
15,000
L. Of which American
78,000
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone
of the
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Moderate
Quiet.
Quiet.
Quiet.
Moderate
Moderate
demand.
demand
Spot
f
Market,
\
1
12:15
P. M.
demand.
7.06d.
Mld.Upl'ds
Futures.
Market
2
4
to
Market,
7
4
pts.
Prices of futures at
6.85d.
un¬ Barely st'y,
Barely stdy
Steady at
unchanged
1 to 9 pts.
pts. 5 to 6 pts.
4
to
decline.
decline.
decline.
un¬ Quiet,
Quiet,
Steady,
pts. 1
2
Quiet,
2 to changed to changed to 8 to 10 pts.
decline
dec. 2 pts. adv. 1 pt. adv.
pts. stdy.,
Steady,
pta. 1 to
advance.
P. M.
8
to
decUne.
Quiet,
2 to
^
pts. 6
advance.
opened.
Quiet but
Quiet,
Barely stdy
6.98d.
7.02d.
7.00d.
7.01d.
to 2
Liverpool for each day
decline
pts.dec
are
given below:
465
Chronicle
were the chief factors contributing to the decline in wheat
today on the Chicago Board. During the early part of the
session, however, prices ruled higher; in fact, during the
major portion of the session the market was strong, due to
floods of pessimistic crop reports from the United States
spring wheat belt and also from Canada. Word of severe
damage to spring wheat on account of black rust as well as
drought and excessively high temperatures, attracted no
little attention. Accelerating the downturn of wheat values
towards the last, was an announcement that the United
States wheat visible supply total had increased 11,459,000
bushels today, against gains of 5,005,000 last week and
7,577,000 the corresponding week last year. A maxi aum
advance of l%c. a bushel in Chicago wheat values preceded
the late downturn of the market.
On the 13th inst. prices
closed 5c. to 6c. higher.
In feverish trading the Chicago
wheat market today soared a maximum of 7He. a bushel,
and at the last held pretty close to the tops of the day. The
outstanding factor responsible for the excited buying that
prevailed during most of the session was the belief expressed
in various quarters that America's chief competitor, Canada,
is practically facing a complete loss of her exportable wheat
surplus. Estimates were current that because of widespread
drought and excessively high temperatures, the 1937 Cana¬
dian wheat crop has already been reduced to as low as 125,000,000 bushels, an amount but one-third of normal. En¬
larged European demand for wheat to be shipped from
North America, with purchases
today totaling around
2,000,000 bushels, including 500,000 from the United States,
gave added impetus to the upturns. On the 14th inst. prices
closed unchanged to l%c. up. The chief factor in the mar¬
ket's firmness today was the increasing reports of black
rust damage both to United States and Canadian spring wheat
crops.
One leading authority wired today that some wheat
between Fargo and Jamestown, N. Dak., is damaged 60%
and that rust is now acknowledged by all throughout the
Red River Valley and in Manitoba. Another expert wired
that prevailing damp, muggy weather is notably favorable
to rust expansion; that the whole picture from Fargo to
Winnipeg is a perfect duplicate of 1935, and that a similar
crop collapse is about to be seen.
Chicago September wheat
scored the best gam today, climbing to a top of $1.27%, up
2%c. from the day's bottom. No export purchases were
reported, either of United States or Canadian wheat.
On
the
15th
inst. prices closed
iy2 to 2%c. lower.
Drenching rains throughout big areas of Canadian drought
territory did much to bring about the sharp break in
Chicago wheat prices of 2%c. a bushel.
There was buying
mills
for
for traders who
and
Canadian
believe that eventually the
the spring wheat belt on both
wet weather in
will
border
increase
black
sides of the
This
damage.
rust
buying failer to bring about more than a temporary rally.
Thurs.
Wed.
Tues.
Mon.
Sat.
July 10
At
Fri.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
July 16
places in Canada more than 4 inches of rain were
some
received, and it was authoritatively
of the downpour
New Contract
d.
d.
d.
d.
a.
d.
d.
d.
d.
d.
d.
stated that the effect
where the Canadian crops had not been de¬
be to add two
notably parts of Alberta
Province.
The
Liverpool and Winnipeg markets also
showed substantial losses, showing declines of 2 to 4Y2c.
July (1937)
6.89
6.84
6.87
6.83
6.86
6.85
6.81
6.81
6.79
6.68
6.67
stroyed outright by drought and heat would
October
6.89
6.84
6.87
6.83
6.84
6.83
6.79
6.80
6.77
6.68
6.66
bushels
6.85
7.64
6.76
6.81
6.65
December
6.87
January (1938)..
6.87
6.82
6.85
6.82
6.82
6.81
6.77
6.78
6.75
6.67
6.66
March
6.88
6.84
6.87
6.83
6.83
6.82
6.78
6.79
6.76
6.69
6.67
6.89
6.85
6.88
6.84
6.84
6.83
6.79
6.80
6.77
6.70
6.88
May
•
—
-
-
July
6.89
6.82
6.80
January (1939)
6.78
March
6.79
-
-
-
6.83
—
—
*.
-
6.76
—
-
-
««•
-
6.78
6.76
6.87
October
«
6.70
6.72
'*•«.
«...
6.73
6.77
-
*
.
--
6.77
6.88
6.70
6.62
6.66
6.66
6.58
6.67
6.67
of
grain
to
every
acre,
prices closed 2*4 to 3He. up.
More than 5c. a
jumps of wheat prices today followed official an¬
nouncement that Canada will have little wheat for export
Today
6 59
...
bushel
from
this year's
crop.
In addition to wholesale drought
wheat, reports at hand told of alarming spread
rust both
sides of the Canadian border.
In
to Canadian
BREADSTUFFS
Flour—On
vance, some of
Tuesday following the sensational
grain ad¬
the bigger Eastern bakers bought for nearby
Quantities of 5,000 to 20,000 barrels are said to
worked, chiefly in Southwestern flours, since
these are at such a big discount under spring wheat flour.
Millers marked their flour prices higher again.
Some sell¬
shipment.
have
Chicago assertions were current that wheat commercially
is now worth $1.50 a bushel, and would be selling there if
low-grade arrivals were not choking consumer channels.
Open interest in wheat was 95,699,000 bushels.
added 5c. per -barrel to their
Wheat—On the 10th inst.
prices closed lc. to l%c. net
lower.
Heavy selling following the release of the official crop
of all grains
this year, tumbled wheat prices 3c. a bushel today, but when
the selling pressure had spent itself, the market staged a
quiet rally of about 2c. Late buying at Winnipeg and Minne¬
apolis lifted wheat in those markets above the previous close
at times, but Chicago values got no closer than major frac¬
tions to yesterday's final prices. The rally here as well as in
Northwest markets was attributed to buyers who recognized
that Canada apparently had experienced its greatest crop
disaster in years and also that domestic spring wheat has
yet to mature with the possibility of rust damage or hot,
dry weather a menace. Early selling, besides reflecting the
report of the Government, was also in sympathy with weak¬
ness of foreign wheat prices and was associated with reports
of heavy rains in Manitoba Province and light showers in
report indicating a bountiful domestic harvest
northern
of
Saskatchewan.
domestic
The
Government raised
winter wheat
its pre¬
production 15,000,000
bushels compared with a month ago, and traders said these
indicated unexpected good yields in the Southwest more than
offset rust damage in soft wheat States. On the 12th inst.
prices closed %e. to l%c. lower. The big receipts of new
domestic winter wheat and profit-taking by early buyers
diction
OF WHEAT IN NEW
DAILY CLOSING PRICES
been
bakery patents. Advertised
brands of family flour showed a further gain of 10c., with
the new price going into effect this morning (Friday).
ers
black
of
Friday Night, July 16, 1937
Sat.
No. 2 red
DAILY
CLOSING
PRICES
Sat.
July
September
-
December
Season's High
and
July
September
130%
129%
December
131%
DAILY CLOSING
Mon.
Wed.
Tues.
YORK
Thurs.
Fri.
133% 132% 137% 138% 136% 143
OF WHEAT FUTURES IN CHICAGO
Mon.
Wed.
Tues.
Thurs.
Fri.
121
120
126
126
124 % 127%
122% 121% 126% 127% 125% 128%
124
123 % 128% 129% 127% 129%
When Made
|
Season's Low and When Made
Apr.
5. 1937 I July-96% Oct.
2,1936
July 16, 1937[September
105
June 7,193/
July
6, 1937 [December
107
June 14, 1937
PRICES OF BONDED WHEAT AT WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
143 % 144% 149% 151 % 148% 153%
—-137% 138
143
144% 141% 145%
134
134
139
140% 137% 141%
July
October
December.-
Corn—On the 10th inst. prices
closed %c. off to %c.
up.
but later
developed firmness, with July supported by figures showing
In
the
early session corn declined with wheat,
farm reserves at the
lowest level in years.
On the 12th inst.
prices closed 2%c. to 2%c. net lower. Corn led all the other
grains in losses sustained. On reports of rains over parts of
the corn belt selling developed, particularly in the December
delivery, which had been gaining so strongly of late. Senti¬
ment appears to be increasingly bearish on crop prospects.
On the 13th inst. prices closed unchanged to 2%c. higher.
The sensational rise in wheat could hardly help affecting
grains, and corn responded fairly well.
On the
prices closed %c. to 1 He. off.
This grain was
under considerable selling pressure on account of favorable
the other
14th inst.
weather for the new
corn
domestic
corn crop.
He. off to %c. up. The
of the sharp declines in
This relative firmness of corn was attributed to
On the 15th
inst. prices closed
market held up well in face
wheat.
Financial
466
the small stocks of old
and scarcity of offerings, which
corn
made for considerable strength in the
prices closed % to l%c. higher.
thetic
with
movement
wheat.
Today
July delivery.
This was largely
Open interest in
was
OP CORN
Sat.
No. 2 yellow
Mqu.
144M
DAILY CLOSING PRICES
OP
142%
CORN
128%
.114%
84%
September
December
Season'x
High
Made
I
June 29, 1937
July
9, 1937
July
9, 1937
July
8, 1937
July
July (new)
Sept. (new)
Dec. (new)
129%
116%
86%
143%
143%
144%
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
126% 128%
112% 113%
80%* 82%
When
and
127
144%
Fri.
Mon.
Sat.
July
July (new)
Thurs.
Wed.
126%
112%
81%
Season's Low and
July
July (new)
Sept. (new)
Dec. (new)
124%
127%
112%
80%
125
128%
113%
81%
When Made
85
86%
93%
73%
Oct.
1, 1936
Nov. 2,1936
Feb.
2, 1937
June 14, 1937
Oats—On the 10th inst. prices
closed unchanged to l^c.
July's weakness was the outstanding feature, and
was attributed to
larger offerings of the spot delivery, in¬
fluenced apparently by the recent bearish Government report.
On the 12th inst. prices closed 1 to
net lower.
Influ¬
enced by the marked declines in wheat and corn,
especially
the latter, oats appeared to have no other alternative than
to follow the downward trend, and closed
substantially lower.
On the 13th inst. prices closed % to 2c.
up.
This was
largely in sympathy with the strong upward movement of
wheat and rye.
On the 14th inst. prices closed ^c. off to
Ysc. up.
Nothing happened worthy of comment in this
down.
1,606,000
128,000
25,000
107,000
527,000
"MOO
"MOO
"MOO
173,000
16,000
14,000
1,000
11,000
83,000
14,000
16,000
1,000
258:666
53:666
26:660
1,140,000
24,000
14,050,000
75,000
,000
2,300,000
50,000
St. Joseph...
1,302,000
6,000
36,000
28,000
48,000
7,000
18,000
2,000
167,000
91,000
Wichita
3,675,000
58,000
730,000
1,000
5,000
287,000
2,000
2,000
72,000
2,390,000
4,779,000
1,302,000
489,000
44,000
692,000
1,712,000
410,000
544,000
1,147,000
300,000
12,000
Toledo
Indianapolis..
St. Louis
80,000
Peoria
34,000
Kansas
City.,
19,000
Omaha
Sioux City...
Buffalo
Total wk.,
284,000
26,371,000
Same wk.,
419,000
28,535,000
'37
'36
Same wk., '35
Since Aug.
the 15th inst. prices closed
was
closed
%
little of
y8c.
to
interest in
higher.
unchanged to %c. lower.
this
market.
Today prices
DAILY
CLOSING
PRICES
/
OF
OATS
Mon.
Sat.
No. 2 white...
58
NEW YORK
IN
Tues.
Wed.
60%
58%
Thurs.
60%
60%
DAILY CLOSING PRICES
-
OF
OATS
Sat.
v
42%
38%
40%
December
Season's High
July..
September
December
and
50%
47%
41%
When
Made
Apr.
Apr.
July
FUTURES
Mon.
Tues.
Fri.
1935
1934
receipts of flour and grain at the seaboard ports for
Saturday, July 10, 1937, follow:
Total
the week ended
Flour
Receipts at—
41%
37%
39%
43
38%
Season's
\
43%
38
40
40%
Low
and
5, 19371 July
6. 19371 September
Thurs.
When
37%
34%
36
6, 19371 December
43%
37%
39%
Fri.
44
37%
39%
New York—
101,000
22,000
10,000
22,000
Philadelphia..
Baltimore
New
Orleans*
Sat.
Mon.
Tues.
65
70
54%
58%
..._64%
54%
October
Wed.
Made
Thurs.
68%
57
66
54%
Fri.
69%
55%
Rye—On the 10th inst. prices closed I^c. up to 2c. down.
The strong option of course was the
July delivery, which
reflected scarcity of offerings, and the distant months were
the weak sisters, which reflected the bearish character of
Government report on rye.
On the 12th inst. prices
closed 1% to %c. lower.
This grain also followed the down¬
ward turn of wheat and corn.
On the 13th inst. prices
closed 4% to 5c. higher.
In spite of the excellent prospects
for the new rye crop, the sensational rise in wheat had a
higher stimulating effect on the rye market.
Much short
covering developed in the upward movement of rye.
On
the 14th inst. prices closed lc. down to
2^c. up.
The first
car of this season's new
rye arrived at Chicago today, graded
No. 1, and sold at $1,05.
On
the
creased
15th
inst.
hedging
from
pressure
the
to 2Yc. down.
In¬
Northwest formed an
This
was
strong response to the bullish
a
196:660
CLOSING
PRICES
OF
RYE
FUTURES
CHICAGO
IN
Sat. Mon. Tues.
Wed. Thurs.
91%
90%
95%
95%
93%
86
85%
89%
88%
87
88%
88
92%
91%
89%
_
,
July--September
December
Season's High and
112
July
September
December.
103%
96
When
\fad<-
I
Season's Low and
Dec.
28, 1936 July
Dec. 29, 1936 September
May
6. 1937 December
DAILY CLOSING PRICES
RYE
Sat.
,
When
Fri.
98%
225,000
935,000',
34,113,000
1,163,000
21,500,000
132,000
2,647,000
30,000
2,364,000
37,000
695,000
295,000
7,978,000
3,162,000
59,159,000
44,000
2,296,000
202,000
3,546,000
56,000
2,420,000
153,000
2,703,000
Since Jan. 1,'36
Sat.
,
73
Tues.
IN WINNIPEG
97%
102%
Wed.
102%
visible
at
STOCKS
GRAIN
Wheat
Corn
Bushels
Bushels
Boston
6,000
49,000
35,000
New Orleans
543,000
109,000
New York *
Philadelphia.a
Baltimore.b
254,000
429,000
324,000
676,000
13,000
Galveston
Barley
Rye
Bushels
Oats
Bushels
United States—
Bushels
"56:666
2,000
83,000
38,000
14,000
37,000
1,000
12,000
701,000
86:666
5,180,000
53,000
178,000
1,143,000
37,000
147,000
4,000
387,000
38,000
45,000
529,000
29,000
6,000
34,000
13,000
10,000
15,000
6,000
67,000
Fort Worth
6,223,000
Wichita.
2,255,000
Hutchinson
5,105,000
St. Joseph
908,000
Kansas City...
Omaha
Sioux City
St. Louis
Indianapolis..
Peoria
29,000
Chicago.c
2,124,000
1,222,000
On Lakes
346:666
248,000
3,000
31,000
1,000
5,000
20,000
20,000
1,000
24~666
898,000
596,000
ilioOO
"9:660
"LOGO
322:666
1,710,000
92,000
135,000
543,000
22,000
Detroit
127,000
2,000
428,000
123,000
87,000
2,000
11,000
1,179,000
Duluth.d
Milwaukee
400,000
Minneapolis
Buffalo.e—
1,141,000
afloat
"MOO
334,000
355,000
130,000
433,000
80,000
91:666
On Canal
Sat.
,
Jul/-October
Mon.
Tues.
Wed.
Mon.
Tues.
Wed.
3,1937
16,212,000
Total July
11, 1936
32,215,000
*
New
York
also has
Argentine
corn
includes
Argentine
corn
4,060
in bond.
Note—Bonded grain not
on
Chicago,
Lakes, 56,000; total, 635,000
7,000;
on
Lakes,
Albany, 1,005,000; Buffalo, 930,000-
646,000;
on
Canal,
'
Wheat
'
Lake, bay, river and
Corn
Oats
Rye
Barley
Buehsls
'-'t-
Bushels
Bushels
Bushels
Bushels
sea¬
Other Canadian and other
Thurs.
Fri.
Thurs.
Fri.
71%
73%
68%
71%
70%
67%
68%
elevator stocks
Total July 10, 1937
Total July
3,1937
Total July
11, 1936
Rye flour patents
5.55@ 6.65
Seminola,bbl.,Nos.1-3-11.05@
GRAIN
144%
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
for the week ended last
Saturday and since Aug. 1 for each
421,000
575,000
341,000
18,037,000
2,588,000
146,000
1,465,000
34,950,000
36,551,000
.70,681,000
3,504,000
3,755,000
3,065,000
241,000
284,000
2,046,000
3,413,000
3,943,000
2,201,000
3,084,000
3,413,000
1,527,000
Summary—
American
27,660,000
34,950,000
Canadian
Total July
Total July
10,1937
3,1937
Total July
11, 1936
5,976,000
1,214,000
1,288,000
3,504,000
241,000
62,610,000
42,763,000
92,896,000
5,976,000
4,718,000
5,522,000
5,514,000
6,522,000 34,243,000
1,529,000
1,634,000
8,428,000
6,497,000
7,233,000
9,994,000
The world's
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended July 9, and since July 1, 1937, and July 1, 1936, are
shown in the following:
Oats, New York—
No. 2 white
61%
Rye, No. 2. f.o.b. bond N. Y._165%
Barley, New York
47% lbs. malting
93%
Chicago, cash
71 @91
9,000
86,000
9,844,000
7,069,000
board
follows:
6.40@6 .70 Oats, good
3.25
5.65@6.05 Cornflour
3.70
6.45@6.75 Barley goods—
Coarse
6.60@6.90
4.75
__5.95@6.20
Fancy pearl, Nos.2,4&7 6.90@7.25
No. 2 red, c.i.f., domestic
143
Manitoba No. l.f.o.b. N.Y,.160%
L>uiuth, 555,buu,
busneis,
107,000; total, 5,653,000
against 18,513,000 bushels in 1936.
Ft. William & Pt. Arthur.
FLOUR
Wheat, New York—
Lakes, ^5^00 bushels; total,
Barley—Duluth, J99,000 bushels, Buffalo,
bushels, against 153,000 to 1936. WAeaf
included above: Oafs—On
25,000 bushels, against none in 1936.
Fri.
74%
7.45@7.75
3,084,000
3,290,000
7,793,000
36,000 bushels Argentine corn in bond,
a bond,
b Baltimore also has 17,000 busneis
c Chicago also has 65,000 bushels Argentine corn in bona,
bushels feed wheat,
e Buffalo also has 13,000 busneis
in bond,
101%
75%
Spring oats, high protein _8.05@8.35
1.288,000
1.350,000
6,382,000
also has 59,000 bushels Argentine corn in
153%
68
of the last three years:
Total July
98%
74
were as
1,214,000
5,522,000
1,759,000
6,522,000 31,178,000
5,976,000
1937....27,660,000
148%
72%
Corn, New York—
No. 2 yellow, all rail
Total July 10,
Thurs.
CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
_
foreign ports on
supply of grain, comprising the stocks in
principal points of accumulation at lakp and
seaboard ports Saturday, July 10, were as follows:
The
granary
New York, 2,403,000 bushels;
__
Hard winter patents
Hard winter clears
Receipts do not include grain passing through New Orleans for
through bills of lading.
92
Made
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
_
July
Soft winter straights ...
Hard winter straights
"37:666
7,382,000
280,000;
3. 1936
June 14,1936
June 14.1937
76
FUTURES
Mon.
97%
Spring patents
Clears, first spring
"17:660
...—
Jan.1,'37
Total wk., '37
Since
89%
Oct.
71
-_143% 145% 150% 151
Closing quotations
663,000
3,000
Canadian—
OF
_
Jul/-October
DAILY
103:66O'
10,000
Halifax
13,000
4,000^
"57:666
Boston
d Duluth
developments in wheat.
DAILY
6,000
8,000
2,000
9,000
prices closed 1%
outstanding feature of the rye market.
Today prices closed
5 points up in the July
delivery and 2% to 2%c. up for the
rest of the list.
bush 32 lbs bush 56 lbs bush 48 lbs
397,000
152,000
164,000
450,000
58,000
Barley
Rye
Oats
Corn
bush 56 lbs
'15,000
,
Oct.
1,1936
June 14, 1937
June 14, 1937
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
July-
|
Wheat
''
bbls 196 lbs bush 60 lbs
61%
CHICAGO
IN
Wed.
68,000
19,440,000254,115,000156,872,000 77,274,000 17,592,000 81,543,000
18,305,000359,610,000199,649,000 132,483,000 26,109,000 95,149,000
17,534,000200,639,000175,185,000 49,249,00014,876,000 59,648,000
1936
*
July
September
2, 000
474, 000
10,000
Week 1936.
This market appeared to derive
its strength from the upward movement in wheat and corn.
the
5,583,000
371,000
000
1-
Montreal
On
20,000
Detroit
Galveston
There
10,000
,
83,000
-
market.
Barley
Rye
bush 56 lbs bush 48 lbs
686,000
-
Milwaukee..,
NEW YORK
IN
Tues.
Oats
bush 32 lbs
1,365,000
139,000
Minneapolis
Duluth
CLOSING PRICES
Corn
bush 56 lbs
Wheat
bbls 196 lbs bush 60 lbs
Chicago
corn
July 17, 1937
Flour
Receipts at—
a sympa¬
38,882,000 bushels.
DAILY
Chronicle
Corn
Wheat
Week
North Amer.
Australia
India
Oth. countr
Total
s
Week
Since
Since
July 1
July 1
July 9
July 1
July 1
1937
1936
1937
1937
1936
Bushels
Argentina...
Since
1937
Black Sea
Since
July 9
Exports
Bushels
Bushels
Bushels
Bushels
Bushels
4,860,000
1,608,000
2,498,000
4,217,000
1,824,000
736,000
8,982,000
425:666
1,573:666
8,087,000
14,123,000
1,140,000
8,814,000
6,864,000' 15,743,000'
13,488,000
1,259,000
808,000
1,411,000
2,050,000
1,008,000
328,000
264,000
1,780,000
1,398,000
32,000
1,032,000
1,000
881:666
1,791:666
434:666
9,393,000'
17,487,000
10,389,000
467
Financial Chronicle
145
Volume
Indicated production of winter
from the several seaboard ports
ended Saturday, July 10, 1937, are shown in
The exports
for the week
the annexed
statement:
Barrels
Bushels
Bushels
New
35,000
Montreal
Rye
Barley
Bushels
Bushels
31,479
3,000
663~600
57,000
York
New Orleans
103~666
17~66O
37*666
103,000
138,000
17,000
37,000
151,000
3,000
Halifax
Total week,
698,000
2,896,000
1937..
Same week, 1936
The destination
July 1, 1937, is as
94,479
129,250
"l'ooo
of these exports for
.
July
July 1 to—
10
July 1
1937
1937
Barrels
Barrels
July
10
Week
July 1
July 10
July 1
1937
1937
1937
Bushels
Bushels
Bushels
528,000
163,000
6,000
21,500
40,000
2,417,000
1,298,000
1,000
West Indies
"9*660
9,000
2,000
velop.
On the other hand, losses might be greater
at present.
Since July 1, above normal temperatures with only
Col.
Brit. No. Am.
2*715
Total 1937
Total 1936
2^715
94,479
129,250
Other countries
191,119
698,000
263,295
2,896,000
cipitation
3,726,000
5,561,000
9,000
"l'ooo
1,000
Agricultural Department's Official Report on Cereals,
Reporting Board of the United States De¬
partment of Agriculture made public late Friday afternoon,
July 9, its forecasts and estimates of the grain crops of the
United States as of July 1, based on reports and data fur¬
&c.—The Crop
nished
by
crop
correspondents, field statisticians
operating State Boards (or
We give below the report:
23,912,000 acres seeded in 1936 and the five-year average seeded
of 22,121,000 acres.
Stocks of old wheat on farms on July 1, 1937, were estimated
21,880,000 bushels compared with 43,988,000 bushels on July
44,339,000 bushels on July 1, 1935, following the short crop of
and co¬
harvested and spring wheat
production still
wheat
uncertain because of the threat of serious loss from rust, the total
is estimated at 882,000,000 bushels.
This would be the largest wheat
crop since 1931, but reserves are low and some wheat will be needed for
feeding livestock until new corn can be harvested.
,
The corn crop is urgently in need of rain in the Great Plains area, has been
hurt by dry weather in parts of the South and was planted late in some
northern areas, but it is growing well in the central and eastern portions of
the corn belt and production in the United States is expected to be around
2,572.000,000 bushels.
This would be the third largest corn crop since
1928 but less than the average production during the 10 previous years.
A corn crop of the size now estimated, plus the about-average crops of oats,
barley and grain sorghums expected, the low record carry-over
grain on farms, and a rough allowance for wheat to be fed,
slightly more than the usual supply of feed grain per head of
to
|j0 "winfcorod
Current reports on hay show prospects for about the usual acreage and
very
crop
of feed
would give
livestock
®
Eieldsupply of about a light supply of old hay on hand, indicating a total
this season but the usual tonnage and about the usual quantity per
ay
hay-consuming livestock.
However,
hay produced is likely to be below average due
head
of
haying season and
extensive loss of new clover
the feeding value of
to wet weather during
the
the
seedings during the drought
last year.
Pastures are
excellent in all States from Minnesota and Missouri eastward
and also in most of the area west of the Rockies, but they are still dis¬
tressingly poor along a wide belt extending from central Montana into
western North Dakota and down to south Texas.
In the country as a
whole, the condition of pastures averaged 79.4 which represents a great
improvement over 58.1 average of a year ago and is higher than
tion on the same date in six of the last seven years, but below the usual
July 1 conditions prior to 1930.
The indications for the food crops, other than wheat, show rather large
supplies in prospect, for when the figures for 1937 are compared
1928 to 1932 average, a number of crops show increases considerably exceed¬
the condi¬
Condition
favorable growing conditions up to July 1.
The weather has been
particularly favorable for fall cabbage, but the heavy rains of the last
of June caused some damage to the celery and onion crops of the North
half
Ccntrftl St3/t0s
larger than the rather low acreage
last year, but even though yield prospects are rather favorable, the indi¬
cated production is not above production during the 1928 to 1932 period.
With the increasing demand and moderate stocks, supplies of most types
The acreage
are
not
of tobacco is nearly 18%
expected to be excessive.
acreages of soybeans and cowpeas
show further expansion of 7 and
8% this year.
Excluding the large acreages interplanted with corn in the
South, soybeans are being grown on more than 6,000,000 acrea, and cowpeas
on more than 3,500,000, the acreage in each case being about double the
The
was
864,532,000 bushels.
1937
Thou.
Indicated
Average
Per
Bus hels
Thou sand
Cent
1937
1936
1928-32
1937
'23-'32
Acres
1936
7,912
5,638
4,273
80
88
61
64
87
88
1,153
1,281
1,472
Pennsylvania
1,021
1,052
83
90
19,399
22,092
Ohio.
2,169
2,429
77
86
1,767
77
85
Illinois
2,048
2,162
2,621
40,126
30,922
49,794
Indiana
17,156
31,385
26,458
72
84
30,674
35,840
87
15,684
16,462
43,246
23,207
344
275
New York
New Jersey
36,754
1,009
80
26
68
82
87
605
429
Minneapolis
170
306
81
87
3,145
6,579
Iowa.
400
848
83
86
3,309
6,698
16,960
2,086
8,800
31,290
803
Michigan
Wisconsin
1,292
38,304
3,192
74
60
113
85
69
70
20,343
1,699
2,938
Missouri
3,261
74
71
54,169
45,539
42,393
61
177,054
120,198
1,419
8,980
138,285
9,900
6,228
South Dakota.
Nebraska.
13,170
86
86
88
86
1,781
Maryland
44y
480
85
85
8,630
Virginia
629
660
83
86
9,260
10,452
Kansas.
Delaware
1,148
881
70
1,591
9,120
West Virginia
150
156
1,747
7,862
2,025
North Carolina
530
519
al0.7
al2.0
3,790
5,194
South Carolina
184
156
al0.3
alO.O
704
1,472
1,560
Georgia
195
176
a8.9
a8.5
610
1,496
Kentucky
421
559
78
93
Tennessee
3,278
3,174
1,560
5,894
4,858
6,786
54
88
79
83
78
2,574
9,503
454
522
Alabama
6
6
al0.7
all.O
36
70
100
al0.2
al0.5
304
595
Arkansas
1,050
27,520
18,927
62,286
66
4,449
al2.5
al4.0
55,145
2,458
3,933
al2.2
al0.6
41,410
Montana
447
628
69
50
8,998
Idaho
604
676
84
82
13,682
57
108
80
62
513
1,296
5,915
10,325
750
2,952
Oklahoma...
3,440
Texas
Colorado..
455
826
68
68
New Mexico
125
246
56
72
3,766
Wyoming.
48
46
90
92
518
1,104
1,058
188
84
82
3,496
2,236
3,102
2
Utah..
3
92
100
70
54
84
Nevada
779
United
78
83
28,543
17,528
17,420
436
82
76
17,610
13,200
8,502
858
Oregon
California.
711
660
Washington
798
78
81
11,046
16,731
15,162
623,220
519,013
663,641
b Allowance made
ALL
b71.0
b74.5
47,079
37,608
States
Yield per acre,
for condition at harvest in Southern
WHEAT
Stocks on Farms,
Stocks on Farms, July 1
July 1
State
Average
Average
1936
1928-32
1928-32
1937
Thous and Bus hels
7
20
24
645
839
345
New Jersey
101
Maine
Pennsylvania
.
.
107
Ohio
1,653
1,243
1,847
Illinois
Michigan
1,177
1,611
1,920
2,987
Indiana
38
2,104
3,751
1,354
931
South Carolina.
47
222
59
Tennessee
143
400
194
2
2
Alabama
902
1,093
1,336
Montana
428
176
2,361
1,498
442
566
Missouri-
1,419
5,797
1,282
628
6,566
1,731
Dakota-
South Dakota.
_
Nebraska
2,910
4,048
4,077
3,094
1,894
Utah
1,203
Nevada
3,203
10,236
Kansas-
943
52
32
21
Maryland
285
263
180
Virginia
West Virginia..
672
450
236
226
238
217
95
2,182
1,499
1,055
291
128
555
428
0
1,195
26
14
0
522
269
13
34
15
1,401
901
462
574
465
610
99
...
10
395
Arizona
73
0
51,309
43,988
21,880
192
North Carolina.
Colorado
New Mexico
229
301
t
Idaho
Wyoming
6
826
1,031
Texas
46
1,323
341
Oklahoma
2,866
2
9
2,045
1,103
3,261
1,615
Arkansas
606
Iowa
94
28
111
314
—
29
105
25
Georgia
Kentucky.
2,179
Wisconsin
1937
1936
Thusa nd Bush els
New York
Minneapolis
States.
STOCKS
State
North
6,594
13,858
172
Arizona
a
41,690
3,800
10,872
1,608
13,051
Delaware
WHEAT
1928-32 average.
High feed costs this season
abnormally small hatching of
well on July 1 and daily egg
have led to sharp culling of hens and to an
chicks, but the hens were laying unusually
production in the United States was about
2% heavier than at the same season last year.
Milk production on July 1 represented about the usual per capita supply
foi that season but was around 3 % higher than on the same date last year
when drought and hot weather were reducing the milk flow.
Excellent
pastures have maintained milk production in important dairy sections and
good prices for dairy products have encouraged early weaning of calves in
areas where many cows of beef and dual purpose type are milked.
Wheat—A total United States wheat production in 1937 of 882,287,000
bushels is indicated by condition on July 1.
Production of wheat in 1936
was estimated at 626,461,000 bushels and the five-year (1928-32) average
Production
July 1
Avge.
ing the estimated increase in population.
The
potatoes and beans are about 8%, sweet potatoes
10%, and rye and rice 32 and 14% respectively.
of peanuts has also been planted.
The fruit crops are
Apples, pears, grapes, cherries and apricots are
greater than the 1928-32 average by 14% or more,
to rather
at only
1, 1936, and
1934.
State
with the
estimated increases for
and sugar beets about
A rather large acreage
expected to be good.
each showing production
and although peaches
and prunes are expected to be only about average, the estimated total
tonnage of all these fruits combined shows an increase of nearly 14% over
the five-year (1928-32) average, and an increase of 16% over production
last year.
The citrus and nut industries are also expanding.
Due to last
winter's freezes in California, only a moderate supply of oranges will be
available this summer, but after fruit from this year's bloom comes on the
market next fall the supply of citrus fruits is expected to be fully up to the
large production of the last 12 months.
An increase in orange production
is expected to offset moderate decreases in grapefruit and lemons.
Record
crops of walnuts and almonds are expected.
Vegetable crops are expected
to show rather irregular increases due to the planting of larger acreages and
acreage
WHEAT
WINTER
Acreage
corn
21,119,000 acres, is
nearly twice as great as the 11,212,000 acres harvested last year and is
above the five-year (1928-32) average of 20,414,000.
This acreage makes allowance for abandonment indicated on July 1.
The indicated seeded acreage is about 23,500,000 acres compared with
Departments) of Agriculture.
the July estimates
of Agricul¬
harvested and
moderately favorable growing conditions now prevail over most of the
country except portions of the Great Plains area, where rain is urgently
needed.
Unless present forecasts are upset by unusual weather condi¬
tions during the remainder of the growing season, the production of the
principal crops will be much greater than in the recent drought years,
1933, 1934 and 1936, and about equal to the average production during
the 1928-32 period preceding.
On the whole, the production of most
crops may now be expected to meet prosepctive needs, so far as needs can
be calculated when allowance has to be made for population growth, in¬
creasing industrial requirements, changing export outlets, reduced numbers
of grain-consuming livestock on hand, and depleted reserves in grain bins,
than are anticipated
small amounts of pre¬
have been unfavorable to rust development, but have also caused
fear of heat damage, especially in the drier areas.
The acreage of spring wheat for harvest this year,
Crops are off to about an average start according to
of the Crop Reporting Board of the United States Department
ture.
About the usual acreage of crops is expected to be
cribs and haymows.
With winter wheat being
Visible damage to the crop
slight, but if weather conditions should be favorable for rust de¬
velopment, serious losses would result.
In interpreting the July condition
figures, the Board has ina.e allowance for probable losses from rust, as
indicated by a study of the relation between July condition and final out¬
turn in other years when growing conditions and the presence of rust were
comparable to this year.
With the crop somewhat later than usual, there
is room for considerable improvement in prospects if the rust does not de¬
has been
Bushels
11,500
So. & Cent. Amer.
widespread
Nebraska and western Minnesota, a light but
infection of stem rust is a threatening factor.
Since
1937
30,394
23,000
54,270
4,494
Kingdom,
Northwest.
Since
Week
95,010
Continent
higher than that of a month ago.
Preliminary threshing returns indicate
that yields are turning out somewhat better than expected quite generally,
except in the area extending from Nebraska and Kansas to Ohio, where
prospects were reduced by rust.
Stem rust was first observed in eastern
Kansas and Nebraska early in June and spread eastward as far as Ohio,
causing varying degrees of damage in ail these States.
In most of the
hard red winter wheat area, rains late in May and early June brought
about substantial improvement in prospects, but the improvement was not
sustained except in early harvesting areas.
The acreage of winter wheat harvested or to be harvested is now esti¬
mated at 47,079,000 acres, compared with 37,608,000 acres harvested in
1936 and the five-year (1928-32) average of 39,724,000 acres.
Indicated production of all spring wheat is 218,646,000 bushels, a sharp
increase over the 107,448,000 bushels produced in 1936 but well below the
five-year (1928-32; average of 241,312,000 bushels.
In the western part of
the principal spring wheat area, growing conditions'were decidedly unfa¬
vorable early in the season.
While considerable improvement was brought
about by June rains, this area is still deficient in moisture supplies.
Pros¬
pective yields are below average quite generally except in the Pacific
In the Dakotas,
Since
Week
Corn
Wheat
Exports for Week
and Since
13,000
the week and since
below:
Flour
United
Oats
Bushels
Flour
Corn
Wheat
Exports from—
wheat is 663,641,000 bushels, compared
in 1936 and the five-year average pro¬
The present indication is somewhat
with 519,013,000 bushels produced
duction of 623,220,000 bushels.
441
260
Washington
Oregon
California
United States
(PRODUCTION BY CLASSES) FOR
THE UNITED STATES
Spring
Winter
White
Hard Red
Soft Red
Hard Red
Durum a
{Winter Ac
Spring)
Bushels
Bushels
Bushels
Bushels
Bushels
Year
Total
Bushels
Average
56,000,000 83,700,000 864,532,000
1928-32 392,656,000 178,541,000 153,636,000
98,541,000 626,461,000
259,667,000 207,126,000 52,252,000 8,875,000
1936
882.287.000
257,851,000 135,176,000 30,883.000 106,944,000
1937 b... 351,433,000
a
Includes durum
b Indicated
wheat in States for
July 1, 1937.
which estimates are not shown
separately,
468
Financial
DURUM WHEAT
1936
arvest
July 1
1937
Thou.
Minnesota
*23-'32
Acres
Per
vested
Production
Average
1937
Cent
Indicated
1928-32
1936
Thou sand
1937
Bus hels
108
97
82
88
North Dakota
1,261
2,093
76
78
South Dakota
1,406
21,976
651
75
75
2,912
38,167
12,607
6,557
175
700
6,184
1,544
2,841
76.9
77.8
53,687
8,175
29,566
Three
States
918
SPRING WHEAT (OTHER THAN DURUM)
Avge.
1937
Thou.
Maine
New
'23-32
in
Indicated
1928-32
1936
Acres
Per
Cent
Thou sand
65
Bus hels
119
90
96
7
81
80
174
105
with
States
the
exception of Oklahoma and Texas.
The only
are below average is that extending from
where prospective yields
which compares with 287,745,000 bushels estimated
July
on
1,
1936.
13
84
83
203
216
;
■
9
80
74
279
152
171
8
9
76
97
274
120
153
34
35
80
84
2,509
595
Condition
Acreage
20
19
81
79
264
Wisconsin
240
61
86
88
1,040
1.543
a78
90
14,658
23,544
1936
1,068
1,744
1,269
14,875
40
South
Dakota
Nebraska...
84
87
762
640
360
7
76
70
136
117
77
6,997
2,699
a72
64
12,678
52,478
a69
72
64,672
22,696
2,705
22,942
552
400
612
80
52
2,350
12
1,800
3,584
10
65
33
364
72
60
1,792
.
Kansas
2,956
a71
48
-
Montana
Idaho
426
456
86
88
62
145
86
84
398
414
77
70
Wyoming..
Colorado
New
24
9
2,438
Mexico
36,162
13,546
2,024
4,204
9,826
10,224
20,692
11,400
1,740
5,589
651
4,776
21
23
78
77
429
273
Utah
299
83
85
88
86
Nevada
2,196
2,241
11
11
2,295
88
94
311
220
286
1,365
1,474
71
87
340
28,665
29,480
564
81
84
14,255
3,601
7,140
11,562
Washington
Oregon..
United States
a
9,668
.
18,278
a73.6
70.6
187,625
99,273
189,080
Corn—The acreage of corn for harvest Is
reported at 96,146,000 acres,
an increase of 3.6% over the
92,829,000 acres harvested in 1936.
The 1935
acreage was 95,804,000 and the five-year (1928-32)
average
,
103,419,000
General increases in the acreage for
harvest, ranging from moderate
in the important North Central States to
large in the upper Great Plains
States, much more than offset the decreased acreage in the Southern
States
and Missouri.
Short feed
supplies, high prices and a fair to good planting
season were the main factors
influencing an increase in the acreage for har¬
vest this season.
The total acreage planted to corn was about
4% less than
that of a year ago, but in 1936
drought, heat and insect damage resulted in
drastic reductions in the acreage remaining for harvest in
some areas.
The indicated production of corn is estimated at
acres.
farms
duction.
the five-year (1928-32) average of
374,078,000 bushels for July 1.
CORN
July 1
Avge.
1936
1937
Thou.
'23-32
Acres
Maine
12
11
Per
80
New Hampshire
Vermont
16
15
81
Production
New
Cent
Thou sand
1937
76
508
Bus hels
468
82
651
656
615
418
74
79
77
2,604
40
84
1,621
2,964
1,638
2,886
80
9
83
87
341
342
51
82
86
1,938
19,840
7,373
76
76
202
206
82
90
6,755
1,341
79
87
3,906
4,662
78
78
76
83
45,487
129,257
155,968
336,738
39,171
69,926
143,136
438,792
146,489
18,522
78,447
223,843
126,756
3,680
14,431
30,388
11,054
38,415
20,240
36,288
6,506
60,301
68,619
35,533
32,192
31,540
18,756
51,842
81,922
640
Ohio
Indiana
Illinois
9,266
9,451
78
87
Michigan
1,500
1,620
76
77
Wisconsin
2,204
4,649
2,402
4,788
11,036
4,604
1,079
3,156
8,748
3,228
81
85
81
80
85
88
78
83
73
63
Minnesota
Iowa
10,612
Missouri
5,004
North Dakota
South Dakota
744
2,484
Nebraska
7,674
Kansas
2,759
81
73
84
81
78
76
Delaware
142
146
84
88
Maryland
Virginia.
511
516
80
88
1,494
80
1,396
90
West Virginia
North Carolina
South Carolina
503
528
78
87
w},350
2,326
82
84
1,630
1,614
74
76
Georgia
4,203
4,119
75
76
781
820
80
76
3,027
2,858
85
78
80
Alabama
3,293
Mississippi
2,729
2,139
3,057
2,858
3,161
2,593
2,032
1,392
1,702
4,503
80
Tennessee
Florida
Kentucky
Arkansas
Louisiana
.1.
1,481
1,811
Oklahoma
Texas
4,595
...
72
75
75
74
78
72
81
73
79
77
80
72
68
Mexico
84
83
80
78
1,291
81
75
190
Colorado
72
32
271
1,241
Wyoming
136
29
164
......
Idaho.
230
81
77
59
Arizona
35
35
87
83
Utah
21
22
86
87
Nevada
267
342
342
83
1,853
2,048
1,953
6
87
92
149
170
204
92
4,346
4,130
4,446
2
87
87
6
6
87
90
216
162
186
769
83
76
1S.392
19,994
49
49
25,637
1,181
27,685
60,392
1,568
24,009
82
87
906
915
83
84
Ohio
1.210
1,234
77
82
Indiana
1,426
Illinois
3,495
1,262
2,480
4,016
5,490
63
Pennsylvania
Michigan
Wisconsin
Minneapolis
Iowa
—
Missouri
76
63,810
38.502
44,424
49,212
77
91
152,009
79
83
135,905
40,392
89
83
90
85
94
76
84
76
79
81
67
74
69
43,854
85,527
148,841
218,730
39,595
38,397
59,033
68,421
34,515
99,608
32,181
87
1,508
1,720
908
161,955
29,330
4,730
12,712
19,067
32,186
85
97
61
1,560
2,837
1,131
980
1,287
1,206
1,720
3,430
8,473
4,660
6,948
7,898
85
77
72
Nebraska
1,658
Kansas
1,694
1,743
1,973
1,525
2
3
80
39
35
80
79
78
86
78
85
Delaware
Maryland
—
Virginia
West Virginia
67
67
North Carolina
245
233
al7.6
a20.0
South Carolina
458
453
a21.5
a22.0
386
Georgia.....
79
83
405
al8.2
al9.5
8
9
al4.1
al4.5
Kentucky—
78
101
77
84
Tennessee..
84
84
75
79
Florida
.
Alabama
..
110
•
59,520
94,376
2,883
3,572
8,076
5,741
86.800
157,509
212,800
34,684
32,680
49,676
43,406
32,025
90
1,407
9,966
116
128
2,992
1,871
1,919
1,053
1,818
924
1,428
2,646
1,428
3,000
126
al7.4
a21.0
50
51
al9,8
a28.0
837
150
al8.5
a20.0
2,358
130
1,300
150
3,075
Mississippi
Arkansas.....
1.470
27,450
40,535
2,480
4,257
5,600
430
Dakota
64
1,469
3,530
1,224
.1,676
North Dakota
64
1,870
40
56
a22.4
1,270
1,397
1,195
a20.8
a20.5
25,434
20,320
1,219
a26.1
a24.0
Montana
136
245
78
62
Idaho
131
22,552
2,244
4,716
1,474
4,256
—
—...
a31.0
481
126
87
88
67
110
87
86
162
157
5,043
Wyoming
Colorado
1,120
39,032
7,214
4,820
3,302
1,736
28,638
28,680
4,900
4,410
2,640
4,396
80
81
New Mexico.
20
24
75
82
.Arizona
10
9
89
99
304
300
288
Utah
30
27
89
90
1,648
1,080
1,012
2
89
86
91
76
70
8,517
11,492
7,750
10,272
3,080
...
Nevada
2
*
667
Washington...
167
155
83
88
7,513
Oregon
California...
338
321
86
87
400
7.878
136
Yield per acre,
110
33,213
35,933
80
78
b79.9
b83.8
2,394
564
4,080
1,215,102
789,100 1,111,229
b Allowance made for condition at harvest in Southern States.
Barley—The production of barley in 1937 is indicated at 243,540,000
bushels, which compares with 147,452,000 bushels produced in 1936 and the
five-year (1928-32) average production of 281,237,000 bushels.
The con¬
dition on July 1 was 79.3% of normal, indicating a
yield of 21.8 bushels
1923-32) average yield per acre with 17.7 22.6 bushels.
?er harvested acre as comparedof barley is bushels in 1936. The 10-year
Indicated yields
slightly below average in most of the North Central and Western States,
where sub-normal conditions prevail as a result of continued
drought.
The 11,166,000 acres of barley to be harvested as grain is about
are
22,374
678
2,024
20,033
1,316
3,685
4,526
York
88
88
369
51
Jersey
New
Indicated
1936
9
Pennsylvania
Montana
1928-32
39
Connecticut
New
Average
1937
76
...
89
2
New Jersey
a
Condition
Acreage
Massachusetts
Rhode Island
89
9
836
New York
United States
State
1937
Bus hels
63
Connecticut
Oklahoma
on
Thou sand
114
Rhode Island
Louisiana.
July 1, 1937 are the lowest on record and
be 156,113,000 bushels, or 12.4% of
1936 corn for grain pro¬
This compares with 394,794,000 bushels on farms
a year ago and
Cent
1936
5
Texas.
to
Indicated
1928-32
9
Massachusetts
with the final yield of 16.5 bushels
estimated
1937
64
New Hampshire
Vermont.—.
age
later than usual.
Stocks of old corn
Per
118
2,571,851,000 bushels,
compared with 1,529,327,000 bushels in 1936 and the
five-year (1928-32)
average of 2,554,772,000 bushels.
July 1 condition of corn at 82.1% is
above the 10-year (1923-32) average condition of
79.5% and compares with
72.8% a year ago.
The indicated yield per acre is 26.7 bushels
compared
m 1936 and the
10-year (1923-32) aver¬
of 25.4 bushels.
The July 1 corn prospect is the most favorable since
1932, except in the
western Great Plains States, where conditions
vary from average to sharply
below average because of drought and insects.
Stands are good and con¬
dition is above average in the leading corn
States, wet field conditions
in many States resulted in a rather late
start, but later planting conditions
were satisfactory,
permitting the completion of planting only moderately
'23-'32
Acres
Thou.
Maine.
Average
1937
South
Short-time average.
Production
Avge.
323
80
July 1
State
525
Michigan
Missouri
bushels,
April 1, 1937, and
(1928-32) average
OATS
234
8
North Dakota
on
The five-year
92
12
Minnesota....
(1928-32)
126
Ohio
Iowa
the five-year
age for harvest this year makes allowance for the abandonment indicated
by July 1 condition.
The acreage seeded this year was about 36,400,000
compared with 39,625,000 acres seeded in 1936.
The indicated yield of 30.9 bushels per harvested acre for 1937 is much
above the 1936 yield and compares with the 10-year (1923-32)
average of
30.2 bushels per acre.
Growth of the crop in the North Central States,
east of the Missouri River, has been unusually good and excellent
yields
are in prospect.
Yields considerably above average were obtained in the
:
4
Indiana
Illinois
than
farm stocks on July 1 is 148,516,000 bushels.
7
Pennsylvania
less
acres
acres
246,952,000 bushels
1937
7
,
York
but is 4,082,000
1936
Montana and North Dakota southward through Texas.
Farm stocks of oats on July 1, 1937 were estimated at
88,474,000
Production
Average
1937
average
acres
average acreage.
The increase in this year's indicated acregae for harvest over that har¬
vested last year is due in large part to the heavy loss of
acreage because of
drought in 1936.
Abandonment last year was above average in the Great
Plains States and particularly severe in the Dakotas.
The reported acre¬
area
July 1
State
1936
(1928-32)
as
Southern
Condition
Acreage
The five-year
Eroduction grain1,215,102,0008.2% greater than the 33,213,000
was this year is bushels. The 35,933,000 acres reportedhar¬
for
State
Avge.
July 17, 1937
ception of 1935, the largest since 1932.
Condition
Acreage
Chronicle
2
1,401
1,322
2,341
20,847
3,528
54,572
121,605
115,413
217,751
36,750
44,080
88,331
212,240
40,032
2,530
1,680
Condition
Acreage
60,345
140,616
172,494
363,864
50,220
79,266
158,004
452,476
126,610
17,264
50,480
196,830
43,475
44,194
23,635
33,624
7,029
54,486
57,160
41,162
39,570
26,738
20,734
11,772
68,925
23,403
53,262
4,234
18,576
36,603
15,048
45,309
8,200
73,368
62,876
41,093
41,488
40,640
21,576
32,338
72,048
1,224
11,169
1,088
2,981
15,492
2,185
3,220
474
490
630
465
525
550
984
34%
below the five-
BARLEY
2,040
8,446
957
the 8,322,000 acres harvested in 1936 but 12%
8,240
26,859
11,036
4,118
18,396
30,014
11,569
540
more than
2
90
92
51
62
Washington
52
31
32
84
83
1,246
Oregon
63
86
82
65
60
86
86
1,054
1,922
2,178
1,152
70
July 1
Production
Cj4/iio
oiuie
Avge.
1936
1937
Thou.
Maine
'23-'32
Acres
Per
4
5
Vermont
Average
1937
Cent
89
94
1928-32
Indicated
1936
Thou sand
94
1937
Bus hels
140
120
5
5
86
79
100
140
130
151
151
83
79
4,521
2,718
1
New York
3.700
1
84
85
28
22
29
New Jersey
Pennsylvania
63
62
84
88
1,173
1,764
Ohio
20
35
1,612
80
82
3,548
520
928
Indiana
20
26
79
83
1,027
380
598
100
125
84
88
2,700
179
199
80
83
3,580
3,375
5,174
Illinois
Michigan
873
Wisconsin
838
88
89
11,707
6,288
22,178
2,040
—
2,040
83
89
49,615
392
431
87
93
17,882
Nebraska
552
773
81
63
35,277
15,386
Kansas
364
459
68
44
9,772
Maryland
40
38
84
88
510
17,896
31,620
7,056
1,360
4,522
8,977
5,520
4,004
1,000
Virginia
45
49
82
89
562
900
84
a76
Minneapolis
Iowa
—
Missouri
North Dakota
80
...
South Dakota
140
78
75
476
1,761
1,728
77
71
39,055
77
78
839
West Virginia
North Carolina
4
5
83
270
112
25,140
54,060
12,068
2,590
24,654
33,696
11,595
4,820
1,216
1.274
100
9
7
361
153
133
Kentucky...
22
35
77
89
177
440
875
Tennessee
27
35
78
84
315
432
648
780
1,872
2,062
bl8.1
bl9.0
Oklahoma
78
117
bl5.6
bl6.0
Texas
89
125
bl7.8
bl6.5
Montana
57
112
Idaho............Wyoming
104
35
Colorado
1,389
3,522
1,246
80
68
3,826
798
104
88
89
4,896
3,432
56
87
84
770
360
374
79
76
2,219
9,635
6,660
6
7
75
82
168
126
Arizona
22
22
89
90
489
726
682
Utah
47
51
90
89
1,508
1,739
1,938
New Mexico
....
Nevada
7
2,016
3,432
1,120
7,106
140
United
States
92,829
96,146
79.5
1,902
2,620
82.1 2,554,772
2,135
1,980
1,529,327 2,571,851
Oats—The production of oats in 1937 is
indicated at 1,111,229,000
bushels, which is about 41% more than the 1936
crop of 789,100,000 bush¬
els.
The crop as indicated by the
July 1 condition of 83.8% is, with ex-
7
88
93
233
224
Washington
60
61
80
88
Oregon
California
99
134
86
87,
1,540
2,310
29,594
2,100
2,970
29,925
1*266
2,135
3,886
28,350
281,237
147,452
243,540
California
United States
a
Short-time average,
1,050
1,050
8,322
11,166
b Yield
harvest in Southern States.
per
79
78
c80.0
acre,
c79.3
c
Allowance made for condition at
Volume
Financial
145
469
Chronicle
UNITED STATES
(1928-32) average of 12,645,000 acres.
Seeded acreages were below
in nearly all North Central and Western States east of the Con¬
year
average
tinental Divide where the 1936 drought was most severe and consequently
seed supplies were short this spring.
North Dakota is expected to harvest
1,761,000 acres and South Dakota, 1,728,000 acres, both of which are
average.
The 2,040,000 acres indicated for Minnesota is slightly
Crop
000 bushels.
The acreage of rye for harvest as
1928-32
grain is indicated to be 3,960,000 acres,
anjincrease of 43.6% over the 2,757,000 acres harvested in 1936,and, with
the exception of 4,141,000 acres harvested in 1935, is the largest acreage
since 1923.
Nebraska is the only important rye State showing a decreased
acreage.
The increased acreage this season is widespread and especially
large in the leading rye States of the Northwest.
North Dakota acreagt
at 890,000 acres is double that of last year.
Rye condition on July 1 at 76.9% indicates a yield per acre of 12.7
bushels compared with 9.3 bushels in 1936 and the ten-year (1923-32)
average of 12.0 bushels.
Nearly all States report good stands where fields
were not over-grazed and fair to good yields are expected rather generally.
Winter,
•.
All spring, bushels
Durum,
Thou.
Per
Acres
Indicated
Average
Avge.
'23-'32
1937
Thou sand
321
Cent
33
86
89
New Jersey-..-.
21
21
89
91
Rice,
925
13,288
368
1,671
388
1,260
462
86
561
304
1.290
86
86
42
82
85
731
702
609
99
153
82
86
1,100
1,188
1.912
114
82
87
807
862
141
141
82
85
Wisconsin
210
321
84
90
Minneapolis
346
554
78
91
1,950
2,189
5,966
1,622
2,100
4,325
75
150
88
91
681
1,050
a
Peanuts
25
50
79
78
165
225
890
65
58
509
72
75
459
381
82
69
11,073
4,072
2,667
2,448
268
3,442
9,345
6,617
3,429
58
70
76
77
217
609
770
4
5
91
89
85
46
65
14.4
12.8
12.9
125.2
15.2
13.8
14.1
188.4
12.4
9.6
10.4
184.0
11.6
5.3
10.4
189.1
12.6
10.3
10.3
108.2
30.2
23.8
30.9
134.2
22.6
17.7
21.8
10,694
11,720
1,806
2,979
1,869
91.6
0.9
5.0
7.1
107.3
43.2
50.1
48.6
1.29
1.11
1.35
117.3
.82
.65
.78
89.4
1.15
.97
1.23
1.76
2.03
712
734
97.8
'
19,674
14,177
1,794
6,049
3,520
2,016
3,263
2,056
1,702
2.06
101.0
666
114.9
107.3
——
——
107.9
----
----
98.1
——
——
81
158
141
89.2
3,327
3,058
3,224
105.4
112.7
--
----
-
-
771
822
826
100.5
pounds
Sorgo for sirup
1,437
1,690
117.6
92.1
88.0
78.0
770
198
125.4
107.9
88.5
1,872
Tobacco,
12.7
9.3
12.0
143 6
841
802
201
215
Sugarcane for sirup
111
140
138
98.6
Sugar beets, tons
717
776
778
100.3
cll.O
11.0
11.5
23
32
35
111.4
1,274
740
1,274
Hops, lbs
475
445
26.7
139.7
1,081
1,003
55,773
12,546
22,010
14,034
1,562
5,635
b
2,475
Missouri
16.5
Hay, clover and timothy,
1,904
4,334
10,526
Iowa..
25.4
....
——
«
....
----
1,539
Michigan
103.6
11,166
3,960
57,055
26,872
Hay, wild, tons
1937
1923-32
35,933
935
55,153
bushels
Hay, all tame, tons
Sweet potatoes, bushels-.
Bus hels
62
90
...
3,315
2,772
Flaxseed, bushels
Potatoes, bushels
19
hio
12,645
Barley, bushels
Rye, bushels
Velvetbeans b
1937
1936
1928-32
1937
New York
Pennsylvania
15,639
40,015
bushels
Cowpeas b
State
1936
4,775
Hay, alfalfa, tons
Beans, dry edible, lbs...
Soybeans b
Production
July 1
20,414
bushels
Other spring, bushels
Oats,
tons
Condition
Acreage
60,138
39,724
bushels
cated
Juy 1,
1936
age
of
1936
96,146
68,198
47,079
21,119
2,841
18,278
92,829
48,820
37,608
11,212
1,544
9,668
33,213
8,322
2,757
1,180
103,419
Wheat, all, bushels
'RYE
•
Indiana
Corn, all, bushels
%
1937
1936
Aver¬
1937
For
Harvest
Aver.
double
i
Indi¬
Harvested
■
average.
Rye—Rye production in 1937 is indicated at 50,398,000 bushels, or about
the light production of 25,554,000 bushels in 1936.
The 1935
crop was 58,597,000 bushels and the five-year (1928-32) average is 38,212,-
Yield per Acre
Acreage (In Thousands)
below
above
69
Illinois
North Dakota
South
J.
Dakota
Nebraska
Kansas
Delaware
1,608
Maryland......
15
14
87
87
266
188
182
Virginia
38
40
84
86
654
418
460
85
151
104
104
486
390
465
83
9
9
North Carolina
60
62
South Carolina
10
18
18
a6.3
a5.5
99
99
Kentucky
18
28
80
89
202
198
Tennessee.
27
36
78
82
24
36
a8.9
Average 1928-32
Bushels
Per Ct. d
e
5.7
.
a
Excludes sweet clover and lespedeza.
394,794
43,988
7.0
20.7
12.4
246,952
19.6
148,516
12.5
Oats.
1,000
Per Ct.d
Bushels
Per Ct. d
374,078
51,309
17.6
Wheat
Corn
1937
1,000
1,000
Crop
JULY I
1936
11.2
3.5
Bushels
156,113
21,880
88,474
all purposes, c ShortData based on corn for grain.
b Grown alone for
d Per cent of previous year's crop,
364
Oklahoma
STOCKS ON FARMS ON
e
99
Georgia
GRAIN
West Virginia
9
a7.5
a7.8
all.O
176
114
144
al4.0
34
28
42
574
90
273
3
Montana
3
39
72
49
V
'
306
8
7
84
85
50
88
23
21
84
69
219
138
Colorado
29
45
78
68
438
232
Aver.
1923-32
1936
1937
PerCt.
PerCt.
1928-32
360
24
Corn, all, bush-
82.1
80
12
72.8
83
16
79.5
3
187
Wheat, all, bush-
71.2
80
189
60.9
78
162
75.4
17
87
642
Winter, bush..
71.0
84
700
66.3
48
289
74.5
50
bush
Durum, bush
71.5
87
65
--
126
45.7
5
b91
70.7
9
76.9
34.7
77.8
2
Utah
Washington
18
Oregon
California
United States
a
Yield
per
acre,
2,757
,•••
3,960
c76.8
b Short-time average,
C70.9
c
38,212
at 83.3%
If present
record—the
prospects are realized, it will be the fifth largest potato crop of
largest was 427,249,000 bushels harvested in 1928.
Estimated production
in 1936 was 329,997,000 and the five-year (1928-32) average production,
372,115,000 bushels.
The indicated potato acreage for harvest this year
is 3,223,900 acres or nearly 6% more than the 1936 harvested acreage.
However, it is 3% less than the average acreage harvested during the five
years, 1928-32.
Average yield indications on July 1 were 125.4 bushels
per acre compared with 107.9 in 1936, and a 10-year (1923-32) average of
112.7 bushels.
While planting of the late crop was delayed somewhat in many Northern
States on account of a wet, backward season, these weather conditions were
generally ideal for the growing crop.
Potato vines are generally heavy and
growing vigorously in most of the important northern areas from Maine
to the Pacific Coast.
In the North Central States, some late planted
seed has rotted in the ground because of the veavy June rains.
The indicated production on July 1 in each of the 18 surplus late States
is above the 1936 production estimates.
In the 30 late States, the indi¬
cated production is 328,972,000 bushels compared with 277,710,000 in
1936 and the average production of 300,186,000 bushels.
Production in
the seven intermediate States is expected to be 38,419.000 bushels which is
approximately 12,000,000 bushels more than these States harvested last
Sear. 11 early States where thefarm and commercial crops year is 36,838,000
the The harvest of the early indicated production this is practically over
l
or
nearly 11,000,000 bushels above last year's
bushels above average production.
estimated crop and
about 4,000,000
Potatoes—A sweet potato
tates indicated yield per of the 88.0 bushels in 1937 compares with 78.0
Sotatoes throughout most acre of important producing areas. The United
bushels per acre in
bushels.
1936, and the ten-year (1923-32) average
yield of 88.5
in 1937 Is estimated to be 826,000 acres.
This is a
slight increase over the 822,000 acres harvested in 1936, and 7% greater
than the five-year (1928-32) average of 771,000 acres.
Acreage decreases
in Delaware, South Carolina, Mississippi, Arkansas, Oklahoma and Texas
Sweet potato acreage
were
offset by the larger acreage planted in
1936 shipping season is about over,
The
other producing States.
with the-few old crop sweet
potatoes left coming mainly from New Jersey, Delaware, North Carolina
and Tennessee.
Some shipments of new sweet potatoes have already started
from Alabama and movement is expected to become moderately heavy by
the middle of July.
New sweet potatoes for market
Louisiana and Florida about the first week in
will be available from
August.
1 continued to range from poor to dis¬
tressingly short in a broad central belt extending from eastern Montana
and western North Dakota to south Texas.
Elsewhere they were good to
excellent with the exception of local areas, notably in the Southeast, where
a possibly temporary decline in pasture condition was caused by the light
Pastures—Pastures on
July
In the country as a whple the condition of pastures
averaged 79.4% of normal.
This was much higher than last
rainfall of early June.
July 1
year's July 1 condition of 58.1% and also
on
higher than the condition on the
of poor pastures, but
condition in 27 of the preceding 30 years.
Pastures, which have improved materially since June 1 in the Northern
States, were particularly good in the area extending eastward from the
western borders of Minnesota, Iowa and Missouri, and also west of the
Rockies, exoept in western Montana and north central California.
The
drought belt was narrowed during June by marked improvement in Wyom¬
ing, New Mexico and parts of Montana and the Dakotas, but little if any
improvement has been shown in Nebraska, Kansas, Oklahoma, and Texas,
and the condition of pastures in those States was about as low as it was on
July 1, 1936.
same
date in six of the last seven years, all seasons
lower than the July 1
GENERAL CROP REPORT AS
OF JULY 1, 1937
Crop Reporting Board of the Bureau of
makes the following report from data furnished
ield statisticians and cooperating State agencies:
The
2,554,772 1,529,327
626,461
864,532
623,220
241,312
53,687
------
648,597
519,013
107,448
8,175
------
47.0
70.6
79.9
60.6
83.8
Barley, bush
Rye, bush
Flaxseed, bush-.
80.0
60.3
79.3
76.8
50.9
76.9
77.6
65.8
73.7
86.1
187,625
1,215,102
281,237
38,212
99,273
789,100
147,452
-----
------
'------
45,974
25,554
15,996
42,826
5,908
46,833
------
July 1,
1937
2,571,851
882,287
663,641
218,646
29,566
189,080
1,111,229
243,540
50,398
7,622
48,716
86.7
83.4
All tame
78.2
64.7
82.0
77.4
5(j.2
71.1
70,146
10,719
63,309
6,915
75,321
Wild
30,554
21,324
23,544
24,750
24,290
28,824
11,122
Rlce,
bush
__
Hay, tons-
9,750
Clover and
a77.4
67.6
84.6
Alfalfa
82.8
72.0
80.6
Pasture...
81.6
58.1
79.4
82.4
76.6
79.8
12,181
77.8
70.2
75.5
— — --
timothy b
-----
Beans, dry edible,
lOO-lb. bag
Peanuts
Apples, total
bush
59.8
42.6
70.2
C164.355
117,506
62.1
48.2
64.8
c57,298
47,650
56,102
61.3
crop,
57.1
62.1
c24,334
26,956
31,484
1,916
329,997
64,144
Peaches, total
crop,
bush
Pears, total crop,
bush
Grapes, tons d—
Potatoes, bush_-
83.0
67.7
86.5
c2,214
83.9
73.5
83.3
372,115
Sweet pot., bush-
77.1
58 8
73.8
75.3
57.1
73.4
Sugar beets, tons.
85.0
80.9
84.2
Hops,
85.3
53.9
lbs
lbs
Short-time average,
quantities not harvested,
------
------
66,308
1,427,174 1,153,083
9,028
8,118
83.2
Tobacco,
a
13,163
28.011
b Excludes sweet clover
57.693
30,178
2,527
404,229
72.706
1,420,943
8,952
44,720
23.310
and lespedeza.
d Production includes all grapes
194,328
c Includes some
for fresh fruit. Juice,
wine and raisins.
production of 72,706,000 bushels in
1937 is indicated by the July 1 reported condition of 73.8%.
This is 13%
greater than the 1936 harvested production of 64,144,000 bushels, and
10% above the five-year (1928-32) average of 66,368,000 bushels. Weather
conditions this season have been unusually favorable for the growth of sweet
Sweet
a73.6
Oats, bush
bush
Potatoes—The July 1 condition of the potato crop is reported
of normal, with an indicated production of 404,229,000 bushels.
1937
Other spring,
50,398
25,554
Allowance made for condition at
harvest in Southern States.
bushels
All spring,
June 1,
1936
Average
PerCt.
136
Idaho
Thousands)
Indicated
Crop
80
Wyoming
Total Production (In
Condition July 1
288
159
a8 5
15
Texas
UNITED STATES
76
75
.69
a8.5
a8.6
time average,
Agricultural Economics
by crop correspondents,
Weather
Report for the
Week Ended July 14r—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 14, follows:
In the central and northern portions of the country the week was char¬
acterized by abnormally warm weather, moderate temperatures in the
South, and relatively cool weather over a large southwestern area. During
the first part of the period fair weather was the rule in nearly all districts,
but by July 9 unsettled and showery conditions prevailed in many sections,
with rather general rains in the Southern States. Near the close of the week
widespread rains occurred in the lower Lake region, the Ohio and central
Mississippi VaUeys, and northern Rocky Mountain sections.
Weekly mean temperatures were near normal from the lower Mississippi
Valley eastward, and below normal in the west Gulf area, the southern
Rocky Mountains, and most Great Basin sections.
However, from the
Middle Atlantic States, the Ohio VaUey and southern Great Plains north¬
ward abnormally high' temperatures prevailed, with the weekly means
ranging from 5 degrees to as much as 12 degrees above the seasonal average.
Warm weather obtained also in the interior of the Pacific area, but along
the coast about
normal warmth prevailed.
Maximum temperatures
ranged from 100 degrees to
110 degrees rather
including
generally from Oklahoma northward to eastern North Dakota,
the western portions of Iowa and Missouri.
Elsewhere east of the Rocky
Mountains they ranged generally in the 90's, except in some northeastern
sections and Appalachian districts.
The highest temperature reported was
110 degrees at Huron, S. Dak., on the 7th.
While a decided heat wave prevailed in much of the country, tempera¬
tures, in general, were not nearly so high as at this time last year.
For
the week ending July 14, 1936, the maxima ranged generally
from 100
degrees to 110 degrees from New York and the Middle Atlantic
westward over all of the central valleys, the Great Lakes, and the central
and northern Great Plains, with the weekly averages ranging from 6 degrees
to more than 20 degrees above normal throughout the area.
States
Supplemental reports show that showers, with some substantial rainfall,
rather general from the Ohio Valley and the east Gulf sections westward
Great Plains, though in the upper Mississippi and central
Missouri Valleys, as well as the southern Great Plains, the amounts were
generally light.
Some heavy rains occurred from Wyoming southward to
northern Arizona, Lander,
Wyo., reporting 2.2 inches and Flagstaff,
Ariz
2 3 inches. In Wyoming the rainfall of the week exceeded the normal
for the entire month of July.
Some good local rains occurred also in the
northern Great Plains and parts of Montana, but from North Carolina
were
to the eastern
470
Financial
northward there was very little precipitation. Some good showers occurred
in the Lake region.
Showers of the week were decidedly helpful in most of the southern
States, while good, substantial rains occurred in much of the Rocky Moun¬
tain area, the latter being especially beneficial in much of Arizona, New
Mexico, western Colorado, Utah, and Whoming. In Wyoming the moisture
situation is the best in years.
However, in Montana, rain is still generally needed, with dry-land crops
deteriorating, and in the Great Plains from northern Oklahoma north¬
especially for ranges and truck
crops.
Much of Oklahoma and Texas had good rains.
East of the Great
Plains, while there is no widespread need of moisture, a good many districts
are becoming dry and rainfall would be helpful, though good showers at the
close of the week were decidedly favorable in many places.
ward most sections have become too dry,
The week
was
Chronicle
July n, 1937
favorable conditions, with cutting begun northward to
Montana.
Threshing is advancing rapidly in most portions and is largely
completed in more southern sections.
Heavy rust damage is still reported from the western Ohio Valley, and
adjacent areas.
In Indiana rust has caused heavy damage in parts, while
in other sections it is only moderate.
In Illinois the quality and size of
the heads vary considerably with considerable shriveled kernels.
Harvest
is nearing completion in the Ohio Valley and much threshing has been
completed. In Missouri much wheat in the western half is severely dam¬
aged by rust, but some is still reported very good, and it is fair to excellent
in other sections.
Harvest is practically completed in Kansas and the
more southern portions of the Great Plains, and is nearing completion in
Nebraska, with yields better than expected.
Winter grains are filling
and ripening in Montana, with harvest begun in some early fields.
In
the Pacific Northwest winter wheat is nearly ripe in the warmer sections
of Oregon and cutting has begun in the early fields of Washington.
The excessive heat hastened maturity of spring wheat in South Dakota,
with harvest about half completed in the southeast, with mostly fair yields,
although varying from poor to good.
In North Dakota spring wheat is
Very poor in the western part, poor to fair in the central, and very good to
excellent in the east.
Spring grains are spotted in Montana and need rain
on dry lands.
Rust damage is increasing locally in Minnesota, but is not
yet serious; the crop is turning.
Other small grains are largely doing well, except for some rust damage
to oats in central sections and elsewhere.
Harvesting oats has now ad¬
vanced into Iowa and the central Ohio Valley.
Except in some of the more western portions of the belt, principally
the western Great Plains, the corn crop continues to make good to excellent
progress quite generally, with rainfall decidedly helpful in the South and
showers beneficial in much of the interior.
is entirely satisfactory, with early fields
tasseling rather generally.
In Missouri good rains broke the drought in
the northern portion of the State and corn is mostly good to excellent.
In the Great Plains States the situation is less promising, though no serious
damage has as yet occurred.
However, rains must come soon to avert
heavy damage in Kansas and Nebraska, growth being already checked in
the former State where the crop is entering a critical stage.
In Iowa corn
made rapid growth, with the bulk of the crop laid by, except in the north;
much is tasseling in central and southern sections.
Rapid growth was
reported from Minnesota, Wisconsin, and the Lake region. In the Atlantic
Valley
progress
States the outlook continues excellent.
Cotton—In
Showers locally in central and west: heavy rains
Progress and condition of corn mostly very good
improved where well cultivated; earliest tasseling in central.
Tobacco
fair to good, but needs more rain in most places; cultivation improved.
Threshing nearly over in south.
Favorable for curing hay.
Cotton
improved.
THE DRY GOODS TRADE
New York, Friday Night, July
the
cotton
fered somewhat with retail trade, the total volume
made
to
fact that the
good,
corresponding period of 1936 benefited greatly
by the spending of soldier bonus money.
Favorable factors
were the further abatement of labor disturbances and the
continued recovery
of seasonal goods,
except for grasshopper damage in
western counties.
In the central and eastern portions of the belt the weather was generally
favorable and the cotton crop made good advance.
Bolls are forming to
central South Carolina, with blooming general well into the northern portions
response.
the country
for the month of June, according to the usual
compilation of the Federal Reserve Board, showed a gain of
7%
over
June, 1936.
following
resume
of
conditions in the different States:
New York district the
.
"
1
.
'
.
'
North Carolina—Raleigh:
Warmest weeK of season, with some scattered
showers.
Progress of cotton generally good; hot. sunshiny weather favor¬
able for checking weevil activity.
Advance of tobacco fair to good; begin¬
ning to cure in southeast.
Corn, truck, sweet potatoes, peanuts, and other
crops
made generally good progress.
South Carolina—Columbia:
Week generally fair; only scattered showers
warm last
half.
Favorable for checking weevil activity.
Cotton
blooming and setting bolls in central and south, cultivation and condition
mostly good.
Other crop growth somewhat checked by warmth; rain
needed in most places.
and
Georgia—Atlanta:
Scattered showers.
More
favorable for weevil
activity in some central and southern countries, but comparatively favor¬
able for checking activity in most sections.
Condition and progress of
cotton mostly good; blooming becoming general and some fruiting in north.
Serious dryness in a few small west-central areas.
Satisfactory progress of
most minor crops.
Florida—Jacksonville:
Warm, with light showers.
Condition and
of cotton good; favorable for checking weevil activity; full bloom
formed and forming.
Corn harvesting.
Tobacco good; crop
being harvested and crued.
Truck season over. Citrus groves good.
progress
and
bolls
Alabama—Montgomery:
Showers fairly well distributed.
Progress and
of cotton good to very good; favorable for checking weevil
activity, but moderately favorable for activity in some localities where too
much rain.
Moisture of previous week afforded only temporary relief in
some localities of west and north for crops other than cotton, but corn,
cane, sweet potatoes vegetables, pastures, and hay mostly doing well.
condition
Mississippi—Vicksburg: Average progress of cotton fair to faily good;
half-grown oolls plentiful on early planted in south and central.
Lateplanted corn needs rain locally, with average condition about fair.
Progress
of gardens and pastures mostly fair.
Louisiana—New Orleans:
Moderate temperatures, with good rains in
most sections.
Progress and condition of cotton generally good; fruiting
well, but late and just beginning to bloom freely in some sections.
Late
corn improved by rain, but condition very poor locally in northwest.
Cane,
rice, and sweet potatoes doing well since rain; some cane backward due to
dryness.
Truck fair to good.
Texas—Houston:
Averaged somewhat cool; heavy rains general over
eastern two-thirds of State and light showers elsewhere.
Late cotton much
improved by rain during week, but considerable damage done to open bolls
in extreme south by continued rains which also favored insect activity;
crop fruiting rapidly and blooming well to northward.
Corn improved by
moisture in east and south, but in northwest condition only poor to fair.
Wheat harvest completed, except in middle and northern Panhandle where
in full swing.
Ranges and truck improved by rain and cattle continue good.
Oklahoma—Oklahoma
City:
Warm, with moderate to heavy rains in
moderate rains in most of west.
Moisture beneficial, but
Threshing nearing completion and stubble
plowed under.
Progress and condition of cotton fair to very good, except
some grasshopper damage in west..
Progress and condition of corn fair to
very good, but now needing rain in west and north-central.
Gardens and
minor crops fair to good.
Grasshoppers damaged crops in much of west
east and
more
light
to
needed in west and north.
and scattered local areas elsewhere.
Arkansas—Little Rock:
Progress of cotton very good to excellent, except
blooming and putting on bolls
rapidly in all portions; condition good to excellent.
Progress of corn very
good to excellent, except in some eastern, southern, and western localities
where soil too dry, but little serious damage; early laid by; large portion
nearly matured, with moisture enough to make crop.'
fair in «*Tew localities where soil too wet,
gain
over
last
year
amounted to 6%.
Trading in the wholesale dry goods markets experienced
moderate seasonal revival, although the temporary stop¬
a
page
in the New York ready-to-wear field put somewhat of a
damper
for
business.
on
Re-orders
on
summer
merchandise
promotional purchases were received in fairly large num¬
bers.
Buying of fall merchandise proceeded in moderate
volume, with continued uncertainties over the price outlook
acting
as
a
deterrent to more rapid expansion.
Whereas
cotton cloths markets had served as a
decline of
of
raw
cotton
the part
stimulus, the renewed
prices resulted in
a more
cautionary
Business in silk goods broad¬
moderately, partly under the influence of the firmness
raw
on
silk
of buyers.
prices caused by nervousness over the Far Eastern
situation.
A
good call existed for crepe satins on the part
of manufacturers.
Trading in
rayon yarns
continued quite
Bookings for September delivery are reported to
virtually the entire output of that month and
surplus stocks practically at the vanishing point, no
let-up in the tight supply situation is anticipated.
have absorbed
with
Temperatures high; showers light.
Most vegeta¬
but rain urgently needed locally.
Cotton and
Eeanuts better than average. Corn still late potatoes being planted in
Oats excellent;
arvesting begun in south
Truck excellent; promising.
^
Best results were obtained in the
Chicago district, with an increase of 13%, while the least
favorable record was made by the Dallas district, where the
volume of sales was even with that of June, 1936.
In the
active.
The Weather Bureau furnished the
'
Department store sales throughout
satisfactory
of the central belt.
Virginia—Richmond:
tion developing nicely,
Promotions
in the security markets.
notably in the apparel lines, met with
during the previous week the better tone of the primary
belt
very
of sales
fairly good comparative showing, considering the
a
ened
continue fair
16, 1937.
Although weather conditions during the past week inter¬
{)art of the State, althoughsouthern sections. some damage to staple and
avored weevil activity in
frequent rains did In Oklahoma progress and
southwest.
dry
Kentucky—Louisville:
attitude
condition
some
and
temperatures were mostly moderate and
rather widespread showers occurred.
In general, the weather continued
satisfactory and cotton made good progress, with conditions favorable
for holding weevil in check in most sections, except parts of the Southwest.
In Texas plants are fruiting rapidly and blooming well into the northern
some
but
favorable for farm work and the harvest of winter wheat
mostly
Minnesota and
Ohio
ample,
in northeast beneficial.
Grains—The harvest of winter wheat continued under
the
generally
in others.
Condition of cotton good; progress very good to excellent;
blooming generally and some setting bolls.
Tobacco very irregular; much
small, but shows condsierable improvement.
badly damaged over most of the principal agricultural sections, pastures
practically gone, and wells dried up, with the situation extremely bad.
In
moisture
Progress of corn excellent and condition very good; early silking.
threshing nearing completion in some areas, but hindered by showers
is now mostly completed, except in some northern sections.
The moisture
situation is far better than last year, when by the middle of July, crops were
Small
Soil
Tennessee—Nashville:
areas.
Wheat
Domestic Cotton Goods—Following the recent spurt in
sales, trading in the gray cloths markets quieted down con¬
siderably.
While the decline in sales was chiefly due to the
previous broad covering movement, the subsequent fall in
raw cotton prices served to intensify the reluctance of buyers,
inasmuch as reports from the finished goods markets also
made a less favorable showing.
In consequence of the slower
demand, prices followed an easier trend as second-hand
offerings at slight concessions appeared again in the market.
A moderate demand developed for sheetings, and there was a
fairly good call for drills and twills.
Business in fine goods
also slowed down
perceptibly, but prices held fairly steady,
the improved statistical position of the mills.
A good spot demand continued for voiles and dimity stripes.
Curtain materials also moved in fair volume.
Closing prices
in print cloths were as follows: 39-inch 80's, 834 to 8%c.;
39-inch 72-76's, 7]/8c.; 39-inch 68-72's, 7^c.; 38^-inch
64-60's, 6K to 6%c.; 38^-inch 60-48's, 5y2 to 5^c.
reflecting
Woolen
Goods—Trading in men's wear fabrics continued
backlog of unfilled orders was said to have under¬
gone a further downward revision.
Sentiment, however,
appeared slightly improved as reports were current that a
number of large clothing manufacturers are inquiring about
additional fall supplies and are expected to reenter the market
in the near future, due to the generally improved business
outlook and the expectation of higher prices.
While the
opening of the new tropical worsted lines has been postponed
until next week, rumors were heard that advances of 35c. a
yard will be made.
Reports from retail clothing centers
continued rather spotty with sales restricted to garments of
the purely summer variety.
Business in women's wear
goods agam made a satisfactory showing as the quick settle- *
ment of the labor dispute in the New York cloak and suit
industry resulted in the placing of substantial orders by
garment manufacturers.
Chief demand again centered in
fleeces, sports wear materials and boucles.
dull and the
Foreign Dry Goods—Trading in linens continued in its
dulness.
Sales were confined to scattered fill-in
seasonal
prices showed few changes.
Business in burlap
expanded moderately as bag manufacturers covered against
crop movement needs.
Prices ruled steady but later in the
week lost part of their previous gains.
Domestically light¬
weights were quoted at 4.10c., heavies at 5.35c.
orders and
Volume
Financial
145
Chronicle
State and City
Department
BONDS
MUNICIPAL
Specialists in
Markets
Dealer
Illinois & Missouri Bonds
I. MERICKA S
WM.
CO.
INCORPORATED
Union Trait Bids.
STIFEL, NICOLAUS &. CO.,
One Wall Street
135 S. La Salle SL
CLEVELAND
NEW YORK
CHICAGO
Inc.
105 W.Adams St.
DIREOT
CHICAGO
ST. LOUIS
161
Frederick S. D., Okla
4218
Frosthurg, Md
4050
Fulton, Ky
3871
Gadsden, Ala.
4225 Galena Park, Texas
MUNICIPAL BOND SALES IN
JUNE
4382
present herewith our detailed list of the
bond issues put out during the month of June,
crowded condition of our columns prevented our
municipal
We
which the
publishing
sales was given on page 304
of the "Chronicle" of July 10.
The total of awards during
the month stands at $ 111,362,195. This total does not include
The review of the month's
Relief Administration or Public Works
Administration loans or grants actually made or promised
to States and municipalities during the month.
The num¬
ber of municipalities issuing bonds in June was 343 and the
number of separate issues was 402.
Federal Emergency
4387
Akron, Ohio (4 Issues)
4051
155
4052
Alameda County, Calif
Allegan, Mich
Amherst, Mass
Andrew-Nodaway D. D., Mo
150
Atchison, Kan
Atlanta, Ga
4381
163
4056
Avalon, Pa
Bangor, Me
161
Bangor S. D., Pa
156
Battle Creek, Minn
164
Beaver Dam, Wis
4049
Bedford, lnd
4052
157
-
Beltramle County, Minn
Berea, Ohio
4385
Bethel, N. Y
Blloxi, Miss
4383 Blue Earth County, Minn
4384
4052
4224
Bradner, Ohio
Brazoria Co. S. D. No. 1, Tex
20,000
74,000
100.12"
1938-1947
4225
4C56
28,500
90,000
4052
rl,800,000
162
100,000
35,000
100
2.75
153
100.14
2.49
4387
1938-1957
40,000
103
2.42
164
1938-1947
25,000
101.10
2.78
153
1938-1952
12,000
1938-1947
60,000
4049
1938-1952
44,000
103790 ~
2~3~d
4224
100.53
3.43
4390
1942-1950
r270.000
104.57
3.40
rd80,000
100.52
3.10
3872
4223
4051
Clearwater County,
Clifton, N. J. (2 Issues)
4383
Cloquet S. D., Minn
Coahoma County, Miss
4051
4218
4049
Coffeyvllle S. D., Kan
Concordia, Kan
4221
Corning City S. D., N. Y
4384
Corpus Christ!, Tex
4384
3879 Cowan, Tenn
4048
4382
4385
3879
Dallas, Tex (2 Issues)
4387
4053
Dennison, Tex
163
Dennison, Tex. (2 issues)
161
Derry Twp. S. D., Pa
161
Dewey, Okla
4382
Dike Con. S. D., Iowa
3873
Douglas County, Kan
4052
Dover, N. H
4050
Easthampton, Mass
4383
Ecorse Twp., Mich
163
Edgecombe County, N. C
4381
Esmen Twp., Ill
4053
Essex County, N. J__
4221
Evans K
4381
ills, N. Y
Evansvllle, lnd..
4387
Fairfield
4053
3.12
M5 yrs.
7*75,000
101.26
3.35
1942-1955
38,000
100.55
3.44
18,000
100
100.000
100.06
2.24
100.44
3.15
2.66
2.50
4221
Ithaca, N. Y. (2 iss.)
1M
3)4
3874 Jennings 8. D., Miss
1938-1957
15,500
100.50
3.44
4053 Jersey City, N. J.
100.04
2.49
4390
Kenosha, Wis
Kentucky (State of)
3.09
4216
Kern Co., Calif
r4,700,000
3,000,000
100.07
103.83
2.52
4380
1Q4Q
40,000
104.62
2.55
4380
Kern, Co. 8. D., Calif—
f—
Kern Co. 8. D., Calif
1938-1942
200,000
100.14
1.45
4389
Kittitas Co. 8. D. No. 12,
1938-1942
2,250
102.26
3.20
4389
Kittitas Co. 8. D. No. 12.
Wash—4
1939-1950
1938-1947
10,000
-
23,000
100.44"
12,000
1940-1949
2.90
100.38
175,000
100
100.45
3.45
2~90
4.18
500,000
125,000
1939-1949
100.33
100.45
101.04
40,000
100.65
25,000
100.11
2.48
1942-1951
15,000
1940-1943
r540,000
IOY.M"
1938-1941
r97,000
1938-1957
790,000
1939-1944
2,400
4.55
2.48
3.39
100.12
2.56
7*22.500
100.14
3.73
ibo"~~
4.75
157
1940-1964
3)4-3)4
Larchmont, N. Y
2.60 1938-1942
Laurens S. D. No. 1. 8. C
3%
1938-1952
Lebanon, Ohio
4
1938-1963
Lee County, Miss
4%
Letts Con. S. D., Iowa
2%
5-20 years
Lewes, Del
3)4
Lewis County, N. Y. (3 issues) —.2.20
1938-1952
1938-1947
Lincoln, Neb
2
1939-1962
260,000
1953-1956
r20,000
4385
3879
152
.-3)4
4
3)4
5-5)4
3)4
2%
.1H
2
4H.-4H.
3^-4
4
2.45
3.10
2)4
—
98.75
3.17
Lincoln Parish 8. D. No. 1,
Lincolnton, N. C
4385
Linden, N. J
7*8,000
175,000
l~0~o""~~
4.50
1938-1947
20,000
100.15
4.72
1938-1962
25,000
101.04
3.64
1938-1950
13,000
100
2.50
1942-1955
47,000
101.43
3.12
1938-1942
100,000
100.05
1.49
12 years
272,000
1-15 years
6,000
Kan..—2)4
1938-1947
101,000
100
2.25
Dist., Kan
2)4
Madera County, Calif.
3)4
Madison, Wis. (2 issues)..
2)4
Madison County, Ind
2)4
Madison County, Tenn
3)4
Madison County, Ohio.
—2)4
Mamaroneck, N. Y. (2 Issues)
3)4
Manchester, N. H
3
Mantua Township, N J
4
Marion County, Ind
1H
1939-1948
91,000
100
2.50
1940-1957
35,000
100.23
86,000
100.04
42,500
100.20
100
3.00
4050
100.34
3.56
3879
100
2.00
4387
2.62
3873
McPherson Sch. Dist.,
4.00
3873
McPherson Sch.
3871
4218
3878
98.88
100
164
100
3.50
4381
4057
3~20
160
60,000
100.47
1.60
4217
26,000
100.63
1.88
4385 Marcellus, N.
1939-1944
r64,000
1938-1967
250,000
1942-1951
20,000
158
100.004
2.44
4219
4226
Medford, Wis.
3876
100.14
3.83
162
162
1941-1957
33,000
100.38
3.06
1938-1957
r425,000
101.04
2.38
8,000
100 60
152
300,000
98.50
4383
400.000
3879
3873
30,000
156
100
3.CO
4382
4,500
100.14
2.45
153
6,000
100
5.00
100.79
2.10
100.87
3 67
Fosston, Minn
1942-1948
15,000
Fox Chapel, Pa
2H
1938-1947
80,000
4380
Frankford.
3)4
1941-1972
r31,000
3879
Franklin, Tenn
3%
1938-1967
30,000
1938-1947
4382
153
Mannette
r80,000
Memphis, Tenn
Miami Beach, Fla
Middletown, Md
Midland, Mich
Midland,
Mich.
(4 issues)
Mills County, Iowa
Mtllstadt, 111
Mingo Con. 8. D., Iowa
Minonk
Com.
2)4
2Yx
4)4
4H
2%,
98.91
4,600
100.06
2.24
216,000
100.18
3.22
80,000
101.17
7*123,000
93.50
1938-1942
1938-1942
1942
1938-1957
1938-1952
1-20 years
1938-1947
Wis
3)4
3H
3H
3.48
2~.21
1938-1957
Y
County,
100.03"
1938-1944
3.40
3)4
Maybrook, N. Y.
3.60
May field 8. D., Pa
5
Mead Township Sch. Dist., Pa.-.4
Medford. Mass. (2 issues)
2
4058
135,000
4219
101.96
1942-1957
20,000
1938-1957
102.33
103,000
1939-1952
Colo
1%
Calif.
Los Angeles County, Calif. ...—3H
Lost Nation Ind. 8. D., Iowa
2)4
Lower Burrell Twp. 8. D., Pa
3)4
Lynn, Mass
1)4
McCamey Ind. Sch. Dist., Texas_4
McCurtain Co. 8. D. No. 13, Okla.4
1938-1947
Fort Gay, W. Va
101.26
397,000
1938-1942
Los Angeles County,
1938-1943
4390
rl7,000
1938-1952
Long Beach, N. Y
100.11
1938-1942
4.12
1948-1952
Logan Co. 8. D. No. 9,
4052
2)4
5
3
4". 12
3871
r38,000
Flshkill. N. Y
1.98
l"0l".63"
4054
3876
4221
2.16
100.13
4380
36,500
01 0,000
100.20
4.50
1940-1957
1947
3.25
125,000
mo,000
100
4385 Linden, N. J
100.26
1938-1947
100.74
100
44,000
2.72
103.27
1938"
7*17,000
100.40"
75,000
5
7*78,000
2.75
24,000
1937-1944
..
4)4
4)4
3
2)4
3%
6,900
100
1-20 years
600,000
La—
Lincolnton, N. C
1938-1947
1938-1952
8. C
4055
4048
015,000
3.49
100.14
Calif
Lake Co. 8. D. No. 108,
4055
3.95
1943-1950 01,980,000
1939-1942
4.00
100
100.12
250,000
11,000
4217
4050
102".29~
30,000
30,000
25,000
100.57
87,500
100.17
159
60,000
1938-1960
03,000
180,000
100.13
012,000
10-20 yrs.
35,000
1944^1953
r85,000
r59,500
1942-1945
20 years
2.70
"l"98
102.91
4387
60,000
--
2%
100.05
12,000
rl 15,000
25,000
4.47
30,000
r45,000
02,100,000
1947
140,000
1938-1942
1939-1950
3872
1938-1952
~4~66
5
2)4
4384
100,000
2.47
ibo~~"
2)4
1.98
1940-1965
100.27
48,000
Kokomo. Ind,
2.24
55,000
3~61
24,000
Lake County, Calif
100.11
r97,500
104~40"
240,000
4381
100.14
1941-1949
3.12
150,000
3)4
~
4057 Lancaster County,
1949-1956
1938-1947
1.72
121,613
100.70
1956
2.39
1942-1949
100.11
4216
100.50
r30,000
1938-1960
"
102.06
350,000
1945-1959
1947
Wash..3%
1938-1957
40,000
6,000
3
4)4
2%
2%
2
4, Texas
Karnes Co. R. D.
309
1938-1947
2)4
1945-1946
1947-1949
1941-1947
2%
Kansas City. Mo
163
1942-1944
1948-1950
2)4
4)4
(2 Issues)
Mo
Kansas City.
4220
50,000
350,000
10,000
2)4
Josephine Co. 8. D. 7, Ore
2)4,2%
Judith Basin Co. 8. D. 5, Mont—.4
4220
rl8,000
3
3.60
2
2)4
4
161
157
434,000
2H
4)4
4)4
5
Jackson, Miss. (2 issues)
4382 Johnson Co., Iowa
1953-1962
^
4.50
1938-1957
100
3874
Fillmore Co. Ind. S. D. 16, Minn.3
103.04
33,600
1942-1946
3.25
Fell Twp.
Dela
2.40
12,500
150,000
6.00
Fall River, Mass.
'4223
101.02
1938-1962
1938-1947
1939-1948
1938-1947
1938-1947
100
4223
S. D.. Pa
3.20
400,000
3
*
100
4219
156
4.00
1938-1962
1948-1950
1938-1944
100.59
Ironton, Wis
Falrview. N. J
Co., Ohio
2.25
100
4226
Ector County, Tex
4055
100 92
1,200
5.25
.4)4
163
7,000
97.600
100
Delaware River Joint Commission,
N. J...
1938-1944
rl31.500
dl,900
Davenport, N. Dak
2.65
70,000
1940-1954
r25,000
Culpeper, Va
4057
1939-1953
4%
2)4
Issaquena Co., Miss
1938-1962
Creston, Iowa
Croton-on-Hudson, N. Y
100.47
3.20
4385 Interlaken. N. Y
1938-1942
Craig, Colo......
2.88
140,000
Iola, Kan
23,349
Corpus Chrlstl, Tex. (2 Issues)
2.81
100.15
156
4)4
3
3 o
2H
Minn..
4052
4.00
100.86
4218
2)4
3
Clearfield Co. Poor Dist., Pa
100
25,000
28,000
3.22
2)4
Clarks, Neb
15,000
rllO.OOO
2.72
2
2)4
—3
Cherokee County, Iowa
2.90
2.91
35,000
Chlcopee, Mass
Cincinnati City S. D., Ohio
4.00
101.24
100.30
Cheektowaga, N. Y
155
1.65
100
7*25,000
4)4
2)4
Hysham, Mont
Indianapolis, Ind
100.29
(Z5.000
100.15
101.76
160
_
100.46
25,000
100.47
25,000
4384
—
1938-1942
1938-1947
1948-1957
1939 1957
1938-1946
1938-1951
1939-1953
50,000
1957
153
4.50
24,000
2)4
4
4
Brltton, Okla
.-..3H-4
Brltton Okla
4)4-4)4
Brunswick, Md
4)4
Brunswick Twp., Mo
3)4
Buffalo, N. Y
3.10
California (State of)
3
Calumet County, Wis
3
Cambridge, Mass
1)4
Camden S. D., Ohio
4
Canton Twp. 8. D., Pa
3
Cattlettsburg, Ky
4)4
Caroga S. D. No. 1, N. Y
3)4
Cedar Point H. S. D., Kan
2)4
Charleston County, S. C
2H-3
4-4)4
Chattanooga, Tenn
4054
LOO
100
100,000
1939-1951
4388
100
1938-1962
100.13
3878
3.40
32,000
r60,000
1938-1947
100
159
3.11
101
100,000
1938-1947
5,000
45,000
4382
100.44
15,000
12,000
161
15,000
r27,000
4
Hazel ton 8. D., Pa..
3
Hearne Ind. 8. D., Texas.
4
Hempfield Twp. 8. D„ Pa.
3
Hempstead 8. D. No. 123, N. Y—2.90
Hempstead 8. D.21.N. Y
2.70
Hopewell Co., Mo
4
Hopewell Twp. 8. D., Pa
3
Hornlck Con. 8. D., Iowa
2)4
Horseshoe Valley Twp. N. Dak—4
Hot Springs Co. 8. D. No. 9. Wyo.3}£
Humboldt Co., Iowa
2)4
Huntington, Ind
5
Huron Ind. 8. D., 8. Dak.
3)4
Hustisford, Wis
3)4
4220
1942-1945
1940-1957
4382
4221
4221
1941-1952
4387
'
162
1.99
3.47
85,000
r90,000
r20,000
3,89
2.65
100.20
7,
Ark.
1938-1957
1943-1957
4050
Harrison Street Impt. Dist. No.
16,000
4387
3880
4047
1%
1957
3.21
100.22
r55,000
r40,000
1939-1952
1938-1942
1941-1957
1938-1947
1938-1952
3
12,500
96,000
4380
Harlen, Mont
Haverhill, Mass
129,000
4221
4052
Hartington, Neb
1-25 years
4220
158 Hammonton, N. J
4383 Hawley, Minn
1938-1957
3873
Hamilton, Ohio
4384
Bronxville, N. Y. (2 Issues)
4387
Grey bull H. S. D., Wyo
4383
Bridgeport S. D., Wash
4384 Broken Bow S. D. 25, Neb
158
Greenville, N. C
160
4226
4055
3)4
Bradley County, Tenn
4387
4058
100.32
3)4
3)4
3)4
3
4
4)4
4055 Greenville. N. C
6
3)4
Bozeman, Mont
4057
107.84
19,000
100.03
2H
3
'3H
5H
2)4
Berlin, N. H
4223
15,490
100.03
1938-1967
l".72
2.53
103.75
101.40
100.70
4.52
100.13
98,000
Basis
102.30
100.26
80,000
10,000
307,000
1938-1943
4.66
100
75,000
39,000
$ 400,000
3
3)4
4
3)4
Belleville, N. J
4051
Grand Island. N. Y
2.71
20,000
r44.000
3
4383 Grand Haven, Mich
4385
101.65
3)4
5
3)4
Goshen School City, Ind
1938-1947
2)4
2H
2 >4
2)4
2H
3
.4H
Austin, Tex
154
Price
Gloucester, Mass
1938-1962
2
Atchison, Kan
4049
Amount
153
4390 Goshen Co. 8. D. 15, Wyo
Maturity
4
5
2)4
Annlston, Ala
4049
Glencoe, Minn
4H
4
2 >4
Akron, Ohio
4387
3871
Girard vllle. Pa
156
lb'o'.oe
18,000
4)4
4
..3, 3)4
1%
Gilbert S. D., Ariz
4388
4" 44
40,000
Rate
Name
Page
4380
3.65
bb'.oe"
250,000
.4)4
4383 Garfield Twp., Mich
98.07
60,000
..
4
Girard, Kan
3873
at the usual time.
29,000
rlOO.OOO
45,000
r32,000
2)4- 3)4
4057 Galveston Co., Texas
Basis
Price
Amount
Rate
3
3)4
4)4
4
Name
Page
314 N. Broadway
WIRE
-
1942-1966
'
1938-1957
1942-1957
1938-1942
1938-1942
1938-1949
100.14
1.70
7,000
100.14
3.35
70,000
107.03
2.02
25,000
794,000
100.33
3.58
15.000
100
5.00
20.000
104.63
263,000
100.17
35,000
104.07
3,000.000
101.06
375.000
98.32
1.96
3.67
3.90
020,000
98.44
42,011
100.01
2.24
47,610
100.37
2.12
47,000
100
4.50
18.000
1938-1952
27,000
100
"""
2.75
H. 8. D. No. 124,
135.000
4219
Minneapolis, Minn
3\i
2)4
1938-1947
316,511
100.66
2.12
4219
Minneapolis. Minn. (2 Issues)
2^20 1938-1947
975,000
100.25
2.16-
III
.........
472
Financial
Page
4220
Name
Rate
Mississippi (State of)
150 Mobile
County,
Maturity
Amount
Basis
July 17, 1937
Pane
Name
Rate
3-3%
1938-1955
2,500,000
100.03
13.5*1
4049
4
Will Co. II. S. D. No. 204,
1939-1945
152,000
103.05
3.35
4384
Windsor, Mo
100.09
Ala.-
4216
Monterey County, Calif
Montgomery, Ala
4218 Montgomery County, Kaiu.
3%-5
1938-1961
25,000
5
1938-1952
600,000
1938-1949
rll7,000
150
153
Moorehead School District, Ckla_3~4
Moorestown Township, ft. jr
3%
Morgan Township, 111
4
4387 Moulton Twp. S. D., Ohio
3
1939-1948
158 Mountainside, N. J
4y%
4056 Mount Carmel Twp. S. D., Pa...
4224 Mount Pleasant S. D., Pa
...3
20,000
100.34
120, 111
4
4
.4
1938-1946
4
1-20years
Yazoo County, Miss
......4
1940-1947
—
—.3%
<118,000
too"""
715,000
100.70
no,ooo
100.16
2.47
2%
1942-1952
17,000
101.09
Yorkville, N. Y
2.06
1942
2.63
1939-1957
...2.70
4386
3.00
\ 1941
Tork Township, Wis
1938-1947
3-4tf
3%
Yerington, Nev.....
Yonkers.N.Y. (3issues).
4058
2.66
3.00
15,000
Mo
3877
101.008
100
D.
Wright County,
3874
14,000
91,000
1947
2]A
4214 Muskegon,
S.
7*60,000
4052
2%
Muncie, Ind
4217 Muncie. Inu
4388 Muncy, Pa_»_
Co.
Basis
Price
1950-1951
4052
3.14
30,000
.
Marshall
Amount
1938-1947
3
4385 Woodridge, N. J
100.61
14,000
20 years
&
Maturity
111—.2%
3880 Woodland, Wis...
25,000
158
Woodford
No.
16.000
3878
4381
4217
Chronicle
Price
1938-1947
45,000
45,000
75,000
7*8,000
10,000
880,000
100.55
3.97
100.09
105.50
— —
26.000
100
100.28
15,000
100.24
__.i
2.65
Total bond sales for June (343 municipalities, cover¬
ing 402 separate issues)
d
$111,362,195
Subject to call in and during the earlier
4383
Mich.
Muskegon School District, Mlch._2%
4054 Nassau County, N. Y_.
2%
1939-1952
7*70,000
lbb"03~
2~74
k Not Including $126,477,700
1947-1954
r1,500,000
100
2.88
municipalities
4054 Nassau
County, N. Y
--2%
4054 Nassau County, N. Y. (2 issues). .4
1946-1947
1,220.000
100
1938-1947
780,000
100
3876 Newfane, N. Y. (2 issues)—
4385 New Mexico (State of)..
1939-1963
77,000
100.30
1949
400.000
100.02
1949-1952
1,600,000
100.02
1938-1956
.
...
4385 New Mexico (State of)
4055 New Hanover County, N. C
4386 New York (State of)..
159
New
__
.
3
3%
3
•
..3
Windsor, N. Y
4386 Niagara Falls, N. Y
2
North Haledon, N. J
4
4055 No. Hempstead S. D. No. 9, N. Y.2.20
4051 North. Muskegon, Mich
4
——
163 Nueces County Na\ig. Dist. No. 1,
Texas.
4
4386 Ogdensburg, N. Y. (2 issues)..
2.20
,
4225 Okanogan
Co.
S.
No,
D.,
4053
Park Ridge, N. J
Parsons, Kan.
Pavilion, Bethany,
4218
4222
100
2.00
7.200
1938-1943
1940-1951
153
24,000
<1300,000
1938-1947
100.07
3873
2.18
100
4.00
100.18
2.18
100
80,000
4.00
1938-1945
r24,000
11,000
100.26
3.44
1938-1943
100.26
3.44
4049
50,000
100.22
2.70
3878
3878
22,000
100.30
100
3879
2.56
68,000
4.00
3878
3872
3 )£
1939-1942
<Z15,000
1939-1948
7*29,000
1938-1947
T*d475,000
10,000
2%
100"""
3.50
153
T6"
2~47
3876
4049
3,000
2 )£
3
Pratt S. D., Kan
*.
100
102.71
2.47
4226
160,000
4384
4057
Prentiss County Supervisor's Dist.
No. 1, Miss
5H
4055 Putnam County, N. Y...
3.20
1938-1946
4383
1938-1942
156
Quiney, Mass
1 %
Ramsey County S. D. 16, Minn...3
4057 Rapid City, S.
4390 Rawlins, Wyo
3877
4053
4219
River
151
4053
158
4052
7*43,000
80,000
100,000
1937-1941
1937-1941
70,000
100
4.00
1952-1957
23,000
101.53
4.37
1939-1949
8,500
8,500
10,000
11,500
100
4.00
100
4.00
1939-1955
3873
2
Saint Paul, Minn
4048
San Bernardino County, Calif
San Bernardino County, Calif
3871
San Diego County, Calif
Sandusky, Ohio
4382
100.08
1.99
4390
100.27
17,500
101.11
2~28
100.16
2.85
325,000
1938-1942
17,903
100
3.50
4226
1938-1957
60,000
100.31
2.87
Sidney, Iowa
Silver Bow Co. S. D. 1, Mont
4389
Somerset S. D., Pa...
Socastee High S. D. 6, S. C
Souriake Ind. S. D„ Tex
3
1938-1942
ioom
2~99
4390
100.38
2.96
100.02
2.24
3.19
*
1939-1967
250,000
106.04
5-20 years
Superior, Wis
2.20
4)4
Superior Rural S. D.t Iowa
Swanville S. D., Minn
3
1938-1943
3
1938-1957
4)4
154
Tangepahoa Parish, La
Tarrant County, Texas
City, Mich
4388 Telford,
Pa
4
100.08
3.49
105.93
3.64
70,000
65,000
100.39
50,000
100.08
1.97
70,000
100.75
2.94
1939-1962
352.000
100.31
2.15
1947-1953
r88,000
2,200
32,000
100
4.50
1940-1967
5
90,000
3.17
100.50
170,000
1938-1953
113.67
12,600
55,000
4
Tenaha School District, Texas.--
100.88
180,000
1941-1949
4%
4)4
Tawas
18,000
--
Tennessee (State of)
Tennessee (State of)
1944-1948
rS,867.000
1948-1949
4,199,000
100.40
3.34
1938-1977
125,000
17,000
100.55
3.36
4223
1938-1962
280,000
164
10 years
4222
........3)4
334
Theresa S. D. No, 1, N. Y
3.40
4381
Tipton, Ind
4
Toledo City S. D., Ohio
-3
Torrington, Wyo
4
3871 Trinity County, Calif
5
3877 Union, Union Sch. Dist. No. 1,
100.40
3.34
lbl~65~
~3~09
75,000
100
4.25
60,000
100.71
175,000
100.18
2.23
4053
Union Township, N. J
2M
4)4
4386
Valley Stream, N. Y
2.80
1939-1947
29,000
100.03
~2~79
2)4
1938-1947
200,000
100.53
2.15
l~0b"83~
2~34
4051
4383
4048
3880
4224
153
4219
4390
4388
1939-1953
1942-1950
2)4
2%
3)4
4052
Wicomico
Wilkes
*25,000,000
209,500
232,900
96.61
99.45
100
4.00
3.35
45,000
525,000
25,000
98.78
100.32
60,000
101.20
80,000
6,079
10,000
100
1938-1947
1-15 years
96.09
1949
1-5 years
1-30 years
1952
3~94
3~82
3.50
95*27"
33,000
1941-1942
4.10
99.28
20,000,000
11,000,000
100,000
100,000
2.67
99.76
4.02
97*54*
,
4*22
160,000
1-30 years
240,000
1-10 years
20 years
1-15 years
75,000
10,400
99.67
3.57
102.89
3.10
15,500
100.29
135,000
sold in June
Temporary loan; not included in month's total.
RECONSTRUCTION
$33,332,163
FINANCE CORPORATION
Awards of Municipal Bonds—In con¬
nection with the statement given in our issue of July 10, on
the high bids received for the various issues of municipal
bonds offered for sale by the above Corporation on July 8—
V. 145, p. 305—we now give the official report on the
definite awards of the majority of the bonds offered.
It
is stated by Jesse H. Jones, Chairman, that 57 issues of the
bonds offered by RFC at public sale on July 8, 1937, have
been awarded to the highest bidders.
The face amount of
the bonds sold was $3,839,150 and the sale price $3,880,430.76, a net premium of $41,280.76, representing an average
price of 101.1.
The bonds, the successful bidders and the
prices paid were:
Official Statement
on
$16,000 City Board of Education of the City of Eufaula, Barbour County,
Ala., 4% City School District warrants.
Ward, Sterne & Co.,
Birmingham, Ala.
$985.50 per $1,000.
30,000 School District No. 30 of Benton County, Ark., 4% school bonds,
1935.
Walton, Sullivan & Co., Little Rock, Ark.
$952.60 per
$1,000.
69,500 City of Stuttgart, Arkansas County, Ark., 4% street improve¬
ment bonds.
Walton, Sullivan & Co., Little Rock, Ark.
$925.20
per $1,000.
103.47
1.55
100.16
3.30
2
1947
7*478,000
101.28
1.86
2
1938-1947
195,000
100.17
28,000 City of Lindsay, County of Tulare, Calif., 4% city hall bonds.
Kaiser & Co., San Francisco, Calif.
$1,032.14 per $1,000.
2)4
1938-1957
1939-1948
1938 1942
1938-1950
2~&l
42,000 City of Lake City, Columbia County, Fla., 4% water revenue
bonds.
Equitable Securities Corp., New York, N. Y.
$981.30
per $1,000.
64.000
100.17
1938-1947
75,000
100.31
1962-1966
5,000
1938-1942
1938-1952
12,000
100
2-3)4
1,460,000
100
2.82
3
1938-1947
20,000
102.34
2.54
46,000
100
2.90
1960
1937-1966
29,000
100.79
2.95
65,000
100
6.00
1947-1952
7*65,000
100.63
2.69
2.90
County, Md__........3
County, N. C
6
4049 Will Co. S. D. 86. Ill
2)4
3.37
101,000
110,000
45,000
100.17
5,000
103.53
40,000
100.62
1.5
2.41
40,000
Wheatland County, Mont...
4050
100.60
101.78
1938-1947
1940
1938-1966
..
4387
7*259,000
4,600
6
Washington, Ind
3)4
Watertown, Mass
\%
Watsonville, Calif
2-5
Wauwatosa, Wis
2)4
Waverly, Tenn
4
Webber Township S. D., 111.....
Weston, Mass
1)4
West Virginia (State of)
West York, Pa
~3~A2
25,289
20,000
4.97
60,000
1938-1952
3
104
25,000
55,000
'
4389
4218
Basis
101.78
100.50
2.90
3)4
Price
$12,000
3.00
County, N. Y
Waltham, Mass. (2 Issues)
Waltham, Mass
that
101.08
1-30 years
Total long-term Canadian debentures
3.09
3)4
3
Suffolk
4051
4
—3)4
101.08
3877
Victoria, Texas
3879 Virginia (State of)
4
.3)4
100.19
1941-1965
163
for
122,495
1957
4
11,000
10,000
3
Vanderburgh County, Ind
4050 Vanceburg, Ky
4380 Ventura County, Calif
4058 Vernon County, Wis
Summerside, P. E. I
164 Verdun, Que
3880 Westminster Twp., Ont...
4226 Wolfeville, N. S
4390 Woodstock, Ont
4,000,000
Suffolk, Va
153
4.50
1-30 years
1938-1957
-3%
3)4
Shawinigan Falls, Que.....—-.4
1940-1949
4225
N. Y
100
100.31
1-20 years
Saint John, N. B__
4226
8,500
1938-1942
163
4390
1938-1947
3.20
2
4389
4390
4226
5
3%
Sterling S. D. 19, N. Y.__
Stillwater S. D., Minn
4389
3880
...4
South Carolina (State of)...
Southold S. D. No. 5, N. Y
4055
4383
3.00
135,000
90,000
-—3)4
-—4
3)4
4
3%-4
3)4
—3)4
3)4
3)4
2
1940-1948
1938-1949
Stafford S. D., Kan
153
2.29
2.48
120,000
7*44,000
4
4050
4226
101.05
100.15
4.00
5,000
1938-1957
4053
4051
100
300,000
20,000
1938-1947
Southold S. D. 7, N. Y
Spokane Co. S. D. 343, Wash
Springfield, Ohio
Springfield Twp., N. J
156
4226
35,000
1939-1953
3880
7*4,000
65,000
25,000
1-10 years
...3
2%
3%
164
6,000
110,000
Snyder, Tex
4388
163
Halifax, N. S
Kentvllle, N. S
Lunenburg, N. S
Magog, Que
Paris, Ont.....
Paris, Ont
Pictou, N. S
Quebec (Province of)
Quebec (Provinceof).....
3K
2.90
153
4222
Grand Mere, Que.
2%
County, Kan
Forest Hill, Ont
4226
Scribner S. D., Neb
Sedgwick Co. S. D. 13, Colo
Shamrock Ind. S. D., Tex
Shreveport, La
4387
164
3880
Sidney, N. Y
4055
2.67
1-30 years
4226
4386
4389
100.66
5-15 years
3.16
4382
4224
2.24
Canada (Dominion of)
Charlottetown, P. E. I
—3)4
Drummondville, Que (2 issues) —4
4226 Fabrique Saint Vital, Que
4
164
3~55
Shawnee
100
25,000,000
....
4226
lbl"33~
Shenandoah Ind. S. D., Iowa
Brantford, Ont
1957
1-15 years
1-5 years
15-years
4390
18,500
Sheridan County, N. Dak
3.50
10L69"
Amount
Maturity
4
3)4
3)4
4
Canada
100.27
4
2 Hi
2)4
4.00
100
18,000
7*10,000
47,000
....
Rate
Name
Annapolis Royal N. S
164
10,000
4218
4224
100.02
v
32,408
M.3%
3.00
3~.17
100
RFC and PWA loans)
or
Brldgewater, N. S
1940-1949
4387
4220
100.16
22,000
7*500,000
7-9 years
1939-1947
107.78
60,000
1941
3)4
4)4
3
Brant ford, Ont
164
1939-1949
4051
4058
200,000
45,000
3.20
San Juan Co. Con. S. D. 5, N.
Saranac, N. Y
4216
164
4390
Sault Ste. Marie, Mich
Sayville Fire Dist., N. Y
158
3876
4220
3.70
2.22
7*23,000
3
4055
100.41
100.05
1938-1947
2%
2%
2%
4387
60,000
1-10 years
1932-1957
100
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JUNE
Page
7*55,000
1953-1960
b"bo
100.82
40,000
80,000
1938-1948
3.49
loo"""
13,360
1-10 years
100.08
indicated) are for May.
May issues will ma% the total sales (not
including temporary
month $51,186,586.
1939-1958
-.3 H
154
2\i
4057 San Antonio, Tex (7 issues) ...2%-3
3879 San Angelo, Tex.
1938-1941
Basis
Price
Amount
$5,000
11,490
8,000
157,323
24,500
83,500
7*100,000
30,000
26,000
48,000
3,500
All of the above sales (except as
These additional
1938-1940
Saline Twn. S. D., Ohio
Salina S. D., Kan
125,000
3.38
3.97
3%
2%
4216
103.58
100.20
..
....—
Ohio
D.,
Swift Co. Ind. S. D. 4, Minn
7*116,000
4
S.
Rural
Whatcom County, Wash
1948-1952
-
1938-1947
1942-1948
..
3874
10"0T2"
Roseland, Neb
151 Sacramento County, Calif
4216 Saint Clair County, Ala
3
4)4
3%
Lauderdale County, Tenn
4
Mahanoy City S. D., Pa
3)4
Manito, 111
4
Mount Vernon Twp., HI. (Jan.)..3)4
Oto Ind. S. D., Iowa
3%
Ovid, Romulus and Lodi S. D. 1,
N. Y.
2)4
Plymouth, Wis
3
Shenandoah S. D., Pa. (April)....
Iowa
Edgerton, Ohio
3880
7*220,000
120,000
Riverside County, Calif
4 Hi
Roosevelt Co. S. D., N. M (2 iss.)_4
Des Moines,
1.59
4
Roosevelt Co. S. D. 39, N. M
Rosebud Co. S. D. 12, Mont
1939-1954
1938-1953
1939-1963
1938-1961
1938-1957
1937-1966
Ironton City S. D., Ohio
(April)
2.17
Maturity
1956-1957
..
6
3.00
4
Range S. D., Mich
Basis
Price
.
following additional sales for
Rate
3)4
\
100
1939-1966
4384
161
100.17
—
3)4-5
100.48
1939-1941
.....
3%-4%
Name
;
4387 Springfield
1,000
30,000
4
Dak
Readsville, N. C...
Ridgefield, N. J__
— —
Antioch, Calif
1938-1947
Amount
$50,000
300,000
Maturity
-
Aurelia, Iowa (2 issues)
Dayville, Ore...
1938-1947
1939-1950
for
previous months:
Page
3878
2.60
Portland, Ore
(April)....
3872
3
reasons
Tangipahoa Parish S. D. No. 102,
45.000
4
Poplar Bluff, Mo
Port Huron, Mich
Rate
4380
1,
.....
Name
7*120,000
1938-1947
in which
paper
Coeur d'Alene, Idaho (April)
La.
<127,750
totals for the previous
same.
We give the
Antioch, Calif. (May)....
We have also learned of the
3H
&c., S. D.
number of the issue of our
be found.
Page
4380
89,000
3H
N. Y
154
2.58
225,000
1-6 years
our
these eliminations may
2%
Phlillpsburg, Mont
Plttsfield, N. H__
4388 Plymouth, Pa
156
100.07
1938-1952
4
157
156
2.19
4%J
...
4384
3878
2.99
100.43
following items included in
months should be eliminated from the
page
100.03
10-20 years
4
Overton, Texas
3875 Palisade Park, N. J
4053 Park Ridge, N. J
2.97
116,
Wash.
4389
The
2.88
46,000
1938-1942
from
and to mature in the later year.
temporary loans or funds obtained by States and
agencies of the Federal Government,
r Refunding bonds.
years
2.88
IrXi
1938-1962 40,000,000
1938-1947
25,000
2M
—.2.60
4053
45,000
1.50
24,000 Special Tax School District No. 1, Orange County, Fla. (some¬
times referred to as Orlando Special Tax School District), 4%
school building bonds.
Leedy, Wheeler & Co., Orlando, Fla.
$961 per $1,000.
27,000 Special
Tax School District No. 12 of Orange County, Fla.
(sometimes referred to as Pinecastle Special Tax School District),
4% school building bonds.
Leedy, Wheeler & Co., Orlando,
Fla.
$922.60 per $1,000.
7,000 Town of Davisboro, County of Washington, Ga., 4% water works
bonds.
Trust Co. of Georgia, Atlanta, Georgia & Associates.
$970 per $1,000.
_
Volume
County,'Ga., 4%
515,000 Nicholls Consolidated School District, Coffee
school house bonds.
Trust Co, of Georgia, Atlanta,
Associates.
$970 per $1,000.
55,000 City of Litchfield, County of Montgomery. 111.,
revenue
bonds.
Stifel, Nicolaus & Co., Inc.,
$1,017.73
per
Georgia oc
4% sewerage
Chicago, 111.
$11,000 City of Sandy City, County of Salt Lake, Utah, 4% general
obligation bonds, series of Feb. 1, 1934.
W. G. Goodart^&.Co.,
Salt Lake City, Utah.
$1,020 per $1,000.
^
127,000 Arlington County, Arlington, Va., 4% sewer bonds.
Phelps,
Fenn & Co., New York, N. Y., and associate.
$1,121.40 per
^
163,000
$1,000.
76,000 City of Nashville, Washington County, 111.,
bonds.
Lewis, Pickett & Co., Chicago, 111.
4% water revenue
$931.10 per $1,000.
(revenue)
12,000 Village of Oswego, Kendall County, 111., 4% water worto
bonds.
Stifel, Nicolaus & Co., Inc., Chicago, 111.
$978.70
$1,000.
10,500 Incorporated Town of Parkersburg, Butler County, Iowa.,
sewer revenue bonds.
Shaw, McDermott & Sparks, inc.,
v'
473
Financial Chronicle
145
per
189,000
City°of
Tacoma,
Pierce County,
Wash., 4% water (revenue)
Goldman, Sachs & Co., New York, N. Y., and
$1,075.50 per $1,000.
feff
25,000 Town of Lewisburg, Greenbrier County, W. Va., 4% waterworks
revenue bonds.
The Kanawha Valley Bank, Charleston, W, Va.
bonds of 1935.
associate.
4%
uea
x
$986.25 per $1,000.
$1,018.20 per $1,000.
Moines, Iowa.
The°State
Teachers College at Harrisonburg, Harrisonburg"Va.,
4% dormitory bonds and dormitory bonds, series B.
Frederick
E. Nolting, Inc., Richmond, Va.,\and associates.
$976 iPer
bonds.
18,000 Vine Grove, Hardin County, Ky., 4%\water works'revenue
Stein Bros. & Boyce, Louisville, Ky., andiassociates.
$950.40
per $1,000.
,
"WE OFFER SUBJECT—
39,000 Marlette Township Unit SchoollDistrictJSanilac! County, Mich.
4% general obligation bonds.
Wm. R. Stuarti&iCo., Chicago,
111.
$1,000.65 per $1,000.
$15,000 DELAND Imp. 6%
Due—Jen. 1,
39,000 Mattawan Consolidated School District No. 7 Fractional, Antwerp
Township, Van Buren County, Mich., 4% general obligation
bonds.
Channer Securities Co., Chicago, 111.
$950.70 per $1,000.
Fric«—5.26 Baal."
Thomas M. Cook & Company
29.000 Benoit Special Consolidated School District, Bolivar County,
Miss., 4% school bonds.
Lincolnj^National Bank, Washington,
D. O.
$967.10 per $1,000.
24,000 East Tupelo Consolidated School District, LeeTCounty,
4%
school
bonds.
Firstjfc.National Bank,^Memphis,
$903.10 per $1,000.
Harvay Building
Miss.,
WEST PALM
per
$1,000.
_
32,000 Ruleville Municipal Separate School District, Sunflower County,
Miss., 4% school bonds.
JamesjkWeir, Washington, D. U.
$996.25 per $1,000.
18,500 The City of Cuba, Crawford County,lMo., 4% sewerage bonds.
City National Bank & Trust Co., Kansas City, Mo.
$955 per
51.000.
17,500 Consolidated District No. 19 of Scott County, Mo., 4%fschool
district bonds. Commerce Trust Co., Kansas City, Mo.
51,010
per $1,000.
29,000 City of Steelville, Crawford County, Mo., 4% waterworks bonds.
City National Bank & Trust Co.
$1,002.68 per $1,000.
wjMl
19,000 City of Willow Springs, Howell County, Mo., 4% water works
extension and fire department bonds.
City NationalABank &
Trust Co., Kansas City, Mo.
$982.68 per $1,000.MMMttKMaiatbl
1 of Lewis and Clark County, Mont., 4%
Union Bank & Trust Co., Helena, Montana.
4,250 School District No.
bonds.
$1,010 per $1,000.
of—President Approves: Municipal
signed a bill to permit
municipal corporations in Alaska to issue bonds for improve¬
ments sanctioned by at least 65% of the voters participating
in an election, according to news advices from Washington.
The present law requires approval by 65% of those listed as
qualified voters, regardless of whether they vote.
Territory
Alaska,
Bond Bill—President Roosevelt has
Arkansas—Refinancing Plan Upheld by Supreme Court—
Court, in a decision handed down on
July 12, denied a motion for rehearing in the suit of W. G.
Scougale, local taxpayer, challenging the validity of the
The State Supreme
proposed highway debt refinancing program, it is
in Little Rock
It
was
news
^township
$1,018.95
107,000 Township of Hillside, Union County, N. J., 4% trunk sewer.bonds,
J. S. Rippel & Co., Newark, N. J.
$981.73 per $1,000.
760,000 County of Hudson, N. J., 4% hospital bonds of 193471*116108,
Fenn & Co., New York, N. Y., and associates, $1,079 per $1,000.
26,000 Village of Deming, Luna County, N. M., 4% gas system revenue
bonds, Brown, Schlessman, Owen & Co., Denver, Colo.
$952.76
per $1,000.
135,000 Town of Las Graces, Dona Ana County, N. M., 4% gas system
revenue bonds.
Brown, Schlessman, Owen & Co., Denver, Colo.
$952.76 per $1,000.
65,000 The City of Buffalo, Erie County, N. Y.. 4% general improvement
bonds, series C.
O. E. Weinig Co., Buffalo, N. Y.
$1,068.6415
per $1,000.
31,000 Village of Watkins Glen, County of Schuyler, N. Y., 4% sewage
treatment bonds.
Geo. B. Gibbons & Co,, Inc., New York,
N. Y., and associate, $1,092 per $1,000.
38,000 Town of Wells, Hamilton County, N. Y., 4% water district bonds
of 1934.
Manufacturers & Traders Trust Co., Buffalo, N. Y.
$1,035.99 per $1,000.
80,000 County of Harnett, N. G., 4% school building bonds.
Dickson & Co., Charlotte, N. C.
$963.75 per $1,000.
R. S.
43,000 County of Lee, N. O., 4% school improvement bonds.
Dickson & Co., Charlotte, N. C.
$986.25 per $1,000.
R. S.
93,000 City of Berea, County of Cuyahoga, Ohio, 4% sewage disposal
plant bonds—series No. 1, 1935.
Otis & Co., Cleveland, Ohio.
$1,043.35 per $1,000.
49,000 The Board of Education of the Mayfield Village School District,
County of Cuyahoga, Ohio, 4% school building bonds.
Fox,
Einhorn & Co., Cincinnati, Ohio, and associate, $945.80 per
$1,000.
12,500 Village of Union City, County of Darke, Ohio, 4% water works
bonds.
Saunders, Stiver & Co., Cleveland, Ohio.
$1,067.50
per $1,000.
19,000 City of Wellston, Jackson County, Ohio, 4% street lighting im¬
provement bonds.
Granberry & Co., Cincinnati, Ohio.
$1,035.70 per $1,000.
9,900 Catoosa Consolidated School District No. 27, Rogers County,
Okla., 4% building bonds of 1934.
The Brown-Orummer Co.,
Wichita, Kan.
$1,031.30 per $1,000.
17,500 City of Dewey, Washington County, Okla., 4% sewage disposal
971.40
flant bonds $1,000. The Brown-Crammer Co., Wichita, Kan.
of 1934.
per
192,500 City of Elk City, County of Beckham, Okla., 4% water works
bonds of 1935.
O. Edgar Honnold, Oklahoma City,
Okla.
$931.10 per $1,000.
11,500 Hughes Consolidated School District No. 1, Garvin County",
Okla., 4% building bonds of 1935.
First National Bank &
Trust Co., Oklahoma City, Okla.
$1,040 per $1,000.
** 4
48,000 The City of Seminole, Seminole County, Okla.. 4% municipal
building bonds, of 1935.
First State Bank, Seminole, Okla.
$1,000 per $1,000.
510,000 State of Oregon by the Department of HigherTEducation of the
State of Oregon, acting through the State Board of Higher Educa¬
tion (Eugene, Ore.), 4% University of Oregon building bonds.
Widmann & Holzman, Cincinnati, Ohio, and associates.
$991.10
per $1,000.
38,000 State of Oregon by the Department of Higher Education of the
State of Oregon, acting through the State Board of Higher Educaton, 4%
Southern Oregon Normal School gymnasium bonds.
Blyth & Co., Inc., New York, N. Y.
$976.40 per $1,000.
31,000 City of Columbia, Richland County, S. O., 4% public market
revenue bonds, O. W. Haynes & Co., Columbia, S. O.
$1,001.40
per $1,000.
26,000 Town of Summerton, Clarendon County, S. C., 4% water works
revenue
bonds. G. H. Crawford Co., Inc., Columbia, S. O.
$961.25 per $1,000.
81,000 Bexar County Water Control and Improvement District No. 1
Bexar County, Texas, 4% sanitary sewer system serial bonds,
first series.
Dewar, Robertson & Pancoast, San Antonio. Texas,
and associate.
$1,016.30 per $1,000.
99,000 Bexar County Water Control and Improvement District No. 3,
Bexar County, Texas, 4% sanitary sewer system serial bonds,
first series.
Dewar, Robertson & Pancoast, San Antonio. Texas,
and associate.
$963.30 per $1,000.
39,500 Sweetwater Independent School District, County'of Nolan, Texas
4% school house bonds, series 1935.
The Brown-Orummer In¬
vestment Co., Dallas, Texas.
$1,002,15 per $1,000.
reported
advices.
stated recently by
counsel for intervenors that if
denied, an appeal would be filed in the United
States Supreme Court.
The validity of the program was
the motion
sw
14,000 The Township of Caldwell, Essex County, N. J. ,*4%
hall bonds.
H. B. Boland & Co., New York, N. Y.
per $1,000.
News Items
;\
50,500 Pass Christian Separate School District, Harrison County, Miss.,
4% school bonds.
Whitney National Bank, New Orleans, La.
$1,001 per $1,000.
school
BEACH, FLORIDA
Tenn.
16,000 Town of Hernando, De SotoIOounty, Miss., 4% street improve¬
ment
bonds.
Federal Securities Co., Inc., Memphis, Tenn.
$1,010.56
Bonds
1956
was
sanctioned
by
decision, by
a
Centennial
the Arkansas Supreme Court in a recent
count of four to three.
Commission
Bonds
Approved—The
Court is said to have also affirmed a lower court
Supreme
decision
sustaining the right of the Arkansas Centennial Commission
to issue $300,000 in revenue bonds for park and other rec¬
reational
projects.
on Municipal Building Bonds—In an important
decision to interpret Amendment No. 13 to the State Con¬
stitution, the Supreme Court had previously ruled that this
law permits municipalities to issue bonds to erect additions
to buildings as well as to finance new construction, accord¬
ing to report.
It is said that the decision was returned in
a suit brought at the request of the Public Works Admin¬
istration to determine the right of the City of Little Rock
to issue $25,000 of bonds to build an addition to its public
library.
Court Rules
Massachusetts.—Legal Investments for Savings Banks.—<
the State Bank
bonds and notes
which, in the opinion of the Banking Department, are now
legal investments for savings banks in Massachusetts under
the provisions of clauses second, third, fourth, fifth, sixth,
sixth a and seventeenth, of Section 54, Chapter 168, of the
General Laws.
Clause second, relating to investments in
publio funds, has been applied only to those counties, cities,
towns and districts which appear to have bonds or notes out¬
standing, and from which debt statements could be obtained.
Clause third is the general law relating to railroad bonds.
Clauses fourth, fifth, sixth and sixth a relate to investments
in street railway bonds, telephone company bonds and gas,
electric and water company bonds.
Clause seventeenth pro¬
vides that issues which complied with the old law shall con¬
tinue, under certain conditions, to be legal investments.
Investments in bonds or notes of cities, towns and dis¬
tricts mentioned in the list should not be made, the Bank
Commissioner says, "without further inquiry, as to both
their indebtedness and their valuations for the assessment of
taxes, are constantly changing."
The issues added to the list since July 1, 1936, the date
We publish in full below a list issued by
Commissioner on July 1 1937, showing the
(V. 143, p. 622-4), are designated
asterisk, while those that have been
dropped are indicated by being enclosed in brackets. It will
be seen that there are numerous changes in the present list,
both as regards the municipal securities and the corporate
obligations now deemed legal.
the last list
was
below by means
issued
of
an
PUBLIC FUND'S.
(Covering counties, cities, towns and districts which ap¬
pear to have bonds or notes outstanding, and from which
debt statements could be obtained.)
Public funds
of
the
United States or of this Common¬
the legally authorized bonds of any other
State of the United States, but not including a territory,
which has not within the twenty yeatrs prior to the making
of such investment defaulted in the payment of any part
of either principal or interest of any legal debt.
Bonds or notes of the following counties, cities, towns
and districts in New England:
wealth,
or
in
474
Financial
Maine.
New
Counties.
Hampshire.
Vermont.
Counties.
Androscoggin
Grafton
Cumberland
Kennebec
Cities.
Coos
[Aroostook]
Hillsborough
Cities.
New London
Barre
Towns.
Richford
General 4s,
Putnam
Rhode Island.
Mortgage 4s.
Newport
LACKAWANNA
WilJImantic
Keene
ELGIN
Towns.
Towns.
Laconla
Barringtcn
JOLIET
A
SYSTEM.
Ry
Nashua
| *Equip. trust, 1937 (ser.) 2Ms, 1952
GREAT NORTHERN SYSTEM.
Burrlllville
Branford
IJncoln
Canton
Rochester
Lewlston
Little Compton
Cromwell
♦Somersworth
Narragansett
♦Danbury
North I ingstown
Smlthfield
Darien
Gen.
ser.
D 4
[East Lyme]
Gen.
ser.
E 4Ms,
South Kingstown
♦Tiverton
♦Fairfield
1st A ref. 4Ms,
♦Greenwich
Madison
Gen. mtge. ser. G conv. 4s, 1946
Gen. mtge. ser. H conv. 4s, 1946
♦Gen. mtge. ser. I 3%s, 1967
Milford
Equip, trust ctfs.
Old Town
Towns.
♦Saco
♦Exeter
Westbrook
■
Derry
♦Water vllle
Hampton
♦Haverhill
Towns.
Great Northern Ry.—
Gen. ser. B 5 Ms, 1952
Gen.
♦Hamden
♦Henniker
♦Baileyville
Connecticut.
Jaffrey
Cox nlies.
[Brunswick]
[Dexter]
New London
♦Gorham
Pembroke
♦Kennebunk
♦Pittsfleld
Kittery
Stratford
Ansonla
Norwich
♦MllUnocket
Wolfeboro
Bristol
Plymouth
Derby
Hartford
♦Putnam
Bonds
Water Districts.
Cities.
any
town
[Brunswick and
Topsham]
rated
t h e
district
of
Ms, 1976
ser. E
4Mb, 1939
(serially) 2s, 1947
Chic. St. L. & N. O. RR.
Illinois Central
Erie, Pa.
Evansville, Ind.
Everett, Wash.
♦Augusta, Ga.
♦Fort Smith, Ark.
Fort Wayne, Ind.
♦Baltimore, Md.
Battle Creek, Mich. Fort Worth, Tex.
Bay City, Mich.
Fresno. Calif.
Bellingham, Wash.
Gary, Ind.
Berkeley, Calif.
Glendale, Calif.
Birmingham, Ala.
Green Bay, Wis.
Bloomington, 111.
Hamilton, Ohio
Hammond, Ind.
Bridgeport, Conn.
♦Butte, Mont.
Canton, Ohio
Harrlsburg, Pa.
Oakland, Calif.
Hazelton, Pa.
Cedar Rapids, Iowa Houston, Tex.
Chester, Pa.
Chicago, 111.
Cincinnati, Ohio
♦ColoradoSpgs.,Col.
♦Columbia, S. C.
Columbus, Ga.
Omaha, Neb.
Oshkosh, Wis.
Pasadena, Calif
Collateral trust 4s,
Equip, trust ctfs.
ser. I
Equip,
Equip,
Equip,
Equip,
trust ctfs.
ser.
trust ctfs.
ser.
San Bernardino. Cal.
San Diego. Calif.
San Francisco, Calif.
San Jose, Calif.
Santa Barbara, Cal.
Santa Monica, Cal.
Savannah, Ga.
Scranton, Pa.
Seattle, Wash.
1955
Cairo Bridge 1st 4s. 1950
St. Louis Div. 1st 3s, 1951
1st 3Ms, 1951
♦Springfield, Ohio
Steubenville, O.
[Superior, Wis.]
Tacoma, Wash.
Tampa, Fla.
Terre Haute, Ind.
Topeka, Kan.
♦Tucson, Ariz.
Tulsa, Okla.
♦Utlca, n. y.
Warren, Ohio
Waterloo, Iowa
Ur''.v
Cons, annuity
Ref. mtge. 4s, 1949
Brooklyn A Montauk RR. second
1st)
5s.
York, Pa.
ZanesvilR Ohio
[Long Island City A Flushing RR.
5s, 1937]
Atchison Topeka A Santa Fe Ry.—
General mortgage 4s, 1995
ATLANTIC
COAST
Brunswick A Western RR
Unified 4s, 1940
[1st 5s, 1937]
3%s, 4s, 4Mb A 5s, 2003
Equip, trust ctfs. ser. E 4Ms, 1937
Equip, trust ctfs.
F 5s.
ser.
Amer.
■iVr'v)
A
Baltimore A Ohio RR.—
Ref. A gen. ser. A 5s, 1995
Ref. A gen. ser. B 6s, 1995
ser.
C 6s,
ser.
OHIO
1st
4Mb, 1940
4Mb, 1941
Series F (serially) 4Mb, 1944
♦Series I (serially) 2 Ms, 1947
Cleveland Term. A Val. RR. 1st
4s, 1995
[Ohio River RR.]—
[Gen. 5s, 1937]
D 5s, 2000
1995
E 6s, 2000
ser. F 5s, 1996
1st mortgage 4s, 5s, 1948
Southwestern Dlv. 1st 5s, 1950
Equipment trusts—
1922 (serially) 5s, 1937
Pittsburgh Lake Erie
4g
A
West
Virginia
194:1
West Virginia A Pittsburgh RR.
1990
BANGOR A AROOSTOOK
Aroostook Northern
RR.
1st
5s, 1947
B&fcgor A Aroostook RR. 1st 5s, 1943
Piscataquis Dlv. 1st 5s, 1943
Van Buren Ex. 1st 5s, 1943
BOSTON
A
1st
4s,
5s,
SYSTEM.
,
I
clinchfield a ohio
system
CENTRAL
OF
NEW
Central RR. of N. J. gen. 4s A 5s, 1987
CHESAPEAKE
Big Sandy Ry. 1st 4s, 1944
Chesapeake A Ohio Ry.—
[Ref. A impt. series
A
1st 4s.
1989
4Mb, 1933]
Ref. A impt. series C 4Ms, 1996
Ref. and impt. series D 3Ms, 1996
♦Series E 3 Ms. 1996
Equipment trusts—
[Series T (serially) 5Ms, 1937]
Series U (serially) 5s, 1938
Series V (serially) 5s,
1939
^
Series W (serially) 4Mb. 1940
♦Series of 1936 (serially) 2Mb,
1946
1937 (serially) 2s, 1947
Coal River Ry. 1st 4s, 1945
Columbus A Hocking Val. RR. 1st
4s, '48
Columbus A Toledo RR. 1st
Jamestown
Paint Creek Branch 1st 4s, 1945
Potts Creek Branch 1st 4s, 1946
Richmond A Alleghany Div. 2d 4s.
1st
4s,
1957
5
3Ms. 1959
A
1st
1959
5s, 19385
Lake Shore A Mich. Southern
Ry.—
;
Y. A Putnam
RR.
1st cons.
4s, 1993
Sturgls Goshen A St. L. Ry. 1st 3s, 1989
Toledo A Ohio Ry. ref. A impt. ser.
A
3Ms, I960
A
ST. LOUIS SYSTEM.
Nashville
Chattanooga A St. Louis Ry
1st mtge. ser. A 4s.
HAVEN
A
1978
HARTFORD SYSTEM
[Old Colony RR. (Concluded)] —
[1st series B 5s, 1945]
Elst series C 4Ms, 1950]
1st series D 6s, 19521
1st series e 6s,
1953]
Providence A Worcester RR. 1st
4s, 1947
A
WESTERN
SYSTEM
I Scioto Valley
5s, 2047
Prior lien 4s, 1997
England RR.
1989
Is
SYSTEM.
Northern
4Ms, 2047
Ref. and imp. series B
6s, 2047
Ref. and imp, series C
5s, 2047
Ref. and imp. series D
A New
4s. 1989
PACIFIC
Pacific Ry.
(Concluded)—
General Hen 3s, 2047
St. Paul-Duluth Division
4s, 1996
Equip, tr. ctf. of 1925 (serially) 4
Ms,'4
♦Series of 1936
(serially) 2Mb, 1946
♦Series of 1937
(serially) 2Ms, 1947
St. Paul A Duluth RR. consol.
4s, 1968
MARQUETTE
Pere Marquette Ry.—
1956
♦Series of 1936 (serially) 2
Ms, 1946
♦Series of 1937
(serially) 2Mb, 1947
SYSTEM.
1st series B
4s, 1956
1st series c 4
Equip, trust
Ms, 1980
ser.
A
(ser.) 4Mb, 1942
PHILADELPHIA BALTIMORE A WASHINGTON
SYSTEM.
[Virginia Air Line Ry. 1st 5s, 1952]
Phila. Bait. A Wash. RR.
4s, 1943
General series A 4s, 1960
General series B 5s, 1974
General series C 4 Ms. 1977
5s
RR.
First general 3 Ms, 1997
Mohawk A Malone Ry 1st
4s, 1991
Consol 3 Ms, 2002
N. Y. A Harlem RR. mtge.
3Ms, 20005
NASHVILLE CHATTANOOGA
PERE
Warm Springs Valley Branch 1st
5s. 1941
1st
Clearfield
Kalamazoo A White Pigeon RR.—
1st 5s, 1940
N.
YORK NEW
4s
1st
Franklin
Ind. 111. A Iowa RR. 1st
4s, 1950
Kalamazoo Allegan A Grand Rapids RR.
Nashville Chattanooga A St. Louis Ry.
equlD. trust ctfs. series B 4Ms. 1937
♦Series C (serially) 2Mb, 1952
1st series A 5s,
A
4Mb, 1961
Michigan Central coll. 3Ms, 1998
Boston A Albany RR.Ref. 3Ms, 1952
Ref 5s, 1963
Term. 3Ms, 1951
Imp. 4Ms, 1978
Impt. 4Mb, 1937
Ref. 6s, 1946
Impt. 5s, 1938
Main Line,
Impt. 5s, 1942
Ser. A 4Ms, 1943
4s, 1955
♦Hocking Valley Ry. 1st 5s, 1940
Hocking Valley Ry. equip, trust series
1923 and 1924, 5s, 1938-39
Kanawha Bridge A Term. Co. 1st
5s, '48
5s
SYSTEM.
Gouverneur A Oswegatchie RR.
trust 1923 (serially) 5s, 1938
trust 1924 (serially) 5s, 1939
Craig Valley Branch 1st 5s, 1940
Greenbrier Ry. 1st 4s. 1940
1st
Central-Jackson-Lansing
RR.
ana
trust 1924 (serially) 4Ms, 1939
trust 1925 (serially) 4Mb, 1940
Northern Pacific Ry.—
Ref. and imp. series
A,
Ry.
1942
NORTHERN
OHIO SYSTEM.
Falls
[Beech Creek RR. 1st 4s, 1936§]
Carthage A Adirondack Ry. 1st 4s, 1981
Chicago Indiana A So. RR. 4s, 1956
Cleveland Short Line Ry. 1st
I
|*Equip. trust 1926 (serially) 4 Ms, 1941
.
':i.p
Rumford
Michigan
Mortgage 3 Ms,
SYSTEM
A
Saginaw RR. 1st 3 Ms, 1951
Michigan Central-Joliet A Northern Indi¬
Ref. A impt. 4Ms series A. 2013
Ref. A impt. 6s, series B, 2013
Norfolk A West. Ry. consol.
4s. 1996
[Ches. A Ohio North. Ry. 1st 5s, '45]
First consolidated 5s, 1939
Richmond A Alleg Dlv
Gen. mtge. 4Ms, 1992
JERSEY
5s, 1963
1951
YORK CENTRAL
NORFOLK
Carolina
cons.
5
Connecticut A Passumpslc Rivers RR.—1st
4s, 1943
♦Clinchfield RR. equip trust series A
(serially) 2Mb, 1952
1st
5s, 1936]
cons.
CENTRAL SYSTEM.
[Old Colony RR.] —
[Plain 4s, 1938]
[1st series A 5Ms, 1944]
;
RR. 1st
SYSTEM.
I Portland
Norwich A Worcester RR. 1st 4
Ms, 1947
1st 5s, 1939
St. Johns River Ext. 1st 5s. 1939
MAINE
CENTRAL
1958
Boston A Providence RR.
plain 5s, 1938
Holyoke A Westfield RR. 1st 4Mb. 1951
Washburn Ext.
Sheffield Ry.
1937
1st) 3s, 1980
Ref. A impt. 5s. series C. 2013
NEW
4Mb, 1945
Atl. Knox. A Cln. Div. 4s, 1955
SYSTEM.
B. A A. RR. cons. ref. 4s, 1951
Conv. cons. ref. 4s. 1951
J (ser.)
So. A No. Ala: RR. gen.
Lake Shore coll. 3Ms, 1998.
Series B (serially)
Series C (serially)
5s, 1938
(ser.) 5s, 1939
ser. F
Lexington A East Ry. 1st 5s, 1965
Paducah A Mem. Dlv
1st 4s, 1946
♦St. Louis Div. 2nd (now
1938
^;
:■
S. D. A Pt. M. RR. 1st
SYSTEM.
Baltimore A Ohio equip, trusts—
1923 (serially) 5s, 1938
ser.
5s,
[Equip, trust 1922 (serially) 5s, 1937]
trust 1922 (serially) 4Mb, 1937
Wilm. A New Bern RR4s, 1947.
ser.
E (ser.)
ser.
[So. A No. Ala.
Michigan Central RR. 1st 3Ms, 1952
Michigan
Central-Michigan
Air
Line
RR. 1st 4s, 1940
Michigan Central-Kalamazoo A South
Equip,
Equip,
Equip,
Equip,
Equip,
Norfolk A Carolina RR. 2d 5s, 1946
Rich. A Pet. RR. consol. 4Ms, 1940
1941
♦Series F 2Ms, 1952
Atl. Coast Line RR. of So. Caro. 4s, 1948
BALTIMORE
4s, 1938
ser.
Equip, trust
1st A ref.
1997
Equip, tr. ctfs. 4Mb (serial), 1944
2d equip, trust, 1929 4Mb
(serially) 1944
Equip, trust,. 1930 4Ms (serially) 1945
♦Equip, trust 1937 (serially) 2Ms, 1952
Florida Southern RR. 1st 4s, 1945
Norfolk A Carolina RR. 1st
5s, 1939
3s, 1952
G (ser.) 5s, 1940
Equip, trust ser. I (ser.) 4Mb, 1942
cons.
Debenture 4s, 1942
Consolidation 4s, 1998
LINE.
4Mb,
SYSTEM.
Equip, trust
Equip, trust
Equip, trust
(now
N. Y. C. A Hudson River RR.—
SYSTEM.
[Chicago SantajFe A Cal. Ry. 1st 5s, 37]
Joaquin Valley Ry.
1st 5s, 1940
Ati. Coast Line RR. 1st cons.
4s, 1952
Atl. Coast Line RR. gen. unlf. series A
4Mb and B 4s of 1964
Atl. Coast Line RR.
equip, trust ctfs.
Ref. A gen.
FE
San Francisco A San
Trans. Short Line 1st 4s, 1958
Rocky Mountain Div. 1st 4s, 1965
Ref. A gen.
Ref. A gen.
SANTA
1944
ser. R
LOUISVILLE A NASHVILLE SYSTEM.
Louisville A Nashville RR.—
Nashville Florence A
Haven RR. 1st 5s, 1939
RAILROAD BONDS.
A
ISLAND
1938
Wichita, Kan.
Wilmington, Del.
Wilmington, N. C.
1941
1942
P 4Ms.
Lehigh Valley Ry. 1st 4Ms, 1940
MICHIGAN
Wilkes-Barre, Pa.
O 4Mb,
ser.
Montauk Extension RR. 1st
5s, 1945
N. Y. Bay Extension RR. 1st 5s. 1943
MAINE
Williams port, Pa.
N
ser.
4Ms A 6s Irredeemable
Gen. mtge. 4s, 1938
Unified mtge. 4s, 1949
European A No.
Wheeling, W .Va.
ser.
trust ctfs.
LEHIGH VALLEY SYSTEM.
Lehigh Valley RR. 1st 4s, 1948
General cons. 4s, 412s 5s of 2003
♦Equip, trust ctfs. ser. G 2Ms, 1952
[St. Louis Div. 1st 6s, 1971]
Mobile A Montgomery 4Ms, 1945
West Allis, Wis.
K
Purchased lines 1st 3 Ms, 1952
LONG
Sioux Falls, S. Dak.
South Bend, Ind.
H 5Ms, 1937]
4Mb. 1937
4Mb, 1939
L 4Mb, 1940
ser.
trust ctfs.
SEquip. trust ctfs.
♦Equip, trust ctfs.
Long Island RR.—
Sheboygan. Wis.
Shreveport, La.
Sioux City, Iowa
1952
[Equip, trust ctfs.
Ms, 1951
Springfield Dlv. 1st 3 Ms, 1951
Refunding 4s, 1955
NEW
ATCHISON TOPEKA
1951
Gold extended 3
Springfield, Mo.
Peoria, 111.
Johnstown, Pa.
[Phoenix, Ariz.]
Joplin, Mo.
Pittsburgh, Pa.
Council Bluffs, Iowa *Kalamazoo, Mich.
Portland, Ore.
Covington, Ky.
Kansas City, Kan.
Providence, R. I.
Kansas City, Mo.
Cumberland, Md.
Quincy, 111.
Dallas, Tex.
Kenosha, Wis.
Racine, Wis.
La Crosse. Wis.
Danville, 111.
Reading, Pa.
Davenport, Iowa
♦Lakewood, Ohio
Richmond, Ind.
Dayton. Ohio
Lancaster, Pa.
Riverside. Calii.
♦Decatur, 111.
Lansing, Mich.
Rochester, N. Y.
Denver, Colo.
Rock Island, 111.
♦Lexington, Ky.
Des Moines, Iowa
Lincoln, Neb.
Rockford, HI.
♦Dubuque, Iowa
Long Beach, Calif
Sacramento, Calif.
Duluth, Minn
Lorain. Ohio
Saginaw, Mich.
E. Cleveland, Ohio Los Angeles, Calif.
St. Joseph, Mo.
Elgin, 111.
Louisville, Ky.
St. Paul, Minn.
♦Elkhart, Ind.
Salt Lake City. Utah
Lynchburg, Va.
Elmira, N. Y.
San ADtonio. Tex.
Macon, Ga.
1st 3s,
Gold 4s, 1951
Gold 3 Ms, 1951
Ogden, Utah
Spokane, Wash.
OklahomaCy. Okla.Springfield, 111.
Huntington, W. Va.
Indianapolis, Ind.
Jacksonville, Fla.
Jamestown, N. Y.
1st 3Ms, 1953
Litchfield Dlv. 1st 3s, 1951 5
♦Collateral trust 3Ms, 1950
1950
Sterling 3s, 1951
of the
purposes
Newport News, Va.
Norwood, Ohio
Western Lines 1st 4s, 1951
Louisville Div.
Gold extended 3 Ms,
[Stamford]
Madison, Wis.
Mansfield, Ohio
♦Marion, Ohio
McKeesport, Pa.
Milwaukee, Wis.
Minneapolis, Minn.
Moline, ill.
♦Muskegon, Mich;
♦Muskogee, Okla.
Newark, Ohio
New Castle, Pa.
3Ms, 1951
Omaha Dlv.
St. Louis Div.
♦El Paso, Texas
cons.
RR.—
Refunding 5s,
Alameda, Call!.
4Ms, '44
(ser.) 4Mb, '45
Sterling extended 4s, 1951
wealth of Mass.
Allen town, Pa.
D (ser.)
ILLINOIS CENTRAL SYSTEM.
Wallingford
municipal
Ry.—
Pacific extension 4s, 1940
Willmar A Sioux Falls Ry. 1st 5s, 1938
Western Fruit Express Co.—
B (ser.) 5s, 1938
ser.
Manitoba
[Cons. mtge. ext. 5s, 1943]
[Montana extension 4s, 1937]
ser.
Windsor
for
St. Paul Minneapolis A
Equip, trust ctfs.
Trumbull
New Haven
Northern
Spokane Falls A Northern Ry. 1st 6s, 1939
1977
1961
Equip, trust ctfs.
South Windsor
Common¬
Legally authorized bonds
following cities:
Minnesota,
1948
♦Series E
[Southington]
Meriden
city.
Middletown
incorpo¬ ♦New Britain
or
of
Series C (serially)
Norfolk
county,
Augusta
*
of
notes
or
Ry.
Division 4s,
[Montana Central Ry. 1st 5s, 6s, 1937]
New Milford
Massachusetts.
Eastern
C 5s, 1973
♦New Canaan
Hartford
♦Orono
♦Presque Isle
ser.
New Hartford
♦Fairfield
♦Northumberland
Altoona, Pa.
Atlanta. Ga.
SYSTEM.
Bethel
Portsmouth
♦Series of
WESTERN
EASTERN
Elgin Jollet A Eastern Ry. 1st 5s, 1941
Berlin
Bristol
♦Hallowell
*
A
Morris A Essex RR. 1st refunding 3Ms, IN.
Y.
Lackawanna
A
Western
2000
I
1st A ref. A A B4s A 4 Ms, 1973
Torrington
Warwick
Manchester
Ref. A gen.
1949
Franklin
Augusta
Bangor
Biddeford
Gardiner
.■
Ms, 1917
Illinois Dlv. mortgage 3 Ms, 1949
DELAWARE
Stamford
Concord
Auburn
series E 4 Ms,
QUINCY SYSTEM
1st A ref. series B 4
1958
Equip, trust, series of 1936 (ser.) 2 Ms,'46
Shelton
Cities.
A
1st A ref. series A 5s, 1971
Dover
Cities.
BURLINGTON
Rock vllle
Cities.
Berlin
Washington
July 17, 1937
CHICAGO
Chicago Burlington A Quincy RR.—
Norwich
♦Sullivan
♦Oxford
Penobscot
Chronicle
Connecticut (C
Phila.
Bait. A
Wash.
General series D
(Concluded)—
4Ms, 1981
Col. A Port Deposit
Ry. 1st 4s, 1940
Phila. Bait. Cent. RR. 1st
4s, 1951
Volume
Financial
145
Chronicle
475
PENNSYLVANIA SYSTEM.
Pennsylvania RR.—
Consolidated 4s, 1943
General 5s, 1968
General 434s, 1965
General 6s, 1970
General series C
RR. 1st 4s, 1951
Harrlsburg Portsmouth Mt. Joy A Lancster RR. lBt 4s, 1943
334s, 1970
Consolidated 334s,
1945
Consolidated 4s, 1948
Consolidated 434s, 1960
General 434s, 1981
Grand Rapids & Indiana
111.
A Pr.
1st 4s,
general series D, 434s, 1977
Co. 1st
NIAGARA ELECTRIC. CORPORATION
BUFFALO
Buffalo Gen. Eleo. Co. 1st mtge. 5s, 19391 [Buff. Gen. El. Co.
1st A ref. M. 5s, '393
Gen. A ref. mtge. gold ser. A 5s, 1956
I
1st A ref. mtge.
CORP.
334s, 1965
1st 4s,
1943
CENTRAL MAINE POWER CO.
1st mtge. 5s, 1939
[1st A
2d 6s, 1938
United N. J. RR. A Canal Co.—
General 434s.
1948
1950
CENTRAL
♦1st mtge. gold
[Series A and B
CINCINNATI
CHICAGO A
Pitts. Cine. Chic. A St. Louis RR.—
General series A 5s, 1970
Consol. gold series E 334s,
General series B, 1975
General series C 434s, 1977
Consol. gold series
1949
F 4s, 1953
G 4s, 1957
Consol gold series H 4s, 1960
Consol. gold series I 434s, 1963
Consol. gold series J 434s, 1964
Vandalla RR.—Consol. series A
Consol. series B 4s,
CONNECTICUT LIGHT A POWER CO.
Connecticut Light A Power Co.—
[1st
4s, 1955
CONNECTICUT RIVER POWER CO.
Gen A ref. series B 434s,
1997
1962
Reading Belt RR. 1st 4s, 1950
Central Pacific
Oregon Lines 1st M. ser. A 434s. 1977
Equip, trust ser. K (ser.) 4Mb, 1943
Central Pacific
1st 4s.
Equip, trust ser. L (ser.) 434s, 1944
Equip, trust ser. M (ser.) 434s, 1945
Ry. 1st ref. 4s, 1949
Ry. Through Short Line
1954
[So. Pacific Branch Ry. 1st 6s, 19373
♦Purchase money gold 4s,
Southern Ry. 1st cons. mtge. 5s, 1994
1st lien A unlf. mtge.
series 1934
(now 1st mtge.) 4s, 1944
1st lien A unlf. mtge. series 1935 (now
1st mtge.) 334s, 1965
Southern Ry., St. Louis Dlv. 1st 4s, 1951
Southern Ry. East Tenn. reorg. 5s, 1938
Series Z
[Southern Ry. Equip. trust3—
[Series W (serially) 534s, 19373
|
Co.
gen.
1st and consolidated 4s,
Consolidated
1st
5s,
♦Gen. A ref. mtge. gold (ser. G) 3 34s'66
EMPIRE DISTRICT
1960
Empire District Electric Co.—
1946
1st mtge. A ref. 5s,
Guaranteed consol. 1st 5s, 1946
|
EMPIRE
Gen. A ref. mtge. gold (ser. A) 6s,
Equip, trust ser. E (ser.) 434s. 1940
1st Hen A ref. ser. A 334s, 1966
GREEN
Boston Terminal Co. 1st 334s. 1947a
MOUNTAIN POWER CORP.
I Green Mountain Power Corp. 1st mtge
5s, 1948
|
1st mtge. 5s, 1955
New London Northern RR. 1st 4s.
New York A New England RR.—
1st mtge. 4s, 1950a
[Boston Revere Beach A Lynn RR.3
[1st 434s. 19473
[General 6s, 19383
Boston Terminal
1st 4s,
1940
1939a
INDIANA
1st mtge. 5s,
CO.
I Empire Gas A Elec. Co. and Empire Coke
Co. joint 1st A ref. mtge. gold 5s, 1941
19521
Burlington Gas Light Co.—
MISCELLANEOUS.
1st mtge. 6s, 1952
GAS A ELECTRIC
Empire Gas A Electric Co.—
VIRGINIAN SYSTEM.
ELECTRIC CO.
I Ozark Power A Water Co.—
1952
Income A 5s, 1946
Equip, trust ser. D (ser.) 5s, 1938
CO.
Gen. A ref. mtge. gold (ser. E) 5s, 1952
Gen. A ref. mtge. gold (ser. F) 4s, 1965
[DUQUESNE LIGHT COJ
Oregon Short Line RR.—
1st Hen A ref. 5s,
Virginian Ry.—
EDISON
ref.
A
[1st mtge. gold (series B) 3 34s, 19653
[Duquesne Light Co. 1st mtge. gold (ser. B) 434s, 19573
SYSTEM.
1st lien and ref. 4s, 2008
2008
(now
11st mtge. 4s, 1960
mtge. gold (ser. C) 5s, 19623
The Detroit Edison Co. gen. A ref. mtge.
gold (ser. D) 434s, 1961
(serially) 4 34s, 1939
1935
[Jackson Gas Co. 1st mtge. 5s, 1937
[1st mtge. (ser. A) 434s, 19563
♦1st mtge. 334s, 1966
Series BB (serially) 4s, 1943
Series CC (serially) 4 34s, 1944
5s, 1938
5s, 1939
series
334s, 1965
CUMBERLAND COUNTY POWER A LIGHT CO.
[The Detroit Edison
Series X (serially)
Series Y (serially)
Union Pacific RR. 1st mtge 4s. 1947
1st mtge.)
♦1st mtge. series 1936 434s, 1966
♦1st mtge. series 1936 334s, 1970
THE DETROIT
Oregon Lines-
PACIFIC
1949
CONSUMERS POWER CO.
SOUTHERN RAILWAY SYSTEM.
Southern Ry., Memphis Dlv. 1st 5s, 1996
INC.
Inc.—
1st lien A ref. mtge. (ser. D) 334s, 1965
1st lien A ref. mtge. (ser. E) 334s, 1966
♦1st mortgage gold 5s, 1948
1st lien A unlf. mtge. gold
♦Equip, trust ser. N 234s, 1951
♦Equip, trust ser. O 234s, 1952
Northern Ry. 1st 5s, 1938
1955
5s, 1937
Southern Pacific Co.—
EDISON COMPANY OF NEW YORK,
"The N. Y. Gas A El; Lt.,Heat A Pow.— 11 he New York Edison Co.,
Consumers Power Co.—
SOUTHERN PACIFIC SYSTEM.
1st consol.
Consol. Gas Co. of Baltimore City—
Cons. 1st mtge. 5s, 1939
Gen. mtge. 434s, 1954
CONSOLIDATED
♦Gen. A ref. series C 334s,
Schuylkill A Lehigh RR. 1st 4s, 1948
Shamokln, Sunbury A Lewlsburg RR.lst 4s, 1975.
2d 5s, 1945
Phlla. A Reading 1st ext. 434s. 1943
354s, 1961
CONSOLIDATED GAS, ELECTRIC LIGHT A POWER CO. OF BALTIMORE
Equip, trust series N 5s, 1938
Gen. A ret. series A 434s, 1997
[Phlla. A Reading consol. 4s, 19373
♦1st A ref. mtge. s. f., ser. F 334s, 1966
♦1st A ref. mtge. s. f„ ser. G 334s, 1966
[Waterbury Gas A Light Co. 1st mtge.
gold 434s, 19583
ser.
1957
Reading Co. equip, tr. ser M 434s, 1945
Phlla. A Frankford RR. 1st 434s, 1952
Phlla. A Reading RR. imp. 4s, 1947
Connecticut Light A Power Co.—
♦1st A ref. mtge. ser. E 334s, 1965
7s, 1951
C 434s, 19563
A ref. mtge. ser. D 5s, 19623
[1st A ref. mtge.
READING SYSTEM.
1st 4s, 1952.
CO.
5s, 1954 and 19613
gen. mtge.
1st mtge. s. f. gold series A
New York Short Line RR. 1st 4s. 1957
Norrlstown A Main Line Con'fng RR.—
ILLUMINATING
334s, 1965
1st A ref. mtge. ser. A
Consol. gold series
Consol. gold series C 434s, 1942
Consol. gold series D 4s, 1945
*lst mtge. (series B) 334s, 1966
1st
LOUIS SYSTEM.
ST.
Pitts. Cine. Chic A St. L. Ry. (Cone.)—
General series D 5b, 1981
Pitts. Cine. Chic. A St. Louis Ry.—
Consol. gold series A 434s, 1940
Consol. gold series B 434s, 1942
VERMONT PUBLIC SERVICE CORP.
CLEVELAND ELECTRIC
1973
1979
General 434s.
♦1st A gen. mtge. 334s, 1966
434s, 19573
[1st Aref. mtge. series A 5s, 19593
[Rutland Ry. Lt. A Power Corp.
mtge. 5s, 19463
General 4s, 1944
General 4s, 1948
General 334s, 1951
General 334s,
1st A gen. mtge. ser. G 4s. 1960
gen. mtge. ser. E
Sunbury Hazleton & Wllkes-Barre Ry.—
General 434s, 1942
General 3 34s, 1942
UNION
INC.
1st Brooklyn Edison Co., Ino.Consol. mtge. 334s, 1966
Brooklyn
CENTRAL HUDSON GAS A ELECTRIC
Pittsburgh, Virginia A Charleston Ry.
Cambria & Clearfield RR. 1st 5s, 1941
Cambria & Clearfield Ry. gen 4s, 1955
Cleveland & Pittsburgh RR.—
Southern Pacific RR. 1st ref. 4s.
of
Pittsburgh Youngstown A Ashtabula Ry.
C (ser.) 434s, 1939
G (ser.) 2348, 1950
♦Equip, trust ser. H (ser.) 2 34s, 1952
Allegheny Valley Ry. gen. 4s, 1942
PITTSBURGH
Co.
mtge. 4s, 1939
Kings County Eleo. Lt.
mtge. 5s, 1937
1960
ser.
General 334s,
Elec.
cons.
RR.—
Monongahela Ry. eons. Series A
ser.
Equip, trust
Edison
1st ext. 434s. 1941.
General series E 434s, 1984
Equip, trust ser. A (ser.) 5s, 1938
Equip, trust ser. B (ser.) 5s, 1939
Equip, trust
BROOKLYN EDISON CO.,
[Delaware River RR. & Br. Co J—
[1st 4s. 19360
Delaware RR. 1st series A 4s, 1982
Erie A Pittsburgh RR. gen. 334s, 1940S
Hollldaysburg Bedford & Cumberland
1948
GENERAL SERVICE
CO.
5
INDIANAPOLIS POWER
Light Co.
Indianapolis Power A
A
LIGHT CO.
1st mtge. gold (ser. A) 5s, 1957
t Only those not stamped subordinate.
i Continued
on
a
JERSEY
legal Ust under provisions of General Laws, Chapter 168, Section
54, Clause 17.
CENTRAL POWER A LIGHT
CO.
Jersey Central Power A Light Co.—
I Jersey Central Power A Light Co.—
1st mtge. A ref. gold (ser. B) 5s, 19471
1st mtge. A ref. gold (ser, C) 434s. 1961
Legalized by special Act of General Court.
[KANSAS CITY POWER A LIGHT CO J
STREET RAILWAY BONDS.
[1st mtge. 434s, 19613
•Boston Elevated Ry. Co.—
Boston Elevated
[Debenture 3s, 19373
[Debenture 5s, 19373
Ky. Co.
(Concluded)KINGS COUNTY
Plain 6s, 1971
Plain 6s, 1972
Debenture 434s. 1949
Plain 434s, 1937
1st refunding mtge. 5s,
LIGHTING
CO.
11st refunding mtge. 634s, 1954
1954
West End Street Ry. Co.—
[Debenture 5s, 19363
Plain 434s, 1941
Debenture 5s,
Plain 5s.
Debenture 7s,
1942
1944
1947
[Plain 5s, 19403
SUPERIOR
LAKE
DISTRICT POWER CO.
[1st mtge. A ref. 5s, 19563
♦1st mtge. series A 334s, 1966
[LONG ISLAND LIGHTING CO .3
TELEPHONE COMPANY BONDS.
[Amer. Telephone A Telegraph Co .3[Collateral trust 5s, 19463
Bell Telephone Co. of Pa.—
1st A ref. mtge. ser. B 5s,
[1st mtge. 5s, 19363
♦MARION RESERVE
Pacific Tel. A Tel. Co.—
[1st mtge. A coll. trust gold 5s, 19373
♦Ref. mtge. series B 334s, 1966
♦Ref. mtge. series C 334s, 1966
Southern New England Telephone Co.—
1st mtge. gold 5s, 1948
1948
1st A ref. mtge. ser. C 5s, 1960
New England Tel. A Tel. Co.—
1st mtge. gold ser. A 5s, 1952
1st mtge gold, ser B 434s. 1961
POWER CO.
♦1st mtge. 434s, 1952
METROPOLITAN
York Haven Water A
1st mtge. series G
Power Co.
EDISON
CO.
1st mtge. gold 5s, 1951
4s, 1965
Southwestern Bell Telephone Co.—
NARRANGANSETT
[1st and ref. 5s, 19543
N. Y. Telephone Co.—
♦1st Aref. mtge. gold, ser. B 334s, 1964
♦1st mtge. series A
ELECTRIC
CO.
334s, 1966
1st A gen. mtge. 434s, 1939
NEW
GAS, ELECTRIC AND WATER COMPANY BONDS.
0
(Massachusetts Companies.)
Gape A Vineyard Electric Co.
1st
Lowell Gas Light Co.
mtge.
series A 4s, 1965
Dedham Water Co.
Edison
Electric
[1st mtge. 534s, 19473 ;
♦1st mtge. 434s, 1966
Mllford Water Co. 1st 434s, 1948
Newburyport Gas A Elec. Co. 1st 5s, 1942
[New England Power Co. 1st 5s, 19513
♦1st mtge. series A 334s, 1961
[Old Colony Gas Co. 1st 5s, 19613
Qulncy Elec. Lt. A Pow. Co. 1st 5s, 1947
[Turners Falls Pow. A El. Co. 1st 5s,'523
1st mtge. 4348, 1955
Ilium. Co. of Boston
1st mtge. series A
334s, 1965
Fall River Elec. Lt. Co. 1st 5s, 1945
Greenfield Gas Lt. Co. 1st 434s, 1945
♦Series B
434s, 1945
Hingham Water Co. 1st 5s,
1943
Lawrence Gas A Elec-. Co. 1st 434s, 1940
OTHER GAS & ELECTRIC LIGHT COMPANY BONDS.
♦ATLANTIC
[New York Elec. Lt., Ht. A Pr. CoJ—
[1st mtge. 5s, 19483
[Purchase money mtge. 4s, 19493
NEW YORK A
1st A consol. mtge.
[1st lien A ref. mtge. 5s, 19553
[1st lien A ref. mtge. 434s, 19603
| [1st lien A ref. mtge. 4s, 19543
I *lst lien A ref. mtge. 334s, 1966
BROOKLYN BOROUGH GAS CO.
NEW
| *N.
1945
I Series B 5s. 1957
j
Y.
State Gas
A
Elec.
Corp.
1st
mtge. 4s, 1965
gold 434s, I960
I
[534s, 19623
♦NIAGARA FALLS POWER
CO.
♦1st A ref. mtge. 334s, 1966
LOCKPORT A ONTARIO POWER CO.
I Western N. Y. Util. Co. 1st 5s, 1946
ref. 5s, 1955
Salmon River Power Co. 1st 5s, 1952
NORTHERN PENNSYLVANIA POWER CO.
Northern Penn. Pr. Co. 1st A ref. mtge. I Northern Penn. Pr. Co. 1st A ref. mtge.
|
gold (ser. A) 5s, 1956
6s, 1941
G 4s, 1964
1st A ref. mtge. ser. B
1st A ref. mtge. ser.
gold 5s, 1962
ELECTRIC CO.
PACIFIC GAS A
BROOKLYN UNION GAS CO.
1st cons. mtge. 5s,
QUEENS ELECTRIC LIGHT A POWER CO.
YORK STATE ELECTRIC A GAS CORP.
1st mtge. gold 5s, 1938
1st Hen A ref. mtge. gold, ser. A 6s, 1947
CO.
334s, 1965
NIAGARA,
CO.
LIGHT
[1st lien A ref. mtge.3—
[Series A 634s, 194H
[Series D 334s, 19653
N. Y. State Elec. A Gas Corp. 1st mtge.
1st mtge. A
BANGOR HYDRO-ELECTRIC
POWER A
[NEW YORK EDISON CO .3
CITY ELECTRIC CO.
^General mortgage 334s, 1964
JERSEY
1st mtge. 434s, 1960
11st A ret. mtge. ser. H 334s, 1961
I
♦1st A ref. mtge. series I 334s, 1966
[Gen. A ref. mtge. 5s, 19423
Financial
476
Chronicle
July 17, 1937
Removals
ELECTRIC CO.
PENNSYLVANIA
Amounts
Penn
Public
Service
Corp.
1st
♦1st A ref. mtge. gold (ser. F) 4s, 1971
Elec. Co. 1st A ref. mtge. gold
ref.
A
Penn.
mtge. gold (ser. C) 6s, 1947
Penn Public Service Corp. 1st
A
(ser. G) 4s, 1961
1962
ref.
4 No information
Municipalities-
3 Disqualified
Series H 5s,
mtge. gold (ser. D) 6s, 1964
[PENNSYLVANIA POWER CO.3
$19,105,792
66,639,717
251,055,700
20 Matured
18 Called
Railroad issues.
[Penn. Power Co. 1st mtge. gold 5s, 19563
PEOPLES GAS LIGHT A COKE CO.
1st A ret. mtge. series D 4s, 1961
1st consol. mtge. gold 6s, 1943
(Approx.)
3,906,607
15,199,185
Number
$317,695,417
38
Public utility issues:
Gas and electric-.
I ""Refunding mtge. gold 5s, 1947
I
466.409,500
1,823,000
20,584,500
1,600,000
35 Called
1 Matured
PHILADELPHIA
ELECTRIC
[Philadelphia Suburban Counties Gas A Elec. Co. 1st A ref. mtge. g. 4Mb, 19573
♦1st & refunding mortgage 3 Ms, 1967
POTOMAC
{General
2 No information
1 Disqualified
CO.
47,070,500
1 Called
Telephone.
2 Matured
ELECTRIC
POWER CO.
38,598,000
$576,085,500
42
& refunding (series B) 6s, 19533
♦1st mtge. 3Ms, 1966
ser.
LIST
CO. OF NEW HAMPSHIRE.
SERVICE
Public Service Co. of N. H.—
1st & ref.
$912,886,709
Total removals
PUBLIC
1st & ref.
.
ser.
QUEENS BOROUGH GAS A ELECTRIC
Amounts
(Approx.)
$2,839,000
4,509,000
Municipalities—
Manchester, Conn
CO.
South Orange and Maplewood School District, N.
Nanticoke School District, Pa—
[Refunding mtge. 4Mb, 19583
[Refunding mtge. 5s, 19553
J-,—
427,000
—-—-
377,000
1,232,000
2,262,296
1,692,063
738,000
1,734.235
Tamaqua School District, Pa
Washington School District, Pa
GAS A ELECTRIC CORP.
ROCHESTER
|
General mtge. gold (series E) 5s, 1962
Gary, Ind
Dubuque, Iowa
Dubuque Industrial School District, Iowa
♦
Buchanan County (St. Joseph), Mo
♦
Galveston County (Galveston), Texas
♦
Harris County (Houston), Texas
Gen. mtge. series F 4s, 1960
ROCKLAND LIGHT
A
POWER CO.
1st mtge 5s, 1938
SAN DIEGO
AND
TO
Additions
♦1st A ref.
General mtge. 5s, 1952
REMOVALS FROM LEGAL LIST
LIST DATED JULY 1, 1937
ADDITIONS
D 3Ms. 1960
♦1st A ref. ser. E 3 Ma, 1961
ser. F 3M8, 1966
C 3M». 1960
OF
CONSOLIDATED
GAS A ELECTRIC
—-
.
2,171,700
13,775,000
CO.
$31,757,294
1st mtge. (4%
series) 4s. 1965
♦
Unlimited tax obligations only.
Amounts
SAVANNAH ELECTRIC A POWER CO.
CALIFORNIA EDISON
SOUTHERN
RR. Co.: Equipment trust 2 Ms, H,
due to April 15. 1952---—-—Atlantic Coast Line RR. Co.: Equipment trust 2Mb. F, due
to April 1, 1952.
Bessemer & Lake Erie RR. Co.: Equipment trust 2Ms, 1937,
CO.
So. Calif. Edison Co.—
Pacific Light A Power Co.-
Ref. mtge. gold
lst mtge. 5s, 1942
3M», I960
gold (ser. B) 3Ms, 1960
Ref. mtge.
1st A ref. mtge. gold
4s,11960
TOLEDO EDISON CO.
Toledo Edison Co. 1st mtge gold 5s, 1962
GAS A ELECTRIC CO.
ser. A. 5Ha, 1945
(UNION ELECTRIC LIGHT A POWER CO. MO.)
General mtge. gold 4Mb,
General mtge. gold 5s,
I Gen. mtge. gold series A 5s, 1954
1957
1957
■
WEST PENN POWER CO.
V
I
1st mtge. gold (series E) 5s,
1963
1st mtge. gold (series H) 4s. 1961
|
West Penn Power Co.—
1st mtge. gold (ser. I) 3M». 1966
•
1961
A) 4s, 1966
WISCONSIN PUBLIC SERVICE CORP.
[W isconsin Valley Electric Co.3—
1st mtge. 4s, 1961
[Wisconsin Public Service Corp .3—
[1st mtge. gold series A 5s, 19423
1958;
19593
19423
19423
4,290,000
15, 1952
LIST OF JULY
1, 1937
Public
j&tW
Public Utilities—
1,400,000
2,186,000
general 3Ms, 1964
—
$18,000,000
Bangor Hydro-Electric Co., 1st 3Ms, 1966
7,108,000
Buffalo Niagara Electric Corp., 1st ref. 3Ms, 1967, series O—
17,029,000
Central Maine Power Co., 1st & gen, 3 Ms, 1966, series H
14,000,000
Central Vermont Public Service Corp., 1st 3Ms, 1966, series B7,000,000
Railroad Co.-
Improvement 4Mb, 1937
Matured July
1957
Gen mtge. gold series a 5s, 1954
Gen. mtge. gold 5s, 1957
Gen. mtge. gold 4Mb,
1, 1937.
Cincinnati Gas & Electric Co.:
1st 3 Ms, 1966
1st 3Ms, 1967
Buffalo Niagara Electric Corp.—
34,740,000
10,000,000
-
Connecticut Light & Power Co.:
1st & ref. 3Ms, 1966, series F.
1956
5s,
(Approx.)
,
Atlantic City Electric Co.,
Railroad Bonds
Boston A Albany
1937
Union Elec. Light A Power Co. (Mo.)—
of Aug. 1,
20,000,000
Amounts
1967
REMOVED FROM THE LIST
as
3,156,000
9,150,000
11,220,000
$348,244,700
1937
Gen. A ref. series C 3 Ms,
Public Utilities
Called
2,421,000
2,056,000
Buffalo Niagara Electric Corp.—
Equip, trust ser. E 2Mb serially to 1952
Gen. A ref. mtge. gold ser. A
1,940,000
60,000,000
Utilities
As of July 6,
Union Pacific Railroad Co.—
As of June 28,
7,740,000
1,220,000
10-year sec. 3Ms, 1946
Equipment trust 4Ms, H, due to June 1, 1940--Equipment trust 4Ms, I, due to June 1, 1941
Equipment trust 4Ms, J, due to July 1, 1942
Equipment trust 2Mb, N, due to Nov. 1, 1951
—
Equipment trust 2Ms, O, due to March 1, 1952—--——Union Pacific RR. Co., 34-year deb. 3Ms, 1970
Wheeling & Lake Erie Ry. Co., equipment trust 2Ms, D, due
to July 1, 1946
Wilkes-Barre Connecting RR. Co., 1st & imp. 3s. 1947, ser. A_
Changes in Legal List—The following bulletin (No. 1,)
listing the changes in the above list of legal investments was
issued by the State Bank Commissioner on July 7:
Railroad Equipment Trusts
As of June 24, 1937
3,000,000
6,490,000
Southern Pacific Co.:
Later
ADDED TO
3,750,000
840,000
1st mtge. gold series B 5 Ms,
1st lien A ref. m. g. ser. B 5 Ms,
1st lien A ref. m. g. ser. C 5Ms,
3,195,000
25,788,000
4,950,000
40,032,700
15-year sec. 3Ms, 1952
Equipment trust 2Ms, 1937, due to March
Northern Pacific Ry. Co.:
1st mtge. gold series C 5s,
!lst lien A ref. m. g. ser. A 6s, 1952;
50,000,000
4,650,000
Equipment trust 2Ms, due to July, 1946
—
Equipment trust 2Ms, due to May, 1947
Pennsylvania RR. Co., equipment trust 2Ms, H, due to May
1, 1952
Pere Marquette Ry. Co.:
Equipment trust 2 Ms, 1936, due to July 1, 1946--------Equipment trust 2Ms, 1937, due to May 1, 1947---
WISCONSIN POWER A LIGHT CO.
Wisconsin Public Service Co.—
6,810,000
1,815,000
2Ms, C, due to March 1, 1952
New York Central RR. Co.:
.
[Wisconsin Mich. Pow. Co. 1st A ref. I [Wisconsin Mich. Pow. Co. 1st mtge.
mtge. gold 5s, 19573
g°ld 4 Ms, 19613
*lst mtge. 3Ms,
4,000,000
7,000,000
Louis Ry. Co., equipment trust
Nashville Chattanooga & St.
WISCONSIN MICHIGAN POWER CO.
I
1,530,000
1,530,000
1,530,000
1.530,000
1.530,000
1,530,000
Equipment trust 2Ms, G, due to March 1, 1952
1st mtge. 3Mb, 1966
1st mtge. (series
15, 1938
lMs, July 15, 1939
lMs. July 15, 1940
2Mb, July 15, 1941
2Ms, July 15, 1942
2 Ms, July 15, 1943
2Ms, July 15, 1944
2 Ms, July 15, 1945
2Ms, July 15. 1946
Equipment trust 2s, 1937, due to March 1, 1947
Chicago Union Station Co., guar. 3Ms, 1951
Cincinnati New Orleans & Texas Pacific Ry. Co., equipment
trust 2Mb, H, due to April 15, jl952
Clinchfield RR., equip, trust 2Ms, A, due to March 1, 1952-Great Northern Ry. Co.:
General 3Ms, 1967, series I
Equipment trust 2s, E, due to March 1, 1947
Kansas City Southern Ry. Co., equipment trust 3s, F, due
to Jan. 1,1952
Louisville & Nashville RR. Co.:
First & refunding 3Ms, 2003, series E
—
Missouri-Kansas-Texas RR. Co., equipment trust 2Mb, 1937,
due to Feb. 15, 1952
GAS A ELECTRIC CO.
WISCONSIN
1,530,000
1,530,000
1.530,000
1,530.000
Ms, July 15, 1937
1 Ms, July
[Syracuse Lighting Co. 1st 5s, 19513
[1st and ref. mtge. gold 5Ms, 19543
[1st A ref. mtge. gold ser. B 5s, 19673
|lst lien A ref.
6,700,000
29,420,000
Serial notes:
[SYRACUSE LIGHTING CO., INC.
[1st and ref. 5s, 19533
3,900,000
1947
Ohesepeake & Ohio Ry. Co.:
Refunding & improvement 3Ms, 1996, series E
[SOUTHERN INDIANA GAS A ELECTRIC CO.3
TWIN STATE
$3,825,000
due to March 1,
[Southern Indiana Gas A Elec. Co. 1st mtge. gold 5Ms, 19573
[Syracuse Gas Co. 1st 5s, 19463
(Approx.)
Railroads—
Alabama Great Southern
11st A ref. mtge. (series F) 5s, 1955
1st A ref. mtge. (series D) 4s, 1947
1937.
i
7,000,000
16,000,000
of Changes Made in List of
1st & ref. 3 Ms, 1966, series G
Consolidated Gas Electric Light & Power
ref. 3 Ms, 1971, series N
Legal Investments During Year—Marking a new departure in
Consumers Power Co., 1st 3Ms, 1966
Cumberland County Power & Light Co.:
New
York State—Summary
the
practice of the State Banking Department, a statement
made available on July 13 showing the changes that have
been made in the list of securities considered eligible for in¬
vestment by savings banks in New York since the publication
of the July 1, 1936, official list.
We give herewith the text
of the statement and in an early issue we shall publish the
complete official tabulation of legal investments with the
following changes incorporated therein:
was
SUMMARY
OF
ADDITIONS
LEGAL LIST
AND
Railroad issues
Public utility issues:
Gas and electric
Telephone.-Total additions.
-
-
41
1,553,000
19,719,000
1,500,000
20,000,000
5,600,000
-
-
Detroit Edison Co., gen. & ref. 3Ms, 1966, series G
Lake Superior District Power Co., 1st 3Ms, 1966, series
...
A
25,000,000
$545,355,000
IN
Amounts
11
9,470,000
-
-
.$925,356,994
REMOVALS REFLECTED
JULY 1, 1937
DATED
Number
1st & ref. 3Ms, 1962
23,000.000
12,000,000
Long Island Lighting Co.:
1st ref. 48, 1961, series D
3,000,000
1st ref. 4s, 1963, series E
16,669,000
Narragansett Electric Co., 1st 3Ms, 1966, series A—
34,000,000
New England Power Co., 1st 3Ms, 1961, series A
10,067,000
New York Edison Co., 1st lien <x ref. 3 Ms, 1966, series E__
30,000,000
Pacific Gas & Electric Co., 1st & ref. 3Ms, 1966, series I
35,000,000
Philadelphia Electric Co., 1st & ref. 3Ms, 1967
130.000,000
Public Service Co. of New Hampshire:
1st 3Ms, 1961, series E
—
1,000,000
1st 3Ms, 1966, series F
1,400,000
Public Service Electric & Gas Co. of New Jersey, 1st & ref.
3 Ms, 1966
25,000,000
Wisconsin-Michigan Power Co., 1st 3Ms, 1961
10,500,000
Pacific Telephone & Telegraph Co., ref. 3 Ms, 1966, series C—
25,000,000
Additions
Municipalities
1st 3Ms, 1966
1st 4s, I960----
Dayton Power & Light Co.:
1st & ref. 3Ms, i960
Co. of Baltimore, 1st
(Approx.)
$31,757,294
348,244,700
.
-
„
-
-
28
1
520,355,000
Volume
Financial
145
Removals
Chronicle
477
New
York, N. Y.—Aldermen Cut Water Rates $12,000,000
—The Board of Aldermen on
July 13 unanimously voted to
restore the city water rates to their normal
level, such as
Municipalities
Enfield, Conn.
$810,500
No information.
Adams, Mass.
$347,500
No information.
Revere, Mass.
$1,808,607
No information.
Rahway, N. J.
$2,385,000
Debt appears to be over 12%.
Jefferson County, Pa.
$940,000.
No information.
Kansas City, Kan.
.$10,435,185
Debt appears to be over 12 %.
*
Kansas City School
istrict (Kansas City, Kan.).
$2,379,000.
cause of Kansas City.
Total removals of municipal securities amounted to $19,105,792.
„
they were^
a reduction in rates
amounting to about
compared with the cut of $2,400,000 which
recently sanctioned, on the recom¬
mendation of the Commissioner of Water, Gas and Elec¬
tricity
This also compares with the reduction recommended
of $5,900,000 by the former Water Commissioner Walter P.
$12,000,000,
Be¬
„nn
,
before the 50% increase put in effect in 1933.
This will involve
as
the Board of Estimate
.
Railroads
Boston ■&
Albany
RR.
Co.,
imp.
1937.
4Ms,
Matured
$1,000,000.
4s, 1937.
$250,000
Matured Jan. 1 '37
Chesepeake & Ohio Northern Ry. Co., 1st 5s, 1945.
$1,000,000
Called
Oct. 1, 1936.
Chesapeake & Ohio Ry. Co.:
Ref. & imp. 4Ms, 1993, series A.
$24,784,000
Called Oct. 1, 1936.
Equip, tr. 5Ms, T, due to June, 1937.
$1,018,000
Matured.
Equip, tr. 4s, 1934, due to 1949.
$15,938,000
Called Sept. 1, 1936.
Chicago Union Station Co., guar. 5s, 1944.
$7,000,000
Called Dec. 1 36.
Cincinnati Indianapolis St. Louis & Chicago Ry. Co., 1st gen. 4s, 1936
$5,129,000
Matured.
Cleveland Cincinnati Chicago & St. Louis Ry. Co.:
Ref. & imp. 6s, 1941, series O.
$1,052,600
Called July 1, 1937.
Ref. & imp. 5s, 1963, series D.
$20,000,000
Called July 1, 1937.
Colorado & Southern Ry. Co., equip, tr. 5Ms, 1922, due to May, 1937.
$95,000
Matured.
,
Duluth Missabe & Northern Ry. Co., gen. 5s, 1941.
$625,000
Called
July 1,1936.
Fort Worth & Denver City Ry. Co.:
1st ext. 5Ms, 1961.
$8,176,000
Called Oct. 21, 1936.
Equip, tr. 5Ms, due to May 1, 1937.
$50,000
Matured
Illinois Central RR. Co., equip, tr. 5Ms, H, due to Feb., 1937.
$434,000
Charleston Union Station Co., 1st
„
_
_
„
Matured
Long Island City & Flushing
Matured May 1, 1937.
RR.
Co.,
1st cons.
1937.
5s,
$650,000
Louisville & Nashville RR. Co.:
$1,749,000
Matured May 1, 1937.
2003, series A.
$12,753,000
Called Oct. 1, 1936.
Called Oct. 1, 1936.
$3,498,000
Called Sept. 1, 1936.
Montana Central Ry. Co.:
1st 5s, 1937.
$4,000,000
Matured July 1, 1937.
1st 6s, 1937.
$6,000,000
Matured July 1, 1937.
1st 5s,
1937.
1st & ref. 53^s,
Sec. 5s, 1941.
$10,000,000
St. Louis div. 1st 6s, 1971.
Ser.
6s, 1944.
$59,911,100
Called June 30, 1937.
l^s, 1937, series A.
$3,000,000
Matured.
sec.
sec.
N. Y. C. L. equip, tr. 5s, due to June, 1937.
Ohio River RR. Co., gen. 5s, 1937.
$2,941,000
$1,092,000
Matured.
Matured April 1, 1937.
$5,766,717
Matured
Philadelphia & Reading RR. Co., 1st cons. 4s, 1937.
March 1
1937.
$10,385,000
Called Dec.
1, 1936.
St. Paul Minneapolis & Manitoba Ry. Co.:
Cons. ext. 5s, 1943.
$40,847,000
Called July 1, 1937.
Montana ext., 1st 4s, 1937.
$10,185,000
Matured June 1, 1937.
South & North Alabama RR. Co., cons. 5s, 1936.
$9,292,000
Matured
Aug 1
1936
South Pacific Coast Ry. Co., 1st 4s, 1937.
$465,000
Matured July 1,1937
Southern Pacific Branch Ry. Co.,
1st 6s, 1937.
$3,533,000
Matured
April 1, 1937.
Southern' Pacific Co., 10-yr. sec. serial 4s, 1944. $12,000,000
Called
July 13, 1936.
Union Pacific RR. Co., 40-yr. gold 4s, 1968.
$20,000,000
Called July 1,
Pocanhontas Coal & Coke Co., joint 4s, 1941.
_
_
„
,
1936
1
Virginia
Air Line Ry. Co., 1st 5s, 1952.
$900,000
Called Nov. 2, 1936
Western New York & Pennsylvania RR. Co., 1st 5s, 1937
$9,990,000
_
Matured Jan. 1, 1937.
1947, series A.
Wilkes-Barre Connecting
186,000
RR. Co., 1st & imp. 5s,
Interest reduced to 3% (see additions).
Total removals of railroad securities amounted to
$2,-
1st ref. 5s, 1939.
$7,029,000
Gen. & ref. 5s, 1956, series A.
Called July 1,1937.
$10,000,000.
To be called Aug. 1,1937
Central Maine Power Co., 1st & gen. 4Ms, 1957, series E.
$9,000,000
Called Dec. 1, 1936.
Central Vermont Public Service Corp., 1st & ref. 5s, 1959, series A.
$4,450,000
Called Oct. 1, 1936.
Connecticut Light & Power Co.:
1st & ref. 4^s, 1956, series C.
$8,618,500.
Called Jan. 1,1937.
1st & ref. 5s, 1962, series D.
$7,358,500
Called Jan. 1,1937.
Consolidated Gas Electric Light & Power Co. of Baltimore, 1st ref. 4s,
1981.
$21,901,000
Called Feb. 6, 1937.
Detroit Edison Co., gen. & ref. 5s, 1962, series C.
$20,000,000
Called
Oct. 1,1936.
Kansas City Power & Light Co., 1st 4Mst 1961.
$35,250,000
Called
Oct. 2, 1936.
Lake Superior District Power Co.:
s
1st & ref. 5s, 1956, series B.
$3,534,000
Called Dec. 31,1936.
1st & ref. 4Hs, 1955, series C.
$1,150,000
Called Feb. 1,1937.
Long Island Lighting Co., 1st ref. 5s, 1955, series B.
$16,669,000
Called
Sept. 1,1936.
Los Angeles Gas & Electric Corp., 1st & gen. 4s, 1970.
March 30
1937
New England Power Co., 1st 5s, 1951.
$10,067,000
$40,000,000
Called
Called Jan. 1,1937.
$30,000,000
Called
New York State Electric & Gas Corp.:
1st 4Ms, 1960.
$3,490,000
No information.
$17,094,500
No information.
New York State Gas <5c Electric
Corp., 1st 5Ms, 1962.
$3,445,000
Called
April 5, 1937.
Pennsylvania Power Co., 1st 5s, 1956.
$6,978,000
Called Dec. 29,1936.
Philadelphia Electric Co.:
1st s. f. 4s, 1966.
$1,671,700
Called April 1.1937.
1st s. f. 5s, 1966.
$37,007,300
Called April 1, 1937.
1st lien & ref. 4Ms. 1967.
$31,990,000
Called May 1,1937.
1st & ref. 4s, 1971.
$40,000,000
Called April 10, 1937.
Philadelphia Suburban-Counties Gas & Electric Co., 1st & ref. 4Ms, 1957
$18,485,500
Called May 1,1937.
Public Service Electric & Gas Co. of New Jersey, 1st & ref. 4s, 1971.
$26,000,000
Called July 15, 1936.
Queens Borough Gas & Electric Co.:
Gen. 5s, 1952.
$1,600,000
Disqualified.
Ref. 5s, 1955.
$5,200,000
Called Sept. 1,1936.
Ref. 4Ms, 1958.
$5,150,000
Called Sept. 1, 1936.
Twin State Gas & Electric Co., 1st & ref. 6s, 1953.
$2,005,000
Called
Oct. 1,1936.
Union Electric Light & Power Co.:
Gen. 5s, 1954, series A.
$4,937,000
Called July 1,1937.
Gen. 5s, 1957.
$22,500,000
Called July 1,1937.
Gen. 4Ms, 1957.
$11,250,000
Called July 1, 1937.
Waterbury Gas Light Co., 1st 4Ms, 1958.
$1,000,000
Called Nov. 1,1936
Cumberland Telephone & Telegraph Co., 1st & gen. 5s, 1937.
$14,100,000
Matured Jan. 1,1937.
Pacific Telephone & Telegraph Co., 1st & coll. 5s, 1937.
$24,498,000
Matured Jan 2,1937.
Southern Bell Telephone & Telegraph Co., 1st 6s, 1941.
$47,070,500
Called July 1, 1937.
Total
removals of public utilities securities amounted to $576,085,500.
pass
it and the
Residence
Bill
case
Passed
will probably go to the courts.
Despite Mayor's Veto—The Board
Residence bill, providing that all
also passed the Lyons
city employees shall make their homes in the city, over the
veto of Mayor La Guardja.
The vote was 52 to 1, with
two not voting.
Unless the measure is declared invalid by
the courts, not only will
employees have to live in the city,
but employees entering
municipal service after Jan. 1, 1938,
when the measure takes
effect, will have to show three years
previous residence here.
City Utility Tax Upheld by Court—The Court of Appeals
upheld the constitutionality of the city's utility tax as
applied to rapid transit lines, according to a United Press
dispatch from Albany on July 14.
In two decisions the
Court is said to have dismissed
complaints of the New York
City Rapid Transit Co. and the Brooklyn & Queens Transit
Co.
Both concerns paid the tax under
protest and sought to
recover, we understand.
The New York City company is
reported to have sought $1,408,697, while the Brooklyn
concern claimed
$756,879.50.
Pennsylvania—Voters to Ballot on Proposed State Income
Tax—At the general election to be held on Nov. 2 the voters
State will determine whether they desire to
of the
pay
a
State income tax in addition to the
existing Federal levy,
according to a Harrisburg dispatch of July 9, from which we
quote as follows:
Pennsylvania voters at the Nov. 2 election will determine whether they
a State income tax in addition to the existing Federal levy.
desire to pay
A constitutional amendment permitting the Commonwealth to
levy a
graded tax on incomes and inheritances, except taxable value of home¬
steads, will be submitted to the voters, under a ruling made today by
Attorney General Charles J. Margiotti.
Under the ruling, based on a Supreme Court decision in the Philadelphia
city-county consolidation case, which removes the five-year time-lock in
where amendments have been approved by two
succeeding
Legislatures, Margiotti held that four other proposals to amend the Con¬
Buffalo General Electric Co.:
1st 4^s,1980.
again
stitution could be submitted to the voters in November.
Public Utilities
6Ms, 1941, series A.
their jurisdiction in this matter.
It is believed
that if the Mayor vetoes the ordinance the Aldermen will
instances
$317,695,417.
Androscoggin Electric Corp., 1st 4Ms, 1955,
$4,000,000 Called Dec. 1'3o
Atlantic City Electric Co.:
'
1st & ref. 5s. 1938.
$1,823,000
Matured March 1, 1938.
Funds with
trustee Feb. 10, 1937.
1st & ref. 5s, 1956.
$12,914,000
Called April 1, 1937.
Bangor Hydro-Electric Co.:
1st lien & ref. 4s, 1954.
$1,786,000
Called Dec. 1, 1936.
1st lien & ref. 5s, 1955.
$3,037,000
Called Sept. 1, 1936.
1st lien & ref. 4Ms. I960."
$2,026,000
Called Dec. 1,1936.
New York Edison Co., 1st & ref.
Oct. 1,1936.
exceeded
has
^
New York Central RR. Co.:
Conv.
Davidson.
The $12,000,000 reduction
put into effect now
by the Board of Aldermen is said to match the $12,000,000 it
will cost the city to restore
salary cuts of city employees.
The ordinance was forwarded to the
Mayor who is expected
to veto it on the ground that the
city cannot afford to make
such a large reduction and also that the Aldermen have
This includes the
amendment providing for the merger of the Philadelphia city and
county
governments.
Bond Issue Sought
The other amendments would:
Permit a $42,000,000 State bond issue to finance
a
construction program
at State welfare institutions and State College.
Remove
questions regarding legality of appropriations for old age as¬
sistance and aid to mothers with dependent children.
Such appropriations
are being made, but never have been challenged.
Legal authorities assert
the appropriations could not withstand a legal test.
Clear up any doubt about yearly votes on constitutional amendments
despite the fact the Appellate tribunal ruled this could be done oftener than
in five years if the proposed change had not been submitted to the
once
voters before and defeated.
Would End Time-Lock
The latter amendment provides that amendments may be submitted to
voters in November of any year
after the proposal has been approved by
two Legislatures.
The intent was to break the five-year time-lock, whicn
the Court itself broke in its recent decision.
While much of its effectiveness has been destroyed by the Court's reversal
of the
1924 decision, ratification will make it unmistakably clear in the
Constitution that amendments can be voted upon at any November elec¬
It also will make it impossible for a future court decision to
again
tion.
clamp the five-year rule upon the submission of proposed changes to the
basic law.
8 Proposals Delayed
Secretary of the Commonwealth David L. Lawrence, to whom Margiotti's opinion was given, will begin publication of the five amendments
at the beginning of August for the information of electors who will vote
upon them.
The Margiotti opinion rules that eight proposed amendments which have
been agreed to by only one Legislature shall not be published until the
summer of 1938, preceding the general election at which will be chosen the
Legislators who may be called upon to consider those eight amendments for
second approval.
Pennsylvania—Chain Store Tax Collection Restrained by
Court—The Dauphin County Court on July 9 issued a tem¬
porary restraining order to prevent the State from collecting
the chain store tax imposed by the 1937 Legislature, pending
adjudication of attacks on constitutionality of the Act,
according to a United Press dispatch from Harrisburg.
Constitutionality tests were filed by American Stores
Co.
and
the
Great Atlantic & Pacific
designed to raise
money to
increase the
Co.
pay
The Act
was
of fourth-class
district school teachers.
States—Chamber of Commerce Outlines Plan for
Municipal Debt—A Washington news report as of
July 12 had the following to say in regard to the recom¬
mendations made by the Chamber of Commerce of the
United States looking toward a more effective control of
future municipal indebtedness:
United
Control of
Methods that nave been successfully employed by local governments In
coping with their debt problems are outlined in a report made public today
by the Chamber of Commerce of the United States.
The report is being widely circulated as part of the Chamber's nation-wide
campaign to stimulate interest among business men and other taxpayers in
the fiscal affairs of State and local governments.
The Chamber's Committee on State and Local Taxation
report.
prepared the
Financial Chronicle
478
LOS
Province of Investor
"In the last analysis," the Committee says, "effective debt control is
the province of the investor and the taxpayer quite as much as that of the
public official.
To safeguard the quality of municipal securities in his
portfolio the investor must insist upon proper standards of fiscal manage¬
ment and carefully scrutinize his municipal purchases."
As a first step in any program of debt control, the Committee lays stress
upon the necessity of long-range, systematic financial planning, and offers
the following suggestions:
Local governments should plan in advance for the construction and fi¬
nancing of projected improvements.
The improvement program should
be correlated with the current spending program of local government.
Pay-as-you-go instead of bonds should be used to finance all improve¬
ments of a recurring nature, and there should be greater reliance upon
current revenues for paying the cost of non-recurring expenditures.
Debt should not be incurred when it will increase debt-service charges
than 25% of dependable current
be lower.
practicable.
scheduled that each issue matures in ap¬
a
point where they consume more
The percentage often should
Serial bonds should be used whenever
to
revenues.
Debt maturities should be so
proximately equal amounts each year.
Term bonds may contain provisions permitting retirement
each year in
until 2 p.m., July 27 for the purchase of $4,000
Waterworks District No. 21, Kagel Canyon.
upon
ness.
second major step, the Committee believes
ing
bonds will be
the power to incur debt can be effective in controlling local indebted¬
The fault with present limitations of this type lies principally with
the Committee advises.
The Committee favors the holding of referenda on all new bond issues.
years,
upon.
July 26 for the purpose of voting on bond issues.
A $35,000 school building
bond issue will be submitted in Ohowchilla and a $20,000 school building
bond issue in Ash View.
COUNTY
MARIN
Calif.—MILL VALLEY
bonds of Mill Valley School
Rafael).
San
O.
(P.
SCHOOL BONDS SOLD—The $30,000 school
District, offered on July 12—V. 145, p. 307—were awarded to Donnellan &
Co. of San Francisco, as 1 %s, at par plus a premium of $58, equal to 100.193,
a basis of about 1.87%.
Dated May 10,1937.
Due $5,000 yearly on May
10 from 1938 to 1943, incl.
COUNTY
O. Merced), Calif.—PIONEER SCHOOL.
the County Supervisors will offer for sale
of the Pioneer Elementary School,
Interest
(P.
$10,000 bonds
rate is not to exceed 5%.
issue of
an
SACRAMENTO COUNTY (P. O. Sacramento),
Calif.—SYLVAN
DISTRICT BOND SALE—The $15,000 issue of school bonds
SCHOOL
third important step in any program
145, p. 151—was awarded to Dean Witter
324s, paying a premium of $26.00, equal to-
offered for sale on July 12—V.
San Francisco,
of
Co.
&
100.17,
of debt control, the Committee
says that "a State can be of substantial help to its municipalities, particularly
the smaller communities, by setting up an agency to assist them in develop¬
ing and following good practices in the exercise of their borrowing power."
a
voted
MADERA COUNTY (P. O. Madera), Calif.—BOND ELECTIONS IN
CHOWCHILLA AND ASH VIEW SCHOOL DISTRICTS—Elections will
be held in Ohowchilla School District and Ash View School District on
BOND OFFERING—On July 19
that "specific limitations
application and administration."
States may well consider revision of their restrictions upon local debt
incurrence in view of the facts disclosed by developments of the past few
As
bonds of Los Angeles County
(P. O. Los Angeles), Calif.—ELECTION
IN HUDSON SCHOOL DISTRICT—An election will be held in Hudson.
School District on July 23 at which a proposal to issue $40,000 school build¬
LOS ANGELES COUNTY
MERCED
Plan to Curb Debt Power
As a
COUNTY (P. O. Lo« Angele.), Calif.—WATER
OFFERED—The County Clerk will receive bids-
ANGELES
DISTRICT NO. 21 BONDS
approximately equal amount.
an
July 17, 1937
a
as
Dated July 1, 1937.
basis of about 3.72%.
Due from July 1,
1938 to 1955.
COUNTY
SACRAMENTO
RECLAMATION
DISTRICT
NO.
407
(P. O. Sacramento), Calif.—BOND ELECTION—The Board of Directors
a special election to be held July 26 for the purpose of voting on
the issuance of $53,000 refunding bonds and $58,000 levee improvement
has ordered
bonds.
Bond
—J.
ALABAMA
TAXES RECEIVED—Alabama
direct to the State Tax Commission from
Jan. 19 through July 3, Henry S. Long, commission President, said recently.
The collections represented an increase of $3,290,967 over 1936 collections
The percentage gain was 25.97.
released by Long, included income, gasoline, tobacco and
paid directly to the commission, but did not show ad valorem
levies, automobile tags or any revenues paid county tax collectors or probate
judges.
between the same elates.
The figures,
other taxes
ARIZONA
MARICOPA COUNTY SCHOOL DISTRICT NO. 44 (P. O.
Ariz.—BOND SALE—We are informed by Kirby L. Vidrine
Phoenix, that on July 7 they
Phoenix),
& Co. of
purchased $12,500 4%% building bonds.
bonds recently authorized will be issued only to
standing bonds in exchange for their holdings.
made by Oren P. Frary, Town Treasurer:
This issue of $395,000.00, dated July 1, 1937, 4%, is a refunding issue \
and will not be sold.
They are for exchange only for all outstanding issues
The following statement was
of the
Town of Miami.
Town of Miami bonds
have been in default since Jan.
1, 1932 and at
present the coupons due Jan. 1, 1936 and subsequent and bonds due Jan. 1,
1936 and subsequently due are in default.
An advance levy of $38,000.00
for the new bonds is being made and this puts the new bonds on a cash basis.
All coupons
at any
cash. As new issue is callable
July 1 of each, the levy provisions
ahead of time and thus insure a firm cash
and bonds as due will be paid
interest paying date, Jan. 1 ana
will allow us to call a year or so
San Diego), Calif.—SCHOOL DIS¬
of La Mesa-Spring Valley School
July 12—V. 145, p. 307—was awarded to
Miller, Hall & Co. of Los Angeles, as 5s, paying a premium of $107.00,
equal to 100.29, a basis of about 4.97%.
Dated June 14, 1937. Due
$2,000 from June 14, 1940 to 1957 incl.
SAN
DIEGO
COUNTY
(P.
O.
TRICT BOND SALE—The $36,000 issue
District bonds offered for sale on
(City and County), Calif.—BOND OFFERING—
SAN FRANCISCO
until 3 p. m. on July 26 by J. S. Dunnigan,
of Supervisors, for the purchase of two issues of 4%
semi-annual bonds aggregating $1,357,000, divided as follows:
Sealed bids will
be received
Clerk of the Board
EXCHANGED—'The $395,000 refunding
holders of presently out¬
MIAMI, Ariz.—BONDS TO BE
B.
for the
ALABAMA. State of—$12,668,526 IN
collected $12,668,526 in taxes paid
COUNTY (P. O. San Diego). Calif.—BOND OFFERING
McLees, County Clerk, will receive bids until 11 a. m. July 19
purchase at not less than par of $400,000 county special district
refunding bonds.
Bidders are to name rate of interest, in a multiple of
34%, but not to exceed 6%. Denom. $1,000. Dated Oct. 1, 1936. Prin¬
cipal and semi-annual interest (April 1 and Oct. 1) payable at the County
Treasury.
Due $220,000 in nine years and $180,000 in 10 years. Certified
check for 3% of amount of bonds bid for, payable to the Chairman of the
Board of Supervisors, required.
Certified copy of approving opinion of
O'Melveny, Tuller & Myers of Los Angeles will be furnished by the county.
SAN DIEGO
Proposals and Negotiations
basis for the new bonds.
distribution bonds.
$810,000 water
Due on Dec. 1 as follows: $42,000
1938 to 1953, inclusive.
Due on Dec. 1 as follows: $27,000 in
$20,000 from 1938 to 1963, inclusive.
in 1937 and $48,000 from
bonds.
1937 and
FRANCISCO
(City and County), Calif.—BOND ISSUANCE
by the Clerk of the Board of Super¬
547,000 sewer
SAN
NOT SCHEDULED—We are informed
definite has been done as yet regarding the issuance
visors that nothing
the $49,250,000 in
SAN
SCHOOL
10
a. m.
of
rapid transit subway system bonds.
JOAQUIN COUNTY (P. O. Stockton), Calif.—HOUSTON
BOND OFFERING—The County Clerk will receive bids until
Aug. 2 for the purchase of $50,000 school
building bonds of Houston
School District.
COUNTY (P. O. San Jose), Calif.—PALA SCHOOL
ELECTION—An election is to be held July 14 at which
will decide the question of issuing $35,000
school building removal bonds.
SANTA CLARA
DISTRICT BOND
the voters of Pala School District
arkansas
bonds
COUNTY SCHOOL DISTRICTS (P. O. San Jose),
of school bonds aggregating $240,000,
12—V. 145, p. 151—were awarded jointly to Don¬
nellan & Co., and Brush, Slocumb & Co., both of San Francisco, as follows:
$135,000 Campbell Union High School District bonds for a premium of
$218.00, equal to 100.16, on the bonds divided as follows: $49,000
as 5s, maturing $5,000, 1938 to 1942, and $6,000, 1943 to 1946;
the remaining $86,000 as 2s, maturing $6,000 in 1947, and $8,000
SANTA CLARA
Calif.—BOND SALE—The two issues
Largest Retail Distributors
offered for sale on July
WALTON, SULLIVAN & CO.
LITTLE
from
ARK.
ROCK,
ARKANSAS
FORT SMITH,
July 20 to vote on
Ark.—BOND ELECTION—An election will
the question of issuing $30,000 airport impt.
be held on
bonds.
1948 to 1957 incl.
105,000 Santa Clara Union High School District bonds for a premium of
$8.00, equal to 100.007, on the bonds divided as follows: $40,000
5s, maturing $5,000, 1938 to 1945; $5,000 as 2 34s, matuiing in
1946; $54,000 as 2s, maturing $5,000 from 1947 to 1952, and $6,000,.
1953 to 1956; the remaining $6,000 as 134s, maturing on 1957.
SANTA MONICA
NO.
1
(P.
O.
ACQUISITION AND IMPROVEMENT DISTRICT
Monica), Calif. — OUTSTANDING
BONDS
Santa
DRAINAGE DISTRICT NO. 17 (P. O.
Osceola), Ark.—RFC REFINANCING PLAN TO BECOME OPERATIVE
—The following report is taken from the Chicago "Journal of Commerce"
ACQUIRED AT DISCOUNT—The Los Angeles "Times" of July 3 had the
following to say in regard to the bonded debt position of the above district:
"Finance Commissioner T. D. Plummer of Santa Monica, according to-
of
Attorney Marshall Stimson, announced the acquisition of the entire issue
of outstanding bonds of the Santa Monica Acquisition and Improvement
District No. 1 at 60 cents on uhe dollar.
The bonds amounted to $564,167
MISSISSIPPI
COUNTY
July 6:
termination
and approval of a loan agreement
Corporation, Drainage District No. 17 of
of receivership
"With
with the Reconstruction Finance
Mississippi County, northeast Arkansas, will refinance its $3,704,500 of
outstanding bonds on a 55% basis, and will levy and collect a 4% tax to
meet debt charges and costs of rehabilitation of its physical properties
in
55% refinancing has been approved by 90% of the bondholders.
"Proceeds of a loan of $1,699,500 by the RFC will be supplemented
cash on hand in the debt adjustment.
"Federal Judge Thomas C. Trimble at Little Rock has relieved Clifton
Scott and Roy A. Dickie as co-receivers, and duties of receivership will
funds; $33,458 from the road district fund of Supervisor Leland Ford;
$33,200 from the interest and sinking fund of the district: $110,000 from the
City of Santa Monica trust fund, and approximately $16,000 in voluntary
contributions by property owners.
The
by
„
H.
be
performed by a board of commissioners composed of V. G. Holland, B. A.
Lynch and J. H. Crain.
Act 46 of 1933 permits lifting of receivership of
improvement districts and appointment of boards of commissioners to
perform such duties.
"Receivership for the district, which was formed in 1917, was established
some years ago on petition of the Guardian Trust Co., trustee, and other
principal and about $229,000 in interest.
"The purchase was made possible,
of $145,841 by the Board
tribution
according to Mr. Stimson, by a con¬
of Supervisors from the gasoline tax
.
"The city already
has collected more than
menace
of bonds."
Ventura),Calif.—MOORPARK SCHOOL
STATEMENl—The following information is
scheduled for July 19 of the $40,000'
3% coupon bonds of Moorpark Union High School District, described in
these columns recently—V. 145, p. 307:
Moorpark Memorial Union High School District was organized July 5,
1919.
The area of the district is approximately 45,394 acres, and includes
the Village of Moorpark.
The estimated population is 2,000.
The prin¬
cipal industries are agriculture, and citrus fruit growing.
The total bonded
indebtedness, including this issue is $64,000.00.
The assessed valuation of
the property within this district is $2,980,123.00 and the estimated valuation
of tne property is $8,000,000.00.
VENTURA COUNTY (P. O.
DISTRICT
CALIFORNIA
BONDS
MUNICIPAL
^
Revel Miller & Co.
MEMBERS
650 So.
Los Angeles Stock Exchange
Spring Street
Telephone: VAndike 2201
SAN FRANCISCO
•
Los Angeles
Teletype: LA 477
SANTA ANA
FINANCIAL
furnished
bondholders."
$40,000 of the $110,000 which
paid in.
Mr. Stimson expressed the opinion that property owners un¬
doubtedly will take advantage of the opportunity to pay up their delinquenttaxes before Sept. 1 now that the property of the district is freed from the
it
connection with the offering
in
YOLO COUNTY (P. O.
SOLD—The issue of
Woodland), Calif.—DAVIS SCHOOL BONDS
Joint Union High School Dis¬
$50,000 bonds of Davis
trict, which was offered on July 12—V. 145, p. 151—was awarded on July 14
to Dean Witter & Co. of San Francisco at par, plus a premium of $222,
equal to 100.444.
CALIFORNIA
O. Bakersfield), Calif.—RED ROCK SCI. OOL
DISTRICTB jND OFFERING—Sealed bids will be received until 11 a. m.
on July 26, by F. E.
Smith, County Clerk, for the purchase of an $8,000
issue of 5% semi-ann. school bonds.
Denom. $1,000.
Dated June 21,
1937.
Due $1,000 from 1938 to 1945 incl.
Prin. and int. payable at
the County Treasurer's office.
A certified check for 10% of the bid, paya¬
KERN
COUNTY
(P.
ble to the above Clerk, is required.
(This report supersedes the offering notice given in
ently.—V. 145, p. 151.)
c
these columns re-
CONNECTICUT
BRIDGEPORT, Conn —BOND SALE— The issue of $700,000 series C
coupon,
registerable as to principal only, refunding bonds offered on
July 12—V. 145, p. 307—was awarded to an account composed of Edward
B. Smith & Co. and Estabrook & Co., both of New York, and Putnam
& Co. of Hartford, as 234s at a price of 100.9599, a basis of about 2.08%.
Dated July 15, 1937 and due July 15 as follows:
$78,000 from 1939 to
1946 inclusive, and $76,000 in 1947.
Volume
Financial
145
•'
Other bidders were:
Name—•
Stuart
&
*
Co.,
Inc.;
2)4%
2)4 %
2)4%
„,
& Co
port City Co
/c
n./trf
pledging unlimited taxation
although the original issue was restricted in the amount of taxes that could
be assessed to pay for them.
The State and Atlantic Coast Line railroad
joined in opposing the validation of the new issue.
2
%
2)4%
PALM BEACH COUNTY SCHOOL DISTRICTS
(P. O. West Palm
UP TO STATE SUPREME
a letter to bondholders on
July 13, it is stated by Robert M.
Hart, Secretary of the County Refunding Agency, that the validation
Beach), Fla —VALIDATION PROCEEDINGS
2)4%
COURT-—In
nI/(W
n
2)4%
■
„,,
„
^
2)4%
LAW HELD CONSTITUTIONAL
—-
700,329.00
-
CONNECTICUT, State of—WAGE
State's minimum wage law, in the opinion of Attorney General
—The
Edward J. Daly, is constitutional, according to a report in the Hartford
"Courant" of July 3.
■
■
■
_
T
.
A formal opinion from Mr. Daly's office on July 2 advised Joseph M.
.
,
Tone, State Labor Commissioner, that this view is "not to be considered
as a final adjudication of the question,"
but finds that the reasonng of
the United States Supreme Court in holding the State of Washington
minimum
wage
law constitutional can be applied to Connecticut s
statute.
Jown of), Conn.—BOND SALE—The $300,000 coupon,
STAMFORD
registerable as to principal, emergency bonds of 1937 offered on July 16—
V. 145, p. 307—were awarded to the Bankers Trust Co. and the First
Boston Corp., both of New York, jointly, as 1
at a price of 101.06,
a basis of about 1.58%.
Dated July 15, 1937 and due $30,000 on July 15
1939 to 1948 incl.
from
-
,
,
t
following other bids, all of which named an interest rate
The
submitted:
were
.../ot
of 2)4%,
_
,
.
Goldman, Sachs & Co. and Goodwin Beach & Co
Rate Bid
100.8599
100.785
Halsey, Stuart & Co., Inc. and B. F. Griggs Co.
proceedings recently filed in the Circuit Court of Palm Beach County have
been appealed to the State Supreme Court
by the Board of Public Instruc¬
tion for County School Districts Nos. 3. 4, 5, 6 and 9.
He states that it
will be probably not less than 90 days before action will be taken
by the
high court.
SANFORD, Fla.—REPORT ON EXCHANGE OF ORIGINAL BONDS—
Mayor Edward Higgins has announced the exchange of 94% of the original
,
bond issue for bonds of
the
a
1
#
Co
100.589
First National Bank of Boston
B. L. Day & Co. and Edward M. Bradley &
Estabrook & Co. and Putnam & Co
100.329
Co
100.26
Conn .—OTHER BIDS—The $105,000 public welfare
of Hartford, as 2)4b at a price of
basis of about 2.385%—V. 145, p. 308—were also bid for as fol-
STRATFORD,
bonds awarded July 8 to Putnam & Co.
100.82,
a
lows*
Bidders (All for
Rate Bid
2)4% Bonds)—
the taxpayers.
been in default for some time.
R.
F.
Griggs Co
Bancamerica-Blair
Corp
IMS
100.326
—
100.726
Roy T. H. Barnes & Co
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
MEXICO—WYOMING
Under the
new
set-up
ad¬
without
The oringal issue of $5,884,000 had
VOLUSIA COUNTY (P. O. De Land), Fla.—BOND TENDERS IN¬
VITED—It is stated by Geo. W. Marks, Secretary of the Board of Public
Instruction, that he will consider sealed offerings of school district refund¬
ing bonds, dated Jan. 1, 1936, of the following Special Tax School Dis¬
tricts: District No. 12 (De Land/, District No. 9 (Oak Hill); District No. 7
(Port Orange); District No. 23 (Ormond); District No. 32 (Holly Hill),
and District No. 8 (New Smyrna).
The amount of bonds of each issue
to be purchased will be determined by the above
Secretary and offerings
must be firm for at least 10 days in order to be considered.
GEORGIA
COLUMBUS,
Ga.—TAXABLE PROPERTY VALUATIONS SHOW
INCREASE—City officials reported total taxable property valuations
of $38,799,993 on the 1937 tax digests of Cloumbus as compared with
$36,688,023 for 1936, an increase of $2,111,975.
Of the increase $1,596,930 is in personal property returns.
This is due,
appeal this year for a more liberal return of intangi¬
bles, with an understanding they would be returned on a basis of about
10% of actual valuation.
officials said, to their
100.812
Halsey, Stuart & Co., Inc
lower rate of interest.
municipality anticipates meeting interest requirements
ditional burdens to
100.628
Bidder
Brown Harriman & Co. and Charles W. Scranton &
PROPOSED
decision handed down by the State Supreme
Court failed to give approval to the proposed issue of $3,008,000 refund¬
ing bonds.
The Court affirmed a decree of Judge Whitehurst of the
Cirsuit Court which denied the petition to validate the bonds.
It had
been planned by the city to issue the bonds
2)4 %
2)4%
Co.; A. C. Allyn & Co.; WashCorburn & Middlebrook
700,700.00
Lehman Bros.; Phelps, Fenn& Co., and the Bridge-
MYERS, Fla.—COURT REFUSES TO VALIDATE
REFUNDING BONDS—A
^
2)4
bridge districts.
FORT
_
2)4%
701,003.29
-
.
479
negotiablelnotes of various counties and special road
FLORIDA, State of—SALES OF TAX CERTIFICATES HALTED—
Comptroller J. M. Lee on July 12 ordered clerks of Circuit Courts Id every
county to halt sales of 2-year-old tax certificates under a disputed act of the
1937 Legislature, according to an Associated Press dispatch from Talla¬
hassee.
He Is said to have acted after Circuit Judge J. B. Johnson at
Tallahassee held the sales valid, but ruled unconstitutional two clauses of
the law permitting property owners to redeem their land within two
years or,
in the case of homesteads, within 10
years.
2)4%
_
Chas. D. Barney &
burn & Co., and
and
Int. Rate
Price Bid
Bancamerica-Blair
Corporation; The R. P. Griggs Co., and GoodI
win Beach & Co
$705,306.00
First National Bank & Trust Co. of Bridgeport,
Agent for First National Bank of Boston
705,012.00
The First Boston Corp.; G. M. P.-Murphy & Co.,
and Day, Stoddard & Williams, Inc
704,823.00
Blythe & Co., Inc.; Dick & Merle-Smith; Geo. B.
Gibbons & Co., Inc., and F. S. Moseley & Co__ 704,480.00
Brown Harriman & Co.,
Inc., and Hemphill,
Noyes&Co
—704,269.30
Lazard Freres & Co., Inc.: J. & W. Seligman &
Co., and First of Michigan Corp
703,983.00
Harris Trust & Savings Bank, Chicago; Northern
Trust Co., Chicago, and Butter & Co., N. Y.l
703,759.00
Burr & Co., Inc. and C. F. Childs & Co...
703,640.00
Chemical Bank & Trust Co.; Kean, Taylor & Co.,
and Equitable Securities Corp
703,003.00
Goldman, Sachs & Co. and Eldredge & Co
702,940.00
B. L. Day & Co.; Stone & Webster & Blodget, Inc.;
Edward M. Bradley & Co., Inc., and Cooley
Halsey,
Chronicle
indebtedness and (or)
_
NAHUNTA, Ga.—BOND OFFERING—Sealed bids will be received until
noon
Aug. 2 by A. S. Mizell, City Clerk, for the purchase of a $7,000
5% coupon water works bonds.
Denom. $500.
Dated Oct. 30,
Due $500 from Oct. 30, 1943, to 1956, incl.
No bid for less than
on
issue of
1936.
par and accrued interest will be considered.
Prin. and int. (A. & O.)
payable at the City Treasurer's office.
Legality approved by the City
Attorney.
A certified check for $1,000, payable to the Mayor and Alder¬
men, must accompany the bid.
UNION CONSOLIDATED SCHOOL DISTRICT, Grady County,
Ga.—BOND ELECTION—An election has been called for July 26 at whicb
a
proposed $15,000 school building bonds issue will be voted upon.
DONALD F. BROWN & COMPANY
IDAHO
DENVER
MOUNTAIN HOME, Idaho—BOND OFFERING—O. E. Norell, Village
Clerk, will receive bids until 8:30 p. m. July 30 for the purchase of $30,000
bonds, to bear interest at no more than 6%. Denom. $500. Principal and
interest payable at the Village Treasurer's office, or at the State Treasurer's
office, or at some bank or trust company in New York to be designated by
the village. Due on the amortization plan over a period of no more than 10
years.
Certified check for 5% of amount of bid, payable to the Village
Treasurer, required.
Telephone:
Keystone 2395
—
Teletype
Dnvr 51
v
COLORADO
DENVER (City and County), Colo.—BOND CALL—John F. McGuire,
Manager of Revenue, is calling for payment on July 31, various storm
sewer, sanitary sewer, improvement, surfacing, alley paving, street paving
and sidewalk bonds.
Interest shall cease 30 days from July 31.
LA
Colo.—BONDS AUTHORIZED—The City Council has
JUNTA,
passed on final reading an ordinance authorizing the issuance of $700,000
municipal light and power plant bonds.
SALMON,
Idaho—CALLED BONDS STILL OUTSTANDING—It is
said that numbers 1 to 60, of the 6% refunding water bonds called for pay¬
ment on Jan. 4, at the City Treasurer's office, have not been presented as
yet.
Dated Jan. 1,
TWIN
NO.
1,
FALLS
CLASS A
1922.
COUNTY
(P. O.
INDEPENDENT
Twin Falls),
Sealed bids will be received until 10 A.
DELAWARE
SCHOOL
DISTRICT
Idaho—BOND OFFERING—
M. on Aug. 2, by E.
F. Stettler,
District Clerk, for the purchase of a $350,000 issue of coupon building bonds.
Interest rate is not to exceed
REHOBOTH
payers
approved
BEACH,
a
Del.—BONDS VOTED—On June 30 the tax¬
proposition to issue $160,000 high school building bonds.
BONDS
FLORIDA
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE
-
-
Branch Office:
lrst
National
Bank
Build!
g
T
4%, payable semi-annually.
Dated July 1,
1937.
The bonds are payable on an amortization plan within 12 years
from date of issue, first bonds to mature two years from date of issue.
The
last $70,000 to be callable at par and accrued interest on any interest pay¬
ment date after one year from date of issue, at the option of the district.
Prin. and int. payable at the District Treasurer's office.
Bids shall specify
the lowest rate of interest, and the amount of premium, if any, above par,
at which the bidder will purchase said bonds.
The approving opinion of
Chapman & Cutler of Chicago, will be furnished the purchaser.
A certified
check for 5%, payable to the District Treasurer, must accompany the bid.
Duilding
FLORIDA
Municipal Bonds of
TAMPA
8,
ILLINOIS
Pierce. Resident Manager
FLORIDA
interest be paid on a basis of 25%,
Pftic.
PRcSin&wi TP
delinquent taxes
are
MUNICIPAL BOND DEALERS
lo 6 So. L~ Salle St.,
Chicago
State 9540
Teletype CGO. 437
being deposited in a bank and taken
paid.
ILLINOIS
BROWARD AND DADE COUNTIES, Fla.—REDUCTION OF DRAIN¬
AGE
DISTRICT TAXES TO BE EFFECTED—The following report is
taken from the Jacksonville "Times-Union" of July i0:
"Reduction of drainage district taxes, effective with the 1937 levies, on
approximately 100,000 acres of land in Broward and Dade counties has
been assured
through the gaining of a $190,000 loan from the Reconstruc¬
Finance Corporation, it was announced here yesterday by W, G.
Troxler, Miami attorney.
—"Mr. Troxler, a member of the law firm of Evans, Mershon & Sawyer, was
here to witness a $188,034.23 transaction ss the RFC took over securities
for two drainage districts, the Dade-Broward district and the Napoleon
tion
B. Broward district."
BROWARD COUNTY VP. O. Fort Lauderdale), Fla.—REFUNDING
BONDS READY FOR DELIVERY—It is stated by the landowners' asso¬
ciation for the above county and for Road and Bridge District No. 3 that
the refunding bonds issued under the terms of the plan dated Dec. 16,
1935, will be ready for delivery on July 20.
Bonds and certificates of
deposit should be forwarded
to the
Continental Illinois National Bank &
Trust Co. of
and
WISCONSIN
Fla.—COUNCIL APPROVES NEW REFUNDING CON-
TRACT—The Arcadia City Council has approved the revised refunding
contract submitted by the R. E. Crummer Co.
The contract now pro¬
vides that the payment of bonds be spread over 40 years and notes for the
up as
IOWA
Bought—Sold—Quoted
'
ARCADIA,
MICHIGAN
INDIANA
Chicago on and after July 20.
The May 1 and Nov. 1, 1936,
May 1, 1937. interest coupons will be paid at the rate of 2)4% per
at the time of exchange.
annum
FLORIDA, State of—TENDERS OF MUNICIPAL OBLIGATIONS
INVITED—It is announced by W. V. Knott, State Treasurer, that, pur¬
suant to Chapter 15891, Laws of Florida, he will receive until 10 a. m.
(Eastern StandarduTime) on July 28 sealed offerings of matured or un¬
matured road and bridge or highway bonds, time warrants, certificates of
CHICAGO, 111.—INJUNCTION AGAINST SCHOOL BOARD MADE
PERMANENT—Judge Philip L. Sullivan in the Federal District Court at
Chicago recently made permanent against the Chicago Board of Education
the injunction asked by the Union Trust Co. of Pittsburgh against payment
of taxes collected against the 1929 warrants in any manner other than pro
rata.
The Judge referred the case to Irving Herriot as special master in
chancery to conduct a hearing on the amounts to which the plaintiff is
entitled in order that judgment may be issued.
It is expected that action
soon will be taken in similar suits against the Board of Education on account
of the 1929 warrants now pending in the county courts.
HARRISBURG
SCHOOL
voters of the district on
addition
construction
DISTRICT,
111.;—BONDS
VOTED—The
July 6 approved a proposal to issue $65,000 school
bonds.
METAMORA
SCHOOL DISTRICT, 111.—BONDS SOLD—An issue
school bonds was sold to Woltzen & Ireland of Washburn
102.40, a basis of about 3.58%.
Purchaser agreed to pay printing and
Due $2,500 on July 1 in 1943 and 1944.
legal expenses.
of $5,000 4%
at
MOUNT
AUBURN,
111.—BONDS SOLD—Joseph E.
Clerk, reports that an issue of $52,000
road construction
ized at the June 15 election, has been sold.
NEBRASKA
TOWNSHIP
(P.
O. Flanagan),
Walters, Town
bonds, author¬
111.—BONDS SOLD—
An issue of $25,000 road construction bonds, which was approved
voters on
April 27, has been sold, according to the Township Clerk.
by the
480
Financial
r PLAIN VIEW SCHOOL DISTRICT NO.
106, 111.—
At a recent election the voters of the district approved a
$18,000 for construction of
a
VOTED—
bond issue of
school building.
^PLYMOUTH, 111.—BOND OFFERING—Sealed bids
will be received by
the Village Cleric until 2 P. M. on July 16 for the purchase of $38,000 water
bonds, including $30,000
revenue and $8,000 general obligations.
INDIANA
Chronicle
SUPERIOR RURAL INDEPENDENT SCHOOL DISTRICT (P. O.
Webster City), Iowa—PRICE PAID—It is reported by the District
Secretary that the $2,200 school bonds sold on June 25 to the First State
Bank of Webster City as 3s, as noted in these columns—V.
145.jp. 153—
were purchased at a price of 100.47, a basis of about 2.88%.
Due from
Nov. 1, 1938 to Nov. 1, 1943.
TAMA, Iowa
-
BARR SCHOOL TOWNSHIP (P. O. Montgomery), Ind.—BOND
OFFERING—The Township Trustee will receive bias until 10 a. m. Aug. 4
for the purchase of $25,000 bonds.
Ind.—BOND OFFERINQ—-As previously reported in these
columns—V. 145, p. 308—Ralph H. Bolin, City Clerk-Treasurer, will
receive bids until 4 p. m. July 20 for the purchase at not less than
par of
$4,500 3M% Forest Park Band Shell construction bonds.
Denom. $500.
Dated July 20, 1937.
Interest payable annually.
Due $500 yearly for
nine years.
;
■
r CHARLESTOWN,
Ind.—bonds
sold—An
issue
of
$45,000
4%
water works revenue bonds was sold to McNurlen & Huncilman of Indian¬
apolis.
Dated June 15, 1937.
Due as follows: $1,000 from 1940 to 1952
incl.; $2,000 from 1953 to 1965 incl., and $3,000 in 1966 and 1967.
Legal
opinion of Charles & Trauernicht of St. Louis.
FULTON,
Ind.—BOND OFFERING—The Board of Trustees of the
(Central Standard Time) July 20 for
BOND SALE—The $5,500
coupon sewer
bonds offered
July 12—V. 145, p. 309—were awarded to Shaw, McDermott & Sparks
of Des Moines, as 2Ms, at par, plus a premium of $32, equal to 100.581,
a basis of about 2.40%.
Denom. $500. Dated July 1,1937. Interest payable
on
Due $500 yearly
semi-annually.
^ BRAZIL,
July 17, 1937
tion to be submitted to the voters is whether the city shall construct a power
plant and distribution system at a cost of $330,000.
on
Nov. 1 from 1938 to 1948.
TROY TOWNSHIP SCHOOL DISTRICT NO. 6, Wright
County.
Iowa—BOND OFFERING—Henry T. Larsen, District Secretary, will
receive bids until 8 p. m. July 14 for the purchase of $4,000 school building
bonds.
Dated
Aug.
1, 1937.
Interest payable semi-annually.
Due
$500 yearly on Aug. 1 from 1939 to 1946.
will be furnished by the district.
Bonds and attorney's
opinion
WAPELLO COUNTY (P. O. Ottumwa) Iowa—BOND SALE—The
$171,000 issue of home construction funding bonds offered for sale on
p. 309—-was awarded to the Bancamerica-Biair Corp.,
as 2Ms, paying a premium of $1,001, equal to 100.585, a basis of about
2.20%.
Dated June 1, 1937.
Due as follows: $43,000, 1949; $56,000 in
1950 and 1951, and $16,000 in 1952.
July 14—V. 145,
town will receive bids until 10 a. m.
the purchase of an issue of $5,200 bonds.
KANSAS
GERMAN SCHOOL TOWNSHIP, Vanderburgh County, Ind.—
proposed bond issue—The township plans to issue $15,000 not to
exceed 4M% interest school building bonds, to mature semi-annually over
a
period of 10 years, beginning
on
June 1,1938.
Net assessed valuation of
taxable property is $1,241,720.
BURLINGAME,
Kan.—BONDS
has
AUTHORIZED—An ordinance
been passed authorizing the issuance of $32,000 refunding bonds.
bonds
IN EDNA, Kan.—BOND SALE—A $2^500 block of cemetery land
has been sold to the State School Commission.
GRIFFITH, Ind.—BOND OFFERING—A. C. Penning rTownClerFTreasurer, will receive sealed bids until 8 p. m. on Aug. 6 for the purchase
$14,000 5% Miller Street Drain construction bonds.
Dated July 10,
1937.
Denom. $500.
Due $500 Jan. 10 and July 10 from 1938 to 1951,
incl.
Interest payable semi-annually.
Legal opinion of Smith, Remster,
Hornbrook & Smith of Indianapolis will be furnished the successful bidder.
GALENA, Kan.—BONDS TO BE EXCHANGED—The city has ar¬
ranged with the Rittenoure Investment Co. of Wichita for the issuance of
$151,760.54 4% refunding bonds to holders of outstanding bonds, in
exchange for their holdings. Denom. $210.54, $50, $250, $500 add $1,000.
Dated June 1, 1937.
Interest payable March 1 and Sept. 1. Due serially
on Sept. 1 from 1938 to 1960.
Ind.—BONd'dE-
HERINGTON, Kan.—BOND SALE—An issue of $25,000 Diesel engine
purchase bonds was sold recently to Estes, Payne & Go, of Topeka.
F
of
HUNTINGTON COUNTY
(P. O. Huntington),
FAULT REPORT—The following report appeared in the July 3 issue of
the Chicago "Journal of Commerce":
"Part of the bridge bonds of Huntington County, Ind., due July 1, will
be defaulted, announced County Auditor Ned F. Brown, who has been
.
trying to obtain approval of the County Council of an order from the State
Board of Tax Commissioners that approximately $10,500 be used from
State gasoline tax collections to apply on the bonds and interest.
The
coupons presented and a part of the bonds were to be retired July 1, and
unless some provision is made for payment of the other portion of the
principal, the same thing will be done next Jan 1, it was said.
"Members of the Council recommended that the State Commissioners
ask the Council to make an appropriation out of the county's genera
fund to meet the shortgage in the sinking fund made by the Commission's
cut of three cents from the county sinking fund levy made last fall.
The
State Board ordered that the difference be met from the gasoline tax
payments to the county this year.
The County Council opposes this
plan because it would decrease the funds to be spent for road maintenance
and is not anxious to have the amount taken from the general fund—
should the Commissioners approve—because it would destroy the county's
working balance.
INDIANA, (State of)—SUITS AGAINST INCOME TAX LAW DIS¬
MISSED—A
news
report from South Bend
as
MARSHALL COUNTY (P. O.
.
of June 30 had the following
to say:
Three federal
Judges today dismissed two suits attacking the constitu¬
tionality of the Indiana gross income tax law for lack of equity.
The
judges were J. Earl Major, Chicago; Phillip L. Sullivan, Chicago and
Thomas W. Slick of South Bend.
The companies testing the law were the
Lake County Saving and Loan Association of Gary and the Calumet
Chevrolet Sales, Inc., of Crown Point.
OFFERING—The
Trustee
and
ceive bids until
Denom. $1,000.
Dated July 1,1937.
Interest payable Feb. 1 and Aug. 1.
Due $3,000 yearly on Aug. 1 from 1939 to 1946, and $4,000 Aug. 1, 1947.
Cert, check for
2% of amount of bid, payable to the Treasurer of the Board
Regents of the University required.
of
RUSSELL, Kan.—■BOND ELECTION—Because of
PRINCETON
SCHOOL
CITY,
Ind.—BOND ISSUE DETAILS—
The $33,000 3% school nuilding bonds sold to the City Securities Corp.
of Indianapolis, at a price of 101.057, as previously reported in these col¬
umns—V.
a
legal technicality;
it will be necessary for the city to vote again on the $127,700 water
approved by the voters in April—V. 144, p. 2867.
new election will be called for July 12.
bonds
The
issue which was
STAFFORD, Kan.—BONDS AUTHORIZED—An ordinance has been
passed authorizing the issuance of $80,000 refunding bonds.
TONGANOXIE, Kan.-BOND SALE DETAILS—We are informed
by the City Clerk that the $19,500 3M% refunding bonds purchased by the
Columbian Securities Corp. of Topeka, as noted here recently—V. 145, p.
309—were sold at a price of 100.068, a basis of about 3.235%.
Denom.
$500.
Coupon bonds, dated July 1, 1937.
Due from 1938 to 1947 incl.
Interest payable F. & A.
WAKEENEY,
Kan.—BOND
OFFERING—Norman
McKenzie,
City
Clerk, will receive bids until July 22 for the purchase at not less than par
of $15,0004% municipal building bonds. Denom. $500. Dated May 1,1937
KENTUCKY
BOWLING
dianapolis purchased on July 9 an issue of $95,000 time warrants at 1 M%
interest, at par pkus a premium of $22.
Due Dec. 30,1937.
Proceeds wil
tide the city over until fall tax collections.
The Indianapolis Bond & Share
Corp., and the Merchants National Bank, Muncie, also bid for the issue.
'
Wichita), Kan.—
Secretary of the University, will re¬
July 21 for the purchase of $28,000 2 M%_refunding bonds.
E. Holmes,
(P. O. Fort Wayne), Ind.—
Advisory Board will receive bids
MUNCIE, Ind.—WARRANT SALE—McNurlen & Huncilman of In¬
the Dunne-Israel
MUNICIPAL UNIVERSITY OF WICHITA (P. O.
BOND OFFERING—W.
LAFAYETTE SCHOOL TOWNSHIP
BOND
until 10 a. m. July 27 for the purchase of an issue of $21,400 bonds.
Marysville), Kan.—BOND SALE—An
issue of $14,800 road work relief bonds has been sold to
Investment Co. of Wichita at par less $125 for handling.
GREEN,
Ky.—BOND CALL—It Is announced by tba
Bowling Green Trust Co. that numbers 81 to 120 of the 5% high school
bonds are being called for payment on Sept. 1, on which date interest shall
cease.
Payment will be made at the said trust company in Bowling Green.
COUNTY
CALLOWAY
(P. O.
Murray),
Ky—BONDS PUBLICLY
OFFERED—The Bankers Bond Co. of Louisville, is offering a $65,000 issue
of 4% semi-ann. public school corporation, 1st mortgage bonds.
Denom..
Dated June 1, 1937.
The bonds are secured by a closed 1st mtge.
school properties having a value of approximately two times this issue of
The school properties under the mortgage will serve over 80% of
$1,000.
on
bonds.
145, p. 308—are dated Aug. 1, 1937 and mature as follows:
$500 Feb. 1 and $1,000 Aug. 1, 1938; $1,000 Feb. 1 and Aug. 1 from 1939
to 1949 incl.; $1,500 Feb. 1 and Aug. 1, 1950 and 1951; $1,500 Feb. 1
and $2,000 Aug. 1, 1952.
•
•
the high school pupils and over 60% of the grade school pupils of the county.
The estimated income for the present fiscal year of the Calloway Board of
Education is $83,000, as against maximum rental payment of $5,000 a year.
VINCENNES, Ind.—WARRANT SALE—The $30,000 temporary loan
The bonds are offered subject to the approval of the Court of Appeals and
the approving opinion of Woodward, Dawson & Hobson, of Louisville.
warrants offered on
July 15—V. 145, p. 153—were awarded to the Indian¬
apolis Bond & Share Corp., Indianapolis, as 2Ms. Due Dec. 27, 1937.
WARSAW,
Ind.-—BOND
OFFERING—William J. Chinworth, City
Clerk-Treasurer, will receive sealed bids until 10 a. m. on July 29 ror the
purchase of $20,000 4% bonds, the proceeds of which will be used in the
cost of establishing separate sanitary sewage and surface drainage systems.
Dated July 15, 1937.
Denom. $1,000.
Due $1,000 June 1 and Dec. 1
from 1938 to 1947, incl.
Interest payable J. & D.
Bonds will not be
FULTON,
Ky.—BOND SALE DETAILS—We are now informed by
the City Clerk that the $45,000 4% bonds purchased by the Bankers Bond
Co. of Louisville, as noted in these columns in June—V. 144, p. 4050—
are
for
the
purpose
payment date after 30 days notice.
were
sold
sold for less than par.
on a
-i:
$50,000 State of Louisiana
IOWA
McA LISTER, SMITH & PATE. Inc.
Telephone WHitebaU 4-6766
HUBBARD,
Iowa—BOND OFFERING—Elmer
Boeke,
Town
Clerk,
receive bids until 7:30 P. M. July 17 for the purchase of $11,000 town
hall bonds, which are to bear interest at no more than 5%.
The bonds will mature serially from 1939 to 1952, subject to call at any
time.
OSKALOOSA INDEPENDENT SCHOOL DISTRICT (P. O. Oskaloosa), Iowa—BOND OFFERING—Elizabeth C. Hawkins, District Secre¬
tary, will receive sealed and open bids until 8 p. m. on July 21, for the pur¬
chase of a $21,000 issue of high school bonds.
Dated Aug. 1,1937.
Due on
Aug. 1 as follows: $1,000 in 1949 and $10,000 in 1950 and 1951.
Prin. and
int. (F. & A.)
payable at the District Treasurer's office. The bonds and
attorney's opinions are to be furnished by the purchaser.
STORM LAKE, Iowa—BOND ISSUANCE NOT CONTEMPLATED—
In connection with the report given in these columns recently, that an elec¬
tion would be held on Aug. 25 to vote on the issuance of $330,000 in mu¬
nicipal light plant bonds—v. 145, p. 309—we are informed by G. S. Robin¬
City Clerk, that the issuance of bonds is not up at this time.
The ques¬
son,
CHARLESTON, S. C.
GREENVILLE, S. C
Center), Iowa—BOND ELECl
was to
NEW YORK
$7 BROAD STREET
TION POSTPONED—An election to vote on the question of issuing $41,00u
county farm building bonds, which was to have been held on July 12, has
been postponed to July 22.
HORNICK CONSOLIDATED SCHOOL DISTRICT (P. O. Hornlck),
Iowa—BOND OFFERING— It is stated by Frank Becker, District Sec¬
retary, that he will receive bids until 8:30_p. m. on July 16, for the purchase
of a $22,000 issue of refunding bonds.
Interest rate is not to exceed 4%,
payable M. & N.
Due on Nov. 1 as follows: $1.000, 1938 to 1945; $2,000,
1946, and $3,000, 1947 to 1950.
The printed bonds and the approving
opinion of Chapman & Cutler of Chicago will be furnished.
Dated
interest
The bonds
Highway 4s series S due July 1985-56
price to yield 8.75%
v
GUTHRIE COUNTY (P. O. Guthrie
Interest payable J. & D.
basis to yield 4-50%.
WAYNE TOWNSHIP (P. O. Grass Creek), Ind.—BOND OFFERING
—The Township Trustee will receive bids until 10 a. m. July 31 for the
purchase of $15,000 bonds.
CHEROKEE INDEPENDENT SCHOOL DISTRICT (P. O. Cher¬
okee), Iowa—MATLRITY—It is stated by the District Secretary that
the $12,000 building bonds purchased by the Iowa-Des Moines National
Bank & Trust Co. of Des Moines, as 2%s, at a price of 100.75, as noted
in these columns recently—V. 145, p. 308—are due $4,000 from Dec..l, 1950
to 1952, giving a basis of about 2.69%.
of retiring $24,000 outstanding waterworks revenue
bonds and for improvements to the water works.
Denom. $1,000.
June 15, 1937.
Due serially in from 1 to 20 years, callable on any
LOUISIANA
NO. SI (P. O. Lake
Charles), La.—BOND OFFERING—Sealed bids will be received until
10 a. m. on Aug. 4, by H. A. Norton, Secretary of the Parish School
Board, for the purchase of a $50,000 issue of school bonds.
Interest rate
is not to exceed 6%, payable F. & A.
Denom. $500. 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; $4,000, 1948 to 1950.
and $4,500 in 1951 and 1952.
The approving opinion of Thomson, Wood
& Hoffman of New York, on the legality of the issue, will be furnished
by the purchaser, A certified check for 3%, payable to the School Board,
CALCASIEU
must accompany
PARISH SCHOOL DISTRICT
the bid.
EAST CARROLL
AND
PARISH (P. O. Lake Providence), La.—BOND
OFFERING—Sealed bids will be received until
CERTIFICATE
9 A. M. on Aug. 11, by Ashley
W. Warlick, Secretary of the Parish School
Board, for the purchase of the following bonds and certificates aggregating
$78,000, divided as follows:
$50,000 School District No. 8 bonds.
Interest rate Is not to exceed 6%,
Sayable J. & J. Denom. $500. Dated July of Chapman & Cutler
Due from
uly 1,1938 to 1967.
The approving opinion 1, 1937.
of Chicago, will be furnished.
A $500 certified check, payable to
E. D. Schneider, President of the School Board, required.
10,000 Certificates of indebtedness.
Interest rate is not to exceed 6%.
payable F. & A. Denom. $500.
Dated Aug. 1, 1937.
Due from
Aug. 1, 1938 to 1945.
A certified check for $200, payable to the
above President, is required.
Volume 145
18,000 School
Financial
District
A
bonds.
Interest
is
rate
not
6%,
Dated July 1,
FRANKLIN PARISH SCHOOL DISTRICT, WARD NO. 7
(P. O.
Winnaboro) La.—BOND OFFERING—We are informed by John L.
McDuff, Superintendent of the Parish School Board, that sealed bids will
be received until 10 a. m. on Aug. 6, for the purchase of $90,000 school
bonds.
Interest rate to be specified by bidder. Denominations $1,000 and
$500. Dated Sept. 1, 1937. Due from Sept. 1, 1938 to 1957 incl. Prin. and
payable at the office of the School Board in Winnsboro.
Bids must be
A certified check for $1,000 must accompany the bid.
Legality to be approved by Chapman & Cutler of Chicago.
for not less than par.
LOUISIANA
(State
of)—BOND
SALE— The
highway,
$5,000,000
Financial Statement, Aug. 1, 1937
Assessed
Sons, New York; Geo. B. Gibbons & Co., New York; B. J. Van Ingen & Co.,
New York; Darby & Co., New York; Burr & Co., New York; Adams,
McEntee & Co., New York; Charles D. Barney & Co., New York; Otis &
Co., Cleveland; Morse Bros. & Co., New York; Schlater, Noyes & Gardner,
New York; McAllister, Smith & Pate, Greenville; Piper, Jaffay & Hopwood, Minneapolis; Barrow, Leary & Co., Shreveport; Eli T. Watson &
Co., J. N. Hynson & Co., both of New York, and Schmidt, Poole & Co. of
Philadelphia.
The group is paying a premium of $3,300 over par, equal to
100.066, $2,580,000 bonds maturing from 1941 to 1957 to bear interest at
4% and $2,420,000 maturing in 1958, 1959 and 1960 3M%.
The net
interest cost to the State is 3.86089%.
The bonds are dated July 1, 1937 and will mature on July 1 as follows:
$30,000, 1941 to 1943; $34,000,1944; $30,000, 1945 and 1946; $20,000, 1947;
$10,000, 1948; $1,000, 1949; $110,000, 1950; $160,000, 1951 and 1952;
$150,000, 1953 and 1954; $160,000. 1955; $605,000, 1956; $870,000, 1957;
$995,000, 1958; $1,060,000, 1959 and $365,000 in 1960.
OFFERED
FOR INVESTMENT—The successful
group reabove bonds for public subscription, the 4% bonds priced to
yield from 2.30 to 3.80%, according to maturity, while the 3Ms. are being
offered at 101.00.
The bonds are considered general obligations of the
offered the
State, payable
on
full faith and credit pledges.
(The official advertisement of the above reoffering notice appears on
page V of this issue.)
Other tenders for the above bonds were reported to have been as follows:
Second high bid for the bonds was par for $2,580,000 of 4s and $2,420,000
3 Ms.
It was submitted by a sydnicate composed of Blyth & Co.; Chase
National Bank; Chemical Bank & Trust Co.; Lehman Bros.; Stone &
Webster
and
Robinson,
Blodget;
Humphrey
Phelps, Fenn & Co.; Hannahs, Ballin & Lee;
Co.; Wells-Dickey Co.; Marx & Co.; Hibernia
National Bank; Whitney National Bank; National Bank of Commerce, and
American Bank & Trust Co., all of New Orleans; Newman, Harris & Co.;
Scharf & Jones; Nusloch, Baudean & Smith; W. Edward Brosn; Woolfolk,
Huggins &
Shober; Lamar,
Kingston &
Labouisse;
Dane &
Well, Inc.;
Moore & Hyams.
The third bid was 100.02 for $4,075,000 4s and $925,000 3Ms.
It was
submitted by a group composed of Graham, Parsons & Co.; Stranahan,
Harris & Co.; Hemphill, Noyes & Co.; Eastman, Dillon & Co.; Eldredge &
Co.;
Equitable
Securities
Corp.;
McDonald,
Coolidge
&
Co.;
Braun,
Bosworth & Co.; Field, Richards & Shepard; White, Phillips Corp.; Fenner
& Beane; Weil & Co.; Kirchofer & Arnold; Ward, Sterne & Co.: First
National Bank of Montgomery; Frederick E. Nolting; City National Bank
& Trust of Kansas City; Mason & Hagan; Bigelow, Webb &
Co.; Edward
Jones & Co.; Fox, Einhorn & Co.; C. Edgar Honnold & Co.; T. J. Feibleman & Co.; Anagnosti & Wqlker; Pohl & Co.; Wheeler & Woolfolk and
Louisiana Savings Bank & Trust Co. of New Orleans.
MONROE, La .—BONDS DEFEATED—At the election held
July 8
on
—Y. 145, p. 154—the voters refused to approve the issuance of $1,500,000
in various public improvement bonds, and $100,000 in electric transit
syBtem bonds, the count being almost two to one against the issues.
MORGAN CITY, La.—BOND ELECTION— On July 27 an election will
be held for the purpose of voting on a proposal to issue $50,000 water front
bonds.
NEW ORLEANS, La.—BOND CALL—We are informed by Horace P.
Phillips, Secretary of the Board of Liquidation, that the 12th allotment
bonds, bearing 4% interest, consisting of 632 bonds for
$1,000 each and 136 bonds for $500 each, dated July 1, 1892, due on July 1,
1942, are being called for payment on Jan. 1, 1938, on which date interest
of Constitutional
shall
cease.
It is also reported by Mr. Phillips that the Constitutional bonds called
Jan. 1, 1928; Jan. 1, 1935; Jan. 1, 1936. and Jan. 1, 1937, and new
valuation,
1936
$12,604,237.50
Total bonded debt (not including this
issue)
1936 tax levy, $609,838.23; uncollected
575,000.00
July 1, 1937, $51,695.58.
1935 tax levy, $581,388.50; uncollected July
1, 1937, $13,573.15.
1934 tax levy, $580,345.50; uncollected July
1, 1937. $17,645.36.
MARYLAND
CALVERT COUNTY (P. O. Prince
Frederick), Md.—BOND SALE—
on July 13—V.
144, p. 4382—
Baltimore, at a price of 104.13.
a basis of about
2.69%.
Dated July 1, 1937, and due $22,500 on July 1
in 1942 and 1943.
A group composed of the Mercantile Commerce Bank
<fc
Trust Co., Baker, Watts & Co.,
Mackubin, Legg & Co., Stein Bros. & Boyce
The $45,000 3M % lateral road bonds offered
were awarded to W. W. Lanahan &
Co. of
and
series S, coupon or registered bonds offered on July 14—V. 144, p. 4050—
were awarded to a syndicate headed by Halsey, Stuart & Co. of New York
and including the Bancamerica-Blair Corp., New York; E. H. Rollins &
BONDS
481
exceed
to
payable J. & J.
Denom. $500 or $500 and $100.
1937.
Due from July 1, 1938 to 1967.
The approving opinion or
Chapman & Cutler or Chicago, will be furnished.
A $300 certified
check, payable to the President, is required with bid.
semi-annual int.
Chronicle
^Strother, Brogden & Co., all of Baltimore, second high
bidder, bid
Alex. Brown & Sons of Baltimore bid 101.531 for the issue.
CENTREVILLE, Md.—PURCHASER—The
issue of
$66,000 4% electric
plant improvement bonds sold by the city on July 9 at a price of
106, as
reported in these columns—V. 145, p. 309—were awarded to
George M.
Moffett of Centreville, an investor.
KENT COUNTY (P. O.
Chestertown). Md.—HIGHER TAX RATE—
Tax rate for the 1937-38 fiscal year is $1.52
per $100 of assessed valuation,
compared with $1.20 last year.
Total valuation of real and personal
property has been placed at $18,077,285.
Increase in the tax rate is
attributed to heavier requirements in the
budget for maintenance of roads
and payment of maturing bond
principal and interest.
Moreover, the
total appropriations of $286,831.94 includes
provision for a reassessment
of all real and personal property, which will be
conducted in the latter
as
part of September.
MARYLAND (State of)—BOND
OFFERING—Hooper S. Miles, State
Treasurer, will receive sealed bids until noon on Aug. 10 for the
purchase
of $3,408,000 2M% coupon, registerable as to
principal only, certificates
of indebtedness, comprising two issues, each of which is
designated "General
Bond Issue of 1937" and will be sold pursuant to the terms
and provisions
contained in Chapter 487 of the Acts of the
Maryland General Assembly of
1937.
The offering consists of:
$2,508,000 bonds, dated Aug. 15,1937 and due Aug. 15 as follows:
$161,000.
1940; $165,000, 1941; $170,000, 1942; $175,000, 1943;
$181,000
1944; $186,000, 1945; $192,000, 1946; $198,000,
1947; $204,000
1948; $210,000, 1949; $216,000, 1950; $222,000,
1951. and
$228,000 in 1952.
Interest payable F. & A. 15.
900,000 bonds, dated June 15, 1937 and due June 15 as follows: $58,000
1940; $59,000,1941; $61.000,1942; $63,000,1943;
$65,000, i944
$67,000, 1945; $69,000, 1946; $71,000, 1947;
$73,000, 1948
$75,000, 1949; $77,000, 1950; $80,000 in 1951, and
$82,000 in
1952.
Interest payable J. & D. 15.
The sale of this issueiwas
postponed on June 8.
All of the bonds will be issued in denoms. of $1,000.
Both principal and
Interest will be exempt from the Federal income
tax, and from State, county
and municipal taxation.
Proposals must be accompanied by 5% of the amount bid
for, payable to
the order of the State Treasurer.
Payment for and delivery of the bonds
to be made on Aug. 16, 1937, at the State Treasurer's office.
With respect
to the legality of the loans, the official call for bids states:
"It is one of the
terms of this offering that the bonds when issued will
be the legal and valid
binding obligations of the State.
The opinion of the Attorney-General of
Maryland and the opinions of Ritchie, Janney, Ober & Williams, and Mullikin, Stockbridge & Waters to this effect will be delivered to the successful
bidder.
Bidders may, if they wish, make the
legality and validity of the
bonds one of the terms of the bid by making the bid
'Subject to legality' or
using any equivalent form of expression, but without leaving this question
to the decision of the bidders or their counsel.
All bids conditioned
upon
the approval of bidders or counsel, whether named or
unnamed, will be
treated as conditional bids and rejected, unless the condition
is waived by
the bidder to the satisfaction of the Board before the award has been
made."
MARYLAND,
State
of—BOND
ISSUE
BILL
HELD
VALID—The
State Court of Appeals in an opinion rendered
by Chief Justice Bond,
ruled that the $1,000,000 State bond issue bill passed
by the 1937 Legis¬
lature for construction of a State office building In
Annapolis is constitntional and not subject to a popular referendum.
The Court held the Act was outside the scope of the section of
the Con¬
stitution permitting legislative enactments to be referred to the
people.
The decision of the Court had the effect of lifting an injunction
restraining
sale of the bonds and removes all barriers, which leaves the
sale of the bonds
way clear for
as
scheduled by the Board of Public Works.
on
public improvement bonds called on Jan. 1, 1935 and Jan. 1, 1937, have
not been presented for payment as yet.
WRICHLAND PARISH ROAD DISTRICT NO. 1 (P. O. Rayville), La.
—BONDS SOLD—It is reported that $48,000 6% semi-annual
refunding
bonds were purchased by the A. M. Smith Investment Co. of New Orleans.
VERMILLION PARISH SCHOOL DISTRICT ^P. O.
Abbeville), La.
—MATURITY—We are now informed that the $20,000 Maurice School
District No. 2 bonds purchased on July 1 jointly by Charles F.
Boagni,
and the Planters Trust & Savings Bank, both of Opelousas, as
4Ms, at a
price of 101.007, as noted here recently—V. 145, p. 309—are due on July
1 as follows: $500, 1938 and 1939; $750, 1940 to 1945; $1,000, 1946 to 1950;
$1,250, 1951 to 1954, and $1,500, 1955 to 1957. giving a basis of about
4.64%.
VERNON
PARISH
lP.
O.
Leesville),
MASSACHUSETTS
BRISTOL COUNTY (P. O. Taunton), Mass.—NOTE OFFERING—
W. Kilroy, County Treasurer, will receive bids until 10
A. M.
(Daylight Saving Time) July 20 for the purchase at discount of $200,000
tax anticipation temporary loan notes.
Ernest
The notes will be in denominations of six at $25,000, four at
$10,000 and
at $5,000, dated July 21, 1937 and payable Nov.
17, 1937, at The
National Shawmut Bank of Boston, in Boston,
Massachusetts, and will be
two
ready for delivery on or about July 21.
They will be certified as to genuineness and validity by The National
Shawmut Bank of Boston, under advice of Ropes, Gray,
Boyden & Perkins,
and all legal papers incident to this issue will be filed with said
bank, where
they may be inspected.
Financial Statement
La.—BOND ELECTION—An
election is scheduled for July 20 at which a proposition to issue
$50,000
school debt funding bonds will be submitted to a vote.
as
of July 1, 1937
Assessed valuation 1935
$396,211,656.00
396,211,656.00
396,211,656.00
Assessed valuation 1936
Assessed valuation 1937
Net bonded debt
MAINE
AUBURN,
$20,000
construction
awarded to the Peoples Savings Bank of Lewiston, as 2s at
par,
viously reported—V. 145, p. 309— were also bid for as follows:
Bidder—
Int. Rate
Frederick M. Swan & Co
bonds
as
pre¬
Kennedy, Spence & Co
E. H. Rollins & Sons
Jordan-Lavin & Co
—-
100.147
Par
100.64
2H%
100.512
100.50
100.55
2M%
2M%
2M%
100.26
100.37
BRUNSWICK, Mo.—FINANCIAL STATEMENT—'The following is
given in connection with the recent sale of $35,000 sewer bonds to H. M.
Payson & Co. of Portland as 2Ms at 100.57, a basis of about 2.44%—
V. 145, p. 309:
Financial Statement April 1,1937
Liabilities—
Temporary loans, First National Bank
Bond issue of 1894, $1,000 due yearly
Bond issue of
Bond issue of
1902, §1,000 due yearly
1914, $1,000 due yearly, commencing
1945
Bond issue of 1922, $2,000 due
yearly
Funded note issue of 1936, $1,000 due yearly
__
Resources—
Uncollected taxes, April 1, 1937
Trust participation certificate No.
Balance in treasury, April 1,1937
-
on
$1,000.
Number of polls,
2,027.93
$47,971.49
Rate of taxa¬
1,751.
WATERVILLE, Mo.—BOND SALE—The $50,000 3M%
bonds offered on July 15 were awarded to Frederick M.
coupon
funding
Swan & Co. of
Boston at a price of 106.719, a basis of about 3.05%.
Denom. $1,000.
Dated Aug. 1,1937. Principal and semi-annual Interest
(Feb. 1 and Aug. 1)
payable at the First National Bank of Boston. Due Aug. 1,1957.
to the National
a
p.
1937
$554,662.09
water
bonds
sold
Shawmut Bank of Boston
as l^s at a price of
100.058,
previously reported in these columns—V. 145,
309—were also bid for as follows:
basis of about 1.48%, as
Bidder—
Int. Rate
Rate Bid
Newton, Abbe & Co
1H%
100.01
Home National Bank of Brockton.-
1H%
1M%
Par
100.648
1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%
1M%
100.592
100.59
100.57
100.57
Burr & Co., Inc
First Boston Corp
Tyler & Co
Brockton
-----
National
Bank
Brown Harriman & Co
Edward B. Smith & Co
Bancamerica-Blair Corp
R. L.Day & Co
First National Bank of Boston
15,000.00
14,000.00
10,000.00
$51,500.00
real and personal estates, 1936, $4,658,802.
per
None
Whiting, Weeks & Knowles
3'528-51
Valuation
None
Washburn & Co
Corporation debt, April 1, 1937
tion, 1936, $2.80
1936
$502,025.00
Goldman, Sachs & Co
H. O. Wainwright & Co
$3,500.00
1,000.00
8,000.00
$1,323.32
177.26
662-—-
$481,848.00
Tax levy
Uncollected
BROCKTON, Mass.—OTHER BIDS—The $30,000
Rate Bid
2M%
2M%
2M%
2M%
Merchants National Bank of Boston
H. M. Payson & Co
Arthur Perry & Co
Estabrook & Co
128,000.00
1935
Mo.—OTHER*BIDS—The
Frederick M. Swan & Co
Estabrook & Co
BUZZARD'S
BAY
—
100.519
100.516
100.49
100.484
100.453
100.441
100.42
100.394
100.37
100.19
WATER
DISTRICT (P. O.
Buzzard'. Bay),
Ma...—BOND OFFERING—Marguerite H. Cook, District Treasurer, will
receive bids until noon (Daylight Saving Time) July 22 for the purchase
at not less than par of $150,000 coupon bonds.
Bidders are to specify1
rate of interest, in a multiple of M%. Denom. $1,000. Dated Aug.
1, 1937.
Principal and semi-annual interest, payable at the Buzzard's Bay National,
Buzzard's Bay, or at the Merchants National Bank, Boston, at holder's
option. Due on Aug. 1 as follows: $6,000, 1940 to 1954; and $5,000, 1955
to 1966.
The bonds will be prepared under the supervision of and certified
as to their genuineness by the Merchants National Bank of
Boston, and
their legality will be approved by Storey, Thorndike, Palmer &
Dodge of
Boston, whose opinion will be furnished to the purchaser. Delivery to be
made at the Merchants National Bank of Boston.
Legal papers incident
to the issue will be filed with the bank, where they may be
inspected.
EVERETT, Mass.—OTHER BIDS—The following is
a
complete list-of
the other bids submitted at the recent sale of $450,000 revenue
anticipation
Financial
482
motes
the
to
Second
National
Bank
of Boston,
0.817%
previously reported in these columns.—V. 145, p. 310:
at
discount,
Discount
Bidder—
National Shawmut Bank
Everett National Bank
—
Merchants National Bank
Jackson & Curtis
Brown Harriman & Co
First National Bank of Boston
Leavitt & Co
Leavitt & Co
Middlesex
County National Bank
Faxon & Co
E. H. Rollins & Sons
For New York delivery;
a
GARDNER.
*
.
Chronicle
0.83%
0.834%
0.84%
0.849%
0.855%
0.86%
aO.863%
bO.878%
0.87%
0.88%
0.89%
OFFERING—G.
Amasa
Whiney,
City
Treasurer, will receive bids until 11 a. m. (Daylight Saving Time) July 19
Dated July 1, 1937. Principal and semi-annual interest (Jan. 1 and July 1)
payable at the National Shawmut Bank of Boston.
Due $10,000 yearly
July 1 from 1938 to 1941.
Bonds are engraved under the supervision of and authenticated as to
•on
genuineness by The National Shawmut Bank of Boston; their legality will be
approved by Ely, Bradford, Thompson & Brown, whose opinion will be
furnished the purchaser. All legal papers incident to this issue will be filed
with the bank where they may be inspected.
Bonds will be delivered to the purchaser at The National Shawmut
Bank of Boston, 40 Water Street, Boston.
$21,500,663.00
354,250.00
5,500.00
Water bonds
397,163.00
Borrowing capacity under Chap. 44, General Laws
Population.
20,397
HOLYOKE, Mass.—NOTE SALE—An issue of $350,000
revenue
antici¬
pation temporary loan notes was awarded on July 14 to Leavitt & Co. of
New York on a .539% discount basis.
Dated July 14, 1937 and payable
Dec. 21, 1937.
The Merchants National Bank of Boston bid .56% dis¬
100 522
100.393
Newton, Abbe & Co
Whiting, Weeks & Knowles
100.37
100.347
First Boston
100.341
.
E.
Rollins
H.
Second
0.59%
—
—
Sons...
Bank of Boston.
&
-
National
Discount
0.58%
__
—
Co
&
Faxon
.-.v.
Curtis
&
Whiting, Weeks & Knowles
First National Bank of Boston.-
0.60%
0.65%
0.66%
0.70%
Financial Statement July 9,1937
Valuation
1936
.$84,471,330
$169,870.42
175,937.39
Tax titles
Valuation 1936-83,514,150
Borrowed against
Total uncollected taxes previous to 1934—$14,294.24.
1934
1935
1936
-
1937
$2,461,094.69 $2,356,617.20 $2,330,743.45 $2,200,658.25
8,113.40
22,666.99
128,419.98 *2,003,904.96
Levy.
Uncoll'tedtodate
*8.9% coll.
anticipation notes outstanding against:
300,000 (not incl. this issue).
Cash balance—$437,029.26.
Tax
100.313
Tyler &
100.299
Co.
Brown Harriman & Co
MEDFORD, Mass.—BONDS AUTHORIZED—The Board of Aldermen
July 1 authorized a bond issue of $727,000 for a new addition to a school
MEDFORD, Mass.—OTHER BIDS—The $263,000 municipal relief and
highway department equipment bonds awarded June 18 to the National
Bank of Boston, as 2s, at a price of 100.177, a basis of about
1.96%, as previously reported—V. 144, p. 4219, were also bid for as follows:
Bidder—
Int. Rate
Rate Bid
Lazard Freres& Co., Inc. and Goldman, Sachs & Co.
2%
100.159
Halsey, Stuart & Co., Inc
2K%
100.80
Estabrook & Co. and R. L. Day & Co
2<
100.78
Brown Harriman & Co., Inc
2lA%
100.699
Harris Trust & Savings Bank
2M %
100.687
Frederick M. Swan & Co
2100.67
Whiting, Weeks & Knowles—
2M %
100.639
Kidder, Peabody & Co. and Newton, Abbe & Co—
2h%
100.137
Shawmut
—
METHUEN, Mass.—NOTE SALE—The issue of $100,000 notes offered
July 16 was awarded to the Second National Bank of Boston, at 0.806%
Dated July 16, 1937 and due $50,000 each on June 10 and July 8,
discount.
■/
MIDDLESEX
COUNTY
O.
(P.
East
Cambridge).
Mass.—NOTE
OFFERING—Charles E. Hatfield, County Treasurer, will receive sealed
bids until 11 a. m. (Daylight Saving Time) on July 20 for the purchase at
discount of $80,000 court house loan notes, issued under Chapter 50, Acts
•of 1937.
Dated July 20, 1937 and payable May 20, 1938.
Denoms.
revenue notes was
awarded to the Merchants National Bank of Boston on a
,58%discount basis. The notes mature $10,000 on each of the dates Nov. 15
1937.
WINCHENDON, Mass.—OTHER BIDS— Other bids for the $50,000
notes awarded
recently to R. L. Day & Co. of Boston, at 0.64%, as pre¬
viously reported, were as follows:
Discount
Bidder—
Mansfield & Co
COUNTY
(P.
O. Dedham), Mass.—OTHER BIDS—
$75,900 tuberculosis hospital maintenance notes awarded July 6 to
County Trust Co. of Dedham, at 0.53% discount, as previously
■reported, were also bid for as follows:
Bidder—
Discount
Merchants National Bank of Boston
0.59%
Second National Bank
WORCESTER, Mass.—BOND SALE—The $547,000 bonds offered on
were awarded to Edward B. Smith & Co. of New York and Wash¬
15£s, at a price of 100.77, a basis of
burn & Co., Inc. of Boston, jointly, as
about 1.60%.
The sale consisted of:
$308,000 trunk sewer bonds.
Due July 1 as follows: $31,000 from 1938 to
1945 incl. and $30,000 in 1946 and 1947.
140,000 Water bonds.
Due $14,000 on July 1 from 1938 to 1947 incl.
64,000 Municipal relief bonds.
Due July 1 as follows: $7,000 from 1938
to 1941 incl. and $6,000 from 1942 to 1947 incl.
35,000 Water bonds.
Due $7,000 on July 1 from 1938 to 1942 incl.
Each issue is dated July 1, 1937.
Debt Statement and Borrowing Capacity July 10, 1937
Average valuation less abatements for 1934,
1935 and 1936
-—$284,118,150.00
Debt limit 2H % of the same
$7,102,953.75
Total bonded debt
$10,877,300.00
Exempt—
:
v-"
..'"•■•Av.
,'-A''-Vv;
Park debt
$250,000.00
Memorial auditorium debt
838,000.00
Water debt (serial)..
2,647,300.00
Relief debt
2,544,000.00
Financial year adjustment loan._
648,000.00
Flood damage loan
200,000.00
7,127,300.00 '
$3,750,000.00
Total sinking funds
—
Less: Park loan fund
0.62%
0.62%
—
0.63%
0.635%
0.647%
.Jackson & Curtis
First National Bank of Boston
Second National Bank of BostonFirst Boston Corp
Faxon & Co
.
0.66%
0.66%
SALEM, Mass.—ADDITIONAL BIDS—In addition to those reported
previously in these columns, the following other bids, all for 1%b, were
:submitted for the $45,000 Derby Wharf Memorial bonds awarded July 3
to the Salem Five Cents Savings Bank of Salem, as IKs, at a price of
100.289. a basis of about 1.40%:
Bidder—
Rate Bid
Estabrook & Co
100.568
180,132.96 3,569,867.04
$3,533,086.71
Information
Real, personal, poll and motor vehicle taxes committed for collection fo
1936 amount to $10,714,705 of which $9,947,713 or over 92% has been
collected to the close of business July 7, 1937.
Taxes of 1935 of all kinds outstanding at the close of business June 30,
1937, $18,348 or less than 2-10ths of 1% of the total committed.
Real
estate taxes for 1935 were over 99.9% collected as of the same date.
Taxes of 1934 of all kinds outstanding at the close of business June 30,
1937, $1,928 or less than l-10th of 1% of the total committed.
Real estate
taxes are all collected for 1934.
No taxes of any kind for 1933 or previous years remain unpaid.
Tax rate: 1935, $35.80; 1936, $35.80; 1937, $37.20.
Valuation for 1937 including estimated valuation of motor vehicles
$285,000,000.00.
After deducting water debt and sinking funds from total debt, based
on 1930 census figures of 195,311, the per capita bonded debt of Worcester
was, on July 10, 1937, $39.94.
The net bonded debt figured in this way is
$7,799,867 which is a net bonded debt of 2.74% of the 1937 valuation above
mentioned.
We invite comparison of our per capita debt with the per
capita debt of other cities in the country of comparative size.
Our sinking funds on July 10, 1937, were
debt which they are to pay be $180,132.
$430,132 and they exceed the
During the year 1937 to date Worcester has paid off $1,743,200 in bonds
and has issued $671,000 including this issue.
A total of $2,306,700 in bonds
will be paid off during 1937.
We
Buy for Our Own Account
MICHIGAN MUNICIPALS
Cray, McFawn & Company
DETROIT
Telephone CHierry 68211
A.
T.
T.
Mich.—TENDERS
TAUNTON, Mass.—BOND SALE—The issue of $50,000 municipal relief
.bonds offered on July 13—V. 145, p. 310—was awarded to Edward B.
Smith & Co. of York, as
at a price of 100.12, a basis of about 1.725%.
Due $5,000 annually.
also
was
made
on
July
13 of $200,000 revenue
.anticipation notes to the Merchants National Bank of Boston, at 0.57%
discount.
Dated July 15, 1937, and due Dec. 15, 1937.
as
follows:
Bidder—
National Shawmut Bank
Leavitt & Co—
—
__
-
— -
First National Bank of Boston.
Eaxon & Co
Rollins & Sons.
Discount
0.59%
0.619%
0.63%
Whiting, Weeks & Knowles
0.68%
—,.i'->---_---—_0.72%
0.73%
—
.
347
WANTED—H. H. Corson, City
maturing
Oct.
1,
1940.
Offerings should state the certificate numbers
will be sold to the city, and
their par value and the amount for which they
should be firm for 15 days.
SPECIAL ASSESSMENT BONDS IN DEFAULT—According to the
City Treasurer, special assessment bonds in the amount of $258,688 are
default as to both principal and interest.
The bonds constitute the
obligations of 54 special assessment districts and the city is segregating
all collections for the benefit of the holders of bonds of each of the affected
districts.
Mr. Corson is of the opinion that no protective committee has
been formed in connection with the default, adding that the outlook for
payment of the indebtedness is seriously handicapped by State enactments
affecting the collection of special assessments.
in
BLOOMFIELD, TROY, ROYAL OAK AND SOUTHFIELD TOWN¬
FRACTIONAL SCHOOL DISTRICT NO. 1
(P. O. Birming¬
ham), Mich.—TENDERS WANTED—John H. Rosso, District Treasurer,
SHIPS
March 2, 1936.
Offerings should
describe securities offered, giving
SAUGUS, Mass.—NOTE SALE—An issue of $50,000 revenue notes,
due July 12, 1938, was sold on July 6 at 0.86% discount.
NOTE SALE—Award
DET
Treasurer, will receive until 2 p. m. (Eastern Standard Time) on July 23
sealed tenders of 1935 certificates of indebtedness dated Oct. 1, 1935, and
will receive until 4 P. M. on July 21 sealed tenders
of outstanding 1936 refunding bonds, of series A.
100.066
100.038
Ballou, Adams & Whittemore
Whiting, Weeks & Knowles
Tel.
MICHIGAN
BIRMINGHAM,
100.53
100.498
—-
Mansfield & Co
E. H.
$430,132.96
250,000.00
100.34
R. L. Day & Co
•Goldman, Sachs & Co
were
-
Borrowing capacity within debt limit
NORFOLK
National Shawmut Bank
Discount
July 14
The
Whiting, Weeks & Knowles
Bidder—
National Shawmut Bank
0.67%
0.81%
-0.675% Merchants National Bank—0.82%
0.685% Chase, Whiteside & Co
0.82%
Jackson & Curtis
0.79%
0.83%
0.80%
First National Bank
E. H. Rollins & Sons
Faxon & Co
$25,000 (two) and $10,000 (three).
These notes are exempt from taxation
and will be engraved under the supervision of and au¬
thenticated as to genuineness by the First National Bank of Boston, and
their legality will be approved by Ropes, Gray, Boyden & Perkins, Boston,
whose opinion will be furnished the purchaser.
The original opinion and
.complete transcript of proceedings covering all details required in the proper
issuance of the notes will be filed with the First National Bank of Boston,
where they may be inspected.
Notes will be delivered on or about Wednes¬
day, July 21, 1937, at the First National Bank of Boston, 17 Court Street
•office, Boston, against payment in Boston funds, and will be payable at
maturity at the First National Bank of Boston, Boston, or at the Central
Hanover Bank & Trust Co. in New York City.
the Norfolk
15 an issue of $20,000
and Dec. 15,
in Massachusetts
Other bids
100.172
Goldman, Sachs & Co...
Taxes and Other
building.
1938.
100.29
100.219
Merchants National Bank of Boston
1936, $250,000; 1937* $1-
•on
-on
Corp,
First National Bank of Boston
Other bids were as follows:
Jackson
100.847
100.667
Lazard Freres & Co
Estabrook & Co
^
count.
<i;i
Rate Bid
Bidders (All for 2 % Bonds)
Kennedy, Spence & Co
Corp
Financial Statement, June 15, 1937
Net valuation for year 1936 (real estate and personal)
Total gross debt (including this issue)
7
submitted for the bond issue:
were
TOWNSEND, Mass.—NOTE SALE— On July
for the purchase at not less than par of $40,000 coupon water system bonds.
Bidders are to specify rate of interest, in a multiple of }4 %. Denom. $1,000.
Bidder—
bids
Bancamerica-Blair
b for Boston delivery.
Mass.—BOND
July 17,
The following other
as
must cover
for sale to the township
B. C. D and E, dated
be firm for 15 days and tenders should
series number and letter.
Prices asked
Sept. 2, 1937 and subsequent coupons attached to the bonds.
ECORSE,
Mich.—BOND
CALL—Don
H. Beckmann, Village Clerk,
the call for redemption at the Detroit Trust Co., Detroit, on
Aug. 1, 1937; on which date interest will cease to accrue, 5% series E re¬
funding bonds in the principal amount of $668,000, dated Feb. 1, 1934
and due Feb. 1, 1964.
announces
Mich.—BOND SALE—Thd $35,000 special assessment
bonds offered June 21—V. 144, p. 4219—were awarded
$21,000 to the Fremont State Bank, and $14,000
to the Old State Bank, Fremont.
No other bid was made.
The bonds
are dated June 1,1937 and mature $7,000 on June 1 from 1938 to 1942 incl.
FREMONT,
street improvement
as
5s, at
par, as follows:
GROSSE ILE TOWNSHIP (P.
O. Grosse lie), Mich.—BONDS SOLD—
bonds which, tipgether with $22,000
3, has since been sold. The
Of the $15,000 water supply
likewise unsuccessfully offered last January, a
The issue of $21,000 series A refunding
series B, was offered without success on May
issue is due serially from 1938 to 1945 incl.
system bonds which were
block of $6,300 has been sold.
Volume
Financial
145
MACKINAC
COMMISSION,* Mich.—PWA
BRIDGE
STRAITS
REFUSES BRIDGE LOAN—The Commission's request for a loan
000,000 for construction of k bridge across Mackinac Straits
has been turned down by the Public Works Administration.
of $30,-
in Michigan
...
483
Chronicle
JACKSON
TOWNSHIP
Ravenwood),
O.
(P.
DE¬
Mo.—BONDS
on July 8—V. 145, p. 156-—the voters de¬
proposal to issue $125,000 in road improvement bonds.
FEATED—At the election held
feated
a
ST.
LOUIS
COUNTY
(P.
O.
Clayton), Mo.—BOND ELECTION—
It is stated by W. E. Miller, County Clerk
that the County Court
an election for Aug.
17 in order to have the voters pass on
issuance of $800,000 in bonds to be used for debt retirement.
(P. O. Mount Clemens), Mich.—BOND CALL—
The following bonds and certificates of indebtedness have been called for
payment at the Detroit Bank of Detroit, on Aug. 16:
Series B refunding bonds, numbers 12, 36, 49, 75 and 130.
Interest refunding certificates numbers 6, 21, 32,41,44, 50, 55, 61, 62, 70
election
and 75.
has
the
school building bonds will be voted upon.
P MACOMB COUNTY
No further interest will be paid on the above
Aug. 15, 1937 coupon.
Interest coupons must accompany securities
WATERSMEET TOWNSHIP
SALISBURY
was
to
SCHOOL
be held
on
Mo.—BOND
DISTRICT,
ELECTION—An
$48,000*
July 16 at which a proposal to issue
when presented for payment.
SCHOOL DISTRICT
OFFERING—As
Mich.—BOND
meet),
the
obligations other than
ordered
previously
OFFERINGS ' WANTED
(P. O. Waters-
reported
in
UTAH—IBAHO-HEVADA—MONTANA—WYOMING
these
columns—V. 145, p. 310—P. H. Untiet, Secretary of the Board of Educa¬
tion, will receive bids on July 22 for the purchase of $50,000 5% coupon
school building and equipment bonds.
The hour to which bids will be
accepted is 7 p. m., not 8 p. m. as stated in the earlier report.
Denom.
$1,000. Dated July 1, 1937. Principal and semi-annual interest (Jan. 1 and
July 1) payable at the Ironwood Branch Metals National Bank of Hancock,
in Ironwood.
Legality of the bonds is approved by Wm. S. Baird, of
Bessemer. No certified check is required.
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT LAKE
Wasatch
Phone
CITY
Teletype: SL K-372
Bell
3221
MINNESOTA
BERTHA, Minn.—WARRANT SALE DETAILS—It is now stated
by the Village Recorder that the $17,500 Sewer Improvement District
1 warrants purchased by Kalman & Co. of St. Paul, as noted here
recently—V. 145, p. 310—were sold as 3^s at a price of 100.05, a basis
of about 3.49%.
Due from Jan. 1, 1939 to 1947 inclusive.
No.
DETROIT
Minn .—CERTIFICATE
LAKES,
OFFERING—As
pre¬
viously reported in these columns, E. J. Bestick, City Clerk, will receive
bids until 8 P. M. July 19 for the purchase of $12,500 2% certificates of
indebtedness.
Denoms. 10 for $1,000 and 5 for $500.
Dated July 15,
1937.
a
1939.
Due July 15,
FLOODWOOD
recent
SCHOOL
Minn.—BONDS VOTED—At
construction of an
DISTRICT,
special election a proposed $50,000 bond issue for
addition to
a
high school building was approved by the voters.
(P. O. Minneapolis), Minn.—BOND SALE—
HENNEPIN COUNTY
court house repair and improvement bonds offered on
July 12—V. 145, p. 156—were awarded to the Northwestern National Bank
& Trust Co. of Minneapolis at par plus a premium of $406.50, equal to
102.0325, a basis of about 1.97%.
Dated July 1, 1937.
Due $4,000 yearly
on July
1 from 1939 to 1943, incl. Piper, Jaffray & Hopwood of Min¬
neapolis were second high bidders, offering a premium of $240.
The $20,000 2H%
HIBBING, Minn.—BONDS OFFERED LOCALLY—The village is offer¬
ing an issue of $20,000 3% sewer system construction bonds for local popu¬
lar subscription.
Denom. $500.
No more than $2,500 bonds will be sold
to any one individual.
SCHOOL
LAKEVILLE
DISTRICT,
Minn.—BONDS
July 6 the voters of the district approved a proposal to issue
building bonds.
VOTED— On
$42,000 school
PINE COUNTY (P. O. Pine City), Minn.—BONDS AUTHORIZED—
The County Board recently passed a resolution authorizing the issuance of
$50,000 old
age
ST.
SOUTH
PAUL,
Due in 20 years.
9,200 District No. 306 bonds.
Due in 20 years.
6,200 District No. 307 bonds.
Due in 10 years.
4,200 District No. 310 bonds.
Interest rate is not to exceed 6%, payable J. & J.
Denom. $100.
Dated
Sept. 1, 1937.
The bonds will be sold and issued in accordance with
Section 5249, R. C. Montana 1935, as amended by Chapter 23 of the
Laws of the 25th State Legislature, and Section 5250, R. C. Montana, 1935,
and will be redeemed from the proceeds of a special assessment against all
of the property in the special improvement districts, and are guaranteed,
both as to principal and interest, by general property tax, as provided by
the statutes.
(This report supersedes the offering notice given in our issue
COUNTY
CASCADE
Falls),
SCHOOL
L.
Minn.—BOND OFFERING—E.
of the following 4% coupon bonds:
$50,000 trunk sewer bonds.
Due $5,000 yearly on Jan.
Sloan, City
less
1 from 1938 to
1947.
16,000 fire equipment bonds.
Due $1,500 yearly on July 1 from 1938
1945 and $2,000 on July 1 in 1946 and 1947.
Denom. $500.
Dated July 1, 1937.
Interest payable Jan. 1 and July
Certified check for 2% of amount of bid required.
to
OFFERING—Arthur
Mont.—BOND
Wanted:
& MISSISSPIPI
ENNIS
SCHOOL
DISTRICT
NO.
52,
Mont.—BOND OFFERING—
GALLATIN COUNTY HIGH SCHOOL
DISTRICT (P. O. Bozeman),
building bonds offered
by the State Board of
for sale on July 12—V. 145, p. 156—was purchased
Land Commissioners, as 4s at par, according to the
GARFIELD
COUNTY
O. Jordan), Mont.—BOND
(P.
HAVRE, Mont.—MATURITY—It is now reported by the City Clerk
bonds purchased at par by the Public
last April, are due in 20 years.
that the $90,000 4% gas distribution
Works Administration, as noted here
LEWISTOWN,
has
passed
a
Mont.—BONDS
AUTHORIZED—The City Council
$140,000 water system
resolution authorizing the issuance of
bonds.
ROOSEVELT COUNTY SCHOOL
DISTRICT NO. 16 (P. O. Bain-
on
L<and Commissioners, as 4s, at par, taking it as one
the amortization plan in 10 years.
LA.
MISSISSIPPI
proposition to issue $85,000 refunding
Miss.—BOND OFFERING—
sealed bids will be received until Aug. 2, by the Clerk of
Supervisors, for the purchase of an issue of $l0O,OOO industrial
building bonds.
Due serially to 1956.
These bonds were authorized by
the Industrial Development Act of 1936 and were approved by the voters at
the election on May 1.
We understand that general taxes by three dis¬
tricts in the county will be used for the payment of these bonds.
NEW
It is reported that
the Board of
BRANCH, Miss.—BOND OFFERING—It is reported that sealed
Clerk for the pm-chase of a
bids will be received until Aug. 3 by the City
$15,000 issue of sewer and street bonds.
(P. O. Greenville), Miss.—ROAD BOND
is said that the County Supervisors
ISSUANCE CONTEMPLATED—It
planning to issue $250,000 in bonds to build a county system of farmers'
roads.
It may be found necessary to hold an election on this proposal if
protests are filed by taxpayers before Aug. 2 .
are
CITY, Miss —BONDS SOLD—J. B. Cobb, City Clerk, states
$18,000 3% street intersection refunding bonds authorized on
noted here—V. 145, p. 156—were purchased on June 28 by
the Delta National Bank of Yazoo City, and the Bank of Yazoo City, at
par.
Dated Aug. 1. 1937.
Due $3,000 from 1941 to 1946 incl.
Prin.
and Int. (P. & A.) payable at the City Treasurer's office.
the
as
WEARE, N. H.—BONDS VOTED—At a recent town meeting
voted to authorize the Selectmen to issue $25,000 refunding
NEW JERSEY
PARK, N. J.—TAX COLLECTIONS—Current taxes col¬
lected during the first 5 months of 1937 amounted to $302,108.43, a&
as compared with $254 614.44 in the same period last year.
Delinquent
payments reached $253,080.25, compared with $214,457.32 in 1936.
ATLANTIC
Markets in all
COUNTY
(P.
O.
Atlantic City),
N. 3.—BOND RE¬
Freeholders on July 14 officially
bonds was completed. A reso¬
lution was passed to the effect that all except two bonds of $1,000 each had
been exchanged for new refunding bonds and that the holders of these
FUNDING COMPLETED—The Board of
the refunding of $3,307,000
declared that
bonds could make the
exchange any time.
BROOK, N. J.—BOND SALE—The $167,000 coupon or re¬
gistered bonds offered on July 13—V. 145, p. 157—were awarded to B. J.
Van Ingen & Co., Inc. and MacBride, Miller & Co. of Newark,
jointly,
as
2%s, at a price of 100.069, a basis of about 2.74%.
The sale conBOUND
ted of*
$147,000 General improvement bonds.
Due Aug. 1
from 1938 to 1951 incl. and $7,000 in 1952.
BONDS
State, County & Town Issues
as
20,000 Sanitary sewer assessment bonds.
Due $4,000
1938 to 1942 incl.
Each issue is dated Aug. 1,
Other bids were as follows:
LANDRETH
MISSOURI
BARNARD-BOLCKOW
Mo.—BONDS SOLD
refunding
bonds
DRAINAGE DISTRICT (P. O. Mayville),
reported that $61,500 4% semi-ann.
TO RFC—It is
have
been
Corporation.
Dated Feb.
Trauernicht, of St. Louis.
purchased by the Reconstruction
1,
1937.
Legality
approved
by
Finance
Charles &
3%
Kean, Taylor & Co
Colyer, Robinson & Co
3.10%
3.20%
Campbell, Phelps & Co
BUILDING, ST. LOUIS. MO.
3.20%
Granberry & Co
Ira Haupt & Co
J. S. Rippel & Co
R. K. Webster & Co
H. L.Allen & Co
C. A. Preim & Co
Minsch, Monell & Co., Inc
First National Bank, Bound Brook
H. B. Boland & Co
Edward Lowber Stokes & Co
follows: $10,009
on Aug.
1937.
Int. Rate
Bidder—
A. C. Allyn & Co., Inc
SCHERCK, RICHTER COMPANY
the tax¬
notes.
ASBURY
s is
MISSOURI
HAMPSHIRE
payers
CONSOLIDATED SCHOOL
DISTRICT (P. O. Skene),
5K % refunding bonds
purchased recently by Saunders & Anderson of Memphis.
14,
Neb.—BOND ELECTION
the voters will pass on a
bonds.
PITTSFIELD, N. H.—NOTE SALE—Richard B. Bartlett. Town Select¬
informs us that an issue of $10,000 3% road and sidewalk construction
notes was sold June 1 to the Pittsf ield Savings Bank at a price of par.
Dated
June 1, 1937.
Denom. $1,000.
Due $1,000 annually. Interest payable
J. & D.
(The previous report in these columns described the obligationsas being bonds.—V. 145, p. 157.)
SKENE
June
single bond, payable
man,
Miss.—BONDS SOLD—It is reported that $5,000
that
O.
(P.
52
NEBRASKA
SCOTTS BLUFF COUNTY (P. O. Gering).
scheduled for Aug. 3 at which
YAZOO
NO.
DISTRICT
SCHOOL
COUNTY
Raymond 6409
WASHINGTON COUNTY
SALE—The
$25,000 issue of refunding bonds offered on July 12—V. 145, p. 157—wereawarded to the State Board of Land Commissioners on a bid of par for 4s.
This was the only bid received.
STILLWATER
O. 182
JACKSON COUNTY (P. O. Pascagoula),
Secretary of the Board
of Trustees.
—An election is
were
Certi¬
Absarokee), Mont.—BOND SALE—The $5,500 issue of gymnasium bonds
4052—was awarded to the State Board
NATIONAL BANK
NEW ORLEANS,
OLIVE
for the
R. S. Tuttle, District Clerk, will receive bids until 8p.m. Aug. 6
purchase of $22,000 6% school remodeling bonds.
Denom. $550.
fied check for $100 required.
of
N
Great
O.
Clerk of the
Hansen,
offered for sale on July 7—V. 144, p.
Bond Department
Bell Teletype
R.
(P.
82
ville), Mont.—BOND OFFERING—Earl J. Summer, Clerk of the Board of
Trustees, will receive bids until 7 p. m. July 31 for the purchase of $6,000
gymnasium auditorium bonds.
Interest rate is not to exceed 6%.
Dated
June 1, 1937.
Interest payable June 1 and Dec. 1.
Certified check for
$600, payable to the Clerk, required.
MUNICIPALS
WHITNEY
NO.
bids until 8p.m. July 31 for the purchase of
$12,000 school building bonds, to be issued on either the serial or amortiza¬
tion plan.
Interest rate is not to exceed 6%.
Dated June 15, 1937.
Interest payable June 15 and Dec. 15.
Certified check for 2% required.
1.
CONSOLIDATED SCHOOL
DISTRICT NO. 36 (P. O. Tintah), Minn.—BOND SALE—The $11,000
issue of building bonds offered for sale on July 8—V. 144, p. 4384—was
purchased by Kalman & Co. of St. Paul.
No other bid was received,
according to the District Clerk.
Dated July 1, 1937.
Due $1,000 from
July 1, 1938 to 1948 inclusive.
-—
TRAVERSE COUNTY INDEPENDENT
Offerings
DISTRICT
Board of Trustees, will receive
par
LOUISIANA
of July 10—
V. 145, p. 310.)
Mont.—BOND SALE—The $7,500 issue of school
assistance fund bonds.
Recorder, will receive bids until 8 p.m. Aug. 2 for the purchase at not
than
MONTANA
BOZEMAN, Mont.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on July 23 by L. G. Shadoan, City Clerk, for the purchase
of four issues of coupon special improvement district bonds aggregating
$38,l00,jdivided as follows:
Due in 20 years.
$18,500 District No. 305 bonds.
-
3.20%
3.20%
3H%
3H %
3 H%
3X%
3M%
£)>£%
3.40%
3.60%
_
1 from
.
Premium
$741.48
450.00
232.13
217.10
100.00
922.00
689.71
350.59
35§ *RR
46.99
30.06
150.30
560.00
484
Financial
Chronicle
July
1937
17,
northfield, n. J.—BOND SALE—The State Funding Commission
recently approved of the private sale of a block of $116,000 refunding bonds
to Christensen & Co.
The bonds are part of a total issue of $303.000.
ii
H. L. Alle
New Jersey
Company
Paterson), N. J .—BONDS AUTHORIZED
the ordinance
perth
New York
Bros.,
Inc.,
amboy, n.
Philadelphia,
J.—BONDS
offering
are
OFFERED—Leach
4H% refunding bonds
PUBLICLY
$150,000
due $75,000 each Feb. 1, 1944 and 1946, at
priecs to yeld 4.00%.
bonds are, in the opinion of counsel, valid and binding obligations
MUNICIPAL
New
Treas¬
that the sinking fund purchased $38,000 5% jetty bonds,
J. & J. interest.
—The Board of Chosen Freeholders has given final approval to
providing authority for the issuance of $75,000 park bonds.
V
N. Y. 1-528
180 Broadway
us
PASSAIC COUNTY (P. O.
'or 2-7333
A.T.&T.
informs
dated July 1, 1937 and payable on demand.
ipal Bonds
Telephol
StrublefCity
OCEANiCITY, N. J.—BONDS SOLD—Clyde W.
urer,
These
of the
city, payable from unlimited ad valorem taxes on all the taxable property
therein.
They are issued under Article VI-A of Chapter 77 of the Laws of
New Jersey, under which the city agrees to
levy, as long as there are bonds
of this issue outstanding, a sum sufficient to meet the prin. and int. on
the bonds, such funds to be deposited in a
special trust fund and used only
BONDS
Jersey and General Market Issues
for this purpose.
B. J. Van
57
Ingen & Co. Inc.
william street,
a. t. & t.:
N. Y.
n» y.
Telephone: John 4-6364
1-730
Newark
-i-
Tel.: Market 3-3124
\
■■ ■
•
#
KiAs of May 1,
$49,073,432 and
1937, Perth
a
Amboy reported
an
assessed valuation of
net bonded debt of $6,616,556.
► RAH WAY, N. J.—BOND OFFERING— Samuel R.MortonTCity
will receive sealed bids until 8 p. m. (daylight saving time) on July
Clerk,
23, for
the purchase of $27,700 not to exceed 6% interest coupon or registered
sewer bonds.
Dated Nov. 1, 1936.
One bond for $700, others $1,000
each.
Due Nov. 1 as follows:
$4,000 from 1938 to 1943, incl. and $3,700
in 1944
of
or
Bidder to name a single rate of interest, expressed in a multiple
1-1 Oth of 1%.
These bonds are part of an authorized issue of
$227,700, the balance of $200,000 having already been sold. Principal and
interest (M. & N.) payable at the Rahway National Bank, Rahway.
A
certified check for 2% of the bonds bid for, payable to the order of the
City Treasurer, must accompany each proposal.
The approving legal
opinion of Caldwell & Raymond of New York City will be furnished the
$166,000 Essex Co., N. J., Road 2.45s
Due June
To
1,
1946-52
Yield 2.35%-2.50%
successful
Colycr, Robinson $ Company
New
Yerk
REctor
Blvd., Newark
Wire:
.v..":;
MArket 3-1718
SECAUCUS, N. 3—PROPOSED BOND ISSUE—An ordinance proof¬
ing for the issuance of $10,000 not to exceed 4>^% interest was passed on
two readings at a meeting of Council on
July 13.
It will receive final read¬
ing July 27.
V-;
A. T. & T. Teletype
2-2055
NWRK 24
NEW
N. J.—BONDS AUTHORIZED—The Board of Com¬
missioners of the village has given final approval to an ordinance authorizing
the issuance of $170,000 improvement bonds.
INCORPORATED
1180 Raymond
bidder.
RIDGE WOOD,
JERSEY
"surf
BEACH HAVEN, N. J .—BOND SALE—Burley &
Co. of N. Y. City
PJlrctiaSed an issue of $157,000 4M% refunding bonds at a price of
$153,860, equal to 98.
Sale has been approved by the State Funding
Commission.
The bonds were unsuccessfully offered to bear
interest at
notto exceed 4K % on June 21.
The bonds as offered were dated June 1,
1937, and due June 1 as follows: $10,000 from 1938 to 1952,
incl., and
$7,000 in 1953.
y
FORT LEE, N. J.—TAX RATE
ANNOUNCED—COURT FAVORS
CITY IN JUDGMENT CASE—The
Bergen County Tax Board has
announced the tax rate for 1937 as
$4.38 per $100 of assessed valuation,
compared with $4.37 last year. The action came on the heels of a decision
by lederal Judge William Clark that a judgment of
$575,950.29 obtained
against the borough by bondholders would not have to be
included in this
levy. Announcement of the tax rate was delayed for two months
pending the Court's ruling. The State Municipal Finance Commission had
to issue
CITyTi^Ti^^O^^Ufj^mZED^The
plan of the"borough
$60,000 general refunding bonds has been approved by the State
Funding Commission.
hm
WEST ORANGE, N. J.—BONDS SOLD—An issue of $25,000 3 H %ftre
apparatus bonds has been sold to the Sinking Fund Commission.
Due
$5,000 on Dec. 1 from 1937 to 1941, inclusive.
f
NEW
SANTA
ROSA,
N.
MEXICO
Mex.—CERTIFICATE DISPOSAL REPORT—In
with the $22,000 sewer certificates authorized by the Village
Council recently, as noted here—V. 145, p. 158—we are now informed
by the Village Clerk that these certificates will be used for the purchase
connection
of
materials, few
or none
will be offered at public sale.
year s tax
petitioned the Court not to require that the
borough make provision in the
current
budget to meet the judgment.
An adverse ruling would have
necessitated a tax rate of $8.54, It Is said.
a11^^LTPN TOWNSHIP,
At PROVED—The
State
Atlantic County, N. J .—BOND ISSUE
Funding Commission has approved the proposal
The ordinance authorizing the issue,
substantially
s^,ue $242,500 refunding bonds.
the Commission
said, provides for a cash basis of operations
in accordance with the
Local Budget Act.
^J?^?ILTON TOWNSHIP,
Mercer County, N. J.—BONDS PASSED
has been given by the Township
ON IIRST READING—First
reading
Committee to an ordinance providing
sewer
authority for the issuance of $63,375
bonds.
LIN WOOD,
N.
J.—BOND SALE—The city recently sold privately,
approval of State Funding Commission, a block of $87,000
refunding
with
bonds
They
to
Christensen & Co.
at
a
price of $83,000 and accrued interest.
$212,000.
are part of an authorized issue of
NEWARK, N. J.—TAX COLLECTIONS LOWER—Tax collections for
the first six months of 1937 were
$1,085,894.06 below receipts in the same
Period last year, according to a statement issued
July 9 by Department
or
Revenue and Finance.
The city's assessment policy and its relief
situation are factors militating against tax
collections, according to Director
Murphy.
According to the director, taxpayers are withholding their
payments while they seek assessment reductions.
Moreover, the relief
debt of about $1,000,000 accumulated
by the city is a
retarding influence
many store
owners
and property holders
to whom the money is
owed hold that they are unable to
pay taxes until their obligations have been
met
by the city.
«T?«IIections of
current taxes for the first half of the year are $14,307,Zo
$14,657,906 in 1936.
Arrearage collections are
$3,699,898.56 as against $4,435,665.52 a year ago.
May, the City Com¬
mission election month, showed the worst
falling off.
►
In 1936, current tax collections in
May amounted to $4,335,735.88.
This year May saw
only $2,685,926.82 come into the City Treasury,
t The arrearage collections in May for 1937 were
only $531,920.65, as com¬
pared with the $758,335.03 collected in 1936.
NEWARK, N. J.—BONDS PASSED ON FIRST READING— Following
the recent opinion given by
Reed, Hoyt & Washburn of New York that the
city had authority to issue emergency relief bonds in excess of the
legal debt
limit, the City Commission has passed on first reading an ordinance au¬
thorizing the issuance
NEW
$1,750,000 relief bonds.
JERSEY, State of—VALUE
—A Trenton
J.
of
H.
news
Thayer
'A
OF REALTY SET AT $4,853,39i Ml
report of July 13 had the following to say:
Martin, State Tax Commissioner, today reported the
hearing will be held by the Commissioner today to entertain
the
raoio
table.
county tax
and
true
boards and freeholder
valuations
of property
as
boards
shown
and
the
on
to
com¬
determine
equalization
"The Commissioner
pointed out that the Legislature for several years has
made
the
no
Tax
propose
appropriation
to
investigate
local
property
assessments
and
Department, therefore, has no information on which it could
any change in the assessments.
The Department was compelled
to accept as
the true
of real estate the vaiues as reported and
boards, the Commissioner said.
value
firmed by the county tax
con¬
(State of)—MLNICIPAL FINANCE COMMISSION
10 RECESS—At the
July 2 meeting the Municipal Finance Commission
resolved that,
following the regular meetings of July 16, it will recess in so far
as
regular adjournments are concerned, until Sept. 10.
The following
resolution to that effect was
adopted by a unanimous vote:
^
P ?es°lved, that, following the regular meetings of this Commission
scheduled for July 16, stated
adjournments will be taken until Sept. 10,
1937» 2luq[
"Be it f urther resolved, that
any and all matters requiring the considera¬
tion of this Commission between the dates
hereinabove mentioned shall be
considered at special meetings to be called
by the Secretary on at least one
hour's previous notice to the several
Commissioners, said notice to be given
either in writing or by telephone,
,
.
(
"And he it further resolved, that a copy of these minutes be transmitted
to each of the
municipalities under the jurisdiction of this Commission."
NORTH
ARLINGTON, N. J.—BOND SALE— Sale of $613,000 of
general refunding bonds to Schlater, Noyes & Gardner of New York was
consummated July 6 by the
is part of a
general
Borough of North Arlington.
The transaction
refunding program for the municipality's indebtedness
of
approximately $3,000,000, which, officials say, will be completed in the
near future.
A number of the bonds will mature in 1941.
From that
tune
on
a
block will mature annually until 1967, when the entire debt will*
have been paid off.
YORK
coupon
or
registered
sewerage system bonds offered on July 12—V. 145, p.
to Rutter & Co. of New York on a bid of 100.405 for
2.95%.
Dated July 1,1937.
$1,000 in 1955.
Due July 1
as
311—were awarded
3s, a basis of about
follows: $2,000,1938 to 1954,
and
CROTON-ON-HUDSON, N. Y —BONDS VOTED AND DEFEATED
—At the July 13 election, the proposal to issue $25,000 fire house bonds
was approved by the voters, while the $95,000 water extension loan was
rejected.
The fire house issue carried by a vote of 214 to 146.
The bonds,
when
issued, will mature $1,000 annually for 10 years and $1,500 yearly
-'■'-"■■■"'•/.r
thereafter.
•
GREAT NECK SCHOOL DISTRICT, N. Y.—BONDS
VOTED— On
July 1 the voters of the district gave their approval to the proposed issu¬
ance of $296,000 bonds to finance the erection of an addition to a school
building.
•
■
e/>---v
i,
,
HAVERSTRAW, N. Y.—BOND OFFERING—Sealed bidslwill be
re¬
ceived by James P. McCabe, Village Clerk, until 3p.m. (Daylight Saving
July 16 for the purchase of $30,000 not to exceed 6% interest,
street
improvement bonds.
Dated Aug. 15, 1937.
Denom. $1,000.
Due $6,000 on Aug. 15 from 1938 to 1942 incl.
Payable at the National
Bank of Haverstraw & Trust Co., Haverstraw.
A certified check for 5%
of the amount bid must accompany each proposal.
1
Time)
on
HENRY HUDSON PARKWAY AUTHORITY, N. Y.—NEW BOND
ISS UE ON MARKET—It is reported that the new issue of $2,000,000 3 H %
now been placed on the market.
A substantial portion
series B bonds has
of the loan is said to have been subscribed for at par by holders of the pre¬
viously issued $3,100,000 series A bonds, in accordance with the offer made
by the Authority several months ago.
Proceeds of the $2,000,000 series B
securities will be used to finance the construction of an upper level to the
existing bridge.
This expansion of facilities was made necessary in order
to relieve present congestion on the span incident to increased traffic.
The
bonds not subscribed for are stated to have been placed privately by Stranahan, Harris & Co. of New York and associates, as underwriters.
The new
series B bonds mature April 1, 1955, and are redeemable as follows: At
102.50 if called on or before April 1, 1940: at 102 thereafter to April, 1945;
at 101 from then on to April 1,1950, and thereafter at par.
(The above report corrects that given in a previous issue—V. 145, p. 311.)
KENMORE SCHOOL DISTRICT (P. O. Kenmore), N. Y.—BONDS
VOTED—The voters of the district on July 8 voted approval of a bond
issue of $1,020,000 for erection of a high school building.
assessed and true value of real estate in New
Jersey for 1937 at $4,853,394,611 and the assessed value of personal property at $779,271,699.
plaints from
NEW
CAMILLUS, N. Y.—BOND SALE— The $35,000
,
LYNBROOK, N. Y.—BOND OFFERING—Christian Becker, Deputy
Village Clerk, will receive bids until 3 p. m. (Eastern Standard Time)
July 29 for the purchase at not less than par of the following coupon, fully
registerable, general obligation unlimited_tax_bonds:
i
tax revenue bonds.
Du*e $12,000~July 1~I938, and $9,000 yearly
on July 1, from 1939 to 1941.
62,000 paving bonds.
Due on July 1 as follows: $5,000,1938 to 1941, and
$7,000, 1942 to 1947.
$39,600
J.8,000 drainage bonds.
"^Bidders
Due $1,000 yearly on July 1 from1938^0 1955
interest, in a multiple of
% or 1-10%, but
%.
All the bonds must bear the same rate of interest.
De¬
nomination
$1,000.
Dated July 1, 1937.
Principal and semi-annual
interest (Jan. 1 and July 1) payable at the Lynbrook National Bank &
Trust Co., Lynbrook, with New York exchange.
Certified check for
$2,380, payable to the village, required.
Approving opinion of Clay,
Dillon & Vandewater of New York will be furnished by the village.
are
to name rate of
not to exceed 5
NEW
YORK, N. Y.—COMPTROLLER REQUESTS CESSATION OF
LONG-TERM INDEBTEDNESS—Comptroller Frank J. Taylor in a report
to the Board of Estimate on July 7 disclosed that the unemcumbered margin
of the city's debt-incurring power
Jan. 1, 1937.
had decreased by $31,603,412.36 since
On that date, he said, the city was within $333,347,902 of
April 1, the date of his report, the
decreased to $301,774,499.
the constitutional debt limit, while on
margin
had
Comptroller Taylor warned that it might be time for the city to call a
on its long-range spending, as it is committed to projects in the current
capital outlay budget which, if completed within the year, would bring the
debt margin down to approximately $48,000,000.
The reason for the decrease, he added, is composed of four factors—
halt
a decrease in the assessed valuation of real estate and increases in the funded
debt, the amortization of sinking fund debts and the increase in contract
and land liability.
,
„
The Comptroller urged that the Board, before authorizing any additional
projects to be paid for out of long-term bonds, should carefully investigate
the situation and should be guided by the figures contained in his report.
NEW
YORK, N.
Y—JUDGE SEABURY RESIGNS AS
TRANSIT
ADVISER—Samuel Seabury resigned on July 16 as Special Counsel for the
Board of Estimate on rapid transit unification.
In his communication to
Volume
the
Financial
145
Mayor, Judge Seabury stated that he felt he had done all that could be
done in the negotiations with the private companies and that under present
conditions nothing further can be accomplished.
The Seabury-Berle transit
unification plan has been rejected by the Transit Commission.
The Board
of Estimate voted its appreciation to
were without
compensation.
Chronicle
in denoms. of
are
first term
as Governor.
Revenues for the year totaled $360,870,830.67, which was $18,399.119.41 in excess of the $342,471,711.26 budget estimate, while the years
expenditures totaled $315,191,126.54, which was $6,728,530.42 more than
the $308,462,596.12 budget estimate, thus accounting for the balance of
$45,679,704.13 as the year's surplus.
This was the second successive year in which the State, under Governor
Lehman, has operated with a surplus, ofsett, however, by the cumulative
deficit.
When Mr. Lehman became Governor on Jan. 1, 1933, there was
an
apparent deficit of about $114,000,000 which had been piled up during
the Governorship of Mr. Roosevelt.
Through salary reductions and other
emergency curtailments,
with the imposition of emergency taxes, this
deficit was reduced to $94,428,496.67, By the end of the fiscal year.
The
State, under Governor Lehman, operated with a surplus the following
fiscal year and the deficit was further reduced to $64,725,778.02, but again
the State's expenditures exceeded its income during the fiscal year which
ended June 30, 1935, and the deficit rose to $97,048,752.52, followed by
the reduction to $55,878,155.89 on June 30, 1936, and now reduced to
$10,198,451.76.
YORK, State of—PUBLIC SERVICE COMMISSION ORDERS
part as follows from an Albany dispatch to the New York "Journal of Com¬
merce" of July 8:
"The Public Service Commission has written to more municipally-owned
electric plants stating that they should file reduced rates immediately,
that, pending
but
prompt reply, no formal rate proceedings will be instituted,
it was announced today.
The village plants to which the Commission has
now written are in addition to nearly thirty municipalities to which similar
a
advices had been sent previously.
"The villages in which rate reductions
have been ordered are Bath,
Churchville, Mayville, Salamanca, Spencerport and Wellsmunicipalities to which similar letters had been previously
sent are Dunkirk, Jamestown, Akron, Angelica, Andover, Castile, Delevan,
Endicott, Frankfort, Green Island, Greenport, Groton, Hamilton, Her¬
kimer, Lake Placid, Little Valley, Macedon, Port Byron, Richmondville,
Rouses Point, Savannah, Sherburne, Skaneateles, Springville, Theresa
and Tupper Lake.
Boonville,
The
ville.
NORTH
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 7
(P. O. Great Neck), N. Y.—BOND SALE—The $296,000 coupon or
registered school bonds offered on July 16—V. 145, p. 311—were awarded
to Stranahan, Harris & Co., and O. D. Barney & Co., both of New York,
on a bid of 100.32 for 2^s. a basis of about 2.47%.
Dated July 1, 1937.
Due on Jan. 1 as follows: $10,000,1940 to 1947; $15,000, 1948 to 1961; and
$6,000 in 1962.
QUEENSBURY (P. O. Glens Falls), N. Y.—OFFERING OF BONDS
OF
NORTH GLENS FALLS
WATER DISTRICT— D. Elmer Fowler,
Town Supervisor, will receive bids until 2 p.m. (.Daylight
Saving Time)
July 20 for the purchase at not less than par of $9,000 coupon, fully registeraole, water supply system construction oonds of North Glens Falls
Water District.
Bidders are to specify rate of interest, in a multiple of
M or 1-10%, but not to exceed 6%.
The bonds are general obligations of
the town, payable primarily from a levy on property in the water district,
but if not paid from such levy, then all property in the town is subject to
unlimited taxes for payment of the bonds.
Denom. $500.
Dated July 1,
1937.
Principal and semi-annual interest (Jan. 1 and July 1) payable at
the Glens Falls National Bank & Trust Co., Glens Fails, in
New York
exchange.
Due $500 yearly on July 1 from 1938 to 1955.
Certified check
for $200, payable to the town, required.
Approving opinion of Clay, Dil¬
lon Ac Vandewater of New York will be furnished by the town.
STILLWATER, N. Y.—BOND OFFERING—Thomas S. Ryan, Village
Clerk, will receive sealed bids until 11 a. m. (Eastern Standard Time) on
July 20 for the purchase of $17,000 not to exceed 6% int., coupon water
works bonds.
Dated Aug. 1, 1937.
Denom. $1,000.
Due $1,000 on
Aug. 1 from 1940 to 1956 incl.
Prin. and semi-ann. int. payable at the
Mechanicville Branch of the State Bank of Albany, Mechanicville.
The
bonds are general obligations of the village, and all of its taxable property
will be subject to the levy of unlimited ad valorem taxes in order to pay
both principal and interest.
A certified check for 10%, payable to the
order of the village, must accompany each proposal.
SYRACUSE,
N.
Y.—BOND
OFFERING—Chester
H.
King,
City
Comptroller, will receive sealed bids until noon (Eastern Standard Time)
on July 27 for the purchase of $1,500,000 not to exceed 6% interest coupon or
registered debt equalization, 1937 series, bonds.
Dated Aug. 15, 1937.
Denom. $1,000. Due Aug. 15 as follows: $400,000 in 1946, and $1,100,000
in 1947.
Bidder to name a single rate of interest on all of the bonds, ex¬
pressed in a multiple of M or l-10th of 1%. Principal and interest (F. & A.
15) payable at the Chase National Bank, New York City. The bonds are
general obligations of the city, payable from unlimited taxes.
A certified
check for 2% of the bonds bid for, payable to the order of the City Comp¬
troller, must accompany each proposal. The approving opinion of Caldwell
& Raymond of New York City will be furnished the successful bidder.
Bonds will be delivered to the purchaser on or about Aug. 16, 1937, at the
Chase National Bank, New York City.
UTICA, N. Y.—BOND OFFERING—City Controller Thomas J. Nelson
one
bond each March 1 from 1938 to
CAROLINA
NORTH
BOILING SPRINGS SCHOOL DISTRICT (P. O. Boiling Springs),
N. C.—BONDS VOTED—It is reported that the voters approved recently
the issuance of $45,000 in school
BUNCOMBE COUNTY
building bonds.
(P. O. Asheville), N. C.—BOND TENDERS
INVITED—It is stated by Curtis Bynum, Secretary of the Sinking Fund
Commission, that pursuant to the provisions of the respective bond orders
and
ordinances
authorizing their issuance, tenders will be received until
July 28, for the purchase by the respective sinking funds in the
on behalf of the issuing units, of the following bonds:
Buncombe Co. refunding, dated July 1, 1936.
City of Asheville general refunding, dated July 1, 1936.
City of Asheville water refunding, dated July 1, 1936.
Asheville Special School Tax District refunding, dated July 1, 1936.
Barnardsville Public School District refunding, dated July 1, 1936.
Biltmore Special School Tax District refunding, dated July 1, 1936.
Black Mountain Special School Tax District refunding, dated July 1,1936.
Fair view Township Special School Tax District refunding, dated July
1, 1936.
Flat Creek Special School Tax District refunding, dated July 1, 1936.
French Broad Con. School District refunding, dated July 1, 1936.
Grace Special School Tax District (5M% and 5M%) refunding, dated
July 1,1936.
Haw Creek Special School Tax District refunding, dated July 1, 1936.
Johnson Special School Tax District refunding, dated July 1, 1936.
Oak Hill-Jupiter Special School Tax District refunding, dated July 1,
noon
on
and
name
1936.
Oakley Special School Tax District refunding, dated July 1, 1936.
Reems Creek Township Special School Tax District refunding,
Hill
Con.
Public
School
District
and 5M%)
(5M%
1, 1936.
Sandy Mush Special School Tax District refunding, dated July 1, 1936.
Swannanoa Con. School District (6% and 5%) refunding, dated July 1,
1936.
Valley Springs Special School Tax District refunding, dated July 1, 1936.
Weaverville Public School District refunding, dated July 1, 1936.
West Buncombe Special School Tax District (6% and 5%) refunding,
dated July 1, 1936.
Woodfin Special School Tax District refunding, dated July 1, 1936.
Beaverdam Water & Sewer District refunding, dated July 1, 1936.
Caney Valley Sanitary Sewer District refunding, dated July 1, 1936.
Fairview Sanitary Sewer District refunding, dated July 1, 1936.
Skyland Sanitary Sewer District refunding, dated July 1, 1936.
South Buncombe Water and Watershed District refunding, dated July 1,
1936.
Swannanoa Water
& Sewer District refunding, dated July 1, 1936.
Woodfin Sanitary Water & Sewer District refunding,
dated July 1, 1936.
CHARLOTTE, N. C —BOND SALE—The two issues of coupon or
registered bonds aggregating $1,400,000, offered for sale on July 13—
V. 145, P. 312—were awarded to a syndicate composed of the Chase Na¬
tional Bank of New York, the Harris Trust & Savings Bank, of Chicago,
the Wachovia Bank & Trust Co. of Winston-Salem, and Burr & Co., Inc.,
of New York, as follows:
$1,300,000 water bonds, of which the first $580,000 were taken as 3 Ms. ma¬
turing on Feb. 1: $18,000, 1939 to 1943; $23,000, 1944 to 1948;
$25,000, 1949 to 1951; $35,000, 1952 to 1955, and $40,000, 1956
to 1959; the remaining $720,000 as 3s, maturing $40,000 from
Feb. 1, 1960 to 1977 incl.
100,000 street improvement funding bonds as 3 Ms.
Due on Feb. 1 as
follows: $7,000,1939 to 1948, and $10,000, 1949 to 1951, all incl.
The entire amount of bonds was awarded at a price of 100.01, a basis of
„
BONDS OFFERED FOR INVESTMENT—'The successful bidders
the above bonds for public subscription,
yield from 1.50%
bonds are priced at from
?ar to to 2.§0%, according to maturity. bonds are priced to
The street improvement
.55% 97.50.
FINANCIAL STATEMENT—'The following information is
connection with the above sale:
Assessed valuation, real and personal property,
Assessed valuation, real property only, 1936
Statement
now
$106,091,535.00
77,049,250.00
1936
$9,453,500.00
1,400,000.00
offered
$10,853,500.00
Total
Deductions:
Water debt included above (for interest and
amortization the net water revenues are
$3,007,617.43
294,695.27
sufficient)
Sinking funds, except for water debt
$3,302,312.70
$7,551,187.30
Tax Data
1933-1934
1935-1936
1934-1935
Total amount of taxes levied for
the 3 fiscal yrs.
preceding the
ceding the current fiscal year.$1,427,357.82 $1,366,395.91
Amt.
at
years
Amount
of each
of said fiscal
324,378.90
(June 30)
of
such
_
taxes
„
270,268.08
uncol-
was
on
awarded to the National
City Bank of New York, at 0.48% interest,
premium of $10.
Dated July 15, 1937 and due Nov. 15, 1937.
The Bank of the Manhattan Co., New York, second high bidder, named a
rate of 0.57% and offered a premium of $6.
at par
plus
a
Other bids were
as
follows:
Bidder
Int. Rate
Premium
Halsey, Stuart & Co., Inc
First Boston Corp
0.59%
Salomon Bros. & Hutzler-
0.60%
0.60%
$12.00
10.00
23.00
4.66
13.00
Manufacturers & Traders Trust Co
Chase National Bank
0.59%
0.67%
WATERTOWN, N. Y.—FINANCIAL STATEMENT—In connection
with the offering on July 22 of $300,000 not to exceed 4% interest public
welfare and public works bonds, previously described in these columns—
V. 145, p. 311—we give the following:
Financial Statement
The assessed valuation of the property subject to the taxing power of
the city is $48,049,660.
The total bonded debt of the city, including the
above-mentioned bonds, is $3,830,779.80, of which none is water debt.
The population of the city (1930 census) was 32,088.
The bonded debt
above stated
does
not
include the debt
of any other subdivision having
levy taxes upon any or all of the property subject to the taxing
1.
The amount of
1934, July 1, 1935,
and July 1, 1936, was respectively $1,406,294.02, $1,366,033.17 and $1,351,823.51.
The amount of such taxes uncollected at the end of each of
said fiscal years was, respectively, $608.64, none, and none.
The amount
of such taxes remaining uncollected as of July 7, 1937, is, respectively,
none, none and none.
The taxes of the fiscal year commencing July 1,
1937, amount to $710,947.34, of which $26,607.02 has been collected.
power to
power of the city.
The fiscal year commences July
taxes levied for the fiscal years commencing July 1.
YAPHANK FIRE DISTRICT (P. O. Yaphank), N. Y.—MATURITY
—The $6,500
Jefferson at
3.30% fire department bonds awarded to the Bank of Port
par, as previously reported in these columns—V. 145, p. 159—
132,325.85
$95,589,710.00
4,659,047.86
173,583.09
—
Net debt
-
COLUMBUS COUNTY (P. O.
262,088.08
oe.
„
73,123.93
75,582.97
Mecklenburo County, N. C.
lectedasof June 24, 1937
Y.—CERTIFICATE SALE—The
$1,585,761.83
of such uncollected taxes
end
Outstanding debt
Deductions—Sinking funds
anticipation certificates of indebtedness offered
yield from
furnished in
of Debt as of June 30, 1937
Outstanding debt (not incl. notes to be retired from the proceeds of bonds now offered, nor revenue antipation notes)
Bonds
reoffered
the 3M% water bonds priced to
to 3.00%, while the 3% water
Assessed valuation, real property only
issue of $500,000 tax
July 13—V. 145, p. 311—
„
about 3.06%.
linquent taxes; $19,000 for equipment of a school building; and $17,000 for
installation of fireproof stairways in a school building.
N.
refunding,
dated Nov.
has tentatively set July 29 at noon as the time for the receipt of bids on
$157,470 bonds.
The amount is divided as follows: $121,470 to fund de¬
UTICA,
dated
*
July 1,1936.
Sand
REDUCED RATES ON MUNICIPAL ELECTRIC PLANTS—We quote in
$1,300 and mature
1942, inclusive.
Judge SeaJbury for bis services, which
NEW YORK (State of)— GOVERNOR REPORTS DEFICIT AGAIN
REDUCED—Governor Herbert H. Lehman issued on July 6 a financial
statement showing that the New York state deficit, which stood at $94,428,496.67 in 1933, had been reduced to $10,198,451.76, at the close of
the 1936-37 fiscal year, on June 30.
The Governor's figures disclosed that revenues so far exceeded expendi¬
tures during the fiscal year that there was a balance of $45,679,704.13.
This, absorbed by a deficit of $55,878,155.89, as of June 30, 1936, left
the present deficit of $10,198,451.76, lowest since Franklin D. Roosevelt's
NEW
485
$4,485,464.77
Whiteville), N. C —BOND OFFERING
(E. S. T.) on July 26, by A. W.
—Sealed bids will be received until 11 A. M.
Baldwin, Clerk of the Board of County Commissioners, for the purchase of
a $30,000 issue of coupon county home bonds.
Interest rate is not to ex¬
ceed 5%, payable J & J. Denom. $1,000.
Dated July 1, 1937.
Due
$2,000 from July 1, 1939 to 1953 incl.
The bonds will be awarded at the
highest price, not less than par and accrued interest, offered for the lowest
rate of interest bid upon in a multiple of M of 1 %.
The award of the bonds
by the Board of Commissioners will be subject to confirmation by the local
Government Commission.
The bonds are registerable as to principal only.
Prin. and int. payable in legal tender in New York City.
Bids must be
on a form to be furnished by the Clerk of the Board of Commissioners.
The
approving opinion of Masslich & Mitchell of New York, will be furnished the
purchaser.
These bonds are authorized by a legislative act ratified on Feb.
5, 1937.
A $600 certified check, payable to the State Treasurer, must
accompany the bid.
CREEDMOOR, N. C.—BOND ELECTION— On Aug. 2 an election wil1
of $24,000 water system
be held for the purpose of voting on the issuance
bonds and $21,000 sewer system bonds.
GASTON
COUNTY (P. O. Gastonia), N. C.—BOND OFFERING—
be received until 11 a. m. (Eastern Standard Time) on
Sealed bids will
July 20 by W. E. Easterling, Secretary of the Local Government Commis¬
sion, at his office in Raleigh, for the purchase of the $35,000 school building
bonds.
Denom. $1,000.
Coupon bonds, registerable as to principal only.
Dated June 1, 1937.
Due on June 1 as follows: $2,000, 1939 to 1942, and
$3,000, 1943 to 1951, all incl., without option of prior payment.
Prin.
and int. (J. & D.) payable in legal tender in N. Y. City.
Delivery on or
about July 30 at place of purchaser's choice.
Bidders
6%
are
requested to name the interest rate or rates, not exceeding
in multiples of M of 1%.
Each bid may name one rate for
per annum
part of the bonds (having the earliest
maturities), and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
486
Chronicle
financial
cost to the
county, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest
upon all of the
1937-8
Treasurer for $700.
The right to reject all bids is reserved.
The approving
opinion of Masslich & Mitchell, N. Y. City, will be furnished the purchaser.
Total debt, including bonds
Sinking funds
$1,762,275.00
306,868.92
Net debt, including bonds now offered
Tax Data
$
as
Assessed
1935-36
$
val'n..73,237,047.00 77,401,366.00
Tax rate
Finley),
N.
Dak.—PRICE PAID—It
is
MUNICIPALS
OHIO
MITCHELL, HERRICK & CO.
of June 30, 1937
1934-35
$
■
O.
$1,455,406.08
Population, Census, 1920, 51,242; Census 1930, 78,049; present estimated
population, 90,000.
1933-34
(P.
3723—were sold as 4s at par.
p.
171,275.00
35,000.00
now offered
COUNTY
STEELE
stated by the County Auditor that the $29,900 funding bonds purchased by
the State Land Department, as noted in these columns in May—V. 144,
$1,556,000.00
School notes payable to the State of North Carolina
now offered—School building bonds
Bonds
Dak.—CERTIFICATE OFFER
ING—Jas. H. Penny, County Auditor, will receive bids until 2 p. m.
July 28 for the purchase at not less than par of $60,000 certificates of
indebtedness.
Bidders are to specify interest rate, not to exceed 7%.
Denom. $500 and $1,000.
Dated July 28, 1937. Principal and semi-annual
interest (Jan. 28 and July 28) payable at the County Auditors office.
Due part July 28, 1938 and part July 28, 1939.
Certified check for 2% of
amount of bid, required.
bonds until their respective maturities.
No bid of less than par and accrued
interest will be entertained.
Bids must be on a form to be furnished with additional information by
the above Secretary, enclosed in a sealed envelope marked "Proposal for
Bonds" and must be accompanied by a certified check
upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Official Financial Statement
Outstanding bonded debt
July 17, 1937
ROLETTE COUNTY (P. O. Rolls), N.
1936-37
700 CUYAHOGA
•
$
1
75,577,014.00 75,853,953.00
■
$100
0.51
0.51
0.51
481.486.97
502.457.56
14,691.06
14,524.67
487,234.55
22,336.43
AKRON
CANTON
CINCINNATI
508,357.50
47,378.91
SPRINGFIELD
COLUMBUS
0.51
Tax levy.
Amt. uncollected
BUILDING, CLEVELAND
■
on
•
~
-
-
$98,00011941^2
$105,000
105,00011942^43- — . — - 106,000
-
The county has never defaulted in the payment of
principal or interest
North
Carolina
Constitution of interest
to
bond¬
adopted at the last general election.
One amendment pro¬
hibits counties and municipalities from contracting debts
during any fiscal
year to an amount exceeding two-thirds of the amount by which the out¬
standing indebtedness of the particular county or municipality shall have
been reduced during the next preceding fiscal year, unless the subject be
submitted to a vote of the people of the particular county or municipality,
and^be approved by a majority of those voting thereon.
Under another
amendment the General Assembly may exempt from taxation not exceeding
$1,000 in value of property held and used as the place of residence of the
owner.
At its 1937 session the General Assembly did not pass any Act to
exempt property from taxation.
were
HAYWOOD COUNTY (P. O. Waynesville), N. C.—BONDS AU¬
THORIZED—The County Commissioners have passed an order authorizing
the issuance of $30,000 county hospital
addition bonds.
LANDIS, N. C.—BONDS AUTHORIZED—The Board
i
BROOKVILLE,
Ohio—BOND OFFERING—Frank Borden, Village
Clerk, will receive sealed bids until noon on July 30, for the purchase of
$32,000 6% sanitary sewer bonds.
Dated July 1, 1937.
Denom. $2,000
and $1,000.
of any of its bonds.
Amendments of the
holders
OHIO
Bond Maturities to June 30, 1943
$98,00011939-40
98,00011940-41
of Aldermen has
passed
an ordinance providing authority for the issuance of $25,000 street
improvement bonds.
NEW HANOVER COUNTY (P. O.
Wilmington), N. C —BONDS
AUTHORIZED—The Board of County Commissioners on July 6 adopted
axresolution authorizing the issuance of $79,000 school bonds.
This issue
is to take the place of the $46,000 bonds which were withdrawn because of a
legal technicality after being awarded to the BancOhio Securities Corp. of
Columbus on June 8—V. 144, p. 4055.
VALDESE, N. C.—BONDS VOTED—At a recent election the voters of
Valdese approved the issuance of $50,000 water works
improvement bonds
and $10,000 sewer system enlargement bonds.
Due Oct. 1 as follows:
$1,000 from 1938 to 1955, incl. and
$2,000 from 1956 to 1962, incl. Interest payable A. & O. Bidder may name
interest rate other than 6%, to be expressed in a multiple of H of 1%.
A certified check for 1% of the amount bid, payable to the order of the
Village Treasurer, must accompany each proposal.
an
CAMPBELL, Ohio—BOND OFFERING—John B. Ross, City Auditor,
will receive bids until noon
July 30, for the purchase of $32,000 4% general
special refunding bonds.
Denom. $1,000.
Dated Sept. 1, 1937.
Principal and semi-annual interest-payable at the office of the Sinking Fund
Trustees.
Due $4,000 yearly on Oct. 1 from 1943 to 1950, incl.
Certified
check for 2% of amount of bid, payable to the City Auditor, required.
Delivery to be made not later than Sept, 1.
and
CARROLL
opinion of Masslich & Mitchell of New York will be furnished
to
the pur¬
chaser.
FINANCIAL
STATEMENT—The
following
official
furnished in connection with the above offering:
Floating debt (includes debt to be retired from
offered)
Outstanding bonded debt—Street impt. bonds
Water and
sewer
bonds
information
is
now
$31,500.00
$21,000.00
124,000.00
bonds
$145,000.00
Total
now
offered
$176,500.00
Uncollected special assessments
4,814.95
DISTRICT,
County,
Ottawa
bond
rejected.
m
of
$1,500,000 refunding water works notes as lMs, at par plus a premium
Dated Aug. 1, 1937.
Due Aug. 1 as follows: $500,000 in 1938,
$1,000,000 in 1939.
The notes due in the latter year are callable on
Aug. 1, 1938, at par.
The notes are full faith general obligations and, in
addition, are further secured by a lien on the net revenue of the water works
system.
Payable at the Irving Trust Co., New York City, or at the City
Treasurer's office.
Legality approved by Squire, Sanders & Dempsey of
Cleveland.
The banking group re-offered the 1938 maturity to yield
0.65%, and the 1939 maturity was priced at 10QH>
Immediate resale of
of $160.
and
the entire issue
was
CLEVELAND,
effected.
Ohio—PROPOSED
has voted to refund
a
BOND
SALE—The
City
made
by the city
Council
total of $4,529,662 bonds maturing in the last four
months of the present year.
Financing has been approved
Bureau of Inspection and Supervision.
Public offering is
by the State
expected to be
Amount of the bonds to be sold
later date, as part of the total
issue will be taken by the City Sinking Fund and the Treasury Investment
Board.
Of the amount to be refunded, $4,000,000 are general serial bonds
and $529,662 constitute special assessment maturities.
The refunding
bonds will mature serially from 1939 to 1952, incl. and bear interest at not
more than 6%.
City bonds outstanding June 2, 1937, aggregated $108,482,254, against which there was $5,568,733 in the sinking fund, making a
net debt of $102,913,521.
Delinquent tax scrip of $1,319,640 and tax
anticipation notes of $2,107,046 increased the net debt to $106,340,207.
Of the 1937
tax levy of $15,588,578, $8,185,714,
was
collected
to
June 30, according to report.
Tax rate is $28.60 per $1,000, as against $32
in 1936.
In connection with the projected income surplus, it is pointed
out that the city, also other local units in the county, is now required to
absorb its entire relief burden, amounting to about $400,000 each month.
sometime in
at that time cannot
outstanding debt including debt to be retired from
bonds
SCHOOL
CINCINNATI, Ohio—NOTE SALE—An account composed of Edward
B. Smith & Co., New York, Van Lahr, Doll & Isphording, Inc., and Charles
A. Hinsch & Co., Inc., botn of Cincinnati, was awarded July 12 a new issue
WHITEVILLE,
N. C.—BOND OFFERING—W. E. Easterling, Secre¬
tary of the Local Government Commission, will receive bids until 11 a. m.
July 20 for the purchase at not less than par of $20,000 coupon, registerable
as to principal, general
obligation unlimited tax street improvement funding
bonds.
Bidders are to specify interest rates, but no more than two separate
rates on the issue, not to exceed
6%.
Denom. $1,000.
Dated June 1,
1937.
Prin. and semi-ann. int. (June 1 and Dec. 1) payable at New York.
Due on June 1 as follows: $1,000, 1940 and 1941, and $2,000, 1942 to 1950.
Cert, check for $400, payable to the State Treasurer,
required.
Approving
TOWNSHIP
Ohio—BONDS DEFEATED—The proposed $60,000 school building
issue submitted to the voters at a recent election was
August.
be determined until
a
DALTON, Ohio—BOND OFFERING—Ernest F. Scott, Village Clerk,
noon on July 31 for the purchase of $4,920
Dated June 1, 1937.
One bond for $420, others
will receive sealed bids until
5% water works bonds.
Net debt, including bonds
now offered
$171,685.05
outstanding bonds mature in annual series, witE*"bond~maturities
for the next 10 years as follows:
1937-38, $12,000; 1938-39, $13,000;
1939-40, $7,500; 1940-41, $5,500; 1941-42, $5,500; 1942-43, $5,500; 1943-44,
$5,500; 1944-45, $5,500; 1945^6, $5,500: 1946-47, $5,500.
Population, census 1930, 2,204; estimated, 1937, 2,750.
_
All
^
Tax Data
1933-34
ASS6SS6U
1934-35
1936-37
1935-36
V8/lU3i"*
tion
$1,519,124.00 $1,656,636.00 $1,690,641.00 $1,786,235.00
Levied
25,317.22
27,963.96
29,358.28
30,170.78
Collected
24,475.42
26,367.08
27,256.19
21,130.63
Uncollected
841.80
1,596.88
9,040.15
2,102.09
Percent collected
.97%
.94%
.93%
.70%
..
There has been
ville
more
than $250,000 spent on new construction in Whiteyears.
The town has never defaulted in the
during the past two
payment of its obligations.
WHITEVILLE,
N.
C.—NOTE
SALE—The
$7,500
issue
of
revenue
anticipation notes offered for sale on July 6—V. 145, p. 160—was pur¬
chased by the Waccamaw Bank & Trust Co. of Whiteville, at
5%, plus a
premium of $1.94.
Dated July 1, 1937.
NORTH
AMOR
TOWNSHIP,
Bowman
Due in 90 days.
DAKOTA
County,
N.
Dak —CERTIFICATE
OFFERING—Laura E. Bartel, Township Clerk, will receive bids until
10 a. m. July 10 at the office of the County Auditor in Bowman for the pur¬
chase, at not less than par, of $500 certificates of indebtedness, which are to
bear interest at no more than 7%.
Interest payable semi-annually.
CASSELTON,
N. Dak.—BOND SALE—The $7,000 issue of artesian
on July 14—V. 145,
p. 160—was purchased by
as 4s,
according to the City Auditor.
well bonds offered for sale
the
First
State
No other bids
Bank of Casselton
was
received.
Due $500 from July 1, 1940 to 1953.
FARGO, N. Dak.—BOND ELECTION—An election
at which
a
will be held SeptT 14
proposed $200,000 convention hall and armory bonds issue will
be submitted to
a
vote.
LIBERTY SCHOOL DISTRICT NO. 30 (P. O.
Battleview), N. Dak.
—CERTIFICATE OFFERING—P. O. Grubb, District Clerk, will receive
bids until 2 p. m. July 23 for the purchase of $800
6% certificates of in¬
debtedness.
Denom. $800.
Certified check for 5% required.
NORTH DAKOTA, State of—BONDED DEBT TO BE REDUCED
$2,000,000—An Associated Press dispatch from Bismarck on June 30 re¬
ported as follows:
"Plans to slash $2,000,000 from North Dakota's bonded indebtedness
were announced tonight by F. A. Vogel, Manager of the Bank of North
Dakota, as the institution prepared to retire $3,243,000 in bonds called
for retirement Thursday.
After retirement of the bonds Thursday, in
line with orders from the State Industrial Commission, the State's bonded
indebtedness will be reduced to $24,544,000.
"This retirement before maturity comes through-the use of a sinking
fund built up largely through Federal refinancing of farm mortgages held
by the bank.
The payment will leave $2,900,831.15 In the sinking fund.
Mr. Vogel declared (plans being made call for retirement bf another $2,000,000 in bonds within next year."
J
Due
Dec.
1
as
follows:
$500 from
1938 to
1946 incl., and
$420 in 1947.
In bidding an interest rate other than 5%, bidder is required
the coupon in a multiple of
of 1%.
Interest payable J. & D.
A certified check for $50, payable to the order of the village, must accom¬
pany each proposal.
ERIE
COUNTY (P. O. Sandusky), Ohio—OTHER BIDS—$18,800
relief bonds awarded July 8 to Saunders, StiVer & Co. of Cleveland
2Ms, at par plus a premium of $88.36 equal to 100.47, a basis of about
2.13%, as previously reported—V. 145, p. 312—were also bid for as follows:
poor
of June 30, 1937
as
$500 each.
to express
as
Premium
Int. Rate
Bidder—
Stranahan, Harris & Co., Toledo
Fox, Einhorn & Co., Cincinnati
Seasongood & Mayer, Cincinnati
Ryan, Sutherland & Co., Toledo
Prudden & Co., Cincinnati
;
First Cleveland Corp., Cleveland
Third National Exchange Bank, Sandusky
FLATROCK
TOWNSHIP
RURAL
$78.96
74.00
56.85
35.50
33.00
12.00
200.00
2\i%
214%
2% %
2M%
2)4%
2%%
2^%
SCHOOL
DISTRICT
Florida), Ohio—BONDS VOTED—The voters of the district at
$44,000 for school building.
(P.
O.
a recent
election approved a bond issue of
I RONTON SCHOOL DISTRICT, Ohio—BOND SALE—An issue of
$50,000 4% tax deficiency bonds has been sold to the Sinking Fund Com¬
mission of the District.
LIMA,
Ohio—SEEKS
RULING
ON
REVENUE
BOND
ISSUE—
Whether the issuance by the city of $102,385 in bonds to provide part of
the funds for
proposed $425,000 sanitary sewer project would be legal
will be decided in Allen County Common Pleas Court.
Several weeks ago
Works Progress Administration officials announced the Government would
contribute $325,000 toward the construction work if the city would provid®
the remainder of the costs.
The City Council planned the bond issue, but
City Solicitor Charles W. Long ruled that the use of the bonds for any such
purpose would be illegal.
LORAIN,
a
Ohio—BOND SALE—The two issues of bonds offered
on
July 12—V. 144, p. 4223—were awarded as follows:
improvement bonds to the First Cleveland Corp.,
as 2)^s, at par plus a premium of $50.50, equal to 100.144, a basis
of about 2.20 %.
Denom. $1,000. Interest payable semi-annually.
Due $5,000 yearly on Sept. 15 from 1938 to 1944, incl.
5,500 park improvement bonds to Johnson, Kase & Co., Cleveland, as
l^s, at par plus a premium of 50 cents, equal to 100.009, a basis
of about 1.49%.
Denom. $1,000, except one for $500.
Interest
payable March 15 and Sept. 15.
Due $1,500 Sept. 15, 1938 and
$1,000 yearly on Sept. 15 from 1939 to 1942.
Dated July 1, 1937.
$35,000 street and
sewer
MARION TOWNSHIP SCHOOL DISTRICT (P. O. Hamler), Henry
County,
building
Ohio—BONDS VOTED—A bond issue of $85,000 for school
approved by the voters of the district at a recent election.
was
NELSONVILLE,
Ohio—BOND
OFFERING—E.
F.
Devore,
City
Auditor, will receive bids until noon July 31 for the purchase of an issue of
$90,000 4% electric light plant improvement mortgage revenue bonds.
Denom. $1,000. Dated July 1. 1937. Interest payable semi-annually. Due
on
July 1 as follows:
$5,000, 1939 to 1944; and $6,000, 1945 to 1954
redeemable on and after July 1, 1946.
Certified check for $900, payable
to the City Treasurer, required.
Financial
Volume 145
NORWOOD, Ohio—BONDS AUTHORIZED—The City Council has
of a total of $25,700 bonds.
passed three ordinances authorizing the issuance
PORTSMOUTH, Ohio—LIST OF BIDS—Ab previously reported in
145, p. 161—Pohl & Co., Inc., and Nelson, Browning
Co., both of Cincinnati, jointly, were awarded July 1 two refunding
issues aggregating $140,000.
The following is a complete list of the bids
DISTRICT, Pa —BOND ELECTION—
The School Board has set Sept. 14 as the date of an election at which a
proposition to issue $20,000 school building bonds will be voted upon.
FAYETTE
submitted at the sale:
Rate
Amount
Name
Pohl
Premium
$1,000.
as
2 J^s, at par.
963.42
3.50%
3.50%
150.96
159.84
Johnson & McLean
3.75%
924.00
ington), Pa.—BONDS VOTED—The voters of the district
a bond issue of $100,000 for school building purposes.
3.75%
467.11
Premium
$202.00
Bidder
Otis & Co
188.25
171.20
Dated March 1,1937. Denom.
TOWNSHIP
INDIANA
SCHOOL
DISTRICT
JOHNSTOWN, Pa.—BOND SALE— The $207,000 coupon redemption
13—V. 144, p. 4388—were awarded to C. F.
& Co., New York, and Kelley, Richardson & Co. of Chicago,
jointly, as 4Ms, at a price of 100.86. a basis of about 4.14%.
Dated Aug.
1,1937, and due Aug. 1 as follows: $7,000,1939; $5,000,1940 to 1944. incl.;
$20,000, 1945 and 1946; $30,000 in 1947 and 1948, and $25,000 from 1949
Childs
1951, incl.
an
election to be held on Aug. 3 a proposal to
NEW
CASTLE,
Pa.—BOND
2»Long Distance 158
Financial Statement
(P. O. Alex). Okla.—BOND SALE—
building bonds offered on June 29—V. 145,
p. 160—were awarded to the Brown-Crummer Investment Co., Oklahoma
City, on a bid of par for SKs.
Denom. $1,000.
Interest payable Jan. 1
and July 1.
Due $1,000 yearly from 1940 t-o 1950 inclusive.
(P. O. Granite), Okla.—BOND
SALE—The $14,500 issue of school building bonds offered for sale on July 12
—V. 145, p. 312—was purchased by the Brown-Crummer Co. of Wichita,
according to the Superintendent of schools.
DISTRICT
Assessed valuation (real and personal) for
Bonded debt (including this issue)
DEFEATED—A proposal to issue
$32,000 park improvement bonds was defeated by the voters at a recent
Okla.—BONDS
special election,
Total debt
953,038.00
Amount of sinking fund
154,376.10
Est. 1910, 37,000; 1920, est., 40,000; 1930, 44,938.
Water bonds included in bonded debt?
Not owned by city.
Are bonds
issued
by an election or otherwise?
Otherwise.
Have principal and
interest of all previous issues of bonds been promptly paid?
Yes.
Population:
SCHOOL DISTRICT NO. 1
(P. O. Madras), Ore.—BOND SALE—The $10,000 issue of school bonds
offered for sale on July 9—V. 145, p. 312—was awarded to the State Land
Board, as 2?^s, at a price of 100.07, a basis of about 2.73%.
Dated July
1,1937.
Due $2,000 from July 1,1939 to 1943: optional after July 1,1941.
Ore.—BOND OFFERING— Sealed bids will be received
Aug. 3, by M. L. Alford, City Recorder, for the purchase
of a $50,000 issue of street improvement bonds.
Interest rate is not to
exceed 4%, payable semi-annually.
Denom. $1,000.
Dated July 15,1937.
Due $10,000 from 1938 to 1942 incl.
These bonds were approved by the
voters at the election hqld on June 18.
MEDFORD,
until 7:30 P. M.
on
MILWAUKEE, Ore.—BONDS VOTED—The voters on June 28 voted
the issuance of $17,000 city hail bonds.
Collection end fiscal year
Collection to date.
Budget based on what tax collections for present year (percentage)?
77%; $3,442,566.40.
Maturing Bonds Over Next Three Years—1938, $105,000; 1939, $87,000;
1940, $67,000.
Pa.—NOTE
SALE
POSTPONED—The
Analysis of Funded and Floating Debt June
The actual indebtedness of the
Note and bonded debt
30, 1937
$59,560,060.04
700,000.00
771,360.04
debt
Net floating
to
by
the
Sinking
Fund
Com¬
held in the several sinking
$947,300.00
held
in
said sinking funds for the re¬
demption of the bonded debt of
last mentioned
Net 2.20%
Net
debt outstanding
the City
1,681,068.44
authorized
Welfare
Relief
electors April
Philadelphia
$2,628,368.44
(which includes bonds authorized
$56,931,691.60
but not issued)
Bonds
1520 Locust Street
$59,560,060.04
be deducted from said gross in¬
debtedness: Bonds of said City included
in said gross bonded debt which have been
Credit
Cash
Moncure Biddle & Co.
but not issued: Public
Bonds
(sanctioned by
700,000.00
26, 1932)
Notes authorized since the
date of the above
■'
financial statement.
General
PENNSYLVANIA
CATAWISSA, Pa.—BOND SALE—The issue of $10,000 coupon funding
on July 3—V. 145, p. 161—were awarded to E. H. Rollins &
Sons of Philadelphia, as 3%s, at par plus a premium of $30.10, equal to
100.301, a basis of about 3.69%.
Dated June 1,1937.
Due $1,000 yearly
on
June 1 from 1938 to 1947.
COLLEGE TOWNSHIP SCHOOL DISTRICT (P. O. State Coil^T,
Pa.—BONDS VOTED—On July 6 the voters of the district gave their
approval to the proposal to issue $32,000 school building bonds.
CONYNGHAM TOWNSHIP SCHOOL DISTRICT (P. O. Moca^qJIT,
Pa.—BONDS SOLD—The $12,000 4% coupon operating revenue bonds
no bids were received on April 5, were sold
School Retirement Board at par.
Dated May 1, 1937,
for which
fohows:
EAST
later to the State
and due May 1 as
$1,500 from 1938 to 1941, incl., and $1,000from 1942 to 1947, incl.
DEER TOWNSHIP
Creighton), Pa.—BOND SALE—
offered July 9—V. 144, p. 4388—was
Pittsburgh, as 3s, at par plus a premium
of $266.60, equal to 100.76
Dated July 1, 1937 and due July 1 as follows:
$5,000 from 1948 to 1951 incl. and $5,000 from 1953 to 1955 incl.
Other
(P. O.
The issue of $35,000 coupon bonds
awarded to Glover & MacGregor of
bids
were as follows:
Chandler & Co
Premium
$533.00
469.00
3\i%
646.45
3H•« 211.65
3^%
90.96
S. K. Cunningham & Co
3H%
Bidder—
Otis & Co
E. H. Rollins & Sons
Singer, Deane & Scribner
Johnson & McLean
Int. Rate
3M%
3H %
388.50
OFFERING—G. E. Rogers, City Clerk, will
received sealed bids until 10 a. m. (Eastern Standard Time) on Aug. 3
for the purchase of $245,000 2, 2}4, 2M, 2H or 3% coupon, registerable as
to principal only, funding and refunding bonds.
Dated Aug.'l, 1937.
Denom. $1,000.
Due Aug. 1 as follows: $5,000, 1943; $10,000, 1944;
$15,000, 1945; $20,000 in 1946 and 1947; $25,000 from 1948 to 1954, incl.
Bidder to name a single rate of interest on all of the bonds.
Interest pay¬
able F. & A.
A certified check for 2% of the bonds bid for, payable to the
order of the City Treasurer, must accompany each proposal.
The bonds
will be issued subject to approving legal opinion of Townsend, Elliott &
Munson of Philadelphia.
EASTON,
Pa.—BOND
note or notes "B".
dated July 1,1937, to be
improvement
Term three years,
sold at this sale
bonds offered
to
1,
$58,088,700.00
outstanding.
$Bonds authorized, not issued:
Public welfare relief bonds of 1932
mission and are
5% Bonds due July 1, 1951
tem¬
City of Pittsburgh is as follows:
Gross amount of indebtedness
funds
Commonwealth of Pennsylvania
City
porarily postponed the sale announced for July 15 of $3,000,000 not
exceed 2)^% interest series B and C general impt. notes, dated July
1937 and due July 1, 1940.
purchased
P^ice: To
(Last Three Years)
1934
1935
1936
$585,052.73 $587,392.79 $585,566.69
306,827.41
333,007.87
431,016.79
336,385.57
363,815.04
456,932.49
Year—
Levy
PITTSBURGH.
OREGON
$49,179,520.00
941,000.00
12,038.00
1937
Floating debt
Tax Status
MURRAY COUNTY SCHOOL DISTRICT NO. 1 (P. O. Sulphur),
Okla.—BONDS SOLD—It is stated by the Clerk of the Board of Education
that $6,330 funding bonds were purchased by the Taylor-Stuart Co. of
Oklahoma City.
JEFFERSON COUNTY UNION HIGH
162—will
Interest will
p.
payable J. & J. 15, without deduction for any taxes which the city
might be required to pay, retain or deduct therefrom under any present
law of the United States or any State, county or municipality.
Copies
of the ordinance providing for the sale of the bonds may be obtained from
C. Ed. Brown, City Clerk.
The $11,000 registered school
WELLINGTON,
bonds being offered for sale on
be
DISTRICT
SCHOOL
DETAILS—FINANCIAL
OFFERING
July 26, as previously reported in these columns—V. 145,
be issued in coupon form, registerable as to principal only.
Oklahoma
OKLAHOMA
GRANITE
ELECTION—
issue $12,000 bonds will
be voted upon.
STATEMENT—The $70,000 3% funding
SCHOOL
Sharpsburg
O.
MARION HEIGHTS SCHOOL DISTRICT, Pa.—BOND
Municipal Bonds Since 1892
ALEX
(P.
bonds of 1937 offered on July
At
19
Wash¬
have approved
R. D.), Pa .—BOND OFFERING— George C. Hodil, Secretary of the School
Board, will receive bids until 7 p. in. (Eastern Standard Time) Aug. 4 for
the purchase of $25,000 coupon bonds.
Bidders are to specify a single
rate of interest, in a multiple of \i% but not to exceed 3H%.
Denom.
$1,000.
Dated Aug. 1, 1937.
Interest payable May 1 and Nov. 1.
Due
$5,000 yearly on Nov. 1 from 1938 to 1942.
Certified check for $500,
payable to the District Treasurer, required.
The district will furnish the
approving opinion of Burgwin, Scully & Churchill of Pittsburgh.
The
district will print the bonds.
to
R. J. EDWARDS, Inc.
Cy
116.00
52.50
„
„
INDEPENDENCE TOWNSHIP SCHOOL DISTRICT (P. O.
Due in 1939 and 1940.
AT&T Ok
and 1941, and
Glover & MacGregor
S. K. Cunningham & Co
E. H. Rollins & Sons
42.80
WAYNESVILLE, Ohio—BOND OFFERING— B. K. Henderson, Village
Clerk, will receive bids until noon July 30 for the purchase at not less than
par of $495 4% judgment funding bonds. Denom. $165. Dated July 1,1937.
Principal and semi-annual interest (March 1 and Sept. 1) payable at the
Waynesville National Bank, Waynesville. Due $165 on Sept. 1 in each of
the years 1938,1939 and 1940. Certified check for $25, required.
Oklahoma City,
Dated June 1,
Other bids were as follows:
439.20
bonds mentioned in these columns last week—V. 145,p.
Sinking Fund Trustees,
$3,000 in 1944.
$414.80
Ohio—BONDS SOLD—The $135,000 delinquent tax
312—were sold to
SPRINGFIELD,
mium of $293.08, equal to 101.83, a basis of about 2.64%.
1937 and due Dec. 1 as follows: $3,000, 1939; $5,000 in 1940
3.25%
3.25%
3.50%
Co., Inc., jointly with Nelson,/
Browning & Co., Cincinnati
\
Weil, Roth & Irving Co., Cincinnati
140,000
Stranahan, Harris & Co., Inc., Toledo
Widmann & Holzman, jointly with J. S.
68,000
Todd & Co., O. A. Hinsch & Co., Inc.,
68,000
72,000
and Middendorf & Co., Cincinnati
First Cleveland Corp., jointly with Field,
Richards & Shepard, Inc., Cleveland
140,000
Bohmer-Reinhart
&
Co.,
jointly
with
Edward Brockhaus & Co. and Meyer,
Smith & O'Brien, Cincinnati
140,000
the
Pa .—BOND SALE—The
issue of $16,000 3% coupon funding bonds offered July 12—V. 144, p. 4388
—was awarded to Singer, Deane & Scribner, Pittsburgh, at par plus a pre¬
3.25%
$68,000
72,000
140,000
&
of
Int.
Bid For
of Bidder—
SCHOOL
CITY
HARRISON TOWNSHIP (P. O. Natrona),
these columns—V.
&
487
Chronicle
2,000,000.00
General improvement notes "C" three-year
dated July 1, 1937, to be sold at this sale-
•
1,000,000.00
—
$3,000,000.00
June 30, 1937 delinquent City taxes (prior years)
:
$13,317,257.29
Water bonds outstanding (incl. in above bonds outstanding) $5,900,100.00
Cash and bonds in water bond sinking fund
236,416.93
(Included in above sinking funds)
$5,663,683.07
__$21,732,744.71
1,904,546.25
Net water debt
Schools:
Gross bonded school
debt, June 1, 1937
Less bond retirement fund
—$19,828,198.46
Net school debt
Last
assessed valuation of taxable property in
about 85% of real valuation:
Valuation on land
-
Valuation on buildings
—
the City of Pittsburgh
$557,826,450.00
544,836,830.00
$1,102,663,280.00
Population, U. S. census, 1920
594,277
Population, U. S. census, 1930.
669,817
There is no litigation nor controversy, pending nor threatened, concerning
the validity of these notes, the boundaries of the municipality, or the titles
of the officials or their respective offices.
PENNSYLVANIA,
ON
TAX—We
take
State of—DORRANCE TRUSTEES
following news report from the
the
"Inquirer" of July 9:
DROP SUIT
Philadelphia
„
M. Dorrance of Radnor, and three other trustees of $35,000,000
fund created by her late husband, John T. Dorrance, President of
Campbell Soup Co., yesterday dropped a suit filed in Federal Court a
year ago to prevent Pennsylvania authorities from collecting a one-mill
personal property tax on the securiites in the fund.
Hearings in the suit, which was filed Aug. 7, 1936, were postponed 31
times, and today former Attorney General William A. Schnader, counsel
Ethel
trust
the
for the
trustees,
which the latter
submitted an order to Circuit
signed, for the
Judge J. Warren Davis,
"discontinuance" of the action.
placed securities, mostly common stock of the
soup company, worth $35,000,000, in the fund, Pennsylvania tax authorities
placed a valuation of $27,256,126.47 on the taxables as of Jan. 1, 1936. and
a
one-mill levy amounting to $27,256.13.
Although Mr. Dorrance
488
Financial
t
Chronicle
July 17, 1937
.
PENNSYLVANIA
(State
of)—BONDWISSUES
APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
the following bond issues.
Information includes the name of the munici¬
pality, amount and purpose of issue, and date approved:
_,
.
Date
Approved
.
Municipality and Purpose—
Ferndale Borough School District, Cambria County—
Erecting, furnishing and equipping a new school
building
$45,000
25,000
were as
Biglerville Borough School District, Adams County—
Erecting, equipping and furnishing additional school
buildings
Hazleton City School District, Luzerne
County—
Refund bonded indebtedness, $70,000;
permanent
improvements, $40,000
Sayre Borough School District, Bradford County—
Paying operating expenses
Olyphant Borough
School
District,
Lackawanna
County—Refunding bonded indebtedness
June 29
15,000
June 29
110,000
June 29
25,000
June 30
58,500
$66,231,400.
$236,511, totaling $18,275,236, against $18,038,725.
Personal property tax collections were
$827,073, compared with $701,990,
gain of $125,083.
Delinquent tax collections dropped $2,051,733, amounting to $3,806,772,
up
$3,278,080,
a drop of $1,209,304.
$78,195 to $155,746.
Water
tax
$4,992,578
In
$2,069,204, against
Personal property delinquency increased
collections increased
was
$209,203, totaling $5,201,782, against
accompanying the monthly report, Mr. Willard says:
As will be seen by the six months'
report, we have collected 77% of the
current year's taxes in the first six
months, which is a gain of 4% over the
same period last year.
This, in my mind, proves that the tax payer is
recognizing the fact that it does not pay to become delinquent.
"I believe this year will show the lowest
delinquency on current year
had for
a
number of
years."
RIDLEY
TOWNSHIP (P. O. FoUom), Pa.—BONDS NOT SOLD—
were received for the sewer bonds offered on
July 14—V. 145, p.
The amount of the offering, originally set at $20,000, had been re¬
No bids
313.
duced to $15,000.
OFFERING— George O. Heeter, Borough
Secretary, will receive bids until 2 p. m. July 31, for the purchase of $15,000
4% coupon, registerable bonds.
Denoms. 12 for $500, 24 for $250 and 30
for $100.
Dated July 1, 1937.
Interest payable semi-annually.
Due
July 1,1952, subject to call on and after July 1,1938.
Rate Bid
100.312
100.19
100.60
2%
2%
2M%
,
$23,385,900.00
1,648,000.00
;
115,000.00
Sinking fund (other than water)
36,285.60
Tax collections as of July 1, 1937: 1935 levy, $431,172.47; uncollected to
date, $2,245.85.
1936 levy, $431,679.52; uncollected to date, $33,437.09.
Uncollected taxes previous to the year 1935, $10,068.60.
Tax rate, 1935,
$22.70; 1936, $22.50.
No floating debt.
No notes issued in anticipation of taxes are renewed.
SOUTH
ABBEVILLE COUNTY (P. O.
ELECTION—At
recent
a
CAROLINA
Abbeville), S. C.—RESULT OF BOND
election the people of the county voted down a
proposal to issue $36,000 jail bonds, but approved the issuance of $5,000
county hospital bonds.
BLACKVILLE, S. C.—BOND CALL—H. L. Buist, Town ClerkTreasurer, is said to be calling for payment at the Blackville depository,
on Aug. 2, on which date interest shall cease, a total of
$6,000 6% electric
light system bonds, part of an original issue of $11,000.
Dated July 1,
1915.
Due on July 1, 1955.
The bonds presented shall have July 1 and
subsequent coupons attached.
OLYMP1A SCHOOL DISTRICT
NO. 4 (P. O. Columbia),
S. C.—
BOND ELECTION—It is reported that an election will be held on July 19
on the issuance of $50,000 in school building bonds.
in order to vote
SOUTH
DAKOTA
BRITTON INDEPENDENT SCHOOL DISTRICT (P. O. Britton),
Dak.— WARRANTS CALLED—George G. Baker, District Treasurer,
is said to be calling for payment all registered outstanding warrants up to
and mcludmg No. 123G, at the First National Bank m Britton.
S.
columns—V. 145, p. 313—Tom Nolan, City Auditor, will receive bids until
10 A. M. July 20 for the purchase at not less than par of $3,500 bonds.
Interest rate will not exceed 5%.
Denom. $500.
Due $500 yearly on July
1 from 1940 to 1946.
FORT PIERRE INDEPENDENT SCHOOL DISTRICT NO. 1 (P.
Fort
SOMERSET
SCHOOL DISTRICT, Pa.—BOND SALE DETAILS—
The $8,500 bonds sold in June to Otis & Co. of
Cleveland, as previously
reported—V. 144, p. 4388, bear 3>£% interest and were sold at a price of
103.31, a basis of about 2.98%.
Dated July 1, 1937, and due July 1 as
follows: $500 in 1940. and $1,000 from 1941 to 1948. incl.
SCHOOL
Pierre),
S.
O.
CALLED—Howard Hendrickson
Dak.— WARRANTS
District Treasurer, is said to be calling for payment the following:
All registered tuition warrants up to and including No. 9070.
All registered general warrants up to and including No. 7750.
GREGORY COUNTY (P. O. Burke), S. Dak.—BONDS SOLD—It is
County Auditor that $37,500 4Yx% semi-ann. funding bonds
purchased recently by the Northwest Security National Bank of
stated by the
DISTRICT,
Pa.—BOND
OFFERING—George
Powell, District Secretary, will receive bids until 8 P. M. August 2 for the
purchase at not less than par of $25,000 5% bonds.
Denoms. 20 for $1,000
and 10 for $500.
Dated July 1, i937.
Interest payable semi-annually.
Due $2,500 yearly on July 1 from 1938 to 1947, incl.
,
Int. Rate
EMERY, S. Dak.—BOND OFFERING—As previously reported in these
RIMERSBURG, Pa .—BOND
TAYLOR
on
Assessed valuation, 1936
Total bonded debt, not including this issue
Water debt (included in above)
year ago.
taxes which we have
was
Goldman, Sachs & Co
statement
a
SALE— The issue of $65,000 coupon
awarded to G. M.-P. Murphy & Co.
100.719, a basis of about 1.905%. Dated
July 1 from 1943 to 1947 incl. Other bids
July 16
follows:
The loss, however,
all in delinquent accounts,
receipts from the cm-rent levy exceeding the
1936 returns.
Collections of city taxes for the six months
period reached $32,973,569,
against $32,480,695 a year ago, increase of $492,874.
School taxes were
against $5,858,404; and delinquent school figure
on
Bidder—
Lazard Freres & Co
First National Bank of Boston
was
a
I.—BOND
R.
offered
Financial Statement, July 1, 1937
PHILADELPHIA. Pa.—TAX COLLECTIONS LOWER—Tax collections
of the city for the first six months of 1937, amounted to
$64,218,646, a
decrease of $2,012,804 from the
corresponding period of 1936, monthly
report of Receiver of Taxes Frank J. Willard. issued July 8, reveals.
For
was
WESTERLY,
of New York, as 2s, at a price of
July 1, 1937 and due $7,000
addition, equipping and furnishing
same
the first six months of 1936 the total
Act authorizing the Commission to fix, collect and adjust tolls and another
section authorizing the Division of Public Utilities to reduce tolls if found
to be excessive.
water bonds
jUne 28
June 28
an
The third question is one of statutory construction and seeks to deter¬
mine whether a conflict exists between one section of the General Assembly
Amount
New Oxford Borough School District, Adams
County
—Erecting
'
WEST HAZELTON SCHOOL DISTRICT, Pa
—BOND ELECTION—
An election is scheduled for
July 31 at which a proposal to issue
a vote.
V
were
Sioux Falls.
.
INDEPENDENT SCHOOL DISTRICT NO. 4, S. Dak.
—BOND ELECTION—The Board of Education has ordered an election to
be held July 20, for the purpose of voting on a proposal to issue $30,000
SCOTLAND
school
building
bonds.
$100,000
bonds will be submitted to
WILKES-BARRE, Pa.—BOND SALE—The issue of $400,000 coupon,
registerable as to principal only, improvement bonds offered on July 14—
V. 144, p. 4388—was awarded to a
group composed of the BancamericaBlair Corp., New York, Butcher & Sherrerd and Stroud & Co. both of Phila¬
delphia, as 2H&, at a price of 100.5875, a basis of about 2.45%.
Dated
July 1, 1937 and due July 1 as follows: $10,000 from 1943 to 1945 incl.;
$20,000, 1946; $30,000 from 1947 to 1953 incl.; $20,000 in 1954 and 1955,
and $50,000 in 1956 and 1957.
The bonds, according to the
bankers, are being re-offered at 102.25 for
he 1943-45 maturities; 102 for the 1946-54 maturities and at 101.50 for
the 1955.57 maturities.
Other bids were as follows:
Bidders (All for 2 % % Bonds)—
Halsey, Stuart & Co., Inc
Premium
$6,076
5,188
4,632
4,192
3,028
-
E. H. Rollins & Sons, Inc
Mackey, Dunn & Co_
-
Graham, Parsons & Co
Phelps, Fenn & Co
RHODE
ISLAND
an issue of
coupon police station addition, highway and drainage bonds was
to Lazard Freres & Co. of New York on a bid of
$125,000
awarded
100.639 for 2s, a basis
of about 1.92%.
Denom. $1,000.
Dated Aug. 1, 1937.
Principal and
semi-annual interest (Feb. 1 and Aug. 1) payable at the
City Treasurer's
office, or at the First National Bank of Boston, at holder's option.
Due
$8,000 yearly on Aug. 1 from 1938 to 1952; and $5,000 Aug. 1, 1953.
Burr
& Co. of New York bid 100.53 for 2s.
$76,402,300.00
$303,000.00
206,128.17
Serial bonds (including this issue)
Net bonded debt..,
No water bonds.
96,871.83
1,762,000.00
1,858,871.83
Population, 1936—29,202.
Tax rate: 1930 to 1933, $24.00;
1934, $23.50; 1935, $24.00; 1936, $24.00.
PROVIDENCE, R. I.—TAX RATE UNCHANGED—The
Assessing Board has fixed the
valuation, no change from last
1937
tax
rate
at
$2
per
$100
Tax
of assessed
year.
PROVIDENCE,
sioners
R. I.—BONDS SOLD—The Sinking Fund Commis¬
purchased $600,000 2% unemployment relief bonds at a price of par.
Dated Aug. 1, 1937, and due $60,000
RHODE ISLAND
on
Aug. 1 from 1938 to 1947 incl.
(State of)—PWA DECLINES AID FOR PROPOSED
BRIDGE—The Public Works Administration in Washington announced
recently it would give neither a Federal loan nor grant for construction
of the proposed $2,200,000 Jamestown-North
Kingstown Bridge across
the west passage of Narragansett Bay.
Refusing to make public the reasons for disapproval, the agency turned
down a request for a grant of $990,000 and a loan of
$121,000.
The
construction of the bridge was authorized by the General
Assembly at
its last session.
Pending in the House of Representatives is
a
bill introduced by Con-
gressman John M. O'Connell of Westerly, in whose State of Rhode Island
ridge would be located, which would authorize the district the proposed
"acting by and through the Jamestown Bridge Commission, as an agency
of the State," to construct and operate the bridge.
As recently as June 11, Gov. Robert E.
Quinn, who signed the bridge
bill on April 28, asked the Supreme Court for an advisory
opinion on
three questions concerning the bridge.
One was whether the Act allows the Commission, acting in the name
of the State, to issue revenue bonds of the State of Rhode
Island, or whether
the Commission
Another
cites
can
issue bonds only in its own name.
the
State
Constitutional
prohibition against the State
obligating itself by debt for more than $50,000 without express consent
of the people.
It asked whether this provision of the Constitution would
be violated if the bridge bonds were issued in the name of the State acting
by and through the Jamestown Bridge Commission.
A, B, and C,
bonds of the city, all dated May 1,1935, and maturing May 1,
1950, until 10:30 a. m. on July 29.
The Sinking Fund Commissioners are
said to have in the sinking fund for the purpose of purchasing said bonds
the sum of $109,000.
In the event tenders in a sufficient amount of said bonds, at an interest
yield basis to the Commission of 3% % or more, are not submitted, the Com¬
mission will consider tenders of other issues of bonds of the city, having a
maturity date prior to May 1, 1950.
Tenders or bidders shall specify the interest rates and number of bonds
to be tendered.
Bidders may stipulate, if they so desire, that their tenders
are for the purchase of all or none of the bonds tendered, and shall state the
time and place said bonds will be delivered, if tenders are accepted.
Tenders shall be accompanied by certified check upon any incorporated
bank or trust company for 1 % of the face amount of the bonds tendered or
purchased, payable to the Sinking Fund Commissioners.
the residents
on
Tcnn.-BONDS
VOTED—By
vote of 75
a
to
15
June 26 approved a proposal to issue $25,000 school build¬
ing bonds.
.
HAMBLEN COUNTY (P. O. Morristown),
v
Tenn —BOND OFFERING
—Sealed bids will be received until July 19, by E. B. Fisher, Chairman of
the County Court, for the purchase of an issue of $100,000 refunding bonds.
Interest
rate
is
not
to
exceed
5%, payable semi-annually.
Due $5,000
from 1938 to 1957 incl.
HARDEMAN
Financial Statement July 1,1937
Assessed valuation for year 1936
NORTH
will receive sealed tenders of refunding bonds of the city, series
and funding
FAYETTEVILLE,
NEWPORT, R. I .—BOND SALE— On July 14
Sinking fund bonds
Less sinking funds
TENNESSEE
CHATTANOOGA, Tenn.—BOND TENDERS INVITED—It is stated
by T. R. Preston, Chairman of the Sinking Fund Commissioners, that he
COUNTY
(P. O. Bolivar). Tenn.—BOND SALE—The
First National Bank of Memphis has pin-chased and is now offering to
investors at par an issue of $100,000 5% funding bonds.
Denom. $1,000.
Dated Feb. 1, 1937.
Principal and semi-annual interest (April 1 and
Oct.
1) payable at the office of the County Trustee, in Bolivar.
1, 1957.
Oct.
Due
LENOIR
CITY, Tenn.—REPORT ON PROGRESS OF REFUNDING
PLAN—It is reported that the entire indebtedness of the city, aggre¬
gating $460,000, is being readjusted through an exchange with the present
holders of refunding bonds
bearing 3J£% to 5^% int. and maturing 20
after date, but redeemable at the option of the city on any int-pay¬
period, at par and int.
It is said that at present all of the indebted¬
ness, with the exception of $27,500, has been converted through exchange
into refunding bonds and int. is being paid promptly.
years
ment
LIVINGSTON, Tenn.—BOND OFFERING—Sealed bids will be received
until
noon on July 24, by Mayor B. H. Hunt, for the purchase of a $35,000
bonds.
Interest rate is not to exceed 6%,
payable semi-annually.
Denom. $100.
Dated Aug. 1, 1937.
Due in 20
years.
No bid for less than par and accrued interest will be considered.
issue of municipal auditorium
POLK COUNTY
The
(P. O. Benton), Tenn.—BONDS AUTHORIZED—
County Court recently passed a resolution providing authority for the
issuance of $200,000 debt funding bonds.
SCOTT COUNTY (P. O. Huntsville), Tenn.-BONDS AUTHORIZED
July 6 the County Court authorized a bond issue of $175,000 to refund
outstanding indebtedness.
—On
TENNESSEE, State of—GAINS REPORTED IN TAX COLLECTIONS
—An Associated Press
dispatch from Nashville on June 30 had the follow¬
regard to revenue increases:
department reported tonight that Tennessee collected $33,406,660 from tax sources in the fiscal year ending at midnight, representing
a gain of $4,766,791, or
16.64% over the last previous fiscal year.
The gasoline tax was the heaviest producer, according to the department,
accounting for $18,118,709 in the 1936-1937 fiscal year, and $15,648,726
in 1935-1936.
In each case this represented more than half the total
ing to
The
say in
tax
collections.
The 1935-1936 total from all tax sources was $28,639,868, making a
total for the fiscal biennium of $62,046,528.
In the 1935-1936 fiscal period, when property, ad valorem, privlege and
receipts taxes and public utility fees aggregating about $2,500,000 a
did not clear through the department, it reported collections of
$23,292,804.
gross
year,
TEXAS
ALAMO HEIGHTS, Tex.—BONDS VOTED—A proposal to issue $58,000
improvement and refunding bonds was approved by the voters^at
an.election held on July 6.
-jutf
^
Texas—ADDITIONAL DETAILS—We are nowinformec
that the $100,000 2% % fire station and equipment bonds purchased jointly
bytRoche & Co. of Austin, and Fenner & Beane, of Houston, at par and
accrued interest, as noted here recently—V. 145, p. 313—are in the de¬
nomination of $1,000 each, mature $5,000 from July 1, 1938 to 1957, with¬
out option, and the interest is payable J. & J.|
AUSTIN,
BIG SPRINGflNDEPENDENT SCHOOL1DISTRICT (P. O. Big
Spring), Texas—BONDS DEFEATED—At the election held on June 26
,000 in gymnasium-auditorium
proposal to issue
the voters rejected the
bonds.
SCHOOL DISTRICT, Texas—BONDS VOTED—The
districtlhave approved the issuance of $30,000 school building
CANUTILLO
voters of the
bonds.
of
decrease in the bonds.
a
In
under the Bond Retirement Act which changed
a State proposition rather than one de¬
districts, the State was able to pay the interest but
only 33% of the principal.
In 1934 the principal payment was 30%;
in 1935, 50%; in 1936, 75%, and this year 90%.
The average for the last
five years is 55.6%.
The allocation for 1938 provides $4,393,119 for principal and $4,372,240
for interest.
Bonds admitted for participation in the Assumption Act are
from all but 22 counties of the State.
About $29,000,000 worth of bonds
have been retired since the Act became effective.
About $40,000,000
issued by counties and districts were not eligible for participation because
the proceeds were not spent on highway construction.
1933, the first
year
the basis of road construction to
pendent
on counties and
RFC LOANS TO IRRIGATION DISTRICTS—Irrigation districts to the
number of 17 in the lower Rio Grande Valley have been refinanced through
the Reconstruction Finance
ECTOR COUNTY (P. O. Odessa), Texas—BOND SALE DETAILS—
We are now informed by the County Clerk that the $150,000 (not $135,000)
and 3&s, noted
in,these columns recently—V. 145, p. 163—are due in 15 years, optional
courthouse bonds purchased bv the State of Texas, as 3s
inilO
year was estimated conservatively at $9,000,000 despite
the collection of $9,819,493 during the year ended last June 30 and $8.710,334 during the year ended June 30,1936.
Ability to pay all the State s
requirements was attributed mainly to increased gasoline usage and in part
Income for the
.
water
1
489
Financial Chronicle
Volume 145
years.
Registered bonds in $1,000 denominations.
P* EL PASO COUNTY (P. O. EI Paso)7 Te~BOZVD~ELECTION—The
county will hold an election on Aug. 23 for the purpose of voting on a pro¬
posal to issuei$100,000 park improvement bonds.
"ENNIS,Texas—DEBT REFUNDING PLAN
SUBMITTED— Under
date of June 28, the Brown-Crummer Co, of Dallas, forwarded to bond
warrant holders of the above city, a report of their negotiations
and
with city officials,
debtedness, and
a
a
proposed plan for the refunding of the $497,000 in¬
list of holders of $253,000 bonds who have approved
the
program,
»»The plan calls for the payment of all unpaid Interest coupons and accrued
interest coupons and accrued interest to April 10, 1934, at par, all similar
interest due from that date to April 10, 1936, at 50 cents on the dollar,
and all interest from then to April 10, 1937, at 4% per annum.
The city also contemplates the issuance of three series of callable refunding
bonds dated April 10,1937, maturing serially from 2 to 35 years, the average
maturity extension being about seven years.
All the new bonds will be
exchanged for the original securities at par.
Series A will consist of $208,500 refunding bonds bearing interest at 4%
until 1941, and at 4}4.% until paid, to be exchanged for bonds bearing a
4M% coupon.
Series B will consist of $142,000 refunding bonds bearing 4% interest
until 1941 and 43^ % until paid, to be exchanged for 5% obligations.
Series O will consist of $146,500 refunding bonds with a rate of 4%
until 1941 and 5% until paid, to be exchanged for 5 }£% bonds and 6%
The validity
FRENCH INDEPENDENT SCHOOL DISTRICT (P. O. Beaumont),
Texas—BOND OFFERING DETAILS—In connection with the offering
scheduled for July
16 of the $25,000 stadium bonds, notice of which was
gven in these columnsof Schools, that the p. 313—it is stated byat 8 B. m.
recently—V. 145, bonds will be offered A. p. O.
ean, Superintendent
the said date.
on
Interest rate is not to exceed 4%, payable J. & J.
YSLETA SCHOOL DISTRICT, TEX.—BONDS VOTED—A
of $25,000 for construction of a school
at a recent election.
price of approximately, but not less than, par and accrued interest.
Bids
on rates must be in multiples of *4, of 1 %.
The printing of bonds and legal
opinion must be furnished by the purchaser.
The place of payment on
principal and interest will be made satisfactory to the purchaser.
A $500
certified check, payable to Clyde H. Wooding, President of the School
Board, must accompany the bid.
UTAH
Texas—BOND
ELECTION
VERMONT
ST.
ALBANS,
announces
Vt.—BOND
Financial Statement
Water bonds
SALE—On July 5 an issue of $35,000 3K% jail improvement
funding bonds was sold to the J. R. Phillips Investment Co. of
PORT
ARTHUR,
states that all persons
Texas—BOIVD
CALI^-A.
F.
Hine,
City
Clerk,
owning and (or) holding 6% street improvement bonds,
Series No. 1, numbered from 13 to 22, are to present them for redemption
at the National City Bank, New York, or at the City Treasurer's office,
on
on
Dec. 1, on which date interest shall
Dec. 1, 1923.
cease.
Dated Dec. 1,1903, optional
SAN
ANGELO, Texas—BONDS DEFEATED—At the election held
on
July 6—V. 144, p. 4389—the voters defeated the proposal to issue
$100,000 in park impt. bonds.
SEYMOUR,
Texas—BOND SALE— The
$65,000
water
and
sewer
system bonds recently approved by the voters have been sold to the BrownCrummer Investment
Co.
of
Dallas.
172,000.00
(included in total debt)
$20,000
COMMONWEALTH OF VIRGINIA Ref. 2y4s,
Due
July 1, 1961 at 2.10% basis
F. W. CRAIGIE & COMPANY
Richmond, Va.
A. T. T. Tel. Rich. Va. S3
Phone 3-9137
VIRGINIA
RICHMOND, Va .—BOND SALE—The $1,500,000 3% coupon or
registered semi-ann. public improvement bonds offered for sale on July 15
—V. 145, p. 163—were awarded to a syndicate composed of Blyth & Co.,
Inc.; Lazard Freres & Co., Inc.; Chas. D. Barney & Co.; Francis I. Du Pont
& Co., all of New York; R. S. Dickson & Co., Inc. of Charlotte, N. C.,
and Mason-Hagan, Inc. of Richmond, paying a premium of $111,298.50,
equal to 107.4199, a basis of about 2.205%.
Dated July 1, 1937. Due
$75,000 from July 1,1938 to 1957, inclusive.
FOR
OFFERED
BONDS
PITTSBURG, Texas—BOND OFFERING DETAILS—It is now re¬
ported by E. F. Garrison, City Secretary, that the $25,000 5% semi-ann.
sewer system revenue bonds scheduled for sale on July 20, as noted here
recently—V. 145, p. 163—are part of an authorized issue of $50,000,
maturing on May 15 as follows: $500, 1938; $1,000, 1939 to 1941; $1,500.
1942, and $3,000, 1943 to 1957.
Legality to be approved by W. P. Dumas
of Dallas.
The bonds are secured solely by a valid first lien on all the physi¬
cal property of the sewerage system and the net revenues thereof, are issued
pursuant to an election held on Aptil 15, 1936, and under the authority of
the General Laws of the State, especially Articles 1,111 to 1,118, Revised
Civil Statutes of the State, as amended.
$5,002,135.00
54,527.35
658,000.00
Population, 1930 Federal census, 8.020.
Aug. 2, for the purchase of a $73,000 issue of road bonds.
BOND
Mayor,
Sullivan,
Assessed valuation, real and personal, 1937
Grand list for 1937 (including polls)
Total bonded debt now outstanding
NUECES COUNTY (P. O. Corpus Christi), Texas—BOND OFFERING
warrant
F.
purchase of $35,000 refunding bonds. Dated
Aug. 14, 1937. Denom. $1,000. Due $5,000 on Aug. 14 from 1954 to 1960
incl. Bidder to name a single interest rate of not more than 4%, expressed
in a multiple of
of 1%. Principal and interest CF. & A. 14) payable at
the Peoples Trust Co. of St. Albans.
The bonds will be authenticated as to
genuineness and approved as to legality by Attorney Charles D. Watson
of the City of St. Albans.
Delivery will be made to the purchaser on or
about Aug. 18, 1937, at the Peoples Trust Co., St. Albans.
—Sealed bids will be received by C. J. Wilde, County Auditor, until 10 A.M.
Houston.
OFFERING—John
that sealed bids will be received until 7:30 p. m. (Eastern Stand¬
ard Time) on July 22 for the
CONTEMPLATED—It is
future to
Interest rate
is not to exceed 4%, payable M. & S. Denom. $1,000.
Dated Sept. 1,
1937.
Due on Sept. 1 as follows: $20,000, 1945 to 1949; $30,000, 1950 to
1952; $40,000, 1953, and $45,000 in 1954.
The county reserves the right
to retire said bonds or any portion thereof on any interest paying date on
or after Sept. 1, 1942.
Prin. and int. payable at the State Treasurer's
office or at the County Treasurer's office.
The approving opinion of
Chapman & Cutler of Chicago, will be furnished.
These bonds are part of
an $875,000 issue approved by the voters at an election held on Nov. 9,
1929.
Bidding forms will be furnished by the county.
(An issue of $200,000 road bonds was offered for sale without success on
June 14, as reported in these columns at that time—Y. 144, p. 4389.)
Beaver), Utah—
bond issue of $55,000 for school building purposes.
stated by the City Clerk that an election will be held in the near
vote on the issuance of $100,000 in various improvement bonds.
on
(P. O.
BONDS VOTED—The voters of the district recently gave their approval to
a
GORMAN INDEPENDENT SCHOOL DISTRICT (P. O. Gorman),
Texas—BONDS SOLD—It is reported by the Secretary of the Board of
Education that $5,000 building bonds were sold recently.
MONAHANS,
bond issue
building was approved by the voters
SCHOOL DISTRICT
COUNTY
BEAVER
Bids
will be considered on any rate or combination of rates.
It is the intention
of the Board to sell the bonds at the lowest interest rate that will bring a
$8,857,111 in disbursements, while
discount."
of the new bonds will be determined by the United States
District Court and approved by the Attorney General of the State.
Con¬
75% of the bonds is necessary for the plan to become
operative.
Holders are requested to forward their consent to the program to the
Brown-Crummer Investment Co., Dallas, Texas.
total of
a
TEXAS, State of— WARRANTS CALLED—An Austin dispatch of
July 6 had the following to say in regard to the latest warrant call:
"The deficit in the general fund is remaining almost stationary, it was
shown Tuesday when State Treasurer Charley Lockhart called for pay¬
ments general fund warrants to No. 86,005, representing $1,208,347, and
bring cash payments up to Jan. 21.
This left the deficit at $10,513,466,
but $202,600 less than it was June 21, the date of the last warrant call.
"The deficit in the general pension fund is $4,756,659.
These warrants
are being purchased for the highway investment fund up to the July, 1936,
issue if not discounted and those issued prior to July, 1935, regardless of
warrants.
sent of holders of
Corporation, according to a report of the RFC.
These districts have received
$16,546,259 in indebtedness will be taken up by the RFC loans.
The largest loan was made to Hidalgo and Cameron Counties Water
Control and Improvement District No. 9, which received $2,450,000.
The district had asked for $2,800,000 ••
Disbursement of $2,449,650 already
had been made.
The district has an outstanding indebtedness of $3,500,000, the report said.
INVESTMENT—'The successful bidders reprices to yield from 1.20%
offered the above bonds for public subscription at
the earliest maturity up to a yield of 2.25% on the last maturity.
It is stated that a very active demand for these bonds was manifested
on
by subscribers.
The second highest bid was submitted by a syndicate headed
B. Smith & Co. of New York, a tender of $106,513.50 premium
by Edward
for the 3%
bonds.
VIRGINIA,
of—REVENUE
State
COLLECTIONS
YEAR AT NEW HIGH—We quote in part as follows
FISCAL
FOR
from a special dispatch
"Wall Street Journal" of July 13:
"Revenue collections of the State of Virginia set a new record during the
out of Richmond to the
fiscal
year
ended June 30, according to estimates of the June receipts.
$79,671,383, up $16,710,876 from the $62,-
Total collections are placed at
960,507 received during the fiscal year ended June 30, 1936.
"Latest audited comparison is for the 11-month period ended May 1
which shows $72,671,383 as compared with $57,495,420 during the like
period of the previous year.
An estimate of $7,000,000 is added for
collections, although it is believed that final computations will show
June
that
figure exceeded.
"The figures include Virginia Alcoholic Beverage Control Board business
as well as all other sources of revenue, including special funds.
"General fund cash balance at the end of the fiscal year was about
$100,000 more than a year previously, marking the second time in eight
that a surplus has been shown.
"Budget Director H. I. Smith, in discussing the financial results of the
State for the fiscal year, said:
'It is apparent that the cash balance in the State fund, general revenue,
at the close of business June 30, will be approximately $800,000.
A few
items in transit may change this figure some.
years
SONORA, Texas—BOND OFFERING— Sealed bids
received until
2 P. M. on July 17, by G. Smith, City Manager, for the purchase of a
$90,000 issue of 4H % water works revenue bonds.
Denom. $1,000.
Due
as follows: $1,000,
1938 to 1942; $2,000, 1943 to 1962, and $3,000, 1963
to 1977; optional after 20 years.
These bonds were approved by the voters
at an election held on March 27.
Prin. and int. (M. & N.) payable in
Sonora.
A certified check for $4,500 must accompany the bid.
were
"
"
'At the beginning of the fiscal year
there was a balance of $695,899.
and obligation.
The State has met its every financial requirement
"
TAYLOR
COUNTY
(P.
O.
Abilene),
$25,000 bond issue for purchase of
been approved by the voters.
a
Tex.—BONDS VOTED—A
right-of-way for a new highway has
TEXAS, State of—REQUIREMENTS ON ROAD BONDS TO BE MET
'Through economy on the parts of State institutions and State depart¬
ments, several thousand dollars of their appropriations will expire and
revert to the general fund.
No estimate of this amount can be placed at
"It
was
pointed out that the Legislature last June appropriated $4,000,000
for roads, relief and public assistance and no additional taxes
—A report from its Austin Bureau to the Dallas "News" of July 3 had the
following to say;
Mounting revenues from increased gasoline consumption enabled the
Board of County and District Road Indebtedness to appropriate Friday,
for the first time, funds to pay all requirements on 1938 bonds assumed by
additional
the State.
O. Seattle), Wash.—BOND ISSUANCE CON¬
report is taken from the Seattle
PostIntelligencer" of July 8:
.
,
The problem of the $2,250,000 outstanding in county warrants issued
for relief of the needy, long a worry to directors of county finances, was be-
The
Board appropriated $8,765,360 to pay interest
and principal next
year on $170,000,000 of bonds, the proceeds of which were spent for State
highway construction.
Funds for the bonds assumption are provided by
the allocation of one cent of the gasoline tax of four cents a gallon.
were
imposed.
WASHINGTON
KING
COUNTY
TEMPLATED—The
(P.
following
,.
^
,
490
Financial
Chronicle
July
1937
17,
July 1.
Designed to meet a record budget of $66,150,000, the tax program
does nothing more than renew for two more years two expiring emergency
measures—the 2M% privilege tax on corporate dividends and the 60%
NORTHWESTERN MUNICIPALS
individual incomes.
surtax on
Washington—Oregon—Idaho—Montana
WYOMING
®rumblkr, EhrMman & HHufe
SEATTLE
SAN FRANCISCO
CODY, Wyo.—BOND, SALE—The $50,000 issue of coupon water works
improvement bonds offered for sale on July 8—V. 144, p. 4390—was awarded
jointly to the American National Bank of Cheyenne and Geo. W. Vallery
&
Teletypes SEAT 187, SEAT 188
Teletype SF 206
Co.
of Denver, as 3Ms at a price of 100.90, a basis of about 3.15%.
Purchaser is to furnish the legal opinion
and printing of the bonds.
Due in 30 years; optional in 10
July 1, 1937.
Dated
years.
WASHINGTON
lieved solved yesterday by County Commissioners' decision to i ssue bonds
to retire the debt.
The huge mass of warrants, outstanding with no funds
available from tax income to retire them,
Canadian Municipals
had been pyramiding steadily
higher.
the board declared.
<
Information and Markets
;
The debt has ceased growing since the State took over the county welfare
department.
The saving thus made will be sufficient to pay the annual
$288,976 toward retirement of the new 10-year bond issue and leave enough
over to permit raising county salaries somewhat. Chairman Louis Nash of
BRAWLEY, GATHERS & CO.
,
The limits of the 40-mill tax law have precluded the county from retiring
the steadily growing dole debt by taxation.
25
WEST, TORONTO
KING ST.
ELGIN
6438
%
KING COUNTY (P. O. Seattle), Wash.—BONDS PLANNED—'The
County Commissioners are completing plans for the issuance of $2,250,000
warrant
funding bonds.
MERIDIAN CONSOLIDATED SCHOOL DISTRICT NO. 320 (P. O.
Bellingham), Wash.—BOND SALE—The $18,000 issue of school bonds
offered for sale on July 9—V. 144, p. 4390—was awarded to the State of
Washington as 4s at par.
Dated July 15,1937.
Due in from 2 to 20 years
after date of issue; optional after five years.
SEATTLE, Wash.—BONDS CALLED— H. L. Collier, City Treasurer,
is asid to have called for payment
from July 16 to 21, various local impt.
district bonds
WISHRAM SCHOOL DISTRICT NO. 92, Klickitat County, Wash.
—BOND SALE—The $23,000 bond issue offered on July 9—V. 145, p. 164—
was awarded to the State of Washington at 3% interest.
Due serially for
10 years.
June 1936.
WEST
COUNTY
MASON
FEATED—It is stated
tion held
bonds
on
was
VIRGINIA
(P. O. Point Pleasant), W. Va.—BONDS DE¬
by the Clerk of the County Court that at the elec¬
June 20, the proposal to issue $95,000 in court house and jail
defeated.
HANTSPORT, N. S.—BOND SALE—Cornell. Macgillivary & Co. of
(State of)—BOND SALE—The $500,000 coupon,
fully registerable, road bonds offered for sale on July 13—V. 145, p. 314—
were awarded, in conjunction with an additional $500,000, to a syndicate
composed of Halsey, Stuart & Co., Inc., the Bancamerica-Blair Corp.,
Geo. B. Gibbons & Co., Inc., Burr & Co., Inc., all of New York, and
Schmidt, Poole & Co. of Philadelphia, taking the first $240,000 as 3Ms,
and the remaining $760,000 as 2Ms, on a net interest cost of 2.329%.
Due $40,000 annually on May 1 from 1938 to 1962 incl.
The $500,000 block of bonds was offered with an option to the purchaser
to take an additional $500,000 road bonds alike in all respects to the issue
scheduled for July 13.
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered the above bonds for public subscription, the 3Ms, at prices to yield
0.80. to 2.00%, while the 2Ms are priced to yield from 2.00% to 2.35%,
all according to maturity.
Financial Statement
Assessed valuation, 1936
Bonded Indebtedness—
$1,737,625,670.00
State road bonds
State refunding bonds.
1935 Virginia debt refunding bonds
2.
75,927,000.00
4,000,000.00
1,120,000.00
.
3.
Total bonded indebtedness—not including this offer
Outstanding notes
$81,047,000.00
Halifax recently purchased $18,500 4% bonds at a price of 101.27. and
at 102.
The total includes $14,000 issue, dated July 2,
re-offered them
1937 and due $1,000 annually from 1938 to 1951, incl., and a loan or
$4,500, dated May 15,1937 and due $300 yearly from 1938 to 1952, incl.
MONCTON, N. B.—BOND SALE—'The issue of $62,000 school bonds
on July 9—V. 145, p. 314—was awarded to a syndicate composed
offered
of Johnston & Ward, Montreal, Irving, Brennan & Co., St. John, Nesbitt,
Thomson & Co. and W. C. Pitfield & Co., both of Montreal, as 3 Ms, at a
price of 96.57, a basis of about 2.78%.
1,1952.
.v.
and
payable serially, last maturity May 1,1962.
2. Payable serially $250,000.00 each year, last maturity June 1, 1953.
3. $560,000.00 to be retired annually, July 1, 1938,1939.
All of the original issue (1919 Virginia debt $13,500,000.00) retired
except as hereinafter stated. $861,225.00 of the 1919 Virginia debt bonds
(3M%) were held in escrow by the State of West Virginia to be exchanged
for Virginia deferred certificates which had not been deposited with the
Commonwealth of Virginia prior to April, 1919.
$447,300.00 remain in escrow, although eligible for exchange since 1919.
The law provides any part of the bonds remaining in escrow and uncalled
for on Jan. 1, 1939 shall be conclusively presumed to have been lost or
destroyed and shall be immediately canceled by the State of West Virginia.
Hence the State will be liable for payment for whatever part of the $447,300.00 presented for payment prior to Jan. 1,1939.
Population (1920 census) 1,463,701; (1930 census) 1,728,510.
These bonds are issued under authority of amendment to the Constitution
known as $50,000,000.00 Sta5e road bond amendment, and under authority
of an Act of the Legislature of the State of West Virginia known as Chapter
19, Acts of 1935, Regular Session.
To secure the payment of this bond, principal sum and interest, when
other funds and revenues! sufficient are not available for that purpose, it is
agreed that, within thelimitsprescribed by the Constitution, the Board of
Public Works of the State of West Virginia shall annually cause to be levied
and collected an annual State tax on all property in the State, until said
bond is fully paid, sufficient to pay the annual interest on said bond and the
principal sum thereof within the time this bond becomes due and payable.
Dated Aug. 1, 1937 and due Aug.
.
MONTREAL,
Que.—DEBT LP $2,577,114 IN FISCAL YEAR—Net
$2,577,141 to $201,581,016 during the fiscal
report presented to the
City Council by Honore Parent, Director of Finance.
Revenue surplus
for the year amounted to $377,327, an increase of $261,076 over last year.
The Toronto "Globe and Mail" of July 1 commented on the features of the
debt
year
of .the
city increased
ended April 30, 1937, according to the annual
report as follows:
"Net debt at the end of the year represented 21.91 % of the taxable prop¬
erty valuation, placed at $920,005,859.
It is equivalent to $227.78 per
capita of the city's population.
The report shows the city's loan power has
been exceeded by $3,815,420, or 0.428% of the taxable valuation.
This
is due, the report adds, to decreased municipal property values since the
loans
None
Issued pursuant to the Good Roads Amendments to the Constitution
1.
xw
(Dominion of)—TREASURY BILLS SOLD—The Bank o*
Canada accepted tenders July 14 for $25,000,000 Treasury bills, due Oct. 15»
1937.
The average discount price was $99.84102 and the average yield
0.632%.
y,CANADA
WEST VIRGINIA
1.
CANADA
CANADA (Dominion of)—REVENUES HIGHER—The Comptroller
of the Treasury reported ordinary revenues for June of $36,668,896 and
total revenues, with special receipts, of $36,977,726.
This compares with
total income of $33,601,440 in the same month last year.
Total receipts
in the first three months of the current fiscal year amounted to $167,219,981, as against only $134,865,019 in the same period last year.
Ordinary
expenditures in the recent month were $26,307,504, as compared with
$26,069,611 in June of 1936.
Ordinary disbursements in the first three
months of the present fiscal year aggregated $90,416,266, in contrast
with $89,767,482 in the like months of 1936.
Other expenditures in the
recent month of June included $14,074,255 for government-owned enter¬
prises, contrasted with an outlay for the same purpose of $11,505,173 in
were
"Interest
authorized.
paid
the funded debt, which totaled $276,207,378 compared
on
with $275,584,877 the previous year, was at the rate of 4.45%, compared
with 4.48.
Debts contracted during the year amounted to $6,500,000,
while loans paid off aggregated $3,877,498, creating an addition or $2,622,-
501 to the funded debt.
Loans authorized but not floated totaled $4,492.704.
The sinking fund amounted to $45,043,284, of which $38,529,257
$3,415,231 for Catholic school bonds and $3,098,796 for
The fund shows an increase of $4,843,002.
is on funded debt,
Protestant schools.
"Permanent assets of the city stand at $189,685,636, a decrease of
$30,527 during the year.
Relief expenditures during the year amounted to
$6,880,011, which is incorporated into the funded debt.
The amount
represents one-third of the total amount paid out in the city on relief since
the Dominion and Provincial governments assume payment of the remain¬
ing two-thirds."
OTTAWA, Ont.—BOND SALE—On July 8 a syndicate composed of
A. E. Ames & Co., Toronto; the Royal Securities Corp., Montreal; McTaggart, Hannaford, Birks & Gordon, Montreal, and Harrison & Co., Toronto,
was
awarded $830,475 bonds on a
bid of 100.30.
The bonds
were:—•
Price
•
OCONTO
Sealed
COUNTY
bids will
(P.
be received
O.
until
Oconto),
2
p.
m.
Wis .—BOND OFFERING—
(Central Standard Time) on
July 26, by Josie M. Cook, County Clerk, for the purchase of two issues of
3% highway improvement bonds, aggregating $240,000, divided as follows:
$210,000 series H bonds.
Due on June 1 as follows: $70,000,1940; $75,000.
1941, and $65,000 in 1942.
30,000 series H bonds.
Due on June 1, 1940.
r Denom.
$1,000.
Dated June 1, 1937.
These bonds are a part of a
$500,000 issue approved on April 7,1936, of which $100,000 have been sold.
(J. & D.) payable in lawful money at the County Treas¬
urer's office.
The approving opinion of Chapman & Cutler of Chicago
will be furnished.
A certified check for 2% of the par value of the bonds,
payable to the County Treasurer, must accompany the bid.
Prin. and int.
SHELDON TOWNSHIP
At
was
a
recent
election
a
(P. O. Sheldon), Wis .—BONDS VOTED—
bond issue of $35,000 for highway improvements
divided into
$623,000 2% 5 year serial relief and road improvement bonds, dated Jan. 1#
1937.
Interest payable Jan. 1 and July 1.
17,500 2M% 10 year serial road bonds, dated July 1, 1936.
Interest
payable Jan. 1 and July 1.
122,870 2M% 15 year serial land purchase and improvement bonds, dated
July 1, 1936.
Interest payable Jan. 1 and July 1.
67,105 3% 20 year serial water works and sewer bonds, dated July 1,
1936.
Interest payable Jan. 1 and July 1.
Other bidders
WISCONSIN
are
four issues, as follows:
Tendered
Collier, Norris & Henderson. Limited
99.967
Bank of Nova Scotia, R. A. Daly & Co., Ltd., Hanson Bros. Inc.. 99.9144
Wood, Gundy & Co., Ltd.
—
99.732
J. L. Graham & Co., Ltd.
.-i--:
—
99.687
Bank of Montreal
99.63
McLeod, Young, Weir & Co., Ltd., Bell, Gouinlock & Co., Ltd.,
Mills, Spence & Co., Ltd
99.28
The Dominion Securities Corp., Ltd.
99.24
Cochran, Murray & Co., Ltd
—
98.91
Tenderer
P.
(This supplements an earlier report
314).
given in these columns—V. 145,
PORT ARTHUR, Ont .—BOND OFFERING—A. H. Evans, Oity Treas¬
will receive sealed bids until 5 p. m. on July 22 for the purchase of
$49,700 4% 15-year serial bonds and $98,900 4 % 20-year serial bonds.
Payable at Port Arthur, Toronto, Montreal, Winnipeg and Vancouver.
urer,
approved by the voters.
QUEBEC,
Que.—SINKING
FUND
ASSETS
TRANSFERRED
TO
PROVINCE—All the
STEVENS
POINT, Wis.—PRICE PAID—In connection with the sale
of the
$70,000 2M% corporate purpose notes to T. E. Joiner & Co. of
Chicago, noted in these columns recently—V. 145, p. 164—it is reported
were sold at par, plus all expenses.
Due on Aug. 15, 1938;
subject to redemption on April 1, 1938.
that the notes
WASHINGTON
amounts deposited in the sinking fund of the city of
Quebec has been transferred by Oity Treasurer Eugene Barry, to the pro¬
vincial treasury in accordance with the law, according to report.
The
transaction, which places a sum of $4,400,000 in the account of the province
of Quebec was executed in virtue of an amendment to the city charter
adopted at the last session of the legislature, reviving an old statute.
(P. O. Bangor, Route 2), Wis.—INTEREST RATE
WINNIPEG, Man.—MONTH'S CREDIT ARRANGED—The Bank of
are now informed by the Town Clerk that the
$45,000 highway im¬
provement. series A, bonds purchased on July 7 by T. E. Joiner &- Co. of
Chicago, at a price of 100.52, as noted in these columns—V. 145, p. 314—
were sold as 3s, giving a basis of about 2.88%.
Due from 1938 to 1952,
optional on June 1, 1942.
Montreal has agreed to finance the city's relief requirements during the
—We
month of
July.
Previously the bank had announced that it would refuse
further credit after July 1 because of the large overdraft accumulated by
the city.
It is expected that during the present .month some plan can be
adopted which will provide a permanent solution of the city's relief problem.
refinancing plan for the city is reported to have already been approved by
A
WISCONSIN, State of—GOVERNOR SIGNS TAX MEASURE— Gover¬
La Follette signed recently a $1,236,250 high school aid bill carrying as
rider the administration's tax program for the biennium which began on"
nor
a
holders of about 20% of the debenture debt.
The plan, which was an¬
nounced in its final form recently, will become effective upon approval of
holders of at least 60% of the indebtedness.
@FedFRASER