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1937
juL 7
Ub
mDM.
v
•
VOL. 145. ,MU6dwr1SvtaCopy-
.
'
NO. 3758.
NEW YORK, JULY 3, 1937
BROOKLYN TRUST
CHASE
THE
COMPANY
NATIONAL BANK
Chartered
1866
Kidder, Peadody & Go,
George V. McLaughlin
President
NEW
BOSTON
PHILADELPHIA
THE
CITY
The
OF
NEW
chase
YORK
is
tra-
BROOKLYN
Federal
Deposit
Corporation
ditionally a bankers' bank.
Insurance
NEW YORK
Member
YORK
OF
For
many
served
years
it has
large number
a
of banks and bankers
New York
White, Weld & Co.
as
correspondent
and, reserve depository.
Members New York Stock Exchange
Member Federal
Deposit Insurance Corf oration
BANK
Boston
New York
AND
Amsterdam
London
INSURANCE
Correspondent
United States
STOCKS
Quotations Facilities Corporation
Government
Paris
Securities
The
Hallgarten & Co.
FIRST BOSTON
Brown Harriman & Co.
Incorporated
corporation
63 Wall
Entabliuhad 1850
NEW YORK
Street, New York
BOSTON
'
Telephone: BOwling Green 9-5000
CHICAGO
Boston
NEW YORK
PHILADELPHIA
AND OTHER
SAN FRANCISCO
PRINCIPAL CITIES
London
Chicago
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
Wertheim & Co.
120
The
Broadway
State and
New York
Amsterdam
London
CARL M. LOEB & CO.
61
Berlin
Capital Funds
London
Municipal Bonds
Company
BROADWAY
NEW YORK
Amsterdam
New'V&rkTrust
♦
.
$37,500,000
Barr Brothers & Co.
INC.
New York
Paris
Chicago
ioo broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
EDWARD B. SMITH & CO.
31 Nassau Street
PHILADELPHIA
CLEVELAND
European Representative's Office:
CHICAGO
1888
HORNBLOWER
&
WEEKS
Established 1888
40
Correspondent
inneapolis
Banks and
BOSTON
LONDON
LONDON. E. G 4
Q
to
Dealers since
New York
8 KING WILLIAM STREET
Edward B. Smith &
Service
NEW YORK
Co., Inc.
v
St. Louij
*
Wall Street
NEW YORK
Members New
Member of the Federal Reserve System,
the New York Clearing House Association
and ofthe Federal Deposit Insurance Corporation
Cleveland,
York, Boston, Chicago,
Philadelphia and
Exchanges
Detroit Stock
Financial
II
July 3, 1937
Chronicle
BAKER, WEEKS
& HARDEN
Becker & Co.
G.
A.
J. & W. Seligman &
Investment Securities
Incorporated
Established 1893
New York Stock Exchange
Commercial Paper
52 WALL
Wall
Street
YORK
NEW
STREET, NEW YORK
Graybar Building# New York
London
Correspondents
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
Chicago
New York
64
No.
New York Curb Exchange
Philadelphia Stock Exchange
Chicago Board of Trade
Investment Securities
SELIGMAN
6
Lothbury, London, E. C. 2
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
Othsr Cities
And
Co.
Members
BROTHERS
Bourse
Foreign
Leading
Out-
Australasia and New Zealand
Investment Bankers and Brokers
BANK OF
NEW SOUTH WALES
(ESTABLISHED 1817)
NEWARK
BIRMINGHAM
(With which the Western Australian Bank and The
Australian Bank of Commerce, Ltd. are
Paid up
MARX & CO.
New
Jersey State & Municipal Bonds
Capital.......
Reserve
amalgamated)
...
Liability of Proprietors...
Newark Bank & Insurance Stocks
£23,710,000
%
BIRMINGHAM, ALABAMA
£8,780,000
6,150,000
8,780,000
........
Reserve Fund
Aggregate Assets 80th Sept., 1986. £115,150,000
A. C. DAVIDSON, General Manager
AND
MUNICIPAL
SOUTHERN
CORPORATION BONDS
J. S. RIPPEL & CO.
18 Clinton St.
Newark, N. J.
780 BRANCHES AND AGENCIES
Australian States, New Zealand, Fiji,
In
the
Papua.
Mandated Territory of New Guinea, and London
The
Bank
tralasian
transacts
every description of Aus¬
Business.
Wool and othei
Banking
Produce Credits arranged.
DETROIT
HARTFORD
Head Offices
George Street, SYDNEY
London Offlcest
29 Threadneedle
47 Berkeley
MICHIGAN MUNICIPALS
Agency arrangements with Banks throughout
Specialists in Connecticut
end
Street, E.C.2
Square, W.l
Securities
*
the U. S. A.
CORPORATION BONDS
PUTNAM & CO.
WATLING, LERCHEN & HAYES
Members
Curb Assoc
New York Stook Exch.
New York
Detroit Stock Exchange
Chicago Stock Exch.
884
6
CENTRAL
Tei. 5-0151
ROW
HARTFORD
of EGYPT
A. T. T. Teletype—Hartford 35
DETROIT
BUHL BLDG.,
NATIONAL BANK
Members New York Stock Exchange
n
Head Office.
PALM
BEACH
AND
WEST
PALM
FULLY
BEACH
PAID
UNLISTED
I
e
CAPITAL
FUND.
RESERVE
LISTED AND
•
•
.
.
Cairo
•
.
£8,000,000
.
3,000,000
LONDON AGENCY
6 and 7,
SECURITIES
King William Street, E. C. 4
Specializing in
Branches in all the
FLORIDA BONDS
principal Towns in
EGYPT and
Charles A. Parcel Is & Co.
Members of Detroit Stock Exchange
PENOBSCOT
UILDING, DETROIT, MICH
the SUDAN
CARLBERG & COOK, INC.
Palm Beach—West Palm Beach, Fla.
Bell System
Teletype: W-Palm Beach No. 84
Royal Bank of Scotland
MIAMI
Incorporated by Royal Charter 1727
Capital (fully paid).......
ST. LOUIS
Reserve fund....
£3,944,171
....
£66,800,985
Deposits.........
We buy and sell for
own
Florida
our
Over
account
200
Municipal Bonds
Years
CHIEF
(jOrrigan.MR^R e(b.
--
INC.
--
St/k
3
Co.
i.
MIAMI
Bell System Teletype MMI 80
of Commercial
Banking
FOREIGN DEPARTMENT
A
Blshopsgate, London, England
HEAD
Ingraham Bldg.
£8,780,192
.......
OFFICE—Edinburgh
BAINT LOU/9
General Manager
5090UVC st
William Whyte
Total number of offices, 254
Members St. Louis Stock
Exchange
Associated Bank, Williams Deacon's Bank, Ltd.
MILWAUKEE
Hong Kong& Shanghai
BANKING CORPORATION
Incorporated In the Colony of Hongkong.
The
liability of members is limited to tbe extent and
in manner prescribed by Ordinance No. 6 of 1929
Missouri and Southwestern
WISCONSIN
CORPORATION SECURITIES
Bought—Sold—Quoted
EDGAR, RICKER& CO,
750 North Water
Street,
Milwaukee, Wis.
Stocks and Bonds
of the Colony.
Authorized Capital (Hongkong
Smith, Moore & Co.
St. Louis
The First Boston
Corp. IFire
,
St. Louis Stock
•
Currenoy) H$50,000,000
Paid-up Capital (Hongkong Currency) ...HS20,000,000
£6,600,000
Reserve Fund In Silver (Hongkong Currenoy).
H$10.000.000
Reserve Liability of Proprietors (Hong¬
kong Currency)
._HS20.000.000
Reserve Fund In Sterling
Exchange
A.
72
G.
WALL
KELLOGG, Agent
STREET, NEW YORK
JULY
Vol. 145
No. 3758
3, 1937
CONTENTS
Editorials
page
Financial Situation...
A Free Press
1
-
Again Challenged
13
15
—_—,.
Europe Between Peace and War
Comment and Review
Annual Report
of Board of Governors of Federal Reserve
17
System
Week
on
the European
5
6
10 & 54
Stock Exchanges
...
Foreign Political and Econo mic Situation
Foreign Exchange Rates and CommentCourse of the Bond Market
20
20
3
54
—
Indications of Business Activity:
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
News
32
Current Events and Discussions
..
Bank and Trust
— -------
Company Items....
General Corporation
and Investment News
Dry Goods Trade
State and
— -—
Municipal Department
49
97
148
149
Stocks and Bonds
54 & 55
Foreign Stock Exchange Quotations..
55
96
Dividends Declared—
Auction Sales
New York Stock
Exchange—Stock Quotations
Exchange—Bond Quotations
Curb Exchange—Stock Quotations
New York Stock
New York
New York Curb
Other
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
62
62 & 72
78
82
84
Quotations
Over-the-Counter Securities—Stock & Bond
Quotations.
89
92
Reports
9
52
Foreign Bank Statements.
Course of Bank Clearings
59
Federal Reserve Bank Statements
General Corporation and Investment
News
—
97
Commodities
The Commercial Markets and the
Crops
Cotton
Breadstuffs
Published Every Saturday
Herbert D. Seibert, Chairman
:
139
141
145
Morning by the William B. Dana Company, 25 Spruce Street, New York City
President and Treasurer; William D Riggs, Business
Salle Street (Telephone
William B. Dana Company.
of the Board and Editor; William Dana Seibert,
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 SouthLa
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. 0.
Copyright 1937 by
Entered as second-class matter June 23,1879, at the post office at New York, N. Y.t under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental
(except Spain)
Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter,
per
agate line
Contract and card rates on request.
NOTE: On account of the fluctuation in the rates
or
foreign subscriptions and advertisements must be made in New York funds.
months;
Europe
45 cents
of exchange, remittances
Financial
xrra
Chronicle
July 3, 1937
*
Bank of the Manhattan Company
New York
::a
Chartered
■■
1799
'V'-
Statement of Condition
as
of June 30, 1937
ASSETS
Cash and Due from Banks and Bankers
.
Other Public Securities
.
13,285,732.13
4,837,826.13
.
.
Against Collateral
.
Loans and Discounts
Real Estate
64,546,250.00
.
Other Securities
Demand Loans
$220,510,396.30
.
U. S. Government Obligations, Direct and Fully Guaranteed
...
Mortgages
.
.
;
.
77,176,258.41
.
.
179,118,380.60
7,662,302.12
.
.
.
Banking Houses Owned
.
.
14,952,592.11
.
.
10,580,545.87
Other Real Estate Owned
3,696,999.16
Customers' Liability for Acceptances (Less Anticipations)
Other Assets
.
.
.
«
.
«
.
.
.
.
.
.
.
.
.
•
4,324,105.48
.
$600,691,388.31
LIABILITIES
Capital
•
•
•
.
.
.
.
.
.
Surplus
Undivided Profits
.
.
.
Reserye for Contingencies
.
.
.$20,000,000.00
.
20,000,000.00
.
.
.
5,769,651.17
.
.
750,000.00
.
476,780,138.41
..........
Certified and Cashier's Checks
Acceptances Outstanding
.
$45,769,651.17
2,206,181.08
....
Dividend Payable July 1, 1937
Deposits
.
...
.
.
.
59,608,205.84
.
.
.
.
11,159,284.50
Other Liabilities, Reserve for Taxes, etc.
4,417,927.31
$600,691,388.31
On
June
secure
30, 1937 of the above assets $30,710,946.26
public and trust deposits and for other
Member
purposes
are
deposited
to
required by law.
Federal Reserve System
Member Federal
Deposit Insurance Corporation
-DIRECTORSJ. Stewart Baker
Chairman
Stephen, Baker
Honorary Chairman
Walter H. Bennett
Chairman, Emigrant Industrial
Savings Bank
F. W. Charske
Chairman, Executive Committee,
Union Pacific R. R. Co.
President, Borden Mills, Inc.
H. A. Caesar & Co.
Tiffany & Co.
Cross
& Cross
George Stuart Patterson
Geo. H. McFadden & Bro.
F. Abbot Goodhue
President
Augusts Richard
President, The Spool Cotton
President, Brady Security &
Realty Corporation
George McNeir
Harry I. Caesa*
President and Treasurer,
%
Eliot Cross
William V. Griffin
Bertram H. Borden
John C. Moore
Chairman,
Mohawk Carpet Mills, Inc.
Company
James P. Warburg
Bronson Winthrop
1
Winthrop, Stimson, Putnam &
Roberts
The Financial Situation
WHILEbeen focused of the American public the "revolt" itinpleases. Whatever the] President, of
the attention
generally as
has
the labor situation,
Congress against the substance it
upon
where
clear revulsion of
a
popular feeling has forced
faltering change in public policy,
a
litical situation in Washington,
indication
of. progress
matters are concerned.
Real economy in public
expenditures would probably be a difficult achieve-
ment for the President and Congress working in
Administration in
harmony toward that end,
of
Congress, and upon the foreign situation where
developments of first rate importance have been
taking place, the appropriation bills one after the
regaining at least
part of its former control
a
desired by the
be
a
of
Congress
who feel
keenly the
effect
"A
ma¬
greater Congressional con¬
the
public funds
to have come
seem
largely
The $1,500,-
naught.
to
000,000 relief bill has now
been
in
White
the
to
sent
House
form pleasing
a
President and duly
to the
Any hopes that
signed.
that
The
prospect
in
were
must
aglimmering.
gone
have
Total
from
placing
or
ended June 30 sub¬
both
in
The
preceding
occurred
that
that
nothing
tainly
of
late
have
in
call for
timates
not
shall
we
fortunate if the
again reach
It
is
greatly
unable
are
continue
of the
vested
sums
down
in
the
of
the
pre¬
vious years.
poet:
on
most
a
down
has
of
untenable
this
to
course
position.
situation
hard
left
pan,
are,
combined governmental
mind
all
on
one
year
This
has
and strength of
prerogative of appor-
The Nation simply cannot
money
through the
course
real
the extraordinary
to
sense
power
apportion astronomical
within exceedingly broad limits laid
by Congress places in the hands of the Ad-
figure
compares
$14,931,000,000
the
preceding
for
and
year
with
$8,918,000,000 in
1923,
a year
we
side.
which
as com¬
pared with pre-war normal
was
marked
at
gance
1935
by
extrava¬
wholesale.
TjEe
figure works out
per
on
capita basis to
which is nearly
The profduring the past
50% higher than is the figure for 1923.
ligacy of the Federal government
hence.
the
1936 at $17,000,000,-
000.
"ex¬
The
of
during the fiscal
country
himself
when
It places the
expenditures
vith
proposed expenditures drastically
constitutional
President
1936
the aprt of the
President
this rate and prosper in any
of money
year
with
comparison
$117.09,
a
esti¬
during the fiscal
a
closed
an
in
year
to be regretted that Congress
word, and of
just completed
ment in the United States
its Chief Executive.
indefinitely to throw
window at
The National In¬
mate of the cost of govern¬
be
tioning disbursements.
It reaches
has
these.
President had in
irresponsibility
to muster the courage
its
exercise
$7,-
a
dustrial Conference Board
Employers, in fact, have seemed to be con¬
siderably more open to the charge of unduly
lacking in courage and determination than
of being "extremists" in their attitude.
The country demands more than this from
es¬
or
State, city
cryptic statement.
Mean¬
of Labor has blandly
she had observed nothing to
approximate $8,000,000,000 by
or
will either to reduce
or
States
figure does
the time the books
been
the
that
come
Everything
726,000,000.
considered,
some
not
.
States.
statement
Secretary
tremists". in
dis¬
The budget
regarded.
the
The
during the past 12 months,
if bonus payments are
since
merely of the Fed¬
Treasury.
C. I. O. leaders.
than
materially4 less
words
indicate
which
It .is
years.
this
making
in
be
the
in
asserted
entered will
now
ever
doubly cursing
and hamlet in the United
say
what
were
while
during
the fiscal year upon
we
sides
has
ex¬
to almost every
un¬
"A
plague on both your houses."
A short time
later a "spokesman" for the White House
explained that the "extremists" on both
suggests
expenditures
to
as
be summed
Cer¬
country
during the past four
matter
prodding from the
under
day
and
war
five
its attitude toward the whole situation could
is substan¬
year.
it
that in his opinion the
general public had reached the point where
tially above the figure of
the
other
as
evils
the President permitted himself to go
far
so
be eliminated
years,
on
this
cursing the land
the
and the
Federal government
record as unwilling to condone
him
seri¬
more
travagance that has -been
have
while past
United
the
of
few
dangerous
confronting
sec¬
an
Curse
a
today than the public
Administration,
tolerate tactics such
to
press
000,000,000, which, if
costs
President
the
squarely
stantially exceeded $8,bonus
the
in
been waiting hopefully for a long
for a forthright and reasonable
expenditures for the fiscal
year
faith
maintained
have
that
it
daunted
early
now
of
are
and
ous
eral
particularly those large
public,
tions
significant budgetary
economies
There
earners
wage
fashion.
have been entertained
may
of the
urgency
Extravagance
Both Your Houses"
on
months past certain large groups
in this country under the
leadership of John L. Lewis have been grow¬
ing steadily more reckless and irresponsible
in the disturbances they have been creating
avowedly in the interest of what is known as
"collective bargaining."
Utter lawlessness, crimes of violence, and
many
other forms of the most outrageous
behavior have been typical of the strikes that
have marred the record during the past half
year.
The bargains that have been col¬
lectively wrung from employers have again
and again been ignored in the most cavalier
of
of
Plague
For many
terial economies and
trol
to
seems
about the situation.
President.
to
were
It
hopeless task for the relatively few members
Whatever bona fide efforts
there
entrenched Ijave those
so
public trough become.
fiscal position of the Federal government and who
have the courage to undertake to do something
substantially the form
by Congress in
enactment
who feed at the
progressing fairly smoothly to final
other have been
be quite ineffective as far as budgetary
seems to
po-
where there is some
the
by
the
upon
four or five years is a fact of common knowledge
and fairly general understanding. Such probably is
and spending units
Yet the Federal govern-
not the case with other taxing
throughout the country.
ment
has
gance.
Federal
certainly not been alone in its extrava¬
From 1923 to 1935 the expenditures of
the
$3,117,000,000
to
government
$6,844,000,000,
an
rose
from
increase
of practically 120%,
while those of State and local governments rose from
$5,801,000,000 to $8,087,000,000, or an increase
of about 40%.
to
There was a time when President Coolidge, hold-
punish and reward Congressmen and the politicians
ing his own budget well below $3,000,000,000, used
ministration
instruments
with
which
it
is
able
Chronicle
Financial
repeatedly to
National
the public about the extrava¬
warn
bined at the time had
000,000 annually or more. Now we have reached
period when the Federal government appears
able to limit its
Board,
This
un¬
in
outlays tp less than about $8,000,-
gross
amounted to $53,421,000,000, or
child in the land.
$415.96 for each man, woman and
a
the
governmental units in this country at the
middle of last year
begun to spend about $7,000,-
Conference
Industrial
debt of all
of State and local governments which com¬
gance
July 3, 1937
figure compares with $59.28 in 1913 and $311.72
Of
1932.
such figures do not
course
take into
000,000, while State and local governments far from
account the
having reduced theirs are approximately matching
ernment
the Federal
$4,430,000,000 obligations of various corporations
whose bonds it has unconditionally guaranteed. Nor
Treasury dollar for dollar in expendi¬
It is of
tures.
course
tistics of this sort
a
matter of regret
that sta¬
not available for the
past
ment such
figures
of
are
eral
oulays.
that
policies of real
of
a
There is little
it
figures
cant when
these become all the
as
they
tax collections.
During the fiscal
expenditures amounted to
political units in the
lessly during recent years. There is the Treasury's
$5,000,000,000 to be raised by borrowing.
Is of
course
smaller
Federal
the
both
well-known fact
that the
political units has for
It
some years
since
This
means
whose
of
magnitude
large
nished the desired funds for the most part
simple
process
abundant
reserves—a
termed the
process
that might
quintessence of inflation.
paper
currency.
such amount
over¬
ure,
well be
Here again it
as
for
for the
did not
past year
come
to
1935
extent of about 65 per
had become
As for the
midyear 1935.
of every
out
taxes
cent, the tax load
exceedingly heavy.
the average man was
required to
tion
of
obtains
his
for his money?
the bounds of
little
of
value
contributions to
to
reason
for
a
large
which
Political
taxation.
financed with
are
the
organizations, for
one
thing,
how
are
ous
furnished by political hang¬
Thus
the
question is raised
the
country will be satisfied to have each member of
its entire
as
to whether and for how long '
population obliged to
lar out of each twelve
or
cians to be frittered away
Since
the
so
much
past few
it becomes
years
of
the
pay
about
one
fifteen received to
uselessly
enormous
politi¬
or worse.
expenditures of
have been financed by borrowing,
doubly important to take careful note of
the size of the debt that has been built
up
being built
dol¬
up
for the future.
(the
Treasury
$3,869,188,000.
seen
that these assets have
balanc^ during the past three years
only
squandering of
is
not of no value whatever.
net
on
can
stantial without any
The
as
the
some
30, 1934, their net value was reported as
future
the
*
tion.
pro quo
conse¬
Of
the truth
course
question
are not
Just
large a "write-off" will ultimately be required
ers-on
often
of
really worth anything like their book value.
gov¬
proceeds of
books
statement) at
of the matter is that the assets in
say
assert
quid
serious
during which the public debt has risen sharply, even
supported in large part from the proceeds of taxa¬
as
very
Acquired
alarmingly, from year to year.
It
On the
government.
the
on
available
declined
por¬
contrary he is often injured by the activities of
ernment
any
carried
On June
probably much faster than national income.
he
realize
by various governmental agen¬
$4,168,000,000. It is thus
rapidly during the past two
And what does the taxpayer get
that
to
carried at this fig¬
are
dollar in
years,
be well within
it would be exceed¬
Treasury
chiefly during the past half dozen years, they
latest
Taxes have of
been
would
course
cies
then
even
pay one
six he received.
very
at least
long list of miscellaneous assets that
have been collected
Even at that time
course
rising
$9,000,000,000
paper
in the banking and credit structure.
Assets
covered by taxation only to the
were
the
certainly to realize it without
quences
Despite the fact that current expenditures during
the year
on
two, but certainly the trend
or
halt at
a
white elephant
Against this gold
this for the gold
unfortunately impossible to present complete fig
ures
a
over
This leaves
although of
difficult
ingly
by the
of creating them against their
Treasury.
outstanding something
free assets,
fur¬
excess reserves
of the
and the larger part of
found to be
something like $3,000,000,000 which might be termed
not easily be exaggerated, since
can
the banks with
course
in
element of inflation into the situation
an
hands
there is
an ounce,
has been
now
the
on
devalued, much of which it has
was
bought at $35
which
been pri¬
of $12,000,000,000
gold, part of which it confiscated from the banks
when the dollar
borrowing
financing deficits, both national and local, has
introduced
is
in
government and most of the
marily from the banks of the country.
of
hoard* of substantially upwards
more
than
of
ac¬
quired with funds that they have borrowed so reck¬
totaled only $9,717,000,000, leaving
a
governmental agencies,
particularly of the Federal government, have
1935, when
year
proportions.
figures as presented, it is true, take no ac¬
$14,931,000,000, the
some
combined tax collections of all
country
certainly be much more difficult to reduce
count of certain assets that
considered in conjunction with
are
matter
a very easy
borrowing units to accumulate this
substantially, to say nothing of working it down
The
signifi¬
more
is substantially higher than it was
debt when they could call upon the banks
to reasonable
the Nation.
some
country to create the funds they borrowed.
It will
have replaced those
of
interest
and
It of course was
ago.
year
of the
extravagance among the lesser political units of
Such
course
enormous
nothing to suggest
or
economy
principal
they show the combined debt as it stands today,
for the various
no
at most than to halt the meteoric rise in Fed¬
more
for the
which of
available, and they,
course
already indicated, show that we have done
as
do
year
Of the expenditures of the Federal govern¬
two.
or
are
contingent liability of the Federal gov¬
tell, but it will be quite sub¬
doubt. Apologists for enormous
money
by the government usually
that, in addition to the assets that the vari¬
governmental units have acquired in their own
names,
there
are
others that take the form of im¬
proved roads and various other improvements of a
like sort
been
many
to
account
for the large sums
that have
expended during the past few years.
A good
of these unquestionably have some economic
value, others none whatever. It would be impossible
to
estimate
the
net
result in
terms
of
assets
ac¬
quired of all of this type of outlay made during the
past half a decade or more, but it may be taken for
and is
granted that it falls far short of warranting even a
According to the
major portion of the expenditures that have been
Volume
made
Financial
145
by
various
units
governmental
during
economic
the
little
period under review.
We have
lem
a
our
on
just closed
with which
White
As
matter
a
the rank and file of the
ards of this situation.
addition
home and
abroad
attention the
increase
seems
money
to
even
people to the haz¬
the
banking
Agricultural
proving the so-called compromise
Committee
ap¬
well
dealt
with
in
sugar
this
that the
President
It
now
bitter
even
was
in this
con¬
end
-
situation, of 375,000 tons
12
the
end of this year.
urgently requesting
total exclusion of refined sugar
it
from Cuba, although
well be doubted whether they have really
may
expected to be accorded treatment
that.
in
a
But the facts wliich
their favor in certain
able to marshal
are
important instances raise
shortcomings of managed
to be
seems
economy.
disputing the fact that
no
a
There
long series
laws, regulations and other official acts for
eral
years
think,
very
substantially
we
materially in competitive position
naturally in earning capacity. One result of all
this official interference with the
interplay of nat¬
ural forces has been to stimulate the
development of
refining industry in Cuba, where little
sugar
nothing of the sort existed previously.
domestic refiners
new
sev¬
and,
against domestic refiners, with the result that
they have lost
and
have
past
unwarrantably in practical effect discriini-
nated
a
as
question of broad public interest which well illus¬
trates the
of
they
favorable
as
law which
now
or
What the
seek is treatment under the
they believe will re-establish their old
be
expansion of
started only
resports
summary
is $12,318,000,000.
now
it, will
now
be
interesting
stabilization
that most
a
of
money
in
French
London,
see
as
by France.
the
it
It is
capital
but this
amounts, the return of
for
matter
to
will be reversed,
gratification.
The
normal month-
a
Treasury funds
use.
were
heavily from the general account with the
Federal
Reserve
banks, and this occasioned
Excess
reserves.
requirements increased
legal
an
reserves
$60,000,000
Total reserves of the 12 Federal institutions
(
$9,158,687,000
the week.
Domestic refiners have been
approxi¬
now
was
to
$870,000,000."
April 26, and 418,-
in effect but to expire at
would
continues
has accomplished another "Poin-
gold flow
understood
over
Department of Agriculture and 300,000 tons in the
House sub-committee's revision of
now
increase of member bank
pared with about 423,000 in the original draft of the
385 under the system now
credit
The
after the 1928
disbursed
as com¬
interest,
Treasury
banking report otherwise reflects
refined
a
gold
$48,000,000 in the monetary gold
devaluation,
which
his
"sugar lobby."
favorably reported carries
ture of the whole
1936.
of
market also received sizable
quota for Cuba, the most controversial fea¬
sugar
The
exports of recent years went to
connec¬
weeks ago made
some
rather ill-natured remark about the
bill
have
measure
subject of continuous and
troversy for several months.
22,
whether the
was
been the
The
care"
bill prepared
matters
tion
increase
Chairman, Representative Jones of Texas.
by its
The
Dec.
Sin^e France
was
The
immediate
fine ounce, less handling
a
stocks, and the aggregate
A DEVELOPMENT ofimportance interest to
substantial the final
industry of
modest
a
reserves.
$1,100,000,000, although it
On
Subsidizing and Penalizing
House
statistics.
gold at $35
an
of the
bank
greatest
charges, and the inactive gold fund
'
some
of
an
circulation, and
though the recent acquisitions do not affect
mates
general public had been disposed to
an
in
member
remain
absorb
to
distracted what
to have
give it.
report
Bank^Statement
the
to
money
of
figures
dramatic nature both
more
seem
of
advance
from the
At the moment other devel¬
opments of a somewhat
at
spur
Paul.
pay
BANKING statistics monetary gold stocks,
this week reflect further
the continued recklessness
nor
Congress, under whip and
House, continues to spend
arounse
robbing Peter to
Federal Reserve
fact, neither the preliminary figures for the fis¬
cal year
than that of
hands, and it must be said that we are
showing little aptitude in solving it.
of
system their net accomplishment is usually
more
and urgent national fiscal prob¬
grave
3
Chronicle
on
June 30,
a
The outflow of cash from tills
responsible for this change, which
hanced
by
a
was
chiefly
slightly
was
Federal Reserve notes
actual circulation moved up
in
response to cur¬
needs by $43,645,000 to $4,206,477,000.
rency
en¬
recession of gold certificate holdings by
$1,997,000 to $8,834,907,000.
in
were
drop of $10,949,000 for
Total
deposits with the 12 banks dropped $50,683,000 to
$7,278,172,000, with the account variations consist¬
ing of
an
increase of member bank
by $45,877,000 to $6,900,288,000;
general
account
813,000;
deposits
decline
a
of
by
The
reserve
counts
deposits
bank
a
to
$92,-
deposits
decrease of
by
non-
deposits by $28,882,000 to $127,671,000.
ratio fell to
by the System
decrease of
reserve
drop of Treasury
$58,115,000
foreign
$9,563,000 to $157,400,000, and
member bank
a
79.7% from 79.8%.
were
Dis¬
reported at $9,929,000, a
$3,374,000 in the statement week, but in¬
dustrial advances increased
$140,000 to $22,152,000.
Open market holdings of bankers' bills
down
were
$472,000 to $3,801,000, and United States Govern¬
ment
security holdings receded $50,000 to $2,526,-
190,000.
position in the industry.
Our readers
are
of
course
well
aware
not believe in artificial barriers that
developments.
stood
for
wisely
or
a
We stand today
fair field
and
no
that
we
impede natural
as we
favors.
the
manage
sugar
PRICE trends in the New York levels marketweek,
were
toward
generally higher stock this
If, however,
although
industry—largely for
the benefit of domestic beet growers—then it seems
to
us
a
what is
matter of
paid to
simple justice to take pains that
one
branch of the
sugar
not bled from another section of it.
ness
seems
to
be
the fact that when
only
one
more
York[Stock Market
have always
not, the Administration insists upon under¬
taking to
The New
do
industry is
The whole busi¬
illustration
of
planners set to work upon the
numerous
exceptions
are
to
be
noted.
Trading remained on an exceedingly small scale,
with the market giving every appearance of
having
entered the
summer
doldrums.
But the small
buy¬
ing orders outweighed the liquidation, especially in
steel, base metal and similar groups of issues.
market
was
uncertain at the start of the
the French crisis and the
of
a
Spanish troubles
nature to increase confidence.
The
week, for
were
not
Improvement in
Financial
4
the strike situation in the United States
the
share
market, however, and
non-committal
pointingly
Roosevelt
$2
share
a
preferred, which leaves
share
stocks,
that issue.
on
Soaring grain markets aided
and investors left the
also
securities market
There
Inter¬
now
holiday
is in
three-day
a
progress.
Saturday, Avhich
quietest sessions of the
small fractions to 3
quite unchanged.
were
accentuated
Monday,
on
as
The de¬
European
ports assumed an ever more serious tinge.
fresh lows for the year were
1 to 3
points.
strike
situation
toward
It
of
was one
Losses ranged from
year.
was
registered
on
re¬
Many
losses of
evident by Tuesday that the
of the steel
industry
was
moving
betterment, and on the basis of this modest
Gains
encouragement the market advanced.
impressive in
were
also
were
few issues, but there
a
Roosevelt
President
recessions.
numerous
on
Wednesday rebuked extremists on both sides of the
strike
steel
picture, and the market advance was
Active favorites moved up
continued in that session.
1 to 6
points, with steel and metal stocks the more
favored issues.
in evidence
The
advancing tendency again was
Thursday, owing partly to the rapid
on
shares;
the sales at the
552,940
Tuesday,
shares;
on
Saturday last
on
288,210
were
Monday they were 733,930 shares; on
on
Wednesday, 688,570
shares;- on
Thursday, 669,940 shares, and on Friday,
On the New York Curb Exchange
838,735 shares.
the sales last
Saturday were 73,620 shares; on Mon¬
day, 179,050 shares; on Tuesday,
192,840 shares;
on
shares; on Thursday, 181,945
Wednesday, 190,640
shares, and on Friday, 193,755 shares.
movements in the stock market this week
Price
toward
inclined
generally higher levels,
caution still continues to be an
although
important factor in
The week, however, afforded some encour¬
trading.
agement in so far as current reports indicate that
has been made toward an early settlement
progress
points in prominent stocks, but
of the others
was
that
slight downward drift of quotations
a
was
so
session
half-day
traders
granted, and most
was
idle,
are
in the brief session last
cline
many
city early for extension of the
Exchange today
markets
many
by wheat rust.
yesterday, for
A petition of members to close the New
holiday.
York Stock
the
of only $1.25
the basis of heavily increased cash returns
on
stocks dwindled
other
United States
on
arrears
to those farmers not affected
est in
President
impressed especially by another
dividend declaration of
a
disap¬
some
by
July 3, 1937
On the New York Stock Exchange
impressed
Wednesday failed to halt the upswing.
on
The steel group was
Steel
even
remarks
Chronicle
of the labor situation in the steel
too, the fear of deflation in
Then,
industry.
world prices following
in the wake of a further devaluation of the French
has been
franc
On Monday the market
dispelled.
opened somewhat irregular, and as trading got under
prices developed some weakness and closed with
way
of from
losses
one
to three points.
Moderate im¬
provement in equity values characterized trading on
Early in the session irregularity was a
Tuesday.
feature, but prices firmed up a bit and then closed
the
A better tone was noted
day somewhat easier.
Wednesday, with leading stocks showing recov¬
on
of
eries
ness.
from
of
volume
one
sales
three
to
likewise
or
points.
The
increased
busi¬
more
reflected
The steel shares assumed the
leadership
on
Thursday and prices advanced in selective trading
to
In late trading some re¬
generally higher levels.
cessions
occurred, but prices for the most part were
Yesterday further improve¬
fairly well maintained.
ment, in
security values
was
continued
on a
modest
adjustment of the French financial crisis and the
scale, and prices closed the day mostly higher than
quiet market reception of the further franc devalua¬
at the close
Steel stocks
tion.
but
some
est
of the motor stocks
further
prominent
Rail and
leaders of the upward trend,
were
gains
the
were
rule
were
Consolidated Edison Co. of N. Y. at 34%
upswing.
well-sustained advance
United States Government issues
reflected institutional
investment securities
Gains in best-rated
buying.
were
small, but larger advances
appeared in low-priced rails, convertibles and other
bonds.
bankers
Investment
mand for recent
in
high-grade bonds and
In the commodity markets a sharp
preferred stocks.
advance
reported excellent de¬
issues of
new
wheat
developed,
indications of
on
a
rapid spread of black rust damage to the growing
in
crop
Other
areas.
grains also advanced, while base metals were
Foreign
steady.
shadowed
exchange
The franc
the Poincare
sterling.
pound
dealings
were
over¬
by the French devaluation, which so far
is tentative.
below
Canadian
Northwestern and
some
was
permitted to slip
even
relationship to the dollar and
The
British
unit
was
steady
On the New York Stock
new
high levels for the
new
low levels.
stocks
touched
Stock
new
Threshing Machine at 161% against 155;
Harvester
106%
at
against
107%;
Sears, Roebuck & Co. at 90% against 87%; Mont¬
Ward & Co. at 57 against 54%; Wool worth
gomery
at
45% against 45%, and American Tel. & Tel. at
167% against 163%.
Western Union closed yester¬
day at 46% against 45% on Friday of last week ;
Allied Chemical &
Dye at 231 against 218; E. I. du
Pont de Nemours at 152
against 153; National Cash
Register at 33 against 33% ; International Nickel
at
57% against 58%; National Dairy Products at
19
against 18%; National Biscuit at 23% against
23%;
Texas Gulf Sulphur at 35% against 35%;
Continental Can at 56
175
at
against 51%; Eastman Kodak
Standard
against 172%;
against 11%
;
Brands
at
11%
Westinghouse Elec. & Mfg. at 141%
against 142%; Lorillard at 21 against 20%; United
States
Industrial
Canada
ers
at
Alcohol
at
30%
against 29%;
Dry at 24% against 26%; Schenley Distill¬
39% against 40, and National Distillers at
29% against 28%.
throughout.
touched
11%; Public Service of N. J. at 40% against 38%;
J. I. Case
International
occurred, with high-grade and speculative securities
alike in demand.
General Electric
against 33%; Columbia Gas & Elec. at 11% against
neglected all week, and
a
ago.
week;
changes in those departments were not important.
In the listed bond market
week
a
with
yesterday,
the
Friday
yesterday at 53 against 52% on Friday of last
Mod¬
depressed.
joining in
issues
motor
utility issues
were
on
closed
year
while 301 stocks touched
On the New York Curb
new
high
low levels.
levels
Call loans
and
on
Exchange 3
180
stocks
the New York
Exchange remained unchanged at 1%.
The steel stocks show favorable
Exchange 3 stocks touched
United
States
against 98%
at
108%
on
Steel
closed
gains this week.
yesterday
101%
at
Friday of last week; Inland Steel
against
107;
Bethlehem
Steel
at
85%
against 83; Republic Steel at 36% against 35%, and
Youngstown Sheet & Tube at 84 against 81.
In the
Volume
Financial
145
motor group,
as
Auburn Auto closed yesterday at 16%
against 16 bid
Motors at 50
Friday of last week; General
on
against 50%; Chrysler at 97% against
100%, and Hupp Motors at 3% against 3%.
rubber group,
Goodyear Tire & Rubber closed yester¬
day at 38% against 38
at
higher levels.
at
The railroad shares
this week and closed
course
37% against 36%
;
58% against 56, and B. F.
38% against 39.
reversed their
son
Friday of last week
on
United States Kubber at
Goodrich at
In the
yesterday
Pennsylvania RR. closed yesterday
Friday of last week; Atchi¬
011
Topeka & Santa Fe at 78% against 76%; New
York
Central
at 37
against 37; Union Pacific at
123% against 125 bid;
Southern Pacific at 43%
Chronicle
strained
tion
of the, securities
bation.
Nor
bit.
stocks, Standard Oil of N. J. closed yesterday
67% against 66%
Union Oil at
Friday of last week; Shell
on
26% ex-div. against 28, and Atlantic
Refining at 30% against 28%.
Anaconda
52%
on
In the copper group,
Copper closed yesterday at
54 against
Friday of last week; American Smelting &
diplomatic developments with re¬
or
to the boundary between Siberia
and Manchukuo of
The London Stock
time
was
market
these
in
inspire hopefulness.
the only im¬
sessions,
all
Paris
The
circumstances.
Monday, and closed for the next
open on
Thursday
was
in
open
When the Bourse
days.
on
nature to
a
Exchange, which
European
portant
Bourse
not un¬
to the continuing
the
were
gard to Spain
marked
measures were
concern as
depreciations and upset confidence quite a
currency
sume
the oil
exchange, occasioned much pertur¬
Although the French
expected, they aroused
and Northern Pacific at
at
franc, preceded by the traditional sus¬
pension of gold payments and the temporary closing
two
Among
The newest devalua¬
dealings everywhere.
of the
against 44; Southern Railway at 30 against 29%,
28% against 28%.
5
a
permitted to
was
re¬
sharp upward spurt took place,
owing to the inflationary implications of the further
The Berlin market was
depreciation of the franc.
closed
Tuesday, when the floor of the Boerse was
011
devoted to
of
a
meeting of the International Chamber
Commerce, while dealings in the business sessions
resulted
chiefly in recessions. Business reports from
Refining at 88% against 84%, and Phelps Dodge at
Europe suggest an unchanged level of transactions,
45% against 44%.
but it is
Trade and industrial
the
reactions
strike, but in other respects
the effects of the steel
the
diplomatic
they remain moderately encouraging.
tions for the week
ending today
the American Iron and
Steel
Steel Institute at
75.0% of
Production of electric
is
power
re¬
ported by the Edison Electric Institute at 2,238,-
332,000
kilowatt
hours
in
the week
to
June
26
situation.
revenue
of
last
Car
year.
loadings
freight for the week to June 26
were
of
773,733
cars,
the Association of American Railroads reports.
This
was
week
gain of 17,444
a
and
of
60,145
the preceding
cars over
cars
over
similar
the
week
Of 1936.
As
Exchange
quiet and cheer¬
was
Gilt-edged stocks
were
in demand, and
issues.
Selling of gold mining stock, attributed to
was
reported also in most industrial
upset that section of the market
course
of the commodity
mar¬
a
little, while Anglo-American favorites dropped on
discouraging strike and market
States.
London,
sion of
Trading' almost
news
came
to
from the
halt at
a
Tuesday, owing to the overnight
on
suspen¬
gold payments by France and the closing of
British funds
the Bourse.
trial stocks lost
ground and almost all international
French
likewise receded.
issues
steady, but indus¬
were
issues
uncertainty again
was
the rule
on
were
espe¬
Dullness and
cially volatile, as might be expected.
indicating the
and
occurrences.
French sources,
United
week
upon
moves,
buying
the
sponding
currency
modest
week and
corre¬
good deal now depends
further
ful, Monday, despite the uncertainty of the French
against 2,213,783,000 kilowatt hours in the previous
2,005,243,000 kilowatt hours in the
a
the
to
The London Stock
opera¬
estimated by
were
capacity against 75.9% last week and 74.0% at this
time last year.
plain that
reports continue to reflect
Wednesday.
Brit¬
kets, the July option for wheat in Chicago closed
ish funds drifted lower and
yesterday at 124%c.
011
tendency appeared in British industrial issues. Al¬
at Chicago closed
though it was fairly plain by Wednesday that an¬
against 116%c. the close
as
Friday of last week.
July
yesterday at 126%c.
against 122%c. the close
as
Friday of last week.
yesterday at 44%c.
corn
011
July oats at Chicago closed
against 51%c. the close
as
011
Friday of last week.
The
as
against 12.74c. the close
Friday *of last week.
yesterday
was
19.38c.
The spot price for rubber
as
against 19.56c. the close
Domestic
Friday of last week.
on
copper
on
closed yester¬
19%
London the
ounce
New
on
York
the
transfers
closed
on
matter
011
pence per
on
yesterday at 44%c., unchanged
Friday of last week.
of
the
foreign exchanges,
London closed
against $4.93%
transfers
against 19 13/16
was
Friday of last week, and spot silver in
from the close
In
price of bar silver yesterday
pence per ounce as
on
against 4.45%c. the close
cable
yesterday at $4.94%
as
yesterday at 3.84%c.
on
as
Friday of last week.
as
other matters of international
a
stocks and
gold-
other
commodity securities like¬
Anglo-American favorites displayed
better tone,
owing to encouraging overnight re¬
ports from New York.
The fear of an extensive re¬
patriation of French funds dominated the London
market,
Thursday, and
dealings again
were
hesi¬
tant.
Gilt-edged issues strengthened, however,,.and
gains were common among industrial obliga¬
tions.
and
There
other
again
were
importance
was a
re-
better demand for French loans
international
issues.
A
cautious
prevailed in yesterday's trading.
tone
Changes
smallin all sections.
on
the Paris Bourse reflected last Mon¬
day the increasing nervousness regarding the finan¬
cial crisis.
Dealing
were
small and the trend
downward in all departments.
Rentes
were
was
marked
fractionally lower, while larger losses .appeared in
French
E[*TLE business was done on any.the the European
of French crisisstock markets
week,
this
effected,
declined.
equities.
International issues
marked downward.
European Stock Markets
and
metal
Trading
Friday of last week, and cable
Paris closed
be
small
day at 14c., the close on Friday of last week.
In
would
irregular declining
mining stocks lost ground at London, while base
wise
spot price for cotton here in New York closed
yesterday at 12.51c.
devaluation
franc
other
an
ficial
decree
formulation
on
Dealings
were
also
were
suspended by of¬
Tuesday and Wednesday, pending
of the financial policies of
the Chau-
temps regime and the execution of the measures de-
Financial
6
termined upon
by Finance Minister Georges Bon-^
After the Chamber of
net.
Deputies and the Senate
Chronicle
July 3, mi
^complished, and in this instance quite without
ffortunate
approved the plea for extraordinary powers to deal
is that the
with the situation the Bourse
when the franc
business
sume
fresh devaluation of the franc had been
and the
duced
small flood of
a
engineered,
inflationary implications of this action
a
re¬
In the meanwhile
Thursday.
on
permitted to
was
pro¬
buying orders for securities
at the
opening.
Rentes were in good demand, with
issues
carrying
a
tuations
sues
showing gains to 5 points.
marked
were
guarantee against exchange fluc¬
marked
were
just the
French equities
sharply higher, while international is¬
upward in terms of francs to ad¬
valuations to
the
exchange
new
levels.
Profit-taking developed yesterday, but the previous
gains
modified only
were
securities
again
Cautiousness
little.
a
International
in demand.
were
prevailed
the initial session of the
week, owing to the
uncer¬
tainties
presented by the French situation and the
Spanish
war.
The main trend
French
was
downward, with
temporizing measures of last September,
lowered tentatively, were recog¬
was
such.
as
They failed to halt the outflow of
capital and the Equalization Fund of 10,000,-
000,000 francs lost all its gold and some additional
metal from
the Bank of France in the attempt to
keep the franc at the level at first selected.
became
clearer that
ever
It
only another "Poincare"
devaluation would suffice to stop
the flight of capi¬
tal, in so far as the outflow was induced by mone¬
tary apprehensions.
the French
in
The other important element
capital flight is the fear of another
but that is an imponderable against which no
war,
provision
be made, in
can
It is
a monetary sense.
after the round
clear that
now
the Berlin Bourse in
on
nized
unThe simple fact
financial repercussions.
of devaluations is
completed, the relationships existing from 1928 to
1931 will be restored among
dollar and the franc.
the pound sterling, the
Whether these relationships
will hold for the indefinite future is another mat¬
heavy industrial stocks showing losses to 2 points,
ter, depending on martial developments, budgetary
while other groups
factors and other
Boerse
tion
was
closed
of issues likewise
a
resumed
toward
Wednesday,
on
higher levels
was
session
trading
tendency
in evidence. The gains
were
small. Fixed-
were
neglected/and unchanged.
were
The
Thursday was dull, with prices slightly
on
lower in most
speculative
departments of the market.
favorites
was
dull
marked
were
There are,
Leading
fractionally
of action
of
things.
1
several aspects to the
course,
course
taken by the French authorities with
now
Tampering with the circu¬
regard to the currency.
lating unit is a matter for regret, wherever and
whenever it is
which the
is
Modern devaluation differs
essayed.
whit from the debasement and coin clipping with
no
monetary history of the pre-industrial era
In extenuation of the French
replete.
be
can
move
it
maintained, however, that the close interrela¬
tions of
small modern world make such
our
mone¬
The
tary adjustments almost inevitable, when once the
yesterday, with the changes inconse¬
leading trading nations have started such practices.
lower, but many stocks
Boerse
When
modest
a
fractional, however, and dealings
income issues
The
reception to delegates of the
International Chamber of Commerce.
was
soft.
Tuesday, because the institu¬
on
utilized for
was
were
were
quite unchanged.
The World War and its
quential.
the
French Devaluation
wave
financing plainly occasioned
of devaluations that has been
the world
rolling
over
since, and at this time it is perhaps
ever
FRENCH authorities acted quickly this week, and
unexpectedly, to prevent further depletion
appropriate to express the fervent hope that debase¬
of
end.
not
gold
reserves1
and continuance of the currency
uncertainty that has prevailed with respect to the
franc for the last four years.
The
new
regime headed
ment of currencies has
The
similarly
with
of
Leon
Blum,
waited for the return to France of its Finance Min¬
ister, Georges Bonnet.
Paris last
with
Journal"
When M. Bonnet arrived in
a course
extraordinary
"Official
and
Monday,
haste,
of action
was
and
Tuesday
announced
suspension
foreign exchange payments,
ium
on
nite
closing of the Paris Bourse.
had
its
on
a
the
of gold
brief morator¬
immediate commercial payments
obvious
outlined
and indefi¬
This drastic
move
political advantages, for Premier
at least
regard to currency depreciation.
The
mains
of the latest French
course
interesting
Paris
gold suspension,
of
Deputies for
by M. Blum,
force of
previous drastic
similar request, without the
measures,
that M. Blum
twice defeated in the French Senate.
of
the
powers
demanded,
promptly reopened
the
was
In
possession
French
Ministers
the Bourse /and
permitted
re¬
ings.
gen¬
a
was
a
vote of 167 to 82, the Chautemps
at
a
a
rate
This
move
reopen
on
obviously is designated to stimu¬
more
favorable than the
out
dollar, which would place the franc at about 3.92c.
turn.
permitted to
quick return to France of fugitive capital at
the old relationship to the pound sterling and the
important devaluation has been
was
figure slightly under the anticipated eventual
a
figure, for by such
another
The Senate,
equally docile, and after approval
erally assumed that the aim is to restore eventually
Thus,
to regulate financial matters
vote of 380 to 228.
Bourse
The
late
3.837c., and it is
power
Thursday, and foreign exchange trading was started
transactions.
former level of about 4.46c. to
After the
appeal was made to the Chamber
an
regime moved quickly to restore commercial deal¬
sumption of foreign exchange and other commercial
dropped sharply from its
reac¬
important.
previously had objected to a similar appeal
granted by
was
level.
The franc
are
The Chamber readily agreed early on
by decree.
situation
was on a
account, while the
gime of the need for sweeping measures.
which
It
own
Washington also
re¬
dispatches indicate that Finance Minister Bon¬
Wednesday, by
by decree, without prior commitment of
its
devaluation
persuaded his associates of the Chautemps re¬
Chautemps and his associates thereupon asked and
kind.
on
tions in London and
net
account,
modest promise of changed views
a
obtained from Parliament powers to deal with the
any
is approaching its
Great Britain and the United States on this
by Premier Camille Chautemps, which replaced the
Cabinet
or
world, and the embarrassment of riches caused in
offer
constituted
ended,
heavily increased gold production of the
of
France
There
tinuance
of
means
in tremendous
was
the
probable eventual
the gold recently shipped
quantities might
re¬
momentary uncertainty as to con¬
tripartite
monetary
accord
of
„
Volume
Financial
145
adjustments required by internal develop-
ing the barriers set up so plentifully during the depression. It was' with such aims that the Belgian
Premier, Paul van Zeeland, came to the United
United States Treasuries
States for conferences with our authorities in Wash-
Thursday identical statements to the effect
ington. Mr. van Zeeland concluded 10 days of discussions last Tuesday, and a joint statement then
Sept. 25, 1936, under the French devaluation, but it
pointed out that room was left in that agree-
was
ment for
The British and
ments.
issued
7
Chronicle
on
that close
cooperation will continue under that pact,
11
was
Exchange Funds
in which the
issued
President
Roosevelt
distinguished visitor and
expressed
satisfaction
vague
RENEWED attention has been directed this week gium the monetary and trade relationships In view
with and the United States, and little else. of Beldevise of national exchange funds,
to the
as a
foreign ex-
of the fact that Mr. van Zeeland was invited by the
change markets during the period of currency ad-
British and French Governments to explore the possibilities of increased world commerce, the statement can only be considered disappointing. Eco-
and
justments
which
first
the
now
we
devices
for
through
stabilizations
temporary
These funds, of which
passing.
are
by Great Britain, have been
for
nomic difficulties and the continuing armaments
minimizing fluctuations and
formed
was
excellent
factor in
regulating
and
controlling
race
occupied the President and his
apparently
guest during much of the stay.
The French ex-
increasing general confidence.
"Within the frame
of traditional American policy," the statement said,
perience since last September is no criterion in this
the disposition of the United States to co-
respect, for it is quite evident that the devaluation
"it
of the franc
elements of the
operate in the joint work of rebuilding international
calculated to invite further trouble,
trade, continuing cooperation in monetary matters
was
almost
step
inept, with
some
was
impression is given by vague
and seeking arrangements whereby the burdens and
reports to the effect that the 10,000,0(H),000-franc
dangers of overwhelming armaments might be re-
Moreover,
an erroneous
equalization fund of France was exhausted in the in-
duced
effective defense of the franc.
the method
guarded."
Actually, the $496,-
gold
The impression that the talks with the Belgian
substitutes for balanced budgets and
no
are
tion
light
Premier
thrown
debated the
week
£350,000,000,
from
Chancellor
by
Simon.
proposal for
The
course
Sir
Exchequer
Hull that
men
of the discussion
a
series of similar visits by foreign states-
might be expected, in the endeavor to facilitate
was
Sir John revealed the
hinted, might be preliminary to a world eco-
nomic
conference,
or
might
achieve the same
even
end without the danger of failure that a formal in-
the
delay being considered advisable so that speculators
ternational gathering might entail.
would not be able to
was
gain
any
advantage from the
Since sterling is a
belated information.
Sir
John
disclosed
the
which figure
of March 31.
holdings
;
ments.
Mr. Hull was reported as believing the time
department of the Bank of
of essential international relationships, to replace
same
the current "runaway races in military armaments
and narrow cut-throat, trouble-breeding methods of
are
ounces
the
on
Sir John not only defended the
ounces.
usefulness of the
holdings
practicability of general economic
rehabilitation through monetary and trade agree-
aggregate of official holdings of 100,-
or an
516,000 fine
fine
The end in view
exchange of information and ideas
propitious for a program of peaceful readjustment
26,674,000 fine
England held 73,842,000 fine
date,
in
an
ounces as
was
The issue
of gold
said to be
regarding the
"floating"
exchange unit, without definite relationship to gold,
ounces,
These talks, it
international economic cooperation.
John
proposal quickly was approved, and in
actual condition of the fund three months ago,
fruitful than the formal state-
when it was disclosed by Secretary of State Cordell
increase to £550,-
requested late last
as
the
of
an
were more
ment would indicate was heightened on Wednesday,
the British Equaliza-
on
Fund, last Monday, when the House of Com-
000,000
the
was
the trade agreements that
of
comprehensiveness
Washington is prepared to negotiate,
experience indicates, however, that such
properly managed economic affairs.
mons
Zee-
distinct impressions as to monetary matters and the
given circumstances,
operations in the
The French
More
van
land doubtless is returning to Europe with some
available legally, the fund was incapable
was
funds
Mr.
no more
converted into francs, and when
was
further
of
of their employment safe-
It seems hardly likely that this colorless
" statement is to be taken at face value.
000,000 of gold with which the French fund started
simply
or
fund, but added that present gold
Close
not considered excessive.
coop-
Washington observers
trading between nations."
gained the impression that some exploratory conversations along this line already have taken place, and
suggested that more than one foreign govern-
eration between the British and United States Treas-
it
uries would
ment might be represented in the forthcoming con-
as
continue, he added.
It was indicated,
well, that periodic but belated disclosures of the
condition of the fund would continue.
ton, the view
was
expressed
In
was
versations, at any one time,
Washing-
,
by Secretary of the
Export-Import
>
Treasury Henry Morgenthau Jr. that the American
T^VTDENCE was
Stabilization Fund of
^
tect
the
needless.
States
is
dollar,
The
and
$2,000,000,000 is ample to
an
inactive
Treasury,
now
increase
gold
considered
was
fund
of
pro-
the
United
approximately $1,100,000,000,
really to be regarded as an adjunct of the fund
and
as
achieving
a
similar objective.
Export-Import Bank of Washington, formed
to the accompaniment of much fanfare several years
ago
to promote American trade with other countries,
Several banks were formed
at the time, to operate in different areas of the
world, but they were quietly merged into a single
is not entirely defunct.
institution
World Trade
an
afforded last Tuesday that the
tjie jj,ew
when it appeared that
Deal brain-trust
never
this prodigy of
would
assume
the
RECENT monetary developments have somewhat Reconstruction Finance Corporation Financed bank
stature originally contemplated. funds, the with
overshadowed the efforts made in
a
number of
directions to increase international trade
by reduc-
was
intended to supply credit for exports of Amer-
Financial
8
ican
products, much as official British and German
funds
being used to stimulate the trade
were
But the American bank was organ¬
those countries.
tion,
to restora¬
Spain
institution
way
by
extended
aid
It
the
announced
was
in
Tuesday, however, that the bank
on
participate in financing the sale to China of
and
locomotives
20
on
moment.
little
Washington
would
valued
equipment,
about
at
The loan is to the Ministry of Railways
11,500,000.
of the Chinese
Government, and it will be payable
monthly over a five-year period, with
interest of
The bank will assume one-half of the credit,
6%.
locomotive manufacturers the
and the
Dr. H. H.
ister of
ments
other half.
Kung, Vice-President and Finance Min¬
China,
were
was
in Washington when the arrange¬
concluded, and he indicated that further
purchases of American industrial products might
Dr.
follow.
he expressed a desire for a fascist victory in
the iron
the
and
of
was
much the same impression about German inten¬
gave
the
far
was
Kung also suggested that his country
In a public address
Wuerzburg, last Sunday, Chancellor Adolf Hitler
at
tions,
already
July 3, 1937
to bring about his ends."
sary
late, when international monetary con¬
ized far too
fidence
of
Chronicle
as
that the Reich will have better access to
so
ore
Quietly disregarding
of that country.
declarations, Great Britain continued to
such open
chiefly through the Non-interven¬
work
for
tion
Committee.
peace,
Government
German
The
nounced late last week that it was
regulations of the committee, although the
the
serve
naval
The British Govern¬
patrol was withdrawn.
ment tried to
get both Germany and Italy back into
patrol program by pointing out that the with¬
the
would be helpful to the
drawals
This
move was
Governments
fleet
own
Valencia regime.
fruitless, and the British and French
thereupon suggested extension of their
patrols to cover the coast area previously
Thursday that the fascist countries might agree
plan, provided Great Britain accorded bel¬
to such
outstanding high coupon internal obligations into
ligerent rights to General Franco.
a
Within
carrying lower rates of interest.
TTTLE progress was
l—i
ing
remain¬
the strip of coast
on
Hav¬
ing in the possession of the Basque loyalists.
ing taken Bilbao, the rebels moved on toward Sant-
made this week toward clear-
the international difficulties created by
up
f
Spain, meanwhile, the rebel forces con¬
tinued their offensive
Spanish Civil War
It appeared
regulated by the Germans and Italians.
on
might be interested in a loan for the conversion of
bonds
an¬
prepared to ob¬
ander, and they are reported to have made a
good
the German and Italian withdrawal from the naval
deal
patrol scheme of the London Non-intervention Com¬
tions.
mittee, designed to prevent external aid to the Span¬
however, and the steady downpour also may have
ish
The Spanish struggle
loyalists and insurgents.
is
now
definitely than
more
the
rival
this
was
ever a
conflict between
of
obscure large troop movements
served to
dwindled, and it was evident that the insurgents
Minister, Neville Chamberlain, in
"If
some
a
speech
country or
were
preparing for
tempted to intervene beyond a certain point, then
ported
other country
taking
find it difficult, if not
opposite view would
an
impossible, to keep from join¬
ing, and a conflict may be started of which no man
the end," Mr. Chamberlain remarked.
see
admitted that the situation is
it is not
"If
hopeless.
He
serious, but held that
we can
all exercise caution,
patience and self-restraint, we may yet be able to
the peace
of the world," the British leader said.
complimented the German Government for re¬
fraining from violent action after the
alleged at¬
The fresh attack is
a new move.
expected to develop along the highway and railway
from Madrid
He
Air¬
plane attacks along the coast of the Bay of Biscay
government, representing one of these two ideas, at¬
save
from the
Basque country to the area south of Madrid.
recognized openly late last week by the Brit¬
before the House of Commons.
can
rains interrupted these operations,
Heavy
systems of fascism and communism, and
ish Prime
some
partly because of loyalist deser¬
progress,
that
to
Valencia,
as
loyalist observers re¬
heavy concentration of insurgent troops in
Insurgent warships shelled the loyalist
area.
coast
deal
a
near
Valencia early in the
of uneasiness
incident, since it
was
was
at first
week, and
good
assumed for a brief period
that German vessels were
engaged in this bombard¬
ment, as a reprisal for the alleged
cruiser
a
occasioned by the
attack
on
the
Several vessels that were carrying
Leipzig.
supplies to the loyalists were sunk by submarines,
and the Valencia authorities insisted that foreign
vessels
must
caused
have
the
They de¬
sinkings.
tempt to torpedo the cruiser Leipzig, and in other
clared also that Italian "volunteers" were landed in
indicated that Great Britain would continue
great numbers recently to assist the insurgent forces.
ways
the effort to
ing into
a
These
prevent the Spanish revolt from develop¬
statements
Spanish
war
WITH a rapidity that with Far Eastern devel¬
unfamiliar might seem startling to
from spreading beyond the Iberian
opments since 1931, a fresh crisis has occurred in the
an
Italian authorities, however, expressed
peninsula.
firm intention of
Francisco
by the British Prime Minister
intense campaign to prevent
accurately reflected
the
Franco
the
to
bitter
end, and German
unsigned article that
was
it
was
patch to
send
as
of the Italian
Saturday that the
"This
the New York
Benito Mussolini
General
organ
of
war
bolshevism.
in
Italy
much of the glory for this achievement,
indicated.
Franco
will
has
means," said
"Times,"
a
Rome dis¬
"that
not abandon the
Premier
fig^t until
triumphed, and that he will
much material and aid to
Siberia
Japan and Russia.
A border in¬
along the Amur River, which runs between
and
the
Japanese
puppet-State
of
Man-
plainly is the most serious in a long string of similar
promised last
the end
cident
attributed generally to
fascists
mean
relations between
chukuo, occasioned the latest incident, which quite
Mussolini, the official
Spain would
anyone
In
Premier
would reap
a
backing the rebels under General
spokesmen made somewhat similar statements.
an
Japan and Russia
general European conflagration.
Spain
as
is
neces-
happenings.
The versions of the two countries with
respect to the unfortunate incident differ greatly,
as
might be expected.
the
The question centers around
sovereignty of two admittedly marshy and eco¬
nomically worthless islands in the Amur, claimed
by
Russia and
Manchukuo alike.
claim that Russian
The Japanese
gunboats utilized
a
channel of
unquestionable Manchukuoan sovereignty on Tues¬
day, and fired
on
Japanese soldiers bathing in the
Volume
river.
Financial
145
The
Russians declare that
started the fracas
by firing
Russian post.
on a
any
event, it is established that
was
sunk
in
In
Russian ship
one
by Japanese artillery, while another was
damaged and
islet
Japanese ship
a
the
third had to seek refuge behind an
a
river.
occurred almost
Oddly enough, these incidents
immediately after
diplomatic
a
sur¬
vey
of the problem posed by the disputed islands,
and
a
reported agreement by Russia to evacuate any
Emergency sessions of the Cabinets in both
promptly
Tokio
in
ceedingly
war
in
and
held, and it
were
coun¬
admitted both
was
Moscow that the situation is
Talk of
grave.
filled the air.
war
ex¬
and veiled threats of
Japan protested vigorously the
Soviet "invasion" of the Amur islands and demanded
a
Bullion
by Russian gunboats.
decreased £4,713,000.
reserves
creased
£48,515,044.
546,020
was
an
Public
to liabilities
this year
a
year
The proportion of
dropped to 23.00%, the lowest
and in fact the lowest since Jan. 4, 1933.
was
29.50% last week and 26.27%
Loans
ago.
£42,575,000 and
latter
£45,-
Of the latter amount
addition to bankers' accounts and
£2,969,024 to other accounts.
reserves
consists
of
Government securities
on
rose
other securities £6,025,724.
on
and
discounts
advances
The
and
se¬
curities, which increased £2,523,020 and £3,502,704
respectively.
No change
items
showing
made in the Bank
was
which remains 2%.
rate,
years:
channels
high.
new
£12,011, with
rose
deposits fell off £4,674,000 and other deposits in¬
ferent
troops.
another
£488,444,000,
to
holdings, however, only
the result that
against the alleged invasion of Mancliukuoaii
Tokio
made
outstanding
A protest also was made by
withdrawal of
9
The proportion
forces stationed there.
tries
Chronicle
Below
list the dif¬
we
comparisons
preceding
for
.
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Whether the Soviet
equally decided representations to Tokio is not
announcement of
"defense loan" of
a
fense."
Both sides
were
4,000,000,000
said to be anxious to
and if these declarations
keep
sincere it is
are
obvious
enough that the trouble
In
quarters it is surmised, however, that Japan
some
is not
unwilling to provoke
moment with
a
be adjusted.
can
internal
revolution,
test of strength at a
high officials.
Russia massed available forces
Amur River this
rushed to the
tension eased
sides
were
yesterday,
willing to seek
drawal of forces from the
immediate
ment
vicinity, but
plainly is
either side of the
with the utmost
little
a
on
of
scores
Both Japan and
week, and fresh contingents
scene
a
on
were
rapidity.
The
reports that both
solution through with¬
disputed islands and their
far-reaching adjust¬
a more
Public
deposits
Foreign Central Banks
rates of any
at
rates
the
leading
centers
OF FOREIGN
Rate in
Effect
July 2
vious
Rate in
Established
Rate
Country
Effect
July 2
a
loss in
3X
Mar.
Austria
3X
July
10 1935
Batavla
4
July
Belgium...
2
Bulgaria
6
Aug. 15 1935
7
Canada....
2X
Mar. 11 1935
Chile......
4
Jan.
24 1935
Colombia..
4
July
18 1933
Established
Rate
2
Dec.
2 1936
Aug. 28 1935
53,998,767,878 francs and the year before
An increase in note circula¬
of 187,000,000 francs brought the total up to
71,017,378,093 francs.
tion
85,985,803,480 francs, compared with 85,106,242,965
and 82,099,238,775 francs the pre¬
francs last year
4X
India
3
Nov. 29 1935
2X
Ireland
3
June 30 1932
May
18 1936
4H
Java
3
Apr.
Jan.
14 1937
5
Jugoslavia.
5
Feb.
1
Lithuania..
July
1 1936
May 28 1935
4X
3.29
Italy
6 1936
French
1935
accounts
Morocco
Norway
4
Dec.
5
Oct.
Portugal...
5
Dec. 13 1934
5X
Sept.25 1934
Rumania
4X
Dec.
7 1934
6
2 1937
Oct.
19 1936
England
2
June 30 1932
Estonia
5
Finland
1 1936
3X
_.
5 1936
25 1933
6
4X
3X
a
June 26,1936
June 28,1935
Francs
Francs
Francs
commerc'l
discounted-.
French
bills
6
bought abr'd
Adv. against securs.
b Bills
circulation...
4 1934
4X
South Africa
3X
May 15 1933
4
Note
14 1937
4
Spain..
5
July
5X
Credit, current accts.
Sept. 30 1932
5
Sweden
2X
Dec.
1933
3
c
Greece.
6
Jan.
7
Switzerland
IX
Nov. 25 1936
2
Foreign Money Rates
INbills
LONDON open market discount rates for short
Friday
9-16% as against 11-16%
were
Friday of last week, and 9-16% for three months'
as
against 11-16% on Friday of last week.
Money on call at London on Friday was 3^%. At
Paris the open market rate remains at 6%, and at
Switzerland at 1%.
on
bills
England Statement
THE statement of thefurther for theexpansion of
Bank large week ended
shows
a
£4,725,000 in note circulation which raised the total
June 25, 1937
—2,499,941.816 54,859,163,636 53,998,767.878 71,017,378,093
17,818,925
20,111,592
7,416,451
+2,000,000
Credit bals. abroad,
Dec.
30
and
furnish
Gold holdings
June
1
we
Francs
6
June
francs
Changes
4
10 1935
Below
for Week
4
Bank of
68,000,000
BANK OF FRANCE'S COMPARATIVE STATEMENT
Germany..
on
against securities and creditor
decreased
comparison of the different items for three years:
France
4 1937
namely 806,000,000 francs,
and 1,400,000,000 francs, while
714,000,000 francs respectively.
6X
Poland....
Jan.
4
and 73.94% two years
bills discounted, credit
increases,
francs,
5
5
Jan.
4
commercial
4
3X
2X
5X
3
Danzig
ratio fell off to 52.80%,
reserve
abroad, and temporary advances to State
balances
registered
3.65
5X
GX
Denmark..
The
year.
against 58.10% a year ago
4X
3X
3X
1 1935
Japan
54,859,163,636
gated
2 X
4
May 15 1935
*
at
Pre¬
vious
Hungary...
-
stands
now
The Bank's gold holdings a year, ago aggre¬
the items of advances
Date
4~
Czechoslo¬
vakia
—
which
of
total
francs.
a
Holland
1 1936
Argentina..
26 ,037,530
13 ,487,830
THE statement for the week2,499,941,816 showed
of June 25 francs,
gold holdings of
the
2,000,000
CENTRAL BANKS
Pre¬
Date
,279,162
23 ,680,268
Bank of France Statement
current
Country
10,625, 707
6
__
are
shown in the table which follows:
DISCOUNT RATES
98 ,196,044
82,827,071
75.726,471
27,880,457 28,528,856
16,352,031
17,062,165
12 ,549,700
Securities
10,818,292
15,920, 145
12,175,925
51 ,892,954
Reserve notes & coin
38 ,875,000
66,357,316
72,182,357
42,428, 256
Coin and bullion
327 ,320,221 222,070, 107 193 ,263,925 192,150,700 190,954,832
Proportion of reserve
to liabilities
41.72%
45.57%
26.27%
32.81%
23.00%
Bank rate
2%
2%
2%
2%
2%
.
Disct. & advances.
ago.
the discount
THERE have been no changes during the week in
of the foreign central
Present
£
Govt, securities—'.. 140 ,602,759 110,403, 310
29 ,959,430
26,545, 852
Other securities
as
banks.
1933
£
180 ,688,069 151,473, 193 148 491,176 132,376,639 142,214.646
Otber deposits
Bankers' accounts. 140 ,633,484 111,707, 232 110 ,512,977
94,879,607 92,343,876
37 ,978,199
40 ,154,585
Other accounts-..
39,765, 961
37,497,032 49,870,770
vious
necessary.
Discount Rates of
July 5,
1934
virtual
a
evidenced by the
as
recent executions of
July 4,
1935
488 444,000 439,641, 851 401 ,370,971 385,793,384 378,772,475
9 ,629,330
10 ,784,000
9,909, 953
26,650,379 16,174,923
Circulation
Europe is occupied with the Spanish
difficulties and Russia is in the throes of
July 3,
1936
Moscow
a
rubles, Thursday, for "consolidation of national de¬
the peace,
July 1,
£
clear, but some significance attaches to
June 30,
1937
9,280.423,712
7,750,183,118 8,021,420,124
1,041,226,447
1,277,178,989 1,203,156,367
4,012,067,304 3,440,500,950 3,277,389,534
+ 187,000,000 85,985,803,480 85,106,242,965 82,099,238,775
—714 000,000 17,919,887.614
7,832,157,356 13,951,369,968
+ 806,000,000
No change
—68,000,000
Temp, advs: with¬
out int. to State..
Propor'n of gold on
hand to sight llab.
a
+ 1.400,000,000 21,379,738,771 14,333,423,300
52 80%
—2.12%
58.10%
b Includes bills discounted abroad.
Includes bills purchased In France.
73.94%
c
Rep¬
resenting drafts on Treasury on 10-billion-franc credit opened at Bank.
Gold holdings of the Bank were revalued Sept. 26, 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
5,000,000,000 francs of the
See notation to table "Gold bullion In Euro¬
fund, but it was announced a few days thereafter that
gold had been returned to the Bank.
pean
as
Banks" on a subsequent page of this issue.
Note—"Treasury bills discounted" appeared in blank in the statement of Sept. 25;
all these bills had matured and have since been transferred to the account
"Temporary advances without interest to the State."
Bank of Germany Statement
THE statement for the last quarter of June showed
gold and bullion of 92,000
a
further increase in
marks, the total of which is
A year ago
now
68,954,000 marks.
gold stood at 71,704,000 marks and the
10
Financial
before 85,613,000 marks.
year
expanded
total
which
marks,
4,991,000,000
to
up
July 3, 1937
SPOT DELIVERY
Notes][in circulation
marks,
563,000,000
Chronicle
brought
compared
the
180 Day*—
A a ted
with
4,389,232,000
marks
last
rency
of
and
year
marks the previous year.
3,895,237,000
rime
eligible bills
cur¬
fell off 299,000 marks, while the items of bills
X
—30 Days—
60 Days—
Asked
Asked
he
X
Asked
Bid
Bid
X
X
is
WITHIN THIRTY DAYS
DELIVERY
FOR
Reserves in foreign
'is
90 Dayt—
Bid
Asked
Bid
Asked
%
»,6
%
—120 Days—
150 Day
Bid
Bid
Prime eligible bills
%% bid
Ys% bid
Eligible member banks,
Eligible non-member banks—.
exchange and checks, advances and other daily
-
Discount Rates of the Federal Reserve Banks
maturing obligations showed increases of 813,768,000
marks, 10,187,000 marks and 174,352,000 marks
The
spectively.
it
year ago
ratio is
reserve
1.75% and two
was
years ago
re¬
1.5%;
at
now
2.30%.
comparison of the various items for three
a
A
years
is
furnished below:
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
The following is
the
for
the schedule of rates
classes
various
Reserve banks:
now
in effect
the
different
at
paper
.
DISCOUNT RATES OF
REICHSBANK'S
of
FEDERAL RESERVE
BANKS
COMPARATIVE STATEMENT
Rate in
Changes
Federal Reserve Bank
Assets—
Reichsmarks
Gold and bullion
Of which
Reichsmarks
+ 92,000
Silver and other coin..
Reichsmarks
68,954,000
a19,359,000
depos. abr'd
Res've In for'n currency
Bills of exch. & checks..
Reichsmarks
71,704,000
24,537,000
85,613,000
22,109.000
—299,000
5,786,000
5,103,000
4,003,000
—813,768,000 5,641,037,000 4,796,788,000 3,931,642,000
a233,053,000
127,350,000
153,158,000
+10,187,000
54,561,000
56,230,000
89,482,000
No change*
414,286,000
530,414,000
660,998,000
a777,914,000
648,900,000
550,675,000
_
Advances
Investments
Effect
JuneZ 0, 1937 June 30, 1936 June 29, 1935
for Week
Date
2
Boston
Previous
Established
Rate
on
July 2
8 1934
2 X
2 1934
Feb.
2
New York...
IX
Feb.
Philadelphia
2
Jan.
17
1935
Cleveland
IX
May
11
1935
2
May
Atlanta
2
Chicago
2X
2
2X
Jan.
14 1935
2X
Jan.
19 1935
2 X
2
-
9 1935
2
Richmond...-.--
IA abilities—
Jan.
Notes in circulation
+563,000,000 4,991,000,000 4,389,232,000 3,895,237,000
+174,352,000
880,305,000
960,242,000
818,996,000
al97,551,000
191,037,000
217,085,000
Oth. daily matur. oblig.
Other liabilities
3 1935
2 X
2
May
14 1935
2 X
Kansas City
Other assets
2
May
10 1935
2X
Dallas
2
May
8 1935
2X
San Francisco
2
Feb.
16 1934
2 X
St. Louis
Minneapolis.
—
Propor'n of gold & for'n
eurr. to note clrcula'n
a
—0.2%
1.5%
1.75%
Course of Sterling Exchange
2.30%
Figures of June 30, latest figures not available.
New York
.
STERLING exchange is fractionally easier. Trad¬
ing in the entire foreign exchange list has been
Money Market
OTHER than the usual month-end turnover, little
distract
occurred this week to
money
market from its
changed in
the New York
even
bankers' bills
Rates
way.
were un¬
commercial
and
paper,
with only a modest amount of business done.
Treasury sold last Monday
discount bills due in 273
an
The
issue of $50,000,000
days, and awards were at
0.619% average, computed
on
count basis.
the New York Stock Ex¬
change
Call loans
on
an
annual bank dis¬
continued at 1%, while time loans also
were
unchanged at 1%% for maturities to 90 days,
were
and 1 y2%
limited and hesitant owing to the crisis in
franc
the
the French
culminating in the abandonment by France of
gold standard
on
In effect France has
June 29.
virtually retired from the tripartite agreement of
Sept. 25, 1936, although formal withdrawal of the
French
taken
Government
efforts of M.
M.
the
from
had not
agreement
Should events work in favor of the
place.
Chautemps and his finance minister,
Bonnet, the Paris Government
able again to participate
find itself
may
fully in the operation of the
^agreement.
On June 29 the French Government served formal
for datings from four to six months.
notice
New York Money Rates
the Washington Treasury
on
obliged by the
that it might be
of internal events to with¬
pressure
DEALING in detail with call loan rates on the
the
Stock Exchange from day to day, 1%
draw from the tripartite money agreement
between
the
Britain.
ruling quotation all through the week for both
M. Jules
was
loans and renewals.
continues
quiet,
this week.
90
The
market
for
time
new
money
transactions having been reported
no
Rates continued nominal at
1%%
up
to
days and 1%% f°r four to six months' maturities.
The
market for
very
was
crisis
are
heavy.
Rates
are
un¬
ances
still exceeds the
in
up
There has been
supply.
the rates.
The
Federal
Reserve
the
plentiful but the demand
more
official
Bank
quotations
of
New
as
no
change
issued by
York
for
bills
to and including 90 days are %% bid and 7-16%
asked; for bills running for four months, 9-16% bid
a
and
days, %% for 91- to 120-day bills and 1% for
180-day bills. The Federal Reserve Bank's
holdings of acceptances decreased from $4,273,000
to
$3,801,000.
Open market dealers are quoting
same
Reserve
rates
Bank
acceptances are
as
of
as
those
New
reported by the Federal
York.
follows:
The
rates
for
open
of the
Details
on
French
Continental
this week has been between
for
$4.94 13-16
with
a
week.
bankers'
sight
bills,
of between $4.93%
range
and
The range for cable trans¬
a
range
of between $4.93% and $4.95
The present extreme crisis of
the French franc has
and the market is far from
fident that the
French Government will be
successful
investors
121- to
out to the letter the agree¬
September.
been long expected
9-16% asked.
to 90
was
week ago.
and
the
carry
Government
foreign exchange.
pared with
that
%% for bills running from 1
be
not
fers has been between $4.93 and $4.94 15-16, com¬
1/2% asked; for five and six months, %% bid
York Reserve Bank is
should
move
He said that his
$4.94 15-16 last
and
The bill-buying rate of the New
Great
outlined in the discussion
compared
THE volume of business in prime bankers' accept¬
has improved considerably this week.
the
that
The range for sterling
Bankers' Acceptances
Prime bills have been
last
and other
$4.92%
and
France,
meaning that devaluation of the franc
merely trying to
of
continues
as
inevitable.
ment
paper
changed at 1% for all maturities.
^
explained
interpreted
has been
prime commercial
demand
ington,
States,
Henry, French Charge d'Affaires at Wash¬
Paper has been in good supply
brisk this week.
and the
United
new
than
its
many
degree of confidence
large
and
small
con¬
more
predecessors in restoring
on
the
which
part
might
of
French
result
in
repatriation of the 60,000,000,000 francs of French
capital which has sought refuge elsewhere in the past
few years.
Both the United States Government and that of
Great Britain have made it clear that they will con¬
tinue monetary
the
cooperation despite the disruption of
tripartite!agreement caused by the French
pre-
Financial
Volume 145
dicament.
It is
matter
It
confidently believed that the^two
will
governments
should
even
continuously
cooperate
other
agreement
withdraw.
governments
entirely probable that
seems
a
this
in
revised monetary
be concluded between the United
may
States and Great Britain.
In that event it is
ex-
11
Chronicle
made public
every
six months, with the sole qualifica-
would be three months old.
tion that the figures
The holdings of the British fund
in addition to the 73,482,000
exchange fund
on
give their adherence to such
gold in
corresponds
agreement.
Market observers say that Great Britain will
the repercussions of the French action more
than the United States
of
continuance
exchanges
while
Tuesday the Paris bourses
of the Government
In
nominal
Wedneslargely
was
These francs
y
fund
equalization
110.55
sold
also
offered exclusively for
were
commercial purposes.
the
to
Treasury's inactive gold fund, which
amounted
only
to
on
the
States
same
date
American
The
$332,862,332.
inactive fund (sterilized gold)
United
on
June 30 amounted
to $1,086,787,223.
The disclosure respecting the British equalization
pound, around 4.46 cents to the franc.
States
March 30 held $933,590,000 of
fund shows that Great Britain has an equal interest
with the United States in maintaining a stable gold
price and that London looks forward to the time
when the automatic gold standard is fully restored,
The American fund was originally limited to $2,-
closed by order
on
what
as
Thus the British
drifts,
Tuesday, but the British equalization
on
United
francs,
were
reopened
were
were
preserve
franc
the franc rate
consequence
francs to the
The
but
the
made funds available in London at
account
The
other country.
any
feel, will be sufficient to
orderly foreign
day.
severely
Anglo-American cooperation, inter-
national bankers
On
or
feel
March 30
of gold which the
Bank of England held in its specie department
backing for its note circulation.
pected that Belgium, Holland, and Switzerland will
an
on
ounces
000,000,000 but has
now
become either
a
$2,858,-
000,000 fund or a fund without limit, depending upon
how it is regarded. No authorization of Congress
was
sought for the increase.
The stabilization fund
By making them available the
sells dollars when the dollar tends to appreciate and
British and American control authorities made pos-
sells gold when the dollar drops.
The American
fund can now sell dollars, not up to $2,000,000,000,
but without limit except as the power of the Treasury to borrow money or raise taxes may set a limit,
The size of the stabilization fund increases dollar for
dollar with every acquisition of gold. Shortly after
the American fund was established $200,000,000 was
set aside for active use, leaving $1,800,000,000 of
the original sum in reserve. When the stabilization
sible the fulfillment of contracts calling for immediate
delivery,
without
a
which
squeeze,
to
have
might
occurred had those contractually liable
been forced
purchase their requirements at excessive cost.
It
nor
entirely probable that neither the British
seems
the American
equalization funds will hesitate to
smooth the way for the French monetary
until M. Bonnet's program can get
authorities
under way.*
On June 30 the British House of Commons advanced
the third
to
increase the
reading the Government's proposal to
equalization fund by £200,000,000 after
Chancellor
of
plained the
purpose
the
Exchequer Sir John Simon
Before the increase
danger of
voted members spoke of the
was
"break" in the "corner of gold" and of
a
possible loss to Great Britain from
United
States gold price.
however:
"We
resources
ex-
to aid general world trade,
was
sudden
now
which
much
better
would
This
£550,000,000.
This is the second time the British
now
may
been forced to increase
£150,000,000.
the
fund,
The fund is
equipped to continue absorbing whatever metal
be thrown
on
the London market by foreign
hoarders.
however,
program,
action
of
the
interpreted
as
official admission that future heavy
British
capital flights into England
troubled
authorities
are
In other words the inactive
fund has been used as a device for overcoming
the $2,000,000,000 limitation on the stabilization
fund.
On Thursday Secretary of the Treasury Morgen-
France.
Mr. Morgenthau said that he had been in
constant
touch
can
also
be
possible in view of the
European situation.
The reaction in the
with British and French financial
authorities during the French crisis.
thau's
message
Mr. Morgen-
to M. Bonnet was in part as follows:
"Now that the French Ministry of Finance has
powers which it sought, to meet the
been given the
present situation, I look forward to a continuation of
close cooperation between
tripartite
Entirely apart from the gold
the
stabilization fund.
ment will be continued despite the financial crisis in
occur
brings the British exchange fund to
have
with which to make this purchase from its
money
own
It is unlikely that
seriously embarrass us."
which started in 1932 at
has been palpably
thau announced that the tripartite monetary agree-
and
authorization
authorities
as
the case since last September, it sells its surplus to
the inactive gold fund. The Treasury borrows tjie
our
secured
sustained losses of gold could
or
a
reduction in the
The Chancellor replied,
fairly abundant.
are
any
are
a
fund acquires too much gold,
declaration."
our
Treasuries under the
Mr.
Morgenthau
tpld
reporters that there had been "no change in technical arrangements under the agreement."
At the
same
time Sir John Simon, Chancellor of
the Exchequer, announced in the House of Commons
that both Great Britain and the United States had
City of London .and in financial markets generally
sent
to the Government's decision to increase the
forward to "a period of full cooperation in fifiance,
tion fund has been
interpreted
as
wholly satisfactory.
equaliza-
It is freely
tangible evidence that there will be
bringing
zation
up
the resolution to enlarge the equali-
money
fund, the veil of
aside.
March
30
Government looking
powers
secrecy
London
which has concealed
the operations of the fund since its organization was
laid
to the French
that the French Government has received full
to act."
no
change in the present gold policy.
In
now
messages
The
Chancellor
the fund held
announced
26,674,000 fine
gold, approximately $933,590,000.
on
ounces
of
The Chancellor
promised that the position of the fund
that
would be
money
market funds
three-months' bills
are
and six-months' bills
Gold
are
abundant.
against bills is in supply at J^%.
on
9-16%, four-months 19-32%
are
%%.
offer in the London open market this week
is reported as taken for unknown destination.
Saturday there
£565,000,
Call
Two- and.
on
was
available £391,000,
Tuesday' £411,000,
on
on
On
Monday
Wednesday
Financial
12
£65,000,
Thursday £375,000,
on
£360,000.
and
Friday
on
Chronicle
At the Port of New York the
gold movement for
bills
90-day
days)
(60
'
July 3, 1937
$4.93%,
at
for
payment
grain
bills at
closed
documents
7-day
and
$4.93%,
at
Cotton and grain for payment
$4.93 11-16.
'
the week ended June 30, as
CiAl /
4M
reported by the Federal
at $4.94%.
Reserve Bank of New York, was as follows:
Continental and Other Foreign Exchange
GOLD MOVEMENT AT NEW YORK, JUNE 17-JUNE 23, INCLUSIVE
Imports
Exports
tf
THE French franc has been fluctuating widely (see
table below).
On June 30 the French Senate by
$21,021,000 from England
2,683,000 from Canada
None
2,172,000 from Colombia
a
820,000 from India
above
figures
$2,252,000
the
for
are
ended
week
On Thursday there
Wednesday.
were
on
imports
no
marked for foreign account.
gold
On Friday, $281,900
received from England.
was
exports of the metal,
$4,987,000 of gold
was
which
came
$4,832,000
were no
It
held
from Japan and $155,000
fund,
indicated in
as
daily Treasury statements issued during the week
ended last Wednesday, was as follows:
day changes
The day-to¬
calculations:
are our own
Amount
Daily Change |
Date—
26.
Increase for
the
Week Ended
10 years.
issued
on
payment on written
pone
in
or
demand of debts drawn up
The dictatorial powers
to
decree
also
was
issued revising
France
and
tent
Canadian exchange during the week was relatively
Montreal funds ranged between
%% and
The
rate
a
on
a
discount
discount of %%.
r
following tables show the
Paris, the London
and the price
London check
mean
market gold price,
open
paid for gold by the United States:
MEAN
LONDON
Saturday, June 26.
Monday,
June 29
Wednesday, June 30 (119 nominal)
Thursday,
LONDON OPEN
July
1
Friday,
110.53
(119 nominal)
July
2 (119 nominal)
MARKET GOLD
(119 nominal)
140s. 7^d.
Wednesday, June 30
Monday, June 28
140s. 8d.
140s. 9d.
Thursday,
July
l_____140s 6d..
Friday,
July
2_
PRICE
June 29
PAID
FOR GOLD
THE UNITED
BY
RESERVE
140s. 9d.
STATES
(FEDERAL
BANK)
Wednesday, June 30
$35.00
$35.00
35.00
Thursday,
July
1___
35.00
Tuesday, June 29
35.00
Friday,
July
2
35.00
Referring to day-to-day rates sterling exchange
was
on
Bankers' sight
$4.93%@$4.93 11-16; cable transfers $4.93%@
On Monday the
$4.93 13-16.
limited trading.
for
dull and easier.
The
pound
range was
was
easier in
$4.92%@$4.93 5-16
Jbhnkers' sight and $4.93@$4.93 7-16 for cable
On Tuesday sterling was dull and hesitant.
transfers.
Bankers'
fers
sight
$4*i)2
was
15-16@$4.93%; cable trans¬
Oh
$4.93 1-16@$4.93 5-16.
pound
was
firmer and in demand.
Wednesday
The
range
for
bankers'
cable
The
was
was
On
$4.94 5-16@$4.94 13-16
Friday sterling
was
steady.
$4,94 1-16@$4.94 7-16 for bankers'
on
Friday
were
$4.94% for de¬
mand and $4.94% for cable transfers.
Commercial
sight bills finished at $4.94%; 60-day bills at $4.93%,
of the Bank of France
Another
taken
by the Government to
measure
improve the situation of the Treasury was an in¬
crease in railroad fares of 5 centimes per kilometer
on
all classes of tickets, which will be
applied to the reduction of railway deficits which
have been costing the State many millions annually.
It is believed that there will be further increases in
direct and indirect taxation.
Before the Chamber of
Deputies M. Bonnet said
that when he arrived in France on
free
only 20,000,000 francs
in
there
French
the
would be
francs and
Monday last there
(approximately $900,000)
He estimated that
Treasury.
deficit of between 6,500,000,000
a
8,000,000,000 francs in this year's budget,
the Treasury would be
and that the total charge on
about
25,000,000,000 francs.
He stated that 7,800,the country during
000,000 francs worth of gold left
June.
<
M. Bonnet
the
pointed out that the immediate need of
made it compulsory to appeal to the
moment
Bank of France for
an
advance and that if that
were
the
sight bills and $4.i94%@$4.94% for cable transfers.
Closing quotations
reserves
the
sight and $4.94 7-16@$4.94 15-16 for
transfers.
The^ange
range
gold
was
On Thursday sterling
$4.93% for cable transfers.
the
done, it would be impossible to keep the franc within
$4.93%@$4.93% fpr bankers' sight and $4.93%@
firmed up.
^
were
Monday, June 28
was
of
con¬
uncertain.
140s. 6d.
Saturday, June 26
Saturday last
tion
the gold
of revaloriza¬
PRICE
Saturday, June 26
Tuesday,
of the franc makes the question
(.621 miles)
CHECK RATE ON PARIS
..110.88
June 28.
Tuesday,
additional to
contract, not to exceed
Postponement of any decision to fix
$328,852,664
of
contract
15,000,000,000 francs.
$47,990,881
_
the
and the Bank of
providing for advances
those fixed under the previous
Wednesday
fund shall
foreign currencies.
cease after Aug. 31.
gold
between the French Government
Increase for the Month of June
steady.
June 30 stipu¬
The decrees also
unit.
monetary
Daily Change
+$1,366,8581 June 28_$1,078,350,780 +$20,447,645
1,057,815,825 +17,652,6251June29. 1,085,200,689
+6,849,909
1,057,903,135
+87,3101June 30. 1,086,787,223
+1,586,534
June 25.
French
the
A
June 24_$1 ,©40,163,200
June
On Thursday
as 3.83%,
low
prolonged the right of commercial debtors to post¬
are
Amount
over
as
regulate the relation of the franc to other world cur¬
rencies until the cabinet decrees a new gold content
GOLD HELD IN THE TREASURY'S INACTIVE FUND
Date—
offered in New York
were
lated that the French exchange equalization
received at San Francisco of
inactive
under the stabilization
4.35 cents.
was
The Government's decrees
for
the
in
September
the lowest in
ear¬
reported that
was
promptly cut the franc loose from
which the franc could go
law of last
francs
Hongkong. ;V
Gold
the
There
change in gold held
or
marked for foreign account.
from
Chautemps' request for dicta¬
gold concurred in Finance Minister Bonnet's decision
to let the franc find its own level.
The lower limit
to
exports of the metal or change in gold held ear¬
or
of
The Government
Change in Gold Earmarked for Foreign Account
Decrease:
The
approving Premier
torial financial powers.
$27,037,000 total
Net
upheld the Chamber of Deputies
vote of 167 to 82
in
341,000 from Holland
last
narrow
gold limits set by the monetary law of
September.
The Bank of France statement for the week
June 25 showed
a
ended
drop in gold stocks from 57,359,-
The bank
transferred to the
105,452 francs to 54,859,163,636 francs.
officials
said that
the
gold
was
exchange equalization fund to bolster the franc and
further transfers were made during the past
that
week and would
probably be disclosed in the bank's
statement for the
published
on
week ended July 1, which will be
July 15.
f
Volume
The
Financial
145
Argentine
debt, exclusive of railway and tele¬
French
is
placed
now
32.92
from
106 to
It is believed that the
110.
reduction
Chilean
5.19,
against
now
consequence
with its previous
dollar,
as
compared
no
units
Parity
(franc)
13.90
Belgium (belga)
5.26
(guilder)
New dollar
a
parity
between Sept. 25 and
16.83%
5.26%
22.84%
54.90%
8.91
32.67
40.20
Switzerland (franc)
Holland
16.95
19.30
Italy (lira)
This Week
68.06
Oct. 5, 1936.
gold and allowed to "float"
The London check rate
against 110.95
New York
on
June 30.
Paris closed
on
In
Friday of last week.
sight bills
on
the French center finished
on
Friday of last week; cable
transfers at
3.84%, against 4.45%.
Antwerp belgas
closed at
16.83% |for bankers' sight and at 16.83%
for cable
transfers, against 16.89 and 16.89.
quotations for Berlin marks
Final
40.11 for bankers'
were
sight bills and 40.11 for cable transfers, in comparison
with
40.10% and 40.10%.
5.26 for bankers'
transfers,
Italian
lire
5.26%,
and
Austrian
5.26%.
schillings closed at 18.75 against 18.75; exchange
Czechoslovakia
at
charest at 0.74,
against 0.74;
against 18.95; and
Greek
3.48%, against 3.48%;
on
Secretary
with
conferring
on
United
the
in
now
take
to
several
during
place
days.
and
Monetary relations between the United States
China
has
the United States, in
silver, supplies that country with
quite close since
are
arranged
several
Dr. Kung
with the
that
program
service
credits
important
Bank.
Export-Import
possible
Kung said that it is
Dr.
will undertake
China
a
conversion
by which the government will save in annual
charges
its
on
domestic debt
foreign and
80,000,000 Chinese dollars, which may be used for
reconstruction
may
money
conversion,
closed at
sight bills and at 5.26% for cable
against
H. H. Kung,
sterling.
is
gold needed in its stabilization activities.
Friday
on
3.84, against 4.40
at
been
return for Chinese
on
at
25.25,
at
He is in this country for a series of
Morgenthau.
,
Minister,
has
conferences,
beofre devalution of the European currencies
as
b The franc cut from
at 128.76
4.46H
to 16.89%
to 5.26%
to 22.92%
to 54.99%
3.83% to
6.63
nominal
is
in close relation to
Finance
and
States
Range
Parity a.
3.92
quoted
nominally
is
Peru
new
move
Chinese
European currencies to the United States dollar:
New Dollar
The unofficial
6.55@6.65, against 6.50@
EXCHANGE on the fromEastern countriesAll these
presents
features Far recent weeks.
equivalent of 4.75 cents.
Old Dollar
Brazilian milreis,
—•—
table shows the relation of the leading
The following
exchange
5.19.
tourist lire would be
new
free market close
against 25.25.
On the basis of
traveling in France.
exchange rates the
or
8.83, against 8.82.
free market in milreis is
or
6.58.
a
as
about 4.50 cents in terms of the
b France
The unofficial
official rates, are
July 1
franc, which resulted very favorably
in the French
current
on
of the decline
in the rate followed
to tourists
reduced
vas
Friday, official
on
30.23@30.25, against 30.35.
was
francs.
The Italian tourist lire rate
closed
pesos
Friday of last week; cable transfers at 32.96,
on
against 32.92.
around 542,000,000,000
at
paper
quotations, at 32.96 for bankers' sight bills, against
phone systems, which just before M. Poincare took
office in 1926
was
estimated at 290,000,000,000
francs,
13
Chronicle
He
purposes.
"If
said:
cheaper
be found abroad for this purpose of
shall be interested."
we
Closing quotations for yen checks yesterday were
28.74, against 28.73
on
Friday of last week.
Hong¬
kong closed at 30.40@30.50, against 30.43@30 9-16;
Shanghai
29.80@29 29-32,
at
29 13-16@
against
29
31-32; Manila at 50.30, against 50.25; Singapore
Poland at 18.95,
on
Bu¬
at
58.10, against 58.00; Bombay at 37.33, against
on
Finland at 2.19, against 2.18%.
37.30%; and Calcutta at 37.33, against 37.30%.
exchange closed at 0.90%, against 0.90%.
1
—«—
Gold Bullion in
■
European Banks
EXCHANGE on the countries neutral during the THE following table indicates the amounts of gold
is generally firm, moving in close relation¬
bullion (converted into pounds sterling at par
war
The Holland guilder is
ship to sterling exchange.
especially steady and apparently not in the least
affected
by
the
French monetary
authorities insist that the
crisis.
Dutch
of
exchange) in the principal European banks as of
respective dates of most recent statements,
to
guilder is not volnerable to
are
repercussions from the situation of the French franc.
The Swiss
the
low
as
franc, however, felt the
French unit and in
22.84% cents, whereas
as
Bankers' sight on Amsterdam
54.99, against 54.99
transfers
at
54.99,
decline in
on
Friday of last
on
week Swiss cable transfers sold at
at
severe
Wednesday's trading went
on
shown for the
of—
Friday of last week; cable
against 54.99; and commercial
at
54.94,
against
closed at 22.85% for checks
Swiss francs
54.95.
and at 22.85% for cable
transfers, against 22.91% and 22.91%.
checks
finished
22.09% against
at
22.09% and
Copenhagen
cable transfers at
22.05% and 22.05%.
Checks
on
1936
1935
£
Spaln
£
Italy..
Nat. Belg'm
102,265,000
104,242,000
Switzerland
83,596,000
Sweden
Norway
.
.
—
closed
at
25.50% and
cable transfers at
25.50%, against 25.47% and 25.47%; while checks
on
Norway finished at 24.86 and cable transfers at
24.86,
setas
against
are
not
24.82% and 24.82%.
Spanish
63,046,000
52,255,000
103,127,000
44,914,000
19,711,000
68,928,000
76,152,000
61,209,000
15,234,000
7,394,000
6,602,000
431,990,143
2,360,750
88,092,000
a42,575,000
49,069,000
105,656,000
49,318,000
23,980,000
6,553,000
7,397,000
6,577,000
6,604,000
190,954,832
649,941,934
7,372,500
90,379,000
72,332,000
63,874,000
76,391,000
64,199,000
12,016,000
7,397,000
6,569,000
1,120,870,114 1,028,268,000 1,152,409,899 1,228,849,334 1,241,526,266
Prev. week. 1,128,574,302 1.023,104,730 1,149,371,090 1,226,161,945 1,248,156,673
Total week.
a
Amount held
latest figures available.
bGold holdings of the
of gold held abroad, the amount of which Is now
Amount held Aug. 1, 1936: latest figures available.
Oct. 29. 1935.
Bank of Germany are exclusive
reported as £967,950.
c
of the French franc cannot be exactly determined, as
enacted Sept. 26, 1936, empowers the Government to fix
Note—The par of exchange
yet, since the legislation
Sweden
£
192,150,700
636,382,334
2,183,300
90,528,000
72,108,000
193,263,925
568,139,024
3,176,950
90,781,000
222,070,107
25,803,000
6,548,000
6,602,000
Netherlands
1933
1934
£
327,320,221
332,116,143
2,479,750
c87,323,000
a42,575,000
England—
Denmark
bills
sight
1937
£
Banks
Germany b.
Friday
corresponding dates in the previous
four years:
France
22.91% cents.
finished
reported
by special cable yesterday (Friday); comparisons
us
the franc's
calculated
content somewhere between 43 and 49 milligrams.
However,
the basis on which the Bank of France has revalued its gold holdings
gold
on
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.
pe¬
quoted in New York.
A Free Press Again
Challenged
—•—
The resolution
EXCHANGE on thebySouth Paris crisis. countries
affected
the American
All the
was
not
South American units moved in close
the sterling-dollar rate and their
is
sympathy with
exchange position
expected to show continuous improvement.
can
Newspaper
bther newspaper
cago,
adopted on Tuesday by the Ameri¬
Publishers
Association
organizations, at
a
and
ten
meeting at Chi¬
brings squarely to the notice of the country
the latest menace to
the freedom of the press.
/
At
14
Financial
the annual convention of the American
Chronicle
sistance "in all the
Newspaper
went
record
on
shop in the
Guild, if the Guild
forth to be
in
or
of
are
preparation for publication,
revision
its
presentation
to
it
now
to advance to the point where
In
adopted
mitted in advance to support of
ter
one
of
hours,
pay or
working conditions for
and women."
shop
as a
as
closed
an
Many
but
newspaper
and
have not.
The
news
which
of
Department
are
unwilling to turn
the
already committed
group
over
as
news
columns to
organization
an
highly controversial public questions."
tion which
as
editors and
able
publishers
form of closed
news
we
agreement
own
daily
press
news
in the
news
labor
other labor unions
filiated with the American Federation of
or
the
a
with
the
may
a
areas,
declared position." Regard¬
all of these matters individual
properly differ,
as
the
group
his views, but
press
the "Times" properly re¬
Unless the
news
day, whatever its character, is objectively
ported, the
for
or
and whoever knows
marks, "cannot be advocates."
press ceases
to have value
of
re¬
as a source
of
public enlightenment.
The
a
Constitution, WPA appropria¬
has taken
or
Guild
resolution,
ex¬
"On various other
Black-Connery Wages and Hours Bill, leg¬
group
Of the 37 local branches,
without dissent for the
Socialist,
supplement the Wagner Act—the Guild
a
guilds, represented at the convention, 27 voted
Organization.
members.
"reporters of the news,"
large
Committee
own
enough to speak is entitled to
an
resolution favoring industrial
affiliation
new
opinion
workers.
a
Democratic,
Farmer-Labor, shall be reported
Spain, the President's court plan, proposed
ing each
jurisdiction to include business, ad¬
Guild, by
or
as
Labor, but
newspaper
insists that all political
now
islation to
controversy with the Federation presently devel¬
vertising and other unorganized
to back the Farmer-
tions, the question of mail deliveries in strike
news¬
oped when the Federation refused to approve
in
war
Shortly after its formation it af¬
At the St. Louis convention the
groups
whether Republican,
amendments to the
are
hours and working conditions of its
through collective bargaining with
Industrial
York
highly contentious issues," the "Times" notes, "civil
depart¬
a
groups," yet it
clusively by its
having for its initial object the control
and
New
demand, points out that in 1936 the
Communist
requires, and thereby
as
unionism
The
restrained but devastating discussion
news,
editing service
union, formed essentially
majority, adopted
prejudiced.
news.
which the
a
cial
proposes
members the exclusive right
upon every newspaper,
extension of its
officially
one on
cal action to advance the interests of these two spe¬
organization which
It is, first of all,
a
is
presentation of
only
of the Guild's
such basis."
ments, the closed shop?
publishers.
Newspaper
party," an^ this year "again demands politi¬
Guild
which the American
paper
American
Labor
provide the reporting and
members
the
favoring the belligerent labor
as
"urged its local
to
of the wages,
but
Guild
arrogate to its
formed and
Guild
"Times," in
other
and
newspapers,
to
impose
cope,
the part of the President and the
Labor,
record
to
upon
we
upon
is the
on
on
of
The labor issue is not the
and edit
prepare
and which is
clear and lamentable exhibition
a
members in the collection and
unalter¬
our
or any
camps,
determination not to enter into
express our
What
to
declare
shop for those who
and pictures for
copy
hereby
any
...
opposition to the closed Guild shop
controversy which
party in the fight, demands exclusive rights for its
on
The resolu¬
adopted accordingly declared "that
was
partisanship
Guild,
any
a
troops have been called
departments, however, the statement declared, was
we
In
by open violence and defiance of law with
not due to any
labor issue involved, but "because
case.
non-union, into warring
which also involves
and editorial
they would be
as
mathematical problem,
only sharply divided labor itself, both union
attended
"unswerving opposition" of the
a
credulity would be strained to believe that
even
has not
shop in their mechanical departments,
publishers to the closed shop for
little bias
as
such will in fact be the
have
newspapers
trace of partisanship and
every
with
news
likely to show in solving
The issue concerned "the closed
economic issue."
not
shed
may
news,
It is conceivable,
that Guild members, in dealing with labor
treat the
was
matter of journalistic and public principle,
the
some
news¬
"opposition to collective bargaining, bet¬
men
arrange¬
Mr. Lewis and the
agitation which he directs?
of course,
preceded the resolution
Tuesday, the representatives of the
on
editing of the daily news of current labor conflicts
likely to be given, Under a closed shop
labor
associations pointed out that the question
paper
not
statement which
the
What kind of reporting
ment, by members of a Guild which is officially com¬
no re¬
member of the Guild.
a
also to have rejected in
appears
jurisdiction.
or
porter, rewrite man or news editor shall be employed
unless he is
doing
so
is
hours and employment conditions the Guild
proposes
authority it
the matter of
dealing collectively with publishers in regard to
wages,
In
arrayed itself against the American Federation,
whose
readers
purpose
as
from
comes
represented in its annual convention,
took the side of the Lewis Committee.
news,
From its original professed
call for.
shop, then,
overwhelming majority votes of the delegates and lo¬
cal branches
hence¬
in such
or
closed
a
organization which only a few weeks ago, by
an
Only members of
have its way,
employed either in the collection of
its
editorial
may
can
and editorial de¬
news
partments of daily newspapers.
the
The demand for
demanding what would be equiva¬
as
closed
a
great field of its legitimate ac¬
tivities."
Guild, held at St. Louis early in June, the Guild
lent to
July 3, 1937
incompatibility of
now
anty of
proposal by the
a
calls
a
closed shop, such
for, with the constitutional
as
the
guar¬
free press would seem to be too obvious to
Washington guild to divide the question and refer
need
the whole
newspaper
publishers' statement pointedly observes,
"is not
exemption accorded by the Constitution
subject to
large being rejected.
a
vote of the membership at
Following the adoption of the
demonstration.
an
resolution, the Associated Press reported, "represen¬
for the benefit of
tatives of newspaper
four guarantees
office workers guilds in New
York, Cleveland and Philadelphia
'fraternal
delegates.'"
In
a
were
seated
as
telegram to Heywood
/
"Freedom
publishersit is only
sembly and freedom of religion which
as
press," the
one
of the
are
established
fundamental rights for the benefit of all the
peo¬
Broun, New York columnist and President of the
ple.
right—one which entitles him to
the
of free speech, free press, free as-
Guild, John L. Lewis assured the Guild of full
as¬
of
"It is
a
publisher's responsibility,
an
a
citizen's
accurate state-
Volume
ment of what is
Europe Between Peace and War
taking place in order that he may
judge matters of public
have the facts wherewith to
Premier
policy and take whatever action may be necessary
There has
uncolored
portant
tual
been
never
"In those
today. Only on such a foundation of fac¬
reporting
unexpectedly optimistic statements in
countries; where the recovery is most ad¬
achieved and to
improve further the standard of liv¬
responsible for the publication
couple the efforts made at home with a concerted
are
free to choose the persons
whom they deem best
action of international scope,
form
bility cannot be discharged if some outside author¬
shall
shall not
or
It would be
employ."
gratifying to be able to hope that the
today that were lacking a year ago or six or
three months
there
litical
retire from the
which
of its
standards
ethical
untenable position
Heywood Broun
members.
gave
well
ther, among certain groups of Powers opposed in
policies, the tension which reached dangerous pro¬
Accord¬
portions
union only if it
a
properly organized and properly led, and they
decide
to
ment to sustain that
interpretation.
or
is
led, but to the demand for
Guild
a
which news,
as
Mr.
for the
is
for
Guild
each
and
editing of
of
publisher's rights
a
as
clear
make
only low-priced
United
as
would be
cars or
an
a
demand by
no
clare their
an
of the press
velt
has
no
of
shown resentment at the
mitted is
sion.
some
of his
policies have been
loose from
purpose
a
of
news
a
clear indication of
the
been
has
war
year
a
in
with
to be
no
able
a
position, have
obligation to stand to their
which
guns.
an
inescap¬
In the
course
they have taken they should receive all the
support that
a
public opinion bent
possibly give.
upon
freedom
can
agreements
difficulty, also, in adapting the po¬
appraisal. The
"accidents," if
"frequent and grave," they seem to have
subsided
.
a
may
by
be called, have
others at least
Just what the "certain
are
groups
of
in which "tension"
had "reached dangerous proportions," but
which
the
creased,"
was
and
they
opposed in policies"
year ago
in
so
only to be followed
Powers
having promptly taken
of bilateral
and while
has been
publishers,
result
been both
number of important issues adds
newspaper
come
important intermission, but it appears
cially prejudged
The
has
as
waged at present more vigorously than ever,
equally serious.
greatly to the danger.
Such appeasement
Spain has not only continued for nearly a
confronted, and the fact that the Guild has offi¬
a
armaments, that idea
situation
economic
general
There is some
The action of the Guild is
the latest menace with which a free press
timely, while as for interna¬
litical situation to Mr. van Zeeland's
expres¬
that the Administration is bent
having accepted.
upon
general
monetary
ternational.
com¬
to control public opinion by giving the pub¬
kind of
any
or
hardly to be classed, in the customary sense, as in¬
propaganda which has been let
Washington is
the
riers
econ¬
which the Administration is
opposed to freedom of thought and
The flood
are
through the reduction of tariffs or other trade bar¬
omy" and Federal regimentation of public and pri¬
conduct to
emphasized the lack of
international economic
an
has been dead for several years.
question but that the freedom
subjected, and the whole theory of "planned
vate
for
cooperation"
Reports from European capitals
tional action to reduce or limit
opposition" to the Guild's
once
criticisms to which
closer international
conference would be
a
in this country is in danger. Mr. Roose¬
than
position because of the French
crisis, the evidences of "a general inclina¬
easily found.
desire
model that
excep¬
conference,; or of any widespread feeling that such
"unalterable
more
anomalous
have for months
publishers have done well to de¬
There is
demand.
With the
tripartite gold agreement between the
toward
tion
not
not streamlined.
The newspaper
an
financial
employer should
produce
the
desperate card to play."
States, Great Britain and France, at the mo¬
ment in
infringement
an
or as a last
observations, perhaps of an "inside"
or
of the
tion
control of the collection
automobile workers' union that
was
toward the Guild
is
news
evils,
nature, upon which it was based.
purblisher to determine, but
demand
to
acute, they
Zeeland's view of the present situation in
van
facts
the
spokesman for the economic interests of its
a
members
faced.
Europe is so unusual as to make one wonder about
on
presented to the public, should be
unbiased. The attitude of the press
are
strained that recourse to wrar would appear as
closed
policies
or
leading nations
these difficulties become more
lesser of two
shop made by a union which has officially taken
partisan positions regarding events
un¬
might—who knows?—create an internal situation so
organ¬
or
remains, however, a great
I refer to the economic difficulties
factor.
Should
The opposition
publishers is not to the Guild, however
There
with which certain of the
re¬
what
There is nothing in the Chicago state¬
'proper.'"
of the
right
has substantially decreased
ago
year
a
known
that they will deal with
the
The im¬
Fur¬
statement
The
to
themselves
po¬
Accidents that
.
.
pression prevails that no nation wants war.
since then.
to
.
tion, but one after the other they subside.
ing to Mr. Broun, the newspaper publishers "seem
serve
of the international order,
economic.
as
out on Wednesday does
not, unfortunately, look in that direction.
say
is
may say
cooperation and the restoration of a
coordination
as
The least one
ago.
general inclination toward closer
a
frequent and grave arise in the Spanish situa¬
are
taken, and confine itself to its original
of improving the economic situation and
purpose
is
international
to which thousands of able men and women are de¬
would
whatever may be the
Possibilities of action
even
better
voted,
adopted.
exist
t
Guild, out of regard for the integrity of a profession
which it has
method
and
that
they
whom
ity, beyond their control, determines
lic
To consolidate the results
has almost been reached.
This vital service of the
qualified to report and edit the news. This responsi¬
as
a
Foreign Relations he said:
ing of the people, it is recognized as necessary to
when those who
ized
on
to the public can be performed properly only
press
is
Speaking at
city last Monday.
vanced, it is realized that the limit of national action
sound public opinion and wise
can
Belgium allowed
of
Zeeland
van
dinner of the Council
presentation of news was as vitally im¬
as
Paul
some
address in this
an
time in our history when
a
public policies be based.
are
himself
dear.
protect himself and that which he holds
to
15
Chronicle
Financial
145
tension has
since
"substantially de¬
not stated, but if the attitude of Italy
Germany toward Great Britain and France, in
the matter of the
Spanish
tion Committee at
war
and the Non-interven¬
London, has become appreciably
16
Financial. Chronicle
more
cordial,
the determination of Italy and Ger¬
or
to prevent the establishment of
many
Socialist
a
or
and formal
have
siderable extent, the
and
be discerned.
to
Such
are not
readily
cooperation in
not
German
prevented
German
and
Italian
the country.
in Eastern
Europe and the
ian vessels have intensified
Balkans is not very pronounced in
comparison with
is to be found
as
the situation
a
and little if
year ago,
to the action of
groups
of it is due
any
of Powers which,
as groups,
represent markedly different policies.
The economic condition of several
tries has for
Loyalist attacks
expectation of
The attitude of
ultimate insurgent
an
Portugal has been
allied patrol and to supervision of
an
its frontier
by representatives of the London Non-
touches
case
of Italy, for the Ethi¬
have done nothing to improve the budget¬
German and
ments do not make it
easy
Italian
to get
official
entirely satis¬
an
the
but
countries.
ceived.
dark cloud
as a
the
on
frontier
itself
and, it must be said, dangerous turn
neAV
Avhich affairs have taken Avith the
intervention, two influences
emphasizing,
the
insurgents.
In the
state¬
Committee,
part of Spain Avhich is in possession of
a
factory picture of the financial condition of those
In
success.
further factor
a
importance, for not only has Portugal objected
for armaments and, in the
war
German and Ital¬
011
hostility to the Madrid
time been watched elsewhere with
some
situation.
entering
strongly to
Intervention
ary
supplies
from
coun¬
misgivings, and recent extraordinary expenditures
opian
Spanish ports
Italian
and
Government, and the fall of Bilbao has encouraged
the
of
European
at
volunteers
lessening of political irrita¬
tion
^
joint patrol of the Span¬
a
ish coast and naval watchfulness
Bolshevist regime in Spain has weakened to
any con¬
signs of change
July 3, 1937
One is the
collapse of non¬
clearly to be
are
per¬
desire, still strong in Great Brit¬
optimistic outlook, the internal economic situation
ain
of
possible
spreading. Whether "the next Avorld war" that has
question of
long been expected has already begun, and is likely
"certain
of
of Avar,
cause
Mr.
as
Zeeland raised
The
Powers—Great
France, Italy, Germany and Russia.
heavily burdened
resort to
war
strain, and it
a
can
of
means
and
aid
to
French
national
into
*
them
doing
as
Germany
for
much po¬
see
Iioav
a
improve the domestic situation. If either
Italy resorts to
or
lately
come
it will obviously be
Avar
forAvard Avith predictions of internal
revolt in either
knoAV Avhat
*
as
political purpose, and no unbiased observer
some
has
quite
It Avould be interesting to
country.
"leading nations" Mr.
van
Zeeland had
in mind.
nation desires
question whether
foreign
a
ally, does not admit of
known facts
can
Recent
dicate
a
or
precise
ansAver
be, at best, only
an
Any
interpretation.
on
the part of the Powers
hope for
an
early
the Ministerial
PoAvers at odds.
crisis in
It is
no
peace.
and
unneutral
policy, together
France, has left the
longer possible to believe
attitude
have
been
be
doubt of the anxi¬
no
war
that Great Britain and France
measures
accomplish that result those tAvo P0wers
to use, always, hoAvever, with
en¬
Avar.
The other influence
mier
the
a
a ques¬
proviso that they do not themselves become
tangled in
Mussolini
and
is the determination of Pre¬
Chancellor
Hitler
to
prevent
spread of bolshevism in Europe. With the trans¬
formation of SoA7iet Russia into
Avith
veneered
communism,
dictatorship thinly
a
and
forcible
the
sup¬
pression of communism and socialism in Italy and
the
Reich, the victory of General Franco Avould
far
to
banish
the Bolshevik
to further advances
Avay
fascism that is
menace
of fascism.
the march in
on
economic
and
pressure
And
Europe.
go
the
open
it
is
More and
increases and political
government shoAvs weakness, the methods and prin¬
ciples of democratic and representathfe government
are
being set at
adopted.
one
side and those of dictatorship
The establishment of
Fascist regime in
a
popular government has been displaced and the to¬
talitarian State
There is
The
Italy has been neutral, and charges of unneutral
conduct
can
is, perhaps,
Spain Avould add another to the countries in which
developments in the Spanish situation in¬
change of attitude
breakdown of the non-intervention
that
based upon
official declarations of purpose.
what does not encourage
Avith
European
The question, natur¬
Avar.
a
any
observers have prophesied, in
be counted upon
more, as
There remains the
ansAver
Any
take to
the
no
The internal dis¬
economic, and it is difficult to
would
Avar
except for
from
Avar
prevent similar fires from breaking out else-
can
turbances in Russia appear to be
litical
and
peace
keep the
as some
theory, but there
Avhere.
averse to war
Spanish
ety of Great Britain and France to localize the
can
outside attack.
an
tion of
to do
upon
by events elsewhere, it has at present
to fear
continue,
The temper of the
so.
the
succession of national conflicts
defense, and Avhile France might be drawn
war
reason
in
people is strongly
keep
to
Britain,
relieving the economic
its utmost to induce other Powers to
France,
to
Great Britain,
probably be counted
and
presum¬
it is, is certainly not likely to
as
as
a
a
"leading nations,"
five great
the
are
leading nations"
van
interest.
unusual
ably,
the
openly
tion,
as
a
Mr.
firmly planted.
sense,
van
then, in which
110
Zeeland said, wants
European
No nation
aggressor.
Informal
desires
openly to become
Avar, on
the other hand, in the shape of
indirect aid to
to
which
an
an
na¬
war.
more or
less
insurgent movement, is something
Italy, at least, does not
seem averse,
and
directed at Great
Avhere
Avould be
more
the
pears
to rest upon Great Britain, and to that end
or
to
Britain, France and Germany. It
profitless to examine the charges in detail,
attempt
adduced in their
ever,
appraisal of the evidence which is
an
support.
British policy
toAvard
far
as
war,
to have been directed
avoiding recognition of
belligerents, and restricting
practicable the entry of
as
With this
main
appears
isolating the
the Franco forces
Broadly considered, hoAV-
arms
as
for either side.
policy the French Government has in the
been in accord.
attitude of
ferent.
In neither
cealment
of
British
voted.
country has there been any con¬
sympathy for the insurgents,
may
folloAV.
responsibility for maintaining
armament
It is
by
and
no means
British
More and
peace
diplomacy
are
ap¬
de¬
clear that the effort will be
successful, and the breakdoAvn of allied policy is
ominous.
General
If the
report of impending recognition of
Franco
by
Great
Britain
proves
well
founded, the doAvnfall of the Spanish loyalists will
not be far
Italy and Germany has been dif¬
official
Italy leads the Reich
off, Avhile Avith Spain
a
Fascist State the
republican Government of France, and perhaps those
of other countries
ing danger.
as
well, Avill have to face increas¬
Volume
17
Chronicle
Financial
145
the Board of Governors of Federal Reserve System—Increase in
Annual Report of
Record
Policy Actions of Board—Report Also Sets Out Policy Actions of Federal Open
Requirements of Member Banks—Action Thereon Indicated in
Reserve
of
Capital Movements—Inflow of
and International
Market Committee—Gold
Funds to U• S. During 1934-1936 Amounted to $1,550,000,000
Short Term Banking
—Earnings of Reserve Banks
in
As
the
of
actions of the Board,
policy
opinion
record
well
as
report covering the operations for the year 1936.
in
columns
these
week
a
ago,
4258.
page
that
"the
to
cates
change
Board
section
of
in
states that this power may
to
the
be exercised 'in order to prevent
the
As
statement
public
problem
the view
other
After
no
member
banks
banks,
borrowed
it
"since
banks
member
the
meet
increase,
had
reserves
excess
did
it
is added
It
should
that
that
to
two
amount of
deposits already held from 'excess
did
It
add
not
ment."
From
"Record
of
that
the
of
part
the
dealing with
report
Governors
o v
the rate recorded by the Board
which
the
shorter maturities
bonds
it
authority
that
It
arise.
to
buy
be
Committee
Executive
government securities
of
up
amount of securities maturing within
$1,000,000,000 and that the
not less than
$300,000,000.
account within limits as to amount, in
System
for
position to act promptly if circum¬
the committee might be in a
not
the
maturities
was
(which would include authority to allow maturities
sell
or
securities
off)
at
not over
to
agreed that authority should be given to the Executive Com¬
also
was
run
was
authorizations,
between
shifts
committee
agreed
in order to deal with any
therefore unanimously voted
advisable
was
might
previous
make
the System open market account,
the proper administration of the
time
maturities to meet changing market con¬
in
from
should
foreseen
now
make
action
desirable
appear
before
a
therefore unanimously
that the Executive Committee be authorized to buy or sell up to
voted
meeting
the
of
It
committee.
full
was
approval of a
$250,000,000 of government securities, subject to telegraphic
Federal Open Market Committee and the approval of the
of the
majority
of Governors of the Federal
Board
Reserve
Systefn.
July 14, 1937, in the matter of increasing
on
Further
the "Record
from
extracts
requirements:
reserve
n
Executive
the
to
the amount of authority
to
shifting
of bonds be
further
I'olicy Actions" of the Board of Governors we
take the following relative to
of
Reserve banks for invest¬
available to the
of funds
1936,
21,
Jan.
on
in
be maintained
years
amount
stances
volume
in
to
order that
the
to
was
excess
in
$300,000,000, provided that the
It
reserves.'
of
it appeared to be
that authority voted
necessary
shifts
respect
superseding
authorized
to
'required
System
amount
as
Open Market Committee at three previous meet¬
as
make
to
situation
mittee
to
large
Executive Committee to replace maturities from
the
limited
some
tion
reserves'
authorize the
that it was
Open Market Committee, the
the
maturities
of
shifts
With
have
deposits at the Reserve banks, but merely converted a por¬
of the member bank
and
market
that
out of w7hicli to
affect the total
not
reason
that the
reminded
the existing
by
agreed
was
continued,
to enable
ditions.
that member
extent
increase."
the
meet
to
small
the
to
except
make
be
time
to
changed by the increases in reserve requirements of
way
to
account
of the Federal Reserve banks were in
assets and liabilities
be
the
-.w.v'r.
discussion
should
in August, 1936, "was accom¬
Likewise, according to the report, "the
rates."
for
Authority to Make Shifts in System in Open Market Account
plished with little change in the position of member banks
in money
unanimously to
press,
the committee's action
ings
or
the
in part:.
says,
report that the in¬
in the
voted
was
should
action by
detailing
report
contraction."
pointed out
situation might be further
taking action at such time
Committee of the Federal
is
message
monetary
to
created
to
oped, but to anticipate and prevent such an expansion or
It
it
position,
a
investing
the
to
requirements not only to restrict and minimize an
in reserve requirements
budget
President's
out
in the public interest.
necessary
injuiious credit expansion or contraction after it has devel¬
crease
reversal of the existing
As pointed
arrived.
general credit and
issue
to
the
with
reserves
places responsibility on the Board to use its power to change
reserve
aggregate
indication of unhealthy growth in the
indicated that the time for a
this
taking
that
considering
"The significance of this language is that it
say:
and the
Upon
injurious credit expansion or contraction.'" The report goes
on
unused pro¬
income and
unemployment,
of national
of
amount
low
general
no
had not
January
in
Chairman
felt
banks
for member
was
clarified.
and the
authorizes
which
law
the
requirements
reserve
relatively
and
there
policy
money
analysis
requirements indi¬
reserve
large
continued
in the statement of
would be sent to
Congress, the results of the year-end return flow of currency would be
known, the reserve position of member banks would be subject to closer
The current
report, in its reference to member banks' reserves
increase during the past year
that
position,
report, presented to Congress June 23, was briefly referred
to
the
bank credit,
of
use
The latest
in
fact
easy
Governors'
is contained
capacity,
the
of the Federal
as
the
Market Committee,
Open
that
ductive
report a year ago of the
annual
of the
ease
Board of Governors of the Federal Reserve System, a
of
Policy" action of
the committee follow:
MEETING ON
Members present:
Mr.
TUESDAY, JULY 14, 1936
McKee, Mr. Hansom,
Mr. Davi6.
Increase in Reserve
Effective
creased
after
50%
by
the
the
against demand
Broderick,
Davis
close
requirements
deposits
and
Ransom
Szymczak
By unanimous
Requirements of Member Banks
the
to
as
the
1936,
"aye,"
voted
in¬
maintained
Messrs. Eccles,
Messrs.
and
Board
be
to
reserves
member banks.
all
by
15,
Aug.
on
and
McKee
voted "no."
the
Consideration of the question
Nov.
on
was
tained
20, 1936,
to which the report, in its "Record of
as
Policy" of the committee
Members present:
Broderick,
Mr.
Mr.
in part:
says,
MEETING
Mr.
of excess reserves of mem¬
given by the Federal Open Market Committee
NOV. 20,
ON
Fleming, Mr. McKinney, Mr.
McKee,
Mr.
This
Mr.
Davis,
committee took
the
that
the
in
the
both
excess
of
sense
in
committee
maturities
credit
the
and
MEETING
;
committee
that
of the continued increase
of the
meeting
a
and that,
banks;
the return flow of currency
as
consider
the
whether
time.
(Messrs.
the
might
therefore,
committee
it
to
This
position
held
of
Mr.
all
of
the
members
McKee
who,
in
light of
the
previous
a
two
the
that,
possibility of
ments, action
its
reduce
prior
the
or
further
should be taken
portfolio
the
to
Federal
a
by
The
be
reason
of
issuance
any
this
tion
preferable
increase
to
account,
for
reserve
reduce
the
was
the
in
tion
of
to
the
over
order
in
were»taken
Board:
requirements
of
or
was
to
of
account,
as
run
off
by
or
The
to
direct
two
excess
use
its
reserves,
power
Open Market
it
were
of
the
committee
to
proper
securities
administration
maturing within
and that the
$1,000,000,000,
be
there might
change in
no
account and for the
make shifts
to
from
proper
short-
the
total
administra¬
to
long-term
20, 1936
Authority to Make Shifts in System Open Market Account
committee, by
with
market
of
the
the
other
unanimous vote, instructed the Executive Committee
of
be
This
to
as
nor
having
less
may
at
not
amount
less
maturities
than
shifts
and
than
in
such
proper
shifts
between
administration
of
securities maturing within
$1,000,000,000 and that the
excess
of
five
years
be
not
over
$300,000,000.
action continued the previous
make
to make
be necessary in the
that the
maintained
bonds
$600,600,000
►
maturing securities in the System open market
government securities and
provided
account,
years
amount
Committee
that
members
would
further
open
the
less than
that
well as
direct the replacement of
account
of
to
of
$500,000,000.
MEETING ON NOV.
taken after consideration of the
Federal
in the
necessary
the account.
in
maturities
1.
reduce
Governors
for the
instructed the Executive Committee
amount
the System
in
of securities
stated
require¬
reserve
holdings of government securities in the System
of
26, 1936
public statement by
member bank
maturities
position, which
most
con¬
fr<|m shorter
securities, to meet changing market conditions and to improve the distribu¬
with
by the Federal Open Market Committee to
allowing
if action
in
the
taken to enable the Executive Committee to make shifts
was
replacements
Open Market Committee that would refer
increase
be not
bonds
maturities in the account
for
MAY
be
that the
provided
maintained at not
be
of
This action
and
liquidation.
question whether,
and
maturing
discussion
he
Board
in
account,
years
amount
present
that
believed
the
amount
in
respect to the desirability of issuing a statement to the press,
the
ON
the account as may
of
to
action
with
either
replace
to
government securities, and to make such shifts between
maturities
position of member banks at
reserve
approved; by
was
message,
some
Schaller and Hamilton having departed prior to this action)
exception
it
of maturing securities in the System open market
direct the replacement
other
the
was
should be
and the President's budget
then be advisable to take
not
market in the light of the
open
that
it
market account
enable
Authority to Make Shifts in System Open Market Account
account with
January, when the situation would have been further clarified by such
events
to
not
was
in the System's existing credit policy
banking situation
member
of
reserves
to
government bonds.
to
Mr.
concerned, however, over the current and potential
was
the
felt that the
was
maturities to meet changing market
shifts in
By unanimous vote, the committee
that, in the circumstances, it
position
advisable to make any change
on
System open
portfolio,
existing
to make
and
it
Schaller, Mr. Hamilton.
then
effects
the
of
the reason that
of the
administration
proper
maintenance
of Excess Reserves of Member Banks
4. Consideration
?
bonds be
should have such authority as might be necessary,
Committee
2.
The
$1,000,000,000 and that the amount of
granted for
authority was
Executive
the
than
$350,000,000.
ditions, including a limited authority for shifts in the account
Ransom,
Mr.
in the
and to make such shifts between maturities
be necessary in the proper administration of the account,
less
not
at
over
securities
Mr. Harrison, Vice-Chairman;
Eccles, Chairman;
Szymczak,
•
1936
may
provided that the amount of securities maturing within two years be main¬
not
ber banks
maturing securities
government securities
as
the Executive Committee was instructed to direct
in the System account with other
vote,
of
replacement
account
1936
Authority to Make Shifts in System Open Market Account
2.
business
of
time
and
MEETING ON MARCH 19,
Mr. Broderick, Mr. Szymczak,
Mr. Eccles, Chairman;
replacements
authority of the Executive Committee
necessary
for
the
proper
administration
Financial
18
of
the
System
holdings
of
additional
granted
and
account
bonds
maturities
with
in
authority
of
excess
five
the
increase
to
years,
well
as
as
financial
to Increase
Authority
Account
System
land
committee, by unanimous vote, authorized the Executive Committee,
subject to telegraphic
of
Decrease
or
Federal
the
approval by
written
or
Open
Committee,
Market
the members
majority of
a
direct
to
the amount
that
of
government securities then in the System open market account be increased
decreased
or
The
the
by not
Executive
Committee would be in
authority
position to act in the
a
if circumstances not foreseen
promptly
action
previous
continue
to
was
in
United
at this
that
so
ward
to
New
market
open
well
The
in
1936.
During
1934, when the gold
$1,100,000,000
There
chase
of
equivalent
this
resulting
gold
Factors
and
silver
January,
of
silver
silver
general,
taken
stocks
Gold
sources
the
place
pay¬
of
the
period,
abroad
and
has
silver
service account,
was
reversed
.
certain
the
and
changes
which
character
of
as
the
acquisitions of
of
capital
factor
a
inflow
have
been
from
the
in
gold
itself
has
brought
to
bear upon it.
The
shift
on
the
the balance of
merchandise
in
dends,
and service
of
excess
foreigners
for
other
and
since
account
but
exports,
tourist
international payments of the United
also
expenditures,
service items.
1934
reflects
increase
an
immigrant
Imports
in
to
$481,000,000,
mainly
the
have
continued
reduced by 1936
States
reduction
a
balance
remittances,
rapidly than exports, with the result that the export
amounted
government stated
international
internal
of
was
TRANSACTIONS
1935
[(+) Indicates net foreign
foreigners).]
OF
paid
to
interest,
divi¬
expand
which in 1934
AND
UNITED
1934,
(—) Indicates net American
basis
the
of
of
upper
tion
"must, of
take
its policy towards
in
course,
full account the
into
requirements
Total
1935
1936
1934-1936
—1,303
—2,075
—1,210
and
these
established
—1,739
—1,030
—3,986
—86
—336
—180
—602
+ 461
+ 183
—153
+255
+59
—72
—212
66% to 75% of
revalued on the
limits,
two
were
reserves
funds
stabilization
and
were
set
British
the
of
that
to
the guilder,
but
a
sta¬
and
established,
was
The
level.
same
the
maintained on the exchanges at a level of about 80% of the
parity.
The Netherlands, Switzerland, and Belgium subsequently
adherence
their
the
to
had
Belgium
declaration.
principles stated
general
reduced
the
its
of
value
in the tripartite
currency
by
28%
1935.
readjustment of gold-blac currencies and the tripartite declara¬
With the
looking toward greater stability in international currency relationships
tion
This,
banks
American
with
Thus during much of 1936—
abroad
from
was
reduced
being
were
rather
than
further
return
flow
little
fact that
the
together
balances
free balances
the short-term
in
rates
the early summer, and the last quarter of the year—
in
deposits
of
where
England,
to
market firmed toward the year-end.
money
During
of the year a moderate amount of short-term funds moved
Europe—particularly
to
ceased.
of European funds into American bank deposits
flight
last quarter
back
—304
the
the fluctuation of
Netherlands Bank were not revalued;
similar
fund
declared
in
franc at about
limits to
was
former
+ 795
—20
gold
possible owing to the small amount
for the much smaller movement of short-
abroad, accounts
+491
+ 481
bank
legal
no
gold reserves of the
bilization
—4,588
—1,217
In France and Switzerland
the exchanges.
on
maintained the French
also
fund
Netherlands
of American
1934
Silver
_
x
Services
in 1936 than
to the United States
funds
term
Trade and service transactions.
to
The Swiss National Bank was instructed
by the Federal Council to maintain the Swiss franc at approximately 70%
of the old parity, and for the remainder of the year the French stabiliza¬
increased.
Gold
as
so
international
out of the revaluation profit.
up
European
(In Millions of Dollars)
Gold and silver movement
it
Central
i.e., the first quarter,
payments to
Merchandise
decline
parity.
previous
the
STATES,
1936
payments to Americans.
of
prosperity."
allowed to
were
the
more
to
excess,
$*59,000,000.
to
THE
that
relations
monetary
the
INTERNATIONAL
resources
basis
the
of
exchange fluctuations were limited by law to a range of
guilder
in
disturbance
Following this statement redemption of notes in gold was suspended: in
capital
influences
appropriate available
use
France, Switzerland, and the Netherlands, and the currencies of these coun¬
inflow
important
different
as
net
to
any
$4,500,000,000
substantial at the beginning
was
The
more
Each
as
$5,100,000,000,
Movements—While
1936.
progressively become
movement,
undergone
in
continue
possible
to
far
as
to
contributing to the movement have varied greatly in im¬
The balance of payments due to the United States by foreigners
merchandise and
on
the system of international exchange and to avoid
of that system" ; and
the creation of any disturbance
extent
utmost
and
factors
portance.
constant object of which is to maintain the greatest
one
years,
intention
tries
Silver
and
the
States, France, and
the United
issued similarly worded statements in which each govern¬
purpose to continue the policy which it has pursued
exchange resulting from the proposed readjustment" of the French currency.
foreign gold and silver by the United States have been heavy and virtually
uninterrupted over the whole period since revaluation of the dollar, the
several
the
crises, British
"its
declared
possible equilibrium in
to
sub¬
to acquire
in previous gold-blac
As
governments of
the
25
funds.
al60 increased.
market
this
began
gold-bloc countries
other
of
dollar
of
amounts
recent
the
avoid
"
the
in
At
1936.
pur¬
international
amounted
reduced.
France was resumed in August,
been
has
1934, to the end of 1936 the
domestic
abroad.
Behind
that
balance
January,
from
came
in
the
the
under
extent
have,
settling
From
silver
of
the
To
imports
in
States.
in
$600,000,000
acquired
from
years
The end of this crisis
period of several weeks in which European
capital from
nationals
and
Sept.
ment
"its
purchases
period.
imports
United
increase
which
was
the
gold
the
to
combined
of
during
abroad
acquired
ments
three
nearly
1936.
substantial
also
were
of
gold 6tock amounted to $4,200,000,000, of which
occurred in
program
period
the
content of the dollar was fixed at its present amount,
in monetary
increase
large
a
on
inflow
capital again went mainly to England, but in September
United Kingdom
growth of United States monetary gold stock continued
scale
of
outflow
to move British
interest rates in
of British,
short-term
lower
there was a large
Hence
followed by a
was
French
stantial
it profitable
made
exchange
notwithstanding
London.
deposits in American banks were again
On
Gold and International Capital Movements
the
of
balances in
ments," the report has the following to say, in part:
in
gold-bloc, funds to the United States.
mid-June
as
sterling
York,
than
in
French
In its discussion of "Gold and International Capital Move¬
for
New
York
first
in France,
to the
balances
foreign
market
funds
meeting should make such
desirable before another meeting of the full committee.
The
of
as
than $250,000,000.
more
of this action
purpose
London rather than in
refuge in
events reached a critical stage
United States again attained sub¬
proportions.
While much French capital continued to go to Eng¬
this period, British capital moved in substantial amounts to the
States.
The effect of French purchases of sterling upon the for¬
inflow
stantial
2.
The
sought
France,
in
and June, when
During May
the
improve the distribution of maturities in the account.
uncertainty
New York.
authority to reduce such holdings, to meet changing market conditions and
to
July 3,
Chronicle
Foreign
short-term
in 1935.
of the flight of
of American Securities—The cessation
Buying
States, following the events of September,
capital to the United
foreign money
did not, however, prevent the continued investment of
1936,
in American securities.
We also take the following
from the report:
New
Dec.
Policy—On
Gold
Treasury
21,
the
1936,
Secretary
of
the
+ 360
+ 1,537
+ 1,172
+ 3,069
Treasury announced a change in practice designed to prevent future acqui¬
Stocks and bonds
+224
+411
+ 792
+ 1,427
Short-term funds
member
+ 192
+ 970
+404
+ 1,566
—56
+ 156
—24
+ 76
+ 482
+ 355
+ 191
+ 1,028
Capital movement
of
sitions
Under
Direct investments and other
capital transactions
Residual item
Includes
x
merchandise
ferring
Federal
adjustments.
tion
Tlie substantial rise in the net amount
in
drawing
payable to foreigners for services
1936
reflected
mainly increased tourist travel abroad by Americans
larger dividend payments to foreigners by corporations in the United
and
The
reported net movement of capital to the United Stai
amounted
Half
of
total
degrees
of
funds to
as
A
in
far
European
international
active
in
of
larger
which,
changes
period.
The
The
that
to
gradual
or
which
operate in
Europe
stimulated
the
as
when the
the
inflow
inflow of
1936
the
for
middle
period
monetary
Government
the
United
French
of
but
a
smaller
of
1935
moreover,
policy
led
to
States
funds,
of
are
1936
was
a
working
in
years
balances
American
with
former gold-
Great
Britain
and
of
of
did
as
the
a
first
as
funds
in
during 1936
England and\ the
as
Begin¬
to the course
for the budget
of
the
European short-term balances
quarter
influence
They
inflow
working minimum.
prospects
of
peak.
of
of
the
continuing
from reducing,
the old, the Treasury pays for
under
as
change
bank
reserves
gold by
are
correspondingly
increased.
At
this
introduced.
practice is
of
give the Federal Reserve banks equivalent credits in the gold certificate
effect upon
the increase that had
occurred when the gold was sold to the Treasury.
Under the new policy
effective Dec.
24, however, the Treasury has followed the practice of
setting
aside its current gold purchases in an
inactive account and
replenishing its balance with the Federal Reserve banks by drawing funds
from the market either through the use of existing balances or through
borrowing.
Thus funds are transferred back from member bank reserves
to the
Treasury account at the Federal Reserve banks, canceling the
in
member
bank
the
distribution
also
to
total
Treasury
to leave
that
occurred at the
member
of
these
of
reserves
bank
they
may
have
to gold imports but
The factor which has been
domestically mined gold.
purchases of
reserves,
member banks.
among
has been applid not only
Treasury policy
new
time the
volume
unchanged
retained
the net result of these operations is
reserves
While
altered the
therefore
which
reserves,
the gold.
purchased
The
its balance in this manner had no
Replenishment of
bank
chiefly responsible for the growth of member bank reserves in recent years
has thus been eliminated as a current influence in this direction.
The
reserves
excess
that
had
however,
accumulated,
were
unaffected
by the
Treasury's action.
MEMBER BANK RESERVES
The
growth of member bank
reserve
balances, which had proceeded with
only temporary interruptions since 1933, continued in 1936, but the volume
of
reserves
result
the
of
of
an
reserve
end
about
1926
in
to
excess
increase
in
balances
increased by
amounted
1931.
be
held
member
as
banks.
on
reserves,
The
political
and
of
was
reserves
Board of
Governors.
$6,800,000,000, compared with a level
Aug.
increased
to
of
by
changes from
$1,900,000,000 in 1936,
16 in the percentages of
together with
amount
practically nothing prior
by the
$1,000,000,000 in the year, and toward
that prevailed with relatively small
Required
this
1935,
requirments
reserve
to. approximately
$2,300,000,000
reflecting the increase
to
legal requirements was reduced in the year as the
of
In
year.
gold
Before the adoption of the
gold policy it was the practice of the Treasury to replenish its balance
the Federal Reserve banks by utilizing the
newly purchased gold
Total
uncertainty abroad
to
particularly
great an
so
inflow of short-term
some
the
to
a
of such
balance
its
member
the
member
funds
'
American balances
and
were
funds reached
lead
not
practice,
These
American
of
balances,
foreign
short-term
character.
political
a
withdrawal
by
sales
with the Federal Reserve banks, thus trans¬
funds from Treasury account to member bank account at the
Reserve banks.
The Treasury's balance is reduced by the opera¬
account.
in
claims
sharp movements,
in the
crisis
Switzerland.
the
withdrawal
during
under
banking
comparatively
a
frozen
intervals
,
reasons
by
American
from
these
also affected by these developments and
in
uncertainties
foreign
political
Netherlands, and
were
of
in
came
liquidation
financial
a
funds
received at
part was
ning in January, 1936,
of
varying
$1,550,000,000 in the three
the accumulation
the
with
well
to
gold-bloc countries had been reduced close to
Federal
of
inflow
move¬
extent
of
important
net capital
previous year.
One of
more
and
most
securities
The
with
character
1936.
funds;
market.
operating
the
in
short-term
these
countries
as
1935
continued
in the
of
but much larger than in 1934.
and
influences,
abroad
from
banking
this
this
increase
end
the
to
short-term
influences
the
1933
securities in
paragraphs.
1935,
countries—France,
special
of
during
reflecting
States
A
usually associated
was
variety
of
of
from abroad
foreign purchases of American
brought about
portion
flow,
United
other
net
the United States amounted
abroad.
bloc
inflow
an
end
->8
of Short-Term Banking Funds—Movement of short-term
1934-36.
steady
a
the
of foreign
succeeding
large
as
Inflow
of
extent,
inflow
in
from
represented
force,
capital
discussed
the
consisted
lesser
a
reflected
ment
not
$3,100,000,000
remainder
to
the
to
the
the
and,
new
and
increasing,
from
reserves.
upon
and
point
to
States.
gold
bank
excess
1931
a
continued
reserves,
deposits required
growth in deposits at
which had
to over $3,000,000,000
reduced by $900,000,000 during 1936.
increased: from
toward the end
Volume
Changes
most
of
145
in
1936—Gold
During
Reserves
continued to be
imports
the
members
Substantial
financing dates
the
of
by
Board
the
Excess
sufficient
which
constitutes the smallest
since
National banks which con¬
17
which withdrew
State banks
seven
of six National banks during
of such organizations in any calendar
The primary organization
the beginning
and
number
of
of
investments
National
On Dec. 31,
84% of the
System.
Reserve
Federal
the
those of Dec.
of
large as at any previous time.
In order
of these excess reserves becoming the basis
These
ratios
the
substantially
were
than
other
States
United
the
in
as
same
31, 1935.
44 bank suspensions involving
consecutive year there were no
suspensions among State member banks.
The one National bank which
suspended had deposits of $507,000.
Of the remaining 43 suspensions, 40
with deposits of $10,207,000 were insured
non-member banks and three
with deposits of $592,000 were uninsured institutions.
About 90% of the
deposits of the insured suspended banks and 99.5% of the depositors
Suspensions—During
,
banks
all
banks.
savings
$11,306,000
For
were
the third!
covered;.
fully
were
there
1936
deposits.
of
injurious credit expansion, the Board on July 14 decided to raise
member bank reserve requirements by 60%, effective after the close of
an
1937, the Board took action to
requirements by another 50% of those prescribed in the Federal
Act, one-half of this second increase to become effective March 1
other half May 1, 1937.
This action completed the use of the
business
Reserve
the
and
On
1936.
15,
Aug.
increase
Jan.
prescribed in Section 19 of the Federal Reserve Act.
Growth of Member Bank Reserves in Recent Years—The rapid growth of
bank
member
Government
States
United
occasion
from
from
created
were
reserves
the
was
resulted
had
requirements,
increase
Additional
of
which
reserves,
by
securities
1933
to
to
of developments.
through purchases
number
a
1929
Board's action
the
of
Reserve banks
the Federal
as
System's policy to ease money conditions with a view to
counteracting deflationary forces and encouraging recovery.
Until 1933,
however, reserves created through open market operations were largely
of the
part
absorbed
by
by
borrowings
market
These
bank
facts
[this
omit.—Ed.], which shows
we
holdings of the Federal Reserve banks,
approximately
corresponded
securities
the
by
the three years
required
Board's
action
and 1935
1936
for
with
compared
shown in the following table:
are
about
amounting to about $500,000,000, and
DURING
1935
AND
1936
1936
Total earnings
1935
$37,901,000
-
x$42,674,000
$26,016,000
—
x$27,556,000
1,406,000
1,477,000
Current expenses:
Net operating expenses
Assessments for Board's expenses
1,680,000
2,178,000
Cost of Federal Reserve currency
Total
$29,874,000
x$30,439,000
$8,027,000
.....
x$12,235,000
(profits on sales of U. S. Government
Additions
securities, &o.)
$6,914,000
9,712,000
$486,000
8,513,000
-
—$2,798,000
$227,000
Net additions
Net earnings
'
$9,487,000
9,001,000
.........
Deductions (reserves for contingencies, &c.)
by the
currency
result of the
$1,500,000,000 because of the
and by
deposits
As
requirements.
reserve
a
as
$298,000
8,505,000
27,000
607,000
result of these factors
a
9,437,000
decline
members of
especially
banks,
Federal Reserve
the
reflected
banks
of
of
mergers
consolidations,
institutions
most of which
deposits,
of
largely
among
Bank suspensions in
System.
$11,000,000
involving
44,
number
the
in
and
absorptions,
a
1936
not
Sj'etem
and
located.
outside
which
the city in
of
the head office of the
decreased
banks
from
from
increased
branches
3,118
77 banking offices,
only
banks
reduced
was
by
15,217
while
15,023,
As
a
the
number
result there was
of
decline
a
18,335 to 18,258.
The number
because of consolidations, absorptions, &c.,
is, from
that
176
to
to 3,235.
by 58 because of voluntary liquidations, and by 44 as the result of suspen¬
sions.
reductions
These
were
offset
by
primary organizations and
69
15
During the
net
88 branches
year
were
established de
novo,
branches
parent
while
banks,
of
banks,
in
the
were
many
76 banks
branches,
following
in
of
discontinued; branches were located in
Many of the additional branches
the
Pacific
banking
and
Coast
States.
offices
by
Changes
classes of
banks
are
shown
table:
CHANGES IN BANKS,
BRANCHES AND BANKING OFFICES, DURING
Increase
(+)
or
Banks
a
Branches
Offices
Banking
Banks
a
Branches
__
State member
5,325
1,051
Offices
1,401
6,726
—61
+ 72
+ 11
983
2,034
+ 50
+31
__
6,376
8,760
—11
+ 103
+ 92
7,592
808
1,055
43
8,400
—142
1,098
—41
+ 14
Minneapolis.
Kansas City.
Dallas
Total
Earnings
on
the
in
—128
—41
Taxes
16,460
10,959
25,036
average
15,023
3,235
18,258
Exclusive of mutual savings banks, private
—194
+ 117
and trust companies and other financial Institutions which do not
but which
are
receive
61
fewer
to
membership,
year.
There
153,241
mm
mm
mm
mm
—32,073
mm
«...
■
mm*, mm
10,601
67", 872
$102,944
$352,460
for
prior service,
were
$730,000
less and postage
than in 1935.
in
1936
1935, and net
Reimbursements for certain
amounted to $5,977,000, com¬
operating
expenses
Assessments
on
after deduct¬
in
totaled $26,016,000
expenses
as
1936
compared
the Federal Reserve banks for
of the Board of Governors of the Federal Reserve System showed
of
of
$270,000
$700,000.
and
the
cost
Total current
of
Federal
expenses
Reserve
were
about
currency
$565,000
an
less
1935.
than
banks
average
during
average
number
1936
of
was
number of such
officers
11,297,
and
employees of
compared
with
the
11,649
Federal
in
Reserve
The
1935.
officers and employees engaged in fiscal agency,
work for the United States Government and
depositary
and
governmental
agencies during 1936
was
2,822,
or
166
more
than
in
the
preceding year.
report
also
deals
with
the
reorganization
of
the
System under the Banking Act of 1935, the reconstitution of
were
National banks and 50 additional State member banks.
Additions
as shown in the following tabulation, resulted principally
mm
mmmmmmmm
228,445
bank premises were $30,000
expenses
$27,556,000 in 1935.
The
Membership—The number of Federal Reserve member banks
by 11 during 1936 to 6,376 at the end of the
mm
—559
deposits,
included in State bank abstracts.
Changes in
decreased
—77
banks not under State supervision
mm
25,030
rate of earnings.
those
except
on
more
$4,460,000 in
increase
an
mm «•
were $31,994,000, which was about the same
Salary payments during 1936, including Retire¬
reimbursable
all
ing
■
mm
725,553
225,724
179,052
236,833
of the Federal Reserve banks in 1936, includ¬
$690,000
and other
agency
—26,247
254,262
mm
—$76,094
648,656
—44,345
—48,456
—316,341
expenses
1935.
with
.«,
$94,119
and securities were about $4,600,000 less in
This decrease in earnings was due to a reduction
expressage
fiscal
mm
28,354
247,792
331,954
contributions
System
mmmtrnm.
m mm mm
932,178
225,165
163,439
preceding year.
than
with
jto Surplus
(Sec. 7)
expenses,
operating
reimbursable
in
ment
Surplus
bills
total
1935.
in
than
■
254,262
1.68% to 1.49% in the
Total
ing
$563,728
3,036,704
736,185
752,931
280,136
$227,448 $7,829,581
St. Louis
1936
to
$37,900,639 $8,512,433
Chicago
from
Transferred Transferred
(Sec. 13 b)
$34,488
13,752
83,968
14,431
custodianship
Total
of
the following
in
610,028
Atlanta
The
Inlnsured
Paid
610,028
Richmond...
Nonmember:
Insured
Dividends
3,219,406
Cleveland
+ 81
2,384
to U. S.
$522,112
3,699,112
869,927
718,906
—62,452
Philadelphia.
increase
Total member
to
distribution
THE FEDERAL RESERVE
$2,573,553
10,537,030
3,256,497
3,537,159
2,056,163
1,524,121
4,423,476
1,863,217
1,362,018
1,973,304
1,574,705
Boston......
expenses
National
the rate
1936
(Sec. 13 b)
pared
Decrease (—)
in 1936
Bank
Banking
the
shown
are
Treasury
Bank
less
BY CLASS OF BANK
Dec. 31, 1936
bank
Reserve
and
Net
Earnings
and
Class of
at
amounted
Payment
Reserve
as
1936,
dividends
Earnings
Gross
Federal
the number
in
1936
year
BANKS DURING
were
the parent banks.
located
Federal
each
the
during
FINANCIAL RESULTS OF OPERATIOHS OF
while 47 branches were discontinued.
Most of the
were
located
outside the head office city of their
head office city of
established
These
capital.
table:
converted into branches,
additional
paid dividends to member banks
paid-in
earnings
of
earnings
net
San Francisco
following suspensions.
reopenings
and
Gross
New York
Banks, Branches, and Banking Offices—During 1936 the number of com¬
mercial
banks
on
$7,830,000.
insurance.
located
Reserve
annum
per
covered
were
bank
is
(Sec. 7).
num¬
increase
Reserve
Federal
6%
The number of member banks of the Federal
System showed a slight decrease in the year.
There was an
in branches, largely within the membership of the Federal Reserve
deposit
103,000
353,000
Revised.
x
of
small decrease in the number of commercial
banking offices.
A decrease in the number of banks, exclusive of mutual
savings banks, was partly offset by an increase in the number of branches.
bered
Transferred to surplus
All
there was
7,830,000
Dividends paid
Transferred to surplus (Sec. 13b)
$2,000,000,000.
During 1936
The
Payment to United States Treasury (Sec. 13b)
importance, excess reserves at the end of 1936 amounted
Developments in the Commercial Banking Structure
a
RESERVE BANKS
EARNINGS AND EXPENSES OF FEDERAL
domestic pro¬
the monetary gold stock from
increased by about $1,200,000,000
increasing
less
and others of
the
earnings,
Net
sales of United; States Govern¬
&c., and less current expenses, additions to reserves for
on
Current net earnings
member bank
in
of
$2,178,000.
to
currency
plus profits
earnings
amounted to about $4,000,000,000 during
domestic sources,
reserves
growth
of
expenses,
Reserve
Federal
less than in
$1,540,000
or
operating
$1,000,000,000 was absorbed by an increase in currency in circulation,
than
by
to
to the Retirement System, &c., amounted to
$9,437,000 in the preceding year.
Earnings,
dividend payments, &c.,v for all Federal Reserve banks combined
expenses,
Of the reserves originating from gold and silver purchases, more
Treasury.
amounted
1936
contributions
service
$8,513,000
in excess reserves
of about $800,000,000 of silver coin and
by the issuance
to
increases
gold imports member bank reserves were increased in these
other
and
duction
of
cost
securities,
prior
purchases of United States Government
and after that time to other factors,
to
by additions to
years
in
and net operating expenses,
agency and other ex¬
fiscal
certain
contingencies, charge-offs and special additions to reserves on bank premises,
1934-36.
In addition to
three
ment
banks,
Reserve
imports which
principally gold
and
the autumn of 1933
the chart that until
net
to
representing total
It is clear
1936.
cumulated gold imports, and excess reserves from 1932 to
from
the
and
banks
Reserve
for
the preceding year.
assessment for expenses of the
of Governors of the Federal Reserve System amounted to $1,680,000,
$26,016,000,
to
addition
Board
Federal
reimbursements
of
been
Government security
States
United
penses,
In
the
$4,773,000 less than in 1935,
or
deduction
autumn of 1933, when excess
the System discontinued its open
the
illustrated by the chart
are
$37,901,000,
after
of
earnings
time the principal source of additions to
the importation of gold from abroad.
that
has
reserves
In
$800,000,000,
to
Since
purchases.
member
banks.
member
increased
had
reserves
in money in circulation and through repayment of
increases
Earnings and Expenses of Federal Reserve Banks
Total
30,
under the law to raise requirements to twice the percentages
Board's power
a
and
consolidations,
through
banks
of
were
1936, member banks constituted 42% of the number and held
as
possibility
the
eliminate
of
There
banks
membership.
loans
held
already
was
State non-member
to
membership, while the largest losses of
to
discontinuance
1936
Governors in the latter part of 1935 and
by member banks in June, 1936, were
of
reserves
the
year
reserves.
provide the basis for almost doubling the existing volume
to
deposits,
to
of large excess
banks
State
to
liquidations.
and;
from
quarterly
at
Requirements—Problems raised by the large volume
increase in member bank reserves were given careful con¬
continued
1936.
in
balances
reserve
Reserve
in
sideration
bank
member
verted
possible without restraint on member banks, because
were
existence
Increase
and
in
reductions
factor reducing reserves.
a
of
due
were
absorptions,
Wide fluctuations
in reserves during the course of the year reflected principally changes in
deposits of the Treasury with the Federal Reserve banks, which were
increased periodically by tax receipts and; cash payments for new govern¬
ment securities sold to the public and then gradually decreased by current
expenditures of the Treasury.
Redemption of adjusted service bonds after
June 16 resulted
in
a
rapid increase in reserves during the summer.
in circulation was
money
admissions
from
in the increase in reserves in 1936, while a growth
important factor
19
Chronicle
Financial
,
the
Board, the reorganization of the Federal Open Market
Committee, and changes in Federal Reserve Bank officers.
20
Financial
Chronicle
of their
The Course of the Bond Market
94%,
This has been
second-grade
week of
a
issues
declining bond prices, with
recording
Tuesday but rallying thereafter.
the high
of 84.96.
12.7%
railroad
Atchison gen. 4s,
ton &
bonds
have
1995, at 110%
were up
issued
were
tions
1; Chicago Burling¬
for
some
the liquor
%
McKesson
103%.
oils have been generally higher,
closing at 101%, up 1%.
witnessed
Erie 5s, 1967, advanced 1%
declined
% to 77%.
faulted
and
at
were up
36%
toward
to 73;
the end
of
the
week.
Missouri 'Pacific 5s,
to
103%.
;
Electric 3%s,
Lower
and
grades
1967,
speculative
issues,
MOODY'S BOND
of
the
a
amusements
Warner
Bros.
has
Pictures
slightly firming tendency in later sessions.
with
ous
veloped
clashes
Among
bonds
Japanese
65%.
Irrigularity de¬
account of the
on
new
border
Far East.
in the
computed bond prices
and
bond yield
averages
given in the following tables:
are
some
advance of 6% points to
an
in
Moody's
after losing
ground in the early part of the week, have recovered
sugar group
individual issues, the Cuban 5% s, 1945, have been conspicu¬
1% -at
gained
Consolidated Oil 3%s, 1951,
A feature of the
Foreign bonds have been generally softer during the week,
Consumers Power 3%s, 1965, at 106
Philadelphia
No
declined,
with
1%; Pacific Gas & Electric 4s, 1964, advanced 1%
106%
5%s,
Most
High-grade utility bonds have been in good demand and
up
Bobbins
72% of Francisco Sugar 6s, 1956.
1%; Seaboard Air Line 6s, 1945, advanced
prices generally up.
&
Coal company obliga¬
6s, 1939, closing % lower at 94%.
1977,
1% to 16y2.
were
range,
been the 5%-point rally to
Illinois Central 5s, 1963,
A like trend has been recorded by de¬
speculative issues.
narrow
receded, Hudson Coal 5s, 1962, dropping '2 to 41.
railroad bonds have been under considerable selling pressure
was
a
pronounced trend has been exhibited by the steels, but the
Lower-grade
but
recovery
within
An improved tone has been
section,
point to
Monday
collateral
further softening of medium-
speculative issues.
in
Illinois
of
refunding purposes.
bonds have fluctuated
1950, advancing
steady.
months took place
some
Union Electric Co.
notes
grade and
evident
relatively
Quincy 4s, 1958, declined % to 111%.
and
in
although there has been
High-grades have
been
bonds
Industrial
bonds have again fluctuated in minor fractions.
High-grade
of
$95,000,000
bonds
softening tendency this week, and government
a
The largest
when
13.8%, from
92.28.
5s, 1951, closed at
4%; Interstate Power 6s, 1952, advanced 6 to 41;
up
on
11.70 points,
was
Union Telegraph
Third Avenue Railway 5s, 1960, rose 2 to 18%.
on
or
Western
offering
many
year
utilities have lost
The Baa
of the high, which
displayed
the
From top to bottom this
Baa rails have declined 11.76 points,
year,
or
lows for
new
July 3, 1937
loss.
MOODY'S BOND
PRICES (REVISED)
(Based
(Based on Average Yields)
on
YIELD AVERAGES
(REVISED)
Individual Closing Prices)
-
All
Govt.
Domes¬
Bonds
All
Averages
120
120 Domestic
Corporate *
by Ratings
Aaa
Corp.*
Aa
by Ratings
Corporate by Groups
ticCorp.
120 Domestic
Corporate by Groups*
A
120 Domestic
120
Domes-
Averages
tic
120 Domestic Corporate
1937
Daily
U. S.
1937
Daily
Baa
RR.
P.
U.
Indus.
30
For
Aaa
Baa
Aa
RR.
P. U.
Indus
eigns5.17
2_. 108.39
100.88
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
1-
108.40
100.70
113.48
109.84
99.83
83.46
94.01
100.00
108.66
1—
3.96
3.29
3.47
4.01
5.08
4.36
4.00
3.53
June 30-.
108.28
100.35
113.48
109.64
99.66
82.93
93.53
99.66
108.66
June 30—
3.98
3.29
3.48
4.02
5.12
4.39
4.02
3.53
108.19
100.00
29-
July
July
109.24
99.31
82.66
4.00
3.30
3.50
4.04
5.14
4.42
4.03
3.54
28-
108.17
100.18
113.27
109.64
99.31
82.79
93.21
99.66
108.66
28-
3.99
3.30
3.48
4.04
5.13
4.41
4.02
3.53
26-
108.33
100.53
113.27
109.64
99.66
83.46
94.01
99.83
108.66
26-
3.97
3.30
3.48
4.02
5.08
4.36
4.01
3.53
29-
113.27
93.06
99.48
108.46
25-
108.36
100.70
113.48
109.64
99.83
83.87
94.33
99.83
108.66
25-
3.96
3.29
3.48
4.01
5.05
4.34
4.01
3.53
24-
108.35
101.06
113.68
110.04
100.00
84.28
94.65
100.18
109.05
24-
3.94
3.28
3.46
4.00
5.02
4.32
3.99
23-
108.37
101.23
113.89
110.24
100.00
84.55
94.81
100.35
109.05
23-
3.93
3.27
3.45
4.00
5.00
4.31
3.98
3.51
22- 108.37
101.23
113.68
110.24
100.00
94.81
100.53
109.05
22-
3.93
3.28
3.45
4.00
4.99
4.31
21-
108.37
101.23
113.68
110.24
100.18
84.83
94.97
100.53
109.05
21-
3.93
3.28
3.45
3.99
4.98
4.30
3.97
3.51
19—
108.44
101.41
113.68
110.24
100.35
84.96
95.13
100.53
109.24
19-
3.92
3.28
3.45
3.98
4.97
4.29
3.97
3.50
18-
108.44
101.41
113.89
110.24
100.35
85.10
95.13
10C .70
109.24
18-
3.92
3.27
3.45
3.98
4.96
4.29
3.96
3.50
17-
5.12
3.51
84 69
3.97
3.51
108.47
101.41
113.68
110.24
100.35
84.96
95.29
100.53
109.24
17-
3.92
3.28
3.45
3.98
4.97
4.28
3.97
101.41
113.68
110.43
100.35
85.10
95.29
100.53
109.05
16-
3.92
3.28
3.44
3.98
4.96
4.28
3.97
3.51
15-
108.36
101.58
113.89
110.43
100.53
85.24
95.46
100.70
109.24
15—
3.91
3.27
3.44
3.97
4.95
4.27
3.96
3.50
14..
108.47
101.58
113.89
310.24
100.53
85.38
95.62
100.70
109.24
14-
3.91
3.27
3.45
3.97
4.94
4.26
3.96
3.50
12-
108.56
101.76
113.89
110.43
100.53
85.65
95.78
100.88
109.24
12—
3.90
3.27
3.44
3.97
4.92
4.25
3.95
3.50
11-
5.13
3.50
16- 108.48
108.53
101.76
113.89
110.43
100.70
85.65
100.88
109.24
11—
3.90
3.27
3.44
3.96
4.92
4.24
3.95
10- 108.56
101.94
114.09
110.43
100.70
86.07
95.95
101.06
109.44
10—
3.89
3.26
3.44
3.96
4.89
4.24
3.94
3.49
9— 108.57
8.. 108.61
101.94
114.09
110.63
100.70
85.93
95.95
101.06
109.44
9—
3.89
3.26
3.43
3.96
4.90
4.24
3.94
3.49
101.94
113.89
110.63
100.88
95.95
101.06
109.44
8—
3.89
3.27
3.43
4.90
4.24
3.94
3.49
7— 108.67
101.94
113.89
110.63
100.53
85.93
95.78
101.06
109.44
7—
3.89
3.27
3.43
3.97
4.90
4.25
3.94
3.49
5.. 108.64
101.76
113.68
110.63
100.53
85.93
95.62
100.88
109.44
5—
3.90
3.28
3.43
3.97
4.90
4.26
3.95
3.49
4- 108.59
101.58
113.48
110.24
100.35
85.65
95.46
100.70
109.05
4—
3.91
3.29
3.45
3.98
4.92
4.27
3.96
3.51
3- 108.60
2.3 108.56
101.41
113.27
110.24
100.35
85.52
95.46
100.70
109.05
3—
3,92
3.30
3.45
3.98
4.93
4.27
3.96
3.51
101.41
2_.
3.92
3.30
3.46
3.98
4.92
4.27
3.97
3.51
1— 108.62
101.41
1—
3.92
3.31
3.46
3.98
4.91
4.27
3.97
3.52
3.92
3.30
3.46
3.98
4.92
4.26
3.97
85.93
95.95
113.27
110.04
100.35
85.65
95.46
100.53
109.05
113.07
110.04
100.35
85.52
95.46
100.53
108.85
''
Weekly—
May 28— 108.73
101.41
113.27
110.04
100.35
21- 108.22
101.58
113.07
109.84
14- 107.97
101.23
112.25
109.44
7- 108.03
101.58
112.45
Apr. 30.. 107.59
100.70
23- 107.17
100.70
16.. 107.79
100.70
•
3.95
3.50
5.11
5.19
Weekly—
85.65
95.62
100.53
100.35
86.07
95.46
99.83
86.21
95.13
109.05
100.18
87.21
111.43
108.27
99.48
111.23
107.69
99.48
111.03
107.88
99.48
3.52
108.85
May 28-
100.88
108.66
21—
3.91
3.31
3.47
3.98
4.89
4.27
3.95
3.53
5.27
100.88
108.27
14..
3.93
3.35
3.49
4.01
4.88
4.29
3.95
3.55
5.38
95.78
101.23
108.08
7-
3.91
3.34
3.51
3.99
4.81
4.25
3.93
3.56
5.37
86.50
94.97
100.70
106.92
Apr. 30—
3.96
3.39
3.55
4.03
4.86
4.30
3.96
3.62
5.41
86.92
95.29
100.70
106.54
23-
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3.64
5.31
87.21
95.62
100.70
106.54
16-
3.96
3.41
3.57
4.03
4.81
4.26
3.96
3.64
5.33
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
4.33
4.04
3.70
5.33
v2.. 107.19
Mar.25— 108.40
100.18
110.63
107.49
98.80
86.64
95.13
99.83
106.17
2—
3.99
3.43
3.59
4.07
4.85
4.29
4.01
3.66
5.36
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar. 25..
3.93
3.37
3.53
4.03
4.76
4.23
3.96
3.60
5.33
19- 109.32
101.23
111.84
108.46
99.14
87.93
96.11
100.88
107.30
19..
3.93
3.37
3.54
4.05
4.76
4.23
3.95
3.60
5.26
12.. 110.76
102.30
112.86
109.24
100.35
89.40
97.45
101.76
108.27
12-
3.87
3.32
3.50
3.98
4.66
4.15
3.90
3.55
5.30
5.. 111.82
103.74
114.09
110.43
101.76
90.75
98.45
103.38
109.44
5-
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
5.24
Feb. 26- 112.18
103.93
114.72
110.83
102.12
90.59
98.62
103.93
109.84
Feb. 26-
3.78
3.23
3.42
3.88
4.58
4.08
3.78
4.47
5.13
9_.
19-
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
4.55
4.06
3.77
3.49
5.13
11-
112.20
104.48
114.93
111.03
102.84
91.51
99.66
104.30
110.04
11-
3.75
3.22
3.41
3.84
4.52
4.02
3.76
3.46
5.18
5..
5„ 112.34
105.04
115.78
111.84
103.38
91.66
100.00
105.04
110.63
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
5.19
Jan. 29.. 112.21
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
29..
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5.34
22.. 112.39
106.17
117.72
113.27
104.30
92.38
101.23
105.79
112.05
22—
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
5.39
15.. 112.53
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
15-
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
8- 112.71
106.36
117.94
113.89
104.48
91.97
101.23
106.17
112.25
8—
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
5.43
Hlgh 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
Low 1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.11
Low 1937 107.01
99.48
109.64
107.11
82.66
93.06
94.17
99.31
105.41
High 1937
4.03
3.48
3.61
4.10
5.14
4.42
4.04
3.70
5.43
101.23
114.72
109.24
98.62
85.79
93.85
102.12
108.46
3.93
3.23
3.50
4.08
4.91
4.37
3.88
3.54
5.80
4.40
3.57
3.92
4.43
5.66
4.91
4.29
4.00
5.82
1
Jan.
1
Yr. Ago
July 2 '36 109.91
2 Yrs. Ago
5.41
Yr. Ago
July 2 '36
2 Yrs. Ago
July 2 '35 108.88
93.37
107.88
101.41
92.90
76.17
85.79
100.00
95.13
July 2 '35
*
These prices are computed from average yields on tne basis of one "typical" bond (4% coupon,
level or the average movement of actual price quotations,
They merely serve to Illustrate In a more
j—»/
—-
----------
_
comprehensive way the relative levels and
the relative movement of
yield averages, the latter being the truer picture of the bond market.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Business
seasonal
activity
declines
in
continues to hold
some
lines
and
up
the
well
in
spite
continued
more
than
offsets
shutting down
Friday Night, July 2, 1937.
of
strike
of
a
ages
"Iron Age"
states in its current summary.
the
all the recent labor
advanced
vised figure
slightly to 101.6,
sponding week of last
stantial gain.
were
higher.
in the
as
compared
with
of 101.1 for last week and 92.3 for the
year.
Car loadings showed
a
re¬
corre¬
a
sub¬
Electric output and automotive activity also
The partial resumption of the steel industry
Youngstown district,
bringing
an
increase of 19 points.
and raised the indicated aver¬
of the country 1% points to 76%% of ingot capacity,
disturbance, though the latter situation eased considerably
index
plants for vacations in the-Pitts¬
burgh and Wheeling areas,
the past week.
The "Journal of Commerce" weekly business
combination of declining business and
some
In view of
disturbance and its highly
^detrimental
effects, the vitality of the steel business, especially as meas¬
ured by consumption, is regarded as remarkable, and leads
the trade
to believe
that an upswing in new business
as
soon
as
the labor situation has quieted
will
down.
Electric power output in the United States in the week
ended June 26 totaled 2,238,332,000 kilowatt hours, or 11.6%
develop
Volume
Financial
145
the preceding
0.3% above
period of last year and
above the corresponding
Freight car loadings in the third quar¬
week.
greater than
according to esti¬
mates
compiled by the 13 Shippers' Regional Advisory
Boards.
On Ihe basis of these estimates freight car load¬
ings of the 29 principal commodities will be 6,539,536 cars
against 6,058,269 actual car loadings for the same commodi¬
ties in the third quarter of 1936.
Net operating income of
ter
expected
are
the same 1936 period,
$237,645,050, according to reports to the
to
•continued
Exports of cars and trucks
weeks.
few
reflect
to
■'
1935.
■ v!
•
The first 18 major railroads to report for the week ended
June 26,1937 loaded a total of 351,106 cars of revenue freight
their own lines, compared with 340,932 cars in the pre¬
ceding week and 334,099 cars in the seven days ended June
27, 1936.
A comparative table follows:
on
REVENUE
FREIGHT
RECEIVED FROM
AND
LOADED
Loaded
Received from
Own Lines
on
Weeks
Weeks Ended—
substantial gain in May, giving rise
a
the sum¬
hopes that foreign demand may hold up during
mer
Last year there was a sharp drop
months.
shipments of cars from
the
12%
Wholesale volume for the week is estimated
of last year.
larger than the like period
25%
to
Freight
Retail volume showed a
May on.
same
street's review.
at
in foreign
6% above the previous week, and 10% to 20%
period of 1936, according to Dun & Brad-
gain of 3% to
above
loadings this week totaled 773,733 cars, a gain
car
■of 17,444 over
the previous week and 60,154, or
1937
24,804
23,572
6,417
31,605
32,416
22,145
21,971
30,853
25,513
16,908
Chesapeake & Ohio Ry
10,663
17,312
10,488
Chicago Burlington & Queney RR
14,312
14,501
Chicago Milw. St. Paul & Pae. Ry
Chicago & North Western Ry
20,016
15,419
20,704
7,557
8,019
8,048
10,234
18.4%
over
30,939
15,723
19,711
15,589
Gulf Coast IJncs
2,345
2,555
1,974
2,653
17,274
2,048
2,364
5,583
14,755
5,308
13,392
42,232
4,649
16,164
39,804
5,093
20,782
62,327
Missouri Pacific RR
week
favorable
sections
agriculture
5,361
5.240
Norfolk & Western Ry
21,580
Pennsylvania RR
70,816
32,512
20,428
69,991
6,331
7,017
31,812
4,970
4,981
New York Chicago & St.
dry, though not yet seriously so in an
Wabash
are
government
to
becoming
extensive way.
and
reports, pastures
truck
Ac¬
Also, high temperatures of the week did more or
less damage,
showers the latter part of
States,
eastern
In the South¬
especially to small-grain crops.
decidedly
moisture,
but
favorable,
especially
in
some
sections
parts of North
the week were
are
still
needing
Carolina, Alabama
Winter wheat ripened rapidly during the
and Mississippi.
week, especially in the western part of the belt, where tem¬
peratures
were
abnormally high.
The heat
caused some
consid¬
the northwestern winter wheat belt, as
damage in
erable grain was in a stage
susceptible to damage from this
Spring wheat made good advance under favorable
cause.
weather conditions in
nearly all central and eastern portions
In Minnesota wheat is heading, with condition
of the belt.
There
excellent.
are
some
reports of rust, but fair, cooler
weather the latter part of the week was
ing development.
favorable in check¬
In the New York City area the weather
week has been generally ideal, with cool tempera¬
tures and clear skies.
Today it was fair and warm here,
the past
with temperatures
Ry
1,917
3,497
8,908
41,763
9,887
10,057
1,296
10,004
1,558
1,983
3,226
1,705
2,890
8,318
8,683
39,794
9,909
5,380
38,662
8,913
5.035
44,679
4.420
45,595
46,969
6,035
5,038
4,772
7,012
28,920
5,506
7,455
7,364
6,039
x9,146
x9,201
X7.721
8,264
8,107
8,289
4,971
351,106 340,932 334,099 207,656 206,704 196,440
S. P. Co.-Pacific Lines and Texas & New
Excludes cars interchanged between
Orleans RR. Co.
RECEIPTS
AND
LOADINGS
TOTAL
CONNECTIONS
FROM
V
(Number of Cars)
Weeks Ended—
June
26, 1937
June 19, 1937
June
27, 1936
26.662
Chicago Rock Island & Pacific Ry.
29,596
Ulinois Central System
30,195
26,736
30,022
15,891
14,662
13,951
75,682
71,420
70,974
Louis-San Francisco Ry
30.361
crops
needing moisture in most places in the western Plains
sections.
-
--
Total.
St
cording
6,861
Pittsburgh & Lake Erie RRSouthern Pacific Lines...
Great Plains, where good
previously, and the soil is again
occurred
6,083
Pere Marquette Ry
1,353
11,184
7,274
7,988
7,755
in most
experienced
was
Louis Ry
though rainfall recently has been
the country,
in much of the western
scanty
rains
of
for
42,526
New York Central Lines—
In general, another
bushels, private forecasters said today.
RR
Missouri-Kansas-Texas
x
estimates 7,000,000
States during June has cut crop
4,906
17,128
6,151
Baltimore & Ohio RR
Atchison Toreka & Santa Fe Ry..
Damage to winter wheat in the
the like week of last year.
United
Connections
Ended—
June 19 June 27 June 26 June 19 June 27
1936
1937
1937
1936
1937
June 26
International Great Northern RR
to
CONNECTIONS
(Number of Cars)
reported
last year's
put is to maintain the margin of increase over
the next
those for the like
the corresponding
week of 1935.
Loadings for the week ended June 12, 1937,
showed a gain of 9.9% when compared with 1936 and a rise
of 15.7% when comparison is made with the same week of
June 19, 1937, loadings were 9.5% above
week of 1936 and 33.3% over those for
automobile out¬
buying noted in June must continue if
levels in
increase of 156,870 cars, or 25.4%, over the total loadings
for the corresponding week of 1935.
For the week ended
an
It is stated that the pickup in new
797,047 in May, 1936.
car
week of 1936, and
of 8.4%, from the total for the like
cars,
compared with $41,-
of $43,662,959
income
operating
$187,733,850 in the correspond¬
For May the same group of roads
ing 1936 period.
Asso¬
This compares with, aggre¬
Railroads.
ciation of American
gate net operating income of
net
months of this year
railroads for the first five
138 Class I
amounted
approximately 7.9%
be
to
actual loadings in
21
Chronicle
ranging from 58 to 73 degrees. The fore¬
and slightly warmer tempera¬
Total-
-
The Association of American
reported
week ended June 19,
Loading of revenue freight
This was an increase of
cars.
as
Railroads, in reviewing the
follows:
for the week ended June 19, totaled 756,289
65,622 cars or 9.5% above the corresponding
week in
189,240 cars or 33.4% above the corresponding
week in 1936 and
1935.
for the week of June 19 was an increase of
Loading of revenue freight
1,929 cars or three-tenths of
1% above the preceding week.
totaled 312,201 cars, an increase of 52 cars
Miscellaneous freight loaded
corresponding week
week in 1935.
Loading of merchandise less than carload lot freight totaled 168,035
cars, a decrease of 1,498 cars below the preceding week, but an increase of
7,145 cars above the corresponding week in 1936 and 12,809 cars above the
above
the
preceding
same
25,315 cars above the
week,
86,175 cars above the corresponding
in 1936, and
week in 1935.
Coal loading
25,211
cars
of 819 cars above
corresponding week in 1936, and
amounted to 112,856 cars, an increase
week, 8,863 cars above the
the preceding
above the same week in 1935.
31,431 cars, an increase of
week, but a decrease of 2,619 cars below the
corresponding week in 1936.
It was, however, an increase of 6,350 cars
above the same week in 1935.
In the Western districts alone, grain and
products loading totaled
and grain
Grain
3,884 cars above the preceding
for the week ended June 19 totaled 21,641 cars an
week, but a decrease of 701 cars
week in 1936.
loading amounted to 10,414 cars, a decrease of 174 cars below
cast was for showers tonight
grain products loading
Overnight at Boston it
was 58 to 78 degrees; Baltimore, CO to 78; Pittsburgh, 50 to
68; Portland, Me., 56 to 74; Chicago, 62 to 68; Cincinnati,
56 to 72; Cleveland, 54 to 08; Detroit, 56 to 70; Charleston,
74 to 90; Milwaukee, 62 to 72; Savannah, 72 to 88; Dallas,
74 to 94; Kansas City, 62 to 88; Springfield, Mo., 68 to S8;
Oklahoma City, 76 to 96; Salt Lake City, 62 to 94; Seattle,
54 to 76; Montreal, 58 to 68, and Winnipeg, 64 to 88.
increase of
Saturday fair and warmer.
tures.
♦
-v.
Moody's Commodity Index Advances Moderately
Moody's Index of Staple
moderately this week, closing
with 204.3
a
Commodity
on
Prices advanced
Friday at 207.1 as compared
week ago.
net
Live stock
the precoding
week, and 1,272 cars below
however, an increase
was
changes for silver, steel scrap, copper, lead, wool and
coffee.
as
90 cars below the preceding week", and
week in 1936
Forest products loading totaled 39,471 cars, a decrease of nine cars below
the preceding week, but an increase of 5,091 cars above the same week in
1936,,and 13,517 cars above the same week in 1935.
Ore loading amounted to 72,085 cars, a decrease of 811 cars below the
preceding week, but an increase of 21,600 cars above the corresponding
week in 1936, and 39,653 cars above the corresponding week in 1935.
Coke loading amounted to 9,796 cars, a decrease of 334 cars below the
cars
below the corresponding
but an increase of 1,499 cars above
the same week in 1935.
Fri.
June 25
204.3
Sat.
June 26
No index
Mon.
June 28
205.0
205.2
204.6
Tues.
June 29
Wed.
June 30
207.1
207.1
Thurs. July 1
Fri.
July 2
Year Ago, July 2
1936 High, Dec. 28
Low, May 12
1937 High, April 5
Low, June 14
198.9
204.2
171.9
208.7
,_162.7
228.1
198.2
All districts reported increases
freight, compared with the
in the number of cars loaded with revenue
corresponding weeks in 1936 and 1935.
in 1937 compared with the two previous years
Loading of revenue freight
follows:
1937
Five
Four weeks in
March
Four weeks in
April
Five weeks in May.
Week of June
Freight
Car
Loadings
Rise' 17,444
Cars
in
Week Ended June 26
Loadings of revenue freight for'the week ended June 26
1937 totaled 773,733 cars.
This is an increase of 17,444
cars, or 2.3%, above the preceding week; a gain of 60,145
.—-——
-
3,003,498
2,955,241
3,897,704
2,415,147
2,543,651
695.844
2,766,107
2,330,492
2,408,319
2.302,101
2,887,975
629,712
686,643
652,111
5
Week of June 12----——.--
— -—
-
following
690,667
15,870.206
we
,,
567,049
18,154,373
14,543,866
undertake to show also the loadings
the week ended June 19.
roads showed increases
week last year:
separate roads and systems for
During this period a total of 88
for
when
3,351,564
756,289
Total-
In the
1935
2,974,553
2,512,137
754,360
_
February—J
Four weeks in
1936
3,316,886
2,778,255
692,140
weeks in January
Week of June 19
Revenue
the same week in
1936 and 4,193 cars above
follows:
2 Weeks Ago, June 18-Month Ago, June 2
It was
Ig, the
stock for the week ended .Hme 19
7,645 cars, a decrease of
totaled
988
The movement of the Index during the week, with com¬
parisons, is
the same week in 1936.
week in 1935.
of 1,332 cars above the same
alone, loading of live
Western districts
preceding week,
mainly due to higher prices for wheat and
hogs.
Prices of silk, cocoa, hides, corn and sugar also ad¬
vanced, while rubber and cotton declined.
There were no
The rise
4,066 cars above the preceding
below the corresponding
compared with the
same
22
Financial
Chronicle
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS
Total Revenue
from Connections
1937
Eastern
1936
1935
1937
574
1,151
1,188
7,337
1,397
1,268
7,519
1,110
292
1937
9,151
2,057
38
14
24
78
1.330
5,810
946
5,139
8,086
2,371
7,402
9,872
1,111
4,610
9,195
6,786
1,981
6,572
6,468
426
388
216
138
146
1,220
...
Delaware A Hudson....
Delaware Lackawanna A West
Detroit A Mackinac
Detroit Toledo A Ironton
2,585
Detroit A Toledo Shore Line.
2,538
Lehigh A Hudson River
Lehigh A New England
2,199
2,657
14,586
7,135
2,000
1,048
8,396
1,854
Monongahela
Montour
New York Central Lines..
N. Y. N. H. A Hartford
262
10,589
1,346
5,240
7,019
6.331
New York Ontario A Western.
N. Y. Chicago A St. Louis
39,794
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North.
Pittsburgh A West Virginia...
6,535
6,016
1,781
9,909
7,362
4,772
359
203
316
385
326
222
1,147
1,907
1,069
8,107
325
903
321
338
8,743
20,557
7,199
19,317
6,499
16,891
4,219
3,607
13,993
421
419
313
666
172
147
128
768
101,384
95,067
78,838
60,984
1,937
10,004
151
Ry. of Chicago
Chicago A North Western
Chicago Great Western..
Chicago Milw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha
618
658
570
Wabash
4,981
4,799
5,249
3,718
4,640
3,685
154,737
146,605
129,846
807
868
20,280
15,115
2,017
15.215
467
318
198
23,505
19,620
14,281
3,024
544
629
497
626
Lake Superior A Ishpeming
2,595
2,345
9,160
1,121
298
5,225
7,056
1,619
2,158
Minn. St. Paul A S. S. M
6,214
6,605
10,093
9,603
6,409
Northern Pacific
Spokane International
498
124
1,775
1,348
4,423
1,694
2,565
3,953
228
322
270
339
1,650
1,231
1,631
1,270
127,503
113,339
82,855
47,558
24,804
3,016
21,136
3,092
17,813
2,480
6,151
2,297
579
274
234
150
14,501
1,675
15,012
1,309
12,012
7,755
790
14,043
2,532
12,800
2,635
1,288
10,067
811
891
696
2,548
1,439
Denver A Rio Grande Western.
Denver A Salt Lake
2,466
1,842
1,860
2,827
333
358
273
34
43,133
Fort Worth A Denver
2,171
1,173
978
1,487
15,825
Illinois Terminal
1,859
1,804
1,790
1,589
Spokane Portland A Seattle..
Total,
.
—
Central Western District—
524
565
454
648
708
30,178
5,765
23,543
17,312
3,878
3,109
16,173
2,497
228
115
277
6
5
Bingham A Garfield
1,204
6,680
Buffalo Creek A Gauley
Cambria A Indiana
1,062
491
11
7
5,760
826
11,594
9,822
Atch. Top. A Santa Fe System.
Alton
542
858
600
55
51
Cumberland A Pennsylvania
Llgonler Valley
266
271
284
35
37
Chicago
Chicago
Chicago
Chicago
133
117
36
40
34
Colorado A Southern
Long Island
677
675
838
2,453
1,535
46,969
17,576
2,441
Central RR. of New Jersey..
Cornwall
Lines
1,233
1,002
830
69,991
15,796
61,773
54,976
12,407
17,406
Pennsylvania System
Reading Co
Union
3,182
Minneapolis A St. Louis
148,387
2,699
8,048
3,225
453
951
Great Northern
Green Bay A Western..
32,416
7,445
Baltimore A Ohio
Bessemer A Lake Erie
Penn-Reading Seashore
2,416
20,716
3,975
12,828
1,661
7,426
Ft. Dodge Des Moines A South.
8,210
3,446
159,784
1,122
9,373
Duluth Mlssabe A Northern
Duluth 8outh Shore A Atlantic-
966
3,370
905
19,233
2,422
19,142
3,701
25,125
—
Elgin Joliet A Eastern
35
38
Southbound
1,910
Northwestern District—
1,732
Allegheny District—
Akron Canton A Youngstown
398
375
Belt
234
806
Rutland
Total
2,139
363
Total.
36,539
10,786
1,779
9,084
5,375
4,998
12,041
1,059
Wheeling A Lake Erie
2,848
Southern System
25
2,218
40,033
10,141
1,671
5,044
1937
Winston-Salem
255
35
182
1.806
8,373
2.807
2,392
1,443
32,266
9,396
1,819
4,165
4,704
5,180
from Connections
1935
Tennessee Central
1,743
1,144
7,336
1,840
161
1936
Richmond Fred. A Potomac..
Seaboard Air Line
1,180
2,585
14,273
7,056
1,561
8,912
2,703
3,567
Total Loads Received
Piedmont Northern
51
294
239
Maine Central
'
12,849
4,570
1,546
8,978
3,090
3,743
2,426
42,323
Lehigh Valley....
2,301
386
-
13,105
4,834
Grand Trunk Western
1,106
13,441
4,962
323
Erie
Southern District—(Concl.)
Norfolk Southern
234
9,700
1,636
Chicago Indianapolis A Louisv
Central Indiana
Central Vermont
457
1,274
8,084
...
19
Freight Loaded
1936
509
Bangor A Aroostook
Boston A Maine
JUNE
ENDED
Total Revenue
Railroads
District—
Ann Arbor
CARS)—WEEK
Total Loads Received
Freight Loaded
Railroads
July 3, 1937
(NUMBER ▼OF
13,310
13,111
977
Burlington A Quincy..
A Illinois Midland
Rock Island A Pacific.
A Eastern
Illinois-...
City
9,096
1,980
6,261
7,933
30
0
6,473
5,685
137,563
113,731
115,749
103,399
.
918
917
914
262
47
24,721
21,264
Toledo Peoria A Western
Union Pacific System...
1
3,000
158,374
Total
44
2,957
175
242
344
232
1,327
12,388
11,258
9,707
7,775
196
151
187
9
1,656
1,457
1,259
2,129
110,765
98,883
82,186
54,075
5,306
Nevada Northern
6,003
19
3,814
793
Southern Pacific (Pacific)
(Pittsburgh)
West Virginia Northern
Western Maryland
1,787
1,051
North Western Pacific
Peoria A Pekin Union
Utah
Western Pacific
Pocahontas District—
Chesapeake A Ohio
21,971
20,428
1,066
4,253
Norfolk A Portsmouth Belt Line
Virginian
22,515
17,315
19,517
15,453
836
262
3,124
2,904
1,123
45,992
36,434
18,591
16,227
433
109
17,321
6,029
741
47,718
Norfolk A Western
101
<
10,488
5,380
1,600
Total.
10,133
4,275
1,078
Southwestern District—
Total.
Alton A Southern
230
Atlanta Birmingham A Coast.
Atlantic Coast Line
Central of Georgia
206
185
225
156
750
794
637
1,259
700
1,141
776
722
710
535
9,914
4,100
9,100
7,816
3,506
3,906
3,994
479
415
1,406
1,010
1,020
2,575
1,004
1,780
3,671
2,384
420
333
355
224
242
225
Atl. A W. P.—W. RR. of Ala.
Charleston A Western Carolina
Clinchfleld
Columbus A Greenville
869
1,519
143
144
113
105
135
73
210
2,555
2,653
2,332
2,310
1,965
1,735
1,558
International-Great Northern..
Alabama Tennessee A Northern
197
137
Fort Smith A Western
Gulf Coast Lines
Southern District—
170
Burlington-Rock Island
Kansas Oklahoma A Gulf
Kansas City Southern
Louisiana A Arkansas
164
194
143
979
2,000
1,525
2,067
1,524
1,325
1,214
2,182
432
Louisiana Arkansas A Texas
Litchfield A Madison
Midland Valley
Missouri A Arkansas
168
126
288
315
253
223
150
246
253
225
428
454
236
200
129
90
219
5,308
Missouri Pacific
490
404
422
519
458
4,545
14,692
3,862
11,608
3,226
8,683
Natchez A Southern
26
41
44
95
82
902
812
852
1,467
1,518
367
Louisville A
System
Nashville
380
419
496
1,739
Central
1,621
19,771
20,444
1,500
15,492
14,969
1,071
924
10,681
10,264
4,579
20,018
21,389
Nashville-Chattanooga
of
224
8,041
6,182
4,419
2,432
2,417
2,076
2,823
Texas A New Orleans
7,091
5,332
2,332
6,029
4,198
2,787
4,778
3,762
3,172
5,033
2,715
19,422
312
291
211
67
40
60
16
88
55,808
53,218
43,159
62,394
Texas A Pacific..
342
172
142
365
328
Wetherford M. W. A N. W...
2,518
2,301
1,782
1,538
2,066
2,204
Note—Previous year's figures revised
2.5
Points
Index of Wholesale
153
4,786
126
389
Total
* Previous figures
Noted in "Annalist" Weekly
Commodity Prices.During Week
THE
"ANNALIST'
June 29
.-V;
prices advanced sharply during the week ended
on
the deterioration of the Canadian
crop
"Annalist" Weekly Index of Whosesale
July 1.
The index
was
rose
Commodity Prices
announced by the "Annalist"
to
144.3
on
June
29
from
Metals
141.8
WEEKLY
INDEX
PRICES
OF
WHOLESALE
Farm products.
_i
22,1937
144.3
June 30,1936
115.4
122.4
June
106.7
Fertilizer
170.8
Metals
138.4
138.4
111.2
99.7
99.7
97.1
103.7
103.7
86.6
144.3
al41.8
122.6
85.2
a83.7
97.1
86.2
143.2
121.4
84.6
72.1
Commodity Prices Advanced During Week
June 26, According to National Fertilizer
July 1 its monthly
showing that the average of prices during June de¬
clined.
The monthly index follows:
Association.
ago
of June
at
of
in
industrial
77.4%.
for
the
1926-28
87.4%
as
average
of
against 86.4%
A month ago it stood at 88.0%, and
The Association's announcement, as
foods
and
farm
with
the
There
index
were
was
largely
responsible for
little change in
representing
the
prices
farm products and foods remaining unchanged.
ing quotations for meats, flour and
the food group
products
all-commodity index.
commodities,
commodities except
in
the
on
28, continued:
Higher prices
upturn
Based
last week registered
preceding week.
year
the
on
26, according to the index compiled by the National
in the
72.3
Revised.
110.6
99.4
83.9
old dollar basis
100%, the index
a
index
138.4
105.3
Reversing the downward trend of the four previous weeks,
wholesale commodity prices advanced during the week ended
177.6
The "Annalist" also made available
121.6
142.1
on
Ended
179.2
old dollar basis...
138.4
Wholesale
COMMODITY
131.7
on
170.9
Revised.
al25.7
a
105.7
176.7
104.1
All commodities
134.9
All commodities
130.5
177.7
All commodities
124.9
All commodities
112.9
130.5
126.4
99.7
Fuels
Miscellaneous
June, 1936
al48.4
132.1
—
Food productsTextile products.
Chemicals
COMMODITY
Association
June
148.3
_
144.5
Chemicals
(1913=100)
June 29,1937
May, 1937
Junex 1937
•
Miscellaneous
a
Other gains were made by butter and
eggs, cotton, wool, gasoline and tin.
were few.
"ANNALIST"
WHOLESALE
on
Losses
,
,
OF
(1913=100)
Textile products
Fuels
(revised) The "Annalist" continued:
THE
INDEX
Farm products
Food products
and, aided
by higher quotations for livestock and meats, carried The
2.5 points higher, it
MONTHLY
PRICES
Ended June 29—Average for June Declines
Grain
12
83
8,687
1,705
2,801
144
A St. I..
36
66
156
St. Louis-San Francisco..
St. Louis Southwestern
165
Ohio
725
303
1,897
2,707
Mississippi Central
Advance
62
Quanah Acme A Pacific
Terminal RR. Assn. of St. Louis
Wichita Falls A Southern
Macon Dublin A Savannah
Mobile A
378
1,105
13,392
-149
Gainesville Midland
Georgia
Georgia A Florida
Gulf Mobile A Northern
1,983
509
Missouri-Kansas-Texas Lines..
Durham A Southern
Florida East Coast
Illinois
290
index.
eggs were
prices
of
all
Advanc¬
largely responsible for the rise
Priee changes in the farm product group
during
Volume
f
23
Financial Chronicle
145
$4,749,300 for April, 1937, and $18,$3,962,842 for April, 1936, and $7,979,624
requirements of an Act approved Aug. 29,
1935, levying an excise tax upon carriers and an income tax upon their employees,
and for other purposes.
(Public No. 400, 74th Congress.)
b Includes payments which will become due on account of principal of long-term
debt (other than funded matured unpaid) within six months after close of month
of 1935; also
under the Social Security Act
advancing and only two
declining.
The upturn in the livestock index took it to a new high point
for the recovery period.
The downward trend in cotton and grains which
had prevailed in the preceding month was reversed during the week.
Lower
quotations for cotton textiles were primarily responsible for another decline
in the textile price index, taking it to the lowest level recorded since the
first week
of the year.
Higher prices were reported for gasoline and
kerosene, resulting in a new high point for the recovery period for the
fuel price index.
A moderate downturn was registered by the building
material index, continuing the decline which began early in May.
week
the
4*tH
tny
36
319
779
699
288
691
with 13 products
mostly upward,
were
index advanced during the week
there were 16 advances and 30
preceding week there wer 21 advance and 39
Thirty-two price series included in the
29 declined;
in the preceding week
480
and
790
dclines;
in
dclines.
'
376
second
the
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
of report.
c
which mature not more
Includes obligations
Indexes of Board of
Monthly Business
Latest
125
Each Group
642
Bears
859
Total
Week
System issued as follows its monthly
indexes of industrial production, factory employment, &c.:
Reserve
BUSINESS INDEXES
Board of Governors,
1937
1937
82.8
84.5
79.4
75.8
76.2
79.6
70.5
87.3
94.1
88.3
Foods
228
Fats and oils.--
524
Cottonseed
040
87.8
oil—
General
87.6
73.4
68.8
72.8
68.3
100.0
113.3
76.6
Manufactures
82.3
83.0
73.3
Minerals..
86.1
85.3
85.1
79.5
87.0
87.6
89.5
75.1
78.5
-
78.8
80.1
68.2
83.9
Livestock
May,
May,
April,
May,
1937
1936
1937
1937
1936
Indexes—
85.8
Grains
April,
1937
69.7
86.7
Cotton
538
May,
102.7
products
Farm
23.0
135
108
Without
Seasonal Adjustment
Variation
Seasonal
1936
84.1
Index
25.3
1923-1926=100)a
Adjusted for
19, May 29, June 27,
1937
342
578
of the
the Board of Governors
date of June 25
Under
Federal
Ago
Ago
June 26, June
vLty--f;.W. Group
the
to
Preced'o
Governors of
Year
Month
Week
date of issue,
Federal Reserve System
(Index numbers of
Per Cent
than two years after
d Deficit or other reverse items.
1926-1928=100
Fertilizer Association.
by The National
Compiled
292,846 for the four months of 1937,
for the four months of 1936 under the
118
101
105
118
101
P122
pl23
122
pi 18
124
105
pll6
115
102
P117
105
101
53
46
p64
61
56
Total
p53
p44
44
32
p51
51
38
Residential
61
57
p75
68
70
All other.
p61
pi 18
total
Industrial production,
-
Construction contracts, value:
80
17.3
Fuels
852
10.8
Miscellaneous
497
8.2
Textiles
546
Metals
105.1
105.0
105.2
82.5
7.1
Building materials
89.8
90.7
91.6
80.7
6.1
93.7
93.7
93.7
94.4
1.3
Chemicals and drugs
Factory payrolls c.._
128
Fertilizer materials
72.1
72.5
65.2
Freight car loadings
.3
72.0
Fertilizers
77.3
77.3
77.3
71.1
Department store sales,
.3
Farm
96.1
96.1
95.6
92.6
.3
87.4
86.4
88.0
6
Factory employment c
282
504
—
-
machinery
All groups
100.0
commodities..
combined
—
Selected
428
322
159
610
2
861
311
82
346
31
24
Balance Sheet Items of Class
Income and
58
974
Steam
I
Railways for April
of
Bureau
The
Statistics
:
J1
TOTALS
31
STATES (ALL REGIONS)
FOR THE UNITED
130
105
146
444
114
124
100
pl22
127
100
98
84
82
94
82
135
130
117
163
158
142
pl31
130
113
pl21
128
104
84
88
145
147
For the Month
1936
1937
-
1936
$41,493,453 $193,982,092 $145,936,803
Net railway operating income- $47,807,451
9,945,977
Other income
41,885,286
11,896,197
Inc. avail, for fixed charges.
_
Rent for leased roads
11,113,322
Interest deductions
40,950,286
236,530
Other deductions
5
11,310,876
41,278,879
218,379
Contingent charges
77
pi 77
174
150
80
238
110
94
117
103
91
85
75
■
-
-
76
Lead
120
114
95
104
88
84
75
73
—
V
Preliminary,
a
Indexes of
r
Revised.
production, car loadings
and department store sales
based on daily
averages
three-month moving average
e
of F. W. Dodge data
employment and payrolls
Indexes of factory
by Bureau of Labor
piled
seasonal variation compiled
centered at second
Depreciation (way & structures
and equipment)
43,858,498
20,960,080
4,157,595
d25,695,481
4,072,595
$16,802,485 d$29,768,076
64,917,891
12,436,633
64,515,003
On common stock
510,664
1,950,438
19,234,045
21,042,352
On
906,164
882,585
4,915.812
4,909,502
16,322,146
5,595,891
Seasonal Varia'n
preferred stock
0
Balance at End of
May
May April
May
1936
1937
1937
1936
1937
1937
1936
89.8 102.2 102.1
89.8 105.1 104.9
80.8
98.6
84.0 107.4 106.4
78.5
97.3 104.7 105.9
96.0 102.2 102.9
83.8
90.1 124.7 124.5
89.0 110.2 108.9
134.7 133.9
125.4 123.7 102.2 125.9 124.3 102.4
94.7
106.1 106.2
Goods—
1937
Ayr11
1936
Selected Asset Items—
other than those
$689,101,395
Demand loans and deposits
445,004,192
7,909,876
.
$690,227,262
468,307,159
companies..-
Cash.
5,267,039
31,974,359
97.687,204
43,113,460
Time drafts and deposits
-
Special deposits
270,283,710
-
Loans and bills receivable
-
9,278,287
2,503,762
63,583,987
58,181,934
51,895.976
receivable
receivable from agents and conductors.
Traffic and car-service balances
149,855,568
62.2
71.4
71.4
64.1
71.4
70.6
64.1
67.8
68.3
54.4
71.3
71.8
62.5
74.3
73.0
65.3
71.9
71.1
55.6
Stone, clay and glass
Non-Durable Goods—
107.5 107.9
97.6 107.2 109.9
97.4
96.1 100.2
103.1 103.8
91.3 102.1
103.7
90.4
B. Wearing
apparel.
Leather products
Food products
75.2
80.9
52.3
48.5
99.5 106.0 104.8
90.7
Rents receivable
2,229,495
5.805,055
__
6,928,897
assets
108.0 107.5
61.3
59.8
60.2
99.8 107.7 107.2
60.0
53.2
95.7
113.1 124.6 126.6 111.8 136.3 136.4 105.4
Chemicals & petroleum prod. 126.0 124.4
A. Chem.
group,
petroleum
except
112.0 124.8 127.7 110.7 136.0 136.2 104.0
refining... 126.3 124.8
110.0
123.2 117.7 123.6 122.0 116.5 137.3 137.0
124.8
refining
B. Petroleum
95.8
101.7
Rubber products
87.4 103.6
96.7
88.9 109.3 100.3
86.4
employment and payrolls without seasonal adjustment,
compiled by the Bureau of Labor Statistics.
Index of factory employment adjusted
for seasonal variation compiled by F. R. Board of Governors.
Underlying figures
are for payroll period ending nearest middle of month and have been adjusted to
the Census of Manufactures through 1933.
May 1937 figures are preliminary.
Indexes
a
of
factory
United States
of
$1,462,571,092 $1,166,436,452
Total current assets.
61.1
61.1
63.8
25,844.292
1,914,246
Interest and dividends receivable
78.2
98.0 100.3
88.5 95.7
115.1 115.0 109.5 116.3 121.8 110.9
87.7
81.1
88.2
98.3
94.7
89.0
96.5
95.6
107.7 107.7 102.7 111.5 108.2
114.6 116.1 109.3
Fabrics
299,266,486
24,029,868
Materials and supplies
46,006,540
146.666.094
365,470,058
Miscellaneous accounts receivable
0.2%
Department
of Labor Reports Increase
Wholesale
Commodity Prices During
in
Week Ended June 26
Selected Liability Items—
$212,175,725
125,952,738
Audited accounts and wages payable
Miscellaneous accounts payable
244,870,620
254,053,512
Traffic and car-service balances payable.
$347,269,625
200,174,997
81,310,708
six months .b-_
Loans and bills payable, c
235,862,172
79,878,391
74,026,859
Wholesale commodity prices as
Lubin.
Commissioner
577,633,991
457,715,667
by
2,557,067
434,951,725
"offset the decline of the
1,649,433
106,589,240
36,378,931
1,400,416
107,698,873
36,923,374
28,883,998
22,098,732
t
Funded debt matured unpaid
Unmatured dividends declared
Unmatured Interest accrued
Unmatured rents accrued..
Other current liabilities
measured by the index of
price series of the Bureau of Labor Statistics, United
States Department of Labor, rose 0.2% during the week
ended June 26, according to an announcement made July 1
784
1,956,41,6
483,296,473
Interest matured unpaid
Dividends matured unpaid
Lubin said,
all-
to 86.7% of the 1926 average.
The
index is 0.8% below the level for the corresponding
commodity
current
"The rise," Mr.
previous week and brought the
index
week of May
and 9.2% above that for the corresponding
The Commissioner also stated:
week of June 1936."
$1,897,880,437 SI,697,983,896
Total current liabilities.
Advancing
prices
of farm
foods, textile products,
Tax liability:
United States Government taxes.
128,149,787
._
Other than United States Government taxes.
51,937,794
125,171,745
130,443,524
$3,232,442 for April, 1937,
and $12,722,497 for the four months
of 1937, $1,416,620 for April, 1936, and
$5,710,665 for the four months of 1936 on account of accruals for excise taxes levied
83.0
115.2 114.3
Paper and printing
Investments in stocks, bonds, Ac.,
income as
99.8
111.1
128.4 111.6 139.8 136.2 117.2 144.9 136.0
59.5
67.4
66.5
58.0
63.3
63.4
57.0
62.4
79.0
94.7 112.8 114.2
94.6 115.3 115.5
133.1
Automobiles
Railroad repair shops
Tobacco products
net
82.7
108.8 108.0
and steel..
Iron
97.4
98.3
Non-durable goods
A.
r
The
Adjustment
Adjustment
May April
102.1 101.6
Textiles and products
a
Without Seasonal
Lumber and products
Dividend appropriations:
Funded maturing within
Without Seasonal
May
May April
1937 1937
Non-ferrous metals
3
current
far
874.676
16,130,231
1,618,094
Other
Payrolls
Employment
166,060,102
938,678
3,182,234
Net balance
PAYROLLS—INDEXES BY GROUPS
101.3 128.2 125.4 106.3 135.0 128.6 101.6
Transportation equipment.. 122.1 118.6
Federal Income taxes
of affiliated
AND
adjusted for
INDUSTRIES (a)—(1923-1925=100)
AND
Machinery
3
without seasonal adjustment com¬
Statistics.
Index of factory employment
by Federal Reserve Board of Governors.
EMPLOYMENT
FACTORY
Durable
$2,666,735 d$2,192,586
Net income.a-
9
»
101
6.298,759
9
r
61
p63
174
116
45,009,159
162,923,634
dl,149,486
1,043,100
6
C
p70
77
149
...
Sliver
Durable goods
3,717.335
1,050,600
1
Income after fixed charges
9
Iron ore shipment
67
76
97
159
44,407,906
9
8
72
pi 76
crude
Petroleum,
$52,300,138 $52,808,134 $207,720,810 $211,342,684
Total fixed charges
0
3
Anthracite.
Total
8
3
157
p80
p63
Minerals—Bituminous coal
$56,017,473 $51,658,648 $228,680,890 $185,647,203
Fixed charges:
-8
9
145
Adjusted
11
6
7,186,488
1,731,002
1,735,955
Mis cell. deductions from income
>3
3
74
158
-
$57,753,428 $53,389,650 $235,867,378 $191,945,962
Total Income
'7
14
S6
155
-
6 Based on
For the Four Months of
of April
1937
18
15
Leather and shoes
month.
5
17
19
89
83
Automobiles
Zinc
p95
89
,V.'
.
Commerce
showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of April.
These figures are subject to revision and were compiled
from 136 reports representing 143 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies.
The report in full is as follows:
71
/134
Cement
of the Interstate
79
pl22
steel
Tobacco manufactures
Commission has issued a statement
87
80.8
80
and
Industries—
Manufactures—Iron and
866
93
P93
value
Production Indexes by Groups
77.4
104.9
72
84
80
89.8
102.1
•
Food products
072
89.8
■
Textiles
388
101.6
P102.2
P105.1
P102.1
—
reported includes
charges of
for the rise in the
materials,
products together with
minor increases in
and fuel and lighting materials largely accounted
The hides and leather products, building
general index.
chemicals
and
drugs,
declined and metals and metal
unchanged at last week's
and miscellaneous
commodity groups
remained
products and housefurnishing goods
level.
\
24
Financial
Following the
materials
rose
decline
0.6%.
of the
four
past
weeks,
market
The index for this group is
1.8%
of raw
prices
below
month
a
Chronicle
accounts
Semi-manufactured
week.
The index
week of May and
May than a year ago in
were lower in
majority of
a
•
commodity prices declined fractionally during the
the group—86.5—is 0.7% below that for the last
for
16.6% above that for June 27, 1936.
finished products group remained unchanged at 87.5.
month ago and
8.3% above
Non-agricultural
large
of
group
0.1% to
commodity
"all
other
farm
below
the
for
measured
other
products"
than
farm
index
month
products,"
declined
above
a
year
The
ago.
and
ago
a
year
industrial commodities
ago,
are
0.5% lower and 9% higher respectively.
Men's clothing
Cotton goods
eggs,
and potatoes
oranges,
for
barley,
and
corn,
1.8%.
rose
Grains
rye.
lambs, lemons, peanuts, and flaxseed also
products index—88.4—is 2.9%
year ago.
below
a
Higher prices
as
a
group
con¬
Quotations
were
lower.
month
Shoes
Hardware
10.2%
above
a
Santos coffee, copra, lard, oleo oil, edible
tallow, and most vegetable oils.
0.6% below
a month ago
and 4.2% above
year ago.
Largely due to advancing prices of clothing,
textile products group index rose 0.1%.
jute.
raw
silk, and silk
Knit goods and
woolen
yarns,
the
worsted
and
Minor price advances in bituminous coal and
petroleum products caused
and lighting materials group index to advance
the fuel
x
0.1%.
were
Average
firm.
Wholesale prices of cattle feed fell
10.6%.
Weakening prices of chemicals, principally fats and oils, resulted in the
for
the chemicals and drugs group
declining
were
showed
0.6%.
Fertilizer ma¬
Drugs and pharmaceuticals and mixed fertilizers
1.1%.
up
were
group
57.4
index declined 0.4%.
Quotations
55.8
by the National
Inc.,
not
on
Metropolitan
Area of New York in First Half of June
"Total
May sales of the reporting department stores in
the Second
(New York) District
were
8% higher than last
year," according to the Federal Reserve Bank of New York,
"a
larger increase than in April when sales comparisons were
earlier date of Easter this year than last,"
had the following to say in its "Monthly
Review" of July 1:
affected by the
The Bank also
Department stores in nearly all localities recorded advances
1936, the larger
Falls.
stores were smaller than the
May,
over
in Syracuse, Bridgeport, and Niagara
increases occurring
The decrease in sales reported
by the Northern New York State
previous month's decline.
Sales of the leading
apparel stores in this district were 6% higher than last year, a larger in¬
than in the previous month.
Department store stocks.of merchandise, at retail valuation, continued
in May to be substantially higher than last year, with most of the principal
Apparel store stocks
departments showing sizable increases.
higher.
Collections
better
were
stores in all localities,
this
than
year
last
in
were
the
slightly
department
and also in the apparel stores.
Due to lower prices for hides, skins, side leather, and
shoes, the hides and
leather products
—8.3
+ 15.1
change.
no
22.2
Department Store Sales in New York Federal Reserve
District
During May Reported 8% Above May,
Paper and pulp and crude
rubber advanced 0.2%.
terials
59.2
52.3
21.7
+ 76.2
Reported by Department of Commerce.
crease
index
43.2~
54.1
61.6
Federation of Textiles,
included in weighted average for total wholesale trade,
Cotton goods continued to decline
goods remained steady.
prices for anthracite and coke
46.4
+ 17.2
1936—Increase Also Noted in Sales in
This week's food index—84.4—is
raw
39.2
calves, cows,
on
cheese, oatmeal, flour, hominy grits, dried prunes, fresh beef, mutton, ham,
fresh pork, pepper, and raw sugar.
Lower prices were reported for butter,
raisins, bananas, canned tomatoes, cured pork, veal, dressed
poultry,
burlap and
—
Quantity figures reported
Wholesale market
also
55.4
43.9
+ 1.1
Jewelry..
*
37.5
40.5
64.4
+ 17.9
+ 18.7
+ 124.4
+24.0
Stationery
prices of foods advanced 0.5% as a result of higher
prices for cereal products, fruits and vegetables, and meats.
Dairy products
declined slightly.
Individual food items, which averaged higher were
did
—
Drugs and drug sundries
•"/+'■'
'
89.2
38.2
43.5
0.8%
The current farm
and
ago
1937
87.1
also
were
declined
1936
+21.7
+ 10.1*
+6.8
+3.9x
Weighted average.
because of lower prices for oats and wheat.
of Month
—6.0
_—
Rayon and silk goods-
following:
The largest increase—1.1%—was recorded in the farm
products group.
cotton,
Stock End
+ 10.2
+23.8
Diamonds..
Livestock and poultry advanced 1.2% due to higher
prices for steers, hogs,
wethers, and poultry.
The subgroup, "other farm products," including
reported
Groceries
Paper.
Commissioner Lubin's announcement of July 1 also
tained the
Net
the
Wholesale prices of "com¬
8.8%
are
by
unchanged at 85.9.
a
Commodity
a
index for "all commodities other than farm
products and foods," reflecting
the movement in prices of industrial commodities was
Compared with
1936
Sales
prices,
commodities
than
with May,
The index for the
It is 0.5%
Per Cent of Accounts
Outstanding April, 30,
Collected in May
Percentage Change
May. 1937, Compared
a year ago.
point 0.3% below the May 29 level.
a
modities
as
outstanding
reporting lines.
1937
3.
and 8.9% above a year ago.
ago
a
July
Per Cent
Percentage Change from
a Year Ago
sole leather
of
Accounts
higher.
Outstanding
Fractional decreases in
sponsible for the 0.1%
prices
of lumber and
paint
decline in building materials.
P The
1926 average.
were
Net Sales
Locality
re¬
Stock
April, 30
on
Hand
Average wholesale
Collected in May
End of
May
Month
1936
+ 7.3
+ 11.8
50.5
48.1
53.0
+8.4
+20.4
+ 14.9
+ 15.6
47.7
49.2
4-11.9
+ 10.3
+ 16.2
40.4
42.9
+8.2
+ 14.6
4 9.8
+ 10.3
43.7
40.6
42.3
+4.7
+20.0
+7.4
+0.4
41.8
+5.2
36.9
38.4
—1.6
—0.4
Southern New York State
+4.2
+6.7
Central New York State
+ 7.9
Hudson River Valley District
were
Feb. to
+5.7
stable.
May
1937
metals and metal
of the
materials
Northern New York State
prices of brick and tile, cement, and structural steel
products group remained unchanged at 95.1%
Prices for malleable iron castings and pig tin were
fractionally higher and antimony and solder
were lower.
No changes were
reported in prices of agricultural implements, motor vehicles and plumbing
and
heating fixtures.
prices of furnishings and furniture
of
the
Buffalo
on
were
Bureau of Labor
Average
stationary.
Statistics
includes
—
SyracuseBridgeport
of
-
-
-
+ 7.1
+ 7.5
—
———
—
—
—
Capital District
com¬
51.4
+ 7.0
+ 5.7
...
—0.9
+ 7.8
+ 18.7
46.8
48.4
+6.0
Niagara Falls.
+2.3
+5.8
+ 11.4
+8.0
—
Westchester and Stamford
29, 1935, and
+6.4
+2.3
45.2
46.6
+3.3
+ 9.8
1933:
All department stores..
(1926—100)
June
26
Commodity Groups
Apparel stores..
June
19
June
12
June
5
June
May
29
27
June
29
June
30
—
July
1
1937
1937
1937
1937
1937
1936
1935
1934
1933
86.7
86.5
86.7
87.1
87.4
79.4
78.9
74.8
88.4
87.4
88.0
89.3
91.0
80.2
84.4
84.0
84.5
84.8
84.9
81.0
81.6
70.9
62.6
106.8 107.2 107.6 107.6 107.0
94.4
89.6
88.2
May sales and stocks in the principal departments
66.3
83.3
All commodities.
_
Foods
Hides and leader products
-
------
Elsewhere
the average for the year 1926 as 100.
June 30, 1934, and July 1,
-
—
784 price series
The following table shows index numbers for the main
groups
modities for the past five weeks and for June 27, 1936. June
Farm products
—-
Rochester-..._
weighted according to their relative importance in the country's markets
and is based
+ 7.9
Northern New Jersey
The index for the housefurnishing goods group remained at 91.0.
The index
New York—
Textile products
77.1
64.8
those of
a
year
are
compared with
previous in the following table:
56.9
Net Sales
Stock on Hand
Percentage Change
Percentage Change
Classification
May, 1937
May 31. 1937
77.4
Fuel and lighting materials.
Metals and metal products
77.3
77.4
77.6
77.9
69.5
69.7
71.8
62.2
Compared with
Compared with
78.2
_
78.1
78.1
78.2
78.2
76.4
74.8
73.3
64.3
May, 1936
May 31, 1936
+35.0
+20.7
+ 16.7
+21.4
95.1
95.1
95.1
95.1
95.1
85.4
86.1
87.0
79.2
Building materials.
96.9
97.0
97.0
97.0
97.2
85.6
84.9
87.8
75.9
Chemicals and drugs
83.0
83.5
83.4
83.3
83.6
78.0
79.5
75.8
73.5
Toys and sporting goods
M usical instruments and radio
Housefurnishing goods
91.0
91.0
91.0
91.0
90.9
82.6
81.8
83.2
73.2
Books and stationery
80.0
80.2
70.1
68.0
70.1
62.1
Furniture
Miscellaneous
78.6
79.2
79.4
Raw materials.
85.8
85.3
85.6
86.5
87.4
Semi-manufactured articles._
Finished products
All commodities other than
86.5
86.6
86.8
86.9
87.1
87.5
87.5
87.6
87.8
87.9
80.8
86.3
86.4
86.4
86.6
86.7
79.3
commodities
other
74.2
*
*
*
79.3
76.9
85.9
85.9
86.0
86.2
86.3
78.8
77.9
78.5
—
Federal Reserve Bank
According to the July 1 "Monthly Review" of the Federal
during May aver¬
aged 15% higher than last year, "a slightly larger increase
th&n in April."
The "Review" further said:
Men's clothing concerns reported the
largest increase in sales since July,
1936, and stationery firms registered the largest advance since December,
addition, sales
comparisons
of the diamond and
than
in
the
previous
shoe
concerns
month.
Sales
made
+ 7.3
Luggage and other leather goods
Hosiery
Cotton goods
+ 18.2
+20.2
+ 18.4
—8.8
-
As to sales in the
+35.0
+2.7
+ 7.9
Silks and velvets
+6.0
of New York during
the first half of June the New York Reserve Bank, in its
"Review," stated:
During the first
stores in
the
Metropolitan
half of June
Metropolitan
corresponding period
area
a year ago,
total
area
sales
of the reporting
of New York
were
department
9% larger than in the
and somewhat more than the usual seasonal
advance from the May level was indicated.
more
of the
+20.8
+ 13.2
+26.6
+32.8
+6.4
+5.7
+5.6
+4.9
+2.7
Miscellaneous
Reserve Bank of New York sales of the
reporting wholesale
firms in the Second (New York) District
+22.0
+11.4
+8.9
-
Men's furnishings
Women's ready-to-wear accessories
15% in Sales of Wholesale Firms in May as
Compared with Last Year Reported by New York
In
-----
70.1
Increase of
1936.
.
Women's and misses' ready-to-wear
Home furnishings
Toilet articles and drugs
Men's and boys' wear.
Not computed.
favorable
Woolen goods
68.5
+ 35.8
+22.6
+51.0
+23.3
+ 13.7
+ 18.5
+ 16.2
+ 12.6
+ 12.3
+ 11.9
+ 11.6
+ 11.4
+9.3
...
Silverware and jewelry
Linens and handkerchiefs
*
than
farm products and foods..
*
*
Shoes...
farm products
All
78.8
*
drug
firms, reported
by the Department of Commerce, showed a smaller in¬
April, however, and sales of the grocery, paper, and jewelry
and yardage sales of rayon and silk goods
reported by the Na¬
crease than
concerns,
in
tional Federation of Textiles, showed smaller increases
than in the past two
or
three months.
Hardware sales recorded the smallest increase
since
January,
1936, and
cotton
goods sales registered the first decrease since
August, 1935.
At the end of May, stocks held
by the reporting grocery, hardware, and
diamond
continued substantially
higher than a year ago, while
jewelry firms remained below the 1936 level.
Collections of
concerns
stocks of the
May Sales of Chain Stores in New York Federal Reserve
District
The Fed^tal
7% Above Year Ago
Reserve Bank of New York
reported in its
"Monthly Review" of July 1 that "in May total sales of the
reporting chain store systems in the Second (New York)
District were about 7% higher than last year, following a
recession in April associated with the variations in the date
of
Easter."
The
Bank
also
noted:
Volume
Financial
145
25
Chronicle
Ending April 30
12 Months
The
sales over last
in
recorded moderate in¬
and shoe chain stores
10-cent and variety,
creases
while the grocery
year,
systems reported smaller sales
and candy chain store
Percent
than in May of last year.
occurred in the number of stores being
operated by the grocery, shoe, and candy chains, with the result that the
total number of reporting chain stores in operation in May, 1937, was 1.2%
less than a year ago.
The percentage increase in sales per store of all
chains combined therefore was somewhat larger than for total sales.
Change
1936
1937
During the past year, reductions
Kilowatt-hours Generated *(Net):
71,696,660,000 59,379,451,000
38,513,723,000 36,982,155,000
generated
Total kilowatt-hours
+20.7
+4.1
110210383,000 96,361,606,000
By fuel.
By water power
+ 14.4
+ 12.3
3,621,737,000
2,123,360,000
Purchased energy
1
v *v;y-■
May, 1937
Percentage Change
'■
(net)
Energy used in electric railway & other depts
Energy lost in transmission, distribution, &c 17,648,807,000
Kilowatt-hours sold to ultimate consumers.. 94,059,953,000
Number
Total
Sales
of Stores
Type of Store
111708 760,000
Total energy for distribution
1936
Compared with May,
Sales
Per Store
$2,109,567,400
Total revenue from ultimate consumers
3,226,187,000
2,183,556,000
97,404,237,000
16,517,510,000
80,886,727,000
$1,949,177,600
Important Factors—
Per cent of energy
generated by water power
+0.9
+8.8
+3.5
+7.8
+7.1
Avge. ann. consumption per customer (kwh.)
692
+8.1
+6.2
—3.3
Average revenue per kilowatt-hour (cents)..
4.90
—6.1
—4.8
4.60
—1.5
Average monthly bill per domestic customer
$2.86
$2.83
+ 1.1
—0.4
_
Ten-cent and variety
Shoe
..
Candy
+6.9
—1.2
Total.
,
Use)—
Domestic Service (Residential
748
+8.2
*
Basic Information as
of April 30
1936
1937
Output for Week Ended June
2,238,332,000 Kwh.
Electric
26 Totals
24,136,183
9,531,513
616,424
Water power..
production of electricity by the electric
disclosed that the
light and power industry of the United States for the week
ended June 26, 1937, totaled 2,238,332,000 kwh., or 11.6%
above the 2,005,243,000 kwh. produced in the corresponding
week of 1936.
The Institute's statement follows:
Internal combustion
Total generating
capacity in kilowatts
23,974,800
34,284,120
Generating capacity (kw.)- -Steam.
Institute, in its weekly statement,
Electric
Edison
The
33,484,900
Week Ended
Week Ended
Week Ended
June 26,1937
Major Geographic
Regions
June 19,1937
with domestic)
(included with commercial, large).
Farms in Western area
Domestic service..
Commercial—Small light and power
12, 1937
Week Ended
June 5,
1937
As
reported
to
11.3
11.5
13.4
12.2
12.9
7.1
3.1
4.4
13.1
13.1
13.8
19.3
Rocky Mountain
10.0
13.4
27.9
27.4
5.9
Total United States.
6.8
9.1
13.8
in
Cent
Per
Change
1936
+ ."'
1,699,822
+ 13.8
1,700,022
1,696,051
1,628,520
1,724,491
1,454,505
1,429,032
1,436,928
1,435,731
1,425,151
1,381,452
1,435,471
+ 11.3
1,742,506
1,441,532
+ 11.6
1,774,654
1,772,138
1,655,420
1,699,227
1,702,501
1,456,961
1,932,797
+ 13.5
1,673,295
2,176,383
1,928,803
+ 12.8
2,194,620
1,947,771
+ 12.7
1,698,178
1,701,702
2,198,646
1,961,694
+ 12.1
May 29
June
5-.
2,206,713
2,131,092
1,954,830
1,922,108
+ 12.9
June 12.
2,214,166
1,945,018
June
19
2,213,783
June 26
2,238,332
1,989,798
2,005,243
1
May
8-
—
May 15-
—
-
May 22
10
DATA
+ 10.9
2,029,639
1,956,230
3...
July
FOR
1,440,541
1,341,730
1,688,434
1,698,492
1,704,426
1,705,460
1,615,085
1,689,925
1,723,428
1,592,075
(THOUSANDS OF KILOWATT-HOURS)
MONTHS
RECENT
Cent
Per
Change
1929
1932
1935
1937
1936
1937
Month of
May in the
to
of
successions
unbroken
monthly
—
April-.
7,048,495
6,294,302
7,285,359
7,486,635
7,220,279
8,025,886
9,908,259
8,375,493
+ 18.3
7,500,566
8,336,990
+ 15.0
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
8,532,355
May.
8,640,147
9,163,490
June
July
-----
October
9,275,973
9,262,845
9,670,229
November
9,237,905
August .4
September
9,850,317
December
Sales
7,585,334
6,850,855
7,380,263
9,584,251
March
Total
7,011,736
6,494,091
6,771,684
8,926,760
February
of
Electricity
to
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
7,484,727
7,773,878
6,507,804
7,523,395
8,133,485
7,681,822
6,638,424
7,871,121
6,633,865
93,420,266 77,442,112 90,277,153
107035 740
-----
Revenues from Ultimate
April, 1937
and
Consumers During
since
reported
electric
by the
Edison Electric Institute:
round hotels, and
The
significant,
have
factory employment from April to May,
April
in
offices.
employment,
in factory
while not pronounced, is
has decreased in
employment in manufacturing industries
as
for which data are available.
The
factory employment index for May, 1937 (102.2) is the highest level
registeredJn any month since November, 1929, and indicates a gain of
13.8%, or more than 1,000,000 workers over May of last year.
The
increase of 0.2% in factory payrolls raised the May payroll index (105.1)
above the level of any month since October, 1929.
Factory payrolls in
May in 11 of the preceding 18 years
May, 1937, were 30.1% above
more
than
the May, 1936, level, indicating an increase
$49,300,000 in weekly payrolls over the year interval.
89 manufacturing industries
While 50 of the
reported gains in employ¬
durable
1.2%, the employment
majority of the industries reporting increases were in the
ment, the
The
Employment in this group
group.
(99.8)
1929.
AND SALES
CONSUMERS
Month of
brokerage
0.i%
of
gain
index
DISPOSAL OF ENERGY
registered
also
were
goods
TO ULTIMATE
which
months of
earlier
the
bituminous-coal mining, metal mining,
quarrying and non-metallic mining, crude-petroleum producing, retail
trade, public utilities, laundries, dyeing and cleaning, insurance, and
private building construction.
These gains were offset to some extent
by decreases in employjr/ent in wholesale trade, anthracite mining, year-
gains
of
following statistics covering 100% of the
light and power industry were released on June 29
The
SOURCE AND
increases
1936. Com¬
parisons of employment and payrolls in these combined
industries in May, 1937, with May, 1936, show an increase
of more than 1,450,000 workers over the year interval, and
an
increase of nearly $70,000,000 in weekly payrolls,"
been
In addition to a small gain in
7,762,513
+ 13.0
+ 11.2
8,664,110
reports
workers
were
returned to employment over the month interval
in the industries surveyed and that weekly payrolls were
nearly $5,200,000 greater than in the preceding month,
She pointed
out:
"These gains continue the virtually
1936
9,791,969
on
Secretary Perkins said, Continuing:
from
January
Based
23.
the Bureau, it is estimated that 77,000
received by
2,193,779
May
In¬
Payrolls
continued to expand from
combined manufacturing and nonmanufacturing industries surveyed monthly by the United
States
Bureau of Labor Statistics,
Secretary of Labor
April
Frances Perkins announced on June
from
V
and
1929
1932
1935
1937
1936
1937
Week Ended
certain
payrolls
and
Employment
(THOUSANDS OF KILOWATT-HOURS)
Continued
Employment
United States from April to May
Industrial
in
creases
10.9
Reports
Perkins
Labor
of
Secretary
7.5
11.3
DATA FOR RECENT WEEKS
Power Commission with deductions for
light and power enterprises.
10.3
11.6
Pacific Coast.
63,916
25,517,576
Federal
the
6.8
Southern States
:.
Central Industrial
West Central.
73,141
10.8
12.7
Middle Atlantic
3,773,275
491,365
26,385,221
26,385,221
Total ultimate consumers
*
(219,298)
21,189,020
550,996
plants not considered electric
5.4
(589,490)
(813,628)
(2 90,028)
21,925,392
3,835,692
Other ultimate consumers
9.2
10.3
10.4
England
June
9,011,400
498,700
Number of Customers—
Farms in Eastern area (included
Large light and power.,
PREVIOUS YEAR
PERCENTAGE INCREASE OVER
July
+8.2
—0.8
—3.7
Grocery.
New
+ 16.3
38.4
34.9
<
—2.8
+ 14.7
+6.8
rose
level of any month since November,
level of employment in this group is 0.2% below the index
reaching the highest
base year average
(1923-25=100), and is within 3.8% of the 1929 average.
the durable goods group shows
Compared with May, 1936, employment in
Percent
1936
1937
an
18.8%.
increase of
Change
goods group decreased 1.1%, due
textile and leather groups.
The em¬
ployment index for the non-durable goods group (104.7) shows a gain of
9.1% over the corresponding month of last year.
Employment
Kilowatt-hours Generated
5,476,238,000
By water power
3,859,251,000
3,640,805,000
+ 18.6
+6.0
9,335,489,000
8,257,190,000
+ 13.1
Total kilowatt-hours
the
in
generated
4,616,385,000
Additions to Supply—
326,306,000
108,922,000
Energy purchased from other sources
159,580,000 + 104.5
+28.7
244,225,000
+ 78.2
46,933,000
47,460,000
116,965,000
—1.1
+ 19.3
186,466,000
Total
84,645,000
435,228,000
Net International Imports.
164,425,000
+ 13.4
9,584,251,000
1,313,866,000
8,270,385,000
8,336,990,000
+ 15.0
1,267,563.000
+3.7
.
Deductions from, Supply—
Energy used In electric railway departments
The May,
1937, employment indexes for the
139,533,000
-
Total
Total energy for distribution
Energy lost in transmission, distribution, &c
Kilowatt-hours sold to ultimate consumers.
Domestic service.
.
7,069,427,000
+ 17.0
workers were
employed in the durable goods group.
More than 168,000 factory wage earners
_
Commercial—Small light and power (retail).
Large light and power (wholesale)
Municipal street lighting..
Railroads—Street and interurban
Electrified steam..
1,418,315,000
1,465,882,000
4,672,394,000
161,532,000
367,295,000
111,269,000
3,842,073,000
+ 16.0
+ 14.5
+21.6
1,222,513,000
1,280,681,000
192,803,000
—16.2
375,256,000
—2.1
86,218,000
+29.1
73,698,000
;
Municipal and miscellaneous
69,883,000
+5.5
Total revenue from ultimate consumers
wage-rate
reported
8,270,385,000
7,069,427,000
+ 17.0
$177,860,900
$165,702,900
+ 7.3
increases
since
in the reporting establishments
Combined with the wage-rate
of last year, the cumulative total of
May.
in
October
employees receiving wage-rate increases
reaches 3,347,000.
This number
than one wage-rate
certain duplication of workers where more
includes
a
increase
has
been reported
monthly
Bureau's
by an establishment over this interval.
number of factory wage earners
receiving wage-rate increases as shown
represent the total
As
55% of the total
of the country, the number of employees
covers
survey
approximately
by these monthly totals does not
number receiving wage-rate increases in the factories
of the country.
The increases in
employment reported in 12 of the 16 non-manufacturing
industries surveyed more than
i
Total sales to ultimate consumers
received
the
(Kwh.)—
durable and non-durable
for every thousand workers employed in each
of these groups during the index base period (1923-25) 1,047 wage earners
were employed in the non-durable
goods group in May, 1937, and 998
goods groups indicate that
increases
Energy used In electric and other depts.
Sales to Ultimate Consumers
non-durable
largely to seasonal recessions in the
*(Net):
By fuel.
four industries
in the group
offset the losses reported in the remaining
and resulted in a net gain of approximately 73,000 workers
of non-manufacturing industries.
26
Financial
Seasonal
gains in employment
reported in
were
private
building
Chronicle
July 3, 193 7
INDEX NUMBERS OF EMPLOYMENT AND
con¬
struction
(7.8%), dyeing and cleaning (4.5%), quarrying and non-metallic
mining (3.4%), and laundries (2.1%).
A substantial increase was reported
(6.8%), this gain partially offsetting the sharp
decline registered in the
preceding month.
Employment in metal mines
MANUFACTURING
PAYROLLS IN
INDUSTRIES
(Three-year average 1923-25=100.0)
in bituminous-coal
mining
showed
a
further expansion
(2.7%), continuing the practically unbroken
Employment
April
May
1937
1937
1936
102.2
102.1
x
July, 1935.
Employment in this industry is 28.7% above the May, 1936, level and
173.8% above the low point of August, 1932.
Payrolls
Manufacturing Industries
succession of gains which have been reported each month since
All Industries
May
x
May
April
May
1937
1937
1936
89.8
105.1
104.9
80.8
Electric light and power and manufactured
gas
companies reported a
This increase raised the May employment
gain of 1.8% in employment.
index (94.6) above the maximum recorded in
any month since September,
1931.
Telephone and telegraph companies and electric railroad and
motor-bus
operation
companies
reported
gains
in
employment
of
1.6%
and
0.5%, respectively/ Crude petroleum producing companies also
reported larger working forces, employment
increasing 0.9%.
Insurance
firms reported a gain of
0.4%.
A further gain in
employment was reported in retail trade establishments,
the increase of 0.9%
indicating the employment of 31,000 additional
workers.
Increases were reported in many lines of retail
distribution.
In the important
group of department,
variety, and general merchandising
stores and mail-order houses employment increased
1.9%.
Retail hardware
gain of 2.8% in number of workers, lumber and building
stores reported a
material
firms,
gain of 2.1%; furniture stores, a gain of 1.4%; automotive
a gain of 1.3%, and apparel stores, an increase of
0.7%.
Declines in employment were shown in retail
coal, wood, and ice, and jewelry
firms, and the group of retail food stores showed practically no change,
the decrease being less than 0.1 of
1%.
a
establishments,
Wholesale trade establishments reported
fewer
employees
than
in
the
preceding
decrease of 1.6%
a
month.
The
or
decline
24,100
due
was
Durable goods
Non-durable goods
99.8
98.6
84.0
107.4
106.4
78.5
104.7
105.9
96.0
102.2
102.9
83.8
110.2
108.9
90.1
124.7
124.5
83.0
122.0
120.2
98.5
145.5
145.6
93.8
93.2
74.1
113.4
116.0
77.5
71.9
70.9
62.0
62.8
61.5
44.5
89.0
Durable Goods
Iron and steel and their products,
not Including machinery
Blast furnaces, steel works, and
rolling mills
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery
(not Including silver
and plated cutlery), and edge
—
and
hot-water
86.1
63.7
58.3
74.1
75.5
49.4
77.5
117.5
114.1
78.7
94.6
84.8
76.3
77.5
62.7
82.0
81.7
64.5
82.7
84.5
53.2
116.9
Plumbers' supplies
75.9
74.0
99.8
95.5
.
89.7
74.0
98.6
tools
Forgings, iron and steel
Hardware
Steam
92.9
115.2
99.9
106.8
106.4
81.5
87.0
heating
apparatus and steam fittings
.
Stoves-.Structural & ornamental metal-
77.0
and other tinware
cans
75.7
65.1
78.5
78.5
106.3
work
Tin
102.2
96.9
113.0
108.2
56.3
•
94.8
Tools (not including edge tools,
103.4
113.0
115.5
78.3
151.0
190.7
184.2
139.7
125.9
124.3
102.4
134.7
133.9
94.7
137.5
129.1
182.6
180.0
142.4
133.0
a
78.4
186.0
139.7
country buyers groups.
including
portation equipment
Agricultural Implements
102.2
183.5
131.3
119.4
148.3
148.0
113.5
117.7
114.6
87.5
123.4
121.0
81.1
148.7
machine tools, files and saws)
Wire work
144.3
126.7
156.5
152.6
111.5
Cash registers, adding machines
largely to
seasonal slackening in the farm products and assemblers and
a
Wholesale dry goods and apparel firms reported
decrease of 0.6% in employment and wholesale
grocery firms reported
a decline of
0.2%.
Among the several lines of wholesale trade reporting
gains over the month interval were chemicals and
drugs, electrical goods,
foods, hardware, machinery equipment and supplies, and paper and paper
products.
Machinery,
not
trans¬
and calculating machines
Electrical machinery, apparatus
and
supplies
Engines, turbines, tractors, and
—
water wheels
-
111.8
Foundry & machine-shop prods.
An announcement issued
by
ment of Labor (office of the
the United States Depart¬
Secretary), from which Secre¬
tary Perkins' remarks are taken, also contained the following
regarding employment conditions in the manufacturing and
non-mannfacturing industries of the United States:
109.7
89.1
119.4
118.5
82.5
Machine tools
149.7
146.7
113.9
161.7
159.1
106.9
Radios and phonographs
133.4
158.4
178.0
102.0
126.8
135.6
87.5
87.0
69.9
95.2
153.7
154.3
114.2
155.2
156.7
99.7
128.2
125.4
106.3
135.0
128.6
101.6
817.7
813.7
582.1
739.2
738.7
491.3
139.8
Textile machinery and parts.
136.2
117.2
144.9
136.0
111.1
—
Typewriters and parts.
-
Transportation equipment
Aircraft.
Automobiles
95.8
64.6
Cars, electric & steam-railroad.
The
combined
received
reports
from
manufacturing establishments
employing approximately 55% of the total number of factory wage earners
of the country showed an increase of
May
and
slight,
increase
an
are
of
noteworthy
0.2%
as
only six of the preceding 18
in
0.1% in employment from April to
weekly payrolls.
These
gains,
while
factory employment has increased in May in
years for which data are available and payrolls
have increased in only nine instances.
The
May
factory
employment
(102.2)
above .the
stands
level
November, 1929 and is 13.8% higher than in May,
The May paryoll index (105.1) is above the level of any month
since October, 1929, and shows
Increased employment
tries
increase of 30.1% over May, 1936 (80.8).
surveyed and increased payrolls
seasonal increase
industry.
of
18.0%
15.1%.
and
reported in 47 industries.
were
in employment
shown
was
in
the
ice
A
cream
Firms manufacturing rubber tires and tubes reported a gain of
Seasonal gains ranging from 3.2% to 6.1% were shown in the
brick-tile-terra cotta, beet
butter
industries.
employment
car
an
reported in 50 of the 89 manufacturing indus¬
was
tin
sugar,
Other
marble-slate-granite, beverage,
can,
industries
the month interval
over
substantial
reporting
in
gains
Electric- and steam-railroad
were:
building (5.0%), engines-turbines-tractors
(3.1%),
lead, and
copper,
zinc
smelting and refining (2.8%), electrical machinery, apparatus, and
supplies (2.7%), and automobiles (2.7%).
Gains were noted in a number
of industries
manufacturing building materials and supplies.
In addition
to the increases mentioned above in the
brick-tile-terra cotta
slate-granite
(1.8%),
glass
industries,
structural
gains
metal
shown
were
work
(1.6%),
(1.3%), plumbers' supplies
(1.0%),
in
cement
paints
and
and marble-
(2.0%),
sawmills
varnishes
and steam fittings
(1.4%),
and steam
and hot-water
heating apparatus (0.3%).
The blast furnace-steel worksrolling mill industry showed a gain of 1.5% in employment.
Other indus¬
tries of major importance in which
gains were noted were;
machine
shops
(1.9%),
baking
(1.5%),
refining (1.3%), slaughtering and
meat
chemicals
Foundries and
(1.3%),
petroleum
packing (1.1%), paper and pulp
(0.9%), and book and job printing (0.7%).
The
most
pronounced
decreases
in
from
employment
April to
May
were seasonal in character.
The fertilizer industry reported a decline of
30.3cottonseed oil-cake-meal, 18.5%; canning and preserving, 11.4%;
boots and shoes, 4.6%; and
confectionery, 4.4%.
Radios and phono¬
graphs showed
a
decline of 15.8%, due primarily to strikes.
Each of the
14 industries comprising the textile
group reported declines in number of
workers, with the exception of the cotton goods industry, in which
ployment remained practically unchanged.
Seasonal recessions in
ployment
women's
3.1%.
were
shown in the
clothing,
following textile industries;
5.7%; shirts and
Employment in silk and
5.0%,
collars,
and
men's
clothing,
employment
supplied
average,
The
by
1923-25, taken
variation.
Reports
as
and
payrolls
establishments
representative
base used in
over
computed
are
in
89
from
manufacturing
computing these indexes is the three-year
100.
They have not been adjusted for seasonal
were received in
May, 1937, from 23,508 manufacturing
establishments employing 4,637,174 workers, whose weekly
earnings during
the pay-period
The
ending May 15
were
following tabulation shows
90.5
89.1
32.6
47.3
45.1
20.7
106.4
109.0
100.9
118.4
122.7
102.3
Shinbullding
$122,804,195.
the percentages
of change in the Bureau's
general indexes of factory employment and
payrolls from April to May in
each of the 19 years 1919 to
1937, inclusive;
Employment
Railroad repair shops
63.4
63.3
58.0
66.5
67.4
59.5
Electric railroad
63.3
63.8
62.3
66.4
67.6
62.7
Steam railroad
63.4
63.3
57.7
66.7
67.6
■115.5
94.7
112.8
114.2
79.0
125.8
124.4
103.6
134.8
130.7
91.8
Brass, bronze & copper products
125.5
127.6
99.7
126.0
132.7
83.9
123.2
121.7
122.1
89.6
Clocks
and
watches
and
time-
123.0
103.4
Jewelry
88.6
87.5
72.3
69.3
68.0
Lighting equipment
Silverware and plated ware
Smelting and refining—Copper,
99.6
101.4
75.5
100.7
107.1
68.4
74.4
74.4
63.5
69.7
68.5
47.7
50.5
87.0
84.6
76.3
84.4
81.9
61.3
162.6
162.4
136.8
166.0
164.1
122.6
71.4
70.6
64.1
67.8
68.3
54.4
87.3
86.9
72.2
76.8
78.5
56.1
57.2
57.7
47.8
54.9
55.6
42.0
52.0
45.1
lead, and zinc
Stamped and enameled
ware-
Lumber and allied products
Furniture
—
Lumber:
Millwork
-
Sawmills
54.4
-
53.4
51.9
52.2
74.3
73.0
65.3
71.9
71.1
55.6
55.0
53.3
46.7
49.2
49.2
36.9
68.3
66.9
61.3
71.3
68.5
54.5
112.4
110.9
99.2
118.4
120.2
91.6
44.9
43.1
39.9
41.1
38.8
37.4
81.4
82.1
73.5
74.9
72.2
54.9
Stone, clay, and glass products..
Brick, tile, and terra cotta
Cement..-------
Glass
——
Marble, granite, slate & other
products
—
Pottery
7
Non-Durable Goods
107.2
Cotton small
97.4
96.1
100.2
103.7
90.4
98.0
100.3
75.2
102.2
Carpets and rugs.
Cotton goods..
109.9
102.1
Textiles and their products
Fabrics
102.9
82.7
100.6
101.5
66.4
88.8
78.2
105.7
.
105.7
106.6
107.6
75.2
98.1
wares
Dyeing and finishing textiles
Hats, fur-felt
107.9
92.7
95.5
108.3
84.0
119.2
123.1
114.5
106.9
114.6
92.1
82.8
Knit goods
Silk and rayon goods
Woolen and worsted goods-
88.0
86.8
69.3
65.9
70.1
121.6
123.4
113.4
125.0
127.5
105.4
78.5
82.2
71.0
68.4
71.3
54.4
.
78.6
81.0
83.3
61.0
110.9
88.5
95.7
80.9
114.8
100.8
89.9
95.7
91.6
152.5
Corsets and allied garments
89.0
121.8
111.2
Clothing, men's
Clothing, women's
87.4
116.3
Wearing apparel
161.8 1
155.2
104.7
112.6
106.3
87.4
91.7
96.0
85.1
91.5
142.2
Men's furnishings
92.4
146.8
127.0
106.2
Shirts and collars.
Leather and Its manufactures
115.7
95.7
56.0
61.0
57.9
38.6
48.6
43.9
120.2
Millinery
126.6
109.9
101.8
114.6
96.7
87.7
63.8
98.3
88.2
Boots and shoes
94.8
99.3
88.1
73.6
81.6
Leather
94.7
99.0
100.0
93.6
109.9
111.4
91.0
107.7
107.7
102.7
111.5
108.2
95.7
Baking
134.7
132.7
127.3
130.7
123.4
112.9
Beverages
207.6
236.6
Food and kindred products--
81.1
56.5
196.7
192.7
220.2
214.3
89.0
83.9
85.7
71.4
66.2
66.6
Canning and preserving
98.2
110.8
94.2
107.2
113.3
Confectionery
71.0
74.2
70.2
69.0
70.5
61.1
Flour
73.8
74.4
72.0
73.0
72.3
66.7
Ice cream...
81.7
69.2
80.1
75.4
64.4
87.2
70.2
Slaughtering and meat packing.
89.3
88.4
84.3
98.9
98.7
78.6
45.7
44.0
43.9
50.3
50.3
45.6
cane
77.9
83.7
80.9
70.8
80.5
68.5
Tobacco manufactures
59.8
60.2
60.0
53.2
52.3
48.5
55.9
56.0
55.2
66.4
65.7
59.7
Sugar refining,
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Paper and printing
Boxes, paper
51.6
50.7
47.1
99.5
106.0
104.8
90.7
104.0
120.1
119.1
91.5
106.0
107.9
86.4
109.4
121.8
119.6
96.3
80.7
<
97.5
Newspapers and periodicals.
and
60.5
jr
Book and job
Chemicals
60.6
107.2
103.8
Paper and pulp
Printing and publishing:
60.2
107.7
-
—
96.9
88.8
95.1
93.4
106.0
105.6
103.0
104.6
103.7
97.2
126.6
111.8
136.3
136.4
105.4
allied
products,
and petroleum refining
*7
Other than petroleum refining.
Chemicals
Payrolls
De¬
59.4
115.3
Aluminum manufactures
Non-ferrous metals & their prods.
127.7
110.7
136.0
136.2
104.0
135.6
117.2
151.9
150.6
111.3
58.7
\m .5/
Cottonseed—OH, cake & meal
In¬
51.6
Sugar, beet.
industries reported declines of
1.7% and 1.5% respectively.
The indexes of factory
returns
55.2
57.4
Butter
em¬
Millinery, 8.2%;
goods mills decreased 4.4%
rayon
em¬
the month interval and the
;woolen and worsted goods and the knit goods
industries.
75.1
58.8
-
recording devices
index
of any month since
1936 (89.8).
78.9
Locomotives
Manufacturing Industries
44.1
42.3
50.3
1919
1920
crease crease
0.6
—
2.2
1923
1924
0.1
1928
0.1
-
-
1934—
0.2
0.7
1935—
•*
0.0
•.
1.1
1936--
0.6
•
-
4.6
3.3
—
1937--
0.0
In¬
Year
1919-.
1.0
1.7
1920—
1921-
3.7
1922—
1923—
3.3
-
-
*.
-
0.1
-
•
1.2
1925—
1930—
2.0
1924-
■
1931
—
1032—
4.3
32.3
102.1
2.5
•
-
-
-
-
-
-
1.5
5.3
1934-_
0.0
,
1.2
1936—
1.9
0.2
1937—
0.2
-
-
0.0
3.2
-
-
-
—
'
1927—
1928—
0.8
108il
111.5
100.7
117.9
119.8
90.5
92.4
77.7
104.2
107.6
105.7
151.6
96.2
118.3
150.9
93.1
140.1
138.2
128.0
144.7
142.1
120.2
384.0
378.1
335.6
382.0
364.8
273.3
104.3
107.6
95.8
113.4
116.4
93.9
123.6
122.0
116.5
137.3
137.0
110.0
96.7*
88.9
109.3
100.3
86.4
76.4
76.0
70.7
72.9
68.2
54.2
146.6
147.1
123.2
153.8
150.8
110.4
93.7
81.4
79.8
102.7
90.5
86.1
Paints and varnishes.
0.2
9.8
1935—
De¬
crease crease
1933—
0.7
1926—
In¬
Year
1929-
4.6
1.7
0.7
De¬
crease crease
0 7
m,
-
—
1932—
1033—
«.*
-
1926
*
1931
--
1925
1927
1930..
0.2
2.7
..
De¬
crease crease
1929-_
..
1921—
1922
In¬
Year
Druggists' preparatloas
Explosives
Fertilizers
Year
-
Rayon and allied products.Soap
Petroleum refining.
Rubber products
Rubber boots and shoes.
103.6
Rubber goods, other than boots,
shoes, tires, and inner tubes.
Rubber tires and inner tubes.
.
--
xMay, 1937, Indexes preliminary, subject to revision.
mmmrnrnA£9.maafmmi
76.7
Volume
Financial
145
bined.
Norn-Manufacturing Industries
surveyed, with indexes of employ-
The 16 non-manufacturing industries
mentKand
payrolls for May, 1937, where available, and percentage
from April, 1937 and May, 1936, are shown
for 1929 is used
the index base or
as
for/ the non-manufacturing
changes
The 12 month average
100, in computing the index numbers
years is
3,885
in
in the
April,
NON-MANU¬
MAY, 1937, AND COMPARISON WITH
or
the
1,293
industries,
showed
concerns
an
by male and an increase
May by 519,057
in
decline of 1.2%.
establishments,
a
the
with
compared
as
40.7
man-hours were
manufacturin
40.9
In
worked
reporting
non-manufacturing classification,
40.0, or
was
as
or
a
earners in the
compared with 41.2
wage
worked in May
hours
the averae
in April,
41.4
worked per week during May
1936
of
man-hours worked
total
hours
enterprises
In
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN
1937, AND MAY,
classification
this
1.0%
Average actual
were
APRIL,
of
1.0% in the total number of man-hours worked by female employees.
of
not available from the Bureau's records.
FACTURING INDUSTRIES IN
Within
increase
below.
Information for earlier
industries.
27
Chronicle
decrease of
1.2%.
the average number of hours
1.0% less than in April.
(Average 1929=100)
P. C. Change from
P. C. Change from
April,
May,
1937
1937
1936
—1.6
+6.9
89.6
101.5
+0.9
+ 1.9
+5.4
+6.3
86.5
+0.6
+5.2
77.8
+ 1.6
94.6
merchandising.
+ 1.8
a
1936
a
The
|
light
and
73.2
+ 1.9
+ 11.2
91.3
+2.6
+ 13.0
69.5
+ 1.7
+ 10.8
+8.6
89.3
+3.8
+ 13.8
in
+6.2
98.1
+3.0
+ 12.7
73.3
+0.5
+2.5
70.0
+ 1.0
+ 5.9
51.0
—5.5
—7.0
44.4
—30.5
ness
statistics for May and the first three weeks of June,
industrial production
May continued at the level of the two preceding months.
declined slightly in May and the first
June," says the Board, which in its summary
Commodity prices
—21.1
77.5
+ 1.7
08.0
+25.1
+3.8
+6.9
+ 1.6
+9.3
76.5
+6.8
+ 2.7
+ 3.4
+0.9
Hotels .(year-round)
Laundries
87.9
—0.6
+2.1
+4.5
+5.-7
b74.7
90.4
81.5
+0.2
+3.8
Dyeing and cleaning
88.8
+4.5
+ 1.7
73.9
-1-7.5
bus operationg & maint.
Mining—Anthracite
Bituminous coal
Metalliferous
78.3
Quarrying & non-metallic
54.9
.
Crude petroleum producing
+28.7
79.7
+ 5.4
+5.1
51.4
68.5
+67.3
+22.0
+ 18.1
Services:^ -**]
+ 11.5
-+7.9
+2.5
Brokerage
c
—1.3
+ 5.0
c
—1.1
+9.7
Insurance
c
+0.4
+ 1.4
c
c
+ 7.8
+ 11.8
c
+ 1.1
+ 13.3
+6.1
+29.3
Building construction
Preliminary,
a
be computed,
b Cash payments only; value of board, room, and tips cannot
Data are not available for 1929 base.
c
Increases Noted in Industrial
Employment and Payrolls
During May
in Illinois
According
data
to
manufacturing
from
6,297
establishments
manufacturing
and
non-
in
Illinois, employment in¬
creased 1.3% during May over April and payrolls gained
1.0%, it was announced on June 25 by Peter T. Swanish,
Chief
of
Illinois
Division
the
and
Research
the
of
Department of Labor.
He explained that the rates
employment and total wage payments "repre¬
of change in
sent
Statistics
of
contra-seasonal
a
employed and
the number of
increase in
workers
For the 14-year period, 1923-36, inclusive, Mr.
Swanish said,
the records of the Division of Statistics and Research show
the
that
April-May change
average
decrease of 0.1 of 1%
rolls
was
in
The
changes
ments
the
in
during the
industrial production
Output of iron,
steel, automobiles and> lumber increased further.
At cotton and woolen
mills and at shoe factories activity continued at a high level, while at silk
mills, meat-packing establishments, and sugar refineries there were con¬
siderable decreases.
Crude petroleum production continued to rise and
output of bituminous coal increased somewhat, following a sharp decline
in April.
Shipments of iron ore in May were larger than in the corre¬
sponding month of any previous year.
In the first three weeks of June
automobile production declined seasonally and, largely owing to labor dis¬
turbances, steel output was reduced to 77% of capacity as compared with
remained
90%
total
and
February-May of this
four months,
wage
May,
hundred
Division
of
affected
increases
and
of
reports
and
pay
the
Research
envelopes
non-manufacturing industries,
The weighted
employed.
than the
increases
the
during
of
number
of March and April.
Wages Paid, According
to
public work
of
and
male
May
0.8
female
compared
as
increased
0.5
In the first half of June awards for both private
of
workers
with
1%,
April'.
Total
total
but
respectively,
employed,
wage
paid
wages
during the
payments
to
month of
male workers
workers declined
to
female
the
the
number
female
of
male
The
number
workers
workers
classification
manufacturing
enterprises,
of
0.7
increased
increased
declined
workers
male
workers
of
0.1
of industry, 2,294 reporting
increased 0.6 of 1% and the
1%.
Total wage payments
of
1%, while
total wages paid to
female
1.2%.
industrial enterprises, 1,916
reporting establishments, showed increases of 1.3% and 3.5% in the number
of male and female workers employed, respectively.
Total wage payments
to male workers
increased
2.6%, while total wage payments to female
classification
non-manufacturing
workers increased
of
1.0% during May in comparison with April.
Weekly Earnings—May
Average
Weekly earnings for both
sexes
combined in all reporting industries aver¬
In the manufacturing
$27.87 for male and female work¬
ers
combined; $30.42 for male and $16.87 for female workers.
In the
non-manufacturing industries, weekly earnings averaged' $26.16 for both
male and female workers; $28.70 for male and $14.40 for female workers.
aged $27.37; $30.14 for
industries average
and $16.40 for women.
men
weekly earnings
were
Changes in Man-Eours During May as Compared with April
For
male and
total
number
male
workers
female
of
workers
man-hours
combined, in all reporting industries, the
0.1 of 1%.
Total hours worked by
increased
during May decreased
0.2 of
1%, while total hours worked
by female workers decreased 1.7%.
In
the
ported
manufacturing
man-hours
for
enterprise^ the total
*
of
classification
male
hours
and
female
worked
were
industries, 2,167 enterprises re¬
combined, and in these
0.3 of 1% less in May than in
workers
April.
hours
for
worked
male
workers
In the
of
at
declines
in May.
this season,
showed
April to May, and the Board's adjusted index advanced
somewhat further.
Employment in the durable goods industries continued
to
the April
at
Factory
sharp increases in earlier
in other lines declined! seasonally.
while employment
increase
payrolls remained
following
level,
months.
of commodities
Distribution
of
other
showed
months.
recent
seasonal
a
continued in May at the level
consumers
at department stores
and at variety stores
rise, and mail order sales were maintained.
Commodity Prices
middle
the
to
Sales
.
Between
of
May
week
third
the
and
of
June
prices
of
declined' considerably, and there were smaller
cotton, cotton goods, wool, rubber and steel scrap, while prices
except spring wheat,
dclines
in
of
commodities
other
most
showed
little change.
Bank Credit
reserves
which
banks,
member
of
about
been
had
$900,000,000
declined by about $180,000,000 during the week ending June 16, in connection with Treasury
operations, but increased in subsequent days and on June 23 were at a
after the
level of
May
increase in reserve requirements,
1
$810,000,000.
reporting member banks in leading cities
obligations,
Government
issues
of
loans
member
at
weeks
holdings of United States
of
little
increased
change,
and
dealers
banks continued
to
increase
the
in
four
in New York
growth in1 loans to other New York banks and
This increase was largely at banks
ending June 16.
brokers
to
several
Treasury notes.
Commercial
weeks
after
the week ending June 16, reflecting purchases of the new
sharply during
in securities.
Money Rates
The
open-market
reduced
on
1%
recent
rate
9/16 to
from
of
June
90-day
on
^
of
1%
Other
22.
on
bankers' acceptances, which had been
May 7, was further reduced to 7/16
money
rates
shown
have
weeks.
Weekly
little
change in
.
1.6%
in
and
and
2,051
female
decreased
manufacturing
2.2%
non-manufacturing
in
total
man-hours
for
group,
establishments
reporting man1% for
separately, decreased 0.4 of
workers,
female workers.
1,718 enterprises reported an increase
by male and female workers com¬
worked
of
Report
Lumber
Movement—Week Ended
June 19, 1937
«
the week ended June 19, 1937,
82% of the 1929 weekly average of production and
The lumber industry during
stood at
of 1929 shipments.
Lumber production was nearly
equal to that of the preceding week, which was the highest
so far this year except for three weeks in May.
Shipments
as
reported were appreciably below the preceding week,
which was, however, the heaviest week of the year to date.
New business, as shown in this preliminary report, was
nearly equal to that of the previous week, both being the
lowest weeks of the year.
National production reported for
71%
the week ended
June 19, 1937, by
2% fewer mills
was
1%
(revised figure) of the preceding week;
shipments wTere 12% below shipments of that week; new
orders were 2% below that week's orders, according to
below
the output
Association
of im¬
Reported new busi¬
reports to the National Lumber Manufacturers
from
regional associations covering the operations
portant hardwood and softwood mills.
ness during the week ended
June 19 was 28% below pro¬
duction;
shipments
were
15% below
previous week, new orders were
below
4%
June
Hours
male
usually
which
City, which also showed a
Sex
1% and 1.2% in the number
of
in
1%.
of
Within
to
0.7
showed increases of
forces
than
smaller
was
at a somewhat higher rate than
were
employment,
Reports from 4,210 industrial enterprises which indicated the sex of their
working
May
in
little change from
reported
of increase was 9.5%, or slightly less
average rate
Employment and Total
in
May.
Wage
in manufacturing
of
the total
of
weighted average rate for the months
Changes
month
workers
20,216
3.1%
or
received by the
were
average.
W. Dodge Corp.
There were declines
and other private projects, while contracts for
residential
for
Factory
Excess
wage
and
Statistics
awards
in
At
four
and
awarded
contracts
construction
of
public projects increased.
during the same period.
Two
1923-25
the
April, according to figures of the F.
indicate a net
year,
the May,
1936,
of
pay¬
1937, indexes show increases
of 14.0% in employment and 27.9% in total wage payments.
The index
of employment for all reporting industries rose from 78.5 in May, 1936, to
89.5 in May, 1937, while the index of payrolls rose from 65.2 to 83.4
with
comparison
118%
at
in May.
Value
growth in industrial activity in Illinois.
In
unchanged
index of
seasonally adjusted
Board's
the
grains,
of workers employed
number
May
employment was a
Mr. Swanish also had the following to say on June 25:
Trade
Production, Employment and
In
and that the average change in pay¬
increase of 0.4 of 1%.
an
added:
greater-than-seasonal increase in payrolls."
a
System
on
three weeks of
Electric railroad and motor
!
Reserve
in which it stated that the "volume of
power
and manufactured gas..
Same
at
June 27, its monthly summary of general busi¬
and financial conditions in the United States, based
upon
Telephone and telegraph
Electric
-
of the Federal
Board of Governors
issued,
+ 11.0
Public Utilities;
1
Industrial Production
Months.
of
Two Preceding
as
+0.4
Other than general mer-
jachandising
Volume
Level
May,
1937
75.7
Retail
General
April,
May,
May,
90.4
1937
May
Index
Index
Trade—Wholesale
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
Payrolls
Employment
Industry
Production
in
the
week
ended
as
15% above output in the corresponding week
shipments were 7% above last year's shipments;
orders were 13% below orders of that 1936 week.
The
1936;
new
In the
19, 1937, was shown by mills reporting for both 1937
and 1936
of
production.
production.
27% below and shipments
Association further reported:
28
Financial
During the
feet
week ended
hardwoods
of
booked orders
feet; orders,
All
in
of
Mills,
were:
mills
Revised
produced 283,691,000
shipped
241,403,000
feet;
figures for the preceding week
production, 287,513,000
feet;
275,156,000
shipments,
208,449,000 feet.
but Northern
week
ended
June
orders
reported
regions but
537
combined;
feet.
hardwoods
19;
hardwoods reported shipments
pine
1937,
19,
softwoods
205,139,000
546;
regions
the
and
June
below
Coast,
West
all
reported
but
below production.
below
orders
California
redwood1
Northern
All regions but Northern
of corresponding week of
those
redwood, Southern
production
and
last
year ;
and Northern
cypress
reported
shipments
Northern
all
hemlock
hardwoods reported production above the 1936 week.
Lumber
wood
mills
same
orders
mills.
feet,
25%
or
were
those
reported
totaled
below
8,500,000
similar
101
hardwood
28%
the
of
1936,
and
all
but
457 soft¬
below the production of the
same
week
232,804,000
were
Production„was 272,668,000 feet.
mills
give
Shipments
23%
or
or
for
reported
as
production.
feet,
week
for the week ended June 19, 1937, by
below production.
from
of
196,875,000 feet,
Shipments
15%
or
Reports
below
business
new
reported
as
below production.
8,264,000
as
the
for
Production
same
feet,
feet.
'■
■...
Identical Mill
Last
week's
feet, and
a
230,952,000
feet
and
production of
year
it
ago
feet
and
was
444
feet;
shipments,
Petroleum
In
7,297,000 feet
feet,
the
a
and
year
East
of
shipments
orders
ago
was
270,785,000
were,
respectively,
received,
194,484,000
hardwoods,
9,187,000
84
identical mills
9,424,000 feet and 9,700,000
feet, and
orders,
Its
for
Field
6,953,000
Products—Crude Output Up After
Three
Weeks—Interstate
Compact
Jersey "Lamp"—New
Louisiana—New Drilling Heavy in
in
New
Texas
An increase of 18,650 barrels in
daily average crude oil
production during the week ended June 26 ended a declining
trend that set in in the initial week of the month
establishment of
a new
all-time record high
following
production total
late in May.
The 3,529,600-barrel total for the week
reported by the
American Petroleum Institute was nearly 165,000 barrels
above the Bureau of Mines' market demand estimated of
3,366,000 barrels for the month, and 560,450 barrels above
the actual production recorded in the
corresponding week
last year.
Due to the
nearly 28% in drilling.
There were 12,260
down during the first five months of the year.
Nearly half of this number were in Texas and about a quarter
of the drilling was in fields east of the Mississippi River.
"During the first four months refiners ran 367,140,000
barrels of crude to their stills, 9.8% higher than during the
January to April period last year.
Of the oil going through
American refineries, more than 98% came from domestic
fields.
Producers in this country accounted for 34,000,000
barrels more of the crude used by domestic refiners than for
the same period last year.
Only 6,000,000 barrels of the
through-put in the United States up to the end of April came
new
wells put
from abroad.
"During the first four months the daily
sharp rise in comsumption
as compared with
total stocks of crude oil above ground
represent approximately three week's supply less than was
last year, however,
hand at this time in 1936.
Again, many of the
refineries in the Mid'Continent area are
on
larger
taking much of
the excess production due to shortness in
working stocks.
Substantial increases in output were shown
by all major
producing States, with the exception of Oklahoma and Cali¬
fornia.
Texas led with a gain of 13,050 barrels
during the
week, lifting total production to 1,409,450 barrels, against
the State quota of 1,352,775 barrels and. the Bureau of Mines
recommendation of 1,354,000 barrels.
Louisiana was another State to exceed both its State and
Federal quotas.
An increase of 6,800 barrels in the Bayou
State pushed the aggregate to 260,700
barrels, against the
State allowable of 254,650 barrels, the
252,000-barrel figure
suggested by the United States' agency.
Kansas, up 4,700
barrels, at 199,050 barrels was far above its 190,700-barrel
figure fixed by the State-Federal quota.
compared with the
California, al¬
though showing a sharper decline, also held above its allow¬
ables.
The
4,000-barrel dip carried production off to
654,400 barrels, which compared with 602,915 recommended
by the Central Committee of California Oil Producers and the
585,900-barrel figure suggested by the Bureau of Mines.
Although praising the work of the Interstate Compact
Commission, and forecasting a 9% gain in demand for crude
period this will probably reach 3,540,000 barrels daily and
the year, a total demand for crude and products of
1,330,000,000 barrels.
Motor fuel consumption was up
13.4% during the first four months this year and totaled
150,500,000 barrels.
For the full year 1937, something like
558,000,000 barrels will be consumed by domestic and export
markets.
excess
of
production
allowables cannot be
of production shortly after the turn of
prices and better cooperation with Federal and State author¬
began to take effect and oil in storage was gradually
brought down to approximately working levels.
"Because of a daily demand for products which transcends
any previous experience of the industry, ideas of just what
constitutes adequate working stocks have undergone con¬
siderable change.
All the same, the addition of almost
22,000,000 barrels of crude and products to storage during
the first four months of 1937 is
higher than is altogether
warranted by seasonal operations.
For the balance of the
year, it will be necessary for producers to trim sail a little
more
carefully, and adhere closely to allowables if the in¬
dustry is to maintain the favorable stock position it has en¬
joyed for some time now."
News of a possible new major field in Arkansas was con¬
tained in an Associated Press dispatch from Shuler, Ark.,
printed in the New York "World-Telegram" of July 1 as
ities
follows:
"Old settlers of this one-time
drowsy farming community
around them today and
wondered whether the sudden prosperity would last.
Four
deep sand producers have been completed here and others
are
being drilled.
Chairman O. C. Bailey of the State
Conservation Board said, 'Informed oil men consider it
another major pool.'
Around the wells a typical boom town
has sprung up.
'Will it last?' citizens are asking."
watched
oil-town
an
mushroom
The Texas Railroad
Commission has authorized the im¬
mediate
drilling of 277 additional wells in the East Texas
field, as exceptions to the spacing rule, it was disclosed in
Austin on July 1.
The total represented the largest number
of special permits ever issued at one time
by the Commission
and started the aggregate number of wells in the area well
their way to the 24,000 mark.
on
There
were no
price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa.._
Lima (Ohio Oil
$2.82 1 Eldorado, Ark., 40.
Co.)
1.25
..$1.27
1.42
Rusk, Texas, 40 and over
Darst Creek.-------;
1.35
Central Field. Mich
Kentucky
Mld-Cont't, Okla., 40 and above-Rodessa, Ark., 40 and above
1.40
Sunburst, Mont
1.30
Huntington, Calif., 30 and
1.25
Kettleman Hills, 39 and over
1.31
Smackover, Ark., 24 and
0.90
Petrolia. Canada
2.10
Corning, Pa
Ullnols
_
Western
REFINED
over
PRODUCTS—MOTOR
CONTRACTION—REFINERY
during the year as compared with the
"The Lamp," official orgain of the
Standard Oil Co. of New
Jersey, warns in its current issue
"the
orgy
the present decade, which left the oil man with his stroage
tanks groaning with unwanted stocks, common sense, low
oil and its products
record 1936 period,
that
demand for
for
The nominal decline of 150 barrels in the Oklahoma total
left production at 532,050 barrels, which
Federal-State allowables of 625,300 barrels.
average
crude and products was nearly 3,500,000 barrels, which in¬
cludes domestic and export markets.
For the six months'
"Following the
Praised in Standard of
Oil
and
case
mills
1937
3,
the increase of
feet.
and
Dipping
softwood
233,601,000 feet;
reported production last week and
feet and 9,645,000
identical
214,476,000
223,118,000 feet.
Reports
July
"The combination of higher crude prices during the winter
and continued intensive search for new reserves accounted for
week
11,023,000
was
Chronicle
JUNE
19
AND
FUEL
EVE
RECORD
OIL
FUEL
STOCKS
RISE
1.42
1.22
over
SHOW
SLIP
LIFTS
INVENTORIES—MARKETS
OF JULY 4 WEEK-END
1.09
1.20
OPERATIONS
HIGH—SEASONAL
1.35
—;—
SHARP
FROM
GAS
STEADY
AND
ON
HOLIDAY
dismissed entirely with the
lighthearted-hope that somehow
increased demand will take care of the
surplus."
Further seasonal expansion in consumption coupled with a
sharp drop in refinery operations brought about a reduction
of 1,147,000 barrels in stocks of finished and unfinished motor
"While both crude oil and product prices appear to be firm
and it is possible to look on the
marketing side of the fence
with considerable optimism, the
industry has not
leum Institute report
The June 26 total is
the stage where'it
can
over
afford to let
its wells
yet reached
produce what
they will," the publication continued.
"In the main, the
Interstate Compact has done its job, but the excess of
pro¬
duction
over
allowables cannot be dismissed
entirely with the
light-hearted hope that somehow increased demand will take
of the surplus.
Additions to storage of crude and
products during the winter months were, after all, somewhat
higher than can be excused on the grounds of seasonal trend.
"Up to the end of April, the latest figures available, crude
production exceeded the allowables suggested by the Bureau
care
of Mines by
7.86%, resulting to additions to crude oil stocks
133,000 barrels daily.
By the end of June it is
estimated that production will reach a
daliy average for the
six months' period of 3,400,000 barrels.
The Bureau has
suggested that the producing States limit themselves to a
daily average of 3,200,000 barrels for the six months' figure
at the rate of
and also in additions to
storage, with Oklahoma not far be¬
hind.
California, on the other hand, was able to effect a
reduction in stocks, while Louisiana held about even.
fuel
during the week ended June 26.
The American Petro¬
placed the total at 75,427,000 barrels.
approximately 6,250,000 barrels under
the all-time record high of 81,651,000 barrels set in the final
week of last March and
on a day's
supply basis is equal to
In the like period a year ago, inventories
showed a decline of only 2,407,000 barrels.
A 2.3 point reduction in
operating rates of refineries pared
around 45
days.
the total to
82% of capacity, as compared with the record
peak set in the previous week at 84.3% of capacity.
Daily
average runs of crude oil to stills backed off 85,000 barrels
from the record set in the June 19
period, totaling 3,235,000
barrels.
Inventories of gas and fuel oils continued to expand, an
increase of 1,180,000 barrels lifting the total past the
100,000,000-barrel mark for the first time in months.
The
June 26 total of 100,395,000 barrels
represents the fruit of
efforts to bolster stocks in anticipation of
refiners'
fall
and
heavy
winter
demand.
Daily average production of
cracked gasoline was off 30,000 barrels to 700,000 barrels.
Refined product prices were steady on the even of the
Fourth of July holiday week-end, when consumption
really
Volume
Financial
145
swings into its summer stride.
Advances in scattered areas
once the holiday is out of the way are believed probable,
but price changes during the week were of nominal importance
and confined mainly to routine adjustments to conform with
sectional marketing conditions.
Tank Car Lots, F.O.B.
U. S. Gasoline (Above 65 Octane),
Other Cities—
New York-
New York—
i
Gulf
.08
Socony-Vacuum..
I
f
Warner-Quinlan..
White, Tank Car, F.O.B. Refinery
.03^-.05
New Orleans
i
$.19
x
I
Included
.17
Boston
Production
Coal During Week Ended June 19
of
Bureau of Mines, in its weekly coal
United States
report stated that the total production of bituminous coal
for the week ended June 19 is estimated at 7,112,000 net tons.
This is
an
the
in
increase of 117,000 tons, or
preceding week.
1.7%
barrels for the week ended June
ended June 26 totaled 114,000 barrels,
over
against 1,069,000 tons in the preceding week, a
of 113,000 tons, or 10.6%.
daily during the week.
(Figures in Barrels)
Four
B. Of M.,
June 12, 1937
Stale
Week
Change
Weeks
Allowable
Ended
from
Ended
Ended
Calcu¬
June 1
June 26,
Previous
June 26,
June 27,
1937
Week
1937
1936
lations
(.June)
190,700
—150
33,400
72,800
196,000
555,300
146,000
—2,300
+500
+400
84,650
West Central Texas.--
636,850
+4,700
632,050
199,050
65,460
173,042
625,300
Kansas
625,300
190,700
78,031
61,000
Oklahoma.
June 20, 1936
Week
Dept. of
Interior
decrease
COAL AND BEEHIVE
CRUDE OIL PRODUCTION
DAILY AVERAGE
North Texas
83,600
65,250
33,150
59,000
25,300
197,850
180,950
72,500
East Central Texas—
112,483
122,200
+2,250
+2,900
122,500
53,700
East Texas
462,817
465,500
+550
464,400
Southwest Texas
213,667
232,450
229,750
186,275
199,700
+400
+8,350
440,100
156,750
184,100
West Texas
Bituminous coai:
barrels,
daily during the week, and that all
refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 75,427,000 barrels of finished and
unfinished gasoline and 100,395,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 700,000 barrels
Panhandle Texas
June 10,1937d
Gulf Coast ports for the week
daily average of 16,286
of 19,286 barrels for the week ended June 19
and 18,321 barrels for the four weeks ended June 26.
Reports received from refining companies owning 88.8% of the 4,084,000barrel estimated daily potential refining capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines
the output
as
Week Ended—
a
compared with a daily average
Production in the corresponding
ESTIMATED UNITED STATES PRODUCTION OF
COKE (IN NET TONS)
„
compared with a daily average of 151,143
19 and 175,714 barrels daily for the four
weeks ended June 26.
Pennsylvania declined in the
It is estimated at 956,000 net tons
19.
1,565,000 barrels,
week ended June 26 totaled
daily average of 223,571 barrels,
Production of anthracite in
June
and receipts in bond at principal
Imports of petroleum for domestic use
week of 1936 amounted to 6,698,000 tons.
week ended
ended June 26,
weeks
four
companies had in storage at
177
Not including 2% city sales tax.
The
the
basis, 3,235,000 barrels of crude oil
$.175
I Buffalo
I Chicago
-—..$.165
| Newark
.19
..$.02k- 03
Tulsa
$.053 '
Gasoline, Service Station, Tax
Brooklyn...
1.35
Refinery or Terminal
Chicago,
$.04k '
28-30 D
i
New York.
C
2.20
Gas Oil, F.O.B.
27 plus
$1.05
C
Phlla., Bunker
$1.00-1.25
$1.35
Diesel 28-30 D.,..
for
Receipts of California oil at Atlantic and
Refinery or Terminal
California 24 plus D
N. Y. (Bayonne)—
Bunker C
Daily average production
1937, is estimated at
3,523,650 barrels.
The daily average output for the week
ended June 27, 1936, totaled 2,969,150 barrels.
Further
details, as reported by the Institute, follow:
oil-producing States during June.
a
I New Orleans.$.05%-.05^
| Tulsa
.03V.04
$.04
I North Texas
| Los Angeles..
$.05%
N. Y. (Bayonne)—
$.05 -.05 k
.06k-.07
.05 k
.05k-.05ik
18,650 barrels from the output of the previous week.
The
figures remained above the 3,660,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
current week's
United States ports for the
Fuel Oil, F.O.B.
x
ports—
Tulsa
New York—
x
Orleans.
Gulf
.073^
Kerosene, 41-43 Water
(Bayonne)
New
07 k
Shell Eastern
Tide Water Oil Co .08^
Richfield OIKCai.)
07%
Chicago
07 %
.08 k
Texas
Stand. Oil N. J..$.07
Refinery
29
Chronicle
a
7,112,000
1,185,000
6,995,000
6,698,000
1,166,000
1,116,000
Total, including colliery fuel
956,000
881,000
Dally average
159,300
1,069,000
178,200
Commercial production.c
910,000
1,018,000
839,000
59,500
64,000
22,800
9,917
10.667
198,750
3,800
Total, including colliery fuel
Daily average
Pennsylvania anthracite: b
Coastal Texas
146,800
Beehive coke:
85,550
Daily average
Coastal Louisiana
a
1936
1937
Calendar Year to Date—
Total, including colliery fuel
Daily average
—
222,750
f
f
f
Commercial production c._
f
f
28,300
29,650
117,900
—2,850
119,800
—50
42,850
110,100
36,850
lchigan
38,400
Wyoming
f
Daily average
252,750
—300
51,000
49,000
36,900
15,400
17,450
16,800
16,950
4,800
4,400
+2,350
+ 100
+800
50,200
Montana
1,675,000
f
+6,800
28,350
42,200
3,800
5,200
114,650
—1,800
114,400
73,100
M
241,931,000
1,310,000
f
260,700
254,650
Colorado
187,995,000
210,624,000
1,468,000
Total, including colliery fuel
f
Total East of Calif.
Daily average
4,323
days in the three
f Comparable data not yet available.
ESTIMATED WEEKLY
114,500
2,780,100
585,900
x602,915
2,875,200 +22,650 2,864,300 2,397,950
571,200
659,350
654,400 —4,000
3,529,600 + 18,650 3,523,650 2,969,150
3,366,000
made Into coke, and local sales,
b Includes washery and
dredge coal, and coal shlDped by truck from authorized operations.
Estimates
based on railroad carloadlngs and current production reports furnished through
trade association and State sources,
c Excludes colliery fuel,
d Subject to re¬
Includes lignite, coal
Adjusted to make comparable the number of working
.
California
3,150,400
21,578
631,100
1,725,400
11,818
Total for period
102,000
New Mexico
Beehive coke:
e
146,400
118,200
Arkansas
Pennsylvania anthracite: b
vision.
76,350
172,050
e
Eastern
years,
80,700
+900
28,300
252,000
Total Louisiana
1929
e
Bituminous coal:a
a
+5,900
175,150
North Louisiana
Total for period
198,800
1,354,000 1,352,775 1,409,450 + 13,050 1,402,550 1,165,150
Total Texas
Recommendation of Central Committee of
x
Note—The figures
CRUDE
California Oil Producers.
indicated above do not include any estimate of any oil
might have been surreptitiously
which
produced.
RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
OIL, WEEK ENDED JUNE 26, 1937
GASOLINE AND GAS AND FUEL
42 Gallons Each)
(Figures In Thousands of Barrels of
PRODUCTION OF COAL, BY STATES
(IN THOUSANDS OF NET TONS)
[The current estimates are based on railroad carloadlngs and river shipments and
are subject to revision on receipt of monthly tonnage reports from district and State
sources, or of final annual returns from the operators.]
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Gasoline
of
1937 p
June 5
1937 p
June 13 June 15 June 15
1936
r
1929
1935
tial
Avge.
Rate
East Coast.
2
2
3
1
217
190
227
324
387
Arkansas and Oklahoma
12
12
18
28
59
70
Colorado
76
Alabama
1
Georgia and North Carolina
547
Illinois
67
74
606
535
s
104
*
*
*
s
175
1,243
s
244
234
234
453
275
416
7
Indiana
11
48
100
58
88
Iowa
At Re¬
ated
fineries
Terms., Nap'tha
Distil.
cfee..
Fuel
669
.
80.7
5,362
12,422
1,234
cm
8,416
146
129
88.4
110
85.3
1,269
1,437
246
734
507
Appalachian.
Ind., 111., Ky
Okla.,
540
669 100.0
467
92.1
446
95.5
8,909
3,331
998
5,719
611
3,174
Kan.,
449
380
84.6
296
77.9
4,815
2,631
Inland Texas
103
825
s
995
Oper¬
age
P. C.
Total
and
P. C.
1923 d
210
Alaska.
Daily
Aver¬
June
June 12
Reporting
Poten¬
Gas
in
District
Week Ended—
State
Stocks
Unfin'd
Finished
355
201
56.6
157
78.1
1,352
130
457
Texas Gulf..
792
757
95.5
664
87.7
6,949
300
1,666
7,263
164
158
96.3
139
88.0
685
476
273
2,316
91
58
63.7
41
70.7
256
123
91
Mo.
La. Gulf
No. La .-Ark.
1,761
389
75
72
71
138
104
128
Rocky
Mtn.
89
62
69.7
39
62.9
1,801
106
753
675
674
670
755
876
661
California...
821
746
90.9
542
72.7
10,613
2,228
1,246
67,700
116
103
100
163
191
183
22
19
27
47
55
47
3,627
88.8
2,974
82.0
4
3
2
16
15
12
Montana
37
37
42
52
41
38
New Mexico
28
25
28
30
45
51
Kansas and Missouri
Kentucky—Eastern
—
Western
Maryland
Michigan
16
19
11
12
slO
sl4
June 26 '37
4,084
401
343
554
445
888
June 19 '37
4,084
1,937
1,762
1,854
2,506
2,802
94
92
70
94
97
113
13
12
14
13
18
21
Utah
30
23
29
52
55
89
235
237
183
223
239
240
98,225
280
250
2,170
3,235
44,891
23,358
3,320
45,951
23,366
7,178 100,395
99,215
7,257
39,514
21,560
6,867 104,338
3,613
Tennessee
Texas.
6,928
2,880
aEst.tot.U.S.
433
North and South Dakota
Ohio
23,078
261
4,084
4,084
—
42,011
457
Reported
Est. Unreptd
Pennsylvania bituminous
Virginia
29
25
26
25
35
1,465
1,573
1,909
1,990
467
421
706
728
856
Northern, b
93
86
104
s2
9,478
10,866
6,995
Total bituminous coal
6,600
*
*
*
6,697
9,296
N. & W.; C. & O.; Virginian; K. & M.: B. C. & G.
and on the B. & O. In Kanawha, Mason, and Clay Counties,
b Rest of State,
Including the Panhandle District and Grant, Mineral, and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Average weekly rate
a
for
Includes operations on the
the
entire
Carolina,
and
month,
South
p
26 '36
z2,967
.
Estimated on Bureau of Mines basis,
s5
*
67
79
84
Wyoming
Other Western States.c
a
Preliminary,
r Revised,
s Alaska,
Georgia, North
included in "Other western States ''
* Less than
Dakota
of
Summary
The
revenues
with
Gas
American
summary,
Daily Average Crude Oil Output Gains 18,650 Barrels
in Week Ended June
daily
Petroleum
average gross
June 26,
1937,
was
Institute
26
Gas
Association,
estimates
crude oil production for the week ended
3,529,600 barrels.
This was a rise of
its
current
of
monthly
amounted to $74,172,700 in April, 1937, as compared
an
10.2%.
manufactured
gas
month of
industry
reported
revenues
of
increase of 3.8% from the
the preceding year.
The natural gas utilities
reported revenues
that the
in
Month
stated that manufactured and natural gas utility
increase of
same
for
Company Statistics
April, 1937
$31,502,000 for the month,
American
June, 1936. daily average.
$67,333,500 for the corresponding month of 1936,
The
1,000 tons.
The
z
1,380
542
Virginia—Southern.a
a June
44
1,526
Washington
West
U. S.B.of M.
an
of $42,670,700, or 15.4%
more
than for
April, 1936.
Total
sales
of
manufactured
gas
for
the
33,050,600,000 cubic feet, an increase of 8.5%.
month
were
Natural gas
30
Financial
utility sales for the month amounted to 125,831,800,000 cubic
feet, an increase of 19.2%.
Manufactured gas sales for domestic uses, such as cook¬
ing, water heating, refrigeration, &c., were about the same
in April, 1936.
Sales for house heating purposes, how¬
as
gained
ever,
25.5%, while industrial
gained 16.0%.
Natural gas
and
commercial
July
include copper of foreign as well as domestic origin.
for
domestic
showed
purposes
March
Mexico
also
36
Belgium
353
Denmark
Cement
report, stated that the Portland cement industry in May,
barrels,
shipped
1,291
China and
3_,398
Other countries
Great Britain
2,478
Italy
1,905
3,120
1,630
431
1,659
1,956
7,282
Japan
3,332
;
Totals
726
103
2,713
.
Hongkong.
1,330
3,240
The United States Bureau of Mines, in its
monthly cement
11,634,000
April
504
Poland and Danzing.
Sweden
393
_.
France
produced
i
March
Netherlands
502
Chile
Germany
1937,
To
April
in¬
an
18.9% for the month, while industrial sales
gained 18.9%.
May Production and Shipments of Portland
The exports accord¬
ing to countries of destination, for March and April, in tons, foUow:
To
sales
1937
3,
Early yesterday (June 30) President Roosevelt signed the bill extending
the import tax on copper for a period of two years.
Exports of refined copper from the United States during April totaled
21,064 short tons, against 22,948 tons in the preceding month.
These totals
uses
of
crease
Chronicle
264
655
22,948
.
1,681
3,030
21,064
Imports of unrefined copper during April amounted to 19,994
tons.N^Ore
and concentrate imported in April contained 4,980 tons of
copper, of which
2,074 tons
exported from Cuba.
were
AN
11,890,000
The London market continued firm and higher until France
clamped on
barrels from the mills, and had in stock at the end of the
the moratorium to curb speculative operations
preparatory to devaluating
the franc.
Buying of metals as a hedge was a factor, though not
injthe
month
25,491,000 barrels.
Production and shipments oj
May, 1937, showed increases of 4.8%
respectively, as compared with May, 1936.
volume
same
as
previous occasions.
on
Russia also
bought.
Portland cement in
demand abroad
and
AgainHhe
houses in the United Kingdom now exceed 20,000 tons.
5.8%,
Portland cement stocks at mills
24.8% higher than
were
was
chiefly for July-August copper.
Stocks in official
ware¬
Lead
a
Lead sales during the last week in June
year ago.
In the following statement of relation of
production to
capacity the total output of finished cement is compared with
with the estimated capacity of 160
plants at the close of May,
were in good volume,
involving
5,600 tons, compared with 4,650 tons in the previous week.
Buying was
well diversified, even cable makers coming in for fair
tonnages.
Offerings
in
direction were light,
continue
to
due to labor troubles at
view
Quotations continued at
1936 and 1937:
RATIO OF
one
Producers
the
market
as
6c., New York,
Eastern refinery.
an
firm.
which
was
also
the
contract
settling basis of American Smelting and Refining Co., and at 5.85c., St.
Louis.
St. Joseph Lead booked business for
delivery in the East at a
PRODUCTION TO CAPACITY
premium.
May,
The month
1936 May,
48.9%
31.6%
The 12 months ended...
1937 Apr., 1937 Mar., 1937 Feb.,
53.2%
47.9%
Production of refined lead for the world,
excluding Spain, amounted to
1937
158,519 short tons in May, against 153,981
48.8%
47.6%
38.6%
47.0%
29.6%
45.8%
tons in April and 148,659 tons
March, according to the American Bureau of Metal Statistics.
In May
last year world production, excluding
Spain, was estimated at 139,940 tons.
in
PRODUCTIONS, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT BY
DISTRICTS, IN MAY, 1936 AND 1937
Zinc
Deliveries of zinc to domestic consumers, covering the common
grades,
declined last week to about 4,200 tons.
This reduction in the movement of
(In Thousands of Barrels)
the metal
welcomed by producers, for the supply situation here
remains
was
Stocks at End
Production
Shipments
as
1936
Eastern Pa., N. J. & Md
1936
1937
1936
1937
a2,347
2,332
a2,168
2,369
524
739
625
653
1,429
1,041
1,108
1,138
1,078
2,611
3,199
792
924
740
773
1,871
2,362
2,912
1,781
New York & Maine
Ohio, Western Pa., & W. Va
Michigan
Wis., 111., Ind. & Ky
3,979
1,141
1,194
1,245
1,271
963
1,041
930
1,011
1,050
Va., Tenn., Ala., Ga., Fla. & La.
Eastern Mo., Ia..Minn. & S. Dak.
W. Mo., Neb., Kan., Okla. & Ark
Texas
1937
852
1,264
1,223
2,013
1,448
2,705
878
814
944
1,515
798
458
-•
Colo. Mont., Utah, Wyo. & Idaho
625
458
683
635
5,203
1,737
3,155
1,845
688
348
333
331
358
392
457
1,263
1,147
1,149
1,078
1,309
379
461
378
449
524
proved moderately, but consumers in
numerous
...
Oregon and Washington
on an average-price basis instead of a flat
quotation.
Sales of
Prime "Western zinc in the last week amounted to about
4,000 tons, the
best total in many weeks.
Quotations continued on the basis of 6.75c.,
St. Louis.
World
production of zinc during May totaled 162,259 short tons, against
157,001 tons in the preceding month, and 137,737 tons in May last
year.
Production in the first five months of 1937 was 747,585 tons, which
compares
with 654,650 tons in the
same
period last year.
Tin
Business in the domestic tin trade
11,240
11,890
20,431
25,491
Revised.
a
PRODUCTION.
SHIPMENTS.
AND
STOCKS
OF
FINISHED
PORTLAND
Stocks at End of
Month
56.125c.;
1937
1936
3,650
6.616
3,917
4,689
22,686
3,475
5,837
3,177
5,163
22,971
21,126
20,571
20,431
19,281
18,975
18,920
25,059
5,311
.
al0,402
11,634
7,186
9,182
11,240
12,521
11,377
11,503
12,699
12,347
12,470
July
August
September
October
November
12,624
12,619
buying activity
directions,
as soon as con¬
June
24,
55.375c,; 25th,
55.125c.;
30th,
55.375c.
("E. & M. J." QUOTATIONS)
Straits
Dom.,Refy. Exp., Refy.
29th,
Tin
New York
Lead
New York
Zinc
St. Louis
St. Louis
June 24
25,491
June 25
13.775
13.750
57.250
6.00
5.85
6.75
June 26
13.775
13.800
57.250
6.00
5.85
6.75
June 28
13.775
13.775
56.875
6.00
5.85
6.75
June 29
13.775
13.525
56.250
6.00
5.85
6.75
June 30
13.775
13.500
56.500
6.00
5.85
6.75
13.775
13.654
56.771
6.00
5.85
6.75
18,079
20,117
22,441
8,942
6,246
follows:
as
55.750c.;
25,586
a25,636
18.738
13,089
112,396
Total
7,879
10,265
11,890
11,823
10,977
8,971
112,566
December
a
8,443
8,612
11,104
April
nominally
28th,
Electrolytic Copper
24.394
February
May
June
was
56.125c.;
1937
January
March
99%,
26th,
DAILY PRICES OF METALS
1936
more
fidence reappears.
Shipments
1937
during the week,
the main, quotations moved in narrow limits
considering the labor strife in
the domestic steel industry.
Deliveries hav,been held
Chinese tin,
1936
in fair volume
The currency situation in France influenced prices on
the London Metal Exchange on June 29, and
prices moved lower, but, in
due to the strike, and sellers look for
(In Thousands of Barrels)
Production
was
with prices higher.
up in some
CEMENT, BY MONTHS
Month
instances seemed anxious to
purchase
833
11,634
ever.
as
1,319
11,104
California
tight
In fact, few producers could have taken on
any July
business, being fully sold up.
Demand for zinc for forward delivery has im¬
of Month
District
13.775
Average..
13.575
56.500
6.00
5.85
6.75
Average prices for calendar week ended June 26 are: Domestic copper f.o.b. re¬
finery, 13.776c.; export copper, 13.446c.; Straits tin, 66.267c.; New York
lead, 6.00c.;
St. Louis lead, 5.85c.; St. Louis zinc, 6.75c.; and
sliver, 44.750c.
Revised.
^
Note—The statistics given above
compiled from reports for May, received by
are
the Bureau of Mines from all
manufacturing plants.
The above quotations are "M. & M. M.'s"
appraisal of the major United States
on sales reported by producers and agencies.
They are reduced to
markets, based
the basis of cash, New York
or
St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
Inquiry for
Daily London Prices
Non-Ferrous
Metals
Improves—Prices
for
Future
Delivery
Firm
Copper, Std.
"Metal and Mineral Markets" in its issue of
July 1
that through current business in fabricated
products has
slackened, partly because of the vacation period scheduled
early July (not strikes) at various plants in the industry,
for
there has been
resumption of buying interest in non-ferrous
a
metals for future
zinc
continued
firm.
Tin
delivery.
unchanged,
was
higher.
Quotations for copper, lead, and
with the undertone steady to
Leading interests announced
strike at
the Perth
Spot
3M
June 24
55%
June 25
June 28
56%
56%
June 29
54%
June 30
54
The
publication further reported:
Steel
Demand for copper in the domestic market
improved last week, which
was attributed to a
bettea; feeling about the labor situation, greater con¬
fidence in the stability of the price
structure, and bright prospects for a
for September forward metal.
against 6,498
date (June
tons in
29) totaled 30,657 tons.
Inquiry was chiefly
Sales for the last week amounted to
11,941
the preceding week.
Sales
62
246%
249 %
55 %
62 %
256
55%
54316
53%
62%
255%
61
253%
252%
253
61
3M
Zinc
23',6
22%
255%
23 ^
23", 6
255
2315,6
23^
237,6
23%
252%
23%
23
Spot
3M
21%
2115,6
22%
217,6
21",6
21%
22%
22%
21%
21",6
for the month to
Ingot Output Higher Despite Declines
Pittsburgh and Wheeling
at
The July Issue of "Iron Age" stated that a combination
of declining steel business and the
shutting down of some
steel
tons,
54i516
Spot
lb.).
Copper
resumption of the upward trend in business this fall.
3M
Spot
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
Amboy refinery of the American
Smelting & Refining Co. has not yet been settled.
Lead
Tin, Std.
(Bid)
a re¬
duction in the price of refined
platinum of $3 per ounce,
establishing the quotation at $49, effective today, July 1.
The
Copper
Electro.
reported
plants for vacation periods has brought a sharp drop
ingot production rate in the Pittsburgh and Wheeling
in the
areas,
but the partial resumption of steel making at Youngsa rise of 19 points in that district, has more
town
mills, with
than
offset
the
Pittsburgh-Wheeling loss, resulting in
an
indicated average for the country this week of
763^%, up a
point and
a
half from last week.
The *' Age'' further reported:
Volume
Financial
145
The official estimate of the American
June 28, predicted a 75%
was
Institute, issued
operation, but the highly successful reopening
of the Youngs town plants has
than
and Steel
Iron
as
soon
the tangles caused by long
as
Had the dynamiting of the mains that supply water to the Johnstown
plant of the Bethlehem Steel Corp. not occurred, the rate for the country
even
higher this week, as that plant was back to approxi¬
A further gain
mately the operating rate that prevailed before its strike.
will
occur
if the Chicago plants of Inland Steel Co. and Youngstown Sheet
& Tube Co. are reopened this week.
July
6
July
13
July 20
July 27
Aug.
3
Aug. 10
at
three
from 93% last week
result of vacation shutdowns
as a
independent mills and slight reduction of schedules elsewhere.
The Wheeling district drop is from 99 % last week to 94 %.
74.4% Jan.
75.4% Jan.
75.3% Jan.
11
12
75.9% Jan
25
19
74.2% Feb.
74.3% Feb.
74.7% Feb.
5
Oct.
Oct.
Oct.
26
Nov.
May 17
81.6%
May 31
82.5%
June
85.8%
-.91.0%
87.3%
88.9%
89.6%
90.7%
-.90.0%
..91.0%
June 14
Nov. 30
7
14
21
1
79.2% Mar. 29
5
77.0% Apr.
77.0% Apr. 12
Dec. 28
May 24
—
7
21
June
—77.4%
..76.2%
—76.6%
.
June 28
89.9%
90.3%
its^summary of the iron and steel
June 28 stated:
on
In spite of some signs of a summer lull in steel
In other sections
3
10... ..91.2%
May
8
"Steel" of Cleveland, in
markets,
26
May
15
Nov. 23
Deo.
19... ..91.3%
Apr.
8
74.3% Mar.
75.9% Mar. 15
76.6% Mar. 22
Nov. 16
Deo.
Apr.
*.74.0% Feb. 22
1
74.1% Mar.
9
Deo.
18
796%
80.6%
2
Nov.
70.0%
Aug. 24
Aug. 31
Sept. 7
Sept. 14
79.4%
78.8%
80.6%
77.9%
4
Sept. 28
Oct.
72.2%
72.5%
71.5%
68.2%
72.5%
Aug. 17
In the Pittsburgh district, not including Johnstown, the rate of operation
has declined to 84%
Sept. 21
69.6%
70.0%
70.2%
74.0%
67.2%
69.0%
70.9%
71.5%
71.4%
June 30
unwound.
would have been
8
June 15
The Youngs town Sheet & Tube Co. is
with further increases in prospect
are
June
1937—
1937—
1936—
June 22
making steel at 50% of capacity and the Republic Steel Corp. at 45%,
31
1936—
provided a steel making rate there higher
immediately expected.
shutdowns
Chronicle
there have been minor gains, the Buffalo rate having risen from 83 to 88%,
production at
the
buying mills continue
being made in reducing backlogs.
of
Cleveland-Lorain rate from
58
to
59%,
despire continued shutdown
As
Republic plants there, the Alabama rate from 74 to 76 X %, while the
Chicago rate, not figuring
remains
possible resumption at strike-bound plants,
on
and little progress is
consumers
offset to declining needs of automotive manufacturers, while new
an
models
high rate to meet needs of
a
are
being prepared, projected needs in various other lines, largely
heavy products, promise fairly early placing of substantial lots for late sum¬
unchanged at 64%.
These figures illustrate the cross currents that are now at work, reducing
operations in some directions and increasing them in others.
Considering
and
mer
fall
promises
As
the labor reign of terrorism, together with the widespread growth of minor
delivery.
With
the
large
of
the
of
extent
already
tonnages
to keep production relatively high
evidence
backlogs,
past the
the Pittsburgh
labor difficulties that have shut down many steel consuming plants in scat¬
district offer delivery on hot-rolled galvanized sheets in 22
tered areas,
cold-rolled sheets in
the vitality of steel
leads the trade to believe that
soon
business,
an
measured by consumption,
as
upswing in
business will develop as
new
orders continue to
new
was not
behind shipments, the total volume of
run
much, if any, below that of May.
For some
Bar
bookings at present
to shipments, with deliveries at two to eight
days at Chicago.
the labor situation has quieted down.
as
While
business booked in June
10 weeks.
weeks and on
about equal
are
weeks at Pittsburgh and 30
Inland Steel Co. has orders
from the date of resuming production.
books this
on
usual summer lull.
sheet mills in
books for three months
on
Some irregularity in operations will
be met for the next few weeks because of vacations, some plants closing
companies the June volume ranged from 65 to 75% of shipments.
down entirely for one or two weeks for this purpose.
while tin plate booked some time ago continues to tax the capacity of mills,
producers
New
business is heaviest in sheets, plates, structural shapes and oil-country pipe,
some
of which
are
doing extra turns to supply customers' insistent demands.
In sheets the sold-up condition of some of the larger producers extends de¬
Tin plate makers are being pressed to accept new business but as most
sold for full capacity to Sept. 30 little relief can be given.
are
Pittsburgh tin mills
mand.
are
working
as
high
18 turns per week to meet de¬
as
•
.
„
Largely due to closing of the Johnstown, Pa., plant of Bethlehem by order
liveries well into the fourth quarter, but some of the smaller mills can make
grade having brought
of the Governor of Pennsylvania last week the National operating rate is
delivery promises ranging from 10 days to 22 weeks.
Plates
off 1 X points to 74% of capacity.
for eight to 10 weeks.
-*
fairly prompt shipments,
a recent
inquiry for
a certain
Q
Outstanding in the week's business
was
a
~
are
sold ahead
r
240-mile pipe line requiring
effect.
Youngstown dropped
16,000 tons of 8-in. pipe placed by the Atlantic Refining Co. and 7,500 tons
and Cincinnati
of 10-in.
to
pipe bought by Shell Petroleum Co.; also
structural steel to be furnished
bridge at Baton Rouge, La.
18,000 of fabricated
by Bethelehm Steel for
a
Idleness of the Johnstown mill caused
the Pittsburgh rate to drop 10 points to 82%.
~ —-
Mississippi river
This latter job brought structural steel awards
seven
Other changes were of little
point to 29%, Buffalo one point to 88
one
points to 86.
Cleveland made
a
gain of three points
49%, Detroit two points to 99 and New England 10 points to 92.
change
No
made at Chicago, 63X%, Eastern Pennsylvania 67, Wheeling
was
93, Birmingham 83 and St. Louis 93 %.
to 54,500 tons, including 6,825 tons for the Bronx-Whitestone bridge,
Resumption of production at plants idle because of labor blockades is
New York, 5,500 tons for a court house at Jamaica, N.
Y., 4,400 tons for a
expected to bring the operating rate sharply back next week, protection to
Chrysler Corp. plant in Detroit, 3,500 tons (also 2,000 tons of bars) for
workers assuring rapid dispersal of pickets and the end of the strike.
up
a
plant at Paineeville, Ohio, 2,170 tons for Memorial Hospital, N. Y.
Lettings of reinforcing bars total 13,000 tons, including 2,800 tons for a
Structural steel awards the past week were largest since the week of Jan.
rayon
sewer
project in Queens, N. Y., and
3,400 tons is for the Flatbush Ave.
Price developments include
to
$4.50, announcement of
intimations of
$1 rise
a
on
a
projects total 6,900 tons, of which
new
drop of 10c.
extras
in beehive furnace coke
a ton
river
for small lots of structural shapes and
pig iron for fourth quarter.
For the third
secutive week, the "Iron
Age" composite price
at
scrap
THE
con¬
"IRON
AGE"
steel scrap is unchanged
on
Ohio.
June 29. 1937. 2.605c. a Lb.
2.605c.
2.122o.
High
1937
2.605c.
Mar.
9
1936
2.330c.
Dec.
28
2.084c.
Mar. 10
2.130c.
Oct.
1
2.124c.
Jan.
1934
i,—2.199c.
2.330c.
Mar.
2
8
Apr.
24
2.008c.
Jan.
2
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
1931...
2.037c.
Jan.
13
1.945c.
Dec. 29
1930
2.2730.
Jan.
7
2.018c.
Dec.
9
1929
2.317c.
Apr.
2
2.273c.
Oct
29
2.286c.
Dec.
11
2.217c.
July
17
1928
This is for
Award of
one
delphia yard is
been to award
battleship to the Brooklyn
June 29, 1937, $23.25 a Gross Ton
One week ago
One month ago
one
medium steel and
to an outside builder.
on average of basic Iron at Valley
foundry irons at Chicago,
Philadelphia,
Buffalo,
Valley,
and
furnace and
23.25
One year ago
tonnage will be delayed for
High
$23.25
9
$20.25
Feb.
16
1936
19.73
Nov. 24
18.73
Aug. 11
1935
18.84
Nov.
5
17.83
May 14
1934
17.90
May
1
16.90
Jan.
1933
13.56
Jan.
16.90
Dec.
1932
14.81
Jan.
5
13.56
Deo.
in
15.90
Jan.
6
14.79
Dec.
15
18.21
Jan.
7
15.90
Deo.
16
-
1929
18.71
May
1928
18.59
Nov. 27
Steel
plan.
Dec.
17
July
24
on
No.
1
heavy melting steel
quotations at Pittsburgh, Philadelphia
17.75
One year ago
18.21'
17.04
Based
$17 .08
and
Chicago.
12.96
High
1937
About 26,000 tons of steel will be
$21.92
Bids
May totals,
as
is to be expected
Total production
as
the end of the 1937 model season ap¬
121,032
was
cars,
total of 111,620 for the preceding week.
compared with
a
revised
Practically all this increase was
due to General Motors, which raised its output last week to 46,190 units,
compared
with
36,450
the
week
ducers
was
Ford
before.
dropped
slightly
from
Chrysler was stationary at 28,775,
The aggregate for all other pro¬
17,177, compared with 16,630.
For the first time since the decline started, the first week in April, the
and
some
composite last week remained unchanged, at $17.
This
Strength is appearing in eastern markets
grades have made slight gains in price.
The iron and steel com¬
posite lost two cents, to $39.78, through an adjustment.
The finished steel
composite continued unchanged at $61.70.
Steel
at
ingot production for the week ended June 28 is placed
75% of capacity according to the "Wall Street Journal" of
July 1.
This compares with 75L£% in the previous week
and 76% two weeks ago.
U. S. Steel is estimated at 86%,
against 87% in the week before and 88% two weeks ago.
Leading independents are credited with nearly 66ks>%, com¬
pared with 66% in the two preceding weeks.
The "Journal"
further stated:
Low
Mar. 30
Placing of this
specially treated steel.
■»
proaches.
3
Scrap
June 29, 1937. $17.08 a Gross Ton
One week ago
One month ago
14
the Phila¬
the plan had
Automobile production last week was the best during June, though below
6
1931.
1930
5
27
as
months until plans are completed.
some
is at the level of mid-December.
Low
Mar.
one to
of private builders were higher than navy estimates, which caused the change
steelworks scrap
Southern iron at Cincinnati.
18.84
1937
yard and
Of this 8,000 to 9,000 tons for each ship will be
the remainder
compared with 28,875 the previous week.
Based
.$23.25
extension line from Willams-
navy
disappointment to private shipbuilders,
a
29,665 the previous week to 28,890.
Iron
Pig
an
port. Pa., to Buffalo, laying to be started about July 1.
required for each ship.
Low
1935
1933.
plant in
represented in
Placing of 17,000 tons of eight-inch line pipe
with National Tube Co. leads.
Steel
bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
2.605c.
One month ago
One year ago
a rayon
six projects.
Considerable activity is developing in steel pipe, oil country demand being
Based on steel
One week ago
Mississippi river dam,
a
hospital in New York and 3,000 tons for
a
A large tonnage is pending, some 24,000 tons being
good, largely in small lots.
COMPOSITE PRICES
Finished
19,800 tons for the Mississippi
Other large awards included 6,800 tons
Queens couthouse, 5,000 tons for steel piling for
3,100 tons for
market undertone is stronger.
$17.08, but the
The largest was
bridge at Batcn Rouge, La.
for towers for the Bronx-Whitestone bridge at New York, 5,500 tons for a
Brooklyn.
sewer,
30, totaling 59,191 tons.
$17.08
June
15
1936..
17.75
Dec.
21
12.67
June
9
1935
13.42
Dec.
10
10.33
Apr. 23
Sept. 25
The operating rate for last week does not reflect the back-to-work move¬
ment
in
the
mills
against
which strikes
have been in
beginning of the current week there have
effect.
1934
13.00
Mar. 13
9.50
1933
12.25
Aug.
8
6.75
Jan.
3
independents
1932
8.50
Jan.
12
6.43
July
5
1931
11.33
Jan.
6
8.50
Dec.
29
Youngstown Sheet & Tube Co., Republic Steel Corp., and to
because
of resumption
at
been increases
plants.
This
is
Since the
among
the
leading
case
with
some extent
1930
15.00
Feb.
18
11.25
Dec.
9
of the Bethlehem Steel Corp., although the latter's rate was reduced again
1929
17.58
Jan.
29
14.08
Dec.
3
by the dynamiting of the water supply lines at Johnstown, Pa.
1928
16 50
Deo.
31
13.08
July
2
The American
Iron
and
Steel
Institute
on
June 28
an¬
The following table gives a comparison of the percentage of production
with
the nearest corresponding week of previous years,
approximate
nounced that
cated
that
the
operating rate of steel companies having
98% of the steel capacity of the industry will be 75.0%
of
capacity for the week beginning June 28 compared with
75.9%
year
one
ago.
changes,
in
from
points,
the
week
together with the
immediately
preceding:
telegraphic reports which it has received indi¬
week
This
ago,
77.4%
represents
one
a
month
decrease
ago
of
and 74.0%
0.9
points,
one
or
S. S. Steel
Industry
1937
75
X
86
—1
—
1936
71H
66H
1935
38
35
1934
1933
Independents
66 X
X
75
X
—12
40
—8
49
—13
52
+2
43
+3
60
+2
Not available
1931
—IX
34
—1
69
1930
Weekly indicated fates of steel operations since June 8,1936,
1929
94
—1
97
91
1928
72
—
X
75
69
follow:
1927
67 X
—3X
70
65
X
—
45
1932
33 H
64
1.2% from the estimate for the week of June 21, 1937.
—
40
33
50
Financial
32
During the week ended June 30 member bank reserve
increased
$46,000,000.
Additions
to
member
balances
reserves
from decreases of $58,000,000 in Treas¬
arose
deposits with Federal Reserve banks and $42,000,000 in
deposits and other Federal Reserve accounts,
offset in part by an increase of $54,000,000 in money in
principal changes for the week ended June 23:
cities shows the following
$134,000,000 in deposits credited to domestic banks, and a decrease of
$20,000,000 in borrowings.
were
estimated
be
to
of member banks
June 30
on
approximately $870,000,000,
in¬
an
of
$60,000,000 for the week.
Inactive gold included
in the gold stock and in Treasury cash amounted to $1,087,000,000 on June 30, an increase of $48,000,000 for the week.
After voting these facts the Board of Governors of the Federal
Reserve System proceeds as follows:
crease
Principal changes in holdings of bills and securities were
$3,000,000 in United States Treasury notes and
in United States Treasury
a
increase of
an
decrease of $3,000,000
bills.
The statement in full for the week ended June 30 in
com¬
Increase
(+)
June 23,
1937
or
(—)
Decrease
Since
++■
-:-0-
+
■■■
.■
'
'V
J
June 30, 1037
•„
'"J
Bills bought
;■
'■ •'
1936
$
$
10,000,000
advances
2,526,000,000
—8,000,000
22,000,000
*
—5,000,000
+ 3,000,000
+89,000,000
2,562,000,000
.12,318,000,000
+48,000,000
2,551,000,000
+ 1,000,000
York district.
Holdings of United States Government direct obligations
+46,000,000
+1,706,000,000
000,000 in the Cleveland district and $182,000,000 at all reporting
banks.
of obligations
Holdings
guaranteed
fully
by the United States
Holdings of "Other securities" increased
$5,000,000.
$3,000,000.
deposits-adjusted increased
Demand
$64,000,000
in
reserve
balances
6,448,000,000
3,445,000,000
Money in circulation
Treasury cash
+ 54,000,000
+49,000,000
+1,311,000,000
+198,000,000
+ 944,000,000
93,000,000
—58,000,000
—638,000,000
Treasury deposits with F. R. bank__
Louis district, and
the St.
declined $28,000,000 in the Chicago district and $14,-
000,000 each in the Cleveland and San Francisco districts, all
reporting
member banks showing a net increase of $47,000,000 for the week.
De¬
declined in most of the districts the
posits credited to domestic banks
and $18,districts, and the total de¬
Deposits credited to foreign banks increased
principal decreases being $43,000,000 in the New York district
000,000 each in the- Philadelphia and Chicago
being $134,000,000.
$18,000,000 in the New York district.
Borrowings of weekly reporting member banks amounted to
$38,000,000
decrease of $22,000,000 being reported by New York banks.
June 23, a
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended June 23, 1937, follows:
Increase
(+)
23, 1937
22,414,000,000
9,766,000,000
Investments—total
Loans—total..
(—)
-
June 24, 1936
$
June 16, 1937
$
$
Assets—
Loans and
Decrease
or
Since
June
Non-member deposits and other Fed¬
—159,000,000
+25,000,000
—106,000,000
+1,370,000,000
Commercial, industrial, and agri¬
-42,000,000
545,000,600
eral Reserve accounts
*
Philadelphia
the
district, $27,000,000 in the New York district and $16,000,000 in
/+
Member bank
declined $133,$12,member
000,000 in the New York district, $23,000,000 in the Chicago district,
+ 53,000,000
6,900,000,000
Treasury currency
Philadelphia
Real estate loans
member banks.
Loans to banks declined $26,000,000 in the New
$5,000,000.
increased
on
$16,000,000 commitm'ts—June 30)
Gold stock
district and $74,000,000 at all reporting
+ 96,000,000
Other Reserve bank credit—
Total Reserve bank credit
and dealers in securities increased
district, $13,000,000 in the Chicago district, $9,000,000 in the
+ 1,000,000
including
(not
brokers
declined $6,000,000 each
Francisco districts and $18*000,000 at all report¬
Open market loans declined $10,000,000.
Loans to
$48,000,000 in the New York
ing member banks.
crease
+ 6,000,000
—3,000,000
4,00,0000
______
U. S. Government securities
Industrial
:';V
$
Bills discounted
July 1,
;
Commercial, industrial, and agricultural loans
in the New York and San
Government declined
parison with the preceding week and with the corresponding
date last year, will be found on pages 60 and 61.
Changes in the amount of Reserve bank credit outstanding
and related items during the week and the year ended June 30,
1937, were as follows:
in demand deposits-adjusted; a decrease
tions; an increase of $47,000,000
of
reserves
of United States Government obliga¬
decrease of $182,000,000 in holdings
ury
Excess
brokers and dealers in securities; a
An increase of $74,000,000 in loans to
nonmeinber
circulation.
1937
3,
member banks in 101 leading
The condition statement of weekly reporting
The Week with the Federal Reserve Banks
bank
July
Chronicle
+33,000,000
cultural loans:
566,000,000
+1,000,000
*
3,742,000,000
x—19,000,000
*
465,000,000
x—10,000,000
*
1,444,000,000
On securities
Less than $500,000
x+74,000,000
+211,000,000
-
Otherwise secured and unsec'd
Open market paper.
Loans to brokers and dealers in
Returns of Member Banks in New York City
and
securities—_
Other
Chicago-—Brokers' Loans
or
716,000,000
System for the New York City member
Chicago member banks for the cur¬
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
Other loans:
banks and also for the
rent
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE CITIES
On securities
Onllgations
Chicago
Cash in vault.
July 1
June 30
June 23
July 1
1937
1937
1936
1937
1937
1936
industrial,
$
$
$
8,470
8,513
4,032
—5,000,000
—142,000,000
+3,000,000
—234,000,000
+55.000,000 +1,053,000,000
+ 9,000,000
—95,000,000
—40,000,000
—501,000,000
by
Reserve with Fed. Res. banks
Demand
June 23
4,026
guaranteed
United States Government
Other securities
—
— ———.
Liabilities—
New York City
Assets—
fully
___—*
x—1,000,000
*
—182,000,000 —1,100,000,000
1,160,000,000
3,114,000,000
5,335,000,000
308,000,000
1,734,000,000
unsec'd
Govt, direct obligations
Balances with domestic banks
June 30
Loans—total
729,000,000
791,000,000
8,374,000,000
— — — _
Otherwise secured and
U. S.
(In Millions of Dollars)
Loans and investments—total..
*
+22,000,000
+77,000,000
...
+5,000,000
—25,000,000
1,171,000,000
142,000,000
—
Loans to banks
Reserve
Commercial,
purchasing
for
loans
carrying securities
Real estate loans....
Below is the statement of the Board of Governors of the
Federal
A
9,063
3,324
$
$
1,967
667
5
1,979
668
+ 726,000,000
+174,000,000
15,289,000,000
5,233,000,000
+47,000,000
549,000,000
+2,000,000
—297,000,000
banks.....A—— 4,907,000,000
—134,000,000
612,000,000
38,000,000
+20,000,000
—20,000,000
—540,000,000
+155,000,000
deposits—adjusted
Time deposits--
—
—
United States Government; deposits
—
Tutpp-hfibk dPuncjlfQ*
1,950
527
and
Domestic
Foreign banks
Borrowings
—
+38,000,000
agricultural loans:
On securities
229
Otherwise secured & unsec'd
228
1,484
1,495
166
*
*
*
1,004
32
34
*
401
27
51
'
81
394
28
*
*
14
2
14
24
35
22
*
Mussolini's
35
*
Will Not Leave
*
1,206
164
1,217
279
278
133
134
61
100
On securities
267
255
*
Otherwise secured & unsec'd
190
172
*
U. S. Govt, direct obligations—
3,010
3,023
4,036
911
922
1,022
437
438
997
1,020
546
1,157
95
294
95
294
94
307
2,603
Comparable figures not available,
Open market paper
Loans
to
brokers
and
dealers
Other loans for purchasing or
carrying securities
Real estate loans
Loans to banks
*
133
27
*
15
6
3
Germany and Italy Oppose International
in Curbing Spanish War—Chancellor
Cooperation
Hitler Voices
Hope of Rebel Victory, While Editorial in Premier
Other loans:
Obligations fully guaranteed by
United States Government
Other securities..
—
Further
-
evidence
international
war
2,509
2,004
701
Spanish civil
49
64
596
30
158
60
586
54
67
28
141
59
38
205
84
467
471
6,243
718
289
6,252
722
289
6,215
550
192
1,512
456
41
1,499
453
41
1,510
449
101
1,957
Other assets—net
1,863
570
2,535
398
538
6
534
7
638
5
Liabilities—
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank deposits:
Domestic banks.
576
Foreign banks
....
31
....
....
....
Other liabilities
400
404
363
19
22
45
Capital account
1,478
1,475
1,431
239
237
♦
...
Comparable figures not available.
Volunteers
designed
was
to
Italian opposition to
limit the extent of the
and
forthcoming this week, when state¬
countries indicated an attitude sharply
opposed to that of both France and Great Britain, the other
two principal Powers in the Non-intervention Committee.
Yesterday (July 2) it was stated in London Associated Press
advices that the
Anglo-French proposal for taking over the
patrol of the Spanish
entire international non-intervention
coast
230
Borrowings...
German
of
ments issued in both
54
82
481
Italian
Spain
action
'
Cash in vault..
Says
Newspaper
Balances with domestic banks._
Reserve with Fed. Res. banks._
June 16 figures revised.
59
58
80
x
was
by Germany and Italy, who
The July 2 advices likewise said:
formally rejected
offered counter
proposals.
Further negotiations will be
carried on by the European non-intervention
committee within the next few days.
Our most recent reference to the war was
contained in the
"
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
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
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business June 23:
27 Chancellor
needs Spanish
ore, and that is why we want a nationalist government in
Spain."
On July 1 Premier Mussolini's Milan newspaper
"II Popolo d'ltalia" asserted in an editorial that Italy would
Chronicle" of June 26, page 4255.
On June
Hitler stated in a public address: "Germany
not witndraw her volunteers
from Spain, and accused France
and Great Britain of violating
the European non-intervention
agreement.
In
reporting Chancellor Hitler's speech
Wurzburg, June 27, said:
United Press ac¬
counts from
Hitler served flat warning to Great
expect no further co-operation
Britain and France that
general conflict.
Leiprig temght us a
Spanish civil war and prevent it from engulfing Europe in a
"The loyalist submarine
lesson we shall not
they could
from him in their efforts to "isolate" the
attack upon our
forget," he said.
cruiser
Volume
Financial
145
"We shall take
not affect
Thank God we are
security into our own hands.
our
*
*
strong enough to protect ourselves
speeches in Parliament will
*
decisions."
our
He referred to the dramatic plea of Prime Minister Neville
*
in the British House of Commons Friday for "cool
Chamberlain
heads" to avert a Euro¬
pean war.
"We have
how collective action works, we
seen
treated—and
are
nobody
can accuse us
of
ceive such disappointment
a
produce their effectiveness and
lack of good will, but we do not intend to re¬
again."
during
was
description of Germany's four-year plan
a
Hermann Goering, that Hitler openly
Franco in Spain.
"pocket" battleship Deutsch-
Fuehrer Hitler said that, when the German
land
bombed by Spanish loyalist
was
be treated thusly."
1 from Rome gave the
civil
editorial led diplomatic sources to believe II Duce himself
war
of a European war" and charged that
the character
the paper said,
agreement" since it
had arrived in Spain
as
France" and "English
imbeciles can believe."
the paper said,
Fascist volunteers are concerned,
"since they
recall
not."
by the Government, the Government has no means to
It cannot do it, and in the present circumstances it will
them.
Hungarian ^Government Offers to Increase Service on
State Loan of Kingdom of Hungary 1934
from
the
League Loans Committee, London, an an¬
offer from the Hungarian Govern¬
nouncement regarding an
permanent settlement of the future service of
ment for the
Beginning in February, 1934, coupons off the dol¬
lar bonds have been paid at the rate of 50% of their face
the loan.
394% interest
the bonds instead
of the original rate of 7%%.
The Hungarian Government
now offers to increase coupon payments to 4%% per annum
amount, which equals
be
on
The following is also from an an¬
by the Speyer firm :
paid in dollars.
nouncement issued June 29
offer
The
of
annum
the
is
the
to
operate
drawings at
includes
also
a
sinking
present outstanding
cumulative
saving of
interest
fund
beginning
in
1940
of 1%
amount of the loan, to be increased
the bonds retired.
on
of
purchase
through
further
any
bonds in
per
by
The sinking fund
the market up to par or by
payment with
respect to the coupons which have already
'
Appointed
Bank of Colombia
7% and 63^% Gold Bonds
The
Marine Midland
Trust
Co.
of
under
York has been
trust agreements
New
the
successor
dated Feb.
1, 1927, and Oct. 1, 1927, of the Mortgage Bank
securing $1,551,000 20-year 7% sinking fund
trustee
Colombia,
gold bonds of 1927 and $1,985,000 20-year 6%
% sinking fund
$819,000
Kingdom
of
Gold Bonds, due
of Norway 6% External Loan
Aug. 1, 1944, Drawn for Redemp¬
Aug. 1
fiscal agent,
of Kingdom of
Norway 20-year 6% external loan sinking fund gold bonds,
due Aug. 1, 1944, have been drawn by lot for redemption at
par on Aug. 1, 1937, through the sinking fund.
The bonds
The
National
that
announces
City Bank of New York,
$819,000 principal
as
amount
drawn will be redeemed at the head office of the bank,
so
Street; New York, on that date.
New York Stock Exchange
Rules
on
Kingdom of Norway
4% External Loan Bonds, Due 1963
The New
rules
on
York Stock Exchange
on
June 29 made known
the form of bond of the Kingdom
of Norway 26-year
4% sinking fund external loan coupon bonds, due 1963, may
be delivered.
The bonds, offered last February, were made
available in definitive form last wTeek, as noted in our issue
June
of
26,
4256. - The announcement
follows:
page
of the Stock
June 29
Exchange of
NEW YORK
STOCK EXCHANGE
COMMITTEE
ON
SECURITIES
June 29,
The Committee
26-year 4% sinking fund external loan coupon
including July
1937,
may
bonds, due 1963, up to and
be made either with temporary bonds or
1937, only permanent bonds
permanent bonds; that beginning July 14,
with
will
13,
1937.
Securities rules that deliveries of Kingdom of Norway
on
be
a
delivery.
office of the National
L.
FISHER, Secretary.
be exchanged for permanent bonds at the
City Bank of New York, fiscal agent.
Note—Temporary bonds
may
League Loans Committee, of which
the
proposals
Copies
further
of
York
New
•
Eliot Wadsworth is the American
member, consider in view of the information available and the punctual
fulfillment by the government of its past arrangements with the committee,
that
of
Co.
ROBERT
the release of the government from liability
been 50% paid.
The
Trust
par.
The offer is conditioned' upon
for
notice states, has been
Successor Trustee for Mortgage
Speyer & Co., New York, as American fiscal agents for
the State loan of the Kingdom of Hungary, 1924, have re¬
to
the
maturing Jan. 1, 1932, to Jan. 1,
Midland
Marine
55 Wall
♦
ceived
coupons
tion
On the other hand, It
fall.
became effective last
non-intervention is a fable in which only
far
provision,
present
the
the editorial continued.
had "fruitlessly respected the non-intervention
charged, the accord "never has been respected by
not sent
of the claims for interest represented
made
1934, in¬
clusive, but they should be retained for future adjustment.
for
Not until the end of 1936 did
second half of 1936."
Fascist volunteers begin to depart for Spain,
So
such coupons and
gold bonds, respectively.
from France by the
are
the holders* must be accepted in full payment
Government) were first to give the
"50.000 foreign volunteers from every part of Europe
Italy,
of
them
with
Government, such payment,
the Chief of the Provisional
of
the author.
It asserted that "the Reds (Spanish
Spanish
deposited
appointed
Associated Press advices of July
The style of the
been
payment, in lawful currency of the United
a
thereby.
that the time was past
following quotations from the* Italian editorial:
was
of
killed, Germany decided to issue
warning "to make plain to the Valencia Bolshevists
when Germany could
have
sufficient to
States of
America, of 32%% of the face amount of the coupons due
July 1, 1937, amounting to 12.1894 for each $37.50 coupon
and $6.09% for each $18.75 coupon.
Pursuant to the Decree
airplanes as she lay in the rebel Balearic
port of Iviza on May 29 and 31 seamen were
a
funds
No
of self-sufficiency,
spoke of
Germany's ambition to acquire Spanish ore—for armaments and other in¬
dustrial needs—through a Fascist victory for Generalissimo Francisco
Ill It
inaugurated by Col.-Gen.
that
make
if accepted by
"We gave collective measures a chance to
so
have seen how problems
cured.
we are
33
Chronicle
the
of
are
communique
the
announcement
necessary
fair and equitable.
be
may
be issued
will
steps to be
in
obtained
due
from
course
to
Speyer & Co.
inform
Drawing for Redemption Aug. 1 of $42,000 of 53^%
Gold Bonds, Due Feb. 1, 1955, of City of Sydney
(Australia)
A
bondholders
taken in order that their bonds may be made
eligible for service at the new rates.
Deposited for Payment of 35% of July 1 Coupons
State of San Paulo (Brazil) 8% Loans of 1921
and 1925 and 6% Loan of 1928
Funds
on
Speyer & Co., as special agent for the State of San Paulo
South Wales, Australia,
25-year 5%% sinking fund
gold bonds, due Feb. 1, 1955, are being notified by City
Bank Farmers Trust Co., New York, successor fiscal agent,
Holders of City
of Sydney, New
Tr the Municipal Council of Sydney
that
$42,000 of these bonds have been drawn by lot for re¬
on Aug. 1, 1937, out of sinking fund moneys, at
their principal amount.
The bonds will be payable at the
principal office of the bank, 22 William Street, New York.
demption
15-year 8% loan of 1921, and Speyer & Co. and J. Henry
Schroder Banking Corp.,
as
special agents for the State of
25-year 8% loan of 1925 and 40-year 6% loan of
1928, announced June 30 that pursuant to the terms of De¬
cree No. 23829 of the Chief of the Provisional Government of
Member
the United States of
Brazil, funds have been deposited with
35% of the face amount of the July 1,
them sufficient to pay
1937,
Acceptance of this pay¬
is optional, but if accepted by bondholders, it is to
full payment of the respective coupons.
coupons
ment
be in
of the above loans.
Outstanding Bonds of Argentine External 53-4% Gold
Bonds, Issue of Feb. 1, 1928, Called for Redemption
Aug. 1
The Chase National Bank and City
of
Government
Bank Farmers Trust
fiscal agents, are notifying holders
of the Argentine Nation external sinking
Co., both of New York,
as
5%% gold bonds, issue of Feb. 1, 1928, due Aug. 1,
all of these bonds now outstanding are being
called for redemption on Aug. 1, 1937, at par and accrued
interest, out of sinking fund moneys received by the fiscal
agents.
Payment of said bonds will be made on Aug. 1, at
Trading
on
Curb Exchanges
San Paulo
Preceding Week, According to SEC
During the week ended June 5 the percentage of trading
for the account of all members of the New York Stock Ex¬
change (except odd-lot dealers)
preceding week ended May 29, it was made known by the
and Exchange Commission yesterday (July 2).
Both the week ended June 5 and May 29 comprised only
the
Securities
five
days of trading, the Exchanges having been closed
This
week ended May 29
July 1 Coupons on City of Porto Alegre (Brazil) 73^%
Gold Bonds, External Loan of 1925 to Be Paid at
Rate of
32^% of Face Amount
Ladenburg, Thalmann & Co., as special agents, is notify¬
ing holders of City of Porto Alegre, United States of Brazil,
40-year 7%% sinking fund gold bonds, external loan of 1925,
on
Saturday, May 29, and Monday, May 31, in observance of
the Memorial Day holiday.
Trading on the Stock Exchange for the account of all
members during the week ended June 5 (in round-lot trans¬
actions; totaled 1,257,585 shares, which amount was 19.98%
of total transactions on the Exchange of 3,146,400 shares.
1962,'* that
agents.
and of the New York Curb
Exchange to total transactions in each instance was below
fund
the office of the fiscal
New York Stock and New York
During Week Ended June 5 Below
with member trading during the previous
of 1,427,840 shares, of 20.57% of total
trading of 3,470,560 shares.
On the New York Curb Ex¬
change member trading during the week ended June 5
amounted to 297,825 shares, or 19.15% of the total volume
on
that Exchange of 777,825 shares; during the preceding
week trading for the account of Curb members of 367,075
shares was 19.95% of total trading of 937,035 shares.
The data issued by the SEC are in the series of current
figures being published weely in accordance with its program
embodies in its report to Congress last June on the "Feasi¬
bility and Advisability of the Complete Segregation of the
Functions of Broker and Dealer."
The figures for the week
compares
34
Financial
ended May 29 were given in these columns of June 26, page
4256.
In making available the data for the week ended
June 5, the Commission said:
The figures given for total round-lot volume for the New York Stock
Chronicle
The
data
July 3, 1937
are based upon reports filed daily
by odd-lot dealers and specialists.
The Commission's figures for the week ended June 26 follow:
with
ODD-LOT
published
Commission
the
TRANSACTIONS
DEALERS
ODD-LOT
OF
AND
SPECIALISTS
Exchange and the New York Curb Exchange represent the volume of all
IN STOCKS, RIGHTS AND WARRANTS ON THE NEW YORK STOCK
round-lot sales of stock effected
EXCHANGE—WEEK ENDED JUNE 26,
those exchanges as distinguished from
on
the volume reported by the ticker.
The total round lot volume for the
Sales
6.5% larger than the volume reported
the ticker.
on
Curb Exchange, total round-lot volume in the
same
On the New York
The data published
are
week, 777,825 shares
June 21
York
June 22
3,968
3,871
3,899
7,192
Total for week
New York
Stock
Curb
Exchange
Number of reports received....
Value
101,550
98,438
4,135
23,065
June 23
New
Shares
June 25 and 26--
These reports are classified as follows:
$4,264,861
4,260,160
4,466,279
4,229,140
June 24
99,190
865
174,346
7,685,693
$24,906,133
floor
New
50
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer as well as those of the specialist.
c'
•
The number of reports in the various classifications may total more than
the number of reports received because, at times, a single report may carry
than
more
one
STOCK
classification.
.
EXCHANGE—TRANSACTIONS
FOR ACCOUNT OF MEMBERS *
Week Ended June 5,
.V
IN
ALL
STOCKS
(SHARES)
1937
'"H:1"'
on
the
Total for
Per
Week
Total volume of round-lot sales effected
Centa
Exchange
3,146,400
Round-lot
transactions of members except transactions of
specialists and odd-lot dealers in stocks in which registered:
1. Initiated
the floor—Bought
on
166,790
Sold
195,780
Total
362,570
2. Initiated off the floor—Bought...
Sold
481,575
$20,950,311
Stock
York
of
•
YORK
148,838
3,937,634
6,612,223
Exchange
Reports
Outstanding
$1,186,327,581 June 30—Increase
$34,114,593 over May 29 and $197,784,340 over
June 30, 1936
617
—
Note—On the New York Curb Exchange the round-lot transactions of specialists
which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
NEW
3,250,595
3,978,073
Brokers' Loans at
"In stocks in
entries in
89,073
19.719
$3,171,786
♦
107
no transactions
Value
73,761
81,015
88,888
3,321
572,714
104
Initiated off floor
Reports showing
3,155
Exchange
1,074
As specialists *
Other than as specialists
on
Shares
Orders
3,624
3,676
5,943
99,190
Reports showing transactions:
Initiated
-
Number
Number
Orders
based upon reports filed with the New York
Exchange and the New York Curb Exchange by their respective
members.
(Customers' Orders to Sell)
Trade Date
exceeded by 6.6% the ticker volume (exclusive of rights and warrants).
Stock
Purchases
(Customers' Orders to Buy)
week ended June 5 on the New York Stock Exchange, 3,146,400
shares,
was
1937
Outstanding brokers' loans on the New York Stock Ex¬
change increased during June to $1,186,327,581 at the end(of
the month, the Exchange made known on July 2 in
issuing
its monthly
compilation.
The figure is $34,114,593 in
excess of
the May 29 total of $1,152,212,988 and $197,784,340 over the June 30, 1936, figure of $988,543,241.
During June, the demand loans rose above May 29 and June
30, 1936, while the time loans were less than on the two
earlier dates.
Demand loans on June 30 were reported by
Exchange at $818,832,335, against $777,836,642
May 29 and $581,490,326 June 30, 1936; time loans at the
latest date amounted to $367,495,246, as compared with
$374,376,346 and $407,052,915, respectively, a month and
the Stock
a
5.76
year ago.
The New York Stock Exchange member total net
borrowings
contracted for and carried in New York, as of the close of
112,635
173,320
on
collateral,
business, June 30,
1937, aggregated $1,186,327,581.
The detailed tabulation follows:
Total
285,955
Demand
(1) Net
Round-lot
transactions
of
specialists
In
stocks
In
borrowings
banks
which
registered—Bought
or
on
from
collateral
New
$366,778,246
York
trust companies
(2) Net borrowings
on collateral from private bankers,
brokers, foreign bank agencies or others in the
300,390
Sold
Time
$775,785,035
4.54
308,670
City of New York
Total
609,060
43,047,300
717,000
9.68
$818,832,335
Total round-lot transactions of members, except transactions
of odd-lot dealers In stocks in which registered—Bought..
Sold
Combined total of time and demand borrowings
Total face amount
579,815
677,770
-
Total
1,257,585
19.98
Below
FOR
NOV. 30
1,082,707
ACCOUNT
OF
MEMBERS *
IN
ALL
Total volume of round-lot sales effected
transactions
of
members,
on
except
transactions
a
63,905
specialists
In
stocks
in
276,827,415
282,985.819
31
Jan.
Total
192,720
Bought
30
719,105,327
307,266,765
734.435.343
340,396,796
792,419,705
804,749,884
777,836,642
366.264,500
May 29
382,529,500
374,376.346
June 30
818,832,335
367,495,246
Apr. 30
4.11
Total
Customers'
12.39
Taken
297,825
19.15
988.543,241
1,051,425,161
1,026,372,092
1,074,832,139
1,158,684,205
1,187.279,384
1,152,212,988
1,186,327,581
Men
114,069
members, their firms and their
partners,
including special partners.
a Percentage
of members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
actions includes both purchases and sales, while the total
Exchange volume includes
only sales.
and
Branch
Managers—Action
intended to avoid lay-offs due to the
present reduced trading in the stock market, was taken by
the Committee on Customers' Men of the New York Stock
Exchange
69,242
44,827
"members" includes all Exchange
969,997,839
967,381,407
973,784,584
971,531,244
974,928,018
984,004,702
Avoid Dismissals Due to Dull Market
to
A move, regarded as
Odd-lot transactions of specialists in stocks in which registered:
The term
1,063,950,736
New York Stock Exchange to Permit Reductions Below
Established Minimum in Salaries of Registered
145,120
152,705
Sold
Total
376,107,915
410,810,915
407,052,915
396.076,915
381.878,415
372,679,615
313,642,415
Feb. 27
Total round-lot transactions for accounts of all members:
♦
292,695,852
243,792,915
Mar. 31
2.65
90,495
102,225
Sold
792.421,569
846,113,137
938.441,652
which
registered—Bought..
Sold
Bought
772,031,468
1937
35,225
28,680
-
Total
of
768,439,342
30
May 29
June 30
Oct.
41,200
transactions
631,624,692
753,101,103
688,842,821
559,186,924
581,490,326
571,304,492
591,906,169
598,851,729
661,285,603
708,177,287
Sept. 30
21,800
2. Initiated off the floor—Bought
Sold
600,199,622
July 31
Aug. 31
19,400
Total
924,704,335
924,320,544
996,894,018
31
29
Nov. 30....
Per
CerA
of
Sold
781,221,880
324,504.713
'
Feb.
Mar. 31
777,825
specialists In stocks in which registered:
1. Initiated on the floor—Bought-
418,266,300
456.612,100
439,457,000
391,183,500
Jan.
Apr.
the Exchange
$
808,589,298
768,934,748
Dec. 31
(SHARES)
Total for
Week
Total Loans
$
334,199,000
349,335,300
372,553,800
1936—
STOCKS
Week Ended June 5, 1937
Round-lot
31
Oct.
Dec. 31
EXCHANGE—TRANSACTIONS
$41,147,100
Time Loans
$
474,390,298
419.599,448
399,477,668
362,955,569
335.809,469
406,656,137
547,258,152
Sept. 30
505,573
577,134
-
CURB
collateral
two-year compilation of the figures:
July 31
Aug. 31
(including odd-lot transactions of specialists):
Total
Round-lot
a
1935—
232,750
-
YORK
furnish
June 30
Total
NEW
we
Demand Loans
82,170
Bought
as
The scope of the above compilation is exactly the same as in the loan
150,580
Bold
In odd lots
pledged
(1) and (2) above..
report issued by the Exchange a month ago.
registered:
1. In round lots—Bought
Sold
of "government securities"
for the borrowings included in items
Transactions for account of odd-lot dealers in stocks In which
2.
$367,495,246
$1,186,327,581
on
June 28 when it suspended,
and "until further
for
registered
who
have
effective July 1
notice," the rule fixing minimum salaries
customers'
men
and branch
office managers
been
continuously registered with their present
employers for at least six months, and whose salaries have
not
been changed within the past three months.
permit
missing
had
member
a
been
firms
to
considerable
informed
reduce
number
the
firms
This will
instead of dis¬
salaries
of men,
would
do.
as
the
The
committee
committee,
however, continued in effect, for the present, the rule fixing
salaries which may be paid a branch office man¬
ager or a customers' man not previously registered or who
minimum
Odd-Lot
Trading
on
New York Stock Exchange During
as
Reported by SEC
Week Ended June 26
On
July 1 the Securities and Exchange Commission made
public a summary for the week ended June 26, 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 19 were given in these columns
of June 26, page 4257.
has
not been
registered
during the past 12 months.
The committee, in its notice to member firms, cited the
rule which requires prior written approval of the committee
before a stagger system is instituted by a member firm,
and said that "as
does
not
its
a
matter of
general policy, the committee
the present, to approve
stagger plans which affect branch office managers or cus¬
tomers'
June
see
men."
way
The
26, follows:
clear,
for
committee's
notice,
bearing
date
of
Volume
Financial
145
Chronicle
35
been considered in connection with
NEW YORK STOCK EXCHANGE
analysis of data on public trading
our
activity).
COMMITTEE
MEN
CUSTOMERS'
ON
June
To the Members of the
Rule No.
Committee
customers'
men
Customers' Men, which is set forth on
on
be paid
shall
of
SEC
the
terminating the unlisted trading
privileges follows:
It is ordered, pursuant to Section 12 (f) of the Securities
G-49 of the Directory andi Guide, provides that branch office managers
page
and
of the
10
The order
26, 1937.
Exchange:
shall be at least
salaries "which
fixed
equal to the following weekly minimum": y..
Detroit,
Los Angeles,
United
Philadelphia,
Cities
Over
Under
400,000
400,000
"We
Cities
Stales
San Francisco
the 10th day of July, 1937.
on
being questioned about the result
mission's findings, Meyer Willett said:
Cities
City
of the close of business
as
New York Curb Exchange
On
Foreign
Boston,
York
Exchange Act of
amended, that said application be and the same is hereby granted
as
shall terminate
Other
Chicago,
New
1934,
and that said unlisted trading privileges on the
the Com¬
to
as
naturally pleased that the Commission has found for us in our
are
application to terminate unlisted trading privileges on American District
Telegraph Company (New Jersey)
common
and preferred stocks.
"The broad significance, it seems to us, in view of the decisions, is that
Employees not previously reg¬
$60
$50
$40
40
istered as customers' men--
Employees
l
30
committee
$35
30
;
25
that
determined
has
further
until
notice
object to reductions below the prescribed minima in the
tered branch office
managers and
customers' men who
it
will
not
salaries of regis¬
been con¬
tinuously so registered with their respective present employers for at least
six months, and whose salaries have not been changed within the last
three
recognized dealer
have
As
can
and
more
heard the procedure will become standardized and it is rea¬
more cases are
sonable to suppose that trial and error will indicate In advance, to a dealer
making application, what the likelihood is of having his petition granted."
Bristol & Willett were representedlby^HermanlGoldman,
Attorney, and Elkan Turk of Counsel.
months
There is
as
any
be hopeful of obtaining results where he has the proper facts.
regis-
previously
tered as customers 'men—
The
$45
25
Section 12 (f) 3, has practical significance in that
no
set forth
change in Rule No. 11 of the Committee on Customers'
on
page
Men,
Current Joint Statement of J.
G-50 of the Directory and Guide, which provides that
Drexel
for branch office managers and customers' men
not previously registered as such, or who have not been so registered during
the past 12 months, will remain in effect for the present.
Attention is especially directed to Rule No. 15 of the Committee on
Customers' Men, as set forth on page G-50 of the Directory and Guide,
The
prescribed
which
before
matter of
present,
a
prior
written
stagger system
approval
is
of
the committee
to
As a
stagger plans which affect branch office managers or
June
P.
Morgan & Co. and
30—Resources
Co.,
Philadelphia, as of June 30,
1937, was issued on April 2 showing total resources of the
two firms at $608,333,024, an increase when compared with
March 31, the date of the last previous statement, and with
Dec. 31, 1936.
On the earlier dates the assets of the firms
totaled $565,682,829 (March 31) and $550,338,618 (Dec. 31.)
In the latest statement—for June 30—cash
hand and
on
deposit in banks is shown at $122,997,394, compared
on
with^ $101,480,512 and $89,657,159, respectively,
contained herein are effective July 1,
ROBERT L.
Special
shall be
instituted by a member firm.
men.
rulings
of
as
New York, and Drexel & Co.,
general policy, the committee does not see its way clear, for the
to approve
customers'
The
minima
that
provides
obtained
Co.
The joint statement of condition of J. P. Morgan &
thereafter be changed every three months.
ment, but may
&
of $608,333,024, Compare With $565,682,829 March 31
salary of a branch office manager, customers' man or junior customers'
man
shall not be changed during the first six months' period of employ¬
the
the
on
earlier dates.
1937.
FISHER,
Secretary.
Committee on Commissions Submits Report
New York Stock Exchange—Members Asked to
Express Views
Special Committee on Commissions, appointed by the
Governing Committee of the New York Stock Exchange on
Jan. 9, 1935, submitted on July 1 a report recommending
amendments to the constitution and rules of the Exchange.
These amendments, if adopted, would change in important
respects the rates, methods of computation and the division
of the minimum commissions now fixed by the constitution
of the Exchange and vest in the Governing Committee power
to fix the minimum commissions which must be charged by
The
Holdings of United States Government se¬
reported
at $342,700,266 against $289,505,516 March 31 and $297,243,312 Dec. 31, while holdings (June 30) of State and muni¬
cipal bonds and notes are shown to be $42,640,041.
On
curities
at the end of the first half of the year are
as
March 31 the two firms held $67,157,129 of State and muni¬
cipal bonds and bills and on Dec. 31 $63,318,110.
Total deposits at the close of the half year, $542,015,746,
exceed those of the two earlier dates, when they amounted
to $495,559,731 (March 31) and $478,922,407 (Dec. 31).
The June 30 deposits were made up of $522,841,438 of de¬
mand deposits and $19,174,308 of time deposits.
Capital
of the two firms remained unchanged at $25,000,000, while
surplus and partners' balances dropped to $22,661,593,
from
$24,732,541
and $24,547,588, respectively,
three
months and six months ago.
members.
The
Governing Committee has referred the report to the
consideration and also directed
Law Committee for further
Financial
a
copy
of
Security and Exchange Commission in an opinion
made public June 30, has ordered the termination of un¬
listed trading privileges on the New York Curb Exchange in
both the 7% convertible cumulative preferred stock ($100
par) and the common stock (no par) of the American Dis¬
trict Telegraph Co. of New Jersey.
The case arose on the
application of Bristol and Willett security dealers in New
York City.
The application was made pursuant to section
12 (f) of the Securities Exchange Act of 1934, and Rule JF5.
The stock enjoys unlisted trading privileges on the New York
Curb Exchange pursuant to clause (1) of said section 12 (f).
The security dealers based their request for termination of
unlisted trading privileges in the stock on all three of the
statutory grounds, alleging that by reason of inadequate
public distribution of the state in the vicinity of the New
York Curb Exchange, and by reason of inadequate public
trading activity therein on such exchange, and because of the
character of such trading, the termination of such unlisted
trading privileges was necessaiy and appropriate in the pub¬
lic interest and for the protection of investors.
The SEC in its opinion states in part:
y .
In effect, therefore, the
market in this stock on the New York CurbEx-
change appears, on the record herein, to be
kets made by the over-the-counter dealers.
ket activity is not "public trading
the meaning of section
standards of section
12 (f).
dealer's
private\mar-
primarily a private
market, maintained by the specialist in competition with the
It is clear that this kind of mar¬
activity" (underscoring supplied) within
Implicit in the general tenor and specific
l^(f) is the conception of an exchange as primarily a
When account is taken of this factor, it must
indicate insufficient public trad¬
public auction market:
be recognized that the data set forth above
ing activity to justify the continuance of unlisted
We find that, by reason of inadequate
on
the New
the protection
The
it
as
is the
stands
fiscal
benefits,
age
the $700,000,000
old-age
Reduced—Ad¬
immediate practical
steadily
increase
It
is
important to
is
levied
a
years
bear
disastrous
and
old-age
that the bulk
in mind
impairment
can
of
its
a
carry
to
an
accounts
during
indefinite
reserve
for
period.
of the program—old-
assistance—may
$4,000,000,000 within 20
and
employment and constitutes
on
Whether business
activity.
benefits,
unemployment
concern
Under the Act
that will be taken in taxes and'
unemployment
and
will
year
taxes
of
the social security
direct burden
a
reach
years.
on
business
burden of this magnitude without"?
aggregate productive capacity is a serious
question.
While
stating
"the
that
main
objectives
of
the
Social
Security Act are unquestionably praiseworthy and must com¬
mand universal
sympathy," the "Survey" declares that "the
be recognized for what it is—a gigantic
should
itself
Act
experiment, or set of experiments, with sopie palpable weak¬
that need
nesses
able."
the
Both
reduced.
reserve
old-age
other fea¬
account should be abolished or drastically
and
unemployment
"pay-as-you-go" basis, with
adjusted toward a
benefit
plans
should be
definite requirement that
public
a
collected in advance of benefit payments be used to reduce the
taxes
and
to
not
finance
extravagant schemes of expenditure.
should be given
sideration
with
numerous
by experience to be proved work¬
Continuing, the "Survey" said:
Certainly the old-age
debt
and with
correction
tures that must be tested
taxes
less
Serious
con¬
to the possibility of financing benefit payments
destructive to business enterprise than
likely to be
those
of the entire program should be
closely watched in an effort to determine whether the national economy
is capable of bearing a financial burden of such vast magnitude without
Finally,
payrolls.
on
the
operation
suffering ill effects so serious as to outweigh the advantages.
considerations point,
These
of
success
of
this
or
any
national finances on
the
finally, to the
a
this
is
fund
vast
against
vicinity of the New York Curb Exchange, nor concerning
Act.
Receipts
A
one
absolute prerequisite for
other public benefit plan—the reestablishment
a
sound basis.
Unsound Features
the trading therein on such exchange (except
is of
that
program
$3,000,000,000 within 10
concerning alleged inadequacy of public distribution
of the stock in the
the character of
insofar as these have already
the
to
coming
It
need not examine the contentions of the applicant
the
According to the estimates the three major features
of investors.
we
or
huge financial burden that it will involve.
at present,
appropriated
the
of
aspect
business
unlisted trading privi¬
such exchange is appropriate in the public interest and for
In consequence,
Abolished
Be
suggesting that the old-age and unemnloyment plans
Social Security Act be adjusted toward a
York Curb Exchange, the termination of
leges therein on
Guaranty
the Federal
the
public trading activity in this stock
by
"pay-as-you-go" basis, the Guaranty Trust Co. of New York,
Survey," published June 28, says:
trading in this stock on the
New York Curb Exchange.
Noted
Security Act—Suggests Old Age
in its monthly "Guaranty
plication of Bristol and Willett, Security Dealers
The
Business
on
Social
Account
Reserve
In
Privilege in Common and Preferred
Stock of American District Telegraph Co. of N. J.
To Terminate July 10—SEC Ruling Favors Ap¬
in
justment of Unemployment Plan Also Urged
•
Unlisted Trading
Burden
Trust
of the report be sentyto each member of the
Exchange for their views on the various recommendations.
that
of the Reserve Plan
basis of the old-age benefit plan, whereby
obligations is to be built up as a "reserve"
"self-supporting"
of government
future
demands,
moment's
from
the
that is the
consideration
payroll
taxes
is
most unsound
sufficient
are
to
be
feature of the entire
why this is so.
to
show
paid
into
the
Treasury
as
Financial
36
internal
They
there
although
account,
determination
The
final
each
year
seems
of
aside
to be
the amount
old-age reserve
that they are.
by law for the
a popular belief
to be appropriated to the account
Congress.
rests with
credited
Funds
set
not
are
to
however,
to
are
In case special obligations are issued to
those obligations go back into the
In other words, the Treasury simply keeps
obligations in the open market.
account, the amounts paid
the
general fund of the Treasury.
the cash
for
Therefore,
obligations to the account.
issues its
and
even
if the
"earmarked" for the account, the
the cash for its current expenditures.
When the plan is viewed in this light, it becomes obvious that the idea
of
the
old-age reserve account as an accumulated fund constituting a
reserve against future needs is a delusion.
The account is merely a book¬
keeping device, a set of figures without tangible meaning or value.
The
obligations held in the account, ostensibly as a reserve, are nothing more
from
receipts
the payroll
taxes, were
Treasury would still be free to use
promises of
unsecured
than
the
ment
Reserve
reports
System whose
the government to pay;
and the govern¬
low
with
showed
earnings,
net
Temptation to Extravagance
due
the
to
have
that
criticisms
The
fact that
it
is
been
not
made against
only unnecessary
temptation to governmental extravagance—a
temptation that will inevitably
group" of
with net current operating deficits,
showed net losses.
However, of the
earnings, 936, or 13%, showed
current operating deficits, 97,
47%, showed net profits after recoveries and charge-offs, and 110, or
53%, showed net losses.
Approximately 3,500 of the banks reported net
profits that were smaller than net current operating earnings.
The smaller
net profits reflected the fact that the amount of worthless assets charged
off was greater than the amount of recoveries on assets previously charged
off and of profits on other assets, chiefly securities, sold.
Approximately
2,000 banks reported net profits that were greater than net current operat¬
ing earnings and approximately 2,000 banks reported net profits that
or
the same
about
were
net current operating earnings.
as
interest paid on time deposits
Rates of
1936 than in 1935.
both
in
in
1936 compared with 5%%
in
interest
3%%
averaged lower
securities, the figure being approximately
dividends received on
and
.
.
practically no change in the average rate of
There was
1935.
averaged 6%
loans
received on
Interest
*
and Paid
Received
Interest
in
the reserve account are
but presents a constant
or
profits or
of net
rates
low
of net current operating earnings
and charge-offs, and banks
of net profits after recoveries
of
rates
7,253 banks showing net current operating
net losses.
Of the 207 banks showing net
undertake directly to pay future old-age benefits
account whatever.
any reserve
banks not members of the Federal
analyzed in detail, 1,046, or 14%,
86%, reported net profits after recoveries,
were
general, the banks with high rates
In
showed high rates
might equally well
without
Profits
commercial
insured
7,460
reported net losses, and 6,414, or
be held in cash.
not to
are
be invested in direct and contingent obligations of the
government, either on original issue at par or by purchase of outstanding
They
the
Of
charge-offs and taxes.
account,
the
Net
of the general income of the
become part
collections and
revenue
government.
1937
3,
July
Chronicle
years.
strengthened by agitation from the newly-created "pressure
be
prospective beneficiaries.
...
does not lie in the possibility that Congress may fail
appropriations to the account or that it may lower
to
the
scale of present and prospective payroll taxes.
Either of those alterna¬
tives would be preferable to carrying out the provisions
of the present
plan, since it would reduce the real danger, namely, that the mounting
reserve
account will result in unprecedented extravagance by creating an
illusion of great affluence.
If the plan is to be carried out, it should be
modified in such a way as to remove this temptation.
The simplest and;
soundest way of accomplishing this end would be to abolish the reserve,
place the whole scheme on a "pay-as-you-go" basis, and collect taxes
only as they are needed to meet the benefit payments.
Another feature of
the plan that has been rightly criticized is the
requirement that the account shall be invested in securities yielding at
least
3% interest.
If such securities cannot be obtained in the open
market, the Treasury must issue special 3% obligations to the account.
The government is thus assured of a market for its securities at 3% to
the amount of the funds available for investment for the account, regard¬
less of money market conditions or the state of government credit; and the
Treasury is relieved of the normal necessity of subjecting its borrowing
activities to the scrutiny and appraisal of the investing public.
In this
way a strong natural check against governmental extravagance is removed.
The
danger
System, on "Public Opinion and Credit System"—
Before Montana Bankers Association, Presents for
Annual Report—Totaled $523,000,000 Against $207,000,000 in 1935 in Case of
1936, According to
Insured Commercial Banks
the Credit System" was the title of
Davis, member of the Board of
Governors of the Federal Reserve System, delivered
on
June 25 before the Montana Bankers' Association at Glacier
"Public Opinion and
of the 13,956 commercial banks insured by the
Insurance Corporation in 1936 were more
than 2% times greater than in 1935, the FDIC disclosed on
June 22 when it made available the portion of its annual
The net profits of the banks
for the year ended Dec. 31, 1936, after allowing for losses
and depreciation charged off, recoveries on assets previously
written
off, and profits on securities sold amounted to
$523,000,000 as against $207,000,000 in 1935.
The 1936 fig¬
ure, the Corporation said, is equivalent to 8y3% on total
capital account compared to 7 2/3% on total capital account
for net current operating earnings.
The Corporation ex¬
plained that the increase in net profits in 1936 over 1935
"was due to substantially smaller loss and depreciation
charges on assets and substantially larger profits on securi¬
ties sold and recoveries from assets previously charged off."
of the net profits, or $223,000,000, were
cash dividends and in interest on capital notes and debentures.
Approximately 43%
in
paid out
Interest
equivalent to 3^% of total capital
account and to 7% of the par value of capital stock, notes and debentures,
slightly higher rates than in 1935.
The balance of the net profits, amounting to $300,000,000, was retained
dividends
and'
paid
declared were
declared and interest paid on
In 1935 total cash dividends
by the banks.
capital notes and debentures were
In commenting on
Gross
equal to net profits.
current operating earnings
of the banks,
over
one-half
to $1,564,000,000, an increase of $81,000,000, or
The percentage increase in earnings was approximately
the percentage increase in earning assets.
Current operating ex¬
1935.
amounting to $1,083,000,000 in 1936, were
penses,
4% larger than in the
previous year.
•
earnings in 1936 amounted to $481,000,000.
of 9% over 1935.
Net current operating earnings in
Net current operating
is
an
increase
equivalent to $0.90 for each $100 of
were
$0.92 in
total
on
This
1936
total assets as compared with
to 7 2/3%
1935.
Net current operating earnings were equivalent
capital account, which is also slightly higher than in
1935.
Corporation had the following to say
ings of the 7,460 insured commercial
the Federal Reserve System:
regarding earn¬
banks not members of
members of the Federal
and operated throughout the
year,
207, or 3%, showed net current operating deficits before allowing
for profits on assets sold, recoveries,
and depreciation and charge-offs.
This was a much smaller number than reported operating deficits in 1935.
The banks which showed net deficits held less than 2% of the deposits
in insured commercial banks not members of the Federal Reserve System.
Of
the
Reserve
7,460
Approximately
of
for
commercial banks
not
37% of the banks showed net current operating
earnings
46% showed net earn¬
of from $1.01 to $2, and 14% showed net earnings of more than $2
not
ings
insured
System which reported to the FDICI
more
than $1 for
each $100 of
each $100 of total assets;
total assets.
again
'thirties," he noted, "are still fresh in our minds.
Yet it has seemed to me that in this field there is almost
a
total lack of the general information which is essential
to clear and unprejudiced thinking."
Continuing, he said:
of
of
settled
a
value
Today about
in gold
95% of
or
our
silver, con¬
business is
The banker who extends credit creates money
his books or on the books of another bank—money
house, pay for making a crop, or run a business or a
on
the wages of labor, or buys raw
P. pays
of
by
that can
railroad.
material for a factory.
banks restrict credit or when banks fail, they cause a
bank currency, of our money, just as truly as though
Similarly, when
contraction
the
with fixed
exchange.
of
medium
by bank checks.
entry
an
usually
another,
or
the
stituted
thinking about money goes back to the day when currency
our
form
one
our
collected bank notes and destroyed them.
This is why
by a public body representing the interests
government
credit control must be exercised
the whole
of
Nation.
to create and destroy money
The power
possess
this
of
accounts
power.
carried
is
by
supervised
chartered,
the banks that
Nearly two-thirds of them in number are not members
Reserve System, although 86% of the volume of checking
Federal
the
is a gigantic power and a heavy
No thread of common policy runs through
responsibility.
banks.
The more than 15,000 banks are
examined by at least 51 separate and distinct
System
or
authorities.
There
are
What
is the
many
thinking:
questions about which people ought to be
function
of gold in the future monetary
system?
Shall we
again pin our faith to gold or some other metal or combination of metals
as
a sort of
automatic regulator of our money system?
Or is xhe world
going
to
still
move
farther in the
direction of what is called managed
is, managed by human agencies
rather than by theoretically
other disembodied mechanism?
steps shall be taken to bring unity into the banking system, and
with what agency or agencies shall public responsibility be placed?
What can be done to make credit as available to the farmer and the
automatic
gold
or
some
What
business
small
man,
and
reasonable terms, as to the large urban
as
on
borrowers?
Have
and
taken
we
financial
the
adequate
steps to avoid future waves of
bank failures
liquidation?
inter-relationship of
the
is
our
banks and other investors
with
debt?
public
government abandon the almost
the
universal practice of issuing
borrows on credit, and turn to the issuance
of non-interest bearing notes in their stead?
I could add to these questions indefinitely,
and so could any of you.
I would not attempt to answer them to your satisfaction
even if there
were
no
limits to my time and your patience.
I assure you that the
questions are not unimportant or remote.
Every one of them is in the
foreground or background of public consideration today.
I say there's no time for answers here.
Perhaps a little comment may
be in order, even at the risk of drawing out this afternoon's program
interest-bearing bonds when it
unduly.
One
fusion
The
"Our experiences of the early 'twenties, and
in the early
Should
all insured commercial banks
current operations of
pointed out that "what is
vitally every man, woman and child of the
done will affect
What
1936 amounted
during
5%
from
earnings
and credit policies, and in the agencies that are
concerned with them," Mr. Davis
Nation."
in
period of far-reaching change and evolution
a
money
our
FDIC, in its report, said:
the
in
are
we
money—that
Corporation added:
The
Observing that "it is clear to me that
National Park, Mont.
Federal Deposit
report dealing with earnings.
Chester C.
by
address
an
build
Net profits
Questions Vitally Concerning the
Consideration
Nation
Much
FDIC Member Banks Increased During
Net Profits""of
of Board of Governors of Federal Reserve
C. Davis,
C.
annual
the
make
.
.
.
common
very
of
vast
belief which to me seems a delusion is that trans¬
of new currency into the bloodstream of this
quantities
the patient's pulse and speedily make him well.
The
superficial comment is that, in March, 1933, at
the blackest hour of the depression, the quantity of money in circulation
land
would
was
the
for
perhaps
largest in our country's history—over
pared with
No
quicken
though
obvious,
purposes
moves
of
business
banks
into
and
will
finds
ordinarily
its
way
used
for
for
and
dangerous
in
circulation.
reserves.
The rest
It is what
Excessive banking reserves that
infla¬
expansion of credit—for unwise
quicken the patient's pulse and make him feel well
a
time, but surely none of us, for the sake of the first effects, wants
risk what must inevitably follow when the pendulum has swung the
tion—may
to
undue
stay
into banking
happens from that point on that counts.
are
7% billions, in fact, com¬
4% billion average for the four years 1926 to 1929 inclusive.
is issued, only so much of it as is convenient
matter how much currency
other way.
indeed
>
Volume
of the
The Federal
Reserve System was created as a national
instrument in which certain
powers to influence and, to a degree, control credit conditions and policies
have been vested.
As such a national instrument, it seems reasonable to
One
other
Federal
of
Here's
System.
lot of
a
talk about the nature
the way it looks to me:
paramount in determination
to run counter to private
One thing seems clear—the policies of such a national
never be
dominated either by private or by partisan
that the general
assume
hear
We
comment:
Reserve
public interest must be
policy even if at times it may seem
System
banking interest.
should
instrument
interests.
You
may
and
credit
is
it
said
that are being said there
not like all the things
and banking, but I hope you
money
strikes
you
biased or incorrect.
as
both to think things through yourself and to help
your community the basic facts which
alone will aid
choose that which is true from that which is not true.
you,
in
to
days about
will agree with me that
that is
provoke
make available
public opinion
going on. Perhaps much
Let it be a challenge to
healthy thing to have discussion
a
history has not yet answered
Macaulay nearly a century ago, who
that institutions purely democratic
must, sooner or later, destroy liberty, or civilization, or both."
Nor, on
the other hand, the conclusions of a present-day Englishman, John Strachey,
that
the capitalistic system carries within itself the
seeds of its own
In
let me
conclusion,
have
"I
said:
remind you that
prophecy uttered by Lord
long been convinced
the gloomy
destruction.
Certainly I do not come before you today with the answers.
to echo
the customary crop of commencement address
are
accompanied by
corporated bank
bills applied for, unless the
by an in¬
guaranty of payment
express
an
or trust company.
of tenders on July 2, 1937,
banks or branches thereof up
Immediately after the closing hour for receipt
all tenders received at the Federal Reserve
the
to
closing hour will be opened and public
ceptable prices will follow
announcement of the ac¬
possible thereafter, probably on the
as soon as
expressly reserves the
The Secretary of the Treasury
following morning.
right to reject any or all tenders or parts
of tenders, and to allot less
than
such respect shall be final.
will be advised of the acceptance or rejection
Payment at the price offered for Treasury bills allotted must be
the Federal Reserve banks in cash or other immediately available
the amount applied for, and his action in any
Those submitting tenders
thereof.
made at
funds
July 7, 1937.
on
.
.
and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax).
No loss from the sale or other disposition of the Treasury bills
be exempt, as to principal and interest,
The Treasury bills will
as
a
of any tax
or
hereafter imposed by the United
now
>'
possessions.
Treasury Department
Circular No.
of the
prescribe the terms
for the purposes
deduction, or otherwise recognized,
shall be allowed
States or any of its
'■
418,
as
amended, and this notice
of
bills and govern the conditions
Treasury
Nor do I
in which
pretend to inspire the youth
to do better the tasks we have done all too poorly.
We live in a swiftly changing world.
Governments will play an increas¬
ingly important role in assisting their citizens to make adjustments.
This
will be true of money and credit, as well as of other economic and social
factors.
In determining what government can do, the all-important thing
is the attitude of those to whom you delegate its powers.
If they sit
tight and inflexible, eyes glued to the past, while the vast mechanism
of this country ensnaris, another and more serious explosion may occur.
If they combine intelligent understanding with
courage—the willingness
to act;
if they use, change, discard, or supplement existing means as
changing conditions or experience indicate; then government may assist
its
people to direct the Nation's boundless energies along the road of
orderly
deposit of 10% of the face amount of Treasury
tenders
their issue.
want
of
members
37
Financial Chronicle
14S
the older
and aging generation
progress.
$123,676,000 Tendered to Offering of $50,000,000 of 273Day Treasury Bills Dated June 30—$50,015,000
Accepted at Average Rate of 0.619%
A total of $123,676,000 was tendered to the offering of
$50,000,000, or thereabouts, of 273-day Treasury bills dated
June 30, 1937, and maturing March 30,1938, Henry Morganthau, Jr., Secretary of the Treasury, announced June 28. Of
the amount tendered, it is stated, bids of $50,015,000 were
accepted.
by
noted in our issue of June 26,
page 4259.
They were received at the Federal Reserve
banks and the branches thereof up to 2 p. m., Eastern
Standard time, June 28.
In his announcement of June 28,
Mr. Morgenthau had the following to say regarding the
The tenders to the
offering were invited on June 24
Acting Secretary Magill as
99.583, equivalent to a rate of
of about 0.634%
per annum, on a bank discount basis.
Only part of the amount bid for at
the latter price was accepted.
The average price of Treasury bills to be
issued is 99.531 and the average rate is about 0.619% per annum on a
The accepted bids
tinue to Work Within Tripartite
ment—Pledges Cooperation, Despite French Mon¬
Crisis—President
Roosevelt
and Premier
Van Zeeland of Belgium Issue Similar Statement
etary
Secretary of the Treasury Morgenthau announced on July
that the tripartite monetary agreement between the
United States, France and Great Britain will be continued,
despite the financial crisis in France.
He made public a
communication to Georges Bonnet, French Finance Minister,
stating that the United States anticipates "a continuation
of close
co-operation between our treasuries under the
tripartite declaration."
On June 28 Mr. Morgenthau said
that the United States stabilization fund of $2,000,000,000 is
1
adequate to meet all present needs. On the following day a
joint statement was issued by President Roosevelt and
Premier Van Zeeland of Belgium, who has been visiting
Washmgton, stating that this country intends to co-operate
with others in monetary and trade matters.
This Statement
is given elsewhere in this issue today.
A Washington dispatch of June 28 to the New York
"Herald Tribune" quoted Mr. Morgenthau as follows:
Mr. Morgenthau said that this currency
changed, thus indicating that no official word had been received
99.519, equivalent to a rate
bank discount basis.
change in France.
the basis that the drastic increase in the British
On
equalization fund,
announced in London last week, might indicate an increase in
such
the United
Morgenthau was asked whether the Treasury planned any
move.
"Our stabilization fund of $2,000,000,000 is adequate
we can see at
It is adequate to protect American
The Secretary of the Treasury was referring to
$2,000,000,000 fund
now
for any situation
"I see no reason to increase the $200,-
this time," he said.
000,000 available at this time.
interests."
the $200,000,000 of the
allocated for actual use in keeping the dollar in
He said that if any more funds were made
line with the franc and pound.
with rates on
dated June 23),
(bills dated June 16), and 0.545% (bills dated
by the
Treasury at the time of the interview to indicate any important monetary
ranged in price from
about 0.550% per annum, to
stabilization and gold transfer
Britain, France and the United States, was un¬
agreement among Great
States fund, Mr.
accepted bids to the offering:
Says United States Will Con¬
Monetary Agree¬
Secretary Morgenthau
rate of 0.619% compares
recent issues of 273-day bills of 0.578% (bills
available than the actual $200,000,000, the increase
0.572%
9).
The Secretary's further comments on this matter were
reported as follows in Associated Press Washington advices
of July 1:
The
average
June
+
Measure Extending
"Nuisance" Taxes and Three-Cent
Postage Rate for Two Years
Signed by President
Roosevelt
on
Calling reporters to an early morning press conference, the Secretary
the
Treasury made public
30 signed the Doughton bill
communication to
a
effected last September by Great Britain,
participating nations to use stabiliza¬
France and the United States pledges
tion funds to prevent sharp fluctuations in
referred to in our issue of June 26, page 4262.
The taxes and the three-cent postage rate, which would have
and maintain steady money
was
July 1 if not extended, are expected to raise
approximately $650,000,000 in revenue annually.
expired
on
of
Offering of $50,000,000, or
the branches thereof, up to
2 p. m.,
yesterday, (July 2). The tenders
to the offering had been invited June 29 by Secretary of the
Treasury Henry Morgenthau, Jr. The bills, which were sold
on a bank discount basis to the highest bidders, will be dated
Reserve
banks
and
Eastern Standard Time,
July 7, 1937 and will mature on April 6, 1938.
On the
maturity date the face amount of the bills will be payable
without interest.
There is a maturity of similar securities
July 7 in amount of $50,045,000.
inviting the tenders to the offering on June 29, Secretary
Morgenthau said:
on
In
They (the bills) will be issued in bearer form only, and in amounts or
denominations
of
$1,000,
$10,000,
$100,000,
$500,000, and
$1,000,000
(maturity value).
No
tender
for
an
amount
less
than
tender must be in multiples of $1,000.
on
the basis of 100, with not more than
$1,000 will be
considered. Each
The price offered must be expressed
three decimal places, e.g., 99.125.
Fractions must not be used.
from incorporated banks
companies and from responsible and recognized dealers in in¬
securities.
Tenders from others must be accompanied by a
Tenders will be accepted without cash deposit
and trust
vestment
raise or lower its value
relationships.
Morgenthau said that he had been in constant touch with
and French financial authorities during the
last night with
Government
Thereabouts, of 273Day Treasury Bills—To Be Dated July 7, 1937
Tenders to a new offering of $50,000,000, or thereabouts
273-day Treasury bills, were received at the Federal
New
international exchange.
The stabilization funds buy and sell currency to
Mr.
British
French crisis, which was climaxed
French Parliamentary decision to grant the Chautemps
a
emergency
power
finances and action freeing the franc
over
from its gold peg.
*
Mr. Morgenthau's message to
to one sent
of
French
between our treasuries under the tri-partite declaration."
The monetary understanding,
extending for two years the so-called "nuisance" taxes and
the three-cent postage rate.
Final Congressional approval of
the bill
Georges Bonnet,
this country looks forward "to a continuation
Finance Minister, saying that
of close cooperation
President Roosevelt on June
would show promptly
the daily Treasury statement.
M. Bonnet, which was described as similar
by Great Britain, follows:
"Now that the French Ministry of Finance has
which it sought to meet the present
of close cooperation
been given the powers
situation, I look forward to a continuation
between our treasuries under the tri-partite declaration.
"May I express to you the sincere hope that France will soon emerge
from the temporary difficulties with
Mr.
which she is now confronted."
Morgenthau told reporters there had been
"
no
changes in any
technical arrangements under the agreement."
This statement indicated
that participating nations
permit the free movement of gold between their central
would continue to
banks and stabiliza¬
tion funds.
France suspended gold payments
said
this
account
country had
of France.
early this week, but Mr. Morgenthau
done a small amount of dealing in francs for the
This, Mr. Morgenthau said, coupled with stabiliza¬
tion activities of Great Britain and the
United States in their own currencies,
continued the agreement in full force.
A
>i
Mr. Bonnet to Jules Henry, Charge
d'Affaires of the French Embassy here, delivered to Secretary
Morgenthau on July 1, said:
message
from
"I wish to express my
heartfelt thanks to Secretary Morgenthau for the
wishes he was kind enough to convey to me.
taches
the greatest value to
The French Government at¬
the close collaboration which unites the two
treasuries.
"The energetic
effort which
we are now
making to achieve our financial
rehabilitation will allow us to pursue fruitfully the policy of
the tripartite
38
Financial
Chronicle
declaration and put an end to the difficulties with which we have been con¬
fronted."
A statement
July 1 by Secretary Morgenthau said:
the British in connection with the proposed change in the financial arrange¬
and ourselves
"We
French and British
to an agreement.
came
giving our simultaneously a statement at this time, and I am
are
very much
pleased that the three countries have been able to
to an
come
understanding which permits the continuance of the tripartite agreement"
Except as Belgian Prime Minister Van Zeeland may have
enjoyed the confidence of Secretary Morgenthau during his
stay in Washington this week, neither his Government nor
that of Switzerland
or
the Netherlands had been consulted in
this matter,
although they are subscribers to the tripartite
agreement, said the Washington correspondent, Clarence L.
Lenz, of the New York "Journal of Commerce," who like¬
wise quoted Secretary Morgenthau as follows:
"The original tri-partite agreement is between ourselves,
and France,"
we
explained Secretary Morgenthau, "and
work with these two countries.
three countries
Great Britain
on a matter
juncture like
a
Zeeland, who had bben in the United States
van
impressed by his visit and by President Roosevelt. During
Premier, besides conferring with
held several conferences with
Secretary of State Cordell Hull, Secretary of the Treasury
Henry Morgenthau Jr., and other government officials. He
had been in Washington last week and after making two
addresses in New York on June 28 returned to Washington
his stay in this country thb
President Roosevelt, also
official
on
Previous reference to his visit
June 22.
Premier
Mr.
van
van
spoke at
"rise to the occasion, liberate international trade
a
days," he pointed out, "and, due to the fact that the tripartite agreement
in force, we have had no disturbance of any kind in the American bond
market.
As
ment bond
a matter
of fact bonds this week, if you will look at the Govern¬
market, have remained steady, and had
we not
had the tripartite
agreement in force, we would have had great disturbance.
have been working
arrangements
and
fiscal
our
Federal Reserve Bank, has carried them out under
our
York
instructions.
"We have been doing a small amount of business for their
account," he
said when asked if the French had sent
)B*"I mean," he
added, "we
,as
us
any
new
gold during the week.
prosperity,
miss the
forward again to
opportunity and soon find
ourselves
the heritage of the last depression."
Credit
problems between the United States and Europe, he said, are
many
instances secondary in importance to the problem of breaking
in
down trade barriers.
"According to some," he said, "Europe is in need
of American capital.
In
opinion, this is not the case."
my
He likened the Spanish
conflict to
long time, and which has had constant
care,
....
been open
wound that has
a
for
a
unlikely to become infected.
Aside from this, he said, the maintenance of peace is largely dependent on
the solution of international economic
cooperation.
people, have wanted to buy or sell francs.
We have supplied them with necessary francs for the account of the Bank
threaten to strangle it and go
we
or
faced with difficulties similar to those of bitter memory which here for us
The technical
the New
agents,
dinner of the Council on Foreign
a
sieze the opportunity boldly." the Premier told the Council
we
Foreign Relations,
to
was
Foreign Policy
luncheon meeting of the
Relations at the Ritz-Carlton.
on
definitely
"The French have had this discussion going on now for three or four
a
Association at the Hotel Astor and at
"Either
pact intact.
made
Zeeland:
Zeeland
from the barriers which
keep the
was
our
The French
parties to the pact and efforts will be made
Zeeland visited the United States
issue of June 26, page 4260.
The New York "Herald-Tribune" in its issue of June 29,
summarized as follows the addresses made on June 28 by
in
fected the technical arrangements of the tripartite agreement.
are still
van
specially to receive a honorary degree of Doctor of Laws
from Princeton University and to pay his respects to Presi¬
dent Roosevelt.
The degree was conferred on the Belgium
this we work only with Great Britain and France."
He declared that nothing that has transpired thus far in France has af¬
Premier
June 29.
on
like this,
Of course, we will now advise the other
(Switzerland, Holland and Belgium) but in
1937
3,
since June 18, sailed for home on June 30 aboard the French
liner Normandie.
On departing, he said that he was greatly
"Since Monday night, we have been in consultation with the French and
ments that the French have made and this morning the
Premier
July
problems which
may
be solved by
•
The Premier expressed similar sentiments in his address before the For¬
"The Treasury, however, has not dealt in francs and it does not
francs "
4
own any
eign Policy Association, and there outlined
some
features weighting the European balances.
of France.
On the bad side he put "grow¬
law; the wild armament
^
of the bad and the good
ing opposition between groups of nations; repeated violations of international
race;
localize the Spanish conflict,
the constant difficulty met by the efforts to
and open recommendation of war in certain
limited but noisy circles."
President
Roosevelt
and
Premier
gium Express Satisfaction
Zeeland of
van
Over Trade
Agreement
and
Monetary Matters—Premier Sails
Following Two Addresses in New York
President
Roosevelt
Belgium, in
on
a
their recent
and
Premier
Paul
Bel¬
van
for
Home
the
Zeeland
of
joint announcement issued June 29 bearing
conferences, indicated that the international
the subjects of their discussions.
Satisfaction was expressed over the results of both
arrange¬
ments.
The commique pointed out that "it was the
dispo¬
sition of the United States to
cooperate in the joint work
of rebuilding international
trade, continuing cooperation in
monetary matters and seeking arrangements whereby the
burdens and dangers of overwhelming armaments
might be
reduced or the method of their
employment safeguarded."
President
Roosevelt in a separate statement also issued
were
among
^
June
29
Zeeland
"most
said
and
that the discussions between Premier
himself and other government officials
helpful and encouraging."
van
were
The President's statement
follows:
r
The conversations between the Prime Minister of Belgium and myself
and
other officials of the American
and encouraging.
visit.
I
Government have been most helpful
glad that the Prime Minister has paid us a
am very
I know that his stay in the United States will
strengthen the admir¬
ation and affection of the American
people for Belgium.
him and advocate of our ideals and
We recognize in
hopes.
The Prime Minister will carry back to
Europe the earnest best wishes
of the American people.
The
following is the joint communique issued by President
Roosevelt and Premier
van
Zeeland:
The President and the Prime Minister have had the
opportunity of re¬
viewing the operation of the trade agreement between their two countries
and
of the arrangements for cooperation and
stability in the monetary
sphere In which the two governments are now joined with the others.
The results
stration
that
are a
matter of great satisfaction.
countries
can
develop
an
They
are a clear
demon¬
enlarged and mutually beneficial
trade between each other, serving to give
employment and to improve the
standard of living in both countries, without
disturbing in any significant
way
the organization of their production.
an
example of what
as
can
steer¬
ing machinery for the monetary systems not only of the six countries that
the arrangement, but to much of the rest of the
world.
—
that
questions of economic difficulties and the continuing armament
are
now
creating
so
race
much anxiety in the harts of the peoples every¬
where.
Out of the conversations It
tional American
operate
in
the
policy It
joint
was
was
work
stressed that within the frame of tradi¬
the disposition of the United States to
of
rebuilding international trade,
cooperation in monetary matters and seeking arrangements
burdens and dangers of overwhelming armaments
co¬
continuing
whereby the
might be reduced
or
the
method of their employment safe-guarded.
Among the principles envisaged in the
republics at Buenos Aires there
were
The importance of peoples
being
program
adopted by the American
groups,
of objectivity and moderation has become more and more evident.
having
as
its object the maintenance of
almost
peace
has deliberately been adopted by strong and important coun¬
tries."
♦
Greetings Extended to Canada By President Roosevelt
On 70th Anniversary of
Confederation—Pledges
Continuation
of
"Warm
Friendship"—Lord
Tweedsmuir
Welcomes
Good
Wishes
of
President
Upon the occasion of the 70th Anniversary of Canadian
Confederation on July 1, President Roosevelt in extending
the greetings of the Government and people of the United
States, pledged "individually and collectively" the "con¬
tinuation of our warm friendship."
The President observed
that "ours is an enviable record of friendship and amity, as
witness an unfortified boundary of more than 5,000 miles
as the outward
and visible token of confidence and good
will."
The President's greetings were broadcast to Canada
from his Hyde Park N. Y. home at 8.45 p. m., Eastern day¬
light saving time.
Reply to the President's greeting was
made by Lord Tweedsmuir, Governor General of Canada,
who, speaking by radio from the British cruiser York in
Quebec Harbor welcomed "with gratitude and affection the
good wishes of the President not merely as a pledge of fellow¬
ship between neighbors and old friends, but as the congratu¬
lations of the pioneers who blazed the trail for us to follow."
"Marching in the same direction toward the same goal,"
said Lord Tweedsmuir, "I hope and believe that more and
more we shall come to
pool our ideas about the problems of
the road."
At the end of his message he said "Canada must
not have merely a formal confederation, but a sincere
identity
of purpose."
"Let us remember today," he concluded "that
her destiny is not to be a mere territorial
expression and not
to be merely nine Provinces but to be a single and indivisible
nation."
President Roosevelt's greetings follow:
On behalf of the government and people of the Unit ed States, it
gives me
sincere gratification to extend a word of greeting to our Canadian friends
and to congratulate them on the 70th anniversary of Canadian confedera¬
tion.
Through the
years
that have elapsed since that memorable July 1, 1867,
of the United States
have watched with
the
keenest and
most
sympa¬
thetic interest the splendid progress of the Canadian nation
which, in
increasing
measure, commands our respect
and inspires
our
ever
affection.
Individually and collectively, we pledge you the continuation of our warm
friendship. I do not know of any greater gift in the power of nations or of
individuals to bestow.
On
this
occasion
the
Canadian
changes, spiritual and cultural
The field is broad, but
cause
for pride.
educated for
peace
Ours is
fied
specially emphasized:
and led by their
The development and faithful observation of
peace agreements.
The pursuit of commercial policies that create
peaceful trading interests
realize the complete
as
people will
well
as
pause
to
contemplate
the
material, of the past seventy years.
i^ whatever direction you may look you will find just
We rejoice with you in your past and your present and in
the promise which the future holds.
governments toward peace.
between nations.
sense
at any cost
we
Beyond relations between Belgium and the United States they reviewed
the
now
In many responsible circles throughout
*
It is
be done where fear, holstility and aggressive intention are absent.
Such arrangements have served and will continue to serve both
have become parties to
"people everywhere
war.
Europe, and particularly in leading military, naval and diplomatic
A determined policy
monetary agreement, to which the United States and Bel¬
gium are parties, and the trade agreement between the two
countries
As against this, he said,
inanity and uselessness of
t
an
enviable record of friendship and amity, as witness an unforti¬
boundary of
more than
5,000 miles
as
the outward and visible token of
mutual confidence and good-will.
This friendship between our two peoples is secure from every hazard of
destruction
or
misunderstanding because it is based
tion to maintain, to
upon a common
aspira¬
defend, and to perpetuate the democratic form of
stitutional, representative government.
con¬
Volume
Financial
145
In that spirit I salute our neighbor of the north.
dian people
happy moments
The
I congratulate the Cana¬
the successful achievements of free Institutions through three¬
on
and ten years of confederation.
score
on
And
Canadian soil, I send you my affectionate greetings.
to
On behalf of the people of Canada, I most
warmly reciprocate the greeting
Canada is an old country; as a terri¬
But the United States became a federated people nearly a
Virginia.
or
New England
century before us, and thereby set us an example.
le,We
not
withfgratitude and affection the good wishes of the President,
welcome
merely
pledge of fellowship between neighbors and old
as a
We
North American peoples
We have both behind
of that civilization.
friends but
We are both
with the making of a new civilization in our hands.
a living European tradition which must be the basis
neighbors and friends and
are
and
more
us
And
we are
developed improved
thejexamination and selection of such employees.
I am writing to express the hope that the Congress may see fit to enact
legislation at an early date to place these positions under the merit system.
I strongly recommend, as urged in my communication to the Congress of
June 2, 1937, that all but policy-forming positions in the Executive branch
of the Government be included within the merit system.
President Roosevelt Asserts Federal Debt Has
both coming to realize that we have certain
we are
shall come to pool our
Canada union.
They could not give her unity.
Unity comes
only by the process of time, by the slow assimilation of different points
federation but
Let
a
sincere identity of purpose
and
a true
homogeneity of spirit.
her destiny is not to be a mere territorial ex¬
remember today that
us
of
Canada must have not merely a formal con¬
view and different traditions.
pression and not to be merely nine Provinces but to be a single and
indivisible
nation.
President
Roosevelt
of Extremists
#
Says American People Are Tired
on
Both Sides in Strike Situation—
Says Attitude Is Expressed by Quotation "a Plague
Both Your Houses"
on
of June 30
debt at the conclusion of the fiscal year
The total gross
ended
30
June
approximates
on
press
his
at
$36,400,000,000, President
discussion of budgetary
June 29 during a
Roosevelt said
affairs
Seventy years ago the
to this day of national remembrance.
fathers of confederation accomplished a great work.
gave
as
ideas about the problems of
reflection which I think
He said that since last
conference.
public debt had increased by $2,000,000,000,
but that this rise was due to four items, representing sterilized
December the
gold, two of the Social [Security reserves and the Veterans
Insurance Fund involving the bonus payment.
Except for
these items, he said, the national debt has remained sta¬
tionary since Dec. 22, 1936. His remarks were described as
follows in a Washington dispatch of June 29 to the New
York "Herald Tribune":
$2,000,000,000 increase in the gross public
A
debt since Dec. 22 was
this was due to four
acknowledged by Mr. Roosevelt, but he held that
special items as follows:
$1,050,000,000
For sterilization of gold purchases
President Roosevelt, in replying to a
the steel strike at his press conference on
question regarding
June 29, said that
the general opinion of the American people on the strike
situation is "a plague on both your houses."
Later the
White House interpreted the statement to mean that the
country is tired of extremists on both sides of the controversy.
The President's comment and subsequent clarifying re¬
marks, were reported as follows in a Washington dispatch
of June 29 to the New York "Times":
The President said at
a
press
conference, after a conference with Charles
P. Taft, Chairman of the Steel Mediation Board which failed in its
to reach a
efforts
settlement, that he believed the country as a whole was saying
of the strike:
both
your
He
was
A
House press conferences
He declined, however, to amplify or explain
directly quoted.
asked If he intended to do anything about the
"plagues," but he did not
of
'both
interpreted the quotation, from "Romeo
on one
At
an
houses of extremists on
both
earlier
heads
press
for
Roosevelt had criticized steel cor¬
conference Mr.
refusing to sign
with
contracts
their employees
by
them in writing.
His only other public statement in connection
his telegram to Tom Girdler, of Republic Steel
of
Youngstown Sheet and
Tube Co.,
with the steel strike was
Corp., and Frank Purnell,
asking them not to reopen their
plants in the interest of a peaceful settlement.
a
His statement today was the first that observers have
interpreted
as a
condemnation of actions of any of the strikers.
President
Roosevelt, in Message to Senate, Urges Ex¬
Civil Service Appointments—Criticizes
tension of
Requirement for Presidential Designation of Aides
to
Social
Security
Board—Signs
Independent
Offices Appropriation Bill
President Roosevelt
on
June 28 signed the $957,738,963
Independent Offices Appropriation Bill, but on the following
day he sent to the Senate a message expressing his regret
that Congress, when it passed the measure, had included a
provision requiring the Presidential appointment and con¬
firmation by the Senate of all Social Security Board attorneys
and experts whose annual salaries are $5,000 or more.
He
said that these positions should come within the provisions of
the Civil Service system.
He recommended that all but
policy-forming positions in the Executive branch of the Gov¬
ernment should be brought within the jurisdiction of the Civil
Service Commission.
Offices Appropriation Bill was men¬
There is
given below the text of President Roosevelt's message to
the Senate, which was referred to the Committee on Execu¬
tive Agencies of the Government:
Independent
tioned in the "Chronicle" of Feb. 20, page 1204.
In signing the Independent
Offices Appropriation Bill for the fiscal year
Board contains
Senate confirmation
receiving compensation of $5 000 or more per
1938, I note that the appropriation for the Social Security
a
provision requiring the Presidential appointment and
of experts
and attorneys
Asked if any foreign debts to the
000,000.
such assets he laughed
remarks were
President's
annum.
I regret the inclusion of this provision in
the bill. Aside from the hamper¬
ing effect of the prohibition against receipt of
compensation by such em¬
ployees until confirmed by the Senate, particularly during periods when
United States were included in
and replied in the negative.
prompted by news accounts yesterday
would end quite differently from the official
revised estimate made in April.
Mr. Roosevelt said that few newspaper
men knew the difference between dollars and cents.
Only the publishers
knew that, he
said.
The Budget Bureau
be receiving
had given him a preview of the ending
of the fiscal
would actually
$60,000,000 more in receipts than was estimated
It showed, he said, that the government
he went on.
$50,000,000 to
in April.
On
will have spent about $75.April, but, according to the President,
would show that $40,000,000 of the $75,000,000
expenditure side, the government
the
000,000 more than was estimated in
an
statement
honest
the old-age reserve account which the
make in July but which was made in June instead.
expenditures were only $35,000,000 more
estimated in April, Mr. Roosevelt said.
In net balance, therefore,
represented
an
investment in
Treasury had expected to
Outside
than was
of this,
the actual
including increased receipts,
settlement.
The
of current expenditures as was the
helped to swell last year's deficit and
debt on June 30 would be about $36,400,000,000, according to
Mr. Roosevelt.
He placed the government's recoverable assets at $4,000,-
This telegram was sent
while the Steel Mediation Board was preparing to undertake negotiations
for
payment which
The gross
year,
saying that those were willing to make verbal agreements should be willing
to put
of the bonus
hand and those who will not negotiate
the other."
poration
$500,000,000 for veterans
rest
the
public debt.
Also, the $465,000,000 debt increase due to the issuance of
special government obligations to the old-age and unemployment insurance
funds might be considered directly in connection with current deficit since
the money theoretically set aside for these funds went out for all kinds of
it was pointed out that the
might be considered as much a part
The
houses' means
your
sides—those who want violence
on
conference.
In other quarters
suggesting that the fiscal year
White House Interpretation
White House official
use
than the
Roosevelt admitted at his
however, represented actually a little more
Those four items,
press
500,000,000
265,000,000
200,000,000
insurance trust fund
$2,000,000,000 increase in the gross debt, Mr.
answer.
and Juliet," as follows:
"The
For the unemployment
fund
Debt Now $36,400,000,000
Roosevejt authorized direct quotation
of it, waiving the rule that remarks made at White
the quotation.
a
For the old-age benefit reserve
houses."
To emphasize the statement Mr.
Later
For^veterans' insurance fund in connection with the bonus._
current expenditures.
"A plague on
must not be
Remained
December
Except for
Four
Special Items—Estimates Total at $36,400,000,000
Since
Unchanged
direction toward the same goal, I hope and believe
same
more we
I should like to offer to the people of Canada one
They
contemplated by the
all colleagues.
the road.
isjappropriate
as
methods for
but which it is probable will have much in common.
Marching in the
work^of the Civil Service Commission
pending bill, S.2700, it is expected that there would be
responsibilities to the world at large, which may still be difficult to define,
that
been preferable
Under the reorgani¬
regard to Civil Service laws, I think it would have
of the pioneers who blazed the trail for us to follow.
the congratulations
as
of these
«l
procedure for the appointment of these employees
bring the positions within the Civil Service system.
zation of the
torial unit she is older than the United States, older even than
to?,me unfortunate.
seems
In lieu of the present
without
following is Lord Tweedsmuir's reply:
of the President of the United States.
Congress Is not in session Tthe'method adopted for the selection
employees
who has spent so many
as one
39
Chronicle
the Treasury would be better
off by $15,000,000
asserted.
$100,000,000 increase in
the deficit beyond what had been expected because the Reconstruction
Finance Corporation and the Commodity Credit Corporation had not
collected as much in this fiscal year as they contemplated.
However, the
debts owed them were good. Mr. Roosevelt said, and would be collected
to
$25,000,000 than the April forecast, he
added that there would be a
But the President
later.
-
Treasury uses repayments
The
reduce the total of
to Federal loan agencies as a credit to
expenditures as shown on the face
As far as the face of
government will be
of Treasury statements.
expenditures of the
this statement is concerned, the
$175,000,000 greater on June 30 than was estimated
in April.
<
President Roosevelt Signs Measure to
Act—Levies
Retirement
Carriers and
On-June
30
Equal
Finance Railroad
Taxes on Both
Employees
President
Roosevelt
signed
the
Carriers
Taxing Act of 1937, levying income taxes on railroad em¬
ployees and equal excise taxes and employers to provide funds
to finance the Railroad Retirement Act of 1937, enacted
last week.
The taxing measure provides a tax of 2%%
on the incomes of employees and
an excise tax of a like
amount
and
on
1939.
payrolls of employers for the years 1937, 1938
The tax will increase by l/i of 1% every three
until reaching 3%% by 1949, at which level it will
The tax is expected to yield about $121,000,000
in 1937, increasing to $165,000,000 in 1949.
The/measure providing the taxes was signed by President
Roosevelt on June 30 after the House had adopted it on
June 24 and the Senate on June 28.
The Railroad Retire¬
ment Act of 1937, which the measure enacted this week will
finance, was signed by President Roosevelt on June 24, as
noted in our issue of June 26, page 4260.
Both acts are
years
remain.'
effective
as
of Jan. 1, this year.
40
Financial
President
Roosevelt
Chronicle
$1,500,000,000 Work Relief
Signs
The
Bill After Congress Approves Conference Report—
Measure Provides $1,325,000,000 for WPA, $100,-
July
substitute
lower court
75 and provides that
to
up
age
be appointed annually by the President for those
can
The measure also revises the maximum number of
serving past that age.
000,000 for RA, and $75,000,000 for NYA-—Necessi¬
tates Reduction in Number of WPA Workers
the retirement
moves
additional justices
1937
3,
judges who could be appointed downward from 50, in the orig¬
inal bill, to 20.
*
for
a
Supreme Court
proctor to advise on the condition of the lower courts and
the assignment
The substitute retains the provision of the original
,
The Administration's work relief bill, carrying
appronriations of $1,500,000,000 for the 1938 fiscal year which
began
•
of additional
July 1, was signed by President Roosevelt on June 30 after.
Congress approved a conference report on the measure.
The conference report, submitted to the Senate on June 28,
was approved that
day by the Senate and on June 29 by
the House.
the
The
Senate
"The substitute," Mr. Robinson said, "authorizes increases in
75
22
A judge, sitting in a
WPA
and permit the
received
from
far
so
were
been
no
from New
York City, where the rolls are to be cut
The officers said that with the
new
relief appropriation there will be no
change in the type of project undertaken,
nor
in the average monthly wage,
quotas provide reductions for every
State except Florida, where
which is about $54.
The
few
a
hundred will
be
added.
Florida,
the officers
pointed
seasonal employment situation almost the reverse of either
The signing of the relief bills gives Mr.
out, has
a
States.
Hopkins his eighth billion of
Federal dollars to spend.
The
May,
one
time social
worker
began spending huge relief funds back in
1933.
At that time Congress had
Federal Emergency Relief Administration.
put
up
$500,000,000
for the
Since then, associates estimated, the various agencies under Mr. Hopkins's
command
have spent
$6,766,649,697.
in
January, 1935, with 5,488,000
In the succeeding two
agencies.
cases on
years,
the rolls of both Federal and local
the total dropped to 4,400,000 cases.
In
reporting the reaching of the conference agreement by
the conferees, a Washington
dispatch, June 28, to the New
York "Times" of June 29, had the
following to say:
The
retains the amendment by Senator
Hayden extending the
Public Works Administration for two years by
authorizing continuance of
the PWA-RFC
PWA,
revolving fund.
The agreement reduced expenditures for
however, from $367,000,000 to $359,000,000. „•
The House has passed
izing the
same
a
bill extending the PWA for two years and author¬
expenditure called for
now
National Resources Board
added to the list of agencies
was
The conferees eliminated
publication of the
names
amendment by Senator Davis requiring the
of all WPA administrative
officers
Roosevelt
in
far
continuing
until June
30, 1940, and at the same time sent to Congress an estimate
for an appropriation of
$350,000,000 to provide for the Corps
during the 1938 fiscal year. The House on June 30 passed
a bill
carrying the necessary appropriation.
The bill continuing the life of the CCC had been sent to
the White House after the House
adopted on June 24 a con¬
ference report approved
by the Senate the preceding day
(June 23).
The House had sought to limit the life of the
Corps to two years while the Senate desired to make it a
requested by President Roosevelt.
Senate and House conferees
agreed on the three years on
May 28, as noted in our issue of June 5, page 3766.
as
He
Reorganization of Supreme Court Offered in Sen¬
Permit Three Appointments in Next
ate—Would
Six
a
measure
was
offered
as
a
complete substitute for the original court
legislation which would have permitted appointment of six
those
over
not
far
enough in
He
others.
with
change in the law which would permit employers
a
employees
the
the purpose of
dmand elections for
right to
choosing collective bargaining representatives.
This amendment also would put provisions in the law to permit repeated
at the
elections
of
tion
The second1
ment
option either of the union
breach
a
or
the
in
or
the employer at the termina¬
contract.
-
Senator said, would require that any agree¬
amendment, the
ffbm collective bargaining must be set down
resulting "voluntarily"
strikes should be called only by a majority vote of all
employees, and that any breach of contract, "if not corrected upon order
of the National Labor Relations Board," should suspend the right of repre¬
writing,
sentation
that
should
and
might direct
so
to whatever penalty the NLRB
subject the offender
far as further rights under the Act would
amendment
The
third
The
for
join
and
Under
of
would
American
unfair
"an
citizens.
;
practice
threats,
to
force
any
worker
r
to
intimidation, coercion or
damage or destroy the property of any
injure,
"to
or
the
personal property" or "to
of coercing or forcing any persn to "violate any
any State or of the United States."
purpose
the
or
laws
of
Protection
V
believe
organization
■
it
make
to violate any person's right in real or
for
contract
from
be
must
labor organization by means of
any
would
propose
paralleling the existing code
code compulsory political assessments upon
prohibited; and all officers, agents and repre¬
be
union
a
physical violence,"
"I
Vandenberg intends to
Mr.
this
would
members
strike
which
"Fair Practice Code" for labor,
a
code
during the period of discipline.
assessments
amendment
employers.
The
give the Board the right to stop the collec¬
would
also
of union dues
tion
be concerned.
Involved
Collection of Dues
that
it
is
only
"Excesses"
such
some
itself against
protect
can
Against
in
fashion that legitimate labor
excesses
from
within and reprisals
without," the Senator asserted.
"There
bargaining dispute under the
the employer
It seems to me
acknowledge the rights of the other three.
four
are
parties
to
collective
a
Wagner Act, the majority employees, the minority employees,
and
the
that it must
"I
that
The Wagner Act ably defends the first.
public.
make
now
no
claim
that
join in helping correct,"
that
this
the
best
whole related
cruits of its
answer
to
some
of the difficulties
responsible labor leaders
are
eager
to
labor
problem.
own
is entitled
production
benefits
if
them is
jeopardized
a
final
a
Senator Vandenberg.
"But I am convinced
itself requires a conclusive study of this
said
of
welfare
is
which
have arisen—difficulties
profitable
or
;
to
constantly broadening share in the
a
but it will do labor no good' to achieve these
and
economy
an
orderly society in which to enjoy
destroyed."
Months
Democratic Substitute for President Roosevelt's bill
providing for the reorganization of the Federal Judiciary,
Senator Robinson,
majority leader, brought before the
Senate Yesterday (July 2) a bill which would permit three
appointments to the U. S. Supreme Court within the next
six months.
According to Associated Press accounts from
Washington the substitute was offered jointly by Senator
Ashurst, Democrat, of Arizona, Chaiman of the Senate
Judiciary Committee, and Senators Logan, Democrat, of
Kentucky, and Hatch, Democrat, of New Mexico.
Mr.
Hatch, it is observed, was one of ten members of the Judiciary
Committee who approved an adverse
report on the original
Roosevelt bills.
From the same advices we
quote:
The
to seek
proposes
share
"I believe that labor
Substitute Bill for President Roosevelt's Proposal for
and
patch of June 27 to the New York "Times":
»
As
directions
some
person or
President Roosevelt on June 28 signed the bill
the existence of the Civilian Conservation
Corps
agency,
Wagner
added, however, that the welfare of labor itself requires a
conclusive
study, of the entire problem.
The proposed
amendments were outlined as follows in a Washington dis¬
Signs Measure Extending Life of
Congress
$350,000,000 Appropriation for 1938 Fiscal Year
permanent
the
industrial peace and prosperity for labor
else." The proposed changes in the law would
prohibit coercion of workers by labor unions, prohibit union
membership by foreigners, and require written collective bar¬
gaining contracts.
Senator Vandenberg admitted that his
plans were only tentative, and said that they might go too
union
CCC for Three Years—Sends Estimate to
for
announced
and everyone
sentatives
President
June 27
on
three amendments designed to
Labor Relations Act by producing
effective
provide for
an
Vandenberg of Michigan
"broaden"
"more
which could
exceed the 5% limitation.
lower court, the
a
that he planned to introduce
in the conference agreement.
Another Senate amendment providing that not more than 5% of the
relief fund may be spent for administrative expenses, was retained, but the
by
Wagner
Written
Agreements Resulting from Collective Bargaining,
Forbid Coercion in Recruiting Union Membership
and Bar Damage to Property
in
measure
Government to appear.
Senator Vandenberg Proposes Amendments to
Labor
Relations
Act—Would
Require
to
Officials reviewing the relief picture said that the peak load was reached
in which the United States was
rectly to the Supreme Court within sixty days.
the majority
180,000 to 157,000.
case
in question, notify the Attorney-General
If any law of Congress was held unconstitutional
"really serious complaints"
the current curtailment—that
over
constitutional
of the law
Government, whether a party or not, would have the right of appeal di¬
Senator
officers said that there had
'.P
would, if he felt substantial ground existing for questioning
the constitutionality
from the preceding week.
from most of the States
•••i'
r
circuit judges to any circuit court, or a
district judge to any district court.
not a party,
the WPA rolls, a decrease of 19,000
on
,s
bill:
The chief justice could assign
employment figure of 1,655,477 for that date.
1,980,000
B
years
Harry L. Hopkins, WPA
an
On June 5 there were
mem¬
justices of the court have reached the age of
Other provisions of the new
The reduction in funds will require the dismissal of thousands of relief
workers each week between now and July 15.
Administrator, has set
the
bership of the Supreme Court by the appointment of one additional justice
in each calendar year where
submitted to conference after
measure was
June
provision for speedy appeal to the Supreme Court of
new
a
lower court decisions involving the constitutionality of acts of Congress.
approved it with several minor
amendments.
Senate approval of the bill was referred to
in our issue of June 26, page 4261.
The work relief bill, which carries the exact sum
requested
by President Roosevelt, provides an appropriation of $1,325,000,000 for the Works Progress Administration, $100,000,000
for the Resettlement Administration, and $75,000,000 for
the National Youth Administration.
The WPA appropria¬
tion represents a reduction from the $1,860,000,000
spent
during the fiscal year just ended; in commenting on this
reduction an Associated Press account from Washington,
June 30, stated:
on
judges to meet congestion
It contains
70 years of age did not retire.
new
justices if
Senate Sub-Committee
Rate
Federal
on
Approves Bill to Extend 3J^%
Land
Bank.
Loans—Governor
Myers of FCA Tells Banking and Currency Com¬
mittee President Roosevelt Favors Higher Rate—
Estimates Measure's Cost at $40,000,000 a Year
A
subcommittee
Committee
additional
Bank
the
a
year
18
Senate
was
July 1,
and
Currency
1938,
to
a
4%
rate
on
Federal
one
Land
rate on such loans for
June 30, 1939.
The measure,
voted by the House on June 7, also provides for
4% rate for
also
Banking
approved a bill to extend for
3%% interest
the
a
period of two
Bank Commissioner.
tee
the
of
June
loans, and to provide
period
which
on
years on
loans by the Land
In approving the bill, the
recommended
appropriation of
any
subcommit¬
sum
the cost of the legislation to the government which
to meet
Governor
,
Volume
if
Myers of the Farm Credit Administration has
$40,000,000 a year.
The 3y2% rate now in effect on the Land Bank loans was
William
I.
when
1934
the
the Senate Banking and Currency
17, in opposition to the bill now ap¬
Committee, on June
Governor Myers is reported as
President Roosevelt desires a higher
Mr. Myers disclosed that the Presi¬
dent, in a letter to Chairman Jones of the House Agricul¬
tural Committee, held that interest chhrges below 4% and
5% "constitute a gift from the Federal Treasury."
Chair¬
man Jones is sponsor of the legislation to extend the lower
rate.
The testimony of Mr. Myers and President Roosevelt's
letter were summarized as follows in a Washington dispatch,
June
17, to the New York "Journal of Commerce" of
subsidies for
indefinite period,
an
home
by
owners
3.
Tendency to
4.
Weakening
increase the violence of land
of
he added,
trying to balance the budget and
by
have to be cared for
lent
by
In
he
lent
P.
Administration
V'O
W.
The Federal Circuit Court of
"Everybody
that
has
borrow
of labor differences
without tlie aid of
a duly recognized union, he is not required to discuss similar
matters
with another bargaining agency named by the
National
Labor Relations
Board.
In its decision the
tribunal refused to compel the Delaware-New Jersey Ferry
Co. to recognize the Marine Engineers Beneficial Associa¬
tion No 13 as the
exclusive bargaining agency for the
employer made a satisfactory settlement
with
government
on
addition
"In
of about 3%.
The Federal Land banks or the
the cost of servicing loans and collecting the
the average, amounts to a little less than 1%.
this, there are losses which will amount to at least
stand
must
which,
interest
the government, as well as the Federal Land
before it lends it and must, therefore, get
borrowings the government would have to
money
On long-term
interest
rate of
a
pay
that
knows
to
back.
rate
to
a
gift from the Federal Treasury.
V
In the case of H. R. 6763, the additional cost to the government
the
that
action
would be
States
United
on
more
Congress should be
this bill.
than
$40,000,000 a year.
passage
Buffington.
A dissenting opinion, holding that a
that of the majority "would emasculate the
(Wagner) Act and put a premium on the very practices
definitely advised of this fact before taking
tbe
I
municipal bankruptcy bill offered as a substitute for
1934 Act ruled unconstitutional on May 26, 1936, by the
Supreme Court was passed
States
United
June 24 by a vote
permit
the court to
Representative Chandler of Tennessee, the
measure
provides that compositions are subject to approval only when the
districts or agencies file
voluntary proceedings in a bankruptcy court,
accompanied by plans approved by a majority of all the creditors of such a
district.
Each proceeding is subject to notice to creditors and a complete
As
described
The
the
as
by its sponsor,
upon
composition cannot be confirmed unless accompanied in
writing by accord of two-thirds of the creditors of the aggregate amount
of
plan
indebtedness
of
satisfied
that
not until
a
of
the
the
city
or
by law to carry out the plan, and
specific finding by the court
and for the best interests of the
The
district and unless the judge is
taxing
district is authorized
jurisdiction
conferred
that the plan is fair, equitable
creditors.
by the bill
terminates on June 30,
explained by Mr. Chandler, the primary purpose of the measure
districts to rehabilitate themselves and reorganize.
As
1940.
is to
enable
divided five-to-four in outlawing the previ¬
Act, Mr. Chandler said he believed the present bill would be sustained
Although the Supreme Court
ous
by the Wagner Act.
was stalled pending the Supreme Court decision on
case
tutionality
So, on Dec, 30, 1935, the NLRB cited
It asked the court to enforce its
with the employees through the union,
before the Federal Court.
the company to bargain
required
The
Contract
engineers,
signed.
another
court
Signed
three of the
of employment was
it was renewed for
together with a committee of
and a contract setting forth new conditions
This contract ran to April 1, 1937, when
year.
Therefore,
longer
the consti¬
of the Wagner Act.
Meanwhile, the company got
opinion handed down yesterday held, there no
disagreement, and therefore no longer any need for the
the NLRB's order that the union be made the bargaining
the majority
an
was
to enforce
agent.
controversy there may have been,"
themselves making a contract on terms suitable
them with the employer.
This contract is for a year ahead.
"There is in consequence nothing to negotiate.
The whole objective of
engineers have disposed of any
"The
wrote
any
Judge Dickinson, "by
negotiation would be to agree upon terms of employment.
already been made, and, as we have said, is entirely
ment has
This agree¬
suitable to
employees concerned, each of whom has made the contract agreed upon.
"In view of this we see no need for the intervention of this, or any
the
other
court.
investigation by them.
The
refused to bargain.
company
company
order
to
The advices continued:
"Times" of June 25.
John Biggs Jr.
engineers.
by the House on
for
make effective any plan
agreed upon by two-thirds of the municipality's creditors.
In addition to municipalities, the bill confers the same bene¬
fits upon other taxing units such as drainage, levee, water,
irrigation, sewer, road, school, port and similar improvement
districts, said Washington advices, June 24, to the New York
would
policy prohibits," was
Court Judge
Circuit
of 123 to 16 and sent to the Senate
approval. The bill would authorize municipalities to enter
into bankruptcy proceedings in a Federal District Court,
and
handed down by
The same paper had
the following to say regarding the ruling:
After repeated difficulties between
the company and its 12 engineers,
the NLRB stepped into
the picture two years ago.
After hearing the
wishes of the engineers, the NLRB designated the Marine Engineers Bene¬
ficial Association, Local
No. 13, as collctive bargaining agency for the
avowed
its
which
Municipal Bankruptcy Bill Passed by House—Measure
Designed to Supplant 1934 Act Ruled Invalid by
United States Supreme Court
A
like
ruling
of this bill was clearly not
♦
reports that the majority
Joseph
of the
It seems to me
contemplated in the prepara¬
tion of the budget for the fiscal year 1938.
As you know, I am definitely
seeking the balancing of that budget.
The problem is a comparatively
simple one from the budgetary standpoint; if the budget is thrown out
of balance through extra
appropriations or obligations, new taxes alone
will bring the budget into balance."
"The
"Record"
Philadelphia
The
opinion was written by District Court Judge Oliver B Dick¬
inson, who sat in on the case in the absence of other Circuit
Court judges.
It was concurred in by Circuit Court Judge
Any reduction below these rates constitutes
even.
committee of his employees, even
a
company's engineers.
The net result is that at present the Federal
Land banks must get a 4% return on first mortgages and the government
a 5% return on
second mortgages (where, of course, the losses are heavier)
% of 1% to 1% additional.
jin, order nearly to break
Appeals in Philadelphia, in a
decision, issued on June 18, ruled that where an
tvvo-to-one
interest.
banks,
Restricts
Bargaining
Negotiations—Holds Agreement by Company with
Voids Order to Treat with Another—
—Ruling Affects Delaware New Jersey Ferry Co.
thought that the government
no
Philadelphia
One Agency
permanently would subsidize
such loans, Mr. Roosevelt continued, and added:
"It is not reasonable to insist that 4%
on a first mortgage for a
farmer
or
6% on a second mortgage is an unreasonably high rate of
was
in
Court
NLRB to Enforce Collective
Power of
and other agencies."
A.
Federal
by
Ruling
bill, Mr. Roosevelt
charged by the govern¬
agencies and relates not only to farm loans, but also to moneys
by the H. O. L. C., the Reconstruction Finance Corporation, the
There
■,
"Times," Presi¬
question involves the rate of interest
"The whole
of $50,-
bill a provision to permit the Secretary
proposed vessels
to Pacific Coast bidders even if their bids were 6% above the lowest Eastern
bids.
'•■"
As recommended to the House, the bill contained a requirement that half
of the ships be built in navy yards and the rest in private ship-yards.
Mr. Jones:
wrote to
$48,206,050 and require
The committee decided to limit the cost
award contracts for at least some of the
of the Navy to
that extra appropriations would
"disturbed" by provisions of the
was
to build.
The committee also wrote into the
Roosevelt was quoted as follows:
Saying
ment
Navy experts estimated the six ships would cost
three years
Jones that the Administra¬
dispatch, June 17, to the New York
a
dent
including
fleet
and destroyers; an oiler, a
tug and a mine sweeper.
Federal Land Bank
Corporation, Public Works
v;.V;:7 ■ v.;
-"V
agencies.
already approved in slightly different
tenders for seaplanes, submarines
three
relates not only to farm loans but also to moneys
Loan
Owners'
Home
other
program,
by the Senate, would authorize the building of six vessels,
form
taxes.
new
He added that the issue
and
other special
000,000,
Roosevelt 6aid in his letter to Chairman
was
summarized
was
date to the Associated Press:
::
System.
tion
approved by the House Naval Committee on June
as follows in Washington advices of that
The bill
21
booms.
cooperative structure of the
the
bill,
proposed two new 35,000-ton battleships
yards, one at New York and the other at
Philadelphia.
The President said that he took this action
because of the large differential in construction costs between
bids by private builders and the estimates of the Navy Con¬
struction Corps.
of credit in subsidized agencies.
concentration
Yards
June 21 approved a
be built in navy
:■■■V:
groups.
Mr.
and
on
ordered that the
► The auxiliary construction
treatment
similar
for
Unwise
issue of
already been passed by the Senate, authorizing
the construction of six auxiliary naval craft at a cost of
$50,000,000.
On the following day President Roosevelt
Governor Myers said that the
the committee.
before
interest
of
2.
our
which has
would mean:
Demand
given in
Built in Government
Orders Two Battleships
proposed reduction raised the possibility that the Farm Mortgage Corpo¬
ration would be unable to meet its obligations from its own income.
1.
Supreme Court holding
Approves $50,000,000 Bill for Con¬
Craft—President Roosevelt
The House Naval Committee
June 18:
Continuation
was
of Six Naval
struction
having indicated that
interest on the loans.
testimony
Committee
House
proved by the subcommittee,
his
unconstitutional
Act
the court held that the
the control of their
subdivisions.
May 30, 1936, pages 3576-3578.
testifying before
In
decision
interfere with the States in
their
of
In its
courts.
sought to
those
Commissioner loans.
Bank
Land
In
Act
the
in
test
a
and
The decision of the United States
expire on June 30,
4% to 6%, would
At present, 5% interest is charged
again become effective.
on
affairs
of Congress and is due to
rates, ranging from
contract
the
given
outlawed
estimated at
fixed by an Act
41
Chronicle
Financial
145
make
To
of the Act by
purpose
would not
asked for might be to„ defeat the very
creating an occasion for a strike which otherwise
the order
exist."
during the hearings that the contract was not
freely. It declared the three representatives who
negotiated the contract were forced upon the men, and the men signed
the contract in order to get immediate lesser benefits offered them by the
company.
It also was indicated the men got the impression that the case
before the Federal Court would be lost, and they might as well get what
The
NLRB
contended
signed by the employees
the company
These
whether
willing to offer.
ignored in the majority opinion.
three representatives could,' be classed as
was
points
the
were
The question of
"company union"
42
Financial
whether that form of collective bargaining was within the
meaning
and spirit of the
Wagner Act, was not taken up by Judge Dickinson.
men,
Judge Biggs, in his dissenting opinion, said:
In
the
would
Par.
opinion,
my
new
render
5,
judicial
a
contract,
void
requiring
determination
(ruling)
set up by the respondent
as
that
major
provision
that
the
(the company)
of
defense
(Wagner) Act, Sec. 8,
employer to negotiate with the representatives of his
an
If
the
toward
July
the
be
goal
It
valid
a
of
absolved
gaining.
from
one,
executed
an
before
contract
court
a
the
would
Such
a
premium
with
enforce
man
provisions
of
in
the
every
his
employees,
the order of
Act
''may
case
hours bill, according
Washington dispatch, June 21, to the New York "Herald
Tribune," which, in part, added:
to
a
Like William
a
grant
ground
such
and
the
requiring
if
he
sweeping
Board, then
collective
bar-
from
the
this
beyond
pass
judicial
premise
goal
of
the
that
matter
no
executed
the jurisdiction
determination
hours
of
would
by what
contract,
the
.
the
means
.
the
.
em¬
with
the
be
for
emasculate
the
Act
and
put
Besse
Open hearings of the joint Senate and House Labor Com¬
mittee considering
the Black-Connery
bill
to
establish
wages
June 22, and
and
maximum
hour
standards
were
Oats."
on
described in
the "Chronicle"
of June
19,
4102.
Donald R. Richberg, former Chairman
of the
National Industrial
Recovery Board, criticized the measure
before the committee on June
22, asserting that it had
"vices" of "indefinite
standards, uncontrolled discretion, un¬
desirable extent of authority and
page
resulting difficulties of
He added, however, that these
weaknesses
be "easily eradicated."
Mr. Richberg's testimony was
enforcement."
could
reported
He
asked
they
follows in the Washington "Post" of June 23:
as
acclaimed the
that
measure's
certain
provisions
without general
were
objectives
be
sound
as
revised
public support,
legislation
and
fact
and
excluded
or
would
the
on
that,
"although
weaken
and
stated
the
"NRA
was
squeezed
from many sides to
pressure
from«many
sides
to
do the
regulations
death"
to
between
impossible and
which
lacked
"in
admin¬
an
vesting it
"an
increasing
increasing resistance
an
well-informed
public
ap¬
proval."
The
joint
the
on
the
congressional
bill,
heard
Mr.
labor
committee,
Richberg's
Black-Connery bill by
of
one
nearing
criticisms
the
most
men
the
the
as
endi
first
He
struck
week,
with
hour
up
Lewis
the
and
board
hearings
instrumental
review
in
the
of
Ad¬
of
"too
minimum
authorized
in
justifiable
much
and
wage
to
vary
40-hour
a
not
wages
and
cases;
discretionary
upheld
power"
to
maximum
than
more
the
view
a
work¬
10c.
a
L.
Green, labor leaders, that collective bargaining
the most dsirable means toward the ends
sought.
Hudson
statement
B.
to
Hastings
Yale
of
the committee
enactment of
decrease in wages for labor.
follows in a Washington
even¬
would
His statement
which
result
was
in
a
summarized
dispatch of June 24 to the New
Haven "Register":
believe
mean
least
the
is
work
real
week
lose in
to
say,"
declared
income
in
Professor
thing.
of
to
from
set
economist
in
in
This
working
in
the
to
maximum
unemployment.
the
real
labor
now
the
motion
give
work
is
class,
but
who
for
sees
is
he
do
unit
per
an
at
worker
of
a
the
upon
to
create
a
thesis.
single
permanent
Board
was
a
case
permanent
particularly
professional
Economic
forces
improvement
automatically
create
as
initially destroyed," he said.
being exploited by the "owners of business."
as
are
facts to
justify this opinion."
Black-Connery bill has been submitted
Besse, President of the National
Wool Manufacturers.
It was noted in the
of
universally applicable to
can
be
made
for
all
forms
change
"Cereal
natural,
prohibits
3.
It
provides definite rather than uncertain
4.
It
limits
the
employment of
of
the
wanted.
Labor
The
draft
other
Standards
to
New
"Thin
Standards
March
by
in
confusion
This
the revised
contain
inch
will
wide
made
was
which
standards
issued
in
has
the
of
whether
and/or
oats
metal
sieve
the grain
trade
a
inch long.
the request
existed
been
oats
any
20%
through
pass
by %
at
has
as
than
more
which
often
term
announcement
in
of
the
of
use
misunderstood
to
the
term
apply
"thin oats"
The amended grade designation "Thin Oats"
applies
product oats of cereal mills and to thin oats shipped from
23
both
to
the
by¬
country points.
Shipping Lines Sign Contracts for Direct Govern¬
Subsidies
ment
Under
New
Merchant
Marine
Policy—Joseph P. Kennedy Announces Terms of
System Displacing Ocean Mail Payments
The American Merchant Marine
July 1 began operating
Joseph P. Kennedy,
Chairman of the Maritime Commission, in
announcing the
new regulations on June
30, said that the Government has
signed agreements with 23 companies holding 32 ocean con¬
under direct
tracts.
all
ocean
Government
on
subsidies.
The Merchant Marine Act of 1936
stipulated that
mail contracts must be ended
by June 30 and new
operating subsidies designed to make it possible for them to
compete with foreign shipping lines on an equal basis. Action
of the Maritime Commission in
complying with the
of this law was described as follows in
of June 30 to the New York "Times'
Less
with
a
a
provisions
Washington dispatch
:
than three months ago the new Commission
undertook the task
staff which worked night and
day seven days a week in the face of
prophecies that the
law could
new
not
work.
In that time these things have been
accomplished:
1. Claims against the Government
by the holders of these contracts
totaling about $73,000,000 have been settled at a net cost to the Govern¬
ment of
2.
$750,000.
Agreements
■
for
six
operating 151 ships for
,v
■
months
an
have
21
will
.v'?'■
V-'
been
operating subsidy of
reached
little
a
women
4.
A
program
5.
of hearings
on
maritime labor
after
contracting lines as a start on a program calling
of 100 fast
ocean-going vessels in the next five years.
Five
H.
companies
10
new
leading
ships by
for the construction
Companies Hold Out
The
following shipping companies, 16 of
contracts, have signed agreements:
'
American Diamond Lines, Inc.
American Scantic Line, Inc.
which
had
Gulf Pacific Mail
Lykes Brothers.
American South African Line.
one
or
more
mad
Line, Ltd.
,
American West African Line, Inc.
Lykes Bros-Ripley Steamship Co.
Mississippi Shipping Co.
Atlantic &
New
Caribbean
Steamship
Navigation Co.
York
&
Cuba
Mail Steamship
Co.
Baltimore Mail Steamship Co., Inc.
Colombian Steamship Co., Inc.
Oceanic & Oriental Navigation Co.
Eastern
Pacific Argentine & Brazil Line.
Oceanic
Steamship Lines, Inc.
Export Steamship Corp.
Grace group:
South
Grace Line, Inc.;
•
Panama Mail Steamship Co.
Steamship Co.
Atlantic
Steamship Co.
States Steamship Co.
Tampa Inter-Ocean Steamship Co.
United States Lines Co.
to
President's
Proposal to Reorganize
Voiced by Pennsylvania Bar
Association—Senator Wheeler and1 Representative
Federal
midnight.
standards
for
objectives
the
President
said
he
bill, while also accomplishing the objectives, sets up a
with a lot of
power which may be dangerous to
Senator
problems In
Tentative projects are under way for the
building of 28
Judiciary
Pettingill
clare
Plan
saying:
the
23
than $4,600,000
more
the Government about
ports has been arranged to start on July 13.
Before
Must
and Holt Also
as
accomplish
V-Z"--
with
$7,600,000 in that time.
re¬
Board
Styles Bridges
(Republican)
Hampshire announced that he would introduce
*
3. Provisions have been included in the
agreements under which the lines
undertake to pay to the Government all profits above
12% until the sub¬
sidies have been recovered.
a
of
sub¬
Maryland
Be
Bar Association De¬
Withdrawn—Senators Burke
Oppose Move
On June 26, before the annual convention of the
Bar Association, at Atlantic
Wheeler
can
June
Designated
Grain
employment except where
industry.
On
should
only
by-product oats of cereal mills, whereas, in fact, it has applied also
shipped from country points.
the
industry.
to
considering exemptions and to providing for
saddling the Board with an imposing administra¬
Mr. Besse is quoted
revised
consideration
differentials
promulgated last
An
which
in designation
Oats."
to
Board
instead
tive job.
The
an
Department of Agriculture said:
"fine seeds"
perforations 0.064
eliminate
to
defined
are
except
Opposition
It
the
of
exemption.
2.
enforcement
40c.
following public hearings by
Economics, United States De¬
Agricultural
the
assumption
following
is
mature
wage
Now
States
spects :
It
of
wage
of
week
any
of Agriculture
clippedl or
matter
The
manu¬
New York "Journal of Commerce" of
July 2 that Mr. Besse's
proposal differs from the original bill in the
1.
in
apprentices under control
after
sectional
Oats"
United
amendment
of
Oats"
with slotted
even
to Senator Black
by Arthur
Association
work
minimum
determine
the
be
prevalent,
of
this
to
in
The
Standards
tend
know
not
result
of
week would
added.
need
very
"nothing in the economic
A substitute for the
costs
clearly based
is
Professor
work
worker.
Labor
methods
subscribes
jobs
new
week,"
which
I
added
proposed
and
technological
He also denied that labor is
he
the
idea
of the
unemployment
week
an
Yale
gainfully employed of
inevitably
wages
work
that
machinery
world
by
many opportunities
He stated
will
it
weekly
shorter
denied
provision
improvements
among
shortened
the
Hastings
"The
power
that
is
the
20% reduction in the
a
the real yearly wage because of
facture resulting
set
conservative
in
reduction
greater
will
it
25%.
"If
hours of
in place of mail contracts which would have cost
Administration, "that
reduction
a
would
standard
areas.
June 26 by the
on
"Thin
University sub¬
June 22 in
on
the measure
as
"I
bill
national
a
$73,000,000 Claims Settled
said that
Industrial
48
national
a
whether
matter
an
John
of
William
prove
Professor
mitted
granting
40c.
a
down
or
tually will
he
the
at
stipulated
argued,
agreements concluded under which the lines would receive
of
direct
ministration's other attempt to fix
wages and hours.
board;
fix
of Agriculture.
the
might
NRA, he said, showed! graphically "the danger of
overloading
istrative body with too
many tasks and great complexity and
with too much discretion in their
performance."
He
permit
and
partment
grounds
impair
theoretically beneficent," they
This
Bureau
"shrewdly drafted,"
to be undesirable."
prove
the
on
he
Black-Connery
subnormal workers and
Labor,
different
in
the
sized,
were
overtime,
Grade "Cereal
Secretary
other
hearings
the
as
men
be unconstitutional.
testimony
expert
the
con¬
ous
power
five
Moreover,
Effective July 1, the special grade "Cereal Oats" in the
United States Grain Standards has been
designated as "Thin
June 28 the Senate Labor Com¬
mittee began executive consideration of
the measure.
Previ¬
on
of
industry,
for
of
permitted between
Special
on Black-Connery
Wages and
Richberg Criticizes Measure—
Prof. H. B. Hastings
Says Bill Would Lower Wages
-—Substitute Bills of Senator
Bridges and Arthur
cluded
board of
a
a
R.
minimum
to
Act.
Conclusion of Hearings
Bill—D.
for
pay
Oats"
Hours
all
allowance
upon
leaders, Senator Bridges objected to
wages
Bridges had in mind would fix
Department
based
fix
imperil collective bargaining.
delegation
week
a
to
board would
wage
Senator
uniform
hour,
of
the very practices which its avowed
policy prohibits.
upon
40
other labor
power
that it would
a
with
Green and
absolute
of
The bill
race
V.
follow
ployer would
employer
an
,
employer achieves
but
1937
3,
minimum wage and maximum
give to the
defense
reaches that goal
is
stitute
of
is adequate,
the
employees.
he
Chronicle
or
be
(Democrat)
no
Maryland
City, N. J., Senator Burton K.
of Montana, in declaring that there
compromise in the
case
of
President Roosevelt's
Supreme Court proposal, asserted that the plan "must be
"It is just as wrong," said Senator
Wheeler,
withdrawn."
\
Volume
"to
Financial
145
and
Currency their experience, their facilities and their uncooperation."
tn part the Committees memorandum also says:
Supreme Court with only five, four, three,
justice as with, six; it is still futile and
Senator
Wheeler,
in
describing
President
pack the
two,
or
even
needless."
stainted
one
Roosevelt's plan as
"only
At the outset, the Association wishes to
palliative, not a remedy," went
a
The
for
advanced
reasons
legislation has been
upheld
and this
dent's
resigned
choice.
by
the court
natural
the
are
of
course
propounded
a
If
one
motives,
the time
of
is
instrument
an
whose
leader,
it is now constituted.
One
be filled by one of the Presi¬
events it will be only a short
he
as
it,
sees
paramount, may
not
arq
B. Pettengill
Representative Samuel
the
hands
and: whose personal
so
equally feels that in certain other respects the bill is
the very generality
and
velt's proposal, and was quoted in an
"Times"
to the New York
I
am.
not
blind
a
and Holmes in their
worshiper of
and
(Democrat) of In¬
Maryland Bar
famous dissents.
chances
as
a
Atlantic City dispatch
an
I
decision.
his
would:
prefer
necessary or
vestors
The
chief
not
with
pull
Without
a
this
restraint
following
the
to
of
constitutional
government
and purpose
plan,
the
oath
if
it
shall
It
in
the
way,
of President
the American plan
would be warranted in feeling that they
It
is
are
to
fied
Association's
the
reasons
presented by Judge Henry C. Niles of York.
Both Senators Edward R. Burke of Nebraska and Rush
The report was
D. Holt of West Virginia
(Democrats), speaking before the
Commodore in New
American Defense Society at the Hotel
Flag Day (June 14) indicated that they would
continue to oppose the President's Supreme Court proposal.
In another item reference is made to the Democratic sub¬
York,
on
stitute court bill presented to
the Senate yesterday (July 2).
a
of substance from the next.
our
Governmental agency,
have been
which
the issuing
—so
Act"
Out By Investment Bankers' Association
Features of Barkley "Trust Indenture
Pointed
of America In Memorandum to Senate
Sees
In
Too
Action
Great
on
Power Conferred
on
Committee—
SEC—Delay
.
of investors are better served when
such as the SEC, has determined that the provisions
usually
banker—and the obligor, and their effect in actual practice, are
investor—most usually the investing public
of the type of security which is being pur¬
that the latter is well aware
chased and the terms of the indenture
issued.
under which such a security is being
In this connection we feel that a
rule similar to that contained in the
proposed rules of fair practice of the Investment
would adequately meet the
situation.
Bankers Conference, Inc.,
This rule reads as follows:
of securities has a title which is midleading as to the lien,
terms, or priority of such issue, a member shall state in the prospectus, if
any, or, if there is no prospectus, shall disclose in some other manner to
each purchaser of such securities the facts with regard thereto."
"If any issue
We would recommend going one step
intent of the rule we have
further and providing, as is the
quoted, that the lien, terms, priority and other
important provisions of an issue
must be clearly disclosed through the pro¬
of such a security.
would say that we feel it is sound public policy to
Commission authority to make certain that the protection
spectus to each purchaser
Summarizing,
entrust to the
we
indenture security
issued is actually so afforded.
We do
should delegate, or that a Governmental
the responsibility of passing on the substantive
represents as being ensured to the
by the indenture under which it is
not, however, feel that Congress
commission should assume,
Though this responsibility may not be ap¬
reading of the Bill, a careful analysis of it clearly
with which it vests the SEC.
It appears
provisions of any indenture.
parent from a cursory
demonstrates that this is the power
Bill Urged
In
urging delay by Congress on the Barkley Trust Inden¬
ture Act of 1937, a committee of the Investment Bankers'
Association of America expresses it as its view "there is
nothing emergent in the present investment situation to war¬
rant undue haste in the passage
.
.
agreed upon between the initial investor—most
clearly described to the ultimate
•
The problems of one corporate
and every case necessarily differs in
sincere belief that the interests
which the prospectus
Unsound
formulation of the terms
investment banker through whom the securities
borrower differ from those of another
Association's Committee on Reor¬
ampli¬
for adopting the resolution.
based on comprehensive experience and
opinion,
be offered to the investing public.
matters
followed by a concurrent report, which
National board of
security and the indenture by which it is to be secured
should be the subject of arm's length discussion and negotiation
between the obligor and the
are
ganization of the Judiciary, Sylvester Smith, addressed
was
indenture that had been passed by a
considered
our
and
It is
address
an
and provisions of a
of
the
convention on June 24, when, in referring to suggestions of
a compromise by President Roosevelt's advisers, said:
"We
cannot see any compromise."
According to advices to the
Philadelphia "Inquirer" from Bedford Springs, Mr. Smith's
Bill as cited above, investors
knowledge of countless examples in point, that the
And with its destruction goes the place
of the judicial branch.
The people must decide whether another
of the
of the broad powers which the
had bought a security which was
quasi security censors.
has been destroyed.
Chairman
inescapable that, if the investing
that the conslusion is
us
it inevitably would, became aware
as
SEC would have under such Sections of this
modernistic, more European, should supplant ours.
more
The
to
seems
public,
is to write the
stand:
11 to 16), a statement that
selling any security to
whatsoever
.
.
.
that the Commis¬
sion has in any way passed upon the merits of or given approval to any
trustee, indenture or security."
"It shall be unlawful for any person in issuing or
issued under
President
Moreover, we feel that,
it is disingenuous for the Bil
represent or imply in any manner
decisions of the Supreme
Court just as he now writes the laws which Congress must pass.
When
anyone may dictate word for word the laws of his country, requiring only
a
perfunctory confirmation by Congress, and then dictate the decisions of
the Supreme Court by the appointment of men pledged to violate their
plan
widespread among investors
of security.
does in Section 13 (page 49, lines
to contain, as it
Roosevelt's plan:
The
SEC would want to shoulder the broad
if the SEC is to be cloaked with such powers,
that it puts nine men upon a
pass upon the validity of
in criticism
It would seem
hand, intends to grant any
broad, unrestricted powers to any Governmental agency, or, on
and would lull them into a false sense
but to
say
SEC to dictate the terms, covenants
of any indenture to be registered with it.
We feel that such assumption would become
majority might be at the mercy of a dictator.
had
with various similar though not so obvi¬
the
responsibility
of having investors assume, as indeed they would have a right to infer from
such provisions of this Bill, that the Commission, by so passing on an in¬
denture, had approved its terms, such approval, in effect, being tantamount
to formulating the terms of the security to be offered to the investing public.
Sterling McNees of Harrisburg, President of the Associa¬
tion,
make, issue,
.
other hand, that the
minority would be at the mercy of a majority,
a
43, lines 6 and 7)
and such orders as it may deem
extremely doubtful that Congress, on the one
the acts of government.
perhaps
.
and provisions
Federal Law
of the resolution said:
the government,
.
portions of it, actually empower the
ous
A statement by the Association's
glory of our Constitution is
to
.
appropriate in the public interest or for the protection of in¬
and to prescribe or recommend forms of indentures or of
These parts of the Bill, together
honest judge who makes his
who permits the politicians
an
occasional mistake to a
legislation pro¬
viding for the appointment of additional justices to the
United States Supreme Court was adopted unanimously by
the members of the Pennsylvania Bar Association at the
opening of its annual convention at Bedford Springs, Pa.,
bench
(page 42, lines 20 to 24 and page
(a)
.
provisions required or permitted to be included therein."
any
such
Committee urging passage
(1) and (3) (page 40, lines 7 to 15
wherein it is stated that
amend and rescind such rules and regulations
A resolution opposing the passage of any
June 23.
responsibilities which any
"The Commission shall have authority from time to time to
perpetual distrust.
on
of the
assuming.
wherein it is stated that
courts.
citizen with
believes
of the
such body
administrative body
any
refer to Section 7 (m)
we
18 to 19)
excess
in
to
(and) on the issuance of additional indenture securities
.
(and) the definition of what shall constitute a default thereunder."
mistakes in preference to a dishonest judge
dictate
to
and
lawyer
a
warranted
delegate
denture
"Who
own
feel
and to Section 8
Supreme Court has done a perfect job.
All that is necessary is to ask:
could do a better job?"
For myself, I will continue to take my
the
unsound in that, through
of its provisions, it delegates to the Securities
"The indenture to be qualified shall contain such provisions as the Com"
mission shall deem necessary or appropriate in the public interest or for the
protection of investors in respect of
.
.
.
restrictions or conditions on
the release and substitution of any property subject to the lien of the in¬
I often followed Brandeis
But it is not necessary to prove that
the
knowingly
would
Specifically
of another
ambition is
saying:
as
some
Government and far in
should
likewise opposed President Roose¬
June 26,
on
of
Exchange Commission powers far beyond what the Association
Congress
diana, in addressing the annual dinner of the
Association
However, the Association
decidedly constructive and sound legislation.
matter how righteous his
in
which,
fashioned
high
cut down civil liberties.
motives
no
Consequently it feels that certain provisions of the Bill represent
serves.
legislation
remains to believe that
No reason
for the protection
legislation which will better serve and
safeguard the important interests which the investment banking business
legislation will be declared unconstitutional.
President can adfd six more justices to override the Constitution
the needs
meet
Deal
broad and: liberal basis for
designed to meet the needs of the time.
to
New
erroneous.
further vacancies.
The present court has
reasonable
proved
of investors, it heartily favors any
as
can
vacancy
In
time until these
been
have
it
justice
has
emphasize that, for the continued
improvement of financing methods and standards and
to say:
on
43
Chronicle
of
a
bill embodying such
a
Act of 1933, as amended, is
administrative law, whose fundamental concept
is provision for adequate disclosure, to an approval law whose underlying
principle involves specific approval of individual indentures of all types of
corporations, large and small, and, through that approval, of securities
issued by such corporations under such indentures.
to us that
though this process the Securities
being transformed from an
drastic change in fundamental public policy involving public
reliance on Governmental approval of this nature and having
This view was set out by the
Special Committee on Trust Indentures, in
a memorandum submitted by it on June 29, to the Senate
Committee on
Banking and Currency at Washington.
Benjamin J. Buttenwieser is Chairman of the committee,
the membership of which also includes Milton C. Cross,
Allen N. Jones, Karl Weisheit and George D. Woods—In
presenting its observations on the bill the committee suggests
".A more careful consideration of the implications of this Bill
and a more detailed study of the practice of other countries
in legislation of this nature, with a view to the passage of a
bill which would render true protection to investors and at
the same time be less deleterious in its effect on the investing
public, on corporate obligors and on the investment banking,
business."
"For such study and consultation" says the
memorandum members of Association "stand entirely ready
such
far-reaching effects."
Associations
to
place at the disposal of the Senate Committee on Banking
Inflation
and
Higher Living Costs Discussed by Dr.
Graduate School of Banking
Kemmerer at Meeting
at
New Brunswick,
N. J.
for inflation appear more powerful than
counteracting influences and the prospects are for a period
of rising commodity prices and a much higher cost of living,
said Dr. Edwin W. Kemmerer, Walker Professor of In¬
ternational Finance at Princeton University, in an address
on June 30 at a general meeting of the Graduate School of
Banking at New Brunswick, N.J.
The school is conducted
jointly by the American Bankers Association and Rutgers
University.
Dr. Kemmerer said in part:
Forces making
forces now pushing prices upward,
already created and in some cases creating
more slack to be taken up, are the following which it will be recognized are
not entirely distinct but in some cases involve a certain amount of over¬
"Among
the powerful inflationary
"taking up the cheap money slack
lapping:
I
44
1
Financial
The devalued
accompanied with
prices
gold dollar and resulting inflow of gold from abroad
an increase of gold
production which low commodity
nave stimulated.
2
Our silver policy involving as it does an enormous
expansion in the
circulation of silver certificates.
3
The Government's low interest rates and
cheap money policy which
encourages credit expansion.
4
Our heavy Government deficits and their
financing through borrowing
from the banks.
5
The flow of 'hot money' from abroad into the United States from warEurope seeking security and profit in the United States.
Our very heavy excess bank reserves, both in commercial banks
scared
6
and
in the Federal Reserve Banks.
7
The prospects of rising velocities of bank
deposit circulation
recovers from the depression.
"Counteracting these inflationary forces there
They
are
as
business
four important forces.
are:
1
The expansion of business
as we work our way out of the
depression
an increasing demand for
money and bank deposit credit.
improvement we have been having lately in the
budgetary
position of the National Government which is reducing somewhat the size
which involves
2
of
The
annual deficit.
our
3
The recently adopted policy of the Federal Reserve
System in pro¬
viding by Administrative action taken under the authority of recent banking
legislation for the doubling of legal reserve requirements of banks in the
Federal Reserve System.
.
4
The recent Government action providing for the
sterilization of gold
imports which prevent newly imported gold from being used as a reserve
base for currency and credit expansion.
Dr. Kemmerer further said:
'~M9
"We hear much about 'controlled' inflation
be turned
as
if inflationary forces could
and off by the Government at will.
on
The world's experiences
with inflation, however, as every student of
monetary history knows, show
that inflation when it once gets well started is one of the hardest
things in
the world to control.
substantial periods
There have been many cases in history in which for
of time—in
moderately well controlled
was
some
cases
it is
as
running into
always breaks down
tinder
political
and
pressure
our own
usually
with
disastrous
results.
Certainly
country are extremely unfavorable for the
success
of
grandiose experiments in controlled inflation."
rv
•**
-
nil Mi i
—1^41
■ ■
t
■""JT ""
"!5r"
"
w
of
Banking, which opened
issue, page 4271.
June 26
June 21,
on
appeared in
our
...
members of the
Pittsburgh Mailers Union No. 22, voted to
the "Press." the
"Sun-Telegraph" and the "Post-Gazette," threatened to re¬
sume publication with union members from outside the Pitts¬
burgh district working in place of the strikers.
The strike
had been declared illegal by the international officers of the
Mailers Trade District Union, of which the local union is a
subordinate, and by the International Typographical Union,
parent body of the organization.
The latter union ordered
the men to return to their jobs.
The strikers, who had sought higher wages, on June 22
engaged in a "sit-down" strike but left the plants voluntarily
late that night.
About 5,000 employees of the papers had
been affected by the strike.
In reporting the ending of the
strike, an Associated Press dispatch from Pittsburgh, June
24, said:
The returning 150 employees will continue to work under provisions of
the contract which expires Jan.
Similar
Conventions
for
Printing and
Industries Fail—'Conference Adjourns
A convention establishing
industry
approved
was
Chemical
The wage under that contract is $6.80 for day workers and $7 for
night
men.
The strikers had demanded an increase of $1.20 daily for day workers
and $1.50 for night men.
Earlier today the strikers
by the International
Geneva, Switzerland. The
Labor Organization conference in
convention, urged by the United States delegates to the con¬
ference, was approved by a vote of 88 to 41, with 38 absten¬
tions.
Two
other
conventions
for
40-hour
weeks
in
printing and chemical industries failed to receive the
neces¬
The conference,
adjourned
national
on
The main issues
facing the Inter¬
Labor
Organization during the coming year will
proposal by the workers' bloc that next June's session
a
Then, Mr. Williams said, the union
Geneva wireless account, June 23, to the New York "Times"
of June 24, which went on to
say:
This
clude
would
mean
abandoning the present method; of attempting to con¬
40-hour convention separately for each industry, the method adopted
a
two years
Miss
the
ago,
special
conditions in
Henry
I.
later
would
and
if
provided
Harriman,
it
favor
a
so
general
transporting
in
employers'
week
He
for
interstate
industries such
regulating
They include
a
safety
provisions
delegate,
in
regards
voted to
refer
American
employers
producing
but
would!
exclude
agri¬
urging
on
Mr.
workers
in
the
building
industry.
by the United States
the principle
of complete equality
following regarding the 40-hour week convention in
a
United Press dispatch from
have
the American
fought
ever
since
Every Latin American country
swung
entred
the
international
labor
organization
three years ago.
Three
weeks
ago
strikers
the
voted
down
defeat of the convention appeared
certain.
Amerioan
delegates
"which
The
of
much
as
it
bolting
British
leadership
which
formerly
ran
pleasedl
for
already has the 40-hour week in textile industries, and
agreement among other textile-producing countries to enable
an
American
manufacturers
to
compete
on
equal
footing,
with
better terms
foreign markets
with countries now having longer working hours.
country will be obliged to adopt the 40-hour week until it recognizes
No
International Typographical
End
Strike
of
Which
Three
Had
Pittsburgh Newspapers
Caused
Suspension of
Publication Three Days
A strike of 150 union mail
employees of Pittsburgh's
daily newspapers, which had been responsible for the
suspension of publication of the papers for three days, ended
three
said,
"renders
members
of
Pittsburgh
Union."
com¬
+
U.
W.
A.
A.
Votes
to
room
Discipline
Strikes—Executive
Board
Leaders
Outlaw
of
Warns
Against Unau¬
thorized Walkouts—Statement by W. S. Knudsen
of General Motors
The
Executive
Board
of
the
United Automobile Workers
unions
to
Union
June 18
on
to
of
ask
the
local
officers responsible for
of work by fine or suspension or
Martin, President of the Union, was in¬
stoppage
Homer
structed
International
voted
discipline members and
"unauthorized
inform
to
locals
that
if
they failed
discipline
to
leaders of outlaw strikes the international union would take
drastic action.
Mr. Martin issued a statement in which he
deprecated outlaw strikes, but said that most of them
caused
by concerted action
foment industrial
for
of
Motors
and
disturbances,
the
other
that there
me
State and
the
State
has
been
cannot
of
the
escape
work
and
with the U. A. W. A.
concerted; action
of
National
Administrations
responsibility
other
It
occurrences
is
quite evi¬
powerful corporations
throughout the country to discredit both
and
unionism.
said, in part:
stoppages
a
of
cause
were
seeking to
agents
company
corporations
have affected the agrements
this
and
Martin
of
many
which
of
strife to discredit the
The statement of Mr.
through
organized
provocative
labor
action
the part of
officers, executives and supervisors of the companies.
We will keep our
agreements, but the management must also abide by
its agreements.
We are prepared to take whatever steps are necessary to
unauthorized
unions,
of
or
S.
by members, committees and officials of local
of
Knudsen,
statement
a
action
representatives
William
replying
the
international union.
President
of
General
Martin,
Mr.
to
said
Motors,
that
in
report
were 200 unauthorized
a
by his company showed that there
shutdowns in the corporation's 48 plants since the signing
of the agreement with the U. A. W. A. on March 12.
From
It
is
preposterous
of
its
caused
most
Not
single
officers
for
to
date.
numerous
any
inability of the union
stoppages
union
a
strikes
is
mere
mockery.
not
has
not
single
have
keeping
action
been
the
to control its
of work
The
the
a
by
agreed-upon
union
procedure
complaints
Father,
it
has
of wages.
the
stoppage occurred.
before any
agreement.
members
and' loss
been taken
in which
called
party to
faith and has observed all
has
followed
case
a
demand.
.
.
.
were
makes
the
What has the union done to keep its agreement
resolution
A. W.
that
in good
agreement
disciplinary
This
a
when his work is in
man
unwarranted
The
cases
quote:
that the corporation should be
rspect?
The
U.
these
effective
adjusting grievances in
In
in
of
The
we
single
a
entered into the
provisions.
a
to suppose
layoff of
unnecessary
agreement
Workers
the
for adjustment of wages and
open
being
presented.
Room
not
Then the strikers reconsidered.
the convention, which may be a slow process.
Mail
is
The charter will not be reinstated Mr. Howard
said, "until evidence has
been submitted to the Executive Council
showing that contractural obliga¬
tions and laws of the International Typographical Union are
corporation
The United States
sought
P.
Pittsburgh under contract with the Mailers Trade District Union and
the
0.
Charles
Pittsburgh Matters Union, No. 22, and
Howard
Mr.
suspension,
nation
the I. L.
proposal,
Mailers Union No .22 ineligible for employment in the
newspaper offices
Mr. Knudsen's statement
into "line,
compromise
does not expire until Jan. 7, 1938."
began lobbying to swing over doubtful votes, while the State
Department exerted its influence in friendly countries to obtain support.
The result of the campaign became
apparent today when nation after
swung
the
authorized hiring of other union members to
replace the strikers.
Mr. Howard's statement asserted that the mailers had violated
into
proposal, for which United States representatives
they
be
Howard, President of the International Typographical Union, announced
suspension of the strikers' unit,
prevent
attributed to the Roosevelt Administra¬
was
"good neighbor" policy.
behind
would
men
The union will protect you if you return to work
by reglar starting
time tonight on "The Post-Gazette" and tomorrow on the afternoon news¬
papers, and the legal authorities have promised the same protection.
on
Geneva, June 22:
line
of $7.50 for
wage
brought in to take their place, announced:
dent to
all governments
Adoption of the convention
;.
daily
a
Anderson, in notifying the strikers outside union
General
convention and four recommenda¬
a
women.
the textile industry is from
tion's
and representative of national
day workers and $7.85 for night workers.
canning.
for
model safety-first code.
everything for
The
as
engaged in
industries
The conference also adoptedi a resolution submitted
Government
flexible
said that
commerce
as
The conference unanimously adopted
tions
sufficiently
countries.
but warned that he would vote against
all-inclusive.
40-hour
goods
culture and seasonal
and)
United States
to the governing body,
it remained
was
industries
some
com¬
by Mayor
conducted the negotiations which
fc.The rejected compromise proposal called for
both."
pledged the United States Government's support for
convention
the proposal
it
when the conference rejected the blanket system.
Grace Abbott
blanket
to 3 a
called
resulted in settlement.
to concluding one blanket convention establish¬
40-hour week in all economic activities, said a
the
vote of 104
a
conference
conferred with Rand Anderson,
men
officers of the union, and through him
be devoted
ing
mediation
Secretary of the Mailers Trade District Union
which had been in session since June 3,
June 23.
rejected by
a
plied with."
two-thirds majority.
sary
be
the
by
O. D. Scully.
terms of their contract
40-hour week in the textile
a
had
promise proposal suggested
June 22
on
7, 1938, Tom Williams, Secretary of the
Publishers Association announced.
After
International Labor Organization Conference
Approves
40-Hour Week Convention in Textile
Industry—
1937
3,
return after the three affected newspapers,
■'*"
An earlier reference to the sessions of the Graduate School
July
on June 24 when the workers voted to return to their
jobs
under their old contract, at the same wage—viz., $6.80 a
day
for day workers and $7 for night workers.
The strikers,
years—inflation
being controlled today in England
and Sweden, but never so far as I know, has an inconvertible
paper money
standard been an enduring success.
Sooner or later it
conditions in
Chronicle
A.
adopted by the Executive Council of the
instructing Mr. Martin to advise local unions
members
and
officers
found
responsible for
authorized strike may be punished by
both said:
any
un¬
fine or suspension
or
Volume
local
union
international
union
Any
officers
the
to
revocation of
the necessary
take
to
of
Inland
The
steel
charters.
union
sign no agreement with C. I. 0."
Neither, for that matter, did Inland Steel.
the
discipline
may
extent
local
"We will
disciplinary action, the
individual members, local union
expulsion of such officers or members and the
failing
45
Chronicle
Financial
145
settlement
Philadelphia
of
Drivers
Truck
"Evening
F. of L; Union Loses
Bulletin" Return to Work-^A.
Philadelphia "Evening
Bulletin," members of the Philadelphia Newspaper and
Magazine Chauffeurs Local No. 628, an affiliate of the
American Federation of Labor, was ended on June 18 and
delivery of the newspaper resumed. The strike was
the result of a dispute between the A. F. of L. union members
and a group representing adherents of the Committee for
Industrial Organization.
The members of Local No. 628 on
June 14 sought to prevent other drivers from leaving the
normal
"Bulletin"
with
Local 628,
Representatives of
garage.
which the "Bulletin" has a contract,
said
grievance against the paper and there was no
cause for a strike.
Following the termination of the strike
a vote was held to determine whether Local 628 represented
they had
no
majority of the drivers.
A count of the vote by Judge
William M. Lewis, Impartial arbiter, showed the adverents
of Local 628 were in the minority, said the Philadelphia
"Record" of June 20, which also noted:
a
As
of the strike
termination
or
the existing
on
after the result of the vote
He said:
fair and square
"In accordance with the agreement between the parties, a
by secret ballot was held by the drivers of The Evening Bulletin,
election
as
"Tellers
which resulted
being represented by the local.
in a majority voting against
well
that
on
I
majority having spoken,
hope
now
the majority will, in accordance with
as
that
the principles of democratic
rule, abide by the result and work together in unity, harmony and
peace."
expressed in a
joint statement by Tom Flatley, President, and Harry Gurskey. business
of this
union,
standards of wages,
have
we
that
establishing
have been successful in
we
as rep¬
eventually we will reach a similar understanding
down
Steel Workers Return to Jobs in Strike-Affected Plants
of
Protection
men—C. I.
National
and
Police
Use
Files Suit to Bar
O.
Guards¬
of Troops in
Strike"—Dynamite
Explosions
Close
Johnstown—Secretary Perkins
"Breaking
Bethlehem Plant at
She
Governor
Asked
Davey to
Hold
Mediation
at
Inland
Officials—Failure of
Adjust Differences—Strike
pany
Com¬
Board
Plant
to
is
Ended.
Strike-affected
under
the
mills this
steel
week
resumed
production
protection of State police and troops, and
reported operations normal
"near capacity,"
or
of the Committee for Industrial
as
Earle
Johnstown said :
It
between
hem
sign
to
Persistent
Pa.,
forced to close
was
June 29
on
mysterious dynamite explosions cut off the main water
Spokesmen for the C. I. 0. issued a statement "de¬
ploring" the incident and expressing the hope that the bomb¬
ing had not been committed by strikers.
Gus Hall, C. I. O. organizer who had been charged with
unlawful possession of explosives in connection with dis¬
orders in the steel strike, surrendered to the police on July 1.
June 30, officials of steel and railroad unions
urged Governor Earle of Pennsylvania to place Johnstown
under martial law for the second time since the strike
started at the Cambria plant of
followed
the Bethlehem Steel Corp.
warning from Mayor Shields of
a
further protection would be extended by
no
O.
authorities to C. I.
leaders,
June 30 that 40,000 coal miners
(July
4)
in
a
It
announced
was
demonstration
of
sympathy
for
Through the mediation of Governor Townsend of Indiana,
Steel
Committee
30
June
Steel Workers
and the
Company
on
threat
a
order, effective
as a
7
at
yesterday, saying the emergency in Johnstown
m.
a.
*
signed
"memorandum
a
in
Committee
strength
their
throw
effort to force Bethlehem to
an
mills
the
C.
"labor
I.
reopened
as
O.
M.
of
under¬
as
Press advices
follows in Associated
the
in
work
under
today
agreement
an
other
among
the
things,
by which
Inland
the
Steel
C.
I.
0.
Company's
immediately demobilized
late last night.
He
steel"
no
break
strike
the
corporations—Bethlehem,
President
Frank
steel-making
Purnell
area,
said
of
the
early
as
Republic
latter
today:
it
affects
the
three
other
Youngstown,
settlement of the contro¬
a
making public the report of the Mediation Board on
In
Secretary Perkins is said to have stated that the
seek to place the blame for the lack of a
settlement.
This was noted in a
Washington dispatch,
July 1,
report did not
"Times," which also said, in part:
July 1, to the New York
The
drafted before
however,
report,
Inland'
the
Organizing
Workers
Steel
the
with
truce
Steel
Committee,
Co.
reached
with
closed
a
these
statements:
table
such
in
into
a
that
believe
the
four
present
possible
hope of
the
four
settlement
companies to enter
the
refusal
of
the S.
W. O.
C., regardless of the number of
that
agreement with
any
only
the
discussion around the
companies and the union
man-to-man
a
meeting.
further
"We
by
heads of
the
between
and
representatives,
lies
allayed
be
would
sides
two
believe that the bitterness and suspicion which separate
but
"We cannot
it actually represents, which could be demonstrated
ballot election, is not the way to industrial peace."
employees whom
secret
The Secretary
by a
revealed that she had in mind some program for attempt¬
strikes but added that she was "not sure that it is
addition, that the plans "would depend upon the
ing to settle the steel
in
and,
practical,"
capacity of the individuals"
Perkins concurred
Miss
of
"a
of
President Roosevelt's Shakespearean quotation
both your houses," saying that extremists on both sides
strikes were subject to condemnation, and adding, in response to a
the
plague
on
question, that blame
direct
concerned.
in
for the trouble must not rest upon
industry
alone.
these
To
she
was
remarks,
whether
across-the-table
that
made at
a
press
conference, Miss Perkins added that
in labor disputes should) be forced
distrusted each other.
She insisted
that warring factions
convinced
conference
into
or
T. M. Girdler,
not they
gatherings
standings and agreements
of
opposing
leaders
could
bring
under¬
otherwise impossible of achievement.
Cbairman of the Republic Steel Corp., said
dispatches which asserted that
Mediation Board were quoting remarks
June 26 that newspaper
on
adviser of the Administration.
26 to the New York "Times"
Cleveland dispatch of June
quoted him as follows:
"I
merely
at
adviser
informal
"These
"little
Youngstown Sheet & Tube.
company, which has plants in this
and
in
Washington before sailing for Europe.
in
militia which he had called out only a few hours
in
plants
final meeting on June 28, and on the following
day Charles P. Taft 2nd, Chairman of the Board, conferred
with President Roosevelt and Secretary of Labor Perkins
held
versy,
my
was
steel
strike-sieged
failed in its efforts to negotiate a
quoted
the
time
remarks
the
of
to me by a former Administration
appointment," Mr. Girdler said, in
situation during a small
luncheon
remarks
were
never
stated
as
representing my views nor was it
intention that they be quoted.
talked to Mr. Taft (Chairman of the Mediation Board)
"I
in
made
Board's
his observations on the steel strike
in Washington.
referring'to
the settlement
Townsend announced
before.
There
Organizing
sign.
to Associated Press advices from Youngstown.
Members of the Federal Steel Mediation Board, which
A
;*•
Clifford
United Mine
Workers'
according
bargaining agent for its own members only, and by which
accepts,
policy."
Gov.
Steel
Major-General Gilson D. Ligbt of the Ohio National Guard
on June 28 that approximately 15,500 men were back
actually made by a former
reported
recognized
the
to
stated
Organizing
July 1 from East Chicago, Ind.:
The
*
Mark, however, declared he had received assurances the
would
Earle
He lifted the
close down the Cambria works.
This
is
would
from the great coal area
week ago that caused Governor George H.
a
he had criticized tlie
was
move
law and
standing" ending the month-old strike at the Inland plant.
of
"The mills will be closed down."
sympathy
passed.
Workers
of the
refusal
Pennsylvania.
declare martial
on
would march on Johnstown
the steel strikers.
Inland
over
current that a new march of coal miners
were
rumors
such
was
RR.,
the strike."
of
start tomorrow on Johnstown
had
Black Lick
&
asserted he had "confidence in the ulti¬
I. O. leader,
fight has only begun," he said.
"Our
supply.
tomorrow
State
labor contract.
a
C.
Mark,
result
mate
Despite police
when
city
the Conemaugli
subsidiary,
James
conference
at Johnstown,
demand
the
men
formally employs 15,000 men on a three-shift basis.
The strike was called because of a walkout by employees of the Bethle¬
Corp.,
Johnstown that
of
commander
Clark,
William
Captain
stationed at each of the seven main gates, that
4,000 and 5,000 men returned to work [on June 26].
The plant
had
who
the
This
by
estimated
was
protection, however, the huge plant of the Bethlehem Steel
on
placing Johnstown under martial
rescinded)
(later
law, the Cambria strike was referred to on page 4108 of our
June 18 issue.
On June 26 Associated Press accounts from
many
officials
Organization protested that
troops were "being used to break the strike."
Meanwhile,
(page 4267) to the order of Governor
besides our reference
at
<i
»
.
Denies
26,
The Bethlehem Steel Corp. resumed opera¬
at its Cambria, !Pa., plant on June 26, after a shut¬
of two weeks following a strike call by the C. I. O.;
hours and working conditions on all the newspapers
with The Bulletin."
Under
discrimination.
4267-70.
tions
We have closed-shop agreements with other newspapers, and
doubt that
no
other things, provided for the return of strikers and nonThe second consisted of its labor policy
among
The steel strike was referred to in these columns June
pages
Mr.
"We feel
East Chicago lifted a ban on sale of liquor,
Rooney of
weapons
previously announced by Inland Steel to its employees.
agent, of Local 628.
"We will abide by the results of the poll," they said.
He
departments to report to
determine what
to
9,500
that
Jorce of 5,000.
so
without
strikers
It
of this city.
down
and that,
to
The union's acceptance of the result of the election was
resentatives
other
or
of Western
Unior\
Accepted by
in
day
normal
midnight shifts.
or
m.,
estimated
manager,
double the
effective at 11 a. m. because "the situation has
rapidly."
The Inland truce, said Gov. Townsend, consisted of two parts.
The first
was a "statement of faith" on the part of the company and the S. W. O. 0.,.
minority
the
checked
4 p.
works
Walsh,
H.
nearly
in,
Mayor Andrew
guns
^
both
James
many
the
calmed
under the chair¬
sides of the controversy,
both
representing
manship of Judge William M. Lewis, conducted an election
as
said
later
lighted.
m.
checked
company
they wanted to be represented by Local 628.
to whether or not
"The
had
police,
„
Mayor Wilson issued a statement yesterday
known.
10
men
between that
contract
organization and The Bulletin.
was
a.
But the failure of 628 to win a majority will have no
L. union.
the
with the A. P. of
effect on
result, a closed shop agreement will not be signed
a
was
June 14 that
on
the
clouds
the first of the thirty-two open hearth
outside the grounds that
the rain
in
At
A strike of union truck drivers of the
between
agreements
and the Governor.
the strike closed down the mill.
furnaces
in Vote
of
Steel reopened its plant today,
high stacks for the first time since May 26 when
It was a signal to the crowds that loitered
of smoke poured from two
Striking
basis
the
on
Inland
after the
hour
one
was
the Governor and the union
and
company
Within
Cincinnati
been
Board
published.
and
by telephone
had
today and expressed my deep regret that these remarks
my
While it is true that I disagree with the views of the
cannot accept its recommendation's, during the
company
46
Financial
of
course
the
members
discussions
showed
by
themselves
the
steel
be
to
fair
conscientiously endeavoring to find
"I
further
was
misquoted
in
representatives
with
and courteous
in
the
Board
its
the
of
some
dispatches
press
The
respect and
every
solution which would: be acceptable.
some
Chronicle
not
true.
Republic has posted notices
the question
on
anyone who
of rehiring
the
in
Governor
as
plants stating
employees which stated that
has been guilty of violence
its
that
at
June 26 filed
on
suit in the
Federal
Court
Columbus, Ohio, seeking an injunction to prohibit Gov¬
Davey from "using the National Guard to break the
ernor
steel
strike."
"Times"
protect
legal
a
Columbus
dispatch
reported that action
The petition
to
A
asserted: that the
workers returning
declaration
mission,"
which
of
has
to jobs
to
the
proclamation calling out troops
plants did not constitute
but
itself
set
up
for
"roving military
a
the
civil
authorities"
com¬
and
is
"aiding
or abetting unlawful acts."
According to the plaintiffs, the acts committed by the troops and local
are "illegal, arbitrary,
unconstitutional,
null and void, and a denial of the
rights of the plaintiff."
authorities under the proclamations
The petition
declared that the troops have adopted a
program
special
rules
and
regulations
declaration of martial
issued
by
the
by
Evans
of
Sheriffs
Sheriff
petition
asks
"Interfering
with
of
of
legally
of
and
County
law.
Act
defendants
rights
citizens
Mahoning
Labor
that the
the
conduct
Elser
Assails
.
The
the
unauthorized by
are
enforced
without
a
law, it argued, adding that the proclamations
for
Ralph
Youngstown
be
can
the
and
be
',
and
in
W.
0.
There
to
make
of
thizers
the
defendants
with
said
wounded."
and
be
commanded:
to
release
all
persons
for all members of the S. W. 0.
account
members,
who
have
-
been
grievously
unlaw¬
now
C.
or
sympa¬
assaulted
and
•
In
replying to these charges, Governor Davey on June 28
reiterated that he would
keep the Ohio National Guard in
the steel strike
until danger of violence
area
Governor Davey
June 25
on
was
over.
Youngstown
Sheet & Tube Co., and hold them until
they
signed agreements with the C. I. O. Miss Perkins on June 26
issued
statement in which she said she had never
proposed
"that Governor Davey summon the steel
operators and hold
them until they signed a
peace agreement."
Her statement
added:
a
merely suggested to Governor Davey, in
Board
reported
if
parties concerned
the
subpoena
try
ment
On
"In
Mr.
'We
say,
into
a
think
reach
them
Federal
Steel
reached
and
Purnell
United
let
"I
the
as
noting what
follows
thus
settle¬
will
tell
the
that
Secretary
dispatch
a
any
of
Youngstown
ended
in
my
state¬
language that
exact
she
the
of
the
to keep
those
mills
the
Warren
would
small
the
power.
power
until
statutes
cannot
settlement
I
of
subpoena,
Columbus
but your
is
and
Commission
Girdler
and
an
/
she
sent
Assistant
Secretary
of
Labor
Davey said Mr. McGrady suggested the
McGrady
to
me
see
said
he
Indiana
President
hopeful
was
Harbor
of
"within
Roosevelt would
of the
powers
a
the
Mediation
be
asked
Board
and
the
Tube
and
Republic
had worked
men
said
in
that
their
for
the
Youngstown
were
nearby
denied
mill
Niles.
the
strike
to
men
Union
had
continue
been
the
broken,
siege.
citing
This,
the
they
said,
chiefs
charged recent Warren bombings
Republic-hired "provocators" to discredit the C. I. 0.
Determine
Collective
Bargaining
Along
Agent
be
to
pending the outcome of
conducted
to determine
by
the
whether
24
by
six
the
maritime
election among
an
National Labor
National
should
unions.
Relations
Maritime Union
employers
June
for
designed to maintain peace along the Atlantic
the International Seamen's Union
collective
bargaining with
or
in
represent them
signed
was
on
The
agreement
was
conference held in the office in New York
of Joseph P. Ryan, President of the
International Longshore¬
men's Association.
The National Maritime
Union, which
was formed
by former members of the International Sea¬
men's Union, affiliate of the American Federation
of
reached
after
a
Labor,
is
expected to shortly join with the Committee for Indus¬
trial
Organization.
Coasts
have
been
Ports
the
along
the
of
scenes
Atlantic
several
Gulf
and
major
strikes
by
during the past two years, and only in recent weeks
have disputes arisen resulting in walkouts.
The following bearing on the
agreement signed June 24
is from the New York "Herald Tribune"
of June 25:
The
A.
truce agreement
F.
for
was signed by Mr. Ryan for the I. L.
A., powerful
Joseph Curran for the N. M. U.; William Gallagher
International
Union
of
Operating Engineers of A. F. of L.;
of L.
the
Captain
S.
L.
the
affiliate;
John
Pinchon,
and
Milliken
Local
J.
88,
Ring,
labor
for
the
National
Kleinkaus
for
adviser
United
Licensed
Organization
the Commercial
to
the
of
Officers;
Masters,
Captain
Mates
E.
T.
and
Pilots,
Telegraphers Association.
David
Maritime
Commission,
attended
the
con¬
ference.
While
New
the
York
pier,
peace
&
pact
Cuba -Mail
being discussed word was received: that the
Steamship Co.'s liner Orizaba was being held at
was
foot
of Wall Street, because of a
jurisdictional dispute between
Telegraphists Association and the Commercial TelegraTphers Association, the former demanding that the
company carry out an
alleged prior agreement to discharge two of the latter's members.
Seamen
belonging to the N. M. U. rallied to the A. R. T. A.'s defense and
the American Radio
sit-down
hours
of
late,
R.
that
A.
big
sit in
R.
T.
it
T.
The
off
trouble
and
the
passengers
A.
was
will
A.,
and
not
sign
which
finally
ship
freight
at
peace
0.
the
I.
when
m.,
the
Vera
C.
T.
than
more
conference
Mervin
pact.
C.
a
7:20 p.
for Havana and
represented
the
is
adjusted
was
sailed at
U.
three
Cruz.
and
has
not
Rathborne, President
affiliate and
claims to represent
of marine radio operators, asserted that he would
not,
conference with representatives of the Commercial
Telegraph¬
an A.
F. of L. affiliate, because he
considered it an "unfair
majority
at
any
Union,
labor
men
with
A.
the
staged
strike.
its
The
organization."
Although
the
International
Seamen's
Union
was
conference
represented
at
the
by E. H. Angle, Secretary, he did not sign the
pact, explaining
he would first have to submit
it to
that
day."
Governor
hot
work of
Board
Frank
keep them there until they reach
agreement.'
regarding reopening.
at
Under
&
that
cripple production.
understand
Industrial
ought to have Tom
Sheet
at
leaders
1,000
Gulf Coasts
and
ers
of
I think you
Youngstown
production and
up
Seamen
the
a
and
stepping
Townsend
strikes
midnight 11,000
plant
strike
the
were
down.
closed
your
strike—Bethlehem,
were
operating.
Normal employment in
was said, was 17,000.
Republic's plant at Warren, Ohio, said that more than 3,000
6,500 employees had returned to work and that 300 had
usual
entered
indicated
We
zone
decision of the Board.
last
departments
Officials of
used.
Board fail.
strike
and maintain
those departments, it
ordered
of
accuracy
steel
reports that
by
plants
a
'
have let them
we
lawyers have been studying
subpoenaed to
"Then
in
Press:
efforts of the Mediation
think
ought
you
that
in
the
they
probably to broaden the
abide
hours
her
voluntary
a
in
Arbitration, Commission.
an
Officials
24
and said:
up
not have
have
quoted
Secretary Perkins questioned the
as
not
Our
do
next
the
as
joint conference
attempting to
Davey,
was
the
to
Davey said,
me
must
reached.
does
of
Governor
labor -friends
our
you
much
the
present arrangement the
Mediation Board does not have the power of
subpoena and does not possess
the right to compel attendance of either side at its
sessions or
make
together, that the State of Ohio had the
concerned
proposal
to
much
as
She called
'I
27
had
Columbus
ment,"
"
bring all
Board's
June
from
let
down
sat
as
adjustment of difficulties could be
an
by the conference method.
Perkins
"
to
power
the
out
it believed
in
seamen
was
reported to have charged
that Secretary Perkins had
proposed to him that he sub¬
poena Mr.
Girdler and Frank Purnell, President of the
I
it
seamen
deny to the members of the S. W. 0. C. the rights
guaranteed to the said members by the National Labor Relations Act.
"Employing the services of armed persons, whether special
deputies,
National Guardsmen or vigilantes, in the commission of
the above enjoined
things.
"That
the
of
persistent
were
intervene,
concerted
to
fully detained and to
involved
statement tomorrow
a
C.
Steel
keep guardsmen
Election
"Unlawfully searching and seizing.
"Aiding the Republic Steel, Youngstown Sheet & Tube, Inland Steel
Bethlehem
would
hours."
A compact
the S.
the State
of
Six Marine Unions Sign Pact to Maintain
Peace
Atlantic and Gulf Coasts—NLRB to Hold
'
detaining members
or
life
reporting for work every hour.
Inland, only one of
independents that has not attempted to resume production,
settlement
next 24
action.
"Intimidating, coercing, arresting, assaulting
he
Indianapolis, Governor Clifford
from:
picketing
"pledging the forces of
political
from
were
struck
to
restrained
assembly
Columbus
Lionel
...
Violations
in
Davey
needed to "protect lives and property
concerns
men
"wholesale"
Mayor
Governor
replied
were
would make
decision
formal
arrests
steel
four
At
of violat¬
ing civil rights.
No
the
said it
in the steel
law,
"substituted
26
follows:
as
Governor's
martial
June
of
they
more
peaceful
I. 0.
resolution
a
drive
Sheet & Tube, and Republic—claimed
"I
C.
adopted
to
Davey
as
Three
rehire
have never stated that
Republic would refuse to rehire former em¬
ployees just because* they had joined the C. I. O.
Our employees are free
to join or not join
any union, as they please."
The
long
so
policy
cannot
we
0.
law and order."
law-breaking.
or
I.
labor
and Nation."
saying
that when our plants reopened
Republic would refuse to rehire any former
employees who had joined the C. I. 0.
I made no such statement and it
is
C.
organized
July 3, 1937
his
that the I.
S.
U., which also is
an
A.
F.
of L.
superiors.
It
was
reported
affiliate, will sign Monday.
same action to him in a
milder form.
"Sit-Down"
United
marized
lows
Press
the
advices
situation
of
in
June
the
27
from
Cleveland
strike-affected
plants
fol¬
rose
tonight
as
State police and National
mill
gates through the Ohio-Pennsylvania steel area,
employees who wished to return to work.
Coal
miners
steel
Cambria
Guardsmen
protecting
threatened to march
into Johnstown, Pa., tomorrow to aid
strengthening picket lines at Bethlehem Steel Corp.'s
James Mark, strike leader at Johnstown, charged that
strikers
in
plant.
police
John
"escorting" workmen back into Bethlehem's plant.
were
Owens,
strike leader for Ohio,
sent a telegram to Governor Martin
Davey, charging a "systematic campaign of terror is being perpetrated
by the Youngstown police, Sheriff Ralph E. Elser and: abetted
by the Ohio
National Guard, against
striking steel workers."
L.
"Our
people cannot and will not longer endure these
practices, and if
will not protect them they must take all necessary measures to
protect
themselves," the telegram added.
you
The
,
in
An
effort
resentment
remained at
State
as
:
Union
the
sum¬
C.
activities"
I.
by
0.
accused
Governor Davey of
conducting "strike-breaking
National Guardsmth-^at the gates of Youngstown
back-to-work movement.
keeping
mills, protecting
a
Strikers of
Apex Hosiery
Philadelphia—Efforts
unsuccessful
to
settle
conference
the strike
at
to
was
Co. Quit
Settle Strike
held
the mills
the
on
in
June
Mills
Fail
28
in
Philadelphia
an
of
Apen Hosiery Co.
The conference had been called
by
Mayor S. Davis Wilson,
who, on June 23, led the "sitdowners" from the mills
following the issuance of
tion order
an
evic¬
by Federal Judge William H. Kirkpatrick.
The
strikers had held the
plant since May 6. Judge Kirkpatrick
signed the eviction order on June
22, and it was served on
officers of the American
Federation of Hosiery
Workers,
of which the strikers
are members.
The order was signed
at the direction of
the United States Circuit Court of
Ap¬
peals in Philadelphia, which ruled on
June 21 that the
"sit-dowm" strike at the mills of
the Apex Hosiery Co. vio¬
lated both the Sherman
anti-trust law and
the Wagner
Labor Act.
This decision of the Circuit Court and
the ulti¬
mate
signing of the eviction order
26, page 4267.
issue of June
was
referred
to
in
our
Volume
Financial
145
An Associated Press dispatch
reported
evacuation
the
from Philadelphia, June 23,
the strikers as
by
the mills
of
follows:
today and left the
than
and
Wilson.
.
.
.
pickets and others gathered about the plant entrance,
shouted as the sit-downers filed out, led by Mayor S. Davis
between
the
at
reached at a con¬
Mayor Wilson and union representatives.
time the strikers were leaving the building the
the
leave
to
same
building
company
asked
that
"since
the
loss
the
.
arrest of the sit-downers,
the place
a writ of injunction
from cellar to roof at a
Judge Kirkpatrick
dollars."
million
was
issued
court
wrecked
have
several
estimate at
we
.
.
sit-downers
quietly
to order the
Judge Kirkpatrick
charging
.
took the
Organization)
Industrial
was
voted on June 28 by the
to the
Full-Fashioned Manufacturers of America, according
President
Lang,
F.
will
not
will
the employers'
of
group,
said the decision
announcement
be made with the union.
hour
and
of
average
an
calls
agreement
for
65c.
to
50c.
a
for
other
employees.
The workers
shop
is
one
cannot,
by
its
very
Shop Rejected by Rep¬
Publishers' Associations
Editorial
and
News
Closed
resentatives of Newspaper
Meeting in Chicago—Resolution Opposes American
Guild's
Newspaper
of
Freedom
"Unalterable
other
news
copy
Declares
and
for
Press
shop for those who prepare and edit
pictures for newspapers"
and
in the American
of
representatives of 11 newspaper associations.
The meeting,
referred to in our June 26 issue, page 4275, was called to
act upon the American Newspaper Guild's recent declara¬
tion for the closed shop in the editorial and news depart¬
ments.
The resolution adopted June 29 states that "this
meeting is by no means one of opposition to collective bar¬
gaining, better hours, pay or working conditions for news¬
paper men and women."
"We are here to discuss," said the resolution, "the closed
shop as a matter of journalistic and public principle, not
In
economic issue."
holding
interests
of the owner, nor talents
seeking employment, nor
or
Newspaper Guild.
over
the
entire
its
of the Nation; over the sources
press
life,
in
of
•
convention
its duty
The
free
is
the realization by the press of the country
proof of
of its determination to perform it.
to the country;
absolute, all-inclusive control of
Guild
now
a
committed
stands
newspaper
is
now
with
the
is
to
the
of
is
press
not
exemption
an
accorded by the
Constitu¬
it is but one of these four guaranties.
of publishers;
benefit
the
for
publisher's responsibility, a citizen's right—one which entitles him
of what is taking place in order that he may
a
accurate statement
an
have
action
wherewith to judge matters of public policy
the facts
ever
and take what¬
be necessary to protect himself and that which he
may
holds
dear.
There
of
news
has
been
never
was
time in
a
vitally important
as
history when uncolored presentation
our
today.
as
The extension of the great
associations serving news to newspapers of varying
press
social, economic,
political and religious beliefs has emphasized this development of impartial
news treatment.
Thousands of men and women are devoting their lives to
presentation of the news without bias.
Only upon such a foundation of factual reporting can sound public opinion
and wise public policies be based.
This vital service of the press to the public can be performed properly
the
gathering and
publication are free to choose
they deem best qualified to report and edit the news.
only when those who are responsible for the
the
whom
persons
responsibility cannot be discharged if some outside authority,
This
their
they shall or shall not employ.
determined whom
control,
beyond
That is
American Newspaper Guild seeks by its demand.
And
is the more serious because the guild is now committed to a
precisely what the
demand
that
number
took positions on such
in
in
the
support
of
the
guild,
convention
this
Guild
convention
in
St.
Louis,
by
debatable subjects as the war in Spain,
a particular political party.
In the
of
as
an
organization, enlisted as a partisan
public dispute now involving the entire labor movement
tremendous
the
down
closed
absent
expression
the
mandatory
shop
in
closed
the public policies enumerated, the guild
closed shop or guild shop.
The
in mechanical departments of many newspapers—
We unite now, however, in answering objection to the
present
is
some.
shop
of
rules calling for a
editorial department workers—not because we
involving questions of wages, hours and working
but because we are unwilling to turn over the news columns to
already committed as an organization on highly controversial
for
news
and
regard it as a labor issue
conditions,
any
group
public questions.
We do not deny
...
that
causes
require champions, and that progress springs
Equally important to society, however, are
scene.
It is the newspaper man's job
to do that, not as a partisan but as an objective observer.
Therefore, be it resolved, That as editors and publishers here assembled
from all parts of the United States we declare our unalterable opposition
to the closed guild shop or any other form of closed shop for those who
from
those
with a
Society of Newspaper Editors.
Northwest Publishers
Association.
England Daily Newspaper Association.
New
York
Inland
Publishers
State
Association.
Daily Press Association.
California Newspaper
Publishers Association.
Pennsylvania Newspaper Publishers Association.
Texas
Newspaper
Publishers
Association.
Association.
Publishers Association.
Southern
Newspaper
American
Newspaper Publishers Association.
Ileywood
Broun,
President
of the American Newspaper
Guild, in a statement issued on June 30 said, in part:
It is inaccurate to say that economic issues were not involved.
The
American Newspaper Guild was formed! to better wages and working con¬
ditions of newspaper men and women, and to raise the ethical standards
of the craft.
The Guild has always felt that the Guild shop (not the
closed shop)
was
necessary to achieve and maintain there goals.
The
publishers in their convention have undertaken to criticize the organization
of the Guild,
its leadership and many of its decisions expressed in the
recent St.
its
Louis convention.
Guild'
The
convention
own
...
continue
will
to
rather
than
...
be governed
by the decisions of
that of the publishers.
One JTime {Assistant
Formerly President of
National City Bank of New York
of
Frank
A.
Vanderlip,
Secretary of Treasury and
Frank A.
Vanderlip, formerly Assistant Secretary of the
Treasury and later President of the National City Bank of
New York, died in this city on June 29 at the New York
ing his return from his estate at Palos Verdes, Cal.
Mr.
Vanderlip, who was 72 years of age, was a limited partner in
the firm of Baker, Weeks & Harden at the time of death.
Following the appointment by President McKinley of Lyman
J. Gage as Secretary of the Treasury, the latter in 1897
named Mr. Vanderlip as Assistant Secretary, in which post
he served until 1901, when he resigned to accept an offer of
James Stillman, then head of the National City, to join that
institution; he became President of the bank in 1909, which
post he relinquished in 1919.
Born
on
a
farm
near
Aurora, 111., Nov.
17, 1864, Mr.
Vanderlip in his early days was active in newspaper work,
originally being employed on a local newspaper in Aurora.
Later he became a reporter on the "Chicago Tribune" and
in 1889, when he was 25 years old, was made its financial
editor.
After a number of years on the "Tribune" he be¬
came editor of the Chicago "Economist."
While connected
with the Treasury Department, Mr. Vanderlip successfully
handled the $200,000,000 Spanish-American war loan.
Mr.
Vanderlip after a lapse of years, following his resignation in
1919 from the National City Bank, re-entered Wall Street
in 1928 as a special partner in Campbell, Starring & Co.
During the past several years he has devoted himself to his
private business affairs, and to writing and speaking on cur¬
rent financial and social problems.
country.
Following
laid
and
bill
court
same
Newspaper
American
recent
resolution,
the
political objectives.
definite
of
The
incompatible
Hospital, having entered the Hospital two weeks ago follow¬
collapse of liberty itself.
Freedom
tion
It
of
assembly.
Experience has proved and even
is demonstrating in Russia, Italy and Germany that the interference
one of the fundamental rights means the curtailment
of the others—
to which the American
following associations signed the resolutions:
The
American
rights
religion, freedom of speech, freedom of
of
freedom
and
press,
utterly
press.
Death
Constitution—freedbm
the
the
of information
social,
conditions.
all the people are four fundamental
for the benefit of
were
of
part, the resolution continued:
Established
to a
economic and political; over expression
opinion as to men and measures vitally affecting the country, its
institutions, and above all, its people, would be incalculable and disastrous.
Freedom of service and freedom for service would vanish under such
touching
is declared in a
resolution adopted in Chicago on June 29 at the meeting
be a free shop.
mandate
judgment nor
person
Ohio Newspaper
opposition to the closed guild shop or any
of closed
form
Demands
essence,
design stripped of freedom and reduced
of intrenched authority, once it
by
to
New
as an
A
editorial mind.
A closed editorial
which possesses that closed editorial
of equip¬
considerations of
justice which under other conditions would be of controlling force, can be
invoked.
The final determining test of eligibility for employment in any
capacity in any daily newspaper or the great press associations, would be,
nor capacity,
however eminent, nor experience, however ripe and valuable,
but avowedly and without protest, the fact of, or lack of, membership
the
Pacific
voting on it this week.
are
closed
a
the governing power.
as
Newspaper
6% wage increase, an eight-hour
day and' a five-day week.
The pay boost would affect employees of a
majority of Philadelphia's unionized mills.
It would give knitters $1 an
proposed
a
servitude
the
of
This
public until about July 10, when a joint
be made
of
Neither
ment
Philadelphia "Record," which said:
The
means
editorial
such
The power
Acceptance of a proposed new contract with the American
Federation of Hosiery Workers (affiliate of the Committee
George
shop
the death of that newspaper
closed
recognized
under advisement.
request
for
A
Indeed,
condition
15,000
earlier
Almost
Court order
the Apex Hosiery Mills, Inc., which they had
plant of
Decision
ference
editorial
mean
mind.
held since May 6.
cheered
mind
editorial shop.
said, the sole issue is a closed news and
has been
As
closed
fifty sit-down strikers yielded to a Federal
Two hundred and
More
47
Chronicle
the
genius of advocates.
who report
prepare
express
the controversial
news copy and pictures for newspapers, and we hereby
determination not to enter into any agreement upon such basis.
and edit
our
James G. Stahlman,
Publishers
President of the American Newspaper
Association, in addressing the Chicago meeting
said, in part:
340
and Congressmen Attend
with President Roosevelt on
Jefferson Island—Congress Expected to Remain
in
Session
Until
Administration's Program
Is
Democratic
Three-Day
Senators
Outing
Enacted
Approximately 280 Democratic members of the House and
60 Democratic Senators conferred with President Roosevelt
Jefferson Island Club in
for these
June 19,
pages 4095-9G.
Reporters were not present on any one of the
three days, but it was said that the President did not discuss
politics with the congressional visitors.
Most commenta¬
tors, however, agreed that the conferences had resulted in
better party harmony, and also that it now appeared that
the Administration would push for the enactment of its
complete program at this session and that, as a consequence,
it was unlikely that Congress would adjourn at an early
during a three-day outing at the
Chesapeake Bay which ended on June 27.
Plans
conferences were reported in the "Chronicle" of
48
Financial
date.
According to
Chronicle
the Washington
visioned
count
the
as
conference
concluded.
was
The
same
embodying Secretary Wallace's ever-normal
measures
tion group will expend most
Richardson,
Chicago, to succeed himself.
For Secretary:
of its efforts.
The
Senate
watched
with
Labor
bill
a
Committee
in
deal of
great
attitude toward the
is
executive
granary
this
340 Members
Participating
spot in
of
in
the
Senate.
take up
developments
stage of the
will
White
the
While
For
Although
satisfied
President
bill
court
if
be
not in sympathy.
are
only
Roosevelt
"as
passed
on
efforts
came
of
weeks
some
is,"
he
features
.
chance
every
Jefferson
that
appeared
ago
has since
given
He has been
insistent
indication
told
that
of
he
that
being
cannot
originally presented to Congress and that there
bill providing for two additional Supreme Court
a
meetings were designed to wipe out all party dis¬
and to give to the people of the country the impression
that, in fact, all is well among the Democrats.
Hospitality of the genial
host, the President, as well as the ministrations of Democratic leaders are
to
have
While
junket
done
the
undertaken,
of
serious
much
leaders
merely
was
there
ing
to
outing
plenty
was
political
open
insisted
holiday
of
although, it
such groups
apart
to heal
have
a
character,
pry
do
Robinson
it
and
that
sparring
was
correspondents
and
great
a
reported,
that
important business
no
"I
me,"
as
congregated for the
the
deal
leaders
purpose
of
discussion
endeavored
to
of discussing oppos¬
anticipate that the court bill will be brought forward before
July, but I do expect it shortly thereafter," 6aid Senator
"It
is
apparent
very
and then to adjourn
have
he
nothing
added.
to say
"It
looks
over
the
that
to
me
as
it
is
not
advantageous
to
holiday leaving it pending.
about adjournment
offing."
that
would
be
169th
Cele¬
to
Anniversary in November
the
State of New
President Roosevelt
Appoints Committee to Investigate
Federal, State and Local Conduct of Education—
Aid Proposed in Harrison-Black-Fletcher
Federal
Bill
President Roosevelt has requested an
advisory committee
of 22 educators and laymen to
investigate the "whole
subject
of Federal relations to State and local conduct of
education"
and to give him their report not later than
though adjournment
is
pleasing to
far
E.
Boston
Frothingham,
Nominated
for
Delegates to the convention interpreted the announcement
indicating the President's interest in their recent drive
in
the
for Federal aid to schools.
A Detroit dispatch from Eunice
Barnard to the New York "Times" added:
Lack of such support in the past,
of
Coffin
President
&
of
Burr,
Inc.,
Investment
Bankers Association of America
Frothingham, Vice President of Coffin & Burr,
Inc., Boston, has been nominated by the Board of Governors
as
1937-38, subject to
Chicago, President
the
Association, made the announcement on June 30
through the Association's office at Chicago, and at the same
time made public the remainder of the
regular ticket to be
voted upon at the convention.
Since the official selections
of the Board have always been
approved by the convention,
nomination is considered tantamount to election.
Mr. Frothingham has been Vice President of Coffin &
Burr,
Inc., since its establishment in 1916 and had previously
been associated with the
Burr.
few years later to join the staff of Stone & Web¬
While with Stone & Webster he was for three
years
a
manager of
bill
Education
Association
Committee
believe,
the Whatcom County Railway and Light Co. in
He also has served as a director of the Central
Washington.
Maine Power Co., New
Hampshire Power Co., Lake Erie
Power & Light Co., New Bedford Gas & Electric
Co.; as
Director and Chairman of the Executive Committee of the
Adirondack Electric Co.; as Director and
member of the
Executive Committee of the New York Power &
Light Corp.
He is now President of the Arizona Edison Co. and
of the
Miami Bridge Co.
they feel, has hampered their fight for
$100,000,000 Federal aid for
providing
of
the
largely
House
as
has
result
a
been
of
the
help
up,
officers of
President's
plea
to
Congress that the budget be balanced at the earliest possible date.
Now
would
push
be
the
"If
said
we
wise
see
is
to
wait
the
does
work
can
have
at
on
has
acted,
survey's
pride of
calendar
make
Association
because
the
outcome and
leaders
to
cease
feel
for
a
that
it
time
to
next
with
session
any
sort of
of
Congress,
Federal aid bill with
we
will
accept it,"
Givens, Secretary of the Association.
no
the
of
many
bill.
out
come
the
authorship in
what the President
President
views
President
Harrison-Black-Fletcher
Willard E.
"We
bill
the
the President
which
to
that
other
no
leaders
it
of
will
Congress
and
aid
that
make
particular bill, and will
wait
can
be called
up
later should the
proposal."
the
flat
a
any
Meanwhile, the Harrison-Black-Fletcher
Federal
believe
would
do.
bill
grant
has
not
met
the
President's
per-child basis to every
State, rich or poor.
Present opinion in Administration circles, it is under¬
stood, favor grants to poor States according to need, to give all children
a
certain
minimum
educational
on
a
opportunity.
predecessor firm of Perry, Coffin &
Following his graduation from Harvard in 1894 Mr.
Frothingham entered the employ of the engineering firm of
Westinghouse, Church, Kerr & Co., in New York, but moved
to Boston
the
the
Presi¬
election at the Association's 26th annual convention at
White
Sulphur Springs, W. Va., Nov. 3 to 7, next.
Edward B. Hall, of Harris, Hall &
Co.,
Harrieon-Black-Fletcher
education, which is still pending in Congress.
Though the Senate Committee on Education and Labor has approved the
bill unanimously and sent it to the floor of the
Senate, action there and
in
Francis E.
of the Investment Bankers Association of America
dent of the Association for the year
it
revealed on June 27 as leaders of the National Educa¬
tion Association met in Detroit for their annual convention.
was
as
V
Francis
ster.
Commerce of State of New York
Its
Chairman; Gano Dunn,
Frederic W. Ecker, James L.
Kilpatrick and John Sloane.
A reception and banquet at the
Waldorf-Astoria hotel, to
be held on Nov. 18,
will feature the observance of the
founding of the Chamber in 1768.
the
of
of
bration of the Chamber of Commerce of
York:
Richard
W.
Lawrence,
the
was
of
tonight.
up
Stubbs, Whiting, Weeks & Knowles,
Dorbritz, Moore, Leonard & Lynch, Pittsburgh;
Drumheller, Ehrlichman & White, Seattle; and John
December,
not
Fourth
take
Crane,
President Winthrop W. Aldrich lias
appointed the follow¬
to arrange for the 169th anniversary cele¬
sores.
newspaper
moves.
"I
the
T.
Island
cord, if possible,
said
1940—Ralph
ing committee
judges could be enacted.
The
St. Louis; John O.
brate
from
get legislation in the form
is
expiring in
Boston; Ernest O.
Chamber
party-
away
Court
vote could be taken.
a
terms
J. Sullivan, Sullivan & Co., Denver.
greatly impressed! with
Situation
the
Three year
Ben B. Ehrlichman,
of Congress Attend
were
with which they
program
Governors;
J. F. Collins Appointed Chief of Miscellaneous Bureau
of
New
York
State
Insurance
Department
The appointment, as of June 1, of
Joseph F. Collins, to
position of Chief of the Miscellaneous Bureau of the
Department in charge of mutual
caualty insurance companies and fraternal benefit societies,
was announced on June ^22
by Superintendent of Insurance
the
New York State Insurance
Louis H. Pink.
Mr. Collins succeeds John E.
Diefendorf,
resigned Dec. 31 after serving the Department nearly
39 years. Mr. Collins was formerly a
Deputy Superintendent
of Insurance stationed at
Albany.
He will now be con¬
nected with the New York
City office of the Department
who
at 80 Centre St.
Mr.
Frothingham's participation in activities of the
Investment Bankers Association extends over a
period of 20
years.
He was a member of the Association's Committee on
Public Service Securities from 1917 to 1920 and
has been
a
member
of
the
same
committee
continuously since 1928,
serving as Chairman throughout most of the latter period.
In connection1 with his Association work
he has appeared in
Washington before a number of Congressional Committees
and ha,s written
extensively on utility subjects.
During the war, Mr. Frothingham was appointed head of
the Public Utilities Division of the War
Finance Corporation
in Washington and he served as a
member of two war com¬
mittees in Massachusetts.
He is married, has one
Mass.
daughter and lives in Cambridge,
Named
as
Other nominations made
by the Board of Governors of the
Investment Bankers Association are as follows:
President, Alden H. Little. Chicago, to succeed him¬
self.
of
Director
Roosevelt
CCC
June 28 sent
to the Senate the
nomination of Hugh R. Wilson, of Illinois, to be Assistant
Secretary of State.
Mr. Wilson will succeed R. Walton
on
Moore, of Virginia, who
of the State
recently appointed Counselor
Mr. Wilson is now Minister to
was
Department.
Switzerland.
Robert Fechner, of Massachusetts, was named for another
as Director of the Civilian Conservation
Corps.
term
W.
W.
Aldrich
Community
..
For Executive Vice
Hugh R. Wilson Nominated by President Roosevelt as
Assistant
Secretary of State—R.. Fechner
RePresident
Re-elected
Chairman
Trust—Philanthropic
of
New
York
Organization
Begins 15th Year
Eleven bank Presidents, comprising the Trustees' Commit¬
tee of the New York Community
Trust, inaugurated its
fifteenth year on June 29 at
,
retiring President.
as
Greenshields & Co., Inc., Montreal; Royal D.
Kerchcval, The Boatmen's
game.
fight those
the
officio member of next year's board
National Bank,
Inc..
leaders to conciliate the opposition, there were others who
the President's retreat more determined than ever to
of
ex
parleys at Jefferson Island, secluded
280 members of the House and 60 members
were
some
Robert Stevenson, III, Chicago, to succeed himself
Brown
be
House
Inc.,
Co.,
Harriman & Co., Inc., New York; Francis T.
Ward, Clark Dodge &
Co., New York; P. A. Walters, Stone & Webster and Blodget, Inc., Chicago;
Edwin A. Barnes, Battson, Barnes & Lester, Los
Angeles; Russell D. Bell,
the Ad¬
there
Democratic
Chesapeake Bay,
the
tomorrow to
and
&
Harris, Hall & Co.
Chicago,
Wage-and-hour
interest for indications of
at
measure
scheduled
session,
Richardson
For
legislation appears to have been soft-pedaled in the discus¬
sions, said Mr. Linz, whose advices continued, in part:
ministration's
Kelley,
Governors: One year terms expiring in 1938—William H. Brand, The
Securities Co. of Milwaukee, Inc., Milwaukee; Chapman H. Hyams, III,
Moore and Hyams, New Orleans; and Edward B. Hall,
which the Administra¬
upon
Gregory Jr., Gregory-Eddleman Co.,
& Co., New York; and Jean C.
Wittier, Dean Wittier & Co., San Francisco
For Treasurer: D. T.
ac¬
Annapolis, Md., June 27) reported that an
11-judge United States Supreme Court and new farm legis¬
plan head the list of
Thomas W.
Houston; T. Weller Kimball, Glore, Forgan & Co., Chicago; James J.
Minot Jr., Jackson & Curtis, Boston; Sidney J. Weinberg, Goldman, Sachs
(from
lation
3,
7
July
For Vice Presidents:
correspondent of the
New York "Journal of Commerce," Clarence L.
Linz, a pro¬
longed session of Congress for the salvaging of as much as
possible of the current social legislation program was en¬
the Broad Street Club by re-
Volume
naming
Chase
Financial
145
Chairman Winthrop W. Aldrich, Chairman of the
Bank of New York.
At the same time,
as
National
tax of
Hayes
Executive
reelected
was
which recently
established three funds totaling $145,000 in the Community
Trust.
A report from William Greenough, of counsel, re¬
viewed the legal safeguarding of funds directed into the
Keppel,
President
of
the
Bank & Trust Co.
Harvey D. Gibson, Manufacturers
of New York;
S. Gray,
Central Hanover Bank & Trust Co.; Frank K. Houston, Chemical Bank &
Trust
Co.; George McAneny, Title Guarantee & Trust Co.; Arthur J.
Morris, Fulton Trust Co. of New York; Dunham B. Sherer, Corn Exchange
Trust
Co.;
Bank
Trust
Bank of the Manhattan Co.; W.
Abbot Goodhue,
F.
was to recover
protesting cotton
Mississippi, and D.
court
to
than
to
Lindley
Serve
Named
last
Stock
in
years,
He will
interests.
order
to
as
Davis
on
June 30
Chairman of the Com¬
devote
continue to
serve
more
time
of the committee, was
for the
other
to
committee as
the
on
Howland S. Davis, formerly
its Vice-Chairman.
Vice-Chair¬
elected Chairman to succeed Mr.
Mr. Lindley recently dissolved his own firm, Lind¬
Lindley.
ley & Co.,
He
announced
Exchange
Lindley has resigned
Business Conduct, a position he has held
on
seven
man
Chairman of Committee
as
Vice-Chairman—Howland S.
as
York
that Allen L.
mittee
Resigns
Chairman
as
New
The
became
and
been
has
special partner of Shields & Co.
of the Exchange since 1902, a
a
member
a
member of the Business Con¬
duct Committee since May, 1924.
From May, 1930, to May,
Governor
since
1916,
and a
1935, Mr. Lindley served as Vice-President of the Exchange.
At the present time,
in addition to the Committee on Busi¬
Con¬
ference Committee, and Executive Committee of the Stock
Clearing Corp.
He is also a director of the New York Stock
Exchange Safe Deposit Co. and a Trustee of the Gratuity
Conduct, he is a member of the Law Committee,
ness
Fund.
Holland
Davis, who succeeds Mr.
S.
Lindley as Chair¬
elected a Governing Member of the Exchange in
was
man,
May, 1935, when this new class of Governors "was created.
He is a partner of Blake Bros.
Mr. Davis has been a mem¬
ber of the Business Conduct Committee since May, 1935, and
Vice-Chairman of the committee since
the
and
certificates that the present suit was brought.
S.
the
,of Alabama—asked the
held by the pool and to
the purchasers of the exemption
depositors
W. Fisher, of
Wood Thompson, A.
Hopson and S. J. Ward
of the certificates,
to
certificates rather
whom it would have gone
under the provisions of the Act.
The district court in which the suit originally was
The Appellate Court ordered that the judgment
versed and the
case
filed had dismissed it.
of the lower court be re¬
remanded.
Associate Justice Harold M. Stephens entered a dissenting opinion.
ITEMS
ABOUT
BANKS,ATRUSTjCOMPANIES,
&c.
Arrangements were made July 1 for the transfer of a New
York Stock Exchange membership at $90,000.
The previous
transaction was at $89,000, on June 17.
The
membership of William B. Anderson in the New York
Cotton Exchange was sold July 1 to Richard T. Harris Jr.,
for another for $12,000, this price being $500 in advance of
the previous sale.
—«
Business Conduct of New York Stock Exchange
—To
$20 a bale.
growers—J.
Co., and William J. Wason Jr., Kings County Trust Co.
L.
on
was
paid into the pool by growers who had exceeded
enjoin disbursement of the $3,500,000
direct its payment to
At
Allen
money
their allotment for exemption
The
However, the price charged by the
bale could be avoided.
E. Chester Gersten, the
Conway, Guaranty Trust Co. of New York;
National
W. Palen
Public
Blaine, the Marine Midland Trust Co. of New York;
G.
James
a
Carnegie Corp.,
Bank Presidents in attendance were:
Trust.
$25
pool for exemption certificates
It
Director.
With
resources of $8,764,712, the Trust now
ranks first in size
among 78 other community foundations which administer
philanthropic funds totaling $46,329,000, and appropriated
upwards of $1,100,000 in 1936.
From 42 charitable funds
now comprising
the Community Trust in New York, dis¬
bursements for the year ending June 30 rose to a new high
mark of $230,372, and to a cumulative total of $1,850,000,
according to Thomas M. Debevoise, Chairman of the Dis¬
tribution Committee.
Meeting with the committee was F. P.
Ralph
49
Chronicle
At
May of this year.
present time he also is a member of the Law
of the Committee on Foreign Business.
Committee
special meeting of the Governing Committee of the
New York Stock Exchange held on July 1, a petition of
members to close the Exchange today, (Saturday) July 3,
incident to the Independence Day (July 4) holiday to be
observed on Monday next, July 5, was granted.
The
Governors of the New York Curb Exchange took similar
action the same day.
Other exchanges which will also be
(dosed today, July 3, include: New York Security Dealers
Association, the Commodity Exchange, Inc., and the Chicago
Stock Exchange.
The Board of Managers of the New York Cotton Exchange
on July 1
rejected a petition of members to close the exchange
today, July 3.
a
♦
The United States Trust
July
Co., New York, announced on
that Benjamin Strong, Vice President, has been
1
elected
a
member of the Board of Trustees.
According to the June 30 statement of condition of the
Co., New York, resources of the institution
to $1,066,081,503 at the mid-year as compared
with $957,826,337 on March 31.
Deposits also increased to
$945,168,425 from $835,940,213.
Undivided profits ac¬
cording to the statement were $25,366,182 on June 30 as
against $24,262,682 on March 31 while surplus was un¬
changed at $50,000,000.
Cash and due from banks and
Bankers Trust
increased
bankers amounted to $269,118,787 against $236,457,631 at
the earlier date; holdings of United States Government se¬
curities totaled $401,066,209 in comparison with $357,-
061,513; demand loans were $70,215,692 compared with
$67,943,954, and time loans and bills discounted aggre¬
gated $196,437,268 as against $171,487,816.
«
In its statement of condition at the close of business June
M.
James
Chairman
Re-elected
Landis
James M. Landis
was
of
Securities
Commission
and Exchange
re-elected Chairman of the Securi¬
Exchange Commission for a third term, it was an¬
nounced by the Commission on July 1.
He was selected for
an
indefinite period as he will leave the Commission on
Sept. 1 to take over his new duties as Dean of the Harvard
Law School.
He was first elected Chairman in Sept., 1935,
succeeding Joseph P. Kennedy and re-elected last July. Mr.
Landis became a member of the Commission on its formation
with the
of the Securities Exchange
passage
Act of 1934.
Court of
S.
U.
tion
Certificates
Under
Refund
on
Tax-Exemp¬
Repealed Bankhead
Act
of Appeals ruled on June
producers were entitled to more than
$3,500,000 in refunds for cotton tax-exemption certificates
they had purchased under the Bankhead Cotton Control Act
before it was repealed.
The decision was based on the
Supreme Court's ruling invalidating the Agricultural Adjust¬
ment Act, which was followed by repeal of the cotton control
program.
The Appeals Court decision of June 28 was
summarized as follows in a Washington dispatch of that date
The United States Circuit Court
28 that 100,000 cotton
to the New York
"Herald Tribune":
by the principles laid
by the Supreme Court in the Agricultural Adjustment Act case, the
Holding that the Bankhead Act was invalidated
down
Court of Appeals said
the cotton farmers were coerced under threat of a
confiscatory tax to purchase the
The action in
certificates.
which the court's ruling was
Alabama and two Mississippi planters against
the
national
surplus
cotton
tax-exemption
made
was
brought by two
Ernest L. Deal, manager of
certificate
pool;
Henry
A.
Wallace, Secretary of Agriculture; W. A. Julian, Treasurer of the United
who were, respectively,
defunct Agricultural Adjustment Act.
States, and John B. Payne and Chester O. Davis,
comptroller and administrator of the
The Bankhead
Act was limited to the crop year
quota for that year at
cotton
In
case
raised
the allotment.
a
pool, from which they had to
cotton
in
Provision was made for issuance
certificates to farmers for the amount of their allotment.
they did not use all their certificates
them in
1934-35 and fixed the
10,000,000 bales, imposing a $25-a-bale tax on all
produced in excess of
of tax-exemption
on
and due from banks and bankers amounted to
$51,492,238
against $54,351,998, while holdings of United States Gov¬
ernment securities totaled $53,534,594 on June 30 also below
the March 31 figure of $57,376,266.
Loans and discounts
increased to $60,847,674 at the latest date from $57,339,270
March 31.
According to the report, deposits at the latest
date were $165,779,270 as compared with $173,551,826.
Capital and Surplus remained unchanged at $6,000,000 and
$9,000,000, respectively, while undivided profits rose to
$4,102,259 from $4,010,763.
as
Appeals Rules 100,000 Cotton Farmers
Entitled to $3,500,000
are
Co., New York, reports
of $191,578,809 as compared with $199,357,162
March 31.
Cash on hand, in Federal Reserve Bank,
resources
ties and
in June, 1934,
30 the Bank of New York & Trust
excess
they were empowered to deposit
be purchased by other growers who
of their allotment.
Thus the excess-product ion
The Corn
Exchange Bank Trust Co., New York, reports
resources of $328,929,134 against $336,862,925 as of March 31, and deposits due individuals, firms,
corporations and banks of $295,920,011 as compared with
$303,618,905 on March 31. The bank on June 30 had cash
in vaults and due from banks of $84,149,195 in comparison
with $86,965,543 on March 31 and holdings of United States
Government securities of $129,700,000 against $129,400,000.
as
of June 30 total
Capital
was
unchanged at $15,000,000 and undivided profits
from $17,452,009.
increased to $17,508,860
During the second quarter of 1937 resources of the Bank of
York, increased to $600,691,388
June 30 from $563,944,948 March 31.
Cash and due from
banks and bankers on June 30 amounted to $220,510,396,
the Manhattan Co., New
against $172,545,830 March 31; holdings of United States
Government securities $64,546,250, compared with $76,774,375; loans and discounts $179,118,381, against $168,568,285, and demand loans against collateral $77,176,258,
comparison with $82,949,118.
Deposits at the close of
in
the
half
year
amounted to $476,780,138, excluding $59,-
608,206 of certified and cashiers checks, as against $498,571,438 at the end of the first quarter.
Undivided profits
increased to $5,769,651 June 30 from $5,666,681 three
while capital and surplus
$20,000,000 each.
months ago,
were
unchanged at
Financial
50
Chronicle
!
Farson
Son
statement
carried
on
The Irving Trust Co., New York reports in its June 30
of condition total resources of $697,783,852 at
that date which represents an increase over the figures of
$688,745,684 reported
for June 30
March 31. ^Included in the re¬
on
cash
hand and due from Federal
1937
3,
July
Co., which was established in 1906, will be
same name, by William Farson.
&
under the
Arthur J.
Marks, a partner in the New York
Stock Ex¬
Reserve Bank and other
change firm of Sartorius & Smith, New York, died on June
25 at his summer home in Bay Shore, L. I., at the age of 68.
with
A native of New
sources
are
on
banks of $239,847,523 compared
$214,776,767 March 31; United States Government
securities of $171,523,561 against $200,000,813, including on
each date $5,000,000 securities guaranteed by the Govern¬
ment; call loans and acceptances of other banks of $53,783,576 compared with $49,814,007, and other loans and dis¬
counts of $164,498,498 in comparison with $153,535,480.
Deposits and official checks amounted to $560,044,454 on
June 30 compared with $556,253,970 on March 31.
Both
capital and surplus were unchanged at $55,000,000, respec¬
tively, while undivided profits were $5,956,175 at the latest
date compared with $5,860,375 on March 31.
♦—
June 30
as
of March 31.
Cash
^
on
hand, and in Federal Reserve and
other banks is shown at $82,142,374 in the latest statement,
comparison with $86,687,562; exchanges, collections and
other cash items of $30,442,886, against $27,738,550; United
States Government securities of $108,462,029, compared
with $130,915,000, and loans, discounts and bankers' ac¬
York City, Mr.
Marks at one time headed
brokerage firm of Arthur J. Marks & Co. Later he
connected with Marks & Graham, of which he was
own
was
partner, Cassel, Strupp & Co., and Barnet Fuerst &
been a partner in Sartorius & Smith for the
senior
He had
Co.
last four years.
•
#
special partner in the firm of Stokes,
Hoyt & Co., members of the New York Stock Exchange, died
on June 27 aboard the Cunard White Star liner Franconia.
Graham Youngs, a
He
a
served
as
for
old. Mr. Youngs left New York City June
six-weeks cruise to the North Cape. After having
Treasurer and a Director of Blair & Co., bankers,
59 years
was
26, for
Resources of the New York Trust Co., New York, as of
were $403,308,051, asjcompared with $414,491,834
!
his
some
years,
Mr. Youngs became senior partner in Stokes,
the new firm of Stokes,
formed, Mr. Young became a special partner.
Hodges & Co., and in 1930 when
Hoyt & CO. was
in
which compares with $121,164,637.
Capital and surplus were changed at $12,500,000 and
$25,000,000, respectively; undivided profits increased to
$3,136,688 June 30 from $2,781,338 March 31.
Deposits
and outstanding certified checks at the latest date totaled
$341,689,218, against $355,221,394 at the end of March.
ceptances of $143,707,209,
,
statement of
The June 30
condition of the Continental
aggregating
that date as compared with $83,547,575
March 31, while deposits stood at $57,518,877, against
$69,767,335.
Capital and surplus were unchanged at
$4,000,000 and $3,000,000, with undivided profits up during
the quarter to $1,054,936 June 30 from $1,014,660 March 31,
and reserves to $1,659,134 from $1,588,499.
The item cash
and due from banks dropped to $19,977,296 at the half year
from $25,449,242, as did holdings of United States Govern¬
ment bonds to $7,080,625 from $7,180,625 on March 31.
Bank & Trust Co., New York, shows resources
$72,154,080
on
Reynolds, who retired as 'President of the
New York last Jan. 1, was recalled
E.
Jackson
First National Bank of
at
special meeting of the Directors on June 29 to become
place left vacant since
a
Chairman of the Board, to take the
the death of
George F. Baker on May 30 aboard his
Pacific.
the
Mr.. Baker's death was noted
Mr. Reynolds has been associated with the
In 1917 he
was
a
lawyer with the Central Railroad of New Jersey
when George F. Baker Sr., founder of the bank, persuaded
him to become a Vice-President of the bank. He was elected
President in 1922 and from that time until the close of 1936
he served as President, having worked under both George
F. Baker Sr., until May, 1931, and George F. Baker Jr.
When Mr. Reynolds retired as President, he did not relin¬
issue, page 3771.
Bank for more than 20 years.
National
First
quish his post as Director and has
since acted in an advisory
capacity, occupying offices on one of the bank's upper floors.
Landon K. Tliorne, who served on the Board in 1933, was
this
elected
week
of
term
Mr.
a
to
Director
serve
of condition for
statement
bank's
that date.
Undivided
profits at the date of the last statement (March 31) amounted
to $4,479,126.
The bank held deposits at the latest date of
$551,379,917, against $575,952,893, while resources totaled
$674,142,931, as compared with $698,011,263 March 31.
The bank held United States Government securities on June
30 in amount of $236,944,040, as against $283,045,992, and
other bonds, stocks, securities, &c., of $129,167,173, in
comparison with $144,915,046.
The bank's cash account
at^the end of June consisted of cash and due from Federal
Reserve Bank, $172,159,671, exchanges, $32,299,835, and
due from banks, $5,084,669, a total of $209,544,175, as
"Uncle George," died at
having been an assistant
professor in New York Univer^ty
and Finance, and also having
School of Commerce, Accounts
worked previously as a newspaper man,
Bank & Trust Co.,
New York City, as of
30 shows
sources
of
of 1936.
States Trust Co.,
118,253,844 as of July 1
against $118,909,166 March 31 and $110,114,765 Jan. 1. Cash
The
mid-year statement of the United
New York,
shows total resources of
in banks at the latest
date totaled $40,289,484 compared with
$48,649,814 March 31 and $40,093,062 Jan. 1, while holdings
of United States Government securities were $18,901,000 in
When
the
of the division, serving in that ca¬
uty Manager in charge
with 11,590,000 and $15,000,000 three and six
months ago.
At the outset of the second half of the year
the bank had deposits of 85,591,791, which compares with
of
in
March 31 and $77,606,506 at the beginning
the year. Capital, surplus and undivided profits are given
the latest statement at 30,715,276, contrasting with $30,on
615,161 and $30,510,824 on the earlier dates.
HarkHe was 80
years old.
Mr. Fargo entered business with Page, Fargo &
Co. in 1879 and later became associated with the American
Express Co., of which he became Assistant Treasurer in
1885, Treasurer in 1902 and Vice-President in 1905.
Mr.
Fargo had been for 45 years a Trustee of The American
Savings Bank, New York, and also served as its first Viceness
financier, died on June 18 at the
Pavilion, New York, after a short
senior partner in the brokerage firm of Far-
Son & Co., New York, died on June 25 of heart disease
his home in New York City. He was 55 years old.
Mr.
son,
at
Farson was. born in Chicago and
versity
in
municipal
1904.
He had been
a
graduated from Yale Uni¬
prominent figure in the
bond business for many years, carrying on the
by his father. Mr. Farson was a former
business founded
member of the New York
Stock Exchange.
The business of
illness.
President.
♦
York in its statement of condi¬
Fulton Trust Co. of New
as of June 30, reports an increase in undivided profits
$932,496 from $903,330 on Dec. 31, 1936, and $825,993
tion
to
a
for the first six months
equal to $6,458 per share,
Net operating income
year ago.
ending June 30 was $129,165,
compared with $144,922 in the corresponding period of 1936.
Deposits aggregate $22,744,013 compared with $19,231,290
a year ago and total resources $27,871,571 compared with
$24,315,096 a year ago.
Holdings of United States Govern¬
ment
securities amount to
$8,395,484 compared with $8,-
033,225 on June 30, 1936, while State and municipal
total $3,918,671 as against $4,957,500 a year ago.
v.
vania Co.
for
Insurances on
bonds
t
In its statement of condition as
of June 30, the Pennsyl¬
Lives & Granting Annuities,
Philadelphia, Pa., shows total resources of $266,859,721 as
against total resources of $266,002,304 on March 31, last,
and total deposits of $239,859,310 as compared with $239,464,886 on the earlier date.
The chief items making up the
assets
are:
banks, $82,490,434; United
$50,082,692; other loans upon
Cash and due from
States Government securities,
John Farson,
1923.
pacity until his retirement in
comparison
$86,217,051
at railroading and
American Institute of Banking was
organized in 1900, Mr. Allen was placed in charge of the
educational work, and remained in that capacity for 20
years.
When the American Bankers Association formed the
State Bank Division in 1916, Mr. Allen was appointed Dep¬
banking.
♦
total deposits of $537,938,869 and total re¬
$632,331,082, against $539,363,114 and
$638,133,582,
respectively,
March 31.
Six months ago, on
Dec. 31, deposits totaled $590,001,019 and resources $686,675,710. Cash on hand and due from banks totaled $189,505,554 on June 30 against $152,933,747 March 31 and 191,023,879 Dec. 31;
United States Government obligations
$122,376,031, compared with $132,561,551 and $144,933,129
on the earlier dates; and loans and discounts $135,079,809,
in comparison with $128,951,917 and $122,085,003.
Capital
and surplus remained unchanged at $20,000,000 and $45,000,000, respectively, but undivided profits rose to $9,132,124
June 30 from $9,108,729 March 31 and $8,382,800 at the close
June
throughout the country
Malone, New York, on June 25.
He was born February 7, 1854, in the township of Pavilion,
Genesee County, New York.
Prior to becoming connected
with bank association work, Mr. Allen had a varied career,
as
James F. Fargo,
Chemical
the unexpired
♦—
against $184,921,239 on March 31.
The
out
Baker.
George E. Allen, known to hankers
Undivided profits of the First National Bank of the City
of New York totaled $7,641,636 on June 30, it is shown in the
yacht in
in our June 5
collateral, $38,393,287; other investments,
$29,363,489, and
On the liabilities side of
surplus remain unchanged
and $12,000,000, respectively, but undivided
increased to $2,799,883 from $2,593,170.
commercial paper, $32,417,469.
the statement, capital stock and
at
$8,400,000
profits have
C.
S.
Newhall
is
established in 1812.
President
of the
Company, which was
Volume
At
Second Na¬
of the directors of the
meeting
recent
a
Financial
145
Mass., Harold A. Gahalin, Alfred S.
Wood worth and Frederick W. Burnham were promoted to
tional Bank of Boston,
In noting the appointments, the
Assistant Vice-Presidents.
Boston
Mr.
"Transcript" of June 24 further said:
lias
Cahalin
connected!
been
bank
the
with
1917,
since
and
was
Harvard
Mr. Woodworth was graduated from
College in 1929 and entered the bank after his graduation from
Business
School in
1931.
Mr. Burnham was graduated from
Harvard
College in
1932.
appointed Assistant Cashier in
Harvard
from Harvard Business School in
1930, and
1932, and
51
Chronicle
shown at $111,-
the debit side of the statement, deposits are
887,697, down from $120,072,531 at the close of last year,
but undivided profits are given at $2,204,756,
up from
$1,918,675 at the earlier date. The institution, which was
established in 1866, is capitalized at $6,700,000 and has a
surplus fund of $15,000,000. William Gest is Chairman of
the Board, and Marshall <S. Morgan, President.
+
following changes in the personnel of the Fidelity-
The
Philadelphia Trust Co., Philadelphia, Pa., were made by the
on June 28:
Louis Busche, William H. Roberts Jr.
joined the bank's staff at that time.
directors
Englewood
Title Guarantee & Trust Co., Englewood, N. J., filed with
Vice-Chancellor Egan of New Jersey by Banking Commis¬
sioner Carl K. Withers, shows heavy losses were incurred
while the Department
was in charge of the institution,
according to the "Jersey Observer" of June 22, which con¬
named Trust
the liquidation of the
accounting of
tinued, in part:
A.
Thomas
institution was closed during the bank holiday in March, 1933, and
permitted to be reopened.
Since the liquidation started depositors
other creditors have received two dividends, amounting to only 7%.
Commissioner
The
liabilities
Trust
Steneck
accounting)
Hoboken.
of
Co.
amounting to $23,000 were also taken care of.
The court
directed all interested to show
final
used to pay a trust
Bills payable
had to be
that $50,000
reports
closed
the
to
and
.
.
.
6
(the
why it
W.
Philadel¬
Cash
on
hand and due from banks on June
aggregated $186,074,643, down from $191,317,019 at the
earlier date; holdings of United States Government securi¬
30
ties dropped to
earlier
the
on
$140,802,284 from $147,302,284 on March 31,
discounts rose to $88,401,978 from $79,173,526
but loans and
date.
Capital stock
remains unchanged
at
$14,000,000, but surplus and undivided profits have risen to
$23,417,418 from $22,933,847.
Deposits at the latest date are
shown at $440,799,006 as against $446,729,087 on March 31.
The
National
Philadelphia
;
Bank
was
organized
in
1803.
President of the Cleveland Trust Co. of Cleveland, Ohio, and
to take up his
was
Clark, a partner in the investment firm of
E. W. Clark & Co., Philadelphia, died on June 29 at his
estate in Germantown, Pa., at the age of 77.
Born in
Philadelphia, Mr. Clark graduated from the University of
Pennsylvania in 1878 at the age of 19.
In 1900 he became a
partner in the 100-year old investment banking firm, which
was founded by his grandfather, Enoch W. Clark, in 1837.
Mr. Clark was a pioneer in the electric light field and at
various times in his career was an official of many of the
leading public utility companies.
In
indicating that the Illinois Central (I. C.) Bank &
Chicago had been granted a national charter,
the Chicago "Tribune" of June 30 said:
Trust Co. of
located at 53d Street and Lake Park Avenue,
yesterday (June 29) received a charter as a national bank, effective July 1,
Director and Legal Advisor of the bank, announced last
The bank will be known
Irwin I. Altschuler is President.
as
the
the
with
was
Prior
Co.
of
cleaner
company
later
tric
to
he
was
than
more
serving
chase
Co.,
and
of
Corp.
six
with
the
for 10
years,
practically all
in
years
charge
in
Electric
General
Edison
apprenticeship
an
16
Vice-President
years
of
Appliance
departments,
Treasurer.
Secretary of the Appliance Committee of the National Elec¬
as
Light Association, was
Purchase
last
the
Assistant
was
He served
and
that
Chicago,
and
New
member of the Board of the Ohio Contract
a
President
Acting
later
of
the
General
Pur¬
Contract
York.
Distribution of
7dividend, aggregating $140,500 to
a
approximately 6,000 depositors of the defunct Old National-
City Bank of Lima, Ohio,
begun
was
on
June 23 by J. E.
Lima advices on
that day appearing in the Toledo "Blade," which further
Maher,
it is learned
the receiver,
that this
stated
was
the
total paid to depositors to
from
dividend
seventh
$1,250,000,
or
raised
and
the
about 65%.
4
Mercantile
Trust
&
Savings
Bank of Chicago,
July 1 rounded out 25 years of service.
The bank's present capital is $600,000 with surplus and
undivided profits of $376,867.
Chicago, 111.,
on
Payments of approximately 3,750,000 have been made
the
stockholders'
Co.
Trust
of
Chicago,
of the payments are
under
This
111.
amount
from 772
comes
assessment
provides for the return of the
Court's decision in fixing the
if the
money
is
Most
being made to the receiver of the bank
order which
Court
a
on
liability of the Central Republic Bank &
stockholders who have paid their assessments in full.
reversed
on
The corporation's
appeal.
an¬
nouncement, under date of June 29, went on to say.
The RFC has
able
amounts
cannot
requested the receiver to accept partial payments in reason¬
stockholders
from
conveniently
payments
are
Payments
all
pay
who
financially
are
responsible but
provided arrangements
at one time,
who
for such
made promptly.
to
have been
date
reside
stockholders
I. C. National Bank of Chicago, Mr. Petit said.
The Cleveland
following
in part, regarding Mr. Patterson's career:
say,
He
stockholders'
The I.C. Bank & Trust Co.,
duties on June 28.
new
"Plain Dealer" of June 25, reporting this, had the
The
Clarence M.
of the Elec¬
Co., was elected on June 24 a Vice-
Vacuum Cleaner
tric
f
4
night.
.V;
Edward S. Patterson, formerly Vice-President
Joseph Wayne Jr. is President.
Adelor J. Petit,
while
Officers,
Hartman, Harold C. Parkin
were elected
Assistant Trust
Bainbridge
Secretary-Treasurer,
Bank, Philadelphia, Pa., shows total re¬
$494,951,138, which compares with $500,949,754 on
of
advanced from
were
Trust
■
National
March 31 last.
Assistant
to
Officers.
to
July
cause
be approved.
should not
The statement of condition as of June 30 of the
sources
were
Stewart, Maurice D.
sales.
phia
Sherrerd
Henry D. M.
Secretaries
Edwin
and
heretofore Assistant Secretaries,
Mann,
Officers; Paul J. Hess, John II. Wood, William
,
never
and
Smith
Assistant
The
was
P.
Otto
and
final
A
in
other
largely
States,
from residents
in
some
almost
Illinois.
of
every
State
Many
in
the
Union.
In
condition statement
its
as
of
June 30,
the Corn
Ex¬
That
a
change National Bank & Trust Co. of Philadelphia, Pa., re¬
before
ports deposits of $102,084,057 (as against $106,911,351 on
March 31 last), and total resources of 118,304,590 (as com¬
Trust &
pared with $123,753,386 on the earlier date).
June
The principal
the assets in the present report are: Cash
on
hand and due from banks, $35,482,837; United States
Government securities, $21,616,305;
bills discounted, $20,155,045; demand loans, $10,582,296, and other securities,
$9,581,797. The capital of the institution, at $4,550,000, re¬
mains the same, but surplus and undivided profits have
risen to $8,629,866 from $8,407,601 on March 31. -Paul Thomp¬
items making up
son
heads the institution.
the
Bank
of
shows
total
Philadelphia,
of
resources
$70,349,501
Pa.,
of June 30,
(as against total re¬
of 65,325,280 on
cipal items are:
and
:
to
be
Peoples
paid
State
Savings Bank of Pontiac, Mich., by Ralph B. Lee,
receiver, was
It is
25.
reported in
stated
that
the
this
"Michigan
will
Investor"
be the fifth
of
dividend
♦
closed
more
Circuit
than
Judge
four
years
Kirkwood
to
ago,
was
Creighton
given June 17 by
B. Calfee, Special
reporting this, the St. Louis "Globe-Democrat" of June 18
added:
The dividend will total
cash Mr. Calfee has
allowed
against
on
$4,982 and will be paid from
hand.
a
total of $58,859
The bank already has refunded 70% of claims
it.
Cash
$5,000,000 respectively.
Archie D. Swift is President of the
institution.
The
Fidelity-Philadelphia Trust Co., Philadelphia, Pa.,
of June 30, shows total assets of
$138,112,679 (as compared with total assets of $145,664,368
on Dec. 31,1936), of which the following are the chief items:
Cash on hand and in banks, 32,190,200; State, county and
its condition report as
municipal
was
the closed
Authority to pay a 10% dividend to depositors and other
creditors of the Chouteau Trust Co. of St. Louis, Mo., which
The Bank of America National Trust
due from
$2,017,486, as compared with $1,860,332 on the earlier date.
Capital and surplus remain unchanged at $3,040,000 and
in
$66,000,
totaling
depositors of
paid by the receiver and will bring the total dividend pay¬
25%.
as
March 31, 1937), of which the prin¬
on hand in Federal Reserve Bank
banks, $20,165,719; time loans and discounts,
$22,209,038; United States Government securities, $10,216,674, and demand loans, $8,170,906. On the liabilities side of
the statement deposits are shown at $58,579,577, as against
$51,967,725 on March 31, and undivided profits are given as
sources
to
Deputy Commissioner in charge of the bank's liquidation.
of condition of the Central-Penn National
Philadelphia,
dividend,
30
ments to
In
The statement
5%
June
securities,
$31,427,331;
loans,
$23,803,826, other
on June 30, 1936, an increase of $99,588,000,
approximately 21%.
In the same period, holdings of
$478,239,000
or
United
Deposits of the California State-wide
$1,280,720,000, an increase of $37,805,000
over June 30,
1936, while total resources are reported at
$1,415,559,000, an increase of $49,011,000 for the year.
Earnings for the six months ended June 30 were $10,007,000,
or at the rate of $5 a share per annum.
During this period
the bank paid $4,000,000 in dividends and allocated $2,244,000 to surplus and undivided profits accounts after provision
of $1,833,000 reserve for depreciation on banking premises,
amortization of bond premiums, etc., and $1,930,000 reserve
bank
are
shown
as
apart-to reduce the carrying value of assets. Total capital
the bank on June 30, the statement shows were
set
ernment
funds of
States Government bonds and other securities de¬
clined $90,461,000.
investment
securities, $21,326,050, and United States Gov¬
and Home Owners' Loan bonds, $19,342,613.
On
& Savings Association
(head office San Francisco) in its statement of condition as of
June 30 reveals loans of $577,827,000, as compared with
Financial
52
$107,268,000, the highest level since the previous peak of
$108,251,000 on Dec. 31, 1929, or an increase of $5,173,000
for the year.
The Dank of America
total $3,716,000.
Both the institutions are controlled by the Transamerica
now
Corporation.
Max I. Koshland, founder
of the brokerage firm of Max I.
died of a heart attack in
Santa Barbara, on June 22.
Mr. Koshland was one of the
pioneer members of the San Francisco Stock Exchange,
having become a member in 1913.
He was active in the
affairs of the Exchange, having served on the Governing
Board and many important committees, notably the Clearing
Koshland & Co., San Francisco,
Committee of
House
which
Chairman
been
con¬
a
resident of
than 50 years.
more
Rawalpindi which sailed from Bombay on
The SS.
The
fine
as
June 12 carries gold
£126,000.
1936.
output
gold
Rhodesian
Southern
68,059 fine
output for
gold
for May,
ounces
The
1937
3.
May 1937 amounted to 970,250 fine
compared with 981,565 fine ounces for April, 1937 and 938,050
Transvaal
April,
for
1937
amounted
and 68,694 fine ounces for
April, 1936.
SILVER
The
been
has
market
but the tendency has
active,
more
been weak
The Indian Bazaars have nos
only stopped buying for the present, but have made considerable resalel
during the week and the market could only find support at lower levels,
where American trade purchases and some bear covering orders were
have shown a steady decline.
and prices
and recovery
Nevertheless the technicat
position of the market has been improved by the reduction of bull com¬
Buyers, however, show no disposition to press
forthcoming.
is not likely
until Indian buying is resumed.
mitments.
United Kingdom imports and exports of silver,
The following were the
the 14th instant:
registered from mid-day on the 7th instant to mid-day on
Exports
Imports
French Indo-China.
_
.
_
—
British India
£133,674
£35,880
1,260
9,856
2,857
1,200
1,620
4,175
Ceylon & Dependencies
5,100
Japan
Arabia
Netherlands-
3,650
27,500
10,700
Netherlands
British West Africa.
Denmark
Switzerland
2,573
Other countries...
Other countries
That the First National Bank of Portland, Ore., has taken
would
the institution as a branch on June 28, was
"Oregonian" of June 25.
Mitchell
Tillotson is Manager of the new branch, while Lloyd L.
Porter is Assistant Manager.
The paper continued:
Bar Silver per
was
over
of the bank.
One
the election of G. C. Lorenz as a Director and Vice-President of First
He will have supervision of the bank's policies and
National of Portland.
public relations in the Klamath area.
bank
was
He has served
as
President since the
feature
new
YORK
June 10
June 11.....
20d.
June 12 .......
June 14
19%d.
19 15-16d.
19 13-l6d.
Average
19.948d.
19 13-16d.
19.979d.
The highest rate of
selection of a Klamath Falls Advisory Board.
was
June
20 1-16d.
June 15..
June 16.
purchased by the Giannini interests about a year ago.
The other
20d.
20 1-16d.
20d.
20d.
___20d.
20d.
June 14
NEW
(Per Ounce .999 Fine)
Oz.Std.
2 Mos.
Cash
June 10
June 11
June 12
taking
IN
LONDON
IN
open
indicated in the Portland
Two new departures were announced with
£56,848
£183,197
Quotations during the work:
the First National Bank of Klamath Falls, Ore., and
over
to
compared with 68,569 fine ounces for March, 1937,
ounces as
Belgium
Mr. Koshland had been
tinuously since 1925.
San Francisco for
had
he
July
to the value of about
ounces
.
(California), an affiliated State insti¬
tution, it is stated, earned $776,000 for the first six months
of 1937, paid $50,000 in dividends and added $669,000 to
undivided profits account after reserve of $32,000 for de¬
preciation of bank premises, amortization of bond premiums,
etc., "and $25,000 for reserve for contingencies.
Capital flinds
of the bank
Chronicle
45% cents
9
45
cents
45
.
cents
45
» .
cents
-.45
i....
cents
i
...
June 15
exchange on New York recorded during the period
from June 10 to June 16 was
$4.94% and the lowest $4.93%.
This Board, composed entirely of Klamath men, will function much as does
Members
of directors.
board
a
of the
Board
are
A. M.
Collier,
R.
C.
ENGLISH
Groesbeck, S. P. Dehlinger, Fred Shallock, E. W. Vannice and C. J. Mar¬
Deposits totaling approximately $4,300,000 at the Klamath
Falls bank and $700,000 at Merrill, (opened as a branch of
the First National June 24) are assumed by the First National
Bank of Portland.
FINANCIAL
Sat.,
,y
fornia
of
dent
announced
was
June 22 by H.
on
Bremerton
the
the Giannini interests of Cali¬
A. Breunn, Presi¬
Wash., by
Bremerton,
ton,
Tues.,
Mon.,
June 28
June 26
Silver, per oz._
institution, according to a dispatch
by ths Associated Press from that place on the date named,
which added:
British
3%%
.
.
War Loan...
\ ■
-
140s. 9d.
Frl„
July 2
July 1
20 l-16d.
19 15-16d.
140s. 6d.
140s. 9d.
19%d.
140s. 6d.
74%
74%
99%
99%
99%
109%
109%
109%
74%
74%
99%
109%
•
'
•
,
June 30
20tl.
74%
Thurs.,
Wed.,
June 29
19%d,
19 15-16d.
Gold, p. fineoz,140s.7%d. 140s. 8d.
interest in the First State Bank of Bremer¬
an
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Consols. 2%%. Holiday
Purchase of
MARKET—PER
The
They formerly were directors of the First National of Klamath Falls.
tin.
Holiday
100
Holiday
109%
British 4 %
1960-90
The
price of silver per ounce (in cents) in the United
States on the same days has been:
Bar N.Y.(for'n) Closed
present staff will be retained, and the bank will continue to operate
The
State
under
Sale
banking
bank
the
of
Trust &
Bremerton
laws.
leaves
No
•
only
details of
the
purchase
bank
independent
one
were
in
announced.
Bremerton—the
44%
44%
44%
44%
U. S. TreasuryS. Treasury
60.01
50.01
50.01
50.01
50.01
50.01
(newly mined)
77.57
77.57
77.57
77.57
77.57
77.57
Savings.
COURSE
According to advices received by the New York office of
Barclays Bank, Ltd., (head office London) the directors have
declared out of profits for the half year ended June 30, 1937,
an interim
dividend at the rate of 10% per annum on the
"A" shares and 14% per annum on the "B" and "C" shares,
respectively, subject in each case to the deduction of British
income
This is
tax.
Bank clearings this
with
a
upon
consistently for
many years
past.
We
AND
GOLD
SILVER
bank
it is
the following from the weekly circular of
of London, written under date of
reprint
Samuel Montagu & Co.
June 16, 1937:
the
CLEARINGS
an
increase compared
us,
based
telegraphic advices from the chief cities of the country,
today (Saturday, July 3)
clearings from all cities of the United States from which
possible to obtain weekly returns will be 10.1% above
total
MARKETS
BANK
week will show
Preliminary figures compiled by
year ago.
those for the
ENGLISH
OF
indicate that for the week ended
continuation of the dividend rates
a
which have been declared
THE
44%
U.
same
week
corresponding week last
stands at
$7,393,863,838,
At this center there is
week in 1936.
ended
Our preliminary
year.
against $6,714,582,323 for
Friday of 2.2%.
a
loss for the
Our comparative
summary
for the week follows:
GOLD
The Bank of England gold reserve against notes
on
June 9 showing no change as compared
There has
in
the
open
been
a
recovery
amounted to £321,261,366
Clearings—Returns by Telegraph
Week Ending July 3
with the previous Wednesday.
Per
1937
1936
$4,141,397,770
$4,235,741,598
346,574,314
356,000,000
market have been more normal in consequence.
With less
New York
Chicago.-:
301,385,925
Philadelphia
365,000,000
scale, the amount disposed of at the daily fixing during the week being
Boston
207,458,000
New York and
Kansas
disposition on the part of holders to resell, supplies have been on a smaller
about
£3,150,000.
Offerings were taken for shipment to
although prices ruled well below dollar parity,
large
the discount was not
so
Per Fine
Equivalent Value
of £ Sterling
Ounce
140s. 7d.
June 10
140s.
12
-140s.
14
140s.
15--.,-—
140s.
16
140s.
June
June
Juno
June
_
w
-
—
...
Average
The
St. Louis
San Francisco
+ 16.8
76,100,000
+ 9.3
—
following
the United
were
140s.
-
_
12s. 1.03 "
•3d
7%d.
12s.1.12d.
6%d.
5%d.
5%d.
12s. 1.07d.
6.33d.
12s. 1.09d.
125,984,354
+8.7
138,509,755
160,222,743
—13.6
116,923,947
88,730,366
120,907.612
77,734,894
—3.3
+ 14.1
Cleveland.
Baltimore
63,758,439
69,736,800
—8.6
New Orleans
30,477,000
31.854.468
—4.3
Twelve cities, five days
Other cities, five days
$5,770,730,717
724,155,815
$5,925,169,741
789,412,582
—2.6
Total all cities, five days
All cities, one day
$6,494,886,532
898,977,306
$6,714,582,323
—3.3
$7,393,863,838
$6,714,582,323
12s. 0.99d.
6d.
*137,000,000
12s. 1.16d.
12s. 1.16d.
Kingdom imports and
exports of gold
Total all cities for week
registered from mid-day on the 7th instant to mid-day on the 14th instant:
*
Exports
Imports
British South Africa
Tanganyika Territory
Kenya
£2,853,874
4,999
9,675
British India
..
Australia
New Zealand
..
British Guiana.
Peru
-
Venezuela.
Germany
—.
Netherlands
Switzerland
France
+2.5
—14.0
Pittsburgh
/
Quotations:
June 11_
241,365,491
82.947.467
96,889,515
83,200,000
City
—2.2
—13.0
Detroit
that seen during last week.
as
Cent
from the recent nervousness and conditions
_.
Sweden..
Poland
Other countries.
144,419
39,071
9,384
11,517
85,770
22,173
U. S. A
British India
Belgium
France.
Switzerland
Finland
Yugoslavia
Other countries.
£7,735,758
24,257
126,869
2,576
4,532
23,058
25,427
3,553
£5,163,190
HOLIDAY
+ 10.1
Estimated.
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
1,704,486
cases
has to be estimated.
In the elaborate detailed
167,736
52,702
22,618
10,710
11,902
12,154
—8.3
statement, however, which
we
present further below, we are able to give final and complete
results
for
the
week
previous—the week ended June 26.
an increase of 6.5%, the aggregate
clearings for the whole country having amounted to
$5,927,128,104, against $5,565,673,904 in the same week
For that week there
of
£7,946,030
was
Financial
Volume 145
city there was an increase of 9.3%,
this center having recorded a gam of
4.4%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
thus city) the totals record a gain of 4.6%, and in the Phila¬
delphia Reserve District of 16.0%, but in the Boston Reserve
District there is a loss of 6.8%.
In the Cleveland Reserve
in 1936.
53
Chronicle
Outside of this
Week Ended June 26
the bank clearings at
improvement of 19.8%, in the Richmond
Reserve District of 8.4%, and in the Atlanta Reserve Dis¬
District there is
an
The Chicago Reserve District has managed
to*enlarge its totals by 3.2%, the St. Louis Reserve District
by*12.8%, and the Minneapolis Reserve District by 9.0%.
The Kansas City Reserve District enjoys an increase of
10.7%, the Dallas Reserve District of 20.6%, and the San
Francisco Reserve District of 15.0%.
trict of 6.5%.
In the following we
districts:
furnish
a summary
by Federal Reserve
1
Clearings at—
251,351
113,999,503
%
—
Chi cago —
—19.8
—20.6
766,228
—57.8
290,065,096
749,645
+4.8
+29.7
4,103,102
—6.0
1,273,732
1,077,358
481,982,312
467,178,390
3,002,711
1,496,899
Rapids.
Lansing
962,757
Wayne
Indianapolis...
15,427,000
South Bend
1,386,812
4,598,697
18,270,781
995,252
Terre Haute.
__
Wis.—M il waukee
la.—Ced. Rapids
Des Moines
7.051,361
2,721,715
323,058
304,030,168
972,440
3,855,268
Sioux City
HI.—Bloomington
Chicago
Decatur
Peoria
Rockford
Total (18 cities)
697,266
96.617,954
1,810,084
-f-0.5
+26.5
+29.7
113,420,312
2,373,117
1,1,54,345
1,002,859
14,965,000
1,245,373
4,798,774
18,143,585
1,021,528
7,275,442
3,429,434
Grand
1934
$
$
313.460
1,291,469
1,345,070
Detroit
1935
Dec.
5
$
Seventh Feder al Reserve D istrict
Mich .-Ann Arbor
Ind.—Ft.
or
*
Springfield
SUMMARY OF BANK CLEARINGS
Inc.
1936
1937
1,021,203
565,321
81,644,828
1,433,804
829,580
—4.0
640,911
711,149
+3.1
+ 11.4
14,080,000
10,802,000
673,835
735,976
4.2
4,928,134
15,353,290
13,321,237
1
+0.7
3,145,819
—2.6
948,805
482,978
—3.1
6,900,946
2,460,804
335,756
234,690,058
6,033,397
2,331,159
428,654
234,886,246
+ 1.4
+24.8
629,496
2,405,987
1,145,545
888,364
1,898,784
529,344
887,569
+3.2
386,128,438
361,462,518
72,500,000
67,800,000
25,761,186
11,813,250
22,038,691
524,678
Inc.or
Week End. June 26, 1937
1937
1936
Dec.
1935
1934
Federal Reserve Dista.
S
S
%
%
X
Eighth Federa 1 Reserve
Dis trict—St. Lo uis—
Mo.—St. Louis.-
cities
"
3,472,509,851
3,320,964,953
3rd Philadelphia 10
408,792,799
352,481,770
29,385,525
3,099,792,776
111.—Jacksonville.
361,424,903
309,722,975
222.822,739
13,887,031
+11.9
+ 11.8
+20.3
11,260,977
206,938,160
+ 19.8
6th, Richmond
261,472,485
81,400,000
Tenn.—Memphis
3,506,108,102
—J— 4.6
+ 16.0
4thLCleveland.. 6
"
"
243,640,143
32,846,037
16,700,460
200,658,818
234,202,389
—6.8
1st | Boston
12
2nd New York. 13
91,100,000
Ky.—Louisville..
324,989,686
271,347,435
6
"
136,716,361
126,108,565
+8.4
10
"
146,466,941
137,468,567
+6.5
102,910,197
"
481,982,312
467,178,390
386,128,438
"
"
"
141,146,497
125,118,556
110,447,436
101,354,668
105,437,280
96,754,992
144,157,862
130,277,639
6
"
69,074,670
57,255,433
Fran.-ll
"
252,213,702
219,245,219
196,985,656
165,274,258
5,927,128,104
5,565,673,904
+6.5
5,482,467,581
4,858,899,861
2,579,179,448
2,359,202,407
+9.3
2,079,338,207
1,859,003,841
312,684,844
301,068,394
+3.9
318,527,451
446,000
+ 12.1
373,000
255,000
141,146,497
125,118,556
412.8
110,447,436
101,354,668
2,580,428
54,147,342
51,324,195
361,462,518
10th KansasClty 10
+3.2
+ 12.8
+9.0
+10.7
+20.6
+ 15.0
X
500,000
Quincy
91,111,605
7th? Chicago ...18
X
X
X
X
.
6th i Atlanta
Louis.
4
8th
St.
9th
Minneapolis 7
_
11th Dallas
12th San
112 cities
Total
Outside N. Y. City
32 cities
Canada
97,772,582
113,329,743
84,379,424
76,161,182
120,642,797
108,624,624
43,085,757
40,025,695
268,087,27
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Total (4 cities).
Reserve Dis trict—Minn eapolis
Ninth Federal
M Inn.—Duluth.
Week Ended June 26
Mont.—Billings
605,843
376,113
3,108,157
—12.8
2,690,696
2,385,338
96,754,992
+9.0
84,379,424
86,161,182
Reserve Dis trict—Kans
Tenth Federal
—12.2
—10.7
75,142
86,610
61,041
54,683
2,674,340
—12.4
1,911,699
—9.1
25,426,095
3,742,214
2,706,644
1,713,270
24,622,098
2,350,264
3,978,699
72,491,878
2,603,128
2,694,231
2,591,467
+59.7
+22.3
+ 17.3
+4.0
545,451
583,411
—6.5
2,595,637
466,000
593,964
1935
1934
$
725,276
—18.1
499,705
387,102
144,157.862
130,277,539
+ 10.7
120,642,797
108,624,624
890,542
29,915,414
40,025,695
4,572,524
102,479,956
Mo.—Kan. City.
$
St. Joseph
Colo.—Col. Spgs.
1,881,005
230,156,136
Pueblo
1,379,732
175,000,000
568,854
87,371,772
Total (10 cities)
—8.7
203,094,645
611,891
+27.8
658,925
401,728
New Bedford
438,769
640,328
555,706
+9.2
+ 15.2
573,494
427,544
Springfield
3,041,048
3,089,301
—1.6
2,775,804
2,752.793
Dallas
Worcester
1,987,500
1,800,323
+ 10.4
1,424,727
Ft. Worth
Conn.—Hartford
9,166,250
New Haven...
4,063,257
HK18.6
1,474,388
10,576,153
3,135,661
7,342,269
2.839,427
Wichita Falls..
50,353,350
10,767,048
1,878,000
1,143,928
La.—Shre veport.
Total (6 cities).
Mass.—Boston..
Fall
River
Lowell.....
210,239,170
782.190
83,133,051
362,461
492,288
1,475,437
30,468,718
1,916,290
3,738,238
3,059,973
.
%
875,285
City
92,937
115,090
2,342,592
27,684,738
Wichita
+ 15.1
+2.1
as
81,602
Hastings
Dec.
548,238
629,070
18,204,245
1,312,535
399,651
102.831
Neb.—Fremont..
Omaha
—
23,220,169
1,805,425
■
$
1,920,701
Portland
+ 14.0
105,437,280
Total (7 cities).
1936
630,926
Me.—Bangor
+26.4
Helena
$
Reserve Dist rict—Boston
1,564,890
652,736
620,610
.
1937
First Federal
+ 10.5
2,159,105
2,708,902
N. D.—Fargo._.
S.D.—Aberdeen-
Kan.—Topeka.
Inc. or
22,161,155
3,034,963
64,312,932
707,217
St. Paul..
Lincoln
Clearings at—
+87.8
+9.3
1-0.1
5,700,327
70,276,393
23,224,203
1,995,230
825,008
-
Minneapolis
286,197
310,762
—6.5
R.I.—Providence
10,241,900
9,804,746
3,426,512
8,691,000
N. H.—M an ches 'r
488,104
505,899
—3.5
8,794,200
457,635
7,660.600
484,387
Total (12 cities)
243.640,143
261,472,485
—6.8
234,202,389
Reserve
District—Da lias—
1,127,201
44,321,063
6,051,471
1,697,000
+29.9
+ 13.6
+77.9
780,865
+46.5
3,467.758
3,727,833
+5.8
1,352,409
32,313,056
5,900,356
1,177,315
630,354
1.712,267
69,074,670
57,255,433
+20.6
43,085,757
Twelfth Feder al Reserve D istrict—San
Franci
41,117,163
31,498,599
9,104,000
8,318,000
857,580
730,097
33,539,061
14,989,274
4,061,752
3,426,701
139,103,000
2,539,370
1,192,364
2,283,437
27,197,494
+30.5
+9.4
+ 17.5
+23.3
+6.2
4,372,804
—7.1
2,836,049
125,016,355
+20.8
2,218,665
1,909,747
+ 11.3
+24.2
97,932,531
1,403,630
1,985,886
+15.0
113,958,349
1,785,927
769,503
1,597,812
252,213,702
219,245,219
+ 15.0
196,985,656
165,274,258
1,464,586
+ 10.7
5,876,447
1,826,000
200,658,818
Feder al Reserve D istrict—New
Eleventh Fede ral
Texas—Austin...
York-
Second
-
-17.8
N. Y.—Albany..
13,054,932
13,173,680
—0.9
1,245,474
40,000,000
978,098
+27.3
6,137,543
920,659
10,232,191
Blnglmmton...
32,800,000
+22.0
29,800,000
Elmlra
571,886
663,849
-13.9
509,330
27,930.754
430,582
Jamestown
702,806
595,501
Buffalo
New York
3,347,948,656 3,206,471.497
Rochester
6,951,949
7,016,592
Syracuse..
4,660,241
4,155,820
Westchester Co
2,995,914
2,653,916
Conn.—Stamford
4,180,765
3,637,733
N. J.—Montclalr
Newark
Northern N. J.
396,883
547,927
+ 18.0
+4.4 3,403,129,374 2,999,896,020
•
Wash.—Seattle..
Spokane
Yakima
Ore.—Portland.
.
Utah—S. L. City
—0.9
6,285,602
5,768,783
+ 12.1
3,761,544
2,559,290
3,006,407
Pasadena
+ 12.9
1,487.506
San
+ 14.9
2,532,187
San Jose
19,439,728
Stockton
375,358
325,998
18,139,336
31,731,894
709,146
Galveston.....
-13.2
392,063
2,364,939
281,255
19,049,735
—4.8
29,393,174
+8.0
17,714,787
31,817,797
Calif.—L'g Beach
Francisco.
Santa Barbara.
Total (11 cities)
Reserve Dist rict—Philad elphia
483,096
Bethlehem
963,708
Chester
Lancaster
Philadelphia...
Reading
Scranton...
Wllkes-Barre.
476,676
+ 1.3
*300,000 +221.2
310,699
1,194,784
397,000,000
268,850
1,115,201
338,000,000
1,221,035
2,167,478
1,017,880
2,133,416
+ 15.6
+7.1
H[-17.5
H -20.0
+ 1.6
total
2,044,211
1,133,076
(112
321,366
973,456
352,000,000
1,199,186
868,522
300,000,000
845,553
2,025,690
1,959,865
1,140.716
947,169
-11.3
+9.2
893.549
1,234,600
-53.2
2,073,000
948,986
3,405,000
Total (10 cities)
408,792,799
352,481,770
+ 16.0
361,424.903
+9.3 2,079,338,207 1,859,003,841
1
Week Ended June 24
Clearings atInc. or
X
X
60,706,021
53,282,228
Cleveland
94,680,820
Columbus
10,780,500
77,688,254
9,195,600
+ 13.9
+21.9
+ 17.2
1,409,954
+42.6
Mansfield
2,010,093
Youngstown...
Total (5 cities)
_
Fifth Federal
W.Va.—Hunt'ton
X
+ 19.8
222,822,739
206,938,160
Total (6 cities).
Sixth Federal
b26.3
151,625
-21.4
2,218,000
32,263,666
[-41.1
1,044,825
—0.6
+22.4
57,086,898
20,564,729
Tenn.—Knoxville
Nashville
Ga.—Atlanta
It Augusta
Macon
Fla.—Jack'nville.
Ala.—Blrm'ham.
Mobile
...
Miss.—Jackson..
Vicksburg
La.—NewOrleans
Total (10
cities)
136,716,361
3,026,134
17,950,650
50,500,000
1,042,489
834,614
17,362,000
21,203,421
1,699,780
X
113,329,743
2,397,293
13,407,166
—4.9
893,174
808,672
+ 16.7
+3.2
36,000,000
748,850
13,682,000
+26.9
18,030,351
+ 17.6
X
Calgary
Victoria.
28,500,000
724,578
51,949,019
,
14,425,380
97,772,582
Edmonton.
Regina
Brandon
+38.9
X
637,257
12,223,000
13,679,903
1,130,063
X
2,088,881
10,066,093
30,400,000
666,210
487,210
11,670,000
12,941,943
931,268
X
95,403
109,775
32,485,995
+22.4
+0.8
22,591,262
21,750,225
137,468,567
+6.5
102,910,197
$
32,744,616
146,466,941
%
1935
S
1934
$
+2.3
+ 13.8
113,631,859
93,574,189
93,007,075
79,765,843
48,001,710
15,826,137
—30.0
37,368,675
43,077,863
+ 16.6
14,085,236
+ 16.2
14,579,498
20,745,994
2,739.064
1,864,036
4,270,536
5,005,426
1,582,074
1,483,310
2,783,360
3,129,480
2,542,849
+ 38.2
+ 15.8
+24.0
3,332,754
1,880,654
3,824,157
13,329,436
3,858,449
3,161,760
+9.9
+ 12.1
+ 16.9
5,099,400
1,473,550
1,452,393
2,356,530
3,541,488
2,631,282
277,114
411,972
4,418,940
1,014,042
107,190,189
90,875,262
33,618,511
18,445,934
16,363,998
3,784,851
2,159,237
5,297,567
5,502,450
1,773,489
1,734,682
3,104,341
3,736,865
3,557.458
104,782,435
239,839
79,889,167
+ 11.5
+ 19.4
+39.9
+22.7
1,992,232
3,626,081
1,414,052
1,249,027
2,362,596
3,151,477
2,468,484
310,103
340,209
429,515
Brantford
Fort William
New Westminster
405,829
+5.8
1,207,652
473.196
+ 12.1
+ 13.2
1,296,695
535,655
449,863
388,618
1,028,361
932,996
682,310
824,217
+24.8
755,186
652,916
1,116,360
499,272
224,112
—16.4
925,522
802,987
+36.7
477,275
450,531
—18.4
197,437
194,016
563,767
+ 11.4
577,047
592,850
411,088
+67.6
+6.0
+61.5
542,080
972,136
582,919
2,303,538
1,913,503
+9.5
368,840
217,448
Peter borough....
182,981
627,919
Sherbrooke
688,807
Hat—
1,003,014
3,936,679
Kitchener
Windsor
945,846
2,437,535
308,925
833,984
Prince Albert
338,227
Moncton
879,324
903,453
—2.7
1,098,948
797,765
Kingston..
559,487
445,363
Chatham
542,809
390,568
+25.6
+39.0
543,479
380,011
425,121
387.482
523,857
Sarnia...
563,109
589,178
—4.4
541,650
Sudbury—
961,018
1,097,374
—12.4
916,235
775,605
312,684,844
301,068,394
+3.9
318,527,451
268,087,271
91,111,605
84,360
Dec.
1,353,488
Lethbrtdge
Saskatoon
Moose Jaw
Medicine
+ 1.9
+26.5
1,223,590
128,605
2,045,000
a-
2,968,250
14,192,175
53,100,000
103,237
+8.4
126,108,565
Reserve Dist rict—Atlant
--
Halifax
London
332,459
26,741,886
D.C.—Washing'n
Quebec
St. John..
Reserve Dist rict—Richm ond—
-15.8
Ottawa
Hamilton
271,347,435
1936
294,311
Winnipeg
Vancouver
X
324,989,686
21,854,101
.
1,139,749
X
95,871,544
68,002,983
Richmond
7,789,100
104,408,228
S. C.—Charleston
$
Montreal
39,921,775
62,215,992
+20.8
Md.—Baltimore
1937
■
X
X
45,084,934
53,855,304
8,239,300
1,234,973
129,771,399
2,480,000
32,021,880
1,026,942
68,393,183
y-:''
Canada—
156,812,252
419,842
3,010,000
37,092,784
1,448,866
Va.—Norfolk....
X
X
v.;
Toronto
Feder al Reserve D istrict—Clev eland—
Cincinnati
Pa.—Pittsburgh.
776,958
1,095.262
+6.5 5,482,467,581 4,858,899,861
309,722,975
X
+5.2
f
V
224.261
X
1,225,578
6,997,000
Fourth
10,358,113
2,285,607
330.072
839,890
Ohio—Canton...
404,696
20,403,643
5,927,128,104 5,565,673,904
cities)
383,267
320,789
1,338,109
3,274,000
.
3,130,649
21,530,071
7,174,000
Outside New York 2,579,179,448 2,359,202,407
—
N. J.—Trenton..
York
27,505,339
8.122,000
571,128
25,326,284
12,000,000
+4.6 3,506,108,102 3,099,792,776
Grand
Third Federal
SCO
27.848,582
Total (13 cities) 3,472,509,851 3,320,964,953
Pa.—Altoona
14,112,648
X
1,517,292
Total (32 cities)
•Estimated,
xFigures not available.
Financial
54
THE
CURB
Chronicle
TRANSACTIONS
DAILY
EXCHANGE
July 3, mi
Persistent selling swept many
prominent issues to new low
Wels during the early part of the week, but the price trend
gradually turned upward and despite the fact that the daily
turnover
of
the
was
extremely low,
trading
some
and mining
Trading
and
so
modest
was
among
transfers for the
on
it
Saturday.
barely turned
at times,
over
were a
of the advances.
Public utilities
few fractional gains
were
were
Total
$23,000
$9,000
20,000
62,000
31,000
1,233,000
1,515,000
1,332,000
31,000
39,000
35,000
18,000
24,000
$562,000
1,047,000
1,328,000
1,268,000
1,589,000
1,374,000
1,011,850
$6,853,000
$193,000
$122,000
$7,168,000
Wednesday
Thursday
Friday
Week Ended July
Sales at
19,000
4,000
Jan. 1 to July 2
2
New York Curb
1936
1937
1936
1937
Exchange
the total
day dipping to approximately 74,000 shares
There
Government
$530,000
1,008,000
1,235,000
Tuesday
The ticker slowed down to
Domestic
73.620
179,050
192,840
190,640
181,945
193,755
Total--.
scattered through the list, but the declines
the
July 2, 1937
Public
the oil stocks
Value)
Foreign
Corporate
Foreign
of
Shares)
Saturday
Monday
dull and without noteworthy feature during
with 243 issues traded in.
of
gains.
CURB EXCHANGE
Bonds (Par
(Number
Week Ended
active
have the specialties, but there
improvement apparent
extent that
excess
more
and metal shares.
the brief session
the
number of the
showed
favorites
utilities have been quiet
has been
a
YORK
NEW
THE
AT
Stocks
greatly in
quiet with most
1,011,850
1,421,860
66,387,032
75,796,369
$6,853,000
$13,019,000
$247,845,000
Foreign government--
193,000
122,000
299,000
282,000
7,460,000
6,388,000
$470,510,000
10,433,000
Foreign corporate
$7,168,000
$13,600,000
$261,693,000
Stocks—No. of shares.
Bonds
Domestic
Total—
below previous closings.
Specialties were
standstill and oil stocks made little progress
either way.
Prominent among the declines were Newmont
Mining, 2 points to 95; United Shoe Machinery, 2 points
to 85 and Thew Shovel, 1 % points to 53.
7,106,000
$488,049,000
transfers
generally at
a
Renewed liquidation, due to uneasiness over the foreign
situation, together with the weakness on the "big board",
carried many active stocks downward on Monday, and losses
ranging up to a point or more were registered by a long list
of trading favorites.
There were occasional exceptions to
the trend,notably Carrier
Corp., which reached 51% at its
top for the day, closing at 51, with a net gain of 1 point.
Buckeye Pipe Line climbed up 2% points to 48; Duke Power,
2 points to 74; Godchaux
Sugar B, 2 points to 26, and
Sherwin-Williams, 3 points to 125%.
Curb stocks were irregular on Tuesday,
though the trend
of the market was generally
upward.
The rally developed
during the early trading and as it spread through the list
Foreign Exchange orders transacted in all
currencies
quoted in the New York market.
>
of the more active stocks canceled some of the losses
previous day and in a number of instances showed new
gains.
Carrier Corp. continued to creep upward and hit
51% at its high for the day.
Cooper Bessemer moved up
2 points to 22; Royal
Typewriter, 2% points to 109; United
many
of the
MANUFACTURERS TRUST COMPANY
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT!
55 BROAD
Member New York
FOREIGN
Share, 1 point to 15%.
The transfers
against 165,540 on Tuesday.
Oil stocks
were
160,500 shares,
again in demand on Thursday and a num¬
ber of the popular
speculative favorites moved briskly for¬
ward.
The strong shares in this group included among
others Gulf Oil
Corp. and Humble Oil.
Specialties were
featured by a sharp advance in Pepperell Manufacturing Co.
which climbed upward 4
points to 114, Brown Co. pref.
which advanced to 77% with a
gain of 2% points and Mead
Johnson which moved forward 4 points to 116.
New Jersey
Zinc was the strong issue
among the metals and moved up 2
points to 75 and Illinois Zinc 1% points to 24%.
Public
utilities were heavy though there were occasional
exceptions
like Consolidated Gas of Baltimore which advanced 1%
points to 67% and Nevada-California Electric pref. which
forged ahead 4% points to 75. Some of the rubber stocks
also attracted a moderate amount of
buying at higher prices.
Public utility shares assumed the market leadership on
Friday, and after absorbing scattered selling during the first
hour, continued to. move briskly forward.
As the day ad¬
vanced other groups joined the
upturn and a number of
Substantial gains were apparent as the market closed.
Noteworthy among the advances in the utilities were Ameri¬
can
Superpower pref. 1% points to 27%, American Gas &
Electric pref. 2% points to 22, Commonwealth Edison 4
points to 108, Electric Bond & Share pref. (5) 2% points
to 59% and
Empire Gas & Fuel (8) pref. 4% points to 44%.
Specialties were also active and moved sharply forward.
Mining and metal stocks improved and there was a good
demand for the oil shares.
As compared with Friday of last
week prices were generally higher, American Gas & Electric
closing last night at 32% against 31% on Friday a week ago.
Carrier Corp. at 53% against 48%, Commonwealth Edison
at
were
108 against
104, Consolidated Gas of Baltimore at 67%
against 64, Creole Petroleum at 37% against 37, Electric
Bond & Share at 16 against 15%, Fisk Rubber
Corp. at 12%
against 11%, Gulf Oil Corp. at 55% against 52%, Hudson
Bay Mining & Smelting at 29% against 27%, Humble Oil
(New) at 78% against 75%, International Petroleum at
34% against 34% and Niagara Hudson Power at 12% against
The New York Curb
Exchange and the New York Stock
Exchange will be closed today, also on Monday the 5th of
July.
EXCHANGE
RATES
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
caole transfers in the different countries of the world.
give below
FOREIGN
a
We
record for the week just passed:
EXCHANGE
RATES
CERTIFIED
BANKS TO TREASURY UNDER
JUNE 26,
BY
TARIFF
FEDERAL
ACT
RESERVE
OF 1930
1937, TO JULY 2, 1937, INCLUSIVE
Noon Buying Rate for Cable Transfers in New
to
goints to1st pref., 2% points to 32, and point to 31; H. C.
138; American Gas & Electric, 1 Electric Bond &
■ohack
System
Clearing House Association
Member Federal Deposit Insurance Corporation
Shoe
Machinery, 1 point to 86; Aluminium, Ltd., 1 point
107%, and St. Regis Paper pref., 7 points to 104.
There
were also
many small gains scattered through the list, but
these were usually in minor fractions.
The trend of prices was
generally upward on Wednesday
and several prominent
trading issues moved to higher levels.
The advance followed the brisk
upturn in Lion Oil pref.,
which climbed up to a new
top at 33%, but fell back to 32%
and closed with a gain of
2% points on the day.
Other oil
stocks moving forward included Creole
Petroleum, 2% points
to 37 and Gulf Oil
Corp., 1% points to 53%. Technicolor
improved 1% points to 29; Aluminum Co. of America, 1%
STREET, NEW YORK
Member Federal Reserve
York
Value in United States Money
Country and Monetary
Unit
June 26
June 28
June 29
June 30
$
$
$
$
July
1
2
July
$
$
Europe—
Austria, schilling
Belgium, belga
.187242*
.187228*
.187257*
.187271*
.187316*
.187300*
.168876
.168798
.168746
.168315
.168353
.168390
Bulgaria, lev
.012825*
.012825*
.012825*
.012825*
.012825*
.012825*
Czechoslo'kia, koruna
.034846
.034840
.034839
.034839
.034845
.034841
Denmark, krone
.220379
.220129
.220112
.220279
.220683
.220600
England, pound sterl'g
.936458
L930916
.930750
L935916
.944750
.942916
Finland, markka
.021800
.021793
.021781
.021787
.021825
.021817
France,franc
.044589
.044606
.044583*
.040888*
.038357
.038391
Germany, relchsmark
Greece, drachma
.400939
.400903
.400853
.400757
.400928
.401003
.009050*
.009048*
.009037*
.009044*
.009058*
.009051*
Holland, guilder
Hungary, pengo.
.549821
.549812
.549125
.549025
.549392
.197725*
.197725*
.197725*
.197725*
.197725*
.197725*
Italy, lira
.052608
.052611
.052601
.052000
.052607
.052605
Norway, krone..
.248058
.247754
.247750
.247925
.248391
.248295
Poland, zloty
.189275
.189325
-
.549764
.189300
.189275
.189300
.189300
Portugal, escudo.
.044716*
.044716*
.044683*
.044700*
.044708*
Rumania, leu
.007296*
.007296*
.007253*
.007253*
.007295*
.007296*
Spain, peseta
Sweden, krona
.050928*
.051357*
.050714*
.051583*
.050833*
.050833*
.254508
.254245
.25415S
.254366
.254852
.254770
Switzerland, franc
Yugoslavia, dinar
.229085
.229098
.228987
.228442
.228803
.228748
.023060*
.023060*
.023060*
.023060*
.023060*
.023060*
.044700*
Asia—
China—
.296333
.296125
.296020
.296229
.296229
.296770
.296500
.296291
.296187
.296395
.296395
.296562
.296458
.296250
.296145
.296354
.296354
.296770
.296500
.296291
.296187
.296395
.303343
.303187
.302156
.301718
.302156
.302937
India, rupee
.372714
.372271
.372235
.272346
.373175
.372968
Japan, yen
Singapore (S. S.) dol'r
.286987
.286891
.286633
.286704
.287331
.287197
.578500
.578375
.578312
.578625
.579500
.578937
Chefoo
.296604
(yuan) dol'r
Hankow(yijan) dol'r
Shanghai (yuan) dol
Tlentsln(yuan) dol'r
Hongkong, dollar.
_
.296395
Australasia—
.933750*3.929553*3 929375*3.932395*3.939598*3.938392*
Australia, pound
New Zealand, pound.
Africa—
South Africa, pound.
North America—
_
,963125*3.958697*3 ,958541 *,3.961875 * 3.969687*3.967916 *
4.887656* 4.883046* 4.882187*4.888482* 4.896328 * 4.889642*
Canada, dollar
Cuba, peso
.998557
.998257
.997884
.997211
.997776
.998329
.999166
.999166
.999281
.999166
.999166
.999166
Mexico, peso..
.277500
.277500
.277500
.277500
.2 77500
.277500
.996160
.995848
.995446
.994776
.995234
.995892
.329116*
.328850*
.328716*
.328900*
.329614*
.329266*
Newfoundland,
dollar
South America—
Argentina, peso
Brazil (official) milreis
(Free) milreis
Chile, peso
Colombia, peso
.087172*
.087188*
.087205*
.065500
.065500
.065525
.065644
.065687
.051775*
.051775*
.051775*
.051775*
.051775*
.569705*
.569705*
.569705*
.569705*
.569705*, .569705*
.794500*
.794500*
.704500*
.794500*
.794000*'
.087188*
Uruguay, peso
.087155*
.087172*
.065250
.051775*
.794000*
♦Nominal rates; firm rates not available.
THE
STOCK
BERLIN
EXCHANGE
Closing prices of representative stocks
each day of the past week:
June
26
Allgemeine Elektrlzitaets-Gesellschaft
as
June
28
127
126
130
165
(5%)----113
Dessauer Gas (7%)
119
Deutsche Bank und Disconto-Gesell. (5%)_118
155
126
105
166
149
29
Berliner Handels-Gesellschaft
(6%)
Berliner Kraft u. Licht (8%)
Commerz-und Privat-Bank A. G.
155
pf 7% -125
105
Farbenindustrie I. G. (7%).
166
Gesfuerel (6%)
L-150
Hamburger Elektrlzitaetswerke (8%)——-150
-
Hapag..
Mannesmann Roehren
30
July
July
1
2
126
129
130
164
164
164
113
113
113
120
131
121
121
118
118
118
156
156
150
Holi¬
126
126
126
day
105
105
105
166
165
165
150
150
150
151
151
151
19
Rheinlsche Braunkohle (8%)
Salzdetfurth (7^%)
-
19
19
19
19
123
(3%)
Norddeutscher Lloyd
Reichsbank (8%)
Siemens & Halske (8 %)
June
-Per Cent of Par127
127
130
164
113
118
118
Deutsche Erdoel (5%)
Deutsche Reichsbahn (German Rys)
Dresdner Bank (4%)
received by cable
June
122
122
122
122
21
213
234
160
217
20
20
20
20
211
234
158
215
212
211
210
234
160
216
161
215
215
Volume
Financial
145
THE
55
Chronicle
BOURSE
PARIS
Per
Quotations of representative stocks as received by cable
each
day of the past week:
Carolina Clinchfield & Ohio Ry.
June 26
June 28
June 29
June 30
Francs
Francs
Francs
Francs
July 2
July 1
Francs
Francs
7,300
1,270
449
7,700
321
325
27,500
27,100
1,230
52
814
1,380
53
1,350
Citroen B
510
585
Comptolr Natlonale d'Escompte
Coty S A
695
765
230
240
Bank of France
6,300
1,145
Banque de Paris et Des Pays Baa
Banque de l'Unlon Parlsienne..
430
297
Canadian Pacific
Canal de Suez cap
Cle Dlstr d'Electrlclte
Cle
Generale
25,500
:
,
770
d'Electrlclte
Cle Generale
Transatlantic! ue__
218
1,260
323
492
680
Credit Lyonnalse
1,400
Eaux Lyonnalse cap
Energie Electrlque du Littoral..
Kuhlmann
L'Alr Llqulde
240
527
1,550
1,360
330
525
-
Credit Commercial de France--
Energle Electrlque du Nord
52
230
480
614
Courrleres
1,370
1,070
618
NordRy...
1,500
1,008
Closed
980 Closed
Closed
Lyon(PLM)
700
Orleans Ry
725
'
390
21
6%
Pathe Capital
Pechlney.
,
69.60
68.10
68.25
72.60
71.40
93 00
4%, 1917
Rentes
4%, 1918
Rentes 4^%, 1932 A
Rentes 4 H %. 1932 B
Rentes 5%, 1920
'
Royal Dutch.
Schneider &
Soclete Francaise Ford
71.10
70.75
69.75
73.75
72.30
93.50
94.00
5,920
2,070
1,150
1,865
1,075
Cle.
23
1,983
71,50
70.80
69.20
74.20
73.25
5,340
Saint Gobaln C <fe C
380
388
1.805
Rentes, Perpetual 3%
Rentes
6,010
79
72
129
Soclete Generale Fonciere
Soclete Lyonnalse
132
1,256
1,351
Soclete Marseillaise
463
483
Tubize Artiflcal Silk, pref
148
170
Union
368
423
d'Electrlclte
100
Wagon-Llts
NATIONAL
BANKS
The
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
(quar.)
Stamped certificates (quar.)
(quar.)
Central Franklin Process 7% 1st & 2d pref
Central Illinois Securities Corp., pref
Central Kansas Power Co., 7% pref. (quar.)
6% preferred (quarterly)
Central Mississippi Valley Electric Prop.—
6% preferred (quar.)
—
Central & Southwest Utilities 7% prior lien
6% prior lien
Central Hudson Gas & Electric (quar.)
Chain Store Products Corp.. conv. pref. (quar.).
Champion Paper & Fibre (quar.)
Preferred (quar.)
Chapman Valve Mfg. Co. (quar.)
Charlottesville Woolen Mills (s.-a.)
7% cum. partic. preferred (s.-a.)
..
Cherry-Burrell Corp. (quar.)
5% preferred (quar.)
Chicago Venetian Blind (monthly)
Cincinnati Advertising Products Co. (quar.) —
Cincinnati Postal Terminal & Realty Co.—
6H % preferred (quarterly)..
Cleveland Cincinnati Chicago & St. Louis
5% preferred (quarterly)
Collins Co. (quar.)
Case Lockwood & Brainard
Location
Certificate No.
Ore.
1349A.
Location of branch:
Wash.
Bank
of
514 Main
Commerce
of
Seattle,
Seattle,
Wash.
St., City of Vancouver, Clarke County,
Certificate No. 1350A.
June 24—The First National Bank of Portland, Portland, Ore.
Location
of branch: Southeast corner of Front and Main Sts., City of Merrill,
Klamath County, Ore.
Certificate No. 1351A.
COMMON
CAPITAL
STOCK INCREASED
Amount
June 21—Brookville National Bank, Brookville, Ohio
000 to $50,000—Amount of increase
June 22—First National Bank of Cicero, Cicero, 111.
From $25,$25,000
From $150,-
000 to $160,000—Amount of Increase
10,000
June 24—The
National Bank of Mendota, Mendota, 111.
$50,000 to $62,500—Amount of increase
From
12,500
$1H
$ih
20c
50c
Dividends
25c
$1H
$5
$1M
$2
$1H
(quar.)
Connecticut River Power Co. 6% pref. (quar.)..
$ih
Consolidated Assets Corp. (initial)
Consolidated Car Heating Co., Inc., (qu.)
Consolidated Cigar Corp. 7% pref. (quar.)
Prior preferred (quar.)
Consolidated Funds Corp. (Del.) $3 pref. (s.-a.)_
$1H
15c
30c. preferred (s.-a.)
15c
Consolidated Royalties, Inc., 6% pref. (qu.)
Consolidated Water Power & Paper (quar.)
$1H
50c
Copperweld Steel Co. (quar.)
—
75c
Corn Products Refining (quar.)
1
$1 %
Preferred (quar.)
6Hc
Corporate Investors, Ltd. (quar.)
25c
Crystal Tissue Co
$4
8% preferred (semi-ann.)
75c
Delaware Rayon Co. class A (irregular)
$1H
7% non-cum. preferred (quar.)
25c
Detroit Gasket & Mfg. Co. (quar.)
25c
Diamond Portland Cement (initial)
Diamond State Telephone Co. (quar.)
50c
Distillers Co., Ltd. (final)
12H %
Extra
2H%
37 yc
District Bond Co. (Los Angeles .Calif.) pf. (qu.).
first
we
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
show
the
Then
we
follow with
a
second table in which
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared:
we
The dividends announced this week
25c
Domestic Finance Corp. $2 preference
Dominion Fire Insurance Co. (s.-a.)
Dominion Foundry & Steel,
(quar.)..
Ltd—
5H% pf. (qu.)_.
new
50c
25c
$1H
37 He
Driver-Harris Co. (quar.)
Dwight Mfg. Co
Eagle Lock Co. (quarterly)
Eastern Magnesia Talc Co., Inc. (quar.)
$1
25c
$1
_
$1
Extra.
Edmonton City Dairy Co., 6H%
t$lM
pref...
Employers Group Assoc. (quar.)
Eureka Pipe Line Co. (quar.)
Excelsior Life Insurance Co. (Ont.) (s.-a.)
Fall River Electric Light (quar.)
Fibreboard Products, Inc., 6% pref. (qu.)
Fireman's Fund Insurance (quar.)
Firemen's Ins. Co. of Washington & Georgetown
Franklin Process Co. (quar.)—
Frost Steel & Wire, 7% 1st preferred
Gardner Denver Co. (quar.)—
25c
$1
$1.20
$1
$1H
$1
60c
50c
my
25c
Per
Share
Name of Company
Abercrombie & Fitch Co. $6 pref.
Administered Fund Second, Inc
15c
25c
1 June 18
July
2 July 15
Aug.
2 July 15
Aug.
July 15 June 30
1 June 24
July
1 June 19
July
15c
15c
2Hc
$1H
15c
Adams (J. D.) Mfg. Co. (quar.)
12Hc
Amalgamated Sugar Co., 5% pref. (quar.)
Amerex Corp. (semi-ann.)
American Can Co. (quar.)
American Factors, Ltd.
American General Insurance Co. (Houston)
American Hardware Corp. (quar.)
American Light & Traction (quar.)
Preferred (quar.)
50c
30c
3?75c
American Meter Co
American Products Co., 5% prior preferredAmerican Screw Co. (quar.)
8Hc
20c
Extra
June 30 June
19
1 June
July
1 June
July
July 15 July
July 15 July
1 July
Aug.
Sept. 1 July
1 June
July
July 10 July
1 June
July
29
12Hc
75c
Associated Insurance Fund, Inc. (s.-a.)
Assoc. Telep. Co., Ltd., $1 \i pref. (quar.)
10c
SIHc
Atchison Topeka & Santa Fe
$2
(quar.)
Avery (B. F.) & Sons 6% pref. (initial)
Badger Paint & Hardware Stores (quar.)
Badger Paper Mills (irregular)
:
6% preferred (quar.)
Beneficial Industrial Loan Corp. (quar.)
Preferred, series A (quar.)
i._
$1H
37Hc
50c
50c
75c
____
37Hc
87Hc
15c
6% pref. (quar.)
Mfg. Co. common__
Brandon Corp. 7% preferred (s.-a.)
Bremmer-Norris Realty Investments
-
(s.-a.)
Brooklyn National Corp..
■„
(quar.)
Calgary Power Co. 6% preferred (quar.)
Canada Bud Breweries, Ltd., common
Canadian Bronze Co., Ltd., common (quar.)
Preferred (quar.)
Canadian Dredge & Dock, Ltd. (interim)
Canadian Silk Products Co., class A (quar.)
Canadian Tube & Steel Products 7 % pref
19
$1
Arlington Mills
Bullock Fund, Ltd.
__
12 He
Anheuser-Busch, Inc. (irregular)
Apollo Steel Co. (quar.)
Boss
June 30 June
8Mc
Allen Electric & Equipment (quar.)
Allied Chemical & Dye Corp. (quar.)
Binks Mfg. Co
Bloch Bros. Tobacco Co.
Holders
Payable of Record
$1
15c
10c
Extra
Atlas Acceptance Corp., 5% pref.
When
1 June 21
July
July 20 June 30
1 June 20
July
2 July 10
Aug.
2 July 10
Aug.
1 June 19
July
2 July
Aug.
9
2 July 15
Aug.
1 July 17
Aug.
2 July 10
Aug.
Aug. 16 July 26*
July 10 June 30
(initial)
Ahlberg Bearing Co. series A (quar.)
Alaska Juneau Gold Mining (quar.)
10c
75c
(quar.)
Gellman Mfg. Co
—
General Box Corp
Gilmore Oil Co., Ltd
Globe & Rutgers Fire Ins. Co. 2d pref. (sa.-a.)_.
Gordon & Belyea, 6% 1st preferred—
Gray Telep. Pay Station (quar.)
Great Lakes Towing Co
Preferred
$1H
$2
$3H
$1H
50c
30c
37Hc
$1H
$1
37Hc
$1H
29
Great Southern Life Insurance
Covers div. for second quar.
Halle Bros.
(quar.)..
July 30 July
20
June 30 June 25
Aug. 16 July 31
1 June 25
July
2 June 30
July
July 15 June 30
1 July 15
Aug.
2 July 15
Aug.
July 20 July
6
2 July 20
Aug.
2 July 20
Aug.
July 31 July 14
June 30 June 15
July 15 July
8
lHc
15c
June 30
June
19
July 31
Sept. 15
June 23
July
July
July
July
July
July 20
July 20
June 25
July
June 30
July
July
July
July
July
Aug.
Sept.
July
July
Sept.
Aug.
July
July
July
July
Aug.
July
July
Aug.
July
July
July
2
21
21
June 30
June 30
July
Aug.
July
July
Aug.
July
15
16
10
15
16
15
June 25
June
July
25
6
June 30
Aug. 14
July
6
July
6
July 31
June
June
19
June
June
19
June
June
16
July
July
July
June 30
July
July
June
June 30
3
10
Holyoke Water Power Co. (quar.)
Horder's, Inc. (quar.)
Horn & Hardart Co. (N. Y.) (quar.)
Incorporated Investors
Installment Credit 7% preferred (s.-a.)
;—
6
20
2 June 30
15 June 30
31 July
20 July
15 July
10
10
10
1 June 25
June 30 June 20
June 30 June 20
July
July
Aug.
July
July
Aug.
July
July
July
Aug.
July
July
Aug.
Aug.
July
2 June 25
31 July
17
2 July 15*
2 June 30
1 June 26
2 July
16
15 July
6
2 June 24
1 June
18
2 July
16
20 July
20 July
10
1 July
20
31
10 July
10
1 June 21
June 30 June
8
$2
June 30 June 26
June 30 June 26
1
July 10 July
2 July 15
Aug.
July 15 June 30
75c
60c
$1H
68 He
68Hc
20c
$1H
60c
$1H
2c
$1H
25c
50c
30c
$1H
50c
(quar.)
$1H
Preferred
(quar.)
Investors Fund "C," Inc. (quar.)
Extra
-
Kansas Power & Light
1 June 30
16 July
2 July
25c
Holland Furnace Co
Interchemical Corp.
July
July
Aug.
July
July
July
July
July
July
1 Aug. 31
Sept.
2 June 28
July
1
July 15 July
$2H
t$4
25c
—
12c
5c
Co. 7% pref. (quar.)
6% preferred (quar.)
Keokuk Electric 6% preferred (quar.)
Keystone Watch Case Corp., com
Knott (A. J.) Tool & Mfg. Corp., 7% pref.(qu.)_
Kohler Corp
Lawbeck Corp., 6% pref. (quar.)
Lee & Cady Co. (increased)
Lehigh & Wilkes-Barre Corp. (quar.)
—
Lerner Stores,
June 25 June 15
2 July 20
Aug.
July 30 July 15
July 30 July 15
10c
$1H
(quar.)
Harnischfeger Corp., 5% preferred
Hartford Electric Co. (quar.)
Hartford Electric Light Co. (quar.)
Hat Corp. class A and B
—
6H% preferred (quar.)
Hawaiian Sugar Co. (quar.)
Heidsik (John) Co., 6% pref. (quar.)
Hepburn & McTavish, Ltd., preferred (quar.)..
Hercules Powder Co. preferred (quar.)
6
1
25
15
Aug. 14
July 10
July 10
Sept.
July
July
Aug.
of 1937.
Co
15
29
20
25c
(Texas)
Greenfield Gas Light Co. 6% preferred
Greenfield Tap & Die $6 preferred
Lenox Water Co.
30
30
30
$3H
....
Preferred
are:
10
10
24
,
Preferred
are
July 20 July
July 20 July
July 10 June
July
2 June
Aug.
1 July
July 15 June
July 15 June
June
$im
Extra.
DIVIDENDS
Holders
When
Payable of Record
37 yc June
50c
Aug.
Oct.
$1H
Commonwealth Edison Co.
Dominion Tar & Chemical
National
21—The
$2H
UK
37 He
$1M
$i h
$1
Columbia Mills
Dodge Mfg. Corp. (Ind.)
AUTHORIZED
BRANCHES
June 19—The First National Bank of Portland, Portland,
of branch: City of Wallowa, Wallowa County, Ore.
June
Share
Name of Company
50c
$1
$2H
$1,125
(semi-ann.)
preferred (quar.)
Lincoln Telep. & Teleg. (Dela.) 6% pref.
Lowell Electric Light Corp. (quar.)
$1H
$1H
$1
$1H
$2
$1H
(qu.)_.
._
90c
Ludlow Typograph Co.
preferred (quar.)
Lynn Gas & Electric Co. (quar.)
$1H
$1M
(quar.)
(Providence, R. I.) pf. (qu.)_
Major Corp. Shares (bearer)
Mammoth Mining Co. (quar.)
Manufacturers Life Insurance (s.-a.)
Marathon Paper Mills Co. 6% pref. (quar.)
Martel Mills Corp. $3 preferred (quar.)..
Masback Hardware Co., Inc., 6% 1st pref
us&
Trust certificates
M-A-C Plan, Inc.
6.59c
5c
$6
$1H
31 July
15 July
15 July
2 July
24
8
1
15
15
2 July
1 July
15
1 July
15
15 July
1 June
19
3
1 June 30
14 Aug.
2 July
1 June
2 July
2 July
30 July
3
16
25
20
12
6
1 June 21
1 July
1 July
20
20
15 June 30
15 June 30
1 June
19
1 June
19
16 Aug.
10 July
10
1*
1 June 30
June 30 June 28
2 July 20
Aug.
8 July
1
July
July 22 July 12
2 June 15
July
2 July 21
Aug.
July 10 June 30
July 30 June 30
1 June 19
July
June 30 June
14
June 30 June 14
July
1 June 17
June 30
July
July
July
July
July
10 June 28
2 June 22
1 June 26
1 June
18
15 June 30
June 29 June 25
Mayflower Associates, Inc. (liquidating div.)._.
Liq. div. of 2 shs. of Pilgrim Exploration Co. fo
each sh. cap. stk. of Mayflower Assoc. Inc.
McCrory Stores Corp.,pref. (quar.)
Melville Shoe Corp. (quar.)
Preferred (quar.)
Merchants Refrigerating Co. (N. Y.) 7% pref..
Messinger Corp. (quar.)
Quarterly
Michigan Central RR. Co. (s.-a.)
July
July
July
Aug.
Aug.
Aug.
Aug.
July
July
July
Aug.
Aug.
July
Aug.
Aug.
July
July
Aug.
Aug.
July
July
July
July
Aug.
July
July
$1K
$1H
7Hc
t$lH
25c
Aug.
Aug.
Aug.
1
1
1
Aug.
2
July 31
July 20
July 16
July 16
July 23
July 15
25c
Oct.
30 Oct.
15
$25
July
31 July
21
56
Financial
Per
Middlesex Power Corp. (quar.)
-
July
July
July
July
t$1.20 July
t$lM Aug.
tSIM Aug.
SI June
SIM June
SI July
100% July
30c July
25c July
50c Aug.
SIM June
25c July
5c July
50c July
12.8c July
SIM June
50c Aug.
75c July
Mo
— .
Neilson (Wm.) Ltd., 7% pref. (quar.)
New Jersey Zinc
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 Trap Bock Corp. preferred
Niagara Shares Corp. of Md., class B
North American Edison Co. pref. (quar.)
Northern Indiana Public Service 7% pref
6% preferred
5M % preferred
Northwest Engineering Co
Oliver United Filters, class A (quar.)
Onomea Sugar Co. (monthly)
Orchard Farm Pie Co.. $5 pref. A
Paauhau Sugar Plantation Co. (monthly)
—
Pacific Gas & Electric Co. common.
Pacific Public Service Co., 1st preferred
1st preferred (quarterly)
.
Payne Furnace & Supply Co. (initial)
Pan American Airways
Peaslee-Gaulbert Corp., div. payable in stock..
Common (quar.)
6% preferred (quar.)
Pennsylvania Gas Co
Peoples Telep. Co. (Butler, Pa.) (quar.)
Philadelphia Electric Co. $5 pref. (quar.)
Philadelphia & Trenton BR. (quar.)
Piedmont & Northern By. (quar.)
Pilgrim Mills (Fall River)
Pittsburgh Plate Glass Co
Plymouth Cordage Co. (quar.)
—
—
"
Plymouth Cordage Co. (employees' stock)
Potomac Electric Power, 6% pref. (quar.)
I* 5 M % preferred (quarterly)
Power Corp. of Canada, Ltd., common (interim)
Premier Shares, Inc. (irregular)
Public Service of Northern Illinois (quar.)
6% preferred (quarterly)
7% preferred (quarterly)
Quarterly Income Shares, Inc. (quar.)
Railway Equipment & Realty Co. (quar.)
I
6% 1st preferred (quarterly)
Rhode Island Public Service Co. $2 pref. (qu.)—
Series A (quar.)
.
Richmond Insurance Co. of N. Y. (quar.)
_
$3 M
l5c
SIM
tSIM
tSIM
til %
25c
60c
20c
75c
10c
2%
f32Mc
32 Mc
20c
25c
.
-
Extra
Taylor Markets, Inc. (quar.)
Thatcher Mfg. Co., pref. (quar.)
Tokhelm Oil Tank & Pump Co. (quar.)
—
Extra
Toledo Light & Power Co., pref. (quar.)
—
June 25
July
July
Per
Name
July
10
Affiliated
June 15
July
Air
June 30
July
June 30
2
16
3
3
3
15
20
10
June 21
15
June 30*
July
July
July
July
30c
25c
SIM
50c
SI
15c
15
15
28
20
SIM
SIM
50c
June 30
July 10
.July
1
July
July 10'June 30
2 June 30
July
July
l,June 30
July 20 July 29
July 20 June 29
Aug. 16
Sept.
Aug. 16
Sept.
July
3
July
June 30
July
July 15
Aug.
July 15
Aug.
July 15
Aug.
July 15
Aug.
June 30
July
June 30
July
July 15
Aug.
July 15
Aug.
July 12
Aug.
Aug.
6
Aug,
Aug. 16
Sept.
July 12
July
July 12
July
June 26
July
June 24
July
July
2
July
Aug.
July
July
July
July
Aug.
July
S3M Aug.
n% Aug.
SIM July
SI
July
37Mc 'Aug.
J20c 'Aug.
July
July
Aug.
July
SIM July
SIM Aug.
lc
July
75c
July
June
SI
20c
July
37Mc Aug.
20c
July
SIM July
25c
July
90c
Aug.
25c
July
25c
July
SIM July
tiff
June 30
June 28
June 28
June 28
July
July
July
July
June
15
8
20
15
15
June
15
July
July
20
31
18
June 30
June
July
16
June 20
June 20
July
15
June 30
June 30
June 25
July
July
15
15
June 26
June 26
June 28
July 31
July
7
July
7
June
15
Torrington Water Co. (quar.)_
50c
June
June 21
Twin Coach Co.
15c
July
July
Union Stockyards of Omaha
United Gas Improvement (quar.)
SI
June
June 20
25c
Sept.
Sept.
July
July
Aug.
Sept,
Aug. 31
Aug. 31
Preferred (quarterly)
United Investors Shares, Inc., ser A. reg—
Series C registered
United Light & Rys.,
7% pref. (mo.)
7% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly) _ —
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United Milk Products
S3 partic. preferred (quar.)
$3 partic. preferred (partic. div.)
United States Cold Storage, 7% preferred
United States Steel Corp., preferred-.
Valve Bag Co. 6% preferred (quar.)
Virginia Coal & Iron Co. (quar.)
Washington Gas Light (quar.)
$4M cum. conv. preferred (quar.)
Washington Ry. & Electric Co
5% preferred (quarterly)
5% preferred (quarterly)
5% preferred (semi-ann.)
Waterberry Farrell Foundry & Machine
Wehle Brewing Co., com. & cl. B
Payable in class B stock.
West Coast Oil Co., pref. (quar.)
Westmoreland. Inc. (quarterly)
West New York & Penna. Ry, (s.-a.)
5% preferred (semi-ann.)
Western Assurance Co. (s.-a.)
(
SIM
1.438c
1.93c
58 l-3c
58 l-3c
58 l-3c
53c
53c
53c
Oct.
Aug.
Sept.
Oct.
10
June 30
June 30
July
Aug.
Sept.
July
Aug.
Sept.
July
Aug.
Sept.
15
16
15
15
16
15
15
16
15
50c
Aug.
Sept.
50c
Oct.
50c
75c
July
July
July
June 26
t$2M
June
June 26
+S2
July
July
Sept.
Aug.
Aug.
Aug.
Sept.
July
Dec.
Nov. 15
Dec.
Nov. 15
July
July
June
50c
50c
$k
30c
$1,125
$9
SIM
SIM
S2M
37Mc
2M%
July
Oct.
July
July
!July
June 26
June 26
9
June 19
Aug.
July
July
Aug.
Aug.
21
15
31
16
16
28
June 19
6 July
1
Sept. 15
June 30
June 30
June
Co., Inc.
25c
(quar.)
75c
Alabama Great Southern RR., preferred
—
Alabama Power Co.. $5 preferred (quar.)—_—
July 20
July
8
July
15c
(quarterly)
10c
Reduction
Extra
10
June 23
July
Aug.
July
July
July
July
July
July
Fund
Share
of Company
Extra
1
June 29
75c
SIM
SIM
Sept.
1 Aug.
Aug.
2 July
July 15 June
Aug.
2 July
14
15
30
15
we
June 30
July
July
9c
siy
—
6
June 26
25c
12Mc
-
-
Holders
When
Payable of Record
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
15
June
$2
SIM
$2M
75c
SIM
SIM
SIM
12Mc
SIM
(quar.)
$6 preferred (quarterly)
Wisconsin Gas & Electric Co., 6% pref. c (qu.)
Zimmerknit Co., Ltd., 7% pref. (s.-a.)
7
June
SIM
50c
6% preferred series C (quar.)
Squibb (E. R.) & Sons, $6 1st pref. (qu.)
Standard Silver-Lead Mining Co
State Street Investment Corp. (quar.)
Stecher-Traung Lithographer
Sun Ray Drug Co. (quar.)
Preferred (quarterly)
Super Mold Corp. (quar.)
June 25
June 26
_
.-
10
10
15
15
June
SIM
(quarterly)
S2M
Royal Typewriter Co., Inc., common
58 l-3c
Pref. (for period of July 1 to July 31,1937)
20c
St. Helen's Pulp & Paper Co
37 Mc
St. Paul Union Stockyards Co. (quar.)
50c
San Carlos Milling Co. (increased)
San Diego Consol. Gas & Electric Co.—
Preferred (quarterly)
1M%
—50c
Securities Investment Co. of St. Louis (quar.)
5% conv. preferred (quar.)
Sierra Pacific Electric, pref. (quar.)
Simmons Co. (interim)
Simon (H.) & Sons, pref. (semi-ann.)
Solvay American Investors Corp. 5M % Pref—
Sorg Paper Co., 6% pref. (quar.)
Preferred, series B (quarterly)
Southern Calif. Edison Co., com. (quar.)
Southern Canada Power Co., com. (quar.)
Southern Franklin Process Co., 7% pref. (qu.)Southern New England Telep. (quar.)
—
Spang Ohalfant & Co., 6% preferred
Springfield City Water Co. 7% pref. A and B__
July
July
July
July
June
40c
Per
Share
Name of Company
Wilson & Co.
June 21
25c
► Preferred
Extra
June 26
June 21
25%
25c
Rolland Paper Co., Ltd. (quar.)
July
July
Sept.
July
July
July
Aug.
Aug.
July
July
Aug.
July
Aug.
Aug.
Aug.
Aug.
July 3, 1937
Holders
Payable of Record
SIM
SIM
Mississippi Power Co. $7 pref. (quar.).
$6 preferred (quar.)
Michigan Gas & Elec. 7% prior lien...
l
6%iPrior lien.
Michi
ligan Public Service 7 % preferred
6% preferred
_•
Monroe Calculating Machine—
7% preferred (quar.)
Muskegon Motor Specialties class A pref
Mullins Mfg., class B (payable in stock)
Mutual Investment Co., 6% pref. (s.-a.)
Mutual Investors Fund (quar.)
National Automotive Fibres, class A
National Casket Co., S7 pref. (quar.)
National Cylinder Gas (initial)
National Investors Corp. (initial)
National Malleable & Steel Casting
Nation-Wide Security Co., tr. ctfs. ser. A
—
When
Share
Name of Company
Chronicle
30
Alpha Portland Cement
Aluminum Industries (quar.)
Aluminum Manufacturing, Inc. (quar.)
tiff
25c
10c
—
50c
50c
Quarterly
7% preferred (quar
7 % preferred (quar
Amer
1$
t Li
Cities Power & Light Corp.
iig
20c
50c
!ig
50c
25c
50c
75c
25c
Thermos Bottle
75c
Extra
2c
American Toll Bridge Co. (quar.)
Sept. 15
31 Dec. 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Dec
1 July
10
Dec. 15 Dec.
5
July 15 June 15
2
July 22 July
Aug.
2 July 15
Aug.
6
Aug.
July
9
July
ll
July 15 June 15
2 July 20
Au6.
2 July 20
Aug.
Sept. 15 Sept. 1
Dec.
15 Dec.
1
$1M
American Zinc. Lead & Smelting preferred
Atchison Topeka & Santa Fe preferred (s.-a.)._
Aug.
Aug.
July
Aug.
July
July
July
Aug.
July
2 July
20
2i
Atlantic Oil Investment Corp
Atlantic Refining Co. preferred (quar.)
Balaban & Katz Corp. 7% preferred (quar.)
Baldwin Rubber Co
Bancamerica-Blair Corp
Bangor Hydro-Electric Co (quarterly)
Bath Iron Works Corp., payable in stock——
Payable in stock
Barnsdall Oil Co. (quar.)
Bayuk Cigars, Inc., 1st preferred (quar.)Beatty Bros., Ltd., 6% 1st pref. (quar.) —
Belding Heminway Co
.
Bellows & Co..class A (quar.)
Class A (quar.)_
Bell Telephone of Canada (quar.)
Bell Telep. of Penna. 6M % Pref. (quar.)
Biltmore Hats, Ltd., new (Initial)
Birdsboro Steel Foundry & Machine (initial)—
Bon Ami Co. class A (quar.)
Class B (quar.)
Boston Edison Co. (quar.)
Brantford Cordage Co. 1st pref. (quar.)
Brazilian Traction, Light & Power Co.
Brewer (C.) & Co. (monthly)
Bridgeport Hydraulic Co. (quar.)
British-American Tobacco Co., ord. (interim)__
British Columbia Elec. Ry., 5% pref. (s.-a.)
British Columbia Power Corp. A stock
British Columbia Telep. Co. 6% 1st pfd. (qu.) —
Broadway & Newport Bridge Co. (quar.)
5% preferred (quar.)
Brooklyn Borough Gas Co. (quar.)
Brooklyn-Manhattan Transit—
(quar.)
(quar.)
(quar.)
SI
SIM
12 Mc
25c
25c
SI
25c
SIM
25c
25c
*$2
SIM
25c
25c
SI
6211
32Mc
250c
$1
40c
lOd.
2M%
.245c
2S1M
S2M
SIM
SIM
50c
SIM
SIM
SIM
SIM
-
—
2 June 25
10 June 19
2 July
6
June 25
3
20
12
2
Juiy
June
15
14
July
15 July
10
1
Dec. 30 Dec.
15
Aug.
July
Aug.
July
Sept.
12 July 10
15 June 30
1 July
15
31 June 21
15 Sept. 1
Dec.
18 Dec.
July
July
July
July
July
July
Aug.
July
July
July
July
July
July
July
Aug.
Aug.
Aug.
July
July
July
15 June 23
15 June 19
15 June 30
Oct.
Jan.
1
15 June 30
31 July
31 July
2 July
15
15
10
15 June 19
10 May 31
26 July 20
15 June 30
8 June
4
15
15 June 30
2 July 15
1 June 30
1 June 30
10 June 30
15 July
1
15 July
1
15 Oct.
1
15 Dec. 31
Apr. 15 Apr.
1
40c
Oct.
1
25c
Preferred (quar.)
Brooklyn Union Gas
Buckeye Steel Casting
6M% preferred (quar.)
Aug.
Aug.
Aug.
Aug,
Aug.
July
Aug.
July
SIM
212MC
x
Buffalo Ankerite Gold Mines (quar.)
Bonus
—
Buffalo, Niagara & Eastern Power, 1st pref.(qu.)
Burdines, Inc., S2.80 pref. (quar.)
Burlington Mills
California-Oregon Power Co. 7% pref. (quar.)—
6% preferred & 6% preferred ser. of 1927(qu.)
California Packing Corp. (quar.)
Preferred (quar.) —
Canada Northern Power Corp.,
27 Mc
70c
25c
SIM
SIM
37Mc
62 Mc
Ltd. (quar.)—
7% cumu.
preferred (quarterly)
Canada Southern Ry. (semi-ann.)
Canadian Breweries, Ltd., preferred
Canadian Fairbanks-Morse, pref. (quar.)
nP
Canadian General Investors, (quar.)
212 Mc
250c
SIM
Canadian Industries, Ltd., A & B (quar.)..—
Preferred
12
July 15
Sept.
1
June 30
2c
Quarterly
Preferred
July
Aug.
——
Preferred
June 30
June 30
June 30
June 30
July 31 July 15*
July 15 June 15
Sept. 1 Aug. 25
1 Nov. 25
Dec.
5
July 15 July
2 July
8
Aug.
Aug. 2 July 14*
6
July 16 July
Sept. 15 Sept. 5
SIM
pf. (qu.)-
Envelope Co., 7% pref. A (quar.)- ..
7% preferred A (quarterly)
American Fork & Hoe preferred (quar.)
American Gas & Electric, preferred (quar.)
American Home Products (monthly)
American News, N. Y. Corp. (bi-monthly)
American Paper Goods Co., 7% pref. (quar.)—
7 % preferred (quarterly)
American Rolling Mill
American Seating Co—
American ShipbuildingAmerican Smelting & Refining Co. (quar.)
7% preferred (quar.)
American Telephone & Telegraph (quar.)
Preferred
Aug.
Sept.
July
Sept.
15
15
15
15
16
2
25
15
30
50c
American
American
July
July
July
July
Aug.
75c
Convertible A optional dividend series
1-32 of one share of class B stock or cash.
Amerada Corp. (quarterly)—
American District Telephone of N. J.,
Holders
When
Payable of Record
(quarterly)
Canadian Light & Power Co.
Canadian Wallpaper A & B
(semi-ann.)-.
Central Power Co., 7% cum.
preferred
250c
SI
6% cumulative preferred
Central Power & Light 7% preferred
6% preferred
,
Centrifugal Pipe Corp. (quar.)
Quarterly
Charis Corp. (quar.)—
Cincinnati CTnion Terminal Co.. 5% pref. (qu.)Oity of Paris Dry Goods Co. 7% 1st pref. (qu.)_
7% 1st pref. (quar.)
—
Cleveland Cincinnati Chicago & St. Louis
5% preferred (quar.)
Cleveland & Pittsburgh RR. Co. gtd. (quar.)—
Guaranteed (quar.)
Special guaranteed (quar.).
\).
Special guaranteed (quar
Cluett Peabody & Co,, new (initial)
Coleman Lamp & Stove
—
Colon Development Co. 6% red. conv. pref
5% red. income stock, series A
Columbia Breweries, Inc.. class B
Columbia Gas & Elec. Corp., 6% ser. A (quar.)
6% preferred series No. 33 (quar.)5% preferred series No. 22 (quar.)
Columbia Pictures Corp. com. v. t. c., stk. div—
Columbus & South Ohio Eiec. Co. 6M% Pf-(QU-)
Commercial Bookbinding (quar.)
Commercial Discount (L. A.) pref. A (quar.)—_
Preferred B (quar.)
—
—
Commonwealth investment Co
Commonwealth Utilities Corp. 0M%
Concord Gas Co. 7% preferred
m
SIM
*\&
10c
37 Mc
SIM
SIM
1
15
15
16
16
2
12
15
15
July 15
Aug. 16
Aug. 16
July 26
July 15
2
Aug.
July 15
July 15
July 15
July 31
July 15
July
July
July
July
Aug.
Aug.
Aug. 16
Sept.
July 20
July 20
2
Aug.
2
Aug.
July 15
June 30
Aug.
5
June 30
June 30
July 31
July 31
June 30
June 30
June 28
June 30
June 30
June 30
June 30
June 30
June 26
June 29
June 30
June 30
July
July
Aug.
15
15
5
Nov. 15 Nov.
5
Aug.
1 July 22
Oct.
Mar. 20
Aug. 16 Aug. 10
Nov. 15 Nov. 10
SIM
87 Mc
87 Mc
50c
50c
25c
25c
July 31 July
July 31 July
Nov.
Sept.
Dec.
May
Nov.
Sept.
Sig
SIM
2M%
$1.62
50c
20c
17
—
Pf. CJ (qu.)
50c
21
10
10
10
Dec.
Mar. 12
Aug.
July
June 30
July 21
July
July
1M%
'11
21
July 16
Aug. 15
Aug. 15
Aug. 15
Aug. 23
Aug. 2
July
July
July
Aug.
Sept.
Aug. 14
1
1
June 10
July
July
July
Aug.
July
July
July
July
July
Aug.
July
20
20
20
9
15
1
1
1
14
14
31
Volume
Financial
145
Per
Name
Share
of Company
Confederation Life Assoc.
(Ont.) (quarterly).—
Quarterly
Conn. & Passumpic Rlv. RR. 6% pref. (s.-a.) —_
Consol. Chemical Industries class A & B (quar.)
Class A and B (extra)
Consolidated Edison of N.
-
Y., $5 pref. (quar.)
Consolidated Laundries, $794
pref. (quar.)
Co. of Canada-
Consolidated Mining & Smelting
Extra
75c
75c
Dec.
Nov. 20
60c
$1
15c
7% preferred (quar.)
preferred
Creamery Package Mfg. Co. (quar.)
Crowell Publishing Co. 7% pref. (semi-ann.) —
Crown Drug Co. preferred (quar.)
Cudahy Packing Co. common
Cunningham Drug Stores (quar.)
6% preferred B (quar.)
—
Continental Insurance Co. (semi-annual)
Cosmos Imperial Mills, 5% preferred (quar.) —
Credit Utility Banking Corp. B (quar.)
Crown Cork & Seal, Ltd. (quar.).
Crum & Forster (quar.)
Preferred (quarterly)
Cuban-American Sugar preferred
Darby Petroleum (semi-annual).
Dayton & Michigan RR. Ob. 8% pref. (qu.)
Dentists Supply Co. of N. Y. (quar.)
—
$1D
30c
$334
4394c
6234c
3734c
$134
80c
$134
25c
20c
25c
$2
$2 34
25c
$1
—
!1S
7% preferred (quarterly)
Dennison Mfg. Co. debenture stock (quar.)
Denver Union Stockyards, 594% pref. (quar.J.¬
Detroit Edison Co. (quar.)
Additional dividend
Detroit Hillsdale & Southwestern RR.
Semi-ann
Great Lakes Power Co., pref. A
(s.-a.)
—
2%
$1#
$1'
$1
$2
1
15
15
June 25
July
15
June 30
June 30
July
July
July
July
July
15
15
15
10
10
June 30
July 24
Aug.
2
July
3
July
5
July
5
June 30
June 30
June 25
31
6
Sept. 20
July
6
July
2
July
July
June
15
Aug. 20
June 25
Common
Dec.
Nov. 15
8
Aug. 14
July
Sept.
Marl'38 Feb 15*38
15 June 19
6 June 25
1 Sept. 10
Oct.
1 Sept. 10
July 15 July
1
Sept.
1
Oct.
(quar.)
i..
$5 preferred (quar.)
Farmers & Traders Life Insurance (N. Y.)
Federal
26
20
20
15
30
16
14
24
C.)
Service
Finance
Corp.
July 22
Aug.
5
Aug
5
July
9
15 June 15
31 June 30
16 Aug.
6
$3)4
5634c
66)4c
8734c
8734c
C
19
6
6
28
1
30
30
30
3
3
Oct.
11
1 Sept. 21
Jan.
2 Dec.
23
Sept. 10 Aug. 31
Dec.
for year ending March 31, 1937.
i
i
General Mills, Inc. (quar.)
(quar.)
preferred
General Public Service Corp., $6 pref. (quar.)—
$534 preferred (quarterly)
General Shoe Corp., A & B (irregular)
General Telephone Allied Corp., $6 pref
Georgia RR. & Banking Co. (quar.)
Gillette Safety Razor, $5 preferred (quar.)——
Gimbfe Bros., preferred (quar.)
Glen Alden Coal (interim)
Gotham Silk Hosiery Co., Inc., 7% cum. pref—
7% cumulative preferred (quar.)
$194
$194
International Products Corp. 6%
10 Nov. 30
3734c
3734c
$194
Oct.
Oct.
35c
Oct.
July
15
1
Sept. 10
1 Sept. 10
Sept. 20
15 June 21
$134
50c
15 June 30
15 June 30
15 June 30
31 July
21
5 June 30
10 June 30
26 July 23
15 June 30
20 July
2
15 June 25
1 Aug. 20
20 July 10
15 June 30
15 June 21
2 July
15
25 July
25 July
15
15
1 Sept. 22
21 July
1
15 June 30
15 June 30
15 June 30
6 June 16
26 June 25
10 June 30
24 June 24
July
24 June 24
Aug.
Aug.
July
Aug.
Aug.
July
Aug.
July
Aug.
July
July
Aug.
Aug.
2
2
26
2
2
15
July
July
July
July
July
10
6
15
15
15
June 30
1 July
15 July
15
2 July
26 July
1
10
20 July
2 July
2 July
12
1
3
12
31 July
Sept.
1234c
$194
+$194
$194
8?&
25c
25c
40c
•
15c
$194
3134c
30c
$134
10c
$1
(quar.)——
$134
$134
$194
(quar.)
$1
75c
75c
3734c
50c
50c
25c
25c
F
$60c
$194
(quar.)
25c
Preferred (quar.),
30c
special guaranteed (quar.) —
Special guaranteed (quar.)
Original capital
Original capital
Lockhart Power Co.. 7% pref. (s.-a.)
Lock Joint Pipe Co. (monthly)
Monthly
Monthly
Monthly
Monthly
50c
5% preferred
(quar.)
Preferred
Garden Corp
Magma Copper Co
—
Maguin (I.) & Co. , 6% preferred (quar.)
6% preferred (quar.) - ---...
---Mahon (R. O.) & Co. $2 class A pref. (quar.)—.
Madison Square
Manufacturers Trust
March ant Calculating
Co., pref. (quar.)
Machine
•7% preferred (semi-annual)
Margay Oil Corp
Maritime Tel. & Tel., Ltd. 7%
-
-
-
-
6% preferred
Assoc.. pref. (quar.)
Massawippi Valley RR. Co. (s.-a.)
May Dept. Stores Co. (quar.)
—....
McCall Corp., common (quar.)
Massachusetts Utility
5
2 July
15
2. July 15*
Aug.
4
2 Juiy
Aug.
6
July 15 July
Sept. 15 Aug. 31
Sert. 1 Aug. 15
.
Dec.
July
Aug.
Aug.
July
Aug.
Oct;
1
Nov. 15
15 June 30
10 July
10 July
15 July
2 July
1 Oct.
2 July
1 Aug.
31
31
1
27
26
15
14
1 Sept. 15
20 June 30
10 Nov. 26
Sept. 10 Aug. 25
Deo.
10 Nov. 26
Sept.
July
Aug
Sept.
30 Sept. 25
31 July 21
31 Aug 21
75c
75c
$1.63
50c
$134
$2
88
50c
134%
$3
20c
50c
M
50c
50c
50c
35c
25c
Trust (quar.)
Cos. 8% pref. (quar.)..
15 Dec.
Aug. 31 Aug. 21
July 13 June 30
Dec.
preferred (quar.)
(quar.)
Dec.
50c
Products (quar
Massachusetts Investors
Massachusetts Lighting
Sept. 15 S»pt
Aug.
$1.10
$2
2d preferred (quar.)
Lunkenheimer Co., preferred (quarterly)
Preferred (quar.)
—
——
MacAndrews & Forbes Co., common (quar.) —_
Preferred (quarterly)
- — _—
Macfadden Publications, Inc., preferred
1
1
$1.10
$2
20c
Lord & Taylor,
15 June 25
15 July
10 July
July
July 20 June 20
Sept. 10 Aug. 25
75c
634 % preferred (quar.)
Loose-Wiles Biscuit Co., common.
1 Sept. 24
15 June 30
50c
75c
(quar.^.
Oct.
Nov.
75c
Monthly
1
15 June 30
Aug.
Sept,
75c
8% preferred
8% preferred (quar
Lone Star Gas Corp
Dec.
12
1
July
July
July
July
July
30c
25c
25c
(quar.)
15 June 30
15 June 30
July 20 June 30
July 20 June 30
July 20 June 30
1 Aug. 10
Sept.
Dec.
1 Nov. 10
8 June 24
July
8 June 24
July
8 June 24
July
1
July 15 Juiy
5 June 24
July
July 15 June 30
Oct.
1 Sept. 20
1
July 15 June
July 10 June 30
1 July 20
Aug.
1 July 20
Aug.
July 28 July 10
July 31 July 12
8734c
$194
Extra
15 June 30
Nov. 15 Nov.
—
Heel Co
Insurance Co. (qu.)
Quarterly.
Lincoln Printing Co., pref. (quar.) —
July
3
3
25c
Le Tourneau,
pref
2
1
19
Dec. 31-Dec. 24
2 July 20
Aug.
5
Aug. 15 Aug
$194
$194
194%
Leslie Salt Co. (quarterly)
pref. (quar.)
15 July
25c
7% preferred (quar.)
Lehigh Portland Cement Co.. com.
Lerner Stores Corp. (quarterly)-
Masco Screw
July
$194
$1
$194
(quarterly)
Little Miami RR.,
15 June 30
9 Sept. 22
t$6
t25c
—
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
Lane Bryant, Inc., 7% pref. (quar.)
Lanston Monotype Machine Co
Lawrence Gas & Electric Co
Lee Rubber & Tire Corp
Lion Oil Refining
15 July 10
15 June 30
15 July
15 June
25c
Kresge Department Stores 4% pref.
Kroehler Mfg. Co., A pref. (quar.)
A, preferred (quarterly)
Link Belt Co.
__
10 June 22
30c
Lincoln National Life
17 Dec.
Sept. 30
Oct,
July
July
July
Aug.
July
July
July
30c
Lima Cord Sole &
Dec.
15
20
Dec. 30 Dec. 20
Oct.
t$194
Knott Corp
1 Nov. 30
20
zu
July
$134
+50c
50c
Kemper-Thomas Co.—
7% special preferred (quar.)
7% special preferrred (quar.)
Kennedy's Inc., preferred (quar.)
Common (initial)
Kentucky Utilities, 6% pref. (quar.)
1 Aug. 31
Sept. 30 Sept. 15
26
20
Dec. 31
+87 94c
+8134c
t75c
7% pref. A
(quar.)
Kellog Switchboard & Supply Co
5% preferred (quar.)
Dec.
June
Aug.
June
Aug.
o June
June
July
5'June
Ju»y
Sept. 30 Sept.
July
July
July
July
pref. (qu.)_
preferred
Kaufmann Dept. Stores
Lexington Utilities,
Preferred (quar.)
June 30*
$1
35c
stock
Inc. (quar.)
Quarterly
Lexington Telep. Co., 634%
Oct.
June 30*
Sept. 15
June 30
6234c
.V 34
7% preferred (quar.)
Johnson, Stephens & Shinkle Shoe Co
Joliet & Chicago RR. Co
Jones Laughlin Steel, 7% preferred
Joslin-Schmidt Corp. 7% pref. (quar.)
Julian & Koken Co. (s.-a.)
Kable Bros. Co. (quarterly)
Kalamazoo Stove & Furnace (quar.)
Landis Machine
25
Nov.
July
July
Oct.
(quar.)
Kroger Grocery & Baking,
__
Jan.
Ltd., 6% preferred
Investment Foundation,
Aug. 12 July 24
July 15 June 30
July 15
Aug.
July 15
Aug.
June 30
July
July
July
6
June 30
July
July 31 July 24
Aug.
1 July 10
Aug. 16 July 24
Aug. 16 July 24
July 30 July 20
Aug. 27 Aug. 17
Sept. 24 Sept. 14
July 15 June 30
July 15
Aug.
July 15
Aug.
July 12
July
5
July
July
July 24
Aug.
88
—
(quar.)
Harvester
Payable of Record
3734c
$3>4 cum. pfd.)
International Milling, pref. (quar.)
International Nickel Co. of Canada,
Sept.
734°1
General Motors Corp., preferred
General Outdoor Advertisement
10c
—
-
80c
$l$06t4
Extra
25c
(semi-ann.)
A (s.-a.)
Quarterly
80c
$134
$134
$234
50c
June 30
(Washington,
(quar.)
Extra
Less tax;
June 30
June 30
10
1
10
July
July
Juiy
6% preferred (quar.)
July
Federated Department Stores, preferred (quar.)
25c
July
Federation Bank & Trust Co
80c
July
Fidelity Phenix Fire Ins. Co. (semi-ann.)
$1.1854 July
Filene's (Wm.) Sons, preferred (quar.) —
3c
July
Financial Shares Corp. (semi-ann.)
50c
July
Firestone Tire & Rubber
t25c July
First National Corp. (Portland, Ore.) $2 class A
Sept.
$254
Fi8hman (M. H.) Co., 5)4% preferred (s.-a.).
July
$134
Fisk Rubber Corp., preferred (quar.)
$1,125 July
Food Machinery Corp. 4)4% Pref. (quar.)
15c
July
Forest Cleaners & Dyers, Inc
Aug.
$134
Freeport Sulphur Co., preferred (quar.)
15c
July
Froedtert Grain & Malting (quar.)
$1.05 July
Extra
'
Oct.
$154
Fuller Brush Co. 7% preferred (quar.)
—
5c
July
Fuller Manufacturing Co
25c
July
Fyr-Fyter class A (quar.)
15c
July
Class A (extra)
$4
July
Gardner Electric Light Co
25c
July
Gar Wood Industries
40c
July
General Electric Co—
40c
July
General Capital Corp
July
General Electric of G. B., Ltd. (annual)
D.
10
Nov. 15 Nov.
50c
(quar.)
July
July 20 July
July 15 Tuly
Aug.
2 July
July
7 June
Aug.
2 July
Aug.
2 July
July
8 June
Sept. 15 Sept.
July 15 June
July 15 June
July 15 June
July 15 July
July 15 July
Sept. 23 Sept.
35c
Extra
2c
25c
Extra.
1
July
July
July
July
July
Aug.
Aug.
July
July
July
Aug.
Dow Drug Co.
Federal Insurance (Jersey City)
Federal Mogul Corp
*
1 Aug. 14
July
July
Ltd. (quar.)
(quar.)
$2
si!!
Quarterly
Dec.
(quar.)
$2
—
Jenkins Bros, non-voting
Founders ahares
:.
Guaranteed betterment
10c
634% preferred B
6% preferred C
Co. (quarterly)
Guaranteed betterment
45c
6% preferred (quar.)
Iron Fireman Mfg. Co.
Doehler Die Casting
Fansteel Metallurgical Corp. $5 pref. (quar.)
5c
25c
$194
6% preferred (quar.)
Dobeckmun Co. common
Dominguez Oil Fields (monthly)
(quar.)
Duplan Silk Corp. (semi-ann.)
du Pont de Nemours (E. I.), deb. stock (quar.).
Duquesne Light, 5% preferred (quar.)
Eastern Theatres, Ltd., pref. (s.-a.)
Eastern Utilities Assoc. (quarterly)
Quarterly
.......
East Penn RR. 6% gtd. (semi-ann.)
Economy Grocery Stores (quar.)
Edison Electric Ilium. Co of Boston
Elder Mfg. Co. (quar.)
Electric Bond & Share Co. $6 pref. (quar.).
$5 preferred (quar.)
Electric Products Corp
Elgin National "Watch
El Paso Electric Co. (Del.) 7% pref. A (qur.)_._
6% preferred B (quarterly)
.
El Paso Electric Co. (Texas), $6 pref. (quar.)—
Ely & Walker Dry Goods Co., 1st pref. (s.-a.)—
2d preferred (semi-ann.)
Emporium Capwell Corp., 7% preferred (s.-a.)
434% cumul. preferred A (quarterly)
494% cumul. preferred A (quarterly)
Erie & Pittsburgh RR. Co., 7% gtd. (quar.) _
7% guaranteed (quar.)
Interallied Investment Corp.
Iowa Electric Light & Power,
Corp. for each sh. of Diamond
Match preferred stock held.
Preferred (semi-ann.)
.....
.......
Preferred (sem -ann.)
Diamond State Telephone preferred (quar.)
Divco-Twin Truck Co. (quar.)
Dixie-Vortex Co., (quarterly)
Class A (quarterly)
Dominion Textile Co., preferred
20c
Co. (monthly)
International
Match
Dome Mines,
Extra
$1
20c
20c
—
.
-
——
20
Dec.
of Pan
Corp. for each sh. of Dia¬
mond Match com. stk. held.
Payable in
three installments, the 1st of 2-60ths; the
2d & 3d of l-50th each.
Pref. stk. dlv. of l-50th of a sh. of Pan Am.
Quarterly
15c
75c
Huttig Sash & Door Co. 7% preferred (quar.) —
7% preferred (quarterly)
Imperial Life Assurance of Canada (quar.)
Quarterly
Indiana Security Corp. 6% preferred (quar.)—
Internat. Educational Pub. Co.,
Match
Doctor Pepper
Extra—
Hutchinson Sugar Plantation
19
Common stk. dir. of 4-60tbs of a ah.
Amer.
20c
Hershey Chocolate Corp. (quar.)
Conv. pref. (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Monthly
Hollinger Consolidated Gold Mines (mo.)
Holly Sugar Corp
«,L
Preferred (quar.)
Honolulu Gas Co., Ltd
Honomu Sugar Co. (monthly)
;
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.)
Voting trust certificates (quarterly)
Household Finance Corp. (quar.)
Preferred (quar.)
Howey Gold Mines, Ltd. (semi-ann.)
Hussman-Ligonier (quar.)
-j
June
Juhe 21
$4
tig
'
—
International Business Machine Corp
25c
—
Diamond Match Co
(quar.)
June 25
25c
Detroit Motorbus Corp. (liquidating)
Detroit River Tunnel Co. (Seini-ann.)
Harrisburg Gas Co. 7% preferred
Hawaiian Agricultural Co. (monthly)
Hecker Products Corp. (quar.)
Insurance Co. of North America
Jan.
10c
$194
$134
Guarantee Co. of N. Amer. (quar.)
Harbison-Walker Refractories Co., pref. (qu.)—
International Bronze Powder (quar.)
July
July
Sept.
$2
...
.
...
40c
Oct.
1
Dec. 23
Dec.
$194
(quar.)
Green (H. L.) Co. (quarterly)
Preferred (quarterly)
July 20
Aug. 20
Oct.
Aug.
Sept.
July
July
July
15c
(increased)
Great Lakes Engineering Works
Mar. 15
5c
*
Crane Co., 7%
Quarterly
7% preferred (quarterly)
Dec. 24
July
July
July
Sept.
Share
of Company
Dec.
$3
3794c
1294c
$134
$134
10c
Extra
Consolidated Royalty Oil Co
Coon (W. B.) Co
-
Name
Holders
When
Per
Holders
When
Payable of Record
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
July
Aug.
Aug.
Sept.
July
Aug.
Aug.
July
July
July
July
July
July
Aug.
July
Sept.
July
July
July
Sept
ii
20c
Consolidated Oil Corp. (quar,)
57
Chronicle-
24c
$2
$134
6234c
$3
75c
50c
30 Sept
20
Oct. 30 Oct. 20
Nov. 30 Nov. 20
Dec. 31 Dec. 20
Oct.
1 Sept.
Jan.
3 Dec.
Aug. 21 July
July 31 July
1 July
Aug.
Oct.
1 Sept.
2 July
Aug.
Oct.
1 Sept.
Jan.
July
July
Sept.
July
Aug.
Sept.
Aug.
1 Dec.
31
21
15 June 30*
15 June 30*
21 Aug. 31
15 June 30
31 Aug. 16
15 Aug. 27
15 Aug.
Nov. 15 Nov.
July
July
July
July
July
July
July
July
July
July
July
Aug.
Sept.
Aug.
28
21
14
19*
17*
16
21
5
5
15 June 30
15 July
1
15 June30
15 June 30
10 June
19
20 June 30
7 June 18
20 June 30
15
x^.June 30
15'June 30
15 June 30
2 July
1
1 Aug. 16
2 July
15
58
Financial
Per'
Name of
Share
Company
McGIatchy Newspapers, 7% pref. (qu&r.)
7% preferred (quarterly)
Aug.
Merchants & Mfrs. Securities class A & B (qu.)Partic. pref. (partic. div.)
Metal & Thermit Corp
Mill Creek & Mine Hill Navigation Ry. (s -a )—
Mo. River-Sioux City Bridge Co., 7% pref. (qu.)
preferred (quar )
Montgomery Ward & Co. (quar.)
Montreal Light, Heat & Power Consol. (quar.)
,
—
Montreal Tramways (quarterly)
Montreal Telegraph Co. (pay. in 5% pref. stock)
Moore (Wm. R.) Dr
Goods (quar.)
Quarterly
Morris Plan Insurance Society
(quar.)
6% pref. (quar.)
preferred (quar.)
7% preferred (quar.)
National Biscuit Co. (quar.)
Preferred (quar.)
National Bond & Share Corp
National Biscuit Co
National Cash Register
National City Lines (Chicago)
534% preferred
$
Rich's, Inc. (quarterly)
Rice Stix Dry Goods
Rickel (H. W. )& Co. (semi-ann.)
Roos Bros., Inc. (Del.), $634 pref. (quar.)
Saguenay Power, 534% pref. (quar.)
St. Croix Paper Co. (quarterly)—
St. Joseph Lead Co. (quar.)
San Francisco Remedial Loan Assoc. (quar.)
Quarterly
Saratoga & Schenectady RR. (s.-a.)
Schuylkill Valley Nav. & RR. (semi-ann.)
Security Storage Co. (quarterly)
Servel, Inc., preferred (quarterly)
Preferred (quar.)
Sharon Steel Corp
Sheaffer (W. A.) Penn Co., 8% pref. (quar.)—
Sheep Creek Gold Mines
Shell Union Oil Corp. common (interim)-.
Skelly Oil Co., pref. (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Smith (H.) Paper Mills, pref. (qUar.)
Southern Calif. Edison Co., Ltd.—
3d
Original preferred (quarterly)
Preferred series O 534% (quarterly),
Southern Calif. Gas pref. A (quar.)
as
6% preferred (quar.)
Southern Canada Power, 6% pref. (quar.)
Southern Counties Gas Co. of Calif. 6% pref
5
June 30
Oct.
1
Jan.
2
(initial)
$3 preferred (quarterly)
National Fuel Gas Co
National Funding, class A and B (quar.)
Class A & B (extra)
National Lead, preferred B (quar.)
National Paper & Type (new)
i
_
5% preferred
National Power & Light, $6 pref. (quar.)
Nevada-Calif. Electric Corp., pref. (quar.)
Newberry (J.J.) Realty Co., 6)4% pf. A (qu.)_.
6% preferred B (quarterly)
New Brunswick Telephone Co. (quar.)__.
New Haven Clock Co. (quar.)
New Jersey & Hudson R. Ry. & Ferry Co.
6% preferred (s.-a.)
New York Telephone Co. 6)4% pref. (quar.)
Nineteen Hundred Corp., class A (quar.)
Class A (quarterly)
Norfolk & Western Ry. (quar.)
Preferred (quar.)
North Central Ry. Co. (s.-a.)
North Ontario Power Co. 6% pref. (quar.)
Quarterly
Northern Central Ry. (semi-ann.)
Northern Illinois Finance Corp. (quar.)
$1)4 conv. preferred (quar.)
Northern Oklahoma Gas Co. 0% pref. (qu.)
6% preferred (quar.)
Northern RR. Co. of N. J., 4% pref. (quar.)...
4% preferred (quarterly)
„
-
Northern Securities Co
Northern States Power Co.
(Del.) 7% pref. (qu.)
6% preferred (quar.)
Northern States Power (Minn.), $5 pref. (quar.)
Noxema Chemical Co. (semi-ann.)
Nunn-Bush Shoe Co., 7%
pref. (quar.)
7)4% 2d preferred (quar.)
Oahu Sugar Co. (monthly)
Oceanic Oil Co. (quar.)
Oklahoma Natural Gas 6% pref. (quar.).
Paauhau Sugar Plantation (monthly)
Package Machinery Co., 7% 1st pref. (quar.)
Pacific American Fisheries, Inc. (quar,)
—
Pacific Finance Co. of California—
5% preferred (quarterly)
Preferred A
(quarterly)
Preferred C (quarterly)
Pacific Gas & Electric
Pacific Lighting Corp. preferred (quar.)
Peninsular Telephone (quar.)
...
-
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Pennsylvania RR. Co
Co.
Pepeeko Sugar Co. (monthly)
Philadelphia Co. (quarterly)
Philadelphia Electric Power, 8% pref. (quar.) —
Phoenix Finance Corp., 8% pref. (quar.)
8% preferred (quarterly)
8% preferred (quarterly)
Pick (Albert) Co. (interim)
Preferred (semi-ann.)
Pierce Governor Co
Pittsburgn Bessemer & Lake Erie RR. (s.-a.)-.
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.)_
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula Ry. Go.7% preferred (quar.)
7% preferred (quar.)
Portland Gas Light Co., $6 pref. (quar.)
Power Corp. of Canada, 1st pref.
(quar.)
2nd preferred (quarterly)
Prentice Hall, Inc. (extra)
Premier Gold Mining Co. (quar.)
Prosperity Co., Inc., 5% pref. (quar.)
5% preferred (quar.)
Procter & Gamble, 8% pref.
(quar.)
Prospect Mfg. Co. (liquidating)
Providence & Worcester RR. (quar.)
Prudential Investors, $6 pref (quar.)
Public Service Corp. of N. J. (quar.)
8% preferred (quar.)
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly
6% preferred (monthly)
6% preferred (monthly)
Puget Sounds Power & Light Co., $5 pref
Pullman Inc. (quar.)
Quaker Oats, preferred (quar.)
Railroad Employees Corp. A & B (quar.)
Class A & B (extra)
8% preferred (quar.)
Rapid Electrotype Co. (quar.)
Sept. 18
Dec.
May 29
May 29
10
June 30
Aug. 17
July 16
June
17*
Aug. 13
June 30
Sept. 10
July
Aug.
Aug.
Aug.
Aug
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
June 30
July
July
20
20
July" 15*
June 30
June 30
June 30
July 16
Aug.
2
Aug.
2
June 28
June 30*
July
July
16
16
June 30
June 30
2 July
Aug.
July 15 June
Aug. 15 July
Nov. 15 Nov.
Sept. 18 Aug.
Aug. 19 July
July 15 June
July 26 June
July 26 June
July 15 June
2 July
Aug.
2 July
Aug.
Sept.
Aug.
31
19
31
1
31
31
30
30
30
30
12
12
17
Dec.
Nov. 10
Sept.
Aug. 21
Dec.
Nov. 20
June 25
July
July 20 June 30
July 20; June 30
June 30
July
June 30
July
July
July
July
July
July
July
Sept.
Sept. 15
June 15
July
Aug.
July 20
July
July
1
Nov.
Nov.
Feb.
Aug.
Aug.
Sept.
Aug.
Sept.
July
July
July
July
15
15
15
30
30
30
6
1
15
5
6
5
Aug.
5
July
21
Aug. 20
July 20
Aug. 20
June 21
July
9
July 10
July
1
Sept. 10
Oct.
July
June 30
Oct.
Sept. 30
Jan.
Dec. 31
Sept.
Aug.
July
Aug.
1
Aug.
1
July
3
Sept. 15
Oct.
__
Oct.
Sept. 10
July
Oct.
July 10
Sept. 10
July
Pittsburgh Screw & Bolt Corp
Quarterly
June 30
Feb.
-
Penna. Power Co., $6 preferred
(quar.).
Traffic
July
Sept.
Aug,
July
Aug,
July
Aug,
July
June
July
July 15|June
July 15 June
July 15 July
July
July
Oct.
Sept.
Aug.
Aug.
Pacific Telep. & Teleg., preferred (quarterly)
Packer Corp. (quar.)
Paraffine Cos., preferred (quarterly)
7% preferred (quar.)-.
7% preferred (quar.)
7% preferred (quar.)
Penmans, Ltd. (quar.)
Preferred (quar.)
Aug. 27
Nov. 20
Oct.
$2 non-cumul. A (quarterly)
National Distillers Products (quarterly)
Penn
11
June 24
July
July
July
July
July
Aug.
Nov.
1 Aug. 20
20
15 July
1
"15 June 30
|15 June 30
15 June 15
15 June 15
1 Nov.
1
15
July
6
July
3
July 15
Sept. 30
Sept. 30
Sept.30
Sept. 30
July 31
Aug. 31
Sept. 30
July 15
Aug. 16
Aug. 31
July 20
July 20
July 20
Sept. 15
July
Dec.
June 25
June 21
June
9
June 30
Sept.
Sept.
Sept.
Sept.
July
Aug.
Sept.
Steel
Co. of Canada (quarterly)
Preferred (quarterly)
Sterling Brewers, Inc
Sept.
15 Dec.
1
1
20
July
1
June 30
July
July
15
15
July
6
Sept. 9
Sept. 15
Dec.
1
July
1
June 28
July
3
Sept. 17
Oct.
Jan.
Dec. 20
July
July
July
July
Aug.
Aug.
June
June 30
July
July
Aug.
$134
6
6
1
Nov.
1
June 30
Nov.
3734c
3434c
3734c
15
June 30
July
1.2%
2%
7% preferred (quar.)
Stony Brook RR. Corp. (s.-a.)
Extra
—_
—
United Fruit Co
United New Jersey RR. & Canal (quar.)
313ic
l\%
3734c
15c
25c
June 20
July
July
July
July
July
July
June 20
June 30
June 30
June
19
June 30
Aug.
1 July 15
2
Aug. 16 Aug.
July
2
June 30
July 30
Sept. 23
Dec. 31 Dec.
18
7
Aug.
2 July
7
Aug.
2 July
July 15 June 28
1
July 15 July
Sept. 30 Sept. 15
Dec. 31 Dec.
15
July
6 June
6 June
July
July 15 July
July 151 June
July 30 July
30
30
2
30
20*
1 June 17
Oct.
1
15c
Aug.
July
Sept.
July
Aug.
Sept.
July
July
July
July
July
25c
50c
t25c
90c
$134
$134
20c
$134
t$7
50c
$134
20c
$134
$134
50c
6234c
37 34c
2 July
15
8
1
7
31
20
10
15
June|30
22 July
15
21
16
1
15
31
15
Sept.
July
July
Aug.
July
July'
15 June 30
15 July
1
1 July 15
Aug.
July 15 June 30
Oct.
1 Sept. 10
Jan.
3 Dec. 10
July 15 June 24
July 10 June 21
July 15 June 26
July
6 June 15
50c
50c
Quarterly
Common (quarterly)
United States Smelting,
Preferred (quarterly)
July
6 June 15
Aug.
2 July 19
Sept. 15 Sept. 1
Dec.
30c
Sept. 30 Sept.
Aug.
1 July
Aug.
2 July
Sept. 20 Aug.
$134
United States Guarantee Co. (quar.)
United States Hoffman Machine Corp., pref—
United States & Internat'l Securities, 1st pref—
United States Pipe & Foundry Co., com. (quar.)
6834c
$134
75c
75c
Refining & Mining
$2
-
8734c
United States Sugar Corp., preferred (quar.)
United Stockyards Corp
—
$1 *4
12 34c
1734c
(quarterly)
Universal Leaf Tobacco (quarterly)
75c
Extra
$134
Utica Clinton & Binghamton RR
90c
—
Debenture (semi-ann.)
Utica Knitting Co. 7% preferred
$2
t$5
Vapor Car Heating Co., Inc. 7% pref. (quar.)—
7% preferred (quar.)
Virginian Ry., preferred (quarterly)
Detinnlng, preferred (quarterly
ii
18
21
19
31*
20 Nov. 30*
2
July 15 July
July
2
July
June 15
July
July
3
July
3
July
July
Aug.
July 14
July 14
Aug.
Aug. 10 July 31
Dec. 27 Dec. 10
July 11 June 20
Sept. 10 Sept. 1
10 Dec.
Aug.
July
July
July
1
17
10
11
Oct
$134
50c
50c
;
(quarterly)
Quarterly
Groceries, Ltd. (quar.)
Preferred (quarterly
Western Pipe & Steel Co. of Calif, (quar.)
7% preferred (semi-annual)
Western Union Teleg. Co. (quar.)
Westinghouse Air Brake (quar.)
Quarterly
Quarterly
I
West Penn Power Co., 7% pref. (quar.)
6% preferred (quarterly)
Westvaco Chlorine Products, pref. (quar.)
Wichita Union Stockyards, 6% pref. (s.-a.)
Winstead Hosiery Co. (quarterly)
10c
Oct.
July
Waltham Watch. prior preferred (quar.)
Warren Pipe & Foundry Co
Extra
Dec.
8 Nov. 24
Dec.
iH%
Preferred (quarterly)
Wailuku Sugar Co. (monthly)
July
Sept.
Juiy
July
Aug.
10
9
Oct.
Aug.
Aug.
Sept.
18
15
15
9
Dec.
Nov.
175c
July
June 30
t$134
June 30
June 25
25c
July
July
July
July
July
25c
Oct.
Sept. 30
10c
-
Western
50c
35c
75c
25c
—
$134
$134
3734c
$3
—
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Yale & Towne Mfg. Co
*
15
30
15
16
30
Aug.
75c
Preferred (quarterly)
United States & Foreign Securities, 1st pref
United States Graphite Co. (quar.)—
July
Sept.
July
Aug.
Sept.
20c
$234
United Securities, Ltd. (quar.)
United Shoe Machinery (quar.)
Vulcan
55c
50c
-
Superheater Co. (quar.)
'
Supervised Shares, Inc. (quarterly)
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.. $334 cum. pref—
Thatcher Mfg. Co., $3.60 pref. (quar.)
Tlmken-Detroit Axle Co.. preferred (quar.)
Towle Mfg. Co. (quarterly)
Truax-Traer Coal Co. (quarterly)
Tuckett Tobacco Co. preferred (quar.)
Twin City Rapid Transit, preferred
United Aircraft Corp. (Hartford)
United Biscuit, preferred (quarterly)
United Bond & Share. Ltd. (quar.)
United Dyewood Corp., preferred (quar.)
Preferred (quarterly)
Preferred
75c
4334c
4334c
Quarterly.
June 30
10
10
July
Dec.
10c
Stetson (John B.) preferred (s.-a.)
Stix, Baer & Fuller, 7% preferred (quar.)
Extra
June 30
June 30
Nov. 20
July
July
July
July
July
t4354c
t4334c
Wisconsin Telep. Co., 7% pref. (quar.).
Wood (Alam Steel, 7% preferred
July 24
Aug.
2
Dec.
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
July
Sept.
Sept.
each 100 shs. held.
Spicer Mfg., preferred (quar.)
Square D Co. (quarterly)
Standard Oil Co. (Ohio), 5% cum. pref. (quar.)
Stanley Works, 5% preferred (quarterly)
Stecher-Traung Lithograph 734% pref. (quar.)7 34 % preferred (quar.)
Extra
June 21
Nov. 15
July 22
July 22
Aug. 20
Southern Indiana Gas & Electric Co.—
4.8% preferred (quarterly)
Spencer Kellogg & Sons, stock dividends
Optional div., $50 cash or 2 shs. of com. for
-
2
June 17
Dec.
—
Weisbaum Bros.-Brower
Sept.
Dec.
Sept. 23
Aug.
5
Aug.
Aug.
Sept.
Republic Portland Cement Co. 5% pref. (qu.)—
5% preferred (quar.)
July
Holders
July 15
Aug. 19
Sept.
Extra
June
Oct.
Jan.
When
Payable of Record
Oct.
Regent Knitting Mills, non-cumu.. pref. (qu.)—
Non-cumulative preferred (quarterly)—
Reliance Mfg. Co. (quarterly)
Revere Copper & Brass, 7% pref
June 30
1937
3,
Aug.
Sept.
July
-
2nd preferred (quarterly)
2nd preferred (quarterly)
12
Dec.
National Bearing Metal (irregular)
Reading Co. (quar.)
1st preferred (quarterly)
July
July
July
July
Sept.
Aug.
July
Aug.
July
Mutual System, Inc., com. (quar.)
Extra
Per
Share
Name of Company
June 23
June 30
Sept.
Mountain States Telep. & Teleg. Co
Mutual Chemical Co. of Amer., 6% pref. (quar.)
cum.
July
6
July 10
2
Aug.
2
Aug.
July 20
Dec.
Quarterly
8%
Aug. 31
Nov. 30
June 30
July
July
Aug.
Aug.
Aug.
July
July
July
Aug
July
July
July
July
July
Holders
Payable af Record
Nov.
McColl Frontenac Oil, pref. (quar.)
McGraw-Hill Publishing (interim)
McLellan Stores, pref. (quar.)
Montana Power Co
When
Chronicle
$134
50c
$134
50c
$1H
25c
25c
25c
15c
June 30
June
18
June
30
Jan.
Dec
Aug.
Aug.
Aug.
July
Aug.
Aug.
July
July
July
July
July
July
Nov.
Nov.
Oct.
Oct.
July
Aug.
Aug.
Sept.
July
July
July
Aug
Sept.
Sept,
Oct.
Oct.
31
6
6
10
10
15
15
15
15
20
15
20
20
20
10
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in tne case oi non-residents of Canada*
deduction of
tax of 5% of the amount of such dividend will be made.
Volume
Financial
145
"
Capital
date last year:
Time
Deposits,
Average
Assets—
Gold certificates on hand and due from
$
141,830,000
13,010,800
401.409.000
25,666,700
56,699,400 al,480,941,000
437,305,000
54,108,700
179,693,200 61,425,377,000
475,377,000
42,429,000
707,765,000
67,456.800
248,570,000
17,452,000
536,003,000
104,479,100
480,229,000
60,860.400
50,773,000
4,014,700
125,302,300 el,868,374,000
50,853,000
3,610,600
d773,643,000
74,400,100
15,611,000
2,727,000
83,385,000
8,831,400
267,186,000
27,781,300
78,052,000
7,932,200
80,895,000
8,324,400
6,000,000
20,000.000
77.500.000
Bank of N Y & Trust Co
Bank of Manhattan Co.
National City Bank
20,000,000
90,000,000
42,837,000
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Irving Trust Co
Continental Bk A Tr Co
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
Chase National Bank—
100,270,000
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
Flret National Bank
500,000
Fifth Avenue Bank
Bankers Trust Co
25,000,000
Title Guar & Trust Co..
10,000,000
Marine Midland Tr Co.
5,000,000
12,500,000
.
New York Trust Co
Comm'l Nat Bk & Tr Co
7,000,000
Public Nat Bk & Tr Co.
7,000,000
9,603,578,000
730,275,000
Redemption fund—F. R. notes
Other cash t
3,479,000,000 3.463,121,000 3,161,455,000
Total reserves
Bills discounted:
Secured by U. S. Govt, obligations,
direct or fully guaranteed
3,284,000
1,628,000
4,063,000
1,868,000
1,059,000
1,569,000
4,912,000
5,931,000
2,628,000
1,545,000
5,897,000
1,552,000
5,908,000
1,095,000
7,327,000
Bonds
210,233,000
Treasury notes
336,001,000
Treasury bills
178,795,000
210,233,000
335,283,000
179,513,000
85,803,000
406,144,000
168,614,000
725.029,000
725,029,000
660,561,000
737,383,000
738,420,000
671,611,000
83,000
5,528,000
190,137,000
10,053,000
11,724,000
78,000
5,924,000
157.316,000
10,069,000
*
11,648,000
91,000
5,597,000
192,671,000
10,851,000
31,289,000
Other bills discounted....
2,416,000
84,524,000
discounted....
Total bills
Bills bought In open market
65.897,000
Industrial advances
560,000
3,212,000
28,946,000
1,421,000
49,645,000
United States Government securities:
Total U. S. Government'securltles--
official reports: National, March 31, 1937; State, March 31, 1937; trust
companies, March 31, 1937.
Includes deposits In foreign branches as follows: (a) 5264,759,000; (6) $94,374,000;
*
3,400,750,000 3,375,522,000 3,089,972,000
1,281,000
1,650,000
1,555,000
70,202,000
85,949,000
76,695,000
United States Treasury.!
11,347,000
41,826,000
163,416,000
26,916,000
69,656,000
96,676,000
58,525.000
23,583,000
1,359,000
350,000
884,780.100
523,607.000
Totals
23,1937 July 1, 1936
Deposits,
Average
Profits
Members
June 30, 1937 June
Net Demand
Surplus and
Undivided
corresponding
comparison with the previous week and the
in
WEEK ENDED SATURDAY,
♦
♦
Cleaning House
following shows the condition of the Federal Reserve
business June 30, 1937,
The
Bank of New York at the close of
CLEARING HOUSE
JUNE 25, 1937
OF THE NEW YORK
York
New
Clearing House is given in full below:
ASSOCIATION FOR THE
Bank of
Condition of the Federal Reserve
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
STATEMENT OF MEMBERS
59
Chronicle
As per
TotaTbllls and securities
(c) $127,520,000; (d) $43,159,000.
Due from foreign
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
The New York "Times"
returns
are
not
following
are
INSTITUTIONS
Federal
IN CLEARING
NATIONAL AND STATE BANKS—AVERAGE
Loans,
Disc, and
Bank premises...
Bank, Notes
Gross
Trust Cos.
Deposits
1,557,000
7,078,400
7,499,000
1.758,741
275,917
1,361,000
98,607
100,000
4,970,000
109,000
764,000
Capital paid In
Dep. Other
Banks and
Deposits
56,742,800
*9,550,100
Federation
210,072
9,158,287
*801,392
10,303,197
*6,416,200
20,048,000
28,670,600 *10,472,800
75,448,727
21,900,353
16,048,028
82,581,000
3,078,000
2,274,245
34,815,000
6,489,469
56,000 112,537,000
33,838,574
clary, $434,624; Fulton, $6,147,900; Lawyers,
$9,726,400.
Lawyers
United States
Broollgn—
Brooklyn
Kings County
30,890,428
316,300
639,600
total
reserve
to
deposit
84.3%
Industrial
make
to
84.1%
84.3%
1,449,000
1,652,000
5,747,000
Commitments
192,623,000
50,967,000
50,825,000
7,744,000
8,849,000
5,416,000
157,496,000
51,196,000
51,474,000
7,744,000
*
9,117,000
2,422,000
and
5,883,000
F. R. note liabilities combined
67,050,600
11,269,838
9,218,938
22,293,300
37,471.900
83,133,181
3,523,000
1,686,936
7,653,400
2,223,810
695,933
299,400
of
Contingent liability on bills purchased
for foreign correspondents
$
$
$
Ratio
19,748,000
158,065,000
62,779,000
92,477,000
4,433.908,000 *4,386,576,000 4,073,565,000
...
Gross
Trust Cos.
$
Empire
other^liablllties
Total liabilities
Elsewhere
S
Manhattan—
...
Surplus (Section 13b)
Reserve for contingencies
All
Res. Dep.,
Cash
185,562,000
51,196,000
51,474,000
7,744,000
9,117,000
1,226,000
Deferred availability Items
5,335,000
N. Y. and
Loans
Disc, and
Investments
833,841,000
902,248,000
3,198,344,000 3.204,879,000 2,923,300,000
Total deposits.
27.860,300
26,887,000
6,100,317
TRUST COMPANIES—AVERAGE FIGURES
Fulton
55,336,000
61,825,000
Surplus (Section 7)
Brooklyn—
People's National...
Fiduciary
929,245,000
Foreign ;bank
Other deposits
$
%
$
5,483,180
Liabilities—
Deposits—Member bank reserve acc't— 3,064,437,000 3,023,153,000 2,342,709,000
402,778,000
26,470,000
16,746,000
U. S. Treasurer—General account
Banks and
$
596,000
Trade Bank of N. Y.
4,433,908,000 *4,386,576,000 4,073,565,000
-
F. R. notes In actual circulation
Y. and
Elsewhere
111,800
23,021,500
20,905,000
1937
FIGURES
Dep. Other
N.
Including
$
Manhattan—
-
AU other assetsTotal assets..
Res. Dep.,
Other Cash,
Investments
Sterling National
Reserve^notes of other banks—
HOUSE WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 25,
Grace National
—
Uncollected Items.
the figures for the week ended June 25:
NOT
banks
ad-
bances
9,394,000
bank's own Federal
t "Other cash" does not Include Federal Reserve notes or a
Reserve bant notes.
United States Treasury for the gold taken
Jan. 31,1934, devalued from
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.
Revised figures.
*
These are certificates given by the
over
from the Reserve banks when the dollar was, on
100 cents to 59.06 cents, these certificates being
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.
wpek behind those for the Reserve banks themselves.
The comment of the Board of Governors of
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.
These figures are
always
a
the Federal Reserve System upon the figures for
changes were made in the
Bank of New York of April 20, 1937, as follows:
Commencing with the statement of May 19, 1937, various
announcement of the Federal Reserve
The
changes
breakdown of loans as reported In this statement,
which were described In an
classification of loans and discounts. This classification has been changed primarily to show the amounts to
(2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying securities.
The revised form
In the report form are confined to the
(1) commercial, Industrial, and agricultural loans, and
brokers and dealers In securities located In New York City and those located outside New York City.
made also to include "acceptances of own bank purchased or discounted" with "acceptances and commercial paper bought In open market" under
"open market paper," Instead of In "all other loans" as at present.
also eliminates the distinction between loans to
Subsequent to the above announcement It was
segregated as "on securities" and "otherwise seoured
A
more
detailed explanation of the
made known that the new Items "commercial,
and unsecured."
revisions was published In the May 29, 1937, issue of the
ASSETS AND LIABILITIES OF WEEKLY REPORTING
22,414
9,766
Loans—total.
Cleveland Richmond
PhUa.
$
$
$
1,332
9,399
4,468
1,192
1,883
705
DISTRICTS, ON JUNE 23,1937(In Millions of Dollars)
Chicago
Atlanta
St. Louis
%
1
$
%
Dallas
San Fran.
$
Minneap. Kan. City
%
557
640
3,046
642
392
686
489
2,156
282
168
253
216
1,018
468
696
238
269
985
14
12
51
42
10
18
15
40
Commercial, Indus, and agricul. loans:
566
..
paper
Loans to brokers and dealers
Other loans for purchasing or
securities..
38
241
43
264
1,592
160
228
87
128
530
119
75
135
118
306
3,742
465
Otherwise secured and unsecured
42
105
180
25
15
11
5
49
11
7
21
2
34
1,444
On securities.
Open market
would each be
"Chronicle," page 3590.
$
J
$
$
ASSETS
Loans and Investments—total
Industrial, and agricultural loans" and "other loans"
MEMBER BANKS IN 101 LEADING CITIES, BY
New York
Boston
Total
Federal Reserve Districts—
Provision has been
the revised caption
44
1,228
36
21
4
7
66
6
2
4
3
23
95
13
9
14
15
59
374
carrying
716
37
360
39
38
20
1,171
Real estate loans
17
86
243
60
180
29
27
81
45
6
19
21
2
5
7
9
2
1
1
3
30
23
45
12
9
14
9
69
142
6
100
2
729
Loans to banks
4
62
288
47
121
Other loans:
On securities.
•
791
63
236
56
47
41
45
61
25
48
27
32
110
Otherwise secured and unsecured..
8,374
457
3,255
348
860
293
178
1,455
209
169
254
194
702
United States Government obligations
39
31
173
49
12
45
28
129
Obligations fully guar, by U. S. Govt.
1,160
23
477
94
60
3,114
147
1,199
282
267
70
79
433
102
43
134
51
307
Other securities
332
132
102
792
153
80
160
108
319
Reserve with Federal Reserve Bank..
5.335
246
2,666
245
65
17
39
18
12
62
11
6
13
10
85
146
153
155
111
100
297
92
71
201
152
171
89
582
89
105
42
40
91
23
17
23
27
210
970
6,879
870
1,086
425
342
2,244
408
270
494
390
911
5,233
Other assets—net
36
15,289
Balances with domestic banks
280
1,123
282
719
200
180
862
183
121
145
122
1,016
15
57
9
2
8
13
47
177
730
225
111
342
175
243
LIABILITIES
Demand
deposits—adjusted
Time deposits
298
23
19
1.927
264
322
184
10
572
4
1
1
1
8
2
32
4
7
29
9
6
3
5
319
89
358
87
55
91
81
325
904
—
Capital account
45
207
38
Foreign banks
Borrowings
549
612
deposits..
Inter-bank deposits:
Domestic banks
13
4,907
United States Government
Other liabilities
19
308
1,734
1,338
Cash in vault..
-
38
418
26
21
23
3,597
236
1,609
227
346
93
14
1
Financial
60
Chronicle
July 3, 193 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 whole in
week last year.
Wednesday.
Thursday afternoon, July 1,
on
The first table presents the results
comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
Reserve note statement
Reserve Agents
returns
on
resources and liabilities separately for each of the twelve banks.
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
and the Federal Reserve banks.
for the latest week
appear
COMBINED RESOURCES
in
AND LIABILITIES
June
Three ciphers (000) omitted
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions."
our
OF THE
FEDERAL
RESERVE
BANKS
AT THE CLOSE OF BUSINESS JUNE 30,
1937
Gold ctfs.
hand and due from U. S. Treas.x
on
May 5,
July 1,
1937
1937
1937
1937
1937
1937
1937
1937
1936
$
ASSETS
May 12,
1937
$
$
$
$
$
$
$
June 23,
30,
June
16,
June
9,
8,837,903
f8,838,405
10,241
9,860
9,971
322,491
313,595
9,158,687
9,169,636
7,042
2,887
Total reserves--
8,836,904
313,309
Other cash ♦_
8,834,907
10,471
Redemption fund (Federal Reserve notes)
2,
June
May 26,
19,
May
8,838.414
8,838,913
11,341
305,738
8,838,401
11,341
272,695
296,310
11,583
289,155
9,161,358
t9,154,114
9,122,437
9,146,065
9,844
11,521
11,006
2,807
3,289
12,524
4,961
12,326
3,459
*
$
8,106,541
8,839,408
11,713
8,842.902
10,079
12,949
288,280
279.497
266,238
9,139,651
9.139,401
9,132,478
8,835,728
11,624
3,658
12,949
13,917
3,372
2,705
2,918
2,006
2,215
Bills discounted:
Secured
by
direct
or
S.
U.
Government obligations,
fully guaranteed
Other bills discounted
Total bills discounted
9,929
13,303
14,328
14,295
17.485
15,698
15,282
15,654
16,835
4,221
3,801
4,273
5,094
5,818
6,261
4,475
22,152
22,012
22,049
22,196
22,232
6,260
22,407
22,523
4,534
22,779
3,739
22,854
3,077
29,785
732,508
1,170,713
622.969
732,558
732.608
732,608
1,152,213
1,152,393
625,469
1,166,213
627,469
732,608
1,152,213
732,428
1,168,213
Treasury bills
641,469
641,469
732,428
1.152,393
641,469
1,494,218
620,337
Total U. S. Government securities
2,526,190
2,526,240
2,526,290
2,526,290
2,526,290
2,526,290
2,430,228
Bills bought in open market
Industrial advances
-
United States Government securities—Bonds..
Treasury notes
732,608
732,608
641,469
1,152,213
641,469
1,152,213
641,469
2,526,290
2,526,290
2,526,290
Other securities
Foreign loans
315,673
181
on
gold
Total bills and securities
2,562,072
2,565,828
2,567,761
2,568,599
2,572,268
2,570,655
2,568,570
2,569,257
2,569,718
2,467,492
Gold held abroad
"""219
Bank premises
All other assets
Total assets
"""219
219
""226
""226
23,933
664,235
45,615
41.720
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
23,108
630,603
21,277
22,025
595,266
18,847
21,615
21,402
21,542
21,036
20,020
866,372
646.056
678,636
45.700
701,718
45.788
616,874
45,697
604,558
45,776
45,785
48,051
t40,733
12,496,481 fl2,475,824
"""228
""230
228
""236
""237
45,687
49,199
45,685
47,853
47,202
46,464
666,762
45,787
45,956
45,122
42,331
12,702,930 1-12,435,116
12.453,372
12,436,099
12,523,821
12,488,935
12,431,243
11,642,495
40,243
LIABILITIES
Federal Reserve notes in actual circulation
4,206,477
4,162,832
4,177,805
f4,200,965
4,235,114
4,184,042
4,184,425
4,193,868
4,207,722
4,046,086
Deposits—Member banks'
6,900,288
92,813
157,400
127,671
6,854,411
150,928
166,963
6,807.978
250,212
6,853,710
115,099
121,749
6,943.597
6,918,227
6,942,727
6,882,362
124,041
116,777
126,110
106,177
104,979
97,263
103,914
5,589,134
731,016
147,450
6,928,977
84,642
139,671
156,553
119,479
139,470
133,705
136,725
123.933
131,566
181,699
201,277
7,278,172
7,328,855
7,325,119
7,292,760
7,224,263
7,284,849
7,285,047
7,285,449
7,265,238
6,576,619
664,852
132,302
145.854
634,198
851,089
591,267
618,046
705,826
660,697
132,193
145,854
609,920
673,759
130,947
145,501
reserve account
United States Treasurer—General account._
Foreign banks
Other deposits
Total deposits
Deferred availability items
80,486
55,192
132,196
132,202
132,199
145,854
145,854
145,854
145,854
27,490
27,490
27,490
27.490
27,490
27,490
t35,906
35,931
35,940
35,940
35,939
35,939
8,484
7,402
8,644
7,196
7,677
7,041
27,490
35,974
7,410
27,490
35,993
5,428
Total liabilities
132,240
145,854
35,906
All other liabilities
132,205
145,854
27,490
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
645,317
132,198
6,833
34,117
8,953
12,702,930 tl2,435,116
12,453,372
12,436,099
12.523,821
12,488,935
12,431,243
11,642,495
78.9%
12,496,481 +12,475,824
Ratio of total reserves to
>
132,193
145,854
26.513
deposits and Federal
Reserve note liabilities combined
Contingent
liability on
foreign correspondents
bills
79.7%
79.8%
79.6%
79.6%
79.6%
79.7%
79.7%
79.6%
79.6%
4,015
4,044
3,745
2,532
1,532
1,532
1,532
1,532
1,034
16,331
16,733
16,801
16,956
17,018
17,188
17,311
17,183
17,454
23,870
8.044
purchased
14,276
14,044
14,580
15,911
2,500
for
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
12,525
15,947
474
586
269
165
108
133
95
437
416
574
722
586
465
119
52
400
397
406
367
236
132
218
511
660
359
461
357
362
328
299
412
258
199
359
9,929
13,303
14,328
14,295
17,485
15,698
15,282
15,654
16,835
4,221
232
in open market..
12,663
616
375
206
Total bills discounted
1-15 days bills bought
16-30 days bills bought
31-60 days bills bought
61-90 days bills bought
11,451
696
724
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
1,956
3,098
3,223
770
364
874
206
270
in open market
1,523
470
233
880
1,437
3,002
1,663
457
136
243
In open market
419
1,421
647
528
635
886
581
666
541
16
in open market
1,627
426
1,116
1,187
1,187
2,915
3,073
2,858
2,749
2,028
Over 90 days bills bought in open market
■;
650
26
Total bills bought In open market.
3,801
4,273
5,094
5,818
6,261
6.260
4,475
4,534
3,739
3,077
849
1-15 days Industrial advances
16-30 days industrial advances
31-60 days Industrial advances
871
903
791
812
794
817
795
837
1,482
245
261
140
135
297
324
721
910
920
996
521
566
552
577
586
561
813
748
687
465
735
1,027
1,024
19,523
19,343
19,404
19,647
19,840
19,842
19,942
1,101
20,100
1,108
20,078
26,834
22,152
22,012
22,049
22,196
22,232
22,407
22,523
22,779
22,854
29,785
32,247
34,710
33,561
34,660
24,767
26,107
27,870
24,667
27,420
28,225
26,007
70,608
70,121
2,317,340
22,120
42,051
67,808
63,075
68,121
6&221
60,415
65,208
123,716
2,331,236
2,318,919
2,326,676
73,108
2.332,524
2,344,434
2,189,045
2,526,290
2,526,290
2,526.290
2.526,290
2,526,290
2,526,290
2,430,228
246
61-90 days industrial advances
Over 90 days Industrial advances
Total industrial advances..
1-15 days U. S. Government securities
16-30 days U. S. Government securities
31-60 days U. 8. Government securities
763
66,075
78,920
148,926
2,243,381
132,266
2,245,281
44,151
32,247
76,689
58,493
2,314,710
2,526,190
...
2,526,240
2,526,290
35,063
35,561
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
Total U. 8. Government securities
178
188
33,461
28,520
70.223
206
68,298
76,689
78,920
647
28,827
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
4,508,973
302,496
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Total collateral
*
x
4,501,262
338,430
4,505,873
328,068
4,517,118
315,069
4,505,125
270,011
4,496,626
312,584
4,498,606
314,181
4,501,461
307,593
4,496,178
288.456
4,304,059
4,206,^:77
Held by Federal Reserve Bank
4,162,832
4.177,805
4,202,049
4,235.114
4,184,042
4,184,425
4,193,868
4.207,722
4,046,086
4,552,632
9,984
20,000
4,542,632
4,544,632
15,634
4,537,132
4,535,632
4,536,632
15,891
16,344
4,521.132
16,759
4,271,523
19,943
20,000
18,037
20,000
4,550,132
16,324
20,000
4,538,132
13,801
20,000
20,000
35,000
45.000
52,000
67,000
4,582,616
4,576,433
4,580,266
4,586,456
4,578.075
4,575,169
4.586,623
4,597,976
4.589,891
4,341,267
*
"Other cash" does not include Federal Reserve notes,
gold taken over from the Reserve banks when the dollar
was
devalued from 100 cents to 69.06
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated
tbe provisions of the„Gold Reserve Act of 19341
2,744
f Revised figure.
These are certificates given by the United States
Treasury for the
cents on Jan.
257,973
as profit
by the Treasury under
Volume
Financial
145
Governors of the Federal Reserve System (
Weekly Return of the Board of
RESOURCES AND LIABILITIES
WEEKLY STATEMENT OF
Three Ciphers
(000) Omitted
Total
Boston
New York
RESOURCES
$
$
Cleveland Richmond
Phila.
$
$
certificates
and
hand
on
CLOSE OF BUSINESS JUNE 30, 193?
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
Federal Reserve Agent at—
Gold
61
Chronicle
due
$
Atlanta
%
$
$
$
$
$
San Fran.
Dallas
Louis Minneap. Kan. City
St.
Chicago
$
$
616.195
629
515
1,492
778
276,912
1,195
194,183
354
692
380
462
313,309
422.242 3,400,750
577
1,155
76,695
43,876
22,444
16,979
21,591
13,431
40.449
17,681
6,960
16,850
10,228
657,230
1,842
26,125
466,695 3,479,000
638,993
711,249
295,340
250,247 1,757,298
295,788
201,835
284,300
192,745
685,197
9,158,687
586
100
54
25
79
345
52
30
92
207
169
152
84
117
286
514
8,834,907
from United States Treasury
10.471
Redemption fund—Fed. Res. notes..
Other cash *
Total reserves
.
693,641
235,324 1,716,071
273,234
182,055
267,070
Bills discounted:
Secured by U. 8. Govt, obligations.
735
3,284
944
569
136
1.628
7
84
9,929
871
4,912
951
653
224
355
322
146
108
385
86
60
98
376
3,200
53,385
85,322
1,545
5,897
210,233
336,001
178,795
96
3,801
3,954
916
2,007
200
913
324
776
638
01.861
98,865
52,610
71,309
38,575
32,184
80.726
32,298
1,249
28,601
2,078
63,516
113,968
61,652
129,018
51,619
57,525
45,709
101,515
60.445
32,807
51,436
27,371
23,828
38,083
35,992
68,654
27,468
20,265
30,610
24,324
54,018
245,922
133,034
110,991
278,398
111,385
82,176
124,127
98,634
219.049
247.813
135,773
112,082
279,716
111,947
98.096
124,978
100,267
222,017
guaranteed--
Total bills discounted
Bills bought in open
market
Industrial advances.
732,508
U .S. Government securities—Bonds.
1,170,713
622,969
Treasury notes
Treasury bills
45,402
2,526,190
184,109
725,029
188,404
737,383
301
'
213,336
2,562,072
Total U. S. Govt, securities
Total bills and securities
Due from foreign
20
7,042
2.887
22,152
direct and (or) fully
Other bills discounted
218,596
482
586
20
783
Fed. Res. notes of other banks
83
22
20
9
8
26
4
3
6
332
5,528
190,137
983
1,359
2,559
1,674
1,940
1,339
1,097
464
2,908
50,516
63.646
51,706
19,317
3,750
89,960
26,990
16,986
34,363
22,083
28,372
4,889
6,293
2,755
2,366
1,253
3,398
2,604
3,763
1,563
1,495
1,469
3,217
4,456
2,216
1,624
4,651
5,559
1,810
1,604
3,042
819,558 1.034,836
490,746
387.168 2,139,164
440,598
306,223
449,771
318,422
944,950
664,235
70,159
Bank premises
45,615
3,029
All other resources
41,720
2,502
Uncol lected Items.
....
10,053
11,724
731,137 4,433,908
12,486.481
Total resources...
LIABILITIES
929,245
313,868
432,425
191,833
172,081
972,225
178,308
137,700
162,429
92,387
336,442
333,590 3,064,437
16,746
2,229
390,492
463,985
9,068
211,715
994,944
205,596
174,692
525,801
15,724
9,236
14,301
6.899
4,081
4,653
7,057
4,653
11,391
20,254
3,263
4,898
1.872
4,813
6,029
132,154
3,569
3,690
2,586
233,309
55,336
61.825
169,573
3,054
5,616
154
3,947
11,308
7,278,172
349,830 3,198,344
422,172
507,608
233,225
183,141 1,032,254
222,313
141,999
242,197
190,349
554,740
664,852
132,302
69,649
9,374
9,826
185,562
49,669
63,187
50,776
90,126
29,544
17,245
35,333
51,196
12,243
12,876
4,857
12,727
4,869
2,874
7,744
4,325
14,323
1,007
754
1,142
3,000
3,121
1,690
1,199
941
1,847
2,037
919
289
267
226
1,416
7,832
1,080
29,715
10,113
9,645
1,996
9,117
1,226
3,422
1,497
3,851
1,262
1,570
2,894
3,116
1,003
2,055
4,002
13,362
3,815
4,055
24,726
3,865
51,474
19,320
4,340
5,616
219
211
114
135
262
819.558 1,034,836
490,746
387,168 2,139,164
440,598
306,223
449,771
318,422
944,950
287,534
4,206,477
F. R. notes in actual circulation
Deposits:
6,900,288
Member bank reserve account
92.813
U. 8. Treasurer—General account.
11,712
157.400
Foreign bank
2,299
127,671
Other deposits
Total deposits
Deferred availability items
Capital paid In
145,854
Surplus (Section 7)
Surplus (Section 13-B)
27,490
35,906
Reserve for contingencies..
480
5,428
All other liabilities
Total liabilities.
on
21.504
"
545
3,613
6,240
293
1,449
393
369
173
141
466
120
92
117
117
285
4,015
2,155
5,747
155
1,313
1,998
335
10
1,074
65
128
302
3,049
does not include
Federal Reserve notes.
FEDERAL
RESERVE NOTE STATEMENT
(000) Omitted
Federal Reserve Bank of—
Boston
Total
.
New York
$
In actual circulation..
$
S
189,496
995,213
172,503
17,415
5,261
10.074
101,360
8,973
382,627
10,892
186,743
8,435
142,961
22,988
191,833
172,081
972,225
178,308
137,700
162,429
92,387
336,442
178,000 1,010,000
189,632
144,000
174,000
102,500
389,000
20
122
84
127
296
669
198,783 1,010,020
189,754
144,084
174,127
102,796
389,609
202.725
91,186
24,702
929,245
313,868
432,425
336,000 1,030,000
335,000
459,500
205,000
980
682
612
40,175
287,534
4,552,632
Held by Federal Reserve Bank
San Fran.
Dallas
%
$
$
$
$
%
$
457,127
327,709 1,020,431
Louis Minneap. Kan. City
St.
Chicago
Atlanta
Cleveland Richmond
330.078
16,210
4,508.973
302,496
4,206,477
Issued to F. R. Bank by F. R. Agent
Phila.
$
$
$
Federal Reserve notes:
Collateral held
5,875
16,826
18,612
16,331
Commitments to make Indus.advances
Three Ciphers
11,348
bills purchased
for foreign correspondents
"Other cash"
6,720
731.137 4,433.908
12,496,481
Contingent liability
*
16
16
6
219
23,933
banks.
46,185
by Agent as security
for notes issued to banks:
Gold certificates on
hand and
from United States Treasury
due
Government
States
York Stock
783
20,000
336,871 1,034.738
4,582,616
Total collateral
4,738
20,000
U. 8. Government securities
United
871
9,984
Eligible paper
Securities
335,980
the
on
205.612
400,182
Transactions at the New
New
York Stock Exchange,
Daily, Weekly and Yearly
Exchange—See following page.
Total
Stocks.
United States Treasury
Rates
quoted
are
Week Ended
Bills—Friday, July 2
July 2 1937
for discount at purchase.
Railroad &
State,
United
Number of
Shares
Miscell.
Municipal &
For'n Bonds
Slates
Bond
Bonds
States
Tuesday
Bid
Asked
Asked
Wednesday
Thursday
0.33%
0.33%
0.33%
7 1937.
July
July
July
4 1937.
Aug. 11 1937.
Aug. 18 1937.
Aug. 25 1937.
Sept. 1 1937.
Dec.
1
1937
8 1937
0.43%
Dec.
Jan.
Jan.
Jan.
19 1938...
0.50%
1,386,000
1,233,000
1,187,000
1,227,000
1,228,000
467,000
8,695,000
7.566,000
8,316.000
8,155,000
8,339,000
3,772,355
$35,998,000
$7,114,000
$2,580,000
$45,692,000
423,000
294,000
558,000
0.50%
26 1938
$4,621,000
$3,525,000
6,714,000
5,910.000
6,835,000
6,370,000
6,644,000
0.43%
Dec.
0.33%
0.33%
0.35%
28 1937.
Aug.
Friday
0.40%
0.33%
0.33%
0.33%
14 1937.
21 1937.
July
Nov. 24 1937
$243,000
595,000
$853,000
288,240
733,930
552,940
688,570
669,940
838,735
Saturday
Monday
Bid
Bonds
Total
-
—
16 1937
0.45%
Dec. 22 1937
0.45%
Dec. 29 1937
0.45%
Sales at
5 1938
0.50%
New York Stock
12 1938
0.50%
Week Ended July
Exchanoe
Jan. 1 to July 2
2
1936
1937
1936
1937
0.35%
Feb.
2 1938
0.52%
0.35%
0.35%
Feb.
9 1938
0.52%
0.52%
Feb.
23 1938
0.55%
2 1938
9 1938
0.57%
0.39%
0.40%
Mar. 23 1938
Nov. 10 1937
0.40%
Afar. 30 1938
$268,134,000
194,282,000
1,258,431,000
$149,272,000
177,088,000
1,489,082,000
$45,381,000
$1,720,847,000
$1,815,442,000
0.60%
0.60%
Nov. 17 1937
$4,216,000
6,208,000
34,957,000
0.57%
3 1937
$2,580,000
7,114,000
35,998,000
0.55%
Mar.
Mar. 16 1938
263,813,600
Railroad and industrial
Mar.
230,379.602
State and foreign
0.37%
0.37%
0.39%
5,017,915
Government
Feb.
16 1938
3,772,355
$45,692,000
0.35%
Jan.
0.40%
8 1937.
Sept.
Sept. 15 1937.
Sept.
22 1937
Sept. 29 1937
6 1937
Oct.
Oct.
13 1937
Oct.
20 1937
Oct,
27 1937
Nov.
Stocks—No. of shares.
Bonds
Total
Stock
Below
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, July 2
as
Figures after decimal point represent one or more 32ds of
a
are
the daily
stocks and bonds
Bond Averages
and
listed
closing averages of representative
on
the New York Stock Exchange
compiled by Do,w, Jones & Co.:
point.
Bonds
Stocks
10
Int.
Int.
Maturity
Deo.
15 1941
Sept. 15 1939.
Dec.
June
15 1939...
15 1941
Mar. 15 1939...
Mar. 15 1941...
June
14 1940-..
Dec.
15 1940--.
Bid
Rate
\M%
1 H%
1H%
1 H%
1M%
1H%
1H%
1H%
98.26
Asked
98.28
Maturity
Mar. 15 1940...
100.7
100.9
Mar. 15 1942.--
100.7
100.9
June
15 1939...
Rate
Bid
1H%
l H%
2H%
2H%
2tt%
27A%
100.22
Asked
100.7
100.9
101.24
101.26
102.9
99.13
99.15
100.20
100.22
Sept. 15 1938...
Feb.
1 1938.,.
100
100.2
June
100.9
100.11
Mar. 15 1938...
3%
101.27
101.29
100.5
100.7
Sept.15 1937-.-
3^%
100.20
100.22
15 1938
101.9
101.11
102.7
102.9
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
100.22
102.7
10
30
Indus¬
Date
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
2.
172.22
52.06
27.03
59,75
106.39
108.89
85 10
102 98
100.84
July
1June30.
170.13
51.48
26.50
58.98
106.26
108.68
84.39
102.69
100.51
169.32
51.35
26.31
58.71
106.20
108.55
83.45
101.55
99.94
June29.
167.11
50.55
25.56
57.79
106.04
108.13
82.63
101.36
June28-
166.71
50.17
25.46
57.57
106.13
107.96
83.18
101.55
99.71
June26-
168.45
51.06
26.06
58.37
100.18
108.55
84.23
101.54
100.13
July
'
99.54
Financial
60
Chronicle
July 3, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System
for the System as a
Reserve
Reserve
The second table shows the resources and liabilities separately for each of the twelve banks.
for the latest week
appear
COMBINED RESOURCES
Three ciphers
in
department of "Current Events and Discussions."
our
AND LIABILITIES OF THE
June
(000) omitted
June 23,
30,
FEDERAL
June
16,
RESERVE
June
9,
1937
1937
1937
$
%
*
8,836,904
BANKS
AT THE CLOSE
2,
June
May 26,
OF
May
BUSINESS JUNE 30,
19,
May 5,
1937
1937
%
$
5
T~
8,838.414
8,838,913
?■:
July 1,
1937
May 12,
1937
1937
1937
1936
*
S
8,106,541
8,842,902
8,839,408
Other cash
reserves,
10,241
322.491
9,860
9,971
11,341
11,583
11,713
10,079
12,949
313,595
305,738
272,695
296,310
289,155
288,280
279,497
266,238
9,158,687
hand and due from U. S. Treas.x
8,838,401
11,341
313.309
on
Redemption fund (Federal Reserve notes),..-
Total
1937
%
ASSETS
Gold ctfs.
on
The Federal
note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System upon the
week last year.
returns
Thursday afternoon, July 1,
on
Wednesday. The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
showing the condition of the twelve Reserve banks at the close of business
9,169,636
9,161,358
19,154,114
9,122,437
9,146,065
9,139,651
9,139,401
9.132,478
8,835,728
8,834,907
10,471
8.837.903
18,838,405
v
Bills discounted:
Secured
by
direct
or
S. Government obligations,
U.
7,042
11,521
2,807
11,006
3,289
12,524
12,326
11,624
12,949
13,917
3,459
4,961
3.372
3,658
2,705
2,918
2,006
2,215
9,929
13,303
14,328
14,295
17,485
15,698
15,282
15,654
16,835
4,221
3,801
4,273
5,094
5,818
6,261
6,260
4,475
4,534
3,739
22,152
Total bills discounted
Bills bought in open market
Industrial advances
9,844
2,887
fully guaranteed
Other bills discounted
22,012
22,049
22,196
22,232
22,407
22,523
22,779
22,854
3,077
29,785
732,428
1,152.393
732,428
315,673
1,152,393
1,494,218
641,469
641,469
Total U. S. Government securities
620,337
2,526,290
2,526,290
2,430,228
732,558
732,608
732,608
732,608
1,152,213
641,469
1,152,213
627,469
732,608
1,152,213
641,469
732,608
1,166,213
625.469
641,469
1,152,213
641,469
2,526,190
Treasury bills
1,168,213
622.969
Treasury notes
732,503
1,170,713
United States Government securities—Bonds..
2,526,240
2,526,290
2,526,290
2,526,290
2,526,290
2,526,290
Other securities
Foreign loans
181
on
gold
«.
Total bills and securities
2,562,072
Gold held abroad.
Due from foreign
2,565,828
«.
m
**** *
2,567,761
2,568,599
2,572,268
2,570,655
2.568,570
2,569,257
2,569,718
2,467,492
.....
"""219
""219
"""226
""*226
23,933
23,108
22,025
595,266
21,615
21,402
21,542
21,036
20,020
630,603
21,277
866,372
18,847
664,235
646,056
701,718
666,762
45,697
45.700
45,687
45,788
45,787
41,720
t40,733
40.243
49,199
45,685
47,853
616,874
45,785
678,636
45,615
604,558
45,776
47,202
46,464
45,956
45,122
42,331
12,702,930 112,435,116
12,453,372
12,436.099
12,523.821
12,488,935
12,431,243
11,642,495
"*"219
banks
Federal Reserve notes of other banks..
Uncollected Items.
Bank premises..
All other assets.
Total assets
12,496,481 1-12,475,824
"""228
"""228
"""230
"""230
""_237
48,051
LIABILITIES
Federal Reserve notes In actual circulation
4,206,477
4,162,832
4,177,805
14,200,965
4,235,114
4,184,042
4,184,425
4,193.868
4,207,722
4,046,086
Deposits—Member banks'
6,900,288
6,854,411
6,807,978
6,853,710
6,918,227
6,882,362
5,589,134
92,813
6,943,597
80,486
97,263
731,016
Foreign banks
157,400
150,928
166,963
250,212
147,450
6,928,977
84,642
139,671
Other deposits
127,671
156,553
119,479
139,470
115,099
121,749
133,705
reserve
account
United States Treasurer—General account..
Total deposits
124,041
126,110
136,725
123,933
6,942,727
106,177
104,979
131,566
116,777
103,914
55,192
181,699
201,277
6,576,619
7,278.172
7,328,855
7,325,119
7,292,760
7,224,263
7.284,849
7,285,047
7,285,449
7,265,238
Deferred availability Items
664,852
634,198
591,267
132,205
145,864
145,854
132,196
145,85*
618,046
132,202
145,854
145,854
27,490
27,490
27,490
27,490
27,490
35,906
t35,906
35,931
35.940
35,939
35,939
5.428
8,484
7,402
8,644
7,196
7,677
7,041
660,697
132,193
145,854
27,490
35,974
7,410
609,920
132,302
645,317
132,198
145,854
27,490
35,940
705,826
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
851,089
132,240
6,833
8,953
12,702,930 112,435,116
12,453,372
12,436,099
12,523,821
12,488,935
12,431,243
11,642,495
79.6%
78.9%
145,854
27,490
All other liabilities
Total liabilities
Ratio of total
12,496,481 tl2,475,824
reserves to
liability
132.199
673,759
132,193
145.854
«
130,947
145,501
27,490
26,513
35,993
34,117
deposits and Federal
Reserve note liabilities combined.
Contingent
.
on
79.7 %
79.6%
79.6%
79.6^o
79.7%
79.7%
79.6%
4,044
3,745
2,532
1,532
1,532
1,532
1,532
16,331
16,733
16,801
16,956
17,018
17,188
17,311
17,183
17,454
23,870
8,044
purchased
79.8%
4,015
bills
11,451
12,663
14,276
14,044
14,580
for
foreign correspondents
Commitments to make Industrial advances...
1
1,034
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
2,500
586
269
165
108
133
95
650
416
574
722
586
465
119
52
400
397
406
367
236
132
218
511
660
461
357
362
328
299
412
258
199
359
9,929
13,303
14,328
14,295
17,485
15,698
15,282
15,654
16,835
4,221
232
1,956
3,098
3,223
364
874
206
270
470
233
880
1,437
3,002
770
1,523
1,663
457
136
243
419
1,421
647
628
635
886
581
666
541
16
1,627
Total bills discounted
15.911
474
437
359
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
15,947
616
375
206
61-90 days bills discounted
Over 90 days bills discounted
12,525
696
724
426
1,116
1,187
1,187
2,915
3,073
2,858
2,749
2,028
763
26
Total bills bought In open market..
3,801
4,273
5,094
5,818
6,261
6,260
4,475
4,534
2,739
849
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
871
903
791
812
794
817
795
837
3,077
1,482
■
246
Total industrial advances
297
324
920
996
521
566
552
577
586
748
687
465
735
1,027
1,101
1,108
647
19,343
19,404
19,647
19,840
19,842
1,024
19,942
20,100
20,078
26,834
22,152
.
135
910
19,523
1-15 days U. S. Government securities
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
140
721
813
61-90 days industrial advances
Over 90 days industrial advances
22,012
22,049
22,196
22,232
22,407
22,523
22,779
22,854
29,785
32,247
34,710
35,063
33,561
24,767
33,461
26,107
27,870
24,667
27,420
28,225
34,660
70,608
70,121
2,317,340
22,120
42,051
67,808
63,075
2,331,236
61-90 days U. 8. Government securities
Over 90 days U. 8. Government
securities
26,007
68,121
6&221
60,415
65,208
123,716
2,344,434
2,189,045
Total U. 8. Government securities
2,526,290
2,526,290
2,526,290
2,430,228
148,926
78,920
132,266
2.243,381
2,245,281
44,151
32,247
78,689
58,493
2,314,710
2,526,190
...
2,526,240
2,526.290
35,561
66,075
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.
178
188
206
70.223
28,520
68,298
78,920
76,689
2,318,919
2,326,676
73,108
2,332,524
2,526,290
2.526.290
2,526,290
245
261
561
28,827
1
.
181
Total other securities
181
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
4,501,262
4,505,873
328,068
4,517,118
315,069
4,505,125
270,011
4,496,626
338,430
312,584
4,498,606
314,181
4,501,461
307,593
4,496,178
288,456
4,304,059
257,973
4,206,477
4,162,832
4,177,805
4,202,049
4,235.114
4,184,042
4,184,425
4,193,868
4,207,722
4,046,086
4,552,632
9,984
20,000
4,542,632
4,544,632
4,537,132
4,535,632
19,943
18,037
15,891
4,536,632
16,344
4,521,132
15,634
20,000
4,550,132
16,324
20,000
4,538,132
13,801
4,271.523
2,744
20,000
20,000
20,000
35.000
45,000
52,000
67,000
4,582,616
In actual circulation
4,508,973
302,496
4,676,433
4,580,266
4,586,456
4,578,075
4,575,169
4.586.523
4,597,976
4,589,891
4,341,267
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treaa..
By eligible paper
United States Government securities
.
Total collateral...
*
"Other cash" does not
These
Include
Federal Reserve notes,
16,759
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 cents to 59.06
cents on Jan. 31, 1934, these certificates
being worth less to the extent of the difference, the difference Itself having been appropriated as profit by th«
Treasury under
the provisions of the„Gold Reserve Act of 1934i
x
are
;•
Volume
Financial
145
Chronicle
of the Federal Reserve System (Concluded)
Weekly Return of the Board of Governors
AND LIABILITIES OF
WEEKLY STATEMENT OF RESOURCES
Three Ciphers
(000) Omitted
Boston
New York
$
$
certificates
and
hand
on
$
Atlanta
693,641
$
194,183
778
692
380
462
40.449
17,681
6,960
16,850
10,228
657,230
1,842
26,125
250,247 1,757,298
295,788
201,835
284,300
192,745
685,197
100
54
25
79
345
52
30
92
207
169
152
84
117
286
514
354
629
515
1,492
16,979
21,591
13,431
9,158,687
reserves
$
$
276,912
1,195
22,444
466,695 3,479,000
538,993
711,249
295,340
586
10,471
San Fran.
Dallas
$
$
%
235,324 1,716,071
516,195
313,309
»
BUSINESS JUNE 30, 193?
Louis Minneap. Kan. City
St.
Chicago
$
%
422,242 3,400,750
577
1,155
76,695
43,876
8,834.907
from United States Treasury
Total
%
due
Redemption fund—Fed. Res. notes._
Other cash
Cleveland Richmond
PhUa.
$
RESOURCES
Gold
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Total
Federal Reserve Agent at—
61
,
273,234
182,055
267.070
Bills discounted:
Secured by U. S. Govt, obligations.
direct and(or) fully guaranteed. .
7,042
735
3,284
944
569
Other bills discounted..
2.887
136
1.628
7
84
9,929
871
4,912
951
653
.
_
Total bills discounted
20
301
-
482
20
783
586
224
1,545
355
322
146
108
385
86
60
96
3,200
5.897
916
913
324
776
638
53,385
85,322
45,402
210,233
336,001
2,007
38,575
200
732,508
3,954
61,861
1,249
28,601
Industrial advances
U .S. Government securities—Bonds.
Treasury notes
1,170,713
_
622,969
Treasury bills
2,526,190
219
16
23,933
Fed. Res. notes of other banks
32,807
27,371
129,018
68,654
32,298
51,619
27,468
20,265
24,324
54,018
245,922
133.034
110,991
278.398
111,385
82,176
124,127
98,634
219.049
247,813
135.773
112,082
279.716
111,947
98,096
124,978
100,267
222,017
71,309
113,968
60.445
213,336
737,383
218,596
98,865
80,726
20
9
8
26
4
3
6
6
1,359
2,559
3,750
1,940
464
2,908
89,960
26.990
1,339
16,986
1,097
51,706
1,674
19,317
34,363
22,083
4,651
3,763
2,366
1,495
1,253
1,563
1,469
3,217
1,810
28,372
3,398
1,604
3,042
440,598
306,223
449,771
318,422
944,950
70,159
3,029
190,137
45,615
10,053
50,516
4,889
6,293
2,755
2,216
All other resources
41,720
2,502
11,724
5,559
4,456
2,604
1,624
819,558 1,034,836
490,746
387,168 2,139,164
731,137 4,433,908
12,486,481
Total resources.......
LIABILITIES
287,534
929,245
313,868
432,425
191,833
172,081
972,225
178,308
137,700
162,429
92,387
336,442
4,206,477
6,900,288
F. R. notes in actual circulation
333,590 3,064,437
16,746
2,229
390,492
463,985
169,573
994,944
205,596
132,154
233,309
174,692
525,801
6,720
3,054
16,826
4,081
7,057
15,724
6.899
5,616
3,690
4,653
4,653
61,825
9,236
20,254
3,263
4.898
18,612
1.872
5,875
4,813
3,569
55,336
9,068
14,301
211,715
11,348
6.029
2,586
154
3,947
6,240
11,391
11,308
349,830 3,198,344
422,172
507,608
233,225
183,141 1,032,254
222,313
141,999
242,197
190,349
554,740
185,562
49,669
63,187
50,776
19,320
90,126
17,245
35,333
4,002
24,726
29,715
10,113
3,613
9,645
2,037
Deposits:
Member bank reserve account
92.813
U. S. Treasurer—General account.
11,712
2,299
157,400
Foreign bank
127,671
Other deposits
Total
16
22
983
BaDk premises
664,235
45,709
83
63.646
Uncollected items
38,083
5,528
■'
332
Due from foreign banks
32,184
51,436
23,828
61,652
52,610
725,029
188,404
2,078
63,516
101,515
35,992
57,525
30,610
178,795
184,109
2,562,072
Total U. S. Govt, securities
Total bills and securities
376
98
3.801
22,152
Bills bought In open market
7,278,172
deposits..
,
664,852
69,649
Capital paid In
132,302
9,374
51,196
12,243
12,876
4,857
4,340
12,727
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
145,854
9,826
51,474
13,362
4,869
5,616
21,504
27,490
7,744
4,325
3,422
754
1,416
545
3,116
1,003
1,142
3,851
1,262
9,117
3.000
1,497
1,690
1,199
2,055
941
35,906
2,874
1,570
14,323
1,007
3,121
29,544
3,815
4,655
1,847
480
1,226
919
289
267
226
219
211
114
135
262
5,428
449,771
318,422
944,950
Deferred availability items
All other liabilities
Total liabilities
731.137 4,433,908
12,496,481
819,558 1,034,836
4,015
293
1,449
393
369
16,331
2,155
5,747
155
1,313
440,598
306,223
466
120
92
117
117
285
335
10
1,074
65
128
302
3,049
1,998
♦"Other cash" does not
include
1,996
141
173
Commitments to make Indus .advances
3,865
387,168 2,139,164
490,746
Contingent liability on bills purchased
for foreign correspondents
7,832
1,080
2,894
Federal Reserve notes.
FEDERAL RESERVE NOTE
STATEMENT
•
Thrte Ciphers
(000) Omitted
Total
.
Boston
New York
$
$
%
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
302,496
$
San Fran.
Dallas
C$y
$
%
$
$
S
330,078
457,127
189,496
17,415
172,503
5,261
10.074
101,360
8,973
382,627
22,988
186,743
8,435
142.961
24,702
202,725
10,892
995,213
16,210
46,185
287,534
929,245
313,868
432,425
191,833
172,081
972,225
178.308
137,700
162,429
92,387
336,442
4,206,477
336,000 1,030,000
871
4,738
335,000
469,500
205,000
178,000 1,010,000
189,632
144,000
174.000
102,500
389,000
4,552,632
In actual circulation
Collateral held
Louis Minneap. Kan.
St.
Chicago
$
%
%
327,709 1,020,431
91,186
40,175
4,508,973
Held by Federal Reserve Bank
Atlanta
Cleveland Richmond
Phila.
$
Federal Reserve Bank of—
980
682
612
20
122
84
127
296
669
198,783 1,010,020
189,754
144,084
174,127
102,796
389,669
by Agent as security
for notes issued to banks:
Gold
certificates on
and due
hand
from United States Treasury
Eligible
9,984
20,000
paper
U. 8. Government securities
United
Government
States
York Stock
335,980
336,871 1,034,738
4,582,616
Total oollateral
783
20,000
Securities
on
the
205,612
460,182
Transactions at the New
New
York Stock Exchange,
Daily, Weekly and
Exchange—See following page.
Yearly
Total
United
Stocks,
United States Treasury
Rates
quoted
are
State,
Number of
Miscell.
Municipal A
Slates
Bond
Shares
Bonds
For'n Bonds
Bonds
States
July 2 1937
for discount at purchase.
Railroad A
Week Ended
Bills-—Friday, July 2
Bid
Bid
Asked
Asked
Wednesday
Thursday.——
July
7 1937
0.33%
Nov. 24 1937
14 1937
0.33%
Dec.
1937
July
21 1937
0.33%
Dec.
8 1937
0.43%
28 1937
0.33%
Dec,
16 1937
$35,998,000
$7,114,000
288,240
733,930
552,940
688,570
669,940
0.43%
July
Friday
0.40 %
July
$853,000
1,386,000
1,233,000
1,187,000
1,227,000
1,228,000
$4,621,000
8,695,000
$243,000
838,735
Tuesday
$3,525,000
6,714,000
5,910,000
6,835,000
6,370,000
6,644,000
3.772,355
Saturday
Monday
595,000
423,000
7,566,000
294,000
467.000
8,316.000
8,155,000
8,339,000
$2,580,000
$45,692,000
558,000
0.45%
0.45%
1
4 1937
0.33%
Dec.
22 1937—
Aug. 11 1937
Aug. 18 1937
0.33%
Dec.
29 1937
0.33%
Jan.
Aug. 25 1937
1 1937
0.33%
Jan.
0.35%
Jan.
19 1938
0.35%
0.35%
0.35%
0.35%
Jan.
26 1938
Feb.
16 1938
0.45%
0.50%
0.50%
0.50%
0.50%
0.52%
0.52%
0.52%
0.37%
0.37%
0.39%
0.39%
0.40%
Feb.
23 1938
0.55%
Nov. 10 1937
0.40%
Nov. 17 1937
Total
0.40%
Aug.
Sept.
Sept. 8 1937
Sept. 15 1937
Sept. 22 1937
Sept. 29 1937
6 1937
Oct.
Oct.
13 1937
Oct.
20 1937
Oct.
27 1937
Nov.
3
1937
5 1938
12 1938
Feb.
21938...
Feb.
9 1938
2 1938
9 1938
16 1938
Mar. 23 1938
263,813,600
3,772,355
230,379,602
$2,580,000
7,114,000
35,998,000
$4,216,000
6,208,000
34,957,000
194,282,000
1,258,431,000
1,489,082,000
$45,692,000
$45,381,000
$1,720,847,000
$1,815,442,000
Stocks—No. of shares.
Bonds
State and foreign
Railroad and Industrial
$268,134,000
■
$149,272,000
177,088,000
0.60%
Mar.
Total
Stock and
Below
Quotations for United States Treasury Certificates
Indebtedness, &c.—Friday, July 2
of
are
the daily
stocks and bonds
as
Figures after decimal point represent one or more 32ds of
a
1936
1937
5,017.915
Government
0.57%
0.57%
0.60%
Afar. 30 1938
1937
Exchanoe
1 to July 2
Jan.
2
1936
0.55%
Mar.
Mar.
Week Ended July
Sales at
New York Stock
Bond Averages
closing averages of
listed on the New York
compiled by Do.w, Jones &
point.
representative
Stock Exchange
Co.:
Bonds
Stocks
10
Maturity
Dec.
15 1941...
Sept. 15 1939...
Dec.
June
15 1939...
15 1941...
Mar. 15 1939.
Bid
98.26
1 X%
1H%
H%
1 H%
1
Asked
98.28
Rale
Maturity
Mar. 15 1940...
100.7
100.9
Mar. 15 1942...
100.7
100.9
June
15 1939...
100.22
Sept. 15 1938...
Feb.
1 1938
100
Mar. 15 1941...
99.13
100.20
..
99.15
100.2
June
—
_
15 1938
Bid
Asked
10
Total
IX%
IX %
2 Ys%
2H%
2%%
2^%
100.22
100.9
101.24
101.26
102.7
102.9
101.9
101.11
102.7
102.9
June 14 1940...
1M%
100.9
100.11
Mar. 15 1938...
3%
101.27
101.29
15 1940-.-
1H%
100.5
100.7
Sept. 15 1937-.-
3^%
100.20
100.22
Dec.
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
30
100.22
100.7
20
Indus¬
Dale
20
trials
Int.
lnt.
Rate
172.22
52.06
27.03
59.75
106.39
108.89
85 10
102 98
100.84
2.
170.13
51.48
26.50
58.98
106.26
108.68
84,39
102.69
100.51
1.
June 30.
169.32
51.35
26.31
58.71
106.20
108.55
83.45
101.55
99.94
50.55
25.56
57.79
106.04
108.13
82.63
101.36
June29.
167.11
57.57
106.13
107.96
83.18
101.55
99.71
58.37
106.18
108.55
84.23
101.54
100.13
July
July
June 28-
166.71
50.17
25.46
June26-
168.45
51.06
26.06
99.54
July 3, 1937
62
Stock and Bond Sales—New York Stock Exchange
daily, weekly and yearly
Occupying Altogether Sixteen Pages—Page One
of the day.
NOTICE—Caehrand deferred delivery sales are disregarded In the day's range» unless they are the only transactions
computing the range for the year. /
-;
'
■
•
account is taken of such sales in
■
,
Government Securities
United States
York Stock Exchange
the New
on
No
'
■
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
furnish
we
a
Daily Record of XJ. 8. Bond Prices June 26 June 28 June 29 June 30
July 1
115.16
115.13
{Low.
115.12
115.13
(Close
115.13
$1,000 units...
41
{Low.
106.2
106
(Close
3Ks. 1943-45
106
106.2
106
106.3
105.29
111 5
106.3
65
106 10
100.10
12
4
24
1
32
99.20
99.19
99.26
99.29
99.28
{Low.
99.18
99.14
99.13
99.21
99.23
99.24
(Close
99.18
99.14
99.21
99.26
99.28
99.24
Total sales in $1,000 units...
27
23
27
14
17
17
99.19
99.17
2*8, 1951-54
106.7
9
111.10
111.8
Low.
111.5
111.4
111.3
111.8
111.10
111.5
111.4
111.5
111.8
111.10
(High
109.18
2*s, 1956-59
99.11
99.15
Low.
111.9
59
99.9
99.5
99.4
Close
111.9
Close
99.5
5
29
109.20
109.15
109.16
109.19
99.15
99.17
99.15
99.19
99.17
53
24
17
1
97.20
High
99.12
99.11
41
97.18
97.21
97.24
97.29
97.28
Total sales in $1,000 units...
27
99.21
High
111.9
(High
Total sales in $1,000 units...
100.17
100.10
100.12
106.8
106.7
106.9
1
111.5
111.7
106.10
106.3
106
38
100.17
100.12
Treasury
2*s. 1948-51
115.21
106
Total sales in $1,000 units...
100.15
100.15
{Low.
(High
10
106.2
100.18
100.12
100.15
100.10
115.18
(High
July 2
100.15
100.12
(Close
115.16
115.12
4Hs, 1947-52
July 1
100.15
(High
Total sales in $1,000 units...
fHlgh
Treasury
Total sales in
Daily Record of U. 8. Bond Prices June 26 June 28 June 29 June 30
July 2
{Low.
.
109.18
109.16
109.15
109.20
109.18
Low.
97.18
97.15
97.13
97.21
97.26
97.23
I Close
3 KS. 1946-56
109.18
109.16
109.15
109.20
109.18
Close
97.18
97.16
97.21
97.24
97.28
97.24
15
3
12
11
20
Total sales in $1,000 units...
7
78
14
24
129
65
(High
102.24
102.21
Total sales in $1,000 units.
(High
106.10
{Low.
(Close
Total sales in $1,000 units...
3«S, 1943-47
2*8. 1949-53
Federal Farm Mortgage
1
103
103
,106.10
106.17
106.10
106 10
106 17
Low.
102.24
102.21
103
103
106.10
106.10
106.17
(Close
102.24
102.21
103
103
4
8
1
Total sales in $1,000 units...
3*8, 1944-64
3
(High
.-{Low.
102.14
102.10
102.11
102.8
102.7
102.10
102.16
102.14
102.10
102.8
102.13
102.18
102.19
{Low.
102.8
102.7
102.10
102.9
102.13
Idose
102.14
102.10
102.11
102.13
102.19
102.20
(Close
102.8
102.7
102.10
102.16
102.13
Total sales in $1,000 units...
1
2
37
7
6
28
Total sales in $1,000 units...
2
11
103.24
103.26
103.30
3s, 1951-65-
104
(High
102.15
102.22
104.1
{Low.
.....
104
103.24
103.26
103.27
103.31
103.24
103 26
103.27
104.1
1
19
(High
105.17
105.11
105.12
105.11
105.17
(High
Low.
{Low
3Hs. 1946-49
Home Owners' Loan
101.12
101.11
101.12
45
101.26
101.24
High
15
102
104.14
104.8
104.17
104.18
Low.
101.22
101.24
101.28
102
101.22
101.26
102
102.1
9
8
194^-52
Home Owners' Loan
104.20
102.3
102.3
Close
Total sales in $1,000 units...
3s, series a,
10
104.16
101.11
.Close
106.4
(High
101.12
Total sales in $1,000 units..
106.4
(Close
Total sales in $1,000 units...
10
101.11
2*8, 1942-47
30
106.6
{Low.
3 Ha, 1941-43
103
1
High
105.16
11
103
102.29
Federal Farm Mortgage
105.12
(Close
102.29
(Close
Total sales in $1,000 units..
105.16
Total sales in $1,000 units...
5
103
{Low.
3s, 1942-47
18
105.11
{Low.
24
102.13
102.29
(High
103.29
3
Total sales in $1,000 units...
3«s, 1940-43
Federal Farm Mortgage
103.29
104
(High
3s, 1944-49
104.2
(Close
3i, 1946-48
Federal Farm Mortgage
102.20
2*s, series B,
100.2
(High
100.4
102
102.3
39
30
100.10
100
3
100.12
100.13
104.16
104.10
104.6
104.17
104.16
104.15
1939-49—{Low.
100.1
100.1
100
100.4
100.11
100.9
(Close
104.16
104.10
104.8
104.17
104.18
104.20
(Close
100.1
100.1
100
100.10
100.11
100.13
Total sales in $1,000 units...
10
26
14
29
Total sales <» $1,000 units...
11
51
(High
104.12
{Low.
3H». 1949-52
104.9
Home Owners' Loan
104.13
104.9
106
(High
{low.
106.6
106.1
106
106.4
106.6
106.1
Total sales in $1,000 units..
19
bonds.
106.2
105.29
106
106.3
106.6
105.29
105.30
106.3
106.3
Close
106.2
105.29
106
106.3
106.6
I
14
100.11
100.11
100.12
100.19
100.5
100.4
100.11
100.13
100.5
100.11
100.11
100.18
100.16
62
83
58
48
36
(High
102.13
102.12
102.18
102.19
102.18
102.12
102.7
102.10
102.18
102.18
102.12
102.11
102.18
102.19
102.14
3
75
43
34
6
44
2*s, 1955-60.-100.2 to 100.3
2*s, 1949-83— 97.13 to 97.13
5 Treas.
to 106
to
106.14
coupon
4 Treas.
2 Fed. Form 3s, 1944-49.102.3
to 102.3
1946-49.. 104.12 to 104.12
1 Home Owners L 3s '62.101.23 to 101.23
1944-46—105.28 to 105.29
1
Fed. Farm3s, 1942-47.102.22 to 102.22
United States Treasury Bills—See previous page.
102.12
(Close
29
{Low.
1943-45.-106
to 106.4
102.15
Total sales in $1,000 units...
99.30
100.2
132
includes only sales of
registered bonds were:
in
United States Treasury Certificates
&c.—See previous page.
24
102.18
100
1
table
1943-47—106.14
100.17
Total sales in $1,000 units...
2 *8, 1945-47
above
1941-43. .106.3
100.13
100.10
Close
100.10
100.9
(High
{Low.
2*8, 1955-60
3*s,
3*s,
3*8,
2 Treas. 3*s,
3 Treas. 3*8,
106.4
28
2
99.30
99.30]
2
1 Treas.
106.4
(High
99.24
99.25
22
7 Treas.
106.4
106.2
$1,000 units...
99.23
99.24
4
Transactions
1 Tress.
Total sates in
99.31
99.25
21
Low.
15
100.2
Deferred delivery sale.
Note—The
106.1
106
(Close
100.1
99.25
Total sales in $1,000 units
5
*
3*s. 1941
99.30
Low.
104.13
26
99.25
Close
104.9
104.9
76
99.25
99.27
High
2*s. 1942-44
104.11
104.12
(Close
Total sales in $1,000 units..
15
Transactions
at
the
York
New
of Indebtedness,
Stock
Daily, Weekly and Yearly—See previous
Stock and Bond Averages—See
Exchange,
page.
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE, NOT PER CENT
Monday
Tuesday
Wednesday
June 26
June 28
June 29
$ per share
$ per share
$ ver share
*45
46
*54*
60
73*
*69
45
45
*54*
60
67
67
*16
1638
*23*
24
15*
*22*
*29
30
29
*2
*2*
98*
*11*
258
11*
*
11*
2*
36
34
35
*32
*33
38
*32
36
33
33*
*16*
19
217
217
21*
'l6
16*
♦74*
57*
*23
21*
'l6
17
74*
59
24
*4*
*37*
*86*
88
4*
39*
88
88
20*
20*
60
60
*
28
2
66*
258
36*
35*
44*
*54*
67*
15*
♦22*
29
2
2*
*
16*
24
65*
*2*
2*
67*
66
Sales
STOCKS
NEW
for
Saturday
36
*30
32*
2*
2*
98* *....
11*
11*
234
2*
36
34*
35
34*
36* *33
40
20*
♦58*
Bid and asked
*31
32*
*16*
18
216* 217
20
21*
r* 2
'i6
16*
17
74*
74*
5734 58*
♦23* 24
4*
4*
37
37*
80
86*
86
2*
xqt
32*
*16
217
20*
Shares
45
45
*45
*54*
60
72
*54*
*68*
16*
45*
60
72
16*
23*
23*
29
29
30
30
*2
*2
69*
2*
7034
2*
2*
70*
2*
11*
98*
11*
15*
*23*
16*
24
28
2834
2*
67*
2*
6934
11*
2*
67
98*
11*
2*
37
*
2*
*
2*
*45*
*54*
46
*69*
72
16*
*23*
1634
24
2*
2*
1134
234
98*
1134
278
258
36*
Lowest
Par
Abbott Laboratories
37
""300
No par
Acme Steel Co
Adams
4,700
Express
Adams-Minis
100
900
58
Air
Alaska
6
Jan
4
22*June
....No par
7
15
No par
Way EliAppilance—No
Ala &
"2" 066
Feb 10
63* Jan
Address Muitlgr Corp
10
Advance Rumely
.No par
Air Reduction Inc..--.No
par
800
4,800
1,900
$
44*June 29
25
Lowest
Highest
$ per share
No par
Abraham <fe Straus
300
60
*
28
June 29
2
June 16
64*June 17
per
$ per
share
65
Mar
'•
69
Mar
L
42
Mar
70
69
Apr
Apr
74*
177s June
35*
Feb
22* Jan
zl* Jan
37*
Oct
36
Jan
9
4* Jan 26
80* Jan
7
5* Jan 25
2
Mar 11
100* Jan 22
15* Feb 25
91
Mar
June 16
13
July
17* Sept
No par
2*June17
5* Feb 18
2*
59* Feb 11
12*
Apr
Jan
Jan
6* Nov
61* Nov
60* Nov
12* Jan
Apr
26* July
54* Nov
40* Oct
"
37
*33
39
36
400
5H %Prel A with $30 warlOO
5H %Pret A wtth $40 warlOO
34*June 29
36
34
June 26
*33
39
35
35
100
35
38
*31
July
2
68* Feb 17
40
5H%Pref A(without warlOO
*31
40
*36
40
200
$2.60 prior
35
33
33
34
May 27
*?3
34
52* Feb 18
45* Mar 15
17*
2034
17*
58*
4*
37
83
8634
*17
18
*17
18
*17
217
219
220
224
218
21
21
21
20*
17*
*73*
68*
23*
434
60*
*37
40
*37
40
*37*
85
85
85
86
88
86*
20*
88
87
20*
20*
83*
*86
17*
80
23*
434
20*
20*
20*
20*
60
62
60
60
no sales on this
day.
17
*75
60*
*23
4*
*60
17*
80
61*
24
4*
62
17
17*
*75
80
60*
23*
478
4,200
42,300
a
Rights.
6,700
30*June 17
103
Apr 26
18
June 12
215
June 17
20
June 28
No par
*6June 22
15 May 14
.....
Allied Stores Corp.....No
par
200
5%
110
Feb 11
Jan 26
2378 Apr 12
258* Mar 9
33* Jan 16
9«May 27
21* Mar 6
12*
27
111* Dso
Jan
245
Aug
23
Aug
34
Nov
6*
Jan
74
June 21
69
Jan
57
June
1
83* Jan 22
35*
Jan
No par
23
June 17
39* Jan 28
19* May
4*May 18
8* Mar 13
62* Mar 15
300
Amalgam Leath Cos Inc new.l
6% conv preferred
60
3,900
1,300
..No par
80
Am Agrlc Chem
(Del)..No par
83
American Bank Note
6% Preferred
20* June 30
69
Apr 8
Amerada Corp
1,700
120
,
n
New stock,
r
34* Jan
10
50
Cash sale.
x
5
June 28
Jan
Ex-div.
5
y
Mar
9
Nov
Feb
__100
85
60
Nov
98
No par
preferred
6* Apr
103
157
Alpha Portland Cem
200
Def. delivery
69
Jan
Allls-Chalmers Mfg
5,400
62
pref. No par
Allied Mills Co Inc
13.400
478
40
86*
89*
20*
*60
% -In receivership,
3,000
62*
23*
conv
Allegheny Bteel Co
No par
Alieg <fe West Ry 6% gtd-.lOO
Alien Industries Inc
1
Allied Chemical A
Dye. No par
18
231*
21*
21*
Jan
88* Nov
2*June17
39
217
21*
11
Allegheny Corp
1,000
Apr
Feb
97
par
39
34*
68
Nov
16* Nov
JuneaulGold Min_..10
*33
32*
9*
Vicksburg.RRiCo—100
*33
36
Highest
share $ per share
84* Apr 20
22* Mar 11
28* Feb 3
38
*36*
Year 1936
100-Share Lots
35
60
69*
2*
20*
prices;
On Basis of
EXCHANGE
8,900
1,500
24
81*
$ per share
*67
*23
37
$ per share
60
80
88
$ per share
Range for Previous
Range Since Jan. 1
YORK STOCK
Week
44*
1634
*74*
57*
4*
Friday
July
2
67*
15*
24
28*
2*
2*
98*
11*
2*
36*
the
June 30
Thursday
July
1
4
Oct
31* Nov
20* Nov
90
Nov
81
Dec
34* Nov
5* Dec
39* Deo
125* Mar
114* Mar 11
101* Jan 22
41* Jan 16
75
Jan
49
July
30
Dec
65* Apt
4
65
Jan
73
75* Feb
Ex-rlghts.
89
Nov
Nov
1 Called for redemption.
Volume
New York Stock
145
Record—Continued—Page 2
AND
SALE PRICES—PER
HIGH
SHARE,
Tuesday
Wednesday
June 26
June 28
June 29
June SO
I per share
$ per share
% per share
$ per share
Friday
Thursday
July
1
$ per share
79
79
58*2
132
93
29«8
*120
101
*25
*14
61
60*4
♦60*2
61*2
134l2 *132
134i2 *132
96
93
95*2
96
97*2
157
156*2 156*2 *15414 157
49
48*2
48*2
46*4
48*4
93
156*4 156*4
46*2 47
*75
78*4
92
93
15678 157
46
*72l2
47
77
28
♦145s
1634
21
21
20*2
1534
2034
21
25*4
25
25
25
91
91
*90
125
*634
7
634
678
534
93*4
6*4
125
*77*4
283s
*125
21
21
25
25*2
92
91
*90
53s
16
6
12*2
*75
79
2878
134
28*2
*125
102*4 102*4 *101*2
*25
14*4
21*4
2534
*14l2
25
94
*90*2
*143s
28*2
102*4 102*4
*25
3534
21
"
25*4
1534
77
28
76
6
*25
3534
45
*15*8
16
634
37*2
37i2
*39
15*8
61*
3634
4278
*42
3*8
*20*8
*1278
39*2
*42
3*8
2112
3
13
39*2
*101*4 106
20
*19*4
8
8
42l2
15*8
634
3634
4234
3
*38
1434
1434
6*2
65g
63s
*37
42
*42
42*4
27s
21*2
278
2H2
21
121*
1278
12*2
8
8
*39
1434
*20*8
38*2 39
101*4 101*4
19*2
183s
42
61*2
1,200
134l2
70
98
3,700
157
2,100
495s
200
4,000
29l2
38
*37
42
22
12*4
13
37
39
39
101*4 101*4
183s 1838
77s
7%
*43*8 4534
101*4 101*4
1834
187.8
734
8*8
103
19*8
8*4
100
4778
*61
65
8*8
5234
*45*2
83s
53
47
44*2
*61
75g
49*8
44*2
1978
19
157*2
19&8
*157
157
47*2
65
8
34*2
33
34*4
27*2
27*2
2434
24*4
75s
50
62
*62*4
734
734
50*2
44*2
50*4
45*2
44*2
46*2
185s
1834
1914
1934
*157
157
165*2 *157*4
52l2
28
3384
*27
*24
62
*45*2
300
—
3534
24*4
33
*27*2
24*4
8*s
51
45*2
19*2
165*2
335s
2734
3434
2734
24
337s
28
24*4
24&8
Z63
8*4
61*4
83
90
*80
784
55
55
10*2
1034
10
90
8
555s
1038
*80
90
54l2
77s
55*8
10
190
*100
*45*2
513s
*65
22
*100
190
*100
190
50
*46
52
*47
52
528s
7934
22
503s
*65*8
21*2
6218
79
21*2
*80
778
105s
734
503s
79*2
2H2
10*2
*45*2
51 s8
5134
*65*8
*55*2
*100
21*2
*65
5,500
400
~4~306
22
*20*2
13%
135g
7*8
40
40
*3958
93
105
9034
*100
91
*88
105
*100
60
60*2
59*4
60*8
*1112
12
11*4
11*2
*113g
*9
10
*9
934
9*8
60*2
100
*98
16*2
1678
*98
16*8
100
16*2
*98
16
105
39
39l2
2,700
2,500
1378
39
*9812 103*2
103
19*2
400
19*2
1,500
1,500
1,000
19*4
8*4
8*4
8*4
63
*62
8*4
53*4
4512
8*2
103
62
62
12
II84
978
9*8
100
*98
16
16*4
1134
978
100
16*8
*102
6212
*1U2
10
*98
16*2
52
II,600
8!.
55*4
15,300
88
90
*8*4
5778
8*4
56*4
11
10&8
*70
22*4
22*8
103
*102
62
6234
60
3634June 28
6684 Mar 13
31*8
American Home Products.—l
40*4 June 17
5238Mar 3
484 Mar 16
2758 Feb 16
1784 Mar 11
587s Feb 4
37
Jan
pref
100
No par
10*8
American Locomotive.-No par
Preferred
100
Amer Mach & Fdy Co
16*2
1,900
4,200
J5 preferred
Preferred
American Rolling Mill
J Amer Ship Building Co. No
7958May 13
138*2 Apr 14
26
52*4June 23
American
87
*83
9234
9234
*92
88
88
*85
*93
4984
76"
"72*8
76"
9784
"75"
945g
48*s
95*8
*93
50&8
*16
19
*22
24
28
*16
2334
27*4
28*4
108*4
*107
15*8
50*2
69*2
119
108
15*4
15
50*2
69*2
119
*1034
16
*584
1178
16*4
6
50*2
*69
51
48l2
Amer Telep A
50
1534
57s
4934
*93
9734
51*4
50*2
61
19
*16
»22l2
24
*22*2
24
*2212
283s
29
29
109
zllO
*107
15
10834 *107*4 109
15
15
15*2
50*2
50*2
50*2
50*2
50*2
71
69
69
69
69
*116*4 119
*116*4 119
1178
*103s
1178
1178 *1038
16
15
16
1558
1578
6
6*4
534
*578
534
109
15*4
15%
5058
5058
6984
119
303s
15*4
*50*2
6934
6934
119
*117
16 1st preferred
505s
Archer Daniels Mldl'd.No par
ArmourACo (Del) pf 7% gtdlOO
16.50
31,600
2,900
*103s
11%
16*8
*534
16*2
534
534
6*4
300
7,100
300
16,500
1,200
4*2
4*2
4*2
43s
4l2
2434
2578
28*2
29
41
40*4
26*8
24*2
26
29*2
2784
2834
41*4
41
41
*102*2 106
103
103
28
*40
*103
106
25*2
*103
26*4
29*4
263s
2978
41
106
103
"245s
14*8
29*8
2234
2734
28%
275s
28
22
22
22
23
24
28*8
*23*2
29
22
34l2
35
34
34
34
35
*35
37
2434
23*2
137s
2484
23*2
1378
2378
1378
2418
1378
2478
1418
114
*111
*21*2
22l2
102
*101
*40*4
42
*109*4 110*2
1178
*865s
1178
19
"lV"
20*2
20*2
49*2
49*2
815s
83
175*
*17
*111
14*8
114
*40*4
23*2
*72*8
*
143s
*111
112
81
175s
84
175s
51*2
*2434
26
22*2
23
*24
29
24
24
81
*72*8
82
*72*8
82
Bid and asked prices; no sales on
25
26
10,000
1378
13%
112
*23
*23
25
23
23
♦72*8
82
*75
82
*75
82
t In receivership,
a
Mar
2
153s Apr 28
89*2June
112
June
Nov
7
Nov
Jan
37
Apr
50
121*4 Feb
8
118
May
122
Jan
Mar
6
105%
110%
7%
Jan
Jan
46
111
13*4 Feb 27
99*2 Mar
126
Jan
1
6
Jan
45s June
66*4
104
Jan
84
Jan
Aug
128
Dec
Feb
17% Jan 21
47*4
7*2
8*8
98
96
Jan
70*2 Mar 13
16*4 Feb 27
June 11
2434 Mar
3
101
1
125
495s Mar 24
Feb 18
5
Jan 28
Mar
9
Jan
Jan
125s Apr
6258 Mar
185s Nov
22%
108
Feb
May
27% Nov
95
Dec
112
Oct
98
Feb
124
Oct
Jan
67*2 Feb 18
69*2 Jan
4
June 30
7
09
Feb
9'
90«4
104
65*2 Mar 17
29
100
—25
4% conv pref series A—.100
Atlas Corp
1
6% preferred
60
22
Mar 13
June 18
44
Jan 18
27%June 28
107 May 21
37
Mar 11
5% preferred
Atlantic Refining
16
...
June 17
60*2May 14
mmmmt
94>4May
17%June 11
Atlas Powder
13*2Juoe 16
No par
Corp of Del (The)
3
<5 prior A
Avla'n
65sMay 18
434June 30
JBaldwln Loco Works.No par
116*2 Feb
6
18*2 Mar
Jan
216s Apr
11
Apr
13*2 Apr
265s June
109
Sept
.
.
.
.
88% Aug
107
Oct
49
Deo
31*2
Oct
648| Nov
36*8 Apr
118*2 Deo
6
6218 Mar 10
Baltimore A
1,700
10
600
Feb
6
120
Feb
6
4
27'4 June 28
38i2May 13
100«sMay 11
2758June 29
10
9*2 Jan 30
40*2 Mar 17
4734 Mar 17
45
Feb 11
110*2 Feb
433s Mar
9
23
June 22
32
Jan 21
34
June 29
42
23*8June 28
1378June 28
6
111
No par
101
15 preferred w w
Beech Creek RR Co
Beech-Nut Packing Co
60
20
....
49*2
Feb
248g Nov
38*2 Deo
Jan
28% Nov
9
8
18
Jan
100
Aug
35
Feb
Mar 30
85
Feb
8
13
Dec
Mar 17
83
June
Feb
6
11*4 June 23
84
Jan 16
112
16*4 Feb
87
4278
112
July
Oct
Dec
16*4 Mar
89*8 May
323s Oct
25U Oct
2l5g
Jan
5
20
Jan
62*4 Jan
8
48
Jan
72
4
105i2 Mar 11
Apr
Apr
7784
Dec
20
Dec
69«4 Feb 10
1,100
2,800
Blaw-Knox Co
Jan
24
June 14
No par
22
Apr 28
Bloomingdale Brothers.No par
22
June 23
100
79
June
Cash sale,
288g Nov
105
23«4 Jan
*51%May 14
r
28*4 Deo
22*4 Nov
115K Dec
30*2 Feb 11
129*2 Feb 16
New stock,
May
18*8June 30
208s Apr 29
47%June 14
June 17
n
14*8 Jan
16*4 June
43*4 Feb 19
106
No par
Blumenthal A Co pref
13*4
28*4 Feb
108
Def. delivery,
Dec
10534 Mar
6
6% preferred
.———20
7% preferred
..100
Blgelow-Sanf Carp Inc. No par
Black A Decker Mfg Co No par
30
Apr
June 28
June 22
300
21
110
17
300
97s Dec
947s Deo
39
2
114
73
900
10*8 J an
46*2 Jan
784 Mar
II84 Deo
9478 Dec
275$ Nov
41*4 Oct
2H2June 28
Beneficial Indus Loan..No par
Best A Co
35*4 Feb 1
20*4 Jan 16
Bethlehem Steel (Del).No par
18,300
2*8 July
23s July
29*2 Apr
33«4 July
157g Apr
Feb
June 17
40*2 Jan
Beldlng-Hemlnway....No par
Belgian Nat Rys part pref
Bendlx Aviation
6
7,200
1,900
29*2 June
3
Apr
Feb
64*4 Mar
Jan 21
Bayuk Cigars Inc
No par
1st preferred
...—100
Beatrice Creamery...
25
100
265g June
58g June
30*8
8
No par
Barnsdall Oil Co
1,400
400
62% Mar 26
9*4 Jan 12
11*4 Jan 29
5H% preferred.........60
Barker Brothers
100
10
1
120
20&8 Jan
—100
...100
50
Conv 6% preferred.....100
4% preferred
Co Ino
9*2 Feb
73*2June 30
Bangor A Aroostook....
^ Barber
9
2
43sJune 29
June 29
—100
Ohio
18*8 Jan
36«4 Feb
70
Assented...
280
29
this day,
5,100
1,100
37
*111
June 18
8«4June 17
43
July
44*8 Jan 26
70
*35*4
86
84*4
84%
84i2 86
8234
815s
8034
1734
1734
*17*2
1734
17i2
17l2
17l2
17*2
*116
118
*116
118
117%
114l2 11412 *114
53
53
*53
56
54
*51
*52*2 53
26
26
26*4
2678
26%
2434
2484
2534
23
22%
23%
23*8
2334
2338
2234 23
23*8
23*2
11
95
June
93
300
2434
4
Jan
9
3
100
6% preferred
22,000
3,300
30*2
2
Feb
67i2May 11
89% Deo
2684 Mar
10*4 Feb 10
Atlantic Coast Line RR...100
27
4134
53
27
14
111
25*4
1412
81*4 Jan
96
Jan
Jan
Feb 18
41%
28l2
2484
4
15%
June 29
31%
21*2
52
23
111
2434
24l2
Jan
7
Preferred assented
101
113*2 114
26*2
114
28l2
Dec
553s Nov
37*2 Jan 12
88
100
*22*4
22l2 *22l2
2234
2278
22l2 23
2278
*100*2 103
*100*2 102*8 *100*2 102*8 *100l2 103
*
41
41
41
42
*40
*39
4134
*109*4 112
*109*4 112
*109*2 112
110*2 110*2 *109*4 112
12
1178
11%
1178
12%
1134
1134
1134
11*2
11*2
*865s
90%
*865s
*865s
*8683
*8658
19
183s
1878
19*4
183g
I884
18*8
I8I4
18*4 ~19
2034
20*2
20*2 2034
203s 205s
203s 20*2
205s
205s
*50
48
53
4934
4984
*48
49*2
50
4984
50
2U2
101
*114*2 115
*52
*111
28
8
39f>8 July 1
11684May 4
106 June 30
106
400
'
35
29
22*2
*
50
111
June 29
80
106
Dec
May
June 18
87
*102
78
97
Feb 13
88
25%
3084
103
June 22
Feb 23
245s Jan 16
111
92
Preferred
*40
35
4
100
Fe—100
80
41
97
Jan
6*2 Jan
$5 pref without warrants
*81
2634
30*2
40*4
Jan
6% pref with warrants.. 100
2,500
29
May
28
Feb
784 Mar
3*2 July
1,100
43s
255g
24
69i2 Mar 10'
70»4
5284 Sept
65sJune 16
30 June 16
4*2
*40*4
Jan
79«s Feb 23
Oct
10984 Sept
11*2 Feb
Jan
No par
4*2
79
2784
Apr
758 Sept
Austin Nichols
484
79
19*8
9284
44
18
Goods
Atch Topeka A Santa
10
*78*4
Deo
Nov
5
74*2
Mar
18
3,500
...
4%
4%
76
Feb
150
Nov
5
73*2
104
Jan
878 June
84
478
*75
88*2 Mar
136
131
5
73*2
Feb
Jan
434
70
102i2
Jan
5
70
Jan
190*8 Nov
Mar
Jan 12
7
Sept
2688
2058 Mar
140i2 Apr
87
Jan
635g Aug
145
Jan
June
5
*69*4
129
Deo
14
5
75
64
36
48
478
70
145*2 Nov
24i2 Dec
48*4 Apr
*112
5
*65
20*2 Apr
10734 Jan
Jan 13
5
*65
73*2 Jan
145*4 Dec
Mar 11
7,700
8,400
80
1
Nov
15284 Mar
94
65g
8078
Feb
143s Jan 18
45*8 Deo
103
Jan
67*2 Mar
1338s Jan
133
3434
*76
107
Jan
136*2
68*2June 17
6*4
*76
4
20*s Feb 3
29*2 Jan 13
6684
Oct
11334 Apr 26
113sJune 14
6%
412
9978 Feb
150*2 Jan 26
Jan
No par
3434
85
8
Jan 28
25S8
Nov
6% conv preferred... —100
Atlas Tack Corp
No par
Auburn Automobile.—No par
6
*4*4
Jan
Atl G A W I SS Lines..No par
*33
*33
74i2 Sept
273s Jan
165*2 Aug
Jan
Feb 23
May 21
...No par
1
6% 1st preferred..—.—100
7% 2d preferred
100
400
6,900
6
3434
Feb
1834 Apr
Feb 23
18
100
Associate^ Dry
50
578
*33
3658
167
79
105
100
7% preferred
70
9,400
50
16*2
87*2 Sept
20
47«4May 13
79
Apr 10
Assoc Investment Co.-No par
600
1178
1488 July
185
44*2 Jan
5
Preferred
70
15*2
69
Feb
Jan 13
100
No par
$6 conv pref....
700
3,400
6
33
100
Armour A Co of Illinois
......
584
33
conv
7% preferred
6*8
34
1
25
-25
700
6
*31*4
100
Preferred
Amer Zinc Lead A Smelt
800
121
*103s
Jan
Feb
43
7«4June 28
54%June 29
638 Jan 2
No par
400
200
6*8
34*2
16*4June 17
88 June 25
No par
Woolen..
No par
preferred.No par
Andes Copper Mining
20
A P W Paper Co
No par
6*8
*31
HMune 28
Anchor Cap Corp
110
15*8
2578 Jan 25
74 *8 May 18
128*4May 13
100
5
Jan 20
26*2 Jan 20
667s Jan 11
143s4 Jan 13
25
Common class B
Feb
73*4 Jan 21
115
99
Anaconda W A Cable.-No par
--
24
28
*22*2
2778
24
275s
148
187
6% preferred
Jan 28
68*2 Jan 29
73»4June 12
100
19
283s
21 *8 June 14
154
15934june 29
Am Type Founcers Ino.-.-lO
Am Water Wks A Elec.No par
American
June 17
Mar 19pi
10584 Mar 11
26
800
...
9734
*16
*116*4 119
*1034
*93
Jan 21
Feb
'
90
19
24
15*8
93
48*4
49
170
Teleg Co...100
Anaconda Copper Mining..60
93
7838
*16
*16
28*8
93
93l2
7634
37
124*8June 30
Am Sumatra Tobacco_.No par
American Tobacco
45,200
5312
19
18
108
7434
76*2
93
*85
100
Preferred
112
93
No par
American Sugar Refining.. 100
87
*100
1
485sMay 14
109*2 Apr 7
1578June 18
Artloom Corp.—
112
90
131*2 July
....100
U Preferred
American Stores
500
*48
77*2
100
6% preferred
Amer Steel Foundries..No par
400
*83
76*4
Snuff
10*8
*100
92
par
100
Preferred
<5 prior conv pref
'
41
Amer Smelting A Refg.No par
12
87
*85
No par
Am Rad A Stand San'y. No par
100
52
90
7
Armstrong Cork Co
No par
Arnold Constable Corp
5
112
Nov
7*2
Feb 15
16*2 Jan 13
87*s Jan 18
72*2 Jan 12
29i2 Feb 3
No par
$6 preferred
79
*48
z35%
75
June 17
49*8 June 28
40*4June 17
185sJune 17
153
Apr 16
No par
16 preferred
1,400
22
*50*2
60*2June 15
100
Amer Power A Light
100
5,700
*83
93
100
Amer News N Y Corp..No par
500
577s
11*4
*100
July
15
5478 Nov
68
2,500
87
134
Jan 23
14,500
52
Dec
2884 Nov
8*2
112
78*4
preferred
conv
112
3984
175s
*48
118
6884 Mar 10
129i2 Feb 1
No par
122*2 Nov
2978 Jan
37
88
*100
27
Apr
Apr
Dec
6,900
52
May
10
43 *4 June 15
June
1
Amer Metal Co Ltd
10
77
87
21
Apr
137*2
12l2
112
8
Dec
18
200
*95
6
135s Jan 20
483(j
31
16,000
*48
Feb
29% Mar
125
784June 30
Jan
15*8 Nov
2384'July
10.400
77
*81
28
1838June 28
Jan
24
3
2278
53
53*2
101 *4 June
No par
558
Feb 20
167*2
1634
June 30
Amer Mach A Metals..No par
200
1612
37
Jan
5178 Nov
Feb
2,200
10*8
*98
non-cum
46
2*8 Sept
16*2 Sept
958 Apr
23*8 Apr
66
Apr
45*4 Mar 11
49
12
1134
100
60*2 Dec
21*2 July
88s Mar
29
126
62%
Jan
36
800
103
22*2 Deo
Apr
13
5
22*4 Apr 27
17
5414
Apr
25
Feb
Oct
Oct
55
52l2
12
5878 Jan 22
21
2634June 14
70
*50
38*2 Jan 22
3158May 13
400
5412
55
984 Mar
6038 Dec
45g
6%
Oct
6*2 Apr
2934 Jan
11*4 Mar 13
Amer Internat Corp
Feb
1334 Jan 22
687s Jan 18
578June 17
No par
Dec
145g
175
Oot
1434June 29
6% preferred
Aug
Sept
858
Jan
175
American Hide A Leather... 1
190
53*2
7934
984
32
101
25
132
*100
353jj Nov
20*2 July
16*4 Jan
89
Apr
3*2 Apr
4
Oct
Dec
American Seating Co ..No par
54
190
Dec
American Safety Razor.. 18.60
12,000
1,000
88
75
May 20
Dec
113*8
3584
16*4
500
89*4
112
93
37
12084
Nov
1,600
11,600
49*4
*48
93*2
18*2May 18
No par
.
Nov
7*2 July
Jan 18
Mar
Dec
10
60
14H2
*80
*
6*2 June 16
45
May 19
No par
Amer Hawaiian SS Co
3,700
2.700
220
*100
*82*2
225
No par
6%
70
65
7*8
*100
6078
17
4
Mar
17 preferred
17 2d preferred A
200
22
7*8
7*8
*7*8
7*2
41
40
40
40
40*2
395s
3958
*11912 120
*119*2 120
*119*2 120
120
106
106
107*2 107*2
107*4 107*4
106
1134
11*4
11*4
11*2
103s
11*8
10*2
88
89
*87
90
87*4
8934 90
7*8
No par
10*2June 29
2% Jan 5
17*8 Jan 7
12*4June 30
21
*19
7*8
13*2 Jan 28
American Ice
20
23
53sJune 30
900
23
107
*18
7
American Encaustic Tiling.. 1
Amer European Sees
No par
300
*20
*105
23
88*2June 14
300
23
107
25
100
225
Deo
100
27
236s Mar 3
30»4Mar31
3358 Jan 21
99*4 Mar 2
3*4
*3
107
7
*9034
7934
136s Jan 7
20*2June 17
100
Dec
60*2
Apr
87&S May
Jan 25
American Express Co
Amer & For'n Power
174
111"
Apr 20
May 28
29
4134
3,900
*105
*18
*101
5234
148
zl06
June 15
4212
7*4
107
*105
*119*2
*119*4 120
106*4 106*4 *105*2
106*2 106*2
105s
10*8
10*4
105s
1034
*49*8
Jan 25
Apr 26
26
June 17
Dec
137*2 July
.
98
10
share
70*4 Dec
67
115
6% 1st preferred
per
141
3058 Apr
100
*4H2
278
9
No par
5% preferred
American Chicle
$6 preferred
15*2
22
22
734
55
5284
7934
105s
*100
June 14
4134
67s
*105
107
40
1034
Feb
104i2 Feb
3234June
42*4
1534
22
*19
*7*8
57*8
190
8*4
56*4
71
28
I,300
48*8
45*2
46*8
1934
193s
19I2 20
*157
165*2
157*4 158
35*2
35*4
3412
3458
29
27
*27
27*4
25
2434
*24l2
24*4
*80
May
Am Chain & Cable Inc.No par
700
"""600
107
*105
40
8*8
Dec
162
June 29
150
7*4
12
22
*105
*119*4 120
90
110
Jan
June 30
American Crystal Sugar
*44
8*8
56*2
Jan
174
77
1,300
83*2
*8.
121
46
2,000
145
*84
May
100
90
49
45
45
*45
47
48*4
48*4
4834
84*4
8434
8434
8212 84*2
8134 8278
81*4
83*2
1415g 14158 *140
140*4 140*2
*14178 142*4
14412 145
5212
53*2 *52
*5034
52i2
52l2
*52*2
53
52*2 5212 *52
131*2 131*2 *125*2
*125*2 132
*125*2 131*2
*125*2 132
*125*2 132
53
5278
5334
5258
51*2 53*2
51*4
5184
5334
54*8
54*8
109'3i6109,3,6 *10913I6110*8 *109* 316110*8
*109'»,6110*8
17
17
17
*16
1634
1634
I684
1634
16%
16*4
16*4
48
49
46*2
43
43*2 43*2
4512 46
4312
41*4
41*4
126
*1237s 125*8
124*8 12418 *12378 126
*12378 126
*12378 126
22
22
*22
2I84
2134
*2158 22*4
*2112 2278 *21l2 2278
165
166
161
16634
16634
161*2 16278 15978 161*2 15984 16078
77
76*2
76*2
76
7534 76*2
7534 7534
76*2
75*2
76
77
77
76*4
77
76*4
77
76*4
76*2
77*2
77*2
7734
134
*134
138
135*2 137l2
134
134
*134
138
*13378 136
12
12*8
12*2
12*4
1218
11&8
1134
115s
12*8
12*2
125s
1634
173s
1634
1534
17
1534
1634
1558
163S
16&8
1634
46
46
124
!
Apr
Feb 18
8084 Feb 18
No par
26*4
'
145
100
American Car & Fdy
Preferred
40
160
90*4June 16
16212 Apr 12
—.25
Preferred
Highest
Mar 25
57*4 Apr 28
125
,-100
American Colortype Co
10
Am Comm'l Alcohol Corp..20
46*4
64
$ per share
Am Coal of N J (Alleg Co)..25
131
47
48
47*2
*1125s 119*2 *11258 119*2 *11258 119i2 *11258 11912 *11258 119*2 *1125g 119*2
*46
$ per share
45
*41
*2034
1212
3878
pre!
American Can
conv
""•ioo
634
Lowest
*39*8
*1538
67s
*3812
42
3*8
5H%
90
634
40*2
27s
*20*2
13*4
3
Am Brake Shoe «fe Fdy .No par
26
6*4
Year 1936
Highest
I per share
Par
800
80
Range fat Previous
100-Share Lots
Lowest
21*2
91
45
15
On Basis of
14*2
215s
14l2
14i2
21*4
2534
*39*8
*1434
678
*3712
42
Range Since Jan. 1
Shares
*11
11
11
*10*2
12*2 *10*8
11
11
10*2
10*2
*202
300
*202
300
*174*2 300
♦174*2 300
*174*2 300
*174*2 300
7
7*4
73s
734
7
684
634
678
7*8
634
7*8
7*8
50
50
48
48
49
49
*49*4
50
48
48
*48
51
*20
*21*2 23
21*4
1934 20
19*2 2034
19*8 20*8
20*2 21*4
*39
EXCHANGE
Weelc
2
$ per share
60
59*2 60
58*2
13412 *132
134*2 *132
28^8
28*2 2834
140*2
140*2 *120
140*2 *120
10678
101
*100*2 10678 *101
*25
*25
3534
3534
3534
29
July
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Monday
6034 6034
*134% 138
9234 93%
*155
156*4
493s 493g
Sales
for
LOW
Saturday
63
z
Ex-dlv.
3
20
38
Jan 18
Jan 21
297* Mar 10
32*2 Jan
7
94*2 Jan 16
y Et-rlghts,
4584
16*8
107*2 July
23
Nov
135*2 Nov
Jan
65*2
Dec
2884 D«c
14*2 July
*3412
Dec
247s
Deo
18*4 May
77*4 July
38*2 Nov
120
Oct
f Called for redemption.
New York Stock Record—Continued—Page 3
64
LOW
AND
SALE PRICES—PER SHARE,
HIGH
NOT PER
Tuesday
Wednesday
NEW
June 28
June 29
$ per share
$ per share
June 26
$ per share
2812
1*4
3812
89 s
27ig
29%
2%
3812
13g
89
89
*42
43i2
22>4
22
1%
*36%
*87%
43l2
3712
89
*42
27%
28%
1%
3812
*42
4134
22%
2234
42%
22%
41
'4
June 30
Friday
July
2
$ per share
% per share
$ per share
29%
28%
29%
rl%
2
rl%
2%
38
38
*88
30%
~38%
88%
*88
Borden Co (The)
4184
44
43%
44
44%
10
5,000
Borg-Warner Corp
5
Boston & Maine RR...... 100
9%
*9%
10
*8%
10
17g
*1%
16%
3934
*1%
16%
*1%
16%
I7g
1634
40%
437g
17g
16%
40
167g
16%
39%
41%
40%
43
40
39%
68%
*27%
43%
17%
39%
3'g
17%
20%
69
29
43%
17%
16%
17%
3ig
40%
31g
*3
39%
43%
*40
4034
3%
1584
20%
39
70l2
3ig
1634
2l3g
71
28
28
27
45'4
44%
27%
45
*43%
17%
17%
*17
17%
1534
1534
*15
21
*15
20%
*15
1584
20%
20 84
*67
71M
*69
27%
16
*102% 103
7%
7%
*61%
7%
6978
*61%
103
*15%
20%
1534
20%
68%
30
44%
17%
16
15%
103
103
*103
7%
6978
7%
15
103
1534
1434
1
102% 102%
7%
7%
1584
2:1984
z68%
*27%
*43%
17%
7034
3
3%
3
27%
47
*1634
45U
18
3ig
7%
3034
23 78
7%
7%
7%
61%
7%
61%
778
*60%
51%
5178
3178
2378
*478
3178
7%
51%
3034
24
23
5%
484
478
*17%
1878
17%
17%
52
7%
*8%
27
*25%
27
*25%
13%
25
25
1278
28%
13%
13
13%
13%
13%
29
29
29
29
29
5%
18%
5%
5%
5%
1778
17%
*50%
25%
35%
*4978
*497g
26
26
36
36
1734
*50%
*35%
36
51
*4978
3
6778
51
3
25%
5
5%
17%
6778
25%
•'
13%
3%
1378
258s
25%
24
24
*23
26%
26%
23%
26
24
2478
61
*56
*£534
123g
45
*13%
*56
61
12%
12%
45%
45
45
14%
13%
12%
12%
13%
*..--
50
*
*11-1
100
«
*43%
13%
3
3%
13%
25%
50%
3%
1384
*5534
•»
13%
*13%
Butte Copper A Zinc
19%
67%
2,100
Byers Co (A M)
Partlc preferred-.
1,700
35%
Byron Jackson Co. .—.Wo par
California Packing.
.No par
*49%
51
3%
1334
24%
24%
"30%
*7
*155
89%
"88%
"88%
89%
89
76%
76%
30%
30%
7
7
98
*_
"is"
18
13
13
*9%
10%
*98% 105
64
65
1284
13%
55
51
*108% 109
59%
60%
12%
50%
108
57
*98% 105
*63
13
12%
51
51
57
15%
7
115
90
90
91
91
67
96%
2%
*7
784
2%
2%
3034
250
Canada Southern Ry
100
55
Canadian Pacific Ry
25
800
2,600
7% preferred
Colotex Co--------
220
700
54
15%
16%
500
Checker Cab
400
53
53%
98%
14,100
7%
*7%
2%
2%
10%
1,700
I84
178
I84
3%
3%
3%
3%
3%
3%
934
23%
934
23%
24
37
39
39
3%
3%
3%
3
9%
984
24
3%
*884
23%
39
37
24
24%
3934
3 884
2
2
2
*4%
4%
*14%
5
15
4%
378
*14%
*1684
1678
8
3%
3%
3934
9%
24%
*134
178
3%
978
23%
9%
*6%
*24%
1%
10
'
1%
10
8
*10
*6%
7%
7%
7%
24%
400
2
2
24%
1%
1%
4
1,700
4,500
3%
3,500
3%
3%
3%
*9%
23%
10%
3%
3%
3%
10
10
24%
23%
23%
39%
*38%
39%
2
2
*2
2%
2
2
Preferred
4%
*434
5
5
5
378
14%
1634
1634
1634
11%
10%
10%
*51%
55
10%
*51%
95%
*17%
96% 100
17%
17%
55
4
4
4
4
15
15
16%
1,200
10%
1,000
Childs Co
55
55
*52%
55
98%
94%
98%
*52%
9484
97%
49,100
17%
1778
*17%
17%
17%
17%
1.300
80%
80%
80
81
*63
73
81
81
81
81
80
80
*80
81
*63
72
*63
72
*63
72
*63
72
7
*6
7
*63
73
7%
7%
-
-
-
.
_
160
*37
38
37% 37%
3734
36% 3634
37% 37%
*100%
*100%
*100%
*100%
*100%
104
104
104% 10484 104% 104%
103% 104
103% 103%
*104% 105
*38
40
39% *38
39%
41%
40%
40%
*38% 40
40%
41%
-
87
87
87
♦85%
*49
87%
*49%
24%
51
*49%
2378
87%
«...
*85
*49%
88
„
„
„
*85
*49%
88
•
-
-
*85
*49%
-
270
88
_
25
24%
2334 2434
25%
2„%
24%
25%
24% 25%
131% *130
131% *130
131%
131% *130
131% *130
131% *130
*16
9,6
S16
",6
%
%
S16
*,6
%
716
7,6
155
155
155% 154
156% 157%
157% 158
*15378 156
*156% 159%
*56
57
*57
*57
*56%
57%
58%
58%
56% 56% *56
58%
19%
19%
18%
19
19%
19%
19%
19%
13%
19%
I884
18%
-
-
—
-
10,800
♦130
*102% 103
*102% 103
*102% 103
*102% 103
48
49
49%
47%
48%
4784 4734
*108% 109
*108% 109
108% 108% *108% 109
49%
*30
39
*30
39
*30
39
*30
32
32
*30
32
32
32
32
32%
18
15
15%
15
15
15%
1534
*16%
*15%
21
*16
21
II584 117
*29
30%
*41%
42%
11
113s
*80
84%
*75%
5984
6484
107
17
17
*16% 21
*16% 2078
15
15
*16
21
14%
15%
119
115% 115% *114% 116% *116
29
29
29
29
28% 28%
*41%
42%
*4134
42% ♦413s
42%
11%
1034
10%
1078
10%
11%
80
80
82%
85
*75%
85
60
57%
*75%
57%
102% 102%
65%
107
13%
13%
2%
2%
42
103
64%
*106
13
2%
59%
103
65%
119
13%
2%
*100
64
*106
13
82%
84
58%
120
64%
119
2%
13%
2%
82
*75%
57%
*100
*6378
*106
13
»
119
11%
24,600
*80
82%
500
75%
58%
59
59%
64%
*100% 105
64
*106
13%
13%
13%
13%
34
35
34
35
35
36
Bid and asked prices; no sales on this
day.
105
200
64
3,100
119
100
63%
*106
4,600
4 34
%
conv
conv
pf
ser
9,500
48%
49
49
1,100
*13%
14
13%
13%
400
56 preferred series
Conde Nast Pub Inc
*36
36%
36%
36%
1,300
Def. delivery,
100
r
135% Feb 11
21% Feb 18
25
Jan
Jan
23
Jan
89»4 Nov
113
Jan
Mar
51
50
Nov
Nov
484
Jan
13% Nov
2334
Jan
46% Mar
Feb
98
Oct
Jan
11134
Dec
July
47%
Dec
51
Oct
Jan
4
102
June
1
47%June 14
June 10
15%June 17
14%June 28
May 18
111
28%June 17
100
1
8
Mar 15
63% July
2
1037gMay 19
13 June 22
48
Apr
3
124
Jan
129
Dec
July
84
Jan
134
Nov
Jan
58
Nov
59
June
9
55%
77%
2584 Mar 19
13
June
21%
Dec
104% Jan 6
6234 Feb 13
11234 Mar 11
45
Apr 12
100
Aug
106%
Feb
517g Feb 10
27% Mar 5
30
Jan 14
29
Jan 25
12534 Apr
39%
Apr
6684 Nov
30
Oct
28% Sept
48
Dec
19
36%
Feb
8%
Jan
Dec
377g Mar
19%
Jan
16
Jan
94
Jan
136% Aug
May
1
39% Jan 20
31
46% Jan 20
2078 Jan 14
39%
Dec
14
Jan
36
108
Jan
8
90%
Jan
101
Jan 14
80%
Jan
103
44
Jan
69% Jan
114
8
Jan 12
100% July
80% Jan 26
55
Jan
Jan 25
97
Jan
120
24%
5%
No par
46
June 23
75% Jan 13
2% Apr
59% Apr
No par
13% Apr 28
19% Feb 11
34
June 28
Ex-div.
y
45% Mar 11
Ex-rlghts.
July
3078 Aug
Nov
91»4 Nov
136
14% June
7
Aug
847, Sept
128
4% Jan 13
z
Mar
x45% Jan
51% Jan
23% July
10834 Oct
21% Jan 21
par
Oct
7gJune25
170% Apr 2
28%June 22
1327gJune
May 19
Cash sale,
Dec
13834 Nov
2
Solvents.-No par
No par
New stock,
Jan
Dec
Jan
90
5634 Apr
Congoleum-Nalm Inc..No
n
30%
1434
7
Feb
122% Jan 6
56% Jan 29
177gJune 17
Commonw'lth A Sou
a
Oct
17% Sept
Mar
75% July
*35. No par
24,800
{ In receivership,
32%
48
—.10
2%
Commercial
Mar 11
8
Jan
82
5)6June 28
Comm'l Invest Trust.-No par
54.25
80
Apr
50% Feb 26
38%May 18
10 June 14
80
June 28
preferred
Oct
3%
90
100
5% preferred
Commercial Credit
Apr
1934
107%
100
6% preferred series A
13%
4734
14
*101
59%
12%
7
2384 June 28
preferred. No par
2%
2%
48%
14
"59%
10
conv
13%
13%
2%
1534
76
52.75
13%
2%
13%
47%
64%
119
*
Feb
9
Apr 23
126
Columbia Gas A Elec..No par
75%
Dec
Feb
June 24
5
100
84
Feb
Feb
12%
24%
Jan
5
4% 1st preferred
82
57g
478
684 May
103% Apr
Jan
Jan 18
11
Jan
Feb
47% Mar 31
108
1,200
12
33
100
2934
42%
14% Dec
337g Nov
4484 Apr 22
90
Jan 14
86
No par
4% 2d preferred
100
Columbian Carbon v t c No par
Columbia Plct v t c...No par
Jan
Dec
Feb
4
7% Mar 17
6% Mar
May 21
June 28
82
119
98
10234June 21
No par
conv preferred
3%
8%
2%
19% Feb 17
7
32% Apr
50
100
7734 Nov
27g
1%
45
No par
Nov
Apr
27S Apr
2% Apr
3% Mar 18
1
8
June 17
40
May
Feb 23
No par
Collins & Alkman.
100
Jan
6
Feb 18
100
Class A
600
4
25% May
10% Mar
40%May
15
83
6
12%May 19
Jan 20
70
31
*4178
18% Mar
32
92
26
11%
8
Feb 16
100
20%
27g Jan
1% Apr
Mar
4
June 25
684 June 21
Colorado A Southern
21
13% Mar 17
60
Colonial Beacon Oil
No par
Colo Fuel & Iron Corp. No par
120
Jan
1% May
80
5
700
*15
51
100
35
5%
June 30
17% June 28
450
120
4
Deo
69% Apr
100
Mar 11
4«4 Mar 16
85%
15%
727g
94
15%
*15%
687g Mar
100
100
Colgate-Palmolive-Peet
20
1
34
21
Jan
Jan
15%
20%
Jan
59
38«4
July
33%
119
22%
6
72% Dec
Deo
111
884 Mar 8
27% Jan 14
22% Jan 29
157g Mar 3
June 18
46% Jan 22
6% preferred
"l~,766
42
*30
42%
120
100
Feb 13
90% Mar
Oct
Nov
19% Mar
8
15%
11
*46%
*15%
900
57% Sept
74
3
3234
*41%
36
36
*16
42
29%
49
*1384
3234
15%
29%
*46%
50
*30
29%
2%
46%
*48
*102% 102% *102% 103
49%
49%
49%
49%
*108% 109
*108% 109
48
Feb
108%
1% Apr
1534May
5
Rights
Coca-Cola Co (The)...No par
3,700
97% May
4784 Jan
8% June
37gJune 28
No par
Preferred
78,400
Nov
3% Apr
Special guar 4%
Cluett Peabody & Co
-
12
3% Mar 17
Clev Graph Bronze Co (The).l
Clev & Pitts RR Co 7% gtd.50
70
-
Feb
Apr
10% Feb 19
9% June 17
Clark Equipment
No par
C C C A St Louis Ry 5% pf 100
Clev El Ilium $4.50 pf.No par
500
Feb 10
57
June 25
14
10
6M% preferred
City Investing Co
City Stores
600
.
7%
38%
*37%
*100%
Jan 14
6%
Apr
4%June 29
25
Chrysler Corp..
City Ice <fc Fuel...
900
684
*36%
June 25
9%June 26
No par
Chile Copper Co
-
7%
678
3
No par
Chickasha Cotton Oil
10%
94
*51%
26
2
2
134 June 26
3%June 17
7% July
100
16%
Dec
35
Aug
2
10%
1778
8 84 June
24%July
100
16%
Sept
Dec
Mar
41
10
Dec
9%
19
33
16%
86
Jan
Dec
37%
101
Apr 28
6% preferred
3978
Jan
4
June 14
Chicago Yellow Cab
110
6% Nov
25%
63%June 10
21
preferred
7% preferred
100
97%
June 17
3
86% Mar 10
23% Feb 10
35
conv
10%
18
2
100
16%
18
115
{Chic Rock Isl & Pacific-.. 100
1,700
15%
*14
14% Mar
No par
53
1,000
378
June 28
2%June 26
6%June 17
Chicago Pneumat Tool.No par
1,000
4%
378
5
May 13
50%June 29
Apr 7
5% preferred
.100
{Chicago & North Wcst'n.100
800
2%
May
91
100
32%
2434 Jan 11
67
{Chic Mil St P A Pac.-No par
1,900
*39
434
15
June 28
4
14%June 16
Chicago Mail Order Co
1,000
2%
*14
107% Jan 26
4134 Jan 15
35% Jan
4% preferred
100
tChlc lnd ALoulsv 4 % pref 100
5
20
2434
4lo
378
2
8%June16
{Chic & East 111 Ry Co—100
6% preferred
..100
{Chicago Great Western.. 100
200
2
16
June 29
June
11
5
Preferred series A
100
4%
*10
634
10
200
*24%
3%
3%
*14%
16%
1634
2%
3%
10
May
18
-
1,000
8%
54
96
Chesapeake Corp. No par
Chesapeake & Ohio Ry
25
2
9
7
Jan 12
12% Jan 28
82
70%
*6%
2434
178
82% Jan
111
69
Nov
39%
48%June 19
*16%
69
x91
Dec
6% June 17
No par
Feb
Jan
Apr
107%June 30
Common
5484
2184 May
19
100
6% prior preferred
60
3,100
1
934
July
106
ChampPap & Fib Co 6% pf 100
380
56%
Oct
Dec
June
8
54
56
Nov
143
9
53
58
53
103«4
Feb
186
7334May 18
June 17
1
18%
Jan
June
30
Feb
6884 Nov
June 24
41%May 20
115
Dec
Aug
Jan
48% Mar
53
10778 107% *107% 108
Feb
684 May
92%
116
36% Jan 13
106% Jan
ll%June 18
8
9
100
60
2
*6%
*24%
Apr
1234 May
Apr
2
9% Apr 20
176% Feb 9
12934 Jan 22
105
6
6
103
Preferred
35%June
June 17
85
26% Jan
100
*2%
7%
2%
Jan 14
18% Mar 11
104% June 29
Cerro de Pasco Copper .No par
3
8%
37
Certain-Teed Products
*2%
9%
9
4,500
*93%
24%
61% Jan
4,100
*98% 105
3
9
8
June
1
Century Ribbon Mills.-No par
94
*6%
16
4
Central Violeta Sugar Co.-. 19
200
53%
24%
Jan
Jan
100
5% preferred
110
94
8%
100
600
52
778
60
lOTj
July
Central Foundry Co
1
Central 111 Lt 4X% pref-100
Central RR of New Jersey.100
52
2
Jan
6
634June 18
Central Agulrre Assoc.-No par
93
7%
54
17% Mar
112
No par
300
5034
2
100
4,700
93
10%
7%
5% preferred.
140
278
734
61
1
138
Celanese Corp of Amer.No par
500
96%
2
—100
Caterpillar Tractor.—No par
100
18,100
5034
2434
10%
10%
55
*51%
99% 100
Preferred
60
*2
2
-
...
1,400
*93
*6%
7
44
No par
Stamped
Carpenter Steel Co
300
278
278
Jan
May
1334
15%
%
12% July
1
53 preferred A
10
Carolina Clinch & Ohio Ry. 100
30
96%
884
7
10% Apr
67%
*62
Nov
38% Mar 19
13%
15
3
23%June28
66
69
Dec
Oct
Dec
16% Nov
13%
15
48J4
40%
4
66
57
Deo
88%
3334
Jan
2% Jan
13
*62
*2%
Mar 22
29%
Apr
30% Apr
Jan
50
——50
6434
15
50%
2
16% Apr
54% June
22
6
*2
52 %
48% Feb
1634 Nov
30
*93
50%
35%June 24
_
2
Jan
37% Feb 13
7
6%
*98% 105
69
*6%
*24%
4%
57
Jan 11
34% Mar
2%
3184 Nov
33% Nov
6% Mar
June 28
91
52
91
67%May 27
25%June 29
-J00
13% Dec
29% Dec
24
115
51
Apr
1
2
3
9% Feb 25
33«4 Mar 9
18% Mar
Campbell W & C Fdy..No par
Canada Dry Ginger Ale
5
161% 161%
113
67
14%
45% Feb
36% Mar
June 23
161
107% 107%
7
30
7
15
15%
67
5284
56%
Dec
—100
5
Carriers & General Corp
1
Case (J I) Co
100
161
13
Mar
33%
5034 Mar 31
6% Feb 25
20% Jan 12
3134
112
13
9
Jan
1
Jan
7
Oct
Jari
8%
Feb
Jan
115
*98% 105
63% 6434
34%
Jan zlOO
160
*63
16%
70
2%
51
108
55%
*66
52
1278
108
108%
*15%
*93
65
Dec
Dec
Apr
25
15,900
104
104
*101
104% *101
104% 104% *101
3678
367„
37%
35%
36%
36%
35% 37
«
11134 *110
11134 ♦111
111% 111% 111% *110
11134
"42"
42
42
42
43%
42% 42%
42% 42% *41
78
76%
76%
*74%
76%
76%
76%
*74% 76%
76%
32
32
32
*29%
*31%
*30% 31
30% 30% *29%
7
7
634
7%
67s
7%
6%
6%
6%
6%
97
97
96
96
96
96
97%
97%
97%
97%
21
18
♦18
18
20
20
18%
18%
*18% 21
11
12
13
13
11
12
*10
12%
12%
11%
934
934
10%
*934
10%
*9%
9%
*9%
10%
9%
*98% 105
6234 6334
59%
35%
11%
4584
7
Mar
Jan
2034 Apr
Apr 29
15,400
♦104% 106
*104% 106
3 684
36%
34% 36%
*110% 11134
*40
43%
14
87
159
"89"
8% Apr
91
*30
89%
1578 May
115% Sept
8
31
♦
115
Jan
Jan
9%
85
2
*30
7
107% Sept
Jan 18
31
115
Dec
Sept
Feb
*281"
157
Dec
2134
Jan
52% Jan
31
*684
22%
87g
106
*28%
155
8% May
102
30
*
Jan
June 28
30
7
Oct
65%
12
98
115
No par
5% preferred..
49
31%
7%
Oct
57
Callahan Zinc-Lead—1
100
98
158
Sept
51% Mar
48%June 22
97%June 15
♦46
*94
98
7
45
Apr
58% Sept
106
96
49
100
*97
155
Jan
9784 Feb
44% May
13%June 29
*94
*-
Dec
40%
Capital Admin class A
*46
162
33
Cannon Mills
98
*112% 114
12% Mar
300
49
*
50% July
Jan
500
100
*-.--
9
69
Jan
4%
14%
*95%
100
35% Feb
Dec
41
47%
98
49
*94"
2
47
*13%
*9534
♦_
65% Mar
45% Jan 18
43% Apr
11% Jan
5% Nov
187g Feb
6478 Mar
*45
96
50
7
Apr
1,200
12%
"96"
100
14% Jan 11
6
1% July
yl2% July
Calumet & Hecla Cons Cop..5
200
3%
14%
97%
Nov
32% Aug
6,700
57
12%
_
47
Jan
7,600
2534
2434
57
~
700
June
25%
2%
127gJune 29
28
39
1184 Jan 29
28%June 21
4% Apr 28
17%June 29
*35
12%
47%
14%
*44
14
*44
-W
3,500
Dec
63% Mar
100% Apr
39
30
5
5% conv preferred
40% Dec
80% June
9
-10
Butler Bros--.
1,100
share
per
37%
24% Jan
J Bush Term Bldg gu pf ctfs 100
70
3,000
167g Apr
9
15
100
—
"27"
25%
12%
12%
47%
12%
13%
25%
24%
25%
*5534
12%
4712
13%
24%
13%
r24%
24%
Debentures
Highest
share $
June
4%June
No par
{Bush Terminal
5%
19
35%
50%
3
13%
25%
13%
35%
50%
*
500
14%
2934
5%
19%
67%
27%
36
35%
50%
3%
3%
1334
"2684
6778
"26"
51
3%
13%
26
18%
*
35%
1—* 00
19
5%
24% Jan 11
24% Feb 3
117% Mar 12
50% Apr 9
3034June 28
22%June 30
Burroughs Add Mach-.iYo par
7,900
1,500
27
29
5
5%
5%
7
No par
23%
600
1634
Jan
No par
23
1634
50
Watch.
Bulova
*5
2
5284 Jan 14
Bullard Co.---
3,600
5
Jan 12
Feb 15
33
18
53
13
5334
5
38% Jan 14
102% Jan
7%June17
33
*16
1534 Mar 23
4% Jan 11
23% Feb 23
59?g Feb 11
53% Feb 13
No par
52%
58
per
May 27
Jan
Budd Wheel
17%
47
98
2,600
*16%
Jan 22
Jan 18
June 16
7%
1534
5
70
8%
65
734
23%
1384
1834
7% preferred..--------100
22%
484
29
26%
100
23%
434
16%
29
68%
9,100
1434June28
l02%June 22
7%June17
31%
13%
"26%
Bruns-Balke-Collender.No par
Bucyrus-Erie Co.—.——.5
7% preferred....—-—100
Budd (E G) Mfg
No par
52%
29
*
1,500
3,600
103
93
46% Apr 13
28
Jan 13
177g
734
48% Feb 13
8
6534June
-.No par
Brown Shoe Co
500
3
$
27gJune 10
234June 17
17%
44%
4984 Mar
Jan 23
1634
100
800
share
47
17%
50%
14
5%
1,000
29
♦30%
2934
*25%
29
1
per
June 30
15% June 17
18% June 17
4
26% June 12
43% July 1
1634June 17
5134
2278
15
...
No par
5
Brooklyn & Queens Tr.JVo par
$6 preferred
No par
Bklyn-Manh Transit—No par
56 preferred series A.No par
Brooklyn Union Gas—No par
4.600
103
*28%
25
20%
6884
*43%
7%
52%
32%
23%
32
1,200
900
*57
*13%
25
40
300
20%
6884
734
52%
4,600
3%
17
31%
.
"5,466
*3%
*1584
65
734
—
{Botany Cons Mills class A.50
407g
437g
40%
No par
Class B
200
17g
17%
*41%
39%
107
7%
6978
*61%
7%
50%
*30%
2234
4%
39
7.300
16%
40%
4i34JuIy
200
23%
*1%
41
Bristol-Myers Co
42%
23%
43%
178
*4014
Bridgeport Brass Co—No par
Briggs Manufacturing.No par
Brlggs & Stratton
42%
23%
912
39%
*40%
40%
No par
88%
42
23%
912
437g
85% Mar 22
41% Mar 12
21%June25
387g Apr 28
8% Jan 28
l%June18
15
Apr 28
39%June 17
Bon Ami class A
20
*87%
42
*ll2
16ig
39%
5
Bohn Aluminum & Brass
1,100
42
1%
167S
39%
*40
27% June 28
l%June 28
37 June 24
5
—
5
5 per share
Rights
2334
10'4
44
Boeing Airplane Co.
42
42l2
16i2
Par
23
*1%
Year 1936
Lowest
Highest
Lowest
41,400
38%
Range for Previous
100-Share Lots
EXCHANGE
75,100
38
38
8884
2884
*9
3984
On Basis of
STOCK
Shares
27%
28%
I84
377g
88%
43%
23
42%
9%
YORK
Week
42%
*41
the
Thursday
July
1
Range Since Jan. 1
STOCKS
Sales
CENT
for
Monday
Saturday
July 3, 1937
Nov
Feb
Feb
82
Feb
15%
44%
Dec
Jan
^ Called for redemption.
Volume
New York Stock Record—Continued—Page 4
145
AND
$
per
SHARE,
Wednesday
Tuesday
June 29
share
$ per share
*12
13i2
*12
12i2
*11%
17
*11%
17
17
13
*12
13
14
*11%
14
lix2
82i2
*10l2
12
400
*79
8212
100
85%
*85
86
90
*85
90
10%
10%
80
10l2
80
*79
*10i4
11
*78
80
*78
80
*85
87%
*85
85%
*85"
85%
*85
85%
90
*85
90
*85
90
*86
*86
90
2%
10i2
*
80
2%
10
10l2
11
32
32%
85%
*85
*2%
2%
IOI4
2%
2%
*2%
2%
11
10%
IOI4
IOI4
1012
10%
2%
*10'2
29%
27I2
19i2
2%
4%
9%
*38
%
9x4
40
2914
90
27%
28%
19%
19%
2x2
2%
51
50%
29
20'4
20%
2%
>2%
2%
2%
84
85i2
50%
29%
28%
84
*83
51
51
19
1834
19
18X2
35%
36
36i2
36%
z35%
2%
214
214
*4312
*25%
*63X4
6OI4
43%
2x4
42%
25i2
42i2
25X2
43%
26
43i2
25x2
25X2
64
63
63
63
6OX4
60
60%
6OI4
63i2
60%
*156
157
157
84
52%
53i2
2%
2x4
42%
*26
26%
*26
*63
64
64
61%
157
26%
*114
II8I4 II8I4 *114
120
*1%
1%
;
*ll4
114
10%
9i2
*8%
*8%
*8%
8
8I4
7%
7%
8%
*8i8
*108X2 113
*10812 114% *1081? 120
39i8
*3812 39i2 *38i2 39l2
39%
9%
9%
9%
9%
9%
9%
76
76
77
75ig
75%
*7512
514
17
5%
16%
5%
17I2
514
2,600
6,500
Continental
16,000
26%
64
37
814
113
113
*38i2
9%
76
39
137%
10
9%
*49
55
*49
55
*49
52
*50
55
*/4
77
*12%
19i2
76
*72
77
*71%
75
/5
*1214
13i2
*1214
1912
1322
*1214
14
*12i2
1414
20l2
1912
19%
19%
*19i2
20%
*98
99l2
12712 127i2
99X2
127I2 129
99i2
27
101
100
27
27
18»4
18
18
26%
18I2
26%
18%
18i2
*18i4
18%
18%
I8I4
35
36i2
33
35i2
33X2
35
35
36
36
36
14%
15%
13%
15
14%
4i8
1412
14i2
1514
15
15l2
26
26
i
4l2
*112
412
4i2
4X2
4%
*107
112
27
■
111
*12
16
*12
17%
*12
16
29%
59%
26i4
3434
*10
29%
*15%
*54x4
29%
59%
'
17I2
20%
*53
2018
59%
*
*50~
59%
59i8
26
1
27
27
26l4
26
26
26%
*34
35
*34X4
34
34%
34
34
*15
16
15
15
*15%
15%
15%
15%
20%
21
20%
20%
21l2
2112
85i2
8512
86
88
I8I4
18
18%
18%
I8I4
*33
34%
*32
85%
I8I4
34%
88
I8X4
20%
85%
*17i2
2114
85l2
*34
34%
35
*34
35
*34
35
41%
z39
*34i8
35X2
35
35l2
35
'
40l2
40%
*9%
9%
*9%
56l2
48%
*24
5714
48%
26
*l2
*112
%
5414
9%
*914
55
57
48i2
*47%
*24%
25
%
*l2
1%
3%
1434
1%
414
15
14%
131
130i4 130i2
*130l4 13134
131
*112
114
113l4 113i4 *113
8%
9%
10i8
93s
172
17134 17234
172i4
114
10%
10%
172i4 17234
30l4
♦115s
3578
9i2
4%
12
3018
1114
35%
36
30%
~30%
34%
35
35
40
39i2
40
*9%
9%
57%
10i2
172i2 17212
31
30%
31%
11
11
11%
36
3634
36
4%
434
4%
4%
16I2
17%
65
*60
1714
65
67
631?
34%
13s
4
163s
32l2
*1
334
3334
Us
334
24
23
56
55
55i4
10834 *108
108i2
S34
*734
23i4(
834
Diamond
31%
No par
34
June 21
4II4 Jan 25
40
Aug
35
June 15
9%June 23
No par
47% May 17
Douglas Aircraft
Chemical Co.....No par
Dresser(SR)Mfg conv ANo par
1,300"
1,100
300
1,000
140
2,700
1,900
"2",200
<
122
Du P de Nemours(E I)& Co 20
14812 Apr 28
180% Jan 18
6% non-voting deb
100
Duquesne Light 5% 1st pf-100
Eastern Rolling Mills
—5
Eastman Kodak (N J)-No par
130l4June 29
11034June 16
9i4June 17
151
Apr 29
135X2 Feb 19
115i2 Jan 22
ZIIII4 June
Mar
5
5i2 July
17514 Feb
3
156
Apr
185
Dec
Aug
Jan 11
152
July
166
Mar
8%
3514
1,300
1%
600
414
24
56
*54
59
56
*54%
107% 108% *107% 114
*107% 11012
*8
9
834
834
834
*734
*54
59
*54
59
*54l2
6% cum preferred...--.100
Co
4
62i2
*56
62X2
*56
*60
70
*58
70
*60
200
712
"ih
No par
5
3
3434 Apr 28
45i2 Feb 11
Elec & Mus Ino Am shares-
4i2June 15
Electric Power & Light-No par
14%June14
No
No
Elec Storage Battery..No
JElk Horn Coal Corp..No
par
62
par
par
58'4June 15
87
32i2June 28
Eitlngon
$6
6%
Endlcott-Johnson
.5%
*3
314
*3
2234
52i8
*12478
47l2
2234
5234
22
22i2
22
*17l4
1778
*87X2
90
47%
51I2
*12478
*46
17
*87X2
130
*120
102
*98
6i2
7
*3i4
3X2
52%
*124%
47i2
90
*99
*65s
48%
1634
*120
♦63s
5U2
638
*6%
3l4
130
100l2
*16i2
13X2June 29
100
19i2June 29
16
16
20
7534
7%
2014
3
*2%
3
500
Exchange Buffet Corp. No par
314
120
Fairbanks Co.
52
5234
*124%
49i2
47i2
1634
17%
90
5414
49i2
1634
*17
17%
*88i2
90
50
50
*17is
*88i2
17%
128
*118
128
*118
*99
101
*99
'"706
preferred
100
Fajardo Sug Co of Pr Rico.20
400
101
6X4
3X4
32
6
*638
6X2
6%
6l2
6%
7
6%
3i8
6%
314
31%
6X4
6X4
*6X4
634
200
314
3X4
3%
3%
3,700
*30
3234
*92
95
*92
95
3634
z36%
37
32x4
Bid and asked prices: no sales on
31%
*92
36%
95
3714
this day.
3h2
*92
38
31X2
94
3834
31i2
311?
*93
1,300
800
3834
a
i',700
Det. delivery,
150
88i2May 25
60i2 Jan 27
9414 Apr 9
6i4June 24
5i2 Jan 4
100
Truck..No par
Federal Screw Works.-No par
Federal.Water Serv A..No par
3
June
9
36
z
1
93
Stores.No par
preferred
—100
Phen Fire Ins N Y..2.50
sale,
June 14
31i2 July
Federated Dept
r Cash
Mar 31
45X2June 14
1684June 28
Federal Motor
New stock,
2
49X2May 18
Traction..15
$6 preferred
100
Federal Min & Smelt Co—100
n
June 23
2034 Apr
Federal Light &
Fidel
June 29
234June 30
3
4y%
94
38
t In receivership,
18
Preferred
6%
314
7i4June 17
Fairbanks Morse & Co.No par
128
101
*6%
preferred
1,400
90
*99
7
8%
14i4June28
z75%May 27
25
.-100
6%
*118
95
36%
50
50
90
*
54
210
*120
102
32
3634
53
*120
24
128
32
*
53
*21I2
*98
*92
3634
52I2
2134
*120"
6:
314
100
21%
17% Feb
7% Feb
26% Dec
9414 Dec
87% Dec
5514 Jan
3234
Jan
1734
Jan 16
i2
Jan
li2 Jan
2234 Nov
53x2 July
110
Aug
1%
6X4
2914
Feb
Dec
Dec
69
Feb
116
July
7i2
45i2
Jan
16'8
Dec
Oct
934 Jan 15
23% Mar 17
35% Mar 17
28X4 Mar 17
4%June 28
Erie Railroad
22i2
Jan
97
Equitable Office Bldg.. No par
22
6%
47i2 Nov
89i2 June
3,700
314
Dec
8434
2,400
3%
Apr
5
Jan
4,500
3
10
15% Nov
Jan
15l2
3%
40J2 Nov
Jan
21%
16i2
7534
7%
20i2
1,200
115i2 Jan 19
Dec
28i2 Jan
634 Apr
3034 Apr
Jan
Jan 19
12%
55
5
2,800
Deo
116
48
15i2
""712
Nov'
13612
Feb 19
21%
7i2
184%
Feb
86i2 Feb 10
5
*234
Apr
129
81
15%
21%
19%
133
72X2May 13
5
4% 2d preferred..—-.100
50
Eureka Vacuum Cleaner
5
Evans Products Co
5
120
6.334 June 15
1514
Erie & Pitts RR Co
Feb
Dec
2
Oct
Jan
Dec
114
2912
Feb 11
May 15
834
I8I4
39%
60
59
4% July
13i8 Aug
7
105i2June 10
June 15
Jan
8
100
1
June 14
li8
Jan
Jan 18
8
% May
9214 Jan
Jan IS
55
5i2
44i2 Jan 16
8
2034
3
26% Jan 14
29
No par
$5V2 preferred w w..No par
preferred
No par
10
6
June 15
$5 conv preferred
1,000
Feb 23
7*4 Feb
21% Apr 28
$6
4% 1st preferred
16
Mar 17
3
50
434
15X4
7%
3i2
3
2
21
1934
2%
3%
22X2
*3
Corp
preferred
Engineers Public Service
June
434
15%
7%
3
1
par
50
preferred
El Paso Natural Gas
May 18
20
19i2
234
3%
18
3
preferred
preferred
$7
9i4May 14
19%
19i2
20
3
Schild
14X4
"7%
19
163
16
70
5
17
Jan 19
37x2 Feb 11
10
100
2
17i2 Jan 19
1034June 17
800
1,800
Apr
3i2 Feb 19
8X4 Jan 16
29i2June 15
62l2
*58
3i2
150
Eaton Manufacturing
59
*56
21
preferred
1
1,700
70
~~7h
Jan
3%June 29
14i4June 2
112
May 28
3434
1,500
6414
*54
*3
Dec
Jan
3
-.1
1
600
69
I6I4
Dec
30i4
134
No par
..100
Dunhlll International
Duplan Silk
3434
*7534
51
Jan
5
35
16
Jan
29
7
10
11,200
Jan 16
138 Jan
65
....
Deo
Oct
12%
2
55
68
15
July
61i2 June
^82X4
39x4 Jan
63
*75X2
140
Jan
712 Apr
Jan
50%
i2June25
li4June29
66i2
14%
8
24i2June 22
62%
62I2
*20
June 30
1238Mar
7714 Jan 25
41 x2
45*8 Apr 29
65i2
59
14X2
135
Jan 28
51
No par
Class B
62
*57
21X2
Jan
95i2 Dec
,25
Nov
40% Dec
JDuluth S S & Atlantic—100
6% preferred
—100
65i2
*55
14X4
*7534
38%May 13
No par
65
*53
15i2
34%
Oct
Jan
4634 Feb 17
Class A
Dome Mines Ltd
65
70
21X4
Jan
Aug
Doehler Die CastlngCo No par
18,500
64
*7534
712
43
Oct
18%
60
*1434
40i2
Oct
Dec
1734
66X2
64X4
4%
Oct
37i2
Apr
1734
434
13i2
19I2
14%
*7534
714
30%
19
17%
*59
6X4
Dec
I8I4
1734
*57
1414
63
93
17
*55
4%
1334
19%
21%
Jan
9
4%
70
5%
June
9
4%
56
*53%
108l2 108l2
8:
*734
13
42
Feb
5
24
May 13
76'8 Feb 19
36X2 Feb 2
40 x8 Feb 4
23
Apr 10
7
19**
Mar
4%
1134
*%
414
11%
30
14
2014 Apr 28
Feb
Apr
June 17
June 29
153
May
4
May
Mar 17
434
4%
Dec
128
146'2 Jan
22
June 29
Jan
96
434
24
33i2 Nov
25
Electric Boat
4%
1912 Apr
9
34
Electric Auto-Lite (The)
24
5
Jan
29
5,100
23i2
108% Dec
3238 NOV
June 28
4,700
4,000
*4
Jan
June 16
IOI4
23%
Jan
27
18
37
3%
23i2
52
5
80
934
1%
412
IO8I4
10% Feb 18
26
Ltd No par
35X2
34X2
Dec
5% pref with warrants..100
Co
No par
Distil Corp-Seagr's
*11X2
1%
107
29
xl 434 June
Dixie-Vortex
9%
3414
5
19% Nov
5
Jan
3134Mar
59i8June29
25
11%
62
14i4
20
No par
Match
6% participating pref
36i2
1
Feb
137i2 Apr 21
June 16
938 Apr
A..No par
9X2
3314
24
109
110%June 15
Co—100
Diamond T Motor Car Co..2
*152
60
5i«
4
5% non-cum preferred. .100
200
*56
14
10
7% Apr
1812 Jan 16
zl2%June 17
19
Apr 29
99i4June 28
104% Jan 5
25i4June 24
17%June 24
,
*54i2
21
......20
9%
1
3%
5
25
pref
700
L-P ow
26
31%
Dec
43x4
90% Mar 10
Dominion Stores Ltd ..No par
12,700
*li4
31%
Jan
8834
9%
9%
4%
33X4
23
8,000
48%
x2
*152
"3Y14
lli2
61 ig
♦8
114
36
17«s
♦108
10
lix2
65
*3%
23%
*55i4
114
70 x2
Jan
Devoe & Raynolds
50
600
130% 13034
13034 131
113
113X2 *113
113i2
*10
10i2
10%
10%
172
175
17214 173
35i2
6S34
*1
130l4 130X4
11%
65
500
140
1%
3%
36% May
...
600
19%
300
*li4
3%
*14X2
37i2
9I2
6712
89
1»2
*4
4%
3%
3%
15
15
15%
*14I2
15%
*111
112
112
114X2 *111
114i2
150
15214 15314 151
15214
15314
1%
Feb 27
Preferred
600
34%
35i2
93s
9i4
100
1,900
34i2
26
62
Dayton Pow & Lt 4j^ % pf-100
Deere & Co..
.—..No par
10
34 2
35
*48%
Apr 28
73X2May 21
Det & Mackinac Ry
4,100
9%
17
3412
30l8
100
2112
%
48
Inc...No par
Oct
2114
26
Jan
59
Feb
Feb
*8618
*18i2
48i8
90
Jan 14
54%
19%
*x2
914 Mar
21% Dec
7% pref. .100
NO par
86
23i8
9%
21I2
48%
Jan
Jan
Sept
June 28
tDenv & Rio Gr West 6% pf 100
Detroit Edison
—100
21%
*86XS
*18%
*25
4
10i2
71
600
100
%
*15114
*151
*151
*151
47%
2514
8% Mar
2334 Mar
Jan
Apr
Dec
Jan
x2
%
1%
H2
4
4x4
14%
14%
*111% 112
*111% 112
*111% 112
150i4 15112 150i2 15214
150% 152%
4X4
*1412
47%
2514
*l2
*114
48
25%
*12
1%
4'8
June 17
44i2
24x4
114
Apr
1,400
139
5
16i2May 13
..——1
99i2 Mar
6
4
6
109X2 Jan
14%
4%
17
137
June 15
Dec
Dec
3634
34%
137
1
20% Feb 11
8i2June 17
71
129
24i2Mar 17
28
135
Mar
43
37%May 21
Dec
1414 Mar
58% Mar 17
15%
56
Jan 11
Dec
June 28
34
9%
127
Jan 30
3%
20
1334June 28
28
57%
110
Jan
63i2 Jan
35i2 May
16% June
0i8
125
33
1514
*9%
14% Jan 12
Sept
Delaware Lack & Western..50
34
56
li4 Sept
9
4
Dec
Delaware & Hudson...... 100
27
39%
Jan 11
734June 15
.
95X2 Apr
MarlO
3
17% Jan
19%
"56% "dot
Diesel-Wemmer-Gilbert
59%
57
Conv 5%
135
May 20
Apr
28
7,300
35
39%
9%
preferred
4
4938 Nov
Dec
714 May
16
*54i2
56
$8
.
Jan
l%May 28
834 July 2
1
Cushman's Sons
500
*15%
*9%
8
1,200
60
3914
50X2 Jan
39
9H2 Nov
58X4 Nov
4,200
3*v
9%
56%
44
3
I8I4
*54i2
89
Nov
35% Sept
43%
100% Feb
36
*15%
39i2
48i2
*24i4
3,900
19
15
.... .
A
Davega Stores Corp
*14
27
"37%
Deo
15% Mar
Jan
46i4 July
2834 Jan 15
June 29
41 x8 June 29
100
.
100
230
19
*3234
_
Cutler-Hammer
*14
135
40i2
Class
700
4i2
4%
6%
4X2
*4X4
*107
112i2 *109^ 115
*108i2 114
111
114
*12
18%
35%
1514
*414
.
100
1414
19i2
100i2 102X2
129% 133
26i4
26'4
129i2 130
_
Curtiss-Wright.
10
/5
*1912
_
Preferred-..-..—...No par
40
19%
*127% 128l2
Preferred
Cudahy Packing____....._50
Curtis Pub Co (The)...No par
/4
13l2
68
100
10
600
200
77
*69i2
19%
Mar
Jan 16
3,700
38
/4
13l2
9914
99i2
12412 126%
26
*25%
20
52
55
35
37
18i2June 15
par
No par
Sugar
Cuban-American
5,200
52
100X2
116
18,500
*49
*
3,000
5%
*69i2
Nov
115
18i2
74
140
100
9
7% Mar
50 x2
Oct
Nov
May 27
No par
(The)...
July
41
136
105
.
51
5%
*69i2
4
Dec
170
3
100i8June 17
2 8% June 29
pref w w..No par
Preferred
Aug
Jan 28
50X2 Feb
90v
1V12
74
4
June 29
158
3
No par
Cuba RR 6% pref
Oct
69i2
97i2June 23
Cuba Co
Apr
46
82i2 June
$5 conv pref-No par
Crucible Steel of America.. 100
100
44% Dec
5514 Apr
2514 Apr 13
10834 Apr 15
8134 Mar 3
1,500
Jan
24% Mar
87i4
63% Aug
100
Pref ex-warrants
3538 Nov
Feb 13
4714 Jan 28
5%
1/%
*69i2
Jan
Dec
25
8
Dec
Dec
71X4 Jan 15
171i2 Jan 14
IOI4 Mar 16
June 29
5X8
17%
71
Mar
16%June 28
5X4
17%
5i8
Feb
4
10,500
77
16%
46
Crown Zellerbach Corp._...-5
200
230
IOI4
Apr
Apr
28% June
113X2May
Crown Cork & Seal
1%
9%
Nov
67i4
6334
17i2
35i2
2%
100
Crosley Radio Corp...No
9
*37%
Nov
77
54%May 13
153
Apr 14
Cream of Wheat ctfs...No par
8%
10%
4
Jan
Dec
June
109
121
1,600
conv
Jan
35% Mar
62X2 Apr 29
6
1,000
$2.25
June 14
z25
40
3,800
100
Jan
1%
3% Feb 11
4738 Apr 20
May 13
25
preferred
5% conv pref
4,600
10%
4234 Jan 23
2
No par
Co
17%
2,000
77
71
*72
Crane
—100
Coty Inc
4,600
77
73
77%
2,600
120
*108
25
Preferred....
100
8%
37%
Corn Products Refining
26i4 Mar
35%May 13
3934May 14
Corn Exch Bank Trust Co..20
77
*71
*73
Continental Steel Corp.No par
1%
13%
8%
115
115
500
4,500
37%
1534 May
69% Jan 9
2534 Jan 23
1
5
100
6212
158
*114
1X2
Motors
Continental Oil of Del
914
1214 June
6
18X2June 28
Continental Insurance...$2.50
2%
4714
1234 Nov
1% Jan
2
5X4 Jan 15
10934 Feb 17
June 17
Continental Diamond Fibre. .5
Z6II4
120
1%
*8X4
8%
13%
8
17
*114
1%
*8%
514
5I8
17
16%
120
1%
1%
11
50
700
.
120
20
19
*157
157
il57
100
preferred
26%
62%
*156
8%
106'8 June
3,7% Jan 14
2i2June 17
June 18
Continental Can Inc
Jan
5i2 Sept
101
5234 Apr 6
37% Apr 13
lsi6June 2
Feb 24
z81
July
109
9% Nov
1714 Dec
lli2
June
1314 Apr
20% Jan 4
"i6June14
18i8June 17
No par
214
64
61l2
60%
33
Rights
Continental Bak class A No par
600
7
6%
7
7
6%
6%
6%
6%
6%
7%
'6%
6%
41
41
40
41
41
43
41
42I2
4114
43I2
40i4
43i2
116",6 116",6 I16"i6 116X',6 II62I32 116",6 II62X32 116",6 1!6",e 16", 6 116",6 116",6
101
10314 103%
101%
100% 101% 101l2 102
101% 103%
101i2 102
29
29
29
29
29
*27%
28%
28%
28%
28% 29
28%
21
21
20
21
*20
2OI4
2014
2014
*2012
19% 2054
*2014
77
68
69
72 x2
73
74%
69i4
72I2
70l2
70l2
68%
70i2
46
*43
42
*41
*38
48>4
41%
41I2
4112
42I2
41%
*42%
39
39
39
*38
*38
*38
*39
39%
39l2
39%
39%
*35%
17
18
18
18%
18%
18%
17l2
16%
16%
16%
17%
17i2
*85
*94
97
*75
97%
97X2
*96%
97i2
*93
97%
*96%
97%
62
62
62
62
*61
65
64
*59%
62X2
*61
61%
6OI4
*1%
5% preferred v t c
100
Container Corp of America. 20
10% Jan
7i8 Feb
20% Feb
48% Oct
Apr
38 May
140
6,400
3% Apr
4
8i8 Jan 26
87
Jan
102
1% Feb 27
Consol Coal Co (Del) v t C..25
Class B
Jan 12
17% Apr 5
105% Jan 23
1,800
1,600
Nov
Apr
2714 Apr
13i2 Feb 26
%May 13
6,000
Nov
94
1514
9
49% Jan 23
108
Nov
95
14i2May 14
10434 Apr 9
4i2June 30
par
56
36i2
1834 Jan
JConsolidated Textile..No
18,200
6
534 Jan 20
June 29
10
Consol RR of Cuba 6% pf.100
64
44
Mar
1,100
44%
45
43%
92
85
73i2 Feb
4'8 Sept
Mar 11
99i2June 15
9x4 Jan 4
No par
June
6534 June
7214 Jan
2
Mar
95
31i2June 14
*18%
2X2
18%
36i2
2%
84
5214
.1
No par
8
33i2 Jan
1934 Dec
87
$5 preferred..
No par
Consol Laundries Corp
6
Consol Oil Corp.
$5 preferred
2534 Mar
Aug
7
$2 partic pref
No par
Consol Edison of N Y..No par
5314
*84
85
100
ex-war..
share
Jan
15
9
87i2June 8
2i8June 18
Jan
per
16
18% Jan 15
9%June 14
83i2 Apr
100
Highest
per share $
Jan 14
22
June 21
80
..100
prior pref w w
B
share
per
1914 Jan 23
12i4June29
12
Lowest
Highest
$
share
4,700
2%
2%
36%
2%
18i2
36%
*114
■
-
21%
*21
18i2
36
19%
36i4
2%
*156
_
20,400
50%
*18i2
159
28l2
19%
19%
2%
28%
28%
20 x2
85
51
*155
-
1%6
*83
*18
-
--
«.
37,300
'
7*1
2%
2%
1,400
9i2
-
4%
%
*%
*914
2,800
9,900
1,600
per
No par
preferred
Consol Film Industries
700
11
rp)6 15,6
20
19%
*104%
*104%
4%
.No -par
6y2 % prior prf
29%
14%
9i2
9%
7%
6^ %
$
4j^ % pref- 100
Consolidated Cigar
40
37
9%
1514
15
32
32i2
101% 102
101% 101%
9%
9%
Cigar
Conn Ry & Ltg
2%
2%
10%
33%
2%
10%
300
3414
33i2
3314
3214
3314
103
103
102X2 102%
10214 10214
9i2
9%
9i2
9X2
«ljg
9i2
15%
15
1514
15i2
14%
15%
14%
15%
15%
*104%
*104%
*104% 'm.~
*104%
5%
5
5
4%
5%
*4%
4%
412
4i2
%
%
%
*%
%
%
%
%
%
9%
9l2
9%
9%
914
9%
9x4
9I4
9i2
38%
38
*36
38
38
38
38
38i2
38i2
32% 33
*10112 10214
Congress
*12
*11%
*10i4
100-Share Lots
Lowest
Par
Shares
17
*1134
Range for Previous
Year 1936
Range Since Jan. 1
On Basis of
Week
2
July
$ per share
$ per share
12i2
12i2
1214
1214
*11%
EXCHANGE
Friday
1
July
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
June 30
$ per share
June 28
June 26
$ per share
PRICES—PER
SALE
HIGH
Monday
Sales
for
LOW
Saturday
65
May 12
Ex-dlv.
78X4 Jan 30
80
1418
34x4
634
5%
6I4 Apr
11
16
Apr
Apr
Jan
29
Oct
Jan
69
Jan
Jan 21
Mar 3
Jan 21
Jan 28
12
Jan
15% Aug
40% Jan
8X4 Mar
23% July
4% Jan
2% June
8i2 Apr
3434 Jan
122i2 Jan
31% Feb
1834 Apr
Jan 11
29% Jan 18
4
84
Jan
150
Mar 11
37
Aug,
129
Apr
69% Mar
7% Jan
103
Jan
2
11% Feb 19
lix2 Feb 25
6
Oct
1134
68
Jan 28
70
10% Dec
I8I4 Sept
34i2
Jan 14
71% Jan 15
21014 Jan 14
28
June
Jan 14
4334 Mar
4
108% Mar 9
45% Jan 18
y Ex-rights.
3
2i2
20i2
Apr
Jan
434 Mar
25
Dec
71»4
Dec
21014
Dec
61i2
2734
101X2
Dec
Dec
Dec
92
Mar
123*2 NOV
1214 Mar
6
Dec
6
Oct
Jan
46i4 Nov
105
Dec
115% Nov
38
Apr
4934 Nov
? Called for redemption.
New York Stock Record—Continued—Page 5
66
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
NOT PER
June 26
June 28
June 29\;
I per share
S per share
Wednesday
Tuesday
June 30
40
61
40
*26%
2734
51
*49
50
July
$ per share
♦2734
28%
*48
61
•46
40
40
Par
Shares
39
*26%
3134
31%
10134 10134
40%
39%
30
28%
mmmmmm
1,900
200
37
37
37
37
*34%
*34%
*34%
37
♦34%
♦34%
37
*5
478
5%
5%
5%
4%
4%
5%
*478
5%
5%
♦48
*48
50
50
♦48
*48
50
50
♦48
60
•48%
50
112% *107
112% ♦109
♦108
112% ♦107% 112%
11234 *107
113% *107
39
40
39
38% 39%
38%
38% 38%
38%
393g
39%
39%
99
*96
99
100
*96
*96%
♦96% 100
*96% 100
•96% 100
10
8
884
*8%
10
*834
9%
9%
9%
8%
884
8*4
31
6% preferred series A—100
First National Stores.-No par
2,400
900
2,500
39%June 21
26%June 30
No par
46
4712 Jan 25
108
•36
45
*36
45
*43
45
*43
45
*43
45
45
45
10
26
26
•25
26
*25
29
*25
29
*25
27
25
25
20
5
5
5
900
*
*53
60
27
27
27%
*106%
♦106% 109
383*
2534
•100% 102
1138
1138
11
11
101
63%
*1078
•
*
75g
758
"~7%
21%
5
12%
12%
1284
127g
38%
24
*37%
24%
102
11
11%
11
7%
7%
22
21%
3734
*24%
25%
11%
107g
99%
63
11%
11%
*
6,000
37%
100
390
60
113s
*
135
784
"*7%
8%
2178
22%
2234
23%
1,300
2,100
135
"784
23
a. «.*,<•>
8%
23%
44
*44
48
*45
50
115
*110
115
114
114
*45
50
934
16
44
50
*45
934
16%
9%
934
16%
16%
*43
44
9%
*1634
3434
34%
*
130
*93g
16%
35%
*
130
53
"52%
37
3634
130
"52%
53
37%
36%
61%
120
49%
1137g
43%
9%
16%
*
*
,104%
3%
3
*31
68%
•50%
104
3
3
33%
68%
31
31
*30%
31
31
/ *44
44
9%
*16
56
56
56
56
58
58
48
60
104%
3
56
•47
60
21
*20%
35
20%
*31%
20%
*31%
34%
•30%
14%
80%
2258
81%
43%
5138
4%
22
14%
80%
22%
*80
14%
104%
"3"
3
•20
14%
♦
31
104%
"~3%
3%
*31%
57%
37
*9%
♦15%
*42
43
527g
43g
4%
534
534
110%
39%
83
83
3%
•87S
27g
♦17%
•32%
36%
3%
9%
2%
18
35
8%
82
3%
■
8%
234
*17%
38%
113
83
*8
*81
3%
8%
284
3%
8%
234
18
♦17%
33
33
33
35
35%
35
35
♦19%
473g
195g
1734
46%
34%
19
34%
18%
•3434
135
48%
36%
135
•5034
27%
♦6038
14
64%
28%
75%
14
135
48%
8%
234
18
33%
34%
18%
48
♦5034
14
13%
64%
28%
75%
1334
11%
2%
11
11
2734
*60%
2%
2%
45
♦33
45
♦34
45
10
*9
12
*9
12
*40
*27
•30
31
*30
14%
27%
3%
8%
234
*
"39"
38%
114%
8%
114
*81
3734
8%
18
78
78
22
22%
81%
4234
52%
*78%
42%
*62%
5
5
4%
5%
*78
3%
8%
278
14%
79
6
383g
300
3734
*81
20,000
1,500
8%
600
83
70
17
18
35%
18
1878
48%
19%
20%
49%
35%
20
20%
50%
1,100
2,100
4,400
18,600
35
35%
1,600
135
135%
120
483g
35
135
49
135
*5084
2734
28
*603S
75%
*60%
75%
13%
14%
11%
14%
*1034
11
2%
2%
11
*2%
*35
64%
45
*9%
10%
*5034
28%
*31
*9%
'*40
60
60
*5034
29%
*60%
30
14%
*1034
2%
14%
12,100
11%
500
44
*31
44
1034
*10
1034
*42%
*23%
44%
*30
31
14%
2%
14%
14%
*27% 27%
104% 104%
}
75%
25
104
104
104
104
*104
*98
99
99
99
*98
99
*98
*41
42%
41
41
2,900
m mm
mm m m
101
*99
155
*140
106%
155
14%
*27%
28
104%
99
*98
99
*14%
27%
m
100
14%
800
27%
300
104
104
60
99
99
*99
101
101
101
101
155
*140
155
*140
*24
25
24
24
24
24
*24
25
*24
25
25
25
"""300
152
*145
155
*140
154
*140
152
*144
152
*144
152
100
132
*130
132
*130
132
130
130
*130
132
*130
132
20
*69
60
104
*30
35%
38
38
104
104
2334
30%
2384
31
♦110
49%
♦32%
*1878
59%
*9078
14%
72%
3%
*7%
14%
3%
49%
37%
19%
59
5878
*102% 104
*32
35%
36% 37%
104
23
*30
*11034
49%
*32%
18%
60
60
93
*9078
14%
14
73%
71%
*3
734
14%
3*8
7
14%
22%
22
3%
21
3%
*40
44
*40
♦58%
63
15
15
*68%
1484
58
58
62
62
62
*57%
♦57%
*57%
103% 103% *102% 104
*102% 104
*102% 104
*30
*30
33
*30
33
35%
35%
38
39
36% 37%
39
37% 37%
38%
*30
300
100
mm
rn.~m.rn.
1Mb
104
103
*101% 104
103
*101% 104
101% 101%
23 %
23% 23%
23% *23% 24%
2334
2384
29% 30
2934 2978
30
29%
29%
29%
♦111
*111
*11034
*11034
50
49
50%
60%
49% 50%
48% 49"
49%
37% *32% 37% *32% 37%
*32% 37% *32% 37%
18
18
19
I884
19
20
20
18% 1834
60
*59
60
60
60
59% 59%
59%
59%
93
*92
♦89% 93
93
93
*89% 93
*90%
147g
14%
14%
14%
1434
14%
14%
1434
15%
72
72%
74
74
72%
71% 74
74%
75«4
♦3
*3
3%
3
388
3%
2%
*2%
3%
7
♦7
8
7
7
7
7
6%
♦684
14
14%
14
f4%
1334
14%
14%
14%
14%
3%
3%
3%
3%
3%
3%
3%
3%
3%
2234
21% 22
2134 22%
2234 23%
23%
23%
110
23%
30%
900
1,700
----
44
*40
44
63
*58%
*13%
63
1434
14%
'
mm
m
"lb",400
mm
mm
mm
1,700
900
______
13",300
4,000
600
400
8,500
4
Jan
4
June 28
Jan
2
6I2 Jan 4
2i2June 14
17
70i2
Jan
49
Dec
140
Jan
152
55
Dec
44i4 Feb
3338
Feb
Jan
44
Nov
71
9
334 Jan 18
124
Feb
9'
60% Jan
15% Feb
1
19
%
110
Jan 19
6378
53a Jan 13
65% Feb
4
634 Jan 20
185s
5»4
4
1
May
8
59i2 Deo
1534 Dec
Jan
Jan
105
312 Apr
32i2 Apr
106
Jan
2
Apr
60%
13%
44
*40
44
*40
60%
60%
60%
60%
13%
14%
14%
*14%
60%
15
2078 Feb
1
88ig Feb 23
29% Mar
9
90*4 Mar
9
135s June
Aug
70
Dec
71
Dec
89
Dec
90
Jan
Jan
2712 Nov
Oct
634
84
92
Nov
51% Jan 28
3712 Dec
65i4
Jan
58% Jan 18
67g Feb 25
52i4 Sept
37s Jan
56
Dec
8% Feb 19
115
Feb 17
6U Nov
116
47% Mar 11
141
Mar 11
13i2 Jan 18
Feb
Dec
8i2 Apr
Jan
434 Feb
9
2
June
Jan 12
13g July
55s Jan 22
3*8 Apr
16
Apr
28% Mar 8
5684May 20
42% Jan 2
145% Mar 2
64% Mar 10
39i2Mar 10
24i2 Aug
28i2 Jan
16
Jan
32%
Jan
31
Jan
136
Jan
5934 Apr 24
27%June 2
98
Mar
3
l238May 13
167g Feb
8
14'4
10%May 26
Feb
Oct
8612 Nov
31% Apr
77
1
IOI4
118
Sept
5
15
Feb
35i2 Dec
Jan
96
7i2
Jan
215s July
*100
65%June 18
10578 Deo
1458 Dec
96i2 July
4i2 Feb
1114 Mar
683 Jan
*25% Nov
44
Dec
S2i4 Nov
2238 Oct
46'% Oct
4214 Dec
149i2 Aug
11% Mar 18
100
Greyhound Corp (The)-No par
%■ preferred
10
...
Guantanamo Sugar
No par
2
100
40
Gulf Mobile & Northern.. 100
10
June
100
44
June 16
25
27
June 29
25
2612 Apr 17
8%
preferred.
Hackensack
Water
7% preferred class A
Hall Printing....
10
Hamilton Watch Co..-No par
June 17
Feb 27
16r
434 Jan 11
59
65
22
Apr
397s Nov
65
May
Dec
158 July
24
July
Jan
9
17% Mar
5
9U
59% Mar
3434 Feb
6*
30i2
8
30
Jan
36
7
33
June
Jan
205s Feb 10
Oct
5012 Mar
6
Jan
Jaii
Jan
95
Jan
1778 Nov
484
66
Dec
Dec
1984 Mar
62i2 Oct
3478 Dec
Aug
37
15i2 Dec
13i2 Jan
4
25% Apr
2
31
Feb 16
14
Jan
9
108
Feb 18
*104
Dec
125l2 Nov
98
May 14
105
Jan 22
100
June
105l2 Mar
Harbison-Walk Refrac. No par
40
June 17
6% preferred-100
128
Apr 13
6%
preferred..
Hat Corp of America cl A
6K% preferred
June
10%June 22
1
100
w w
93%June 23
4
May 14
2
100
June 28
Ills June 30
100
5
No par
7% preferred
—100
Homestake Mining new. 12.50
Houdaille-Hershey cl A. No
Class B
Household Fin
Mar
1578 Jan 25
Jan
141
Jan
165
Deo
June 17
Apr 27
3958 Feb 11
Jan
150
Deo
126
Aug
135
Apr
6878 Sept
Sept
80
Jan
Jan 19
102
119
Feb
37
1
1
11034 Apr 27
47i8June 24
9
35
June
18
June 29
57% Mar 25
88i2June 11
12
Apr
62»4 Jan
8
4
Feb
June
4
5234 Feb
5
120% Jan 4
3034Mar 9
43% Jan 7
11484 Mar 3
50%June 29
41
Jan
5
1
21
June 28
1914
Jan
4934 Dec
124
Dec
3334 Oct
4278 Dec
108
Feb
115
Oct
407
Dec
544
Feb
73
Jan 11
5434 June
Mar 20
17*8 Jan 22
90i2 Mar 10
23% Feb 17
4
Apr 24
100
Jan
2778 Feb 11
13i4June 17
3
May 11
-No par
Jan
June
9
94
1
67s July
301s
108
397s June
2214 July
578 Jan 21
1578 Jan 21
234June 15
Oct
84
2
6734 Jan 21
111
Jan 27
41
3
185
135% Feb
3
June
100
6% preferred series A
Leased lines 4%
RR Sec ctfs series A
213s
May
29i4 July
par
Hupp Motor Car Corp
Mar
117
100
Hudson Motor Car
Jan
9
150i4 July
25i2 Apr
35i2May 13
5
5% preferred
115
133
6
21
t c._25
Hudson & Manhattan
Nov
4% Apr
9953 Dec
125s Aug
3
9
10H2 July
100
v
104
Jan 14
Jan
36
stk. No par
Houston Oil of Texas
Howe Sound Co
Feb 26
8
10934 Mar
102i2 Mar 12
No par
com
6% preferred.
107
135i2 Dec
18% Nov
Feb
58
No par
$4 conv preferred--.No par
Hlnde & Dauche Paper Co. 10
Holland Furance
No par
preferred.-No par
Dec
Jan
166
1447gMay 17
125 May 22
conv
55
Jan
12
126
6
*24
5%
Jan
120
May
No par
Hollander & Sons (A)
Holly Sugar Corp
3018
Feb 26
1734 Jan 11
140
May 17
No par
preferred
Hershey Chocolate
cum
5
Nov
140
Hercules Powder—
6%
58% Mar
32
100
Hercules Motors
Illinois Central
60
478
44is Nov
1938 Oct
Greene Cananea Copper
7,100
'""30
118i2 Mar
3134 Dec
Green Bay & West RR Co. 100
Green (H L) Co Inc
—1
4,700
44
June
63g Feb
57*fcDeo
July
38
Mar 17
683 * Jan
4834
Jan
318 June
8i2 Apr
13i2 May
185s Apr
■
*40
HO
17
8
June
JaiT
30ia July
Jan
5
34
Nov
1231a Nov
437g Feb 11
47% Jan
40% Jan
77
Jan
3384 Jan 25
2734 Feb
48% Feb
135
Oct
Jan
Aug
4812 Dec
June 15
———100
Feb
123
70%
26i2 May
33U Apr
32i2 Apr
7
June 12
Sugar.-No par
Jan
43s
Deo
Mar 20
17
1734June28
59i2 June
Jan
34i2 Apr
Jan 13
34%June 29
Gt Nor Iron Ore Prop .No par
Great Northern pref---—-100
605s Dec
12884 Nov
64% Jan 21
*32
$3 conv pref series
No par
Granite City Steel
No par
Grant (W T)
——No par
Hazel-Atlas Glass Co—
25
Hecker Prod Corp v t c.No par
Helme (G W)
25
Preferred
100
152
♦103
3
1
Hayes Body Corp.
♦130
4
Mar
74
82
1
600
300
65
126% Mar 31
52% Jan 23
8784 Mar 11
7*4 May 18
——100
700
6,500
Dec
13&8
500
155
Oct,
Jan
28
60% Mar 11
Hanna (M A) Co $5 pf-No par
10
II84
Jan
4
103
50
Oct
6
2734 Jan
Nov
684
88
Jan
Dec
20
155
7
4
14
June 14
76
Feb 11
28
100
101
*140
June 21
145s Nov
104% Apr
Jan
29
100
1,100
10«4 Apr
118
1
Nov
141
32i2Mar
152
30
4
4
100
No par
-—
Jan
7778June 29
Granby Consol M S & P——5
Preferred-
14
Feb
487g Jan
70% Feb
31
5% preferred
No par
Goodyear Tire & Rubb.No par
$5 conv preferred
.No par
Great Western
153
97
42i4 Apr
70% Feb 11
122% Feb 2
July
5% June 17
Preferred..
5
11712 Jan 22
4
No par
6% preferred...-
"""300
42
42
*42
*41%
4234
4134
41%
42%
136% 136% *130
136% *130
137% *130
137%
10%
1034
10%
10%
10%
10%
1034
10%
♦92% 93%
95
93% 93%
*93% 94%
*92%
4%
4%
4%
438
4%
4%
4%
4%
100
*101
102
100% *100
102%
102% 102%
11%
11%
11%
11%
11%
11%
11%
11%
14
28
mm
Feb
1778 Nov
Oct
.110% Apr 29
400
2%
29
14%
*40
500
36
Dec
7% Aug
10512 Aug
116
51i2May 14
Grand Union Co tr ctfs
33%
35%
78
63i2
Nov
1
1
1
Gotham Silk Hose
9
86i2 Feb 17
19% Jan 14
lli2May
Jan
50
Graham-Paige Motors
17%
Feb
I6I4 Dec
8i2 May
100
July
No par
preferred
conv
1,000
36
35%
4K %
Gobel (Adolf)
7,600
1,500
33
Jan
14
14
78
July 2
20*8 Jan 4
80%June29
397s Apr 30
—No par
2%
33
Jan
68
48, June
20% June
34%June
14%June
No par
$6 preferred
Glldden Co (The)
1
55a June 17
preferred...No par
Brothers
3%
35
384
657g Jan 18
Gold & Stock Telegraph Co 100
35
135
conv
Goodrich Co (B F)
35
48%
$5
Jan 16
19i2 Feb
15i2Mar
105% Jan
104g June 28
3ft Apr 26
31fJune 17
Gillette Safety Razor.-No par
Gimbel
Goebel Brewing Co
115%
8%
Deo
9784 Oct
23% July
3558 Feb
108
Nov *135
Apr
64i2 Jan 29
3%June 23
41%May 13
100
1
6% preferred
Gen Realty & Utilities
9%
31
101
No par
Railway Signal—No par
234
44%
2934
*140
106
No par
$6 preferred
Gen Public Service
Gen
13,800
300
Dec
453s
July
8
42^May 2l"
8%May 17
15i8 Apr 13
No par
Common.
General Printing Ink—.
4,700
2,200
79%
38%
63
Mar 22
June
May 1
48i8June 14
Gen Outdoor Adv A—No par
9
*2634
107
113
15 preferred
3%
*30
155
10
No par
General Motors Corp
3
31
♦101
117
8%
44%
2934
*145
..—100
preferred
6%
3%
*26%
•
60
3%
*30
137% *128
137%
11%
1078
1078
*92%
93% *92% 93%
4%
4%
4-%
4%
♦101
101
102% 100
11%
11%
11%
11%
48
No par
2,600
300
May 13
33
l%May 19
$6 conv pref series A.No par
*234
17%
27
*1078
36
No par
Gen'] Gas & Elec A
General Mills
*8%
31
♦128
May 17
49%June 14
-.No par
General Foods
52%
5%
5%
38%
114
83
200
110%
8%
27
14
134
General Electric.--—No par
4334
*79
115
4,400
4,600
81
"38"
79%
*30
44%
5%
*
110%
39%
31
♦27%
preferred
7%
34%June 30
Gen Steel Cast S6 pref-No par
44%
27%
14%
11212 Apr 28
1,600
♦40
28
39%June 14
100
No par
100
57%
*27%
1334
No par
7% cum preferred
57
22%
June 14
Class A
General Cigar Inc
58%
34%
14%
June 21
738June 29
16 preferred
No par
General Refractories—No par
14%
27%
104%
27%
•103
20
31%
3434
*17%
*33
35
10
44%
28%
*81
*132
*31
♦40
8%
35
75%
2%
3%
4234
*52
83
37%
135
27
13%
*107S
83
79
22%
*78%
79
114
35
64%
25g
8%
79
135
*26%
11%
113
"38%
35
*60%
*238
46%
77%
37%
14%
80
*
135
*5034
♦107g
14%
4%
113
8%
Cable
♦75
*5138
113
5
—No par
Bronze
General
Gen Theat Eciuip Corp.No par
4%
6
6
6
634
6%
5%
♦— 112% *—
110% ♦— 110%
38%
387S "37% 39%
37% 3834
884
General
1034June 23
Gen Time Instru Corp.No par
41%
37*4
600
135
18 1st preferred
1
62i2June 30
6
No par
Baking....
General
140
52%
114
3,000
10%May 13
99% July
preferred
No par
am.Transportatlon
5
300
52%
8*4
$6
1,400
40%
114
Gen Amer Investors—No par
Gen
53
5234
4%
.
June 17
34%
14%
43%
77%
36%
106% Jan 28
11
24
5234
80
20
3%
31%
120
127
2
3
Gar Wood Industries Inc
23
40*4
*77%
104%
"3"
5634 Dec
34i4 Dec
1134 Mar
48i2 Dec
*39% June 21
50%
80
80
-
Jan
2
22%
34%
80
*7778
37%
a.
Mar 25
Apr 26
May 13
50
80
4%
~
73
95
50
80
*438
-
1,600
1,400
32% Jan 13
22
21%
34%
14%
84%
43%
»
July
373sJuly
10
preferred
50
2234
05138
-
117
9
Jan
No-par
13
2()34
22%
81 *2
'
24i4May 14
105%June 22
25
4018 Sept
36i4 Dso
10534 Nov
5858 Nov
423s Dec
1838 Jan 12
Gannet Co conv $6 pi-.No par
Gamewell Co (The)
35
22%
*
600
Aug
9534 July
11^4 June 14
49
14%
80%
*75
*
300
Jan 14
1
Galr Co Inc (Robert)--
1,000
9%
16
135
June
2418 Apr
4738
260
78,600
1,000
32
106
Apr
54i2 Feb
83
June 14
378 Aug
31% Apr
30
600
128
Dec
25i2 Mar
8
20«4
*31%
14%
2238
3,700
45
4
a.
-
48
9%
16%
104%
3%
32%
-
36,100
4.400
Apr
30% Sept
58i2 Feb
39% Mar
9% Feb
58
Apr
3
2034
32%
2134
♦
-
53%
•106% IO884 *10634 10834 *10634 10834 *107
10834 *107
IO884 *107
10834
3%
3%
3%
3%
3%
3%
33s
3%
33g
3%
334
3%
42
42
45
45
45
45
45
4384
4334
43%
42%
45%
*
1,400
40
46U Feb
7i2Mar
13i2July
100
35%
2
1%
1%
56
62% 52% ♦52%
*61
63
61%
61%
120% 120% *119
120%
49
50
50
48%
113
H384 zll334 115
1%
56
44
9%
16%
35
Jan
Jan
Feb
9
45
June
20%
z2478
100i2
9
4i2June 14
300
1
7% June 16
55
3934 Feb 19
4l3gMar 11
107% Feb
52% Mar
Highest
% per share $ per share
Gabriel Co (The) cl A ..No par
a. <• <
1,800
1,900
June 23
share
4812 Jan
500
1,500
1,600
conv
per
2
300
25
101
1134
113g
11%
11%
♦99% 101
65
63%
11%
11%
10%
""7%
*42
♦44
44
44
44
47
43%
1 *105% 118*2 *105*2 118*2 *106% 116
*110
34%
34%
•3478
34*8
347g
34%
35%
*
•
*
130
•— 131%
131%
5034
51«4 *51**
515S
52%
"6078 62%
37
37
3634
37
37%
37*8
1 36%
1%
1%
134
1%
134
17g
17g
•52
56
56
52% 5234
•52%
*52%
6078
60%
*6078
60%
61%
60% *60%
119
118% 119
118% 119
*118% 119
50%
-48%
4978
60*8
48%
48% 49%
*114
11534 *114
1157g *114
114%
11334
90
25
99%
63
135
4,800
13%
373g
11%
*11%
20
101
102
11%
*
7%
22
13
3734
25%
*101
60
*434
10%
10%
*99% 100%
63
62%
11%
136
38
102
1,100
27%
28%
109% 109%
*434
*
138
22
22
63%
11
1078
11
135
28%
109
5
10%
1034
♦99% 102
63% 63%
102
63%
<v
*484
11%
1078
1078
♦99
64%
27%
109
*56
4%
12%
*100% 102
11%
11%
2634 27%
♦10638 109
59
38%
23%
38%
24%
24
10134 102
59
59
4%
12%
13
*3734
•38%
•24%
2634
*55%
♦106% 109
478
12%
•99
mmmm
67
26%
27
'
4%
13%
13
67
57
•62*2
$7
June 21
37%June 17
10
preferred—No par
Francisco Sugar Co
No par
F'k'nSlmon&CoInc7% pf 100
Freeport Sulphur Co.
--10
6% conv preferred
-100
Fuller (G A) prior pref-No par
$6 2d preferred
No par
-
8
4%June 17
preferred.—100
Foster-Wheeler
Apr 12
33%May
J Follansbee Brothers. .No par
Food Machinery Corp
100
conv
30
No par
Fllntkote Co (The)
Florence Stove Co
4^%
'
June 17
10 Us June
Florsheim Shoe class A.No par
•34%
$
39% Apr 23
Firestone Tire & Rubber.--10
800
6%
Year 1936
Lowest
Highest
$ per share
Co-No par
Filene's (Wm) Sons
2,800
51
Range for Previous
Share Lots
Lowest
Wee t
% per share
39
*26%
32
*31'4
101% 101%
32%
101% 102%
40
3934
26% 27%
*48
50%
40»4
28
28%
60
40
40*4
27%
27
*46
•40%
31%
2
On Basis of 100
STOCK
EXCHANGE
the
Friday
1
July
I per share
39
*25%
S per share
39
*25% 39
♦25%
39
32%
31% 31%
31%
31*4
*102
103
104
103% *102
♦26%
3134
103
Thursday
Rangt Since Jan. 1
STOCKS
Salts
CENT
NEW YORK
Monday
Saturday
July 3, 1937
100
44i2June 11
67% Mar 11
30
June
-.100
60i2June 30
72
Jan 20
58
Jan
1000
13i2June 30
25% Mar 11
11
May
44%
33
Feb
Mar
*7853 Nov
1378 Deo
65
Deo
578 Jan
1733 Feb
2253 Nov
29i2 Oct
5438 Sept
73% Oct
20
Oct
/
»
Bid and asked prices; no sales on this
day,
t In receivership,
a
Def. delivery,
n
New stock,
r
Ca3h sale,
x
Ex-div.
y
Ex-rights.
^ Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 6
145
AND
HIGH
PRICES—PER
SALE
SHARE,
Sales
NOT PER CENT
STOCKS
NEW
JUI
Saturday
Monday
Tuesday
Wednesday
June 20
June 28
June 29
June 30
S per share
$ per share
$ per share
% per share
*12
13*8
12I2
36
124
*135*4
106
104
13
*12
33
34l2
124
*124
125*2
106*4
*135*4
104l2 106
35*2
*135*4
106
*12
12i2
33
127
35*4
*124
13
12l2
35
34*4
*136
*135*4
106*4 107
«.
107
-
Par
% per
No par
33
June 28
Ingersoll Rand
400
No par
124
June 28
144
Feb
5
100
133*2 Mar 27
137
Jan 21
125
10
2,000
23
*55
45s
6
6
*50
57
57
*109
6*8
6*4
1758
5*4
183g
53g
175g
43*2
6*2
18
5
47g
6
ioni2110
6*8
2278
*45g
45g
6*8
*6
2134
434
2218
*45g
23*4
23*8
45g
24lg
45g
6*4
9,900
Inspiration Cons Copper...20
6
45g
6*4
6
54
*51
*51*2
110*8 110*8 *110
6*8
63g
6*8
183g
175s
18*8
5
5*4
5*8
*6
54
150
107
8*8
18*2
5*4
5*4
18*4
94
*42
47
*43
150
150
150
150
151
105
10558
105
106*2
14578 147
97s
10*4
734
734
147
147
147
*11*8
7*8
8*4
*42
10*4
10
8
Ii7g
*11*8
6*4
99*2
*5*8
*55g
*43l2
*2378
*41
37
88
90
10*4
103s
23*2 2358
*102*4 103*2
36
36
*35
38
*32*4
89*2
103g
*75
"16*8
89*2
~io"
2234
10*8
2334
227g
24
102*4 102*4 *101
39
10*4
8*8
89*2
1034
10*8
24
2334
102*4 102*4
*17
18*4
28
*27*4
*32*4
18*4
28*4
*17
18*4
*27*4
28*2
*17
120
119
120
120
*11714 117*4 *117*4
30
28
28
*28
*29*8
29*8 30
*116*2 119
*116*2 119
*116*2 119
*116*2
15
16
16
16*4
16*4
1534
15l2
27
26
*25*4
25*4
25*4 *22
*22i2
25
25
*25
26
*25
26*4 2634
20
23*2
*20*8
20*8 20*8 *20
20*2
109*2 *97
99*2 9912 *97
10912 *97
14
14
14
14
*133g
*13*2
*1334
10
10
*10
10
10
10*4
10*4
*101*2 103
*101*2 103
*101*2 103
*10112
56
54
55
57*8
54*2 5634
5534
15
15
15
15
1412
*145g 15
*35
39*2 *36
39*2 *35*2 39*2 *35
*5
*5
*5*4
6*4
*5*4
5*2
5*2
51
51
50*2
51*2
5078
50*2 5078
35
35
35
35
*347S
20*4 2034
20s4 207g
2058
2034
205g
*9 I
*9
9
9
10
*9
978
125
*110
*31*8
195s
*110
31*4
20*8
33*2
1958
125
3l3g
*110
*31
21
20*2
125
31*4
11812
7,700
2,800
Int Hydro-El Sys cl A
25
Int Mercantile Marine.No par
4,000
Internat Mining Corp
__1
Int Nickel of Canada..No par
12i8
58
59
129
129
28*4
109*2
1134
1234
1,400
6*4
98i4
57g
6*2
6,000
9934
12,900
57g
60
*55g
6*2
34
*10
*110
*32*4
20
2034
34
16
*22*4
1834
*1214
25*8
28
*2214
1812
1214
28
*22*4
28
*2212
28
*22
28
25*2
25
*30
3212
*30
*128
130
♦
1834
183s
12*4
2514
*12
32
*29*8
2434
180
~
18*2
1434
18*8
25
25
32l2
32
32*2
32*2
3234
180
179
*.
13*8
13*2
"13**8
1334
"l3 *~2
1*4
1*4
178
134
178
85g
37*4
*145g
*40*2
85g
38*4
17b
*9*2
5912
60*4
834
3778
38
36*4
3734
*15
16
15
15
*40*2
5938
41
41
62
6234
12
12
4114
62
*12
*12
145g
884
1434
1434
2478
38
16
*145g
*40*2
41
59*2
1178
12
14*8
♦
179
"1414
*
2
2*8
978
9*2
912
3878
39
16
178
61
61
*58
53*2
49
76*8
52*2
*47
77
7378
60
*58
53*4
*52*4
47*2
48
Z40
48
7334
75
74
7534
76
77
7678
60
*58
53i2
♦
*3*4
43s
15
14
4
*3*4
15
14
*
19*2 »_
7*4
*12*2
137g
*1212
18*4
•15
19*2
137s
.
*16
18*4
*16
778
19
*.3*8
10
4
10
*15s
2*8
7*2
*18
3i2
978
*158
19*2
934
2
*158
*10
13
*10
21
21
20
2384
20*2
9
*3*8
39*2
2218
19*2
8*4
50*4
48*2
335g
3*8
3*2
39*2
23*2
20*4
*39*2
*80 "
10*4
10*2
20
20
3*8
3*8
42
19*4
*39*2
2212
19*2
85s
1934
8
8*8
*48*4
50
*49
3278
50
105
13
2218
33
105
*158
2*8
33
325s
*143*2
145
145
54*2
55*2
54*2
*95s
978
»93g
*34*2
*
36
37*2
*92"
734
18*2
3*2
978
2*8
2034
2234
85g
33*4
«14234 145
*14284 145
55
55*4
5384
5378
10
97s
97S
97g
*3412 36
•34*2 36
•
*
37*2
37*2
1334
177g
97g
13
3l2
19*2
*16
7*2
1934
102
*3412
♦
*4
5*2
*1212
177g
3*8
1334
1778
19l2
7*2
*18
33s
934
*158
*10
19*4
*234
19
33s
10
2
13
21
3*2
42
2378
2312
24
20*4
2014
2078
812
85g
50*2
812
50
50
*95*4 102
100
100
No par
No par
7,400
1,900
Bid and asked prices; no sales on this day,
100
preferred
Lehman Corp (The)...No
conv
50
par
6
No par
Ubbey Ownes Ford GL No par
Llbby McNeill A Llbby No par
Life Savers
Liggett A Myers Tobacoo...25
Series B
24
Corp
5
Jan
17*4 Mar
203
Feb
xiO
July
2
585s Jan
—100
Lily Tulip Cup Corp...No par
113*4 Feb
114
175
Jan 13
4
59
No par
51*2May 14
No par
43*8 Jan
4
537« Mar
Loew's
No par
04*2 Jan
4
No par
No par
105*4June
1
20*4
84
31*2
31l2
131
41*2
46*4
11*8
43
5*8
18
*10
7*2
1934
3*2
10,
2
*234
*39*2
23*2
203g
87S
1,000
2,400
Louisville A Nashville.....100
-.1
82*4 July
29*4 Jan
Mac Andrews A Forbes..... 10
30*2May
Jan
19
Apr
2678
30
43
65
Dee
40*8
67*8
Dee
Dec
107
99
2
4
4
Feb 11
Oct
45
Jan
May
113
Sept
Apr
20ia
151
Jan
Jan
140
'
Dec
20
Mar 17
41*4 Mar 11
30
21is
May
30*4
67*2 Jan
22*4 July
102*8
Oet
35
Feb
42
Jan
33
Oct
Oet
134*8 Nov
No par
40%June 22
62*4 Mar
127*2
27*s
Jan
Jan
Macy (R H) Co Ino
No par
44
June 17
58*4 Mar
40*8
Apr
Oot
05*4 Nov
85s
Jan
155,
Mario
34*2
Jan
57
Jan 12
1*8
Jan
9
Deo
7*4
Jan
36*8
Dee
6% preferred
1,400
400
500
410
+Mmmmm
..No par
Madison Square Gard..No par
10
t Manatl Sugar.
..100
Certificates ol deposit..-100
Magma Copper
130
132*2 Feb
Mar 31
8
8
16*8 Jan 20
10*2June 14
42
May 23
03
7 7«
3*4 May 17
4*2May 14
7
14
JunC28
30
Jan 11
100
14
June 24
49U
Dec
Nov
Mar 30
..100
Preferred..
Pref ctfs of deposit
21*2 Apr
0
18
Nov
No par
13*4 Apr 28
7
June
t Manhattan Ry 7% guar. 100
15*4June 14
39
32
Dec
57*4
Jan
Deo
23*4
24*4
Feb
Manhattan Shirt
16*2 Jan 20
29*8 Jan 30
1278
300
100
25
OVune 15
18UJune 22
600
Maracaibo Oil Exploration.. 1
3*4 June 17
958june 29
1414 Feb 13
Mandel
10
900
5,300
10
3*2
*95*4 102
Apr
0312 Nov
Mack Trucks Inc
60
51
Jan
July
32*2 June
Feb
l".200
260
24l2
21*4
87g
Jan
Dee
2,700
2034
42
Jan
170*4
23*4
28*4 J&n 13
......
Nov
Oct
May 12
19*4June 17
Ludlum Steel
31*8
115
Nov
100
2
Louisville Gas A El A ..No par
2
13
2034
110
Mar 31
128*4 July
Mar
13
x38*4
43*4 Jan
28*4 June 17
June 26
100
05
8OI4 Nov
Jan
May
May
8
37« Feb
900
7% preferred
21*4 Nov
116*8
285s Feb 8
147*4 Jan 20
70
Oot
123*4 Nov
Jan
3»8 Feb
017s Dee
8*a Mar
Lorillard
129
Oot
Feb
19
10*4 Jan 20
1,800
20
Nov
1087s July
4~8O5
100
180
Jan
Jan
6*4 June 17
10
I8I2 Nov
18*4 Deo
45*2 Nov
Feb^
Long Bell Lumber A...No par
Loose-Wiles Biscuit..;
25
June 22
100
Jan
50*4 July
26*4 Feb
Apr
900
Co
Jan
337s
97*4 Mar
75*4 Mar 11
preferred
Nov
28
2
50*4 May 14
1
Deo
51
35*2
3*s
Lone Star Cement Corp No par
$6.50 preferred
32*8 Nov
18*2 Nov
135
104*8
Loft Inc....
(P)
Jan
4
97
Jan 23
110
1,100
5,000
6%
Oot
22
26
3
2,900
21
Jan
03*8 Nov
May
7
Jan 14
01
178
5434
*16
*1812
3i2
97g
*1*8
Jan
106*2
30
Jan
2478
107
47*4
84*2 Apr 19
10734
Feb
Nov
28*s
387s May
23*2May 5
83*2 Feb 15
Lima Locomot Works..No par
6
33*4
12
Jan 28
zl8«4May28
Inc
30*4 Nov
110
89
4
Liquid Carbonic
*i2i"2
7*2
9*8
15*8 Mar 2
28*8 Jan 18
Link Belt Co
10,400
Apr
20
Apr
48*2 Aug
Apr
2
Jan 10
79
9*4 Jan
900
77*2
Dee
121
Jan
July
8I2
10
11
200
534
*
Apr
94*2 Apr
9
2
2
255s Feb 25
93
May 20
58*2 July
Jan
July
16*2
1
94*4June 14
151
May 20
Preferred.
7is
12
17,
18
18
1
June
157a July
1
245s Mar
3*4 Jan
18*2 Jan
43*2June
21*8 Feb
0
June 17
14^8 July
1
51*2 Feb
13*8June28
158June 23
858June 29
36
0
2778 Mar 11
4
June 30
Jan
32
Mar
24
18i8June 30
12*4June28
100
..50
41i| Jan 14
3
Jan 13
300
17*4
19*2
1334
t In receivership,
23*4June
32
No par
47*2 Jan 23
24*4 Jan 14
277s Jan 14
June 14
15*2June 15
25
Lehigh Portland Cement
100
14,400
Bros
Modified 5% guar
5
Midland Corp
Market Street Ry
Marine
100
6% Preferred
..100
6% Prior preferred
100
6% 2d preferred
100
Marlln -Rock well Corp
1
Marshall Field A Co ...No par
1
(Glenn L) Co
6,500
Martin
1,200
Martin-Parry Corp
1,100
1,700
100
2,300
900
20
No par
Masonite Corp
...No par
Mathieson Alkali Wks.No par
7% preferred
..........100
Stores—10
No par
No par
13 preferred ex-warr.No par
16 1st cum pref
No par
May Department
Maytag Co
13 preferred w w
d Change of name from
♦
18
Apr
20*8 Apr
45s Apr
7478 Feb
35*4 Aug
19*8 June
20*2 Apr
29&8 Jan 2
157i Jan 16
31*4 June 28
17
300
'""366
105
5
300
2,000
Deo
60*4
Nov
53*2
52l2
33
33l2
33*2
325g
3334
*14334 145
*14334 145
145
56
56
55
56*2
57l4
10
10
97,
97g
*934
36
36
36
*34l2
*34l2
*35
37*2 *35
37*2
37*2
99
No par
Lehigh Valley Coal
593g
12ifi
Deo
133
01
147
Lee Rubber A Tire
6%
Deo
120*2
30
20&8June 29
8*4May 18
May 11
Lane Bryant
800
Jan
Jan
378 May
Feb 30
100
~
28*4
Sept
93*8 Nov
162
June 28
"2",200
800
Feb
Dec
120
Oot
71
Lambert Co
2,000
87
Oot
Dee
35
100
preferred
(The)
Deo
107
46*2
7*8
1
Kroger Groo A Bak
No par
Laolede Gas Lt Co St Louis 100
5%
Nov
18*2
47*4 Jan 12
Kresge Dept. Stores...No par
Kress (S H) A Co
0
June 14
3434 July
8% preferred
"""266
93
19*4 Feb
377# Nov
245s
No par
10
Kresge (8 B) Co...
Feb
Net
17*4 June
No par
S5 prior pref—
4% conv preferred
Lehigh Valley RR
*4
75g
*39*2
42
80
5
1
3,800
16
16
*
310
No par
3~66o
60
76*2
534
*14*8
16
*12*2
33g
24
42
♦
95g
*21
*40*2
2334
20*2
*834
50*4
*33*4
1378
1778
338
*18
312
10
*10
♦3
♦3*2
*14
*75s
18*2
3*2
7*2
75g
1934
4
15
Kinney (GR) Co
$8 preferred
Oct
6312
20*2 Mar 8
4034 Apr 14
9*8 Mar 30
14*4June 14
38
July 1
48
53*4
*47
.
15
Kimberly-Clark
2*8
40
106
106
106
106
106
106
*10578 106
105i2 105i2 106
134
1*4
1*8
1*4
1*4
134
1*2
1*2
158
15g
1^8
54
52
5234
52*4
5238
5234
52*2
*53*4
5H2
53*4
537g
6
6
6
534
534
57g
534
*534
534
6*8
57g
30
30
31
30
30U
30*4
2934
303s
29*2 297S
*30*4
*10634 10734 *10634 10734 *10634 10734 *10634 10734 *10634 10734 *10634
20
20
2034
207g
2034
2038
20&8 2034
203g
20*8
20*4
*
*
*
♦
130
132
134
132
12934 130
12834
*20" 203s "26" 20
"26"
1934 *1934
203g
1934
*19*2 20
85
85
85
*82
*82*2
82*4
8334
8212
8334
87*2
82l2
31
31
31*4
3134
3U4
30*2 3034
30*2
30*2
30*8
31*4
32
*31
*31
3134 *30*2
*30*2
*30*2
*30*2 32
31*2
313s
♦123
131
*123
131
*12112 131
*12112
*121*2 131
*121l2 131
42
4234
4H4
*4134 4212
41*4 41*2
41l2
4134
*4034 4138
46
45
4614
46*2
4512
45*8
45*8
45*8
455g
45l2 45*2
11
11
*11
11*8
11*8
11*8
11*8
11*4
11*4
11*4
11*8
43
43
45
43
43
*425g
4234
447g
»43*s
*42*8
4234
6
4
4
512
*4U
4*2
*334
43g
*334
412
*334
*3*4
Keystone Steel A W Co No par
100
Apr 29
51
No par
Lerner Stores Corp
12
47*2
Kennecott Copper
Jan
19*4
17*2
19*2 Jan 14
109*2 Feb 4
69*8 Mar 10
101
Dec
80
23*8 Feb 11
Jan
2378
Jan 14
110
Jan
17
5
9*2June 22
May 25
1
Class B
600
5812
53*4
.
Mar
1258June 17
Kendall Co $6 pt pf A .No par
~m'
Lehn A Fink Prod Corp
12
53*2
*58
m
300
60ig
40i2
47*2
59
June 16
447s Jan 16
1
Feb
19*4
90
4,400
12
15
Keith-Albee-Orpheum pf_.100
Kelsey Hayes Wheel conv cl A1
1434
595g
59
Jan
3934
12
47*2
13
1434
4112
52*2
Mar 17
10
60
52*2
29
393g
3938
1458
59
June 28
10
145g
40*2
48*2
Nov
1414
2734
*47
110
200
3234
*96
*52*4
Mar 17
27*4 Jan 18
34,500
1,500
26
1134
1178
115g
26*2 *26
26*2
26*2
*2612 27
26*2 26*2 *26*2 2634
96
99
*94
96
96
96
*94
96
96l4
*96*2
96*2
97
98
96
96
96
96
96
96
96l2
96*2
95*2
95*2
161
*157
*157
161
*156*4 161
*156*4 161
*156*4 161
*156*4 161
*20
20
*20
20
20*2
20*8
20l2
20*2
20*2 *20*8 2038
20*8
*2012
121
Jan
May
75*8 May
39*8 July
6
June 30
100
179
"14"
1414
2
8
Feb 15
20
5,500
19lg
1434
247g
3212
40
5
700
28
19
2434
*12
1*4
10
*22
183g
25
13*2
*9
18*8
18*4
136
June 29
Kayser (J) A Co
60
*14
17*4 June 29
35
16*4
17
121*4
July
1534
*14
2
June 28
7,100
18
Jan
25
2014
*14
6120
25
20
17
Mar 18
100
2038
*14
120
4% preferred
21*8
34
100
Kaufmann Dept Stores.112.50
125
*32*4
88
700
m.m
Apr
58*2
8
500
10*4
2078
10
113
6
115*2 Apr
30
35
22*4 Apr
Jan
pf ser B No par
Kansas City Southern
100
Dee
98*4 Deo
11*2 Oot
105g Oot
01*2 Nov
31*8 Nov
155
Jan
Deo
Deo
Jan
June 17
28
Nov
23*8
147,
8*8
Jan
120
87*8 Jan
136
15
No par
69*2Juno 30
18*4 Dec
00*8 Nov
24*s Aug
No par
Kan City P A L
400
21
Jan 16
121
1
Apr
82
2012 Jan 30
30
A<pr 15
126*2 Mar 29
300
15
125
June 18
25*i Jan 26
Kalamazoo Stove A Furn___10
1,800
15
*9
June 18
17
1
Jan
Apr
11*8 Sept
10*2 Apr
157s Feb 19
30*8 Jan 18
107*2 Apr 6
100
100
Jones A Laugh Steel pref..l00 zl
—
14
18
14
560
14
2034
June 17
934 May 14
20*8May 27
No par
Preferred...
10
*110
493s Jan
Jan
19*4
Johna-Manvllle
300
«
June 15
Jewel Tea
20
108
*14
1834
Inter Telep A Teleg
No par
Interstate Dept Storee.No par
3,500
*98
97s
June
88
108
21
50
100
Mm
Jan
Feb 19
100
11812
30*4
3*4
110
Silver
*29*2
28i4
20*2 Apr
Feb 10
10
Jan
Oct
International
118
118l2
Jan
Apr
100
$6 preferred
Ino
Apr
2*4
1*1
15
38
-
Feb
3*4
9*4 Apr
121*4 Apr
41*2June 17
31>4 Jan 2
400
43*4 May
125*4
5
Mar 11
No par
mm'm
13*8 Dec
52
Shoe
Preferred
7'
47
International
Intertype Corp..
Feb
18*4 Jan
4
300
Island Creek Coal
Deo
8
3
42
50
10*8
Jan
23
*40*2
*3512
""300
Apr
4*2
8*4 fJan 30
24
....100
preferred
2*4
9
67*2 Feb 10
28*4 Jan 25
June
No par
7%
Jan 29
1678
160
8
6
5% preferred
International Salt
Dee
105*2 Dee
Jan
43*2May 26
Voting truat certlfs.-No par
260
194
Jan
2434 Apr
18
Apr
.
Apr
50*8
733* Mar 10
300
100
100
Deo
77g Jan
187S Jan
48*4 Nov
112
Sept
67g Dec
18*4 Deo
678 Mar
7*4 Dec
148*2
135*4 Jan
47
5,200
27# July
22*4 July
24*4
5
Feb 23
Feb 24
Jan 12
Jan 6
5i2Junel7
100
Jan
9*8 July
15*4 Apr
16*2
105$
6JI4
90*4
24
19,600
Apr
2*2
4
May 18
24
37
37
Fab
Jan 18
162
55*8 Apr 29
Internat Rya of Cent Am.. 100
mm'mm
Jan
11234June
Oct
107
63*2 Apr 14
189
12778May 27
No par
Preferred
4
10
100
....
Jan
146*2June 14
99*8 Apr 7
14478 Apr 30
878 Jan 4
0*2 Jan 4
Inter Pap A Pow cl A..No par
Class B
No par
Class C
2
47
11
11
10*4
10*4
10*4
*101*2 103
*101*2 103
103
573g
5634
58*2
57*4
5634
15
153g
I5ia
15*4
1538
38
38
38*4
*3578
38*4
5*4
5*4
5*8
5*2
518
50
5012
50*4
50*8
5078
35
3478
3434
3434
3434
*32
Preferred
1,300
*98
14
125
203a
200
17*2
*117
129
*117
129
119
16*2
1678
1712
16*4
163g
25
257g
2514
257g
2434
*24
27
27
27
*2514
23
20
20*8
20*8
*203g
*110
2034
30,100
17
Jan
42
Internat Harvester....No par
Preferred
100
1234
5
Jan
Dec
May
9*8 Apr 14
5
Dec
Nov
5
11*2 Mar 16
28*2 Mar 11
Feb
140
122
107s
64*4 Apr 20
111*4 Jan 0
16*2May 13
Int Business Machines.No par
600
Jan 21
434
Internat Agricultural..No par
Prior preferred
100
100
*78
88
90*2
1034
10l2
10*4
10*8
24i2
2414
2378
24*8
102*4 102*4 *10214 10312
*17
*1714
18*2
18*4
118
41
16i8 Nov
41*8 Nov
147
0*s
Jan 18
0
Jan
May
Aug
88*8 July
13*4 Jan 20
107*4 Apr 24
No par
1,200
88
30
Iron
10,100
102*4
18*4
28
28
28
28
28
*27*4
*122*2 132*2 *122*2 132*2 *122*2 132*2 *12212 132*2 *122*2 13212 *12212 132l2
71
73
73
73
73
70*4
70*4
*68*4
*68*4
*68*4
6912 69*2
124
124
125
127
126
125
*124*4 126
126*4
125*4
124*4 124
*122*2 123*4 *122*2 123*4 *122*2 123*4
123*4 *123
123*4
123*4 123*4 *123
*17
*27
4,000
48
12
11*8
1188
11*4
12i2
11*4
11*8
11*2
58
573s
58*4
57*8
5814
58*4
587g
5712
583s
*129
131
*129*2 132
135*4 *129*2 132
*129l2 132
17
17
1734
165g
165g
1612
1734
1734
17l2
12
12
12
12
11*8
11*2
1214
11*8
1158
65g
65g
6*2
6*4
63g
6*2
6is
6*2
63s
95
98
97
95
99
100
100*2
96*2 99*2
*6
6
6
6
73s
7*8
*5*2
57S
*55g
*55g
6*2
6*2
6*2
612
*55g
6*2
*55g
*55g
47
*45
47
4410
45
46
47
*43*2 47
24
24
24
24
24
*23
*23
24*4
24*4
42
42
42
42
41*2 4n2
4U2
*40*2 42
*36
Interlace
14578 14578
10*4
IOI2
818
8*2
147
8
STgJune 17
6% preferred
100
Intercont'l Rubber...j.No par
16,000
151
C..100
10534 10634
152
10*8
8
'30
1,800
*44
v t
4is
25*8 May
131*4 Mar 6
*s16May 13
33*8 Feb 23
1
*,6June 1
173gMay 18
45sJune 4
dInterchemlcal Corp_.ATo par
mmm
19is
55g
5*2
105*2 106&8
48
t Interboro Rap Tr
June
1
Insuranaharee Ctfs Inc
400
-
151
45
400
6*2
6*2
18*8
1834
53g
46*4
53g
55
*110
6*2
15134
8*2
17
mmmm
*6*4
107*4
*40
*14578 14058 *14578 1465S
97a
10*4
*10*4
lOSg
573s
'
*110
6*8
105
107*4
*129l2
54
*52l2
_
"
*150
4312
150
2314
45g
*57g
*52l2
2334
47g
6
21*2
22*4
22U Jan 20
47*2 Apr 20
12i2June 28
0% preferred....
100
Inland Steel..........No par
mmmmmm
Highest
% per share $ per share
$ per share
share
Indian Refining
Industrial Rayon
4,500
Rights
21*2
♦45s
Lowest
Highest
Lowest
108*8
108
10778
Year 1936
Lots
EXCHANGE
700
*136
-
-
14
13
36
35*4
125i2 125*2
Range for Previous
Range Since Jan. 1
On Basis of 100-Share
STOCK
Shares
13
36
353g
*123*2 125*2
124
124
I per share
S per share
YORK
Week
1
July
the
Friday
2
July
Thursday
1
67
a Def. delivery,
n New
stock,
r
*
0*4 Feb 17
3*2 Mar 29
KgJune 24
20
234 June 22
7
May 14
48*2June 28
325s May 30
142
May 17
"
Jan 21
39
10*4June 30
1
19*4 July
39i2June28
187i Jan 4
19i8June 10
167« Jan 11
Jan 14
Jan 20
07$
51*4
307»
29*4
Mar 27
Mar 4
Mar 10
Apr 30
137i Jan 10
74
Feb
8
105
1*8
Jan
0*8 July
18*4 Jan
2*4 July
23
Nev
45
Nov
7*8
x
Jan
0*8
Apr
"12"
27*2
15378
Apr
May
103
Dee
70
Nov
Jan 13
Jan 13
44
NOV
Jan 22
103
Jan
15*2 Jan 11
34
June 23
44
35
June
3
45
99
July
1
111
y
Mar
42*t Nov
Jan
06*4 Mar 11
June 12
Ex-dlv.
Deo
11*2
50*8 Nov
25*8 Nov
41
21*s
Feb
51
Feb
60*2 Ape
110*2 Oet
Intern atlonal Prlntl'ng Ink. Corp
Cash sale,
Dee
0*4 Mar
12*4 Aug
3*a Mar
43*4 May
13*8 Apr
4312 Dee
Jan 25
2
8
51*4June
2*4 Jan
8*2. Apr
5
41*4 Jan
17*8 May
Ex-rlghts. 1 Called for redemption.
New York Stock Record—Conti ued—Page 7
68
LOW
AND
HIGH
PRICES—PER
SALE
SHARE,
NOT PER
CENT
Sales
8TOCKS
Monday
Tuesday
June 26
June 28
June 29
$ per share
$ per share
$ per share
25*8
25*8
16
*82
85
*82
*45
*44
17*4
34*8
33*2
33 *2
I334
13*4
*17*4
3412
32*4
13*4
43
12*4
4312
12*4
100
26*4
26*4
26
1
July
$ per share
July
$ per share
25
the
Friday
1
2
$ per share
25*8
15*4
25*8
1534
16
16
*16
17
*16*4
16*2
600
82
*79*2
85
*81
85
*82
85
100
*44
48
*44
25%
*45
48
19
*17*4
33*4
32*2
19
17*4
17*4
34*4
32%
34%
34%
33%
34
13%
13*2
133s
13%
347s
33
135s
43
43
12%
125s
*
100
*43
12%
26*2
26*2
*
*
90
£19
4234
12%
12%
*
2,100
47
MoGraw
l
24%June 30
35*4
3.4*4
36
2,500
McKeesport Tin Plate
31 is May 11
14
14
14*4
7,800
MoKesson & Robblns
43*4
12%
43%
43%
1,000
28%
42i2
42%
10i4
47i2
13
13
800
100
"26%
2634
29
"3300
69*2
*63*"i
10
10
10»8
2,500
34
34
35
36
35*2
36*2
36*2
36*2
200
95
9534
69*2
67
68
*67*2
9634
80
70
200
10
5
$3 oonv preferred
MoLellan
No par
1
Stores
12% Jan
4234 July
1
12%June
1
0% oonv preferred._____ 100
Mead Corp
No par
$0 pref series A
No par
95
June 21
25
June 17
—-No par
67
1
100
34
Melville Shoe
93%May 11
10*8
10*4
35*2
*34
10*8
35*2
*25
33
*25
33
*25
33
*25
33
32
32
*32
35
Merob & Mln Trans Co .No par
62
59*4
61*2
58
58%
59
59
60
60
1,000
Meets, Machine Co
16
1634
16%
17
17%
17%
17%
17*8
1734
5,400
27*4
25*4
27*4
27*4
27%
28*2
7,400
Miami Copper
Mld-ConMnent Petrol
35%
1,800
Midland Steel Prod
I
58
17
*58*2
16*8
25%
61
10*2
July
32
62
26*4
*93
*97
101
97
*112*4 114
112
26*4
3534
33% 35%
*34% 35%
♦110
113
112%
112% *110
*93
96
96
*92% 96
97
12%
11%
93*2
92*2
99
100
100
101
*110
112
112
112
95
97
97
94
94
*92
*1%
*2%
*3*8
4%
2%
2534
2534
24
3%
25*2
*2%
24*2
6%
6
6%
534
22%
3%
0*2
30%
21
22%
21%
3%
86
86
5334
54%
3%
0%
29%
6
58
3,600
22
6
6
21%
23
22%
23%
22*2
23%
5,600
*3%
3%
3*2
3*2
500
6%
0*2
6%
6%
3,000
*37%
39
37
37
*36%
37
*50%
01
*58
61
20
19%
19%
39%
20
*38*2
23%
38
38*2
24
25%
*81
27
27%
19%
19%
38%
24
*38%
*23%
85
29
85
*80
86
*81
26
*25
26*4
70
*68
70
70
*66
*103
105
103
11
10%
66
*02
19%
*38
1%
*25
23*2
87*2
*25
10%
♦20%
*57
1%
*62
23%
104*2 *104
10%
10%
63%
02
26*4
72
*70
37*2
61
1%
1%
28
*28
19%
19%
40
90
26
25
87*2
*25
26%
72
70
62
62
62
*61
17*4
16%
17
16%
17%
*30*s
33
30
30
18
17%
30%
17%
30
17%
18
18
*12
12*4
11%
12%
17%
34
16%
*24
26
*23
95*8
*9334
32
93*4
31%
33%
19*4
18%
112
18%
*109
26
26
25
*91
93%
26
95
*91
94*2
*90
32
7,300
151*2
300
26%
300
*26"
*32*2
19%
*93%
160
132
*40~
29
45
29
132
*_
*11"
*26*2
*
30%
33%
3,400
19
19%
22,000
9%
9
9%
9
9
9
**2
1*4
*%
1*1
*%
1%
*%
%
%
%
%
%
%
79%
79%
34%
80*4
79%
34%
%
79%
35%
123
*118
7%
*7*4
9%
10
35%
124
34%
*119
7%
*7*4
*9%
10
%
80
49%
9*2
9*4
9%
1
*%
1
%
81%
81
35*2
35%
*122
7
7%
10
*9%
38%
40
35%
35%
124
124
7*4
10
9%
23
*2234
22
41%
7%
16
15
134
*125
15%
*125
*124% 140
*%
♦
*7%
23
22%
•
1
96
8%
7%
*14%
23
15%
132
125
23
*
90
3%
"3%
13%
*2%
*10*4
13%
2%
12%
10%
9
*55
56*2
55
*76
80
*72
79
*85
88
*80
2
2
*2
87*2
2%
*237
243
*
56
1*97%
98
*99% 102%
2034
♦
"3%
*27
17%
59%
1-
3%
f 13%
|*95
2%
23
123
7
7
23
15%
*
15*2
130
*14*4
*125
134
90
"3%
*
*
90
"3%
3%
12%
2%
9%
12%
*2%
*9%
12%
2%
56
56
56
56
*75
4
13%
2%
80
12%
2%
10*4
9%
87*2
4
Preferred series A
t Missouri
100
conv
3
100
20
preferred
Mohawk Carpet Mills
5%
21
100
Pacific
91
10
79
79
80
89
90
*87%
90
99
90*2
100
*2
18*4
56*2
2%
27*2
47*2
"3%
26*4
31
27*2
47%
3%
*27
*
4
31
'
19
18%
59%
3%
56*4
2%
14
13
95
47*2
3%
*45
*27
31
*27
18%
57%
3*8
27%
3%
28%
27%
*45
47*2
3%
3%
31
18%
19%
19
19%
56%
57%
57%
*27
58*2
2%
3
28
May 14
85
48
Apr 29
May 13
Morrel (J) A Co.
37
3%
3
3%
122
122
*73 ~
78
"75"
75
♦23%
24*8
*23%
24
*50*4
55
*50*4
*-.
54*4
*115
*115
*75*4
23%
54%
90
88
90
17%
17%
17%
17%
9
9
8
8
*26
27
24
20
15%
14%
78
23%
55
*115
89
*14%
122
14%
88
*17%
«712
25
*14
*
*76"
23%
*55
*76"
78
80
*23%
24%
58
*50*4
58
■
88
88"
£17
17%
*115
88%
17%
*8
9
*8
25
25
25
*25
14%
14%
14*4
Bid and asked prices; no sales on this
day.
122
23%
*115
88*2
17%
7%
*
122
14
♦
8*2
6,900
7*4
Feb
33i2
Oct
Dec
Nov
Feb 17
4112
Dec
69*4
Feb
6634June 24
60% Jan 18
60%
>4
Jan
71
Feb
34May 12
283s
Apr
16i8
Jan
July
1
27%June 30
17%June 14
20
Feb 13
3734June 23
Corp..No
par
6
Motor Produots
3i| Feb 20
38i2 Jan 15
51
2*8 Nov
Mar 15
Wheel
20
Jan
431|
27
Oct
Nov
June 17
39** Mar 20
11
Apr
39*4 NOV
80
June 15
May
24
June 17
99% Mar 19
36ij Feb 11
70
No par
21
Jan
10112 NOV
30»4 Deo
No par
6% preferred
...100
Murray Corp of America... 10
102
1
$7 conv preferred.,-No par
Munsingwear Ino
Murphy Co(OC)
Myers F A E Bros
No par
Nash-Kelvlnator Corp
5
Nasbv Chat A St Louis
National
Nat Aviation
National
7%
100
68
July
Apr
2
8
10%June 28
68% Jan 23
16%June 17
30
June 29
Mar 13
71
Mar
1
4478 May
10218 July
14
Apr
43
Jan
Corp
No
47i2Mar 11
20ij May
24
par
lH4May 18
18*8 Jan 21
33*8 Mar 2
12i2
912
28*4
Blsoult
10
pref
2234June 14
100
145
May 18
25
June 30
5% pref ser A w
.100
93% Apr 9
29% Jan 5
18%June 25
100 xl0734June
1
Nat Cash Register
No par
Nat Dairy Products
No par
7% pref class A
167
Mar
9
Jan 18
33% Jan 13
Dec
22*4 Mar
62if NOV
3078
38*4
Dec
Apr
Apr
No par
15
June 14
6%June 17
21
Oct
Deo
164i|
21
112i2Mar 11
112
May 20
245s Mar
19i|
15*8 Mar
Oct
Dec
100
Mar 11
47if
Jan
153
3
107
Jan
Deo
37*4 Dec
107i| Dec
32*8 Nov
107*4
Oct
28U July
112*4 Mar
107
Dec
112
10
Apr
10% Jan 28
6% preferred
10
Nat Distillers Prod
Apr
Apr
387g Feb 25
20% Feb 8
103i2 Feb
100
7% pref oiass B
Nat Depart Stores
79if Aug
108
£24% Jan 28
17%June29
Nat Bond A Invest Co.No par
cum
90
10812 Jan 26
20% Feb 11
1
Acme
No par
Lead..
7% preferred A
6% preferred B
100
Nat Mall A St Cast's Co No par
National Power A Lt._ .No par
Nat Rys of Mex l»t
5%
271* Feb
78June 15
100
3g June 25
National Tea Co
.No par
......No par
3,000
NatomasCo..
1,500
Nelsner Bros Inc
200
«r-
10
3,500
300
76,600
100
June
24U Nov
800
1,500
180
1,970
2
64% Mar 10
July
Jan
63la
Jan
95
8ept
16
Nov
50
Jan
4
72
Mar 17
79% July
2
100
Jan 22
36i|
41
2184June 22
15*4 Apr 29
6
July
2
119
137
Mar 12
34June 25
2
7
Feb 10
90
Jan
8
25
11
11
22
3
6
4*4 Mar 3
3
Apr
Apr
June
5
334June 15
Corp part stk.
.
1
100
2%June 29
8i2May 18
55
June 28
100
2
Jan
4
Norfolk A Western
100
Adjust 4% pref
100
North American Co ....No par
6% preferred
50
North Amer Aviation
l
21
June 17
48% June 18
25
Mar 23
4
26%May 18
3% Jan
17i8 Jan
4
4
234June 28
Omn ibusCorp (The) v"t oNo par
8% preferred A
100
13
June 28
20
95
June 28
400
Oppenhelm Coll A Co. .No par
12%May 14
100
3384May 14
127% Mar 18
14i2May 18
112is Jan 23
$6.60 conv let pref. .No par
Outboard Marine A Mfg
6
Outlet Co
No par
100
No par
7% prior preferred
"2"200
1,400
60
Preferred
8
120
26
60
15
200
Def. delivery,
Pacific Coast
2d
r
*
Sept
83
Mar
104
NOV
93ij Apr
Ds Aug
23ig Apr
52*4 Feb
0% Jan
98
Jan
109*4 Aug
27s
Jan
310*8
Oct
115
Oct
35*i July
59
June
14*4
237s July
30*4
60
Aug
67
2
Jan
Jan 18
19
Aug
12i8 Aug
24% Jan
40
2278 Apr
73
5
Apr 20
Dec
106*8 July
365, Mar 11
63% Jan 22
07|Mar 3
103
Nov
Feb
Mar
4is Mar
Nov
32
18
Dec
591s
Deo
378June 23
26i| Feb 16
17
July
25*8 Mar
Feb 13
107
Jan
193s Mar 1
45% Jan 21
8
Jan
115*8 Feb
195s Nov
114
241* Apr
Feb
3
24*8 Mar
8
12i| July
140
123
Jan
39*4 NOV
136
June
204* Mar
134
Mar
6
70
Mar
8
79
Dec
47
""Jan
70
114
July
114
13
July
22
Dec
Jan 26
97
28
Jan 12
July
120*4 Nov
Jan 26
75
Mar
4
115
June
9
£82% Apr 28
23
83*2
Dee
"
Nov
July
96i2May 10
xl7
June 30
6%Jun«» 17
No par
7*i Feb
15*8 Mar
99
97% Apr
Apr 29
23%June 22
Cash sale.
8
99*4 Sept
6*s Dec
18*4 Deo
Jan 28
105
76
10
preferred.
n New stock,
104i2 Jan
22
No par
1st preferred
3
17^8 Jan 21
67U Feb
5434June 29
114
...100
Owens-Illinois Glass Co. 12.50
Pacific Amer Fisheries Ino
5
3478 Jan 14
Feb
May
Jan
63% Jan
....No par
July
9ig Apr
May
No par
Steel
4
214
67
105
....No par
6% preferred
7*s
210
2578June 28
47%June 19
..........
Sept
8
9%May 18
60
138
Jan
Jan
Northern Paclflo
Preferred
Oct
Jan
1
Jan 14
93
100
9*4 Mar
26i| Feb
07s Feb
19% Feb
76i| Jan
102% May
112i4May
29*4 Nov
125
114
97 a4 June
Telegraph. _.60
97
Jan
272
8
Oct
150
102
Apr
Oct
Jan
23034 Apr 29
No Amer Edison $6 pf_ No par
Northern Central Ry Co.-.60
Norwalk Tire A Rubb.-No par
3is July
10U May
Jan 20
12i4June 17
preferred
2Hj Mar 20
127S Jan 22
253s Jan 22
136
90
49*8
317* Mar 19
12%Junel7
121
May 17
125 May 19
100
Otis Elevator
Jan
Nov
04*4 Nov
Dec
preferred
100
|N Y Ontario A Western..100
Otis
00
Deo
X Norfolk Southern
4,800
Dec
12*4 Nov
13*4
34% June 28
100
~4"500
10U June
32*4 Apr
41
Apr
1041* Apr
75*i Nov
133
Apr
Conv
Rights
Jan
7% July
32is
27*4
17*4
9
42,500
2,200
Jan
741*
Dec
83
60
-
Apr
Jan
Jan
No par
Oliver Farm Equip
Feb
98i2 Feb 10
5514 Mar 17
No par
Ohio Oil Co
Feb
1*1
78
Nov
June
4,400
3
Jan
40
73
23,900
Feb
Jan
11
6714
1978
43
No par
JNYNHA Hartford
Northwestern
1478
78
110
63%June 14
300
95s May
Dec
Feb
Mar 17
No par
10,400
Nov
01%
Apr
Jan 11
37
No par
800
Deo
147
9
109
Apr
Apr 28
73% Apr 30
N Y Steam $6 pref
17 1st preferred
15,400
171
Jan
Deo
10U
7
June 24
1,580
""160
130
Oct
54
41% Jan 18
t N Y Investors Inc...No par
N Y Lack A West Ry Co.. 100
7%
6
Apr
36*2 Nov
17
N Y A Harlem
N Y Shipbldg
94% Mar
36% July
26*8 June
28
10% preferred
3,200
Jan 18
June 17
100
6% preferred series A"" 100
3,400
1
33*8 Mar
377a
Oct
1
700
5% preferred
617a Jan 22
14% Jan 14
2% Jan 18
265s June
28
100
No par
NYC Omnibus Corp
3
2
Apr 19
12is Jan 15
13ig Feb 25
57i4 Feb 13
6*4June 12
934June 16
50
X New Orl Tex A Mex
New York Dock
2
3134June23
37
Newport Industries,
N Y Air Brake
Jan
12 Da Feb 20
1
1,000
"""666
70
No par
Newberry Co (J J)
6% pref series A
New York Central
No par
N Y Chio A St Louis Co.. .100
20
858June 17
4% pf 100
2d preferred
600
17%
a
Feb
60
300
88%
*14
Feb
4
Mother Lode Coalition.No par
Morris A Essex
National Steel Corp
26
National Supply of Del new 10
Preferred
100
17*4
14*4
9%
333s
Mar
137*4
88
X In receivership,
Feb
Deo
08
165
400
*23
Feb
297a
103
Jan 29
""loo
27
Feb
514
6*2
Jan
Jan 22
80*2
7%
Dec
2*4
May
150
*115
88%
17*4
79
171
24%
64%
24%
*51
40
94
35*4
Apr 29
122
*77"
Mar 10
June 17
21,700
12%
Jan 18
09
44
"moo
*13%
13%
13%
13%
13%
13%
13%
13%
*90% 99% *95
*98
99%
99%
99% *98
13
12%
12%
14
14
*13*4
13%
*12%
*12%
39
38
39%
39
39%
37%
38% 38%
38%
39%
39*4
39%
•123% 131% *123% 131% *123*2 131% *123% 131% *126
131*4
131*4 *126
17
16%
17
16*2
16%
17
16%
17*4
17%
17%
17%
17%
*
13
101
Jan
37s Jan
1978 Aug
133
400
3%
20*4
59*2
3%
12% Mar 17
407g Jan 23
Jan
12*8 Mar
Sept
15434 Apr 26
******—
31
19%
58%
June 29
2
100
m
28%
47%
95
13
27%
13%
99%
26*2
"3%
*
6
10
-No par
14if
0% Mar 17
Mont Ward A Co Ino..No par
Monsanto Chemical Co
34% Mar 17
2
Mar 11
91
78
Jan
5%
44
170
*88
87*2
June 28
9*4 Mar 17
30%June 17
16%
4
3%
"3%
13
13
1234
13*4
2%
2%
*2%
2%
10%
10%
10%
10%
*56
59
*56% 59
16*4 June
10
590
"3%
5
5i2June 17
34
.
National
2,900
*
4
8
Mar 10
3,000
6%
134
Jan
Apr
101
0% Jan
67% Jan
13s July
212 Aug
2*4 Jan
18i8 Apr 22
23%
*14*4
10i8 Mar 11
June 17
6
*125
96
12
23
7%
16*2
*2
2%
2%
*2%
2%
*2%
2%
*237
243
241
*237
*2373s 241
*237% 245
*23738 245
103% 103% *104
104
104
104% *104
10434
104*2 104%
22
22%
22
23%
22%
22%
22*4
23%
23%
24%
53
53
51%
52%
*52%
52%
52%
52%
62%
52%
10%
11
11*4
10%
11%
10%
11*4
11%
11%
11%
98
*97
98
97%
*97
98
*97
*97
98*2
98*2
*99% 102% *97%
98% *97*4 102*2
*98% 102% *98% 102%
28%
25%
47*2 *_..
3%
"3%
*27
32%
18%
59%
3%
6%
*124*2 140
*124% 140
*124% 140
*124*2 140
*124% 140
%
%
%
*34
%
%
%
%
*34
%
"3%
*103% 10434
23*2
23*4
*5134
52*2
11%
11%
7%
15*2
125%
109
Mo-Kan-Texas RR.__.No par
urchase warrants
7%
Mar
5,400
15,100
53
88
Mar 17
36%
40
37
38
39% 39%
38%
52
*50
52
*50
52
52
50%
50*2
106
*102% 106
*102% 106
*102% 106
*102% 106
*102% 106
*15
17*4
17%
17%
*15
19%
*16%
19%
*17%
19%
19%
31
32%
30%
30% 31%
31%
31%
31%
32%
31%
31%
*
77
80
*74
80
79% *60%
79%
79%
80
79%
36%
"34% 36% 34% 36
35%
36%
36%
37%
36%
35%
51
*45
49
50
50
49
*46
51 1
48*2
48%
48%
80
*77
80
80
80
81
79%
79*2
79%
80%
79%
41%
*50
Jan 22
Mar
4,600
10
106
38
--
7%
June 21
35
4,500
124
7%
94
5
82%
81
Feb
June 14
%
%
Dec
485s Sept
13HS Mar
Sept
110
29
132
*47%
*14
1
124
*
47%
9%
*%
9%
80
132
■id"
46
Jan
2
Nat Enam A Stamping.No par
Nat Gypsum Co
1
*32%
*
132
*43 ~
45
9%
53
100
95*8
33
100
132% *-_--
80
600
9,900
*
49
13%
24%
29*2
*157
35*4
1,200
9,400
28%
32
77
60
18*2
*26%
32*2
33*4
13
14
12%
13*4
13%
13%
13%
13%
13%
33
32%
32%
32%
33%
32%
33%
33%
32%
159% *157
159% *157
159% *157*4 159% *158
159%
33%
32%
17%
1,050
3234
41
400
2,500
13%
40*2
110
6%
13
10
500
5,900
6%
29%
10
100
3214
*
25*4
95%
307s Nov
21%
Jan
23%June 14
Mullins Mfg Co class B_„
180
17
33%
18%
19%
109% 109% *109% 111
108*2 108*2
108% 108*2
15
15%
15%
15%
6%
6%
6%
6%
28*8
28%
28%
28%
108% 108%
15%
15%
6%
6%
28
28%
28%
*9%
151
Apr
5
122
par
No
1,900
80
28
7%
25*4
xl7%
48% Mar
June 16
6U
Motor
62
12%
23%
35% Mar 10
108
5% Mar
Mueller Brass Co
68
18*2
18%
12%
24*8
Nov
16*4
2%June 30
1,000
*30
17%
31
Oct
65
Jan
2% Jan 23
1,500
90
62
45
Jan
li4.fune 24
19%
28%
68
J an
405s
5*4
2%June 28
47
20
*26%
12%
123
88
62
700
109*2 109*2
29*4
35%
35%
*121% 123
*7%
7%
25
*25
70
110
8,100
108% 108%
15
15%
28%
79
23*2
151
25
18%
£3134
31%
19
18%
111% *109% 111
19%
28%
*157
*12
32
32%
*26%
45*4
18%
12%
11%
11%
23
23%
23%
23%
152
151% 151% *148
*108% 109
*108% 108%
15
16*4
*15%
15%
*7
7%
*6*2
7*4
"45"
17
*30
*11%
23%
23%
23% 23%
153
*151% 154% *152
25
31%
5
100
100
7%
26*4
19%
87*2
500
2,800
31,800
300
28.
*40*2
28%
1%
105% *104
105% *104
105*2
105*2 *104
10%
10%
10%
10*2
11%
10%
11*4
18%
17%
28
19%
39%
32
58
1%
29
39*4
*18
34
58
1%
Jan 16
72% Mar
Minn 8t Paul ASS Marie.100
6
41%
41
26% Feb 23
Dec
6
58
Deo
7
5%
*57
12
8
88% Jan
2,400
91%
Oct
6% May
9
Dec
$6.50 conv preferred.No par
26%
6%
57
91
400
25
90*2
163g Feb
47*4 Mar
Jan
65%
Nov
Nov
25
54%
Jan 13
122
120
*24*2
*31%
86
Dec
Jan
Dec
1234
112
25%
90
£95
Dec
24*8
31
Feb 10
49% Nov
21% Nov
108%
28%
Apr
24%
5%
55*2
101
Dec
119
730
90
x95
£05
3%
30%
37»4 Jan
11% Apr
8
Jan
112i2 Jan 14
3434 Apr 19
1434 Nov
Mar 17
3
5434
Apr
MarlO
2%
55%
85s
124
2%
89
Jan
Mar 24
Mar 17
Jan 12
Nov
120
3*4
30
Dec
49*8
4
preferred
4 % leased line otfs
Mission Corp
54%
37*2
24U
Oct
4
200
87
June
Jan
200
30
33%June 28
46
16
38 >8
May
1%
v
25i8June 17
*0% Nov
Jan 19
Jan 14
May 14
4
6%
1
Dec
23if Nov
Dec
11
*2
*6*4
July
Apr 28
1434 Apr 29
37
101 if
108
*1*4
3%
June 25
June
100
4% conv pref ser B
1%
*3%
9i4June 29
19
Feb
2% May
Minn Mollne Pow Impl No par
340
3*4
54%
28*2
*28
"800
*1*4
3%
6*4
29
6,200
*2
86%
28
8% cum 1st pref
100
6% pf—100
Minn-Honey wet) Regu.No par
1%
31
28
10
Mllw El Ry & Lt
3*2
2%
3%
6
-—_
No par
*2%
52%
1%
6
*1*4
86
1*4
5% conv 1st pref
1%
54*2
1%
Mengel Co (The)
3%
86
*29*2
180
97
52%
*37%
1*4
1%
*102%
*17%
*94
12%
41%
*37%
*50
12%
58
*2934
*109
34%
12*2
2%
85
98
112
12
1*4
29*2
96
12%
2%
6%
*94
12
1%
6%
96
96
*110
2*2
3%
*94
70
112
12
2%
3%
110
112
*1*4
21*4
35*2
109% 110
*93
*96%
27%
*35
<
92*2
1*4
0
27%
35%
111
11%
11%
93*2
34%
110
97
97
112*4 *110
11%
a
6
Highest
share $ per share
per
92
54i2 Mar 12
*62
27
$
24i8 Feb 11
106% Mar 2
40% Jan 12
Co
Eleo
35
,
June 23
14%May 20
84
16%June21
32%May 10
69*2
*35
36
share
Jan
2
6
*64
*110
per
MoGraw-Hlll Pub Co..No par
95
934
$
Melntyre Porcupine Mines. .6
96
9%
par
100
share
"400
96
9*4
No
per
2,700
*95
9*8
McCall Corp
MoCrory Stores Corp
6% oonv preferred
$
19
96
*63*4
9%
Par
35
*95
69*2
934
Year 1936
Lowest
Highest
3434
100
"26"
26*4
25
*44
17*4
34%
34*2
13%
100
"20f2
2634
48
17*4
34%
43*2
*12%
*
100
25
2534
Range for Previous
>
100-Share Lots
Lowest
Shares
82
2434
Range Since Jan. 1
On Basis of
EXCHANGE
Week
1534
25*8
43
43
*12*8
*95
June 30
48
49
17*4
*34*8
*95
|
Thursday
Wednesday
85
25*8
15*4
*1534
1
YORK STOCK
NEW
j"'
Saturday
July 3, 1937
13
June 14
Ex-div,
v
Jan
7
15*8 Feb
1
40
Mar
3
27% Feb
2
Ex-righta
3% Jan
8I4 July
414 Jan
15
Dec
3212
Dec
297s
Deo
5 Called for redemption
Volume
LOW
New York Stock
145
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
■f/if
NEW
j or
Saturday
Monday
Tuesday
Wednesday
June 26
June 28
June 29
$ per share
$ per share
$ per share
24
*21%
29%
42
29%
42
25%
41
138
*135%
^
*21%
24%
8%
8%
Shares
28
29
138
139
139
*21%
9
8%
*9
2
*96
98%
90
*56
63%
*56
*96
99%
*98
~
1'
*133%
*22
23
8%
8%
*9
11
41
'
»
—
■**
«*
23
*22
8%
8%
2
94
95%
94
63%
61%
61%
62
62
99%
*98%
17%
99%
*95
2
29%
4%
16%
16%
16%
16%
*28%
4%
29%
29
29
*28
4%
4
4%
*37%
37%
37
37%
37
37
*23%
24
24
24
23%
23%
3
3%
6%
14%
6%
18
122
122
*62%
3%
3%
3%
6%
3%
6%
15
6%
14%
V
14%
15
6%
14%
6%
6%
6
6%
6%
6%
40%
40%
40
40
86
86
85%
85%
3%
*3
3%
3%
6
6
*40
50
24%
34%
47%
47
*112% 116
*40
10%
*40
f26~
*72
73
*76
81
75
*17%
20
*17%
17
16%
17
8%
T516
8%
44%
8%
44
*44%
42%
'
rsi6
1>32
41%
40%
*71
76
76
76
5
5
*4%
5%
8
8
*7io
8%
*11%
13%
1%
81%
*10%
*72
84
*72
1%
85%
53%
*5%
7
29%
*
142
18%
27
4%
23%
3%
7%
*3%
15%
15%
*40
45
*40
6%
45
24%
35%
*23%
25
*24
25
35%
36
35%
36%
47
47
47%
47%
*4%
*7%
1%
83%
Parke Davl6 ft Co
1,300
Parker Rust Proof Co
2,200
Parmelee Transporta'n .No par
Pathe Film Corp
2,800
Patlno Mines ft Enterpr No Par
3,900
Peerless
6%
41%
89
3%
3J2
6%
900
3,100
3%
700
*6%
6%
1,700
45%
45%
25
*24
35%
500
13,000
37%
50
*45
300
1,800
$7
Penn G1 Sand
6% conv preferred
People'sGLdtC (Chlo)
2,700
4,100
8,300
17,300
91%
*72
84
*72
84
*72
84
*72
52%
53%
•
7
*514
45
53%
53%
*514
6%
54%
7
56
*5%
54%
7
45
45
45
*45
15
15%
15%
*15%
*28%
29
29
29
29
*
48
"io%
10%
*5%
15%
*
48
"l0%
.10%
28%
48
*10%
10%
-
84
55%
49
*14%
14
w
-
„
-
-
-
-
-
-
-
*52
175
13%
13%
13%
13
24
24%
24%
*24%
84
85
*2
2%
20
*13%
4%
4%
*29%
31
*2
2%
*13%
4-%
110
110
84
84%
20
4%
*
29%
24%
*83%
84
*2
2%
20
*13%
4%
110
*29%
13%
13%
25
*4%
*
7%
*1%
1%
25%
25%
26
26
18
*16%
18
16%
16%
*16%
*22
22%
*21
22%
*21%
22%
*22
22%
%
*1%
*1%
1%
26%
25%
5
*4%
2
1%
1%
1%
7%
7%
7%
7%
13%
2,900
24%
700
86
*83 %
86
*2
2%
20
4%
4%
*
1%
26%
7%
*1%
5%
1,000
1%
7%
7%
19%
7%
700
19%
4,000
18%
*18%
19%
18%
*18
19%
*18
19%
*18%
19%
19%
*50
56%
*46
56%
*47
56%
*50
56
*57%
58
57%
57
57%
18%
17%
116% 116%
37%
38%
116% 116%
37%
37%
100% 100%
100
100
*113% 114
125
*-_
145
*130"
125
145
100%
113% 113%
*113% 114
*
*_!_!
23
100
*108% 109%
*99
101
15%
15%
17
17
8
8%
64
32
33%
32%
36
36
36
*2%
24
*18
*17%
23%
99
23%
5%
*98
125
128
*124
*130
*135
160
*135
19
17%
32%
64%
37
*37
39
*37
*34%
7%
7%
*61
70
2%
*2%
22
17%
*17
.
24
17%
*22
22
22%
36
*34%
17%
*17
38
90
25
22%
22%
*80
99%
24
*17
17%
17%
*22
24
22%
22%
35
32
*65
80
*33
35
23%
*
90
*60
75
23%
24
90
24%
*100
60%
61%
59%
11%
11%
*11%
12%
*11%
*19%
22
*19%
W
A
49%June 10
56
49%
Dec
Jan
Aug
10
June
18% Jan
..100
52
June 17
Apr
77
Deo
100
165
Apr 12
175
Jan 18
155
Mar
160
May
174% Apr 23
190
Jan
7
176
Feb
187
Chicago
76% Jan 22
8
Mar
8
No par
100
pref
Pitts Term Coal Corp
1
100
preferred
25
Pittsburgh United
Poor ft Co class B
No par
Porto Rlc-Am Tob cl A.No par
No par
Class B...
{Postal Tel ft Cable 7 % pf. 100
Pressed Steel Car Co Ino
1
84
June 28
2%June21
17
July
2
Jan
2
3%
97% Apr 29
29
June 17
167
Feb 16
1
June 22
122
Mar 10
4
Jan 12
28
Jan 12
8% Feb
1
137% Jan 30
7% June
35%
7%
23%
49
2%
58%
Deo
Jan
110
D o
Oot
Jan
9%
Aor
21
Jan
July
3
Jan 12
29% Apr 22
1%
11%
20
33% Feb
12
Apr
Jan
Jan
11% Jan 22
3% Jan 22
4%
Jan
11%
1%
Jan
3%
15% Jan 20
6% May
13%
4
*30
35%
35%
100
24
17%
17%
Dec
16
Aug
24% Mar
103
May
133% Apr
117% Mar
20% Nov
16
Apr
8
18% Jan 21
12% Mar 6
16% Oot
9% May
734June 29
107
7
103
June 17
80
Jan
35
4% 2d preferred...
Real
Silk
Hosiery
1st
7% June 17
100
62
Apr 28
No par
2
June 14
100
20
June 14
Preferred
Rels (Robt) A
Co
preferred
Reliable Stores Corp...No par
Jan
7
Jan 15
83%
68%
Jan
Apr
75
,
m.
-
10
134%
90
*18%
19
2,700
-
-
_
500
49%
49%
6,400
70
63%
*62%
63
63
33%
32%
33%
33%
33%
4
4
4
4
53%
54%
54%
55%
5,500
2%
2%
*2%
2%
.1,400
5%
*5%
*11%
5%
3.600
*20
{ In receivership,
300
1,300
600
17
ft Pow._
No par
Roan Antelope Copper Mines
Ruberold Co (The)
No Par
Rutland RR 7% pref
100
St Joseph Lead
10
{ St Louis-San Franciscoi_ 100
6% preferred
100
{ St Louis Southwestern.. 100
Rhine Westphalia El
Ritter
100
5% preferred
26
a Def. delivery,
Dental Mfg
n
New stock,
r
Cash sale,
x
Jan
Oot
Apr
12% May
16
Aug
Mar
6
8
17% Ami
94% Jan 30
81
126«4June 10
*65
*
9%
65%
1%
22% Feb
7% preferred
100
5% % preferred..
100
Reynolds Metals Co—No par
6H% conv pref
100
Reynolds Spring
1
Reynolds (R J) Tob class B-10
Common
10
300
6
35% Mar 31
29% Mar 9
June 17
109
35
4% Mar
8
16% June 15
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper ft Brass
6
Class A
10
700
Reliance Mfg Co
Mar
22
300
'
*62%
26
1st preferred
Republlo Steel Cor p. ..No par
80
*31%
17
4 %
5,600
*33
75
19
Reading
6% June 17
60,700
200
64
Bid and asked prices; no sales on this day.
3
112% Feb 27
9% May
5%
-
7,400
82
35%
-
31
*20
Apr
24% Feb
89%
91% May
36%
114% 114%
101% 101%
5%
36
23%
-
31
26
114
Jan
Feb 15
99%
23%
*80
-
*60
*20
Jan
36%
23% Feb 25
5%
23%
-
100
5%
112
4
1
63
-
800
J.
100
*11%
July
Jan 25
Feb
7
$3.50 oonv 1st pref.-No par
'
17%
24
19%
5%
164
144% July
Jan
10
Remington-Rand
1
Preferred with warrants..25
Rensselaer ft Sar RR Co—100
Beo Motor Car
6
*22
12%
17
146
Apr
Apr
Apr
130
128
Jan 25
July
99%
24
19%
5
July
Jan 21
Jan 20
15
103
40
62
*2%
July
99
No par
Quaker State Oil Ref Corp. .10
Radio Corp of Amer... No par
$5 preferred B
No par
100
8
70
*7%
64%
*11%
113
103%
113%
19%
Oot
14% Jan
108% June
80
July
Deo
*11%
3
Feb
50% Nov
Nov
*19%
53%
107%June 28
preferred
Apr
47
*60
*3%
100
100
8% conv preferred
Purity Bakeries..
39
50
12%
52%
16%June 14
Feb
Deo
Jan
60
4
No par
Pure Oil (The)
122%
115%
Jan
60
53
June 17
5134June 29
Deo
28%
37
*19
*3%
110
No par
Pullman Ino
128%
140%
162%
113%
72%
73%
56
39
*11%
52%
June 24
147%May 11
4
52% Jan 21
112% Feb 8
118% Jan
40% May
28%
Jan 11
12%
4
124
65% Jan 15
Oct
43% Jan 8
13% Jan 16
83
Jan 20
22
55
Pub Ser El A Gas pf *5.No par
9934July 2
113% June 29
31% Feb 11
Deo
Deo
Deo
Dec
Deo
Deo
49
59%.
*3%
preferred
preferred
preferred
65% Jan 4
114% Mar 25
36%.June 17
Feb
Deo
June 26
49%
52%
No par
100
100
100
$6 preferred
400
49%
4
No par
2
3%
27%
26% Mar
29% Deo
May
June 26
90
*17%
Procter ft Gamble
17%June 17
112% Nov
41% Apr
July
167
36
42
126% 126%
*
conv 1st
Deo
Deo
30%
167
21% Apr 14
4%
June
5
16%June29
21%June 17
4%June 15
l%June 29
June 23
Deo
29
Feb 16
24% Mar 22
7
13%
Dec
167
47% Mar
Oct
Apr
1% May
14
Deo
36
*40
38
31
2
10% Nov
64%
26
Feb 17
38% Nov
30
26
8
Mar
6%
Feb
37%
62%
18%
43
6%
7%
8%
Deo
Deo
20
6%
Dec
84
27%
June 14
7% cum
Mar
11%
Jan
Jan
65
5
9% Jan 20
88
62%
Jan
32%
2%
3
June
May
47
*31
17
38% Jan
5% July
70
July
June 26
*64%
434
68
5
Nov
32
19%
63%
2%
6%May 13
6
12
"2,800
*19
*11%
*20%
4
16
60
50
50
5
25
12%
*
Jan
101% July
1,000
104
61%
5%
6
Apr
32%
25
22
2%
87% Jan
59% Apr
Mar
49% Jan
7%
32
*100
*60%
*11%
16
75
Jan 1«
32%
25
49%
61
20
5
104
49%
104
1134June 17
28%
35%
25
49%
*20%
Mar
Mar
10% Apr 19
*100
49%
*59%
26
66
3%
36% Jan 11
25
49%
*20%
2
12
16% Mar
May 18
105
49%
2%
4%
91%July
8%
1% July
29
113% 113% *112% 114%
100% 100%
100% 100%
49%
*11%
7
1
{ Radio-Kelth-Orph —No par
82
49%
5%
Apr
Jan 12
3% Feb
Raybeetos Manhattan.No par
101
18
2%
70
14
54% Aug
102% Oot
800
*78
17%
16
4
10,600
*99
19
5%
Jan
Jan
Jan
Jan
%6June
54% Jan 14
8%
82
105
2%
45%
38%June 23
Deo
68
99%
*18
*11%
56%
31%
24
17%
*22
*100
4%
Jan
67%
*17
*16%
17%
24
18%
55
19% Mar
25%
7%
31%
300
18%
4
10% June
69% Mar 10
8
2
18%
54%
13% Feb 19
June 14
12% June
66%
2
18%
19%
Deo
21% Mar 11
31%
2%
*2
5%
*
*92% 104
2
35%
75
49,200
2
2%
5%
32
102
400
9
*61
35%
33%
8%
8
5U
5%
8%
1,500
64%
34%
"23%
Nov
16%June 17
7%May 17
24%June 29
400
101
*7%
5%
5%
100
4,100
17%
35%
34%
33%
35%
112% 112% *111% 113%
99%
*99% 100%
99%
*100
Nov
Pittsburgh Steel Co
«»
64%
*
23%
Deo
31
PIttsb Screw ft Bolt...No par
200
•
15%
*33
*126% 130
104
90
Jan
33% Jan 18
100
6% preferred
300
•
8
*
2318
15
66%
7%
31%
32%
35%
*126% 134% ♦126% 134% *126% 134
*100
Jan
16
Pittsburgh Coal of Pa
1,200
70
*7%
82
*
112
66
Deo
6% pf (ser of Feb 1 *29).100
*61
7%
70
101
90
*100
15
17%
8%
39
36
101
15
32
*
Jan
8
Jan 11
18%
Pub Serv Corp ol N J__No par
19%
20% 151,800
80
109% 109%
*99
66%
7%
32%
32
19%
109% 109%
*92
33
*80
75
7
Jan
25
Jan
7,800
156
*99
*65
Jan
91
18%
Oot
8
170
132
145
30%
33%
87
3,800
56%
125
81%
35
7% Feb
46% Aug
58
57%
57%
57%
117
117
*116% 117
*116% 117
37%
38%
40%
38% 39%
39%
100
100
*99% 100%
99% 100
114
*113% 114%
113% 113% *113
55%
*135
99
*33%
Apr
Oct
*123
80
100%
58
Jan
25%
64%
6
Oct
*30
5%
Apr
4
5
17%
17%
145
99
5%
Oct
4
57%
125
83
34%
35%
*110% 114
45
Deo
Mar
17
Feb 11
32
22%
2
10% Mar
48% Mar
65% Feb
Feb 10
54
*123
99
*81%
5
Jan
31
64%
7%
*22
38
4%
86
*31%
17
24
116% June
July
7%
*18
18%
*21
Mar
June 26
31%
*2
2%
59% Nov
110
18
7%
*7%
Jan
116% Jan 27
54
64%
*61
Feb
27% July
6
7%
*34%
8
6%
Feb
June
60
37
70
Deo
17
pref
32
36
*7%
*61
3%
73
112% Nov
74
6%
64%
*31
Apr
Apr
17% Nov
11%
3% June
4% Jan
28% Jan
6% conv 2d pref
7%
7%
Mar
100
63%
64%
7%
69
400
*79
*32
10% May
1% Jan
60
Aug
56%
18%
17%
17%
17%
107% 108% *108% 109% *108% 109%
*99
100
101
100%
9934100
15%
15%
15%
15%
15%
15%
*17
17
17
*17
17%
17%
8
8%
7%
7%
7%
8%
17
17%
10
20
*19
110% *108
110% *108
110%
110% *105
110% *105
110% 110% *105
53
53
52%
53%
54%
51%
54%
52%
53%
54%
5;3% 55
17%
Jan
6% June
Apr
28% June 17
600
*17%
100
47% Mar
32% Nov
28%
1434June 16
Pond Creek Pocahon..No par
*1%
55%
38%
4%
Apr
30
Mar
100
26
100
18
*5%
*50
38%
8
6% Jan 23
74% Jan 13
20% Apr 5
4,600
1%
26%
1%
19
57%
9
44
100
Pittsburgh ft West Va
100
Pitts Young ft Ash 7% pf.100
Pittston Co (The)
No par
Plymouth Oil Co
5
100
30%
5%
18
116% 116%
5
Hosiery
Conv pref unstamped
22%
18
18
2,100
4%
25%
18
18%
71i
Jan
103% Mar
100
20
108
~30~
31
*1%
*7%
18%
*7%
100
No par
Preferred
170
300
2%
17
17
5
22%
1%
*4%
13
*22%
13%
*16%
*22%
*16%
5
5
*1%
7%
5%
5
1%
25%
*1%
18
2
preferred
Pitts Ft
25
108
-.Si"
30%
26
*1%
10
7% gtd conv preferred.. 100
*16%
*5
23
9
%June14
No par
Phillips Petroleum
*174
1%
40% May
3
Pirelli.Co of Italy "Am shares'
59
*166
*1%
Jan
3
Feb
June 11
100
59
26
5%
June 17
500
"16%
175
_
Deo
2% July
1
10%
48
*_
11
*52
*29%
Deo
37%
8
PUlsbury Flour Mills
*166
31%
22%
Jan
Feb
7% Jan 14
10% Jan 5
23% Mar 11
7% Feb 18
64
Aug
60
600
56
108
Feb 25
June
8%
17%
No par
28%
175
*29%
Deo
69
3%
28%
56
.
5
81%
Pierce Oil 8% conv pref
*166
4%
174
July
7% Aug
2
800
56
*
Deo
67
103
8
16
175
4%
Feb
Deo
25
Mar 10
109% Mar 18
28% Jan 28
200% Jan 28
26% Jan 28
7% Feb
15%
*52
4%
97%
109%
90
Jan
Apr
Jan
Oct
18%
May 13
4%May 20
30
*166
*
Apr
Apr
60
Phillip Morris A Co Ltd
Phoenix
6%
56
2%
Jan
4%
74%
100% Jan
49
*45
175
84
13%
20%
Jan
June 28
preferred
Phillips Jones Corp
-
14,800
57%
*52
*13%
Jan
1%
"
48
13%
*23%
6%
12% Aug
63
76
1%
1%
7%
Pblla ft Read C ft I
July
Deo
23%
50% Mar 17
June 28
40
30
152
Apr
Jan 13
25
3,500
*166
20
par
8%
*12
29%
85%
2%
5
Deo
Jan
11%
34%June 28
June
Corp of Am
Pfeiffer Brewing Co
No
Phelps-Dodge Corp...
Rights
153
121
34%
8%
44%
29%
68% July
47% Deo
Jan
47
June 16
June 28
Petroleum
Jan 20
4% Jan 25
share
39% Nov
41
July
12% *eb 2
76% Feb 1
29% Feb 10
5%June 16
19
8%
88
3%June 30
72
8%
1%
June 16
75
{ Phila Rapid Tran Co
88%
85
100
Pet Milk
140
1%
3% Jan
38%May 13
No par
200
200
5%
86%
5
2
2
Apr 29
5%
1%
6%May 18
30% July
5
87%
2%June 17
14% Feb
43%June25
Philadelphia Co 6% pref...50
*6 preferred
No par
1%
June 16
100
400
84%
36%June 30
23
100
100
1,100
1%
85%
May 14
100
Marquette....
5% Prior preferred
5% Preferred
77
*8%
4
2
Pere
40
8
June 29
26% July
Peoria ft Eastern
100
77
*7%
121
zl5%June 14
112% Apr 12
40
8
4
100
77
5
June
22
50
6
16% June 14
par
40%
5
Jan
99
Corp vtcATo
Pennsylvania RR
Peoples Drug Stores ...No par
77
*4%
17%
2
June 28
2
45
76
5
140
10%July
par
ser
40%
*38%
2
6
12% Feb 18
Dec
14% May
Jan
29% Apr
A ...No
pref
76
56
*2
oonv
40%
175
85%
3
No par
76
*52
*13%
Corp
Penney (J C)
No par
Penn Coal & Coke Corp
10
Penn-Dlxle Cement
No par
40%
14
*28%
25
No par
Penlck & Ford
100
3%
*12
15%
29%
~13% "13%
2.60
3,500
*166
*23%
No par
3%
87
14
15%
16%
1
15%
40%
*12
*14
*_
1
2,600
86%
14
49
12
10
Park Utah C M
42
84
*5%
100
Ino
5,600
86%
6
1
7%
7
6%
Park-Tllford
37%
23%
37
6%
900
100
6% 1st preferred
6% 2d preferred
3,200
4%
4%
36%
*40
v
800
18%'
26%
45
47
150
18
No par
preferred
conv
Paramount Pictures Inc
9
149
61%June29
4%
65,200
20%.
Jan 14
44% Jan
Apr 28
Parafflne Co Ino
400
63%
99%
No par
Jan
20%May 14
7%June 17
60
*12
*45
48
*10%
6%
85%
3%
5%
Packard MotorCar
Deo
30%
44%
Jan 12
118
94%
28
42
86%
10
30
38
4
133
Corp
32% Jan 14
5334
Highest
t per share $ per
share
Jan
100
preferred
Pao Western Oil
per
152
370
19%
Year 1936
Lowest
2
{Panhandle Prod A RefNo par
8% oonv preferred
100
23%
3
June 28
134%June
Pan-Amer Petrol & Transp. .5
6%
3
6%
15%
25
100
200
15%
37
6%
2034June 16
28%June 17
40%June 21
1,000
13
49
15%
*73
1%
86%
52%
54%
*45
6%
19,500
No par
No par
$
share
per
2%
29,100
40%
40%
1%
3
6%
15
8%
Corp
Paolflo Telep 4 Teleg
10
'32
*40%
85
23%
Paclflo MlllB
50
*112% 115
*112% 116
*111% 116
*111% 116
45
44
45
46%
*41%
43% 43%
44%
44%
*3
*5
10%
8%
9%
10%
*6%
10%
*6%
*26
*26
*26
30%
30%
30%
30%
30%
30%
*
72
72
*60
74%
74%
74% *74%
*7576
*75
79
*7579
79
*75
80%
20
*19
20
*19
20
20
20
*17%
*17%
18
16%
16%
18%
16%
16%
17%
17%
17%
8%
8%
8%
8%
8%
8%
8%
8%
8%
43
45
43%
45%
44%
43% 45
44%
45%
*
31
73
34%
35%
4%
36%
23%
Paclflo Ltg
1,400
$
10%
*92
Range for Previous
Highest
*2%
93%
63%
1
of 100-Share Lots
8%
10%
63%
99%
19%
131
2,400
*112% 116
43
*8
*25
24
47
24%
17%
*27
4%
36%
23%
3%
5%
*40
24%
36
24%
35%
*47
4%
39%
3%
5%
45
131
28
25
41%
300
8%
*391i
85%
*3%
5%
39%
85%
6
5%
*40
4
18%
(Cal).lC
Pacific Gas ft Electric
28
*133% 139
23%
23%
2%
96%
*92
Paolflo Finance Corp
138
27%
138
10%
95
17%
*27%
23%
*2%
94%
96
41%
*9
11%
2%
99%
17%
18%
121
122% *124% 127
16%
16%
16%
16%
135
4,100
138
2%
*128
29
27%
11%
17%
28%
41%
41%
2
18%
29%
26%
*9
17%
*20%
29
29%
41
*133%
8%
*19%
29%
Par
22
41
■
Range Since Jan
On Basis
STOCK
Lowest
21%
25
2%
*2%
$ per share
69
EXCHANGE
*20
41
11%
*9
$ per share
24
137% 137% *135% 137%
22%
*21%
$ per share
YORK
Week
*23
137%
*135%
..
Friday
2
July
29%
42%
*137
Thursday
1
July
21%
3-29%
25
25
25%
*137
*19%
29%
*20%
29%
the
June 30
24
8
21
Apr 28
80
May 19
97
May 14
30
110
Feb 18
Jan
2
9% Feb 18
27% Jan
4
47%Mar lit
6
Jan 19
97% June 21
32
June 29
Jan 21
71
89
June 10
22%May 18
102%May 15
a:16%June 14
49
May 17
59%June 30
ll%May 28
19
June 21
60
Apr 27
30
June 28
3%June 17
43%
Jan 29
2%June 29
434June 28
11
Jan 27
26
May 27
Ex-dlv.
y
124
Apr 23
110% Mar 10
49% Apr 14
98
Apr 14
Deo
99% Sept
4% July
16%
77
Apr
May
78% May
10
Apr
24% June
60%
16%
100
4%
31
Oct
Jan
Deo
Deo
Deo
24% Nov
25
Nov
90% Nov
Apr
114
8% Mat
29%
128
Deo
Dec
Oct
39% Deo
79% Dec
104%
Apr 17
90
Apr
138
Oot
95% Jan 26
92
Dec
98
Nov
Feb
Jan
139
22% May
34
8
105
Apr
117
34% Jan 22
25
July
36% Nov
58
50
Apr
60% Nov
30% Jan 14
112
Jan
Jan
8
67
Jan 26
14
Feb 23
31% Feb
4
86% Mar 10
38
June
Mar 11
4% Mar 17
11% Feb 25
20% Mar
8% Nov
65%
13%
Feb
Jan
Mar
19%
Feb
36
32
Jan
76%
Deo
5% June
22
July
10%
50%
Feb
Deo
4
9% Feb 19
65
68% Sept
5
37% Mar 11
1%
Jan
2%
7%
Jan
18
3% Mar
6% Dec
Jan
15
Oct
Jan
37
Oot
Ex-rights. T Called for redemption.
New York Stock Record—Continued—Page 9
70
NOT PER
SALE PRICES—PER
HIGH
SHARE,
Monday
Tuesday
Wednesday
June 26
June 28
June 29
June 30
$ per share
$ per share
$ per share
$ per share
3U2
32
31%
100
106
*
31
31%
100
*_...
106
♦19
*19
21
40
40
»9412
*112
*94%
96%
3934
95%
1%
1%
1%
♦12i2
14%
12%
40%
1%
4%
1%
40
Us
*39%
1%
13
13
39i2
94
4i8
39%
♦714
8658
28is
♦12i2
3314
4%
87%
♦934
♦581*
*36i8
277s
7%
8738
86%
27%
28
12%
32%
33
12%
1258
12%
31%
31%
31
934
10
40
86%
27%
1234
100
*12%
853s
27%
4
4%
33%
103
♦100
1%
13
40
1%
4%
3834
6»4
1%
3 884
27%
28%
19%
38%
*93%
1%
94
*99
100
*9%
10
1%
4
94
*93
*93
19%
10
1%
1%
1%
1%
13%
♦12%
13%
*12%
*3984
40
1%
28
♦10412 10434
13
*12
*634
87%
28%
28%
12%
3334
12%
34
*100
103
56%
99
99
*99
*145
165
140
44
t Seaboard Air Line...No par
1,200
4
3%
55%
9934
*99
3%
*55
*99
56%
9934
3%
56%
9934
30%
31
31
31
19%
20%
2034
*
154
154
*
23%
43%
*24*
4034
25%
28%
26
37%
401.1
37%
24%
435s
28%
"23%
41%
63%
634
49
49
*60
61
60
*94l2
534
96%
534
♦23%
42%
27
40i4
*48
*65S
19
6%
*96
5%
19
*75
1734
*75
80
*3078
31%
307s
17
17
*2714
*46l4
21%
8134
154
16%
27
28%
47
*4538
41%
*49
6%
6%
19%
112
3%
34
*142
5%
*75
19
*20
23
80
*75
80
*75
31
30
30
*30
16%
27%
44%
*20%
28
26%
*45
40
x45%
20%
21
17%
26%
45%
21%
17%
*26%
44
16%
*26%
81
82%
39
39
1134
12
1134
2034
12
8%
8%
85s
83g
634
6%
15
6%
15%
6%
15%
37%
38
*35
40
*38%
*234
*234
3
40%
*
"65%
34%
6558
*35
39
64
64
17%
*14%
19%
1278
64
*37%
6334
17%
17
15
14%
19%
18%
1258
13
*67
68
*67
*120
121
120
39
39
38
8%
6%
15%
35%
3534
40
40
16%
2%
*234
40
40
4234
34%
42%
63%
1738
14%
19%
12%
17
6734
*67
38%
32%
17
*14
16%
4%
29
32
32
15,300
31%
*14
4%
x39
39
15
13%
07
67%
121
39
4%
29%
4%
293S
31
31
*15%
4%
28%
17
119
38%
4%
2934
13%
*9%
13%
30%
17%
13%
11%
*10%
11
50%
*4884
50%
*49
50%
6%
*6%
23%
23
30%
23
30
30%
17
13%
10%
1334
10%
48%
13
13
13
*10%
48%
11%
48%
*9%
*48%
17%
13%
11%
6%
*6%
6%
11%
12%
57%
6%
123g
58%
67%
58%
6%
34%
6
35%
6%
3434
June 14
June 17
Standard 011 of Calif.
17%
23%
30%
18%
1334
.
.No par
Indiana...25
Standard 011 of Kansas
.10
500
6%
34%'
"
14
6%
10%
10
14%
1038
*40
47%
*40
47%
*32
36
*31%
34
*62
*62
*9
62%
978
*85
89%
*85
62%
9%
89%
8%
10%
8
*9%
8
3
13%
3%
9%
*8
34%
13%
10
*40
33%
*62
*9%
*85
6,300
6%
3534
1434
10%
8
8
3
3
5H%
400
preferred
50
Telautograph Corp
.5
Tennessee
Texas
31,000
Corp
Corp (The)...
5
26
4%
4
19%
*16
4%
19%
*16
24
95
95
95
20%
20%
56%
19%
20%
20%
20%
55
5534
55
55%
56
1234
12%
1234
12%
*55
1278
1278
E*13%
18
13
*234
74%
98
23%
124
2684
♦
26%
27%
17%
234
1634
*2%
80
3
81%
74%
98%
23%
75
1658
284
81%
73%
99%
23%
7834
72%
72
98%
22%
*93
*65
73
*65
118
Jan
125
Nov
3
2
27
Jan
60
Dec
3
Jan
37%June29
4% June 17
61»4 Feb
47% Mar 11
31
July
1
Jan
377*
Jan
8
131* Nov
14
65*
20U
Jan
2134June
297s June
15%May
ll%May
10% June
48%June
397* Jan 25
20i2 Jan 20
285s Mar 8
3378 Mar 31
23®4 Jan 20
23
13
Apr
Apr
26*8 Nov
3678
Jan
Nov
208s
Deo
17% Jan 21
12*8 Nov
151*
Dec
16
14
14
26
28
734 Mar
1534 Jan
838 Jan 12
1U34 Apr 28
3
651s Apr 22
6
16
3
6%Jun« 16
603s Jan 18
28t*
153g Mar
44
6*4 May
6%
93*
Jan
6
Nov
33
Jan
Feb 19
59
89
*85
87* Deo
4484 Nov
337| Apr
Jan 13
9%
89%
934
*85
8%
*3
4%
19%
17
9434
20%
56%
8%
2434
3%
9%
25%
4%
*1834
1634
93%
20%
55%
4%
19%
17%
93%
2034
56%
*8%
12%
13
*65
73
*9%
200
The Fair
89
8%
3%
*8%
2434
4%
*18
No par
Preferred.......
8%
3%
9%
25%
4%
19%
17%
18
93
93%
20%
2,500
Thermold Co
2,000
100
Third Avenue Ry
.1
...100
Thompson (J R>
25
Thompson Prods Iuo_.No par
Thornpson-8tarrett Co .No par
1,200
2,500
$3.60
100
cum
pref
Ve par
Tide Water Assoc OH
14,700
700
10
32%
33%
43
*40
*834
Transcoot A West'o Air Ino. 5
13
June 28
Transue A Williams St*i No par
Id
june14
1,800
Tri-Continental Corp. -No pai
$6 preferred
No par
Truax Traer Coal
No par
20th Cen Fox Film
8,100
500
9%
73
10
18
18
CorpN#
par
$1.50 preferred
..No par
Twin City Rap 'lt»ns-.N« par
900
*65
10
1,800
Preferred..
100
_
Twin Coach Co
1
3
3
82
1,500
72
1,900
No par
Under Elliott Fisher Co No par
Union Bag A Pap Corp No par
98
99
100
22%
23
24
7,800
9,400
Union Carbide A Carb.N© par
Union OH California
25
123%
2,900
Union Pacific
234
23%
122
500
92
91%
91%
25%
27%
26
26
26%
27%
27%
29%
*91%
t In receivership.
Def.
Ulen A Co
800
100
Union Tank C ar... ...No par
United Aircraft Corp
6
1,600
18,600
delivery
100
4% preferred
n
New stock,
r
Cash sale,
x
4
287# Feb 11
June 23
100
Truscon 8teel
Jan
Mar
Feb
Jan
Jan
21% Feb
17«4 June 14
3,800
500
17
*16
8i2
15U
287g
10U
40*4
1
4
3
13
5
11
25
25
98
12% June 16
200
Jan
6
91«4May 20
55
18
124
3i2June 17
1734June 16
1538June 17
Tranaam erica
71
122
Mar 22
23
Tlmken Roller Bearing. No par
82
9234
26%
27%
13% Feb
June 22
758June 17
5,600
2,300
13*4 Mar
734June 17
3
3,200
No par
15% Jan 28
93ia
12,600
Corp
165s Jan 22
9% Apr 29
Apr 6
85
56%
73
99% 100
23%
2334
9
13
12%
13%
14%
*16%
18%
8%
8%
101% 101%
10%
10%
2038
5534
72%
98% 99%
22%
23%
12234 123
Feb
$4.50 conv pref
..No par
Tlmken Detroit Axle
10
80
2%
June 30
62
7i2June 28
101%June 28
0%
14
Jan 11
June 12
Dec
Dec
Apr 10
Mar 30
44
64
June 14
Jan
13
5514
Apr
28?g
9% Mar 15
June 29
3334June 17
1134May 13
Deo
Oct
8
57ij Feb
684 Mar
425*
95* July
48
Bid and asked prices; no sales on this day,
4
32
No par
No par
pref
oonv
Oct
Mar
Jan
125
Thatcher Mfg
72
.
167*
91
200
80
25%
2534
27% 1*26%
26%
30i* Dec
Jan
Jan
Deo
62%
9%
$3.60
Deo
70
34
73
25%
25%
26
9%
Deo
70«8
40'4 Oct
781* Nov
241* Apr
Apr
*62
80
26
*25
'
Feb 17
31
Jan
*32
73
*91
65
Mar
62%
934
79%
91
551s Jan
24*4 May
34
79
123
5
*62
72%
99%
91
9
Mar
*32
17%
123
26
Mar
48
62%
1734
234
92
9
76
33i2June
Jan
481* Deo
Jan
32
1784
234
123
32*4
9
54U Mar
100
17%
3%
92
Feb
Feb
10
13
123
9234
26%
95
16%
47%
Feb 19
60
4234 Apr 29
16
75
124
*92
*17
Aug
50
36
Texas A Pacific Ry Co
13%
16
8
*784
*101% 105
10%
10%
*15
15%
33
33%
*40% 44
*9
9%
*70% 76
1784 1784
*80
*93%
19%
4%
19%
16%
7214
384
Deo
Feb
Texas Pacific Land Trust... 1
1234
13
13
13%
13%
13%
13%
18
18
*16%
1734
*16%
*15%
8
7%
734
8%
*7%
7%
7%
8%
101% 101% *101% 103% *101% 103% *101% 103%
934
10%
9%
10%
10%
10%
10%
10%
15
17
15
16
1534 *14%
*1584
1534
31
32
3234
33%
32%
3034 3138
32%
39
40
*38
43
40
*40
39% 3934
9
8%
8%
9%
8%
834
*8%
834
14
*16
4%
16%
Dec
2
Apr
26*4 Apr
400
9%
24%
16%
95%
62
Jan 11
4
7
45
8%
16%
Jan
72*8 Jan
45
Texas Pacific Coal A Oil... 10
Feb
9i2
24*4
Jan 12
65
1034
3
17
18ia Nov
1384 Mar
978 Feb
277* Dec
Apr
45%
8
23%
3,700
5,300
4,400
43«4 Nov
129
28%June 25
43*2 Apr 16
Texas Gulf Produc'g Co No par
Texas Gulf 8ulphur...No par
4,600
Nov
6U
77i2 Jan 11
26
241* Aug
9i2 July
10%
3
23%
4%
19%
16s4
21*4 Apr
14*s Apr
1207g Jan
45
*8%
24%
4%
9%
53«4 Mar
10%
*43%
*8%
*23%
37
45
47%
33%
62%
9%
89%
9%
23%
Jan
Jan
20
Symington-Gould Corp ww..l
Oct
Jan
13*8
May 27
Swift A Co. ;
Oct
921*
44
June 14
118% J une 17
27
38»4
12
..9
6%
Jan
35%
14%
10%
14
3
778
128% Feb 8
123s Jan 22
143s Mar 8
325s Mar 8
67*
735* June
29*4 May
167* Apr
65
Talcott Ino (James)
634
I.334
3
28*4 Feb 11
95i2 Apr 28
48*8 Mar 8
16U Jan 20
9*4 Mar
16i*
Swift International Ltd
80
35%
1438.
1334
10%
*734
23%
Jan 18
60
Apr
145s
6% preferred.
100
Superheater Co (The)..No par
Superior Oil
1
Superior Hteel
100
Sutherland Paper Co
10
Sweets Co of Amer (The)...60
200
6%
34%
14%
35
9%
23*4 Jan 12
3418 Apr 5
Oct
11434 not
6*4
Feb 11
...1
6%
3434
*85
2
82
10H* Mar
17% Jan 20
335s Jan 9
Without warrants
59%
32
2
Jan
Oct
117* Nov
6314 June
21
4,600
12%
*62
Feb
Deo
59
June 17
4,300
2,700
4,300
5834
10
Feb 26
94
5414
Jan
June 29
23%
30%
18%
13%
59%
6%
.
36% June 17
234 June 12
31
36
Jan
6*4 July
June 17
100
1134
Mar
34
14
500
58
7i* Feb
351* Aug
160
19
17
1634
6%
12%
60%
Jan
17
32
658
114
Apr
I
.6
1,200
10%
26
760
Studebaker Corp (The)
1
Sun Oil.
No par
12,700
50%
Mar
37* July
No par
Stokely Bros A Co Ino
Stone A Webster
7,500
9,100
1,300
6%
12%
*6%
Standard Oil of
70
12
6%
12,500
11,200
1st paid receipts
6%
3458
*137g
June 29
13
4%
59%
22%
30%
17%
23%
30%
1738
22%
1634
44
33
32
12
16
30%
16 June 14
26% July 1
No par
38%
*49
3134
16
23
1
...No par
$7 cum prior pref.. ..No par
Stand Investing Corp..No par
800
119
*30%
*15%
23%
30%
1734
13%
10%
3134
23
July
Stewart-Warner
17
3012
1778
30
3,600
31%
23
June 28
6%June 28
58if Feb 5
96% July 1
5% J une 14
1758June 14
75 May 22
17%
*_
121
*27
100
49
Jan 29
20%
13%
67%
17i* Nov
July
12i* May
110
Apr
75
19%
12%
Sept
12*4
62%June 29
67
"39"
100
15
Nov
60i2Mar 6
651g Jan 20
1178Mar 16
77&s Mar 17
104i2 Jan 7
9i| Jan 28
$6 cum prior pref
34%
17%
54
4338 Mar 17
Sterling Products Ino......10
17
Jan
Dee
Apr
4
Jan
1,100
13
4;i8
29
2
64
0734
38%
Jan
*62
19%
4%
42i2 Jan 12
155
63%
1738
1434
19%
12%
*23
9
Starrett Co (The) L S_.No par
1434
"37%
June
63a Feb 26
Standard Oil of New Jersey.25
1834
*
115
100
15
6*4
473s
132
Jan
17,900
18%
12%
Jan
Dec
40
14%
1934
*31* June
19i* Jan
975s Dec
Dec
1271* Nov
14i2 Jan
487* Oct
301"*
67%
17
Deo
8*4 July
Nov
21
*6534
63%
102
Deo
45
2934 Feb 16
2014 Apr 21
*38
♦
64
28%
3714June 29
$4 preferred
100
1,600
43
1041* Dee
IH4 Dee
72
40
14
121
2,700
41%
Jan
43ig Jan
3014 Apr
14*4 Apr
85
"65%
*
1834
*.
4,000
40%
42%
Jan
Sept
395s June 17
40i2June 14
305sMay 14
63%Mayl8
34% Jan 2
17%
*67
790
234
234
4*4
Jan
July
24
19%June 14
80% July 2
2734 Apr 26
Square V Co class B
1
Standard Brands
No par
1134June 17
t Pre/erred.....
No par 120"i6 Apr 30
Stand Comm Tobacco
1
6'4 June 17
5%May 18
JStand Gas A El Co
No par
1,900
40
89
100
$3 conv preferred A..No par
Spiegel Inc..
2
Conv $4.60 pref
No par
11,300
40%
1U|
20*4
Deo
77* Not
4014 June
42%
34%
6038
40%
42%
18%
12%
1234
90
16%
40
41
300
7
*35
3
5,900
8%
16
103s
40
14
6734
8%
634
40
6334
17%
30%
17%
11%
900
12
44
101i2 not
31*8 Nov
19*4 Nov
327g Deo
8
*37
63%
*27
1134
587S
*234
38%
62%
64
120
39
11%
634
40
3
40
*
39
12
8%
*35%
400
39
Apr
3i* July
595* Jan
155* Jan
100
Spang Chalfant A Co 6 %pfl00
Sparks Wlthlngton
No par
Spear A Co
1
$5.60 preferred
No par
Spencer Kellogg A Sons No par
S perry Corp (The) vte
1
Splcer Mfg Co
No par
500
82
0%
16%
4034
6%
40
2,500
20%
80%
*4234
2
301* Aug
477* Oct
261* Deo
1st preferred
80
.
Deo
Dee
Jan
6% preferred
6,600
30%
17%
28%
45%
21%
81%
8%
8%
6%
16%
3534
"65"
*14
58%
11%
*37
*32
*6%
1134
39
12
38%
458
29%
*40
39
64%
*
40
4%
*27%
4%
8
20%
8134
"64%
34%
66%
39%
42%
40%
42%
*21%
43
1134
21%
8134
40%
42%
34%
65%
3934
42%
407g
4234
3
81
*37
16%
23
*20
Feb
21*
87*
7S
Feb
321* July
30
19
Mar 29
4U
20i*
Jan
60
*30%
1034
32%June 17
1*8 May
7% June
54i2 Jan 11
40i8 Feb 16
3%June 14
141
Mar
Feb
Mobile A Ohio atk tr ctfslOO
*75
Mar 10
Mar
Nov
not
25
Spalding (A G) A Bros.No par
19
Mar 18
197
120
Dec
231*
100
80
16% Jan 15
110
6058 Apr 22
102% Feb 4
June
32l2 Jan 13
653s Mar 11
900
96%
55g
29%June 28
Marl6
11
93
22%May 13
4034 June 28
...26
......
8
96%
5%
Mar
100
Southern Calif Edison
Southern Pacific Co
52
3038
1634
30%
47
30
NOT
1141*
177#
567*
101*4
49*8 Not
Southern Railway
2,000
20,500
27,600
*55
96%
5%
100
8% preferred
7
60
90%
18%
So Porto Rico Sugar..-No par
*50
034
5%
80
81,300
600
41%
96%
30%
1634
27%
19%June21
South Am Gold A Platinum. 1
40%
*95
12
*234
52
5%
Snider Packing Corp.. .No par
Sooony Vacuum OH Co Ino. 16
Solvay Am Corp 5% Pref 100
41
96%
5%
5%
*17%
,900
500
2938
*95
5%
June 17
June 14
4,100
44
96%
1134
*35
*50
*56
96
4
20%
3%
Jan 27
98% Apr 29
85% Jan 2
27
$6 preferred
112
*110
24%
60
83%
1578
40
6%
Sloes Sheff Steel A Iron... 100
42
8
its Apr 28
414 Apr 21
1j2«May 10
3% Jan 5
700
21
42%
28%
*56
39
41%
40%
Feb
No par
3134
24
60
21%
38
28%
44
Smith (A O) Corp
...10
Smith A Cor Typewr.-N# par
10
35
39%
634
180
154
20%
52
6% preferred
3134
24%
4334
.26
100
Shelly OH Co..
1,000
35
42%
2834
*6%
2,300
31%
*19%
19%
10
Slmms Petroleum
200
100
*142
24
Jan 21
68
35
24%
65
May 13
154
*55
20%
8134
1534
*142
68%June 11
3434 July 1
25^8 A pa 28
1
40
334
60
39
40
34%
154
Feb
300
2934
20
112
43%
*50
82
*35
3%
*33%
42
39%
53%
6%
39
*8%
634
*110
384
*23%
24
42%
2738
39
21%
1934
1934
112
14
MarlO
3%
57%
*99
31
19%
120
177a Mar 11
145
*29%
May 13
9% Apr 28
Mar 20
100
29%
1984
2078
1958
4
June 29
145
29%
19%
*19%
20%
1878
18%
19%
1938
19%
*110
113
*109% 112% *109% 112
334
334
3%
3%
378
378
34
35
*32%
3312 34% *32%
♦20
Feb
175s Feb 10
4212 Mar 10
12
*3%
5634
29%
30%
*30
34
102
*96
29%
5
953s Mar 10
53^% conv preferred... 100
100
29%
Jan
4
5
1
Silver King Coalition Mlnes.6
Simmons Co
No par
145
29%
Jan
2
2
1,000
1,200
3,000
*96
30
81
218 Jan
8i2 Jan
54ig Apr
IU4 Mar
34»4 Feb 19
1063a Feb 2
*140
100
*28
3
6^4 June 29
98% Mar 15
3U Feb 9
235s Feb 10
45% Jan 14
4,200
140
*98
30
June 29
4
,36%May
95
100
97
29%
l%June 24
No par
A • par
130
97
30
30
Jan 11
Apr 28
*98
142% *132% 140
9978
*97
12%June28
x38
June 17
80
Dec
114
377g July
12
35
99
27% Mar 2
51®4 Mar 17
$3.50conv prefser A-No par
Sheaffer (W A) Pen Co.No par
Shell Union Oil
No par
35
Dec
108
Aug
llOit Sept
93®4May 18
l%June 24
share
'July
98
3
38% June 30
per
27
6
z26% 27%
104% 104%
12%
12%
44%
45%
35
104% 104%
13
*12%
44
4434
*3%
5038
9984
6
Jan
26
Sharpe A Don me
Mar
Feb
29
conv prei
Jan 13
46
103
Highest
share
per
113
No par
$6
$
share
113
Sharon Steel Corp.....No par
300
per
100^4 July
1,500
1,700
Shattuck (F G)
$
104%June 29
14% Jan 4
5,100
28%
3%
31
97
29
2734
45
ehare
May 19
June 30
per
13%
34%
17,600
Rights
3%
54%
$
Lowes 1
Highest
Seagrave Corp
No par
bears. Roebuck A Co..No par
Bervel Ino
1
100
a
100
2% preferred..
Seaboard OIJ Co of Del-No par
200
59%
35
3%
54%
9934
2,300
103
103
103
41%
8%
90%
*55%
27% 28%
104% 104% *104% 104%
12
1238
12%
12%
4434
34
3,400
59%
♦343s
3%
52%
12%
34%
1%
4%
*55%
3434
35%
27%
44%
87%
2834
1234
No par
2,600
35
334
8%
88%
28%
*7
8% preferred
Scott Paper Co
10%
59%
45%
40
5X% preferred
fSobulte Retail Stores.
1,100
10%
*56
♦3i2
56%
4%
40
500
200
1%
13%
100
1
100
10%
59%
451*
1%
4%
300
4,600
10
*55
27
1%
10
110
100
40
40
Safeway Stores
No par
6% preferred-..
...100
6% preferred
...100
7% preferred
100
Savage Arras Corp
No pa.
Sen en ley Distillers Corp... .5
3,400
10%
36%
36%
27%
27%
10434 10434
12% 12%
45%
44%
37%
1%
4%
39%
4
58%
58%
59%
94
40
8%
88%
9%
94
Par
Shares
Year 1938
100-SAars Lots
On Basis of
Lowett
10
39
40
103
32%
100
100«4 IOO84
10734 10784
*19% 20%
30
39%
*684
101
32
*
EXCHANGE
Week
$ pet share
32%
100
2
107% 107%
20% 20%
39
3884
39%
12%
July
106
106
3834
634
1%
3884
7%
85%
39%
734
*39%
*..._
10434 105
104% 10484
*19
19%
38% 3984
21
39%
97
32
3134
*
1
1937
3,
Range for Presume
Range Since Jan. 1
NEW YORK STOCK
the
CENT
Friday
$ per share
97
106
♦1021? 104*4 *103% 10434
July
31
31%
100
Thursday
STOCKS
for
AND
Sales
j(/r
LOW
Saturday
July
Jan
9U June
15U Feb
14*s Mar
71*
28
49
Jan
63 %
Oct
Oct
16
Nov
110
Feb
8*4 June
85
July
487g Nov
Mar
12&8 Mar
81* May
314 Jan
8I4
Jan
24%
47*
Jan
Jan
91* Feb
13% Nov
32*4 July
81* Mar
26
Apr
3934
Feb
14*4
Jan
21»4
Dec
121*
June 10
Feb
4
56
Jan
Apr
277* Deo
741* Nov
17% Feb
3
11
Apr
181* Nov
275* Apr
22ig Deo
79
22*i
27*a
11*8
109is
Jan 11
Jan 22
Mar 8
Jan 21
Mar
3
26% Mar
8
12
3034 Juoe 29
39 June 28
40% Mar 13
8% June 28
Jan 22
Mar 13
Apr aa
94
Jan 20
16%June 14
2%June 17
25
147* Jan
10*8 May
7if Jan
93
Jan
47g Jan
7ig Apr
22i* June
31*8 Apr
8*4 May
6514 Jan
12
110
Feb
Oct
93* Nov
28
Deo
385* Nov
47*4 Nov
171*
109
Dee
Mar 29
66
73
June 14
63
Feb 17
95
Apr 28
2278June 28
122
July 1
90% May 7
2434June 14
23iftMay 18
Ex-dlv.
y
5?*
Jan 10
100% Jan
J
91ls M»f 27
111
Feb 20
28I4 FpD
4
148*4 Mar 16
99*4 Jan 13
3U* Feb 4
35it Mar 5
Ex-rlghts,
Dec
27g June
74% June
38i* May
8% Jan
102*8 Dec
715* Jan
20*4 Aug
1081* Jan
90i* Jan
25* Jan
Apr
105U Nov
70
Dec
281*
Feb
149*( Aug
100
Called tor redemption.
June
315*
yeb
32%
Feb
Volume
New York Stock Record—Concluded—Page 10
145
AND
HIGH
PRICES—PER
SALE
Tuesday
Monday
June 26
June 28
June 29
June 30
S per share
$ per share
$ per share
$ per share
15*4
•17
16%
1934
23%
15
1534
15
*17
1934
*17
153s
1934
2384
1
*98
014
*45
6%
1134
77%
1178
10312 103l2
•1514
95
*1%
*1234
17
934
165
17%
*16
18
107
107
106
165
162
15%
*55
15%
15
*90
110
110
475a
105a
5534
88l4
♦83i2
*66%
96i2
*100
48
*66%
9434
161
584
*378
♦62
68
*62
68
*62
*15
18%
*15
18%
*73
74
*73
74
74
74
146
*144
152
*144
152
*144
♦112
63
*61%
1%
51
26
1%
1%
63
17g
.
1%
1%
49%
49%
25%
1%
1%
75%
33
33
32
32
*33
112
*105
112
*105
4234
*40%
4234
*41%
*
95
*—.
95
*33
"16
1.900
1,500
1934
700
77
500
152
10
75
75
60
2
4,700
178
1%
2634
33%
600
40
27%
2,400
33%
500
112
*105
40%
4138
1%
52
*50
27
♦4912
51
•20
"7% "7% "7%
50
48%
106i4 106l2
•65a
"7"
48%
*127% 130
*72
83
"7"
40%
106%
734
"5"
5
*20
83
*72
83
T.ioo
United Gas Improve
$5 preferred
9
9
*5%
13%
25
11%
13%
25
*81
137fi
*46
*1878
*22%
5%
47%
19%
12%
1938
*19%
13%
5%
5%
5%
75
75
12%
1134
13%
4534
U 8 Leather
1238
«4
84
*%
h
*58
6%
6%
30%
4078
6%
634
638
*18
*40
*25%
44%
*4%
*19
30%
3934
42
26%
26%
44%
42%
4378
484
*4%
434
28
*80
*80
*1%
"l%
•
-
-
-
1%
25%
27%
86%
25%
85%
26%
*84
86
86
86
1338
45%
*19%
*23%
5%
14
14
14%
14
1438
46
46
*18
30%
40
26%
42%
4%
26%
43
4%
*58
41
*27
44
4478
43
1%
1%
45
45
4434
45%
45
45
45
80
80
80
80
*80
81
90
90
90
*88
90
*88
90
927a
92
92
*91%
92
*92~
*81
85
120
120
112% 113%
25
75a
734
*=13%
16%
*13%
*2
-
-
*2
2434
7%
16%
6
5%
2%
578
45
41%
4034
44'a
4178
2%
*5%
4334
42%
.
112% 112%
2434
7%
25%
■
-
42%
84
83
85
*81
*120%
81
84
83
-
*2
23a
558
558
41%
*40%
44
41
138
*2%
534
-
-
238
6
4434
41
41%
138% 143
148% 148%
141
136
140
136
147
149
*145
22
22
*20%
23
22
22
38
*3734
38
3734
3734
*1884
20%
*3734
20
20
148%
20
*18%
30
30
*29
*102
114
*102
114
*102
*113
122
120
120
*113
50
49
*28
30%
49%
50%
*105% 107
*20
21
4834
105% 105% *102
21
20
*20
205a
15%
21%
20%
2078
15%
*14%
153a
4
*25%
*434
834
2878
5
834
25
*4%
*33
34
*93
96
8%
773a
4378
*32%
92%
*75%
79
*75
100
*90
78
78
44%
45
*91
66%
*50%
23%
66%
53%
2334
123% 123%
36%
80
♦955a
33
49~34
•
51
22%
25%
434
25
21
22%
15%
*3%
4
27
27
25
96
*91
67
50%
22%
123
7684
9978
67
51%
23%
123
36l2
363a
363a
79
8034
79
81
99
*95%
5%
*5%
99
5%
*95%
32
5%
99
32
5%
25
15%
25
434
5
85a
87g
*76
44%
33
79%
4578
33%
92%
7634
92%
7634
*9138 100
66
6684
51
*478
878
77%
44%
378
90
*_
"9l"
91%
82
81
#2
2%
6
6
45%
46%
41%
140
154
2378
3534
*19%
*29
36
20%
30%
72% July
68is 'an
403,
Jan
150
1151s
136
Mar
9
131
Jan
Apr
100
147
Apr 29
169
Jan
5
100
Oot
Preferred
$6 conv pref A
Jan
4
z5%June 30
378May 17
65
No par
June 11
No par
100
Universal Ploture* 1st pref-100
futilities Pow A Light A
1
preferred
Chem
*21
21-%
*14%
378
27%
Jan 21
576, Apr
92
Nov
Jan 19
153
Mar
105
108
Jan 18
50
Jan
115
Aug
Apr
l%May 13
No par
Jan
4
June 29
32
100
.
Jan
Jan
Mar
Jan
20
20
1
30
June
57
Dec
11
10U Apr
305,
Dec
20
28>4
49*, Nov
Mar
2%
58is
393s
445s
6
si 10%
31,
Jan
Feb
115
47
May 12
40
Apr
80
Mar 27
80
Mar 27
72
May
85
Mar 18
88
Feb 26
84
Sept
7
June 17
12«4 Apr
48i2June 17
74% Apr
Feb 17
70
117®4 Feb
2
100
....100
3ig Jan
5
100
....No par
No par
Walgreen Co.
4)4% prefiWlth warr'ts.. 100
No par
Walworth Co
Walk(H)Good A W Ltd No par
8%June 29
7»4
Jan
6
1278 July 1
2478June 24
84i2June 24
ID4 Jan 4
42iz Apr 28
No par
19
May
24
June 17
Preferred
No par
Class B
Warner Bros Pictures
No
f Warner Qulnlan
No
jWarren Bros...
No
$3 convertible pref..A 0
Warren Fdy A Pipe.—No
75
par
69
3
par
par
22
par
3384 Apr 28
26I4 June 28
42i4June 29
par
1
Wayne Pump Co.
Webster Elsenlohr
May
ll%May 13
Apr 27
%May 18
03g Feb 1
6
Waukesha Motor Co
5
Sis June 21
100
6
Preferred
No par
6
6
Feb 15
4
June 15
May 14
114ia May
13*4 Deo
4Us Deo
13Ua Aug
*78
2
43i2May 14
93%
77
77
77
*91
100
100
Deo
Jan
12*a
Deo
19
Nov
July
I884 Mar 11
49U Mar 16
197g Jan
503a Feb
18
46
20is Apr
177# Apr
49*4 Nov
20
Nov
62
Nov
107«
10»4 Feb 26
99ia Mar
Jan
691| Jan
1'4 Feb
12U Jan
35U Jan
Si,
23
Jan
2ia
Apr
47%
914
Jan
Apr
18*a
Deo
44
Apr
69
Deo
ia June
17
25
16
MarlO
38% Feb 19
4%
167,
Jan
Jan
21
Apr
19ls Apr
75a Nov
Nov
105
27, Feb
12*4 Deo
385s Deo
375, Deo
39is Dee
483a June 10
0ia June
934 Feb
2% Jan
56
6
Mar 17
May
Aug
335, June
1
4
78
9
2.91*4
Feb
11U
85
2*4
52*a
83*4
Feb
June
Jan
Deo
Dec
June 10
102
Jan
107
Sept
90i2June 17
109
Feb 11
90
Jan
110
Apr
81
1 zlOOi, Jan 19
87
Feb
102
9
110ia
Jan
III84
Jan
110
50
260
100
0% preferred
1,600
Western Auto Supply
2,100
Western Maryland
Co—10
100
1,000
6% preferred
500
200
1st
6
May 14
170
21
May 17
No par
Class A
Prod—No par
5% conv preferred
Wheeling A L Erie Ry
30
Co.. 100
2
June 25
19
200
4
600
27%
600
2,100
6,100
300
12,600
35
500
93%
77%
230
120
105
70
65%
66
52
52
52
1,300
1,000
20,900
160
1,100
7,600
100
1,900
700
Def. delivery,
White Motor
White Rk Mln Spretf. .No par
White Sewing Mach— .No par
$4 Conv preferred.. No par
June 17
27U Feb 23
29i2May 27
115
Jan 18
123%May
99
May 20
38
Jan
4
14%May 15
3%June 17
25
Juno 17
Wilcox Oil A Gas
Wilson A Co Ino
.No par
100
S^June 16
preferred
.
—
Co.
10
_
WorthlngtonPAM (Del ,)Nopar
100
Preferred A 7%
.—100
Preferred B 6%
.—
Wright Aeronautical— No par
Wrlgley (Wm) Jr (Del) -No par
Yale A Towne Mfg
25
Co
Yellow Truck A Coach clB.-l
100
Preferred
Young Spring A Wire. .No par
.No par
Youngstown 8 A T
6)4% preferred-...
—
100
Zenith Radio Corp— .No par
Zonlte Products
n Now
Corp.
stock, r Cash sale,
1
Jan 7
Apr 13
Jan 18
4U Apr 28
$6
347g
90
114
5
Wool worth (F W)
Jan 22
303a Jan 22
39 May
0
June 17
4.700
6
434 Mar 17
11% Mar 17
2
3534 July
77
June 14
4334June 29
3078 June 18
81
Jan
4
7034June 30
90 May 18
6558July 2
48
June 15
20i8 Jan
4
Apr 28
3578June 21
74»4June 17
123
9734June
2
05
6
Mar 11
110'a Mar 17
23i2May 15
333s Feb 16
187a Jan 25
684 Mar 22
40ts Jan 4
0U Jan 25
12U Feb 27
9I84 Mar 2
658s Jan 20
47
Jan 22
112isMar25
72% May
34*4 Jan
941, Jan
I23ia Jan
225, June
351, Oot
19*4 June
31*4 Nov
34
99
188a
Jan 27
v Ex-rigbts.
Oot
33*4
Jan
39
Jan
32
July
35%
91
Jan
July zl20
Oot
Nov
Oct
Feb
288g Nov
175s Nov
13*4 July
314 Apr
16
Apr
2*4 Jan
65, June
43
70
June
87
Jan
44*4 Apr
231, Apr
,50
Apr
71
Nov
625s
914 Jan 16
100
Feb
7
40U Feb 17
Feb
Deo
6
Jan 23
4
97, Feb
9018 Nov
z507. Dee
1631s Oct
397,
Jan
405s Feb 15
6
Feb
23U Sept
109U
Mar
1017$ Mar
~12%
July
84
70
115
Sept
124ia Sept
116*4 Deo
21ia July
128
62is Jan 27
373s Feb 10
Apr
17, Nov
5is Aug
47
June 17
t Ex-dlv.
15
MarlO
478June 18
30
"8'a Apr
100
142
Jan
9
143
preferred—...
50
Instrum't-No par
Weston Elee
Westvaco Chlor
8
28%June
1184Mar
23ia Mar
83% Jan 22
5784 Mar 0
1675s Jan 22
Westlngh'se Air Brake-No par
Westlnghouse El A Mfg
50
60
11512 Jan
73s June 17
5%June 25
4U2June28
a:10%June 29
130% Apr 12
3,500
400
9
June 21
110l2 Apr
24
12312 Mar
1378June 17
Western Union Telegraph. 100
170
Apr 10
100
Western Pacific
23,300
7,600
118
July
841a Feb
100
100
4% 2d preferred—
""166
66
a
7*4 Mar
39U
*90
June 29
5%
86
"
4is June'
9i8 Jan
30
Apr
7% preferred—
100
6% preferred
100
West Penn Power 7% pref-100
6534
*5%
Feb
Jan
Feb
West Penn El class A—No par
20
24
24%
23% 24%
23%
*121
128
128
123% *121
36% 36%
36% 36%
36%
82% 84
83%
82%
82%
8034
*98
98
98
98%
*98
9834
3278
3234 33%
3284
32%
32%
1958 Feb 11
49
5
80
137ia June
4i, Feb
10*s Mar
10
20
363a
Mar 17
Aug
Aug
214 Aug
120
..—50
45%
Jan
70
Mar 13
$4 conv preferred
WhlteDental MfgCo (TheSS)20
79
zll4is
120
10
Bept
Mar
109
Mar 12
98
84
8ia Dec
68*4 Deo
83
l%July
200
5%
Aug
48% July
80
Aug
4i8 Jan
28*4 Aug
122% Jan 11
lO's Mar 10
183s Mar 10
100
Co
1
Wesson Oil A Snowdrift No par
Wells Fargo A
116
'
100
f Wabasn Railway
0ia Mar
25a Oct
Jan
July
478 Jan 13
111% Mar 27
40i4June 17
1,000
9%
t In receivership,
6% preferred
July
884 Nov
102
Nov
June 18
48
6
100
108
May 17
2418June 14
100
pref
Apr
67*4 May
5
86
15s June 17
No par
100
non-cum
9
5
84ij Jan U
751s Apr
797s Dee
154*4 Nov
144
July
21
63
Vanadium Corp of Am.No par
Van Raalte Co Inc
6
Vlck Chemical Co
914 Feb
8i| Feb
Nov
103*4 Nov
164
Universal Leaf Tob
Preferred
Jan 22
19U Dec
49*8 Nov
101
May 13
18%June 30
68
Vadeco Sales
120i2 Mar 11
Jan
Sept
637g Deo
142%May 17
Universal-Cyclops Steel Corp 1
4,600
105% 105%
2234
5%
Jan
May 15
75
22%
153a
50%
123
5%
Jan
120
21%
4934
884
5%
Apr
183s
104
80
10
93%
5%
75s
10%
47
126%June 14
100
6Hi% oonv preferred —100
Wheeling Steel Corfr...No par
Preferred
—100
*113
5
3334
753s Jan 18
Jan
Jan
23*4 Nov
39% Jan
125U Nov
I6914 Feb
20*g Nov
6214 Nov
59
Apr
97t Jan
No par
800
114
*102
44%
33%
92%
*32
42
141%
9
77%
66%June 21
100
Preferred.
1,500
5
46
400
52
51
Bid and asked prices; no sales on this day.
4934
105%
2134
15%
*334
*92%
*7538
--
21
*32
3234
48%
49
--
21
*36
32
*113
-
20%
30%
114
22
92%
434
67
*29
*102
4,100
81
*22
*18%
20%
30%
200
4434
22
2134
*14%
34
23%
4434
47fi
"3166
81
37
*20
8%
*75%
4334
123% 123%
31
""240
22
21%
153a
334
878
773a
44%
51
6,400
....
*145
20
434
85a
79%
445a
33%
7634
%
8%
1%
160
149
*104
334
100
48%
6%
4678
417g
41%
142
14234
Mar 11
$3.85 oonv pref
1%
4434
*36
114
-
2%
2%
*578
100% *103% 106
30%
80%
33
*5%
66%
4
20%
*287a
*102
*113
*14%
4
30%
114
20%
*334
81
45%
43%
148
38
92
22,400
""300
-
147
23
90
13%
^119% 119%
*120%
120% 120% *120%
♦111% 116
112% 112% *113% 114
112% 11234
24
24%
24%
24%
2458
24% 24%
24%
734
7%
*7%
7%
7%
758
7%
7%
17
16
16% *13%
*13%
*1358
*1358
1678
139
*22%
»3784
*80
45%
80%
"61"
~~3.200
100
41%
43%
*4%
1%
*
91%
91%
534
26
41
47a
4484
8(1%
45
81
*24
*27%
4434
*1%
105
78
Ward Baking class A ...No par
100
61
%
734
41%
*80
1%
*1%
*80
♦
30%
29%
*4,%
4%
4%
*80
*80
34
41%
41%
30
12%
77g
*22
26
*21
*26
11,700
1,000
19%
75
*45
„7'8
7%
2,900
28
1278
61
June 17
Preferred
300
40
19%
*26%
5%
*65
84
34
7%
12%
Feb 18
United Stockyards Corp
1
United Stores class A ..No par
"lloo
13
*45
118
71
21ia
No par
5% preferred A
27%
123g
8112 June 17
U 8 Steel Corp.....
Preferred
5 % prefdrred B
Waldorf by stern
13
60%
10 May 13
44% Jan 4
60
2,000
13
12
9
193| Jan 12
72% Mar 31
100
60
8% 1st preferred
U 8 Smelting Ref A Mln
""800
1278
*45
72% Mar
No par
No par
U 8 Rubber
5%
13
34
634
40
1%
5%
13
83%
Mar 30
112
4
25
12%
60%
1134
*51
4
44i2June 14
Mar
9%
85
Jan
20
Jan
Jan
10
Apr
24U June
80U May
160
May
87a Jan
49
Aug
31% Aug
4lg Oct
10
Aug
135
128
11%
*65
89
100
9
1518 Mar 13
223a Marl"
193,
113% July
Feb
Apr
9%
83%
class A .No par
Mar 22
70
Deo
Nov
Nov
May
*6%
*65
2
13% Apr 23
87
5
4
9%
5%
4358 Feb
June 18
6% Jan
June
20
14
11%
538
Feb 10
23*2 Mar 22
28
No par
U 8 Pipe A Foundry
U 8 Realty A Impt
"
Feb
15%June 29
535s Jan 11
5
50
8U
50»4 Nov
100
6
5%
*23%
Corp
347* Jan 13
137
172
29ia Aug
105
Jan
7
20
53g
4.100
Jan
90*4 Nov
351s Nov
9U Feb
487, Aug
10ia Feb
Jan
Jan
"166
28
5
20 *103%June 14
150 May 10
7% preferred—
117
2
1234 Jan
*6%
5%
15%June
No par
share
25ig Bept
37U Nov
335s Nov
91
37
*9%
28
5%
20% Jan 19
June 11
116
83
19%
1158May 17
June 30
Highest
I per
July
32is
June
6012 Jan
19
14
14i8 Nov
109
Jan
14
8
13
Apr
9
100
Conv preferred
15
92
Jan
Jan
4
June 29
128
28
Jan
15
6U Apr 28
20i8June 17
124
Apr 26
125
*18
17
11378 Jan
10»4 Apr
93
105
80
*45
8684 Mar
Jan
58a Apr
40% Apr
2
1% Apr 29
—.
*119
19%
Mar
Jan
Va El A Pow $6 pref--.No par
80
46%
63
Oct
68
22%
Virginia Iron Coal A Coke. 100
5% preferred..
100
Virginia Ry Co 6% pref—-100
Vulcan Detlnnlng
...100
113a
46%
19%
8
No par
U 8 Freight
U 8 Gypsum
Va-Carollna
Mar
16
20»4 Apr 19
106% Feb 26
9ij Mar 11
10ia Feb
2434 Mar
100% Feb 3
35a Jan 28
USA Foreign Seour—No par
$6 1st preferred
100
8%
8% Jan 14
467g Jan 14
111
10
*6%
84%
1358
*65
61
*51%
25
*79
*20
28
*20
28
61
*50
4534
*19%
*79
1
4
3
Mar 17
240
23%
13%
253a
*13
6% Jan
0
Feb
91
35
Jan
10is Apr
24U Mar
7
7
125
5%
10238 July
10
117«4 Feb
13
107% 108
*20
113S
*534
13%
2538
84%
1334
4534
*13
247«
84%
14%
85
*75
11%
*5%
4,400
*119
*118% 125
*118% 125
5
5
5%
434
*434
9
9
9%
858
8%
No par
U S Dlstrlb Corp.
conv
June 14
11
No par
United Paperboard
Vlcks Shr A Pao Ry Co comlOO
*72
80
*72
No par
243s Jan 12
31% Feb 10
30% Jan 11
per share
950
*6%
23
45%June 17
75i2June 29
%
53
52%
105
*6%
*20
434
*8%
"7% -7%
52
52
51
*118% 125
*120
"7% "7%
"7%
49%
107
107%
108
105% *107
*6-%
7%
7%
*658
7%
*20
23%
*20
23%
23%
128
*120
*11934 128
*11934 131% *11934 128
106
*72
7«4
23%
48%
558June 17
___5
United EngA Fdy
United Fruit
5%
"714 "7%
6
10
7% 1st pref....
95
95
1034June 29
18% Jan 4
96*4 Jan 26
United Electric Coal Cos
Partlc &
June 17
..100
U 8 Tobacco...
100
65
*76%
34%
95
2,800
128%
1934
2%
1%
112
40%
4138
4138
i~07~666
♦144
76%
51
2678
10134
132%
65
75
*105
112
♦
99
132
152
*50
50
2634
34%
*105
•
4
32%June 15
5
Preferred
6978
*157% 161
161
578
534
534
4%
4%
4%
178
*1%
178
1%
1%
34
95
1,900
*65
75
50
112
42%
88%
*144
20%
34
*41
86
20
52
2534
•105
*
8934
4,100
65
26
*49
26%
7,000
26,800
59
9034
19%
*75%
1%
11%
57
91
128% *124
United Carr Fast Corp .No par
United Corp
No par
$3 preferred
No par
United Drug Ino
United Dyewood Corp
Preferred
June 21
22%June 17
113%Mar 10
6934 Apr 28
29
Apr 30
100
No par
Prior preferred
"3",200
58%
*62
152
*65
63
1%
2,000
10%
134
-17
5H% oonv pref
U 8 Industrial Alcohol .No par
2,000
1,800
90
*66%
Preferred
United Carbon
Highest
$ per share
14% June 15
5
United Amer Bosch —No par
United Biscuit
No pat
U 8 Hoffman Maoh
9
30%
Lowest
Lowest
Un Air Lines Transport
Range for Previous
Year 1936
10O-52»ar« Lou
$ per share
Par
900
50%
1034
On Basis of
100
I67a
50
19
75
146
1,400
110
♦100
68
18%
800
56%
84
*62
330
50%
1034
*66%
68
18%
26
15%
110
49%
6978
101%
*1512
*50
15%
*100
1,300
16%
16
84%
697a
4
1«4
834
a:83%
83%
*66%
4
75
2978
9
*66%
6978
6978
98
97
99%
98%
95%
9934
132
1297a 128% 128% 128% 132
128% *124
128% *124
128% *124
161
*157%
*157% 161
*157% 161
5%
534
5?a
558
5%
*5%
4
4
4
4%
4%
378
84%
128% *121
*6U2
134
30
110
500
1,500
120
64
*54
56
83
84
1678
56
85S
1,600
12,500
"166
2
163
*29
8%
15%
10%
129
17
17%
16%
15%
17%
107%
15
30
54
6
*16%
8734
10%
5534
88%
161
16%
4834
1078
57%
8934
10%
*159
15%
16%
"5" 800
96
59
48
53
•121
15%
17
15
1034
563a
98%
16%
*134
2%
16%
10%
*91
*134
15%
2978
8%
10%
6978
10
96
2%
*55
53
*82
*91
12-%
12%
1023a 102%
107
110
86
12%
*162
105a
85%
12
162
56%
89
77%
107
47%
87
77
162
8%
15%
*90
7634
106
4734
88%
7634
15%
3,400
200
46
96
16%
7%
46
1023a 1023a
978
978
1534
16%
60
600
47
*45
107
4734
49
*130i2 1313a
*534
8%
1434
684
678
163
30
15
8
21
700
100
106
64
*29
29
21
163
153a
64
64
31%
8%
4,100
*98
21%
100
658
7634
15%
16%
17%
106%
162%
29%
8%
*55
*55
•15
16
*16%
17
•2912
8l4
•95
76
15
17
21%
47
*45
*90%
*158
15
17,800
11%
11%
*98
65a
63a
16
*162
17%
10934
*162
22
100
95
15%
4%
3678
11%
4%
3634
11
*87
*13%
15
4i2
3634
4%
36%
11
*1434
2%
300
4%
36%
21
200
3284
*31%
*98
8,200
1,300
81
Range Since Jan. 1
Shares
22%
11784
81%
*115
80%
31%
153a
*1%
17
31%
12
1178
102%
*100% 102% *101
978
9%
934
*958
1%
1678
22%
233a
115
STOOK8
EXCHANGE
Week.
16
80%
31%
95
1%
23
2
17
16%
1934
11
75%
1178
103
103
*87
2%
•109
•17
11%
75%
11%
July
$ per share
36%
46
7734
117g
77%
46
115
80
31%
4%
6%
47
15%
16
*84
6%
*17
80
100
*98
6%
9%
10
10
6%
*45
48
77I4
100
*98
100
1578
I934
*22% 23%
115% 115%
23
23U
23% *22%
•113*4 115I4 *11384 115% *113«4 H5%
80
*77
•77
80
80%
80%
*31
32
32
31% *31
31%
4%
4%
4%
4%
43a
4U
36%
•36i4
36% 363a
36%
36%
11
11
1034
11%
11%
11%
22
20
20
20%
20%
*2034
1
July
$ per share
1578
15%
*17
Friday
Thursday
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
Sales
for
LOW
Saturday
71
63
Jan
Jan
Aug
33*s Apr
8*4 Jan
83ia Jan
42% July
41*4 Jan
105
Jan
111, Jan
6*4 July
084 Not
Nov
514 Mar
11
Jan
36*4 Deo
86*4 Dee
80*4 Oct
140*4 Sept
79
Feb
61
Nov
23U Dee
103ia Deo
66
Apr
87*4 Oct
122
Aug
42*8 Nov
Called for redemption.
9*8
Jan
72
July 3, 1937
YORK
NEW
STOCK EXCHANGE
Bond
On Jan. 1,
1909, the Exchange method of quoting bonds
was
,yadirWeekly and Yearly
F,droceR
changed and prices
are now
"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
outside of the regular weekly range are
shown in
tbeyear.
Friday
Y
STOCK
EXCHANGE
Week Ended July
l|
2
Week'*
Last
BONDS
N.
Range or
Range
S ale
Friday
Since
Price
Bid
A
Low
U.
Asked
No.
115.21
60
Low
O
105.12
105.29
106 10
118
104.2
D
111.8
111.3
111.10
128
109.18 109.15
109.20
61
107.12 114.9
106.10
106.17
13
104.28 110.18
102.8
102.22
81
101
"l2b:26
3^8
104.2
66
102.10 107.30
104.20 107.27
10
104.24 108.24
25-year gold 4Xa
♦Cordoba (City) 7s
104.6
104.20
89
102.20 108.24
104.9
104.13
107
102.24 108.18
106.6
45
104.24 108.24
52
104
109 25
99
104.30
JaD
106". F
106
106.4
105.29
A
O
8
100.16 100.4
100.19
311
M
S
102.14 102.7
102.19
190
M
S
100.17 100.10
106.6
2X8-
-—Mar
1942-1947 M
1
1 1939-1949 F
2Xb series B__Aug
2Xb series G
Cordoba (Prov) Argentina 7«—1942 J
Costa Rica (Republic of)—
♦7« Nov 1, 1936 coupon on.. 1951
Cuba (Republic) 5« of 1904
1944 M
100.18
73
99.2
104.16
99.24
99.13
99.29
125
98.4
103 17
99.17
99.4
99 19
136
98
103.18
97.24
97.13
97.29
317
96.6
101.22
102.21
103
8
101.7
17
100.11105.17
103
11
101.8
105.23
8
101.12 101.11
101.12
60
99.0
104.10
102.3
102.3
89
99.24 105.3
98
98.28103.2
102.29
101.22
100.13 100
100.13
100.2
100.2
205
98.10102.31
23 X
23 X
23 X
1
23X
10
99 X
100X
5
22 X
30
97
IOOX
12X
12 X
9
11X
20 X
12
20
O
23 X
*1*2 X
12
*1*2
12X
12X
11X
12 X
1
11X
20
12 X
7
11X
20 X
10X
10X
10X
11X
26
10X
17 X
12X
1
10X
16X
10X
8
10X
16X
98 X
101X
s
f 7s series B
1946
♦External
s
f 7s series C
1945
♦External
s
f 7s series D
1945
12 %
♦External
s
f 7s 1st series.-.1957
11X
♦External
sec s I
7s 2d series.1957
♦External
sec s f
7s 3d series.1957
Antwerp (City) external 6s
1958
Argentine Govt Pub Wks 6b__190O
Argentine (National Government)—
HExternal s f 6s of Oct 1925.. 1959 A O
? External s f 6s series A
1957 M S
V
1960 M N
May 1926
T Externals f 6s (State Ry)..1960 M S
lExtl 6s Sanitary Works
1961 F A
lExtl 6s pub wks May 1927—1961 M N
^Public Works extl 5Xs
S f externa!
4Xs_
1962 F
A
1971 M N
S f external conversion
4s...1972
F
%
100X
100 X
ioox
16
101132
101*32
101*32
69
101*32
100X
101'=32
101<532
100X
ioox
101*32
ioox
101 *=32
ioo'*32
ioox
30
18
91X
1957 M
S
105X
106X
External g 4 Xs of 1928
Austrian (Govt) s f 7s
1956 M N
101X
106 X
101 x
1957 J
103
103
f 0Xs
105X 110X
115X 118X
99
102X
18X
*100X
24
1957 A
39 X
A
1950 J
D
39X
*24
23
21
*45*"
X
45
38 X
38 X
1976 F
..1976 A
1975
f % bonds
A
O
.1960 A
O
.1952 M N
1—Aug *15
1945 F
ioox
101X
101X
*101X
101 X
18
101X
19
101X
99X 103X
99X 103
91X
105 X
*90
57X
97 X
91X
♦Greek
65 X
357
104
105X
15
104
Government
Irish Free State extl
Exf!
s f ser
106 X
55
104 X
101 X
27
100X 102X
ioox
ioox
35
*50 X
91X
89X
80X
78 X
56
88
26
26
26
32
21X
27 X
27X
27 X
30
22
28X
35
92 X
57
93 X
57
52
52 X
36 X
57
54 X
■
• f
0Xs. .1954
..
-
20-year external 6s
4
19X
19X
20X
20X
105
*20X
19X
19X
20 X
40
20X
33
O
S
J
D
M
S
19X
20 X
20 X
19X
20X
32
16X
16X
17
75
17
17
17
5
17
16X
16X
16X
17
11
17X
18
16X
5
72 X
72 X
1
24
24
1
16 X
17X
22
12
110
117X
4
110
118X
1
117X 124
115
20 X
31X
18 X
25X
28X
25X
16
27 X
36
28 X
2
23 X
30
29X
29X
28
23 X
32
33 X
33 X
2
33
41
28
28 X
8
27 X
35
28 X
26
27
25X
33 X
35
28X
28X
29 X
A
99 X
O
23
23
1
J
20 X
20 X
1
O
105
J
100
105
19
5
96 X 100
17
15X
105
24
24
1
2IX
J
25X
25 X
3
21X
MN
*24 X
*24 X
52
21X
21X
47X
M N
F
130
1
27
O
D
109X 124X
109X 119X
21
28 X
O
F
24X
112 X
llix
A
61
*26X
62 X
111
<112X
80
25
20 X
107
30X
30X
30 X
27 X
62 X
115X
85
87
105
S
84
84
6
80 X
93X
94
J
72
72 X
8
71X
82X
98X
98 X
99 X
50
93
84 X
84
86 X
60
79X
89X
40
40
29 X
42
85
O
A
*23 X
D
*97
104 X
11
11X
100X
19X
25
95
26
14
98X
11
17
*4X
5
4X
*6
8X
5X
8X
8
6X
6X
1
6X
6
5
6
11X
11X
7X
11
5X
5X
5
5X
9
5X
J
D
D
9X
9X
5
"*5X
5
5X
37
4X
7%
9X
J
4X
8X
13X
7X
4X
J
O
5
13
9
70 X
72
28
70 X
82
26X
70 %
S
27
22
25
34
J
D
26 X
72
26 X
1
24 X
33
72
6
65 X
72
63 X
2
60 X
64
103 X
5
13
A
i03X
63 X
103
A O
102 X
102 X
103X
107
107
F
106X
24
107H
105X 109
103
103 X
12
101X 105
101X
102X
28
98 X
96
95X
98 X
103 X
*23X "'7
102 X
17
1970 J
1952 F
O
A
O
1963 J
extl5Xs
s
23X
82 X
76
1947 M
.
1960 J
♦Poland (Rep of) gold 6s
♦Stabilization loan
s
f 7i
♦External sink fund g 8s
83
20
77 X
39
ioox
14
106
16
99 X
103
24X
75X
85
71X
79X
X 101X
104X 107
97
S
68 X
1
68 X
60X
61 X
4
60 X
76
23 X
60 X
24 X
4
22 X
30X
28
85
20 X
21 X
13
19X
D
19X
18X
19 X
195
17 X
O
19
18X
19X
112
17X
26
51X
3
47
62
*65
51X
64 X
67
23
60
80
47 X
48X
17
45X
04
1959 M S
ser.
f 0s 2d ser..1901 A
82 X
76
100
105 X
68 X
ioox
-.1903 M N
—
Q8
*102 x
D
'
♦Stamped
Peraambuco (State of)—
♦7s Sept coupon off
♦Nat Loan extl
98 X
D
A
1955 A
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s 1st
104 X
105X
1903 F
.
extl 0s
5s ser A
101X 105
8
A
Oriental Devel guar 0s........1953 M
Extl deb 6X8
1958 M N
8 f
1
101X 105X
S
F
1965 A
.
Oslo (City) s f 4Xs—
Panama (Rep)
♦Extl
72
MN
1956 M
Bank extl ■ f 5s.
♦Nuremburg (City)
4
*19 X
ioox
1944 M
.....
22
.1962 M N
D
—
External sink fund
4Xb
External s f 4X8
13
27
2
66 X
98
118X
110
1959 M S
20 X
19X
23
58
105X 109
109 X
109 X
—
0X8
19X
J
6
L.
1952
♦6s series A.
...1959
New So Wales
(State) extl 5s.. 1967
External s f 5s
Apr 1958
Norway 20-year extl 6s
..1943
Municipal
A
2
A
1954 J
4s s f ext
loan.......
F
2
98
6
♦Montevideo (City) 7s
10
J
58
109
A
1958 M
13
20 X
81X
81X
(State)—
37
O
*23"
98
107 X
23
J
1945,Q
of 1910 large
of 1910 small
42 X
A
58
98
25X
1954 J
41 X
M
X
*23 X
27;
1950 J
of 1904
36 X
.1961 A
75
1960 M N
f 5s
42 X
.1942 M N
-82
81
1946 J
on
♦Sec extlsf
0Xs
♦Sec extl s f
18
37
73
20
Milan (City, Italy) extl
0X8—1952 A
Mlnas Geraes
72
99
79 X
19X
♦JTreas 6s of *13
aasent(large) '33 J
♦ISmall
J
05X
27X
7
82 X
82
26
..1968 F
♦Assenting 5s of 1899
♦Assenting 6s large
♦Assenting 5s small
77
67
60X
74X
72
79 X
♦Medellln (Colombia)
0Xs
1954 J
D
♦Mexican Irrlg
assenting 4 Xs. 1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
215
107X
112X
101X
(Province •!)-
84
99
45
74X
*78 with all unmat
.1957 A
coup
♦Leipzig (Germany) s f 7s..._ .1947 F
Lower Austria
85 X
106X
97 X
77 X
77
*70
7a.. 1904 M N
♦4s of 1904
112
106X
105 X
101
100X
76 X
1965
sinking fund 5X8
♦Assenting 4s
♦Assenting 4s
♦Assenting 4s
106X
112X
105 X
101X
Jugoslavia State Mtge Baak-
85 X
143
103 X
75
♦Hungary (Kingdom of) 7Xa__1944
84 X
262
68
8
75
♦Hungarian Land M Inst 7X8.1961
♦Sinking fund 7Xs ser B
1901
75 X
65X
104X
76
Helsingfors (City) ext 6Xs
I960 A
Hungarian Cons Municipal Loan—
♦7Xs unmatured coup on
1945 J
75 X
88
56X
103 X 105X
75 X
Haiti (Republic) s f 6s ser
A
1952
♦Hamburg (State) 6s
1940
♦Heidelberg (German) extl 7Xa *60
279
63 X
102X
97 X 100
102 X
106 X
1945 M S
♦Sink fund secured 6s
289
85
7
74
German Prov A Communal Bks
♦(Cons Agrlc Loan) 0X«
1958 J
103
82 X
83 X
93
101
~*5
*68
♦German Rep extl 7s
stamped. 1949 A
♦7s unstamped
1949
82 X
84 X
98 X
104
27
30X
100X 105X
S
1967
♦5 Xs unstamped
81X
S
♦External sinking fund 6s" .1963 M N
♦Chile Mtge Bank
0Xs
.1957 J D
♦Sink fund
6X« of 1926....; .1961 J D
98 X
103
104
1942
7s unstamped
..1949
German Govt International—
♦5Xs of 1930 stamped
1965 J
37
For footnotes see page 77.
~65X
105X
♦Frankfort (City of) s f 0X8—19,53 M N
French Republic 7X8
stamped.1941 J D
7Xs unstamped
1941
External 7s stamped
D
..1949 J
J
7a___" .I960
34
ioox
*102
103 X
J
O
6s
34 X
ioox
J
84
"93 X
M
♦Extl sinking fund 0a„
Sept 1961 M S
♦External sinking fund 6s
.1962 M 8
♦Chilean Cons Munic
5
♦El Salvador 8s ctfs of
dep new. 1948
O
♦Chinese (Hukuang Ry) 5s
.1951
♦Cologne (City) Germany 5%b .1950
22
Estonia (Republic of) 7s
Finland (Republic) ext 6s
A
6s
34 X
ioox
S
A
90
1909 M S
J
f 7s
99
98X
1969 M
Apr 15 1938 A
s
95
99X
33X
102 X
102
99X 102X
8
8s...—" .1954
♦External sinking fund 6s.. .J 960
♦Extl slnklDg fund
6s...Feb 1961
♦Ry ref extlsf 6s
Jan 1961
12
*75X
83
99X
.1967
♦Chile (Rep)—Extl
20 X
*100
.1944
s f
97
1951
7 Xs June 1 1935
coup on
A
.1961
♦Cent Agrlc Bank
(Ger) 7s._ .1950
♦Farm Loan 11
6s_.july 15 1960
♦Farm Loan s f 6s.__Oct
15 1960
♦Farm Loan 61 ser A
96
A
64X
♦Sink fund 7s
J
July coup off—1967
♦Sink fund 7Xa
May coup off 1968 M N
10-year 2X8.
25-year 3Xs
7-year 2X8
30-year 3s
♦Carlsbad (City)
97
1905 M N
47 X
86 X
—
1984 J
6s
80
J
Dominican Rep Oust Ad 5X8—1942 MS
1st ser 5Xb of 1920....
1940 A O
of)—
Canada (Dom of) 30-yr 4s
70X
J
1952 J
...1955 F A
External g 4 Xs.
Apr 15 1962 A O
Deutsche Bk Am part ctf 6s
1932
f ♦Stamped extd to Sept 1 1935... M S
47
35X
100
s
15
Japanese Govt 30-yr
35
21
101X
(Kingdom
79
47X
72
39X
101X
I960 A
111
40
101 X
C-2
ser
76 X
D
100
101X
79
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium B
.1947 M
Italian Public
Utility extl 7s__ .1952 J
29 X
30X
30X
A
59 X
102 X
20
77
25
102X
101X
20
1
93
24 X
*28 X
17
23 X
96 X
18X
J
O
31
23 X
38
38
8
18
101
20 X
58
42 X
35
103
25X
3
26
7
D
on
25 X
38 X
"161X
25 X
69
85
51
100
56
23 X
98 X
46 X
40 X
5
27 X
27 X
ioox
23 X
1962 J
3% external
s f
25
(City) 6Xs B-2..1955 J
6s
104
118X
1958 F
Refunding sf4Xs-4X8
4Xs-4Xs
4Xs-4Xs
♦Guar
98
109 X
1950 A
6s
Extl re-adj
Extl s f
s f
15
109X
1960 M
f 6 Xs of 1926
a f
♦Guar
75
118
External s f 6s ser C-3
1960 A O
♦Buenos Aires (Prov) extl
6s...1961 M S
♦6s stamped
1961 M S
♦6Xa stamped
1961 F A
Extlsf 4X8-4X8
1977 M S
Bulgaria
102 x
103X
108
♦Externals fflXs of 1927—1957 A v
♦7s (Central Ry)
1952 J D
Brisbane (City) s f 6s
1957 M 8
External
25
104X 110X
104X HO
99X 103X
*22%
109X
109X
♦External sinking fund 6s__.1958 J
♦Brazil (U S of) external
8s_«_.1941 J
Buenos Aires
65
IOOX 103
96 X 101X
90 X
92
1955 J
External sf 6s
Sinking fund gold
47
203
107X
107X
103
1945 *■
1949 M
1955 J
External 30-year a f 7s
Bergen (Norway) ext s f 6s
20-year s f 6s
Budapest (City of)—
♦6s July 1 1935
coupon
100=32
ioox
91 x
1
High
85
Denmark 20-year extl 6s
External gold 6Xs
♦7s unmatured
coupon
♦Bavaria (Free State)
6X8
Belgium 25-yr extl 6X8
s
10
31
J
♦External
ioox
IOOX 102X
IOOX 103X
100»j2l02X
IOOX 102 X
101
102X
ioo"32
A
s
101
15
ioox
ioox
91X
105X
1955 J
(Germany)
12
101' =32 101 '**32
Low
97X
♦Public wks 6X8—.June 30 1945
101*32 102X
101=32
ioox
101*^32
13
h7.
85
♦5Xsstamp(Canad'an Holder)'65
Australia 30-year 6s_
External 5s of 1927
J
2
High
30
1963 M N
J
1945 J
♦External
♦Berlin
23
Since
Jan.
98
♦Dresden (City) external 7s__.1945 M N
A
Range
era
Asked
A
1949
5X» 1st series
5X8 2nd series
♦Sink fund 6s Feb coupon on.1947 F
♦Sink fund 6s Apr
coup on. .1948 A
s f 6s of
A
25X
25 X
23 X
23 X
23X
2d series sink fund 5Xs
1940 A O
Customs Admins 5Xs2dserl901 M S
99.23
Agricultural Mtge Bank (Colombia)
TExtl
F
1949
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
Foreign Gevt. & Municipals-
♦Antloqula (Dept) coll 7s A
A
106 10
102.16
103
1942-1944
Akersbua (Dept) Ext 6s
27 X
27 X
Sinking fund SXB-.-Jan 15 1953
102;13 102.7
A
F
1957 F
..1957 F
♦7s stamped..
100.18 108.10
J
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 IVI N
J
1952 J D
1953 M N
External 5s of 1914 aer A
External loan 4X»
8
M N
16 1942-1947 J
1947
Copenhagen (City) 5s....
47
106.6
IV!
16 1944-1964 M
Mar
May 15 1944-1949
3s
♦Strking fund 7s of 1927
106.28
105.17
A
O
♦Colombia Mtge Bank 0X«-- 1947 A O
♦Sinking fund 7sof 1926....1946 M N
103.24
D
Bid
i
'
105.11
F
Price
Govt. & Mun. (Concl.)
(Republic of)
♦6s Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on .Jan 1961 J
109.26
Federal Farm Mortgage Corp—
3s
Colombia
106.4
J
Treasury 2Xs
1951-1954 J D
Treasury 2%*...Sept 15 1956-1959 M S
D
Treasury 2Xs.. .Deo 15 1949-1953 J
Nft,
Low
109.12 115.20
103.29
Treasury 3s
Treasury 3XB—-June 16 1940-1943 J D 105.16
Treasury 3Xs—Mar 15 1941-1943 M S
Treasury 3Xs._.June 15 1946-1949 J D 104.20
Treasury 3Xs
Dec 15 1949-1952
Treasury 3Xs
Aug 16 1941
Treasury 3X8—.Apr
15 1944-1946
Treasury 2Xs—Mar 15 1955-1960
Treasury 2X8—Sept 16 1945-1947
Treasury 2%*...Sept 15 1948-1951
113.16 121.14
106.7
Sept 15 1951-1955 M 8
June 15 1940-1948 J D
2,?
2
Week's
Range or
Friday
Sale
High
O
Treasury 3X«---Mar 16 1946-1950 M 8
Treasury 3Xs_. June 15 1943-1947 J D
—
EXCHANGE
Week Ended July
Jan. 1
High
STOCK
Foreign
15 1947-1952 A
Treasury 3XB---Oct
15 1943-1945 A
Treasury 4s
Dec 15 1944 1954 J
Treasury 4X»—-Oct
Treasury 3s
Y.
Friday
Last
w
BONDS
N.
Government
S.
when selling
No account la taken of such sales in computing the range for
a footnote in the week In which they occur.
•
1940 A
O
1947 A
O
1950 J
J
47 X
20
r
Volume
145
New York Bond Record—Continued—Page 2
BONDS
N.
Y.
2
F*r»lgn G«vt. &Munlc. (Cona.)
Porte Aiegre (City of)—
♦8a June eeupon off
-.1951
Bid
a f 7a—1941 A
A
♦Bbine-Maio-Danube 7a A
No.
Low
1
28
27%
33%
26 H
9
25
31
96 H
96 H
13
92
100
23 H
16
17%
22 H
23%
38
23%
*109%
110
""*4
109
7
32 H
32
24
16% 24
109% 113%
110
109%
Y.
21%
5*
if
8TOCK EXCHANGE
Week Ended July
2
"it
113
32%
Range or
Last
Sale
Price
Bid
Atl Knox A Nor 1st g 5a
Atl A Cbarl A L 1st 4%s A
1st 30-year 5s series B__
*107
D
MN
102
%
90
94%
J
J
—1948
112%
102%
91%
94%
104%
104%
May 1 194B MN
10-yr coll tr Be
Atl A Dan 1st g 4a
2d 4s
No.
"46%
High
108
1
110
121
99
40
37
47
12
47
46
Low
118% 118%
111%
116"
112%
101%
87%
91%
J
M S
J
Since
Jan. 1
*114%
J
J
l»44
At! Coast Line 1st cons *b July 1902
General unified 4%a A
1964
LAN coll gold 4s
Oct 1952
High
D
1946 J
1944 J
Range
Friday
A Atkcd
Loto
High
23
'109%
N
Jan. 1
25H
25H
I960 M 8
Rio de Janeiro (City of)—
♦8e April coupon off
High
28
O
1947 F
28
Since
Friday
A Atkcd
Low
D
J
♦7%k July coupor off
1966
Prague (Greater City) 7Ha
1962 MN
♦Prussia (Free State) entl 6 Ha 1961 M S
♦External ■ f 6a
1962 A O
Queeraland (State) exti
26-year externa! 8s
Sate
Price
BONDS
Range
Range or
Last
Is
STOCK EXCHANGE
Week Ended July
73
Week's
Friday
Weet's
Friday
116
1
105%
99%
90
99%
102% 106%
46
60%
87%
1948
44
45
12
42
74
74
41
74
83%
99% 102
Atl Gulf A W I S3 coll tr 5a
1959
1946 A
O
27%
27%
28H
24
26
34%
T Atlantic Refining deb 5a
1937
...1963 F
A
26
25 %
26 H
50
22%
33
Auburn Auto
Rio Grande do Sul (State of)—
♦8a April coupon off
1940 A
O
31H
31H
25 H
32 H
11
29
40
26%
18
23%
33
tBaldwin Loco Works 1st 5a...1940
26
27
25
32%
5s assented
.1940
Bait A Ohio 1st s 4s
July 1948 AO
Refund A gen Be series A
1995 J D
1st gold 5s
July 1948 A O
54
♦6Hs Aug coupor off
♦6a June coupon off
♦7s May coupon off
♦7a June coupon off
1908 J D
..I960 MN
1967 J
Rome (City) extl 6 Ha
1962 A
Roumanla (Kingdom of) Monopolies
♦7a August coupon off
1969
♦Saarbruecken (City) OS..
1963
Sao Paulo (City of Braiil)—
♦8s May coupon off
26%
74 H
59
32%
83%
25%
38
21%
27
1
27
35%
12
25
34%
36%
29%
44
43
30
27%
25%
27%
26 H
38
38
31H
27%
25%
72%
27
38
37
♦22 H
J
J
J
J
31%
M S
28 H
J
1940 A
7a
♦Saxon State Mtge inat 7a
g
72 H
off..1957 M N
1980
♦External 8s July eoupon off .1960
♦External 7a Sept coupon off 1960
♦External 0s July coupon off. 1908
♦Sinking fund
26
72 H
37 H
1962 M N
§♦8* July coupon off
a f
O
6
12
34
6Ha
1946 J
..1940 J
41
28 H
7
25
35
27
21
24
34%
94 %
"95"
28
26 H
J
O
5
95 H
25
90
91
98
D
25
D
H
1
*22
19% 25
22
75
65%
70
74
Bangor A Aroostook 1st 5s
Con rel
Belvlders Delaware
47%
48%
54
40%
64
32
32
30
39%
1940 F
Sydney (City) a f 5H»
Taiwan Elec Pow a f 6Ha
105
105H
90%
98
*95
1966 F
1971 J
1962 M S
2
13
105%
71%
73%
1
65
78%
73%
77 %
12
72%
80%
75
76
73%
6H* guar
1901 A O
Trondhjem (City) lit 5Ht
1967 M N
♦Uruguay (RepubJc) extl 8a..1946 F A
♦External a t 6a
I960 M N
"76"
76
♦External a f 6a
..1904 IB N
Venetian Ptot Mtge Bank 7*..1962 A O
68 %
Tokyo City 6a loan ol 19 2
a 1
25
92%
39%
98
54
77%
.
86%
INDUSTRIAL
COMPANIES
1947 J
4s aeries B
O
1943 J
A
30
95%
99
100
7
98 %
100
D
♦Albany Perfor Wrap Pap 6«—1948
6a with warr assented
94%
A
1943 J
Adriatic Elec Co extl 7a
Ala at Sou 1st COD I A 6s
94 H
D
1946 F
1962 A
100
16
100%
18
100
78
78
IB
80
•110H
D
108
O
66
108"
"_5
3
66
1
67
67
1940 AO
Alleghany Corp coll
1944 F
A
1949 J
D
*104%
97%'
95
91
I
89%
O
82
1998 A
o
95 H
1942 M
8
108%
108 H
108%
6
O
100 H
100%
100%
5
...1951 Fj A
98 H
98 %
98 H
13
6s
♦Coll A
cony
.1950 A
6s
♦6s stamped
Allegb A West 1st gu 4s
Allegb Val gen guar g 4a
I960
Allied Stores
I960
Corp deb4H*
4%s debentures.
A
1966 M
Am A
2030 M S
1963 J D
Foreign Pow deb 6s
s
f deb 5*
S
Amer I G Chem cony
Am Internat
Corp
I
64%
Alpine-Moo tan Steel 7s
American Ice
67
5Hi
-1949 M N
J
cony 6 Ha—1949 J
*98~"
"48
91%
59
82
82
5
57H
65
297
95 H
97
26
*100%
78
76%
96
'167""
105
106%
103.H
84
109%
99
106
155
78%
96
12
107
49
103%
78
99%
110% 115
105% 110
100
59
76
105
25
64
74
107
95
Convertible debenture 4 Ha. .1939 J
debentures
1961 A
3 %s
3%s debentures...
1906 J
♦Am Type Founders cony deb. 1960 J
J
O
D
112H
112
112%
95
104%
99 H
98%
104 H
104%
99%
113
99%
169
AnacoDda Cop Mln sf deb 4He 1950 A
O
98
120
J
Amer Water Works A Electric—
Deb g 0s series A..
1976 MN
142
23
127
1941 J
Brown Shoe
a f
106
106%
17
105
106
49
A
1960
1945 M N
D
1960
101%
Bruns A West iat gu g 4s
Buffalo Gen Elec 4%s ser
fBush Terminal 1st 4s
107
1955 J
♦Consol 5s
96%
82
93%
{♦Bush Term Bldgs 5s gu
CalGAECorp unit A ref 6a
57%
69
Cai Pack
93% 102%
107% 112%
98% 101 %
97
100%
93% 100%
75
87%
87
97
105% 109
103% 106
111% 114
104% 113
96% 102
96% 102
120
200
conv
103
110%
104% 107
I960
Canadian Nat
J
.1940 J
deb 5s
conn gu
O
1987 lM N
1942 A O
..1962 A O
♦Camaguey Sugar 7s ctfg
Canada Sou
A
6a A
80
24
74%
23
20
23
8
21
18
21
75
18
18%
20
13
18% 41%
88% 101%
97% 105%
84% 104
84%
"99"
100%
87%
100%
87%
58%
85
*
*
72
60
37
98%
111%
99
111
t
92
"41
45
92
103
109
8
3
110
4
"§S
20
58
105%
104%
""§
20
12
112
31
109% 116
113
118%
114% 121
114% 121
112% 118%
110% 116%
112%
115%
117%
112%
16
17
12
118
118
115%
115%
7
112%
47
113
113%
113%
123%
124
94
94%
103%
113%
D
106%
102%
106%
102%
J
1938 J
D
1st A cons g 6s ser A.Dec 16 1952 J
O
61
114%
107%
103%
J
9
20
178
104
113%
4s
guar g
,
1949
5
15
54
78
*72%
103'
42
43
103%
Caro Clinch A O 1st 5s
101% 103%
103
105%
23%
114%
117%
J
83
73%
64
J
Coll trust gold 5s
Collateral trust 4 %s
89
58%
115
"94%
31
14
1944 J
Dec 1 1954 J
1960 J
..
32
85
64
117%
..1946 M S
Coll trust 4H8-.
5e equip trust ctfs
101% 102
108% 110
100% 101" u
80% 93
17
5
88%
115%
113%
103% 106%
20
19%
20
114
J
Canadian Pao Ky 4% deb stk perpet
100%
85
132%
61
101%
80%
*15%
*15%
88%
88%
60%
63%
*101%
104%
104%
20
23%
122%
106
106%
85
111
90
103%
A
1
83
*52
103
*100
Guar
sa
98% 115%
117
115
~90"
105%
103%
20
tm
89
J
gold 4%s
June 15 1955 J D
Guaranteed gold 4%s_.
1956 F A
Guaranteed gold 4Hs—Sept 1961 M S
J
Canadian Northern deb 6%s1946 J
90
32
J
July 1969 J
Oct 1969 A
1970 F
99%
112
83
O
1957 J
gold 4Ha..
Guaranteed gold 5a
Guaranteed gold 5s
Guaranteed gold 6s
77%
77
109%
A
92%
80
F
1952
100% 106%
74%
J
TBuff Roch A Pitta gen g 5a.—1937 M 5
Consol 4%s
...1957 M N
If ♦Burl C R A Nor 1st A coll 5s 1934 A O
♦Certificates of deposit
24%
82
A
F
1938
B...1981
123
101%
1957 MN
deb 3%s
"§1%
77%
131
77
1947 M N
1950 J
46
*107%
J
F
1st lien A ref 5a series B
{♦Car Cent 1st
105
O
Bklyn Man hat Transit 4 He...1966 M N
Bklyn Qu Co A Sub con gtd 5S.1941 MN
87%
Am
Teiep A Teleg—
20-year sinking fund 6 Ha— -1943 MN
A
1
120
95%
98% 105%
101
1948
Alb A Susq 1st guar 3H*
tr 6a
'"80""
1934
stamped
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
1st lien A ref 6e series A..
Debenture gold Be
25
25
100%
93%
101%
94%
♦Certificates of deposit....
J
Brooklyn City RR 1st 6a
1941
Bklyn Edison cons mtge 3%s__1966 MN
1st 6a
Coll trust 4a of 1907
10-year deb 4%a
o
^♦Botany Cona Mills 6%a
48%
84%
♦ilAblttbl Pow A Paper 1st 6s. 1963 J D
Adams Express coll tr g 4s
1048 M 8
J
102
25
O
70%
98
20
4
83%
83%
25
5
24
70%
97
26
18%
18%
24%
78
47%
20
24
D
1944
1967 M S
Big Sandy 1st 4s
Bosron A Mains 1st Ca A C
120
"25" "~2
24
63%
83 H
115% 121%
6
125
O
63%
48 H
118%
124%
A
♦Deb sinking fund «%s
1959
♦Debenture fls
1955
♦Berlin Elec El A Undergr 6 %s 1966
Beth Steel cona M 4%s ser D..1960
Cona mtge 3%s ser E
196Q
69
71
14
U8%
117%
124%
D
30
Yokohama (City) extl 6a
*102"
*102
68%
...1962 M N
♦Warsaw (City) external 7a...1968 f
72%
102% 103 %
71%
J
68 %
85
110%
110
O
66%
*
116
103
11
1960
67
68%
99% 103
63%
111
21
3 %8—1943
♦Berlin City Elec Co deb 6 %■—1951
cons
1st M 5s series II
1S55 MN
1st i 4%s serieh JJ
1961 A O
f ♦Boston A N Y Air Line 1st 4s 1955 F A
2
10
5
107%
J
71
100 H
93%
82%
93%
113%
1948
69%
100 H
......
Vienna (City of)—
6a Nor coupon on
1961 J
95%
101% 106
2
75
-
74
25
30%
32
75
65%
94
110
*
Battle Creek A Stur 1st gu 8s..l989 J D
Beech Creek ext 1st g 3%a
1951 A O
31%
Styrta (ProTlnce of)—
7a Feb coupon off
60
176
105
110
107%
1951
...1951
24
♦Bllealan Landowners Asm 61—1947
101% 10)%
88
99%
10
112%
106%
1943
4s
4s stamped
102
67
79%
25%
1968
97
105
106%
103
106%
103% 108%
74% 94%
110
116%
87% 103%
24
79%
70
39
♦Silesia (Pror of) extl 7s
113
163
89
79%
30
conr
89
101%
79%
28%
28
Coll A
J
92%
103%
103%
S
27%
cons
J
J
151
112
1960 F A
1996 M S
26 %
1st
92%
103
J
80
74%
110%
87%
102%
101%
88%
80
111%
2000 M
4%s
Ref A Km M 5s aer F
♦7a Not 11936 coupon on.. .1962 M N
AND
MN
105%
Ref A gen 5s aeries D
Bell Teiep of Pa 5s aeries B
1st A ref 5s series C
RAILROAD
D
J
105%
103%
85%
105% 107%
105
*104
105%
31
106%
105
M N
Ref A gen 6s series C
..1995
P L E A W Va
8ys re, 4a....1941
Southwest Dlv 1st 3H-5S...1950
To! A Cln Dlv 1st ref 4s A—1959
Serbs Croats A Slorenes (Klnedom)
♦8a Not 1 1936 coupon on
1902 M N
External
*106
Oonv
♦Extl 6Ha May coupon
San Pauio (State of)—
Secured
D
~62%
*40%
cony deb 4%a._.1939
Austin A N W latgug 5a
1941
"~4
119%
110% 116
120% 128%
89%
99%
102% 106%
110
115%
106% 110%
99% 105%
72%
103
103
103
111%
111%
3
108% 111%
100
100
2
100
*80
84
♦Anglo Chilean Nitrate—
S I Income deb
1967
33%
{Ann Arbor 1st g 4s
...1995
Ark A Mem Bridge A Term 6s. 1964 M S
Armour & Co (Del) 4s series B.1955 F A
1st M 8 f 4s ser C (Del)
Armstrong Cork deb 4s. .I
Su mped
97 H
98
76
95 H
110H
...1995 M N
4a
—.1965 J
104 H
104%
D
1955 J
gold 4a of 1909
Cony 4a of 1905
97
103%
108 H
1995 Nov
Cony
""2
96 H
1996 A
4a
D
Cony g 4s issue of 1910
Cor* deb 4H«
1960 J
D
Rocky Mtn Dlv lit 4a
1985 J
Trans-Con Short L 1st 4a... 1958 J
Cal-Arl* 1st A ret 4 Ha A
1962 M
74
Cart A Ad lstgu g 4s
101
105
94% 100%
42
95
48
96%
103%
110%
104%
104%
107%
103
99%
108
1981
J
J
D
{♦Central of Qa 1st
♦Consol gold 5s
1948
5s..Nov 1945
F
A
g
25
10
16
1959 A
O
15
4a_. 1951 I
1946 I
m 68.1947 J
D
J
J
15%
29%
21
♦Ref A gen 5b series C
112
102
112
♦Mid Ga A Atl Dlv pur
♦Mobile Dlv 1st g 5s
108%
105%
5
105
107
112
112
5
110
113
112%
112"
3
104 H
108%
113
12
111
113%
Cent Illinois Light 3%s
108
111
1966 F
1961 J
1987 J
{♦Cert New Engl 1st gu 4a
General
i r
NOTICES
Des.
—The
new
brokerage
firm
of Fairman,
Randall & Co. commenced
succeed to the partnership
business at 208 South La Salle St., Chicago, to
formerly conducted under the name of Fairman, Perry
with memberships on the Chicago
will conduct
a
and unlisted securities.
general
Exchange.
& Co.
The firm,
Stock Exchange and Chicago Board of
brokerage business in commodities, listed
They will maintain a direct private wire to their
New York correspondent, A. M. Kidder & Co.,
Partners of the new firm are:
members New York Stock
Fred W. Fairman, Elmer A.
and Fred W. Fairman Jr.
Kurzka, Ralph G. Randall, Harry B. Chichester
11
in
A
J
I
23%
19%
~
*10
29%
24
19%
32
*12
30
96
*96
100
106
100%
103%
23%
23%
40
31
23%
34
140% 244
160
99%
106%
100%
30
103%
103%
5
7
102
125%
109
99% 104%
100% 108%
70
69%
71
19
83
75%
51%
48
51%
31
48
88%
45
>
.1987 J
as
Pari and John W.
other types of
Mr.
*
45
46
6
45
78%
footnotes see page 77.
CURRENT
Trade,
"26%
1946 I
Central N J gen g 5a
P
A
♦Chalt Dlv pur money g
♦Mac A Nor Dlv 1st (5s
16
36%
"34
116
104%
81
16%
102
104% 109%
103% 110
104% 108
93
40
"26%
106%
2
*77%
24%
15
10
27
"~6
16
1959
106%
85
78%
25%
24%
25
77
....
"25%
O
1945 M N
♦Ref A gen 6He series B
J
Central Foundry mtge 6a
1941 M S
Gen mortgage
..1941 M S
Cent Hud G A E 1st A ref 3%«.1B66 M S
Cent 111 Elec A Gas 1st 5s
1951 A O
108%
100
D
♦Cent Branch U P 1st g 4s
105 H
108%
i
J
103 H
107 H
*107%
D
1948 J
60
63
101
103 H
Carriers A Gen Corp deb 6s w w 1950 MN
31
101
1950 J
42%
20
33%
*57
1957 J
Atcb Top A S Fe—Gen g 4s
Adjustment gold
32 H
Randall, who will manage the trading department, was for the past
years
manager
Chicago.
Security
of the trading department of the First Boston Corp.
He has played an active part in functions of the National
Traders'
Association, and was President of the
Club of Chicago for the year 1936.
Bond Traders'
Mr. Randall will be assisted by George
their statistical
—Henry
Eustice in trading bank
over-the-counter securities.
and insurance stocks and
John E. Bentley will manage
department.
Kenneth
Astwood and William Samuel Baren announce the
conduct a general securities business with
formation of Astwood & Baren to
offices at 70 Pine Street, this city.
dent of Ernstrom
Inc.
& Co.,
Mr. Baren was formerly
Ernstrom & Co.,
Amott, Baker & Co.,
affiliated with Campagnoli & Co., Inc. and
Inc.
—Cbas. E. Quincey & Co.,
members of New York Stock Exchange, are
distributing ail interest table for
month of July,
Mr. Astwood was formerly Vice-Presi¬
Inc. and associated with
U. S. Treasury issues accrued during the
1937, on each different $1,000 bond or note,
interest table for
together with an
IIOLC and Federal Farm Mortgage bonds.
—Arthur A. Boklan,
formerly with R. H. Johnson & Co., is now asso¬
ciated with Amott, Baker &
Co., Inc.
New York Bond Record-Continued—Page 3
74
July
Y.
Week Ended July
Bennett 'Bros. & Johnson
t
en*
&nembers
J
|
^
1961 J
Private Wire
"Pi. Y. 1 -761 -<•
LtI4a
1905
Commercial Credit deb 3Hs—1951
105H
Y. STOCK
2
Week Ended July
Range or
Rang*
Sale
Friday
Since
A
Bid
Asked
Low
F
A
Through Short L 1st gu 4s..1954 A
F
A
106%
4b
1949
Guaranteed g 6s
1960
I^Cent BR A Bkg of Ga ext 6a 1942 M N
1941 M N
Certain-teed Prod 6 Mi a A
1948 M 8
108%
"97
Champion Pap A Fibre deh 4$i81950
Chea A Ohio let con g 5a
1939
General gold 4 Ha
1992
83 H
106 H
S
120M
119H
A
97
97 H
*103 H
1989
110H
2d conaol gold 4s.,
1989
Warm Spring V 1st g 6S....1941 M
*109 H
S
Chic A Alton RR ref g 3a
1949
Chic Burl A Q—111 Dlv 3Hs—1949
1958 rvi
90H
105H 108
20
100 H
25
110H 128H
65
21
95
109
102 %
102 H
111
95%
110% 111
MX 111H
110H
108
112
110H 116
120H
108
52
108
61
58 %
108
104 H 110
s
111H
111
112H
111H
108H 113H
I07H 117H
109H
110H
100 %
116H
116H
117H
114
119
100
101%
109 %
A
117 H
O
F
{♦C A E 111 Ry (new Co) gen 68.1961 M N
♦Certificates of deposit
Chicago A Erie lat gold 5a
1982
TCh G L A Coke lat gu g 6a._.1937
106H
120H
97 H
97H
74 H
111
A
1977
B
A
13
107H
1971
aer
96H
125M
♦107H
I {♦Chicago A East 111 lat 6a. .1934
aer
104 H
88
2
106
52
General 4s
4Hs
83 %
95
122
111H
1949
let A ref 5a
108H
108
Illlnola Division 4a
lat A ref
101
5
*106
Pott8 Creek Branch lat 4s.__1940
4a
96
73
High
100 H 112H
*101 H
"34 H
J
{♦Chicago Great West lat 4a..l959 M
30 H
"34 H
30 H
33
M N
33 H
30 H
30 H
*118
117
J
S
46 %
45%
124
100H 102 %
40 H
40 H
36 %
100
106H
1951
1950
5s
*
1966 M N
.1946 M N
1936 J
(♦Consol gold 4 Ha
1936 J
t*Den A R G West gen 5s.Aug 1955 F
♦Assented (subj to plan)
i*Des
11
15
11
Detroit Edison Co 4Hs ser D._ 1901 F
Gen A ref 5s ser E
1952 A
Gen A ref M 4s ser F
1965 A
♦Chic M A St P gen 4s aer A..1989
J
♦Geng 3Ha aer B..May 1 1989
♦Gen4Hs series C._May 1 1989
♦Gen 4Hs series E._May 1 1989
♦Gen 4^8 series F___May 1 1989
{♦Chic Mllw St P A Pac 6s A.. 1975
110H 111H
J
49
51 %
J
J
A
8
33
({♦Chicago Railways lBt 5s atpd
Feb 1 1937 25% part pd
36H
35
34
34
47
N
O
"40H
♦Certificates of deposit...
Chic T H A So East 1st 5s
1960 J
Deo 1 1960 M
56
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons g 5s
62
Eleotrlo Auto Lite
38
22 %
21H
19 H
15H
217
30H
30H
24H
33 H
31H
47
14H
17H
15H
3lH
43 H
33 H
16
14 H
53
15H
42H
26 H
22 H
25H
9
15
22 H
"43
18
15
91
11
9H
109 H
*109
*86H
94
*91H
D
83 H
15H
17 H
*16H
D
64
15H
*18""
D
1
128
16H
9H
H
-9l"
98H
D
87 %
90
87%
99H
S
75H
77
75H
J
..1903 J
1903 J
J
106 H
107 %
109H
104
107 H
"107""
109 H
104 H 113
J
107
107H
103
111%
105H
Chic A West Indiana con 4s
1st A ref M 4Hs ser D
104 H
101 H
104
103H
105H
104H
1962 M
108 H
108 H
S
101H
101
102
Chllde Co deb 6a
1943 A
O
{♦Choc Okla A Gulf cons 6s... 1952 M N
Cincinnati Gas A Eleo 3Ha
1966 F A
84
82
84
H
35
*30
"lOOH
99H
100H
99 H 105 H
80H 94
100
35
H
1942 M N
*104
C..1957 M N
1st mtge guar 3 Ha series D..1971 M N
Clearfield A Mah 1st gu 4a
J
1943 J
107
106
43
107 H
105H
D
1993
105H
108
100 H
100
21
101H
20
*
J
1940 M
118
107 %
118
32 h
5X
5H
71
50%
23
12
57 h
115
32
107
106%
108H
103H
107H
28
108H
19
105h 111
103 H
18
101
111 h 116H
106 h 110H
109 h
*58
85
60
60
70
55
05
45
45
*48
"59"
113H
111
118H
101
101H
101
101H
o
*101 H
45
j
j
41h
106
55
101H 102 %
45 H
45
104M
104
104h
102
110
1st consol gen lien g 4s
Conv 4s series A
72 h
conv
Ref A
108
111
113
113
112
116%
104 H
104H
132
131
132
103 % 107 h
131
139h
110
108H
110H
107 h
111
111
108H 113h
103%
103H
*107H
109"
100 h 105
140
172h
106^ 112
*105
110
j
105H
i
j
105
98 H
j
100
103
105H
*104H
j
111
100
103 h 107
"98H
98%
17
97 h 106 H
76
80%
76
80%
63
1953
O
80
80
80%
21
80
94 %
1953
O
80
80
80
13
80
94 h
91
93 h
68
89
68
89
1990
Series B
Gen
*105
o
4s series D
*
o
1953
Ref A impt 5s of 1930
1907 ivi n
1975 a o
Erie A Jersey 1st a f 6s
1955 j
1957 j
73
j
f 0s
a
.
88 H
73
73
173
68
73
89
118
j
lmpt 5s of 1927
118
5
118
2
68
117%
*108%
N Y A Erie RR ext 1st 4s...1947 ivi n
3d mtge 4Ha
1938 ivi s
95
95
93
98 %
95
104 %
*103
*103
108 H
O
*107 H
107 H
-
—
-
101
-
33
103
107
—
108 H
*109H
108
105H 111H
110H 110H
107
109
105
A
111 H
106
106
106
106 H
O
*104
J
O
1973
o
*109
110H
92H
114h 119
116H 118h
112H 114h
"i05**
101H
f
a
d
1942 ivi
70%
102
70
64 h
70%
102
101
105
102 H
102
103h
102 H
101h 102h
101 % iosh
103
103
101
s
1942
s f 5s stamped......1942
1st lien 68 stamped
1942
30-year deb 6s series B
1954
1st lies
ivi
ini
s
s
80%
101 H
102 H
102H
3
m
*102
103
104h
j
d
*57
1946 j
j
90
t*Fla Cent A Penln 5s
1943 j
^♦Florida East Coast 1st 4Ha—1959 j
j
78
78
78
d
69
69
69
3
60H
.1974 m s
11
9H
11
165
9H
20H
10H
9%
10H
55
9H
20
*7%
17%
Flat deb
8
f g 7s
♦lat A ref 5s series A
♦Certificates of deposit..
Fonda Johns A Glov 4
Ha
1952
U*Proof of claim filed by owner. m n
(Amended) 1st
cons
2-4s
96% 105
90h
78
81H
96 H
82
90
87
9
9h
3h
6H
4H
3%
5
Hon
107 h
67
1982
|J*Proof of claim filed by owner m n
♦Certificates of deposit
Fort 8t U D Co 1st g 4 Ha
j
1941 j
Framerlcan Ind Dev 20-yr 7 Ha 1942 j
j
Francisco Sugar coll trust 6s... 1956 ivi n
*4
*3%
4H
*104 H
*108H
107h 107h
108h
72 H
67
92 %
.1949
92 H
*117
Gen Amer Investors deb 6s A.. 1952
Gen Cable 1st s f 5Hs A
1947
♦Gen Elec
(Germany) 7s Jan 15 1945
101
161"
11
104 %
32 H
104H
2
110H
111 H
110
108 H 116H
108
113
105
107
104 H 111H
100H
102
99 H 105H
*108
105
110H 112H
105
g
5s
♦Sinking fund deb 6 Ha
1940
♦20-year
1948 ivi n
s
f deb 6s
*31
Gen Motors Accept
Corp deb 3sl946 f
15-year 3Ha deb
1951
Gen Pub Serv deb 5Hs
1939
Gen Steel Cast 5 Ha with warr. 1949
32%
32%
73
17
100H
101H
*101
84 H
104
108
77
76 H
77
H
76 H
90
58 H
56 H
58 H
56 H
77 H
30%
7s. .1945
Goodrich (B F) conv deb 6s_—1945
1st mtge 4Hs
1950
Goodyear Tire A Rub 1st 5s.-.1957
Gotham Silk Hosiery deb 5s
Gouv A Oswegatchle 1st 5s
Gr R A I ext 1st gu g 4
Ha
w
104
m n
wl946 ivi
32%
102
*26
sec
32 H
s
1942 j
d
1941 j
j
100H
104H
1
87 h
"2
47
113
102 %
30
40
40
29h
40
98 h 105
98 % 105h
101% 103 h
"16
81%
97 h
32%
44h
30 %
30%
52
30
23
30 h
104H
43
101
62
103
104 %
99
72
*102 H
109
100 h 102 H
103h 100 h
37
85H
102 H
99 H
97
100 H
122 H
30
39
101
*25 H
Hnpe steel A Ir
121X
102
{♦Ga A Ala Ry 1st cons 5s
1945
({♦Ga Caro A Nor 1st ext 6s..1934
92
92 %
101H
a
♦Good
-
108
O
1st a f 4Ha series C
o
1977
Coal River Ry 1st gu 4s
1945 J D
Colo Fuel A Ir Co gen ■ f
5s...1943 F A
♦5 Income mtge
1970 A O
Colo A South 4Hai er A
1980 M N
110M 113
*109H
J
1972
1954
.1956 j
Federal Light A Tr 1st 6s
5s International series
Galv Hous A Hend 1st 5
Ha A..1938
Gas A El of Berg Co cons
109H
19
98 H
100 H
103
108H
77
22%
45
113
Erie A Pitts g gu 3Hs ser B...1940
Series C 3 Ha
1940
Erie RR 1st cons
g 4s prior
1990
90 H
*104
see page
15
14h
21
d
103H
*107
For footnotes
29
24
5H
d
1905 a
2
1948 M N
F
1950 A
Cleve Union Term gu
5Hs
1st a f 5a series B guar
3
16H
15H
114H
1965
110
Series C
1977
Gen A ref mtge 4
Ha ser B... 1981
Cleve Short Line 1st gu 4
Ha... 1961
1o0h 108h
1o0h 108 h
26 h
36h
27% 38
j
1940 j
"93 H
1942 A
1942 J
guar..
28 %
3
2
77
m n
a
103 H
Series B 3 Ha guar
Series A 4 Ha guar
Series D 3 Ha guar
Gen 4 Ha ser A
28
*48
j
90 H
98 H
J
J
97
101H 105 H
Cleve-Cllffs Iron 1st mtge 4^8.1950 M N
Cleve Elec Ilium 1st M
3HS...1965 J
Cleve A Pgh gen gu 4
Ha ser B.1942 A
108H
*46
j
103 H
93 H
S
1940 J
g 4s
W W Val Dlv 1st
g 4s
110H
104 H
103't6 105 H
J
Cairo Dlv 1st gold 4s
J
1939
Cln Wabash A M Dlv lat
J
4a. 1991 J
St L Dlv 1st coll tr
g 4s
1990 M N
Spr A Col Dlv 1st
117
101
104 H
J
ser B
40 H
97 H 104M
104H 108H
107
109H
*104 H
D
IRef A Impt 6a ser C
1941
HRef A lmpt 6s ser D......1963
Ref A lmpt 4Hs ser E
1977
3Hs
Conv deb 4Hs
Fairbanks Morse deb 4s
107 H
1951 M S
J
1952 J
Cleve Cln Chi A St L
gen 4s...1993
107k
h 100
114H
1941 ivi n
1951 j d
Ernesto Breda 7s
1944 J
Cln Leb A Nor 1st con
gu 4s
Cln Un Term 1st gu 6s ser
95 h
101% 104
104 % 1o0h
91
1st mtge 4s series D
lat mtge 3Ha series E
3Ha guaranteed..
88%
104
102H
d
Genessee River 1st
16
108H 113H
94 H
O
1952 f
El Paso A S W 1st 6s
5s stamped
64
104
19
~2l"
J
1995 j
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4 Ha ser A
12%
90H
15
S
A
1939 j
4s
61
18%
64
33 H
N
Chicago Union Station—
Guaranteed 4s
General 5s
conv
39
20
60
14H
East Ry Minn Nor Dlr 1st 4s_.1948 a o
East T Va A Ga Dlv 1st 5s
1956 m n
12H
.....
♦Convg 4H8
1960 M
Ch St L A New Orleans 5a
1951 J
Gold 3Ha...
June 16 1951 J
Memphis Dlv lat g 4s
1951 J
54 H
56
I
m"s
52 H
55
15H
1952
52H
34
21
7
56
lolk 108"
49 H
23
19H
*15 H
A
♦Certificates of deposit..
(♦Secured 4 Ha aeries A
1951
37 H
37 H
18H
%
D
J
,
"15k"
1995
4H8..1901
20
23
.1934 A
(♦Refunding gold 4s__
6s
"39"
40
22
F
1995 j
46
37 H
D
N
34
12H
45 %
38
*30 H
D
1988 J
{♦Chic R I A P Ry gen 4a
♦Certificates of deposit
gu
29
1987 M N
I ♦Secured g 6Ha
1936 M
♦1st ref g 6a
May 1 2037 J
♦1st A ref 4Ha atpd.May 1 2037 J
♦1st A ref 4 Ha ser C.May 1 2037 J
♦Conv 4Hs series A
1949 M
Inc
33 H
34
36 H
♦Second gold 4s
TDul A Iron Range 1st 5s
1937 a
l(#Dul Sou Shore A Atl g 5s..1937 j
Duquesne Light 1st M 3Ha.—1965 j
6%
32 H
64
"18
*61
71H
36 H
21H
445
J
A
1995
♦2d 4s assented
495
8
17
05
64%
107
107%
26%
28%
I08H
Detroit Term A Tunnel
Dow Chemical deb 3s.
25H
104
107 %
103 H
57H
54H
57
45
46 %
60
103
28
O
69H
09H
1
56
*56 H
Gen A ref mtge 3Hs ser G..1966 M S
♦Detroit A Mac 1st lien g 4s...1995 J D
50
54 H
59 H
6%
32 H
Plains Val 1st gu 4H8--1947 Ml
54
....
54 H
*21H
25H
♦Stpd 4a non-p Fed Inc tax 1987 M N
♦Gen 4Ms atpd Fed Inc tax..1987 M N
♦Gen 5a atpd Fed Inc tax
1987 M N
♦4 Ha stamped
66
54 H
t
J*Des M A Ft Dodge 4s ctfs._.1935 J
♦1st 4s assented
47
54 H
J
♦Conv adj 5s
Jan 1 2000 A O
{♦Chic A No West gen g 3 Ha.-1987 M N
♦General 4a
...1987 M N
18
49
47
J
♦Ref A lmpt 5s aer B.__Apr 1978 AO
43
*111H
103h 106
*105 H
39H
20H
14
20 H
100H 107 H
8
6
J
25
16
107
20
1951 IVI N
25
103
103
104
46
1969 J
lat mortgage 4Ha._
102
2
105H
88%
*105%
102%
Stamped as to Penna tar
(♦Den A R G 1st cons g 4s
99%
106
48
Den Gas A El 1st A ref s f 5a...1951 Ml N
96% i03h
97
45
89H
98 h 108 %
40
46M
J
25
103
1
45H
J
J
*12H
59
47
1909 J
39
I63"
105H
4Hs—.1971 J
36 H
29H
J
103 %
1943 Ml N
1st A ref 4s
30
J
101
103 H
31
D
105
28
D
*10
♦lat A gen 6s series B.May 1906 J
Chic Ind A Sou 60-year 4a__._1950 J
Chic L S A East lat 4 Ha
1969 J
102
O
*20
"IS"
13
D
J
1960 IVI N
104H
105
J
.
104H
105H
1947 J
.
10
%
100H
1947 J
1947 J
♦lat A gen 6a series A
100
100H
♦Refunding g 6s aer B
♦Refunding 4a aer C
51H
102
101
100
100H
{♦Chic Ind A Loulsv ref 6a
44 M
14
40 h
100H
A
J
23
100
101
J
107 h
102
101
Dayton Pow A Lt 1st A ref 3 Ha 1900 A
101
100
101
J
100H 108h
102H 1O0H
34
9
21
D
D
100k
99h 105 h
104 h 106
03 h
71h
103h 110h
99 h 107 h
67%
106H
J
1942 J
94
100H 107m
41h
34h
34
41h
35h 40
37
101H
.1952 J
Cuba RR lat 5s g
7 Ha extended to 1946..
6s extended to 1946
108%
105 h 108 h
"38%
101
J
116
102
157
31
iOiH
1951 J
114h
MX
101H
1950 MN
Crown Willamette Paper 6s
Cuba Nor Ry 1st 6H»--
96 h 105h
109
36
107
101 %
36
64 H
106
105
18%
1951 F
deb 3Ha
Crown Cork A Seal 8 f 4s
a f
Del Power A Light 1st
1st A ref 4Hs
143
25
D
Copenhagen Telep 5s.Feb 15 1954
Del A Hudson
104
High
97% 105 %
98
104 % 107 %
1943 J
15-year deb 5s with warr
Crane Co
48
Low
105h 112H
104 H
67 H
1900
Container Corp 1st 0s
104K
*31
Consumers Power 3Hs-May l 1965
1st mtge 3 Ha
May 1 1965 IVI N
lat mtge 3Hs
1970 IVI N
1st mtge 3Ha
23
*31
1955
a f
103
*32
1955
♦Consolidation-Coal
23
106 %
100H
deb 4S..1954
♦Debenture 4s
101H
*21
101H
non-conr
67
102H
104
Conaol OH conv deb 3 Ha
♦Debenture 4s..
97%
*106H
♦106H
Upper Wuertemberg 7s—1956
Consol Gas (N Y) deb 4 Ha
1951
t*Consol Ry
105% "65
*104
1943
♦Debenture 4s
Low
4
124
80 %
M N
M
97 H
90
90
105%
106%
3Ha aer D1990
Ref A Impt M 3 Ha ser E-..1996 F
Craig Valley let 5a
May 1940
R A A Dlv lat con g
1
95
S
IV! N
Ref A linpt mtge
56
104
123
Central Steel 1st g ■ f 8a
M
109
104
O
Cent Pac 1st ref gu g
High
Jan. 1
No.
1
96 H
97
of
Last
Price
106
101 H
104
O
Stamped guar 4Hs
1951
s f 3Hs A
1961
Consol Edison (N Y) deb 3 Ha. 1940
3 Ha debentures
1956
♦Consolidated Hydro-Elec Works
Week's
Friday \
98H
111K
104H
Conn River Pow
*1
EXCHANGE
6
101H
A
Conn Ry A L 1st A ref 4Ha—1951
135 So. La Salle St.
'1?
BONDS
N.
Conn A Passum Rlv 1st 4s
Connections
Randolph 7711
'Bell System Teletype «V- Cgo. 543
2
59
99 H
*112H
Commercial Invest Tr deb 3 Ha 1951
SDIgby 4-5200
No.
99H
96 H
A
M N
Columbus Ry Pow A
Chicago, III.
One Wall Street
High
111 H
1948 A O
1955 F
Jan. 1
97%
*97H
15
Jan
Col A H V lat ext g 4s
Col A Tol lat ext 4s
Since
Asked
98
99 H
Debenture 5s
^ew York, c^i. Y.
A
Low
Columbia G A E deb 5a—May 1952 IVI N
Debenture 5s
Apr
16 1952 A O
f "Kew York Stock Cxchange
y0rk Curb exchange
{
RAILROAD "BONDS
Bid
Price
2
Ran»a
Friday
Sale
EXCHANGE
STOCK
Range or
Last
BONDS
N.
1937
3.
Week's
Friday
9
102 H 107
97% 101 H
103
106
95h 107 h
104H
103
109
108H
103 h
111
)
Volume
145
Week's
Friday
STOCK EXCHANGE
Y.
Week Ended July
2
Sale
J
A
Gt Cons El Pow (Japan) 7s
1944
A
95 H
95H
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1950
Great Northern 4*s series A-.1961
J
89 H
J
117J4
"3*
117*
104
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1952
J
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1973
J
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-..1977
1946
J
I
103 H
126 H
1946
J
109 *
J
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Feb
"io*
1940 MN
1950 A
1950
Gulf A 8 11st ref A ter 6s Feb 1952
J
Stamped
1961
O
C
1960
o
100 H
10-year deb 4Hs
•
Hackensack Water 1st 4s...
1946
1952
o
103*
♦Harpen Mining 6s
Hocking Val 1st cons g 4 Ha
♦Hoe (R) A Co 1st mtge
{♦Housa tonic Ry cons g 5a
1949
Gulf States Utll 4s
ser
106*
1957 F
♦Adjustment Income 5s_Feb 1957
Illinois Bell Telep 3 Hs ser B..
Illinois Central 1st gold 4s...
A
120*
A
~66*
63*
O
23*
21*
25
10554
104*
*110*
*101
1951 J
Collateral trust gold 4s
1951 A
Purchased lines 3Hs
Collateral trust gold 4s
83*
85
1955 M N
1952 J
1966 F
96*
68 *
A
66*
Cairo Bridge gold 4s
.1950 J
Litchfield Dlv 1st gold 3s.. .1951 J
Loulsv Dlv A Term g 3Ha.. .1953 J
*105
Omaha Dlv 1st gold 3s
.1951 F
Bt Louis Dlv A Term g 3s.. .1951 J
Gold 3Hs.
.1951 J
*
Springfield Dlv 1st
171
106
39
27*
101
101*
103*
38
57*
116* 124
63*
21*
85*
30*
101* 110
110
111
102
111
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107*
102
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t
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95*
107
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95
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80
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98
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92*
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88
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14
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72
91*
69*
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s
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3*8
ser
1952 J
A._
Guar ref gold 4s..
4s stamped....
1949 M
63*
43
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2
104*
51
101
108
108
55
97
55
64
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52*
62*
58
53*
95*
21*
20
22
42
20
50
18
O
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5
18
52*
♦Certificates of deposit...
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conv 7% notes
.1932 MS
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62
64
55
61*
91*
61
62
D
98*
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A
A
1944
5s
ser
A...1909 J
No.
J
Low
High
39
100
85
50
72
70*
84
53
66
45
62*
107
32
131
80
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109
116
122
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117
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108
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11
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108
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73
73
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105
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103*
103*
102*
101*
101*
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101*
101*
100*
126*
O
1951 F
Lorlllard (P) Co deb 7s
122
High
101*
54*
57
*108
.......1949 M S
119*
128
118*
119*
82
87
87
103*
102*
108
33
100
11
100
100*
104*
2
5
102
1
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99*
108*
106*
99*
1966 M
1945 M S
126* 135
116* 124*
82
99*
100
100*
99*
112*
Louisville A Nashville RR—
1940
106*
23
o
107*
108
10
2003
o
103
105
79
..2003
1st A ref 4 *s series C
1st A ref 4s series D
J
2003
Unified gold 4s
1st A ref 5s series B...
o
38
1st A ref 3*s series E
106*
'"98*
97
2003
o
Paducah A Mem Dlv 4s
1946
A
91*
100*
98*
91*
106*
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4*s
1980 M
3
♦87*
88*
1945
alll
M S
i
South Ry Joint Monon 4s... 1952 J
Atl Knoxv A Cin Dlv 4s
1955 IVI N
Lower Austria Hydro El
6*8..1944
Maine Central RR 4s
35
103*
104
122
A
Long Dock Co 3*s ext to.... 1950 A O
Long Island gen gold 4s
1938 J D
Unified gold 4a
...1949 M S
100* 107
8.
103*
O
Little Miami gen 4s series A.-.1902
Loews Inc
53
62*
105*
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130*
O
M N
1946 F A
50
57
64*
5s...1941 A O
104* 104*
107*
62*
1932 A
Leh Val Term Ry 1st gug
Lex A East 1st 50-yr 5s gu
1965 A
Liggett A Myers Tobacco 7s.._1944 A
58
1951 F
McCrory Stores Corp s f deb 5s 1951
McKesson A Bobbins deb 5*8.1950
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B. .1986 M
.
5s
101
54
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F
97
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14
1
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97
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100* 111
99* 108*
96
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90*
98
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85*
96*
110* 115
94* 100*
109* 115
93
99
99
87*
103* 105*
♦Certificates of deposit
|#10-year 0s
26
34*
Inland Steel 3 $48 series D
.1901 F
{Interboro Rap Tran 1st 5s.. .1966 J
h
130
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.1965 J
find Union Ry 5s series B
3Hs
4*s
cons
Louisville Gas A Elec 3 *s
Louis A Jeff Bdge Co gu 4s
69*
77H
1940 A
Ref A Imp mtge
cons
General
90
72
1963 J
Ind 111 A Iowa 1st g 4s
General
101*
J
J
2003 M N
2003 M N
.2003 M N
4a
cons g
90*
96*,
83*
Jan. 1
Price
Low
Lehigh Val (Pa)
74*
69
Range
Friday
Bid
A
Asked
►"iS
Leh Val N Y 1st gu g 4*s_-_--1940
81*
106*
Range or
Sale
2
Louisiana A Ark 1st 6s
"98*::::
1963 J
Illinois Steel deb 4Hs
Ind Bloom A West 1st ext 4s.
Week Ended July
96
97
Week's
Last
EXCHANGE
84*
*97
.1951 F
1st A ref 4 Hs series C
Y. STOCK
93
83*
Ill Cent and Chic St L A N
Joint 1st ref 5s series A
N.
92*
83*
81*
93
*94
3*s.. .1951 J
g
Western Lines 1st g 4s
1
"74*
97
.1955 M N
1
81*
"76 H
.1953 M N
Aug
81
Friday
BONDS
92*
80
*89
83 H
O
Refunding 4a
Refunding 5s
40-year 4*s
22
100
*101
1951
.1952
95* 103
97*
79*
80*
99"j6l02*
66*
.
1-1598
100* 106
84
89*
69*
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100*
114* 120*
118*
102*
43*
120*
38
NEW YORK
St.
15
10
106
25
101*
41
Wall
63
95*
92*
100
101*
Members New York Stock Exchange
117* 141*
106
111*
93*
99*
99* 105*
102* 105*
105* 108
J
1951 J
Extended 1st gold 3*s.__.
1st gold 3s sterling
48
103*
118*
88*
1970 A
1st gold 3 Hs
"~~3
*24
1949 M N
ser A.
"35
106*
J
Houston OH sink fund 5Ha A..1940 M N
Hudson Coal 1st a f 5s ser A._.1902 J D
Hudson Co Gas 1st g 5s
100* 109*
100* 108*
Telephone Whitehall 4-2900
102
J
T Houston Belt A Term 1st 5s. .1937 J
124
D* H. SlLBERBERG & Co.
115*
108
4
53
96*
100*
103*
J
1999
1944 A O
1937 MN
J
HoustOD A Texas Cent 5s gu..l937
Hudson A Manhat 1st 5s
155
114* 119*
40
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4*s
536
103*
98*
95*
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J
43
10*
103
98 H
O
95*
116*
68*
10*
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O
46
DEALERS
BANKS AND
FOR
98*
84*
110
103*
126*
109*
95*
Feb
....
BROKERS IN BONDS
High
90
2
113*
117*
110*
105*
107 H
♦Debentures ctfs B
Gulf States Steel s f
90
H
102*
117*
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5 Ha B
1st mtge 5s series C_
Low
"98" ""3
109
1970
....1967
1
No.
95*
J
Gen mtge 3*8 ser I
33
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D
♦Green Bay A West deb ctfa A
Jan.
Asked
High
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Since
Friday
Bid
Price
Low
General 4 Ha series D
General 4*s aeries E
General mtge 4s series G
Range
Range or
Last
BONDS
N
75
New York Bond Record—Continued—Page 4
63*
11
61
91
ser
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s
cons g
37
103*
102*
104
102*
102*
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77*
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65
32*
32*
34*
19
30
22
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30
29*
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4s
8
38
80
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29
D
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{♦Manhat Ry (N Y)
103*
D
1900 J
f 7*s...l942 A
Gen mtge 4*s ser A
IJ^Manatl Sugar 1st
103*
IVI N
1945 J
A
103*
Manila Elec RR A Lt s f 5s... 1953 IVI s
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1959 IVI N
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partlc In
3
7
19
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73
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O
98
Corp 5s stamped 1942... M N
J
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1952 J
101
Interlake Iron conv deb 4s
1947 A
Int Agile
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ser
100*
30*
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-.1950
lnternat Hydro El deb 6s
1944
75*;
1941
71*!
100*
s
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s
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1955 M
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73
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1947 F
.
J
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D
g
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4s. 1930
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w
w
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w
w
108
58
29
2
2
86
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83
95
94
102
63*
75
91
91
443
79
72*
261
67
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34
3
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103*
31
101*
1
54
106
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66*
6
42*
64
110
44*
84*
82*
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82*
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37
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19
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J
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1971 J
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1939
J
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12
2
42
101
19
100
101
108
90*
105
1939
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J
{♦Mllw A State Line 1st 3*8. .1941 J
{♦Minn A St Louis 6s ctfs
1934 M N
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1949 IVI S
♦Ref A ext 60-yr 6s ser A....1962 Q
F
100
14
83
83
2
83
85
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95
90
81
81
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91*
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20
21*
1938
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37*
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.—1949
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15*
16
1978
1941
82*
82*
83*
98*
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32
Prior lien 4*s series
D
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70
A... 1902
1902
64*
♦1st A ref 6s series G
36*
90
66*
70*
♦Conv gold 5*s
36
56
70*
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m —
50
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98
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101*
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...
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1954 F
A
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63*
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1964 F
1974 F
A
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59
mmmm
A
55
57
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Secured 6% gold notes......1938 J
Leb Val Harbor Term gu 5s
1954 F
J
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97
100
100*
..
86
m m
mm
90
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66
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78
77
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73*
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17
63*
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76
112
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80
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33
64*
36*
48*
45*
24
"£57"
14*
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243
14*
36*
34*
1975
1977
31*
31*
31*
32*
36*
208
31*
34*
7
31*
49
47
105
31*
32*
48*
45*
1978 M N
36
1949
1980
13
10
13
10
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36*
31*
36*
38
31*
48*
33
32
33
13
32
40*
31*
36*
141
30
31*
17
♦Certificates of deposit
♦1st A ref 5s series I
30
28*
85
....
*30
♦Certificates of deposit
15
39
15
15
57
"63*
{♦Mo Pac 1st A ref 6s ser
♦Certificates of deposit
♦1st A ref 58 series F
"10
88
*
1978
Jan 1907
A....1965
♦General 4s
41*
17
85*
73*
63*
Mo Kan A Tex 1st gold 4s....1990
40-year 4s series B
20*
"56*
{♦Mo-Ill RR 1st 5s series A....1959
Mo-K-T RR pr Hen 5s ser
"34
18
25-year 5*8
1st ref 5 *s series B
1st Chicago Term s f 4s
33
20
23
1940
59*
50
20*
21*
1st A ref 6b series A
59
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A
3
99*
99*
D
94
62
O
20*
103* 105*
104*
104*
42*
42
76""
57
08
A
24*
100*
104
O
1981
F
A
36*
♦Certificates of deposit
1954
Lehigh A New Eng RR 4s A...1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st A ref s f 5s. 1944
104*
10*
*92
D
57
♦
Cons sink fund 4*s ser C
104*
S
J
A
59
Lautaro Nitrate Co Ltd—
For footnotes see page 77.
! °|
J1
M
J
58*
1964
107*
109*
5*
28
IVI N
♦Certificates of deposit—
♦1st mtge Income reg....... 1975
103
15
♦2*
*23
1938
109*
101*
5
S
1938
99*
D
13
M
♦4s (Sept 1914 coupon)
1977
♦Mlag Mill Mach 1st s f 7s
1950
Michigan Central Detroit A Bay
City Air Line 4s
..1940
Jack Lans A Bug 3*8
1951
1st gold 3*8
1952
Ref A lmpt 4*s series C
1979
{♦Mid of N J 1st ext 5s
1940
Milw El Ry A Lt 1st 5s B
1901
5s gu as to Int
♦151*
1941
1997 J
10
106*
102*
107*
1
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-
103
104
11
cons
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78
100
90
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105*
107*
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cons
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26*
100*
A'
1st
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103*
98*
A
103*
103
1977 M
♦Mex Internet 1st 4s asstd
1st
110
3% to_.1947
1st A ref s f 5s
Metrop Wat Sew A D 5*8
1950
|{*Met West Side El (Chic) 4s.1938
31
1942
f 4*s A
O
35
Lake Erie A Western RR—
s
1947 A
f 6s
25
*
{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 5*s series C
1953
Coll A ref 5 *s series D
1900
Coll tr 6s series A
1942
Lehigh C A Nav
s
A...April 1940 Q J:
Mead Corp 1st 6s with warr.. 1945 IVI N!
Metrop Ed 1st 4*s ser D
1968 ivi s|
103
ser
21
99*
110
4*8 unguaranteed
-.1901
Kings County El L A P 5s
1937
Purchase money 6s
1997
Kings County Elev 1st g 4s
1949
Kings Co Lighting 1st 5s
1954
First and ref 0*8...
..1954
Kinney (G R) 5*sext to.
1941
Kresge Foundation coll tr 4s..l945
3*s collateral trust notes... 1947
2d gold 5s
Market St Ry 7s
*21
1901
Lake Sh 'A Mk?b So g 3*8
Marlon Steam Shovel
D
*27*
1901
5s 1937 extended at
1943 J
A I Namm A Son 1st 0s
41
*11*
(par $925)..1943
Keith (B F) Corp 1st 6s
1940 M
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4*8--.1901
Coll tr 6s series B
100*
89*
99
102*
95* 101*
95
79
warr
Plain
71*
69
82*
stmp (par $925)..1943
Stamped
62
42*
stmp (par 1645).. 1943
♦Ctfs with
90
17*
20
46
44*
84*
82*
Kansas Gas A Electric 4*8
1980
♦Karetadt (Rudolph) 1st 6s...1943 M N
40*
85
94*
102*
101*
103*
Kan City Sou 1st gold 3s...... 1950
Ref A lmpt 5s
Apr 1950
Kansas City Term 1st 4s
1900
27
71
.1990
:»»K C Ft 8 4 M Ry ref
40*
7
97
5*
S
26*
88
{♦Iowa Central Ry 1st A ref 4s. 1951 M
James Frank A Clear 1st 4s... 1959 J
5
65*
90*
72*
A
51
95
68*
J
1955 P
Debenture 6s......
1939 J
42*
28*
75*
72*
85
"95
A
1952 J
102
27*
9*
56
10*
96
Int Rys Cent Amer 1st 6s B...1972 M N
Int Telep A Teleg deb g 4 Hs.
Conv deb 4 He
100
29
71*
99*
96*
103
10
30*
27
Int Merc Marine
94
101
26*
1950
72
98
27*
9*
10*
A..July 1952
♦1st 5s series B
95
4% July.1938
{♦Mobile A Ohio gen gold 4s...1938
♦Montgomery Dlv 1st g 5s..1947
♦Ref A lmpt 4*8
1977
♦Secured 5% notes
1938
Mohawk A Malone 1st gu g 4s.1991
Monongahela Ry 1st M 4s ser A *00
Monongahela West Penn Pub Serv
1st mtge 4*8
1960
0s debentures
--1965
IMont Cent 1st guar 6s
1937
tlat guar gold 5s
1937
40*
30*
31
32*
8
412
31*
49*
30
47
99
100
93
97
22
40
54*
27*
95*
83*
41*
30*
40
27*
39*
30
31
13
29*
84
85
7
84
108
108
2
105
98*
111*
102
101*
19
100
108*
101
102*
19
110*
101
100"h1O2 *
1009u 102*
*..__
Mo Pac 3d 7s ext at
36
*1111
"40"
39*
York Bond Record—Continued
.
BONDS
Range or
Lati
Sale
N. Y. STOCK EXCHANGE
Week Ended July
2
Bid
Price
1:
No.
mmmm
1965
90%
D|
38%
99%
-I
102%
99%
104%
O
O
3M
Newark Consol Gas
cons
3%
3 D
J
*70
119%
119%
D
1946 J
6s
3
1948
{♦New England RR guar 6s
104%
105%
------
1965
♦Consol guar 4s
1945
ilOW
New England Tel A Tel 6s A...1952
ijuftiauu
1st g4%s series B
1961
N J Junction RR
guar 1st 4s... 1986
N J Pow A Light 1st 4
%s
I960
«.
JL
VI
W0
WW—
.
j
N A C
Bdgegen
fN Y Cent RR
guar
4%s
1945
__
oonv 6s
?.-!
M N—---97%
1998 F A
102%
..1940
7
1944
Consol 4s series A
10-year 3%s sec s f
Ref A Impt 4
%s series A
Ref A Impt 6 s series C
Conv secured
3%s
N Y Cent A Hud River
M
2013 A
2013 A
1952
109
F
56%
100%
100%
deb 4s
1947
debenture 3%s..l954
debenture 4s
1955
debenture 4s
1956
♦Conv debenture
3%s
1956
♦Conv debenture 6s
1948
♦Collateral trust 6s
—1940
♦Debenture 4s
1957
ref g 4s
.
N Y A Rlchm Gas 1st
6a A
N Y Steam 6s series A
1st mortgage 6s
1937
1940
♦
Terminal 1st gold 5s
...1943
N Y Telep 1st A
gen s f 4%s...1939
N Y Trap Rock 1st 68
1946
No Am Edison deb 5s
1946
ser A
F
1st M
s
f g 3s loan ctfs
M S
MN
j
J
Q
108%
103%
97%
102%
1
98%
J
A
104
o
99
100%
104 %
—
166"
103
22
104%]
98 %
112
110
111%
111X1
111%
111%
110%
110%
117%
106
114
j
118%
116
121%
j
119
120
117
123
J
105%
106%]
101
101%
103% 107%
99% 102%
87%
92%
£
106%
101%
j
J
91%
90%
67
67
106%
102%
98%
92
105%
100%
97%
3%s
107%
102%
98%
98%
98%
100%
100%
101
98%
100%
*38%
98%]
*65
100%
90%
95%
44%
1968
1953
99%
88
93%
44%
58%
*117%
1942 M
Penn Co gu 3 %s coll tr A
1937;M s
1941 F
*103%
1942 J
105
95%
98%
107%
97%
94
104
94
105
99
103%
108%
*108%
57%
56%
*55%
99%
99%
|
91
IOI'mI
97
85 %
|
100
104% |
109
57
64
100%
|
100%[
121
113%|
Conv deb
55%
56%
105%
97% 105%
116% 125%
109% 117%
94% 105%
103
109%
102
102
105%
106%
108%
98
98
35%
Peoria A Eastern 1st
♦Income 4s
cons
Pere Marquette 1st
1st 4s series B
ser
General g 4 %s series C
General 4%s series D
Phlla Co
sec 5s series A
Phlla Electric 1st A ref 3
Ms
♦Conv deb 6s
38
55
90%
99%
Series D 4s guar
Series E 3%s guar gold
Series F 4s guar gold
20%
46%
14
12%
42%
101%
95
104
*103%
104
101% 109%
105
105%
106
106
108%
102% 108%
98% 107%
98
|
83
89
11%
101%
90
90%
|
13%|
103
107%
30
92%
79%
91
29
69%
100% 106%
106% 109%
83
94%
89
11%
98
22%
100
109%
106
107% |
106
107%
100
101
100
104
97%
25%
23%
80%
27
97% 109%
23%
32%
24
22
31
80%|
69
82%
115%
112
104
102%
114%
102%
103
102%
103%
103%
103
103%
101%
100
101%
102% 106%
101
105%
101% 106%
-99% 107
124%
120% 125%
*102%
*120
120
98% 107
102
118%
103%
103%
103%
116%
111%
121%
117%
"112%
*116%
112%
1943
113
112
92
90
*11%
16
15%
*
101
99
26%
110%
166"
91
91
108
113
101
100
106
91%
91%
91
101
91
103%
95%
103%
23%
10%
22
112
106% 112
110%
122%
107
113%
121
116
129
114
112
119
112
1981
1967
111%
111%
112
1977
1967
106%
91%
1943
1974
109% 109%
106%
112%
109
116%
109% 116%
96% 103%
115% 126
106% 115%
113% 123
113%
95%
103%
23%
108% 117
91% 106%
93%
102%
22%
9%
20%
107%
95
102
22%
11
9%
25
18%
107%
106
85%
95
103%
60%
26%
30
108%
98
45
60
20
19%
117
105%
1937
Plllsbury Flour Mills 20-yr 6S..1943
Pirelli Co (Italy) conv 7s
1952
40%
94%
90
99%
106%
§»Phllllpplne Ry lstsf4s
Series C
107% |
116%
102
99%
105%
103%
1949
71
106%
111
106%
{♦Phlla A Reading C A I ref 58.1973
37%
70
119
122%
Pblla Bait A Wash 1st g 4s
General 5s series B
18%
106%
105%
105%
31%
113
114
110%
107%
110%
19%
103%
100%
100%
31%
113
*112%
98%
118%
91%
91%
60
83%
108
111%
63
100
100
111
107
1956
42
85
101%
*110
Ms deb...1952
35
100%]
100%
101%]
1980
conv 3
34%
34%
38%
100%
99% 102
103% 105%
103% 107
105
106
...1947
107
107%
104% 110
99 % 106%
107
4s... 1940
1st g 4 %s series C
34%
35%
104
106%
A 5s__._1956
35%
47
104
104%
April 1990
Peoria A Pekln Un 1st 5 Ms
1974
Phelps Dodge
104"
1984
Peop Gas L A C 1st cons 6s
Refunding gold 5s
93% 103
50%
58H 77%
116% 122%
85
90%
39 M
100% 101%
101% 106%
1981
3%s
1
16
104%
1952
72
97
96
15
103"
1968
72%
105%
91%
100
110%
..1970
86
99%
104%
106%
General 4%s series A
General 5s series B
Debenture g 4 %s
99 M
74
102
113"
1965
75%
69
102% |
Consol gold 4s
1948
4s sterl stpd dollar May 1 1948
Gen mtge 3 % s ser C
1970
Consol sinking fund 4 %s
1960
55%
109
101%
|
M N
1963iF
1952
4 %s series B
1981
Pennsylvania PAL 1st 4 Ms... 1981
Pennsylvania RR cons g 4s
1943
General 4%s series D
Gen mtge 4 % s series E
106
104
119%
*105
Pa Ohio A Det 1st A ref 4 %s A. 1977
97% 101%
99% 107
98
*90
1944 J
105
55
"57% |
S
SI
109%
104% 108%
85
96%
88%
98%
88
97%
100% 102%
92% 105
80% 95%
98% 100%
100
105%
106
109%
109
1944
Penn-Dlxle Cement 1st 6s A...1941IM S
Penn-GIass Sand 1st M 4%s
1960
103
8
65 M
100%
90%
95%
44%
59%
*105
28-year 4s
105
42
69
*100%
101% 135%
95
106%
99% 103%
84
96%
102%
99% 102%
42
♦PaullstaRy 1st ref sf 7s
113%
98
99
98% 104
98
47
Guar 3%s coll trust ser B
Guar 3 %s trust ctfs C
Guar 3 %s trust ctfs D
Guar 4s ser E trust ctfs
94% 100%
47"
42
1955
1949 M
82
111
99% 107%
*104
1947
debentures.
conv
67
103
67
ioo%
1964
51%
89
109% 113"
109% 112%
110% 115
107% 115
D
46%
110
]
109%
111%
55
102%
105%
20%
33%
109% 109%
101% 106%
97% 100
lio"
51%
97%
110
100% 109%
104% 104%
110
1955
Paramount Pictures deb 6s
122
120
Pitts C C A St L 4 %s A
Series B 4%s guar
4%s
109%
110%
*110%
1940
1942
1942
guar
110%
111
1945
107% 111%
109
113%
109
113%
113% 113%
108
1949
112%
1953
*107
111
111
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
1957
*110
109
1960
*110
109
114%
114%
Series J cons guar
4%s
General M 5s series A
1964
1970
116
General mtge 5s series B
1975
116%
107%
General 4%s series C
Pitts Va A Char 1st 4s
guar.
Pitts A W Va 1st 4 %s ser A
ser
1977
116%
107%
116%
107%
113% 123%
104% 107%
112% 113
90%
87
87
96
85%
85
97%
108
110%
1960
A
1948
|119%
warrants
f deb 5s
96%
124%
*118
*110
59%
57%
106
"74
22
101%
74
19
101%
95
*13%
guar deb 4s..1957
Hx w drawn bonds
s
113%
86
59%
106
74%
22%
54% 75%
105% 108%
74
88%
19
45%
100
106
96
92
100
16%
20
28%
85%
90
102
.
*80
{♦Providence Term 1st 4s
1956
Pure Oil Cosf 4%sw w
..1950
T[4%s w w drawn bonds—1950
4%s without
125%
124%
124
117
1958
{♦Postal Teleg A Cable coll 5s 1953
Potomac Elec Pow 1st M
3%s 1966
Pressed Steel Car deb 5s
£.1951
Purity Bakeries
111
116
*104
1943
1st gen 5s series B
1962
1st gen 5s series C
1974
1st 4 %8 series D
1977
Port Gen Elec 1st 4%s ser C...1960
1st 5s 1935 extended to 1950—
Porto Rlcan Am Tob conv 6s..1942
{♦Providence Sec
113
122
*117
1958
1st M 4 %s series B
1st M 4%s series C
Pitts Y A Ash 1st 4s
*116%
1963
117%
110%
108% ell3%
1950
1950
109% 131%
108
113%
102% 105%
] 102 >9321022'u
97
1948
101
{♦Radlo-Kelth-Orph
for deb 6s A com
pt pd ctfs
stk (65% pd)—
J*Debenture gold 6s
—1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4 %s series A
Gen A ref 4 %s series B
For footnotes see page 77
22
Panhandle Eastern Pipe L 4S--1952
Paramount Broadway Corp—
Parts-Orleans RR ext 5%s..
103%
.
22
47%
*80
1957 M sl
Aug 15 1963 F
Nov 15 1969 M N
North Cent gen A ref 6s
1974 M SI
Gen A ref 4 %s series A
1974 M
j
52
12%
--
J
47
ISIM"":
101%
K
102
.
1938
47%
20
F
F
M N
M N
J
J
MN
...1938
{♦Park-Lexington 6%s ctfs
94
105
104%
*107%
;
102%
102%
.
I {♦Pan-Am Pet Co (Cal) conv 6s *40
♦Certificates of deposit.
38
M N
3
99
100%
O •..•.•I
Pacific Tel A Tel 3%s ser B_—1966
Ref mtge 3%s ser C
1966
Paducah A 111 1st s f g 4%s
1955
18%
105%
105%
j
110
Parmelee Trans deb 6s
Pat A Passaic G A E cons 5s
63
1996 O
1961
Pac RR of Mo 1st ext g 4s
♦2d extended gold 5s
48
38%
3
A
1961
1966
46%
,48
3
3 D
A
A
M N
99%
100%|
J
1st A ref mtge 3%s ser H
1st A ref mtge 3 %s ser I
51
3
"j1 w
j
1946
48%
50%
35 %
u
"no"
j
87
72% 81%
101% 112%
69% 82%
94% 106
109% 112
'
W
103 %
74%
96
111%
83
87
1946 j
Pacific Coast Co 1st g 5e
Pacific Gas A El 4s series G
48%
35%
35%
34%
34%
A
j
m
48"
46%
44%
47%
J
j
j
j
72%
—
1961 j
4s
48
47
5s...1941 M N
Deb 6 Ms series B
Deb 5s series C
90% 100 J
44%
51|
35
--
g
92
103
35
4%s.l946 J
1966 M
Nlag Lock A O Pow 1st 5s A.-.1955 A
Niagara Share (Mo) deb 6%s..l950 •" N
Nord Ry ext sink fund 6
Ms
1950 A
I {♦Norfolk South 1st A ref 5s.. 1961 F
♦Certificates of deposit..
1 {♦Norfolk A South 1st
N A W Ry 1st cons
g 4s
North Amer Co deb 5s
92
1951 M N
1956
6s stamped
{♦N Y Westch A Boet let
Niagara Falls Power 3%s
96
35
1947 M N
ref 58.1937
|*2d gold 4%s
♦General gold 5s
94%
91%
37%
1951 M N
1st mortgage 6s
{♦}N Y Susq A West 1st
85%
92% 103%
35
°
1992 M
♦General 4s...
1955
{♦N Y Provide ice A Boston
4s 1942
N Y A Putnan 1st con
gu 4s
1993
N Y Queens El Lt A
Pow 3 %s_ 1965
{N Y Rys prior lien 6s
stamp ..1958
98
73
96
35
JJ g
A
M N
♦1st A ref 4 %s ser of
1927—1967 J
♦Harlem R A Pt Ches 1st 4s.
1954 M N
{♦N Y Ont A West
84
74
95
103%
1941 M
{♦NYAN Eng (BostTerm) 4s 1939 A O
debenture 3%s..l947
86
73
*100%
105%
*106%
*99%
N Y A Long Branch
gen 4s
♦Non-conv
♦Non-conv
♦Non-conv
♦Non-conv
84
*99%
97%
£
M N
M N
M N
Impt 58.1943 J
t»NYNHAHn-c
100% 101
113%
JJj N
1973
4%s series B
1973
N Y L E A W Coal
A RR 6%S.1942
N Y L E A W Dock A
104% 107%
121
J
2000 ™
106%
100%
92%
80%
Purchase money gold 4s.. —1949'F
1946
119%
90%
104%!
3
*
No
72%
83
6
10Si/
105%
48
74
1
Since
Jan. 1
1946 J
com g
""*
118% 127%
116% 125%
88%
--
N Y Greenwood L
gu g 5s
N Y A Harlem gold
3%s
N Y Lack A West 4s ser A
7%
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
102% 107%
77
93%
118
122%
119%
*72%
103%
72%
94%
i"3 "i03%
?
1st A ref 7s series B
1947 F A
Ontario Power N F 1st g 6s
1943 F A
Ontario Transmission 1st 6s...1945 MN
1946
126
89 '
A
1948
1943
Ohio Edison 1st mtge 4s
1965
1st mtge 3%s
1972
Ohio Indiana A West 5s..Apr 11938
Ohio Public Service 7%s A
1946
Ore Short Line 1st cons g 6s
3%
86
89%
Q9
♦Og A L Cham 1st gu g 4a
Ohio Connecting Rylst 4a
Otis Steel 1st mtge A 4%s.
85
85%'
1997
2047
2047
2047
Ref A Impt 5s series C
2047
Ref A Impt 5s series D
2047
Nor Ry of Calif guar g 5s
1938
Northwestern Teleg 4 %s ext...1944
Norweg Hydro-El Nlt 5%s
1957
Ref A Impt 4%s series A
Ref A Impt 6s series B
6%
"
101
|
North Pacific prior lien 4s
Gen lien ry A Id g 3s Jan
4
6
95
97
1965 A
1966ia
g 5s...1948
T%
124%
l
118%
D»%
MOA
♦Stpd as to sale of April 1 '33 to
April 1 1935 incl coupons.. 1945
Oregon RR A Nav
105%
72%
*72%
♦Oct 1935 and sub coupons__1945
3%
3%
High
{Northern Ohio Ry 1st guar
♦April 1 1934 A sub coupons. 1946
4
166%
1938 A
N Y A Erie—See Erie
RR
N Y Gas El Lt H A Pow
4
"3%
89%
£
1951
4
82
94%
1953 *
6% notes
Certificates of deposit
N Y Edison
3%s ser D
1st lien A ref
3%s ser E
4
74%
nii«
101%
"88%
F
F
A
A
M S
A O
Serial
4
55
105
1942 3
2013 A
4s collateral trust
N Y Connect 1st
gu 4%s A
1st guar 6s series B
N Y Dock 1st gold 4s
106%
57
84
107%
97%
Ms
1998
Mich Cent coll gold 3
Ms—.1998
TN Y Chic A St L 1st g 4s
1937
Refunding 5 %s series A
1974
Ref 4 Ms series C.
...1978
3-year 6s
Oct 1 1938
1953
103
56
98
71
1946 *
99% 107
105
65"
88%
o
o
3%s_1997 3
Debenture 4s
Ref A impt
4Mb ser A
Lake Shore coll gold 3
100%
62
J
3 -----J D 124%'
T
i in
M XT
M N Xiy
119
F
^
A O
New Orl Great Nor 6s A
1983 J
N O A N E 1st ref A
"73"
Imp 4 %s A1952 3
New Orl Pub Serv 1st 6s ser A1962 A o
95
First A ref 6s series B
1955 3 D
94%]
New Orleans Term 1st
J
91%|
gu 4s—1953 J
tl*N O Tex A Mex n-c lnc 6S..1935 A O
♦1st 6s series B
51
1954 A O
♦Certificates of deposit.--♦1st 6s series C
-.1956 F A
♦1st 4%s series D
1956 F A
♦iBt 6 Ms series A
1954 A 0|
♦Certificates of deposit
xv»
99%
102%
Range
Friday
A Atked
63%
*2%
*61
1954 M N
1st g 4s
98%
102%
95
5%
*2%
J
A 0|
1951 A O
f 4s
s
{♦Naugatuck RR
90
*2%
3%
*2%
*2%
3%
-
106% 111
38%
*3
A
A
97
119
100%
42
*2%
Nat RR of Mex prior lien 4 %s—
♦Assert warr A rets No 4 on. 1926
♦4s April 1914 coupon on
1951
Nat'Steel 1st coll
91
100%
42
A rets No 5 on '77
on
82%
1
1951
1946
Nat Dairy Prod deb 3%s w w.,1951
Nat Distillers Prod deb 4%s__.1945
Nat Ry of Mex pr lien 4%s
1957
♦4 He Jan 1914 coup on
1957 J
♦4 Mb July 1914 coup on
1957 J
♦4Mb July 1914 coup off
1957 J
97%
102
112%
3
Nassau Elec gu g 4s stpd
Nat Aome 4%s extend to
♦4s April 1914 coupon off
♦Assent warr A rets No 4
85%
92
38
Mut Un Tel gtd 6s ext at 5%_.1941
Namm (A I) A SonASee Mfrs Tr—
Nash Chatt A St L 4s ser A
1978
Nash Flo A S 1st gu g 6s
1937
warr
84
73
35
1955
1947
♦Assent
99%
84
mmmm
2000
♦Assent warr A rets No 4 on '57
♦4s April 1914 coupon on__.1977
♦4s April 1914 coupon off
1977
98% 104%
83
85%
79%
86%
80
80%
----
Gen A refsf 4%s series C... 1955
Gen A ref s f 6s series D
1955
Constr M 4 %s series B
Mutual Fuel Gas 1st gu g6s
92
32
1966
1956
Price
2
High
43
1941
Morris A Essex 1st gu 3%s
Constr M 6s series A
Low
Week Ended July
1937
Range or
SaU
Y. STOCK EXCHANGE
Jan. 1
Bid.
Low
N.
Since
0
Last
BONDS
Range
—
Friday
6 Atked
Montana Power 1st A ref 3%s.l966
Montreal Tram 1st A ref 6s
Gen A ref s f 6s series A
Gen A ref s f 6s series B
July
Week't
Friday
Week't
Friday
105%
95
1997
106%
1997
107%
105%
95
106%
106%
107%
97%
105% 126%
89% 104%
107
105
107%
105% 108
108%
Volume
New York Bond
145
bonds
N.
Y. STOCK
Last
EXCHANGE
Week Ended July
Rensselaer &
Saratoga 6s gu
1941
Republic Steel Corp 4 %s ser A. 1950
Gen mtge 4%s series B
..1961
Purch money 1st M conv 6%s '64
Gen mtge 4 %s series C
1956
Revere Cop A Br 1st mtge 4%s.l956
s
na<$5
High
No.
106 h
105 %
106 h
162"
*109 h
154
f
A
95 h
94h
m n
mn
j
J
1946 j
95 h
J
♦Rhine-Ruhr Water series 6s.. 1953 j
115
"96h
J
♦Rhelnelbe Union
s
f 7s
100 h
31
101
24
♦Rhlne-Westphalla El Pr 78—1950 m n
♦Direct mtge 6s
1952 M N
♦Cons mtge 6s of 1928
1953 F
a
♦Cons mtge 6s of 1930
1955 a
24 %
O
24 h
24 %
25
♦Certificates of deposit
Rlchm Term Ry 1st gen 5s
70
♦1st con A coll trust 4s A
2
24
24 x
24 x
5
18
2
19
25
3
19
24%
5
19h
19h
~72%
72 h
38
34
s
*108%
17
1948 a
♦Rut-Canadian 1st gu g 4s
1949 J
♦Rutland RR 1st con 4%s—1941 J
17X
10
25 h
17%
25h
2
22 %
100
20 h
24 h
5
100 h
19%
*22 %
Saguenay Power Ltd 1st m 4%sl966 a
St Joe A Grand Island 1st 4S..1947 j
23
7
*107h
ISt Jos Ry Lt Ht A Pr 1st 5s..l937 mn
j
St Lawr A Adlr 1st g 5s
1996 J
2d gold 6s
1996 A O
*10
*
99 H
101
1933 IVIN
♦Certificates of deposit
St L Rocky Mt A P 5s stpd... 1955 J
{♦St L-San Fran pr Hen 4s A.. 1950 J
j
j
♦Prior lien
1950 J
6s series B
♦Certificates of deposit
♦Con M 4^8 series A
1978
♦Ctfs of deposit stamped.
Nov 1989 J
§♦ 1st terminal A unifying 6s. 1952 j
69%
34
91H
♦Gen A ret g 5s series A
1990
St Paul A Duluth 1st con g 4s._ 1968
{♦St Paul E Gr Trk 1st 4%s___ 1947
{♦St Paul A K C Sh L gu 4 Ha. 1941
...
20 X
22
18
19X
115
A
83
108%
97% 103
102% 107%
116
123
90
98%
97%
118
115
116
100
97
101»a
100
103H
98H 102
97%
104
38
"l8
"S
85%
97%
103% 107%
10227^106%
16%
23
118
7
116% 121%
1944 Wl
110%
82
108
114%
113
113
47
110
116%
107
108
103
109%
111
s
I {♦United RyB St L 1st g 4s... 1934 J
J
U S Pipe A Fdy conv deb 3
Ha. 1946 Wl N
U S Rubber 1st A ref 5s ser A..1947 J
♦Un Steel Works Corp
6%s A.1951
♦Sec a f 6 %s series C
1951
97%
109%
109%
110%
107
S
105%
s
*114%
34-year 3%s deb
95%
1970 A O "96%
35-year 3%8 debenture
90%
95%
1971 Wl N
United Biscuit of Am deb 5s__1950 A O
106%
United Drug Co (Del) 6s....1953 Wl s "96%
95%
U N J RR A Can gen 4s
14
118
3%s debentures
1952
Union Pac RR 1st A Id gr 4s._1947
1st lien A ref 4s
June 2008 Wl
1st lien A ref 5s
June 2008 Wl
112H
90
96%
103%
Union Oil of Calif 6s series A.. 1942
♦Debenture 5s
115%
96%
*106
106%
J
106%
"47
96%
50
16
105% 109
96%
70
111%
2
95% 103%
114%
36%
120
170%
27
106%
103
30
6
"30
"l2
*29%
29%
97%
100%
98%
101%
111
25
130
30
29%
98%
101%
111% 116%
93% 101%
92% 101%
106%
*25%
105% 107%
22
33%
24% 32%
22
32%
37
96% 105%
85
98
106%
50
50
50
69
49%
50%
49%
40
49%
83
50 h
45%
J
33
D
J
*15
f
A
1
{♦July coupon off
♦Vertlentes Sugar 7s ctfs
.1942
Virginia El A Pow 4s ser A
.1955
Va Iron Coal A Coke 1st g 5s.. 1949
.1949
Va A Southwest 1st gu 4s
.2003
17
23
*107
j
46
54 h
35
"25*
17 X
1st
cons
5s
87
49
67%
100%
101%
13
ioth
101
A
F
'
*2%
J
J
J
J
*3
D
20
J
23%
107%
23%
38
4
20
41%
104% 109%
107%
59%
108
6
57
67
104%
2
103
110
95%
60
S
J
M
4
42
104%
MN
Wl
98% 111
110% 110%
110% 113%
3
5%
*111
MN
96%
16
94
101%
104%
110
101
107%
90%
57
.1958 A
Virginian Ry 3%s series A... .1966
17 %
Io4%
1959
Vanadium Corp of Am conv 5s .1941
Vandalia cons g 4s series A... .1955
Cons s f 4s series B
.1957
{♦Vera Crus A P 1st gu 4%s_ .1934
132
83
103
104%
S
60
J
J
101
12
~18~"
84
134
j
St Paul Un Dep 6s guar
46
100
103%
*117%
104
52 X
116% 116 H
107% 108%
17
28%
20%
25H
19 X
32%
22X 34H
99H 104 H
2
22
17 X
J
TSt Paul Minn A Man 5s
1943 J
tPacific ext gu 4s (large)... 1940 j
73
104%
*103
S
D
UJlgawa Elec Power s f 7s
1945
lUnlon Elec Lt A Pr (Mo) 5s.l957
1Un E L A P (111) 1st g 5 Ha A. 1954
{{♦Union Elev Ry (Chic) 5S..1945
9
20
J
100
O
80
12
22
j
97% 100%
28
97%
D
79%
103%
99%
66
49
22
19h
♦2d g 4s lnc bond ctfs
110
79%
♦Sink fund deb 6%a ser A...1947
20 %
1989 mn
{St L SW 1st 4s bond ctfs
100%
1952 F
66
D
Utah Lt A Trac 1st A ref 5s...1944
Utah Power A Light 1st 5s... 1944
{♦Util Power A Light 5 Ha
1947
82 X
j
m"s
100
97%
20
19X
101%
1955 Wl N
75
82 X
24
89
Tyrol Hydro-Elec Pow 7%s._
Guar sec s f 7s
36
18
23
166%
1952
17
21X
24
♦Certificates of deposit
73%
46%
90%
Tokyo Elec Light Co Ltd—
75
j
gu
14
89
*35
...
5s.._ 1948 J
{♦S L Peor A N W 1st
46
291
J
44 h
High
109
20
1953 J
26H
Low
49
14
1937
77
75
High No.
46
Si*
St Louis Iron Mt A Southern—
♦|Rlv A O Dlv 1st g 4s
Third Ave RR 1st g 5s
Tide Water Asso Oil 3%s
Jan. 1
18%
s
44
107
98%
diked
49
1960
...Jan 1960
1949 Wl
24 H
X
^
35 h
♦AdJ lnc 5s
Trenton G A El 1st g 5s
Trl-Cont Corp 5s conv deb A.
32
91
*116h
A
Low
Third Ave Ry 1st ref 4s
Since
Friday
Bid
Price
1st 6s dollar series
1953
Tol A Ohio Cent ref A Imp 3 %a 1960
Tol St L A W 1st 4s
1950 A
Tol W V A Ohio 4s ser C
1942 M
Toronto Ham A Buff 1st g 4s.. 1946 J
103H 104H
53H 60
75
89 h
34
1962 iv!
{{♦R I Ark A Louis 1st 4%s..l934 M
f 6s
104
no.
Range
Range or
Sale
2
26H
31
11
72 h
130 H
102
*10
1949
94h 100
49
46 h
1977 m
Roch G4E4^sseries D
Gen mtge 5s series E
212
95h 100
100 h 106
"47"
*50
127
108
45
104
112
84
44
*
115%
35
47
Last
Week Ended July
High
105
96 h
46 h
1955
Low
95 h
116h
m N
{♦Rio Grande June 1st gu 5s.. 1939
♦Rio Grande West 1st gold 4s. 1939
s
162" "223
*23
1952
♦Rlma Steel 1st 8 f 7s
N. Y. STOCK EXCHANGE
Jan. 1
112
M N
{{♦Richfield Oil of Calif 6S..1944
♦Ruhr Chemical
86
BONDS
Since
diked
M N
MS
Rano«
a
Bid
Low
Remington Rand deb 4%s w w.1956 m
77
Week't
Friday
Range or
Friday
Sale
Price
2
Record—Concluded—Page 6
Week't
Friday
1972 j
J
J
8 A A Ar Pass 1st gu g 4s
1943 j
J
San Antonio Pub Serv 1st 6S..1962 j
San Diego Consol G A E 4s...1965 m N
Santa Fe Pres A Phen 1st 5s. .1942 M
{♦Schulco Co guar 6 Ha
1946 J
s
J
♦Stamped
♦Guar
6Ha series B.....1946 A O
♦Stamped
s
116%
118H
♦2d gold 5s
1939 F
102
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
110
110
108%
107 h
*113%
*24 h
24 h
24 h
cons
24
1959 A
o
13%
m"s
16 h
6s series A
1945
♦Certificates of deposit
{♦Alt A Birm 1st g 4s
1933 m"s
{♦Seaboard All Fla 6s A cts...l935 A o
1935 F
♦Series B certificates
X
11X
10 X
.12 x
lix
a
15h
30
30
8%
♦Ref A gen 6s series D
31
104
14
Shlnyetsu El Pow 1st 6 Ha
♦iSiemens A Halske a f 7s
1952
1980 A
Walworth Co 1st M 4s
194
16h
15h
98
J
Warner Bros
1
7%
12
22
98
88
'
79
14
*98%
107 H
1951
s
60
1946
1941
a
*22
a
71
~U~~
Skelly Oil deb 4s__
1951
J
99
99 h
95H 102
89X
44
105
105 X
63
♦Debenture
s
f 6 Ha
Corp 6 Ha
1950
O
South A North Ala RR gu 5s. .1963
South Bell Tel A Tel 3 Ha
1962
o
Socony-Vacuum
Oil
Southern Calif Gas
3 Ha
4%s
1961
1st mtge A ref 4s
F A
1947 J
■*
1st mtge pipe line 4 Ha
1951 A O
So Pac coll 4s (Cent Pac coll). 1949 J D
1st 4 Ha
98 X
106
73
18 X
68
24%
jsh
118
*98% "~2
98 H
82 X
102 X
107 H
130
29%
30
28%
35
105 %
105 X
105%
10
101X 106
103 X 106%
98 %
92 %
98
98 h
107 X
8
97X 101X
48
91X
Q9X
91X 100H
8
93 %
92 X
91X
Q4
wl
93 h
85
S
85
81
85
69
81
1969 wl N
1981 m n
85
81
85
116
81
84%
80 h
85
108
10-year secured 3Ha
1946 J
j
99%
San Fran Term 1st 4s
1950 a
o
97%
107%
98
80 H
Gold 4H8
99%
108 h
O
97 H
133
97%
96% 102 H
129
106 H 109H
*101X
101X 103 H
ISo Pac Coast 1st gu g 4s
So Pac RR
1955 j
J
106 x
105h
106%
j
106
104
106
41
104
o
112 X
76
71
76
128
71
1956 a
o
95
89
95
63
89
1956 a
1st ref guar 4a
1st 4s stamped
o
85H
105 X
100
68
140
1955
Devel A gen 4s series A
1994 J
1956 a
Devel A gen 6s
Devel A gen 6 Ha.
Mem Dlv 1st g 6s
Southern Ry 1st cons g 5s
1996 J
J
100
j
.1951 j
St Louis Dlv 1st g 4s
East Tenn reor lien g 5a
Mobile A Ohio coll tr 4s
*
"93
X
95 h
~~6
103 h
17
"89%
27
88
95 X
104 h
105 h
30
102
109 X
100 %
22 H
100 X
40
99
28
22
106 X
40
104
104%
105 h
100 X
23
1946 f
A
104 x
1961 j
D
97 X
1943 j
♦Studebaker Corp conv deb 6s. 1945 j
D
J
102
91H 110X
101 x 105X
102 X
88
Standard Oil N J deb 3s
Staten Island Ry 1st 4 Ha
108 X
"95 x
Staley (A E) Mfg 1st M 4s
,
96
x
24
98
107%
8
93% 103
101% 105
101X 106 H
94
95
102
108" "74
106
106
101
31
O
s
X
106 h
142
6s ser C..1944 Wl
Corp deb
Tenn Elec Pow 1st 6s ser A
Term Assn of St L 1st g
1st cons gold 5a.
142
1
Gen refund
s f g
6
105
104%
117
126
103
105
85
1944
115
Tex A N O con gold 5s
Texas A Pac 1st gold 5s
3
106
115h
10
115
109*
10
105 H 111%
18
103% 108%
109%
118%
108
mx
104 x
102 x
105 a
1041
113
100
107%
2
105
105 %
110
*122%
107 X
119
42
118
128%
101
121H
101X
4
101
"ioi"
106%
100
101
10
100
108
101
100
101
26
100
108 H
108%
108%
1943
Gen A ref 5s series B
1977 a
o
Gen A ref 5b series C
1979 a
o
Gen A ref 5s series D
.1980 j d
Tex Pac Mo Pac Ter 5Ha A..1964 m s
13
106 h
h
86 X
109
2000
16
93
95
47%
28
94%
"60%
43%
29%
28%
44
104
39%
40
109%
*96*
106
'mmmmm
*109
96%
60%
75%
101%
106%
mmmmm
mmmmm
119%
»
110%
2
2
117
5
106%
119
109%
10
106% 109%
102
119%
123%
11
102%
101%
103%
130
109%
99% 106%
107%
107
107%
45
105% 108%
108
108
O
S
"30%
30%
i"j
Western Union coll trust 5s...1938
100%
92
4Hb...1950 IVI N
25-year gold 5s
1951 J
30-year 5s
I960 M
♦Westphalia Un El Power 6s..1953 J
39%
101
93
92
57
100% 104%
89% 111%
139
88% 107%
156
89
87%
94%
92%
87
109%
24
24
1
19
89
91
51
89
25%
100%
86%
87
26
86
90%
J
'mmmmm
107
107
•
—
•
—
113
99
100
103%
*35
J
103%
2
----
59
3
39%
107
113%
97% 103%
102% 105
D
1938 J
D
103%
Wilson A Co 1st M 4s series A. 1955 J
Winston-Salem S B 1st 4s
1960
J
101%
5
31
15%
11
15
103%
4
101%
43
"23%
28
103%
100%
*108
23%
,
mmmmm
•
22%
*19
mmmmm
16%
16
*10%
24
17
6
16
1
47
62
103%
104
103%
99
106% 115
22
35%
24%
32%
16% 25%
24
16
28
130
iolx
47
32%
34%
15
15
1942 J
96
105
106
34%
7s A. 1935 MN
{♦Wis Cent 50-yr 1st gen 4s...1949
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s '36 M N
♦Certificates of deposit
{♦Wor A Conn East 1st 4Ha.. 1943 i"j
Youngstown Sheet A Tube—
Conv deb 3Ha
...1951 F A
1st mtge s f 4s ser C
1961 MN
107
*110%
100
1940 MN
♦Wllkes-Barre A East gu 5s
Wllmar A Sioux Falls 6s
40%
28%
92%
J
{♦Wlckwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank...
J
111%
28%
38
94%
1949 M S
White Sew Mach deb 6s
106
24
30%
24
D...1966 M S
RR 1st consol 4s
1
30%
J
2361 J
Registered
28%
28%
100%
89%
S
D
2361 J
West Shore 1st 4s guar..
conv
106
110% 112%
104% 108 %
116
127%
rnmmm
106%
119%
105%
1946
♦Ctfs for col A ref
76
80
104%
A...1946 M
ser
6
55
77
101% 102%
1952
♦5s assented
Wheeling A L E Ry 4s
20
mm mm
105%
West N Y A Pa gen gold 4s... 1943 A
g
99%
100%
44% 55%
1977
1st A ref 5 Ha series A
Funding A real est
94
93
1966
1st mtge 3 Ha series I
Western Maryland 1st 4s
ser
90
6
58
109%
J
1961
{♦Western Pac 1st 5s
77%
119
1939 J
1st mtge 4s ser H
55
*
133
100
101%
3
119
123% 162%
98% 105
e
Cash sales transacted during the current week and not Included In the yearly
range:
e
~85~~
1947
Texarkana A Ft S gu 5Ha A..1950
Texas Corp deb 3Ha
1951
83
79%
mrnmrnm
1939
Westchester Ltg 5s stpd gtd__1950
West Penn Power 1st 5s ser E.1963
104
119h
1953
Ol Itfcl is:
77%
96%
46
1955
Pict deb 6s
Wash Water Power s f 5s
143
2
10
*103 x
4%s._1939
4s
*25
41
28%
27%
102 X 107%
140
195
113%
119X
106
;
44
32
*37
t
Washington Cent 1st gold 4s. .1948 Q M
Wash Term 1st gu 3%s
..1945 F A
1st 40-year guar 4s
...1945 F A
s
Tennessee
31
29%
41%
159
112h
1956
Tenn Coal Iron A RR gen 6s..1951
Tenn Cop A Chem deb 6s B...1944 wl
30%
44%
32
29%
*103
Swift A Co 1st M 3%s
—1950
^♦Symington-Gould conv lnc ww '56
1 Without warrants
91x
1938 m s
1938 m s
d
S'weetern Bell Tel 3 Ha ser B..1964 J
S'western Gas A Elec 4s ser D.1960 m n
j
{♦Spokane Internat 1st g 5s...1955 J
103
100% 100%
.
23
*29
30
Wheeling Steel 4Ha series A... 1966 F A
80 Pac of Cal 1st con gu g 5s.. 1937 mn
j
1937 J
31
98 X
105
104 h
106 X
105
15
"loB"
1968 Wl
(Oregon Lines) A...1977
Gold 4Hs
Gold 4Ha
100
50 H
X
*122%
A o ""98 %
M 8
1965
Southern Colo Power 6s A
Southern Natural Gas—
105%
60
inX
81
100
SUeslan-Am Corp coll tr 7s
•Silesia Elec
99%
30
{♦Warner-Qulnlan Co deb 6s.. 1939
{♦Warner Bros Co deb 6s
1941
109
8%
108H
88
97%
29%
1955
6s debentures
125
6%
d
1935
71%
91%
30%
12
13
107 X
97
7%
81
60
*29%
Warren RR lBt ref gu g 3Ha..2000
wl N
Sharon Steel conv deb
4Ha...1951
Shell Union Oil deb 3 Ha
1951 Wl s
74%
63
31
♦Certificates of deposit...
Walker (Hiram) GAW deb 4%s 1945
1
6%
30
6%
"72%
30
1978 A
98%
86
106%
*60"
♦Certificates of deposit.
27
6
13
n
♦Ref A gen 4%a series C
♦Certificates of deposit
"31x
31
82%
97
k
26
*113h
A
♦Certificates of deposit
28
80
79%
*95"
1941 M
{♦Wabash Ry ref A gen 6 Ha A. 1975 M
♦Certificates of deposit
♦Ref A gen 6s series B
1976 F A
24 h
86% 103%
82
*
♦Des Moines Dlv 1st g 4a.__ 1939 J
♦Omaha Dlv 1st g 3%a
1941 A
28
35
25
*26"
*75
A
1941 J
♦Toledo A Chic Dlv g 4s
16
110H
108%
113%
*25
Oct 1949 F
{♦Refunding 4s.
86%
1954 J
101x
Scioto V A N E 1st gu 4s
1989 mn
I{♦Seaboard Air Line 1st g 4s. 1950 a O
{♦Gold 4s stamped
1950 a O
♦1st A
90
1939 M N
101H
f
♦Adjustment 5s
{♦Wabash RR 1st gold 5s
6
Manila RR. 4s 1939, June 29 at 94%.
e
Pure Oil 4%s w. w.
drawn, July 1 at 115.
a Deferred delivery sale; only
Under-the-rule sale; only transaction during
Impaired by maturity,
t Accrued
interest payable at exchange rate of 14.8484.
r
Cash sale; only transaction during current week,
transaction
during current week,
current week,
x
Ex-Interest.
n
( Negotiability
1 Bonds called for redemption or nearlng maturity.
{ Companies reported as being in bankruptcy, receivership, or reorganised
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
♦
107 H 109%
2
Friday's bid and asked price
Bonds seUing
No sales transacted during current week.
flat.
Deferred delivery sales transacted during the current week
In the yearly range:
No sales.
under
and
not
Included
Exchange—Weekly and Yearly Record
New York Curb
78
Cub and deferred
NOTICES
delivery sales are disregarded in the
shown in a footnote in
regular weekly range are
July 3, 1937
week's range, unices they are the only transactions ol the week, and when selling
No aooount la taken of such sales In computing the range for the year.
outside of the
the week In which they oocur.
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (June 26, 1937) and ending the present Friday (July 2,1937).
It is
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
In the following
compiled entirely
week
far
Week's Range
for
Sale
STOCKS
of Prices
Lett
Hith
Week
Price
*
Agfa Ansoo Corp com
1
Alnsworth Mfg common..6
com—1
common...♦
Air Device* Corp
Investors
Air
Conv
3 3*
25
12X
12J*
123*
2%
23*
2%
33*
253*
preferred
Alabama Gt
$6
I
Southern..60
693*
*
634
Bowman-Biitmore
Mar
June
22
Feb
June
4
May
23*
100
33*
253*
200
Jan
June
53*
343*
13*
May
Jan
Jan
Bridgeport Machine
175
72
June
87
Jan
Bright Star Elec cl B
693*
June
77
Jan
Brill
*
100
23*
June
k
Jan
80
June
Jan
33*
June
!.<
%
Mar
234
Jan
33*
100
*
19
50
19
June
24
Jan
"i6
13634 140
700
120
Apr
177
Mar
100
15
1133* 115
550
111
Apr
119;
Mar
Aluminum Goods Mfg...*
.....
100
""loo
American Airlines Ino... 10
108"
Amer Box Board Co
American
oom.l
1,450
203*
273*
13*
500
19
'"800
20
Jan
140
Mar
131
May
June
Jan
Feb
June
34
June
3234
33*
75
243*
1,500
11
154
42
June
8934
33*
3,900
43*
Corp_..l
June
84
31
25
313*
33*
Class A with warrants 25
Amer
1
313*
313*
100
June
10
n-v
Amer Equities Co com
1
Amer Foreign Pow warr...
100
*
American General Corp 10c
*2
1
1
preferred
$2.60 preferred
Jan
Jan
Mar
Apr
Amer Laundry
4J4
13*
2
3234
30
1,600
323*
106
2,400
75
106
934
303*
93*
1,200
303*
303*
150
36
36
36
93*
25
263*
173*
263*
173*
1
Amer Meter Co
44
1X
45
13*
403*
13*
'ejoo
100
45
.2
*
oom
1st preferred
.
734
134
*
273*
Preferred
60
45
63*
13*
913*
2834
106
June
June
934 June
Mar
Feb
Feb
Mar
53* June
3234
13*
38
Mar
Jan
Mar
Feb
Canadian
2634
Jan
6% preferred
100
Canadian Indus Alcohol A *
Jan
Mar
Ja/i
88
82
234
69
23*
63
1034
Ian
Apr
Mar
Mar
June
600
263*
100
2434 June
83*
WOO
83*
Jar
Common
13*
2 34
Apr
Jan
Jan
SB
Feb
4234
Feb
June
Jan
June
3
Feb
63*
May
May
12]
13]
Feb
63*
103*
Jan
96
Jan
Jan
1
6,000
10,600
Apr
7634 June
10
June
534
June
1034
Apr
»
113*
100
13*
23*
13*
23*
500
13*
June
3,500
234
June
18
22
73*
49
A tlantlc Coast Line Co.. 50
Atlas Plywood Corp.
Austin Silver Mines.
23*
13*
Class A
6
173*
June
2,900
1
3*
300
8
500
30
Feb
153* Feb
83*
Jan
10
common
Babcock A Wlloox Co..
SBaldwin Looomotlve
*
warr
Bardstown Distill Ino
93*
283*
116
13*
123*
1
Barium dtalnlees 8teel._.l
Barlow A Seellg Mfg A...5
Bath Iron Works Corp
1
503*
"Tx "23*
213*
13*
53*
103*
83*
213*
Jan
4* 700
100
3
534
3934
7I2
134
Jan
73* June
47
Jan
June
13*
19
Jan
Jan
13
S*
Feb
Mar
May
Jan
2k
1,300
7
Jan
113*
Mar
1,000
63*
Apr
113*
June
9
9J*
7% 1st pref
9
9
Bellanca Aircraft
oom
Bell Tel of Canada
Bell Tel of Pa
1
6
Mar
Jan
8
Feb
21
Feb
1,000
100
$3 opt conv
pref
1134 June
Mar
11
May
Apr
103
Jan
e
*18
May
May
27
May
3
June
Jun
33*
3
33*
1143*
123*
53*
400
Cent Hud G A E
43* May
Charls Corp
400
2834
400
634
T.ioo
115
117
125
73*
8
834
900
25
June
Jan
113*
225
10
June
Jan
"lok "I6k
113*
10
233* Juae
Jan
25
103*
June
Jan
11
50
11
June
Jan
5
11
434
1,200
434 May
Mar
15
100
13
573*
60
12 3*
June
7134
13
lilx Ink
June
50
1103*
623*
Jan
Jan
Jan
Apr
600
61
400
225
143*
23*
♦
403*
Preferred B
..II""*
Preferred BB...
•
Cities 8#rv P a L $7 p'refl*
39
38
40
23*
234
403*
38
_*
300
19,800
38
38
433*
""loo
40
July
834
1,200
7
J* June
73*
*38"
""166
133*
300
May
Jan
2
J use
Development. __1
8 34
38
123*
6
6
53*
43*
143*
2,300
13
June
353*
150
34
June
Conv 5% preferred..100
Columbia Oil A Ga*
1
23*
800
May
Columbia Plcturee com..*
Mar
Commonwealth Edfcon 100
Commonwealth A Southern
June
Jan
36
23*
443*
46
800
23*
4234
173*
183*
200
14
June
6 3*
"29k
33"
""60
133*
133*
100
29
June
Jane
1334 June
34
5
Apr
Feb
Jan
JaD
4
Feb
1
May
Jan
May
Jan
2,500
334
434
200
$34
53*
43*
53*
3,200
434
4
eh
£1
13
13
10
93*
£1
_
100
100
Jan
3734 June
16
5% Income etock A
Colored# Fuel a Iron warr
Colt's Patent Fire Arm* 26
6
13*
,
13*
6% oonv pref
34
34 J«ne
3*
1,900
Thompson (J R) com...25
Colon
Apr
3534 June
234
*
Juas
June
June
June
4
Cleveland Elee Ilium
*
Cleveland Traetor comlll*
11334
June
51
40
May
June
20
1
40
34
23* June
1,800
1
1143* 115
14
70
334
City Auto Stamping
...*
City A Suburban Homes 10
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co
*
Cookahutt Plow Co com I.*
Mar
4
Jan
Jan
"133*
113*
13 34
3,100
6234
6034
6234
600
56
Feb
63
63
150
62
June
113* June
Columbia Gas A Eleo—
63
734
c ext to
734
l08"
30
104
108
1
1946—
13*
134
12,400
53* June
25
700
3*
3*
Community P A L $6 pref *
Community Pub Servloe 25
Community Water S*rv._l
Compo Shoe Mach v t 0..1
New v t
634
30
Warrants
Commonw Dlatrlbut
Jan
June
1
1
Clark Controller Co
Claude Neon Lights Ino
Clayton A Lambert Mfg
Apr
23*
77
*
Feb
800
1
preferred
Jan
Feb
4,200
14
$6
Mar
Mar
134
70
Preferred
June
Mar
23*
1
Feb
Mar
82
June
1
loo
June
83*
Jan
73* June
393*
Jan
93 34
Jan
*143* June
893* May
1234 July
2X
Chlca Rivet A Maoh new_4
Chief Consol
Mining
June
1
Child* Co preferred
Cities Service oommon
June
14
634
10834
234
"lO
»
For footnotes see page 83
83*
8
80
53*
•
5
"29k
14,900
Chamberlln Metal Weather
8trip Co
5
100
25
8734 June
84
54 3*
273*
Conv pref opt ssr '29.100
13
100
10
90
82
49
100
Pipe...
Mar
May
134 June
90
533*
834
100
13
|Botany Consol Mills Co.*
Bourjois Ino
*
6
26
200
83
Centrifugal
Mar
2,900
83
100
Jan
134 June
23*
"loo
warr
Apr
May
Jan
134
273*
133*
preferred
May
134
1234
Cent A South Wast UtU.SOe
Cent states Eles com
1
534
273*
234
133*
5
•
134
Jan
May
Mar
73
15
8~,306
Cent Maine Pow
7% pf 100
Cent Ohio Steel Prod
1
Cent P A L 7% pref...100
1,700
183*
600
1,400
1
*
13*
153*
11
3*
353*
134
*1434
159
18
1
10
1,400
153*
40
4
*
6
*
oom
500
53*
169
Jan
3*
400
*
169
123*
"63*
400
1st preferred
3,400
♦
Bohaok (H C) Co oom...*
7% 1st preferred
July
Celluloid Corp common. 15
$7 dlv preferred
*
23*
Blumenthal (8) A Co
Borne Scrymser Co.
1%
16
warrants
$2.60 conv pref
Bliss (E W) A Co oom
Bliss A Laughiln eom
Blue Ridge Corp oom
July
27
Conv pref...
*
Berkey A Gay Furniture. 1
oommon
Mar
June
Benson A Hedges com....*
Bickfords Inc
Jan
434
123*
Juas
80
100
63*% pf_100
166
July
June
134
11
234
20
Beech Aircraft Corp
]
Bell Aircraft Corp com__.l
June
Jan
33*
15X
-.100
pref
11434
43
100
Beaunlt Mills Inc com... 10
conv
Mar
28
1,800
100
July
34 June
24
117
Chicago Flexible Shaft Co 6
93*
53*
4
43*
155
Celanese Corp of Amerlea
7% 1st partic pre!... 100
Feb
103*
June
763*
53*
Cherry-Burrell Corp "com »
Chssebrough Mfg
26
53*
16
153*
93* 210
3*
763*
6
6
Mar
Mar
1.500
100
Feb
200
500
283*
Apr
1634 June
Castle (A M) com new.. 10
Catailn Corp of Amsr
1
Conv
63*
200
June
1
*
1
com
6% pref without
7% preferred
134 June
2,600
5
*
common
Jan
Jan
2,000
10
Jan
36
300
43*
*
Class B
Feb
May
June
Jan
Mar
13*
283*
283*
1153* 117
13*
13*
113*
123*
23*
23*
43*
Baumann (L) A Co com..*
Purchase
May
133*
Tobacco—
Baldwin Rubber Co com.. 1
$1.60
is
34
87
Automatlo Products
Automatic Voting Mach__*
Avery (BP)
Axton-Flsher
2,200
332
34
Atlantlo Coast Fisheries..*
Atlantic Gas Light pref. 100
Atlas Corp warrants
22
'is
3*
332
Assoc Laundries of Amer.*
V t 0 oommon
""25
Ik
Carlb
Carman A Co class A
1103*
63*
2634 June
102 3*
113*
Class
June
June
5
Capital City Products...*
Syndicate
26c
Jan
Associated Elee Industries
£1
June
24
3*
13*
Carolina P A L $7 pref...*
$8 preferred
*
Carrier Corp
*
Carter (J W) Co common. 1
Caaco Products....
*
May
3
800,
Apr
93
36
43*
43*
Canadian Indust7% pf.100
Canadian Maroonl
1
Jan
434
800
6
Jan
11
43*
Jan
600
400
44
2534 May
6 34 July
70
Apr
200
B non-voting
434
900
103*
May
Hydro-Elec—
693*
88
33*
103*
July
June
1,000
94
com
38
273*
43*
20
134
35
453* June
2234 June
Calamba Sugar Estate. .20
Carnegie Metals
78
53*
12
Carnation Co
78
*3034
700
263*
dep rets B ord she. £1
Amer dep rets pref shs £1
Jan
83*
May
400
93
Am
Jan
Jan
10
93*
233*
Am dep rets A ord sh__£l
Jan
32
Jan
73*
6
483*
1123*
Fab
37
May
10,100
83*
43*
24
99
63*
2 34
Jan
6 34
Jan
4634 June
493*
54
Mar
73*
600
24
v t c
3
7%
Apr
34 May
3* June
May
»
7
36
June
*
Mar
18
$3 convertible pref
Warrants
134
Arkansas Nat Gas
Jan
16
4
63*
1033*
13*
6X
73*
"lok
"26k
Jan
4034 June
1
1
300
Burco Inc common
May
163""
preferred
Option warrants
35
453*
2334
500
1
$5
35
233*
6,600
Arcturus Radio Tube
363*
Apr
Mar
31
Buckeye Pipe Line
60
Buff Nlag A East Pr pref 26
$5 1st preferred
*
Canada Cement Co
30
2634
June
Canadian Canners com
*
Canadian Car A Fdy pfd 26
Canadian Dredge A Dock*
6
A
200
63*
Feb
103
Amer deposit rots
Assoc Gas A Eleo—
134
63*
Feb
63*
Ashland Oil A Ref Co
134
*
3634
Angostura
Arkansas P A L $7 pref..*
Art Metal Works com
200
*
$6 preferred
Bruce (E L) Co
42
43*
com
Class A pref
July
334
Common class A
Preferred
303*
650
June
American Thread pref..
Wupperman.
303*
1,400
36
Anchor Post Fence
Apex Elec Mfg Co com..*
Appalachian El Pow pref.*
Mar
434
223*
123*
303*
63*
243*
43*
33*
14 34
28
773*
13*
1,100
100
1234
73*
92
303*
Cables A Wireless Ltd—
June
June
1734 June
273* Mar
403*
50
74
Jan
13*
600
250
463*
103*
123*
Cable Elec Prod
1
Amer Potash A Chemical
Seal-Kap com
Superpower Corp
463*
103*
Burma Corp Am dep rets
Burry Biscuit Corp.. 1234©
82
*
Am
600
763*
pref
Jan
24 3*
Amer Pneumatlo Service. •
Amer
200
8
100
Brown Co 6%
Jan
200
..100
J»n
June
100
34
33*
73*
Brown Fence A Wire com. 1
Feb
173* June
17 34
Jan
Jan
434 June
183*
83*
83*
36
z20
preferred
...25
Amer Mfg Co common 100
Amer Maracalbo Co
34
3
ord reg--10e
35J*
63*
Apr
Apr
17 3*
2
"600
B
Jan
434
6%
Preferred
Class
Jan
26 3*
43*
Mach___20
26
Am dep rets
8
400
43*
*
Amer Lt A Trao oom
163*
334
British Col Power class A. *
47
8,000
293*
Amer Hard Rubber com.60
Amer Invest (111) com
16
Jan
8
Amer Tobacco—
313* June
33* May
3334
Jan
31
30 x
*
Preferred
•
3>4 June
Feb
234
3234
1083*
dep rets ord bearer £1
£1
Jan
1,100
Amer Fork A Hoe com...*
Amer Gas A Elec com
Am
4134
June
30
4
Cyanamld class A. 10
Class B
British
Apr
35H
British Ceianeee Ltd—
34
B
163*
Bunker Hill A Sullivan 2.50
X
400
1,100
1,700
A
Brown Forman Diatlllery.l
3*
100
British Amer Oil coupon..*
Feb
Am Cities Power A Lt—
Class
Class
2034
31
preferred
..100
Mfg Co common..
143*
17 H
preferred
Class A....
43*
334
200
Amer dep rets reg
73*
183*
10c
10c
S6.60 prior pref...
Amer Centrifugal
7%
Jan
Capital-
Common class B
Class A
173*
134 June
62
"iik
2334
103*
434
13*
24
8
Corp class B
June
June
983*
4", 600
13*
"27k
100
Class A common
S3
1053* 1083*
7
120
American Beverage com.. 1
American Book Co
33*
233*
83*
434
High
2634 June
134 June
400
100
Preferred
June
16 34
....
Aluminum Industries com
preferred
203*
»
110
common..*
6%
•
763*
Brlllo
19
"24"
Bridgeport Gas Light Co. *
S3 conv pref
*
Aluminium Ltd common.. *
Aeronautical... 1
613*
J* June
*
preference
Breeze Corp.
Jan
Aluminium Co
6%
263*
13*
Low
Shares
150
27
27
oom..*
1st preferred
100
2d preferred
100
Brazilian Tr Lt A Pow—•
7%
Brewster
13* May
33*
common..*
Price
10
Apr
6
Bower Roller Bearing
38
Allied Internat Investment
Common
24
Jan
200
3
3
Alles A Fisher Ino com.
Alliance Invest
Jan
6634
Range Since Jan. x 1937
Week
X
pref
preferred
May
11
1,000
1,500
for
of Prices
Low
High
or
33* June
14H
Feb
200
Week's Range
Sale
67
Warrants
Ala Power $7
2~. 200
3X
25
334
253*
3*
72 X
42
50
Last
High
21
Mfg olssa A.*
B
Low
Shar es
45
45
Aome Wire v t c com ...20
Class
STOCKS
Continued)
Range Since Jan. 1,1937
Last
Sales
Friday
Sales
Friday
Aero 8upply
covered:
dealings occurred during the week
which any
13*
2,500
100
38
36
38
100
25
25
253*
200
34
200
34
34 June
1434 June
1434 May
Volume
Last
Week's Range
of Prices
Love
High
Week
Par
Consolidated Aircraft
1
67 *
5
100
9
6% pre! class A
100
Consol Gas Ut lilt lee—
10
12,500
1,600
~2 *
10
64
76 *
68
preferred
2X
9*
10
X
17 X
Cont Roll A Steel Fdy__.»
X
250
m
700
1,780
2*
200
10X
Mar
2*
Mar
Mar
Fox
73 X
Apr
6X June
x99
June
50
22
1,000
16H
Cosden Petroleum com—1
50
5% preferred
Courtaulds Ltd
2 %
500
July
2*
2,800
2
June
300
4*
4*
87 X
100
IX
1,000
6
Crocker Wheeler Eleo—
Croft Brewing Co
5%
26*
23
5%
26X
12J00
200
37*
34 X
37X
12X
13X
8,500
1,100
X
600
IX
Crown Cork Intemat A__*
Drug Co com..25c
Crystal Oil Ref com
~2X
2X
2X
800
"ix "ix
150
X
5
UX
ux
12 X
Dayton Rubber Mfg com.
Class A
36
21X
19
21*
"766
1»»
100
16
X
l3i«
J
£1
10
Dejay Stores
H
60
65
10*
loo;
60
65
6
Derby Oil A Ref Corp com
6X
700
*
June
11*
3i«
11*
13*
19*
lJis
14
17 X
17 X
800
17
2X
2X
600
6
43 X
100
46
400
"~9~
"i00
"~9
27 X
27 X
100
4X
41X
300
18X
300
17
30
106 X 106 X
""16
Inn-
July
F
Jan
Mar
3* May
J
26
12
May
jan
2*
72 X
72 X
3*
74
600
75
68
800
19*
2,700
5*
800
17 X
5*
4X
57
57
57
125
41
38
41
SB
'1*
8*
7*
8*
xl5X *15*
100
Electric
x59X
66X
56 X
June
56*
June
2,100
66*
July
June
130
7*
200
3X
2*
14X
3*
1,600
100
83
2X
31X
preferred
Equity
Corp
14
400
14*
44*
Equip. .6
14~"
10c
1*
1*
9*
Metallurgical
Corp
Jan
8*
8*
700
81*
84*
80
350
87*
15*
1,900
4*
300
8*
4*
June
June
14*
58
56*
1*
4*
400
50
58
500
2
1*
1*
9*
17*
100
"17*
~4,400
7*
200
12*
13*
700
16"
""166
25
25
25
11*
11*
11*
36
24
June
1,500
*|
78*
102
27
75*
175
29*
78*
6,100
25* June
2,200
72
70
*
16*
*
16*
3*
47
7*
25
8*
50
3*
43*
6*
3*
1,500
200
47
7*
900
25
24
7*
600
9
1,200
Am dep rets ord
24*
52
20
20
20*
20*
14
July
June
Mar
20
7*
98*
22*
17*
14
4*
300
Feb
14
100
Mar
Britain
and
Ireland..£1
10
10*
200
Indiana Service 6% pref 100
18*
21*
20
20
20
90
19
91*
92
60
91*
Indiana Pipe Line
10
2*
International
1*
1
1*
200
.100
16*
12
16*
300
68
350
68
x66
•
2*
2*
26
27
300
2
June
May I
June
33*
34*
5*
5*
Products.--*1
100.
ll
Feb
40*
38
40*
12*
11
16
Rights
12*
*
June
Feb
2*
A»r
Feb
300
15*
"V,600
Class A
-
70*
Class B
1,400
*
70*
1
100|
111*
30
11*
12*
2,200
70
71
111
125
16*
l|
1*
1*
1*
4*
'16
*
4*
Old warrants
10
New warrants
100
15*
.
109* June
16*
70
Jan
June
International Vitamin
....
11
'
200
700
16
200
*
1,200
5*
800
May
•i« June
15,200
1*
International Utility-
2,500
Jan
June
2,200
5*
Feb
June
"166
34*
>*u Jane
9
64*
22*
800
13
26
♦
Internat Radio Corp
100
13
60l
Petroleum..*!
6% preferred
18* June
1* June
1
Registered
200
12*
100
Internet Hydro-Eleo—
International
2,500
20*
2*
A stock purch warr
900
9*
Mar
1,600
Imperial Tobacco of Great
Interna! Metal Indus A..*
500
June
7* June
100
25
22
reg..£l
Imperial Oil (Can) coup..*
Registered
*
Imperial Tobacco of Can.6|
14
150
6* June
23
Imperial Chem Indus!—
Insurance Co of No Amer 10
1,800
June!
""166
52
22
*
International Cigar Mach
Internet Holding A Inv.
1*
Jan
*
100
.....
"£"
..60
150
19
June
17
1
300
20
10* June
32*
102*
32
5% preferred
100,__
Hud Bay Mln A Smelt—*
29*
27*
18
16* May
42*
Apr
Jan
100
45
Class B
100
Mar
12* June
39* June
~
7% preferred
7.
15* June
6* June
7X June
23
10
450
16
IX
300
Industrial Finance—
June
66
300
15*
13*
Jan
4* June
17* Apr
1,700
45
51
9*
20*
12*
June
75
6* May
40
4
50
25
84
13*
Vtc common
1
300
11,600
75
7is
26
50
1* June
June
*
55*
75
...
300
12,100
May
Jan
Jan
51
'16
55*
Indian Ter Ilium Oil—
1*
22*
July
119* June
39*
7*
40
IX
125
81*
14*
4*
7% preferred
100
Indpls P A L 6 X % pref 100
75
8* June
39
60,
5*
National Stores—
26 preferred
June
12*
Internat Safety Rasor B.
dep rots
Fldello Brewery
Fire Association (Phila)-10
7% 1st preferred
1*
600
15
26c|
40*
Flat Amer
Flak Rubber
8,900
13*
575
18*
20
"ix
Fedders Mfg Co
Ferro Enamel Corp
First
Mar
2*
13*
300
15*
40
'16
Fanny Farmer Candy
Fansteel
21*
2
13
com..
Pref 33.60 series
...3
F&lstaff Brewing..
1,500
9*
4,300
34
Option warrants........
.100
26*
IX
31*
Eureka Pipe Line com
60
European Electric Corp—
7% preferred
34
25*
9rlX
40
13
300
10
119* 121*
25
2*
2
30*
300
39*
Hartman Tobacco CoHarvard Brewing Co
27
100
Ex-cell-O Corp
Fairchild Aviation.
13* June
Jan
July
9* June
33
4*
40
40
Evans Wallower Lead
Jan
32
700
Illuminating Shares cl A._*
June
May
Apr
June
8*
81*
Cits of deposit
June
June
June
33
*1
stock
35
100
com.
34
8*
40
100
Empire Power Part Stk..*
Emsco Derrick A
2*
»is June
Jan
*
Non-voting class A...
100
6*% preferred
7% preferred
8% preferred
100
.
Illinois Zinc
6* June
68
Jan
>32 June
26 *
2*
13
60
1
Elgin Nat Watch Co
16
Empire Dlit El 6% pref 100
Empire Gas A Fuel Co—
6%
45
June
15
82
*
Elec Shovel Coal 24 pref
Electro! Inc vt c
June
18*
*
*1
Preferred
Shareholding—
Electrographls Corp com.l
98
Illinois Iowa Power Co...*
200
56*
55
7*
8
26 conv pref w w.
27*
Hygrade Sylvanla Corp..*
1*
13*
5*
Common
40
98
May
3,000
31,400
Class A
warrants..
39*
25
98
June
6*
16
1*
2*
14*
16
58* 259*
66* 68*
3,400
7% pref stamped
100
7 % pref unstam ped.. 100
Hydro Electric Securities.*
Hygrade Food Prod
5
7* June
zl5*
19
2X
70
x9X
Hussman-Llgonler Co
•
JHuylers of Delaware Ino—
T.800
1,200
37*
9*
39*
Common
"3X
500
11
27*
*
Humble Oil A Ref
650
Elec Power Assoc com
Option
'166
34
32
__
Hormel (Geo A) Co com..
Horn A Hardart
55* June
*
48
Horder's Inc
4* June
19 X
EoooomyGrocer y Stores
Edison Bros Stores new._2
Elec P A L 2d pref A
12",600
15* June
Holt (Henry) A Co cl A..
Apr
U£ Apr
8*
*
23*
11
Holllnger Consol G M..
Holophane Co corn
17 oreferred series A
26 preferred series B
26 preferred
20*
9*
Preferred ww..
Hewitt Rubber 00m
106* June
2* June
8
1
Else Bond A Share com..5
25 preferred
*
Jan
Apr
May
1* June
900
Hey den Chemical......10
8
Corp
Jan
1* June
73
16*
*
Heller Co
Eastern
Elsler Electric
17* June
72
Hires (C E) Co cl A
Hoe (R) A Co class A
5* June
6*
Jan
17* May
Easy Washing Mach "B".*!
.*■! 001 ©1 ©i
83
34
80
500
Malleable Iron.25
Eastern States Corp
*
1
15*
*
6% preferred—
Jen
6
100
"ix
* 104,600
10
102* 102*
Hecla Mining Co
Helena Rubenstein
Class A
Apr
Mar
4* June
5X
X % prior preferred. 100
Jan
18* May
*
Haxeltine Corp
Hearn Dept Store
Feb
Fuel Assoc—
6% preferred
Jan
',6 June
Hat Corp of Am cl B com.
5* June
43* July
6
*
1,100
May
3
10* June
Gen Water G A E com...
33 preferred
Hall Lamp Co.......
Haloid C01
Hartford Elec Light
June!
*
Common
18*
"ix
Gypsum Lime A Alabag..
Jan
1
10
200
17
75
89*
100
Guardian Investors
II
Gulf Oil Corp
251
Gulf States UtU 35.60 pref '
36 preferred....
u
30
Durham Hosiery cl B com*
Eagle Plcher Lead
19*
14*
11* May
1,
'32
30
81X
80
10*
Duro-Test Corp com
Duval Texas Sulphur
600
250
16
100,
25
Greenfield Tap A Die.—1*
Grocery Sta Prod oom..25c
J«i»
15
100
Dublller Condenser Corp.l
Duke Power Co
100
3*
17
22*
7% 1st preferred
Gt Northern Paper
Muy
108
18X
Douglas (W L) Shoe Co—
7% preferred...
100
Draper Corp
7% preferred
June
2* June
3* June
25X
100
Driver Harris Co
1*
36 preferred
Warrants
Gen Outdoor Adv 6 % pflOO
Gen Pub Serv 16 pref...
Gen Rayon Co A stock.._
Great Atl A Pao Tea—
June
6*
17 X
com..
preferred
600
56
1*
Gray Telep Pay Station. 10
60
15*
43 X
Dominion Steel A Coal B 25
Domln Tar A Chem com
13*
17*
'
l|
June
June
300
£1
Divco-Twln Truck
Amer dep rets ord reg.£l
Gen F1 reproofing com...
June
]0M
16*
Diamond Shoe Corp com.
Distilled Liquors Corp
Distillers Co Ltd
3*
Gen G A E 36 conv pf B
Gen Investment com
13
18
*|
Conv preferred
200
19*
15]
13*
17*
Gamewell Co $6 pref
General Alloys Co
Gen Electric Co Ltd—
com
Mar
11ft
10*
,
1
Non-vot
65
Jan
1
July
June
104*
16
6
Detroit Paper Prod
Detroit Steel Products
1,500
►-* 0«
1
Gorham Mfg Co—
V10 agreement extended
Grand National Films Ino 1
Grand Rapids Varnish...*
May
2*
20
Common
Gorham Inc class A
33 preferred
June
75
Pr© ferred
Detroit Gasket A Mfg coml
ww
22*
Goldfleld Consol Mines... 1
June
4
27
Def'ance Spark Plug com.
De Havlland Aircraft Co—
Detroit Gray Iron Fdy.
Det Mich Stove Co com
5
37 preferred
2* June
"200
300
13
104* 104*
100
7% pref-100
1,200
Godchaux Sugars class A.*
Class B
♦
*
6
11 x
12
Davenport Hosiery Mills.
4
May
12 x
5,100
1,100
East (las A
12
40
reg
(Peter) Brewing
Georgia Power 36 pref...
Gilbert (A C) com
Preferred
Glen Alden Coal
12* June
tc_*
com
26* June
14*
Jan
* June:
Mar
300
Curtis Mfg Co..
Cusl Mexican Mining..50c
6 *%
Marl
600
Inc
preferred
6*
25*
Franklin Rayon Corp com 1
Froedtert Grain A Malt—
6% preferred A
28*
19*
*
10
preferred
6% pref
June
IX
IX
25
Preferred
6*
Apr
21* June
6*
•
Rights..
June
4* June
23
Class B
General Telephone com_20i
13 conv pref
♦
General Tire A Rubber.__5|
May
12 X
1
Dennlson Mfg
Jan
Jan
7
May
IX June
Crowley, Mllner A Co
High
38* May
Warrants
Crown Cent Petroleum—1
dep rets ord
6*
Jan
May
Feb
1*
12*
*
Am
Jan
Mar
4* June
86
23
"4 k
13*
Creole Petroluem
Darby Petroleum
Feb
Jan
34
Apr
Feb
Apr
62*
18*
£1
com v
21*
61*
Jan
35
May
Cramp (Wm) A Sons Ship
A Eng Bldg Corp...100
6*%
Mar
June
15
10
100
Press
June
27
IX
Preferred
Cuneo
Jan
200
11
87 X
1
Common
Cuban Tobacco
Mar
Li
$6 preferred A....
ICosden Oil com....
6%
17*
102*
2*
26*
June
29X
27
Corroon A Reynolds—
Crown
Jan
June
20
35*
10*
2*
Jan
Mar
3*
Apr
8X June
15
27
10
135
Feb
X
61*
11
100
May
2X
6
1,800
Low
650
43*
Ford Motor of France—
Amer dep rets
lOOfrcsi
85
9
Week
Shares
21*
6*
Ford Motor of Can cl A..*
Feb
4*
25
18X
of Prices •
High
*
reg__£l|
dep rets ord
89*
500
20
S3 prior preference—
Copper Range Co
*
Copperweld Steel com.—10
Cord Corp
6
Jan
Am
114*
2,300
preferred
Cooper Bessemer com—
Jan
Mar
Range Since Jan. 1 1937
Week's Range
Low
40*
♦
Apr
1
Cook Paint A Yarn com.
24
11*
Florida P A L 37 pref
Ford Motor Co Ltd—
June
X June
9
Continental Secur Corp..6
11
Mar
IX June
85
85
Cont G A E 7 % prior pf 100
Continental Oil of Mez—1
Jan
33 H
64
100
129
99
100
Consol Royalty Oil
10
Consol Steel Corp com—•
June
6
7X
""500
76 X
75
6*
1
19X June
Price
Par
High
"~2*
%
Consol Retail Stores
Low
113
X
....
Warrants
Consol Mln A Smelt Ltd..6
Shares
5
Consol Copper Mines
5
Consol G E L P Bait com •
Sale
(.Continued)
2,700
22
21
1
Consol Biscuit Co
Price
Last
STOCKS
Range Since Jan. 1 1937
for
Sale
Sales
Friday
Sales
Friday
STOCKS
(Continued)
8%
79
New York Curb Exchange—Continued—Page 2
145
Feb
June
Feb
1* June
>is
Jan
*
Jan
4* June
Feb
15*
Jan
Feb
Mar
New York Curb Exchange—Continued—Page 3
80
Sates
Friday
STOCKS
Last
Week's Range
Sate
0/ Prices
Lou
High
Friday
for
{Continued)
Price
u
35?*
9**
H
20**
11?*
1
1J*
35**
Interstate Hosiery Mills..
9*4
8**
Iron Fireman Mfg v t c._ 10
"20 X
X
19**
1
nx
Interstate Power S7 pref-*
1
Investors Royalty..
Irving Air Chute
Italian Superpower A—
Range Since Jan. 11937
Lou
Shares
100
34**
Jan
6** June
r,t
Jan
19** June
11
July
210
900
560
300
400
X
Jan
Jan
Mar
Jan
Jan
Feb
National Sugar Refining.
National Tea 6?*% pref.10
18?*
Jan
Feb
Feb
June
2**
X
18J*
*
Loblaw Groceterias A
100
5%
"io"
8%
110
96X
Jan
5**
""600
1st preferred
Nelson (Herman) Corp...6
Neptune Meter class A.
100
99
June
June
4?* June
200
90?*
25**
22?*
1?*
"33"
57**
Mar
Jan
5?*
17
7 % preferred
—.5
Jan
10
10
June
88**
65**
Feb
8?*
8X
Feb
New Haven Clock Co
14**
9?*
4**
14**
T.200
1,300
14**
7**
14**
8?*
Jan
Apr
1**
29
33**
4
14
14
11**
10**
Jan
Jan
Jan
3?*
%
110
Feb
Feb
Jan
7
May
June
Jan
22?*
18*
Jan
Mar
Jan
16
Feb
June
14?*
Jan
July
Apr
May
g?*
Jan
80
80
10
76
65
66**
50
65
4
12?*
4
11?*
100
12?*
3?* June
4,300
11?* May
"l% "in
*40
40
40**
2?*
2**
5?*
6
30
30
12
42?*
June
5?*
10**
Feb
100
8J*
June
17
Jan
12
June
Apr
8J*
Feb
21**
600
18**
Jan
65
Jan
55
50
6**
21**
7
200
6** June
22?*
300
21** June
200
Jau
101**
4?* June
116
4?*
4?*
200
72
40**
~40"
"40**
0
6
"~7%
65
0
26?*
6**
1
1**
56
65
"jc
X
"260
JaD
5
50
1,400
5?*
May
%
Jan
300
52
1,800
82
25?*
10
33?*
22?*
3?*
10**
25?*
121
May
1**
2
8 J*
9
8**
12**
1
12?* June
34
June
15**
115?*
Feb
Mar
Mar
225
110
119*4
Mar
5?2
Feb
10
24
10?*
12?*
6.800
83
83?*
100
June
4**
Mar
.
June
65
Jan
Niagara Hudson Power—
Common
6%
6%
5%
5%
10
new
1st pref new
2d pref cl A
2d preferred
2d pref cl B
12**
100
100
.100
9?* June
81** June
18 H
100
Feb
Feb
Feb
94
Feb
73?* June
78
May
93
98
100
700
Class A opt warr new
Class B opt warr new-
Feb
*16 May
1%
Apr
116
Feb
H
Feb
2H
12
1
2,800
1,300
k
2**
80**
12**
1**
100
4?*
1% June
300
ax
Jan
May
1,200
1,100
Jan
11** June
500
1
Feb
Jan
.
*
'4
ax
X
1
80 preferred
North Amer Rayon cl A..*
Class B com
*
Feb
10
2?*
Miss River Pow pref... 100
114
2?*
100
38?*
50
Feb
Feb
Mar
Nor Sts Pow
com
Ohio OH 6% pref
100
Ohio Power 0% pref...100
Mar
Ohio PS 7% 1st pref
Jan
Jan
S3 preferred
Feb
6% conv pref
114
11**
Feb
Jan
Montana Dakota Utll—10
8**
7 J*
*
136**
Montreal Lt Ht A Pow... ♦
Moody Investors pref
*
Moore Corp Ltd com..
*
29?*
2,300
Mar
Feb
Jan
Pacific Public Service
*
$1.301st preferred.....*
Paclflo Tin spec stock
Pan Amer
2
Feb
10
Jan
May
24
Mar
Jan
90
Mar
4?*
14?*
Jan
Mar
Feb
3** May
7J* June
157
Feb
37
Jan
June
44
Jan
42** Mar
180** Mar
June
/ 3
44
134
29
31 J*
"43"
"43""
""60
100
(Tom) Distillery.. 1
Mtge Bk of Col Am shs
4?i
11**
6**
11
4?*
11?*
6
6**
100
1,800
1,600
:
dx
Apr
9?*c June
5?* June
19
139?*
19**
97 J*
Nachman-SpringfUled...»
Mar
June
Natcon Corp
..._.i
Nat Auto Fibre A v t o—*
National Baking Co oom.l
11**
12?*
28?*
500
11
Mar
200
27
June
"Ik "Ik
"4",500
27**
Nat Bellas Hess com_..__i
Nat Bond A Share Corp..*
1?*
52?*
Nstlona Candy Co com..*
National City Lines com__l
*15?*
52**
"IB"
0?*
IX
Jan
June
Feb
National Fuel Gas
*
Nat Mfg A Stores com...*
National OH Products
4
Feb
152
Feb
14?*
3**
59
Jan
Mar
Jan
Mar
10?* May
16
June
44
June
Apr
12?* June
Jan
19**
13** Feb
Jan
47
15**
400
15
June
8?*
500
7J*
33**
National P & L 96 pref—*
National Refining Co
25
"65?*
"64"
~65**
"*606
64
Nat Rubber Mach
"15"
"II"** "I6""
TIoo
11 J*
8
May
1% June
Jan
12?* May
41
6%
35?*
Feb
Jan
Jan
Jan
07
June
110
Jan
106?* May
102?* June
111**
Jan
112
Jan
97
Mar
June
111?*
104?*
Feb
14**
Feb
Jan
1,900
98
3
3**
7**
7**
28?*
28**
67
9%
Apr
14?*
32?*
400
26
May
50
98
Apr
100
1,300
3
June
8
600
1,000
7%
28
July
Mar
Mar
10?*
32?*
29**
107?*
Feb
Jan
Feb
Jan
Feb
Feb
Feb
5%
*38** "40**
62**
~~8X
5X
75*
63
8%
May
10
65
June
300
%>:.
5
Apr
8%
Jan
24?*
54**
75**
Jan
Mar
Jan
250
38
May
600
59
Apr
27,100
5?* June
4% Feb
89
Jan
Jan
9?*
Jan
0**
Feb
Apr
30
Jan
25% June
29
July
29
Apr
53
Feb
30** June
43
24%
29
25%
29
1,900
27%
27%
50
Jan
26
June
109?* May
12**
30?*
110
Feb
Feb
Mar
Apr
33
"5%
33
*
5?*
3%
34
75
12%
12%
94**
93
90**
5%
800
3%
12%
94?*
90**
5,000
100
♦
com
Phillips Packing Co..
Phoenix Securities—
Conv pref ser A
Pierce Governor com
1
June
42**
June
72
5?*
July
3% June
12
150
89
10
82
May
May
May
Mar
Mar
8?*
5?*
Mar
17**
Jan
Feb
113
112!
Jan
Jan
175
175
50
162
Jan
179
June
73
74
1,100
73
June
95
Feb
109
114
475
109
June
151
Apr
33
74
33
Mar
37
Feb
50
31**
7?*
9?*
7% June
400
8
June
June
31
7?*
85*
100
111
June
9%
7X
9%
100
7%
7%
37**
2,300
37
._*
Common
33
x23
9%
6
8% June
20
110**
34
Jan
Feb
Mar
July
15**
Feb
Jan
11?*
Mar
Mar
500
35**
Apr
40
*
"23**
23**
300
19?*
JaD
2**
2 J*
2**
700
2*1
June
33?*
3%
Feb
3**
3?*
4
2,600
35* June
6%
Jan
7X
7**
7?*
1,200
7 J*
June
9**
Jan
40
June
42**
Apr
17
June
27**
116**
10
Feb
Pitney-Bowes Postage
Feb
June
June
"40**
50
Mar
43
12
Feb
108
21?* May
5**
*
97**
23
100
1,300
$0 preferred
Penn Salt Mfg Co
Pa Water A Power Co
Mar
10% May
14** June
12**
*
1
20
51X
12
12?*
28
$5 preferred
Pines Wlnterfront
1
Pioneer Gold Mines Ltd—1
Jan
100
43
8**
June
800
15
"l2?*
Jan
May
52**
43
125
PhUa Elec Co 85 pref
*
PhUa El Power 8% pref.25
13c
103**
June
7H Jan
16X June
2 6H
Feb
5
87**
102
103
Apr
"l5?*
JaD
27X
67
8
3
Apr
12
184
7%
Jan
30** May
110
Jan
Jan
90**
43?*
200
Jan
6%
July
Apr
78
400
98
98
27%
9X
156**
28**
18
97
4?*
Apr
51** June
%
275
109?* 109?*
104
104**
Jan
Apr
92**
Apr
12?* June
Philadelphia Co
June
June
100
Jan
77
50**
50?*
Jan
101
Mar
June
18**
97
104**
7X
40 1138
200
1?*
55%
Pepperell Mfg Co
100
Perfect Circle Co
*
Pharls Tire & Rubber coml
3
138"
Murray Ohio Mfg Co
*
Muskogee Co com—....*
0% preferred.......100
Feb
20?*
1?*
32**
Jan
7 J*
65
Feb
May
120
300
$2.80 preferred
Pennroad Corp v t 0.....1
Pa Gas A Eleo class A
*
Pa Pr A Lt 87 pref—._...*
May
19
32?*
25
1,200
1,100
Feb
Penn Central Lt A Pow Co
Penn Mex Fuel Co
Apr
10**
100
Feb
June
136** 138
29** 29?*
20
20
102
9
*
118
4**
70
89?*
79?*
89?*
3?*
H
11,100
7
Jan
Jan
100
Class B
Peninsular Telep com
Preferred.
Jan
17
7 J*
Parkersburg Rig & Reel—1
Patchogue-PlymouthMUls*
Pender (D) Grocery A...*
98
152
Jan
49**
2 J* May
5
Apr
Airways——.10
43
25
June
Jan
0% 1st pf.25
Pan tepee OH of Venex
Paramount Motors Corp.l
Parker Pen Co
10
11** June
8** Mar
100
35
6**% 1st preferred..:25
Pacific Ltg 86 pref
Pacific PAL7% pref—100
Jan
-
Jan
22
9**
11**
9**
900
7**
Pacific G A E
Mock, Jud, Voehringer Co
2.60
42
*
Jan
Feb
Mar
40
'~3%
7
114
50
42
l
8
6
Jan
100
Oldetyme Distillers..
Overseas Securities.
June
50
35X
100
60
June
700
6% 1st preferred
100
Olistocks Ltd 00m...
5
Oklahoma Nat Gas com. 15
Jan
2%
51
16
Feb
11**
43?*
INor Texas Elec 6% pf.100
Novadel-Agene Corp
•
Ohio Brass Co o) B 00m...*
Ohio Edison $6 pref
Juno
50
102
Apr
Apr
56
40?*
Northern Pipe Line.
10
cl A—100
98
51
7% preferred
100
Nor NY UtH 7% 1st pf 100
Jan
Apr
May
2?* May
40
43**
Mar
Mar
June
33** May
88
May
1,300
1,200
78
71
400
3**
X
May
2** June
9** June
2?* June
2?*
16
2,300
Nor European oil com..
** June
0?* June
300
8
3**
Common
4 J*
25
73**
2?*
10
600
2%
7**
2**
7X
6% pf.100
20
73J*
2**
9?*
2?*
38**
i~66o
Nor Ind Pub Ser
Jan
18**
1**
100
11?*
Mar
Feb
June
2X
...
Mar
53?*
2
900
.
11?*
~48X "51X
11?*
10** June
95
6
common
0% prior preferred...50
Jan
1
June
Class B
6**
A%
%
Midland Steel Products—
92 non-cum dlv shs
•
Mid vale Co
*
28** June
166
Jan
Mar
25?*
110
No Am Utility Securities.*
Nor Cent Texas Oil
6
Apr
95
2
footnotes see page 83,
70
16
25?*
Jan
7
Jan
»il
Jan
73
32
Michigan Bumper Corp-.l
Michigan Gas A OH
1
Michigan Steel Tube. .2.50
f
300
6**
Apr
May
Apr
Jan
May
*5?* May
14**
44**
June
25?* June
475
X
May
39
100
26?*
7**
2**
93 conv pref—...
50
National Container (Del).l
13
Mar
37
Mar
l
Apr
300
2
Mountain City Cop com 5c
Mountain Producers
10
Mountain States Pow com*
Mountain Sts Tel A Tel 100
50
28?*
Jan
136?*
12?*
6
2** June
5?* June
60
May
20**
Apr
2"666
2
Class A 7% pref
Jan
105*4
Noma Electric
Nor Amer Lt A Pow—
38
200
*
Moore
June
7% June
Niplselng Mines—
400
Metropolitan Edison pref.*
Montgomery Ward A
92
97** June
Jan
Feb
400
Metal Textile Corp com..*
Part preferred
*
..1
Monarch Machine Tool..*
Monroe Loan Soc new A.l
700
95
Feb
10
Jan
0?*
16**
100
Jan
12**
110
1J*
Molybdenum Corp
Mar
5
100
Class A pref
Niles-Bement-Pond.
2**
55
22 H
1
Common
June
2** June
7**
110**
Jan
June
"II?*
"II"
21
Mead Johnson A Co.—.*
Mining Corp of Can
..*
Minnesota Mining A Mfg. *
Minn P A L 7% pref.. .100
72
400
97**
Mar
1
3
11**
Memphis Nat Gas com...5
Memphis P A L 91 pref
*
Mid-West Abrasive comSOc
Midwest Oil Co
10
1,850
7**
80
""loo
500
8?*^ 8**
May Hosiery Mills pref..*
MoCord Rad A Mfg B—*
Middle States Petrol—
Class A t t o
.*
Class B v t c
..*
Midland Oil conv pref
*
Mar
30?*
94?*
97**
93
Apr
1
*
....10
140*4
Niagara Share—
3X
95
...
Mar
July
June
1
N Y Water Serv 6% pf.100
Feb
30?*
33?* June
Jan
Apr
Mar
18
109
108
Jan
Shipbuilding Corp—
Founders shares
TN Y Telep 0**% pref.100
New York Transit Co
5
24
1,600
108
Jan
Jan
.*
$6 preferred
N Y
28?*
12?*
10
N Y Merchandise
88
Apr
118
3?*
N Y Pr a Lt 7% pref.. 100
0*2
35
Jan
10
23**
75?*
2**
14
Apr
Jan
%
Mining Corp. 10
Feb
Mar
3?*
92
N Y A Honduras RosarlolO
Feb
Mar
June
9H
2?*
70
4% Jan
25% June
75
May
2%
23%
89%
Feb
Apr
700
118
N Y City Omnibus—
Warrants
m
1,500
Apr
June
N Y Auction Co com..,
Feb
12?*
21?*
78**
Jan
3,900
Mar
10**
26
Ill**
16?*
12?*
10**
73
Jan
Apr
*13 H
75?*
Apr
July
Jan
300
New Jersey Zinc
25
New Mex A Ariz Land___l
June
Apr
23
19?*
Newmont
"»«
300
500
55*
New Process common..,
7X
18",500
118
23**
Jan
4?* June
97?*
Apr
2** May
13?* May
3,400
1,900
118
*
Feb
70**
Apr
46** June
100
Mar
13%
17?*
July
10?* June
300
"48**
Jan
Feb
17
100
"48"
25
75
5**
Engl Pow Assoc
6% preferred
*
100
New England Tel A TellOO
6**
"i«
100
75
..100
New Bradford Oil
"loo
"l7**
New
114?*
4?* June
100
10**
300
13
1%
Jan
500
17
12
"I§"
100
com
Feb
'2466
5**
13
May
Nestle-Le Mur Co cl A.
Nv-Callf Elec
Jan
22** June
Margay OH Corp
Marlon Steam Shovel....*
Preferred
30
June
54
20
"4?* "5"
4
Communication ordreg£l
Michigan Sugar Co
Jan
1?* June
400
95 conv preferred
Mexioo-Ohlo OH
Jan
9X
126**
21
*
19
300
1**
r
Ma pes Consol Mfg Co..
Marconi Intl Marine—
Mesabl Iron Co.
Jan
Apr
100
26**
Lucky Tiger Comb g m.. 10
Warrants
80%
19%
19%
Feb
June
75**
Louisiana P A L $0 pref.
6*4% A preferred—100
June
32
1
..100
100
1
Participating preferred.*
Merrltt Chapman A Scott*
Jan
13
12
Nehl Corp common
4**
Long Island Ltg—
Common
._......*
Mercantile Stores com...*
80
Jan
14**
48 %
10 K
Merchants A Mfg cl A
Mar
89
11**
12 X
Dredging...*
59%
June
106
*
Mc Will lams
Feb
Jan
66
10**
17
1
Mass UtH Assoc v t c.
June
102
25
75
7X Mar
Jan
57%
Jan
28
Jan
9J*
12** May
3**
28?*
2%
112**
70
42?* June
Lockheed Aircraft
Massey-Harrls common..*
Master Electric Co
1
Jan
Mar
56**
m
Lone Star Gas
Lynch Corp common...
Majestic Radio A Tel...
Mangel Stores
..1
Jan
i?*
1
111
6
Loudon Packing
Louisiana Land A Explor.l
10
Nebel (Oscari Co com..—*
21?*
1X
Locke Steel Chain
7% preferred
6% pref class B
600
Jan
*
Corp
'800
1?*
1**
Feb
—*
Class B...
May
"10?*
rio"
National Transit.... 12.60
14
85
*
Lit Brothers com
June
500
25
June
1
Lion OllReflnlng
24**
5
—*
Preferred
Jan
June
25
6
pref..100
Lefcourt Realty com
4?*
4**
High
Jan
75
Lakey Foundry A Macb__l
Lehigh Coal A Nav
*
Leonard Oil Develop.—25
Line Material Co
—*
**
500
Lackawanna RR (N J)-100
Lane Bryant 7%
Conv part preferred..
16
1,600
Klrkld Lake G M Co Ltd. 1
Lake Shores Mines Ltd... 1
common
Nebraska Pow 7 % pref.100
Kansas G 4 B 7% pref.100
Ken-Rad Tube A Lamp A *
Knott Corp common
.1
KoppersCo0% pref..-100
Kress (S H) A Co pref—10
Kreuger Brewing
...1
Low
5,200
1,200
National Steel Car Ltd...*
27?*
Range Since Jan. 11937
7
14 J*
Julian A Kokenge com.
Klein (D Emll) Co com...*
Klelnert (I B) Rubber—.10
**
for
Week
Shares
13
13
6**
6*4% preferred....-100
6% preferred
...100
7% preferred
100
Jonas & Naumburg—2.60
Breweries
1
Kings Co Ltg 7% pref B100
6% preferred D
100
Kingston Products——.1
Klrby Petroleum
1
of Prices
High
1
42**
24**
Jersey Central Pow A Lt—
Kingsbury
Week's Range
Lou
Nat Union Radio Corp—1
Navarro Oil Co
..*
—*
Jones <fc Laugblln Steel. 100
Nat Service
Price
70
14
Co
Par
High
'h
Jacobs (F L)
Sale
{Continued)
Warrants
Jeannette Glass Co
bast
STOCKS
Week
Par
July 3, 1937
Sales
91**
Feb
Jan
Jan
14
May
Jan
19
Apr
Meter
Pitts Bessemer A L Erie RR
Common
50
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie.50
Pittsburgh MetallurgicallO
Pittsburgh Plate Glass—25
Pleasant VaHey Wine Co.l
Plough Inc
-•—....*
.
19
"13""
122**
6% 1st pref
Pratt A Lambert Co
Premier Gold Mining
12
19**
90
113
121** 124
1?*
1?*
15?*
15?*
1,300
150
86** June
300
12
""I?* "V"
June
100
114** May
1** May
300
15J* June
1,400
6
Pneumatic Scale Corp... 10
Potrero Sugar com
5
Powdrell A Alexander
5
Power Corp of Can com..*
17?*
86**
""600
16
147**
2J*
.19
Feb
Mar
June
Feb
Jan
Apr
Feb
Feb
k
Jan
8?*
8?*
600
18**
18?*
150
1?* June
8** June
18** June
33**
Feb
31
8**
31
100
31
June
41
Jan
1,900
2
June
Feb
100
*
l
2**
2%
2 J*
4?*
Jan
Volume
Lati
Weel't
Sale
Par
Price
Range
Low
Share*
28
Producers Corp
IPropper McCallumHos'y*
Prosperity Co class B
*
"l3X
Feb
Mar
Jan
Feb
6,700
1,200
200
8% June
11%
Jan
10%
400
10% June
99
May
14%
Jan
a
12
400
Mar
150
103
Jan
101
50
98
June
105
Feb
1st pref
107
107
10
106
June
109
107
Jan
Public Service of Indiana—
44%
*
*
57 prior pref
56 preferred
44%
21X
41%
39
340
50
Pub Serv of Nor 111 com.
Common
60
6% preferred
7% preferred
June
68%
19% June
41
76% May
90%
Jan
21X
,
Mar
Jan
Feb
93
June
112
100
100
Jan
98
119%
Mar
Apr
117%
Apr
103
Feb
117%
Pub Service of Okla—
92
6% prior lien pref
100
7% prior lien pref.-.100
Pub Utll Secur 57 pt
pf_
June
Apr
106%
Jan
1% May
4%
Jan
100%
.
Puget Sound P & L—
65%
*
55 preferred
29 X
56 preferred
Pyle National Co com..
6% preferred
Quebec Power Co
Ry & Light Secur
com
65X
26X
29%
100
63% June
775
26% June
"260
16% ~ir
8
Jan
109
June
125%
17%
Apr
May
109
*
100
_*
*
1
Jan
20
....
Pyrene Manufacturing.. 10
Quaker Oats com
63 X
.460
133
133*
111
134
80
'"17"
"l8%
"I25
June
17
% May
Ry & Utll Invest cl A
Rainbow Luminous Prod
Class A
X
*
he
10,000
♦
Class B
X
% June
7,000
3j6
32
Rath Packing Co.
10
Raymond Concrete Pile—
35
37%
50c
5%
*
13%
Red Bank Oil Co
Reed Roller Bit Co
*
33%
Reeves
*
~
(Daniel)
com
5
13%
32
5%
13%
33%
«.
Reybarn Co Inc
..1
._*
1
com
150
Jan
Jan
25%
Jan
28%
1%
Jan
Jan
2
Jan
X
*38%
Feb
Mar
800
Feb
Texas P A L
X
6,100
4%
"360
22%
4%
IX
9
4%
June
26
13 %
pref......20
conv
Royallte Oil Co Ltd
1,900
106% 109 X
400
16% '12%
"3",900
2%
Rustless Iron A Steel
12X
1
pref
47%
*
*
Ryan Consol Petrol
"~lx
5
111"
111
3X
Ryerson & Haynee com_.l
Safety Car Heat A Lt.100
Bt Anthony
Corp Ltd
47X
5X
3%
11
♦
50
1,500
100
175
116
X
%
Gold Mines. 1
St Lawrence
100
100
11
50
......
5
"7% "8%
"5~, 800
100
Samson United Corp com. 1
99X 104
5%
5%
175
1,900
3X
600
7% preferred
"~5%
com
June
Apr
Jan
90
12% June
10% June
46%
4
June
Mar
4%
13%
Feb
Jan
18
Jan
1
Jan
55%
110
Mar
June
14%
Apr
17%
Jan
49% May
6%
Jan
.8
June
8
Mar
June
3%
111
141
Apr
%
Apr
Jan
16%
Jan
Jan
Apr
2?$
June
38%
11%
97
June
117%
May
May
6
May
69
Feb
3
Apr
5%
4%
Apr
Apr
Jan
Jan
May
Mar
44
44
10
44
July
54% May
29
June
Brook—
2% June
Selberllng Rubber
•
6X
com
Selby Shoe Co
Selected
IX
5%
2%
3,700
6X
900
*
Industries
1
Conv stock
2%
2%
2,200
5
2X
90 X
92%
Seversky Aircraft Corp..l
Mining..6
Shawlnlgan Wat A Pow__*
Sherwln-Wlillams
com
2%
June
June
600
93
95
650
June
9o%
92%
July
0%
60%
4%
9%
30
Jan
Jan
Jan
Feb
Mar
Jan
128"
July
4%
28%
101%
104
%
X
8%
8%
3%
3%
16%
17%
26%
27
122% 128
600
700
5,200
2,100
800
Jan
%
Apr
8% May
297
5%
Feb
Mar
Jau
16%
25%
Apr
28%
Feb
Apr
33%
154%
Feb
Mar
118
June
Mar
June
28%
May
1
Jan
36
3%
299%
800
40
800
6
3% June
295
Apr
5% June
114
7%
370
6H
5%
1%
IX
1,300
2,900
100
20%
5
Apr
Jan
4%
June
7
1%
29%
25%
500
5
100
4%
May
72
5X
•
"T%
Southland Royalty Co._.6
South Penn Oil
25
*154% 155"
'"""30
5%
100
2%
100
5%
2%
9%
42%
1,400
10
400
43
June
154%
July
160
6
Jan
2
7%
Jan
8%
42
5%
Mar
11%
Apr
48
June
27
So West Pa Pipe Line..50
8%
83
42
United Profit Sharing
Preferred
1,400
%
%
83
"2%
%
""8% "9"
17^406
500
1%
2%
1,900
5
5%
7,500
"40%
l',700
20
100
400
com
Apr
13%
June
11
12
3,200
10%
June
1%
80%
1%
600
1%
June
80%
200
2%
2%
700
*
*
10
8%
6%
""%
5%
%
..*
4
150
26
26
26
.....1
8%
6%
%
Mar
United Wall Paper
Mar
Universe
*
Consol
Oil
Universal Corp vto
Universaj Insurance
3%
4%
5%
July
45?
June
300
3,600
3,600
"166
25
%
2%
June
916
1,300
%
June
71% June
9,c
%
100
2%
15
13
6%
15
6%
2,350
12
500
6
200
55
Mar
200
23
June
6
Apr
6%
6%
6%
600
1%
1%
1%
1,300
Va
19%
2,100
19
Apr
10%
34%
200
9% June
13%
"34%
9%
33%
Mar
Apr
45
Mar
June
June
105%
Jan
Jan
11
5%
*
Wagner Baking vtf—
Wahl (The) Co common..*
Waitt A Bond class A...»
Class B
....*
1
1%
Jan
83% June
Vogt Manufacturing
Walker Mining Co
Apr
62
24%
Jan
19%
May
June
57
1
19%
June
23
24%
Jan
May
June
1,300
Tool .6
5%
Feb
June
4%
%
2%
2%
Co..10
1
Pub Serv 7% pref—100
63%
20%
June
%
2%
Venezuelan Petrol
21
May
Apr
56%
3,400
Venezuela Mex Oil
Jan
May
4%
Van Norman Mach
June
Jan
June
4%
Class B
Waco Aircraft Co
4
2%
93%
•
Priority stock
pref
3% June
9
59
59
pt 100
*
100
com..l
...6
"16 June
Jan
3%
23%
*
pref..*
Utility Equities Corp
preferred
June
15%
8
Utility A Ind Corp com..6
Conv preferred.
7
lUtU Pow A Lt common..1
June
6%
Pictures 00m.. 1
Utica Gas A Elec 7 %
June
25
12%
10
1
Utah Radio Products
June
2% June
400
""360
3%
3%
80
1,800
Jan
June
Mar
37%
300
3%
15%
June
2% May
340
""%
41
June
5%
14
50c
100
Apr
39%
..*
200
Jan
June
1%
13%
Umted Verde Exten
1,200
May
39
Jan
4X
17%
June
39%
Apr
41%
June
25
.26
J7 conv 1st pref
United Stores v t c
4X
16%
June
84
Jan
Apr
4%
33% June
850
U S Rubber Reclaiming. _*
U S Stores Corp com
•
May
1% June
89% June
87%
Apr
27
May
85
Mar
22%
June
86%
4%
June
33
1,300
1%
June
102%
5%
2%
12%
May
Mar
108
11
1
Feb
41
1,200
100
Feb
20
4
1%
5%<
2%
1
U 8 Radiator com
t c conv
% June
7%
245
1%
1C
Preferred
v
Jan
26
United Shoe Mach
7%
Apr
17% June
6% June
52% May
5%
Feb
Jan
13% June
55
50
x26
x26
Jan
Jan
June
May
5
5%
1%
Jan
June
2
600
16% '"37"
U 8 Lines pref
U S Playing Card
17X
(Neb)
25
Standard OH (Ohio) com 25
5% preferred
100
100
7
113% 115
U S and Int'l Securities..*
41
Oil
For footnotes see page
%
400
Feb
22
20
*
preferred
Standard Invest 55% pref*
Standard Oil (Ky)
10
19%
18%
May
8%
3%
500
10
Standard Dredging Co—
Common
600
14
Mar
June
%
9%
9X
Standard Brewing Co
*
Standard Cap A Seal com.l
3% May
3% June
1
X
*
com
100
""166
*11
8X
Apr
Spanish A Gen Corp—
dep rets ord reg..£l
Am dep rets ord bearer £1
Spencer Chain Stores
♦
9X
7
"12"
Mar
Feb
Apr
Jan
200
%
1
Jan
Jan
9%
3%
85
1
Feb
15%
60
4% June
13%
14
U S Foil Co Class B
Mar
July
May
112
United Specialties com
Jan
June
1% June
700
3%
*
United Shipyards cl A
Class B
Valspar Corp v t c
Am
600
...»
28
24%
Standard
preferred
June
100
154X
*
♦
4
10%
"2% "2%
*
$6 1st preferred
Milk Products
"l'lOO
Jan
% June
6
%
Option warrants
United G A E 7% pref. 100
United Lt A Pow com A-*
Common class B_.
*
Universe
10
23%
73%
»
United Gas Corp com
1
1st $7 pref non-voting.*
Jan
June
9%
._*
Utah Pow A Lt 37
26%
Conv
00m
33 cum A part pref
United Corp warrants
United Elastlo Corp
Mar
26%
Conv preferred
United Chemicals
29%
5%
35%
26%
24%
5
Jan
5
19%
Warrants
June
700
200
Stahl-Meyer Inc
*
Universal Products
6%
35%
Southern Union Gas
Union Gas ot Canada
Jan
6%
35%
100
1%
Union Oil of Calif deb rts..
Union Stockyards
100
United A.rcraft Transport
Feb
6X
35X
Engl Tel..100
1%
700
72
2
41%
1
6% original preferred .26
6% preferred B
..25
5%% pref series C...26
New
1,900
2,200
22
6
Mfg Co
10
Union Elec Light A Pow—
7% preferred
190
Apr
Soss Mfg com
~25X
11%
4
73%
Feb
Southern Calif Edison—
Southern Colo Pow cl A.25
4%
10%
"23%
7%% pref..25
5% preferred
51
8
Unexcelled
July
1
7% preferred
Tung-Sol Lamp Works.. 1
80c dlv preferred
*
2%
8%
Apr
Sonotone Corp.
Southern Pipe Line
1%
Tublxe ChatlHon Corp...1
Class A
..1
v
600
*
June
Jan
98
IX
X
Am dep rets ord reg
6%
31
5%
150
United Molasses Co—
Slmmons-Broadman Pub—
South
Tr!-Continental warrants.Truni Pork Stores
3
%
4%
Ulen a Co
2,500
X
11%
S3
June
X
299 X
67
1
1st pref with warr
3%
55
17% May
2% June
10
Common
Mar
Mar
3%
Shreveport El Dorado Pipe
Line stamped
25
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rec ord reg-£l
Sioux City G A E 7% pflOO
Smith (H) Paner Mill—*
Solar Mfg Co
1
3%
Trans Lux Pict Screen—
Transwestern OH Co
United
2%
1%
24
400
6% cum pref ser AAA 100
Sherwln- Williams of Can.*
Conv pref
.*
Simmons Hard're A Paint ♦
3%
£1
Jan
12%
108
25
Am dep rets ord reg
3%
United N J RR A Canal 100
1%
X
8%
3X
17X
*
com
90%
93 X
Selfrldge Prov Stores—
Amer dep rec
£1
Sentry Safety Control
1
Denn
May
May
24
55.50 prior stock
25|
Allotment
certificates..
Shattuck
June
78%
Inc—
Common
Seton Leather
44%
1%
5%
22
2
75
64
64
64
Jan
Apr
Apr
Apr
7% preferredA
100
Tonopah Belmont Devel 1
Tonopah Mining of Nsv.l
26
26
1
8
June
Jan
65
._*
12%
99
May
Sega! Lock A H'ware
13%
13%
43%
100
93% June
June
Securities Corp general
Seeman Bros Inc.
13%
800
275
10
38%
*
*
June
5i
53%
10
21%
pref
5
100
101
52
Feb
99
500
56
101
July
May
May
93%
100
Serv
4%
67
22
Water
1,700
June
200
1,400
99
42
~44~
3%
18%
June
10,100
33%
93%
22
*
Jan
June
100
66
41
Scran ton-Spring
Apr
9% June
Toledo Edison 6% pref. 100
*
Scran ton Lace Co com
Apr
98
Feb
Mar
5
3X
400
Tobacco Securities Trust
Manufacturlng.25
3X
June
3%
29%
4%
5
Tobacco and Allied Stocks*
Tobacco Prod Exports...
Savoy Oil Co
common
June
16
33%
26%
4%
101
53%
*
Jan
Schlff Co
Scovllle
17%
61
Feb
58
52 conv pref A
St Regis Paper com
Sanfod M Ills
X
•
22% June
% June
19% May
15
May
3% May
40% June
104%
11% June
300
1% May
Am dep rets def reg—£1
Todd Shipyards Corp
*
June
5
2,500
716
40
Royal Typewriter
conv
6%
13%
*
Russeks Fifth Ave
52.50
5X
13%
X
Jan
June
Feb
June
2%
Ross la International
Jan
4%
16
May
98
Root Petroleum Co
Jan
7%
8%
4%
reg..£l
Am dep rets ord
Apr
8% June
July
200
Roosevelt Field Inc.....
May
June
1% June
100
4%
TUo Roofing Inc
Rochester Gas & Electric—
6% preferred cl D
Rolls-Royce Ltd—
200
3,300
1,000
Tlshman Realty A Const
Mar
Feb
8
3!$
13$
June
400
400
12,800
150
11
X
3%
29%
2
Feb
17
10%
33%
1
Apr
4%
41%
18%
114% 116%
7% 1st pf.100
7% pref..100
Texon OH A Land Co
Thew Shove ICoal Co
May
11
U5"
Tastyeast Inc class A
7%
17%
46%
8%
Feb
17%
107
44
Taylor DistUUng Co
1
Technicolor Inc common.*
Jan
3%
17%
17
Taggart Corp new com_
Tampa Electric Co com..*
Jan
1%
3~300
40%
'18%
100
4
"16
100
6
2%
100
"
4%
Teck-Hughes Mines
June
175
2%
33.30 class A partlclpat.*
Swan Finch Oil Corp.—15
Tenn El Pow
Mar
"2",700
17%
""%
...
Mar
Mar
500
8%
16
5%% conv pref.....60
Sunshine Mining Co..-10c
Superior Ptld Cement B..*
Mar
32
8%
"4% "T"
Machinery....
Sunray Drug Co
Sunray Oil
10
<
1,400
10%
9%
Sullivan
53%
600
200
10
6
*
49
Feb
4% June
10
8%
*
Swiss Am Elee pref
June
35
"10%
Stetson (J B) Co com....*
Stlnnes (Hugo) Corp.—.6
Jan
*5% May
",s June
6
Reliance Eleo A Engtng__6
Richmond Rad
Apr
Feb
"260
"26"
107
20
Jan
4%
IX
8X
4X
—
%
Relter-Foster Oil
Reynolds Investing
Rice Stlx Dry Goods
25
14%
124%
"26"
107
20
*
Stroock (S) A Co
jStutx Motor Car
June
93
Sterling Aluminum Prod
Sterling Brewers Inc
Sterling inc
...1
24%
400
53 conv preferred—.*
Raytheon Mfg com
Jan
Jan
Jan
800
5%
...60
2d preferred
Jan
23
16%
4%
100
Bros Stores....
preferred
41
37%
*
Common
July
90%
60%
1st
200
23
20
0%% Dref
Sterch
June
7if
5
Steel Co of Canada ord
»
Stein (A) A Co common._»
„
June
14% June
4,800
X
X716
Starrett (The, Corp v t c .1
A Add Works com
200
16
23
98
2% June
2
36
15%
100
100
6% 1st preferred
3,600
2%
Standard Products Co...l
Standard SUver Lead
1
102
10X
Low
*
102
56 preferred
Pub Service Co of Colo—
2%
Range Since Jan.
for
Week
Share*
*
*
.•
Prudential Investors
51.20
2%
1
Common class B
Preferred
Standard Steel Spring com*
Standard Tube cl B_.
1
Standard Wholesale Phosp
Providence Gas..
7%
Standard PAL
Feb
X
X
13 X
8X
X
X
12X
8X
X
1
45
35%
'i«
X
17%
May
May
May
Low
Price
Par
High
June
42
._*
com
Pressed Metals of Amer— *
of Price*
High
Sale
(Continued)
Week
Week'* Range
Lati
STOCKS
Range Since Jan. 1 1937
for
of Price*
Love
High
Sale*
Friday
Sale*
Friday
STOCKS
(Continued)
Prentice-Hall
81
New York Curb Exchange—Continued—Page 4
145
7%
7%
300
2%
2%
2',900
June
Apr
17%
2% June
7% June
1
2%
June
2%
June
Jan
1937
New York Curb
82
Week's Range
Last
STOCKS
Sale
(Concluded)
of Prlcet
High
Low
Price
Wayne Knit MUls
1
1.25
Range Since Jan. 1,1937
for
BONDS
Week
Low
High
200
7
Mar
300
8
June
8%
10*4
Apr
900
10
Mar
13 %
Apr
5
5*4
300
5
June
7M
Mar
7M June
13 %
102%
Mar
Feb
Feb
21 %
Mar
■;
Tm
Western Air Express
We«t Cartridge 8% pf 100
Western Grocery Co—20
101
10 M
Denver Gas A Elec 58-1949
Det City Gas 0s ser A.1947
Feb
5e 1st series B
98
117
Apr
x32
June
9
Apr
02
79
Weyenberg Shoe Mfg
*
3*4
12*4
1,200
100
"1% "TM
1
Williams (R C)A Co
Williams Oil-O-Mat Ht.
3*4
12*4
June
""loo
3M June
12 %
7%
6
3
Apr
20
June
*
20 M
*
21*4
""400
Willson Products--
13*4
4M
84*4
Apr
Mar
103%
82*4
103*4
Mar
El Paso Elec 5s A
1950
Empire Dlst El 5s
1952
June
24
Feb
Jan
13*4
12*4
13 *4
300
9M
700
9
0>4a series A
Jan
May
Jan
10
95
Jan
May
8*4
18%
Feb
Feb
12 M
Jan
4M
12*4 June
8% May
1953
Federal Water 8erv 5 *4s '54
Finland Residential Mtge
Jan
18
"TM "T
64
'V, 800
64
2*4
5
400
2*4
100
4,400
18
July
23*4
Jan
6%
Apr
8%
80%
4%
Jan
5s ex-warr stamped-1944
Gatlneau Power 1st 6s. 1956
Mar
Mar
Deb gold 6s. June 151941
Deb 6s series B
1941
General Bronze 0s
1940
General Pub Serv 5s.. 1953
BONDS
103 M 103 M
Abbott's Dairy 8s
1942
Alabama Power Co—
1st A ref 5s
1940
iBt Aref 6s
1961
1st A ref 6s
1st Aref 6s
95 M
1960
1908
1st Aref 4 *4s
1907
Aluminum Co s f deb 6s '62
100 % 102
95
95*4
/
8
108 %
105
Jan
105%
99%
Jan
92*4
June
94
5,000
"85""
84
85
26,000
83
May
79
78
79
12,000
76 M
May
95
103 M
July
107
44:666
105*4
Am Pow A Lt deb 68—2016
87 M
105 M
103
102
Apr
105
86 *4
June
Mar
88 M
70,000
105*4 105 M
102*4 103
14,000
103 %
Jan
49,000
85
June
103
Appalachian Power 6S-1941
103 M
4,000
102 M
103
June
106
Amer Seating 6s stp—1946
Appalachian El Pr 6s. 1960
106 %
21,000
104M
Jan
110M 110M
100 X
Mar
1,000
100
Mar
112
1,000
109
Mar
100 *4 101
40,000
98 H
Apr
93%
June
112
2024
Jan
Georgia Pow
♦Gesfurel 6s
110*4 June
119*4
Jan
102*4
Jan
67 H
83*4
May
♦A St. Ry. 5*4S
1938
Heller (W E) 4s w W..1946
Houston Gulf Gas 08—1943
45
Apr
May
02 %
Jan
June
104%
5s series C
53
69
Jan
Idaho Power 5s
80 M
81
14,000
79 %
June
91*4
Fsb
HI Northern Utll 5s...
1957
111 Pow A L 1st 60 ser A
'63
lit Aref 5*40ser B.1954
98
Apr
105*4
*135
fl35
170
158
Jan
240
Mar
170
158
Jan
240
Mar
140
156
13,000
140
June
225
Feb
135
157
116.000
135
June
227
Mar
113*4 114
119*4 120
*119*4 122
14,000
110
Mar
115*4
Jan
12,000
113
Mar
124
Jan
Canada Northern Pr 6s '53
♦Canadian Pao Ry 0s. 1942
Carolina Pr A Lt 6s—. 1950
Cedar Rapids M A P 6s '63
Central 111 Public Service—
6s series E
1st A ref
Jan
114*4
68%
88
89
23,000
12,000
102 %
110*4
96
145
Jan
99
Jan
Apr
104*4
92 M
91M
92 %
70,000
47%
48%<
49 M
27,000
46 %
June
50 M
67
32,000
46
June
105*4 105*4
20,000
103*4
Apr
100
8,000
104 M
Mar
107
54 M
104 % 105
95 %
96
90,000
2,000
75
*100
87
49
49
*25*4
97
104*4
97
88
Jan
Jan
Jan
28*4 June
89*4
Jan
89*4
Feb
1,000
Jan
Jan
107
June
86*4 Apr
48*4 June
12,000
47
June
1.000
108
Mar
102
"I~3",666
4,000
62
75*4
109*4
Apr
106
97*4
Apr
102*4
Jan
20*4
Mar
95
May
101*4 May
98
31*4
"2",66o
94*4
23
Mar
Mar
76
June
77
Mar
61,000
100
95*4
96*4
13.000
91*4
94*4
58,000
91
91*4
8,000
90
Apr
5,000
93*4
92
89
Pow 0s *48
5*4
0*4s series C
1955
July
Mar
50M June
92
Jan
Jan
94
Fsb
99
Jan
72*4
72 %
75*4
Jan
Jan
60
53
93*4
89
Interstate Power 5s._. 1957
Debenture 6s
1952
Interstate Publio Service—
5s series D
4 He series F
..1956
107
54*4
1,000
23,000
6s series B
107
51*4
69
34
Jan
Jan
Jan
Jan
Jan
Feb
June
26*4
104*4
Mar
105
Mar
Feb
103*4 June
33*4
Apr
88*4
86*4
Feb
Feb
109
Jan
Jan
107*4
Feb
June
100*4
Feb
95*4 June
91*4 June
100*4
104*4
Jan
99*4
Jan
Mar
Jan
99
Jan
Jan
Jan
107*4 June
101
Jan
107*4
June
111
June
Feb
May
54*4 141,000
49
June
27
June
31
41*4
91,000
78*4
4,000
72
73*4
94*4
96*4
92
93*4
11,000
25,000
6,000
12.000
108*4
67
68
Isotta Fraschlnl 7s
Italian
1942
77
77
52
53
48*4
49
Jan
Jan
Jan
93 M
105*4 105*4
102*4 103
11,000
5,000
76*4 June
72
June
92
June
92
July
Apr
Mar
104*4
99*4
76*4
Jan
69*4
Jan
96
Jan
88*4
Jan
Feb
105*4
Feb
104*4
106*4 May
106
May
66
Jan
79%
Feb
72
Jan
80
Feb
50
June
71
Feb
5,000
40
Mar
56*4
Jan
10,000
103
Mar
105*4
Apr
Apr
3,000
17,000
Jersey Central Pow A Lt—
84
Feb
81
109
Isarco Hydro Elec 78.1952
104
83*4
Jan
Jan
Mar
Iowa Pow A Lt
4*4s—1958
Iowa Pub Serv 5s
1957
110
77
May
76*4
103
Apr
Jan
Apr
66
Jan
Jan
73*4
Apr
Jan
106*4
14%
165
41
"96*4
65
June
Jan
82*4
6,000
June
100
3,000
6*4
79*4
78
"4:666
70
92*4
Apr
36,000
11,000
75*4
107*4
1901
Jan
6,000
17,000
78*4
1968
Iowa-Neb LAP 5s...1957
66
66
...1952
5s__ 1961
64*4
64
62*4
59*4
62*4
104*4 105*4
6
5*4
t70
...1957
7e series F
International Salt
93 M
99*4 100*4
106
98M
58,000
July
Apr
68
June
65M
99 M
101*4
105*4
Feb
Jan
82
Jan
June
83
Jan
Apr
103
Jan
5s series B
4*4s series C
Kansas Eleo Pow
1943
101M
Cities Serv PAL 5*4».1952
6*4§
1949
64 M
63
64%
♦Commers APrlvat 5*4s'37
Commonwealth Edison—
48 M
63 M
46 M
100M 101M
11,000
100
June
64%
65
92,000
61% June
40,000
48 M
11,000
62% June
46% June
111*4 111*4
..1961
1961
5s series
50
Fsb
Jan
113*4
110M
Jan
107 %
Ayr
113*4
111*4
*93*4
113
£61*4
1948
0*4s series D
5 *4s series F
Jan
110M
103*4 104*4
103*4 104*4
100*4 101*4
1955
1
1969
Lake Sup Dlst Pow 8
*4s '66
Lehigh Pow Secur 0s. .2020
Apr
May
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5a'42
June
Lone Star Gas 5s
81*4
"8§"
81
80*4
94*4
82*4
98
88
90*4
79*4
81
94*4
94*4
104*4 105*4
104*4
*101
102*4
104*4
105*4
97*4
Mar
113
June
121*4
Jan
15,000
100
Mar
104*4
Jan
80*4 June
99 *4
Jan
107*4
103*4
Jan
93*4 June
104*4 105
103*4 103*4
14,000
9,000
94*4
June
2,000
88
79*4
July
July
93
27,000
1,000
Apr
112
May
Mar
107
June
100*4
Mar
106*4
Jaa
87
102 %
♦Manitoba Power 6*4sl951
103%
Mar
73%
97M
26,000
11,000
102 %
71M
104*4 June
Jan
90*4
Mansfield Mln A Smelt—
♦7s without warr'ta-1941
96
June
101
Jan
May
ISO
Jan
Rad A Mfg 6s '43
Memphis P A L 5s A. 1948
Mengel Co conv 4 *4s_ 1947
Metropolitan Ed 4s E.1971
Middle States Pet 6
*4s '45
100*4 101
24,000
1939
107% 107%
1,000
1954
119
2,000
119
98 M
Apr
107M May
118
Apr
104*4
Feb
109*4
Jan
125 *4
Jan
77 M
79
7,000
75
78%
83 M 125,000
5,000
102
Feb
1,000
97
Jan
103 % 103M
100 % 100%
*55
73M
102% 103
73
T.OOO
May
78*4 June
101 %
Mar
June
93*4 Mar
98*4Jan
103*4
Apr
100*4 Mar
80
105*4
Jan
Jan
87*4
Midland Valley 5s
1943
4*4s.. 1907
MlnntP A L 4*4s
1978
68
1955
87*4
105
.
Mllw Gas Light
Jan
June
105
100
Feb
105*4
Apr
87
107
106*4
Jan
1,000
May
May
July
105
Jan
22*4 May
87
26
Feb
Mar
60
"f88~
McCord
.
111*4
100
I^McCallum Hog'y 0 *4s *41
126
4,000
103*4
Jan
103*4 Mar
103*4 June
104*4
Feb
103*4 June
*27
Long Island Ltg 8s...1945
Louisiana Pow A Lt 5s '57
101*4
8~4",666
60,000
107%
102 M
60,000
Jaa
Mar
May
103*4 103*4
12,000
92,000
103 %
Jan
99*4
100*4
20,000
3,000
103
96
Jan
68,000
105*4 105*4
.1942
110% 110*4
104M 105 M
71*4 June
102*4
3,000
22,000
95
113
Kentucky Utilities Co—
Apr
Jan
10,000
104*4
3*4s_1960
Kansas Gas A Elec 6s .2022
Kansas Power 5s
1947
80
11:666
112
111
104*4
79*4
49
.1947
1st mtge 5s ser H
102 M
105*4
106*4
101*4
105*4
Mar
68*4 163,000
83 M
1,000
100
91*4
Feb
Feb
97
105
1,000
"93*4
Mar
26
25*4
Mar
100*4
101*4
A .1957
Mar
66M
78
Apr
June
106 *4
100
5s A1952
June
52,000
1940
"i",666
26*4
97
75
Jan
Jan
97*4
106*4
62*4
62*4
"2",000
1958
1,000
Mar
7,000
64
101*4
69 M
1943
47",666
21*4
76*4
108*4 108*4
64
1,000
65
95
98M
101
May
June
108*4
1963
3,000
48,000
63
68
97 M
75
87
1960
102% 102 %
"73 %
79""
84
68
100*4
106*4 106*4
1057
107 % 107*4
*97
5®
Indiana Service 5a
Superpower 6s. 1963
Jacksonville Gas 5s...1942
Stamped
1955
83
98
49
1960
see page
100
76 M
89
Chicago A Illinois
Cuban Telephone 7 Msl941
Cuban Tobacoo 6s
1944
Delaware El Pow 5MS-1959
*28*4
78*4
75,000
15,000
77
Jan
International Power Sec—
May
stamped
Cont'l Gas A El 5s
Crucible Steel 5s
78%
6,000
19
May
21*4 Apr
84*4 June
June
Jan
111M
93
Gen mtge 4 Ms
Consol Gas Utll Co—
69*4
Feb
86
July
5,000
5s
93*4
68
101
105*4 Mar
109*4
Feb
61*4 June
62*4 June
59*4 June
103*4 Mar
113*4
2,000
14.000
N—1971
Consol Gas (Bait City)—
91*4
69
Jan
June
2,000
Feb
61,000
30,000
ser
92*4
99*4
91
106*4 106*4
110*4 110*4
June
96
113 *4
78 M
Conn Light A Pow 7s A *51
Consol Gas El Lt A Power-
86
Jan
5,000
22
85
Jab
191*4
101*4
104*4
Feb
Indiana A Mich Elec 5s *56
93
93 M
98 %
Community Pr A Lt 6s '57
Community P S 6s
1960
86
98*4
82*4 May
70*4
Jan
20
*14
Jan
104*4
102*4
Feb
i^lntercontln'ts
95 M
105 M
103 M
73
114
101*4
Apr
Mar
107
Jan
98
110M
84*4
73
99
1,000
1,000
114*4
105*4
94*4
1981
83
4,000
9,000
29,000
June
100*4
Jan
107*4 107*4
May
76 M
1st M 4» series F
103
6,000
96
Jan
100*4
Indiana Gen Serv 5s.. 1948
Indiana Hydro-Else 5s *68
108
98
3Ms series H
1965
Com*wealth Bubsld 5 Ms '48
91*4
103
15,000
10,000
Apr
100*4
46,000
95"
111 H
27,000
87
105
ser
Mar
1st M 5s series A...1963
1st M 5s series B...1954
1st 4 Ms series C
1956
1st 4 Ms series D
1957
Mar
96
July
Ind'polls P L 5s
98
Line 6s
105*4
105*4 June
June
Jan
31,000
68 %
100 %
96
97*4
100*4 101*4
Jan
98
104
100 M 101 %
1950
92:606
101*4 101*4
101*4 101*4
Jan
94
81*4 June
Mar
101*4
Conv deb 5s
Jan
...1951
101
..1908
Cities Service Gas 6*4s '42
Service
Gas
Pipe
Feb
Mar
May
Feb
91
7s series E
Cities
Jan
93*4
4,000
8,000
Jan
Jan
93 M
Jan
102*4
7,000
102 *4 102 %
109 M 110%
Jan
0s series B
33
99
1st lien A ref 5s
104*4
104*4
103*4
Cities Service 6s
Mar
July
73*4
108*4
82*4
♦Indianapolis Gas
Jan
105
-
84
98
Jan
Mar
64%
Jan
Feb
103*4
93*4
82
Apr
Mar
—
Mar
96*4
115
98
100*4
94 %
Midland Ry 4Ms A 1956
Chic Jet Ry A Union Stock
Yards 6s.
1940
Jan
Jan
Jan
104*4
82
88*4
101*4
48,000
1901
71
101*4
103*4
103*4
Jan
95*4
109
1953
...1947
July
34,000
Chic Pneu Tools 5*4s-1942
I^Chlc Rys 5s ctfs
1927
Cincinnati St Ry 5*4s A *52
00 series A
5s series C
July
113
50 M
56 %
Jan
May
July
102
Jan
Indiana Electric Corp—
.
May
96 M
0s series B
5*4s_..May 1957
Jan
103 M
Cent States PAL 5*$s '53
Chic Dlst Elec Gen 4 *4s'70
1st Aref 5sser
C„. 1956
Sf deb
103*16
77
For footnotes
125
Apr
96
1954
1947
3,000
4*4s series H
1981
Cent Ohio Lt A Pr 6s—1950
ser A
88
Mar
June
103
5*4s ex-warrants
11,000
15,000
89*4
84
...1949
103'« 103*32
Cent Power 6s ser D—1957
Cent Pow A Lt 1st 6s. 1956
Cent States Elec 6s—.1948
6s
76%
67%
103 %
96 M
6s series G.
(Balt) 3Ms
130
ser F.1967
1950
4Kb
0s series B
0*4s series B
70
19:666
60
55 M
Broad River Pow 5s—1954
72
80
Jan
^Buffalo Gen Elec 6s—1956
71
03
103*4 June
33
77
Jan
65%
1T666
1,000
77
Jan
May
May
31,000
6,000
—
*76
61
65*4
44 M
85 %
70
73
104
*30
41
45% June
22,000
9,000
133 M
July
♦Hungarian Ital Bk7 *4s '03
Hygrade Food 6s A. ..1949
58,000
42,000
48
82
June
84
4,000
48M
133
83
1,000
101*4
46*4
85*4
42,000
101
44
1960
"9:660
0*4s with warrants-1943
45 M
54 M
Bethlehem Steel 08—-1998
Birmingham Elec4*4s 1968
Birmingham Gas 6s
1969
93
85*4
84
3,000
22,000
46*4
fBaldwln Locom Works—
1st M 6s series B—1957
79*4 June
100*4 Mar
78*4 Apr
102*4 May
101*4 May
92*4 June
84
104*4
48
157
101
104
48
113M
119*4
Jan
99*4
June
♦6s stamped x W..1938
100
34
47
Bell Telep of Canada—
1st M 6s series A...1965
6,000
88,000
31,000
72,000
4,000
34
68
156
100*4 101
83*4 84*4
102*4 103*4
82*4 83*4
103*4 105
99
7,000
♦0s without warrantsl938
Mar
17,000
*103*4 105*4
74,000
4,000
4*4
1947
61H
99 M
May
—1977
5s series A
Hall Print 6s stpd
75%
99*4
2
♦Hamburg Eleo 7s
1935
Hamburg El Underground
73
99*4
13,000
50
51*4
108*4 108*4
75*4
♦0s with warrants..1938
♦0s stamped w w.1938
2*4
103
51*4
Jan
Jan
"8l"
Mar
91
49
59,000
Assoo TAT deb 5 J4s A '66
Atlanta Gas Lt 4 H*. 1965
Jan
12*4
4*4
5s. 1938
95 M
1977
97*4
101*4
101*4
Guardian Investors 5s. 1948
Hackensack Water
May
93%
"46 H
13*4
June
87*4
stpd—1950
50
1968
June
6
2*4 June
104*4
105*4 105*4
*94*4 100
Grocery Store Prod 0s. 1945
Guantanamo A West 60 '58
51
Debenture 6s..
Conv deb o Ms
6
12,000
104
Gobel (Adolf) 4*4s—.1941
1950
95
49
109*4 Mar
107*4 Apr
106*4 May
20.000
7*4
*101*4 101*4
Grand Trunk West 4s
Gt Nor Pow 5s
Arkansas Pr A Lt 6s. .1966
J48
71%
1953
Glen Alden Coal 4s...1965
107% June
105 %
Mar
108% June
100 %
Jan
105 % May
104%
Jan
108% Mar
107
A Lt 6S..1978
Associated Eleo 4*4s—1953
Associated Gas A El Co—
Conv deb 6 He
1938
Conv deb 4*4s C...1948
Conv deb 4*4s
1949
Conv deb 6s
1960
Feb
Mar
7
*30*4
of
deposit.
Gen Wat Wka A El 6s. 1943
Georgia Power ref 6s. -1967
May
106*4 107 M
Pub Utll 0*4s A. 1956
♦Certificates
Jan
103 M
Jan
103
73
73
♦General Rayon 6s A. 1948
|*Gen Vending Corp 6s. '37
Jan
92 M
106 %
Debenture 6s
Gen
May
l07~~
Ark-Loulslana Gas 4s 1961
Apr
June
1948
Amer Radiator 4*4s—1947
Am Roll Mill deb 6s—1948
104%
91
Amer G A El deb 6«..2028
6s called
Jaa
98 M
103 *4 106
149,000
106 M 106*4
11,000
Aluminium Ltd deb 6s 1948
102
9,000
20,000
100
105*4
Gary Electric A Gas—
5*4 June
01*4
Apr
2*4 June
1,000
8,000
36,000
3*4
92*4
Firestone Tire A Rub 6e '42
First Bohemian Glass 7s '57
Florida Power A Lt 5s-1954
Apr
1 1937
High
84
85*4
Banks 0s-6s stpd—.1901
Firestone Cot MUls fis.1948
6
18
5
6% preferred
£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..*
Low
2*4
2*4
*98
Erie Lighting 5s
1967
♦Farmers Nat Mtge 7sl963
16% May
Range Sinte Jan
%
104
Empire Oil A Ref 6*4s.l942
Registered
Ercole Marelll Elec Mfg—
Feb
June
200
1
Woolworth (F W) LtdAmer dep rets
Yukon Gold Co
14
8%
12*4
1*4
9 *4
Hlgh\
6
Edison El IlKBost)3*4s *65
Elec Power A Light 58-2030
Elmlra Wat Lt A RR 5s '66
6
4M
2
com
Woodley Petroleum
Mar
95*4
5%
for
Week
108*4 108*4
106*4 106*4
103*4 104*4
"3%
Dixie Gulf Gas 0*4s—1937
Eastern Gas A Fuel 4s. 1956
76
Winnipeg Electric ol B-.
Wise Pr A Lt 7% prel-100
Wolverine Portl Cement. 10
Wolverine Tube
Feb
% June
JWlHow Cafeterias Inc.. 1
Conv preferred
Wilson-Jones Co...
June
June
Mar
Range\
7*4
Aug 1 1952
♦Certificates of deposit
June
02
West N J A Seashore RR 60
West Texas Utb *6 pref..*
West V* Coal A Coke
♦
Low
♦Certificates of deposit
♦Deb 7s
Feb
9
100
Jan
28
7% 1st prelerred
W« tern Tab A Sta
106%
104
Detroit Internat Bridge—
♦8*4s
Aug 1 1952
Jan
Western Maryland Ry—
Westmoreland Coal Co..
1950
Sales
j
Week's
of Prices
Price
7M
8M
/
Last
Sale
{Continued)
Shares
10 M
7
8M
8M
July 3, 1937
Friday
10
-.5
Welsbaum Bros-Brower.-l
Wellington Oil Co
Want worth Mfg
Exchange—Continued—Page 5
Sales
Friday
102*4
15,000
5,000
00
June
104
July
104
Jan
Mar
118
Apr
107*4
Jan
87*4
105
101*4 May
Jan
1,000
4,000
90
July
99*4
Jan
80
July
June
95*4
July
97*4
106*4
102*4
Mar
97
101*4 101*4
12,000
Mar
100
90
80
95
7,000
25,000
27,000
90
101*4
106
102*4 102*4
84*4
100
89*4
Feb
94
95*4
99
94*4
90
84*4
100
94*4
100*4
Feb
Jan
Jan
Volume
Last
West's
Sola
of Prices
Low
High
Price
1951
67 M
{♦Missouri Pub Serv5sl947
68M
.1944
5H
'45
Nat Pow A Lt 6s A...2026
Deb 5s series B
2030
*109
100
101
84 M
118M
67 3*
66 %
67M
66 M
66 3*
66 M
663*
90 M
653*
66 %
89
92
94
873*
87
873*
72
♦Income 6s series A.1949
72
74
1003* 101
Elec 53*s '60
N
44
106 M
June
1083* 108M
1053* 106
106
May
June
126 M
103
102
99 M
Jan
121M
Jan
92
913*
M
92M
52 3*
54
54
5s series D
973*
1043* 104 M
963*
1970
Elec 6s stmpd'45
E
N'western Pub Serv 5s 1957
Ogden Gas 5s
1945
Ohio Power 1st 5s B..1W52
"loe"
108
D.1956
1st 4 ref 4 3*e ser
94 3*
933*
94 M
-
108
1053* 106
1053*
105
105
6s series D
1953
1954
104
1073* 108
1033* 104
6 He series
1961
E
*105
983*
97
98 M
43*8—1951
6s conv debs
1946
Okla Power 4 Water 6s '48
Pacific Coast Power 5s '40
983*
87
106
98 M
98 M
87
86
Pacific Invest 5s ser
Pacific Ltg 4 Pow
1941
A.1948
Penn
97 M
1979
1971
-
92
107
53*s„1972
1962
Pblia Rapid Transit 6s
Pledm't Hydro-El 63*s '60
1949
Pittsburgh Steel 6s...1948
Pittsburgh Coal 6s
913*
1103*
"68"
1073*
973*
88
90
100 3* 100 M
92
92
107
107 M
107
903*
72 M
913*
163*
IlOM 111
*88 M
67 3*
69
1073* 107 3*
1025* 103 3*
70
72 M
1055* 106
106 5* 107
71
74
98 5*
985*
985*
99
25
6s...1949
Electric 6s. 1954
102 M
Jan
8,000
2,000
2,000
85 M
June
95 3*
Jan
92
Jan
Tide Water Power 58—1979
25
133 M
133 M
1966
101M
79 M
"73 3*
1063*
Mar
10,000
783*
May
853*
Jan
10,000
66
Jan
80
Feb
100
77,000
983* June
106
30
1,000
51,000
643* June
7,000
Jan
96
June
10.000
100
Apr
104 M
104 M
110M
Apr
112M
Mar
86 3*
84
Jan
May
May
Feb
May
June
106
Feb
1063* May
113
Feb
6,000
19,000
47
5e series A
5a series B
United Elec N J 4s—.1949
May
Jan
May
21,000
Mar
107
Jan
June
105&
May
104 3*
Jan
Jan
100
3,000
99 5*
19,000
17,000
20,000
2,000
7,000
15,000
94 M
102M
Feb
93 3*
June
603*
55
June
7,000
1053*
June
108
May
9,000
1033*
June
108
Apr
5,000
103
June
1063*
111
Mar
1173*
Mar
793*
Apr
Jan
Feb
Mar
27
July
Mar
25
June
Jan
Un Lt A
Jan
8,000
12,000
663*
27
15,000
203*
193*
10,000
69
June
71
June
29
71
753*
15,000
103 3*
11,000
74 3*
753*
103
103 3*
111«
Jan
Jan
1065*
Mar
1055*
May
107 5*
June
1105*
Feb
103M
Mar
1065*
Apr
1023*
80
81
20,000
79
June
105
103
105
31,000
103
June
70
693*
70
6,000
693* June
89
89
89
1,000
89
July
103
2,000
94
June
102
104
Jan
106
Feb
105
Mar
107
June
Feb
103
Mar
94
943*
$1053* 1073*
109
$107
Utlca Gas A Elec 5s D 1958
1962
E
series
5s
1023*
$103
108
1053*
Jan
107
Apr
Vamma Water Pow 53*s'67
1005*
93 3*
923*
"933*
13,000
June
1043*
Jan
89 3*
883*
893*
6,000
June
1083*
1950
87
1023*
Jan
May
Jan
Jan
Va Pub Serv 63*s A.. 1946
92
Apr
96 M
100
Jan
84
5,000
80
June
June
84
101
86
June
108
Jan
Waldorf-Astoria
1954
273*
Mar
119
Jan
Wash Gas Light
1023*
Jan
5a...1958
1951
1053*
Mar
Wash Ry A Elec 4a...
Mar
117
Jan
Wash Water Power 6s. 1960
1053*
5,000
1st ref 6s series B
♦
94 H
113
...1946
Qg
Hotel—
5s Income deb
June
933*
Jan
West Penn Elec 5s
99 M
Mar
1025*
Jan
1053*
6,000
14.000
96
June
1055*
Jan
West Newspaper Un 6b
88
June
103
Jan
Mar
3,000
2,000
14,000
108
89M
1055*
105
June
May
109
Jan
Apr
York Rys Co 5s
T.666
100 M
May
1063*
Jan
107 M
6,000
Mar
1113*
Mar
108
Mar
100
Jan
14M
June
62 M
Jan
77
Feb
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
♦20-year 7s
1947
1,000
6,000
106 5*
Jan
108
Jan
♦Baden 7s
Apr
107
Jan
Buenos
88
102 M
18 M
Mar
June
Apr
303*
112
993*
Jan
Feb
Mar
1,000
235* June
♦7s
Alree
4 P 6s B '52
Jan
1075*
Apr
104
Apr
109
Jan
Jan
71
June
81
Mar
98 M
98 M
June
104
June
102
Feb
Mar
25
July
18
Scrlpp (E W) Co 5 Ms-1943
Mar
147
Jan
923*
June
813*
May
June
Shawlnlgan W 4 P 4 Me *67
4Mb series B
1968
Sheridan Wyo Coal 6s. 1947
Southeast P 4 L 6s..2025
93 H
1960
Ref M 3Ms B.July 1 '60
102 M
103
1st 4 ref mtge 4s... 1960
93
5,000
833*
94
June
95
113*
4,000
84 3*
Mar
95
June
2,000
113*
June
21
Feb
253*
193*
Apr
25
1,000
1,000
3,000
1951
8'western Assoo Tel 5s 1961
Sou Indiana Ry 4s
S'western Lt 4 Pow 5s 1957
93 M
94
102 M
101 M 1025*
So'west Pow 4 Lt 6s..2022
*86 5*
So'west Pub Serv 6s.. 1945
104
1033*
100
223*
Mar
Jan
1013*
Feb
97
Apr
1,000
50
Apr
77
993*
Jan
Feb
Mar
1947
24 3*
233*
203*
5,000
17
Mar
243*
July
2,000
173*
Apr
18
Jan
243*
Jan
23J*
293*
313*
July
Mar
Feb
♦Secured
6s
24
♦Hanover (City) 7s...1939
1958
7s
Jan
1045* May
June
107
Jan
Mar
27
Mar
$133*
♦Medellln 7« series E. 1951
Jan
June
1085*
May
♦63*8 certificates.__1919
113*
183*
Mar
1003*
127 3*
Apr
May
107
Jan
132
Jan
283*
102
Feb
1103*
May
Mar
29
Mar
June
47
273*
Feb
273*
Feb
Jan
213*
Mar
953*
Apr
1003*
June
233*
June
34
May
July
353*
2
Apr
Jan
13*
Apr
"5",660
993*
14,000
26
263*
9,000
5,000
213*
3,000
13*
13*
13*
13*
32,000
13*
37,000
13*
13*
253*
13*
"l3*
74
74
163*
.1949
1961
♦78
Apr
153*
4,000
24 3*
163*
22
"l3*
1921
♦53*8 certificates... 1921
♦Santa Fe 78 stamped. 1945
♦Santiago 7s...
22
243*
99
*253*
♦Russian Govt 6 3*8... 1919
22
Apr
13*
June
1075*
Feb
963*
245*
99
'72
1958
♦Rio de Janeiro 6 3*8.-1959
♦53*8
21
213*
10",000
233*
♦Mtge Bk of Chile 8«.1931
6s stamped
1931
163*
$163*
June
903* June
14
15
93
$233*
163*
$10
♦Issue of Oct 1927
233*
104 3*
"9",000
29
92
92
Mtge Bk of Bogota 78-1947
♦Issue of May 1927
♦Parana (State) 7s
3*
233*
$18
263*
Apr
18
1
June
13*
623*
Jan
163*
1,000
153*
May
16
18
Jan
13*
Jan
1,000
Jan
Apr
elk
Mar
13* June
16,000
74
Feb
sg
Jan
Apr
Mar
Mar
Mar
Jan
1035*
Jan
1073*
May
1055*
Apr
1015*
1015*
1013*
Mar
105
Mar
Mar
104J*
105.
Jan
663*
June
72
Mar
913*
June
101
Jan
the rule sales not included
903*
June
1093*
Jan
range.
Mar
107
Jan
Mar
108
Jan
Feb
Feb
•
No par value,
%
a
103
995*
993*
104
Apr
Mar
108
1105*
Jan
Jan
♦
Included In year's range,
Deferred delivery sales not
Ex-dividend,
y
in year's range,
Cash sales not Included
r
n Under
In year's
Ex-Interest.
No sales were
transacted during current week.
Bonds being traded flat.
( Reported In receivership,
1 Called for redemption
7,000
10,000
4,000
25,000
1023*
733*
Jan
105
May
July
87
Jan
933*
May
1035*
Jan
1003*
Included in weekly or
No sales.
"22",000
the current week ana not
yearly range:
993*
85
88
104M
1023*
25
Jan
94
Apr
253*
923*
75
Mar
99
Jan
May
73 M
20
273*
263*
Jan
693*
75
May
17
Jan
1035* 104
Sou Counties Gas 4 Ms 1968
Feb
Mar
17
Jan
Jan
18,000
1055* 1063*
1003* 1023* 115,000
9,000
1003* 103
14,000
106 M 107
Jan
25
5,000
t Friday's bid and aakad price.
1945
293*
17,000
96
1055* May
Sou Calif Edison Ltd—
Ref M 33*s.May 1
Feb
30
Apr
233*
983*
94 3*
Jan
653*
243*
1053*
91
Jan
23
May
92 3*
Jan
653*
233*
May
915*
Sou Carolina Pow 58.1957
1023*
1073*
1003*
Jan
233*
70
103 M 1033*
67
67
D...1970
107
25
253*
1952
73
102 3*
Apr
Apr
Feb
Feb
Apr
243*
External 6 3*s
26,000
91,000
16,000
16,000
4,000
1065* 1063*
103M 104
1033* 103 M
108
Mar
Jan
♦German Con Munlo 7s '47
129
Mar
102
Feb
183*
$993*
Mar
104"
793*
1053*
22
1965
99
102
1948
May
493*
1033*
1063*
1053*
223*
1953
53*s
6s
102
1,000
13,000
1,000
16,000
3,000
10,000
1,000
10,000
59,000
Jan
1033*
25
24
25
1003* 1013*
9,000
32
993*
253*
1952
♦6s series A
Danish
10,000
28 M
June
933*
113*
933*
♦Prov Banks 6s B..1951
Feb
1033* 103M
110M
1053*
1143*
Jan
Apr
91
8,000
Cent Bk of German State A
85
♦Maranhao
$253*
28M
♦Schulte Real Est 6s..1951
June
Feb
93
...1952
1947
1948
105 3*
June
June
*110
1956
♦Saxon Pub Wks 6s.-1937
95
19,000
(Province)—
stamped
♦7 3*8 stamped.
♦Cauca Valley 7s
70
June
3,000
28.000
Mar
1063*
58,000
94
$233*
$233*
$233*
1951
103J*
"5,00 0
Jan
107
AND MUNICIPALITIES—
1043*
2,000
1.000
108
Apr
June
FOREIGN GOVERNMENT
108 M
5,000
July
103
June
88 M
16",000
12,000
11,000
3,000
3,000
4,000
2,000
7,000
1033* 105
91
913*
'913*
1937
32,000
13,000
36,000
"8",000
12,000
19,000
93
94
Yadkin River Power 5s '41
June
Jan
105
1,000
66,565
93
1063* 1063*
104 5*
June
Jan
323*
106
95
105
91
54 3*
573*
1043* 105
107 3* 1073*
57
'44
1966
Wise Pow A Lt 4s
13,000
95
Wheeling Eleo Co 5s.. 1941
Wlso-Mlnn Lt A Pow 5e '44
993* June
1053*
$103
West United G A E 53*s '55
Jan
1043*
4,000
1053* 1053*
93
West Texas Util 58 A 1957
July
273*
11,000
273*
'
90 M
14,000
106 3* 1063*
Weet Penn Traction 6s '60
~59~,666
293*
104 3* 1053*
2030
703*
Apr
104 3* 1053*
*127 M 130
Jan
96
105
Mar
263*
$23 3*
1075* 108
12 3*
123*
Jan
Jan
14,000
1005*
26
893*
37", 000
101
26
Jan
Jan
115
1973
♦Hanover (Prov) 6 3*8.1949
♦Lima (City) Peru 63*s.'68
101M
Jan
Jan
963*
1952
Jan
72 M
Jan
6s series A
Apr
Jan
803*
78
73 M
107
Utah Pow A Lt 6s A..2022
1035*
101M
893*
943*
6s series A
112
77M
Apr
79
United Lt A Rys (Me)—
Apr
Feb
53*8
"4",666
27
71
1974
1959
Rye (Del) 53*e '52
63*s
69
$26 3*
693*
1945
105
1043*
June
683*
1975
Jan
943*
493* June
3*e.'41
f 6s
1055*
106 3*
103
s
United Lt A Pow 6s
Apr
75
United EJ Serv 7s ex-w 1956
♦United Industrial 6
Jan
109
15,000
493*
1957
Jan
108
Jan
233* June
1053* 105»32
1033* 1033*
103
1033*
$1123* 1133*
1967
69 M
Jan
1063*
1043*
33,000
503*
1053*
....1954
100 M
1063*
16*000
903* June
183* Mar
Union Elec Lt A Power—
Apr
91
18*665
913*
Conv 6s 4th stamp. 1950
Jan
Feb
403*
30
104
Ulen Co—
1055*
100
1093* Mar
1073* June
Jan
983*
99
'166"
Jan
Apr
104
Jan
3l",000
67
663*
Mtge Bk of Denmark 5s
{♦St L Gas 4 Coke 6s..'47
Ban Antonio P 8 5s B.1958
Debenture 3 Ms
107
110
$107
1073* 1073*
82
80 3*
64 3*
663*
1063*
Mar
1035* 1043*
Safe Harbor Water 5 Ms *79
1st 4 Ms series
106
109 M
Mar
100
♦Ruhr Housing 6 Ms.. 1958
6s
Mar
Apr
101
103M
76 M
Queens Boro Gas 4 Eleo—
5 Me series A
1952
♦Ruhr Gas Corp 6 Ms. 1953
Inc
1023*
30
"66"
Mendosa 4s stamped.. 1951
Puget BeuDd P 4 L 5 Ms '49
1st 4 ref 6s series C.1960
Serve!
10,000
May
May
Mar
1043* 1043*
1033*
1960
Sauda Falls 5s
Jan
1063*
103
Pub Serv of Oklahoma—
San Joaquin L
493*
Mar
105
Feb
1035*
105M
103
103
series E
1st 4 ref 4 Ms ser F.1981
1950
1968
May
2,000
93,000
59,000
993* May
1043*
Jan
37
102
104
104J*
1063*
$-—
92
903*
29
$233*
♦Tleti (Leonard) 7 3*8.1946
'1083* 1073* 1083*
Toledo Edison 5e
1962
783*
753*
783*
Twin City Rap Tr 53*s *52
July
72
1083*
105
103 M
1978
1980
Quebec Power 6s
Texas Elec Service 58.1960
26,000
11,000
7,000
14,000
1105* HI3*
1956
__1966
1st 4 ref 4 Ms ser D.
1953
Jan
5,000
{♦Texas Gas Util 6s.. 1945
Texas Power A Lt 5a.. 1956
6s
2022
.
Mar
3,000
45
Danzig Port A Waterways
6% perpetual certificates
4s series A
1073*
Jan
96
1043* 1053*
1053*
1957
6s series B
June
Pub Serv of Nor Illinois—
4Mb series 1
1970
1954
1st 4 3*e
Syracuse Ltg 53*s
102
June
1053*
45
90M
Public Service of N J—
4 Ms
105
38,000
24 M
107
D
Super Power of 111 43*s '68
34,000
91 M
106
1st 4 ref 5S
503*
101M
35,000
1961
Potrero Bug 7s stpd__1947
Power Corp(Can)4 Ms B '69
6s series C
Apr
June
723*
*23 M
Elec 6s. 1953
4 Hs series F
4 Me series
37
89
115
Potomac Edison 5s E.1956
♦Prussian
1,000
2d stamped 4s
2d stamped 4s
Terni Hydro-El 6 3*8-
1,000
2,000
14M
Portland Gas 4 Coke 5s '40
Power Securities
50
Stlnnes (Hugo) Corp—
Tenn Public Service 5a 1970
8,000
107
1968
{♦Peoples Lt 4 Pr 5s..1979
♦Pomeranian
1940
1946
50
343*
♦Starrett Corp Inc 58.1950
Tennessee Elec Pow 5s 1956
$1073* 108 M
Peoples Gas L 4 Coke—
4s series B
1981
Phlla Elec Pow
443*
Jan
Jan
97 M
973*
102 M 102 3*
—1954
Water 4 Pow 5s. 1940
6s series D
4148 series B
303* June
Jan
116M
116
96
"90 "
1950
B..1959
Penn
30,000
Jan
102 M
*102 M 1033*
90 H
903*
91 M
Penn Pub Serv 6s G—1947
Deb 53*s series
35
84 3*
Penn Ohio Edison—
6s series A x-w
33
85
3,000
713*
1955
1938
Cent L 4 P 4 3*s. 1977
5s
62
84M
1133* 1133*
116
Corp 6s
Penn Electric 4s F
39",000
"67"
July
1033* 103 M
5s..1942
Pacific Pow 4 Ltg 5s
Palmer
633* June
943* June
May
Pacific Gas 4 Elec Co—
1st 6s series B
Mar
37,000
43*8..............1944
Okla Nat Gas
Mar
96
Mar
683*
943*
68
June
Ohio Public Service Co—
6s series C
Mar
96
Mar
95
633*
$93
633*
♦1st
1003* 101M
1003* 100 M
953*
95
683*
65 H
*107 3* 109
101
633* June
653* June
June
June
«6s.Dec 1 1966
Debentu
4)*s
68.1952
8—
—1966
1969
5s series C
Jan
110
Apr
22,000
60,000
Mar
653*
673*
683*
653*
88
*86
Jan
805* May
113
Northern Indiana P
N'western
110
14,000
.
95
653*
65 M
$1123* 114
53*8 series A
1956
Nor Cont'l Util 53*s—1948
No Indiana G 4 E
97 M
963*
97 M
103
Nippon El Pow 63*8—1953
No Amer Lt 4 Pow—
4 Mb series
Jan
Mar
100
68
June
1961
♦Certificates of deposit
{Standard Pow A Lt 6sl957
Feb
Jan
68?*
66
Standard Investg 53*8 1939
51
67 3*
673*
21,000
10,000
683*
Jan
1073*
973*
High
683*
673*
653*
Jan
May
May
Low
%
683*
683*
Feb
Ohio—
43*8 atamped__1950
1st 4Kb *67
Y State E & G 4 3*s. 1980
Y A Westch'r Ltg 4s 2004
Debenture 6s
1954
Ext
N Y P4L Corp
N
"683*
Feb
107
June
74
40,000
4,000
36,000
8,000
32,000
90 M
94
56-1948
1942
New York Penn 4
♦Certificates of deposit
1935
♦Convertible 6s
14 M
July
1163*
io.666
83 M
117 M
84
1954
New Orleans Pub Serv—
N Y Central
{♦Stand Gas A Eleo 6sl935
100M
July
83 M
114
1183*
Debenture 5 He
7,000
33,000
44 M
107 M
June
5 5*
8,000
44 J*
2022
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 5s_ 1956
New Amsterdam Gas 5s '48
N E Gas 4 El Assu 56.1947
Conv deb 5s
1948
Codv deb 5s
1950
stamped
84 3*
June
103
13,000
77
106 M
1063*
6,000
85
84
i75M
6s series A
5s
Apr
92
5,000
103 M
103
{♦Nat Pub Serv 5s etfsl978
New Eng Pow Assn
Jan
1093*
67 M
4,000
5H
53*
103
Nebraska Power 4 Ha. 1981
92 3*
92
92 3*
Nassau A Suffolk Ltg 6s
100 M
Feo
Range Since Jan. 1 1987
High
Low
68 3*
Debenture 6s
♦Munson 88 6 3*8 otto-1937
_
May
107
Montana Dakota Power—
.
June
84 M
47,000
9,000
7,000
Jan
77 M
27,000
87 M
108M
High
99
of Prices
Sale
Price
for
Week
Week's Range
Last
BONDS
1937
(Concluded)
Low
79
108
108
Range Since Jan. 1
S
78 M
87 M
1957]
Miss River Pow 1st 5s.
for
Weet
85
Mississippi Pow 5s—1955
Miss Pow A Lt 6s
Range
Sales
Friday
Sales
Friday
BONDS
(Continual)
63*8
83
New York Curb Exchange—Concluded—Page 6
145
104
Jan
June
1045*
Jan
May
106
Jan
e
Mar
y
Cash sales transacted during
Under-the-rule sales transacted during the
or yearly range:
current week and not
Induded in
weekly
No sale*.
a
transacted during the current week
yearly range:
53*s, 1954, June 24 at 713*.
Serv. of Nor. III. eer. E 43*s. 1980, June 25 at 1043*.
Deferred delivery sales
and not Included
In weekly or
Federal Water 8erv.
Pub.
Abbrevia'ions
Used AOose—"ood," cert ideates
"cum," cumulative;
"v t
without warrants.
consolidated
"n-v," non-voting stock;
with warrants; "x-w"
of deposit; "cons,"
"conv," convertible; "m," mortgage;
c," voting trust certificates:
"w i." when Issued: "w w."
Financial
84
Chronicle
Other Stock
July 3, 1937
Exchanges
Sales
Friday
New York Real Estate Securities
Last
Stocks
Closing bid and asked quotations, Friday, July 2
(Concluded)
Unlisted Bonds
Ask
Bid
Unlisted Bonds
Bid
Ask
for
of Prices
Week
12
14
*
14
94
Drake (The) 6s
1939
32
Pennsylvania Bldg ctfa
29
11 West 42d St 6*8-1945
45
Prudence Corp 4th ser 6s 38
10 East 40th St Bldg 56 53.
21
1088 Park Ave Apts 6s 1939
40
250 West 39th Bldg 6s 1937
16*
14*
Fox Theatre
Park
40*
and Office
10*
1941
Bldg 6 *s
500 Fifth Ave 6*s...1949
88
Harrlman Bldg 6s
1951
Internat Commerce Bldg—
56*
Majestic Apts 6s
23
79*
*
4*
Corp ?to...
3
1,100
50
14*
20*
1,660
2,838
5c
Mar
Jan
99c
July
6
Jan
3*
Mar
41
Jan
Feb
6*
2* May
100
Mar
56
Feb
3*
29*
July
July
23
16*
52c
60c
2,338
52c
25
25
2*
13*
19*
"37*
*
34*
yl9
Mar
Mar
Jan
June
Jan
25
June
1*
44*
841
34*
June
50
Mar
710
6*
Jan
11*
Mar
25
Jan
7*
2*
245
Feb
3*
Jan
13*
412
12* June
,16*
Feb
19*
245
17*
June
33*
Jan
1*
37*
300
785
1* June
34* June
2*
3* Feb
41* May
31
31
31*
186
25*
85
87
822
84
98
Jan
40
39*
40
114
36*
Apr
46*
Jan
2*
6,690
1*
Jan
Jan
12*
13*
130
12*
July
Feb
6*
Feb
35
7*
37
2*
19*
12*
150
Jan
46
Feb
78* June
89
Feb
83
95
Jan
1
Waldorf System Inc
30
86*
5
26
Utah Metal A Tunnel
2,990
25
34*
6*
2*
12*
18*
1*
7*
*
Preferred
New
York
and
Baltimore
Stock
Exchanges
Board of Trade and Commodity Exchange, Inc.
''
Chicago Stock Exchange
Associate Members New York Curb Exchange
9*
2*
June
7
United Shoe Mach Corp.25
/■
2*
*
13*
Warren Bros Co
...»
*
2
7*
Warren (S.D) Co
Chicago
3* June
Jan
68o
16*
Union Twist Drill Co
Members
Mar
Mar
16*
16*
Apr
z6
142
19
Suburban Elec Secur com.*
YoA, Pa
210
4*
1*
11*
Apr
114* June
228
1
Torrlngton Co (new)
39 Broadway
louisville, Ky.
Jan
19
Stone A Webster
NEW YORK
Hooeretawn, Md.
50
*
Pennsylvania RR
50
Qulncy Mining Co
25
Reece Folding Machine. 10
STEIN BROS. &> BOYCE
Established 1853
Apr
Mar
100
North Butte
Old Colony RR
Ctfs of dep
Baltimore Stock Exchange
ftAlTlMORE, MO.
Jan
35
;,:-2'
10
204
37*
3*
7*
8*
3*
4*
114* 119
4
119
Shawmut Assn tr ctfs
6.S. Calvert St.
2
25c
Pacific Mills
on
June
42*
41
8*
Inc
Old Dominion Co
Orders Executed
July
1
June
Narragansett Racing Ass n
Unlisted Stocks
Lincoln Bldg
14
445
250
25c
41
Linotype..
Nat'l Tunnel A Mines
City A Suburban Homes..
27*
155
3
3
*
Mayflower Old-Col Cop 25
Mergenthaler
High
10
1
3*
25
Low
318
14'A
37*
...
Isle Royal Copper Co
Mass Utilities vtc
New England Tel A Tel 100
N Y N H A H RR(The) 100
67
48
1948
Preferred.
e
,
2124-34 B way Bldgs 6*8 43
61*
5*
1943
6*s
Lefcourt Manh Bldg 5s
Place Dodge Corp—
Income bonds v t c
Range Since Jan. 1,1937
Shares
12
1
Hathaway Bakeries cl B.
B'way & 38th St Bldg 7s 45
Bryant Park Bldg 6 *s 45.
High
11
*
Gillette Safety Rasor
Low
Price
Par
Gilchrist Co
Week's Range
Sale
Exchange
v.
30
33
Feb
Mar
.
35
Mar
Jan
BondsEastern Mass St Ry—
Baltimore Stock
June 26 to July 2,
Par
Stocks—
—
Week's Range
for
Sale
of Prices
Low
High
Price
20*
1,165
18
61*
55
46
1*
4*
355
1*
4
"70
eonsol Gas E L A Pow— *
PrflfAfTPf!
34*
Deposit--—20
122*
Fidelity A Guar FLe
10
Finance Co of Am ol A—*
Mar
3
Jan
3* June
9
Jan
64
70
553
64
50
112
113*
21* 22*
34*
34*
120* 122*
June
Apr
241
65
34* June
119* June
89*
186
34
48
28
9
June
12*
1,624
3
Jan
4*
33
June
48*
13*
Mar
June 26 to July 2,
Friday
Last
33
70
41
Jan
26
227
22* May
27*
Jan
74
162
70
Jan
82
Mar
45
45
20
44
Jan
45
14
765
1
*
*
73
74*
189
15
15
15
22*
21*
22*
35
35
13* June
300
74*
Seaboard Comm'l
2
Western National Bank.2u
%
18*
1*
* May
73
Feb
Feb
Stocks—
Par
Common (new)
A
32
B 5s flat
1975
Read Drug & Chem 5*8 '45
32
99
1975
6s flat...
28
for
Range Since Jan. 1, 1937
30
15
Jan
18*
Feb
1,178
21
June
29*
Jan
55
34
Apr
37
Jan
Allied Labor Inc
99
101* 101*
4,000
27* June
41*
Jan
32
June
48
Jan
99
June
104
Mar
100*
Jan
101*
Apr
Shares
com
Amer Pub Serv Co pref. 100
Annex Hotel Co com...100
10
200
66*
12*
Feb
Jan
450
7
June
12*
Mar
12*
350
11
June
14* May
17* Apr
Feb
23*
Feb
26*
Jan
84*
-
*
«
15
11
50
13
15
200
13
20*
100
20
July
64*
-
11
05
170
61
June
Tyson
6*
30
Armour A Co common...5
11*
10*
11*
8,500
Aro
11*
11*
12
300
11*
July
2
1,050
1*
June
Equipment
m
1
com
~
1
2
1*
9
8*
9*
200
com
.6
5*
6*
200
pref.*
5*
5*
250
New York Stock
Exchange
Lewlston
Sale
Stocks—
Par
Price
of Prices
High
Low
Range Since Jan. 1. 1937
Week
6% non-cum pref
Amer Tel A Tel
50
100
Boston
Elevated
2
167*
......
...—
100
Boston-Herald-Traveller
.
2*
180
159* 167*
2,598
108* 108*
6
130
130*
15*
100
14*
16*
16*
100
16* May
19
Jan
15*
16
200
15*
July
20*
Feb
Jan
«• —. --
15
21
Boston A Providence... 100
23*
30*
Feb
July
10
May
14*
Feb
150
9*
Jan
14*
Feb
1
19*
12*
1
36*
33*
36*
1,100
32*
Jan
43*
44*
41*
44*
1,300
38*
Apr
50
Calumet A Hecla
Copper Range
Low
6
5% conv preferred
30
Castle (A M) common.. 10
Central Illinois Sec-
29*
2
July
159* June
107* May
129* June
60* June
6*
l
Jan
Common
Jan
Chicago Corp common
147
139*
14
11
138
13*
10*
139*
15
130 May
14
790
11*
11
105
10
56*
40c
50c
350
Common
5
Eastern Mass St ByCommon
1st preferred...
Adjustment
May
32
Feb
77
Mar
June
Mar
Club Alum Uten
com.
*
Feb
Cities Service Co
com.
*
40c June
1*
Feb
Continental Steel pref.. 100
Consumers Co—
10
4* June
55* June
10*
Jan
Vtc pref part shs
50
81
Jan
Cord Corp cap stock
5
35* June
69
Jan
Cudahy Packing pref. .100
Cunningham Drg Stores2*
100
Group
129*
*
19
General Capital Corp
Georgian Inc(The)clA pf20
see page
90
49
June
100
16
June
88
2
June
50
40
June
51
Jan
Apr
7
Jan
12
Jan
54*
Jan
Elec Household Utll cap. 6
22*
Jan
Elgin Natl Watch
Jan
Fuller Mfg Co com
8*
115
128* 129*
19
19*
39*
39*
2*
20
2*
815
160
10
50
8*
July
127* June
49
June
39* June
1*
Jan
160
26*
Mar
47
Mar
3* June
3*
14*
"~2 *
—
"161
6*
30
100
Jan
14
June
27*
Jan
1* May
2* June
2*
Mar
200
2*
2*
3,500
107
600
41
300
5
-r
2*
107*
18*
12*
5*
101
13
500
10
50
3*
2,150
107* 107*
10
18*
19*
300
20
2*
103
Apr
38* June
5
98*
12*
2
108
Mar
400
1*
101
'«»
Feb
15
39
«.
48
105
104
107
J
June
14
1*
~
3* June
105
105
conv pref..*
Chicago Yellow Cab Clo..*
Compressed Ind Gases cap*
16
Mar
June
Commonwealth Edison.100
49
Jan
6*
Feb
3
Jan
49
20*
59
90
8*
77
June
20
146
48
Jan
June
5
600
Jan
16
Eastern Steamship Lines. *
Preferred
6*
47
200
5
Economy Grocery Stores.*
2* June
70
460
450
Mar
Mar
4,450
60
20
3*
7
25
17*
5*
2*
48*
3
58
398
6
59
40
6
2*
48
25
20*
2*
40*
Jan
3*
Apr
May
2*
40*
5*
8*
Feb
Feb
.
7
100
35*
100
3*
19
«81*
"~60~
com
55*
100
July
Chicago Elec Mfg cl A
*
Chicago Flex Shaft com..5
58
100
Edison Elec Ilium
5
1* June
12
53* June
43
40
100
100
60
Mar
450
24*
151
150
#
Mar
39*
6,000
Preferred
Consolidated Biscuit com.l
_*
■
2*
Chicago Towel
Jan
!
550
1*
12*
59
36*
4*
Mar
Jan
9* June
12
1 *
28* June
29* June
43*
Chicago A N W Ry
36
350
Feb
Mar
4
Jan
20
250
34
June
43
Mar
165
29*
13
4*
14*
176
2,100
43*
30*
13
150
14*
*
Jan
Mar
17*
13*
28*
33*
*
Apr
69*
Mar
11
58*
*
8*
11*
-v
Central States PAL pref.*
25*
40
*
__1
Preferred
Jan
Feb
15*
30*
18*
19
100
12
■
Feb
37
9*
.
~59
*
187*
150
25
4*% prior pref
6% cum pref
..
*
115
22*
100
12*
17*
14*
Mar
June
Apr
17* June
19
12*
*
Feb
June
19
1
.10
*1* conv pref
Cent 111 Pub Serv pref
Central S W—
High
East Gas A Fuel Assn—
For footnotes
Butler Brothers
9*
.....26
East Boston Co
Employers
........
26*
13
19
18*
26*
38
2,450
150
221
13
21*
400
62
38
Mar
18*
9*
Prior preferred
100
Class A 1st pref stpd.100
Class B 1st pref std—100
19*
10*
12*
26*
*
Feb
18*
60*
100
Mar
10*
60*
Boston A Maine—
Common
Mar
9
18*
Common
Shares
Amer Pneumatic Service—
Bigelow-San Carp pref. 100
Boston A Albany
100
Jan
9
10*
Bruce Co (E L) com
Sales
for
Mar
17
Borg Warner Corp—
(New) com
Y. Tel. CAnal 6 154
Exchange
Week's Range
4*
Bendix Aviation com....5
inclusive, compiled from official sales lists
Last
Feb
June
5
Common
Friday
Feb
13*
15*
«.
Brach A Sons (E J) capital*
Brown Fence A Wire—
Boston Stock
8* June
6* July
3*
Jan
16
12
Bliss A Laughlin Inc cap.6
N
Portland
June 26 to July 2, both
Jan
1
Bastlan-Blessing Co com.*
DEPARTMENT
30 State St., Boston
Bangor
7
Berghofl Brewing Co
Binks Mfg Co capital
Private Wire System
Boston Tel. LAF 7010
6* June
Jan
Seellg Mfg A—
Common
New York Curb Exchange (Asso.)
UNLISTED TRADING
conv
Backstay Welt Co com...*
Barlow A
Boston Stock Exchange
June
6*
Barber Co (W H) com
Members
10* June
»
~
Automatic Products
and
June
6*
7*
Autom Washer
1887
45
750
7*
Athey Truss Wheel capital- 4
Established
High
20
W
10
25
Asbestos Mfg Co com
Townsend, Anthony
Low
11*
7*
♦
com
Corp
45 $
10
Advance Alum Castings. .5
Aetna Ball Bearing com__l
$22,500
7,000
3,000
45
45
*
Adams Royalty Co com..*
Class A
27*
Price
Week
Abbott Laboratories-
Allied Products
27*
Range
of Prices
Low
High
Sale
Feb
95
June
Bonds-
(flat) '76
Sales
Week's
June
13*
Penna Water & Power com *
A 10
both inclusive, compiled from official sales lists
Jan
Apr
74
14
Chicago Stock Exchange
23* May
25*
New Amsterdam Casualty5
St., CHICAGO
Jan
33
100
10 So. La Salle
Jan
9
3*
Chicago Stock Exchange
Chicago Curb Exchange
Apr
1,069
3*
33
(Associate)
Jan
136
39* May
12*
Jan
19* Apr
22
9
Exchange
New York Curb
Jan
50*
39*
13*
117
Members
New York Stock
Jan
116
21 * June
SECURITIES
Vml H. Davis & (?<x
Jan
38
13
National Marine Bank..30
Bait Transit Co 4s
June
Apr
24* June
20*
22
Merch & Miners Transp—*
Monon W Penn P S 7 % pf- 25
U S Fidelity A Guar
64
155
Mfrs Finance 1st pref.-.25
Mar Tex Oil com class A..
Owlngs Mills Distillery
23*
107
39*
100
_
Jan
Jan
26
113
pref err oft
100
Eastern Sugar Assoc com.l
6%
com
2,000
$3,000
Listed and Unlisted
May
1*
CHICAGO
High
24*
*
Houston Oil pref
Low
49
1 *
—*
Mt Vern-Woodb Mill pf
84
Range Since Jan. 1,1937
Shares
20*
*
(Conn) .60
Black A Decker com
Fidelity &
78*
84
Week
Bait Transit Co com vto.*
1st pref vtc
78*
1948
Sales
Last
Arundel Corp...
1948
Ser B 5s-
Exchange
both inclusive, compiled from official sales lists
Friday
Atlantic Coast L
Series A 4*3
Feb
6*
Jan
Jan
139
48*
Feb
June
11
Jan
Jan
105
Apr
13
June
July
June
104* Apr
18* June
Feb
5*
110*
Mar
26*
Feb
Dayton Rubber Mfg com.*
Dixie-Vortex Co com..
*
22
22
550
18
19
200
18
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
"20*
20*
20*
250
20* June
20* June
34
33*
34*
400
29*
May
35*
7*
700
7
June
12*
Jan
100
31
June
40*
Mar
550
x4*
July
15
7*
31
7
31
31
4*
1
4*
84*
*
22*
20*
23
1,000
64
64
50
19*
Jan
June
28*
Apr
25
Feb
June
5* May
Gardner Denver Co—
New common
$3 cumul
conv
pref...20
20* June
23
58*
69
Jan
o
June
Feb
Volume
Financial
145
Sales
Friday
Last
Week's Range
Sale
Stocks (Concluded)
of Prices
534
General Finance Corp com 1
Gen
534
Members Cincinnati Stock
High
Low
Shares
1434
534
1434
General Candy Corp cl A. 5
Range Since Jan. 1,1937
for
1434 June
200
Mar
434
2,350
Feb
19
Markets in
Active Trading
534 May
Household Utll—
Mar
434
2,200
334 June
Goldblatt Bros Inc com..*
3434
34
3434
350
34
July
4234
Great Lakes D & D com..*
1834
18
1834
700
18
June
2934
Jan
1034
1034
50
14
Unlisted Securities
Cincinnati and Ohio Listed and
Jan
1034
Apr
434
Common
Hamilton Mfg cl A pt pf 10
Utll pre!
"~854
Indiana Steel Prod com,.1
"23
39
cap
34
Joslyn Mfg A Suppl com .5
Katz Drug
Jan
1934
200
1134
June
60
9934
May
no
Jan
Friday
50
3734 June
49
Mar
Last
Week's Range
for
1034 May
Sale
of Prices
Low
High
Week
3734
June
8
650
9
8
2034
250
1934 June
27
Feb
2134
2334
2,050
2034 June
39
150
37
2934
51
Feb
4534
1
Co
Apr
37
Iron Firem Mfg com vtc.*
46
150
4534 June
June
46
Stocks (Concluded)
June
Dow Drug
934 June
1634
Feb
1,000
8J4 June
1234
Mar
2034
Apr
28 34
Feb
Goldsmith
50
25
Hatfield prior pref
Kerlyn OH Co cl A com..6
6
La Salle Ext Unlv com
800
1734
26
170
25
June
4334
Jan
6
450
6
May
734
Mar
234
234
5
150
134
Jan
334
Feb
m
8
*
Feb
Mar
25
130
25
17
1734
150
1134
17
10
Llbby McN & Llbby_._10
1234
250
1634 June
934
Jan
834
Common
4
33
4,150
3%
334
4
300
40
100
May
4
Jan
100
2934
4
Co com.*
Loudon Packing com
*
Lynch Corp com
5
40
no
41
"33_"
10
Lion Oil Refining
834 June
250
9
40
41
*
$3 34 preferred
Lindsay Light com
40
40
1234
45
Jan
54
20
41
30
4834 June
Jan
Mar
5734 Mar
434 June
Manhatt-Dearborn com..*
234
234
234
50
2
June
Mapes Cons Mfg cap
*
Marshall Field common..*
24K
2434
50
21
Apr
24 X
2434
2234
6 34
2434
634
2734
2,150
Mer & Mfrs Sec cl A oom.l
1,100
234 June
5,150
734
June
1534
134 June
734
25
Jan
36
Feb
634
834
534
July
Jan
5
5
5
25
434 May
9
9
15
9
June
16
Jan
41
43
96
40
May
4934
Feb
99
100
25
98
Mar
10134
454
1034
Jan
Feb
Feb
4434
100
100
10
10
10
...»
5634
5634
5734
55
19
19
19
87
6
6
6
13
27
27
27
2534
25
2534
Preferred
Procter A Gamble
*
R^W:::::::::::::::::*
10
10
12 34
1234
Western Bank
10
834
834
100
100
111
June
1134
Jan
Jan
27
July
38
Feb
260
25
June
3434
Feb
1234
10
Jan
Apr
Apr
334
10
834 June
Feb
23 34
Feb
634
21
Jan
1234
Mar
25
16
Mar
26
May
8
21
111
June
6
834
;
2
6534
135
50
Preferred
June
5554
Jan
1834 June
20
p>. Preferred
21
May
2
2
12 34
21
10
128
4
4
4
*
Wurlltzer
134 June
50
134
1034
134
134
1034
National Pumps
Jan
92
Jan
134
May
11434
Jan
134
1634'June
2934 June
30
Jan
2,100
15
352
634
2.50
*
Magnavox
US Printing.^
4234 June
1734
3034
9
*
U S Playing Card
Jan
1734
30
12
Hobart A
Mar
634
Mar
100
Preferred
June
434
33
June
634
Jan
334 June
3834 Mar
49
4834
McQuay-Norrls Mfg com.*
Jan
1614
148
48
com—5
Electric
1934 May
1534 Mar
2534
25
2734 Feb
3434 June
1734 May
59
634
..._..*
Randall A
Co—
Lincoln Printing
McGraw
1334
3434
25
Cumulative preferred..*
Le Rol Co com
Jan
June
7%
1,450
9
50
1734
*
Kahn 1st pref
Leath & Co—
Common.
High
9
May
30
Formica Insulation......*
Gibson Art...
2534
2534
*
2,800
934
22
.
Low
7
270
18
18
18
10
Eagle-Picher Lead
1034
Ky Utll jr cum pref
Range Since Jan. 1,1937
Shares
734
734
734
*
9
Ken-Rad T A Lamp com A*
Sales
Feb
934
103-1
1
Price
Par
Early & Daniel
Co—
Common
Kellogg Switch & Sup com*
Wire—Bell Sys. Tel. Cln. 291
Phone Cherry 6711—First Boston
Mar
4
1934
Jefferson Electric Co com.*
Jar vis (W B)
Jan
1134
1334
CINCINNATI
BLDG.
UNION TRUST
12
3734
Indep Pneu Tool(v t c)cap*
May
834 June
3
May
& CO.
BALLINGER
105
1134
103
105
100
200
'
334
Hupp Motor com (new)__l
834
200
334
934 May
1,000
9
834
9
Illinois Brick Co cap....10
North
9
9
Heileman Brew Co G cap.l
Hein-Wern Mot Pts com.3
111
334
Exchange
Week
High
Low
Price
Par
85
Chronicle
Prior preferred
<
534
27
Jan
19
434
1,800
25
100
June
June
25
Apr
3034
Mar
Feb
7
3134
Jan
Ohio Listed and Unlisted Securities
Mickelberry 's Food Prod-
234
..1
2%
Middle West Corp cap
6
Stock purchase warrants
834
734
234
834
234
2 34
2 34
34
Common
Members Cleveland Stock
Jan
6
Midland United Co—
Common
Ti34
434
5
450
234
234
134
234
134
34
*
34 June
850
5
*
Conv preferred A
June
12 34
•954
834
Feb
934
aWOOPch
OILLIS
Jan
234 June
134 June
Mar
334
Midland Utll—
6% prior lien
100
6% preferred A.....100
7% prior lien
..100
7% pref A
10
Miller & Hart Inc conv pf.*
13734
Montg Ward A Co cl A...*
Noblitt-Sparks Ind
North Amer Car
134
3734
39
com
534
20
com
"1654
100
2734
Last
Week's Range
for
50
934
Feb
Sale
1034 June
1634
Jan
of Prices
Low1
High
Week
850
534
70
5734 June
81
Jan
Akron Brass...
10
10
23 34 June
54
Jan
American Coach & Body..
1934
100
2334
700
12
100
134
Perfect Circle Co com
33
*
Pines Wlnterfront com
1
13-4
.._..*
Process Corp com
Apr
May
234
1734
Jafl
Jan
Par
Stocks—
1
Clark Controller
Jan
Feb
Cleve Elec 111 $4.50 pref..*
134
134
200
900
334
Jan
Cleveland Ry
Sales
A10
*1834
i 1734
A 32
May
June
134 June
35
434
Jan
100
Certificates of deposltlOO
105
65
10
June
275
18
June
20
1734
33
1734 June
21
50
32
Jan
375
32
85
June
480
49
158
4534
4634
"34""
10334 June
June
Feb
Feb
4034
10134
Mar
Jan
112
June
6334
Jan
July
4534
34 June
6334
434
Mar
June
60
Mar
46
34
100
3434
1,173
32
75
30
34
32
Feb
1434
1034
49
46
1937
High
Low
1934
110
Cleve & Buffalo Transit..*
Public Service of Nor 111—
Range Since Jan. 1,
10334 105
46
******
t-*m
Shares
89 34
85
Cleveland Cliffs Iron pref.*
334
134
1,150
Price
...*
City Ice & Fuel
234 June
30
234
134
134
Prima Co com..
Jan
134
12
60
33
234
from official sales lists
July 2, both inclusive, compiled
Friday
7% pref
12
Cleveland Stock Exchange
June 26 to
Feb
11
12
|J:in
Feb
58
2334
134
*
Feb
32
58
June
134
350
1034
5
156
3634
334
250
5734
Pea body Coal Co B com
May
3734 June
534 June
28
150
134
39
566
Jan
Telephone GHerry 6060
Feb
100
Penn G & E A com
834
4634
A. T. A J. GLEV. 565 &
Jan
June
Cleveland
Union Trust Building,
Feb
13534 June
10
7% prior lien
Northwest Bancorp com..*
Northwest Utll—
5
35
110
2854
June
Jan
334 June
120
2834
28
ix
com..
134 June
334
13734 138
2834
National Battery Co pre!.*
National Standard com. 10
3
3534
334
35
*
Nat Union Radio
10
20
100
Modine Mfg com
10
Exchange
Jan
Common
Jan
...
Cliffs Corp v t c
10934 June
120
Jan
Commercial Bookbinding.*
63
54
May
10934 10934
53
100
60
Jan
6% preferred
Apr
122
Jan
Elec Controller & Mfg—*
85
68
Mar
114
96
40
Feb
115
85
100
114
36
7% preferred
June
12534
Jan
Faultless Rubber
*
25
26
100
30
109
25
111
450
Feb
109
150
Jan
Federal Knitting
Mills...*
29
29
105
27
June
49J4
Feb
50
121
2134
2134
100
2134
July
2134
July
51
51
67
51
June
60
Jan
4634
4634
30
46
June
50
May
99
99
16
99
June
104
1234
5734
14
147
1234 June
6634
Feb
73 34
Mar
3734
Mar
Quaker Oats Co
»
com
Preferred
"Ho
Raytheon Mfg
74
135
June
70
300
Apr
3734
734
334
Mar
15
Feb
34 34
May
72
8334
Jan
18
5
100
4
134
2
100
134
23
23
10
72
vtc 50c
5
Rollins Hos Mills conv pf.*
St Louis Nat Stock yds cap*
73
20
2234
9934
June
50
5
2234
10
com
v t c
70
135
100
Rath Packing com
6% pref
74
♦
May
Jan
..*
29
General Tire & Rubber. .25
Feb
Grelf Bros Cooperage
Feb
Halle Bros pref
Hanna
A..*
100
"5l"
(M A) $5 cum pref *
*
Harbauer
3534
36
350
34
July
May
Schwltzer-Cummlns cap..l
20
2034
300
1934
June
2834
Sears Roebuck <fc Co cap.*
Serrlck Corp cl B com
1
87
88
150
8134
May
95
Mar
Kelley Isl Lime & Tran. ..*
1034
1134
400
1034 June
1434
Mar
Lima Cord Sole Heel.
3034
31
150
14
Sangamo Electric
*
com
36
"1134
42
Apr
Jaeger Machine
*
Cumulative preferred.30
3034
3034
So Bend Lathe Wks cap..6
2034
Jan
40
Arp
June
35
Mar
1634
2834
110
*
Apr
5834
44
44
55
40
Jan
60
G) class B
Mar
7
Jan
Metropolitan Pav Brick..*
107
Jan
Natl Tool 7% cum
90
90
40
90
June
95
Jan
pref. 100
Nineteen Hund Corp cl A.*
Jan
Ohio Brass B
16
25
Sundstrand Mach Tool Co*
Thompson (J R)
434
3034
2334
2034
Apr
534
Jan
2034
May,
Mar
850
1534
19
100
934
3034
2234
2334
2034
1,600
Mar
Peerless Corp.
Mar
Rlchman...
*
634
4534
Mar
Selberling Rubber
*
8% cum preferred... 100
"38""
2234
June
2834
20
June
28 34
Mar
854
100
8
1534
Mar
700
23
May
June
20
June
'
2 34
434
Apr
34 June
234 June
2
Jan
Convertible pref
234
39
Jan
40
250
2
June
1,000
hi15
June
4934
634
May
12
934
June
1534
40 34
1
Upson Walton
1
► Van Dorn Iron
*
Warren Refining....
2
Weinberger Drug Inc
*
West Res Inv 6% pref. .100
SM A Corp
1,900
34
234
150
Feb
950
634
Feb
20
2934 May
3034
5634
12
44
67
Mar
2034
Mar
696
17
24
1434 June
June
23
Feb
34
334
Jan
734
Mar
48
473
4534
July
5734
Mar
934
Apr
634
6
20
6
June
38
43
60
38
June
64
1334
1334
15
15
Apr
19
934
934
212
834
Jan
1334
634
7
250
634 June
334 June
70
334
334
334
23
25
55
95
23
Feb
625
634
4534
10
Jan
6
Feb
334
2934
1334
934
Feb
June
334
234
......
Feb
60
16
24
3334
400
34
334
com
*
3
Mar
1134
20
17
24
*
Patterson-Sargent
Feb
2934
5634
July
Corp—
Common
Packer Corp...;
Jan
11
Jan
Mar
15
.___*
June
2034
20
.
454 June
459
534
434
534
17
2034
1534
934
800
20
1234
30
50
3034
834
25
com
Utah Radio Products
4
1734 May
2,400
18
934
Trane Co (The) com
Utll A Ind
434
1834
10
Medusa Portland Cement *
*27 34
June
Swift & Co
27
June
May
1634
Jan
14
13
5
10
Jan
41
96
com
9
13
20
Jan
Feb
834 June
531
200
1934
Jan
Apr
30
43
400
Swift International
1,445
734 June
18
5
434
1734
60
43
96
com
May
834
*
2134
Convertible preferred..
Jan
23
*
McKee (A
5
Stein (A) & Co
Storkline Furn
24
55
Leland Electric
96
Standard Dredge com
41
12 34
20
25
com
31
2434
834
S'west Gas A Elec 7% pflOO
Southwstn Lt & Pow pref.
South Colo Pow cl A
31
Jan
18
Lamson A Sessions
Sign ode Steel Strap—
Common
6834
60
24
*
-.*
Interlake Steamship
Feb
,
95
100
1734
Feb
90
Jan
Apr
Jan
Mar
Feb
14
Jan
534
2534 June
Apr
100
Viking Pump Co—
40
Preferred
Wahl Co (The) com
Walgreen Co
234
28
common
8
Wisconsin Bankshs com..
2
25
734
10
40
234
28
834
4.50
Woodall InduBt com
10
10
1034
2.50
Zenith Radio Corp com..
33 34
3134
3334
1,050
30
Jan
Jan
5
Feb
Mar
Watling, Lerchen &
New York Curb Associate
New York Stock Exchange
Chicago Stock Exchange
Detroit Stock Exchange
Cincinnati Stock Exchange
June 26
to
Last
.
Stocks—
Aluminum Industries.
Par
Sale
Price
7
*
American Laundry Mach20
Baldwin
2634
8
634
Champion Paper A Fibre.*
107 J4
11
Cincinnati Advert Prod..*
Cincinnati Ball Crank pref*
100
434
10034
11134
50
734
Cincinnati G & E pref. .100
C N O & T P pfef
Cincinnati Street Ry
8534
Cincinnati Telephone...50
Coca-Cola A
*
For footnotes see page
170
88
Telephone
Sales
Week's Range
of Prices
High
Low
7
26
7
26 34
Range Since Jan. 1, 1937
for
10
96
634
10
30
634
11
5
434
6
9834 10034
323
434
11134 112
7
8534
170
734
Randolph 5530
Week
Shares
10734 10834
11
DETROIT
Buhl Building
July 2, both inclusive, compiled from official sales list
Friday
Hayes
Members
16
280
86
362
170
10
IjOW
High
Detroit Stock
June
1334
Feb
2434
Jan
Feb
634
June
3634
834
7
108
May
1034 June
4
May
9934 June
110 34
June
6 34
June
85
103
111
June 26 to
July 2, both inclusive,
Mar
Sales
Friday
Feb
Last
Par
Stocks—
108
Jan
Auto City Brew
for
of Prices
Low
High
Price
134
com—.1
Jan
Baldwin Rubber com
1
June
100
Jan
Burroughs Add Mach
Jan
180
May
1234
*
1034
Burry Biscuit com
123-4
Range Since Jan. 1,
1937
Week
Shares
Jan
120
Week's Range
Sale
June
1434 June
734
Exchange
compiled from official sales lists
434
12
2234
434
Ws
1234
2334
4%
High
Low
1,008
134 May
934
Jan
683
2234 June
400
400
434
Apr
234
1534
35
734
Feb
Feb
Jan
Mar
Last
Week's Range
for
(GMMUHMMD
Sale
of Prices
Lore
High
78*
1965
1967
MMMDPl row fic
Mtaw row A LI 6a
Mtas River Row 1st 68.1951
79
85
87 H
108
108*
87 H
108
,
67*
68H
92
(♦MImouiI Pub Herv6sl947
%
27,000
47,000
9,000
7,000
92 *
1944
♦MonaooHrtflm otta.1937
Namau 4k Suffolk Ltg 68 '46
Nat Pew A Lt 6a A...2026
Dob 6a scrim B
2030
••Nat Pub Bare 6a ettal978
Nebraska Power 4Ha. 1981
6a aeries A
2022
Naumar Bros Realty 6a '48
Nevada-Call! Else 6a. 1956
New Amsterdam Gas 6a '48
N K Gaa A El Aaan 6a. 1947
t'oov deb 6a..-.—1948
92 H
5
84
85
75 *
77
44 *
44 *
106*
106 H 107 H
114
$109
66 H
66 H
66*
1950
66 H
65*
66 *
ftaw En* Pow A sen 6a. 1948
90 H
89
90 H
1954
New Orleans Pub Sere—
94
92
94
87 *
87
72
74
Debenture 6 Ha
stamped........1942
6a
1949
H Y Central Else 5Hs '50
New York Peon A Ohio—
Ext 4*a stamped.. 1950
N Y PAL Corp 1st 4 Ha '67
N Y Bute E A G 4 Ha-1980
NY A Weatchf Ltg 4a 2004
Debenture 5a
1954
♦IDooms 6a series A.
108H 108H
105H 106
106
97 H
96*
97 H
102
103
103
92 H
91H
Yi
52 H
1966
1969
54
100 * 100*
104* 104 H
D.1956
Ohio Public Service Co—
1st A raf 4 Ha ser
108
105
107* 108
103H 104
104
1961
98*
1946
$105
97
98 H
Jan
74
May
44
May
51
Jan
106 H
June
110
May
Mar
June
100
B......1941
Pacific Invest 6a aer A. 1948
1st 6a series
Jan
99*
121*
65*
June
84*
Jan
Jan
Jan
65H
May
85
Jan
80* May
Apr
113
116
116
Jan
92
Jan
Tide Water Power 5a—1979
"91*
104*
Feb
♦Tlets (Leonard)
'108*
2,000
93,000
59,000
10.000
103
Mar
109*
Jan
Apr
106*
Jan
104*
104*
112*
96
June
Apr
110H
Apr
84
6,000
19,000
Mar
91
Apr
May
1979
1971
69*
~90~
107
8,000
12,000
108
May
Jan
99*
June
May
102* ' Feb
94*
93* June
106*
Apr
104*
Jan
Feb
103
Jan
Un Lt A Rys (Del)
105
Jan
111*
106*
105*
Jan
Mar
May
107*
June
110*
103*
Mar
106*
1st A ref 4 Ha ser D. 1950
Quebec Power 5a
107
91*
16H
69
Jan
99* June
Mar
89*
"l'ooo
32,000
13,000
36,000
June
105*
105
May
109
100*
May
106*
Jan
Apr
Jan
107*
Mar
111*
1,000
6,000
105
Mar
108
8,666
12,000
11,000
3,000
3,000
4,000
2,000
5,000
Ban Joaquin
Bauda
B.1968
103H 103H
80*
78
72*
73*
103* 104*
$23*
108
105*
1956
28*
102
2,000
1,000
100
JAn
108*
62*
106*
102*
70
105*
Mar
June
30*
112
99*
Jan
102
28 H
102 H
..1968
103 H 104
103H 103 H
1970
Sheridan Wyo Coal 6a. 1947
103* 103*
67
67
Sou Carolina Pow 5e.l957
91*
92 X
91
94 *
93 *
Feb
Mar
102 H
103
1st A ref mtge 4s... 1960
Sou Counties Gas 4 Ha 1968
1951
75
S'weatern Assoo Tel 5a 1961
94
Sou Indiana Ry 4s
S'weatern Lt A Pow 5a 1957
102 H
73 H
93 H
94
101 H 102 *
So'weat Pow A Lt 6a._2022
186 *
So'west Pub Serv 6s_. 1946
104
75
89
July
103
94
94*
2,000
94
June
102
Jan
Jan
106
Feb
Mar
107
June
Feb
103
Mar
—1944
— —
—1952
E
5s series
104*
105*
102*
$105* 107*
109
$107
$103
92*
5s Income deb
Jan
115
89*
Jan
Jan
13,000
92
June
104*
Jan
88*
89*
93*
89*
6,000
87
June
102*
Jan
84
93*
Va Pub Serv 5*s
84
5,000
80
June
101
Jan
June
29*
14,000
27*
104* 105*
106* 106*
11,000
104*
4,000
106*
105* 105*
13,000
27*
'105*
95
95
$103
93
32* June
July
108
Jan
Apr
107
Mar
103
June
106*
95
Feb
1,000
bb'obo
June
105*
106
105
91
2030
West Penn Traction 5s '60
Apr
114*
Jan
91
June
99*
79*
105*
Jan
Feb
Jan
Apr
Jan
57*
54*
104* 105
104*
12,000
49*
May
19,000
103*
Mar
107* 107*
106* 106*
West Newspaper Un
Yadkin RJver Power 5s
1,000
108
Feb
107
Apr
102*
Apr
Jan
8,000
105*
105*
92*
103*
Feb
7,000
June
58,000
81*
May
107*
100*
Jan
Jan
93
94
94
103* 105
91
91*
*41
"91*
1937
York Rys Co 5a
19,000
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
♦20-year
7a
...1946
108
Apr
107
Jan
Buenos
Apr
June
23* June
85
Jan
107*
Apr
109
Jan
81
Mar
104
1951
♦Prov Banks 6s B..1951
June
98*
June
98* June
102
Feb
Danish
5s
Mar
25
July
129
Mar
147
Jan
Apr
Mar
112
Jan
103*
105*
Apr
101
Mar
103*
Jan
101
Mar
104*
June
108*
1947
23*
96
Jan
69*
May
92*
Jan
103*
Jan
Jan
Jan
100
22*
June
104* May
Mar
Apr
107
27
Jan
Mar
23* June
Jan
108*
May
June
18*
Mar
100*
127*
107*
22
1,000
27*
Jan
1,000
20
Mar
26*
Mar
3,000
99
Apr
102*
Jan
97
Apr
101*
Feb
25*
25
7s
17
Mar
24*
July
Apr
23*
July
18
Jan
Mar
24*
Jan
29*
31*
$13*
~9",6b6
lb'ooo
Feb
21
Feb
90* June
96*
Apr
14
June
92
93
23*
24*
4,000
22
Apr
$23*
16*
$10
24*
16*
22
21*
Feb
27*
27*
Feb
Feb
"5",000
15*
Jan
21*
Mar
99
99*
14,000
95*
Apr
24*
26
9,000
23*
June
34
Jan
May
35*
July
Jan
Apr
92
♦Issue of Oct 1927
♦Mtga Bk of Chile 6s. 1931
1931
99
7s
1958
♦Rio de Janeiro 6 *s-1959
♦Russian Govt 6 *$...1919
"25*
♦6*s certificates—.1919
♦Parana (State)
26*
1*
5,000
3.000
1*
"I*
25*
1*
1*
21*
1*
32,000
1
1 *
1 *
1 *
37,000
"T*
1*
16,000
100* June
1* June
1*
Jan
Jan
♦Santa Fe 7s stamped. 1945
74
74
74
♦Santiago 7a.........1949
♦7a
1961
16*
16*
16*
Mar
Mar
June
17*
132
May
5,000
25
5,000
May
Feb
47
25*
Jan
2,000
Jan
29
77
Jan
17
23*
20*
29
15
107
110*
Apr
17
24*
Apr
Mar
50
23*
1921
♦5*« certificates—1921
28* June
Feb
1,000
17,000
23*
$18
26*
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
6s stamped
Apr,
24*
♦MedeUin 7a series E. 1951
105*
98*
Feb
19*
23
1958
105* May
Mar
11* June
23*
Peru6*s-'68
Mar
May
2,000
25
♦Hanover (City) 7a...1939
♦Hanover (Prov) 6 *8.1949
102
May
June
65*
24*
♦Maranhao
70
95
21
65*
103* June
73
Mar
99*
Apr
09
May
$99*
100*
June
83*
84*
25*
24*
♦Lima (City)
94
5,000
100* 101*
Danxlg Port A Waterways
External 6 *s
1952
♦German Con Munlo 7s *47
6s
Feb
4,000
1963
♦Secured
Feb
Mar
95
11*
1955
6*s
25
93
11*
..1952
♦6s series A
29*
Jan
93*
25*
Feb
71
30
Apr
18*
93
...1962
93*
Jan
Apr
22* June
22
25
24
25
(Province)—
Aires
♦7s stamped
♦7*s stamped.....1947
♦Cauca Valley 7s
1948
Cent Bk of German State A
104
18
$23*
$23*
$23*
1947
♦20-year 7s
♦Baden 7s
11*
♦5*a
$16*
2
1*
1*
Jan
JH
Apr
Apr
ADr
1,000
62*
Jan
81*
Mar
1,000
15*
May
20*
Mar
Jan
20*
Mar
16
18
Mar
102
Jan
103*
Jan
107*
May
105
104*
Feb
Feb
105.
Jan
72
Mar
•
91*
June
101
Jan
No par value,
a Deferred delivery sales not
the rule sales not Included In year's range,
r
90*
June
109*
Jan
range.
66* June
%
Ex-dlvklend.
103
Mar
107
Jan
99*
Mar
108
y
Apr
108
Jan
Included In year's range,
n Under
Cash sales not Included in
year's
Ex-Interest.
No sales wera transacted during
current week.
Jan
99*
104
Mar
110*
♦
Bonds being traded
flat.
( Reported In receivership.
1 Called for redemption
102*
Jan
105
Jan
May
10,000
4,000
25,000
73*
July
87
Jan
yearly range:
93*
May
103*
Jan
No s&lea.
104
Jan
22,000
100*
99*
85
88
104H
Jan
69* June
Jan
104*
18,000
105* 106*
100* 102 * 115,000
9,000
100* 103
14,000
106H 107
103 * 104
7,000
Jan
1,000
$ Friday's bid and asked price.
1945
Ref M 3*s.May i i960
Ref M 3*a B July 1 '60
96*
6,000
Feb
Sou Calif Edison Ltd—
Debenture 3 Ha
Jan
Jan
107
89
77
3,000
28,000
1,000
13,000
1.000
16,000
3,000
10,000
1,000
10,000
59,000
Apr
70
Jan
Jan
"s'ooo
32
102*
FOREIGN GOVERNMENT
14* June
18
26 *
106* 106*
104"
1st 4 Ha series D
Southeast PAL 6s. .2025
'
$127* 130
110H
$110
$25*
4 Ha aeries B
26
104* 105*
•Sobulte Real Est 6s.. 1951
Shawtnlgan W A P 4 Ha '67
101 H
107* 108
12*
12*
•Baton Pub Wks 6s.. 1937
Bertpp (E W) Co 6HB-1943
Serve! Inc 5s
1948
26,000
91,000
16,000
16,000
4,000
101H
77 *
26
11,000
89
Mtge Bk of Denmark 5s '72
L A P 6a B '62
Fails 5s
104
76*
|»Ht L Gaa A Coke 68_.*47
Ban Antonio P 8 5i
103*
100
103*
89*
94*
69*
Mendoxa 4s stamped. .1951
♦Ruhr Gaa Corp 6 Ha. 1953
♦Ruhr Housing 6 Ha.. 1958
Safe Harbor Water 5 Hs '79
26,000
11,000
7,000
14,000
10,000
9,000
105H
103
104* 104*
"73*
June
June
Mar
88*
18*
~
72 H
103
1968
June
June
71
Jan
88
"le'ooo
107*
105
Queens Boro Gas A Eleo—
6 Ha series A
1952
25
69
15,000
89
57
103
6,000
100
Mar
19*
lb'ooo
75*
70
6s series A
6s '44
West United G A E 5*i '55
Wheeling Eleo Co 5s..1941
Wlso-Mlnn Lt A Pow 5s *44
Wise Pow A Lt 4a
1966
106
110* 111*
79 *
July
1952
1973
ds series A
West Texas Utll 5s A 1957
June
133* 133*
101H
27
Utah Pow A Lt 6s A..2022
Jan
Public Hervloe of N J—
1st A ref 5s series C. 1960
Mar
June
Jan
88
105*
105*
Pub Serv of Nor Illinois—
Paget Beund P A L 6 Ha '49
20*
71
93
6,000
14,000
25
1
Pub Kerv of Oklahoma—
4a series A..
1966
15,000
103
West Penn Elec 5s
25
4 Ha aeries
79*
31,000
Jan
July
Jan
Feb
Mar
105
Vamma Water Pow 6*s'57
June
Apr
66*
103
Apr
Jan
96
Apr
105
5*s '52
Utica Gas A Eleo 5s D 1956
90*
May
108
June
Feb
Apr
59",000
108
106*
79
Jan
Jan
Mar
June
20,000
93*
102*
June
99 H
55
81
117
Mar
70*
Jan
94*
79
Wash Water Power 5s. 1960
113
Apr
80
27*
94*
109
June
29
103
103*
105*
115
Jan
23* June
"4~,666
United Lt A Rys (Mel¬
Jan
Jan
74*
75*
1974
1959
6*s
5*8
Jan
106*
69*
71
1954
99
103 *
"lb",000
104*
Mar
$26*
1945
f 6s
105*
104*
105*
♦
74
F.1981
1960
Feb
June
18*
27
27
Wash Ry A Eleo 4s... 1951
98*
1st A ref 4 Ha ser
113
90*
117*
Wash Gas Light 5s... 1958
98*
103 H
106* May
Mar
Jan
71
1956
Feb
111
Jan
98 *
1978
1980
106
June
102*
B '59
1966
June
is'ooo
$112* 113*
68* 69
United Lt A Pow 6s...1976
s
Jan
Feb
40*
May
June
♦United Industrial 6 *s.'41
107
106
30
104
June
United EI Serv 7s ex-w 1956
Jan
100
98* June
1,000
51,000
30
104*
103
.1949
-
Feb
105*
103*
119
Power Securities 6s... 1949
1st A re! 5a
77,000
Jan
80
5,000
Mar
106* 107
6a series C
100
Jan
98*
85*
Jan
66
9,000
Mar
8,000
1,000
2,000
35,000
105* 106
4 Ha
June
10,000
Waldorf-Astoria Hotel—
H« series F
1961
Potrero 8ug 7a stpd—1947
6% perpetual certificates
64*
67
7,000
Jan
Potomac Edison 6a E.1956
Electric 6a. 1954
7,000
109* Mar
107* June
May
66*
103
108
102* 103*
24 H
$23*
4
Mar
78*
103*
1957
102* June
92
70
106*
10,000
105* 105*32
103* 103*
1967
1946
110H 111
91H
$88*
Eleo 6a. 1953
aeries D
4Hs series E
5s series B
Jan
3l",066
82
$— 106*
92
90*
29
$23*
107* 108*
105*
1954
Jan
14H
Portland Gaa A Coke 6a '40
•Prussian
5s series A
Jan
90
107*
106
49* June
100
72*
67*
Mar
75
June
90*
••Peoples Lt A Pr 6a..1979
Pblla Elec Pow 6 Ha—1972
Fbtia Rapid Transit 6s 1962
Pledm't Hydro El 6 Ha 60
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6a...1948
102*
May
May
15,000
May
107H
107
4 Hs scries B
1968
Peoples Gaa L A Coke—
4s series B
.1981
Jan
106*
33,000
86
$107* 108*
Penn Water A Pow 6a. 1940
49*
Mar
107
110
Jan
May
37
102
10,000
Jan
v
5,000
3,000
50*
96*
3,000
2,000
14,000
107
1954
45
50*
Conv 6s 4th stamp. 1950
Mar
106*
21,000
3,000
19,000
17,000
20,000
2,000
7,000
15,000
102H 102*
Penn pub Serv 6s C..1947
60*
Apr
78*
14,000
5,000
3,000
97 H
92
92
37
75*
A.. 1946
1st ref 6s series B
1950
100* 100H
B..1959
1,000
49 *
100*
108*
116H
88
50
Union Eleo Lt A Power—
United Eleo N J 4s.
Mar
44*
June
78*
107
87
71H
1950
Power Corp(Can)4 Ha
Jan
Jan
100*
47
Jan
96
30* June
104
Jan
113* 113*
Pomeranian
Jan
May
May
86*
Feb
Mar
102
30,000
Ulen Co—
Penn Ohio Edison—
•
5a..1956
2022
105
100
Mar
96
35
30
6a-1945
Apr
$102* 103 *
90 *
90 *
91 H
96
97*
D
(♦Texas Gas Utll
7 *8.1946
1962
Twin City Rap Tr 5*s '52
99* May
Mar
96
62
99
Texas Elec Service
6s
95*
39,600
64*
66*
6*s-1953
5e.l960 "loo"
95*
July
72
Mar
June
June
63* June
94* June
107* 107*
"66"
85H June
June
95
37,000
94*
80*
84*
101*
102*
July
89
Mar
June
68
$107
98 H
97 H
97 H
Peon Cent L A P 4Ha. 1977
6a series
107*
96
1938
Deb 6Hs series
1957
Tennessee Elec Pow 5s 1956
Tenn Public Service 6s 1970
6s series B
Ternl Hydro-El
95
67*
63*
65*
105
105*
104* 105*
105*
105
Pow 6a.. 1942
1955
6# series A x-w
1970
1954
90H June
65*
Jan
Jan
Jan
2d stamped 4s
Syracuse Ltg 5*8
Mar
65* June
50,000
Stinnes (Hugo) Corp—
1st 4 *s
95
45
34*
37~,66O
103* 103 H
Pacific Pow A Ltg 6a..
5e
Jan
June
67*
33
1940
2d stamped 4s
1946
Super Power of 111 4 *s '68
110
High
Lore
21,000
10,000
14,000
22,000
50
•Standard Pow A Lt 6sl957
83*
68
"67"
♦Starrett Corp Inc 5s. 1950
Pacific Gaa A Elec Co—
Penn Electric 4s F
Standard Inveetg 5*s 1939
98*
86
Pacific Coast Power 6a '40
Pacific Ltg A
63*
$93
63*
Feb
Jan
106
98 *
87
Okie Power A Water 6a *48
Palmer Corp 6a
68*
4 *8-.
Okie Nat Gaa 4 Ha..-1951
6a conv debs
108
105H 106
105
105H
106
1953
..1954
94 *
93*
94 *
N'western Pub Serv 5a 1957
Owden Gee 6a
1945
Ohio Power 1st 5a B..1952
97 *
96 *
1970
E
e6s.Dec 1 1966
Debentu
♦1st
100* 101H
101
N'western Elec 6a atmpd'45
6 Ha series
1951
65*
107*
97*
Indiana P S—
6a series D
65*
68*
107
$107* 109
Ne Indiana O A E 6a. 1952
6s series C...
68*
4*s
54
series E
♦Certificates of deposit
July
$112* 114
$86
88
Nor Coet'l Utll 6 Ha.-1948
4 Hs
"68*
June
126*
67*
68*
68*
68*
68*
1935
♦Convertible 6s
Toledo Edison 5s
92
6a series D
Feb
Jan
14*
July
103
8,000
2,000
2,000
100* 101
1956
6a series C........
100*
5*
Ne Amor Lt A Pow—
Northern
June
68*
66
Texas Power A Lt
Nippon El Pow 6 Ha..1953
A Ha series A
84*
92
40,000
4,000
36,000
8,000
32,000
34,000
38,000
87 *
72
Goes deb 6a
109*
67 H June
lb",000
84 H
83 *
117H 118H
67 H
66 *
67 *
Feb
67*
♦Certificates of deposit
Range Since Jan. 1 1987
%
Low
68*
(♦Stand Gas A Eleo 6sl935
Jan
Apr
Feb
100*
107
13,000
8,000
7,000
33,000
101
100
84
118*
May
84*
116*
103 H
103
103
4,000
5,000
6.000
t
5*
5*
K
Jan
99
77H June
Debenture 6s..
Dakota Power—
6 Ha
Price
High
for
Week
of Prices
High
Sale
(.Concluded)
Lore
Week's Range
Last
BONDS
11937
Range Since Jan.
Week
Price
Sales
Friday
Sales
Friday
BONOS
Montana
83
New York Curb Exchange—Concluded—Page 6
Volume 145
Mar
June
104*
Jan
Ma>
106
Jan
e
V
Cash sales transacted during
the current week ana not
Under-the-rule sales transacted during the
or yearly range:
included In weekly or
current week and not
Included In
weekly
No sales.
a
Deferred delivery sales
transacted during the current week
yearly range:
5 *8,1954, June 24 at 71*.
Pub. Serv. of Nor. 111. ser. E 4*s, 1980, June 25 at
In weekly
and not Included
or
Federal Water Serv.
"v t
104*.
certificates of deposit: "eons," consolidated
"conv," convertible; "m," mortgage; "n-v," non-voting stock;
c," voting trust certificates: "w L" when issued; "w w." with warrants; "x-w"
Abbrevia'ions
Used Aboee—"cod,"
"cum," cumulative;
without warrants.
84
Financial
Chronicle
Other Stock
July
Exchanges
Sales
Friday
New York Real Estate Securities
Last
Bid
B'way & 38th St Bldg 7s 45
94
Bryant Park Bldg 6 Ms 45.
Drake (The) 6s
1939
11 West 42d St 6%S-1945
40 M
32
Fox
Theatre
and
Ask
Unlisted Bonds
Bldg 6 Ms
1941
Bid
Ask
29
21
38
56 M
Lefcourt Manh Bldg 5s "48
67
27 M
Lincoln Bldg Corp v t c
5M
1948
12
11
12
*
14
14
14%
1
3
York
and
16%
52c
25
60c
*
7X
2%
13%
19%
com.
Members
Associate
Nero
York
Curb
"37%
JaD
9%
2%
29%
7
16%
July
23
52c
July
1%
44%
25
25
841
June
34% June
710
6%
Mar
Mar
Jan
June
Jan
Jan
60
Mar
Jan
Mar
245
2%
Feb
412
12%
June
16%
Feb
19%
245
17% June
33%
Jan
Jan
1%
300
37%
31%
785
34% June
Feb
3%
41% May
33
1 %
June
31
186
25%
86%
85
87
822
84
39%
40
114
36 %
Apr
6,690
1%
Jan
12%
July
Feb
19%
12%
Feb
6%
Jan
46
Feb
78% June
89
Feb
83
95
Jan
1
2
2%
13%
7%
*
.__*
(S_D) Co
Mar
31
25
Waldorf System Inc
Apr
Mar
40
Corp.25
Warren Bros Co
Warren
11%
x6
142
2%
13%
18%
1%
34%
*
*
Feb
June
36%
7%
6%
2%
12%
Mar
19
680
30
>
25
34%
50
25
Jan
99c
56
2,338
16%
Jan
3%
Mar
July
6% Mar
3H
Apr
114% June
3% June
2,990
19
25
Preferred
Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Chicago Stock Exchange
1%
1
Union Twist Drill Co.—5
Stock
4%
3%
19
16%
United Shoe Mach
228
Feb
6%
May
5c
41
210
*
TorrlngtonCo (new)
Broadway
50
1,660
2,838
2%
100
100
Suburban Elec Secur
1,100
25c
7%
8%
3%
4%
114% 119
8%
4
Reece Folding Machine. 10
Yak. Pa
Baltimore
Jan
42%
41
119
North Butte
3
25c
25c
41
*
Utah Metal & Tunnel
New
Members
Jan
50
Apr
Stone & Webster
NEW YORK
Louisville, Ky.
Haaerstown, Md
2
Mar
Old Colony RR
Ctfs of dep
STEIN BROS. &> BOYCE
BALTIMORE, MO.
June
2
New England Tel & Tel 100
N Y N H & H RR(The) 100
Exchange
39
July
1
35
Shawmut Assn tr ctfs...
Established 1853
14
10
Mayflower Old-Col Cop 25
Jan
155
204
Nat'l Tunnel «fc Mines
4%
14%
20%
445
1
3%
Pennsylvania RR
Quincy Mining Co
6. S.Calvert St.
High
June
37%
Pacific Mills..
Baltimore Stock
10
3X
3
Inc...
14%
Unlisted Stocks
on
Low
318
37%
Old Dominion Co
Orders Executed
Range Since Jan. 1, 1937
Shares
__*
Linotype..*
Narragansett Racing Ass n
16 M
2124-34 Bway Bldgs 6 Ms 43
61M
*
Price
Mergenthaler
City & Suburban Homes..
Majestic Apts 6s
23
79 M
40
1088 Park Ave Apts 6sl939
250 West 39th Bldg 6s 1937
Harrlman Bldg 6s
1951
Internat Commerce Bldg—
6 Ms-—
1943
Gilchrist Co
Gillette Safety Raaor
Preferred
Pennsylvania Bldg ctfs
600 Fifth Ave 6Ms... 1949
Par
Isle Royal Copper Co.._26
Mass Utilities v t c..
*
6
Prudence Corp 4th ser 6s 38
10 East 40th St Bldg 5s 63.
10M
Week
Hathaway Bakeries cl B__*
Place Dodge Corp—
Income bonds v t c...
45
for
of Prices
Low
High
Stocks (Concluded)
Park
Office
Week's Range
Sale
Exchange
Closing bid and asked quotations, Friday, July 2
Unlisted Bonds
1937
3,
2%
13%
12%
7%
35
_*
130
30
7%
37
Feb
35
150
Mar
98
Jan
46%
2%
Jan
Mar
.
Jan
Jan
Exchange
Bonds—
Baltimore Stock
June 26 to July 2,
Exchange
Ser B 5s
78%
78%
84
1948
84
2,000
$3,000
June
both inclusive, compiled from official sales lists
Sales
Friday
Last
Sale
Stocks—
Eastern Mass St Ry—
Series A 4%s
1948
Par
Price
Week's
Range
for
Range Since Jan. 1,1937
CHICAGO
Week
of Prices
High
Low
Shares
Low
SECURITIES
High
Listed and Unlisted
Arundel Corp
20%
1st pref vtc
Black & Decker
20%
1,165
18
49
*
Atlantic Coast L (Conn).60
Bait Transit Co com v t o. *
51M
55
46
1M
355
4M
IX
IX
64
Mar
3
Jan
38
107
26
155
24% June
64
70
553
64
June
112
*
Consol Gas E L & Pow
23%
24%
4
*
com
Jan
Jan
IX May
3% June
*
70
preferred
100
Eastern Sugar Assoc com.l
New York Stock
Apr
Jan
New York Curb (Associate)
60%
Jan
113 M
50
241
21M June
Preferred
22 M
21M
34 M
34 M
120 M 122 M
55
34M June
119X June
1
34 M
20
122%
10
Finance Co of Am ol A
39 X
*
Houston Oil pref
186
34
39 M
13
13M
20M
22
100
22
1,069
9
48
9
48%
13%
Mar
19 M
Apr
23M
May
June
12%
Jan
Apr
Friday
Jan
Last
Jan
Sale
Jan
9
1,624
3
Jan
33
33
70
33
June
25%
26
227
22% May
27%
74
74
162
70
Jan
82
Mar
45
45
20
44
Jan
45
Chicago Stock Exchange
33
National Marine Bank..30
New Amsterdam CasualtyS
14
14
765
to
July 2, both inclusive, compiled from official sales lists
3M
13X
4M
41
June
18%
Feb
Stocks—
Par
Common (new)
Owings Mills Distillery.__1
%
%
300
74 M
73
73
June
95
Feb
15
15
74 M
15
189
Seaboard Comm'l
30
15
Jan
18%
Feb
22 M
21%
22 X
1,178
21
June
29 M
Jan
35
35
55
34
Apr
37
Jan
Aetna Ball Bearing com._l
Allied Labor Inc com
*
A 10
U S Fidelity & Guar
2
Western National Bank_2u
%
% May
1%
Feb
Bait Transit Co 4s
A 6s flat
....1975
B 5s Hat
1975
Read Drug & Chem
5%s '45
28
$22,500
32
99
27%
27 M
32
(flat) '76
99
7,000
3,000
101% 101%
4,000
*
Adams Royalty Co com..*
Advance Alum Castings. .6
27M June
41%
Jan
Allied Products Corp com 10
Class A
25
Amer Pub Serv Co pref. 100
32
June
48
Jan
Annex Hotel Co com...100
99
June
104
Mar
Bonds—
100M
Jan
101%
Apr
Price
Week's
Range
of Prices
High
Low
Range Since Jan. 1. 1937
for
Week
Shares
Low
High
Abbott Laboratories—
Penna Water & Power com *
com
Sales
June
13 X
3M
Merch & Miners Transp..*
Monon W Penn P S 7 % pf- 25
Mt Vern-Woodb Mill pf.100
St., CHICAGO
Apr
June 26
Mfrs Finance 1st pref...25
Mar Tex Oil com class A..
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle
Jan
136
Exchange
39% May
12M
Jan
28
117
Members
Jan
Jan
113
Fidelity & Guar FLe
VmlH.Davis &@<x
Jan
9
89 M
116
6%
Fidelity & Deposit
Apr
45
45
10
45
10
200
45
June
6%
Jan
66%
12%
Feb
750
7%
7%
7%
450
7
June
12%
Mar
.......
11%
12%
350
11
June
10%
June
14% May
17% Apr
23% Feb
26% Feb
Jan
84%
........
.
.
11
..
11
20
*
64%
50
15
13
15
200
13
20%
100
20
July
170
61
June
65
.....
6%
6%
30
8,500
June
6% June
Armour <fc Co common
5
11%
10%
11%
Aro
1
11%
11%
12
300
11%
July
2
1%
2
1,050
1%
June
9
8%
Equipment
com
Asbestos Mfg Co com
1
Athey Truss Wheel capital. 4
7
Jan
16
13%
12
4%
Jan
Feb
Feb
June
Mar
Townsend, Anthony and Tyson
Established
Sale
Par
Price
50
100
167%
Exchange
Sales
Week's Range
of Prices
High
Low
2
2M
159% 167X
108M 108M
130
130M
for
Range Since Jan. 1, 1937
Week
Low
180
2
July
6%
Jan
Jan
14%
Mar
40
176
11M
165
13
139M
20
15
36
14
13 X
14
790
11%
11
10M
11
105
10
350
Jan
130 May
25
50c
Jan
9% June
12
...25
69%
Mar
Apr
May
40c June
66%
Mar
20
Mar
24%
Mar
151
Feb
Common
5
Mar
Feb
150
18%
July
10%
400
10
May
12%
150
9%
Jan
36%
33%
36%
1,100
32 %
Jan
44%
41%
44%
1,300
38%
19
19
100
19
June
22%
12%
12%
100
11
Apr
Mar
Mar
1
Bruce Co (E L) com
Butler Brothers
'
5% conv preferred
30
Castle (A M) common.. 10
Central Illinois Sec—
Common
1
Praf nrrori
common
Preferred
Chicago
Chicago
Chicago
Chicago
Chicago
»
»
Elec Mfg cl A...*
Flex Shaft com..5
& N W Ry com 100
Towel conv pref..*
Yellow Cab Co..*
Club Alum Uten com
*
Cities Service Co com
*
Jan
Commonwealth Edison. 100
Compressed Ind Gases cap*
Feb
Consolidated Biscuit com.l
Continental Steel pref. .100
150
14%
2,100
28%
29%
250
33%
34
350
1%
12%
58%
59
2%
2%
48
6
7
550
1%
12
59
i
States"P&~L pref>
17%
13%
14%
29%
1
Jan
1%
17%
*
..10
17%
5
5
10
4% June
58
55 %
58
146
40
35 M
40
90
55% June
35% June
10%
Jan
81
Jan
69
Jan
Eastern Mass St Ry—
100
1st preferred
100
2M
40%
Adjustment
100
5M
Steamship Lines.*
8%
Preferred
48
100
Employers Group
129%
*
General
*
Capital Corp.
Georgian Inc(The)clA pf20
page 88
8%
2M
40 M
20
2
June
50
40
June
51
Jan
Apr
7
Jan
12
Jan
6
398
8X
115
5%
8%
July
3%
Mar
Vtc pref part shs
50
Corp cap stock
5
Cudahy Packing pref.. 100
Cunningham Drg Stores2%
Cord
Feb
Feb
2%
150
,
60
4,450
Apr
60
June
Feb
Feb
17%
June
15%
30%
13
June
18%
28% June
29% June
36%
Mar
39%
Mar
3%
Feb
1%
12
53%
June
July
June
2% June
19
x81%
6%
Jan
Feb
Jan
70
7
47
June
77
460
48%
5
June
20%
Jan
6%
Mar
Feb
4%
43%
4
4%
6,000
43
43%
450
25
25
200
20
May
32
Feb
60
59
60
450
59
June
77
Mar
600
3
June
3
3%
3%
3%
43
June
June
48
6%
Feb
Mar
105
14%
105
30
100
Jan
14
105
15
400
14
June
27%
Jan
1% May
2% June
2%
Mar
6%
Jan
1%
200
2%
2%
1%
2%
3,500
104
107
39
107
41
5
5%
101
•
600
300
500
101
101
10
2%
107%
18%
3%
2,150
107% 107%
19%
18%
10
103
38%
5
98%
Apr
108
139
Feb
Jan
June
48%
June
11
Jan
Jan
105
Apr
13
June
Feb
19
550
19
200
19%
18
250
20% June
20% June
34
33%
34%
400
29%
May
35% June
7%
700
7
June
100
31
June
550
z4%
July
Jan
12%
40% Mar
5% May
June
54%
Jan
Elec Household Util cap.5
22%
Jan
Elgin Natl Watch
Jan
Fuller Mfg Co com
Gardner Denver Co—
49
1%
June
Jan
26%
Mar
47
Mar
3% June
Feb
22
June
39% June
Feb
Mar
20%
16
50
5%
110%
26%
28%
18
49
10
July
June
20
90
160
2
20%
100
160
300
12%
104%
Apr
18% June
22
16
127% June
50
20%
49
815
13
Dayton Rubber Mfg com.*
Dixie-Vortex Co com
*
49
128M 129M
19
19%
39%
39%
2%
2X
12%
2%
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
16
Econorfty Grocery Stores.*
see
Feb
14%
14%
43%
18%
10%
12%
Consumers Co—
4M% prior pref..... 100
6% cum pref
100
For footnotes
23%
30%
19
18%
10%
20%
East Gas & Fuel Assn—
Edison Elec Blum
Jan
2,450
18%
1
Chicago Corp
30%
Eastern
21%
Mar
5
Jan
Jan
Common
19%
21
19%
Jan
com
147
Apr
40c
Feb
129% June
60% June
8%
*
20%
15
25%
East Boston Co
July
Central
37
Calumet & Hecla
15%
Jan
150
Copper Range
200
Feb
26 %
138
16
187%
26 M
139 M
Jan
15%
......
5
115
26 %
100
Boston & Providence...100
19
159% June
Boston & Maine—
9M
May
107% May
Boston-Herald-Traveller. *
13
Feb
16%
6
221
38
14 %
100
2,598
62
38
100
16%
$1% conv pref
*
Cent 111 Pub Serv pref—.*
Central S W—
High
60 M
"l3~"
15%
16%
Common
Shares
60%
Prior preferred
100
Class A 1st pref stpd.100
Class B 1st pref std—100
15%
(New) com
5
Brach & Sons (E J) capital*
Brown Fence & Wire—
Lewiston
Bigelow-San Carp pref-100
Boston & Albany
...100
Boston Elevated...
100
Common
Mar
17
Borg Warner Corp—
Y. Tel. CAnal 6 154
N
Amer Pneumatic Service—
6% non-cum pref
Amer Tel & Tel
Mar
9
Common
Friday
Stocks-
9
Jan
8% June
Berghoff Brewing Co
Binks Mfg Co capital
July 2, both inclusive, compiled from official sales lists
Last
July
3%
1
Bliss <fc Laughlln Inc cap.5
Portland
Boston Stock
June 26 to
5%
250
Bendix Aviation
Private Wire System
Bangor
200
Bastlan-BIessing Co com.*
New York Curb Exchange (Asso.)
30 State St., Boston
6%
5%
pref.*
Common
UNLISTED TRADING DEPARTMENT
Boston Tel. LAP 7010
200
5%
5%
conv
Backstay Welt Co com...*
Barber Co (W H) com
1
Barlow «fe Seelig Mfg A—
1887
Members
New York Stock Exchange
Boston Stock Exchange
9%
Automatic Products com.5
Autom Washer
New common
$3 cumul
conv
15
7
7%
31
31
1
*
22%
84%
4%
pref...20
,
31
4%
20%
23
1,000
64
64
50
Jan
June
25
Apr
Feb
20% June
23
June
58%
69
Feb
Jan
Financial
Sales
Friday
Last
Stocks
Par
(Concluded)
of Prices
Low
High
General Candy Corp cl A. 6
5%
4%
2,200
3% June
10%
Jan
34%
34
34%
350
34
July
42%
Mar
18%
18
18%
700
18
June
29%
14
Apr
3%
4%
Common
Goldblatt Bros Ino com..*
Great Lakes D & D com..*
Hamilton Mfg cl A pt pf 10
Hupp Motor com (new).-l
Illinois Brick Co cap
10
111 North
'"s%
3
12
11%
200
60
650
9
8
8
39
Joslyn Mfg & Suppl com .5
Jan
Friday
49
Mar
Last
Week's Range
for
10% May
Sale
of Prices
Low
High
Shares
June
20%
250
19% June
27
23%
2,050
20% June
29%
39
150
37
June
51
46
150
45% June
46
June
20%
10%
9%
22
25
60
Kerlyn Oil Co cl A com..5
16 %4 June
29% June
17%
17%
15
30
30%
352
Feb
Goldsmith
43%
Jan
Hatfield prior pref
7%
Mar
450
6
2%
150
1%
May
Jan
k
'
*
Feb
3%
Mj
Jan
13%
Feb
34%
Mar
6%
6%
6%
30
5
5
5
25
100
9
9
9
15
9
Preferred
25
130
25
17%
150
12%
250
16% June
9%
Jan
8%
41
4
4,150
4
300
40
100
48
Electric com...6
2%
Mapes Cons Mfg cap
*
Marshall Field common..*
24%
Mer <fc Mfrs Sec cl A oom.l
6%
24%
__*
Mlckelberry'a Food Prod—
Common
__1
6
2%
8%
Stock purchase warrants
2%
38%
Mar
7%
2%
48% June
Jan
2
June
19% May
15% Mar
12%
Jan
19
100
25
4%
Mar
4%
June
33
Jan
6%
42% June
Mar
54
25
30%
June
June
10
10
10
*
56%
56%
57%
7 % pref A
Miller & Hart Inc conv pf
19
19
19
8
137%
*
Montg Ward & Co cl A
Nat Union Radio
% June
3% June
1%
1%
39
Noblitt-Sparks Ind com..6
9%
7%
135
3%
12%
12%
12%
10
12%
Apr
10
100
100
8%
8%
8%
10
Western Bank
Wurlitzer
Preferred
7% pref...
Pea body Coal Co B
Penn G & E A
21
10
3
2
20
1% June
3%
3% June
120
35%
100
35
28%
5
111
111
8%
46%
156
Feb
May
32
fjivn
28
150
June
36%
3%
250
1%
Jan
350
37% June
50
5% June
Feb
58
Last
9%
Process Corp com
A10
19%
a
American Coach & Body.
1%
700
Common
12
100
12
May
2%
17%
33
60
30
May
35
2%
1%
900
1%
200
1%
'
Preferred
*
100
...
3%
1% June
1% June
3%
Cleveland Ry
Jan
4%
pref.*
Cleve Elec 111 $4.50 pref..*
Jan
v
IIo"
June
110
103% June
Feb
Mar
Jan
112
Jan
63%
63%
4%
Mar
June
50
Mar
Jan
June
46
46
49
480
46
46%
45%
49
158
45%
July
% June
100
40%
101%
Jan
1,173
32
Commercial Bookbinding.*
53
53
75
30
54
May
*
85
85
36
68
Feb
95
Mar
June
Faultless Rubber
*
25
26
100
25
Feb
30
450
109
29
29
105
27
June
49%
Feb
21%
21%
100
21%
July
21%
July
109
111
50
22%
121
18
Cliffs Corp vtc_.
May
Jan
5
5
100
4
1%
2
100
Grelf Bros Cooperage
1% June.
Halle Bros pref
Feb
34%
83%
Hanna
May
July
Jan
Apr
May
42
350
300
19% June
28%
88
150
81%
95
10%
11%
400
10% June
30%
30%
11%
36
20%
87
1
35%
20
36
*
31
150
16%
May
29
*
14%
Cumulative preferred.30
So Bend Lathe Wks cap.. b
5
96
Southwstn Lt & Pow pref.*
Standard Dredge com
*
90
4%
17%
30%
110
28% June
21%
400
Jan
1
Jan
Metropolitan Pav Brick..*
Jan
Natl Tool 7% cum
4%
4%
4
2,400
June
Apr
Jan
16%
18
850
15%
19
100
17% May
Swift International
16
30%
Swift A Co
26
23%
22%
Sundstrand Mach Tool Co*
20%
20
8%
9%
July
5%
Nineteen
Jan
pref. 100
Hund Corp cl A.*
Ohio Brass B
Patterson-Sargent
*
*
Peerless Corp
3
*
June
33%
Mar
Richman
28%
28%
Mar
Sei berling Rubber—
June
Mar
June
15%
Mar
30
800
1,600
400
20
8%
100
8
20
700
June
23
'
*
100
1
...1
8% cum preferred
S MA Corp
Upson Walton
May
3%
1,900
%
%
150
7
2%
2%
950
3%
Feb
2%
4%
Apr
Warren Refining
3%
__5
*
2
2
Jan
Weinberger Drug Inc
*
6%
Feb
2%
Jan
20
531
13
June
27
41
Apr
40
Jan
k
Van Dorn Iron
...
459
5%
4%
5%
:.
15
17
29%
56%
17
29%
56%
,60
20
12
16
696
24
10
6%
45%
6%
17
24
24
6%
48
7% June
4% June
11
Jan
29% May
Jan
44
14% June
June
23
30
58%
60
11%
20
Feb
Feb
20%
34
Mar
Feb
525
3%
Jan
7%
Mar
473
45%
July
Mar
6
6
20
6
June
43
60
38
June
64
15
15
Apr
19
9%
9%
6%
13%
9%
7
3%
13%
3%
Mar
Mar
13%
3%
Jan
Feb
67
38
212
8%
Jan
250
6%
June
70
23
25
55
95
23
Jan
Mar
30%
13%
45%
"38"
Feb
8% June
57%
9%
WestResInv6% pref. .100
Corp—
% June
2% June
9
18
*
Packer Corp
Jan
20% May
20% Mar
15% Mar
22% June
30%
23%
20%
20%
20
Trane Co (The) com
2
Utah Radio Products com *
9%
50
95
10
14
55
7
Mar
8%
12%
43
107
37%
May
60
44
£27%
Jan
23
55
43
May
24
41
44
June
Mar
24%
1,445
Apr
73%
31
*
5
Jan
18
Feb
56%
Medusa Portland Cement *
(A G) class B
12% June
60
McKee
96
90
147
Mar
20
40
14
58%
13
200
19%
May
104
24
*
96
90
9%
30%
Thompson (J R) com...25
35
Jan
50
June
31
12%
*
Leland Electric
Arp
Mar
18%
Convertible preferred..*
*
Storkline Furn com.....10
Stein (A) & Co com..
40
60
June
99
8%
5
20%
25
7% pf 100
Jan
June
46
16
Lima Cord Sole Heel
Mar
*
*
51
30
99
12%
*
Jaeger Machine
*
Kelley Isl Lime & Tran—*
Feb
67
46%
57%
14
*
51
99
Interlake Steamship
Mar
Jan
51
(M A) $5 cum pref *
Harbauer
34%
46%
"5l"
A..*
100
Lamson & Sessions
Slgnode Steel Strap—
32
General Tire & Rubber. .25
15
Schwitzer-Cummlns cap.. 1
Sears Roebuck & Co cap.*
"34"
*
Federal Knitting Mills
Apr
50
135
72
Convertible pref
Jan
85
Elec Controller & Mfg
34
com
32
Jan
10
Common..
100
Certificates of deposit 100
Jan
20
South Colo Pow cl A
17% June
50
375
Jan
99%
73
8'west Gas & Elec
33
89%
122
23
Common
17%
32
June
Feb
120
June
72
Serrick Corp cl B com
21
Apr
70
23
com
20
Feb
14%
June
114
pf.*
Sangamo Electric
June
18
109% June
St Louis Nat Stockyds cap*
conv
10
275
60
300
74
115
22%
..5
Rollins Bos Mills
65
19%
40
70
135
t o 50c
6% pref v t c
10%
18%
103% 105
105
1,1937
High
Low
Shares
85
1
Cleveland Cliffs Iron
Feb
official sales lists
,.44H
Range Since Jan.
for
114
10
Raytheon Mfg com
566
109% 109%
74
100
Rath Packing com
Exchange
Cleve & Buffalo Transit-.*
....100
com
May
J17%
I 32
*
Clark Controller
jafl
2% June
1,150
1%
City Ice & Fuel
Ja11
Jan
12
2%
*
6% preferred
Utll & Ind
10
Akron Brass
Jan
Public Service of Nor 111—
7% preferred
Quaker Oats Co
__*
Jan
33
High
Price
54
...»
134
Week
of Prices
Low
Par
Stocks—
10
~T%
Jan
Sales
Week's Range
Sale
Feb
23%
*
92
Cleveland
Friday
23%
1
8
A. T. A T. GLEV. 565 &
Feb
100
Pines Wlnterfront com
May
July 2, both inclusive, compiled from
16%
Prima Co com
26
Cleveland Stock Exchange
June 26 to
Feb
81
1%
Mar
Jan
10% June
12
Jan
Mar
12%
sd<IwOODcV>
Telephone GHerry 6050
57% June
23% June
1%
Apr
*
Feb
6%
21
Jan
70
*
8% June
16
114%
Union Trait Building,
Feb
27%
10
1%
June
135% June
110
28%
June
850
6
Feb
25
21
21
CILLI
Jan
11
com
4
4
4
Members Cleveland Stock
58
com
34%
Jan
10%
Perfect Circle Co com
Jan
Feb
Ohio Listed and Unlisted Securities
57%
"l6%
25%
25
25%
Jan
11%
38
Apr
50
100
prior Hen
June
US Printing
Jan
Northwest Bancorp com..*
Northwest Utll—
25
pt Preferred
Mar
3
10
39
5%
260
June
Feb
23%
Feb
10
9%
8%
2%
1%
37%
5%
North Amer Car com...20
July
*
10
*
Rapid
U S Playing Card
Jan
2% June
1% June
2%
1%
1%
June
27
1
6
27
Jan
12%
850
28%
com
6
20
6
27
2
65%
Jan
Feb
Jan
28
National Battery Co pref.
com. 10
National Standard
June
55%
Jan
18% June
6
Jan
15%
7%
450
137% 138
2
2
27
Jan
5
1% June
7% June
5
3%
Feb
May
*
B
Feb
31%
2,100
fi%
35
Modine Mfg com
101%
4%
10%
Apr
2% June
2
2%
100
100
..100
100
Mar
1% June
55
*
Preferred
Jan
Feb
10
128
Jan
49%
Mar
7
1,100
5,150
3
*
preferred A
7% prior lien
50
1%
10%
1%
10
Jan
16
98
Procter & Gamble
57% Mar
4% June
Jan
21
4%
%
Common
6%
25
1%
10%
Midland United Co-
6% prior lien
96
100
*
Magnavox
National Pumps
Jan
45
Apr
50
2,150
1,800
2%
8%
2%
.%
41
50
24%
24%
22% 1 24%
5%
6%
27
27%
2%
Jan
3% June
30
49
2%
2%
Jan
16%
20
148
48%
McQuay-Norris Mfg com.*
Manhatt-Dearborn com..*
May
4
100
33
40
40
40
110
3%
4
3%
5
,
29%
"33"
8% June
250
9
40
41
*
Conv preferred A
Midland Utll—
43
99
100
100
2.50
Feb
8%
5%
May
41
44%
*
Hobart A
Jan
36
June
40
Randall A
1,450
25
6% July
4% May
*
Mar
Feb
27%
34% June
June
12
Kahn 1st pref
June
7%
9
11%
$3% preferred
*
Lindsay Light com
10
Lion Oil Refining Co com.*
Middle West Corp cap
25
17%
28%
17
17
10
Prior preferred
17% May
59
30
Apr
25
Cumulative preferred..*
Llbby McN & Libby—10
Lincoln Printing CoCommon
...—*
McGraw
50
*
June
17%
25
6
8
Lynch Corp com
18
25%
*
Feb
Mar
2%
Common
Loudon Packing com
18
25%
Gibson Art
16%
12%
Leath & Co—
LeRol Co com
7%
18
25%
Formica Insulation...
9% June
170
7%
9
May
*
8% June
6
6
High
Low
7
270
7%
10
*
Eagle-Picher Lead
1,000
800
Price
Par
Dow Drug
2,800
26
9%
9
Ky Utll Jr cum pref
Range Since Jan. 1,1937
Week
Feb
Feb
Stocks (Concluded)
Early & Daniel
10 y8
1
La Salle Ext Unlv com
Feb
19%
21%
Co—
Common
Kellogg Switch & Sup com*
Ken-Rad T & Lamp com A*
Sales
no
45%
"23%
Co cap
1
Jefferson Electric Co com.*
Jarvls (W B)
Phone Cherry 6711—First Boston
Jan
19%
June
99% May
37% June
50
37%
Jan
CINCINNATI
Wire—Bell Sys. Tel. Cln. 291
BLDG.
UNION TRUST
Mar
Apr
4
May
37
Iron Firem Mfg com v t c_*
Katz Drug
200
105
37%
Indiana Steel Prod com__l
8% June
3%
11%
100
Indep Pneu Tool(v t c)cap*
200
fit CO.
BALLINGER
Jan
11%
13%
May
1,000
*
103
105
Utll pref
9% May
8%
9
9
9
8%
3%
9
50
10%
10%
.....
Helleman Brew Co G cap.l
Heln-Wern Mot Pts com.3
Unlisted Securities
Cincinnati and Ohio Listed and
Feb
5% May
Mar
4%
Gen Household Utll—
Exchange
Markets in
Active Trading
19
14% June
200
2,360
Members Cincinnati Stock
High
Low
Shares
14%
5%
14%
General Finance Corp com 1
1,1937
Range Since Jan.
for
Week
Week's Range
Sale
Price
Chronicle
95
100
3% June
17%
Feb
90
Jan
14
Apr
Apr
Jan
Mar
Feb
Jan
5%
25% June
Apr
100
Viking Pump Co—
Preferred
40
__*
Wahl Co (The) com
2%
__*
*
28
Wisconsin Bankshs com..*
8
Walgreen Co
common
Woodall Indust
com
2
25
7%
40
2%
28
8%
39
Jan
250
2
June
1,000
525
June
.10
450
10
10
10%
250
33%
2
Zenith Radio Corp com.. •
31%
33%
1,050
6% May
9% June
30
June
40
Jan
5
49%
12
Jan
Feb
Mar
15%
Watling, Lerchen fit Hayes
Feb
40%
Feb
Members
New York Stock
Detroit Stock
Cincinnati Stock Exchange
June 26 to
Last
Sale
StocksAluminum Industries
Par
Price
*
7
American Laundry Mach20
Baldwin
26%
__8
6%
Champion Paper & Fibre.*
107%
Cincinnati Advert Prod..*
11
Cincinnati Ball Crank pref*
Cincinnati G & E pref.. 100
4%
100
100%
111%
Cincinnati Street Ry.___60
7%
CNO&TPpfef
Cincinnati Telephone
Coca-Cola A.
85%
50
170
_'_*
For footnotes see page
88
Week's Range
of Prices
High
Low
7
7
Range Since Jan. 1, 1937
for
10
Low
7
High
Detroit Stock
June
13%
Feb
96
24%
Jan
36%
10
\ 6%
June
8%
30
11.
11
4%
4%
98% 100%
111% 112
7
7%
86
85%
170
170
5
6
323
16
280
362
10
108
May
10% June
4
May
99% June
110% June
6%
85
103
June
111
Last
June
108
120
10%
Mar
Sale
Stocks—
Par
Price
official sales lists
Sales
Friday
14% June
7%
Exchange
July 2, both inclusive, compiled from
Feb
107% 108%
June 26 to
Feb
6%
Randolph 6530
Week
Shares
26%
6%
26
DETROIT
Building
Telephone
Sales
Friday
Exchange
Buhl
July 2, both inclusive, compiled from official sales list
New York Curb Associate
Chicago Stock Exchange
Exchange
Week's Range
of Prices
High
Low
for
Range Since Jan. 1, 1937
Week
Shares
Low
High
Jan
Jan
Jan
...1
June
100
Jan
Jan
180
May
12
H
*
.12%
1%
400
12
12%
1,008
22%
4%
23%
4%
683
1%
...1
4%
400
1% May
9%
Jan
22% June
4%
Apr
2%
15%
35
7%
Feb
Feb
Jan
Mar
86
Financial
Last
Week's Range
for
Sale
of Prices
Low
High
Continental Motors com__l
Det & Cleve Nav
10
com
Det Cripple Creek Gold—1
Det-Mlch Stove
X
com
1
5%
20%
1 5%
11%
49%
57A
3%
6
*
General Motors
3
com
1M
10
Goebel Brewing com
1
1
"lVs
Graham-Paige com
Grand Valley Brew com—1
_
General Finance
3 **
362
4%
By
20%
15 %
11%
100
400
180
545
50
1,662
6%
1,350
3%
425
1
1
5X
1
com
2
250
4X
1
5%
3%
3%
June
Stocks (Concluded)
Feb
Mar
'i6 May
3%
5%
18%
15**
11%
48**
5%
3%
575
1
575
,
High
2% May
340
Det Paper Prod com
Det Steel Corp com
Federal Mogul com
Gar Wood Ind com
Low
Last
Jan
Par
Universal Consol Oil
Week's Range
for
Sale
1,000
2
2%
Range Since Jan. 1,1937
Shares
2%
Sales
Friday
Week
Price
Par
July 3, 1937
Sales
Friday
Stocks (Concluded)
Chronicle
of Prices
Low
High
Week
Price
10
14?*
14%
Kamp's (H D) Inc *
36**
36%
Weber Shwcse&Fix 1st pf. *
Wellington Oil Co
1
Yosemite Portland Cem pf.
7?*
7%
10**
45*
23c
23c
Van de
Range Since Jan. 1, 1937
Shares
Low
High
300
11%
100
36** June
66
7%
Mar
10%
14%
36%
7%
10%
500
10**
Mar
4%
4%
200
29c
6,000
18**
Jan
Mar
47% May
9
Feb
June
11
Feb
June
10
Jan
Jan
28
Jan
June
23
Jan
June
19**
Feb
Blk Mammoth'Cons M 10c
June
70
Feb
Cardinal Gold Mining
34c
35c
800
82**
Feb
8
Feb
1
Imperial Development.25c
35c
June
3**c
3c
3J*c
3,000
l**c
Jan
9c
Feb
4<%
2**
5%
Feb
Tom Reed Gold Mines...1
40c
40c
40c
38c
Feb
48c
Jan
Feb
Zenda Gold Mining
7J*c
7**c
8c
2,000
2,000
7**c
July
15c
Jan
2?*
2?*
5%
55%
53?*
Jan
4%
May
Mar
13**
4% June
Apr
5% June
Mining—
1
20c
Jan
39c June
34c June
June
Unlisted—
Hoover Ball & Bear
10
com.
15%
Hudson Motor Car com..*
15%
13%
Hurd Lock & Mfg com._.l
Kingston Products com__l
Klnsel Drug com
1
Lakey Fdy & Mach com..l
Mahon CoRCA pref
%
4%
*
25
Masco Screw Prod com...l
McClanahan Oil
com.
l%
IX
",6
1
"m
2%
2%
io%
*13"
13
"37 H
37
_.
Mid-West Abrasive com50c
Murray Corp
10
com
Musk Piston Ring com 2.50
Packard Motor Car com..*
Parke-Davis
Parker Wolverine com___l
4%
5
5%
1
Stearns & Co (Fred'k)com *
Tlmken-Det Axle
10
com..
4% June
V$ May
4% June
32
1,980
1,600
150
475
22
Feb
1% June
% June
2% June
599
2% June
10?* June
800
13**
July
5X
4%
21%
20%
1,069
8
June
877
37
July
313
1,845
13** June
3%
Jan
8%
4%
5%
5%
5%
21%
5
Standard Tube Bcom
125
100
4*|
4%
8%
4%
River Raisin Paper com..*
»3i6 June
8%
37%
14%
14%
Penin Metal Prod com—1
Pfelffer Brewing com
*
Prudential Investing com.l
Rlckel H W com
2
15** July
13** June
500
IX
1316
2%
2%
io**
13%
8%
*
com
737
555
2,370
25
1
com
Micromatlc Hone
15%
14%
7A
m
%
4%
,316
4%
470
8
895
4% July
4% May
20%
6%
3%
7%
1,760
566
970
May
5
June
4% June
100
20
265
19** June
2,873
1,375
June
22
IX
8%
IX
Apr
Warner Bros Pictures Inc. 5
13**
2%
1%
4**
4**
20**
21%
Mar
12**
44**
Feb
Feb
19
Feb
11** May
Establlhed. 1874
Feb
DeHaven
Townsend
Si
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
Jan
NEW
1B13 Walnut Street
Feb
YORK
30 Broad Street
Jan
Jan
Week's Range
Sale
(jJ i new
June
July
15,6
**
Feb
Last
June
800
17?*
Friday
1
%
700
Feb
4
X
Apr
13%
Feb
100
1
Jan
10
11
1,632
com
12?*
June
Feb
4%
Wolverine Brew
Mar
June
7
Feb
*
4%
IX
%
68**
8
200
Feb
June
'
52** June
200
8
6
L
200
9
8%
7%
12%
10
210
1
8
28**
6
.
Mar
Feb
38**
9**
8J*
1**
Jan
9
27
160
com
*
.
Philadelphia Stock Exchange
June 26 to
July 2, both inclusive, compiled from official sales lists
•
May
62 J*
5% June
Jan
Feb
35
7
Jan
Mar
June
2?* June
Jan
6**
5**
6**
10**
7
34**
5%
8**
55 J*
Jan
13
6
B
.
5** May
35
800
100
100
200
Feb
*
Warner Aircraft
53?*
8**
*
com
com
5
Montgomery Ward&Co Inc*
Feb
Radio Corp of America.
*
U S Radiator
3%
5%
55%
52%
2?*
Radio-Kelth-Orpheum— *
United Shirt Dist
Unlv Cooler A
6
6?*
55**
Jan
1
6%
3%
*
1
28
Tivoli Brewing com
Tom Moore Dist com
1
Cities Service Co
Curtiss-Wright Corp
Kennecott Copper Corp.. *
Feb
2% June
June
Feb
Feb
Feb
23
Feb
Par
Stocks—
Price
Sales
Low
Range Since Jan. 1, 1937
for
VY VCBJ
High
Shares
Low
High
Mar
Jan
American Stores
Feb
American Tel & Tel
*
17%
100
167?*
*
Baldwin Locomotive
5
16%
17%
159% 167?*
5
4%
Bankers Securities pref..50
Barber Co
10
Bell Tel Co of Pa pref. .100
Wm.Cavalier&Co.
37
113?*
Budd (E G) Mfg Co
Budd Wheel Co
*
7%
*
VA
Chrysler Corp
5
37
483
16
June
Feb
26%
187**
643
159**
June
30
4**
June
11
Jan
Jan
100
June
45
Mar
135
28% 29%
113% 114%
7%
,7**
7%
7%
95
99%
37
28** June
43
Mar
192
112
Mar
1275*
May
291
7%
June
14?*
Jan
100
7%
June
13
Feb
351
95
750
33** June
June
134?* May
MEMBERS
Electric Storage Battery 100
New York Stock
Los
Exchange
Angeles Stock Exch.
523 W. 6th St.
Chicago Board of Trade
San Francisco Stock Exch.
Los Angeles
Teletype L.A. 290
General Motors
Horn & Hard
Horn &
(Phila) com.*
Hard (N Y) com. *
Last
Sale
Par
Price
Sales
Week's Range
of Pricesfen
High
Low
Range Since Jan
for
32?*
32
June
80
102
June
8%
414
13**
14**
300
103**
7**
129
2
1**
2%
2?*
2%
612
9%
9
;
9%
283
3%
,3?*
3%
5,665
Shares
.1, 1937
Low
34** 37%
109** 111**
31?*
32%
1,669
158
870
31%
Pennsylvania RR
50
Phila Elec of Pa 85 pref.—*
Phila Elec Pow pref
25
High
50
4J*
4%
4%
400
4% June
9%
Jan
Barnhart-Morrow Cons.-l
55c
55cL57**c
300
45c
Jan
90c
Apr
90c
90c
95c
300
90c
July
2.25
Feb
1
Bolsa Chica Oil A com..10
4%
4?*
4%
300
Apr
75*
Jan
Salt Dome Oil Corp
Scott Paper
5c
5c
5c
1,000
5c June
13c
Feb
Tonopah Mining
1,000
5
Buckeye Union Oil
c.-l
v t
Preferred..
4
7% preferred
..50
Feb
32
32
Jan
43
Feb
United Corp com
97**
97**
97 J*
100
97** June
135
Feb
Claude Neon Elec Prod—
10**
15?*
10**
10
10**
300
10
14**
200
10**
15?*
10**
17
16
17
1
100
Consolidated Oil Corp
Consolidated Steel Corp...
Preferred
11c
lie
19
10c
29
Jan
June
17c
Jan
14?* May
12%
17%
Mar
100
13?*
Jan
17%
Mar
400
16
June
24%
Feb
1X
7%
8%
1%
15%
41
50
4%
Apr
5%
Feb
Jan
5?*
Apr
34%
June
June
50?*
117?*
Mar
108%
June
35**
Apr
4% May
7%
Feb
1
176
20
Jan
Jan
45**
Jan
June
%
491
Feb
Apr
x38
1,192
Jan
3**
June
12%
205
Feb
13**
7% June
105
S16
?*
Mar
June
3%
1,125
1
Jan
Jan
13**
24**
14**
107
14%
39
Union Traction
32
..5
Central Investment
Chrysler Corp..
7H
14**
Feb
41**
2% June
8% June
225
5
4?*
1
11c
32**
Phila & Rd Coal & Iron... *
Berkey & Gay warrants...
37%
111%
120
Feb
112
7?*
Apr
13** June
1** May
*
Feb
139
June
25
Corp..25
Natl Power & Light
Phila Rapid Transit
Bandini Petroleum Co.-.l
32
Jan
44?*
90**
June
48**
125
14%
2%
Preferred
both inclusive, compiled from official sales lists
Stocks—
205
Pennroad Corp v t c.-.-.l
Angeles Stock Exchange
Friday
1,087
102
100
Mitten Bank Sec
Los
June 26 to July 2,
50?*
125**
125
_
Preferred
Lehigh Coal & Nav—.._.*
Lehigh Valley
50
35
33%
48%
35%
—10
115,6 May
4**
4%
4?*
4%
7?*
Feb
4**
June
8**
Jan
36%
11%
36%
12%
110
33%
June
46?*
Jan
12?*
*
Preferred
7,808
10**
June
17**
103%
247
June
114%
Jan
*
United Gas Imp com
June
4%
4
Mar
Exeter Oil Co A
com
1
1.30
1.15
1.30
6,400
General Motors
com
10
48**
48 J*
48**
100
43?* June
Gladding McBean & Co.. *
Goodyear Tire & Rubber. *
20
20
20
200
18 **
Jan
30%
36**
36**
200
32 **
Jan
46
23
23**
400
21
Jan
24
103
102
Westmoreland Inc
*
113*
Westmoreland Coal
*
9?*
12
9%
102
;
Jan
93
9?*
Apr
14%
Jan
192
9%
Feb
11
Feb
Mar
Hancock Oil A
*
Mar
36 **
Preferred
60c
Jan
Bonds—
70
Feb
*
23 J*
1
1.05
1.00
1.05
200
85c
Jan
1.50
10c
10c
11c
2,500
8c
Jan
18c
Mar
Kinner Air <fc Mot Ltd... 1
28c
25c
29c
5,500
16c June
72**c
Jan
Lincoln Petroleum Co
2 5c
25c
30c
15,300
60c
Feb
12**
3%
5%
300
9**
Jan
3?*
Jan
5% June
16**
Feb
6?*
Feb
10
11
10
§10,000
May
Mar
16**
Mar
10c
Elec & Peoples tr ctfs 4s '45
com
Holly Development Co.
Jade Oil Co
Lockheed Aircraft
..
—
.
.
10c
Corp__l
Los Ang Indust Inc
2
Los Ang Invest Co
Mascot Oil Co
10
12%
3%
5?*
12
3?*
5J*
1,300
400
25c
July
10
Feb
vromhflM
Members
UNION
Feb
1
75c
75c
75c
300
75c June
1.45
2%
2%
2%
200
2% June
4?*
Jan
80c
f Pittsburgh Stock Exchange
^
New York Curb Exchange
BANK
Tel.
Mar
1
Menasco Mfg Co
M erchants Petroleum
H. S. EDWARDS Si CO.
BLDG.,
Oourt-6800
(Associate)
PITTSBURGH, PA.
A. T
& T. Tel
Pitb-391
Mar
36c
300
10c
19c
17c
20c
15,400
lc
Jan
*
l .05
1.05
1.05
100
1.05
July
2.25
Apr
Mt Diablo Oil Min & Dev 1
70c
70c
70c
800
70c
Jan
97**c
120
BROADWAY, NEW YORK
Apr
Mid-Western Oil Co
36c
M ills Alloy Inc A
Nordon Corp Ltd
.5
Occidental Petroleum—1
16c
36c
16c
32c June
17c
2,500
16c June
33c
33c
34c
1
1.05
1.10
1.20
1,300
1,800
33c June
Oceanic Oil Co
Olinda Land Co
1
25c
25c
27c
500
Pacific Clay Products
*
9%
9%
Pacific Distillers Inc
1
1.40
1.30
Pacific Finance Corp comlC
Pacific G & E com
25
21 J*
29 %
Feb
80c
2.00
Mar
18c
Jan
40c
Mar
9%
July
Pittsburgh Stock Exchange
Feb
Jan
200
1.40
900
21%
29%
19** June
32
Jan
100
21
May
37?*
29 J*
200
28** June
32**
Jan
26
Mar
28**
Jan
June
13**
Feb
44
40
44
June 26 to
July 2, both inclusive, compiled from official sales lists
Rice Ranch Oil Co
1
36c
36c
Richfield Oil Corp com
Warrants
*
8?*
*
9%
3?*
Roberts Pub Markets lnc.2
6 J*
Ryan Aeronautical Co.-.l
2
Samson Corp 6% pref...10
3**
Security Co units of ben int
40 J*
3
26?*
100
7%
2,100
150
36c
10
300
5,100
6 J*
40
June
33c
Jan
8?* June
18
Feb
Last
46** May
87**c
Mar
10?* May
200
6**
6?*
400
6%
July
9?*
Jan
2
2
200
2
June
3**
Stocks—
Par
Week's Range
for
Sale
1% May
3?*
of Prices
Low
High
Week
Price
Arkansas Natural Gas com*
Armstrong Cork
*
Blaw-KnoxCo
7
*
7
59%
22%
17%
Byers (A M) com.—......
Carnegie Metals
1
Columbia Gas & Electric. *
10%
Duquesne Brewing Co...5
21
1%
3
June
3%
100
3
Jan
40%
3**
40
174
38
June
22,000
10c
6c
10c
37%
23%
37%
100
24
900
%
2c
35
Jan
May
3?* May
Electric Products
6?*
10c
48
22?* May i 32**
41« l
36** June
Feb
Feb
July
Mar
Jan
Orlg preferred..
25
35
35
35
30
6% preferred B
5%% preferred C
6% preferred
25
27
26%
27
500
26?* June
29**
Jan
25
25?*
25
900
25
June
28**
Mar
400
30
May
31?*
Feb
100
43?* June
62?*
100
40
49**
Feb
100
Standard Oil Co of Calif.
.
*
28**
43?*
43?*
40
40
40
Sunray Oil Corp
1
Superior Oil Co (The).-.25
41
Transamerica Corp
*
Union Oil of California..25
24
For footnotes see page 88
4 J*
13
59%
10
23
49
18%
2
28 J*
3%
37H
12%
23
4**
June
Feb
.
60
2,877
Mar
19** June
Feb
4
1?*
June
10?*
June
20 **
601
18
Jan
24**
Jan
Feb
13?*
Apr
50
Feb
12
13
230
10
27%
25**
28
130
25**
Fort
1
85c
85c
Pittsburgh ,Brew
Harb-Walker Refrac
*
Koppers Gas & Coke pf 100
Lone Star Gas Co
Mesta Machine Co
*
109**
10**
5
Mountain Fuel Supply Co.
Natl Fireprooflng Corp.—*
Phoenix
Oil
com
41** 41**
107** 109 J*
10**
58**
~~7~%
Jan
10**
58?*
2,278
June
85c June
1.25
Jan
40** June
Mar
,
120
104
Apr
58**
111**
954
10
June
14 **
Feb
Jan
58**
June
72?*
Mar
Jan
12**
40
45
7**
741
7?*
5%
348
5
;
Mar
5c
6c
1,800
5c June
25c
Jan
10c
10c
1,000
8o
Apr
50c
281
3**
Jan
12**
6c
l
10
June
L
Pittsburgh Brew Co
Pittsburgh Screw & Bolt—
Jan
7%
5
25c
Preferred
95c
*
4
4
1,200
3?* June
5
Feb
600
37?* June
12?* June
55
Mar
Jan
Plymouth Oil Co
Renner Co
5
17**
13**
25**
13**
26?*
101
3,800
23
l
Feb
1?*
1?*
600
28**
1%
Shamrock Oil & Gas
*
7
6?*
7
June
29?*
10**
21**
13
2,000
Feb
Mar
12%
70**
125
41
24
High
June
!58?* May
Apr
21**
17** June
100
Mar
Southern Pacific Co
25
25?*
28**
43?*
Low
6%
tl
Follansbee Bros pref
56
*
Range Since Jan. 1, 1937
Shares
20
Feb
37**
Sou Calif-Edlson Ltd._.25
1.30 June
Sales
Friday
Jan
265*
7%
20**
29**
28**
265*
6%
900
29**
25c
Signal Oil & Gas Co A... *
45c
70c
10
6% 1st preferred
25
5%% 1st preferred—25
Republic Petroleum com.l
5%% preferred
50
Sierra Trading Corp
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
23c June
*
60
1,103
Jan
ST3
8 **
Feb
Mar
June
19**
Feb
24?*
1?* June
29**
2**
Mar
Jan
7%
'*1 Jan
6**
&Apr
Financial
Volume 145
87
Chronicle
Stocks (Concluded)
of Prices
High
Low
Par
Vanadium Alloy Steel
22
35
Victor Brewing Co
June
2%
70
Jan
Jan
35
5%
Jan
45
25
Stocks (Concluded)
High
Low
54
Feb
May
Galland Merc Laundry
Feb
40% June
132% May
163%
Golden State Co Ltd
*
Hale Bros Stores Inc
Jan
3%
*
100
112
Feb
113
Mar
5%
3% June
13
3%
Apr
111
18%
35%
15%
19%
35%
15%
20%
Gladding-McBean & Co..*
10
40
18%
*
366
219
30
30
30
2%
13%
2%
2%
12%
2%
2%
13%
31
31
12%
12%
12%
11%
1%
_*
2
17
28
26%
9%
12%
23%
9%
11%
29%
28%
26%
28
10
Week's Range
Sale
A merican In v com
_
of Prices
High
Low
Price
Pacific G & E
*
25
com
29
25
5%% preferred....-.2 5
Pacific Lighting com
*
6% preferred
*
Pac Pub Ser (non-v) com.*
20%
200
20
July
22%
Apr
44
44%
140
44
July
49%
Feb
32%
30
30
July
37
Jan
37
1
1
Coca-Cola Bottling com..
..
—
37
37
40
May
6
Mar
Jan
48
Feb
Jan
125
June
-
-
^
_
4
10
275
25
125
50
103
1
Falstaff Brew com
35
103
Jan
106
105
51
100
May
125
307
8
Jan
11%
Mar
Grlesedieck-West Br com.*
30
32
Jan
40%
Apr
16%
1
34%
Hussmann-Ligonler com .*
20%
Huttlg S & D com
5
Hyde Park Brew com...10
14%
-
•.
34%
20%
20%
70
14%
14%
175
25
25%
99%
90
157
Mar
23
Jan
June
20%
Feb
Feb
25%
June
41% June
49%
Jan
17%
Jan
13
17%
41%
42
Johnson-S-S Shoe com...*
14
14
10
13
Key Co com.
11%
11%
30
10% June
16
Feb
*
40
40
395
23%
Jan
40
July
*
34
34
4
33%
Jan
36
Apr
16%
18
42
14%
22
Mar
24
24%
50
24
Jan
July
32%
Mar
International Shoe com...*
Knapp Monarch com
Preferred
.......
-—- -
-
41%
Laclede-ChrLsty C P com.*
Laclede Steel com
20
Natl Bearing
48%
58
Mar
26%
70
Mar
*
8
-.100
100
106
Jan
116
Jan
49
60
179
48%
112%
185
7
June
10
106
July
119
8%
106
10
94% June
101
137
60c
60c
15
60c June
2
139
Cos
Rice-Stix Dry Goods
9
9%
1st pref....
262
476
77
209
77
77
Preferred
8
3,890
10
18%
Richfield.
40
42%
19%
42%
18%
Rheem Mfg
870
7
6%
6%
42%
,
120
3,779
655
3
Warrants
Sound view Pulp Co
Southern Pacific Co... 100
44
Spring
*
8%
41%
17%
*
13
Valley
Tide Water Ass'd Oil
com.
25
Union Oil Co of Calif
5
United Air Lines Trans
4%
July
13%
115
June
117%
41%
8%
39%
968
100%
15
100
June
101
100
4%
4%
4%
30c
118
8%
12% June
19%
12
27
June
35
23%
446
19
Jan
117% 118
8%
8%
716
8
117%
25
June
15
1,885
Jan
52
40
June
Jan
Western Pipe & Steel... 10
30%
30%
30%
306
June
Mar
30
June
130
June
Jan
412
June
June
50
A
45
44
45
50
Yel Checker Cab
Series
II
44
44
44
4%
4%
Yosemite Cement pref
8%
MONTGOMERY STREET
133
SAN
Member*
MEMBcita
*i
FRANCISCO
i
New York Stock
Exchange—San Francisco Stock
Exchange—San
Francisco
Curb Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Direct Private Wire
Apr
Mar
11%
July
10
195
10
June
38% June
San
Jan
13%
180
49%
26
26%
26%
Feb
June 26 to
Francisco Curb
8,000
rnn
36%, 'f Jan
34% KJan
Week's Range
Last
Sale
Par
Stocks-
Price
& Co.
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago Board ofTrade
NewYork Curb Exchange (AssoJ, San Francisco Curb Exchange,
Tacoma
Stockton
NewYork
Portland
Fresno
Beverly Hilts
Honolulu Stock Excha ngt
Honolulu
Los Angeles
Pasadena
Long Beach
American Tel & Tel
z
Last
Sale
Par
Price
lists
Week's Range
of Prices
High
low
Range Since Jan. 1, 1937
for
Low
24%
4%
Assoc Insur Fund Inc.-.10
15
5
80
205
210
8%
25%
Bishop Oil Co
5
Byron Jackson Co
...*
Calamba Sugar 7% pref.20
21H
Calaveras Cment Co com.*
36
35
Preferred
50
Caterpillar Tractor
Clorox Chemical Co
*
Creameries of Amer Inc..*
Crown Zeller Corp com
Pppfprrpd
90
*
10
Cst Cos G & E 6% 1st pflOO
Consolidated Aircraft1
Cons Chem Indus A
50%
101%
5
41 J*
105%
21%
40%
5%
18%
Fireman's Fund Insur...25
For footnotes see page
88
6,391
4%
19
4%
25
100
5
200
170
4.05
100
3%
8%
19
4.10
24
4.00
June
June
July
Apr
June
Jan
Feb
Mar
40c
Jan
1.90
Mar
1.20
1.25
2%
1%
2%
636
2%
June
2
30
70c
Jan
5%
3%
Mar
70c
1
1.25
2%
Preferred
300
70c
32
70c May
2.50
Mar
Mar
June
5%
17%
8%
Mar
Apr
Mar
1%
Coen Cb's Inc A
3%
15
—
1
5%
701
13
June
25
Feb
z
25
Jan
213
Feb
Great West El Chem com..
67%
Feb
z
Holly Development-..-1
1.00
21%
518
92
100
194%
Jan
6%
25% June
7
June
June
21%
Mar
Mar
1%
Jan
46%
48%
Mar
100
35
Jan
280
35
June
90
39% 41%
105% 105%
21% 21%
40% 40%
5%
5%
18%
16%
96%
97
39%
16%
39%
17%
82%
20
20
209
560
10
230
%
50
52
Jan
106%
99%
39% June
101% May
21% June
106%
32%
344
35
300
5%
16%
1.894
May
100% May
87
Mar
12%
Jan
500
36
10
34%
23%
Jan
June
June
56
5
4
15%
5%
100
20
340
3
14%
5
June
46
June
June
59
Mar
16%
June
Mar
80
June
24%
96%
220
108%
Apr
Jan
24%
May
76
1.00
1.05
1,900
80c
Jan
1.60
Jan
Feb
Mar
Mar
1.40
Jan
2
3.60
Apr
7%
Jan
1.05
1.15
1.05 June
1.85
Mar
International Tel & Tel
10%
10%
60
9% May
15%
Feb
Italo Petroleum..
Preferred
Klnner Airpl &
Motor. .1
-10
Menasco Mfg Co..
Consol
1
1
Montgomery Ward & Co..
Mountain City Copper. 5c
64c
61c
66c
4,089
51c
Jan
1.25
Mar
4.50
4.00
4.55
5,830
4.00
Jan
7%
Mar
30c
25c
33c
5,300
10c
Jan
72c
'29c
22c
29c
200
20c
Apr
50c
Mar
34%
100
34% June
36%
June
2.35
2.35
2.50
200
42c
41c
44c
3,600
53%
9%c
10%
34%
54%
25
1
Oahu Sugar Co—
20
z Occldetal Pete
1
Olaa Sugar Co
20
z Pac Coast aggregates.. 10
33c
36c
"lie
North American Aviation
z
Pacific
DIst
May
34%
1
-1
Matson Nav Co..
M J & M & M
96
54
June
100
z
36
June
21
15
3,330
1,175
Mar
30
49
70
1%
Mar
350
1,132
60
4.05
Klelber Motors.
Apr
52
21%
67%
1%
z
Apr
51%
67%
3.90
Apr
Mar
—
Jan
Holly Oil Co...
1
Idaho-Maryland Min
1
z International Cinema.. 1
Apr
6% May
25
General Metals
21
51%
Dominguez Oil Fields
Feb
Feb
Feb
82c
15
736
6.25
1.90
35c June
Feb
8%
26%
18% Mar
52%
Feb
4% May
13%
Jan
24%
Apr
7%
Jan
28% May
Jan
Mar
%
81
3%
9%
8
19
May
40c
7%
39%
17%
81%
Emporium Capwell Corp.*
50
800
31%
97
jfc
Di Giorgio Fruit $3 preflOO
25
1,100
Jan
35
90
30
37r
June
1,065
35%
50%
50%
101% 101%
36
15%
50%
50
1.30
23%
4%
%
%
1
100
Feb
June
36c
450
24%
4%
7
7
7
Calif Packing Corp com..*
Calif Water Service preflOO
8
25%
21%
Feb
Jan
13
June
6
6% June
14% June
24
210
23%
4%
13%
Feb
27%
11%
19
145
1.25
Cities Service.
Consolidated Oil
High
97c
1
1
Central Eureka
Curtlss-Wright Corp
Anglo Calif Nat Bk of S F20
4%
Columbia River Packer—
Week
Shares
Feb
Jan
71c May
1
Claude Neon Lights
Sales
Friday
9%
19
Calif Art TileB
z
July 2, both inclusive, compiled from official sales
7
4.05
Cardinal Gold
Feb
20%
186%
265
21
7%
3
1
—5
Bolsa-Chica Oil A
10
Bunker Hill & Sullivan.. 10
50c
Apr
160
14%
Beech Air
Bendix Aviation..
20
50
5
.50
Bancamerica-Blair
z
20
7
com
z
Exchange
2,800
7%
5
Preferred..
82c
Jan
June
6c
15%
500
385
78c
Ark Natural Gas A
Atlas Corp
12c
15%
166%
160
1937
High
Low
12c
"20%
Argonaut Mining
Range Since Jan. 1,
for
Week
Shares
15%
166
1
Anglo Natl Corp
z
Francisco Stock
100
American Toll Bridge
of Prices
High
Low
5
Gold
official sales lists
Sales
Friday
f
June
25%
Exchange
July 2, both inclusive, compiled from
M
fJune
26
$8,000
26
.
Dean Witter
com.
Jan
STRASSBURGER & CO.
American-Hawaiian SS..10
Mining
Jan
Mar
14%
Mar
128
i
Calif Cotton Mills
Feb
June
152
50
Alaska-United
Calif-Engels
Jan
June
29% |Mar
43
Bonds—
Atlas Imp Diesel Eng
Bank of Calif N A..
June
15
Apr
13
28
23
41
41
tUnlted Railways 4s..1934
tUnited Ry. 4s, c-dis
Stocks—
Feb
15,264
1,552
15
16%
15
fejan
ujr
to
June
12%
23%
'
June 26
Feb
664
50
Feb
70c
Jan
10
Stlx, Baer & Fullor com. 10
Wagner Electric com
15
San
Feb
June
10
1 Jan
16
Apr
25c
48
8%
July
11
62
14
13
23%
*
SouthwesternBell Tel pflOO
Sterling Alum com
1
Sacramento
Mar
June
8%
41%
17%
13
24%
June
27
100
Scullin Steel prsf
Oakland
June
30
1,302
44
Mar
30c
Seattle
Mar
Waialua Agricultural Co.20
Universal Consol Oil
Mar
27
14
10
Scruggs-V-B Inc com....5
San Francisco
June
15
*
Transamerlca Corp
Apr
Feb
Mar
24%
Water....
Standard Oil of Calif
June
10
110
102
102
102
2,693
53%
50
53%
5
...100
Preferred
8
8
8
Schles'ger & Sons f B F) pf 100
(Since 1880)
St Louis Pub Serv com...*
Preferred
9
115
St. Louis Bk Bldg Eq com *
St Louis Car com
110
115
100
100
...100
....
12
82
82
Petroleum
26
12
12
Rainier Pulp & Paper A.
Republic
80
63%
3%
3
3
B
600
81%
63%
com.
480
880
62
Plg'n Whistle pref
*
Ry Equip & Realty com.*
Mar
2nd pref
120
138
139
preferred
Apr
Nicholas Beazley Airp com5
com.*
975
Jan
94%
*
1,326
42
Mar
13%
94%
2nd pref
27
May
17%
7%
10G
1,785
138
Mar
June
188
114
114
100
Preferred..
20%
'
Metals com.*
Natl Candy com..
1st pref....*..;
49
19%
48%
July
49
30
49
McQuay-N orris com
*
Mo Port Cement com.-.25
June
29
139
Mar
10
9%
118%
42
161
2,295
100
Apr
105
35
100
125
*
Ely&Walker D G 1st pf 100
2nd pref
100
Emerson Electric pref.. 100
Dr Pepper com
4
35
5
Columbia Brew com
36% June
3%
Feb
355
27
890
30
Pacific Tel & Tel com.. 100
(Non-v)
Paraffine
30
20
*
Burkart Mfg com.
May
397
11%
104%
5%
20%
6% preferred
High
Low
June
470
13%
23%
10%
103% 104%
5%
5%
19% 20%
Week
30
*
.
Brown Shoe com
Range Since Jan. 1, 1937
for
Q
13%
23%
10%
11%
29%
*
B
Pacific Can Co
Shares
Jan
June
9
1,170
41
Feb
385
10
Jan
Mar
10% June
10
Sales
Last
Par
40
*
Feb
June
22% June
20% June
1,669
21
Jan
9%
Jan
1% May
17
525
6% 1st preferred
Stocks-
Feb
Apr
Q
Oliver United Filters A._*
Friday
May
Jan
11
Louis, Mo.
lists
Mar
10
10%
9
North Amer Oil Cons... 10
both inclusive, compiled from official sales
Jan
Jan
11
100
Natomas Co
St. Louis Stock Exchange
June
Feb
Nat Automotive Fibres..*
Telephone Central 3350
Jan
June
June
750
17
21
Feb
June
80
23%
pf.100
Apr
30
100
22%
20%
Feb
720
810
17
Jan
Jan
Apr
May
12% June
2% June
2
23%
*
com
Meier Frank
Chicago Stock Exchange
June 26 to July 2,
100
Mar
Jan
200
425
3
32%
12%
12%
Market St Ry prior
Preferred
Exchange
315 North Fourth St., St.
454
20
Marchant Cal Mach com.5
MEMBERS
New York Curb (Associate)
Chicago
Board ofATrade
*
..1
2%
Magnin (I) & Co
New York Stock Exchange
Stock
2,840
7%
18
Magnavox Co Ltd
Mid-Western and Southern Securities
St. Louis
585
36%
27%
Lockheed Aircraft
Enquiries Invited on all
2
260
17
Llbby McNeill & L com..*
Business Established 1874
Mar
36%
27%
LeTourneau (R G) Inc._.l
I. M. SIMON & CO.
June
Jan
June
10
com
B
LOUIS MARKETS
June
17%
35%
14%
18%
6%
16%
35%
27%
29%
18
Langendorf Utd Bak A.._*
ST.
40
10
30
20
Honolulu Plantation
Hunt Bros A
55
18%
35%
'16%
20%
7
7
High
Low
36%
27%
.5
Honolulu Oil Corp Ltd...*
Pineapple
1937
Week
40
40
General Paint Corp com..*
Feb
Hawaiian
100
Shares
*
1.25
Unlisted—
112
for
of Prices
Low
High
First Nat Corp of Ptld—*
Foster & Klelser A pref..25
56%
141% 141%
Weatlnghouse El & Mfg_50
Week's Range
Price
160
1
Weatlnghouse Air Brake.-*
""
Lone Star Gas 6 % % pf
Pennroad Corp vtc
Par
Jan
95c
300
«
1937
Week
Shares
*
Range Since Jan. 1,
Last
Sale
Range Since Jan. 1,
for
Standard Steel Spring
*
United States Glass Co..25
Sales
Friday
Sales
Week's Range
Jan
4.80
40c May
63c
2.35
51
Feb
Jan
Feb
Mar
May
Mar
11c
375
11%
75
50
9%c June
9% May
34% June
17%c
17%
35
3,250
33c June
82c
Feb
44
Jan
Jan
7%
2.15
7%
175
7%
June
17%
Jan
2.25
2.40
680
2.15
July
4 .15
Jan
1.35
1.45
1.450
1.30 June
1.80 May
88
Financial
Friday
r
Week's
Sale
Par
of Prices
Low
High
Price
Range
Range Since Jan. 1,1937
for
Shares
Low
51
51
288
Pacific Western Oil-,-..10
Packard Motors
21%
8%
22
20
Penn RR
35
35
26%
8%
20%
24%
25%
27%
10
10
11%
z
....
Radio Corp of America
So Calif Edison
-__25
24
&%% pref
—25
25^
25
6% pref.
-
.*—25
S P Gold Gt Fer 6% pf 100
Standard Brands Inc
50
High
60
29%
12%
Feb
10
35
35
June
7% June
66
18
215
12%
Jan
10
44
Jan
16%
16%
Jan
June
11%
20
11% June
z
Stearman-Hammond 1.25
1.40
1.35
1.45
1,220
1.25 June
z
Texas Consol Oil..
2.90
2.75
3.05
-
1
Title Guaranty pref
58
58
Texas Corp
U S Petroleum
z
58
1
Jan
58
20
57%
1.85
550
1.25
Jan
8%
16%
12%
556
6%
Jan
"l2%
5
66
15
150
.Jan
Province
ol
116
117
1 1959
117
118%
1 1962
105% 106%
113
114%
15 1965
Quebec—
92
94
4%s
Mar
2 1950
91
93
4s
Feb
1 1958
105
2 1959
92
94
4%s
May
1 1961
108% 110
Dec
Apr
15 1960
106% 107%
5s
June
15 1943
83
Apr
15 1961
103% 105
5%b
4%b
Nov
Oct
15 1946
1 1951
84
87
80
83
4%s
Sept
5s
Mar
108
15 1952
1 1960
York Stock
108%
115% 116
Feb
Canadian
Bonds
Gundy
Exchange
Broadway, New York
14 Wall St.
Cortlandt 7-4150
Private wire to
own
Santa
—
Barbara
offices in San Francisco
Del
Monte
Los Angeles
—
Hollywood
—
—
86
Apr
Apr
Schwabacher & Co.
111
107
Prov ol Saskatchewan—
Wood,
Members New
108% 110
Feb
9%
18%
.June
Ask
109% 110%
1 1941
Aug
4%b
4%s
Feb
18
Jan
4s.
4%8.
98
15 1943
.Sept
.May
99% 101
96%
Province ol Nova Scotia—
60% May
11% May
12 1949
Bid
1 1942
.Oct
6s.
Prov ol New Brunswick
Mar
2.90
5s.
....June 15 1954
5s
Jan
3.75
61
59
5s.
Oct
5s
Jan
80
July
Feb
7%
16%
12%
7%
5
Warner Bros
1.55
40
1.80
1
Victor Equipment
Preferred
750
60
July
4% s
Mar
20
Province ol Ontario—
Ask
/58
f5 7
1 1953
Province ol Manitoba—
Mar
28%
29%
1 1956
5s
Jan
151
1 1948
Oct
4%s
Jan
27
32 %
Jan
Prov ol British Columbia—
Feb
June
22% May
24%
Jan
26% June
226
Bid
5s
4% s
Feb
21% June
8% June
310
June
Province ol Alberta—
10
8%
7%
20%
23%
Provincial and Municipal Issues
Week
Pacific Ptld Cement pf 100
Schumacher Wall Bd pref.
July 3, 1937
Sales
Last
Sto
Stocks (Concluded)
Chronicle
Beverly
&.
New York
—
Co.,
Hills
Inc.
Private wires to Toronto and Montreal
*
No par value,
two-for-one basis
Cash sale,
e
March 0.
on
A. M. Castle A Co. split its common at ock
a
on
1937.
Railway Bonds
6 Ex-stock dividend.
d Stock split up on a two-for-one basis.
0 Stock dividend of
rCash
sale—Not
Bid
100% paid Sept. 1, 1936.
included
in
for
range
Ask
year,
Ex-dlvldend.
x
y
Ex rights,
Canadian Pacific Ry—
Third Annual
tive
Dec
15 1944
4%s__
July
1 1944
Council—$2,070,673,769,
38.5% of Outstand¬
or
102% 103%
113
103
Deo
1 1954
July
1 1960
106% 107%
102% 103
114%
Bid
Of the
$5,374,864,762 of foreign dollar bonds outstanding
31, 1936, $2,070,673,769, or 38.5%, were in default
either as to interest, sinking
fund, or principal, it is shown
Dec.
..Sept
Bid
112% 113
6% s
June 15 1955
113
113%
112%
July
1 1946
123% 124%
115% 115%
112
1 1956
1 1957
1 1969
5s
Oct
1 1969
5s
in the third annual report of the
Foreign Bondholders Pro¬
tective Council, New York, covering the
year 1936, issued
June 28.
There were 522 issues of bonds
Ask
Canadian Northern Ry—
1 1951
Feb
July
July
5s
Bonds
Ask
Canadian National Ry—
4% s
4%b
4%a
4%s
104
1 1946
Sept
Dominion Government Guaranteed
Report of Foreign Bondholders Protec¬
ing Foreign Bonds in Default
on
5s
4%a
reorganisation.
or
4%b
5s
Listed,
t In default.
t Company in bankruptcy, receivership
4s perpetual debentures.
94%
94%
6s
Sept 15 1942 /110% 111%
•
Ask
Bid
Canadian Pacific Ry—
Feb
1 1970
Grand Trunk Pacific Ry—
4s
Jan
1 1962
3s
115% 115%
117% 117%
117% 118
1 1962
Jan
104
106
93
94%
* in
outstanding at the
close of the year, and of these, the
report said, 237, or
were in default on some
part of their service.
The
comprising 866
in each
tries,
discusses the general debt
pages,
of 16 Latin American
four
Several
Far East
concise
Grouped
and
tables
according to
countries,
to
go
the
areas
report,
make
tables
the
Private wire connection between New
are
30 Broad Street
in
in
default
40% of the national issues,
over 36% of the State
(or Provincial) issues, over 40% of
the Municipal issues, and over
33% of Corporate issues
are
Council, which
Bondholders
was
American holders of foreign dollar bonds in
default, has had
negotiations with China (two issues), Poland (eight issues),
and
Uruguay (four issues),
been made
Dominical
or are
result of which offers have
promised to be made to bondholders.
Government
announced in 1934.
interest
as a
made
Bid
Abitlbl P A Pap ctfs 5s*53
effective
its
offer
of
service
The Council also states that it has nego¬
tiations and/or discussions under way regarding their dollar
indebtedness, with Bolivia, Brazil, Chile, Colombia, Costa
Rica, Cuba, Carlsbad (Czechoslovakia), Danzig (Free City
of), Ecuador, El Salvador
(non-assenting bondholders),
Peru,
Manitoba Power 5%s_1951
95
Rumania and Yugo¬
slavia.
Ask
Maple Leaf Milling—
60
60%
113
113%
86
89
2% s to '38—5% s to '49
-
-
-
-
78
5%s-3%s.l948
79
80
Massey-Harris Co 5s. .1947
McColl Frontenac Oil 08 *49
102
98%
102%
Calgary Power Co 5s. .1960
96
96%
Minn A Ont Paper 6s. 1945
f67
67%
108
Montreal Island Pr
104
102% 103
Montreal LH&P ($50
Burns A Co
Canada Bread 6a
1941
Canada North Pow 5s. 1953
Canadian Inter Pap 6s '49
101% 101%
101%
Canadian Lt & Pow 5s 1949
-
Canadian Vlckers Co 6s '47
Cedar Rapids M & P 5s '53
Consol Pap Corp 6%s 1961
5%s ex-stock
98%
113
-
par
62%
92
4s 1956
value) 3s
50%
1956
,99% 100%
95
94%
98
5s
83%
99% 100%
Dec
1
98
/94%
101% 101%
95%
103% 104%
Steel of Canada Ltd 6s '40
United Grain Grow 5s. 1948
101%
United Secure Ltd 5%s '52
Winnipeg Elec 6s.Oct 2 '54
6s
Quebec Power 5s
1950
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
5% s
1961
6s
1961
-
99
103
Gatlneau Power 5s... 1956
Gt Lakes Pap Co 1st 5s '55
74
»
-
104
Saguenay Power 4%s.l966
Shawinigan W & P 4%s '67
Smith H Pa Mills 4%s *51
4.
—
-
104% 105
1957
106
—
99%
74
5%s '47
East Kootenay Pow 7s 1942
Eastern Daries 6s
1949
Fraser Co6s...Jan 1 1950
Provincial Pap Ltd
51
74
Certificates of deposit
Ottawa Valley Pow 5%s '70
Power Corp of Can 4%s '59
92%
...
1939
3%s
1973
Montreal Tramway 6s 1941
Northwestern Pow 68-1960
86%
/.—
97%
5%s '57
3% s
-
99%
113%
/85%
1961
Dom Gas & Elec 0%s.l945
Donnaconna Paper Co—
The German Government has made its
Guatemala, Hungary, Panama,
Bid
95
f 94%
Alberta Pac Grain 6s. 1946
Beauharnols Pr Corp 5s *73
The
funding bonds available to the holders of German
non-Reicli bonds.
HAnover 2-6363
Bell Tel Co. of Can 6s. 1955
Foreign
formed privately in 1933 with
encouragement to protect the interests of
governmental
•
Industrial and Public Utility Bonds
over
which carry government guarantees.
Since its last report, for 1935, the
Protective
New York
•
Bell System Tele. NY 1-208
default 75.8% of Latin American bonds, 49.8% of
European
bonds, 2.4% of Far East and African bonds, and 3.8% of
Canadian bonds, while grouped according to issues the tables
show there
Corporation
•
York, Montreal and Toronto
Royal Securities Corporation
report.
there
SECURITIES
Municipal
•
coun¬
Canada.
and
up
show
Government
situation
countries, 23 European
African
also
CANADIAN
45.2%,
1908
-
«
103% 104%
100
100%
103% 103%
104
-
111
-
-
-
93
95
73%
74%
88
81%
82%
99% 100%
MacLaren-Que Pr 5% a '61
♦
•
No par value,
f Flat prloe
Issuance of New
Edition of "New York Laws Affecting
Business
Corporations"—Reference Work Is Re¬
vised to June 7
The
United
States Corporation
issued the eighteenth edition
Co.,
New York, has just
of its publication,
"New York
Laws
Bank
of
Montreal
Reports
Continued
v
"While the stand of wheat in Manitoba is heavy and
dry weather has caused serious damage to
continued
Affecting Business Corporations" (annotated).
The
new volume, of 545
pages, has been revised to June 7, 1937,
and contains the full text of the General
Corporation Law,
Stock Corporation Law, Business
Corporations Lawr, Blue
Sky Laws, Anti-Trust Laws, General Associations Law and
satisfactory growth and heavy general rains
immediately to check further deterioration.
In
the Uniform Stock Transfer Act.
area
The recent session of the
Legislature, which adjourned May 7, adopted 40 separate
Acts
making substantial
the General
are
Three
additional
reference
usual
the
included
of
of
within
Acts
thereto
number
Court
amendments
to
many
sections
of
Corporation, Stock Corporation and Tax Laws,
which
is
were
also
the
so
closely
included.
additional
the
related
publication.
that
brief
over
exact
there
recent
are
cases
language
the
in
of the
wide
areas
in
Saskatchewan
according to the current
"Moisture in these
In
generally
are
are
and
even,
crops
of Alberta,"
report of the Bank of Montreal.
parts
has not been sufficient to promote
required
are
the southern
major irreparable losses have already
The Bank further reported:
Quebecfavorable
prospects
crop
areas
of Saskatchewan
occurred^'
weather has greatly
promising.
in
In
benefited vegetation and
Ontario growth
better than average
has
been rapid
and
crop
crops
condition but frequent heavy rains
have delayed cultivation of field
crops and have interfered with the curing
of
Also,
annotations of
Appeals, in which the
court is quoted.
of
scope
Weather
Dry
Causes Serious Damage to Canadian
Crops
a
heavy hay
retarded
spell
of
by
crop.
excessive
warmer
satisfactory
In the Maritime provinces crops generally have been
rains
weather
yields
is
and
has
more
overcast
followed
promising
cherries and the early cut of alfalfa.
skies.
heavy
for
all
In
rains
crops
British
and
the
except
Columbia
prospect
a
of
strawberries,
new
members
Telephone
Cable Address Hartwal
52
WILLIAM
STREET
PRIVATE
145
Volume
WIRES
OFFICES
CONNECT
89
Canadian Markets
AND
LISTED
For miscellaneous
UNLISTED
88.
Sales
Friday
of Prices
High
Sale
Stocks (Concluded)
Western Grocers Ltdpf.
Montreal Stock Exchange
both inclusive, compiled from official sales
Week's Range
for
Sale
of Prices
Low
High
Week
10
*
Agnew-Surpass Shoe
Amal Electric Corp
8 V*
Jan
185*
June
29
Apr
30
Jan
.16
Apr
3
185
3
Feb
168 V*
168 5* 170
619
157
May
Brazilian Tr Lt & Power..*
23 V*
235*
24
4,654
18V*
British Col Power Corp A. *
34 H
34}*
355*
465
34V*
July
*
7 V*
75*
75*
70
*
5
5
55*
45
7 V*
6
June
Jan
B
Bruck
Mills
Silk
Building Products A
Jan
Apr
60
*
Canada Cement
3
3
*
60
411
56V*
14?*
155*
924
14V* June
103 5*
298
23 v*
Mar
73
Jan
60
64
180
Jan
211
116
219
Jan
241
100
100
Feb
330
13
314
Jan
340
Mar
200
_
_
^
200
202
412
200
May
226
Feb
27
59
Mar
Jan
Jan
Jan
17
17
5
16
Apr
20 v*
22
50
20
May
29v*
June
Apr
13V*
June
6v*
18v*
Canada Steamship (new).*
Preferred
100
Canadian
Municipal
Public Utility and
Montreal
Industrial Bonds
330 Bay St., Toronta
Sparks St., Ottawa
v* June
May
Montreal Curb Market
380
Feb
June
31
Mar
126
Mar
Friday
30
Feb
Last
Apr
245*
Feb
32
Apr
13 V*
23
21v*
Mar
553
5
56
Mar
8
547
120
1883
Apr
110
155*
23 5*
255 St. James St.,
Jan
Apr
26
120
ESTABLISHED
Feb
Mar
145*
100
7%
Apr
8H
106
25 5*
*
Celaneee
25
15v*
25
Preferred
50
85*
25 v*
Canadian Car & Foundry
Preferred
108
110
85*
Canadian Canners Ltd...*
123
135*
135*
110
.100
Cndn Bronze pref
35*
35*
104
Jan
Canadian Government
1
INCORPORATED
Jan
3 V*
3v*
June
57
190
328
225
HANSON BROS
Jan
22
103
Jan
Feb
30v*
39v*
11v*
11h
*
100
Preferred
43
Jan
5v*
170
Can North Power Corp..*
Can Forglngs class A
Jan
Mar
Apr
22 H
111
"lSV*
Jan
10
230
58
Royal
Mar
17
*
100
Telephone
10V*
June
30
15
Jan
June
190
100
Nova Scotia
Apr
11
18 H
Bell
3 V*
120
225
100
Montreal
Jan
42v*
1,260
Bathurst Pow A Paper A.*
Bawlf IN) Grain
435
24
24
50
Commerce-
10
15
18
3?*
3V*
Canada
Jan
12
670
26
14 5*
*
20
85
26
pref_50
Breweries
Associated
205
115 V*
3
20
Banks—
180
20
20
20
100
Mar
4
3V*
100
Preferred
Alberta Pacific Grain—
Preferred
4
High
Low
Shares
High
Low
Shares
10
9H
*
Range Since Jan. 1, 1937
Week
118V* 118 V*
B
1, 1937
Range Since Jan.
Last
Price
100
Winnipeg Electric A..
Sales
Friday
Par
lists
Low
Price
Par
for
Week's Range
Last
Stucks-
Exchange
Montreal Stock
Canadian tables, usually found in
this section, see page
June 26 to July 2,
BUILDING
TORONTO
YORK
NEW
MONTREAL
BANK
ROYAL
BUILDING
ALDRED
BONDS
INDUSTRIAL STOCKS AND
UTILITY AND
CANADIAN
IN
SPECIALIZING
york security dealers association
Bell System Teletype NY 1-395
2-0980
HAnover
106
Apr
23 V*
121
Converters- -100
24
24
5
28
Canadian Cottons pref. 100
Can Hydro-Elect pref -100
108
108
6
105
77
78
508
71
Apr
83 v*
June
5H
6
2,080
5
Apr
.*
45*
45*
425
4 V*
Apr
25
12 H
125*
12 5*
3,251
»
16 %
16
165*
565
both inclusive, compiled from
official sales lists
Sales
Week's Range
Range Since Jan. 1, 1937
or
Jan
4H
8 v*
7 v*
June 26 to July 2,
Canadian
-
Canadian Indust Alchol-. *
Class B
Canadian Pacific By
Cockshutt Plow
77
Crown Cork & Seal Co...*
Distill Corp Seagrams
Dominion Bridge
Dominion Coal pref
Dominion Glass
Dom Tar A Chemical
Textile
17v*
Mar
72
Apr
22v*
100**
15
18
Jan
22
Jan
45
20 V*
Apr
29
Mar
58v*
23v*
Mar
205*
100
205*
48
495*
374
47
May
19
21
420
19
June
110
110
100
110
185*
June
18v*
Apr
Jan
85
Apr
135*
Jan
20
Apr
,
Jan
;
15V*
155*
2
2
175*
175*
135
525
70
2
17 V*
4 V*
June
5
Apr
24
May
8 v*
5
Foundation Co of Can...*
23
33
15
30
June
37
Jan
11
11
5
32
*
*
11
535
10
June
16V*
Jan
23
25
575
23
Apr
31
Apr
j
;
Charles
*
Gypsum Lime A Alabaster*
Hamilton Bridge
*
Holllnger Gold Mines
5
*
12
V*
"iiv*
28
20~?*
Imperial Oil Ltd
International
Power
58?*
*
"34 V*
*
Jamaica P S Ltd pref--100
130
McColl-Frontenac Oil
Montreal
Apr
15v*
Jan
115*
10?*
27
28 5*
1,095
18V*
Jan
183
99 V*
Apr
May
34 v*
103
Apr
Mar
Mar
Apr
24V*
15v*
38v*
Apr
73v*
Mar
205*
205*
2,715
20V*
June
145*
2,313
13V*
Jan
June
Mar
250
59
4,127
865*
335*
86 5*
133
86 V*
345*
1,841
33 V*
Apr
39 v*
Mar
45*
215
4V*
34V*
June
12 v*
Jan
130
375*
130
30
185*
185*
8
*
11v*
•
10
11
95*
8
98
Jan
Jan
Apr
38
May
2
130
Apr
130
Apr
220
28
June
125
45
835
115*
899
10
682
15V*
8
8V*
8V*
43v*
Jan
Jan
22
Mar
June
15
Jan
110
"87~~
48
Mar
McColl-F Oil 6% cu
Melchers Distill Ltd
*
Jan
Feb
38 V*
38 5*
39
40
40
40
40
Mar
42v*
43v*
Feb
National Steel Car Corp..*
48
48
48
335
39V*
Apr
57v*
Jan
Niagara Wire
42 5*
425*
425*
126
40
Apr
64
Feb
59 5*
1,916
*
new
Noranda Mines Ltd
Ogllvie Flour Mills
Preferred
100
103
91
May
99
Feb
30
103
May
103
May
Jan
"mi
23
10
20
18
20
1,070
18
June
18 5*
215
17
June
30
104
*
18
18
Rolland Paper pref.... 100
104
104
Power
Saguenay Power pref
104
102 5* 1025*
12
11
15
99?*
8V*
23
June
Jan
Jan
15
32
33
2.075
25
Jan
39?*
Apr
25
25
50
22
Mar
25
Apr
St Lawrence Paper pref 100
845*
89
567
68
Feb
97
May
Shawlnlgan W & Pow
26 5*
27
1.076
25V*
Apr
24
24
30
23
June
104
104
10
101
Jan
St Lawrence Corp
*
A preferred
50
St Lawrence Flour MillslOO
*
11V*
33
27
Sherwin Williams of Can.*
Simon
(H) A Sons pref. 100
13
135*
355
13V*
*
79
78
79
275
77
25
73
73
73
Southern Canada Power.. *
Steel Co of Canada
Preferred
1,855
United Steel Corp
7V*
Viau Biscuit
*
Wabasso Cotton
*
21
May
3V*
50
175
500
5,630
59 V*
59 V*
15
15V*
993
13V*
15V*
1,165
13V*
15V*
14V*
14 V*
10
4
Jan
Apr
4V*
Apr
Jan
24V*
Apr
Apr
May
73
Apr
19V*
Apr
May
19
Apr
Jan
Apr
3 V*
10V*
2.00
16?*
59
8 V*
8
9
310
8 V*
June
30
8
8 V*
270
8
June
13
Jan
June
29V*
Feb
Apr
2.50
Feb
Feb
50
Apr
22
22
116
21V*
50
1.00
1.25
42 V*
55
41V*
43 V*
1,925
Feb
50
45
45
50
45
June
49
Jan
90
90
55
76
Jan
110
Mar
32
"90
1.25
42 V*
1.25
32
40
32
June
39 V*
Jan
June
21V*
Feb
15V*
15V*
25
30
29 V*
15V*
62
1.50
Apr
38 V*
3V*
Apr
37 V*
Jan
Jan
73V*
Mar
89V*,
June
100 H
Mar
1.50
June
9
Feb
6V*
Apr
94
Feb
25
1.50
1.50
206
6 V*
218
19
1.50 June
38 V*
65?*
67
100
100
100
Apr
lan
30
7V*
106
25
100
1.50 June
110
Mar
Apr
Mar
43
Feb
7 V*
106
4 V*
30
4 V*
Jan
45*
Mar
47 V*
4V*
44 V*
110
Feb
June
1
27
2,110
34 V*
Mav
59 4
M ar
7 V*
106
80c
80c
16
17
1.90
2.00
10
Jan
105
16
Jan
Jan
8
18
108
Feb
1.15
50
65c
Apr
20
15V*
June
215
1.75
June
3 V*
Apr
49V*
47
47
10
42
19
19
65
18J*
June
25
Jan
Jan
20
Jan
Jan
Feb
Mines—
Aldermac Copper
—
75c
Apr
90c
1.07
5,350
lV*o
June
2c
2 V*c
4,200
19c
19c
15c June
1.90
Feb
44c
Jan
25c June
3V*c
3c
3 V*c
7,200
3c
June
25c
25c
3,500
20c
June
Big Missouri Mines Corp. 1
Bouscadillac Gold Mines. 1
43c
42c
43c
3,200
41c
May
72o
Feb
30c
30c
35c
8,750
26c
June
1.15
Feb
Gold...
Dredging Ltd 6
No par value.
9c
Jan
*
1
Mines
Jan
June
1,000
95c
2 V*c
Corp— *
Alexandria Gold Mines— 1
•
35
Jan
Apr
Bulolo Gold
136
Mar
80c
107
Calgary A Edmonton—
32 5*
32
2.50
Jan
Mar
Mar
25*
May
30c
79
Mar
7
70c
48V*
Feb
11v*
40
500
Apr
Mar
May
Jan
75c
Apr
18v*
June
Jan
35c
64 V*
Apr
June
65
of
May
4
June
35
Corp
Beaufort
6V*
43
1,601
Power
Arno
72 V*
5
102 V*
39?*
Jan
14
16
75c
3 V*
100
6V*% cum pref
Apr
125
June
Page-Hersey Tubes Ltd.. •
Price Bros & Co Ltd... 100
30
835
Apr
7V*
7
40
Jan
Feb
100
310
Jan
33v*
75*
Jan
99
101
25*
Jan
4
35
Anaconda Oil Ltd.®
7
Jan
1.55 May
20
21VI
llVi
3M
102 V*
Feb
96v*
88 v*
Jan
1.55
1.80
Walker-G A W $1 cum pf. *
10
103
23
100
Power Corp of Canada...*
90
103
5
Jan
39
Apr
90
100
9 V*
200
1.50
Mar
100
Apr
June
2H
14V*
9VH
V*
19?*
106 v*
Mar
150
18
85
2
1.50
103v*
300
Apr
20
17v*
20
19V*
Jan
Apr
150
Feb
*
Mtl Island Power Co
Jan
Feb
235
14
May
112
15V*
Mitchell & Co (Robt) Ltd
Feb
83
30
155
Jan
39
Jan
69
33v*
25v*
June
241
57
10
Jan
6 V*
Canada6% cum 1st pref
100
Quebec Tel & Pow A
*
Royaiite OH Co Ltd
Sarnia Bridge Ltd B
*
Southern Can P pref. .100
United Distillers of Can..*
United Securities Ltd.. 100
Walkervllle Brewery Ltd *
Walker-Good & Worts (H) *
155
59 v*
54 V*
Apr
241
Ottawa L H & Power
Quebec
37?*
39
*
..*
Ottawa L H & P pref
Ottawa Traction
828
Apr
109
2.00
Melchers Distillers Ltd pf
Feb
9
34
11
16
pf.100
Apr
Mar
110
271
115
110
Jan
9
90
Jan
Jan
m
38
90
Apr
•
130
110
110
52 H
May
65
Mar
415
29
100
22
64
38
Mar
Feb
62
105
May
16V*
*
5
National Breweries pref.25
National Breweries
.
10
80
391
18
230
Massey-Harr 5% cu pf.100
58
Mar
1,770
MacLaren Pow & Paper.
10
26V*
1.30
Mar
22
Apr
32 V*
Mar
58
21V*
1.30
15
87
1,265
29 V*
16v*
86
23 v*
1
Internatl Utilities Corp B
Apr
58
Montreal Telegraph....40
July
~35c~
75c
Inter-City Baking Ltd. . 100
International Utilities A. _*
Feb
36 v*
Apr
Feb
June
1.55
43
3,036
475*
12 V*
7
6
19V*
9 V*
*
6% cm pflOO
Apr
123V*
2 V*
Eastern
Gen Stl Wares7% cu pf hm»
Feb
20
17v*
Claude Neon Gen Adv...
Freiman (A J)
6 V*
122 V*
215
7
Voting trust ctfs
Apr
Apr
June
4V*
78
6,860
40
Eraser Cos Ltd
79V*
8V*
*
Dalries7%cmpfl00
Fairchild Aircraft Ltd
5
Ford Motor Co of Can A.. *
Foreign Power Sec Ltd... *
80
Jan
8V*
100
City Gas A Electric Corp. *
B
Jan
41
126 v*
9
*
Commercial Alcohols Ltd. *
Commercial Alcohol pref.*
Consolidated Paper Ltd..*
Dom Engineering Works.*
Donnacona Paper A
*
Apr
Apr
41V*
123 v*
23
37?*
pref 100
Canada Vinegars Ltd
*
Canadian Breweries.....*
-*
Preferred
Candn Gen Investments..*
Cndn Marconi Co
--1
Can Nor P 7% cum
305*
475*
29?*
15
1,157
18
104 5* 104 5*
30
*
100
36
575*
33 Vt
54
28
Cottons.....100
Montreal Tramways
18 v*
10
730
185*
'.'_*
Montreal Cottons pref. 100
Mtl L H & P Consol
Mar
Jan
12>*
115*
30
100
Lang A Sons Ltd (John A)*
Lindsay (C W):
Massey-H arris
Feb
15v*
18v*
11
375*
Jamaica Public Serv Ltd..*
Lake of the Woods
760
Mar
18
45*
*
Power pf_ 100
Inter Pete Co Ltd
12 5*
Jan
Jan
7V*
11V* June
36
Industrial Acceptance
International
115*
8V*
145*
Imperial Tobacco of Can.5
Intl Nickel of Canada
70
1015* 102
100
Preferred
430
95*
115*
9
Gurd,
Howard Smith Paper
115*
115*
11v*
•
4
15V*
May
6?*
8
7% cum pref
General Steel Wares
60
81
8
8
123 V*
23 V*
*
Canadian Vlckers Ltd
1,060
4
Canada Malting Co Ltd.. *
Jan
Mar
59
High
Low
78
80
Ltd—*
12
73
440
*
Canada Bud Brew
175
125*
805*
15
58 V*
59
--*
960
12
79
*
B C Packers Ltd.
Jan
80
Paper
Mar
Jan
13
*
Dairies
Brit Amer Oil Co Ltd
28 ?*
118
110
*
Dryden
Mar
20
16?*
Electrolux Corp..
1
Enamel & Heating Prod..*
Mar
Week
Shares
2,765
6
5V*
58
58
dep.-.100
Acadia Sugar Refining. £1
Asbestos Corp voting tr..*
Bathurst Pr A Pap class B ♦
Beauharnols Power Corp.*
Beld-Corticelll 7%cmpfl00
Certificates of
Mar
of Prices
High
Low
5V*
100
6% cum pref
3,721
18 H
12 H
Price
Abitlbl Pow A Paper Co..*
Mar
Jan
21
Eastern
English Electric A
English Electric B
Apr
14J*
49V*
*
Dominion Steel & Coal B 25
Dominion
77
205*
12
Par
Stocks—
Jan
1,508
75
20
Con Min & Smelt new...25
Sale
Mar
65c
Feb
25c
25c
253
23 V*
June
30
Feb
3.15
3.25
4,950
2.10
May
6.40
Feb
90
Financial
Chronicle
July
1937
3,
Canadian Markets—Listed and Unlisted
Montreal
Curb
Market
Toronto Stock
Friday
Can Malartic Gd M
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Week
Price
Par
Ltd*
1.04
1.00
1.07
Range Since Jan. 1, 1937
Shares
Low
2,675
90c
Stocks (Continued)
High
June
2.28
15c June
47 He
Feb
18c
17c
18c
3,700
Central Cad
28c
25c
32c
4,400
2.60
2.50
2.79
549
2.20 June
6.15
1.05
1.05
500
1.05 June
2.03
1.06
92o June
2.70
Feb
1.00
1.11
65o
Apr
3.60
Feb
7c
7Hc
5Ho
Jan
15c
Mar
1.00
7,465
3,450
8,150
3,000
71c June
2.03
Jan
2.55
2,250
3.60
Apr
1
*
Mines
Too
1
Dupatquet Mining Co...*
East Malartic
1
Eldorado Gold M Ltd
*
90c
2.50
2.41
!
V
25c
June
2.10
Jan
65
Apr
Mar
Feb
:
Week's Rang
for
of Prices
Low
High
Week
Price
Par
Can Bank of Commerce 100
Canadian Breweries
*
Jan
1.00
Central Patrlca Gd M
Consol Chlbougamau
Dalhousie Oil Co
7.70
7.50
7.70
400
69c
72c
2,100
60o June
10Hc 10 He
13Hc 13Hc
100
9Hc June
65c
9c June
60c
*
Hudson Bay Mln & Smelt *
J-M Consol G M Ltd
1
29 H
20c
28
Lake Shore Mines
49
49
Oil
1
Lamaque Contact G M__*
2.15
2.45
5c
12 H
1.58
Feb
Feb
8,190
1.35
Apr
4.10
920
25H
June
41H
Apr
Feb
23c
6,100
20o June
67c
Feb
49
250
5c
1
16c
16c
3c
3c
47
600
...1
June
1,000
14,800
1
5.00
5.00
5.10
4c
59
May
35H
35H
35H
3c
120
*
42c
2,200
Gold
Jan
7H
245
11H
682
18 H
10
15
14 H
350
14
...25
25 H
25H
40
23
Canadian Dredge
Canadian Ind Alcohol A._*
45H
5%
42
15H
25H
45 H
6
4H
4H
1.00
1.09
Canadian Malartic
Canadian Oil
Preferred-
Murphy
C P R
12
il7H
4.25 June
33 H
42o
8.50
June
Jan
42
fJan
42c
May
1.19
Jan
2.90
200
2.90 June
4.80
Feb
3c
3,100
2C June
8c
Jan
2Hc
100
3c June
10c
Feb
4c
4c
4c
1,000
4c
May
11c
Feb
6.00
6.80
7,525
5.50
June
13H
Jan
50c
50c
55c
5,100
40o
June
1.10
16c
19c
1,667
15o June
42c
Feb
2.05
1.95
2.05
2,500
1.90 June
Parkhlll Gd M Ltd new..l
Pend-Oreille
12 H
1.90
Feb
Dist Seagrams
Feb
Jan
100 H
99c
9.10
Feb
5.20
5.25
450
15c
15c
50
2.95
3.45
1,600
2.80 June
6.85
Feb
78c
2.00
Feb
7Hc
9c
5,200
6,000
50c June
9c
7Ho June
22o
Feb
16c
Feb
2.55
5.20
July
15
June
17
May
1
5c
5c
200
5c
Shawkey
l
50c
51c
Sherrl tt-Gordon
1
2.34
2.15
2.35
3,300
4,915
1.80
Slscoe Gold Mines Ltd___l
Sladen Mai
1
Apr
3.45
3.35
3.60
4,610
3.20
June
1.02
90c
1.05
June
2.60
Jan
1.18
1.05
1.25
14,950
53,800
76 He
Stadacona-Rouyn
90c
June
2.90
Mar
May
38o June
1.13
Feb
4.00
Feb
6.65
Jan
1.13
1.12
1.19
June
2.25
Jan
55c
53c
60c
4,025
16,600
1.00
1
47c
June
2 15
Jan
*
7.00
7.00
7.60
390
7.00
July
7.60 June
34c
33c
39c
18,100
30c
June
Wright Hargreaves M Ltd*
73 Ho
Apr
6.10
6.00
6.10
400
5.95 June
8.10
Jan
Duncanson, White
Co.
&
Toronto
York
Curb
77H
199H
6
100
Last
Sale
Price
Abltibl
21H
...
39 H
*
of Prices
Low
High
58
5%
57
25
Alberta Pac Grain pref.100
A P Cons Oils
1
6H
18
Jan
2.10 June
6.25
Feb
9,000
9o June
43c
Jan
75c
80c
8,100
42c
16
3,500
1.00
H
75
199
1.20
21
6,215
46c
53c
15,000
21M
41H
20 H
39
1,180
5%
May
15H
Apr
Mar
Apr
80
1
41H
lie
25
20
42c
96c
48c
15
4H
20
5,100
29c
Jan
Jan
28 H
12 H
Mar
108
2.55
*
12
180
10
80c
100
50c
45c
H
95c
2.55
7,075
11
5H
7.65
1,345
25
25
*
20 H
19 H
20 H
1,460
11 He
10c
*
22 H
21H
Foundation Pete
Francoeur
»
47c
45c
60c
91,050
*
62c
62c
75c
10,000
•
11H
1
1
1
58
17c
228
78c
100
Base Metals Mln..
*
Bathurst Power A
*
57 H
16Hc
225
A
17c
80c
255
25c
18
"Y.15
59
228
70c
250
~28c
*
Beattle Gold
Mar
June
Apr
7
Mar
12.90
May
35
Mar
24 H
Feb
7c June
21 H
20 He
54c
29H
Jan
June
1.25
Feb
50c June
Q5
1.58
Feb
8
Jan
18H
Apr
29c June
65o
May
4,200
4,850
7 Ho June
30c
1
42c 46 He
6c
6c
1
20c
45c
...*
22c
21c
21c
21c
36c
35c
38c
10c
12c
50c
1
]
*
1,950
3,200
2,000
June
1.02
Jan
June
30c
Feb
c
18
June
12c
30
130
65
49
Jan
June
39c May
68
22c
Apr
82
May
Feb
53
Mar
92 H
67
54 H
1
13c
12c
13c
5,800
9c June
63o
Feb
16c
18c
2,300
15c Juue
67o
Feb
26 H
Apr
1
*
"l7
*
39
54 H
17M
143
13H
Apr
39
40 H
345
33 H
Mar
65c
4,850
55c June
1.25
Jan
12H
490
11H June
18 H
Apr
65c
64c
*
12 H
11H
Halcrow Swayze
1
Ham United Theatres
pflOO
Harding Carpets
2c
2
51
2c
500
June
7
Jan
10
58 V%
Apr
69
Jan
4H
350
4H
Apr
7
Jan
1.15
1.30
21,110
23o
4H
1
1.20
23c
900
12 He 13 He
25 He
31c
6,200
...»
*
63
Jan
Howey Gold
1
31c
36c
95c
Feb
Hunts A
""31c
1.00 June
17
H
12 H
12 H
12 H
13
85
85
220
225
1
20 H
14 H
June
3.44
38
12 Ho June
15c
10,200
12
_♦
1.11
30c
23
3,600
39
6,500
9
3,200
18 H
220
1.15
3,395
Beauharnols
*
Bel Tel Co of Canada.....
Bldgood Klrkland
__i
Feb
25c
Feb
57
64c
250
25o
17
1.00
Big Missouri
*
103
Mar
3,565
170
110
25
36
36
10
38c
40c
10
109 H
35
*
58
*
35
internat Utll B
*
1.35
Jan
Jack Walte Mines
Jacoia Mines
1
70c
l
Feb
Jelllcoe Cons
Apr
J M
Feb
21H
Jan
Keivinator pref
Kerr Addison
Kirk. Hud Bay
Apr
June
Apr
June
«Mar
Jan
Apr
Jan
Feb
31c
900
Mar
June
19
10 Ho
3o
22 H
Feb
Apr
15Hc
May
87o
Jan
July
72c
Jan
12
July
5
12
Mar
18
Mar
72
Jau
94
June
20
220
June
3,371
19
Jan
_i
9.10
__*
2Mc
24
7
7
23 H
925
6,193
10
2%c
3
He
»
59 H
59 H
20
Bunker Hill
Burt (FN)
*
11c
25
*
15
*
Calgary A Edm..
50
3.10
.1
80c
pref... 100
100 H
15
*
ioo
*
100
*
Can Wire A Cable A
*
Canada Wire A Cable B
*
Canadian Bakeries pref 100
40 H
15
~84~~
155
3.05
30 H
Mar
9H
Mar
Mar
8.25
Apr
12.50
Feb
June
6 He
Jan
MacLeod
Jan
74 H
Mar
500
11c
June
23c
280
39 H
May
44 H
1,050
14H June
18
7,000
50
65
3.35
80c
90c
100 H 103
14 H
15 H
103
103
2 00
June
Apr
6 55
Jan
June
Feb
15,550
40c
Apr
I 75
Mar
41
99 H
May
Mar
14H
2.65
Feb
90c
Feb
1.70
Apr
June
59 H
5Hc
4o
May
28o
72c
5,400
58o
June
1.33
72
13c
17c
3o
31
9,910
42,300
68
11c Juue
30c
Jan
3c
3 He
9,300
7 Ho
Jan
55c
55c
60c
10,200
45c
June
1.35
Feb
5.10
4.90
5.10
3,710
4.85
June
8.40
Jan
23
Apr
25
Feb
Jan
23
Feb
24
24
25
408
23
22 H
23
534
Cockshutt
Malargo Mines
Milling
1
5.10
5.00
5.20
1
1.85
1.75
1.96
__l
65c
55c
65c
19,475
14,949
9,900
II*
3c
2 He
1
12c
Preferred
"~6H
Massey Harris
Preferred
3c
13c
6.375
5H
144
4.15
June
8.60
May
4.85
Jan
55o
June
1.20
Mar
2c
June
110
June
5
June
236
5
Apr
12H
Jan
2,380
8H
Jan
16H
Mar
ioo
62 H
61H
2Hc
65
511
52 H
Jan
74
Mar
160
73
146
Jan
160
May
2,500
Mclntyre Mines...
4
65
3 H
June
7
Apr
34 H
2,083
32 H
McKenzie Red Lake
McVittle Graham
1
1.17
1.03
1.20
12,750
1.00
1
26c
25c
28c
9,000
17c
McWatters Gold
*
42c
42c
46c
12,000
35c
Apr
60
20
50
June
75
Mar
22
22
10
19
Juue
31
65
35
57
June
73
Jan
•No
par
1
value.
._.*
"io~~
9H
I5o
Apr
60
Jan
7
12
6H
87 H
18
18
Feb
Mar
11
Feb
McDougall Segur
16c
36c
11
11H
Mar
Preferred
Jan
*
98
May Spiers Gold
McColl Frontenac
May
1.65
18,000
12o
5H
_*
21
110
June
Jan
Apr
May
13H
Jan
1.05
June
50
77
Jau
Feb
June
June
13 H
60
Apr
June
68c
82
154
Feb
Apr
46 H
101
Apr
3.30
Feb
Mar
3,406
11,300
10
210
59c
2,540
15
84
13%
1.35
2.15
108
43,650
»
Madsen Red Lake
Manitoba A East
Maple Leaf
2.00 June
103 H
23
84
3H
14,375
Feb
Mar
Junfe
1.27
.....II*
B
June
19o June
1
Macassa Mines
2c
51
37,384
70c
106
1.70
87c 91 He
1
5
I.I.I*
Leitch Gold...
Little Long Lac
Loblaw A
26 H
15
60
16c
Jan
41
11c
1
Apr
11,000
Building Prod
Lebel Oro
Lee Gold
1.10
70
"91Hc
Apr
815
*
1
7
21%
1.22
Lava Cap Gold
10
2,931
1.60
66c
Feb
23 H
1.65
4 He
29o
22 H
9.00
"2".39
65c
9.00
Feb
40,310
5,800
4 He
June
3.15
1.01
20c 22 He
106 H 106 H
2.10
2.44
1
May
June
83c
83c
1
12c
Mar
Mar
Lamaque Contact
Lapa Cadlllao....
6.40
Feb
39 H
Mar
Jan
1,040
Feb
73 H
53o
Feb
7,300
105
Apr
June
1.61
72c
15c
June
H
33 H
1.25
25c June
1.70
___•
425
54
Mar
50c June
20c
1
Laura Secord
98
Jan
Mar
500
49H
,Mar
47
7,240
2,352
251H
24H
15H
5,164
48 H
40
Jan
32c
49
16 H
Feb
110
June
Apr
13H
70c
1
_100
1
20
85
Mar
70c
1
Consolidated
Jan
28c
1
7.00
23 H
1.35
1
12c
~23~~
1.25
Lake Shore
6.70
*
58 H
35
Klrkland Lake
14c
*
99
57
33 H
Jan
6.75
*
H
Jan
Jan
33c
12
Feb
9H
176
*
Brazilian
98
international Nickel
International Pete
Mar
20
14H
Jan
650
112
20H
5
Apr
l
Brew A Distillers
B A OH
100
222
*
Feb
1.75
Jan
36,775
1.85
273
100
24 H
Apr
45c
490
Imperial Bank
Imperial OH
Imperial Tobacco
Jan
6
12
60
245
Feb
Apr
Apr
Apr
154
110
36
June
289
45c
42c
Jan
7,462
10
100
50
15
20
38Mc
l
Blltmore Hats
35
6H
June
16He June
221
18
168 H 170
»
100
Intl Milling pref
1.42
107
6H
168 H
B
Apr
4H
63
*
Huron A Erie
Jan
17
H
i
Apr
1.16
Apr
80 June
50
89
9,000
9,650
June
Jan
84 H
54 H
41 He
June
Jan
40o
6
4,125
3,400
37Hc
35o
Jan
June
13,600
1
35c
107
100
Jan
8c
Homestead Oil
6 He June
18
Preferred-
.
Apr
35c
12
6H
43 H
16,085
13,250
22,800
Jan
3.65
30c
135
Jan
2.05
7Hc
31c
1
1,520
Feb
Feb
16 H
Feb
50
Can Steamship (new)
Preferred new
1,625
11H
1.89
5H
53,200
Ford A
12 He
22 H
1.22
Apr
7.05 June
19
»
Apr
Jan
June
25
...1
Jan
18
65c June
2.10
10
17
Mar
116
June
40c
16
7.75
5H
25
30
Jan
June
11H
13,300
2.50
11
June
OH
107
14,950
20 H
8.75
Mar
Apr
12 H
11
4Hc
28 H
20
2,605
19
June
Jan
17H
9H
11H
June
2.95
16 H
20 H
May
Jan
31c June
I
Mar
27Hc
2c
10c
.
Mar
24
5
73c
40c
Canada Cement
Mar
27 H
May
.__*
5.00
42c
Preferred..
Canada Packers
Canada Permanent
100 H
211
345
._.*
505
Apr
July
May
20
Hlnde A Dauch
June
72
199 H
22
51
HolUnger Cons
10,830
5,600
8c
A
Fob
250
High wood Sarcee
1.05
38c
Calraont Oils
Canada Bread
Jan
Feb
2.68
May
Jan
6.00
36c
Brown Oil Corp
2.14
23
June
Jan
2 He
40c
Burlington Steel
Apr
38 H
Apr
2c
40c
Buffalo Canadian
May
92c June
220 H
19
20c
5.25
8Hc
Buffalo-Ankerlte
Feb
Mar
5
87c
1
Fanny Farmer
Federal Klrkland
1,162
June
303
91c
100
Jan
95o
22 H
3,045
46 0
Hargal Oils
High
I
Minef.
1.47
Jan
225
9H
Hard Rock
4,500
1
Preferred
1.00
795
301
5
12 H
East Malartic
Eldorado Mines
-
77 H
Gypsum Lime A Alab
*
Blue Ribbon pref
Bobjo Mines
Apr
Feb
20
7,230
24 H
Gunnar Gold
Low
4H
__]
Beatty Bros
24o
14
215
1.07
H 202
108
English Electric B
Equitable Life
Falconbrldge
Famous Players
Granada Mines
Great Lakes Paper
Week
Shares
59 H
Arntfleld Gold
Bank of Toronto
60c
515
17
20 X
1.00
*
Dom Tar A Chemical pref *
Dom Tar A Chemical Ltd.*
Dorval Slscoe
l
Preferred..
Graham Bousquet
Range Since Jan. 1 1937
12 He
Astoria Rouyn
Bralorne
for
12c
20
*
1
Jan
Feb
19H
"21
25
Dominion Coal pref
Dom Steel Coal B
Goodyear Tire
WA. 3401-8
4H
12Hc
*
Bankfleid Cons
107
22,640
222
..100
Gold Belt Mining
Sales
Week's Range
5H
Bagamac Mines
100
2.75
47c
..1
Harker..
Bank ol Canada..
Mar
1.75
HHc
24 H
.._..*
Goodfish Mining
(Associate)
Fridai
Bank of Montreal
Mar
4.00
1.66
40c
July 2, both inclusive, compiled from official sales lists
Anglo-Huronlan Ltd
Argosy Gold Mines
17 H
9c
1.01
Preferred
Aidermac Copper
Alexandria Gold
July
July
May
2.30
1.10
Gold Eagle
Toronto Stock Exchange
*
Jan
Jan
91c June
~~
21
God's Lake Mines
Stock
King Street West, Toronto.
100
19
135
1,600
Goldale Mines
Exchange
Commodity Exchange, Inc.
New
6% preferred
Apr
1.41
30
101
Golconda
STOCK BROKERS
Members
Canadian
Acme Gas A Oil
Alberta Pacific Grain
Jan
8H
1.75 June
25
General Steel Wares.Gillies Lake Gold
Glenora
Par
Feb
Jan
1.00
75c
Dome Mines
Dominion Bank
5.20
1
Stocks-
Jan
2.30
600
"17"
Darkwater Mines
6.50
8,200
Reward
to
May
7H
2.374
1.45
*
Dom Stores-
June 26
47
12
12
2.49
1
Consumers Gas
Cosmos.
2.51
86c
69c
15
Jan
H
115
1.41
...1
Cons Chlbougamau
Cons Smelters
3.80
300
80c
Red Crest
Thompson Cad
Ventures Ltd (new)
Wood Cad
32
70
1.90
Cockshutt Plow
Conlaurum Mines
Cons Bakeries
May
3.85
85c
__*
Sullivan Cons Mines Ltd.l
Fab
100
12 H
100
Commonwealth Pets
70c June
3.70
Ritchie Gold Mines
21H
Mar
O'Brien Gold Mines Ltd._l
Pandora Cad
Read-Authler Mine
Jan
Apr
12
*
1
Central Porcupine
6.35
Newbec MinesXtd.
Perron Gold Mines Ltd...l
Pickle Crow Gd M Ltd...l
Placer Development
*
20 H
12 H
117H 118
99 He
Jan
2c
2c
Pato Gold
2,705
"Til
25
Canadian Wineries
Cariboo Gold
Carnation Co pref
Jan
42c
*
Feb
9H
Mar
7,175
*
100
......
7Ho
Apr
2Hc
1
Jan
Jan
85o June
11
June
110
1.03
21
Apr
38
May
Apr
4H
4H June
116
5H
H
4
Castle Trethewey
Central Patricia
Jan
2.90
Mining Corp of Canada..*
Moffatt-Hall Mines
Apr
May
72
19 H
Jan
3H
Jan
11
Preferred
210
2H June
14 H
19H
100
27 He
30c
12o June
1,350
.5
Mclntyre-Porcuplne
935
480
High
Jan
11H
1st preferred
2nd preferred
Canad Car A Foundry..
Chromium Mining
Macassa Mines
MoWatters
7.00 June
29 H
20C
4 He
Lebel Oro Mines
Lee Gold
183
Feb
13 He
2.15
Home
Low
21
2H
20H
8H
8
Canadian Cannsrs
Range Since Jan. 1 1037
Shares
189
2H
19H
2H
19H
Preferred
Jan
500
Francoeur Gold M Ltd__.l
Federal-Klrkland
*
Graham-Bo usquet Gold M1
•
187
B
Falconbrldge Nickel M__*
Sales
Last
Sale
Cartler-Malartlc G M Ltd 1
Conlaurum
Exchange
Friday
Last
87H
87 H
*
35c
..5
35
1
35c
34
3c
10
89 H
39c
9,800
1,364
95
2M0 June
8H
Apr
44o
Jan
14H
Mar
June
101
Mar
May
44
June
May
42 H
June
2.03
Jan
Jan
57c
Feb
June
1.18
Jhq
Jan
Volume
91
Financial Chronicle
145
Unlisted
Canadian Markets—Listed and
Toronto Stock Exchange
STOCKS
*
Toronto
Cobalt
Montreal
Noranda
Ottawa
Sudbury
Hamilton
Klrkland Lake
Sarnia
North Bay
Owen Sound
Bourlamaque
;
6.00
8.10
Jan
*
-
Zlmmerknlt
The Toronto Stock Exchange
Winnipeg Grain Exchange
Montreal Curb Market
Canadian Commodity Exchange
Chicago Board of Trade
24c
24c
900
20o June
62c
Feb
6*
6*
145
3* May
7*
Apr
Sale
Sale
Stocks
Price
Par
(Continues)
of Prices
Low
High
Range Since Jan. 1 1937
41c
12c
15c
60c
60c
600
1.38
25,180
15c
Model Oils
1.31
Moneta Porcupine
1.15
Mar
39c
Feb
Feb
lie June
May
33*0 May
Feb
115
1.98
950 June
41
June
45
Mar
5
173
June
190
June
48
48
June
20,575
42 *
July
20c
24c
15,650
20c
July
88c
3c
20c
Morris Klrkland
334c
1,500
3o June
1.65
1.50
1.65
10c
9
National Grocers
4c
53c
55c
5,100
2.40
3*c
*
1
New Golden Rose
2.50
465
36c
3*0
53c
—_6
Nlplsslng
10
4,500
4,000
32c ;
Naybob Gold
Newbec Mines
North Can Mln
Feb
10
22* May
16,300
8,500
5c June
31c
3c
5*c
3*c
Jan
3.25
3.90
510
3c May
3.00 June
6c
3.90
10.00
Feb
1.00
1.00
16*
*
94c
1.14
3*
Jan
15*'June
1,020
19*
May
12,895
Dalbousie Oil
94c
Dominion Bridge
82
Apr
58*
37* June
48
40
47*
June
34
35
50
29
May
15c
lOo
Apr
Apr
1.25
1.45
7,700
2,800
90o
2.10
2.10
2.42
15,820
1.40
55c
55c
100
50c June
75
101* June
Home Oil
*
100
Honey Dew
Howard Smith pref
Feb
Hudson Bay MAS
50o June
1.49
Jan
Inter Metals A
2.40
Apr
3.60
Feb
12c
3*c May
64*
6c
June
16*0
Jan
Lang & Sons Ltd
1.20
Apr
1.75
Apr
Langleys pref
6.00
6.85
2.20
2.55
1,150
18,460
10,325
334c
4,340
45c
58c
13.26
Jan
Mercury Mills pref
4.10
Feb
Montreal LH A P
3* June
12
Jan
National Steel Car
45c
1.28
Jan
Nordon Corp
June
Apr
5.50
1.05
103
*
*
1
92c
21c
23c
—*
2
8,500
28c 126,100
117
103
101
July
3*
Mar
85o June
2.20
12
90*
19c
21c
55
North Star OU
Pawnee Klrkland
Apr
43 *c
Feb
10c
98
118
Feb
Mar
June
4.00
Jan
Porcupine Crown
734
834
5*
Apr
9*
Jan
Prairie Cities Oil
118c
18c
2,533
4,200
150 June
Feb
Ritchie Gold
12c June
46c
Jan
Robb Montbray
1.38
Jan
Rogers Majestic
Shawlnlgau WAP
12c
14c
52c
50c
55c
25c
ji 25c
27c
I 80c
86c
134c
134c
34,835
10,850
8,550
4,000
5.10
5.80
15,439
Perrod Gold
1
Peterson Cobalt
1
Pickle Crow
1
Pioneer Gold
1
Powell Rouyn
1
Power
Premier
* *18*
1 -a2.35
Preston E Dome
1
71c
70c
Prospectors Air—.——*\
| 1.43
1.40
~5~45
4.00
3.95
740
91c
3,250
18
1934
190
2.15
2.35
4,085
80c
29,605
1.43
1,700
1,800
83c
Quebec Gold
1
40c
40c
Read Authler
1
3.15
3.00
3.50
Red Crest Gold
♦
60c
60c
77c
Red Lake G Shore.
*
Reeves MacDonald Mines*
3134c
35c
170c
70c
600
80c
F80c 82 34c
8,080
1
Lac
33c
70c
1
Reno Gold
10c
934c
11c
23
198
100
*
Royal Bank
Roy allte Oil
46
1
40
5
4*c
Power pref--100
San Antonio
1
J99*
Saguenay
3.65
1.34
1
6.65
Feb
4*c
7,000
11c
Feb
2*
15
5c
8,000
3*c
4,500
5*
150
:*
Feb
Uchi Gold Mines
6
33*
Jan
100
49
50
32
*
2
2
1.95
Jan
86c
40c June
1.95
S590 June
1.78
Apr
Feb
a
32o
Jan
Mar
103
Apr
2.40
Jan
40c June
1.10
Feb
2.40
10,935
25
5
5
734
1734
12c June
57c
Mar
1.90
Apr
81c June
3.95
Feb
Jan
38
17
Feb
61
110
Feb
100
9534
1
Simpsons B pref
3.45
3.40
3.60
6,720
Siscoe Gold
1
1.01
85c
1.07
28,150
Slave Lake
1
80c
I 75c
90c
4,700
South Tiblemont
*
F234
234
1,000
Southwest
*
1.00
1.05
3,100
44,750
Bladen Malar tic
Petroleum
Stadacona
*
1.17
1.04
1.24
Standard Chemical
♦
12*
1234
1234
25
Preferred
73
*
pref
\
25
June
became associated
accountant and
Jan
with
curities Commission, a
He is also Treasurer of the National Association
I.
Jan
Feb
10 years and Mr.
5*
Jan
ment.
2.00
Feb
2.85
Apr
15*
Jan
the
Feb
Forrest, "a former partner
80
155
73
50
71
16
10
15}*
*77* May
96
May
88
Mar
Apr
17
June
Mr. Perry was
securities.
Field
Geruldsen is the former head of their
of Field, Glore & Co.
members of the New York Stock
*
3.50
615
6.90
Feb
—Lober Brothers & Co.,
1
17c
18c
2,220
15o
June
40 *c
Jan
other'exchanges, have opened
1
1.15
1.10
1.21
4,639
1.03
June
3.25
Jan
Syivanlte Gold
1
2.00
2.95
3.00
3,450
2.70
Apr
4.80
Feb
16
*4 1
Tamblyns
*
Taahota
*
Texas Canadian
,*
Tip Top Tailors
~4~65
1.75
*
Tip Top Tailors pref--.100
1634
505
15*
Jan
6c
16*
1
Teck Hughes
8c
5,200
6c
June
16*
28*o
Feb
g 4.60
4.85
8,305
4.55
June
6.00
Jan
r 1.70
Jan
selected
10
Feb
14
Apr
which have
37
104
Mar
110
Apr
Toburn Gold
1
2.10
2.22
910
1.85 Juue
*
3534
3634
135
35* June
125
50
Mortgage
....1
1
85c
Union Gas
*
14*
United Oils.
*
30c
Uchl Gold
60c
3
|125
85c1
87c
60c 1
72c
13 34
1434
h 30c
35c
United Steel
*
7*
6*
734
Ventures
*
7.15
7.10
7.50
1
Vulcan.
2.05
2.05
2.25
3,900
7,400
1,910
62,000
5,370
1,971
5,250
120
Mar
73o June
50o June
13
Apr
17c
6
4.65
Jan
46
Apr
126
Mar
2.00
—Robert L. Cahill and Elmer
Stock Exchange,
announce
Cahill & Bloch, with
—John
Stock Exchange
listed on the New York
Swarts,
M. Bloch, both members
of the New York
firm of
offices at 39 Broadway, New York City.
Sims & Co., and later
with
with E. S. Reinthaler & Co. in the
retail
formerly with Lockwood,
Quist & Co., is now associated
Feb
sales department.
May
11*
Mar
6.00 Juue
9.10
May
1.00
2.25
Mar
Apr
prepared a
the formation of the Stock Exchange
Jan
70c
*
Co., 65 Broadway, New York, have
paid/iividends continuously over the past five years.
Feb
75o June
19
Apr
under the
M. Cohan.
list of common stocks
2.35
25
Apr
Exchange and
branch office at 1441 Broadway,
American Union Bank.
Gwynne &
—Jenks,
1,900
Toronto Elevators
Towagmac Expi
committee of the
1.75
1.50
a
Mr. Cohan is the sole trustee of
State;Title & Mortgage Co., series K, and is also chairman of the depositors'
management of Emmanuel
1234
10834 HO
712 34
l08*
Jan
offices in
with Maulsby
Mr. Forrest is currently
Salle Street, Chicago,
practising as,a financial consultant.
Sullivan Cons
3.00 Juue
municipal depart¬
of the investment banking
The new firm is sharing
Co.
La
South
135
Building,
organization of
a
firm of Stevenson, Perry, Stacy &
Sudbury Contact
3.40
of Securities Commissioners.
Previously Mr. Perry was Vice-President
Sudbury Basin
1
consolidated
became First
business in municipal and corporation
associated with Field. Glore & Co. for the past
Newton^PerryJ& Co. to conduct
2 50
78
Chairman of the
N. S. Geruldsen announce the
Newton Perry and
2.49
72
the Securities
In 1927 he was made Deputy
Michigan Corporation and Se¬
position he continued to hold until early this year.
June
May
capacities, has become
investment firm. The
& Co.
Mr. Gilmore
Commission in 1919 as chief
Deputy Commissioner of the newly-created
50c
10
been identified with the
Division of the Secretary of State, he
with the Corporation
76c June
)¥ 90c June
has
1919
when the Securities Commission was
Commission and later,
I l*;June
Apr
Feb
NOTICES
who since
"examiner.
6.65
63c
Jan
5
of the house will be changed to Guider, Gilmore
3.15 June
116
80
Steel of Canada
■
95
3*
general partner in Fred O. Guider & Co., Detroit,
—I.
98
97 *
Gilmore,
Feb
7* June
20
62*
Michigan Securities Commission in various executive
Jan
48*0
B.
—William
Feb
1.52
135
1.25
2.12
f
July
June
first
25
2.35
*
*
June
70o
Jan
June
No par value.
Mar
2,100
l
Simpsons B
29c
72
Mar
Feb
Apr
10,600
50c
July
68c
75c June
Feb
98*
79c
Simpsons A
60c
!
40
50c
Sherrltt Gordon
Sheep Creek
2.85 June
June
39
1* June
1* June
46
300
2*
Jan
Mar
Jan
6.85
•
2*
*
Waterloo Mfg A
Jan
Jan
Feb
9*
50c June
200
Mar
47o
72c
pref
Jan
8*
34
Jan
20c
36
60c
Walkerville Brew
1.55
12*o
24,200
7,400
36
25*c 29 *c
United
1.47
July
Apr
Feb
60
> 78c
78c
3c
2* June
July
Feb
4.50
Feb
4*
2.20
Feb
100
25*
33*
June
July
20
June
55c June
Jan
4c
150
75c June
1.10
3*
5
4*
18
Fuel
June
2
27
60c
227
50c
May
May
2o June
4*
"~28c
Apr
1
Shawkey Gold
7c
2.60
3*c May
4c
*
May
4,740
Jan
26*
Teml8kamlng Mines
35
1.32
12c
6,830
3*c
27
Su pert est ordinary
198
L1.25
Jan
May
3c
Jan
6.85
June
4c
2c
5
Feb
8
9934 103
4
3.80
4*c
9.20
Apr
4.90 June
2,335
9,700
1434c
May
2
2,500
2,500
2
3*C
70c
l*c
Jan
3.20
4*C
*
*
2 60
48
13c
Feb
3*
.*
Stand Paving
June
name
4434
Jan
49c
2c
Jan
32c May
22c June
200
198
13c
St Anthony
57*
Apr
150
4,000
CURRENT
5,323
4,500
22,900
Apr
17c
*
14c
1
1
40
49
1
49o June
1
Paymaster Cons
37*
15c
3.55
1
Paulore Gold
Apr
50
48
29
3*
1
1.90
Jan
Apr
40
Mar
4*C
1
Jan
69c
190
30*
1
810
1
65
June
20
33
15c
Jan
65
May
23o
Mar
2
3,100
Park bill
May
50
Jan
Apr
5
33
»
Pend Oreille
50
Jan
Feb
Mar
550
5
700
25c
29*
48
18*
108
Jan
Jan
June
41*
5
55
55
25c
*
1 75
102
19c June
5,000
21c
55
5
*
-
4.05
May
30
*
2.15
2.40
83c
25*
85
100
Oil Selections
12
2
85c
85c
»
16,485
Apr
2,107
13*
93
•
Mandy
95o
29*
13
93
*
100
Apr
60c June
27*
93
1
Klrkland Townslte
3,425
76c
29*
*
Feb
3.55 May
June
*
Feb
83
101* 102
100
Preferred
4,000
Orange Crush
Corp
1.25
2,818
50c
-
15c
*
*
5c
334c
-
Payore Gold
Feb
*
1.45
2.20
,
1.05
300 June
45c
Jan
East Crest Oil
17c
Feb
Feb
June
47*
34
Dom Found A Steel——.*
3.60
Apr
55o
65
5
65
65
100
*
DeHavllland pref
Mar
June
1
4,000
15*
5934
—.
Pautepec Oil
Apr
July
Jan
Jan
25
22*
5c
1.25
5c
74c
Okalta Oils
Painour Porcupine
11
140
Feb
22*
16*
1.40
"e'io
Page Heraey
Jan
May
8*
135
Feb
3*
5c
»
5634
*
O'Brien Gold
Oro Plata Mining
Feb
Apr
1.50 June
5
June
*
Toronto
810
Cobalt Contact
59 *
*
1
Oil
May
Consolidated Paper
1~45
Noranda Mines
Norgold Mines
Normetal
Pacaita Oils
630
934
140
140
100
Preferred.
Stuart
17
Foothills OU
Murphy Mines
Rocbe Long
Jan
„
Feb
21
June
Apr
115
42H
43
Monarch Royalties
18
8
34
60
38
17*
285
1
Coast Copper
42
21c
10*
38*
3*0 June
3,600
1
——5
Churchill Mining
5.00
43
*
173
100
63o
A»r
173
41
Moore Corp—
Apr
10c
High
Lots
450
37
*
Central Manitoba
26c
3,600
1,950
10,200
8c
17*
1 1937
Week
Shares
8*
37
1
Wlrebound
2.70 June
8,500
2.95
2.75
8*
*
*
Canadian Marconi
High
Low
Shares
13c 1434 c
13c
2.90
Olga Oil A Gas
Omega Gold
Canada Malting
Canada Vinegars
Week
——
Merland Oil
Mining Corp
Mlnto Gold
A
*
8*
1
Canadian
38c
Mercury Oils
7c
Brett Trethewey
Canada Bud
for
Week's Ranoe
Last
of Prices
High
Low
Price
Par
Stocks
Range Since Jan.
for
Week's Range
Last
Sales
sales lists
Sales
Friday
Toronto Stock Exchange
5.85 June
12,632
both inclusive, compiled from official
June 26 to July 2,
Timmlna
Friday
6.05
5.90
Exchange—Curb Section
Toronto Stock
(Inc.)
High
Low
*
Ymlr Yankee Girl
MEMBERS
.1 1937
Range Since Jan.
Week
Shares
High
Low
Price
Wright Hargreaves—
OFFICES
of Prices
Par
Stocks (Concluded)
for
Week's Range
Sale
TORONTO
WAverley 7881
11 KING ST. W.
Last
GRAIN
BONDS
Sales
Friday
F. O'HEARN & CO.
—J. B. Hanauer & Co.,
July issue of their
distributing the
Municipal Bond
29 Broadway, N. Y. City, are
monthly bulletin, "The New Jersey
Market."
*
2.80
2.55
2.80
June
4.65
Feb
Walkers
*
46
45
4634
976
42
May
49*
Mar
fr* Preferred
*
19
19
1934
1,077
19
May
20
55
June
90
Jan
Mar
122
Apr
Walte Amulet
.
2,948
2.10
J*n
—Michael C. Hollander,
now
,
55
Westons
-*
*
14 *
100
Preferred
21
60
120
100
Preferred
Western Grocers pref
120
20
385
30
99
2,500
1,000
1
10c
10c
Wiltsey Coghlan
1
5c
5c
Winnipeg Eleo A
*
334
*
B
100
Preferred
1
Wood Cadillac
-
June
14
Whitewater Mines
White Eagle
117*
1434
9934 100
14
334
236
4
334
205
15
25
23
18*
Jan
Mar
106*
Jan
10c
May
30o
Mar
4o
June
17c
Feb
3
June
3* June
23
June
Jan
10
Jan
40
*
2c
2c
1,500
2c
June
5c
Jan
1
31c
38c
11,700
30o
June
77 o
Feb
—John
P.
Dal ton,
of the First National Bank
N. Y. City, have issued a circular
railroad stocks traded in the over-the-counter
—Arthur B
have
Treman & Co., members
opened a summer branch office at
—John
Ellis has
market.
«
of the New York Stock Exchange,
Saranac Inn.
become associated with Eastman,
their Rockefeller Center
of
associated with Van Deventer, Spear & Co.
—Marache Brothers, 60 Broad St.,
on
& Co., is
of their unlisted trading department.
formerly President
Paterson, N. J., is now
Jan
10
formerly associated with L. S. Carter
with Robert & Co. in charge
Western Canada Flour—
office in New York City.
Dillon & Co. at
92
Financial
New York
Bid
a3s
Jan
a4s
98
98%
101
102%
1 1954..
105
1954.
1
1
1
1957.
1
May
106
32
34
Klngsboro
66
72
Merchants Bank.
116%
115%
116%
117%
117%
117%
116%
117%
117%
118%
Bensonhurst National.. .50
95
125
Chase
48%
44%
Fifth Avenue
118
119
First National of N Y..100 2130
1958.
a4%s Nov
110% 111%
110% 111%
110% 111%
113
114%
Nov
May
1 1959.
May
1
a4s
Oct
1
1980.
114
1
1960.
15 1972
1977
1 1962.
1 1977
15 1978
a4%s Mar
113% 114%
114% 115%
a4%s Sep.
a4%s Mar
10
Bank of Yorktown_.66 2-3
a4%s Jan
a4s
Par
Bank of Manhattan Co
116
a4%s Apr
a4s
Ask
114% 115%
115
1 1974
a4%s June
15 1976
a4%s Feb
a4s
Bid
1 1964
1 1966..
103% 104%
105% 108
1975
Par
a4%e Mar
105
15 1976.
Ask
a4%s Apr
105 % 106%
106
1969.
New York Bank Stocks
Bid
1 1977.
a3%s Mar
a3%s Jan
a3%s July
July 3, 1937
City Bonds
Ask
1 1975.
a3%s July
d3%s May
a3%s Nov (
Chronicle
1
1981
a4%s May 1 A Nov 1 1957
1 1963
a4%s Mar
a4%8 June
a4%s July
114%
1 1965
1 1967
a4%s Dec
15 1971
a4%s Dec
1 1979
116% 117%
117% 119
118
119%
118% 120
13.65
-
City (National)
—12%
Commercial National.
65
100
100
National Bronx Bank—.50
National Safety Bank. 12 %
50
50%
46%
Penn Exchange
10
12%
14%
Peoples National
Public National
50
60
76
25
41
43
Sterling Nat Bank. A Tr.25
33
35
Trade Bank
30
37
185
191
100
Flatbush National
955
990
100
2170
30
37
New York Trust
119% 121
121% 123
Par
Banca Comm
Ask
Bid
100
J 00
-
National
Bid
115"
19%
17%
12%
Companies
Ask
Par
Bid
Ask
Italiana.100
105
115
Fulton
255
270
Bk of New York A Tr-100
454
463
Guaranty
Irving..
Kings County
Lawyers-..
329
334
Bankers
10
Bronx County
New York State Bonds
66
68
7
11
12
100
Brooklyn
Central Hanover
115
120
20
15
16
100 1750
25
,
1850
44
47
122% 125%
Cebmical Bank A Trust-10
62
64
3s 1974
62.60 less
1
World War Bonus—
Clinton Trust
50
85
90
3s 1981
62.65 less
1
4%s April 1940 to 1949.
Highway Improvement—
62.10
Colonial Trust
25
16
18
New York
4s Mar & Sept 1958 to '67
Canal Imp 4s JAJ '60 to '67
124%
124%
Barge C T 4s Jan '42 A *46
Barge CT4%s Jan 1 1945.
110%
Bid
As*
Bid
Canal & Highway—
5s Jan A Mar 1964 to '71
62.85
Highway Imp 4%s Sept '63
Canal Imp 4 %s Jan 1964._
Can & High Imp 4%s 1965
131%
-
-
-
131%
129
Ask
Manufacturers-
20
52%
.25
Continental Bank A Tr.10
16
17%
20
63%
64%
Underwriters
10
30
31
United States
51%
131% 134%
Title Guarantee A Tr. -.20
Corn Exch Bk A Tr
Empire
54%
49%
Preferred
13%
12%
100
94
104
1765
1815
114
Chicago Bank Stocks
Par
Port of New York
Bid
Ask
American National Bank
Authority Bonds
A Trust
265
290
Continental Illinois Bank
Bid
Ask
Port of New York—
Gen&ref 4s Mar 1 1975.
107% 108%
Gen & ref 2d
ser
ser
3%s '65
3%s '76
104
Gen & ref 3d
3s. 1976
98
Gen A ref 4th
ser
George Washington Bridge
4%s ser B 1940-53.M N
105
101% 102%
Bid
Bayonne Bridge 4s series C
1939-53
JAJ 3
Holland Tunnel 4%s ser E
33 1-3
MAS
61.00
MAS
Insurance
2.00
Par
1938-1941
MAS
61.50
1942 1960
MAS
108
2.25
109%
Ask
101%
Honolulu 5s
107
4%sJuly 1952
5s
April 1955
104
107
U S Panama 3s June 1 1961
Govt of Puerto Rico—
5s
100% 102
Feb
1952
108
1941
110
3.00
dS.75
111
112%
108
111
July 1948
U S conversion 3s 1946
115% 117%
Conversion 3s 1947
Home
Homestead lire
10
27%
Knickerbocker
5
Lincoln Fire
5
83
.10
21%
23
39%
16%
,
25
.
.
..
5
36%
-.10
14%
12%
38%
American Reserve
..10
25%
27
25
51%
28%
30
American Surety
Automobile
-.10
109
3.50
Baltimore Amer
-2%
111
98
Federal Land Bank Bonds
—JAJ
3s 1956 opt 1946
-MAN
—
-MAN
MAN
-
10
Maryland Casualty
1
Mass Bonding A Ins.. 12 %
Merch Fire Assur com
5
Merch A Mfra Fire New'k.5
Merchants (Providence) -.5
National Casualty
10
National Fire
10
101
—
10
102% 102%
101% 101516
102% 102%
18
8%
68%
67%
15%
3%
5%
60%
63%
45
48
11%
17%
4%
6%
13%
7
8
16%
18%
63%
65%
8%
122
9%
126
13%
32%
47%
14%
34%
48%
46%
20%
49
23%
24%
24%
New
26
34%
36%
New Jersey
New York Fire
27%
4%
29%
5%
North River.
2.50
46
10
-2%
48
Northwestern
National.25
126
26%
131%
6%
41%
Pacific Fire
25
127
131
Phoenix
10
85
5
17
19
32%
34%
5%
40
-10
Fidelity A Dep of Md. -20
Fire Assn of Phila
5
6
2
21
—
Federal
Ask
101 %
National Liberty
National Union Fire
Ask
4
16%
.5
19
121% 124%
70
72%
Fireman's Fd of San Fran25
Firemen's of Newark. ...5
80%
10%
-10
29%
30%
Hampshire Fire
10
-.20
2
Northern
12.50
Preferred Accident
94
24%
22%
98
89
85
Franklin Fire
4%s 1957 opt Nov 1937—
4%s 1958 opt 1938..MAN
Importers A Exporters.
Ins Co of North Amer
20
New Amsterdam Cas
2
New Brunswick Fire.--.10
Excess
MAN
10
6*28
Employers Re-Insurance 10
Bid
4s 1957 opt 1937
4s 1958 opt 1938
7%
101%
Bid
10
5
Camden Fire
Carolina.'
Eagle Fire
Ask
Security
618
.
Bid
53%
Fire
100
Connecticut Gen Life. -10
Continental Casualty -.5
100% 100%
100% 100%
100% 100%
102% 102%
109
109%
13%
40%
6%
Bankers A Shippers- -.25
Boston
City of New York
...JAJ
Par
93
48%
28%
85%
-
5s
113
Hawaii 4%s Oct 1956
Ask
4%s July 1958
111
5%8 Aug
63.50
115% 117%
Companies
Ask
American of Newark.. -2%
American Re-Insurance 10
Bid
100
104
Bid
89
American Equitable.
1959
755
46%
American Home
United States Insular Bonds
4s 1946
715
10
,
American Alliance
4%s Oct
435
Aetna Cas A Surety— -10
Agricultural
Bid
319
415
Aetna Fire
Aetna Life
Philippine Government—
Ask
314
128% 132%
111% 112%
Inland Terminal 4%s ser D
110% 111%
Bid
100
Harris Trust A Savings. 100
Northern Trust Co
100
104% 105%
1938-1941
1942-1960.
99
A frust
Ask
Par
First National..
100
12%
Providence-Washington. 10
.
General Reinsurance Corp5
Georgia Home
Bid
Ask
100
Atlantic 5s
100
;
Burlington 5s
50
California 5s
Bid
Lincoin 5s
-
-
*
60
100
/5%
6%
-
-
-
94
96
First Carol In as 5s
First of Fort Wayne 4 %s—
First of Montgomery 5s
98
99%
100
First Trust of
101
96
98
Fletcher 3%s.
100
100
Greensboro 5s.
100
Illinois Midwest 5s
Illinois of Montlcello 4%s.
Iowa of Sioux City 4%s...
100
LexlngtoD of Kentucky 5s.
100
84
96%
Lafayette 5s
99
•
—
-
-
-
203
41%
43%
Seaboard Fire A Marine. .5
Seaboard Surety
10
Security New Haven.
.10
29
31
33%
34%
.
62
101
Hanover Fire
Hartford Fire
98%
-
101
Pac Coast of San Fran 5s..
Springfield Fire A Mar—25
Stuyvesant
10
Sun
23%
25
Travelers
-
60
5
Life Assurance
453
463
33%
U S Fidelity A Guar Co-.2
75%
U S Fire
58
U S Guarantee
34
36
Westchester Fire..
.6
8%
100
31%
—
117
640
73%
55%
.
7%
590
10
..
114
12
100
10
—
10
4
21%
52%
22%
54%
10
53
56
..2.50
35
37
100
100
107% 108%
100
100
St Louis 5s
/27
San Antonio 5s
...
mm*
Surety Guaranteed Mortgage Bonds and Debentures
Bid
m
100
Allied Mtge Cos Inc—
All series 2-5s
1953
85
m
19
45%
Tennessee 5s.
100
Associated Mtge Cos Inc—
Debenture 3-6s
1953
Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3-6s '53
43
99% 100%
Virginia-Carolina 5s
100
100
«.
Par
Bid
100
14
Nat Union Mtge Corp—
Series A 3-6s—1954
78
Series B 2-5s
Potomac
48%
76
35
40
46
North Carolina
100
35
40
70
75
Pennsylvania
100
22
16
Potomac
100
63
43
46
Corp 3-6s '53
43
46
1953
43
46
70
Deb Co
3-6s
35%
74
Realty
Bpnd
A
1953
46"
43
46
Mortgage
deb 3-6s
1953
44
Unified Deben Corp 5s 1955
33
67
47
Nat Deben
74
1953
26
14
1953
Corp—
Deb Corp 3-6s
Corp 3-6s_1953
100
100
77
(all
38"
79
/32%
53
Potomac Maryland Deben¬
ture Corp 3-6s
1953
Potomac
Realty
Atlantic
48
part ctfs
18
Atlantic
Issues )2-5s
Potomac Franklin
(Central Funding series)
Nat Cons Bd Corp 2-5s '53
Dallas--
1954
Corp
3-6s
Potomac Deb
Empire Properties Corp—
Ask
Bond
Potomac Cons Deb
46"
-
2-3s
1945
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Inc 2 5s
1953
New York
Ask
55
30
83
Union of Detroit 5s
Bid
82
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
Ask
50
91
27
9
Hartford Steam Boiler -.10
Nat Bondholders
Bid
87
25%
_
11
208%
100
100
Joint Stock Land Bank Stocks
Atlanta
21%
57
9%
66
Pac Coast of Salt Lake 5s._
Virginian 5s
Par
19%
53
5
Home
100
99% 100%
Southwest 5s
101
9
Roasla
St Paul Fire A Marine..25
Southern Minnesota 5s
-
86
-
.
Potomac 5s
85
Greenbrier 5s
mm
Phoenix 5s
103
80
100
100
Ohio-Pennsylvania 5s
Oregon-Washington 5s
8
27
27
—
99% 100%
North Carolina 5s
„__5
25
25
Great Amer Indemnity —1
Halifax Fire
10
Pennsylvania 5s
101
101
Fremont 5s
Ask
95
Pacific Coast of Portland 5s
Pacific Coast of Los Ang 5s
99% 100%
99% 100%
Chicago 4%s
New York 5s
8%
24%
24%
10
.10
Globe A Republic
5
Globe A Rutgers Flre. -15
2d preferred
.15
Great American
—.5
100
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
Denver 5s
First of New Orleans 5s—
First Texas of Houston 5s
93
Louisville 5s
100
Chicago 5s
Dallas 5s
-
*
40%
7%
22%
23
Republic (Texas)
(Paul) Fire
Rhode Island
Gibraltar Fire A Marine. 10
Glens Falls Fire
,5
Joint Stock Land Bank Bonds
Atlanta 5s
38%
Reinsurance Corp (N Y) .2
10
Revere
JAJ
52
Denver.
Des Moines
100
58
63
San Antonio
First Carolinas...
100
12
16
Virginia
Fremont
100
1%
6
Lincoln
3
100
.5
1
100
50
_
55
Par
Am Dlst
Bid
Teleg (N J) com.*
Preferred
117%
100
Telep of Canada.. 100
Bell Telep of Pa
pref--100
Intermediate Credit Bank Debentures
Bid
FIC1%S—July
F I C
F I
Ask
119
122% 123%
Bell
Federal
15 1937 6 .45%
l%s—.Aug 16 1937
C 1%8—-Sept 15 1937
F I C l%s—Oct
b
6
15 1937 6
.55%
.60%
.65%
167
113
115
Cincin A Sub Bell Telep.50
Cuban Telep
7% pref—100
40
Bid
F I C 1 %s
Nov
Ask
Par
New England Tel A Tel .100
New York Mutual Tel.100
Bid
116
Ask
118
24%
169
85%
Emp A Bay State Tel- -100
Ask
36"
Telephone and Telegraph Stocks
1%
8
Virginia-Carolina.
43
42
Telegraph
100
Corp—
Gen Telep Allied
$6 preferred
FlCl%s.„Dec
15 1937 6 .70%
15 1937 6 .75%
Int Ocean Telegraph
100
96
F 1C l%s—Mar
15 1938 6.90%
Mtn States Tel A Te>—100
139
For footnotes
*
se
25
*
100
19
22
26%
28%
108% 111%
Rochester Telephone—
48
$6.50 1st pref.
100
So A Atl Telegraph
25
Sou New Engl Telep.-.100
97% 101
pagg. 94.
Telegraph
Peninsular Telep com
Preferred a
61
Franklin
Pac A Atl
88
-
141
--
S'western Bell Tel pref. 100
Wisconsin Teiep 7 % pf.100
ill
21%
24
153
155%
116% 119
113
115
Volume
Financial
145
93
Chronicle
Quotations on Over-the-Counter Securities—Friday July 2—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
3o$cpb Walkers Sons
Members New Tor* Stock
Exchange
Dealer* in
£20 Broadway
QUOTED
.
Monthly
Members New
41 Broad
St., N. Y.
Bulletin
e. sloane & co.
john
Tel* RE ctor
GUARANTEED
NEW YORK
SOLD
.
Earnings and Special Studies
on Request
-
York
Association
Security Dealers
HAnover 2-2456
-
Bell SyBt
Teletype NY 1-624
2-6600
STOCKS
Sincol855
.
\0bbbsflr
Railroad Bonds
Guaranteed Railroad Stocks
62
64
63
65
1953
1957
April 1, 1943
53* s
1945
1945
Akron Canton A Youngs town
96
-
6s
Qividend
Par in Dollars
Asked
Bid
100
10.50
170
175
6.00
98
102
2.00
40
43
8.75
128
132
137
142
-100
2.85
65
60
.100
4.00
95
99
5.00
96
100
5.00
100
104
3.50
86
49
51
2.00
43
46
5.50
86
90
-
Albany A Susquehanna (Delaware A Hudson)
100
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Providence
100
York Central)
Boston A Albany (New
(New Haven)
Canada Southern (New York Central)
Carolina Clinchfleld A Ohio (L A
N-A C L) 4%
—
Common 5% stamped
Cleve Cinn Chicago A St Louis pref (N Y
Central)
.100
.
(Pennsylvania)
Cleveland A Pittsburgh
Betterman stock
(Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western)
100
Delaware
190
195
4.00
66
69
50.00
1000
10.00
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
3.875
57
60
5.00
-50
New York Lackawanna A Western (D L A W).__ .100
50
Northern Central (Pennsylvania).
86
90
98
100
4.00
4.00
60
64
60
4.50
64
68
-50
1.50
40
43
.50
3.00
80
85
.100
7.00
165
170
7.00
174
177
6.82
99
102
6.00
Northern RR of N J (Erie)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Preferred
—
Pittsburgh Fort Wayne A Chicago (Pennsylvania)
.
Preferred
.100
Hudson)
Rensselaer A Saratoga (Delaware A
Tuone RR St Louis (Terminal RR)
72
138
_
.100
10.00
242
247
100
—
Valley (Delaware Lackawanna A Western)
6.00
87
91
5.00
95
Vlcksburg Shreveport A Pacific (Illinois Central)— .100
5.00
80
84
5.00
85
47
51
3.00
61
64
--
,50
West Jersey A Sea
Shore (Pennsylvania)
1053*
65
67
83
86
Prior lien 4s
Prior lien
43*s
1944
87
89
Convertible 5s
1940-45
92
95
1961
100
Buffalo Creek 1st ref 5s
Chateaugay Ore A Iron 1st ref 4s
5>*8
-•
Hoboken Ferry 1st 5s
61
55
97
99
90
93
62
1945
1978
1946
Georgia Southern A Florida 1st 5s
Goshen A Deckertown 1st
87
1942
1949
1965
1995
-
Choctaw A Memphis 1st 5s
Cincinnati Indianapolis A Western 1st 5s
Cleveland Terminal A Valley 1st 4s
65
100
...
85
89
103
1978
101
1939
1949
/23
Long Island refunding mtge 4s
Macon Terminal 1st 5s
1965
1033*
Maryland A Pennsylvania 1st 4s
1951
62
68
Meridian Terminal 1st 4s
1955
90
93
1949
-1956
42
50
1946
1966
60
1951
65
67
1945
87
90
1957
87
90
1951
96
1955
--1955
1951
90
1957
109
Kansas Oklahoma A Gulf 1st 5s.---
-
Little Rock A Hot Springs Western 1st 4s
Minneapolis St Laul A Sault Ste Marie 2d 4s
Montgomery A Erie 1st 5s
New York A Hoboken Ferry general 5s
Piedmont A Northern Ry 1st mtge
Portland RR 1st
33*s
33*8.—
-
Consolidated 5s
—
43* s
Rock Island Frisco Terminal
St Clair Madison A St Louis 1st 4s
-
Shreveport Bridge A Terminal 1st 5s—.
Somerset Ry 1st ref 4s
Southern Illinois A Missouri Bridge 1st 4s
90
3.50
Preferred.—
Warren RR of N J (Del Lack A Western)
983*
104
1950
1942
—
-100
Canal (Pennsylvania)
Susquehanna (DLAW)
United New Jersey RR A
Utlca Chenango A
143
68
6.00
100
Second preferred
138
3.00
(Terminal RR)
St Louis Bridge 1st pref
-
Boston A Albany 1st 43*8
Boston A Maine 3s
89
2.00
-
95
8.50
Alabama A Vlcksburg (Illinois Central
Augusta Union Station 1st 4s
Birmingham Terminal 1st 4s
6.00
.ion
Asked
Bid
(Guarantor in Parenthesis)
Toledo Terminal RR
43*s
~
-
—
105
92
—
933*
—
93 3*
893*
95
100
1954
Washington County Ry 1st 33*8
-
66
87
1966
43*8
Toronto Hamilton A Buffalo
1013*
60
63
EQUIPMENT TRUST CERTIFICATES
NORTHERN STATES POWER OF MINN.
Quotationa-Apprataala Upon. Request
$6 PREFERRED
Prospectus upon request
Bmldl Brothers
Stroud & Company Inc.
Private Wires to
EST.
Philadelphia, Pa.
New York
and n.y. curb
Railroad
Equipment Bonds
Bid
Ask
5s
1.25
62.75
2.10
63.75
43*s
5s
2.00
Ask
53*s
-----
3.00
63.00
Missouri Pacific
61.90
2.00
63.00
2.00
2.40
New Orl Tex A Mex
43*8—
63.80
2.75
62.75
Boston A Maine
2.00
New York Central 43* s—
62.80
2.25
63.00
2.25
62.25
1.60
63.00
4)*s
6s
33*8 Deo 1 1936-1944.
.
5s
Canadian National 43* s—
5s
Canadian Pacific 43*s
Cent RR New Jersey 434 8-
Chesapeake A Ohio 53*s__
63.00
2.40
63.00
2.40
63.00
2.25
62.75
1.75
61.50
1.00
5s
Northern Pacific 43*s
Pennsylvania RR 43*s
2.25
2.00
63.85
3.00
63.85
6s
NYNHAHartf 43*s
63.00
62.50
N Y Chic A St L 43*s
3.00
61.90
1.25
61.50
1.00
5s
62.60
2.00
62.00
6s
62.00
1.25
64.00
3.00
64.00
3.00
Pere Marquette
64.85
4.50
Reading Co 43*s
65.25
4.75
1.25
1.00
4s series E due
5s
Chic Mllw A St Paul
434s-
08
Chicago RIA Pao 434s
85
85
6s
87
1937-49
62.80
2.00
non call
Dec 1 1937-50
62.70
2.00
63.00
2.25
Jan A July
87
43* s
63.00
62.00
5s
St Louis-San Fran 4s
6s
534s
Erie RR
—
64.00
2.76
64.00
434s_.
2.75
64.00
2.75
62.50
1.50
6s
62.50
1.50
43*8
62.80
2.25
6s
62.50
97
2.25
1.10
99
98
St Louis Southwestern 5s-_
100
983*
43*s
5s
Denver A R G West
1003*
63.50
2.50
Great Northern
5s
Southern Ry
6s__
43*8
Texas Pacific 4s
62.50
43*8
6s
1.50
61.90
68
Loulsv & Nash
2.00
1.25
61.90
1.25
...
63.00
2.25
53*s-
...
63.00
2.25
63.75
3.00
Minn St P A SS M 4s
102
5s
1003*
53*8
101
102 3*
103
For footnotes see page 94.
43* s
Maryland 43*8-.
5s
35
355*
703*
713*
Carolina Pr A Lt $7 pref*
90
*
83
853*
893*
773*
843*
923*
6%
preferred
7% preferred
100
$6 preferred
—100
Cent Pr A Lt 7% pref.-100
Columbus Ry Pr A Lt—
1st 6s preferred
A
63*% preferred B
Western Pacific 5s
*
$7 prior lien pref
New Orl Pub Serv $7 pref*
80
843*
$6
cum
Ohio Edison $6 pref
$7 preferred
*
*
16 J*
183*
Consol Traction (N J) -100
45
50
Consumers Power $5 pref-*
953*
97
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
853*
Okla G A E 7%
7%
Continental Gas A El—
100
843*
pref 100
Gas—..100
Federal Water Serv Corp—
Essex Hudson
57
195
—
29
Bergen.-100
Gas—100
31
*
$6 preferred
7% preferred
100
Interstate Natural Gas—*
Interstate Power $7
pref--*
2.25
62.65
2.00
Kan Gas A El 7%
63.75
2.75
63.75
2.75
Jamaica .Water
333*
120
185
—
preferred
100
pref—100
99
1063* 1083*
83
87
96
98
105
107
1033* 1053*
923*
943*
99
104
101
Pacific Pow A Lt 7%
pf 100
Penn Pow A Lt $7 pref---*
Philadelphia Co $5 pref—*
Pub Serv of Colo 7% pf 100
1063*
66
68
933*
94 3*
66
106
693*
108
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
1
653*
43*
683*
53*
Rochester Gas A Elec—
1073* 1093*
1083* 1103*
23
25
8
10
53 3*
tmmcm
86
89
pref. 100
no
112
pref—100
Long Island Ltg 6% pf-100
7% preferred
100
Memphis Pr A Lt $7 pref-*
57
593*
65
67
79
81
583*
63
Kings Co Ltg 7%
603*
32
313*
$7 cum preferred
553*
593*
115
30
$6.50 cum preferred
Gas A Elec of
112
54
97
preferred
7% cum preferred.—100
Nor States Pr $7 pref. .100
100
100
120
New York Power A Light
Consol Elec A Gas $6 pref-
62.75
1013*
31)*
103)* 106
New Eng Pub Serv Co—
25
Supply—
73*% preferred
50
Jer Cent P A L 7% pf—100
100
6s
43*
343*
283*
92
131
Idaho Power—
1.00
2 3*
30
New Eng G A E 53*% Pf-*
1.10
1.00
113 3* 1143*
N E Pow Assn 6% pref. 100
1.10
61.75
*
235*
61.60
100
53*8
1133*
-
7%
23
Hudson County
61.75
43*s
5s
Western
Maine Central 5s.
preferred
100
Nassau A Suff Ltg pref. 100
Buffalo Niagara Eastern—
61.60
43*s
5s.
Wabash Ry
Mountain States Pr com.
21
83*
Nebraska Pow 7% pref-100
Newark Consol Gas
100
2.25
1.60
63.00
Miss Riv Pow 6% pref. 100
20
19
73
2.00
2.25
Virginia Ry
103*
183*
71
63.00
62.25
1.25
*
*
*
pref-*
Bangor Hydro-El 7% pf 100
Birmingham Elec S7 pref-*
$7 preferred
Atlantic City El 6%
2.25
63.00
2.75
Original preferred
16.50 preferred
2.00
5s
2.40
58
70
63.00
43*s
63.90
53
68
Derby Gas A El $7 pref--*
1.25
62.25
$7 preferred
Mississippi P A L $6 pf—*
Dallas Pr A Lt 7%
1.25
63.00
43*s
5s
Internat Great Nor 43*s„
Long island 43* s
81
$6 cum preferred
Union Pacific
Illinois Central
79
Gas A Electric
2.25
1.25
'
55
7% pref*
Arkansas Pr A Lt
Associated
63.00
61.75
Ask
50
7% preferred
61.90
Bid
Mississippi Power $6 pref—
62.75
43* s
Par
Ask
703*
62.50
Southern Pacific
Bid
Stocks
69
2.00
61.90
43* s
5s
Hocking Valley 6s
Par
63.00
53*s
1.75
534s
exchange
Central Maine Power—
2£*s series G
Chicago A Nor West 434 s.
Teletype N.Y. 1-1146
Alabama Power $7 pref—*
$1.60 preferred
61.50
6>*s
43*8
ONE WALL ST., N.Y,
Public Utility
Bid
62.50
Coast Line 4>*BBaltimore A Ohio 43* s
Atlantic
Tel. DIgby 4-2800
1908
n.y. stock exchange
members
$6 preferred C
Sioux City G A E $7
100
pf-100
Sou Calif Edison pref B_25
South Jersey Gas A El. 100
Tenn Elec Pow 6% pref 100
7% preferred
100
Texas Pow A Lt 7% pf-100
Toledo Edison 7% pf A 100
United G A E (Conn) 7% pf
Utah Pow A Lt $7 pref---*
Utica Gas A El 7% pf—100
Virginia Ry
100
953*
97
89
91
263*
273*
185
»
am
m
49
503*
533*
55 3*
1013* 1033*
993* 101
85
89
593*
61
933*
167
96
173
94
Financial
Quotations
Public
Bid
Amer States P S 5
Chronicle
Over-the-Counter Securities—Friday July 2—Continued
on
Utility Bonds
Bid
Ask
Specialists in —
Ask
81
Dallas Pow A Lt 3 Ha. 1967
75 h
98 h
Federated Utll 6 Hs— -1967
75
Amer Wat Wks A El 6s '76
74 h
97 h
Green Mountain Pow 5s '48
103
Associated Electric 6s. 1961
55
56
Houston Lt A Pow 3 Ha *66
101
Iowa Sou Utll 5Hs—.1950
98
100
Income deb 3Hs—1978
33 H
33 h
33 H
34 H
Kan City Pub Serv 3s. 1951
45
47
37
108 H 108h
98 h 100 h
Income deb 4 Ha--1978
1973
Conv deb 4s
37 h
43 H
Keystone Telep 6 Ha. .1955
42 H
65
67
Louisville Gas A El 3 Ha '66
100
Conv deb 4Hs
Conv deb 6s
1973
67
69
Metrop Edison 4s ser G *65
Conv deb 5Hs
^s. 1948
/80
Amer UtUlty Service 6s *64
Assoc Gas A Elec
Corp—
—
Kan Pow A Lt 1st 4Ha '65
102 H
102 H
76
Water Works Securities
104
Complete Statistical Information—Inquiries Invited
101H
incorporated
40 EXCHANGE
73 H
75 H
Missouri Pow A Lt 3Hs
1973
84
86
Mtn States Pow 1st 6s 1938
97
99
Narragansett Elec 3 Hs '66
97
99
Newport N A Ham 5s. 1944
Tal. HAnover 2-OilO
101h 102 H
8s without warrants 1940
'
Swart.Brent & Co.
100 H
102h 103 h
8-year 8a with warr.1940
PLACE, NEW YORK
Taletypa: Naw York 1-1073JW
105 h 106 H
Assoo Gas A Elec Co—
NY State El AG
*66
98 h
99
92
95
Water Bonds
Bid
Corp—
Alabama Wat Serv 5s.1957
43
38
Sink fund lnc4Hs—1983
44
47
Sink fund Income 5s 1983
45
53
58
Sink fund lnc 4-5s—1986
39 H
41H
Sink fund lnc 4 H-5 Hs'86
Sink fund lnc 5-6s—1986
47
49
48h
50
Sink fund lnc 5H-6Hs'86
57
59
97 h
98
4s
42"
1965
NY Telep 3JisB
1967
Northern N Y Utll 5s_1955
North'n States Pow 3 Ha'67
Okla Gas A Elec 3HS.1966
Debenture 4s
.1946
Old Dom Pr 5s May 15 '51
h
Parr Shoals Power 5s..1952
Pennsylvania Elec 5s. 1962
Bellows Falls
Hy El 5s 1958
Biaekstone V G A E 4s 1966
103 h
102
95 h
94H
100h 100 H
101h
95 h
98
98 H
105
73
75
Sioux
76
78
G *60
City Gas A El 4s 1966
Debenture 3Hs
102h 103 m
/6
Conn Lt A Power 3Ha 1956
•
103
1962
97
-
3^8-1962
t—
76
104 h 106
1966
3 Hs series G
1966
100 h 100 H
Western Mass Co 3Hs 1946
103
Wisconsin G A El 3 Ha 1966
99
99 h 101
60
62
Wise Mich Pow 3 Ha—1961
1962
59
61
74
76
95h
1st mtge 4s
1961
101H 102 H
90h
92 h
93 h
95h
101
Peoria Water Works Co—
1st Aref 5s
1950
1941
1957
105
77
105
Connellsvllle Water 5s 1939
Cori8ol Water of Utlca—
100
Plalnfleld Union Wat 5s '61
Richmond W W Co 5s. 1957
Roanoke W W 5s
1958
94
97
1958
95
98
St Joseph Wat 4s ser 19A'66
Scranton Gas A Water Co
Davenport Water Co 5s '61
105
4Hs
n
-
»
u
1942
102
1960
100
99 h
1952
1952
101
1st Aref 5s A
102"
99 h 101
99 h 101
Bid
6s.._Jan 1 1941
(The) 1st 6s '41
B'way Barclay 1st 2s_. 1956
B'way A 41st Street—
/41
/49H
/27H
31H
1947
S f deb 5a
102
102 h
I960
106
1954
6s
1954
100 H
103
Springfi. City Wat 4s A '56
101
102 h
1966
99 h 100 h
lBt A gen 6s
62 H
N Y Eve Journal
Apr 28 1940
(The) 1st 6s... 1941
40
31H
East Ambassador Hotels—
1st A ret 5 Hs
1947
/6H
Eqult Off Bldg deb 5s. 1952
71
Deb 5s 1952 legended—
50 Bway Bldg 1st 3s lnc '46
500 Fifth Avenue—
52
6Hs unstamped
1949
52d A Madison Off Bldg—
6s
...Nov 1947
Film Center Bldg 1st 6s '43
1st mtge 2s stmp A reg'55
1946
6Hs-1937
6Hs aeries BK
5 Ha series C-2
5Hs series F-l
5s series B
*...1956
5s series C
1960
1949
43
H
48H
Nov 15 1939
59
45
28H
55
91H
74
1951
59
49
1400 Broadway Bldg—
1st 3 H-6 Hsistampedl948
37 H
40 H
5Hs double stpd—.1961
Realty Assoc Sec Corp—
/9H
11H
Fuller Bldg deb 6s
1944
64
66
5Hs unstamped
Graybar Bldg 5s
1949
.1946
/43
46
64 H
66 H
Bldg 1st 6s. 1951
56
59
83 H
49
60 H
51
Sherneth'Corp—
3-5Hs deb lnc (ws).1956
60 Park PI (Newark) 6s '37
68H
72 H
616 Madison Av 1st 6Hs'38
1st
6 Hs
/47H
66H
1st 6s
1947
London Terrace Apts 6s '40
69
/49H
94 H
Income
1943
f5 6
/52
54
/17H
/17H
20 H
1945
3s with stock.
1956
36 H
39 H
Syracuse Hotel (Syracuse)
1st 6Hs
Oct 23 1 940
/23
45 H
/32H
/49
51
71
73 H
46
48
88
1939
84
2 Park Ave Bldg 1st 4s 1941
60
Walbrldge Bldg (Buffalo)—
1st 6 Hs
Oct 19 1938
1st 5Hs
93 H
Ask
94
94 H
lHs
lHs
63
/24H
68H
73 H
Westinghouse Bldg—
1st fee A leasehold 4s '48
Bid
310H
Ask
12 H
103 H 104H
Journal of Com 6H8—1937
I007i« 1009i6
Reynolds Investing 5a. 1948
Trlboroagh Bridge—
1938
4s
preferred
100
B/G Foods lnc common
*
93
Blckfords lnc
*
12H
14
*
36
36 H
%
52.50 conv pre!
Bohack (H
7%
C)
common
preferred
Diamond Shoe pref
Flshman (M H) Co lnc
Kobacker
7 %
Stores
preferred
*
.100
100
3
4H
28
6H
9
♦
16
10 H
25
100
82
86
*
89"
104
t Now listed
on
per 100
gold rouble bond, equivalent to 77.4234 grams of
3.90
pure gold
CURRENT
NOTICES
—Morton Lachenbruch, formerly President of Morton Lachenbruch &
Co., Inc., which
bruch
was
established in 1906 has become associated with Seligs-
In the past, Mr. Lachen¬
member of the Chicago, Detroit, Philadelphia and
Pittsburgh
Stock Exchange and also of the New York Trade Market Association.
was a
Seligsberg & Co., members of the New York Stock and Curb Exchangee,
going to expand their business under the direction of Mr. Lachenbruch,
opening bond, investment and trading departments.
The activities in¬
volved in
the
in
opening of these
an
arbitrage
and
now
with
departments will also result In the firm
syndicate
business.
With
the
exception
the entire personnel of Mr. Lachenbruch'®
Seligsberg & Co.
in reorganization securities.
of town firms at
10
15
33
38
104
106
Reeves (Daniel)
pref—_ 100
100
United Cigar Sts 6 % pf_100
24
26
23 H
25 H
pref ctfs
New common
1H
—
*
47
a
The firm may install wire connections to out
later date.
The partners of Seligsberg &
Co. are Edgar A. Hellman, Alphonse A.
Shelare, Clifford A. Hollander, Joseph Wertheimer, Lester Jacobs, Rob¬
ert P.
Shelare and Albert J. Seligsberg (special).
—Stern, Kempner & Co., members New York Stock Exchange,
that
New preferred
2.65
New York Stock Exchange.
11H
(I) Song common. _*
6H% pref erred... -.100
Murphy (G C) 55 pref. 100
Miller
6 %
9l"
104 h
No par value,
a Interchangeable,
b Basis price.
A Coupon,
t Ex-rlghta
/ Flat price.
t» i When Issued.
*
Ex-dlvldend.
y Now selling on New York
Curb Exchange,
z Ex-stock dividends,
Ask
92 H
104 H 107 H
f revenue 1977. AAO
Like Morton Lachenbruch & Co., Inc., Seligsberg & Co. will
specialize
Bid
11H
H) 6% pref
99
3H
s
15 1938
1 1939
*
firm is
Par
Kress (S
Ask
100*32 100'u
101*12 101**32
100*32 100*1.
are
30 H
Chain Store Stocks
*
June
15 1937
100*16 100®32
engaging
Beriand Shoe Stores
2s.
Aug
Aug
River Bridge 7s
1953
Federal Farm Mtge Corp—
of one man, in a clerical
position,
Par
Bid
Home Owners' Loan Corp
berg & Co. at 50 Broad Street, New York City.
70
90 H
1H
35
1958
1st 3-5s (w s)
70
/27H
8h
Bid
48
64 H
1948
7H
25
64 H
6s
20 H
Trinity Bldgs Corp—
30 H
West Indies Sugar Corp__l
Miscellaneous Bonds
t Quotations
1936
Majestio Apts 1st 6s—1948
Metropolitan Chain Prop—
(BkJyn)
(LI)
1st 6Hs
36
1
4s serial revenue 1942-68 6
1942
1st 6s
36^
33
1
59
6H8-1940
Savoy Plaza Corp—
Realty ext 1st 5Hs.l945
1st fee A l'hold
52 H
Ludwlg Bamrian—
...
lHs
Textile Bldg—
93
34 h
Roxy Theatre—
61 Bway Bldg 1st 5 Hs 1950
Apr 15 1937
*
1
mmmm
86 H
67 H
61
6s
Lincoln Bldg lnc 5Hs_1963
Loew's Theatre Rlty Corp
.Ask
Haytlan Corp Amer
Savannah Sug Ref 00m
lHa
Sept 1 1939
Federal Home Loan Banks
55 H
Fox Theatre A Off Bldglst 6Hs
Oct 1 1941
Apt Bldg—
Bid
Par
19h
Bear Mountain-Hudson
Prudence
Hotel St George 4s
1950
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
t vewls Morris
Ask
26
mm*
/46H
70 H
5s
104
17h
rnw, mm
103 E 57th St 1st 68—1941
59"
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s 1943
104
103 H
102
23
Associates Invest 3s. .1946
•
165 Bway Bldg 1st 5Hs '51
Co—
57
66 H
Harrlman
Preferred
12 H
/9H
2nd mtge 6s
1939
Corp 6s
42 Bway 1st 6s
W'msport Water 5s_. .1952
46
/26
Bid
Cuban Atlantic Sugar- -.10
Eastern Sugar Assoc..
1
1 Park Avenue—
1958
40 Wall St
96'
101
Sugar Stocks
99 H 101H
1st 6s.— Nov 6 1935-1939
/—
/49H
103
(Phila)
.July 7 1939
Oliver Cromwell (The)—
1st 6s
40 H
101
Wichita Water—
101
94
29H
/27H
/56
/42
/52
lat 6s.
54
97 H
101H
6s series A
/43
19th A Walnut Sts
73
98H
1951
1950
Westmoreland Water 5s '52
99
Par
5 Hs series Q
8
70
1950
1st mtge 6s
104
N Y Title A Mtge Co—
/37H
/28H
100 h
29
66 H
59 H
58 H
68
1957
103
•
1st mtge 5Hs
Middlesex Wat Co 5Hs "57
Monmouth Consol W 5s '56
26
66
1st
96
99
36
64 H
Dorset
92
102 M
104 h
105
/33
1945
Court A Remsen St Off Big
101
98 h
104
Western N Y Water Co—
103 h
Munaon Bldg 1st 6HS-1939
N Y Athletic Club—
1948
4s
102 h
Union Water Serv 5 Ha '51
W Va Water Serv 4s..1961
5s series B
1958
Interstate Water 6s A.1940
Joplin W W Co 5s
101
Texarkana Wat 1st 6s. 1958
104 h
97
Terre Haute Water 5s B '56
6s series A
1949
Kokomo W W Co 58.. 1958
67
89h
73 h
I960
Lexington Wat Co 5Hs '40
Long Island Wat 5 Hs. 1955
Ask
65
42
{no
72
101
1946
39H
Chesebrough Bldg 1st 6s *48
99
Metropol Playhouses lnc—
1st leasehold 6Hs—1944
Broadway Motors Bldg—
Chanln Bldg
Certificates
Bid
6a.
South Bay Cons Wat 5s '50
South Pittsburgh Water—
101
99
1955
Indianapolis Water—
Metropolitan Corp (Can)—
54 H
89 h
87 h
1967
B 1961
ser
5s series B
5s
1962
Illinois Water Serv 5s A *52
1-588
Ask
44
Shenango Val 4s
1st mtge 5s
Ssseriee A—
6s—
1st
102 h
109
Indianapolis W W Securs—
Aiden
<47
1977
1st mtge 3Hs
Broadmoor
101
5s series B
•
ny
Real Estate Bonds and Title Co. Mortgage
1958
1961
Water Serv 5e
103
5Hs series B
BeU Sy^6111 TeI«
v
91
99 h 101
105h
Scranton-Spring Brook
1942
5s series B
& CO.
Broadway, N.Y.
88
Roch A L Ont Wat 5s. 1938
1st mtge 5s
108
105
1950
4 Ha
Huntington Water—
150
98
74
:*
ten
95
1946
6s series A
INCORPORATED
2360
104 h 106
.
101H 103h
Hackensack Wat Co 5s '77
*
BArclay 7
99h 101
Pittsburgh Sub Wat 6s *58
Issues
Markets
BAKER
104
Prior lien 5s
Greenwich Water A Gas—
AMOTT,
1948
102
100
73
58 series D
-
1948
Phila Suburb Wat 4s. 1965
Pinellas Water Co 6 Ha '59
100 H
E St L A Interurb Water—
Estate
1948
1st consol 5s
100 M
68 series B
Reports
100
1st consol 4s
.....1954
5s series A
Real
98h
70
100
96 h
6s series B—
Cumberl'd Co PAL 3 Hs '66
96 h
1946
119
102 h 103 h
85
86
73"
107 h
Penna State Water—
1st coll trust 4H8--1966
Wisconsin Pub Serv—
6% secured notes.-1937
Ohio Cities Water 5Hs '53
Ohio Valley Water 53.1954
Ohio Water Service 5s. 1958
98 h
68
102
Clinton W Wks Co 5s. 1939
99 h 100h
Western Pub Serv 5Hs '60
103 h
Newport Water Co 5s 1953
Ore-Wash Wat Serv 6s 1957
5 Hs series B
6s series A
3H8 series F
Conn River Pr 3 Ha A. 1961
Consol E A G 6s A
1962
94
Community Water Service
iooh 101H
103 h 103 h
104
105
Utlca Gas A El Co 5s—1957
87
91h
103
5s series B
50
74
79
84 h
102
1st 5s series C
Tel Bond A Share 5s_.1958
Union Elec (Mo)
«...
76
1951
5Hs
1951
New York Wat Serv 5s '51
104"
City Water (Chattanooga)
48
104
1951
5s
79
96
5s series B
101
Ha Berles A
1951
City of New Castle Water
106H
7
103 %
106 h
102 h
6s
Sou Cities Utll 5s A—.1958
Clnn Gas A El 3Ha wl-1967
Colorado Power 5s—1953
100 h
5
Central
Public Utility—
Income 6 Ha with stk *52
103 h 105
1954
Chester Wat Serv 4 Ha '58
Citizens Wat Co (Wash)—
81
Southern Bell Tel A Tel-
_
ser
1957
Calif Water Service 4s 1961
.75
Central G A E 5 Ha- -1946
1st lien coll trust 6s 1946
101h
99 h 101
98
104h
105 h
New Jersey Water 5s. 1950
New Rochelle Water—
5a series B
95
Pub Utll Cons 5 Ha—1948
96
M uncle Water Works 5s '65
97 h
105
6s series C
69H
/—
104
101
1956
5 Hs series A
1954
Butler Water Co 5a...1957
68
104 h
1967
101H
Co(5s
Birmingham Water Wks—
102H 102 H
Corp 1st 4s '65
Cent Ark Pub Berv 5s_1948
Cent Maine Pr 4s
Ask
Monongahela Valley Water
5Hs
1950
Morgan town Water 5s 1965
Alton Water
96 H
Peoples LAP 5HS-.1941
Public Serv of Colo 63.1961
Penn Telep
107h
Buffalo Niagara Electric—
3^8 series C
Bid
Ashtabula Wat Wks 5s '58
48
Sink fund lnc 6H8—1983
Atlantic City Elec 3Hs '64
Ask
95 H
Atlantic County Wat 6s '58
Cons ret deb 4Hs—1958
Sink fund Income 4s 1983
,
1937
3,
July
1H
51
Morton
S.
Webster
has
been
admitted
to
their
firm
as
announce
a
general
partner.
—Daniel T. Lehane has been admitted as a general partner in the firm
of McDonnell &
Co., members of the New York Stock and Curb Exchanges.
Volume
Financial
145
95
Chronicle
Quotations on Over-the-Counter Securities—Friday July 2-Continued
Industrial Stocks and Bonds—Continued
Merck & Co. Inc.
Climax
Par
Remington Arms
Rome Cable
Molybdenum Co.
Interstate Natural Gas
Bid
*
com
Corp
Scovlil Mfg
25
Skenandoa Rayon Corp
Simplicity Pattern
l
Co.
41)4
14)4
Singer M anufacturlng. .100
Singer Mfg Ltd
Co., Com. & Pfd.
298
Standard Screw
Amer. Dist. Tel.
151
Established
115
Broadway, N. Y.
95
31)4
Commercial Credit
99
16)4
17)4
41%
*
40)4
conv
Book
41
44
63
66
Areh...
American
*
100
American
Bid
Par
Ask
Bid
7%
96)4
*
4)4
Ask
5)4
13
1454
154
100
10)4
45 H
mmm
Haytlan Corp 8s
1938
f25
90
Kopper Co 4s ser A—1951
(Glenn L)—
57
59
1939
170
1946
/50
54
80
85
Conv 6s
Safeway Stores Inc 4sl947
Scovlil Mfg 5)4s
1945
West Dairies Inc
com v t c 1
i952
Pipe Line 4s
2)4
3)4
31)4
29
mmm
Panhandle Eastern
36~"
104)4 107
33 cum preferred
*
White Rock Mln Spring—
37 1st preferred
100
95
102)4
102
N Y Shipbuilding 5s—1946
107
34
27
Martin
21
19
100
West Va Pulp & Pap com.*
Preferred
100
24)4
...
100 54 101)4
89
/87
Nat Radiator 5s
Garlock Packing com
101)4
1955
1937
1st 3)4 s
12)4
*
Gen
*
Extinguisher...*
10
Good Humor Corp
1
Graton A Knight com
.*
Cudahy Pack conv 48.1950
Deep Rock Oil 7s
1)4
preferred
preferred
99)4
100
98
1940
Kelsey Hayes Wheel Co—
Conv deb 6s
1948
pf.10
com
Welch Grape Juice com..5
Industrial Stocks and Bonds
Par
5%
Warren Northam—
33
2)4s *42
1st conv s f 6s
41)4
100
Cigar Stores—
Preferred
Bell Syetem Teletype NY 1-1493
mmm
98
29)4
United Merch & Mfg com *
United Piece Dye Works.*
Tel. BArclay^7-0700
„
105
92
See Chain Store stocks—
York Security Dealer* Association
Member* New
Bonds—
American Tobacco 4s. 1951
95
*
United
105
Cont'l Roll A Steel Fdy—
Corp
United Artists Theat
1020
88
95
126
Chicago Stock Yds 5s.1961
Trlco Products
Bristol & Willett
85
14)4
Tennessee Products
cum
7% preferred
..100
Young (J 8) Co com—100
7% preferred
.100
59
23)4
12)4
*
common
Tubize Chatlllon
*
Am Wire Fabrics 7s.-1942
6
Taylor Wharton Iron A
Steel
York Ice Machinery
302
5)4
100
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
Bought—Sold—Quoted
15)4
10)4
10
54
21)4
100
Worcester Salt
5
15)4
42)4
Ask
Bid
Par
Ask
4
14)4
com.. .5
mmm
99)4 100)4
108
106
1952
Simmons Co deb 4s
Standard
t-._.
98)4
99)4
Products
Textile
7)4
10)4
25)4
32)4
9)4
12)4
Wickwire Spencer Steel—*
16)4
17
1943
104)4
100
67
72
Wilcox A Glbbs
26
29
Wilson A Co conv 3 )4s 1947
84
Great Lakes SS Co com..*
37
40
Willys Overland Motors. .1
5
Witherbee Sherman 6a 1944
98)4
/48
17)4
Great Northern Paper..25
42)4
44)4
48 H
49)4
Klldun Mining
Art Metal Construction.10
25)4
27
Beneficial Indus Loan p!_*
51)4
53
102 H 106)4
8% cum preferred... 100
American Hardware
25
34 H
36
Amer Malae Products—_»
16 M
18)4
Amerloan Mfg 5%
pref.100
American Republics com.*
Andlan National Corp—*
80
16)4
Bowman-Blltmors
100
20 H
24
*
1st preferred
31)4
Climax
Molybdenum
6
$1 cum preferred
7M
44 H
*
Columbia Baking com—♦
Columbia
Preferred
46
7)4
19)4
Lord A Taylor com
1st
28)4
New class B
30
28
100
47
54
,■
WJR The Goodwill Sta__ 5
29
31
1st 5s
1962
102)4 103)4
27)4
29)4
2d conv inc 5s
1962
113
10
com
118
9)4
68)4
35)4
37
Woodward Iron
115
100
Follansbee Bros.
Mock Judson A Voehrlnger
Preferred
100
94)4
12 54
44
111
Nat Paper A Type com
57
60
54
58
*
63 54
67
100
118)4
(Jos) Crucible... 100
Douglas Shoe preferred.100
Draper Corp
62)4
Preferred 6)4%
28 H
31)4
Northwestern Yeast
77
81
Norwich
5%
preferred
Cigar Stores
49
*
*
100
Casket
Preferred
United
14
*
Muskegon Piston Ring
Dictaphone Corp
58
98 H
Woodward Iron—
For footnotes see page 94.
65)4
1
com
preferred
Dentists' Supply Co of N Y
Devoe A Raynolda B com *
Dixon
10 H
9)4
Titusvllle
-
8
*
Preferred
Merck A Co Inc
4)4
m
10
Wells
6)4s
154
36
110
6% preferred
National
108)4
3)4
4H
"
23
120
29)4
43
Crowell Publishing com..*1
$7 preferred
100
Dennlson Mfg class A.-.10
preferred
Struthers
101
50
common
m )4
240
100
2d 8% preferred..—.100
Macfadden Publlca'n com *
6%
Nsvr class A
2)4
1
Broadcasting—
Preferred.
1)4
1
34
9)4
16)4
*
6%
1st 6 )4s assented—1942
Woodward Iron
Corp
Lawyers Mortgage Co..20
34
10
common
30
Lawrence Portl Cement 100
Hotels
Bur dines Lno common.
Chilton Co
Fire
Golden Cycle Corp
American Hard Robber—
«.
8
SELIGSBERG & CO,
mm
9)4
Members New York Stock & Curb Exchanges
27
29
35)4
37)4
100
90
96
100
71
73
*
New Britain Machine
6
34)4
36)4
6
7
Ohio Leather common
*
18)4
23
20
22
Ohio Match Co
*
9)4
Follansbes Bros pref--.100
27
30
Pathe Film 7%
St., New York
Bowling Green 9-8200
Telephone
30
Federal Bake Shops
Preferred
shares.
pref
Conversion
3 H
*
4)4
Petroleum
3X
Foundation Co For shs.._*
American
Pharmacal
Broad
50
New Haven Clock—
3 54
Publication Corp com
10 H
92
*
1
95
1
)4
46
*
WICKWIRE SPENCER STEEL
49
New Common—Warrants
Tennessee Products Common
£xpfcedd>
52 Wall Street,
S.
H.
EDWARDS & CO.
,
New York City#
A. T. & T. Teletype N.
HAnover 2-3080
Y. 1-1642
/ Pittsburgh Stock Exchange
\ New York Curb Exchange (Associate)
120 Broadway,
,
New York
Teletype N. Y. 1-809
Tel. REotor 2-7890
Houston Oil Field Material
Union Bank Building, Pittsburgh
and
Preferred
Company, Inc.
Common
Stock
Prospectus and supplementary information on request
Wickwire
Spencer Steel Co.
COMMON
ROBINSON, MILLER & CO.
STOCK
INC.
Bought—3oid—Quoted
hanover12-1282 52 William Street, N.Y.
nxi-
QUAW & FOLEY
CURRENT
Members New York Curb Exchange
30 Broad
St., N. Y.
Hanover 2-9030
—Announcement of a change
made by
at
250
E.
AramKoM
0
D0rs
61
UNTERBERG
& CO.
of Victor Dykes.
personnel of the firm, according
by Richard P. Cromwell, President of the company.
Virtually
the
entire
staff has been associated with
executive
the firm
and will continue to direct the
inception or shortly thereafter,
i Commodity Exchange, Inc.
firm's policies in the supervision
of the investment portfolios of individuals,
institutions.
Associated with Mr. Cromwell In the
Hugh Cabot Jr., Albert L. Sylvester,
BOwllng Green 9-3565
large
Teletype N. Y. 1-1666
estates,
and
management of the
company
Victor Dykes, all
are
of whom have been active for many years in the
management of estates and other supervisory
NOTICES
—The autumn of 1937 may well prove
supplemental discussion of defaulted bonds of railroads in the
South Atlantic region, Edward G. Wyckoff & Co., 1528 Walnut St., Phila¬
delphia, state that whereas roads in
many
other sections of the country
currently failing to show increase in net over a year ago, the roads in the
South Atlantic region uniformly
corresponding
month
"Acoording to
a
of
reported for April gains in net
over
the
directly serving agriculture, in
com¬
have
a
of the 1929 Income figure,
shows that the region held up better than other sections of the
as
"The
coun¬
try during the depression years largely because these States were under¬
going considerable economic and industrial expansion since 1930."
—Reynolds & Co., members New York Stock Exchange,
opening of
a
announce the
a
to believe that
than for
82%
1936 wheat crop—is already
for spring^wheat and other grains
are regarded as favorable.
The world demand/or wheat seems to be keen,
with prices Indicating an export market, If a surplus over domestic needs is
harvested."
The New York
the
Chicago
that
T. Francis Jr.
become Its Chicago
"A winter wheat crop of close to
beginning to be harvested, and prospects
management of Frederick C. Peach, with whom will be associated Frederick
'
beginning, on the other hand, there Is every
agricultural production in 1937 will be much larger
1936," states the "Review."
650,000,000 bushels—larger than the entire
branch office at 28 North St., Pittsfield, Mass., under the
^
The
sections of the country as well.
seasonal decline in industrial production, the extent of which
cannot be foretold, is evidently
reason
compared to 69% for the entire country," the bankers point out.
Issue of their "Review."
such a development could fail to
stimulating effect on the industrial
South
Atlantic region had recovered
the opinion of Estabrook & Co., 40 Wall
St., N. Y. City, as expressed in the current
firm declares It difficult to believe that
"While
1936.
study of the State distribution of income recently
and research activities.
the most prosperous period in a H
good many years for agriculture and for the railroads and other industries ™
pleted by the National Industrial Board, the nine States composing the
survey
resident
since its
CURRENT
are
as
f New York Security Dealers Association
Broadway, New York
a
Sise
reflect any change in the policies or
under the management
and
—In
C.
with a branch in Pittsburgh
The change of designation does
in Boston,
The main office is
to a statement issued
C.
known aa
The firm's New York office will be continued
under the supervision of Charles
Park Ave.
manager.
not
to Cromwell & Cabot, Inc., was
name
the investment management organization heretofore
Anderson & Cromwell, Inc.
CLIMAX MOLYBDENUM COMPANY
of
NOTICES
Stock Exchange firm of A. M. Kidder & Co. announces
Stock Exchange firm of Fairman, Randall & Co. has
correspondenet, with a direct private wire connection.
Financial
.96
Quotations
on
July
Chronicle
1937
3,
Over-the-Counter Securities -Friday July 2 —Concluded
Investing Companies
Par
Bid
Par
Ask
Bid
Foreign Stocks, Bonds and Coupons
Ask
*
17.76
18.89
Incorporated Investors..*
23.90
1%
Amerex Holding Corp
*
9.37
10.32
Invest Co. of Amer com. 10
44
47
27%
Investors Fund C
14.96
15.88
Administered
Fund
Affiliated Fund lnc
Amer Business Shares.60c
Amer & Continental Corp.
Amer Gen Equities lnc 25o
27%
1.13
Keystone Oust Fd lnc B-3.
1.25
11%
1
20.60
Inactive Exchanges
22.52
29.28
Series B-2
12%
32.01
1.06
1.19
Series K-l
24.07
26.21
Corp *
5%
6
Series K-2
18.84
20.62
Assoc Stand Oil Shares. .2
7%
3%
8
Series S-2
24.69
27.07
11.46
12.70
Am Insurance Stock
Bankers Nat Invest Corp *
Basic Industry Shares.. 10
Boston Fund lnc
25.38
23.73
British Type Invest A
Series S-4
4%
4.84
1
.48
.68
Broad St Invest Co Inc. .6
33.88
36.24
Bullock Fund Ltd
20%
Major Shares Corp
Maryland Fund lnc
Mass Investors Trust
9.12
Canadian Inv Fund Ltd..l
1
27.01
28.66
10
15.25
16.67
Corp..
7.02
7.17
Mutual Invest Fund
4.75
4.35
National Investors
Central Nat Corp class A. *
Class B
*
40
42
Nation Wide Securities...
4.27
6
8
1.93
*
25.50
22.42
18.17
19.53
Commonwealth Invest-.. 1
5.19
5.55
N Y Bank Trust Shares.. 1
3%
Consol Funds Corp cl A.l
Continental Shares pf.100
8
10
15
16
Series AA
1
Series ACC mod
Crum & Forster
11.06
11.95
11.23
12.13
supplies
Electrical equipment...
2.72
11.87
12.82
2.72
Insurance stocks
10.26
3.49
Machinery stocks
12.58
3.49
Railroad
13.39
63
Steel stocks-
29
-.100 115
—
—
_
No Amer Bond Trust ctfs.
-
No Amer Tr Shares 1953.*
Series 1955
2.33
—
—
J
—
3.15
Class B
B.
3.50
C_
.3.50
4.80
l
7.05
7.80
25c
1.88
2.03
11%
—
-
-
—
___*
Plymouth Fund lnc A.lOc
Quarterly lnc Shares
Representative Trust Shs.
Republlc Investors Fund—
Fiscal Fund lnc—
Bank stock series
84
32.54
38
Selected Amer
26.81
28.88
Sovereign Invest lnc
Spencer Trask Fund
3%
.81
.92
12.19
18.84
13.24
13.44
1.40
1.55
Shares.2% '14.10
com.
1.06
19.99
Standard Am Trust Shares
3.95
4.13
Standard Utilities Inc...*
.76
Super Corp of Am Tr Shs A
3.97
12.48
10.37
-
AA
B.
4.70
24.23
5.99
6.63
2.61
C
5.00
22.94
.82
4.12
BB
-
Foundation Trust Shs A.l
-
-
•5.49
41.15
General Investors Trust.•
44.25
7.50
7.50
6.70
Group Securities—
.3
-i-
-
—
-
2.10
Series
C
1
2.96
1.44
Series
D
1
Building shares
1.97
2.13
Chemical shares.
1.58
1.72
.96
Trustee Stand Oil Shs A.l
-
-
1.05
Trusteed Amer Bank Shs B
1.63
Trusteed
1.36
1.48
U S El Lt & Pr Shares A_.
5
1
-
-
5s.
1.98
2.14
UnNYTr Shs ser F
*
1%
1%
Tobacco shares
1.04
1.14
Wellington
1
18.01
19.76
1.82
Insurance Group Shares.
1.53
1.66
/78
80~"
/58
/78
/3p
m
60
3
3
33
37
14
,
24%
mm —
■mmm
---
25
25
5
/35
/30
Jf35
/29
/22%
2
105
i
5
7%s
7
7
4%
—
mmm
mm*
mmm
24%
115
6s.
/25%
28%
8
on
3
/82
/67
/60
5
auction
7
6s.
AUCTION SALES
/21%
25%
mm*
mm*
mmm
Wednesday
By Adrian H. Muller & Son, New York:
3
Bonds—
/34%
8
Per Cent
/80
Jan to June 1934
By R. L. Day & Co., Boston:
.
.
.
Jan to June 1936
$ per Share
Stocks
60 United States Trust Co., Boston, par $10
10 Nashua Manufacturing Co., common, par
19 Dennlson Manufacturing Co. class A, par
1 Boston Athenaeum, par $300
$100
$10
Public Service Co. of N. H. $6 preferred
2 Scranton Electric Co. $6 preferred...
3
....
;.
2
Fitchburg Gas & Electric Light Co., par $25
1 Boston Wharf Co., par $100
3 A. C. Lawrence Leather Co., par $10
54 United Founders common, par $1
3 A. C. Lawrence Leather Co., par $10
-
17
18 %
3 J4
.....—300
10514
106%
—
41
27
—
8%
87c.
8%
Bonds—■
Per Cent
$500 Worcester Street Ry. 5s, June 1947
July to Dec 1936
Jan to Mar 1937
.
.
Guatemala 8s
1
12 Berkshire Fine Spinnings Assts. common
25
Hill
Manufacturing
Co
10%
4-3%
....—-—.....
3 Berkshire Fine Spinning Assts., $5 preferred—.....
31 Eastern Util. Assts. convertible
135 Air Container Co., Inc., common
58
.
130 Batchelder A Snyder Co., Inc., common
11 Ozark Corporation
35c.
1%
2%
25c.
25%
12%
3%
.......
67 Air Container
Co., Inc., common, class B
16 Eastern Utilities Assts., common
....—.—-—
23 Batchelder & Snyder Co., Inc., preferred
—
14 National Service Companies, $4 preferred----.——.
—
Per
Bonds—
$218.50 Batchelder & Snyder Co., Inc., 6% notes, due 1945, series B
Cert
76
24%
/23
26
/88
mmm
/86
—
/33
/33
/98
50%
/22%
loo"
/23
/46%
/48
/24
25
51%
24%
5s
1941
Rhine Westpb Elec 7% '36
6s................1941
Rio de
Janeiro
6%
Rom Cath Church
1933
6%s '46
49%
53
25%
A9
/23
/24
/20
m
f20
/22%
/22
mmm
mmm
mmm
mmm
mmm
mmm
23%
.24
R C Church Welfare 7s '46
/22
24
Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47
166
174
/23
1957
.1957
4s scrip
8s
33
14
1948
mmm
f7l
1948
8s ctfs of dep
Santa Catharina
m
(Brazil)
8%
1947
Santa Fe 7s stamped. 1942
Scrip
Santander (Colom) 7s. 1948
Sao Paulo
mmm
/38
/32
A2
7%
dep
7s otfs of
(Brazil) 6s..1943
6%s
1951
Saxon State Mtge 6s.. 1947
Serbian 5s
1956
2d series 5s
1956
28%
/27
/79
82
/78
A2
/22%
/23%
23%
25%
/23
/23
49%
49%
mmm
13
25
«.—
50%
50%
m
/41
mmm
mmm
/39%
/38
mmm
mmm
f22
/6%
mmm
9
9
Slem a Halske deb 6S.2930 /345
/98
State Mtge Bk Jugoslavia
5s
——1956
52
55
—
..1956
51
53
6%
Oct 1932 to April 1935
Oct 1935 to Oct 1936.
/56
/41
/23
/64
/52
25
mmm
24
2d series 5s
Coupons—
9%
Stettln Pub Util 7s—1946
18%
Stlnnes 7s unstamped. 1936
Certificates 4s—1936
fllH
12%
—.
107% 108%
/46
—
.1946
/61
1946
/49
Toho Electric 7s
1955
Tolima 7s
14%
105%
mmm
1940
7s
/8%
A7%
1947
91%
A2
7s unstamped
Certificates 4s
—
---
mmm
mmm
mmm
mmm
93
13
Union of Soviet Soo Repub
1943 186.44 91.03
25
/23
23%
1947 f21
24
1946 /23
7% gold ruble
Unterelbe Electric 68—1953
f22%
97%
---
99%
Vesten Elec Ry 7s
Wur tern berg 7s to
/58
/73
94.
CURRENT
—F.
P.
Risttne &
announce that K.
the firm.
Mr.
$ per Share
Stocks
118
Granting Annuities,
36
Bonds—
Per Cent
$4,000 Carolina Mountain Power Co. Income 6s, 1941
—85 flat
NOTICES
Co., members of the New York Stock Exchange,
J. Huttlinger has been
admitted
as a general partner
of
Huttlinger has been actively engaged in the investment
securities field for a number
of years.
He has been associated with the
Ristine firm for the past 13 years, during the greater portion of which time
he has been manager of the
By Barnes & Lofland, Philadelphia:
Shares
/22%
5%
-
25 Philadelphia National Bank, par $20--.
42 Pennsylvania Company for Insurances on Lives &
par $10
24%
24%
/56
3
For footnotes see page
24%
79%
Nov 1935 to Nov 1936
8
7
6%
/23
/22%
Nov 1932 to May 1935
8
$ per Share
Stock*—
---
25
/40
A1
-
Haiti
By Crockett & Co., Boston:
-
Dec 1 '34 stamped
June 1 '35 to Dec 1 '36.
Graz
4
(Austria) 8s
1
Great Britain a Ireland4s
0
1960-1
6%
Shares
-
Apr 16 '35 to Oct 15 '36.
German Young coupons:
99% A int.
—
---
30
Coupons—
/36%
/35
German scrip.
German Dawes coupons:
Dec 1934 stamped
/56
/41
f22
/50
/27
/22
/58
July to Dec 1933.—.
.
Shares
34%
100
•
41
37
315
105
—1946
Saxon Pub Works 7s. .1945
e
$98 Series B-l, New York Title & Mortgage Co..
$95 Series Q New York Title A Mortgage Co
$1,000 Series N-102, New York Title & Mortgage Co.
$200 Guarantee No. 254,030, Title Guarantee & Trust Co
many) 7s
1968
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
Salvador
vestment
5
3%
32
/22%
/22%
/23
/23
/23
J
6%s.
9%
29%
8%
28
/34
/13
82
/22%
5
1.01
4
36
/33
Protestant Church (Ger¬
5
7s.
Bancamerlca-Blalr
The following securities were sold at
of the current week:
—1945
5% scrip
Porto Alegre 7%
Panama
i
2.56
.93
3%
Investm't Banking
1.68
to
/33
?
%
Bank Group shares.
Oberpfals Elec 7 %
1946
Oldenburg-Free State 7%
/69*
J
-
1.58
2.46
Voting trust ctfs
Corps
Corp.l
Corp
10
Schoelkopf, Hutton A
Pomeroy lnc com
10c
18%
18%
71
1947
Panama City 6%s.—1952
16%
15%
B._
First Boston
4s
Bank
.94
1.43
Shares
-
-
mm
UnNY Bank Trust C-3-*
.83
10
/22%
/17
Municipal Gas A Elec Corp
Recklinghausen 7s. .1947
Nassau Landbank 6%8 '38
Natl Bank Panama 6%%
(A a B)
1946-1947
(C a D).—. 1948-1949
Nat Central Savings Bk of
Hungary 7 %s
.1962
National Hungarian a Ind
Mtge 7%
.1948
North German Lloyd 6s '47
J
Savings
J
1.53
26
15%
/8
I
1.62
.50
/14%
Central German Power
r
1.83
24
13
----
1.41
*
17
---.
1.48
1
Institutional Securities Ltd
15%
•
1.69
$7 Preferred..
Huron Holding Corp
115
1
14.84
Mining shares
%
7l"
...
78
J
Petroleum shares
RR equipment shares
Steel shares
Guardian Inv Trust com.*
/24
A9
/22%
/22%
24
-
4.85
Fund
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light a
Water 7%
-1948
J
7.43
Industry
24%f
/14%
City
7.70
1
1.50
Investing shares.
Merchandise shares
Land M Bk Warsaw 8s '41
Mannheim a Palat 7s. 1941
/17
2.91
Food shares
8%
8%
1943
J
1.94
B
Koholyt 6%S—
25~"
/24
/22
-
-
Nov 1935 to Nov 1936
9%
/15
/11%
-
—
13.65
1.32
Series
23%
84%
/68
)/lll
Trustee Stand Invest Shs.
Agricultural shares
Automobile shares
50%
/36
19f 1
7.29
Supervised Shares
49%
Corp—
-
'
General Capital Corp
ind
6%s
4.15
-
2.61
D
-
Fundamental Invest Inc. .2
Fundamental Tr Shares A.
2
Brown Coal
21.04
*
3.79
3.80
B
.19(
7
1.17
3.48
BOH
British Hungarian Bank
15.37
10c
10
)
1
Insurance stock serleslOo
Fixed Trust Shares A
10
B
6s.
34.97
35
16
%
28%
49%
10
/22%
3
/25%
/95
>
Royalties Management—l
Equit Inv Corp (Mass)..5
Equity Corp conv pref
1
Fidelity Fund lnc
*
/8
/8
37
14%
1948
21
85
35
Hseder Steel 6s
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s. .1956
Coupons—
Nov 1932 to May 1935
21
1 307
Pacific Southern Inv pref. *
Class A
*
29
25
/18
/21%
)
6s.
3.27
.—
f 19
i
80
...
/33
92
i
7s.
3.33
/33
28
)
/8%
/8
Ask
Housing a Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 %s '32
Hungarian Discount A Ex¬
change Bank 7s
1936
24%
.
13.58
Securities— .100
Diversified Trustee Shares
D
1
Northern
■
3.37
1
Series 1958
35
11.09
2.65
Series 1956
32
7% preferred
.100 112
Cumulative Trust Shares. *
6.08
Deposited Bank Shs ser A1
Deposited Insur Shs A
1
Deposited Insur Shs ser B1
equipments
/22%
/25
91%
/20
m
/26
/23
Bavarian Palatinate Cons
15.60
58%
to.... —i*nt>
U73D
14.45
14.46
Crum A Forster Insurance
Common B shares.
10
Dividend Shares
I
Uttvaiia
1
10 X26
com
8% preferred
.
i
i
Bank stocks
Building
2.86
1
.
i
N Y Stocks lnc—
1
Accumulative .series.
Series A A mod
J
Bid
Ask
Bid
2.03
Century Shares Trust
Voting trust certificates.
New England Fund
1
Foreign Unlisted Dollar Bonds
4.37
Corporate Trust Shares--1
Tel. HAnover 2-5422
St., N. Y.
9.99
22%
1
BRAUNL
WALTER E.
52 William
3
*
10c
bond department of the firm's Philadelphia
office, where he will continue to make his headquarters.
York and
Besides its New
Philadelphia offices, the firm maintains offices in Elizabeth,
Westfield and Ridgewood, N. J.
—Formation of the New York Stock Exchange firm of Charles M. Clark
& Co.
was
announced, to open for business July 16.
Partners of the
new
firm will be Charles M. Clark, Jr., Clayton Snyder, member New York
CURRENT
Stock
NOTICE
Exchange, David A. Pincus, David Finkle, John G. Hopkins, all
H. Rich.
former partners of Lobdell & Co., and Robert
—Burton, Cluett & Dana
to general partnership.
announce
the admission of
J. Craigen
Bruce
—Homer & Co., Inc., 40 Exchange Place, New York City, has issued
bulletin on institutional bonds.
a
3k
1
Volume
Financial
145
General
Chronicle
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
MALTING
FROEDTERT
RIGHTS-SCRIP
Preferred and Common
Specialists since 1917
Phone Daly 0392
Teletype Milw. 488
McDonnell &fo.
Members]
,
New York Stock Exchange
120
New York Curb\Exchange
Telephone REctor 2-7815-30
Broadway, New York
Bell Teletype JNY M6i0
$5 par, of which 7,500 shares will be offered by company and the balance
by certain stockholders.
Proceeds received by the company will be used
for payment of dividend notes and for working capital.
Eastman, Dillon
Co., will be principal underwriter.
Names of other underwriters will be
filed by amendment.
E. H. Blywise is President.
Filed June 29, 1937.
Reynolds Metals Co.
FILING
OF
REGISTRATION
STATEMENTS UNDER
following additional registration statements (Nos.
3253 to 3281, inclusive and two refilings, Nos. 2-3051 and
2-3119), have been filed with the Securities and Exchange
Commission, under the Securities Act of 1933.
The total
involved is approximately $96,343,643.
Consolidated Oil Corp.
(2-3254, Form A-2) of New York, N. Y., has
registration statement covering 300,000 shares of common stock,
be offered employees and officers under the stock purchase plan.
Proceeds will be used for general corporate purposes.
The stock involves
no increase in the issued and outstanding shares, since it is represented by
shares which have been acquired and held in the company's treasury.
There
will be no underwriter.
H. R. Gallagher is President.
Filed June 24,1937.
a
par, to
Manning Bowman & Co. (2-3255, Form A-2) of Meriden, Conn., has
a registration statement covering
30,432 shares of common stock,
$10 par, of which 5,000 shares are under option to the President of the
company and the remainder are to be offered to stockholders and em¬
ployees at $10.
International Silver Co. will purchase any shares not sub¬
filed
scribed for.
Proceeds will be used for payment of bank loans.
No
B. M. Tassie is President.
Filed June 25, 1937.
under¬
writer is named.
Ohringer Home Furniture Co. (2-3256, Form A-2) of Braddock, Pa.,
has filed a registration statement covering 50,000 shares of 8% cumulative
convertible preferred stock, $10 par, and 402,500 shares of common stock,
$1 par.
After reclassification of securities, the preferred shares will be
offered at $12 each.
Of the common shares registered, 75,000 are reserved
for conversion of the preferred; 50,000 are to be offered through under¬
writers at $5.50 each; 25,000 are optioned to underwriters at $5 per share;
15,000 are reserved for sale to employees and officers, and 237,500 may be
offered by President of the company.
Proceeds received by company will
be used for purchase of land, construction of warehouse and new store,
payment of debt, improvements and working capital.
Swart, Brent &
Co., Inc., and others will be underwriters.
Abraham Ohringer is President.
Filed June 26, 1937.
Consolidated Edison Co. of N.
Y., Inc. (2-3257, Form A-2) of New
York, N. Y., has filed a registration statement covering 92,134 shares of
$5 cumulative preferred stock, no par.
Of the shares registered 52,263 are
to be offered in exchange for the $6 cumulative preferred stock of New York
Steam Corp., a subsidiary, on the basis of nine shares of Consolidated
Edison preferred for 10 shares of New York Steam preferred.
The re¬
maining 39,871 shares will be offered on a share for share basis in exchange
for the $7 cumulative series A preferred stock of New York Steam.
The
registration statement also covers certificates of deposit for the preferred
stocks of New York Steam Corp. and scrip certificates for fractional shares
of Consolidated Edison preferred.
Purpose ofthe issuance of the preferred
stock is to enable the parent company to redeem the preferred shares of its
subsidiary.
No underwriter is named.
R. H. Tapscott is President.
Filed June 26, 1937.
Detroit
Steel
Products
Co.
(2-3258, Form A-2) of Detroit, Mich.,
has filed a registration statement covering 9,692 shares of capital stock,
no par.
The shares will be offered present stockholders in the ratio of
1 additional share for each 20 shares held.
Any unsubscribed for shares
will be sold publicly.
Proceeds will be used for payment of bank loans,
plant expansion, purchase of equipment and for working capital.
No under¬
writer is named.
V. F. Dewey is President.
Filed June 28, 1937.
Black
Gold
Okla., has filed
Petroleum
a
Co.
(2-3259, Form A-2)
of Oklahoma City,
registration statement seeking to issue 100,000 shares of
6% cumulative preferred stock, $10 par, with detachable common purchase
warrants attached and 200,000 shares of common, no par, reserved for
warrants.
Warrants evidence right to purchase two common shares at
$5 a share through Jan. 1, 1942, price increasing thereafter.
Preferred
stock is redeemable at $11 per share.
Offering price of preferred stock
with warrants $10 per share; underwriting discount $1.50.
Proceeds will
be used for payment of loans, purchase of oil properties and for working
capital.
W. Earle Phinney & Co. will be underwriter.
Mark Kleeden is
President.
Filed June 28, 1937.
Trenton Valley Distillers Corp. (2-3260, Form A-l) of Detroit, Mich.,
has filed a registration statement seeking to issue 625,000 shares of class A
stock, $1 par, reserved for warrants at $1 to $2 a share.
312,498
reserved for warrants attached to 7% preferred stock; 208,336
warrants issued to management for investment, and 104,166
shares for warrants to be issued as payment for sale of 7% preferred stock.
Proceeds will be used for working capital.
C. F. Bruggemeier is President.
Filed June 28,1937.
common
shares
are
shares
for
Mengel Co. (2-3261, Form A-2) of Louisville, Ky., has filed
a
registra¬
tion statement seeking to issue 14,104 shares of 5% cumulative convertible
1st preferred stock, $50 par, all reserved for employees at par.
Also 92,312
shares of common stock, $1 par, all reserved for preferred conversion and
for sale to employees at $12.50 a
capital.
No underwriter.
1937.
share.
Proceeds will be used for working
William L. Hoge is President.
Filed June 28.
"
Dividend Shares, Inc.
filed
a
(2-3262, Form A-l) of Jersey City, N. J., has
registration statement covering 10,000,000 shares of common stock,
25 cents par, to be offered at the market.
Proceeds will be used for in¬
vestment.
Calvin Bullock will be underwriter.
Calvin Bullock is Presi¬
dent.
Filed June 28, 1937.
Axelson
Manufacturing Co.
(2-3263, Form E-l)
of Vernon, Calif.,
a registration statement covering 85,472 shares of common stock,
$4 par, of which 50,000 shares are to be offered by the company through
underwriters and the remainder to be offered by three stockholders.
Use of
has filed
cash
proceeds received
named by amendment.
by company not stated.
Underwriter is to be
J. C. Axelson is President.
Filed June 28,1937.
General Acceptance Corp. (2-3264, Form A-2) of Bethlehem, Pa., has
a registration statement seeking to issue 12,500 shares of 6% cumula¬
$20 par, and 36,500 shares of class A com¬
mon
stock, $5 par, of which 10,000 shares are to be presently offered,
remainder reserved for warrants and preferred conversion.
Also registered
filed
tive convertible preferred stock,
3,500 shares of common stock, $5 par, and 70 warrants to be issued to the
President and an additional 40 warrants for $5 par class A common stock.
Proceeds will be used to reduce collateral trust notes and for working capital.
Warren York & Co. and Masland, Fernon <fe Anderson will be underwriters.
F. Reed Wills is President.
Filed June 28,1937*
Grabler Manufacturing Co.
has filed
a
(2-3265, Form A—2) of Cleveland, Ohio,
registration statement covering lit ,830 shares of common stock.
(2-3266, Form A-2) of New York, N. Y., has
registration statement covering 110,000 shares of common stock,
and warrants evidencing 1,110,322 1-6 rights, each to subscribe for
1-15 of
The
no
filed
no par,
SECURITIES ACT
filed
MILWAUKEE, WIS,
a
a
stock in
Company also states that its registration
indeterminate number of shares of common
share of common stock.
statement covers in addition an
shapes as they are required to be issued upon con¬
version of its 5M% preferred stock.
Company previously registered such
150,000 shares of common stock which were reserved for issuance upon
conversion of company's 5H% preferred stock.
Of the 110,000 shares of
common stock registered, 74,020 shares are reserved for exercise of war¬
rants and 35,980 are reserved for issuance to officers at $25 each.
According
to the registration statement the warrants are to be issued stockholders of
record July 26, entitling them to subscribe to additional common shares on
the basis of 1 additional share for each 15 shares held.
The price at which
the warrants are exercisable is $17 a share.
Any shares not taken by stock¬
holders will be offered by underwriters.
Proceeds will be used for working
capital.
Underwriters will be named by amendment,
R. S. Reynolds is
President.
Filed June 29, 1937.
.
excess
Twentieth
of 150,000
Century Co. (2-3267, Form A-2) of Chicago, 111., has filed a
registration statement covering 148,000 shares of common stock, no par,
of the shares registered 83,600 are to be offered for sale by the company and
59,400 are to be offered by four stockholders.
The initial offering price
will be $7.25 each.
The remaining 5,000 shares are to be issued by the
company to underwriters as part compensation.
Proceeds received by the
company will be used to redeem its $6 preferred stock and also for working
capital.
Bond & Goodwin, Inc., of Illinois will be principal underwriters.
Craig B. Ketcham is President.
Filed June 29, 1937.
MunUing Paper Co. (2-3268, Form A-2) of Chicago, 111., has filed a
registration statement seeking to issue $650,000 5% 1st mortgage sinking
fund bonds, due 1947.
Proceeds will be used to repay indebtedness and for
working capital.
Seceurities Co., of Milwaukee, Inc., will be principal
underwriter.
C. H. Worcester is President.
Filed June 29, 1937.
Walworth
Co.
(2-3269, Form A-2)
of New York, N. Y., has filed a
no par.
registration statement covering 70,000 shares of common stock,
Ofthe shares registered, 12,490 are to be issued to employees for
services,
7,510 are to be reserved for issuance to employees for services; 10,000 shares
are to be issued to President of the company for investment under employ¬
ment contract at $3.65 each, and the remaining 40,000 shares are optioned
to the President of the company under employment contract at prices
ranging from $4.16 to $12.66 each.
Company will use proceeds for working
capital and a portion of the proceeds may be used to reduce bank loans for
payment of debt.
There will be no underwriter.
W. B. Holton Jr., is
President.
Filed June 29, 1937.
Gidding & Lewis Machine Tool Co. (2-3270. Form A-2) Fond du Lac,
Wis., has riled a registration statement covering 100,000 shares of common
stock, $2 par.
Of such shares 35.092 shares are to be sold by company,
while the remaining 64,908 are outstanding and may be sold by present
stockholders.
Proceeds received by company will be used to reture funded
indebtedness and for working capital.
E. W. Thomas & Co., Inc., will be
underwriter.
H. B. Kraut is President.
Filed June 29, 1937.
Cornell Dubilier Electric Corp.
(2-3271, Form A-2) of South Plain-
field, N. J., has filed a registration statement seeking to issue 62,328 shares
of common stock, $1 par, of which 60,828 shares are to be offered first to
stockholders of Dubilier Condenser Corp. and Cornell Electric Manufac¬
shares through underwriters: also
employees at $8.55 a
not sold.
Corp. of
America, redeem 6% cumulative preferred and for debt retirement and for
working capital.
Swart, Brent & Co., Inc., and Mitchell Herrick & Co.
are named as underwriters.
O. Blake is President.
Filed June 29, 1937.
turing Co., Inc., and any unsubscribed
1,500 shares to be reserved for certain officers and
share, but which are not to be issued if any of the 60,828 shares are
Proceeds will be used to buy outstanding stock of Condenser
Chicago Pneumatic Tool Co. (2-3272, Form A—2) of New York, N. Y.,
statement covering 70,000 shares of $2.50 cumulative
116,667 shares of common
stock, no par, and scrip for fractional shares to be reserved for conversion
has filed a registration
convertible prior preferred stock, no par, and
preferred stock.
Proceeds will be used to repay indebtedness and
working capital.
Name of underwriter will be filed by amendment.
Filed June 29, 1937.
of the
for
H. A. Jackson is President.
Stratbury Manufacturing Co. (2-3273, Form A-2) of Gallon, Ohio,
registration statement covering 1,081 shares of 6% cumulative
preferred stock, $100 par, and 121,600 shares of common stock, $1 par.
of the preferred shares registered, 701 shares are to be offered publicly at
par, whil the remaining shares, with the exception of 20 shares, the disposi¬
tion of which is not stated, arefo be issued to certain individuals at
par.
As to the common shares registered, 8,700 are to be offered through under¬
writers at $12.50 each; 20,000 are being optioned to underwriters at $10 each
for resale at $12.50 per share, and 1,740 are to be issued to underwriters as
compensation.
Of the remaining common shares, presently outstanding,
44,633 will be offered by certain stockholders through underwriter at
$12.50 each; 8,927 will be issued by stockholders to underwriter as com¬
pensation, and the remaining 37,600 are not to be presently offered by
stockholders.
Proceeds received by company will be used for plant addi¬
tions, equipment and working capital.
McLaughlin, Macafee & Co. and
K. W. Todd Co., Inc., will be underwriters.
H. B. Newman is President.
Filed June 29, 1937.
has filed a
Home Oil & Refining
Co. (2-3274, Form A-2) of Great Falls, Mont.,
covering 395,803 shares of common stock,
has filed a registration statement
Of the shares registered,
$5 par.
pany
57,947 shares will be sold by the com¬
by certain stockholders initially at
and 158,434 shares will be sold
$11 50 per share and later at market.
As to the remaining shares being
registered, 37,500 shares have been optioned to the underwriter at $10 each;
2 750 shares have been optioned to certain officers; 34,750 shares have been
optioned to certain individuals;
58,256 shares are to be issued for addi¬
tional property and 46,166 shares are presently outstanding.
Proceeds
received by the company will be used for payment of debt, for working capi¬
tal and for capital improvements to be made on properties to be acquired.
Distributors Group, Inc., will be underwriter.
G. Nadeau is to be Presi¬
Filed June 29,
dent.
1937.
Sterling, Inc. (2-3275, Form A-2) of New York, N. Y., has filed a
registration statement covering 60,000 shares of common stock, $1 par.
Shares are to be offered at market price.
Hammons & Co., Inc., will be
principal underwriter.
Proceeds may be used for expansion and payment
of debt.
Edward A. Thomson is President.
Filed June 29, 1937.
Laboratories (2-3276, Form A2) of North Chicago, 111., has
registration statement covering 10,000 shares of common stock, no
Abbott
filed
a
par, to be sold
and building.
June 30,
to employees. Proceeds will be used for equipment, research
No underwriter is named. S. D. Cipugh is President. Filed
1937.
*
,98
Financial
Westchester Lighting Co. (2-3277 & 2-3278, Form A-2) of Mt. Vernon,
N. Y., has filed a registration statement seeking to offer $25,000,000 general
% bonds, due 1967.
Further details will be found on subsequent page.
Standard Oil Co. of Indiana (2-3279; 2-3280, Form A-2) of Chicago,
111., has filed a registration statement covering 261,496 shares of capital
stock, $25 par, and $9,868,859 investment contracts under the company's
fifth employees stock-purchasing plan.
The company filed another regis¬
tration statement covering 20.000 shares of capital stock, $25 par. Further
details will be found on subsequent page.
Chronicle
Abbott
a refiling) of Grand Valley, Pa.
registration statement covering 300,000 shares of common stock,
These shares will be offered at market if any is established.
Pro¬
ceeds will be used for drilling equipment and for working
capital.
Romeyn
W. Smith & Co., Inc., will be underwriter.
H. O. Johnson is President.
Filed June 25. 1937.
Preferred Dividend—
paid an initial semi-annual dividend of $3 per share on
record June 21.—V. 144, p. 601.
The company
Acme Glove
Works, Ltd.—Earnings-
Operating profit.
$132,890
$191,229
180
320
38,600
.
Depreciation
23,114
Prov. for income tax
12,177
37,500
28,078
19,703
27,133
15.034
27,059
8,773
$58,719
$105,768
$95,773
$53,815
5,538
47,096
9,000
29,140
21,937
$2,623
$76,628
$73,836
Salaries of
officers.
exec,
Net profit
Organization
expenses..
Divs.on
.
cum.pref.
stock
-
Common dividend
Surplus.
Balance
Sheet Dec.
General
Corp.
(File
No. 2-1929) stop-order proceedings
dismissed and registration statement covering $22,000,000
20-year 4%
debentures and 440,000 common shares (par 10 cents.) withdrawn.
Apex Gold Mines, Ltd. (File No. 2-2978) covering 1,250,000 shares
(50 cents par).
Filed March 23, 1937.
Associated Gas & Electric Corp. (File No. 2-3024)
covering $10,000 000 5% debentures, due Feb. 1, 1952.
Filed March 30, 1937.
'
Cariboo Hudson Gold Mines, Ltd. (File No. 2-3143)
covering 200 000
common stock (par 50 cents).
Filed May 8, 1937.
shares of
Chicago Daily News, Inc. (File No. 2-2926)
($100 par) 5% cumulative preferred stock.
covering 55,000 shares
1937.
Filed March 2,
Consolidated Edison Co. of N. Y.f Inc. (File No.
2-3121) covering
97,141 shares (no par) $5 cumulative preferred stock.
[New application
(File No. 2-3257) filed see above].
Filed May 1, 1937.
Converse Rubber Co. (File No. 2-2872) covering 25,000 shares
(no
par) convertible prior preferred stock.
Filed Feb. 13, 1937.
Crouch-Bolas
shares
(no par)
Aircraft
Corp.
class A stock.
(File
No. 2-2798)
19, 1937.
covering
125.000
Filed Jan.
Dayton Porcupine Mines, Ltd. (File No. 2-3213) covering 1 000.000
shares (par $1) common stock.
Filed June 2, 1937.
Detrola Radio & Television Corp. (File No.
2-2766) covering 125 000
par) common stock.
Filed Dec. 30, 1936.
1936
1936
1935
Cash
$89,350
142,047
710,118
$59,723
124,511
730,532
3,111
74,685
.10,217
74,685
6H% Pref. (new).
Common (new)...
1st pref. Btock
2d pref. stock
341,810
360,164
&
Nelson,
Inc. (File No. 2-3169) covering 40,000 shares
aDd
Filed M
,00° shares of common stock (par $5).
Globe Steel Tubes Co. (File No. 2-2667)
covering $500,000 6% deben¬
100,000 shares (no par) common stock and warrants to purchase
common.
Filed Nov. 23, 1936.
tures,
Hackensack
Water
(File No. 2-2957) covering $13,600,000 1st
61,500 common shares (par $25).
The
a request of the
company authorized a
a
meeting of its board of directors, held on June 16.
ft was stated that the
series
A,
order
issued
pursuant
board
considered
It
bonds
and
to
advisable
to
defer
until
fall
efinancing the company's funded indebtedness.
Iowa
Public Service
Jade
further consideration of
Filed March 12, 1937.
1 of each year from 1938 to 1947.
Filed Jan. 12, 1937.
Petroleum
Corp. (File No. 2-2939) covering 1,500,000 shares
(par $1), class A convertible preferred stock and 3,000,000 shares (no par)
class B stock.
Filed March 6, 1937.
Keyroc Gold Mining Co. (File No. 2-3152) covering 5,000,000 shares
stock (par $1).
Filed May 11, 1937.
common
Magnetic Control Corp. (File No. 2-3139) covering 30,000 shares
$10)
common
stock.
Filed May 7, 1937.
(par
Michigan Bumper Corp. (File No. 2-2584) covering 333,000 shares ($1
par)
common
stock.
Filed
April
14,
Land
Bldgs., mach.
equip.b
Pacific
Distillers, Inc.
stock.
(File No. 2-2695)
covering 127,970 shares of
Filed Nov. 30,1936.
Panhandle Eastern Pipe Line Co. (File No.
2-2764) covering 164 000
Filed Dec. 30, 1936.
Ray Airconditioning
common
Corp. (File No. 2-2642)
stock.
Filed April 15,
covering 300,000
100,000 shares
(.no
par)
common
(no
1937.
stock.
Filed Jan.
13,
certifi¬
1937.
Sands-O-Penn, Inc. (File No. 2-3119) covering 250
6% preferred stock and 500,000 shares (par $1)
April 30, 1937.
[New application filed, see above.]
shares (par $100)
common stock.,
Filed
United
Investors
Realty Corp.
(par $1) class A
common
(File No.
stock.
1937«
covering
1937.
100,000
covering 17,142 shares ($25
6% preferred stock and 2,857 shares (no par)
Total
140,788
300,000
341,570
87,278
148,158
$1,375,449 $1,362,943
Addressograph-Multigraph Corp.—Earnings—
5 Months Ended May 31—
Net profit after charges and Federal income taxes.
Shares common stock...
1936
1937
$987,297
$569,259
753,692
.
746,313
$0.76
Earnings per share
—V. 144, p. 4163.
$1.31
Administered
Fund Second,
Inc.—10-Cent Dividend—
have declared a dividend of 10 cents per share on the
stock, payable July 20 to holders of record June 30.
This com¬
pares with 18 cents paid on April 20 last and dividends of 10 cents paid
on Dec. 21,
1936; Oct. 20, 1936, and each three months previously.
In
addition a special dividend of 23 cents was paid on Dec. 21, 1936, and a
special dividend of 5 cents was paid on Oct. 20, 1936.—V. 144 p. 2285.
directors
The
common
Ainsworth Mfg. Corp.
(& Subs.)—Earnings—
Calendar Years—
Income
1935
1936
Net profit from sales
Income charges (net)
$1,190,047
$1,170,466
(After deducting $15,669 of
charges)
Dr29,321
Cr 12,349
$1,160,726
bl98,000
$1,182,816
195,000
$962,726
1,532,700
Net income for the year
Provision for Federal taxes
a
$987,815
887,289
Net income for the year...
Previous earned surplus
Recovery of funds
written-off)
in
closed
banks
(previously
2,558
2,480
$2,497,985
CY675.184
689,770
758,747
$1,877,585
d$l,724,652
$1,532,700
Earned surplus before dividends
Capital surplus, Jan. 1,1936.
Stock dividend
c
Cash dividends declared and paid
Earned
surplus,
Dec. 31
344,885
a After
depreciation and after write-down, but before provision for
taxes.
b Including $24,500 surtax on undistributed profits,
Charged against the capital surplus of the corporation to the full extent
of such surplus, the balance being charged against the earned surplus,
d Of which $256,700 Is appropriated to purchase of treasury stock, and
$88,385 is the unexpended portion of the appropriation for new buildings.
Federal
c
Assets—
Cash
on
$19,404
1,604,945
18,529
$24,524
U. 8. Govt, obligs.
Mun. & other sees.
1,313,222
15,188
977,748
Accts. rec., tradeInventories
Ins.
common.
Filed Feb. 27,
53,558
147,498
contracts
Ac........
42,340
34,690
prop'd to purch.
40,566
39,609
of treasury stk_.
Com. cap.
Approp. cap.
1,775,777 xl,203,148
.$4,530,512
$4,494,6371
262,918
342,611
stock. _c2,069,310 bl,379,540
Capital surplus
aLd.,bldgs., mach.
Total
$417,103
Acer, payr., taxes,
347,146
& equipment
1935
1930
$420,073
Unpd. bal. of prop.
1,004,860
449.448
taxes,
...
Other invests
After
Liabilities—
Accts. pay.—trade
banks..
Prepd.
1935
1930
hand A in
ap-
255,717
419,406
...
surp.
Earned surplus
Total
1,724,652
1,532,700
$4,630,512 $4,494,637
for
depreciation of $451,122 in 1936 and $488,053 in
1935.
b Represented by shares of $10 par.
c Represented by shares of
$5 par.—V. 144, p. 4164.
reserves
Akron Canton & Youngstown
1937
Gross from railway
Net from railway
_
1935
1934
$191,147
72,619
39,406
$148,130
43,062
21,234
$160,504
65,950
28,334
922,314
350,631
-198,826
834,272
293,501
777,108
310,843
175,617
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
Ry.- -Earnings—
1936
$184,315
64,260
27,601
965,909
365,759
170,775
..
Net after rents
.
previous list of registration statements
was
issue of June 26, page 4331.
given
174,997
Alabama Great Southern RR.—Earnings—
Adams Express
Co.;—Offer Extended to July 31—
,?£mpany has extended to July 31, 1937 its offer to exchange its
4H % debentures for
Stock Exchange.
The collateral which may be deposited to secure the
coll. trust 4% bonds
s, in effect, restricted to securities of railroad and
express companies
The exchange offer was made by the
company so that bonds received in
exchange may be deposited with the trustees and railroad or express
company
securities held by such trustees may be withdrawn and dealt
with free from
the terms of the deeds of trust, thus
1936
$540,820
137,746
71,377
$429,940
53,417
289
$423,846
80,744
45,226
3,124,299
895,106
547,342
2,510,771
593,508
303,263
2,002,860
227,626
28,890
2,015,487
415,863
278,505
1937
.
Net after rents
10-year
equal principal amount of its coll. trust 4% bonds
due in 1947 and 1948, which are
outstanding in the hands of the public.
Including $663,000 of 4H% debentures issued last year, $4,207,000 of
the debentures will have been issued in
exchange for coll. trust 4% bonds
surrendered under the exchange offer to June
30, 1937.
The New York
Stock Exchange has approved the
application to list the 4^% debentures
entitled to the benefits of the
supplemental indenture dated May 15, 1937,
and it is expected that the Securities and
Exchange Commission will shortly
approve the application for registration of the debentures on the
New York
an
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1935
1934
—V. 144, p. 3658.
Alles &
Fisher, Inc.—Earnings—
Consolidated
Income
Account
for the
Year Ended Dec.
1936
31,
[Including H. Traiser & Co., Inc.]
Gross earnings
Selling, administrative and general expenses..
Provision for depreciation and amortization
Provision for State and Federal taxes
Net profit from operations
Other charges (net)
permitting greater flexibility in the
management of the company's portfolio.
$615,061
147,171
72,685
May—
Gross from railway
Net from railway..
„
448,300
—V. 144, p. 3658.
The last
our
2-3137)
Filed May 6,
VSrLn«?80r ban3 ?°*1 In<^ .OTS1?0- 2-2913)
par)
in
687,900
491,570
a After reserve of $25,000 in
1936 and 1935.
b After depreciation of
$214,113 in 1936 and $190,719 in 1935.—V. 142, p. 4009.
Man—
Union Electric Co. of 111. (File No.
2-3135) covering $22,000,000 first
mortgage 3H% bonds.
Filed May 6, 1937.
shares
$1,375,449 $1,362,943
Totals
a
Rotating Valve Corp. (File No. 2-2787) covering voting trust
cates for
Divs. payable
Capital surplus...
Earned surplus...
&o
shares (no par) common stock.
par) shares
19,669
14,178
Consolidated Balance Sheet Dec. 31, 1935
•
common
Liabilities—
Income taxes
&
1937.
National Bellas Hess, Inc. (File No.
2-3008) covering 100,000 shares
v$20 par) cumulative convertible preferred stock, 600,000 shares
(par $1)
common stock to be reserved for conversion of
preferred stock and warrants
to be issued to stockholders
evidencing rights to subscribe to 81,130 shares
of preferred stock.
Filed March 29, 1937.
National Bond & Investment Co. (File No.
2-2842) covering $7 500 000 10-year debentures and 7,600,000
15-year debentures.
Filed Feb. 3,
1V67
3,490
7,949
Prep. Ins. & taxes.
Supplies, Ac
Co.
(File No. 2-2807) covering $14,200,000 first
mortgage 3%% bonds, series of 1967, and $2,200,000 of serial debentures
due Feb.
$11,509
26.127
Bcom. (no par)...
Assets—
Co.
mortgage,
was
1935
$21,344
A and B payable..
aAccts. & bills rec.
shares ($1
Frederick
$48,277
31
Inventories
American
$89,647
$138,261
280
.
Directors' fees
a
registration statements filed under the Securities Act of 1933:
1933
1934
1935
1936
Calendar Years—
$1 par.
The SEC has announced that at the request of the
appli¬
cants it has consented to the withdrawal of the
following
,
Its $6 pref. stock on July 1 to holders of
Sanda-O-Penn, Inc. (2-3119, Form A-l,
has filed
1937
3.
department.—V. 144, p. 3485.
Abercrombie & Fitch Co.—Initial
25 cents par.
Of such shares, 18,435 are to be offered in exchange for 1,229
8% cumulative preferred stock ($100 par) of Foulds Milling Co.;
47,795 shares are to be offered to stockholders through warrants at $5 each,
while 13,700 shares are reserved for sale to employees and officers under
stock purchase plan at $5 per share.
Proceeds will be used to reimburse
company for previous capital expenditures and for working capital.
No
underwriter is named. James M. Hills is President. Filed June 30, 1937.
Transcontinental Petroleum Corp. (2-3051, Form A-l, a refiling) of
Dallas, Texas, has filed a registration statement covering $500,000 5%
convertible sinking fund bonds, due 1947, to be offered to the public at
98, and 625,000 shares of common stock, $1 par, of which 325,000 shares
will be offered at $3 per share, 125,000 shares will be reserved for conversion
of bonds and 175,000 shares will be reserved for exercise of warrants to be
issued to underwriters at an exercise price of $3.
Proceeds will be used for
payment of notes, purchase of property and drilling wells.
Principal
underwriter of the bonds and stock is Hammons & Co.
S. O. Yingling is
President.
Filed June 29, 1937.
Laboratories—Registers with SEC—
See list given on first page of this
Grocery Store Products Co. (2-3281, Form El) of Union City, N. J.,
has filed a registration statement covering 79,930 shares of capital stock,
shares of
July
By making the exchange, holders of the 4% bonds will receive a4K%
debenture which will be secured by collateral required to be maintained at a
market value at least equal to the principal amount of the debentures out¬
standing.
In the case of the 4% bonds, there is no provision that the mar¬
ket value of the collateral be maintained at any specified amount.
Both the
debentures and the bonds are non-callable and are general obligations of
the company.—Y. 144, p. 4331.
Net loss for the year—
,
.$227,346
176,679
.
.
.
24,478
3,081
$23,108
28,630
$5,522
Financial
Volume 14$
Consolidated Balance Sheet Dec. 31,1936
Cash
on
hand & In banks.
176
Inventories.....
b
470
Goodwill and trade marks.
.........
use.
Del. charges to operations....
Other assets
Total
Capital stock..
Earned surplus
602,013
167,376
"81,004
26,000
12,883
...
a Land,
bldgs., mach. & equip.
Cigar machines.
Real estate not In
Prov. lor Fed. A State taxes.
174,217
424,462
......
Employees' loans....
$30,000
46,100
3,081
610,616
668,075
66,482
Notes payable (bank)......
Accts. pay. A accr. expenses.
$22,361
(trade).....
Accounts receivable (trade)..
c
Capital surplus
All of the outstanding 5% sinking fund debenture gold bonds dated
March 1, 1937 have been called for redemption on Sept. 1, next, at 103
and accrued interest.
Payment will be made at the Union Trust Co. of
Pittsburgh,-—V. 144. P. 4332.
Aluminum Industries, Inc. (&
$2,978,588
Returns, allowances, rebates and sales tax
13,392
$2,832,261
2,007,842
....$1,413,355
Total..
Alaska*Juneau Gold Mining Co.-—15-Cent
Extra Div.—
stock, par $10, both payable Aug. 2 to holders of record July 10.
Similar
distributions were made in each of the fifteen preceding quarters.—
V. 144, p. 3992.
Inc.—Rights 95% Subscribed—
Gross profit on sales
——_
capital stock at
$20 for each 15 shares held expired June 28, with 95% of the rights exer¬
cised.
The balance of'5% of the remainder of stock not taken up by
stockholders will be offered at the same price to employees pro rata.—
V. 144, p. 3658.
(A. S.) Aloe Co. (& Subs.)—Earnings—
1934
1935
1936
Net profit from sales
,*
Cash discount on purchases, interest
90,000
57,803
7,500
$52,319
$90,425
$145,581
70,514
10,370
...
$64,697
40,000
$0.65
;
Consolidated Balance Sheet Dec. 31, 1936 '
Liabilities—
Assets—
Cash
$66,075
(trade)
-
$4.74
$4.45
$3.93
-
Cash
hand and
on
in banks
945,368
513,534
20,663
Mdse. inventories-
Cash val. life insur.
Sees.
3,689
_
9,027
employees......
maturity of
35,333
23,694
mtge. obligation
Fed. A State taxes
2,500
&c
14,266
218,421
Fixed assets
12,071
212,060
12,359
5,416
45,869
32,840
37,600
3,645
17,314
17.089
600,000
187,151
376,358
Unapprop. surplus
$1,848,602 $1,867,642
Total.
329,800
600,000
182,850
327,732
325,500
(par $100)
Com. stk. (par $20)
Approp. surplus..
.$1,848,602 $1,867,542
1936
1934
def38,077
$1,105,535
def34,330
def261,793
$1,104,417
216,356
4,477
6,198,282
1,238,121
def24,554
6,797,846
1,820,809
470,452
Net from railway
Net after rents.
1935
$1,234,407
5,311,346
766,734
def298.422
4,977,66*
970,451
def44,661
Years—
,—Earnings—
1936
1935
1934
.——$10,270,880
8,250,153
$8,524,115
7,089,861
$7,467,127
6,362,218
1933
$6,557,457
5,891,238
139,589
$1,434,254
195,798
$1,104,909
89,216
$666,219
181,344
$2,160,316
x338,781
437,579
—
$1,630,052
187,150
456,961
$1,194,125
144,732
478,518
$847,562
61,666
433,161
6,709
8,097
53,717
19,709
::::::
$924,126
611,754
$551,165
445,263
$352,735
445,706
Cost of sales & expenses.
Depreciation
*
Net income
Dividends paid
$1,377,246
1,000,921
Surplus
Shs.com.out. (nopar)-.
per
20,384,861
1,139,483
1,658,826
41,657
-
-
$23,546,124
penses
112,682
3,246,429
7,400,000
10,487,013
-
Res. for taxes A contingencies
Capital stock ($10 par).
Surplus
...
Total.
——.$23,546,124
—
shares of which 40,000 shares
177,123
Inc.—Gets Mail Pay Increase—
American Airlines,
$400,000 annually, will
amounting to between $350,000
be made by the Post Office Department,
k^egarlinlfthe increase the
"Wall Street Journal" states:
:
"The great bulk of this new revenue will be carried over into net profit
the company is. already flying the trans-continental route involved
as
subsidy.
On the 277,775
the year-end, a $350,000 payment would
share; the maximum to roughly $1.44 a share.
which would be outstanding upon conversion
of notes held by Aviation Corp., the minimum added payment would
equal 70 cents a share."—V. 144, p. 2116.
'
a
so-called "courtesy basis," that is, without
shares of stock outstanding at
be the equivalent of $1.26 a
"On the 500,000 shares
Allegheny County—Earnings-
American Coal Co. of
of plant equipment
Wise, un employ, comp..
Earnings
$2,300,000
Accts. payable & accrued ex-
Ex¬
Co
-
-----
are pledged as collateral to
of the American Express Co.
Dec. 31, 1936, there would be
an appreciation of $5,524,691 over the above book value.
The dividend
receivable from American Express Oo. on Jan. 2, 1937, amounting to
$265,683, is not included in the above figure, or in the assets of Amerex
Holding Corp. at Dec. 31, 1936.
b At adjusted values established at
Dec. 31, 1933, and subsequent additions at cost, c The Trinway Corp., a
wholly-owned subsidiary.—V. 144, p. 269.
sale and retire.
on
American
in
Loans payable-..
loans payable.
Using estimated asset value
on the basis of its published statement as of
on
Other income.
Loss
t
Liabilities—
$321,296
hand and in banks.,
Note receivable
and
$2,020,727
—.
8,614,896
-—$10,487,013
—
Increased mail payments to the company,
Aluminum Goods Mfg. Co
Calendar
on
Invest,
—V. 144, p. 3826.
Net sales
9,78?,229
—
$452,319
720.014
t
Balance Sheet, Dec. 31, 1936
Cash
a
From Jan. 1—
Gross from railway
-—
—
Total
-V. 144, p. 3826.
208,342
211,963
.$722,766
347,018
Dr370,000
Bills & accounts receivable-
RR.—Earnings—
1937
$1,355,058
241,254
def30,440
582,089
70,886
$9,787,229
Note—No provision has been made for Federal income and surtaxes for
1936,, as the corporation's return for the year will show no taxable income.
c
-V. 144, p. 3826.
See Union Electric Co. of Missouri
railway
$1,246,372
379,082
-
_
b Other securities
Co.—Merger—
May—
$1,172,734
—...
-—
—:
Surplus credits (net)
Dividends paid
Surplus, Jan. 1
Alton Light & Power Co.- ■Merger—
Gross from
•.
1935
$1,173,479
72,642
251
——
—
Operating expenses, taxes and legal fees—__—
press
Net from railway
Net after rents
:
$1,086,229
64,786
'21,719
1936
Calendar Years—
Income—Dividends
Interest..
Miscellaneous
a
See Union Electric Co. of Missouri
Alton
,:
..
Corp,—Earnings—
Assets—
143, p. 3831.
Alton Gas
.i
Araerex Holding
Surplus, Dec. 31
7% cum. pref. stk.
1
After reserve
Net income..
Res. for pref. dlvs.
1
c
2,500
57,000
35,000
(estimated)
16,573
names
$755,015.
of
Total income
1st M. 5% notes..
Unearned rent. inc.
Deferred charges..
Good will A trade
$2,350,489
—
b After reserve for
for amortization of $3,606.
—v. 144, p. 2463.
Interest..
Curr.
Equity in leasehold
est. (acq. 1935).
Total
6,771
3,739
salesmen,
personal aocts.,
—V
95,065
-
After reserve for doubtful accounts of $17,570.
a
Due to officers and
to
Total
$200,000
$100,000
94,924
12,051
5,696
miscell.
&
inv. (less res.).
Adv.
Notes pay.—banks
$111,225 Aocts. payable, &c
878,928 Aecr. taxes, Int.,
&o
573,574
17,709 Pref. dlvs. declared
$110,769
Receivables—trade
77,964
26,029
1,571,735
310,741
Common stock
Earned surplus
$2,350,489
-
10,000
Other current liabilities-.
Reserves-
34,982
Other assets
1935
1936
Liabilities—
payable
38,982
94,880
Patents & development
assets
Deferred
depreciation
1935
16,781
936,374
...
$113,535
240,483
Accounts payable (trade).
Dividend payable
753,030
Due from officers & employees
b Fixed assets
Consolidated Balance Sheet Dec. 31
1936
Notes
409,384
hand and in banks
on
aReoeivables
$117,917
30,000 shares of
$129,858
15,723
earned, &c_
Earns. per share on 99,200 shares of capital stock (no par)—.
Total.
Surplus
$824,419
694.561
—
Gross income
Other deductions.
Income and surtaxes
c
$141,477
23.560
$155,728
$164,894
22,575
-;
....
Inventories-
Calendar Years—
Net profit for year after charges and
Federal taxes
Preferred dividends...
Common dividends
_
Selling and general expenses
Net profit from operations.
Dividends paid
*
The rights of shareholders to subscribe to one share of
Assets—
146,327
.
Net sales
Cost of sales
The directors have declared an extra dividend of 15 cents per share
in
addition to the usual quarterly dividend of like amount
on the common
on
Dec. 31,1936
Gross sales
.$1,413,355
Earns, per share
common stock.
Subs.)—Earnings—
Consolidated Income Account for the Year Ended
a After reserve for
depreciation, b Represented by 137.320 no par shares
after deducting 12,680 shares held in treasury at a value of $56,384. c Ex¬
cess of net worth of subsidiary over cost of stock acquired.—V. 142, p. 4011.
Allied Mills,
99
and $24,000,000 of 3%% 15-year debentures.
The
debentures will be sold privately to insurance companies.
Liabilities—
Notes receivable
Chronicle
years
,
Inc.]
[Including H. Traiser & Co.,
Assets—
\
share
$376,325
1,112,135
$1.24
$312,372
1,112,135
$0.83
xlncluding $15,683 provision for Federal surtax
$105,902
1,112,990
$0.49
def$92,971
1,113,550
$0.31
on undistributed
profits
1933
1934
1935
1936
Calendar Years—
1,343,838
$63,144
48,854
65,626
125,581
35,772
$213,970
Dr2,253
26,294
$1,580
Z>rl,188
58,138
pf$138,378
Dr3,262
35,928
$187,777
Dr3,157
44,966
$189,929
$55,370
9,647
$171,044
15,767
$145,968
$189,929
47,231
$45,723
201,648
$155,277 loss$145,968
202,487
$155,925
46,814
47,231
$0.97
-
—
-
Operating loss-.
Royalties (net)
Other income (net)
1,219,374
$372,371
1,267,615
$13,009
—
—
Depreciation
Depletion
1,151,534
$222,506
54,378
137,475
32,232
$237,160
Coal produced (net tons)
Income from mine prop.
Taxes
.
59,811
140,006
34,175
.
164,737
•
37,330
Balance Sheet Dec. 31
1936
Assets—
$
Cash
Aocts. & notes
1,494,936
821,912
3,250,712
35,004
rec.
Inventories
Accrued int. rec—
4,238,083
Notes & accts. rec.
officers A em pi.
52,738
in
agree,
Employees'
.
■
Liabi tiles—
$
Accounts payable.
Dividends payable
398,439
233,791
322.412
Balance, loss
$
Federal taxes.—-
183,649
163,210
Accrued labor and
commissions
Income taxes pay.
55,996
383,599
134,037
141,928
187,150
144,816
24,610
200,700
263,694
4,368,908
234,773
72,519
1935
4,424,579
63,339
225,367
Prov. for other tax
Reserves—
com¬
153,012
78,607
stock.13,052,415 13,052,415
Capital surplus—.
161,394
161,394
Earned surplus--. 1,239,306
977,358
c Treasury stock.
Dr12,262
Dr 12,262
-
equipment
Deferred charges-
Total—.
a
After
—
-
15,565,938
15,102,7771
Deficit-
of capital stock
outstanding (par $25)
Earns, per share on com.
depreciation of $7,107,261
Nil
1936
Assets—
a
$709,631 $1,021,978
mine devel., &c.
Marketable secure.
in
.15,565,938 15,102,777
1936 and $6,775,658 in 1935.
c Represented by 1,215 shares
Aluminum Co. of America—$30,000,000 New Financing
—The company has arranged, through the Mellon Securities
Corp., for $30,000,000 of new financing, consisting of
$6,000,000 of bank loans maturing in one, two and three
Unexp. ins. prem.
suppl.
A other
deferred charges
Other assets------
$145,968
47.644
Nil
—-
1935
Capital stock
.$1,170,350 $1,180,775
Accounts payable.
71,937
101,570
Accrued
taxes
244,827
122,379
815.569
158,694
74,174
280,599
Dividends
29,682
68,758
34.677
Federal taxes
286,533
822,067
113,223
56,967
19,239
13,858
56,043
.
Total
1936
Liabilities—
1935
L'd & coal seams
Inventories
— .
47,644
$3.26
Balance Sheet Dec. 31
Accounts recelv—
Total.
$47,210
Shares
ber tight*
Cash.-
b Represented by 1,113.350 no par shares,
at cost.—V. 144, p. 3992.
—
—
b Leasehold A tim¬
Bldgs., mach. &
Other assets
Net loss
Dividends
—
b Common
mtge.
loan—
Land
•
308,800
purchase
for
pany stock
a
54,820
308,800
allied
cos. at cost
Int.
$
1,547,256
732,038
3,064,929
46,531
3,848,312
190,011
263,749
in
1936
Accrued local taxes
.
Invest, (at cost)..
Invest,
1935
Surplus.
9,647
47,231
payable
c917,U9 dl,322,440
.
$2,223,716 $2,651,269
Total
.$2,223,716 $2,651,269
depreciation and depletion,
b After depletion,
c $329,400
restricted pending disposition of treasury stock,
d $318,975 restricted
pending disposition of treasury stock.—V, 142, p. 4327.
a
After
American General
See list given on
Corp.—Registration Withdrawn—
first page of this department.—V. 144, p. 2984.
Financial
100
American Dairies,
Andian National Corp.,
Inc. (& Subs.)—Earnings—
$7,946,669
6,902,234
754,933
Cost of sales
Selling, delivery, general and administrative expenses
$289,501
2,339
Operating profit
Interest and income from investments
Profit
324
disposal of capital assets
on
3,878
:
Total
$296,041
2,184
4,425
.
-
Interest paid
Loss
on
plant facilities discarded or not in use (excl. deprec.).
200
Pro v. for decline in market value of securities
161,268
29,714
Provision for depreciation
Provision for Federal and State income taxes
on
preferred stock
84,667
83,195
128,689
123,003
747,478
Provision for Colombian income tax
794,576
607,183
693,679
Net operating
Interest
1256,015
Accounts payable
' 5,683
33,710
x407,531
299,039
161,459
Outstanding drafts & coupons.
Notes & accounts receivable.
-
Inventories
Mlscell. invests. & advances.-
Property and equipment
Deferred charges
—
Goodwill purchased
Accrued wages, taxes, &c
Divs. pay., due April 1,1937—
Res. for Fed. & State Inc. taxes
Capital stock of sub
7% cum. pref. stk. (par $100)-
yl,662,766
33,539
214,772
Treasury stock
Initial surplus
-
-
Earned surplus
After
5,200
1,885,800
Dr 1,470
649,052
171,996
American District Telegraph Co. of N. J.—Unlisted
Trading Privileges to Terminate July 10—For details see under
"Current Events and Discussions" on a preceding page.—
V.144, p.2984.
Co.—Registrar—
The Manufacturers Trust Co. is registrar for
American
declared
a
Accounts
Deferred
Investments
Inventories
868,913
64,539
dividend of 75
bldgs., plant. &c 3,636,907
It began operations with seven mills, normal working capital and a trained
operating organization.
Thomas H. Blodgett, Chairman and Leon M. Yoerg, President, state:
Volume of orders for the first months of this year exceeded the corres¬
ponding period of 1936 to a gratifying extent.
The sharp increase in the
cost of materials and the advance in wages made effective in 1936 were in
large part met by advances in prices of finished paper during the past few
months.
Further advances in costs for materials and for labor have been
effected recently.
At the same time there has
and a hesitancy to accept higher prices for our
been a lessening in volume
finished products. With a
restoration of a proper balance between costs and selling prices and with
the completion of the mill improvement program reasonable profits to
stockholders may be expected.
► After all expenses, but before interest and Federal income taxes, the
profit for the two months ending May 31, 1937 was $51,587: after providing
for interest on the current Federal Reserve Bank loan and interest accruals
the general mortgage bonds, both aggregating $38,564, the net profit
for the two months was $13,022.
No Federal income tax was assessable
due to surplus charges.
on
Prepaid
adjusting the predecessor company figures prior to April 1, 1937
basis of the present company operations, the following data are
submitted as a matter of information only.
After all expenses, but before
the
interest and Federal income taxes, the profit for the first five months of
was
The comparable period of 1936 would read as follows:
but before interest and Federal income taxes, the
expenses,
$58,737.
10,536
14,774
32,355,934 34,248,922
for
reserves
Includes loans payable.—V.
c
144,
hand..
Subscription receivable, gen.
mortgage bonds-Receivables (less reserve).
-
_
_ -
Inventories
Investments
a
Fixed assets
Trade-marks, &c
Deferred charges
$958,157
Cash
payable,
The company paid a dividend of $1 per share on the common stock on
June 30 to holders of record June 19.
This compares with 50 cents paid
$5 paid on Dec. 28, 1936; $3 paid
1936; 50 cents on Sept. 30, 1936,
June 30, 1936, and on Oct. 22, 1935.—V. 144, p. 270.
Dec. 30, 1936; a special dividend of
Dec. 8, 1936; $2 paid on Oct. 15,
on
paid
on
Ann Arbor
RR.—Earnings—
$22,540
6,250
758,579
1,358,275
2
6,547,803
1
31,869
Reserve for reorg. expense, &c
325,718
127,526
14,601
286,447
b Series A notes---
500,000
Accounts
payable
Accruals, wages, expenses, &c
Reserve for social security tax
General
c
mtge.
—
$298,972
46,512
12,185
38,658
11.073
1,726,416
338,314
155,859
1,602,747
266,788
Gross from railway
Net from railway
Net after rents
77,571
400,000
Reserve for additions-d Capital
stock
Capital surplus
Earned surplus
Total
$9,660,9371
Total
-
-
2,080,080
2,987,619
13,022
-
121,000
1,361,286
314,940
149,310
of this department.—V. 144, p. 3995.
Appalachian Electric Power Co. (& Subs.)—Earnings—■
1936
1935
1934
$22,924,338 $20,847,880 $19,642,102
Calendar Years—
Operating revenue, electric
Operation
5,573,118
6,069,399
7,394,906
-
1,067,552
874,742
2,709,083
2,372,400
a3,289,110
3,025,173
3,095,479
$8,463,687
161,526
$8,506,165
104,404
$8,248,109
120,719
$8,625,213
4,194,655
$8,610,569
4,280,208
$8,368,828
4,299,488
210,812
71,501
220,243
35,888
222,233
32,329
$4,148,244
Maintenance
$4,074,229
$3,814,776
383,346
1,901,781
383,346
1,901,781
1,104,446
1,313,395
383,346
1,901,727
1,134,295
-
Depreciation
Taxes
Other income (net).
debt
of
Amortization
expense
Net income
$6 preferred dividends
$7 preferred dividends
-
Common dividends
a
Includes surtax
±
on
740,966
.
1,984,429
discount
Other deductions (net)
undistributed profits, amounting to $30, 530.
Consolidated Balance Sheet Dec. 31
Assets
—151,882,383 150,326,041
Contrac'l constr.
Misc. investm'ts
Liabilities—
$
$
Fixed capital.
Funded
101,520
Accts.
440.070
1,199,043
401,381
Accts.
Federal
Cust. deposits._
2,101,252
647,138
Taxes accrued-.
1,872,373
16,138
1,041,855 Oth.
765,194
securities
2,503,314
2,447,094
receivable
affiliated
&
Notes
rec.
&
from
15,817
1,555
cos.
2,287,916
11,115
8,029,051
company
suppl's 1,213,824
Reserves
296,841
8,026,550
construction
5,180
_
Capital stock
par)
53,500,167
Capital surplus2,036,043
Earned surplus. 11,824,458
x
143,785
(no
Unamortized dt.
2,649,200
650,926
2.871,400
564,322
163,824,548
161,125,004
disc. & exp
10,948
1,127,018 Contrib. in aid of
acc'ts.
(not curr.)
48,588
474,765
752,697
1,353,676
affll.
Unadjust. cred's
Acc'ts receivable
Mat'ls
accts.
accr.
Adv.
Notes and accts.
:
83,543,000
941,151
130,232
533,022
Interest accrued
State
&
2,157,715
32,394
47,919
2,422,244
special depos.
80,774,000
pay.(gen.)
pay. (af¬
■
%
$
debt---
filiated cos).-
Sinking fund and
Cash
1935
1936
1935
1936
53,500,167
2,035,203
10,141,416
163.824,548 161,125,004
Total
x Represented by $6 cum. pref.,
63,891 shares; $7 cum. pref.,
shares, and common 5,969,977 shares.—V. 143, p. 909.
271,683
Apollo Steel Co.—Pays Extra Dividend—
to
12 H cents per share in addition
amount on the common stock
$10, both payable July 1 to holders of record June 29.—V. 141, p. 266.
The company paid an extra dividend of
the regular quarterly dividend of like
par
(D.) Appleton-Century Co., Inc.—Pays Initial Div,—
paid an initial dividend of $1 per share on its common
July 1 to holders of record June 19.
pay to all employees on July 1 10% of the salaries
paid to them for the six months, January to June inclusive, as extra com¬
pensation for services in that period.—V. 136, p. 4091.
The
stock
company
on
The company will
Arizona & Swansea RR.—Abandonment—
$9,660,937
Land, water power rights, buildings and machinery and equipment,
1, 1937, $6,579,680; additions, April 1, 1937 to
date, $1,084; total, $6,580,764.
Less: Depreciation reserved from April 1,
1937 to date, $32,961; balance, $6,547,803.
b Payable to Federal Reserve
Bank, secured by first mtge. in equal amount, due serially Oct. 1, 1938 to
April 1, 1942 (authorized series A, $500,000, series B $500,000).
c Due
after payment of serial notes payable in full,
d Stated value $5 per share.
Authorized 750,000 shares, less reserved for conversion of general mortgage
bonds 304,000 shares, less reserve for treasury stock 29,984 shares, leaving
balance issuable under plan of reorganization of 416,016 shares.
Officers are:
Thomas H. Blodgett, Chairman; Leon M. Yoerg, Pres.;
Russell S. Madden, 1st V.-Pres.; Rufus D. W. Ewing, V.-Pres.; Peter
Freedman, Sec.: Wiiliam J. Norton, Treas.; Charles G. Neidel, Asst. Sec.;
A. D. Goddu, Asst. Treas.
Directors are:
Thomas H. Blodgett, D. Samuel Gottesman, Elbert A.
Harvey, Russell S. Madden, Frank S. Shaw, George E. Warren, and
Leon M. Yoerg.
Transfer Agent of Stock—Registrar and Transfer Company, New York.
Trustee of General Mortgage—Chase National Bank, New York, and
Carl E. Buckley, New York.—V. 144, p. 2816.
1,563,110
354,255
190,681
76,183
44,368
Apex Gold Mines, Ltd.—Registration Withdrawn—
The
a
sound book value April
$295,659
—V. 144, p. 3660.
2,825,813
bonds
$304,893
87,078
39,278
From Jan. 1—
Accrued int. on gen. mtge.
bonds
1934
1935
1936
1937
$320,017
Net from railway
Net after rents
Total
old company
claims
3320.
p.
Anheuser-Busch, Inc.—Pays $1 Dividend—
Liabilities—
on
32,355,934 34,248.922
Total
depreciation and amortization of $21,473,876 in
1936 and $20,732,792 in 1935.
b Represented by 2,550,000 no par shares,
After
a
Unadjust. debits
1937
Balance Sheet May 31,
Assets—
Cash at banks and
5,197,399
de¬
and
Total
After
all
-
law
64,466
See list given on first page
American Writing Paper Corp. on April 1, 1937 acquired the business
and properties of American Writing Paper Co., Inc. pursuant to the plan
of reorganization as approved by the court in reorganization proceedings.
After
credits.
Lands, pipe line,
a
Co., Inc.—Weekly
Writing Ppper Corp.—Report for Two Months
Ended MaySl, 1937—
profit
88,563
4.342,579
Special trust funds
May—
cents per
Water Works & Electric
$115,957.
123,079
4,263
reserves
Colombian
with
924,680
Long-term loan
American
was
873,918
Capital stock
25,500,000 25,500,000
2,589,040
14,900,271 Earned surplus— 4,923,619
300,051
222,194 Proport'n of earned
20,656
21,413
surplus reserved
in
accordance
996,168
1,029,025
Gross from railway
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended June 26, 1937 totaled 49,972,000
kwh., an increase of 9.6% over the output of 45,601,000 kwh. for the cor¬
responding period of 1936.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1937
1936
1935
1934
1933
June
5
48,018,000 43,061,000 36,505,000 33,692,000 31,356,000
June 12
50,718,000 44,155,000 38,100,000 35,014,000 33,480,000
June 19
50,609,000 45,115,000 36,711,000 34,334,000 34,638,000
June 26
__49,972,000 45,601,000 35,261,000 34,472,000 35,408,000
—V. 144, p.4333.
1937
$
$
payable.cl,804,973
Insurance
8,853,925 12,733,755
Accounts receiv
Output—
to
1935
1936
Liabilities—
$
crued int.thereonl7,600,000
60,000 shares, capital stock
share on the
common stock, payable July 15 to holders of record June 30.
A similar
amount was paid on April 15, last, and compares with $1.50 paid on Dec. 15,
1936, and 75 cents per share on Oct. 15, 1936, this latter being the first
dividend paid on the common stock since April 30, 1932, when 25 cents per
share was distributed. A dividend of 75 cents was paid on Jan. 30, 1932.—
V. 144, p. 2117.
have
10,020,000
1935
$
hand and
security with ac¬
and $1
American Meter Co.—Common Dividend—
directors
on
Loan against collat.
company.—V. 144, p. 1947.
The
10,200,000
1936
on
of this
$7,600,026
Balance Dheet Dec. 31
for doubtful items of
American Express
1,069,409
$7,624,312
$3,074,516
Total
$49,350. y After reserve for depre¬
ciation of $1,313,225.
z Represented by 108,230 no par shares,
a Repre¬
sented by 1,470 no par shares.
reserve
1,198,203
(Stated for convenience in terms of United States currency)
ferred charges..
$3,074,5161
Total
30,500
zl08,230
Common stock
a
$139,390
20,574
32,152
33,093
$6,530,617
$6,426,109
income
loans, bank balances, &c—
bank balances.-
hand—
on
Cash suit, value of life insur.-
on
Net income for the year
Cash dividends-
Cash
Marketable sees.—at market-
Cash in banks and
$8,037,678
executive offi¬
Payment to Colombian Govt, in lieu of free transportation of oil
------Provision for depreciation and amortization
Liabilities—
Assets—
1935
*936
_0
$8,181,520
fees, salaries of counsel,
cers' salaries, &c
Solicitors'
Assets—
Consolidated Balance Sheet, March 31, 1937
x
Years Ended Dec. 31—
Net operating income
$98,251
132,085
Net profit
Dividends
Ltd.—Earnings—
(Stated for convenience in terms of United States currency)
Earnings for the Year Ending March 31, 1937
Net sales (excluding intercompany sales)
Miscellaneous income
July 3, 1937
Chronicle
Interstate
Commerce
Commission
on
June 2 issued
a
certificate
permitting abandonment, as to interstate and foreign commerce, by the
Arizona company of its entire line of railroad extending from a connection
with a line of the Atchison Topeka & Santa Fe system at Boise in a northerly
direction to Swansea, 21.1 miles, all in Yuma County, Ariz.
Arkansas
&
Memphis Ry. Bridge & Terminal Co.—
Bonds Called—
A total of $16,000 first mortgage 5% gold bonds, due March 1. 1964,
have been called for redemption on Sept. 1 next at 104 and interest.
Pay¬
ment will be made at the Guaranty Trust Co. of New York.—V. 134,
P.
1948.
Arkansas
Power
Light Co.—TVA
Company—
&
Power for Five Years to
Contracts to Sell
,
*.
The first Tenessee Valley Authority contract with a private utility since
negotiations with Commonwealth & Southern properties were abandoned
was agreed to June 25
by the TVA and the Arkansas Power & Light Co.,
a subsidiary of the Electric Power & Light Corp.
Volume
Financial
145
Chronicle
The 'power concern will purchase surplus power from the TV A for at
least five years beginning this fall.
The contract calls for the sale of 10,000 kw. of power during the first
,
.
.
after its five-year term
'
Power will be delivered by TVA at a
sub-station near Memphis over the
154,000-volt line now being built from Pickwick Landing Dam to Memphis.
Delivery will begin when this line is finished this tall. The power will be
distributed in Arkansas over Arkansas Power & light lines.—V. 144,
^4333^
'■
tm
^
^
^
■
_
Arlington Mills—75-Cent Dividend—
The directors
have
declared
,
,
of 75 cents
dividend
a
share on the
per
Atlanta & West Point RR.—Earnings—
...
year, and ranges to a marimum of 35,000 kw. firm power at the end of
rive years, with a maximum of approximately $750,000 annually in revenue
to the TVA in the fifth year of the contract and thereafter
Unless terminated by either party on 2^ years' notice, the contract
will be continued automatically from year to year
has run.
101
stock, no par value, payable July 15 to holders of record. July 3.
A like payment was made on
April 15, last and compares with 50 cents paid
on Jan. 16, last, Oct. 15 and July 15, 1936, and $1 paid on April 15 and
Jan. 15, 1936, this latter being the first payment made since July 16,1934,
common
.
May—
1937
Gross from railway—
Net from railway
Net after rents
rents
—V. 144,
$139,426
17,597
def8,260
$122,113
2,825
13,332
$111,524
def6,509
def24,149
773,683
101,449
defl4,137
From Jan. 1—
Gross from railway
Net from railway
Net after
696,615
83,909
defl9,440
610,326
48,587
def40,208
598,018
44,144
def46,436
3661.
p.
1934
1935
1936
$147,544
18,502
def4,915
3
Atlantic Beach Bridge Corp.—Bonds
Called—
The Marine Midland Trust Co. of New York announced that it will re¬
deem on Aug. 1, 1937, $5,000 principal amount of first mortgage sinking
fund 6M% gold bonds due Feb. 1, 1942, for account of the sinking fund,
at 103 and interest.- -V. ' *'
~
144, P. 3996.
Atlantic City Electric
Co.—Earnings—
Calendar Years—
distributed. On April 16 and Jan. 15, 1934,
dividends of $1 per share were paid. Prom July 1, 1926, to and including
July 1, 1927, the company made quarterly payments of $1.50 per share.—
V. 144, p. 2288.
1936
1935
1934
$6,987,225
2,234,583
438,067
1,199,824
a1,072,801
$6,475,254
2,233,834
386,070
1,181,565
832,371
$6,542,682
2,047,847
372,218
1,206,290
949,973
Other income (net)
when 50 cents per share was
$2,041,950
156,887
$1,841,414
188,636
$1,966,353
190,679
Total income
Interest on funded debt
Amortiz. of debt discount & expense.
Other deductions
$2,198,838
839,800
64,482
124,543
$2,030,049
1,000,216
70,351
49,489
$2,157,032
1,032,300
71,525
45,110
$1,170,012
341,250
764,750
$909,992
341,250
552,000
$1,008,097
341,250
632,500
Operating
revenue
Operation
t
Maintenance
Depreciation
Taxes
Operating income
Armstrong Cork Co.-—Files Amendment—
The company has filed an amendment with the
Securities and Exchange
Commission stating that it will offer 201,520 shares (no par) common stock
to stockholders at $45 per share.
Underwriters will be Edward B. Smith &
Co., Kidder Peabody & Co., Mellon Securities Corp., Lazard Freres & Co.,
Inc., and Kuhn Loeb & Co.
They will purchase one-fifth of the unsubscribod stock o&ch
The company will offer its stockholders the right to subscribes
share for each six shares held.—V. 144, p. 4166.
Associated Gas & Electric
one new
Net income
$6 preferred dividends
Common dividends
a
Co.—Weekly Output—
Includes surtax
on
undistributed profits, amounting to $7,247.
electric output of 87,294,320 units (kwh.).
This is an increase of
11,046,321 units, or 14.5% higher than production reported a year ago.
Gross output, including sales to other utilities, amounted to 99,964,432
units for the week.—V. 144, p. 4333.
1936
net
Associated
Gas
& Electric
With¬
Corp.—Registration
drawn—
See list given on first page of this
department.—V. 144, p. 433.
Associated Public Utilities Corp. (&
Subs.)— -Earnings
Calendar Years—
bl936
Gross earnings
Operating expense
a
State & municipal
pref. stock
Contractual liab—
notes (at cost)..
Notes & accts. rec.
Non-operating
revenue
8,766
.
Gross corporate income
Interest on funded debt.
$710,401
383,222
5,479
226,475
4,513
5,283
36,094
Amortization of bond discount and expense.
-
Withholding taxes
Federal income tax.„
3,456
$3,696
3,557
$45,877
Depreciation
$139
Balance for dividends
Divs. paid and (or) accrued on pref. stock
.
383,300
3,104
205,866
1,510
4,751
24,708
a Includes
operations of properties acquired in Kentucky Sept. 3, 1935,
from date of acquisition, and operation or six small exchanges in Oklahoma
from Jan. 1 to date of sale,
b Reflects sale of three exchanges in Okla¬
homa as of Dec. 1.
Consolidated Balance Sheet Dec. 31
1935
1936
Property, plant &
equipment
10,924,765 10,861,035
Telephone
instru¬
ments in stock—
75,688
98,669
Invest, in common
quez Water
fund
91,368
160,186
ing funds)
Notes receivable..
97,086
68,762
59
100
Accts. receivable—
199,138
133,074
248,944
99,820
Unbilled
4
int.
revenue-
243
140
Misc. curr. assets.
584
564
Prepd. & def. cbgs.
139,966
65,421
Operating revenues.
Operating expenses
_—
Net oper. revenues—
Deduct taxes
$978,103
450,000
$726,003
525,000
$7,523,477
2,825,000
$5,336,784
2,525,000
Operating income
Equip. & jt. fac. rents—
$528,103
194,879
$201,003
133,691
$4,698,477
920,536
$2,811,784
692,471
$333,224
$67,312
$3,777,941
$2,119,313
—V. 144, p. 3661.
Atlantic Refining
—V.
.11,661,971 11,605,3081
336
•
110,741
434
442
82,256
78,757
1,173
2,256
52,165
50,811
39,778
50,475
4,269,376
227,459
51,186
meter
& main ext.
dep.
-
Pipe Line Co., pipe line transportation subsidiary of Atlantic Refining Co.,
Williamsport, Pa., to Buffalo, N Y.
The extension is being put in
Line Corp.
Construction activities
from
in conjunction with the Buffalo Pipe
will start about July 1.
The contract for the 8 inch pipe required for the 213 mile extension has
awarded to the National Tube Co., Pittsburgh, Pa.
Jones and
Hanrahan, Dallas, Texas, has received the contract for laying the pipe.
Total cost of the pipe required will be in the neighborhood of $1,000,000.
Laying the pipe will involve an expenditure of between $650,000 and
$750,000.
•
The extension is expected to be in operation by Nov. 1, 1937.—V. 144,
p. 3164.
been
and
accrued llab--..
41,993
7% cum. pref. stk.
49,650
Com. stk. (no par) 4,269,376
Capital surplus (Dr) 165,323
Earned surplus (Dr)
2,498
Total.
.11,661,971 11,605,308
,
Automobile Finance Co.—Extra Dividend—
System—Earnings
[Includes Gulf Colorado & Santa Fe Ry.—Panhandle & Santa Fe Ry.l
Period End. May 31—
1937—Month—1936
1937—5 Mos.—1936
Ry. oper. revenues
$13,418,515 $11,411,442 $65,801,387 $56,199,818
Ry. oper. expenses
11,886,015
10,499,241
54,466,310
49,041,756
Ry. tax accruals
1,117,152
1,142,821
6,065,311
5.287!220
Other debits or credits-.
Cr9,154
Cr91,134
Dr98,138
Cr76,690
Net ry. oper. income..
Average miles operated-
$424,501 def$139,487
$5,171,628
$1,947,531
13,562
13,235
13,463
13,235
Railway tax accruals for month and period ended May 31, 1937 include
$384,950
and $1,805,627 respectively representing accruals under com¬
Railroad Retirement Act 1935 and also under Social Security
Federal and State: as compared with $275,786 and $931,001 for
corresponding periods of 1936.
panion act to
Acts,
To
Pay $2 Dividend—
The directors have declared
a dividend of $2 per share on the
company's
stock, payable Sept. 1 to holders of record July 30.
Similar
payments were made on Sept. 1, 1936; Sept. 3, 1935, and on Sept. 1,
1934, in which latter year dividends were resumed on the common stock
after a lapse of over two years.
common
Interstate Commerce Commission on
permitting abandonment by the
June 16 issued
a
certificate
of a line of railroad extending in
a westerly direction from a point near Mulvane to Viola,
approximately
21 miles, all in Sumner and Sedgwick Counties, Kans.—V. 144, p. 4334.
company
May—
lines at other banks.
Net after rents
From Jan.
RR.—Earnings'1935
$218,509
5,828
defl7,962
$219,037
def20,912
def43,080
1,668,125
1,370,747
257,113
45,983
129,604
def24,250
1,219,583
59,902
def84,673
1,211,269
17,370
defll7,294
1934
1—
Gross from railway
—V.144, p.3661.
"*7
,
1934
_
$2,463,683
$2,122,121
$2,106,914
$2,302,017
19,189
21,548
29,737
8,711
$2,482,872
$2,136,651
2,051,611
29,083
33,976
5,100
$2,310,728
1,917,874
23,177
53,023
X43.500
$2,143,669
1,989,074
31,528
17,960
15,000
prof17,682
401
4,823
$174,073
142,655
$89,705
57,042
$12,059
142,869
$266,654
65,077
Balance, surplus
$31,418
$32,663 def$130,810
x Includes surtax on undistributed profits.
$201,577
Total income..
17,554
Res. for Fed. inc. taxes._
on
sale
assets
Divs.
on
50,000
of capital
(net)
Loss
2,215.238
50,189
Net profit
.
Net from railway
Net after rents........
„
Consolidated Income Account for Years Ended April 30
1937
1936
1935
Gross profit from sales..
Inc. from other sources-
Depreciation
1936
$252,451
8,689
defl6,568
,
t
During the fiscal year the company discontinued most of its food manu¬
facturing activities.
These constituted about 6% of the total volume and
the items are now purchased from reliable sources similar to those from
which the bulk of our business has been supplied for many years.
In April, 1937 company paid a dividend of $5 per share on the prior A
stock, consisting of $1 per share in cash and $4 per share in 5-year 4% notes
of the company.
"The directors considered this declaration necessary
because of the heavy tax on undistributed profits, but did not consider a
large dividend in cash prudent.
Interest
1937
$312,118
29,062
defl0,650
Gross from railway
Net from railway
dividend often cents per share in
the common
Austin, Nichols & Co., Inc.—Annual Report—
Selling & gen. exps
Atlanta Birmingham & Coast
an extra
T. F. McCarthy, President, states:
Principally because of the increased volume of business, both trade
receivables and trade payables show an increase over the previous year,
but notes payable to banks on April 30, 1937, were $1,750,000, the same as
a year ago.
Inventories were about the same.
The ratio of quick assets
to current liabilities on April 30, 1937, was substantially the same as a
year ago, but the actual amount of working capital shows an increase.
Since the close of the fiscal year the company has established a three-year
credit with the Bankers Trust Co. of New York for $1,500,000, with cus¬
tomary protective clauses for the lender.
Company has adequate additional
Abandonment—
The
declared
addition to the regular quarterly dividend of like amount on
stock, both payable July 15 to holders of record July 8.
An extra of five
cents was paid on April 15, last.
See also V. 143, p. 1864—for detailed
record of previous payments.—V. 144, p. 4334.
141, p. 2877.
Atchison Topeka & Santa Fe Ry.
Co.—Contracts Awarded for Subsidi¬
Contracts involving an expenditure of approximately $1,700,000 have
been awarded in connection with the extension of the pipe line of Keystone
The directors on July 1
Total...
RR.—Earnings—
1937—Month—1936
1937—5 Mos.—1936
$4,023,322
$3,551,433 $23,700,544 $20,158,014
3,045,219
2,825,430
16,177,067
14,821,230
64,928
dividends
current
Reserves
Atlantic Coast Line
Period End. May 31—
55,660
on
449
Consumers'
—45,929,097 45,311,187
Total..
-45,929,097 45,311,187
—V. 144, p. 1429.
ary's Pipe Line Extension—
142,184
Other
Total
3,254
—
5,687,500
shares, no par). 5,687,500
Com. stk. (1,150,000 shs., no par) 11,481,240 11,481,240
Surplus
960,364
902.640
23,798
80,255
funded debt
Accrued
1,281,556
93,028
7,112,000
Adv. billing & pay.
special deposits.
Cash (incl. work¬
construction
Pref. stock (56,875
1,217,074
83,857
82,050
Accrued taxes
1,661
and
-
Accrued
debits
11~,941
5,640,143
aid of
7,052,400
payable.
Accrued int. on un¬
Co.
Mat'ls & supplies
Acer. int. receiv—
Accounts
Unadjusted
in
56,875
119,804
56,875
119,718
2,021
992
Unadjusted credits
Reserves—.
6.465,596
357,568
debt
on
Other accr. accts..
Contrib.
(not current).-discbunt & exp.
accrued
S
Notes payable
funded debt
stock of Domin-
Sinking
debt
1935
$
Liabilities—
Funded
1,234,675
5,770
307,617
Divs.
Net ry. oper- income—
Net surplus for period
1936
976,329
3,406
399,189
$626,935
$49,333
Miscellaneous interest
77,199
Notes & accts. rec.
Unamortized
$620,,146
6,789
$
Funded debt
16,796,000 16,796,000
Adv. from aim. co. 2,200,000
2,700,000
Accts. pay. (gen.).
215,368
179,819
Accts. pay. (alfil.
52,428
53,218
companies)
Customers' dep
397,148
408,940
Interest accrued—
330,036
339,468
Taxes accrued
955,608
1,138,542
Accts.rec.affll.cos.
$701635
1935
$
Liabilities—
Mat'ls & supplies.
149,889
Net earnings from operations
.
41,267,348 40,844,617
24,628
Contractual constr.
Misc. stks. & bds_
122,600
129,381
Advances to Jointly
owned cos
375,000
375,000
Sinking lund and
special deposits.
5,168
5,128
Cash
1,063,292
889,352
Municipal scrip...
51,484
50,013
465,163
178,661
124,465
227,692
...
1936
1935
Fixed capital
$1,388,435
$1,588,298
509,082
Maintenance
Taxes
1935
*
Balance Sheet Dec. 31
For the week ended June 25, Associated Gas & Electric System reports
prior A stock—
102
Financial
Consolidated, Contributed Surplus April 30
1937
1936
1935
1934
$531,677
shares of pref. stock--
638
2,133
9,494
$532,365
$531,677
$607,724
Crl ,288
;
Total
.
$529,545
$598,230
.
1934
Balance, April 30
$150,869
$281,679
$80,102
89,705
12,058
266", 654
$240,574
57,042
$293,737
142,8§9
$346,756
65,077
$218,891
prior A stock..
$183,532
$150,869
1937
1936
$50,292
$48,328
Liabilities—
Cash
meet dividend
.
Bank loans
14,260
2,080,277
2,066,405
Dlvs. payable
1,969,283
1,544,383
Dlv. notes payable
Other cur. liabs.-.
comm.
(less reserve)
9,557
rec.
7,112
12,946
Mlscel. receivables
12,363
Special deposits
Prepaid expenses._
18,900
26.448
19,527
90,036
148.659
33,903
1,159,857
57,093
$4,567,293
Surplus
31,727
1,123,809
45,731
$4,185,118'
Total
$4,567,293 $4,185,118
by 125,581 no par shares in 1937 and 125,569 no par
y Represented by 28,531 no par shares in 1937 and 28,521
shares in 1936.
z After reserves of $91,269 in 1937 and
$87,527 in
a $11,412 dividend notes due within
one year.—V. 144, p. 2118.
Represented
x
shares in 1936.
no
par
1936.
(B. F.) Avery & Sons Co.—Initial Pref. Dividend—
The directors have declared an initial dividend of 37
lA cents per share on
the $25 par value 6% preferred stock,
payable July 10, 1937 to holders of
record
July 1.
Earnings for 12 Months Ended May 31, 1937
x$474,584
$2.35
See list given
v
on
p.
made
no
p.
par
was
since
Co.—Registers with SEC—
first page of this department.
paid on
Dec. 15,
Oct.
1935,
378,040
$3.04
377,719
$1.19
Earnings—
1935
1934
$197,090
44,675
def8,7l7
$143,428
53,463
8,490
$177,343
68,650
19,751
1,548,187
810,540
456,895
after rents
1,050,118
376,318
105,303
754,432
213,983
defl3,223
815,635
247,762
4,235
1—
Net after rents.
—V. 144, p. 3829.
Industrial Loan
Corp.—37l/$,-Cent Dividend
The directors on July
1 declared a dividend of 37 K cents per share on the
stock, payable Judy 30 to holders of record July 15.
This com¬
pares with 50 cents paid on April 30, last; 45 cents paid on Jan. 30, last,
and dividends of 37 M cents per share previously distributed each three
months.
In addition, an extra dividend of 25 cents was paid on Oct. 30,
1936, and on Jan. 30, 1936
Company's consolidated net earnings on its common stock for the second
quarter of 1937 are estimated to be approximately 70 cents per share,
President Charles H. Watts announced.
This is the highest amount earned
in any quarter in the history of the company.—V. 144, p. 3166.
common
Bessemer & Lake Erie RR.-
-Earnings—
1936
1937
May—
Gross from railway
Net from railway
$2,139,395
1,317,164
1,060,105
Net after rents
1934
1935
L,396,803
735,873
599,629
$1,015,632
525,586
516,450
$909,275
292,518
3,911,617
936,710
905,811
!
3,056,578
494,610
502,033
2,651.673
291,099
From Jan. 1—
6,082,126
2,564,182
2,225,785
Net after rents
—V. 144, p.
15,211
39,369
3661.
Birmingham Electric Co.—Earnings—
1937—Month—1936
$622,313
$533,437
473,328
399,925
-
314
316
40,000
40,000
$108,671
$93,196
801
$109,472
45,750
4,250
3,783
480,000
3,791
480,000
$1,328,604
3,920
$940,669
5
$93,201
45,750
4,085
$1,332,524
549,000
51,372
$941,248
549.000
50,294
$59,472
$43,366
pref. stocks for the period,
unpaid
$732,152
$341,954
429,174
429,215
$302,978
$87,261
res. approp.
Net oper. revenues
Other income (net)
Int.
on
1937—12 Mos.—1936
$7,178,283
$6,250,367
5,365.896
4,825,907
limited-term
of
Prop, retire,
Gross income
& Power Co., Ltd.—Omits
Ry.-
1936
$271,385
106,065
42,457
investments
23, 1936, this latter being the first payment
when a similar dividend was paid.—V. 144,
Barcelona Traction Light
377,719
Nil
1937
From, Jan.
Amort,
paid a dividend of 50 cents per share on the common
value, on June 25 to holders of record June 15.
A similar
3997.
$1,153,237
378,040
$0.34
Period End .May 31—
Operating revenues
Oper. exps. (incl. taxes)
Badger Paper Mills, Inc.—50-Cent Dividend—
amount
$1,741,737
stock
Gross from railway
Net from railway
4167.
The company
stock,
$90,644
Beaumont Sour Lake & Western
x Before surtax on
undistributed profits for the 12 months ended May
31,
1936 company reported net profit of
$349,068.—V. 144,
170,406
$248,765
-
Gross from railway
Net from railway
Net profit before interest and Federal taxes
Earnings per share on common stock
Axelson Mfg.
$1,323,643
402,099
May—
Beneficial
25,870
156,440
318,505
Special deposits...
396,745
30,888
$2,143,836
48,153
(par $25)
Earnings per share
—Y. 144, p. 3323.
202
Accounts payable-
22,000
337,415
-
$138,797
78,782
Net profit
Shares
common
Net
125,569
1,750,000
14,260
1,980
all4,124
Accrued wages
Accrued taxes
(not)
current).
Cash
Total
Common stock.
1936
$25,900
855,630
855,930
125,581
1,750,000
1,980
Notes&accts.rec.
Salesmen's
Mtges.
cum. pref. stk.
Prior A stock.
x
Inventories
z
y
deposit to
on
1937
$24,900
7%
$1,179,113
144,530
and
tax
Gross from railway
Net from railway
Consolidated Balance Sheet April 30
depreciation
$1,989,534
154,302
$327,547
Total income
$281,679
Plant & equip, loss
$105,776
33,021
surtax
$361,546
142.655
Total
71,412
$256,135
Other income
Federal income
$183,532
3,941174,073
-
Assets—
1937—3 Mos.—1936
1937—12 Mos.—1936
$15,186,378 $13,083,512 $61,770,021 $56,288,238
Costs, expenses, ordinary
taxes, interest, &c— 14,683,493
12,722,691
58,757,315
54,058.229
Depreciation246,750
255,045
1,023,172
1,050,896
$529,545
Consolidated Earned Surplus April 30
1937
1936
1935
Previous balance May 1
Adj. of res. of subs, (net)
Profit (as above)
'
(& Subs.)—Earnings—
Period End. May 31—
Profit
79,468
Prev. balance April 30-$532,365
$531,677
$631,677
x 31 shares in 1935 and
138 shares in 1934.
y 2,587 shares.
on
1937
3,
Net sales
Adj. of exps. of recap
y Approp. for pur. shs.
or prior A stock
Divs.
July
Beatrice Creamery Co.
Previous balance May 1.
x
Arising from exch .of
$531,677
Chronicle
mortgage bonds.
Other int. & deductions.
579
Data—
The company, has notified its
security holders that it is not feasible to
annual report for 1936, or to hold the annual
meeting. Conditions
Net income.
Divs.
x
issue an
in
Spain have
steadily
grown
and have developed in such
worse
it has
a way
Barlow & Seelig Mfg.
Co.—Earnings—
1936
$1,567,258
1,063,827
285,016
$233,142
$182,504
$168,469
$1.12
$1.00
these stocks
are
per
share
on
stock
120,000
shares
common
_
to
cumulative.
V. 144, p. 4335.
Black Gold Petroleum
Co.—Registers with SEC—
See list given on first page of this department.
Booth Fisheries
Corp.—Earnings—
Consolidated Income Account
Period—
Earnings
and unpaid
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year. No such provision has been made to date for 1937.—
$218,474
46,000
4,004
-
accumulated
May 31, 1937, amounted to
1,116. Latest dividends, amounting to $1.75 a share on $7 pref. stock
and $1.50 a share on $6 preferred stock, were paid on April 1, 1937. Divs.
60
$233,204
50,700
Amer. Iron. Mach. Co
Dividends
x
$218,414
62
Income tax provision
Provision for loss on
Balance
on
1937
$1,951,167
1,365,092
352,933
Other income.
to
that
been found impossible to obtain any reliable information as to the
true position of the affairs of the
enterprise in that country, the letter says.—
V. 144, p. 3997.
5 Months Ended May 31—
applic.
whether paid or
May
Sales and revenues, less
cost of sales
Other operating expenses
Years Ended
July 15,'33 to
1, '37 Apr. 25, '36 Apr. 27,'35 Apr. 28,'34
$2,632,550
1,315,851
$2,747,170
1,527,182
$2,782,102
1,601,298
$1,947,428
1,004,961
$1,316,699
1,194,324
$1,219,988
1,119,625
$1,180,804
1,139,388
$942,468
870,771
41,012
68,051
84,787
51,132
$81,363
x7,743
$32,313
51,007
loss$43,371
73,318
$20,563
$89,106
$83,320
$29,946
$20,563
20,000
19,000
1,306
18,000
Balance Sheet
Assets—
Cash
Receivables.
May 31,'37 Dec. 31,'36
$328,818
$485,335
469,860
284*448
Inventories
Liabilities—
May 31,:'37 Dec. 31,'36
Accounts payable.
Accrual expenses-.
308,796
Patents & goodwill
2
2
Inventory in Amer.
Ironing Mach..
Defer.and other..
75,181
39,781
Paid in surplus
22,948
18,235
Earned surplus...
Total
r
x
161,800
49,909
Int.
166,000
475,000
taxes
x
Class A stock
y
Common stock.
Total
.
475,000
120,000
82,348
498,512
..$1,554,522
come
120,000
82,348
345,239
and
prov.
for
Federal inc. taxes._
Net profit before prov.
for Federal incomei
'
taxes
Provision
Federal
for
income taxes
Surtax
Bates Valve Bag Corp.—Debentures Called—
prop,
Other income
$1,321,534
by 95,000 shares of $5 par, $1.20 annual dividend con¬
vertible shares,
y Represented by 120,000 shares of $1 par common stock.
—V. 144, p. 1774.
1
idle
&c
Profit before other in¬
Represented
The corporation is notifying holders of its
6%
charges,
expenses,
Reserves for income
184,936
$1,554,522 $1,321,534 |
$83,037
50,700
447,521
210,193
Fixed assets
$166,161
on
undist. prop.
tax for
Addit. Fed. inc.
15-year sinking fund gold
1, 1942, that $54,500 principal amount of these
bonds have been drawn by lot for retirement
by redemption on Aug. 1,
1937, at 101% and accrued interest, to exhaust the balance now held in the
13.000
prior years
Net profit.
debentures, due Aug.
May 15, 1937, sinking fund.
Payment of the drawn bonds will be made at
the office of J. Henry Schroder
Banking Corp., N. Y. City, on and after
Aug. 1, 1937, after which date interest on the bonds shall cease to accrue.—
V. 144, p. 272.
x
Profit (net) on sales
Baton Rouge Electric
Operating
revenues.
__
Balance after operation, maint. & taxes
Balance for divs. & surplus (after approps. for re¬
tirement reserve)
—V. 144. p. 4168.
Bell
1936
$1,585,647
466,375
238,629
196,326
Operating
revenues
Uncoil, oper. revenue...
1937—Month—1936
1937—5 Months—1936
$5,902,007
$5,531,349 $28,711,670 $27,028,490
13,385
12,426
57,678
63,830
Operating revenues... $5,888,622
Operating expenses...__
3,935,499
Net oper. revenues._.
Operating taxes
$1,953,123
577,586
$5,518,923 $28,653,992 $26,964,660
3,678,798
18,976,104
18,197,064
$1,840,125
442,091
$9,677,888
2,602,098
$8,767,596
1,969,258
& def'd
$1,375,537
$1,398,034
907,907
522,337
$7,075,790
$6,798,338
366,810
charges-
fund
for
Total.....
Long-term
May 1,'37 Apr. 25,'36
$573,446
$374,250
indebt-
210,000
ness
stk.
58,053
Paid-in surplus—
1,060,180
210,465
2,188,500
333,874
58,053
870,263
surplus.146,963
109,857
a
$6 2d pref. stock 2,028,050
b Class A com. stk
exp.
208,664
197,555
87,740
33,334
383,369
40,671
2,267,840
5,382
re¬
Invest., book val.
Plant & equipm't.
Patents
2,398,309
$4,410,566 $4,145,2621
c
Class B
Earned
Total
com.
333,874
-.$4,410,566 $4,145,262
a 20,280
shares (no par) in 1937 (21,885 in 1936).
b Represented by
66,775 no par.
c Represented by 58,053, no par shares.—V. 143, p. 100.
Bremner-Norris Realty
Investment, Ltd.—Pays Larger
Dividend—
The company paid a dividend of $1.50 per share on the common stock,
July 2 to holders of record June 30.
This compares with $1 paid on
on
Dec.
Net operating income—V. 144, p. 3997.
Current liabilities.
$189,416
694,218
$252,274
tire. of pf. stock
Telephone Co. of Pennsylvania—Earnings—
Period End. May 31—
hand
Suppl., prepd.
Sink.
Liabilities—
May 1,'37 Apr. 25,*36
Inventories
1937
$1,814,358
531,914
$20,563
Consolidated Balance Sheet
Assets—
Receivable
Co.—Earnings—
$11,946
of investments and plant and equipment.
Cash in banks and
on
12 Months Ended May 31—
$82,014
$37,106
31,1936; semi-annual dividends of $2 paid on June 30, 1936, Dec. 31,
and June 30, 1935; $1 paid on Dec. 31, 1934, $2 on June 15, 1934, $1 on
Jan. 1,1933 and $2 per share paid each six months previously—V. 144, p. 99.
Volume
145
Financial
Boston Herald-Traveler
Years Ended Dec. 31—
Circulation and advertising revenues (less returns
and
$7,040,672
5,918,286
-
Profit from operations and other income
Provision for uncollectible accounts and other
$1,122,386
43,252
_
$772,833
18,839
75,762
$904,876
962,918
$602,629
577,750
$1.50
chges
...
1936
1935
$592,070
Acct.
receiv.
$588,224
items _■
allow, for doubt¬
Div. pay.
ful accounts)...
Inventories
687,272
112,642
231,207
81,581
550,430
44,138
231,473
81,581
2,500
2,500
3,277,426
Common stock..
y
Sundry
Plant
invests...
(less
Assets—
1935
1936
$217,859
288,875
z$276,834
Jan. 2__
192,584
Prov. for Fed. inc.
x
20,000
208,450
Properties
6,641,972
Investments
Deferred charges..
mutual ins.
excise
261,562
taxes
Common stock.
91,326
1,073,163
Surplus-
800,000
library.
800,000
$5,868,707 $5,786,692'
Total
.$5,868,707 $5,786,692
RR.—Earnings—
Net oper. revenue
$993,260
Taxes
Net ry. oper. income.
$2,383,762
1,348,656
978,411
$5,842,415
1,524,942
981,300
65,429
$494,634
78,803
_
Deductions (rentals, int.,
&c.)_-
p.
$327,274
80,661
$3,270,744
450,674
$10,153
459,529
$407,935
$3,721,418
$469,682
$9,070,5501
Total.
$9,015,183 $9,070,550
for depreciation and depletion of $2,853,253 in 1936 and
reserve
Whitney
634,644
3,156,491
3,168,482
$226,708 prof$564,927
1936
$2,698,800
Property Trust1937
$244,814
18,009
5,827
x229,557
Dividends paid...
Profit for year
1934
$1,904
securs.
219,901
investments
150,747
73,352
1937
1936
$416,551
$426,278
Pub. utll. securities 1,013,049
1,013,049
Railroad securs
365,919
securities.
Miscell. securities.
1936
dividend
securities.
expensed! taxes.
45,876
49,343
245.082
1
x
$3,033,828
William J. Beatty, manager of the sales
department, has been appointed
Ltd.—Earnings—
1936
£593,615
2,765
on
*■
1935
1934
£481,706
3,494
1,248
£379,150
9,730
£486,448
22,998
20,000
146,597
50,000
799
BurlingtonRock
£597,180
Directors' fees
24,250
34,000
140,000
50,000
50,000
Provision for taxation
Debenture stock interest
Reserve for depreciation
Reserve account
British Columbia
£389,178
21,261
Packers,
Ltd. (&
£246,852
297
18,000
129,725
50,000
Operating profit
Prov. for depreciation..
Interest on debentures.
Lease expires
.
Year find.
Dec. 31'35
10 Mos.End.
Dec. 31'34
$218,491
200,000
15,884
$225,959
221,858
14,937
31*36
$412,793
263,628
13,315
Mgt. & executive sales._
Legal fees & expenses
Reorganization exps
22,450
2,102
Deb. redem. exp
"3",776
Provision for Prov. taxes
Directors' remuneration.
Year End.
$108,290
168,027
19,057
15,057
1934
$55,351
defl8,345
def32,682
324,535
def54,398
defl33,537
338,309
def63,743
defl39.897
313,066
def34,363
defl02,598
144, p. 3622.
Oregon Power Co.—Earnings—
xl ,714,369
Net oper. rev. (before approp. for retire, res've)_ $2,816,875
Miscellaneous non-operating revenues
Cr612
Income from merchandising, jobbing & contr. work
Dr54,711
$2,463,486
CY6.795
Dr40,839
Net oper. rev. & other income (before approp. for
retirement reserve)
$2,762,777
Appropriation for retirement reserve
300,000
$2,429,442
revenues
Gross
...
income
$2,462,777
1936
$4,177,855
300,000
238,460
844,840
45,047
202,948
16,316
$2,129,442
239,728
1,018,185
15,016
160,739
15,000
$1,115,165
$680,773
Rent for lease of electric properties.
(net).
Amort, of prelim, costs of projects abandoned
Amort, of debt discount and expense
,
Other income deductions
Net income
Including $133,366 for amortization of extraordinary operating expenses
6,643
$3^,250
$18,187
1936
1935
$1 ,930,909
$1,748,125
708
Liabilities—
Bank loans
Bills payable
36,542
488,433
5,365
33,398
Sundry
185,252
966
$94,817
1936
80,000
32,250
stk.
y
Total.
-Earnings—
1936
1935
1934
$82,583
19,018
68,238
Net after rents
$80,666
def64,648
def1,589
$87,007
22,502
69,504
$73,443
559,550
232,428
418,705
499,023
16,846
279,885
457,147
141,027
441,969
119,317
388,377
5,639
53,601
From Jan. 1—
Net from railway
Net after rents.
'
404,159
dividend of 40 cents per share
July 20 to holders of record
Similar payments were made on Dec. 19 and on July 20, 1936;
20 cents was paid on Dec. 20, 1935, and dividends of 15 cents per share
were distributed on April
15 and on Jan. 15, 1935.
This latter was the
first dividend paid since Oct. 16, 1933, when a regular quarterly dividend
of 15 cents per share was paid.—V. 144, p. 2291.
The
253,000
221,000
3,600,000
directors
have declared
an
Ltd.—Interim Dividend—
interim
the common stock, no par value, payable
July 6.
.600",606
67,797
$5,971,241 $5,674,408
x After reserve for
depreciation of $3,158,579 in 1936 and $2,910,462 in
1935.
y Represented by 136,279 shares (no par value).—V.
143, p. 2041.
Gross from railway
Net from railway
Canada Bud Breweries,
Wallace
Common stock..
1937
May—
130,583
Fisheries, Ltd..
5% 1st mtge. s. f.
Earned surplus
$5,674,408
was reduced to $10,400,000 from $75,000,000 and the par
$5 from $25. The authorized number of shares
concurrently reduced from 3,000,000 to 2,080,000.—V. 144, p. 3324.
value of shares changed to
162,167
6,739
debs
$5,971,241
The company has advised us that effective June 2, 1937, its authorized
capital stock
on
of
144, p. 4337.
Corp .-—Capital Stock Reduced—
—V. 144, p. 3663.
6% 1st mtge. deb.
3,587,940
65,571
surtax
597,000
Res. for Inc. &oth.
3 ,444,418
or
543,000
creditors,
taxes
Federal income taxes
taxable income.—V.
no
Petroleum
Gross from railway
1935
-$1,370,536 $1 ,093,826
and taxes
5,000
buildings,
will result in
California
incl. accrued int.
2,444
to
which
Cambria & Indiana RR.-
1,716
2,325
on present
Note—No provision has been made for
on undistributed profits for 1936 as the
company will claim as a deduction
in its income tax return the unamortized discount and expense and redemp¬
tion premium
and expense on bonds and debentures redeemed in 1936,
~
5,000
2,475
allied company.
Total
1935
$71,409
defl5,963
def30,599
1937
$4,550,192
1,733,317
were
Consolidated Balance Sheet Dec. 31
plant, &c
Deferred charges..
Deficit..
1936
$58,523
defl6,661
def30,872
Feb.28 '34
26,683
1,033
3,100
prof$100047
Loss.
year's pack
RR.—Earnings—
12 Months Ended April 30—
£170,192
Subs.)—Earnings—
Year End.
Sundry debtors
& Island
542,402
80,990
def41,164
Gross from railway
Net from railway
x
Dec
Cash
$3,033,828 $2,943,472
143, p. 2042.
$112,986
18,351
def6,320
Net after rents
-
£298,930
Period—
Assets—
1,641,807
deferred in 1931.
Profit for year
-V. 143, p. 2041.
Inventories
Total..
no par value.—V.
1937
Interest charges
Total income
$2,943,472|
Oper. expenses, maintenance and taxes
Vice-President in charge of sales, according to an announcement
made
June 25 by President Charles J.
Hardy.—V. 144, p. 1776.
Transfer fees
Common stock..
Deficit..:
20,359
Gross from railway.
Net from railway.
.$4,247,632 $4,270,413
(J. G.) Brill Co.—New Vice-President—
Trading profit, incl. inc. from sub¬
sidiary and allied companies
Int. on deposits & divs. on investment
x
52,706
23,901
Represented by 180,219 shares,
Operating
British Aluminum Co.,
83,920
California
—V. 144, p. 445.
Years Ended Dec. 31—
58,690
213,300
3,935,873
and
Total
—V.
1
Total
74,212
199,800
3,935,873
1,780,047
pre¬
ferred stock
goodwill
70,366
$4,247,632 $4,270,4131
conv.
77,221
Net after rents
188,275
54,442
$377,415
From Jan. 1—
1,893,907
Cash
Total
Accrued
433,452
1,964,312
245,082
188,276
securs..
1937
Capital & surplus.$4,201,756 $4,221,070
for taxes
reserve
140,241
May—1
15
Liabilities—
1935
250,000
Mach'y, fixtures &
loss$l0,998
June
Corp.
Accts. payable and
849,791
372,371
Marketable
$185,597
12,798
16,847
166,950
$13,272
def$8,580
1936
$353,990
63^ %
933,705
Trademarks
$194,902
13,129
12,919
166,950
Transit
Notes payable
987,527
re¬
Mdse. inventory—
Prepaid items
1935
$204,023
14,771
9,029
166,950
Balance Sheet
Assets—
as President of this
having reached the
144, p. 2988.
Liabilities—
$443,255
1,035,739
Notes & accts.
Includes extra dividend declared of $62,606.
Real estate securs.
resignation
Loans payable
$512,562
Other assets
Earnings—
1936
1935
hand and
on
in banks
auto—net
Taxes
his
Brown Durrell Co. —Balance Sheet Dec. 31
Assets—
Other
$58,564
Boston Personal
presented
demand note No. R. T. D. N.
11, 5% dated June 28, 1937, payable to its
own order on
demand at Brooklyn Trust Co., making a total of demand
notes held by it of
$2,809,000, and that in order to accomplish this it was
necessary for the trustee to release $14,000 cash from the deposited cash
account, leaving a balance on hand of $52,250.—V. 144, p. 4335.
ceivable—net
3662.
12 Mos. End. June 15—
Income rec'd during year
Com'ns, exps. & int....
y Represented by 100,000 no par shares.—V. 143,
Smith
net
632,001
Net deficit
Land,
10,000
The Brooklyn Trust Co. as custodian trustee under trust
indenture of
this corporation dated
May 1, 1936, securing Rapid Transit Trust Bonds,
has notified the New York Stock
Exchange that it has received as addi¬
tional collateral $14,000 face amount New York
46,542
$573,437
x
422,923
.
Brooklyn-Manhattan Transit Corp.—Collateral—
>
Cash
Other income
advs.
10,090
17,800
551,841
res..
Rapid
$836,572
301,563
198,318
9,417
308,848
182,298
7,480
Equipment rents—Dr..
Joint facility rents—Dr.
&
1,445,400
556,200
3,000,000
company at a meeting of the directors held June 28,
retirement age of 70 years on June 22.—V.
May 31—
1937—Month—1936
1937—5 Mos.—1936
Operating revenues
$3,954,002
$3,800,875 $20,197,048 $18,317,317
Operating expenses
2,960,742
2,964,303
14,354,633
15,933,555
Inv.
1,445,400
556,200
3,000,000
Common stock..
$9,015,183
After
Frank
Boston & Maine
Expend,
Gen. mtge. bonds.
Preferred stock.
27,333
31,800
3,180,000
Brooklyn Edison Co., Inc.—President Resigns—
18,060
Period End.
Sundry
12,000
31,800
Construction liabs
11,219
12,743
Total..
co.
236,893
3,180,000
Contingency
52,668^000 in 1935.
11,219
x Represented by 400,000 no
par shares,
y 14,833 shares $5.50 per share,
Accounts payable only.—V. 143, p. 3992.
Ins.
tax...
1st mtge. bonds...
Deferred liability
Total
60,047
cos.
rentals..
Industrial
1935
$160,000
$210,142
.
Bond int. accrued.
5,035,401
5,066,300
1936
—
173,129
71,428
71,428
_
Prepaid Insur. and
x
Liabilities—
Bank loan
Accts. payableRes. for Prov. inc
6,448,661
195,273
52,030
1,088,377
139,908
Deficit....
x
machinery
Dep. premiums with
144,
1935
$898,373
212,320
130,500
45,015
y
pay.
under
purch. contr. for
—V.
1936
284,506
cap. stk. & State
x
$260,717
allow.
for depreciation)
z
12,000
$21,620
from investments, &c.
$555,853
Receivables.
Govt. guar, bonds.
Adv.
Reference
$256,738
Balance Sheet Dec. 31
3,459,060
Invests. In real est.
Including income
Cash
Liabilities—
Accts. pay. & accrd
(less
31,707
.prof$15,214
Net loss...
x
1933
$404,072
314,789
350,000
re¬
31,402
12,000
Inventories
common stock
Balance Sheet Dec. 31
Assets—
1934
x$706,833
317,553
395,000
3,900
muneration
110,000
$2.35
Cash
Depreciation
Directors' fees.
Legal fees & executive
79,043
185,000
385,167 shares Of
Bond interest
1935
x$298,834
320,865
200,000
3,000
$791,673
$1,165,638
Earnings—
1936
x$619,333
319,717
238,000
3,000
Income taxes
Net profit for the year
Dividends on common stock
on
Calendar Years—
$6,298,295
5,525,462
Provision for Federal income tax
Earns, per share
(no par)
1935
Operating profits
expenses
Profit from operations
Other income
103
British Columbia Pulp & Paper Co., Ltd.-
1936
allowances)
Operating
Chronicle
Corp.—Earnings—
Canadian Dredge & Dock
The directors have declared
Co., Ltd.—Interim Dividend—
an interim dividend of $1
per share on the
value, payable July 21 to holders of record July 14.
A dividend of $1 per share was paid on Jan. 2, last, and each three months
previously.
In addition, an extra dividend of $1 was paid on Jan. 2, last;
and on Feb. 1, 1936.—V. 144, p. 3324.
common
stock,
no par
Financial
104
Canadian
Ltd.
Corp.,
Hydro-Electric
(&
Carpel Corp. (& Subs.)—Earnings—
Subs.)-
Earnings for the Year
Earnings—
1935
1936
1937
3 Months Ended March 31—
Net income after income taxes,
$467,133
$383,384
$3.07
$4.76
Canadian National Lines in New
England—Earnings—
1937
$129,347
9,287
1936
$93,788
def51,694
1395
$77,239
def37,607
def35,734
def97,911
def77,620
1934
$72,663
def29,834
def76,074
609,708
12,333
541,285
defl22,166
438,153
defl30,947
430,888
def95,189
def213,144
def329,480
def334,682
def329,888
Net from railway
Net after rents
.$2,718,563
Commissions earned
$596,223
$3.73
depreciation, &c
share on 125,000 shares 1st
pref. stock (par $100)
—Y. 144, p. 3999.
terest,
May—
From Jan. 1—
$2,726,651
Gross income
Cost of sales, expenses and taxes
Net after rents
—V. 144, p. 3663.
Liabilities—
Assets—
Accounts receivable
Rys.—Earnings—
$6,232,760
$933,551
[,666,250
revenue
Net after rents
12 Months Ended May
1934
$139,892
defl4,981
def38,764
$154,114
4,958
def21,552
984,354
169,323
30,330
$160,136.
def6,266
def33,881
1,286,477
railway
1,117,015
273,862
122,117
1,131,830
176,402
23,642
350,062
189,416
Net after rents
—V. 144, p. 3830.
Canadian Pacific Lines in
Cost of sales, oper. exps.,
1937
1936
$62,496,758 $43,829,597
v
31—
&c.,lessmiscell. income. 47,251,652
Balance
$95,420
defl0,132
def32,406
511,185
def62,795
Net after rents
$88,436
defl4,909
def36,264
406,280
defl85,944
def312,779
393,623
defl03,596
def212,205
413,229
def78,894
defl90,003
defl96,460
Net after rents
9,129
x$ll,269,948
profit
May 31 '37 Dec. 31*36
$
$
Assets—
Working expenses
Ry.—Earnings—
L,574,219
1
1
18,845,241
taxes,
35,121
53,341,099 49,638,669
-
x
reorganization submitted to first mortgage bondholders at a
unanimous vote and bondholders who
meeting held June 16 was accepted by
by surrendering receipt for
After reserve for
$1,232,727
$1,180,146
$1,041,871
241,725
115,204
155,385
30,644
127,828
25,924
56,581
def57,282
7,489,196
1,448,474
793,658
6,338,842
864,806
254,897
5,932,488
720,032
167,830
5,656,134
838,716
245,112
From Jan. 1—
Net from railway
Net after rents
pf this department.—V. 144, p. 3325.
'
-Earnings—
Carolina Power & Light Co.PeriodEnd. May
12 Mos.-
1937-
-1936
1937—Month
31—
-1936
$956,476
474,422
80,000
$336,774
$4,966,933
17,172
17,077
205,511
205,658
$384,882
$319,697
$4,761,422
$4,019,872
681
1,152
32,422
32,481
$385,563
191,667
5,391
Net oper. revenues
for lease of plant
$851,168 $11,496,898 $10,184,321
434,394
5,569,965
4,998,791
960,000
960,000
80,000
$402,054
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
$320,849
191,667
5,182
$4,793,844
$4,052,353
2,300,000
58,375
$4,225,530
Rent
(net)
Operating income
Other income (net)
Gross income
Int.
on
mtge. bonds
Other int. & deductions_
Int.
chgd.
to
2,300,000
64,513
Crl ,569
constr
applic.
pref. stocks for
unpaid
$2,430,900
$1,693,978
1,255,237
3831, 4000.
Central RR. of New
x
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
Income for that year. No such provision has been made to date for 1937.—
V. 144, p. 4337.
Products
Corp.—Earnings—
Earnings for the Year Ended Feb. 28,
Gross sales, less discounts, returns and
Cost of goods sold
:.
from
Depreciation and amortization
Taxes (other than income taxes)
Selling, administrative, maintenance and
Provision for bad and doubtful accounts
27,597
63,966
534,848
5,714
general expenses
railway
$542,649
34,794
k,
'
$577,443
Total income
1,558
deductions
85,652
Provisions for Federal income tax
Prov. for surtax
5,556
undistributed profits
on
12,986,735
2,967,116
548,751
12,139,199
3.145,471
1,370,285
12,455,712
3,772,097
2,039,568
144, p. 3831.
Co.
-Accum. Divs.-
declared dividends as pay¬
ments against arrears of $1.75 per share on the prior lien preferred stock,
$7 dividend series, and $1.50 per share on the prior lien preferred stock,
$6 dividend series, to be paid July 20, to holders of record July 10. Similar
payments were made on Dec. 7, 1936, these latter being the first dividends
to be paid since February, 1932.—V. 144, p. 4173.
The directors at a
directors
common
meeting held on June 28
Paper
& Fibre Co.—Doubles Regular Div.—
a dividend of 50 cents per share on the
16 to holders of record July 31.
This com¬
dividend of 75 cents and a regular quarterly dividend
paid on April 19 last.—V. 144, p. 4000.
have
declared
stock, payable Aug.
pares with a special
of 25 cents per share
Charleston & Western
May—
Net from
railway
Net after rents
Carolina Ry. -Earnings—
1937
$233,386
89,203
1936
1935
1934
63,386
63,663
41,890
$159,640
31,393
13,089
$165,636
48,330
27,742
1,115,983
400,271
921,580
290,722
884,181
266,283
909,720
338,348
251,723
187,364
175,591
234,532
$186,518
From Jan. 1—
:
Interest paid and miscellaneous
598,550
190,149
Central & South West Utilities
Gross from railway
Gross profit."
Other income
$2,455,033
802,124
414,289
14.067,220
4,157,607
1,388,457
-
—
Net from railway
The
.$3,160,084
1,985,310
1934
$2,552,817
1936
1—
Champion
1937
allowances
1935
$2,529,175
518,211
52,635
1937
From Jan.
—V.
Jersey—Earnings
$2,916,526
840,832
286,157
May—
Gross from railway
Net after rents
$438,741
Regular dividends on $7 and $6 preferred stocks were paid on April 1,
1937.
After the payment of these dividends there were no accumulated
$1,175,663
Balance
Casco
p.
Gross
the
Trust Certificates—
Equipment
Commission on June 19 authorized the com¬
obligation and liability in respect of not exceeding $1,400,000
equipment trust certificates, series T, to be issued by Chase National
Bank, New York, as trustee, and sold at 102.444 and accrued dividends in
connection with the procurement of certain equipment.
\
The certificates were offered for sale through competitive bidding.
The
highest bid received in response thereto, 102.444 and accrued dividends,
was made by a group comprised of Salomon Brothers & Hutzler, Dick &
Merle-Smith, and Stroud & Co., Inc.
On this basis the average annual
cost of the proceeds to the receiver will be approximately 3.63%.—V. 144,
Net from railway
1,255,237
$124,000
period,
$188,505
to
whether paid or
Receiver's
The Interstate Commerce
pany to assume
Net after rents.
Net income
xDivs.
......
Gross from railway
drawn—
1934
$1,470,245
Net from railway.
Ltd.—Registration With¬
1935
1936
1937
May—
Gross from railway
Net after rents.
See list given on first page
-Earnings—
Central of Georgia Ryv
will notify holders shortly with regard to procedure in
exchanging their holdings for the same amount of new, bonds maturing
1951, with interest coupons at the rate of 5%.—V. 144, p. 3830.
company
Cariboo Hudson Gold Mines,
53,341,099 49,638,669
Total
depreciation of $11,336,791 in 1937 and $11,615,154
in 1936.
y Represented by 1,882,240 no par shares,
z Does not include
any amount for Federal surtaxes on undistributed earnings.—V. 144, p.3664.
Ltd.—Plan Approved—
deposited their bonds may now withdraw them
deposit of bonds.
201,970
34,696
&c.
Total
Canadian Theatre Co.,
1,983,931
z2,590,551
6,014,776
Pf. stk. (par $100) 6,014,776
9,411,200
y Common stock__ 9,411,200
Capital surplus--_ 13,733,577 13,733,577
Earned surplus.-.18,094,053 15,029,104
Prepaid insurance,
$5,615,450
$7,065,042
$1,450,289
383,934
500,000
Notes payable
Res. for Fed. taxes
trade-mks.
and goodwill—
Land, buildings,
equip., &c
18,760,189
MLscell. properties
60,558
x
2,582,147
509,991
&
expenses
14,311,076 11,576,037
15,383,129 16,670,371
less reserves
Dec. 31'36
2,986,951
payable.
Accrued payroll
Notes & accts. rec.
1937—5 Mos.—1936
1937—Month—1936
$11,834,197 $11,222,507 $55,371,298 $51,086,736
48,306,255
45,471,285
10,259,978
9,772,218
Net earnings
-V. 144, p. 4337.
due for
May 31'37
$
Liabilities—
Accounts
2,309,929
4,791,449
Cash
Pats.,
31—
$7,218,493
provision for any amount which may become
undistributed earnings, carried to surplus.
Inventories
Canadian Pacific
$8,765,438
1,546,945
Balance Sheet
3830.
Period End. May
Gross earnings
3,943
$13,745,325
2,475,377
Before deducting
x
surtaxes on
From Jan. 1—
Gross from railway
Net from railway
$8,284,165
485,216
paid.
profit before Federal taxes
Provision for Federal taxes
Net
$94,005
def31,294
def57,873
1,834,204
$13,231,159
523,295
-
Net
1934
1935
1936
$115,138
defl,190
def31,567
Gross from railway
Net from railway
Interest
33,711,228
2,013,946
Depreciation...
Vermont—Earnings—
1937
May—
The
143, p. 3993.
Interest earned
From Jan. 1—
Gross from railway
Net from railway
The plan of
.$565,292
Total.
Represented by 21,343 no par shares.—V.
Net sales
1935
1936
$156,442
def24,939
def56,125
Gross from railway
p.
$565,2921
Total
$2,465,598
Maine—Earnings—
1937
May—
144,
Surplus
465
131,467
40,812
18,133
Caterpillar Tractor Co.—Earnings—
Canadian Pacific Lines in
—V.
Capital stock
...$155,546
19,000
9,490
taxes....
19,359
40,350
____xl33,775
187,771
—
Equipment
-V. 144, p, 4337.
Net from
Mortgages payable
3,591
2,684
Cash in closed banks
x
Net
Accrued expenses and
6,812
Automobiles
1937—Month—1936
1937—5 Mos.—1936
Operating revenues—-$16,870,826 $15,400,121 $78,904,413 $70,721,663
Operating expenses
15,204,576
14,466,570 72,671,653 68,256,065
31—
Employees bond fund
204,110
Prepaid expenses
Cash value—officer's ins.policy
Investments
Canadian National
Notes payable
951
Notes receivable
payable...
Accounts
$37,748
118,519
Cash
Real estate
Per. End. May
$75,036
$3.52
Net profit from operations.
Earnings per share
Consolidated Balance Sheet Dec. 31, 1936
Inventories
Gross from railway
Net from railway
Ended Dec. 31, 1936
Gross sales
in¬
Earns, per
Gross from railway
1937
3,
July
Chronicle
Gross from railway
Net from railway
Net after rents
—V. 144, p. 3831.
k
Net profit
-
share on 170,452 shares common stock (no
Balance Sheet Feb. 28, 1937
$159,124
x281,681
317,285
Accrued
payable (trade)
Accounts
Accounts receivable
Inventories..
subscriptions
to
Common stock
Deferred assets
$1,273,435
Total
After
reserve
for
>
z
$1,273,435
Total
doubtful accounts
depreciation of $133,593.
V. 144, p. 3999.
of $8,795.
Represented by
118,410
z425,050
467,028
Earned surplus
y328,479
1
5,943
$123,857
64,513
2,710
71,867
Capital surplus.
173,800
Patents..
_
Prov. for Fed. & State taxes._
cap.
stock
Fixed assets
payrolls
Accrued city tax
7,122
Accts.rec.—officers & employ's
x
par)
Liabilities—
Assets—
Cash & demand dep. in banks.
Unpaid
$484,678
426,250
$2.84
-
Dividends paid
Earns, per
y
170,452
After reserve for
no par
shares.—
Certain-teed Products
Corp.—Listing—
The New York Stock Exchange
has authorized the listing upon official
10,000 shares of common stock (par $1), pursuant to
the terms of an option agreement, making the total amount authorized to
be listed 707,320 shares.
The 10,000 shares of common stock were authorized for issuance by
directors on March 12, 1937, pursuant to an agreement with Walter G.
Baumhogger dated as of Dec. 21, 1936 also approved by the directors on
March 12, 1937.
Agreement provides in substance that Mr Baumhogger
shall serve the corporation as its prasident or shall perform services and
duties of similar character and dignity until Dec. 31, 1938 at a fixed annual
notice of issuance of
salary and grants to Mr. Baumhogger the option to purchase all or any
part of 10,000 shares of common stock at price of $14 per share.
Under
the agreement, unless terminated prior to Mr. Baumhogger's election to
exercise such option, Mr. Baumhogger may purchase up to 5,000 of the
10,000 shares at any time or times during the calendar year 1937 and all
or any part of the additional 5,000 of the 10,000 shares, plus all or any part
of the first 5,000 of such shares not purchased during the year 1937, at any
time or times during the calendar year 1938.
Mr. Baumhogger's right to
Volume
Financial
145
receive such shares is conditioned upon (a)
such shares for
investment, (b) the listing of
York Stock Exchange and
the Securities
shares under
Consolidated Balance Sheet
$
aLands, bldgs.,machinery & equip. 7,365,820
b
Gypsum deposits 3,507,893
limits
899,103
7,367,735
3,511,528
899,103
Water power rights
at
Marselles, 111.
625,340
_
43,541
69,359
250,000
488,742
2,515,832
1,464,859
1,689,575
238,166
281,319
2,126,808
1,918,727
Other investments
95,926
Statutory deposits
77,902
96,133
77,902
Balances in closed
banks
34,735
34,801
3,366,803
195,210
payable
Accounts
1,272,315
829,485
89,686
87,805
15,000
for
Federal
15,000
3,103
Capital surplus— 2,347,054
cap.
Divs.
stk., tax...
payable
115,300
2,361,906
537,391
638,887
3,366,803
112,188
Deficit
def444,614
1934
$5,129,862
517,598
defl57,571
24,654,782
30,046,561
28,333,827
2,183,072
3,336,923
1,774,135
def670,350 defl ,924,142 defl ,092,180
Net after rents
25,054,926
3,487,315
73,949
—V. 144, p. 4338, 3832.3
.....20,912,942 20,820,676
Total
in
c
1937.
Repre¬
Commission has disclosed.
The bonds
originally issued in 1927 in the amount of $48,000,000 and at the end
of 1936 there were $8,448,000 remaining outstanding.
The report also shows that all but $774,000 of the convertible 5s of 1944
had been converted into C. & O. Ry. common by May 31.
This issue was
redeemed on June 1.
The 5s of 1944 were issued in the amount of $18,000,000 in 1934 and at the end of 1936 there were $6,486,000 outstanding.
—V. 144, p. 3664.
Securities' Exchange
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1937
$7,300,100
687,587
def328,529
1936
1935
$6,102,268
1,059,439
240,394
$6,143,820
969,131
111,836
39,030,689
8,738,895
3,411,609
36,475,214
7,934,313
2,957,966
30,562,509
5,572,472
1,390,687
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 4000.
558,270
def449,781
1937
$1,304,028
239,422
11,900
144,
p.
Chicago Union Station Co.—Bonds Called—
A total of $35,000
3Y%% guaranteed bonds, due Sept. 1, 1951 have been
called for redemption on Sept. 1 next, at par and interest.
Payment will be
made at the Continental Illinois National Bank & Trust Co. of Chicago,
or at
the Pennsylvania
RR. Co's. New York office.—Y. 144, p. 2822.
Cincinnati New Orleans & Texas Pac.
1935
1934
$1,084,865
$1,127,604
477,169
$1,395,189
576,206
379,931
352,103
239,253
470,689
347,881
7,393,011
2,865,855
2,135,470
6,560,927
2,505,176
1,853,394
5,267,491
1,701,491
1,199,419
5,335,678
2,128,734
1,544,777
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Claude Neon Lights, Inc.
1936
1934
$1,195,907
240,165
21,977
$1,041,209
149,791
def27,268
$990,407
152,265
def23,590
6,412,838
1,448,617
358,021
5,499,055
1,139,636
237,364
5,169,848
977,177
Gross from railway
Net from railway
From Jan. 1
Gross from railway
Net from railway
Net after rents
$1,297,949
332,030
116,061
6,788,309
1,309,855
69,673
5,996,515
1,048,481
def57,466
L 30,417
3,000
4,828
18,870
3,000
3,752
17,735
$62,590
Crl2,205
$44,557
30,018
$50,910
74,034
$50,385
Loss before extraordinary
$74,575
$124,944
5,360
18,139
charges.
Balance Sheet
1936
1935
Notes receivable..
$32,815
3,895
$11,780
4,786
Acets. receivable—
52,295
60,390
Assets—
Cash
Divs.
l
1934
$1,244,577
334,892
98,446
5,925,574
1,378,419
205,381
—V. 144, p. 3832.
Invest, in affil.
Reserve
82,475
x
5,214
7,619
266,151
29,412
283,838
9,420
8,773
expenses
for
.
30,616
sign
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1937
$261,884
54,422
33,615
Reserves
for
Accounts
not
1,647,284
586,633
407,911
$206,534
49,696
49,191
1
1
41,643
rights, &c.
Deterred charges..
27,933
,
1,384,093
418.088
376.405
1,151,312
295,295
273,998
76,415
68,154
1,401,325
445,118
375,438
$1,414,862 $1,519,632
Total
x
48,724
48,724
Fed.
10,000
Deferred credit
10,000
57,341
current
—contra
59,491
After depreciation
1,940
113,794
2,230
1,053,004
25,012
97,204
1,053,004
76,265
—
Deferred income.
_
$1)
1934
$252,885
81,544
76,979
13,500
59,588
payable
Capital surplus
1935
1936
$253,722
14,700
25,000
expenses
current.
Neon sign contract
licenses,
Chicago & Illinois Midland Ry.—Earnings—
May—
6,896
.
income taxes—
-
Permanent assets
Patents,
37,553
5,502
Notes payable, not
979,327
wholly
owned..
35,188
41,703
payable.
19,569
maint.
Other assets
co.,
Accounts
884,615
cos.
$4,797
$33" 338
Notes payable
Accrued
21,986
.
1935
1936
Liabilities—■
Loans payable.—-
Cap.stock (par
Gross from railway
Net from railway
122,333
31
67,415
Inventories
Sub.
Dec.
2,525
receivable-
Neon sign equip.
7,582,384
1,570,059
112,530
5,753
Writing down invest, in sub. company
—contra
$1,517,271
465,792
205,870
$126,327
2,246{
Neon sign contracts
1935
$110,194
122,300
18,808
Earnings for May and Year to Date
1936
$60,466
65,861
sundary income
Royalties
Patents and experimental expenses—
Loss carried to surplus.
1937
$1,474,894
307,878
8,530
1934
$47,684
62,511
$96,368
133,214
Total income.
1935
$42,130
54,238
Sell., admin, and general expenses—
1935
6,995,087
1,814,034
Earnings—
Years Ended Dec. 31—
Prov. for doubt, accts., int., &c., less
Chicago Great Western RR.—Equipment Issue Placed
Privately—Salomon Bros. & Hutzler and associates on June
29 were awarded the $1,500,000
equipment trust
certificates, due 1937-47, on bid of 100.135.
This was the
only bid.
The issue has been placed privately.
Net after rents
Ry.—Earnings—
1936
1937
$1,543,690
658,911
May—
Gross from railway
4173.
1936
648 755
May—
def187.489
—V. 144, p. 3665.
Sales, rentals & maint. of signs, &c_Dividends and royalties
Chicago & Eastern Illinois Ry.—Earnings—
railway
5,755,055
939,893
214,283
5,576,278
567,152
6,791,631
6,684,083
453,110
def 631,517
—V. 144, p. 3833.
Chicago Daily News, Inc.—Registration Withdrawn
Net from railway
106,393
def33,284
defl4,155
.
Gross from railway
30,859,475
7,825,891
3,516,140
See list given on first page of this department.—V.
Net after rents
From Jan. 1—
1934
$7,059,751
928,347
defl44,050
—V. 144, p. 4338.
May—
1934
$1,153,038
126,338
$1,124,868
205,553
2,444
Net from railway
Net after rents
Chicago Burlington & Quincy RR.- —Earnings—
Net after rents
1935
$1,407,236
101,512
defl03,320
Net from railway
Net after rents
were
May—
1936
$1,411,255
Net from railway
Net after rents
May—
Chesapeake Corp.—Bond Conversions—
Gross from railway
Net from railway
1937
Gross fr9m railway
All but $732,000 of the outstanding 5% convertible bonds of 1947 of
the corporation had been converted into common stock of the Chesapeake &
Ohio Ry. up to redemption of the issue May 15, last, a report by the corpora¬
Gross from
1935
From Jan. 1—
Gross from railway
Net from railway
accr.
Prov.
20,912,942 20,820,6761
the
1,379,785
$4,911,268
240,526
def382,838
1936
$5,769,078
330,594
1937
$5,849,660
128,151
def688,339
Net after rents
exps...
&
depreciation of $7,661,614 in 1936 and $7,740,255
b After depletion of $138,581 in 1936 and $142,216 in 1937.
sented by shares of $1 par.—V. 144, p. 4338.
to
269,434
defll7,738
Chicago Rock Island & Pacific Ry.- -EarningsMay—
Taxes due & accr.
After
tion
1,475,434
329,233
def86,702
390,009
44,580
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
Exp. paid in adv..
a
$287,140
62,749
defl 1,714
1,666,133
1,887,731
547,771
93,003
-
Gross from railway
Net from railway
Sloane-
Blabon Corp...
Total
$304,498
70,064
defl7,017
—V. 144, p. 3665.
75,332
250,000
gencies
1934
1935
1936
$319,114
49,402
def21,050
From Jan. 1—
Gross from railway
Reserve for contin¬
rec.
1937
$392,450
126,860
34,510
'
Net from railway
Net after rents._
9,529,500
174,609
9,529,500
Other reserve
Advances secured.
Inventories
in
Common stock.
Funded debt
l
Notes & accts.
Invest,
c
l
trade¬
Cash
277,500
611,500
Preferred stock—
Interest accrued..
marks, &c
7,030,130
6% cum. pf. stock 7,306,930
Timber
Goodwill,
$
Liabilities—
$
May—
Gross from railway.
Net from railway
Net after rents
31/36
$
Mar. 31/37 Dec.
Mar. 31/37 Dec. 31,'36
Assets—
Chicago Rock Island & Gulf Ry.—Earnings—
Mr. Baumhogger's acquiring
the 10,000 shares on the New
(c) the registration of the 10,000
Exchange Act of 1934.
105
Chronicle
Total
$1,414,862 $1,519,632
of $15,669 in 1936 and $13,208 in 1935.—V. 143,
2046.
p.
Cleveland
Railway Co.—Dividend Deferred—
The directors at a meeting held
of
a
June 25 deferred action on the payment
stock.
A regular quarterly dividend
dividend on the company's capital
—V. 144, p. 3664.
of $1.50 per share was paid on April 1
Effect will be to cause default by
Chicago Indianapolis & Louisville Ry.—Seeks Delay in
Reorganization Hearing—
holds stock under option agreement, in payment
The company has asked the Interstate Commerce
pone a
The
hearing
on
Interstate
its reorganization plan from
Commission to
Commerce Commission authorized
Corp. to intervene in the reorganization.
$1,572,754.
post¬
July 27 to Sept. 15.
the
Railroad
The road owes that
Credit
agency
Earnings for May and Year to Date
May—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1937
$827,421
129,972
defl5,544
1936
$768,617
103,758
def50,975
1935
$650,960
209,465
86,314
4,389,076
820,335
4,144,661
803,685
3,172,015
62,431
92,942
529,810
def60,303
1934
3,029,814
472,706
def221,812
May—
Net after rents
1937
$8,660,724
1,065,172
21,793
1936
$8,425,613
904,845
def310,265
1935
$7,209,896
2,398,047
1,501,010
$6,978,185
1,452,362
489,590
42,690,714
7,827,893
2,361,494
41,078,300
7,542,441
1,806,389
34,315,246
6.816,785
2,130,071
33.894.867
7,306,523
2,362,251
1934
—V, 144, p. 4338.
Chicago & North Western Ry.—Earnings—
May—
Gross from railway
Net from railway
Net after rents
1937
$7,415,436
133,759
def665.613
1936
$7,385,261
323.975
def404,715
34,671,759
33,439,113
2,329.208
2,569,800
defl ,735,120 defl ,729,390
1934
$6,323,590
939.083
404.388
253.326
def344,186
28,857,922
4,264,797
667,701
29,457,818
4,507.183
839,061
—V. 144. p. 4173.
Urged—
■-
Cleveland, Ohio, in a letter addressed to holders of first
leasehold sinking fund 6% gold bonds in urging acceptance of the
plan of reorganization filed on May 18, 1937, by the company in the U. S.
Ezra Shapiro of
mortgage
District Court states in part:
.
„
„
and in view of efforts
reorganization at this time.
The plan is intended to provide adequate
safeguards against any improper diversion of the earnings of the property
until your new securities are paid off in full.
I need not add that I fully
intend to continue my efforts to protect the interests of the bondholders,
and my endeavors to secure certain modifications of the plan which I feel
should be made and believe can be made without prolonging the proceedings
or adding to the expense thereof.
"In the event that you concur in this view the form of letter of transmittal
should be executed and forwarded, together with bonds and coupons, to
Cleveland Trust Co., Cleveland, Ohio, as agent-depositary under the
Cleveland Union Terminals Co.—Bonds Called—
P
Morgan & Co., as sinking fund trustee, is notifying holders of first
gold bonds, series A, and first mortgage 5%
that $59,700 principal amount of the series A
bonds, and $131,600 of series B, have been drawn by lot for redemption
on Oct. 1, 1937 at 105%.
Payment of the drawn bonds will be made at the
J
mortgage 5H% sinking fund
sink, fund gold bonds, ser. B,
office of J. P. Morgan &
on
Chicago Pneumatic Tool Co.—Registers with SEC—
,
judgment, after mature deliberation
being made in the selfish interests of a few bondholders, that the
interests of all the bondholders can best be served by accepting the plan of
now
of this department.—Y. 144, p. 4173.
Co.
on
and after Oct. 1, after which date interest
the drawn bonds will cease.
the fact that on June 23, 1937, $11,500 principal
amount of the series A bonds, and $19,100 of the series B previously drawn
were still unredeemed.—V. 144, p. 1595.
Attention is called to
See list given on first page
Cleveland City
provided for in
plan."—V. 143, p. 2832.
1935
$6,400,399
From Jan. 1—
Gross from railway
Net from railway
Net after rents
of the dividend was due to failure of the
take action regarding allocation of income as
"It is my best
From Jan. 1—
Gross from railway
Net from railway
to
Cleveland Terminals Building Co.—Acceptance of Plan
120.189
def25,070
Chicago Milwaukee St. Paul & Pacific RR.— -Earnings
Gross from railway
Deferring
Council
Metropolitan Utilities, Inc., which
of dividend on certificates
option agreement was made in 1929.
company's franchise.
The City Administration has been anxious to
divorce Metropolitan Utilities, Inc., from the railway company and took
this method of achieving that end.
Failure to declare the dividend does
not indicate any important change in company's operating results and
it is expected that the City Council will eventually take action permitting
declaration of the dividend.—V. 144, p. 3665.
$629,032
—V. 144, p. 4338.
Net from railway
Net after rents
issued stockholders when the
last.
106
Financial
Clinchfield RR.—Earnings—
r
May—
1937
$580,670
275,339
261,097
Gross from railway
Net from railway
Net after rents
1936
railway3,056,803
1,519,240
1,443,130
$430,091
164,255
156,632
2,189,288
2,445,961
1,155,832
1,092.494
869,355
790,236
—V. 144, p.3833.
*
.
Coca-Cola
Dividends
The
Bottling
1934
$374,299
110,864
95,690
2,554,973
1,112,339
1,068,085
From Jan. 1—
Gross from
Net from railway
Net after rents
1953
$453,982
167,643
155,989
Co.,
St.
Louis—Initial and Extra
initial
quarterly dividend of 25 cents
New Stock—
on
directors
have
declared
an
per share and an extra dividend of 25 cents per share on the new
stock now outstanding, both payable
common
July 20 to holders of record July 10.
The company recently split up its common stock on a
4-for-l basis.
A quarterly dividend of 50 cents
per share was paid on the smaller
amount of stock previously
outstanding on April 20, last.—V.
144,
Colorado & Southern Ry.May—
Net
1936
3,059,030
666,405
213,216
after rents
Net from railway.
Net after rents
$549,034
2,637,072
1934
$442,626
64,259
def5,011
$431,815
def4,659
def75,814
2,166,227
180,107
defl58,967
1,978,213
194,377
defl66,031
94,283
7,940
442,628
46,632
—V. 144, p. 3833, 3666.
Columbia
Broadcasting System, Inc.—Stock Listed
New York Stock Exchange—
The company paid a dividend
convertible preferred stock, no
on
six
years
ago
Pref. Dividends—
these dividends
when company
on an annual basis.
The company also paid a dividend of 50 cents
per share on the no par
stock on June 18 to holders of record June
15. This compares with
$1 paid in June, 1936, and 50 cents paid in June,
1935, this latter being the
first dividend paid since June
share
was
15, 1932, when a quarterly dividend of 25
distributed.—V. 144, p. 4340.
Columbus & Greenville
May—
Gross from
railway
Net from railway
def3,642
def4,986
$62,965
def3,734
def4,444
548,062
98,464
46,291
429,050
25,683
3,381
343,750
def20,289
def23,965
p.
3666.
Period End. May 31—
Operating
$71,289
858,004
$0.53
Per share earnings
753,766
$0.47
—V. 144, p. 4174.
6,525,519
$4.05
May 31
1937—Month—193 6
$327,631
$308,495
155,674
150,342
25,383
17,844
a31,903
30,230
revenues
Maintenance
Taxes
Net oper. revenues
4,364,518
$2.71
1937—12 Mos.—1936
$4,135,604
1,888,616
241,553
a377,646
$3,821,178
1,888,220
194,695
351,333
$114,671
1,398
$110,078
1,155
$1,627,789
4,030
$1,386,930
13,453
Retirement accruals
$116,069
13,236
$111,233
20,890
$1,631,818
264,275
$1,400,382
293,227
Gross income
Interest to public
$102,833
$1,367,544
69,867
$90,343
2,059
69,288
$1,107,156
23,444
832,729
1,211
1,209
14,494
5,346
Non-oper. inc.
(net)
—
.
Balance
2,281
Interest to parent co
Amort, of dt. disc. & exp
Public
;
Parent company
Net
25,524
832,152
Divs.
paid and accrued
on pref. stocks:
Dividends paid and accrued
To public
579
579
14,545
6,944
$28,894
income
$17,208
$488,377
$231,142
99,855
5,831
99,943
5,831
$382,691
$125,368
819,011
13,141
5,831
20,792
2,690
73,117
813,362
19,367
5,831
76,987
14,914
279
"""249
$1,317,553
901,203
$1,056,079
937,252
on
preferred stocks:
To parent
company
Balance applicable to parent
company
Earns.from sub.cos.deducted in
arriving at above:
Interest earned
Interest not earned
I,"2111
Preferred dividends
Other
Miscell. earnings from
subsidiary companies
Common dividend from
subsidiary—not consolOther income
_
Total
Expenses, taxes
& deductions from gross income-.
Amount available for dividends and
surplus
$416,349
10.376,314
24,809,870
23,231,658
$3,988,228
142,538
$8,717,356
536,162
$8,927,803
342,483
$9,270,287
,227,436
$4,130,766
$9,253,519
1,135,388
2,813,128
2,830,710
$3,041,081
464,715
1,751,096
$2,995,378
464,715
1,751,096
$6,440,391
1,115,315
4,202,629
$6,439,577
1,126,022
4,202,629
$825,270
_
Preferred dividends
.
$779,568
$1,122,447
$1,110,926
Balance
meter
readings.—V.
144,
Calendar Years—
Assets
1936
Cash
Inventorles
Exchange Act
of 1934.—V.
Consolidated
Steam Plan
144,
p.
to
291
in
hands
7,521
1,456,555
Co.
of
N.
of
Y.,
Inc.—New
671,000
701,700
701,700
105,000
105,000
$1,870,756
$1,833,227
Preferr eds
Passed
by
By this action, Consolidated Edison is authorized to offer one share of
Its $5 preferred stock for each share of New
York Steam $7 preferred and
nine-tenths of a share of $5 Edison
preferred for each share of New York
145,478
300,141
7%
1st pref. cum.
conv.
x
$1,870,756 $1,833,227
|
stock
Common stock,.
Total.
-
Represented by 21,000 shares ($5 par).—V, 143, p. 1871.
Consolidated Oil
See list given on
first
Corp.—Registers with SEC—
page of this department.—V.
Retail Stores,
144, p. 4175.
Inc.—Dividend Plan Com¬
pleted—
J.
C. Berkson, President of the company under date of June 28 sent
the following letter in connection with the dividend of
$28
share declared payable July 2, to pref. stockholders of record July 1,
in full payment of arrears, and the
regular $2 dividend for the current
quarter also declared payable at the same time:
"The plan set forth in the circular letter to stockholders dated
March 30,
1937 (see V. 144, p. 2294) has been substantially completed.
"The entire issue of 65,594 additional shares of common
stock, par
value $1 each (except a nominal amount subscribed on exercise of
warrants),
was taken by Peltason, Tenenbaum &
Harris, Inc., the underwriter, at the
price of $9 per share less underwriting commissions, pursuant to the terms
stockholders
per
and
provisions
the
of
underwriting agreement.
These shares were pre¬
stockholders for subscription at $9 per share,
19, 1937, in order to
satisfy their preemptive rights as required by law.
"A bank loan of $250,000 as mentioned in the circular letter of
March 30,
1937, has been effected.
This loan is to be repaid in three instalments
viously offered to the
common
pursuant to the warrants and prospectus dated May
whereof $50,000 will mature June 21, 1938,
$100,000 June 21, 1939 and
$100,000 June 21, 1940.
"The funds realized from the sale of said 65,594 shares of common stock
and the proceeds of the bank loan have been
appropriated to the
payment
of
the $28 dividend and the retirement of
3,000 shares of pref. stock.
After these disbursements and the payment of all
expenses incident to the
financing, a small balance will remain which will be available for general
corporate purposes.
"The acquisition of
3,000 shares of preferred stock for retirement will be
promptly effected through the purchase of 1,650 shares from the under¬
writer at $105 per share as mentioned in the circular letter of March
30,
1937, and through purchase of 1,350 shares on the open market.
When
these transactions are completed the company will no longer be in default
with respect to its pref. stock provisions, either as to dividends or retire¬
ments, and will then have a total capital issued and outstanding of 13,790
shares of 8% cumulative pref. stock, par value $100 each and
363,749
shares of common stock, par value $1 each, exclusive of shares in the
treasury of the company."—Y. 144, p. 4340.
Consolidated Royalty Oil Co. (&
Years End. Dec. 31—
Inc. from royalty ints
Int. in oil & gas sales
1936
Subs.)—Earnings—
1935
1934
-
Miscellaneous income
Gross income
$102,726
19,969
23,289
$97,558
22,036
25,747
$72,625
12,802
23,492
18,250
11,750
10,000
19,000
80
162
108
$166,293
19,781
$128,027
•22,553
16,763
8,790
6,457
Total income.
13,033
6,814
11,594
6,717
$155,503
21,056
13,075
8,898
6,761
$107,556
24,228
$105,712
24,289
$73,464
23,909
$95,706
1,816
$83,328
$81,422
$49,554
1,643
812
loss84
$93,890
Net income
Prof, applic.to min.ints.
9,901
$157,814
19,413
12,535
$116,763
21,057
oper. expense.-
Net oper. income
Assets—
Cash
on
$81,685
$80,611
$49,638
1936
in banks
$209,186
Investment
'at
x
x
After
1,752
344,268
5,423,281
assets
Tocal
1,416
5,429,321
..$5,978,409 $5,980.3551
reserve
1935—V. 143,
p.
1936
Accounts payable.
Accrued taxes
Capital stock
Capital surplus—
securs.
cost)
Capital
$205,014
344,525
_
31
Liabilities—
1935
hand and
Accts. receivable-
1933
$109,813
14,810
23,296
125
Interest & rentals
Div.
distribs.
receiv.
from Hudson Oil Co_
York
The exchange of Consolidated Edison
preferred stock for preferred shares
Steam Corp. was approved
July 1 by the New York P. S.
140,978
671,000
Bonds
of
Total
registration under the Securities
Commission.
$6 preferred.
159,921
1,613
345,426
1935
$50,127
203,536
286
2,075
1936
$48,541
Consolidated Balance Sheet Dec
Edison
$58,678
Reserves
54,848
7,839
Deferred expensesDeficit
■»-_
of New York
Steam
Liabilities—
10,519
1,458,032
Fixed assets.
3328.
Approved—Exchange
Commission—
company
par)!to be admitted
1933
$66,649
Accounts payableBond interest
$1,742
38,063
Ins. rent, tax., &c.
Cash
1935
$3,075
15,952
—
Accts. & bills rec..
Deplet. & deprec'n
Chicago Stock Exchange has approved the application of the
1934
$50,670
Balance Sheet Dec. 31
Building
Compressed Industrial Gases, Inc.—Listing—
Co., Ltd.—Earnings
1935
$47,802
Note—The subsidiary companies on Jan. 1,
1937, adopted the Federal
Power Commission system of
accounts; hence, previous years' figures are
not exactly
comparative.—V. 144, p. 4340.
upon official notice of issuance and
3170.
1936
Net loss for year
Gen., office & legal exp_
Field expense
Taxes
1,010 additional shares of capital stock (no
p.
Consolidated Oka Sand & Gravel
$118,827
year.
trading
$14,364,542 $33,527,227 $32,159,461
other
No provision has been made for
the Federal surtax on undistributed
net income for the
year 1937, since any liability for such tax cannot be de¬
termined until the end of the
a
to li»t
762,227
318,341
1,186,356
&
Consolidated
Community Power & Light Co. (& Subs.)—Earnings—
Period End.
Operating
Operation
726,244
282,921
$3,950,641
276,795
inpome
charges
Net income
Consolidated Earnings—
1937—Month—1936
1937—5 Mos —1936
6,926,354
$6,572,927 $36,488,214 $34,743,027
revenues
income
of
10,832,029
deductions-.
x
Commonwealth Edison Co.
Net
Fixed
349,261
13,002
2,047
Net from railway
Net after rents
144,
1934
$90,472
9,389
4,669
From Jan. 1—
Gross from railway
Co.
retire, exp. &
fund
1935
Power
1 937—12 Mos.—1936
459,224
124,844
trustees for sink.
$107,621
18,813
8,469
Net after rents
—Y.
1936
exp.
taxes
Ry.—Earnings-
1937
&
$9,524,882a$23,621,903 $22,028,622
4,255,592
8,896,159
9,050,271
410,381
97,707
Total oper. revenue..$14,782,670
Oper.
decided to pay
common
cents per
Light
Earns, per sh.on com.stk
$2.21
$2.17
$4.56
$4.55
a Revenues were lowered
by rate reductions effective after June, 1936,
However, beginning with the quarterly
1937 the company will
quarterly basis.
This practice had
or
Rev. from steam sales...
Common dividends
dividend that would ordinarily be
payable Aug. 1,
resume the payment of
dividends on a
stopped about five
Electric
1937—5 Mos—1936
Miscell. oper. revenue..
June 29 to
of $3.50 per share on the $3.50 cum.
par value, on June 18 to holders of record
June 15.
Regular annual dividends of like amount have been distributed
on this stock for a number of
years.
been
Gas,
Rev.fromelec. sales.__a$10,237,130
Rev. from gas sales
4,037,452
Gross
p. 4001.
Columbus Foods Corp.—Common &
Consolidated
Baltimore—Earnings—
on
Corp.—Pays Liquidating Dividend—
The company paid a liquidating dividend of
$1 per share
holders of record June 24.—V. 141,
p. 589.
1937
3,
preferred for each share of Steam $6 preferred.
"The original proposal was disapproved," the Commission stated in an
opinion accompanying the present order granting the amended petition,
"largely because of disparity between the values of the securities to be
exchanged before such values were affected by the proposal.
Prices at
which securities sold on the stock exchange are not always a measure of their
intrinsic worth, but in view of the analysis made in the original memorandum
adopted by this Commission, it seemed that the exchange as originally con¬
templated should be disapproved.
"The amended proposal more closely follows market values and relative
earnings than the original proposal.
It may be that upon the basis of ex¬
change quotations, the holders of the preferred stocks of the New York
Steam Corp., obtain an advantage in the pending proposal, but considering
all factors, the commission is of the opinion that its consent to the exchange
hould now be granted."—V. 144, p. 4340.
Operating income
Non-operating income._
The Governing Committee of the New York
Stock Exchange at a meeting
held July 1, adopted the recommendation of the
Committee on Stock List
to list 964,296 shares of class A stock
($2.50 par value), and 948,674 shares
of class B stock ($2.50 par
value).—V. 144,
Columbia-Troy
July
The Commission recently denied an application by Consolidated Edison
under which it proposed to issue one share of its $5 preferred and $10 in
cash for each $7 New York Steam
preferred and one share of Edison $5
Period End. May 31—
1935
$604,690
125,067
32,319
From Jan. 1—
Gross from railway
274.
-Earnings—
1937
Gross from railway
Net from railway
p.
Chronicle
for depreciation
2204.
Minority interests
in subsidiaries.
_
Total
$1,277
8,460
5,529,256
1935
|
$3,493
1,084
322,597
5,529,255
329,753
116,820
116,769
$5,978,409 $5,980,355
of $1,760,530 in 1936 and $1,760,596in
Volume
Financial
145
Chronicle
The company
paid
dividend of $1.50
a
share on its common stock, par
per
to
value $100, on July 1 to holders of record June 30.
This compares with
$1 paid in each of the four preceding quarters; dividends of 50 cents per
shares paid each three months from March 30, 1935 to and incl. March 31,
1936; 75 cents per share paid on Dec. 31 and on Oct. 1, 1934; $1 on July 2,
1934, and 50 cents per share on Jan. 2,1934.
No dividends were paid during
1933, while $1.50 per share was paid on Dec. 31, Sept. 30, June 30 and
March 31. 1932.—V. 144, p. 3834.
Gross profit on sales
Provision for depreciation
$1,155,956
..
32,384
307,229
Net profit
$585,575
$
Cash
$
Receivables
628,755
1,036,849
Inventories
1,286,029
Deposit
on
bid
«■
as
14,555
pay.—trade
264,305
48,590
50,395
properties 7,140,822
Bond disc. A exp.
7,621,640
Plant
on
115,891
6%
16,526
47,234
553,849
93,945
due
June
Customers'
3,574,500
y
250,112
988,849
1,833,132
Deficit
2,773,117
1,744,399
319,203
Debs, due 1937...
153,008
$495,900
1,580,500
1,697,165
Funded debt
1,559,500
2,216,044
Accounts payable.
Accrued accounts.
1,167,175
16,215
1,763,500
619,094
44,024
1,382,184
346,368
Provision for Fed.
3.000,000
Leaseholds A good¬
will
1
1
3,228,900
Deferred charges..
126,201
cumul.
__
prior
preferrea stock
200,031
Other assets
131,119
cum.
Capital surplus
y
$495,900
1,585,500
1,697,165
accts.
Inventories
3,574,500
Preferred stock.
$90,000
3,230,156
306,548
6%
receivable
192,455
pref. stk.
(par $100)
3,000,000
Common stock.. 3,228,900
_
Common stock..
Income tax
.....
Reserves
for
78,000
Other
988,848
Total
x
10.254,108 10,032,701
After
Total
1,097,165
1,697,840
53,776 def250,928
$10,254,108 $10,032,701
Total
for depreciation of $4,144,774 in 1936 and
$3,971,722 in
reserves
Represented by 215,260
y
no par
shares.—V. 144, p. 4341.
1936
Interest
on
1935
$109,707
45,496
1,250
5,770
1934
750
y$34,906
44,778
1,250
5,520
2,709
prof$56,441
$19,350
loans
Directors' fees
Executive salaries
Fees of legal advisers
for
allowance
Total
y
and depreciation of $3,154,195 in
Represented by 339,433 no par shares.
Cumberland Gas
Calendar Years—
1936
Operating revenues
Non-operating revenues
1933
y$14,703 xloss$27,626
44,063
43,478
1,250
Total
Net loss
After provision for income tax.
of $334 in 1935 and $450 in 1934.
x
y
;
Includes income from investments
Surtax
General Balance Sheet Dec. 31
Assets—
1936
1935
Cash
$12,495
Accts. receivable..
133,791
$6,962
100,019
74,478
Inventories
77,778
12,284
Prepaid
Mortgages
22,814
Investments, Ac..
Equipment
Total
$16,950
Sales tax
$14,295
Preferred stock
Common stock
539
1,600,000
Surplus.
246,825
1
Total.
Net corporate income
Earned surpl. at begin, of period
Prof, on gen. lien bonds retired
Unamort. exp. on sec. notes retired..
Earned surplus at
a dividend of 50 cents
per share on the com¬
value, payable Aug. 31 to holders of record Aug. 14.
This compares with 30 cents paid on
May 31 and on March 1, last; divi¬
dends of 20 cents per share paid on Nov.
30, 1936, and in each of
the three preceding quarters, and dividends of
123^ cents per share paid in
each of the four quarters of 1935.
Prior to 1935 no distributions were
made since Feb. 15, 1931 when a dividend of 50 cents
was
paid.
An
initial payment of like amount was made on Nov.
15, 1930.
In addition, an extra dividend of $1.30 was
paid on Dec. 15, 1936.—
V. 144, p. 3496.
on
first
page
directors
have declared
dividend
a
of
Years Ended April 30—
Fixed capital—
$732,682
$656,628
119,010
269,182
182.737
1936
Creek
Merrltts
Cash dep. held by
of
trustee
bonds
lien
311
995
18,357
—
2.000
820,100
72,390
15,000
$46,286
$21,270
$9,608
~3~, 603
1,582
35
200
$17,632
13,109
$7,825
5,693
mm'
surplus
28
24
179,682
194,421
3,000
1,993
1,403
16,817
60,190
Deferred charges..
70,412
Total
17,071
$1,261,218 $1,122,4361
—
Total
$1,261,218 $1,122,436
a After reserve
for depreciation and depletion of $321,416 in 1936 and
$226,440 in 1935.—V. 144, p. 2994.
Darco
Corp.—Earnings—
Income Account
,
for Year Ended Dec. 31, 1936
$625,347
544,511
-—
Cost of goods sold
and other expenses (excl. depreciation)
2,859
7,809
-
Earneo surplus
Sales
Total income
7,345
22,329
securs.
476
Interest paid
49,300
35,436
19,565
30,915
$9,132
666
$119,016
730,000
40,263
40,675
1935
$20,605
626
$119,017
Notes payable
Accounts payablePaid-in
for
sinking fund——
Cash..
par)
Accrued liabilities-
gen.
1935
Common stock ($1
Notes pay. (sec.)..
GasCo..
-
$45,659
Adminis. & general expenses.
Provision for taxes
$83,990
1936
Fundea debt
Inv. in cap. stk. of
'
(at cost)
Materials A suppl.
6H
1937
$194,420
Liabilities—•
119,010
a
Marketable
_,
Other interest (net)
1935
Accts. receivable-
cents per share on the
common stock, payable
Aug. 15, to holders of record July 31.
This com¬
pares with 53^ cents paid in each of the four
receding quarters; five cents
per share paid each three months from Feb. 1
1935, to and incl. May 15,
1936 and four cents per share paid quarterly previously.
Income from investments
0620
Pr4,585
Notes receivable..
Corp.— -Registers with SEC-
of this department.
Corporate Investors, Ltd.—Dividend Increased—
The
$81,000
3,610
$179,682
Otherintang. cap.
par
Cornell Dubilier Electric
See list given
$74,399
83,990
040,616
end of period
1936
Assets—
The directors have declared
no
def$10,096
194,420
Dr4.506
Drl38
Consolidated Balance Sheet Dec. 31
Copperweld Steel Co.—Dividend Increased—
stock,
$90,758
7,883
1,875
Dry holes drilled in 1934
.$3,065,345 $3,078,450
—V. 144, p. 3495.
mon
$103,947
29,547
Balance
10,160
$3,065,345 $3,078,450
50,767
Other deductions
400,000
$162,987
9,339
'12,122
Interest deductions
1,600,000
246,825
$206,149
12,101
33",817
Non-productive well drilling
788,924
27,868
17,795
$293,042
112,063
1,760
16,232
56,283
Well drilling expense
2,264
133,190
1,749
$49,009
42,495
16,609
1935
786,033
13,272
400,000
Mortgage
1,957,979
1,908,534
11,204
1936
Loans
26,210
891,039
886,442
Fixed assets
Liabilities—
Accounts payable-
11,604
(estimated)
undistributed prof.
$358,883
$167,997
2,620
913
62,855
20,180
32,420
(est.)..
Depreciation & depletion (prov.)
on
$292,902
140
219,334
9,299
25,679
Net earnings
Federal income tax
$339,057
19,826
$422,309
revenue
Operation
$71,105
1934
1935
$420,805
1,504
Maintenance..
$30,610
*
Corp. (& Subs.)—Earnings—
Taxes
y
$8,593,579 $7,702,420
amortization
1936.
j
144, p. 1954.
Cooksville Co., Ltd. (& Wholly-Owned
Sub.)—Earns.
Calendar Years—
$8,593,579 $7,702,420
After
x
1937 and $3,150,395 in
—V. 142, p. 4335.
Converse Rubber Co.—Registration Withdrawn—
See list given on first page of this department.—V.
Operating profit
25,000
17,500
reserves
Capital surplus
1,983,720
31,000
72,000
con¬
tingencies
Earned surplus
1935.
$14,575
Jan.10'36
Jan. 8*37
$90,000
U.S. Treas. bills..
1,
1940
3i" 666
3,035,972
304,655
Cash
209,125
Reserves
7%
$193,490
Liabilities—
Jan. 10'36
Bldgs., furn. and
fixtures, Ac
gold bonds., ser.
A,
Jan. 8*37
Land
x
f.
8.
306,205
107,965
52,284
Consolidated Balance Sheet
Assets—
advs.
Accrued liabilities.
83.507
11,661,010
307,235
88,265
89,126
$380,378
Net profit for the year
uncompleted
1st mtge.
ortization
12,889,541
301,672
93,838
56,108
57,286
78,000
improve¬
depreciation.
Interest on debentures
Bad accounts' charged
23,692
10,546
—
contracts
in process of am¬
14,080,543
leasehold
of
and
430,771
Customers*
receivables
Jan. 8, '37 Jan. 10, '36 Jan. 11, '35
$15,047,825 $13,598,656 $12,142,039
income, incl. income from
carrying
charges
on
instalment
200,000
17,289
Miscell. invests. A
11,252,459
off
Provision for contingency
200,000
26,602
Miscellaneous
11,267,801
Provision for Federal income tax.
collateral)
Notes
expense advances
Total
773,524
61,646
.
other
$
Accts. pay.—trade
commissions and
761,836
43,261
1,889,462
11,252,459
accounts
1935
$
1,874,731
credits.
Cost of mdse. sold and expense, less
of receiv. pledged
15,000
and accrued
Crowley, Milner & Co. (& Subs.)—Annual Report—
Notes pay. to stock¬
holders ($255,760
447,893
736,685
1,042,905
Prepaid insurance,
x
Liabilities—
stock
Accounts payable.
Years Ended—
Net sales
ments
Assets—
$
5,897,100
2,660,800
5.897,100
Crouch-Bolas Aircraft Corp.—Registration Withdrawn—
$40,161
1936
$
2,660,800
Common
4,540,253
2,100,910
3,053,136
1,558,161
11,267,801
Amortization
1935
1935
1936
Preferred stock
Liabi ities—
4,526,134
2,259,383
2,971,462
1,510,822
See list given on first page of this department.—V. 144, p. 1275.
Balance Sheet Dec. 31
1936
1935
<2
rt
Total
216,695
13,823
35,791
22,000
12,620
Amortization of bond discount and expense
Provision for Federal income tax
*
—V. 142, p. 4335.
$328,471
218,147
from June 15 to the date of
annum
Surplus
paid
General interest
per
Deferred
$313,537
14,933
at source
f>f
Inventories
*
Net profit before interest charges
Interest on 1st mtge. bonds, incl. normal tax
O O
Cash A receivable.
$1,137,485
18,471
Net profit from operations
Miscellaneous income
7%
1936
A
Fixed assets
Miscell. assets....
42,496
785,410
expenses
of
Crompton & Knowles Loom Works- -Bal. Sheet Dec. 31
$1,437,466
407,401
681,573
34,953
432,244
Selling, administrative and general
Non-operating plant expense
the rate
1935
1936
$2,397,635
V
dividends at
surrender.—Y. 144, p. 4002.
Continental Roll & Steel Foundry Co.—Earnings—
Calendar Years—
107
Certificates will be accepted for redemption at the same offices at any
time prior to Sept. 15 at $110 per share plus unpaid accumulated dividends
of $5.25 per share in arrears on June 15, 1937, and an amount equivalent
Consolidated Water Power & Paper Co. —Pays Larger
Dividend—
^ Net
income
$35,618
30,218
Dividends
Surplus.
$5,400
operations—before depreciation
Other income—equipment contract, royalties, &c.
Profit from
Total income
Cash..
Acer. int. receiv..
1937
1936
$7,386
$1,994
678
693
Invest. In-marketIt
able securities..
Liabilities—
1,189,806
550,364
Capital stock
Distributable surp.
Earned surplus
$4,523
indebtedness to Atlas Powder Co.
$2,132
Loss for the year.
1937
100
4,770
al,095,716
524,078
83,701
17,176
8,068
4,448
Liabilities—
Assets—
$2,479
$10,385
Cash
a
(trade).
Accts. A notes rec.
Inventories
Misc. accts. A notes rec
c
Plant
properties A equipm't
Goodwill A patents
..-$1,197,869
$553,052
Total.
$1,197,869
$553,052
Represented by 93,375 no par shares fully paid and 101,688 no par
shares issued during the year.—V. 143, p. 2205.
$19,265
Balance Sheet Dec. 31, 1936
1936
Total
f
on
Depreciation
Accounts payable.
Accrued taxes
Dividend payable.
$98,315
31,442
86,137
Interest
Balance Sheet April 30
Assets—
$80,835
17,479
$199,516
b59,045
100,119
4,112
389,085
426,974
2,106
Deferred charges
Crane Co .—Preferred
Total....
Stock Called—
Co., Chicago.
$25,063
Powaer Co
Funded
1,488
debt—Due
Atlas
Powder Co
524,044
d $8 cum. pref. stock
e
652,225
Common stock
1
Deficit
e
Holders of 7% cumulative preferred stock are being notified that the
company will retire all such shares on Sept. 15 at $110 per share and
accrued dividends to that date, amounting to $7 per share.
Certificates
will be redeemed on and after Sept. 15 at the office of J. P.
Morgan & Co.,
New York,tor at the office of Continental Illinois National Bank &
Trust
Accts. pay. A accrued liab...
Current
acct,
due
Atlas
a
-
$1,180,957
Total
After reserve for doubtful accounts of $5,816.
21,864
r
b Includes
$1,180,957
an
account
covering 1932-33 which the management considers
collectible.
c After reserve
for depreciation and replacements of $523,999.
d Represented by 18,635 no par shares,
e Represented by 12,907
no par shares.
Note—Dividends are in arrears at Dec. 31, 1936 on preferred stock to
the extent of $108 per share.—Y. 113, p. 2722.
receivable of $23,500
Financial
108
Dallas Power & Light
Period End.
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res, approp.
Dennison
Co.—Earnings-
1937—Month—1936
$505,419
$495,099
263,879
262,233
37,407
51,284
May 31—
$5,655,351
2,998,070
483,068
$6,329,155
3,291,029
698,183
$204,133
$181,582
$2,339,943
152
2,716
4,324
their holdings.—V. 144, p.
Gross income
Net
$181,734
$204,178
70,125
on mortgage bonds.
Other int. & deductions.
60,208
4,338
"
4,461
722,500
88,825
Balance
$1,529,802
$1,367,212
507,386
507,386
$1,022,416
income..
...
1935
1934
$1,553,019
$1,388,784
defll4,lll
def382,872
132,144
def171,94,1
149,541
def48,352
292,602
135,829
...
9,171,663
1,311,700
7,320,765
1,305,159
359,673
6,719,384
1,511,903
776,574
From Jan. 1—
Net from railway
$859,826
Regular dividends on 7 % and $6 preferred stocks were paid on May 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—Includes provision made during December, 1936, of $28 for Fed¬
eral surtax on undistributed profits for 1936.
No such provision has been
made to date for 1937.—V. 144, p. 4341.
1936
$1,947,387
10,226,912
643,336
def581,570
Net from railway
Net after rents
...
Net after rents
x
—V. 144,
1937—Month—1936 m
$256,716
$241,625
186,472
160,599
15,049
26,982
Net operating revenues
Rent for lease of plant.
$716,218
186,063
$655,216
186,063
$54,044
15,505
$55,195
15,505
_
$39,690
1,041
$38,539
1,458
$469,153
12,500
$530,155
17,500
$40,731
23,853
2,002
$39,997
23,853
2,080
$481,653
286,230
25,418
$547,655
286,299
26,151
$14,064
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$170,005
103,901
$66,104
$131,304
'
x
income
$14,876
$78,680
11,085
def 1,724
1,132,409
345,849
1,100,123
292,183
376,581
670,678
246,412
388,147
469,344
139,752
81,672
403,022
3835.
Net after rents
From Jan. 1—
...
x
Dividends accumulated and unpaid to May 31, 1937 amounted to
$372,312.
Latest dividend amounting to $1.75 a share on 7% pref. stock
was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $35,001 made during the last 12 months
($30,000 in 1936 and $5,001 in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 4341.
Dardelet Threadlock
Net after rents
Royalties (less payments)
$10,691
—
Interest accrued
$11,609
42,882
3,199
43,659
Total income
a
General and administrative expense-
Loss from operations
$78,131
9,180
i.
Depreciation of machinery and equipment
Depreciation of office furniture and fixtures
930
72,731
1,674
1,050
of patents
Amortization
Patents abandoned
Special settlement expense
Annual payment to "French
$168,696
Total, loss
Cr260
Addition to income
4
Deductions from income.
$168,441
279 shares
Includes
a
after rents
1—
of capital stock issued to employees at a stated
value of $50 per share amounting to
$13,950.
Note—Subject to the cost of goods sold which had to be approximated,
the above statement of income and profit and loss sets forth the result of
Assets-
$12,545
6,879
receivable
Inventory
20,216
1,820
_
Subscriptions to capital stock.
at
127
laboratory
Capital assets
Net from railway
Net after rents
—V.
1,502,847
869,352
472,186
144, p. 3669.
Radio
Corp.—Registration With¬
& Television
drawn—
See list given on
first page of this department.—V. 144, p. 449.
(W. S.) Dickey Clay Mfg. Co.—-Earnings—
Earnings for Six Months to April 30, 1937
Gross profit from operations
Sundry income
.
$594,642
13,214
Gross profit from all sources
Selling, general and administrative expense
Idle plant expenses
$607,856
252,152
23,450
Interest
59,708
and debentures
on notes
47,548
Depreciation and depletion
Net
$224,998
profit....
Condensed Balance Sheet
$568,625
287,060
928,862
59,850
Cash in bank and on hand...
Receivables.
April 30, 1937
Liabilities—
Assets-
__
Receivables, due later
Notes
payable
payable
Accounts
Plants and equipment
_. -
_ « .
(net)-
-
„
$120,000
96,349
........
Accruals
37,848
Five-year
notes
and
accrued
interest—
105,479
;
32,919
43,920
3,072,722
15-year 5% Income debs, and
1
Prepaid charges
Sundry investments _. u
Res'ves for reval'n & conting..
Goodwill
2,164,044
562,498
1,687,800
accrued interest
Preferred stock
518
...
219,424
Surplus
Accounts
Accrued
payable
$89
;—
435
taxes
Capital stock Issued and sub¬
scribed for (23,470 shares of
no
par
value)
—
Surplus deficit
$811,781
Fr.om sale of machines (payments dependent on taps manufactured).
c After reserve for depreciation of $71,-
Brush
has
been elected
a
director of this company,
and
Henry J. Kuehls has been elected a Vice-President.—V. 141, p. 2274.
Dayton Porcupine Mines, Ltd.—Registration Withdrawn
See list given on first page
of this department.—V. 144, p. 3835.
1937
May—
From Jan.
1936
1935
1934
$1,954,200
208,400
145,330
347.358
356,844
$2,074,086
698,374
613,754
11,320,073
2,711,299
10,279,318
1,531,766
9,797,765
1,327,036
10,452,717
1,472,663
940,791
961,868
1,204,045
$2,302,679
,269,474
520,017
525,359
1—
Net from railway
Net after rents
—V. 144, p. 3668.
May—
Gross from railway
Net from railway
Net after rents
1937
$4,562,192
1,187,155
678,811
1936
$4,127,309
864,400
503,676
1935
1934
$4,055,226
910,931
575,265
$4,135,868
1,030,210
636,891
1—
Gross from railway
Net from railway.
Net after rents.
p.
Inc.—Registers with SEC—
first page of this department.—V. 144, p.
3835.
Dominguez Oil Fields Co. (& Subs.)—Earnings—
Earnings for the Year Ended Dec. 31, 1936
$3,326,860
700,522
Revenue from production
420,757
—
Profit
$2,205,582
19,145
-
Other income..
*
$2,224,726
Total income
Depreciation
on
163,470
plant and equipment
707
5,060,550
Balance.
Dividends declared during
22,002,938
5,554,734
3,295,313
20,324,538
3,907,822
2,162,088
18,979,815
3,713,084
2,018,601
Liabilities—
Assess—
Cash...
Fed. inc. & cap. stk. taxes accr.
273,892
Accounts receivable
Other accounts payable
102,104
Stocks of crude oil
Dividend payable
100,000
$1,617,807
298,574
8,402
Properties, plant & equipment 1,222,403
Deferred charges
32,995
a
ploration Co. held by miu.
interest
Capital stock
—
3,440
X796.560
Surplus
x
1,904,185
Total
$3,180,182
$3,180,182 I
Total
Corp.—75-Cent Class A Dividend—
The directors have declared
Cap. stk. of the Burnham Ex¬
19,337,381
4,271,937
2,402,737
3668.
Delaware Rayon
.,760,172
the year 1936
Consolidated Balance Sheet, Dec. 31, 1936
Delaware Lackawanna & Western R R.—Earnings—
144,
Dividend Shares,
Interest
Gross from railway
From Jan.
Registration—
has admitted the common stock, $1 par,
listing and registration.—V. 144, p. 4342.
The New York Curb Exchange
to
Taxes
1,876,599
Gross from railway
voted by directors.
144, p. 932.
Operating, administrative and development expenses
Delaware & Hudson RR.—Earnings—
Net from railway
Net after rents—i
Ltd. (England)—Final Common Dip.—
dividend of 12)^ % and a bonus of 2J^ % making a total
See list given on
New Director, &c.—
C.
A final common
distribution of 22 ^ % for the year ended on May 15, was
In the previous fiscal year the company paid 20%.—V.
Divco-Twin Truck Co.—Listing and
$811,781
Total
b Less amortization of $431,452.
Matthew
932.
Distillers Co.,
2,122,826
1,311,569
.$4,993,959
Total
$4,993,959
Total
—V. 144, p.
11,615
.
Total.
—V.
1,581,227
890,529
487,912
29,643
—---
Deferred charges
a
1,797,675
1,045,736
564,552
1,809,176
1,066,853
571,278
Common stock
717,697
trade marks
b Patents and
c
11,238
Accounts receivable
Cash
74,928
$199,086
81,318
34,970
Liabilities—
Cash in bank and on hand
a
1934
1925
$234,534
116,526
56,349
From Jan.
Gross from railway
operations per books for the year ended Dec. 31, 1936.
Balance Sheet Dec. 31, 1936
Accounts
RR.—Earnings—
1936
$297,257
157,593
$280,776
137,131
59,002
Net from railway
Inventories
Net loss
Co.—Registers with SEC—
1937
5,000
company"
232,681
25,510
32,284
Detroit & Toledo Shore Line
V
Laboratory and experimental expense.
a Sales and promotion expense
220,806
3,707
def 11,281
first page of this department.—V. 144, p. 4003.
May—
724
profit from merchandise sales
238,199
11,005
def7,140
Detroit Steel Products
194
Gross
$56,376
8,172
39,865
3669.
—V. 144, p.
Detrola
Year Ended Dec. 31, 1936
$51,300
2,903
def2,860
347,160
79,202
38,117
Net from railway
Corp.—Earnings—
Income Account for the
$62,015
10.494
4,350
—
Gross from railway._—
Net
1934
1935
1936
14,919
5,196
Gross from railway
Net from railway
Gross from railway
Balance
-Earnings—
1937
$79,625
May—
See list given on
Net
$128,290
28,328
61,106
Detroit & Mackinac Ry.-
103,901
Gross income
Int. on mortgage bonds.
Other int. & deductions.
$149,465
def26,084
def3,846
1—
From Jan.
Gross from railway
$235,205
Operating income
Other income
1934
1935
1936
$159,630
29,604
54,525
Net from railway
Net after rents...
—V. 144, p.
1937—12 Mos .—1936
$3,120,190 $2,441,901
2,306,999
1,705,796
157,975
19,887
Ry.— -Earnings—
1937
May—
Gross from railway
Net after rents
Ry. & Terminal Co.—Earnings—
""Period End. May 31—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
126,145
p.4342.
Denver & Salt Lake
N et from railway
Dallas
—Earnings-
1937
$2,046,167
May—
Gross from railway
$129,592
$117,188
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
x
$2,178,537
$2,342,659
757,208
55,649
4341.
Denver & Rio Grande Western RR.Gross from railway..
Int.
held in relatively small
through the plan effectively
class of stock must approve; to
is neeided, no matter how small
widely scattered and are
are
and economically a high percentage of each
this end the co-operation of all stockholders
$2,174,213
45
Net oper. revenues
Other income
stocks
President Dennison states that to carry
blocks.
1937—12 Mos.—1936
July 3, 1937
Chronicle
Represented by 398,280 no par shares.—V. 143, p. 2996.
dividend of 75 cents per share on the class A
stock, payable June 30 to holders of record June 16.
This com¬
with 50 cents paid on April 12, last; $1 paid on Dec. 1, 1936, and 25
paid on June 30 and on Feb. 1, 1936, this latter being the initial
payment on the issue.—V. 143, p. 3314.—V. 144, p. 2475.
common
pares
Dominion
Foundries
&
Steel,
Ltd.—Initial
Common
Dividend—
cents
Manufacturing Co.—Meeting Adjourned—
The special meeting of stockholders to consider the plan of recapitaliza¬
tion held June 24 has been adjourned to Aug. 5.
In connection with this adjournment President Henry S. Dennison states
the response to the plan has been excellent.
At the meeting held
that
June 24
a majority representation of three of the four classes of stock entitled
plan. A very substantial amount of the remain¬
ing class, of stock entitled to vote was also in favor of the plan.
to vote was in favor of the
initial dividend of 25 cents per share on
value, payable July 15 to holders of record
The directors have declared an
the
Dennison
common
stock,
no
par
June 30.—V. 144, p. 103.
Dow Chemical Co.—Annual
Meeting—
Stockholders at their annual meeting on July 14 will consider amending
of*the company so as to change the
designation of the common stock from non-par value to common stock
without par value, and to provide that if the company should redeem its
preferred stock, to publish same in a daily newspaper of general dirculation,
the articles of association and by-laws
Volume
Financial
145
Chronicle
$4.50
change the date of annual meeting from second Wednesday in July
second Wednesday in August. •
also to
to
Removed from,
of preferred stock authorized is
500,000 shares. Directors have determined that the capital of the company
in respect of each share of preferred stock shall be $100.
The certificate of
Unlisted Trading—
The New York Curb Exchange has
from unlisted trading privileges.—V.
Dominion Steel & Coal
Corp., Ltd.—To Raise Wages—
The company is increasing wages effective July 1 by 7 H
increase to apply to over 4,000 workers at the Sydney Steel
several thousand workers at the subsidiary plants.—V.
Dominion Tar & Chemical
%. the wage
Plant and to
144, p. 1276.
Co., Ltd.—Initial Pref. Div.
directors have declared an initial quarterly dividend of $1.37^
share on the 5}4 % preferred stock, payable July 31 to holders of record
July 10.—V. 144, p. 1781.
The
per
(S. R.) Dresser Manufacturing Co.—Acquisition—
Following
a
meeting of directors held June 24, H. N. Mallon, President,
announced that this company had acquired control of the Clark Brothers
Co. of Olean, N. Y., maker of gas engines and compressors.
The merger was effected by exchange of Dresser class A stock held in the
Underwriters of $4.50 Cumulative Preferred Stock
Name and Address
Brown
1937
$4,344,811
3,160,764
2.894,822
Gross from railway
Net from railway
Net after rents
Gross
ft-omr'ailway
Net -rom railway
Net after rents-
—V. 144, p.
—
1936
$2,399,583
1,658,843
1,214,313
1935
$1,872,506
1,310.472
1,172,674
6,784,243
3.014,883
1,654,641
2,874,285
121,411
def497,615
_
1934
$1,298,439
,,620,197
510,873
$302,688
103,566
80,199
Gross from railway
Net from railway
Net after rents
1935
$212,063
91,536
83,329
1934
$195,227
45,135
33,191
1,167,773
Net from railway
296,980
181,136
'■
Net after rents
995,048
222,683
135,092
830,339
125,082
50,081
811,357
76,361
def30,211
—V. 144, p. 3669.
1937
$108,389
15,731
def5,867
1936
$100,335
7,454
defl5,616
1935
$86,062
8,451
def5,285
618,205
143,451
16,305
Gross from railway
Net from railway
Net after rents
From
580,408
115,399
def7,832
411,890
23,912
def40,387
Blddle Whelen & Co., Philadelphia
Cassatt & Co., Inc., Philadelphia.
Webster
and
Blodget,
E. W. Clark & Co., Philadelphia.
4,000
4,000
15,000
Francis I. du Pont & Co., N. Y__
4,000
15,000
15,000
15,000
W.
15,000
15,000
10,000
10,000
J. & W. Seligman & Co., N. Yx__
White, Weld & Co., New York
5,000
4,000
15,000
10,000
Hornblower & Weeks, New YorkW. E. Hutton & Co, New York--
■
10,000
10,000
10,000
10,000
Laird, Bissell & Meeds, Wilming¬
H.
Newbold's
Son
&
4,000
4,000
4,000
4,000
Co.,
Philadelphia
4,000
Paine, Webber & Co., New York.
R. W. Pressprich & Co., N. Y—
-
4,000
4,000
Securities Co. of Milwaukee, Inc.,
Milwaukee
4,000
Shields & Co., New York
Spencer Trask & Co., New York.
4,000
4,000
Whiting, Weeks & Knowles, Inc.,
ton, Del...
R. L. Day & Co., Boston
Boston
6,000
5,000
5,000
Hayden, M iller & Co., Cleveland.
4,000
3,000
1934
$67,576
def6,280
5,000
Jackson & Curtis, Boston
Washburn & Co., Inc., Boston
Hemphill, Noyes & Co., N. Y
5,000
Dillon, Read & Co., New York.. 20,000
F. S. Moseley & Co., New York--
5,000
3,000
3,000
—V. 144, p. 4342.
Dwight Mfg. Co.—$1 Dividend—
defl,204
Jan. 1—
The directors
Gross from railway.
Net from railway
Net after rents
—V. 144, p.
25,000
15,000
&
Inc., New York
Glore, Forgan &Co., New York-Graham, Parsons & Co., N. Y
Harris, Hall & Co. (Inc.), Chicago
Laird & Co., Wilmington
Clark, Dodge & Co., New York
Domlnick & Dominick, N. Y
5,000
Stone
Estabrook&Co.,NewYork
Hayden, Stone & Co., New York-
Duluth Winnipeg & Pacific Ry.—Earnings—
May—
-
Shares
5,000
25,000
25,000
Mellon Securs. Corp.,
Pittsburgh
Chas. D. Barney & Co., N.Y
From Jan. 1——
Gross from railway
Inc.,
Name and Address—
Salomon Bros. & Hutzler, N. Y-.
Schoellkopf, Hutton & Pomeroy,
Inc., Buffalo
Lazard Freres & Co., Inc., N. Y_
Lee Higginson Corp., New YorkLehman Brothers, New York
1.676,603
def80,054defl,002,455
2,261,258
3669.
1936
$309,629
150,434
129,069
Co.,
Blyth & Co., Inc., New York
Bonbrlght & Co., Inc., N. Y
Goldman, Sachs & Co., N. Y
Kidder, Peabody & Co., N. Y.__
Duluth South Shore & Atlantic Ry.—Earnings—
1937
&
The First Boston Corp., N. Y—_
Edward B. Smith & Co., N.Y---
def383,985 def1,321,635
May—
Harrlman
(New York)
Duluth Missabe & Northern Ry.—Earnings—
May—
Shares |
Morgan Stanley & Co., Inc., N. Y 70,000
Kuhn, Loeb & Co., New York... 30,000
As of Dec. 31, 1936, there
15,500 class A shares in the treasury.—V. 144, p. 2825.
treasury for capital stock of the Clark concern.
were
amount
incorporation provides among other things that the holders of the preferred
stock shall have no voting power on any questions whatsoever
except as
otherwise provided by law, and except that in the event that the
company
shall fail to pay any dividend on the preferred stock when it
regularly be¬
comes due and such default shall continue for the
period of six months,
then until but not after such time as accumulated and unpaid dividends
on all
outstanding preferred stock shall have been paid, at each meeting
of the stockholders of the
company held for the pin-pose of electing directors
and at which the holders of
any debenture stock then outstanding are not
entitled to vote upon the election of
directors, the holders of the outstanding
preferred stock shall have the exclusive right, voting separately and as a
class, to elect two directors or, if the total number of directors of the com¬
pany be only three, then only one director.
No holder of any shares of the
preferred stock shall have any preemptive
or
preferential right of subscription to any securities of the company
issued or sold except as the board of directors of the
company may determine.
removed the common stock, no par,
144, p. 4342.
W
109
Preferred Stock—Total
363,663
defll,591
9,47l
3669.
have declared a dividend of $1 per share on the capital
$12.50, payable July 15 to holders of record July 10.
A like
paid on Dec. 31, 1936 as against 50 cents paid on Dec. 31,
1935, and on Jan. 25, 1935.—V. 144, p. 611.
stock,
par
amount
was
Eagle Picher Lead Co. (& Subs.)—Earnings—
(E. I.) du Pont de Nemours & Co.—500,000 Shares of
$4.50 Cumulative Preferred Stock Offered—Offering was made
Net sales
June 30
Production and manufacturing costs.
Calendar Years—
1936
1935
by Morgan Stanley & Co. and 47 associates of 500,000
shares of preferred stock, $4.50 cumulative (no par value) at
$100 a share plus accrued dividends from date of issue.
This is the first stock offering undertaken by the company
since March 1928, when an issue of 101,575 shares of 6%
cumulative non-voting debenture stock was offered to stock¬
$3,687,805
1,044,705
257,311
General and administrative
673,374
Bad debt and provision less recoveries
56,172
holders at $115
Other income: Royalties
a
share.
The issue has been oversubscribed.
Gross operating profit
Selling expense.
Traffic, warehousing and shipping—
dissolution and to the extent of $100 per share and accumulated
dividends on involuntary dissolution, and as to cumulative dividends at the
rate of $4.50 per share per annum.
Quarterly dividend payment dates,
Jan., April, July and Oct. 25. Redeemable, at option of company, at any
time, in whole or in part, upon at least 60 days' notice, at $115 per share
Company—Organized in 1915 in Delaware.
Company with its subs,
engaged principally in manufacturing and selling diversified lines of
products and other products related thereto.
In addition the
company and its subsidiaries hold investments in other companies, the
most important being 11,956,686 shares, or 27.5%, of the outstanding
common stock of General Motors Corp.,
of which shares 1,956,686 are
applicable to minority interests in a subsidiary. Company is advised that
Christiana Securities Co. owns 3,049,800 shares, or 27.56%, of the common
stock of the company and that certain of the directors and officers of the
company have a controlling interest in Christiana Securities Co.
The principal manufacturing and sales activities of the company are
conducted through 11 departments or divisions, which are listed in the
order of their respective positions from the standpoint of dollar volume of
sales for the years 1935 and 1936, as follows: Fabrics and finishes (including
pyroxylincoated fabrics and lacquers), organic chemicals (Including dyestuffs), rayon, Graselli chemicals (heavy chemicals), explosives (excluding
smokeless powder), "cellophane," R. & H. chemicals (specialized chemicals),
plastics, krebs, pigments, ammonia and smokeless powder.
Company and its subsidiaries have 81 plants in the United States and one
in England, all but two of which are held in fee.
In addition the com¬
pany has a large number of other properties including warehouses, maga¬
zines for explosives, distributing stores
and sales offices, a number of
which are held in whole or in part under lease.
is
2,049,499
724,960
176,165
575.346
87,069
$1,284,741
29,623
8,429
34,882
$485,958
36,223
9,415
46,849
$1,737,707
10,871
$1,357,676
16,867
$578,445
30,863
$1,726,835
821,358
$1,340,809
640,438
$547,582
697,282
57,786
137,198
14,109
116,750
T, 492
$1,656,242
Interest and dividends
Miscellaneous
Total
tary
and accumulated dividends.
$3,042,436
875,559
226,679
566,264
89,192
29,316
6,629
45,519
Net operating profit
The preferred stock, $4.50 cumulative, is junior to the debenture stock
both as to assets and dividends.
Preferred over the common stock as to
assets to the extent of $115 per share and accumulated dividends on volun¬
Interest
on
notes
1934
$20,873,574 $16,032,816 $11,802,257
17,185,769
12,990,380
9,752,759
payable—
Net
Provision for depreciation & depletion
Loss on abandonment of prospects..
Prov. for Fed., State & inc. taxes, est.
Provision for Federal surtax
chemical
Capitalization, Outstanding
as
Net
Debenture stock—6% cum., $100 par (1.092,948 shares)
officers, directors and employees under bonus plans.
As of May 31,
1937, there were 29,492 shares so held in the treasury of the company and
226 shares owned by subsidiaries.
Unsecured 5% notes payable to the trustee under the pension plan of the
company were outstanding as of Dec. 31,1936 in the amount of $20,662,354,
and as of May 31, 1937 in the amount of $20,731,354,
maturing yearly
through 1943 in varying amounts. The company was obligated as guarantor
of principal of and interest on 5% mortgage bonds in the amount of
$20,022
as of Dec. 31, 1936, and $71,737 as of May 31, 1937.
Purpose of Issue—No specific allocation of the net proceeds (estimated at
$48,628,000 after deducting expenses) to be derived from the sale of the
500,000 shares of preferred stock—$4.50 cumulative has been or is intended
to be made.
The net proceeds will be placed in the general funds of the
company.
The company believes that it is prudent to raise additional new
capital at this time to provide against contingencies calling for greater
working capital and to provide against reduction of its cash funds which,
assuming a reasonable dividend policy, it expects would otherwise take
place over the next year due to cash expenditures for expansion of plant
facilities and to increased working capital requirements to finance in¬
creased inventories and receivables resulting from a general expansion of the
company's volume of business.
Net sales &c., oper. re venues
Income from operations
1935
$179,932,883 $220,527,780 $260,333,220
30,292,441
40,839,075
52,965,490
Consolidated net income
14,999,635
6,285,975
46,701,465
22,497,720
8,636,162
62,085,410
44,004,389
4,746,320
89,884,449
Dividends on the debenture stock amounted to $6,555,634 in 1934 and
$6,557,586 in each of the years 1935 and 1936. Dividend requirements on the
50,000 shares of preferred stock—$4.50 cumulative are $2,250,000 per
annum.
hand.
770,747
bAccts.¬esrec.
2,891,668
5,427,640
302,417
5,559,936
264,271
5,019,737
5.288,402
261,047
230,042
Oth er assets
c
...
Pref. divs. payable
dividends
367,326
8,233
266,440
credit bal...
58,147
170,782
138,737
cust.
metal
inventory
price fiuctuation 1,279,081
953,162
393,785
555,400
Common stock.. 9,000,000
470,995
126,331
197,470
34,985
a
24,128
24,128
Capital surplus...
1,369,355
Earned surplus...
738,305
555,400
9,000,000
1,324,430
573,321
298,181
195,420
1
Investments
118,681
1
15,319,368
14,030,026
Treas. stk., at cost
Prepaid & deferred
Pats., g'dwlll, &c.
a
16,938
Res'ves for normal
Res. for conting..
securities
Total
722*368
Accrued
d Non-oper. plants
and propertySelf- insurance fund
500,000
878,953
8,233
Res. for self-insur.
Oper. plants and
property
1935
$
Notes payable
Accounts payable-
15,319,368 14,030,026
6%
cum.
pref. stk.
Total.
Represented by shares of $10 par.
b After reserve for bad and doubtful
of $240,156 In 1936 and $240,824 in 1935.
c After
reserve for
accounts
depletion, depreciation, &c., of $10,296,785 in 1936 and $9,861,709 in 1935.
d After reserve for depletion, depreciation, &c., of $3,168,726 in 1935 and
$3,028,149 in 1936 —V. 144, p. 3669.
East St. Louis Light & Power Co.—Name Changed,
Merger, &c.—See Union Electric Co. of Missouri.—Y. 144,
p.
3836.
Eastern Gas & Fuel
Associates—Earnings—
12 Months Ended May 31—
income
1937
1936
$10,848,481 $10,588,304
400,903
608,928
3,894,958
3,421,602
3.061,714
3,137,707
584,244
256,068
1,627
214,568
Total
Federal income taxes (estimated)
Depreciation and depletion
Interest
-
-
Debt discount and expense
Minority interest
Net income
-
State taxes on dividends
Deficit
-
Per share of common stock, deficit
Note—There is
p.
no
provision for surtax
on
$2,905,035
1,108,733
$2,949,431
1,108,431
2,253,228
106,732
-
Dividend requirements on 4^% prior pref. stock..
Dividend requirements on 6% cum. pref. stock,
excl. of stock owned by Eastern Gas & Fuel
Associates
1936
Divs. received from investment in
General Motors Corp
Other income.
1936
Liabilities—
Inventories
Consolidated Statement of Income for Calendar Years
1934
$
464,251
1,849,908
on
(11,045,304 shares in hands of public;
20,458 shares in treasury)-..
---.221,315,240
to
1935
$
Cash in banks and
Common stock ($20 par)
Note—As of Dec. 31,1936, 20,458 6hares of common stock in the treasury
of the company and 767 shares owned by subsidiaries were held for awards
$583,620 loss$153,192
16,467
Consolidated Balance Sheet Dec. 31
1936
.Assets—
charges
$1,135,000
109,294,800
$696,384
32,934
536,446
year
Common dividends
of Dec. 31, 1936
Funded debt
profit for
Preferred dividends
2,009,659
100,653
$563,658
$269,312
$0,284
$0,135
undistributed profits.—V. 144,
4343.
Eastern Magnesia
The company
Talc Co., Inc.—Pays Extra Dividend—
paid an extra dividend of $1
per
share in addition to the
regular quarterly dividend of $1 per share on its common stock, par $100,
on June 30 to holders of record June 20.
An extra of 50 cents was paid on
Dec. 21, 1936.—V. 144, p. 103.
Financial
110
Eastern Dairies, Ltd.
1936
July 3, 1937
-Earnings—
Easy Washing Machine Corp.
1935
$286,563
170,713
$415,271
174,085
1,749
39,612
1,726
61,097
1,116
1,880
215,000
10,454
1,601
1934
$396,046
$439,085
175,925
798
Premium paid on foreign
funds for bond interest
178,101
1934
1935
1936
Calendar Years—
Gross profit after deduct¬
1933
l
of sales, dis¬
ing cost
counts & allowances &
Remun't'n of executives
Legal fees
(& Subs.)—Earnings—
1937
Years End. Mar. 31—
Profit for year
Bond interest
Chronicle
12,654
2,460
225,918
-
Directors' fees
Depreciation
deprec.
plant and
on
$1,916,361
83,801
$1,502,938
102,977
$1,223,003
60,745
$1,259,276
67,799
$2,000,162
$1,605,915
$1,283,748
$1,327,075
1,359,725
1,273,614
1,292,395
984,096
2,145
8,122
9,601
Other income.
5,350
225,000
10,454
2,110
200,000
10,454
$51,689 prof$19,448
10,454
2,146
Amort, of bond expenses
Prov. for income taxes..
6,004
prof$1,487
Selling, general & admin.
Adjustment of invent, to
$179,141
Net loss
Consolidated Balance Sheet March 31
1937
$214,712
322,405
5,656
Assets—
Cash
on
hand and in banks..
Accts. & bills receiv. (less res. for bad debts)
Accrued interest and dividends receivable
Due from a director of a subsidiary company.
Inventories
—
_
.
180,694
328,644
23,523
325,033
—
Investments securities (at cost)
Cash surrender value of life insurance policies
Other assets
Land, bldgs., plant & mach., equip't, &c
Prepaid and deferred expenses
Bond disct. & exps. &
7,463,359
58,684
—
commission on pref. shares..
Organization expense
1936
$239,360
307,284
7,246
3,292
164,740
514,393
20,399
85,027
7,431,494
57,625
294,023
20,021
2,047,789
281,410
20,021
2,047,790
178,360
—
Goodwill
Deficit
market values
Prov.for conting. reserve
Miscellaneous
$11,192,696
Bank loan
$83,000
2,263,717
1,700,000
$52,000
328,833
21,985
16,861
55,264
71,012
8,172
2,090,309
1,700,000
(secured)
345,760
accrued liabilities
Taxes, due and accrued
26,692
■•-
r
Unredeemed tickets
Salesmen's deposits
18,082
55,058
Accrued bond interest
69,525
Deferred revenue
8,922
Reserves for depreciation
Capital of sub. companies outstanding
6% 20-year 1st collateral trust conv. bonds, series
A. due May 1,1949.
2,781,000
1,498,535
9,223
-$11,450,291
$11,192,696
Earned surplus
Total
Represented by 100,000 no par shares in 1937 and 95,000
1557.
x
no par
shares
U.
S.
Net loss—operating divisions
Profit on sale of securities
$25,857
44,070
38,591
3,347
Income from investments
Other income
Profit
$60,152
-
64,668
Carrying charges, closed plants
Reorganization expenses
Other expenses
c
453,416
1,160,197
27,810
361,031
1,577,227
deposited..
27,810
Land, bldgs.,ma¬
chinery & equip. 1,400,691
receivable
-
b
& trademarks
-
7,408
102,491
Dividends paid
ou
Cash
Ctu
on
'
Liabilities—
"
$63,967 Notes
deposit & on hand...
b Notes & accounts receivable
Inventories
869,440
Marketable securities....
Laws
(cost)...
-.
$4,895,588 $4,871,693
Total
for
con¬
tax
1,926
1,291
---
1
Accruals
Deferred charges—
—
19,465
Reserves
18,114
Capital stock ($25 par)
Capital surplus (net of
-
Commissioner
dustrial
p.
undef
Workmen's
Inc.—Weekly Input—-
week ended June 24, 1937, the kilowatt-hour system input
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:
Increase
1937
Operating Subsidiaries of—
1936
Amount
116,865,000 113,918,000 2,947,000
57,975,000
51,234,000 6,741,000
79.706,000
72,879,000 6,827,000
Amm-ican Power & Light Co
Electric Power & Light Corp
National Power & Light Co
—V. 144, p. 4343.
Economic Investment
Trust, Ltd.
-Earnings—
1935
1934
$92,035
13,671
47,476
3,223
$90,934
12,261
48,014
1,280
$27,664
24,955
$29,379
34,935
$13,389
105,509
$4,246
101,263
$2,709
98,554
$9,414
89,140
$118,899
$105,509
1936
1937
$149,420
15,336
47,475
3,350
$100,755
13,672
47,475
$39,181
Dividends paid
$83,259
69,870
Balance, surplus.
Previous surplus.
Prov. for income tax
Net profit
_.
427
Total
Eastern Massachusetts Street
Sundry creditors &
accrued charges.
Dividends payable
Taxes
Other income.
$159,958
5,176
$183,580
7,701
Sundry
accts.
$1,111,766
203,362
$908,404
31,513
36,101
$1,158,377
181,037
$977,340
40,100
$165,134
$191,281
$939,917
$1,017,440
52,576
102,277
64,172
110,154
268,907
521,369
321,531
557,611
$10,281
$16,955
rents, &c
Depreciation & equaliz.
before prov.
Net inc.
for retir. losses
—V.
144,
p.
$149,641
$138,298
3669.
Eastern Utilities Associates
•Earnings
12 Months Ended May 31—
1936
1937
$8,661,903
$8,386,945
1,796,067
309,824
1,638,363
309,792
1,966,966
Operating revenues, subsidiary companies
Net earnings of
General
re¬
Capital stock
a Surplus
Revenue
Total-...-..-$2,758,600 $2,715,222
a
p.
Total
Other income of Eastern Utilities Associates
998,125
559,579
118,899
$2,758,600 $2,715,222
reduction in par value of common shares.—V. 142,
4398.
4338; Y. 140,
p.
Edmonton City
The directors have
on
Dairy, Ltd.—Accumulated Dividend—
a dividend of $1.25 per share on account of
cumulative preferred stock, par $100, payable
declared
the 6H %
July 2 to holders of record June 15.
A similar payment was made on
April 6 and Jan. 2 last, and prior thereto regular quarterly dividends of
S1.62H per share were distributed.—V. 144, p. 2297.
Edwards Mfg.
Co.—$3 Dividend—
The directors have declared a dividend of $3 per share on the common
stock, payable July 15 to holders of record June 30.
A dividend of $5
was paid on Dec. 15, 1936, this latter being the first dividend paid by the
company since Feb. 1, 1926 when $2 per share was distributed—V. 143,
p. 3839.
ElectrograpHic Corp. (& Subs.)—Earnings
1,846,528
Eastern Utilities Associates
account.
$962
24,954
19,781
56,811
949,500
998,125
559,579
105,509
$1,007
54,897
19,781
56,811
949,500
Created through
1936
$3,939,646
2,653,351
1935
1934
Cost of sales'
$3,490,631
2,328,686
$2,986,903
1,935,993
Selling, administrative, &C
$1,286,294
867,847
$1,161,944
710,042
$1,050,910
610,541
$418,447
10,634
$451,902
13,560
$440,368
17,349
$429,081
$465,463
$457,717
125,519
134,444
148,722
$303,563
64,884
3,347
$331,018
63,379
$308,994
49,684
13,886
8,058
10,335
$221,446
326,608
$259,581
215,036
$248,975
def146,998
$548,054
43,526
196,551
19,917
$474,617
$101,977
89,876
$288,061
$326,608
Calendar Years—
subsidiary companies applicable to
reserve
Funded debt
123
25
ceivable.
accumulations
Gross corp. income—
Interest on funded debt,
$2,757,014 $2,708,617
1,56 1
6,483 Bond int. accrued.
serve acct
Cash in bank
1937—5 Mos.—1936
$2,845,402
$3,056,235
1,733,636
1,897,858
$219,681
1936
1937
Liabilities—
1936
1937
Ry.—Earnings—
$200,863
40,905
Net ry. oper. revenues
$98,554
$101,263
Invest, at book val.
—.$4,517,188
Period End. May 31— 1937—Month—1936
Railway oper. revenues.
$548,555
$577,882
Railway oper. expenses.
347,692
358,201
19,965
Balance Sheet March 31
Assets—
$68,601 to reduce topresent value, b After provision
for possible uncollectibility of $26,654.—V, 144, p. 1781.
1.6
13.2
9.4
Divs., int. and other in
oper.
Less provision of
a
144,
the
less invest, re¬
$4,517,188
Total
Law.—V.
Compensation
of the
1,970,450
1,824,742
reserve
3497.
54,386
285,678
deficit)
b After
and obsolescence of $1,914,537 in 1936 and $1,813,358 in
1935.
c Represented by 57,240 no-par shares of class A stock and 461,374 56/100 no par shares of class B stock,
d With New York State In¬
177,961
2,678
employees'
Goodwill
Other assets
$200,000
$4,895,588 $4,871,693
Total
After reserves of $39,462 in 1936 and $40,617 in 1935.
for depreciation
&
tributions & old age benefits
2,632,352
Fixed assets
Patents
bank, (unsec.)--
other credits
Liability
68,910
—
pay. to
Accounts payable.
Advances from
customers
469,553
373,458
a
500,000
1,369,576
513,157
31,700
43,561
Deferred charges..
Operating expenses
Bond interest
Balance Sheet Jan. 2, 1937
■*1
Capital surplus-..
Tamed surplus--.
1,374,374
511,729
-
Years End. Mar. 31
Net loss for period
-
patents
Goodwill,
a
$493,933
90,479
2,456,808
500,000
1,330,473
$478,724
Res. for conting—
90,479
Common stock2,456,808
1,060,690
830,738
1935
1936
payable
& accrued liabs.
d Sec.
2,199
692
—
$0.60
Nil
Liabilities—
Accounts
$250,447
accts.
&
I nventorles
For
Earnings for the Period from Dec. 29, 1935 to and Including Jan. 2, 1937
1935
1936
$142,801
Ebasco Services
Co.—Earnings—
$1,333,149
$1,314,902
class
State
Govt.
Notes
a
in 1936 —V. 143. P.
Eastern Malleable Iron
28,626
230,550
Balance Sheet Dec. 31
2,500,000
_
Common stock
x
$0.55
$312,670
1,279,649
9,965
r_
Earn, per share on
A & B shares
2,840,500
2,500,000
1,598,535
7% cumulative preferred stock ($100 par).
$1,330,473
$1.07
Class B dividends
& mimic, bonds.
Accounts payable and
28,620
230,556
loss$18,247
1,333,149
re¬
spect of prior years—
Class A dividends.
Assets
$11,450,291
—
-
_
57,240
461,118
$1,369,576
in
taxes
25,581
38,678
$284,713
1,314,902
Profit for year
Previous surplus
Cash
Total.
80,830
$557,461
1,330,473
Prov. for Fed. inc. tax..
Additional
4,411
""316
""788
Net sales
Balance for Eastern Utilities Associates dividends
and
surplus
Note—No provision has been made for the Federal surtax on undistri¬
buted
income
net
for
the
year
1937 which
may
be payable under the
Revenue Act of 1936, since any liability for such tax can not be determined
until the end of the year.—V.
Eaton
144,
p.
4004.
Total
Paper Co.- -Earnings—
1935
1934
$94,601
36,000
34,440
1,811
$15,246
36,000
$22,350
loss$55,194
36,000
33,547
a2,100
Depreciation
Interest
on
bonds.
.
Federal income tax
Net profit
a
No
$11,342
has
provision
been
made
for
Federal
surtax
on
34,440.
Balance Sheet Dec. 31
1936
Assets—
$54,791
Accounts payable.
191,682
322,529
262,504
12,615
1st mtge. bonds—
363,480
3,748
385,969
Profit & loss def—
$1,040,010
$912,670
Inventory
Other assets
19,866
-
mach., equip.,&c
Deferred charges..
a
After
11,675 no
2207.
1935
$40,626
17,212
632,000
15,225
656,000
362,116
157,756
Dr3,540
5,108
Capital stock
Treasury stock
Total
362,116
31,654
Dr 1,840
$1,040,010
$912,670
for depreciation and revaluation,
b Represented by
$3.50 pref. shares and 38,074 no par common shares.—V. 143,
reserves
par
&c
b
Land, buildings,
Total
1936
$62,176
Accrd. disct., int.,
Bills & accts. rec..
a
Liabilities—
1935
$124,229
206,158
p.
lease and plant expenses, &c
Net profit for the year
Income and other taxes
Prov. for surtax
undistributed
profits.
Cash
income.
»
1936
$82,989
Years—
Calendar
Profit for year
Oper. profit, before deprec. & chgs_
Other income
on
undistrib. income.
~~vm
to
minority interest.
Consol. net income for the year.—
Previous earned surplus
Total
...
Dividends paid on preferred stock-—
Divs. paid on common stock
Miscellaneous charges
Balance
-
88.200
59,372
Adjustments applicable to prior years
Transferred from capital surplus— —
Earned surplus Dec. 31 (consol.)—
Earnings per share on 119,178 common
shares, par $1...
To",905
437
$1,194
3,754
210,087
*
$288,061
$326,608
$1.49
$1.81
$215,036
^
'
$1.65
Volume
145
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
Assets—
1936
Cash
a
liabilities—
1935
1182,549
$221,647
Accts.
Accts. and notes
receivable
533,251
Inventories
Inv.
In
&
b Fixed assets
79,529
787,735
830,559
45,075
34,798
reserve)
663
663
467
9,529
97,986
5,569
97,986
Calendar Years—
Gross sales and
$84,153
$83,317
99,689
68,808
State
accrued..
Interest
In sub. co
22,641
26,155
630,700
630,700
119,178
612,067
288,061
par)
119,178
603,327
326,608
Common stock ($1
par)..
Earned
surplus.._
Total
$1,856,490 $1,858,093
b After depreciation.—V. 143, p. 3464.
Net from railway
Net after rents
1934
$1,538,319
461,698
287,411
$1,107,739
382,612
308,296
$1,109,102
322,088
186,360
9,850,405
3,265,229
1,916,090
From Jan. I—
Gross from railway
1935
$1,916,554
590,680
336,543
Gross from railway
Net from railway
Net after rents
1936
7,450,099
2,318,384
1,601.504
5,863,467
1,808,074
1,278,201
—V. 144, p. 3836.
•
y662,446
267,876
$674,135
497,149
159,162
Operating profit
Other income
$187,977
50,467
$681
15,918
$49,191
19,084
$17,824
23,418
Gross profit
Other expenses
$238,444
$16,599
54,903
$68,275
49,742
52,460
$41,242
57,893
83,032
5,219
24,363
15,366
20,561
273
19,567
2,435
4,832
5,039
2,470
$98,869
$65,003
Selling and adminis.
exp.
Development & tool cost
Experim'l & research exp.
Repairs & replacem'ts to
sold
1,555
Depreciation
Tools, jigs, dies and pats.
Inventory adjustments.
Prop,
4,655,462
1,113,134
489,799
36,164
6,016
1,617
5,184
z27,571
of deficit of sub.
co. for the
period, ap¬
plicable to min. int
Net loss for year
Dr29.266
Cr3,267
prof$78,982
x
Sales, less returns and allowances,
y Cost of goods sold,
$3,203 for surtax on undistributed profits.
1936
1,937
$3,004,876
1,116,539
1935
Liabilities—
$81,025
$182,049
Notes & accts. rec.
Operating revenues
Balance after operation, maintenance and taxes
Bal. for divs. & surplus—(after approp. for retire.
reserve)
—V. 144, p. 4178.
1936
Cash
Co.—Earnings—
12 Months Ended May 31—
427,885
184,554
Deposits
$2,840,849
1,069,716
Land, buildings,
mach. & equip..
159,858
408,167
from
Aug. 2,
1937,
6,617
86,464
stk.
16,948
7,575
1
1
on
r.
2,000
advance
billings
partially com¬
pleted orders
Mtge. pay. (curr.)
Accrued
therefor)
—
Notes pay.
Selling, general and administrative
$9,221,458
7,200.020
8,463
expenses
Provision for doubtful accounts
Net operating income.
$2,012,976
$140,533; less
deductions
from
interest paid of $91,042
income,
incl.
.$2,659,866 $2,262,419]
x Represented
by $1 par shares,
808 in 1936 and $249,077 in 1935.
—V. 144, p. 4005.
Fall River Gas Works
Period End. May 31-
Operating
Operation
y
z
60,188
889,007
157,134
1,510,014
886",610
70,194 def282,269
Total
$2,659,866 $2,262,419
After depreciation reserve of $209,-
Includes trade acceptances
payable.
Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$73,818
$71,910
$865,370
$879,198
41,694
39,139
449,950
466,154
4,379
4.670
78,508
65,373
al2.578
13,725
al51,665
158,896
revenues
Maintenance
Taxes
Net oper. revenues
Provision for Federal and State taxes based
on
income
Non-oper. income (net)
$15,167
$14,375
15
182
193
$15,167
5,000
$14,391
$185,428
60,000
$188,968
60,000
$125,428
11,188
$128,968
12,246
$114,240
105,889
$116,723
119,126
_
_
$2,062,026
498,116
I
"
Balance
Retirement
reserve accrs
$185,247
5,000
.
Net profit for period.
$1,563,910
304,417
_
Preferred dividends
Common dividends
Earns, per share on 405,360 shs. of
1,216,080
$3.11
common stock ($50
par)
Notes—(1) Depreciation of $645,307, officers' compensation of
$246,294
and social security taxas of
$643,488, are included in cost of goods sold,
selling, general and administrative expenses, and miscellaneous
income.
».2) No provision for surtax on undistributed profits has been
made.
—V. 144, p. 612.
Income Statement (Parent
12 Months Ended May 31—
Revenue from subsidiary companies;
Company Only)
1937
Interest—income notes
Time notes
1936
$285,000
61,729
Miscellaneous
$58,000
58,299
48
Dividends—preferred.
83,547
2,787,715
89,085
1.722,540
$3,307,125
$1,926,638
101,778
al68,497
140,782
20,952
$3,036,849
$1,764,904
1,617
1,257
$3,035,232
$2,323,537
$2,323^537
Common...
Revenue from miscellaneous investment.
revenues
-
Taxes
"
$10,167
945
874
~
Gross income
$9,224
$8,516
Interest charges
Net income
$9,391
Dividends declared
$188,775
No provision has been made for the Federal surtax
on undistributed
net income for the year 1937, since
any liability for such tax cannot be
determined until the end of the year—V. 144,
p. 4344.
a
Filtrol Co. of California—Annual
Report—
Important changes in capital structure were made during the
year.
Thestock was revised from a no par basis to a
par value of $3 per share.
By means of readjustment of capital surplus account and
through stock
dividends, the shares outstanding were increased from 55,261
shares,
(as of Jan. 1, 1936) to a total of 221,044 shares as of Dec. 31, 1936.
An
issue of $500,000 of 10-year 5% convertible debentures was
sold on favorable
terms as of Dec. 1, 1936.
Total cash dividends of $287,357 were declared and
paid during 1936.
equal to $1.30 per share on the 221,044 shares outstanding at Dec.
31, or
$5.20 per share on the 55,261 shares old stock.
Of this sum,
$145,651
represented distribution of surplus earned prior to Jan. 1, 1936.
From proceeds of the debenture issue there was
disbursed $150,000 to
Filtrol Corp. as contribution to paid-in surplus account.
Attapulgus Clay
Co. made a contribution to Filtrol Corp. of like amount. This
placed Filtrol
Corp.'s working capital resources in position to care for further desirable
capital expenditures, leaving current earnings available for dividend
common
Engineer^ Public Service Co.—Earnings—
Total
49,222
49,051
Net profit before provision for Federal and State taxes
based
on income
Expenses
83,640
(def'd)
Operating surplus.
59,927,815
73,620
.
2,000
commissions, &c
Mortgages payable
Total...
.$69,149,274
—
133,407
expenses,
"
Corp. (& Subs.)—Earnings—
Cost of goods sold, based upon the normal stock method of
in¬
ventory val'n (incl. $1,018,613 transferred to reserve
income,
55,268
pref.
Deps. received and
596,818
Goodwlll, &c
Sales—finished
Miscell.
on
Minority Interests
Capital surplus.__
Consolidated Income Account for 52 Weeks Ended
May 29, 1937
product, by-products and miscellaneous, to
156,175
dlv.
Dec.
of sub
$69,000 principal amount of these bonds.
Called bonds will be redeemed
102% of their principal amount, plus accrued interest to Aug. 2, at the
principal office of the bank, corporate trust department, 11 Broad St.—
V. 144, p. 4005.
Endicott Johnson
5%
pay.
Dlv.
Deferred & prepaid
expenses
A
29, 1937
expenses
1935
$220,977
zl72,584
190,479
155,000
notes
officers
and employees.-
Develop,
on
Ser.
595,530
281,108
at
.
Includes
$337,032
Accounts payable.
1,481,495
325,830
The Chase National Bank, as corporate
trustee, is notifying holders of
first mortgage bonds, series A 4H%. due June
1, 1951, that there has been
called for redemption for account of the
Gross profit.
$48,413
z
1936
Capital stock
Notes payable
x
49,170
357,020
Invest. & advances
Due
sinking fund
on contr..
Inventories
y
340,674
—
El Paso Natural Gas Co .—Bonds Called—
(net)
Cr4,401
Consolidated Balance Sheet Dec. 31
Assets—
El Paso Electric
customers
1933
$1,102,800
801,476
252,132
Federal taxes.
1937
1934
x$l,533,895
yl ,253,048
280,165
Miscell. adjustments
Int. paid or accrued
Elgin Joliet & Eastern Ry.—Earnings—
May—
1935
'
from operations
x$l ,118,299
Cost of sales and oper'ns
goods
$1,856,490 $1,858,093
reserves,
1936
earnings
Capital surplus.__
Goodwill purch
1935
7% cum. pref. stk.
682
P graphic Corp
After
1936
pay¬
expenses
and
Minority
($100
Stks. of other cos.
Stock of Electro-
a
Federal
taxes
35,000
Total
&
accrued
to
cos
Deferred charges..
Cash In closed bks,
pi (less
533,848
95,634
121,409
adv.
Hit affiliated
pay.,
rolls
111
Fairchild Aviation Corp. (&
Subs.)- -Earnings-
87,798
disbursements to its two stockholders.
Balance
Interest----..
—
Balance for dividends and surplus
Preferred dividend requirements
Includes normal Federal income tax of
$119,789.
been made for the Federal surtax on
a
$1,763 647
No
provision has
undistributed profits since
any liability
for such tax cannot be determined until the
end of the year.
Combined Income Statement of
Subsidiary
I
Companies
Inter-company items eliminated]
Period End. May 31—
Operating
Operation
revenues
Maintenance
Taxes
Net oper. revenues.__
Non-oper. income (net)_
Balance
Int. & amortization, &c_
1937—Month—1936
1937—12 Mos.—1936
$4,136,013
$3,809,776 $49,928,848 $45,673,811
1,607,143
1,592,806
20,281,341
18,915,621
285,240
230,611
3,229,887
2,645,865
499,959
479,355
a5,783,819
5,005 860
$1,743,670
14,219
$1,507,003 $20,633,800 $19,106,464
130,703
650,519
1,140,571
$1,757,889
660,508
$1,637,706 $21,284,319 $20,247,036
654,503
8,063,927
8,365,255
Balance.
$1,097,381
Appropriation for retirement reserve
$983,203 $13,220,392 $11,881,781
5,547,092
5,119,750
Balance
Dividends
on
preferred stocks, declared
Cum. pref. divs. earned but not declared
Balance.
Amount applicable to minority interests
$7,673,299
2,791,899
1,278,123
$6,762,031
$ 3,603,276
15,994
$3,066,459
2 385 741
1 '309'831
$3,587,282
undistributed profits.
Federai
allowing for
$339,067
147,397
30,248
$168,344
297.107
_
Dividends paid.
$339,067
$244,397
55,501
20,551
Total income
Selling, adminis. & miscell. expenses
on current operations
Net income.
1935
$170,660
60,000
13,737
Federal income taxes
$161,421
Balance Sheet Dec. 31
1936
Cash
Accts.
rec.
1935
$236,031
6,425
(less res)
$76,653
52,242
37,461
Filtrol Corp
a
Land,
equipment,
bd.
539,345
730,160
1
.
30,011
outstanding
33,157
600,000
b Com.
stock out¬
standing
663,132
Earned surplus
count & exp., re¬
subsidiary companies.
Note—Certain Subsidiary companies on Jan.
1, 1937 adopted the Federal
Commission System of Accounts, hence
previous year's figures are
not exactly comparative.
On March 31, 1937 the
physical property and
certain other assets of Ponce Electric Co. were sold.
The income statement
includes results of operation of that
company for periods prior to that date
34,473
~~2~083
Capital surplus-..
dis¬
unearned
$40,833
bonds
accr. on
Debs,
&c.
$23,518
43,524
stock taxes
Int.
384,886
plant,
Patents & licenses
Liabilities—
Accounts payable.
Fed'l inc. & cap.
Dividends payable
Invest, in & adv. to
Unamort,
,
b Applicable to Engineers Public Service
Co., before
cumulative preferred dividends of certain
five months only)
Royalties and miscellaneous income
Assets—
9,592
$3,056,867
$340,653
$714,070
$744,644 of which the Federal surtax
on undistributed profits for three
subsidiary companies amounts to $6 350
No provision has been made by the other
subsidiary companies for
Cum. pref. divs. of certain sub.
cos., not earned-_
a Includes Federal income taxes
of
on
Income Account of Calendar Years
1936
Gross profit from sales (for 1936,
Dividends from Filtrol Corp
Inventories
b Balance
surtax
On June 1, 1936, the contract with Attapulgus
Clay Co., as previously
reported to you, became effective upon an operating basis, that date
marking the completion of the new manufacturing unit at Jackson, Miss.
Simultaneously the manufacturing facilities located at Vernon,
Calif.,
previously owned and operated by company, were transferred to Filtrol
Corp.
This transfer also included all of our activate
clay business and
goodwill, certain patents, et cetera, together with license agreement with
Contact Filtration Co. relating to activate
clays.
Since June 1,1936, therefore, the manufacture and sale of Filtrol
activated
clay products has been conducted by Filtrol Corp., in which Filtrol Co. of
California and Attapulgus Clay Co. each own a<>50% interest.
Title to patents and patent rights relating to processing or
treatment of
vegetable and petroleum oils were retained by company, having been
specifically excluded from the negotiations with Attapulgus Clay Co.
De¬
velopment work in the commercial exploitation thereof is
progressing in
a satisfactory manner.
270,305
400,134
search & devel't
Power
—V. 144, p. 4005.
& other def. chgs
Total
88,286
$1,254,974
22,717
145,651
-...$1,254,974
$930,554
4,025
$930,5541
Total
a After
reserves,
b Common shares outstanding at Dec. 31.
1936,
221,044 ($3 par value); at Dec. 31, 1935, 55,261 (no par value).—V. 143
p. 3998.
Financial
112
Foster & Kleiser
Florida East Coast Ry.—Earnings—
1936 .
$781,269
253,707
111,224
1935
$765,166
256,229
112,723
1934
$690,358
193,328
60,009
4,815,022
1,795,660
1,154,504
4,641,217
1,453,586
4,689,762
795,834
1,254.600
1937
$666,477
139,971
May—
Gross from railway
Net from railway
3,463
Net after rents
July 3, 1937
Chronicle
Co.—Earnings—
1937
Years Ended March 31—
$5,155,768
4,771,435
$123,368
19,024
$421,616
5,923
62,350
24,350
$142,392
9,330
18,489
$328,993
Operating expenses
$4,251,455
$384,334
37,282
Income from operations
$114,574
From Jan. 1—
Gross from railway
5,409,684
2,058,255
Net from railway
Net after rents
1,338,080
Other income.
1,912,793
—V. 144, p. 3671.
Deductions from income
Provision for Federal income tax.
Florida Power & Light Co.
Surtax
(& Subs.)—Earnings—
1934
1935
1936
Calendar Years—
1933
Operatingrevenues__*_„_$13,682,144 $12,508,684 $11,646,144 $10,449,084
6,633,483
25,223
7,017,703
39,332
41,375
5,740,623
42,605
$6,338,791
28,412
>,451,648
33,294
$4,971,285
25,579
$5,484,943
2,600,000
1,320,000
217,023
436,836
undistributed profits..
$4,665,855
23,696
$6,367,203
2,600,000
Int. on debentures
1,320,000
Other int. & deductions.
309,328
Prop, retire, res. approp.
634,000
on
Net income
Common dividends
Oper. exps., incl. taxes__ a7,318,130
Kent for leased property
Balance
Other income
Balance, surplus
$4,689,552
2,600,000
1,320,000
212,318
435,883
$422,141
$911,083
$3,356
on
$121,350
undistributed profits of
sub¬
a
Consolidated Balance Sheet Dec. 31
1936
$
556,995
496,412
247,356
34,162
2,505
x
property,
franchises, &c.l28,071,145 128,377,165
145,024
153,699
demand
552,970
Notes receivable
705,405
94,132
49,576
2,265,707
1,132,038
69,825
& supplies
Prepayments
Misc. curr. assets
52,000,000
banks
48,954,308
52,000,000
377,697
377,697
1,315,425
2,444,147
1,315,500
1,554,114
1,157,194
822,070
1,121,218
1,030,000
24,000
214,662
Miscell. accruals._
47,415
58,661
2,767 685
Long-term
25,375
43,492
147,310
190,734
1,110
1,187,224
1,294,000
263,587
1,565,889
1,142,171
Am. P. & L__
Acc'ts payable-.
Customers' dep.
Accrued
accts._
2,094,000
276,096
1,378,193
983,205
3,580
1,315,500
118,822
liabs.
3,753
int.
Sundry credits..
1,315,425
146,182
6,260,602
Capital surplus.
821,778
2,226,697
Misc.
curr.
Mat. &
Notes and accts.
rec.—not curr.
debt
disc't & exp__
accr.
Earned
chgs.
surplus.
6,022,912
821,778
1,772,003
to
rents and tolls
264,712
279,802
Other def. chgs.
10,500
498,967
Total
139,050,143 138,797,509
Total
Represented by $7 pref., cum. (entitled upon liquidation to $100
sh.); pari passu with $6 pref.; authorized, 500,000 shs.; outstanding (inc.
60 shs. issuable in exchange for pref. stock of merged company), 160,000
shs.; $6 pref. cum. (entitledupon liquidation to $100 a sh.); pari passu with
$7 pref.; authorized, 500,000 shares-outstanding 10,000 shs.; $7 2d pref.
cum.
(entitled upon liquidation to $100 a sh.); authorized, 100,000 shs.;
outstanding, 20,000 shs.; common, authorized, 5,000,000 shs.; outstanding,
2,500,000 shs.—V. 144, p. 4344.
x
6,198,935
Stockholders on June 28 approved the creation of a new issue of 60,000
shares of $100 par preference stock, of which 40,000 shares may be sold
in the near future, and an increase in authorized common stock from
500,000 shares to 700,000 shares.
Preferred Offering—
The company has filed an amendment to its registration statement with
and Exchange Commission increasing its proposed offering of
Securities
cumulative convertible preferred to
increased the common
50,000.
40,000 shares from 25,000.
The com¬
shares reserved for conversion to 80,000 shares
apply to the new shares being registered
will be filed later by amendment.—V. 144, p. 4178.
conversion
rates
to
1937
May—
Gross from railway.
Gross from railway..
$40,424
defl0,001
defl6,562
$48,681
def2,653
def 9,248
305,281
41,788
258,663
216
def33,760
263,506
9,100
def 21,294
344,887
53,528
railway
Net after rents
Frost Steel & Wire
def 551
4,668
:
Ry.—Earnings—-
the
on
1934
56,177
1935
$386,340
57,053
9,849
$431,470
144,025
89,848
2,515,601
723,648
367,351
2,245,277
598,372
288,480
1,932,933
323,625
51,548
2,086,724
688,626
400,127
1936
$515,110
135,944
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
144, p. 3672.
Foundation Co. of Canada,
Ltd. (& Subs.)— -Earnings
Years Ended
1937
$210,383
8,544
April 30—
Operating profit
980
$158,410
3,848
60,514
4,220
1,223
96,988
9,500
2.243
89,582
$48,999
Dividends from partly owned subsidiary company
Total income
mortgages
Executive officers' salaries
fees
expens s
Provision for depreciation
!
Provision for Dominion & Provincial income taxes
Net profit for year
Consolidated Balance Sheet
1937
Maintenance
Retirement
accruals
Accts. receivable..
Deposits on contr.
1936
$710,000
$710,000
80,000
117,500
233,146
229,090
^
2,709
1
Mtges. pay. 5%..
Accts. payable and
406,172
2,525
accrued liabils..
Tax
Cash
Investments
103,570
162,947
Res.
197,339
contr'ts
280,614
Total
1,001,282
contr'ts
22,955
reserve.
32,225
947,293
125,937
35,998
885,392
3,851
_
agst.
Insurance
934,391
7,925
$3,024,067 $3,053,919
Represented by 84,600
no par
Frederick & Nelson,
See list
reserve...
Surplus
2,445
5.319
interest-_
Deferred charges.
10,068
reserve
Deprec.
375,332
Uncompl.
x
1937
16,547
14,000
14,000
271,524
110
25,944
$3,024,067 $3,053,919
Total..
shares.—V. 143,
p.
2366; V. 141,
p.
Inc.—Registration Withdrawn—
given on first page of this department.—V. 144, p. 3672.
1937—12 Mos.—1936
$?72,402
$228,505
171,705
30,287
2,662
a22,579
159,797
31,932
a2,951
$2,081
$45,169
1,797
$19,463
$3,202
Net oper. revenues
"l~,555
$3,202
Taxes
$2,081
$46,966
$19,463
Non-oper. income (net).
on
69
equip, notes
Net income
17",314
329
$3,133
$2,081
$46,637
$19,462
No provision has been made for the Federal surtax on undistributed net
income for the year 1937, since any liability for such tax cannot be de¬
termined until the end of the year.—V. 144, p. 3672.
a
Galveston-Houston Electric
Period End. May 31—
Operating revenues
Operation..
Ry.—Earnings—
1937—Month—1936
$2,303
$17,690
226
11,096
1937—12 Months—1936
$118,455
68,125
19.469
al3,407
$206,563
128,049
41,006
15,861
$1,457
$17,454
5,766
$21,646
$1,313
5,108
$1,457
5,108
$23,220
61,300
$21,646
61,300
$3,795
$3,652
$38,080
$39,654
79
a810
3,681
1,455
$1,188
Maintenance
Taxes
-
125
Balance
Int.
on
1st mtge. bonds.
a No provision has been made for the Federal surtax on undistributed
net
income for the year 1937, since any liability for such tax cannot be deter¬
mined until the end of the year .—V. 144, p. 3672.
Pay Wage Dividends—
"wage premium" plan, whereby the hourly paid workers will
receive "dividends" along with the regular dividends to stockholders
been worked out by this company, and will be placed in effect
has
immediate!v
according to George L. Abbott, President. The first year's "wage premium"
is expected to amount to approximately $75,000 with expansion to
come in
succeeding years.
The "wage premium" is measured in terms of quarterly cash dividends
paid to company's stockholders on the company's common stock and the
respective length of prior service credited to individual employees
To an
employee who on a given dividend date, has completed six months of
employment, there will be paid a wage premium equivalent to the dividend
distributed that day on five shares of common stock.
An employee who on such date has completed one year of service
will
receive the equivalent
year
of
dividend on 10 shares of stock. For each further
dividend on five shares of common stock
equivalent to the dividend on 50 shares is reached
a
of service the equivalent to a
will be added until
a
total
—Y. 144, p. 4179.
Gardner-Denver
Co.—Dividends
on
New
Shares—•
The directors have declared an extra dividend of 10 cents per share and
per share on the larger amount of no-par
common stock now outstanding, both payable July 20 to holders of
record
quarterly dividend of 25 cents
July 10.
Stockholders
pany's
An
common
extra
on
June 4, last approved a three-for-one split up of
com¬
shares.
dividend
of 25
cents and
regular quarterly dividend of 50
the smaller amount of common stock previously
a
Gemmer Manufacturing Co.—Outlook Good—
April 30
1
Inventory
Accrued
x
14,216
Goodwill
investm'ts
Co.—Earnings-
1937—Month—1936
$20,282
$25,613
13,896
16,152
1,777
2,750
1,531
cents per share was paid on
outstanding on April 20. last.—V. 144, p. 3500.
Common stock._
Liabilities—
1936
land, plant, &c. .$2,117,836 $2,055,767
Sundry
Co., Ltd.—Accumulated Dividend—
loss$2,017
8,001
5,845
Income from investments
Assets—
1936
$133,398
3,070
8,324
9,536
4,081
$233,753
5,220
67,404
4,419
Profit from sale of capital assets
Profit from sale of investments
Legal
10,281,244
7%
Period End. May 31—
Operating revenues
Operating—
A new type
$403,342
49,998
def11,659
1937
May—
Gross from railway
on
4,369,253
Total
have declared
Garlock Packing Co.—To
Net from railway
Directors'
2,715,613
102,546
a dividend of $1.75 per share on account
cum. red. sinking fund 1st pref. stock, par
$100, payable Aug. 2 to holders of record July 16.
The amount will be
paid in Canadian funds, subject to a tax of 5% in the case of non-residents
A similar payment was made in each of the seven preceding quarters
on June 15 and March 15, 1935, and on Dec.
17, 1934.
The last regularquarterly distribution of $1.75 per share was made on the above issue
on
Feb.
1, 1932.
Accruals after the Aug. 2 payment will amount to
$19.25 per share.—V. 144, p. 2826.
directors
The
of accumulations
Net deficit
3837.
Fort Worth & Denver City
Interest
914,223
12,661
surplus
b After depreciation reserves.—V. 144, p. 1439.
1935.
Non-oper. income (net).
$47,328
def4,107
defl2,310
4,007
def 5,558
Net after rents
From Jan. 1—
—V.
6,085,750
1934
1935
1936
$62,762
_
Net from railway
—V. 144, p.
1,017,600
1,521,438
10,281,244
4,369,253
Total
Net oper. revenues
Fort Smith & Western Ryv —Earnings—
-rom
13,039
1,262,578
stock...
Capital surpls
Balance
new
12 181
subscriptions.
Common
1
will
Interest
Machinery Corp.—Stock Increase Voted—
Increases
stk.
com.
Preferred stock.__
Leaseholds & good¬
Galveston Electric
139,050,143 138,797,509
Food
Empl,
30,000
llabils.
24,000
Reserves
IT. 8. Treas. sec.
applicable
60,000
214,556
(Am.
Contracts pay..
,
pref. stock)..
Unamort.
1,030,000
18,489
3,485
Loans payable—
account
Unamort.
Pow.&Lt.Co.)
119,002
18,872
2,966,847
2,000
Contractual liab.
20,485
Federal
income tax
Earned
1,750
assumed
1,110,267
69,128
75,158
72,963
Int. and redemp.
,,,
for
3,283
40,312
Plant purch. obliga
Stock purch. obliga
Municipal bonds
Note pay.
(3,856 shs. $7
Net
40,006
-
Dividend payable-
22,000,000
48.954,308
ser.
,
2,177,178
Reacq. cap. stk.
The
ligations
Prov. for quantity
discounts
Prov.
Deposits in closed
173,144
Plant purchase ob¬
Dep. bond in con-
b Fixed assets
A 22,000,000
par)
6% debs
Accts. receivable
$
Cap. stock (no
Cash in banks—
pany
181,500
5,049
Notes & accts. rec..
Deferred assets..
1st mtge. gold 5s
from
169,346
185,636
30,574
receivable
Inventories
$
$
Accounts payableNotes payable
171,393
Accts. and notes
Investments
1935
$
Liabilities—
Invest.—secur..
Mat.
a
Liabilities—
$
$
1936
1937
1936
1937
159,683
Cash
ment on appeal.
1936
1935
$
Assets—
on
Comparative Balance Sheet March 31
nect'n with judg¬
sidiary.
Plant,
Pref. stock class B dividends
long-term
$1,503,875
Includes Federal surtax of
$4,996,864
2,600,000
1,320,000
215,903
438,820
149,102
58,689
14,222
Pref. stock class A dividends
Assets—
Gross corporate inc
Int. on mtge. bonds
a
-
4,128,087
3690.
a
Prospects for excellent second quarter earnings for the company are
assured, according to a statement made through official sources June 29.
The company paid a dividend of $3 per share on its class A (preferred) stock
on July 1 to holders of record June 21.
This clears the way for dividends
up to $3 per share on the B, or common stock.
Continued high production
on the part of manufacturers using the Gemmer
steering gear provides a
highly favorable outlook, company officials state.
Customers of the company include Ford, General Motors, Chrysler,
Hudson, Packard and Willys.
Second quarter production for all of these
companies has been high and from the present outlook will remain at satis¬
factory levels well into the late summer.
To date there has been a sub¬
stantial increase in sales as compared with 1936 with every indication that
this increase will be more than maintained.
There is also a marked sales
gain for the second quarter as compared with the first when net earnings
amounted to
approximately $174,000, or $1.81 per share of B stock.
company over the past two years show a profit of
or respectively $1.23 and $3.18 per
share of B stock.
Net sales for these two years were $2,374,840 and
$3,142,948, respectively.—V. 144, p. 4345.
Earning records for the
$242,589 in 1935 and $405,364 in 1936,
Financial
145
Volume
Corp., Bethlehem, Pa.—Registers
General Acceptance
SEC—
with
The company has filed with the Securities and Exchange Commission a
registration statement covering 12,500 shares of 6% convertible
stock, 36,500 shares of Class A common stock and 3,500 shares of common
preferred
113
Chronicle
General Paint
Corp.—To Sell Stock—
meeting of stockholders for July 27
additional com¬
stockholders.
Under present
requirements stockholders must be offered opportunity to purchase any
additional stock company may desire to issue.—V. 144, p. 4345.
The corporation has called a special
to amend its articles so as to authorize
the company to sell
stock without first offering it pro rata to
mon
stock.
registered stock, the 12,500 shares of 6% convertible preferred
of Class A common stock will be publicly offered
by Warren W. York & Co. of Allentown, Pa. and Masland, Fernon &
Anderson of Philadelphia, as principal underwriters, according to the regis¬
Of the
stodk and 10,000 shares
tration statement.
from the sale of this stock and any proceeds
purchase of Class A common or common
increase the company's working capital in order to
Net proceeds
ercise of warrants for
used
to
from the ex¬
stock will be
maintain its
through purchase
present volume of business and make possible its expansion
of additional receivables and the making of additional small
proceeds may be used for the
of the
A part
loans.
reduction of the company's
outstanding
Georgia RR.—Earnings—
Gross from railway
Net from railway
Net after rents
engaged
vehicles.
department.—Y. 144, p. 4007.
first page of this
See also list given on
Texas—Registers with SEC
General American Oil Co. of
The company has filed with the Securities and Exchange Commission a
registration statement covering 173,000 shares of preferred stock (par $10),
and 666,250 shares of common stock ($5 par, including scrip certificates
representing fractional shares thereof, of which 216,250 shares are reserved
for the conversion of the preferred.
Of the stock registered, 88,333 shares of common will be publicly offered,
period, by Russell Maguire & Co.,
expiration of the registration
upon
Inc.,
corporation from
from
will be
used, it is stated, to pay instalments of purchase money ooligations maturing
according to the registration statement.
Proceeds to the
the sale of 83,333 shares of this common stock, together with proceeds
the sale of 50,000 additional shares of common, covered by option,
about July 1,
or
on
1937, and for additional working
Company was incorporated
is located in Shreveport, La.
petroleum, natural gas
p.2208.
crude
capital.
in 1936 in Delaware and its principal office
It produces, transports, refines and markets
and certain by-products thereof.—V. 143,
—-—;
$52,541
381,549
_
Net from railway
Net after rents.
—
Georgia Southern & Florida Ry.—Earnings—
pref. stock, series A
$169,163
15,942
$186,604
24,534
7,801
$178,512
13,784
$171,943
9,395
defll,471
defl0,196
3,360
1,115,927
273,271
974,035
138,482
764,086
59,767
832,916
118,103
164,453
railway
31,712
def2,856
81,729
.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 3673.
German Credit & Investment
Corp.—Earnings—
Ended Jan. 31
Income Account Years
(1) Relating to Assets in
1936
1935
1934
$128,851
3,956
$69,779
5,741
$65,405
625
$41,705
7,449
$132,807
650,041
22,450
$75,520
30,972
13,869
$66,030
loss37.671
11,753
$49,154
lossl06,473
10,948
$760,399
$92,623
$16,606
loss$68,268
1937
the U. S.—
Dividends received.
Interest received
Total income
Net profit on sale
of sec.
Expenses and taxes
on
1,536
bonds.
Drl.437
Loss on sales of securities
(3) Raiting to Assets in
Germany (x)—
Int. received &
syndicate
on
110,529
6,716
87,411
3,672
68,660
14,567
accrued.
Dividends received
Profit
~
"
6,216
6,073
"6",l98
68,651
"3", 579
$918,487
64,865
$194,255
64,334
100,584
8,951
2,162
6,431
20,765
Rents received
.$854,544
2,878
—— —
-
1934
1935
1936
1937
from
Net from railway
Adjust, (net) to convert
receipts of RM to basis
of RM 4.20 to $1
Net profit on sale of sec.
Excess of amt. rec. from
31,1936 (from June 1,1935)
Divs. on $3 cum. prior
15,467
1,325,662
194,905
197,915
May—
Gross
$434,090
420,455
Net income,-
Total
36,791
1,273,647
180,249
209,279
—V. 144, p. 3837.
Interest
$166,831
99,430
14,861
—
securities
Earned surplus, May
38,880
1,421,633
206,465
222,512
France—
Taxes
Net income—
railway.—
(2) Relating to Assets in
General expenses
Profit on sales of
from
Profit
General Investment Corp.—Earnings—
Earnings for the Year Ended May 31, 1937
Gross income
42,993
1,613,556
356,691
311,061
From Jan. 1—
Gross
collateral trust notes.
Corporation, incorporated in Pennsylvania in August, 1933, is
in financing the purchase of new and used motor vehicles upon deferred
payments and upon making loans secured by first liens on used motor
1934
241,005
12,108
1935
251,487
27,578
1936
283,940
33,058
1937
309,977
50,336
May—
3,489
sale of real estate over
Earned surplus, May
Balance Sheet May 31,
securities sold..
paid on pur. of bonds
which no coupons had
coll. prior to May 31 '37
Accts. rec. for
$332,663
46,900
Cumulative preferred stock
*1,647,725
Class A voting stock (par $1)-100,000
Accounts payable
$84,930
284,340
Reserved for special expenses,
Acer. int.
been
Investments
Common voting stock (par $1)
loan-.-.
-
Represented by 32,954 no par
V. 144, p. 452.
oper.
revenues
157,519
18,114
35,530
45,067
1937—12 Mos.—1936
$4,706,155
$5,190,596
1,914,741
2,088,319
221,075
264,954
418,664
449,671
448,873
536,542
$129,145
6,311
$1,851,906
8,121
41,121
$1,702,004
41,436
$156,432
$135,456
$1,893,027
$1,743,440
$148,311
.
8,iio
4,302
88,979
$131,154
$1,804,049
$1,681,498
31,373
5,270
31,197
3,260
373,548
67,095
11,055
374,603
45.818
Federal income tax—
Fed. undis. prof. tax.
15,099
$96,697
$1,352,351
$1,261,076
71,353
1,040
72,431
858,110
16,200
12,350
871,258
$39,286
$24,265
$465,690
$389,818
3,242
3,242
funded debt—
Federal income tax—
undis. prof, tax.
t
»
ivs. on Gen. Pub.
Inc., $5 pref.
m m m m
m
and loss items as were paid or received in Reichscalculated at RM 4.20 to $1.
Due to conditions now prevailing
and exchange restrictions in force, the value of these items, measured in
terms of dollars, is indeterminable.
During 1936 $445,874 (representing
income and return of capital) was received from the liquidation of reichsare
yyi
balances
After applying a reserve
for $40,000 provided out of profit and loss in
Balance Sheet Jan. 13
receivable
Util.,
stock.
38,910
38,910
General Tire & Rubber Co.—Transfer Agent—
Guaranty Trust Co. of New York has been appointed
agent for this company's common stock.—V. 144, p. 4179.
The
—
Georgia & Florida RR.—Earnings—
Period End. May 31—
1937—Month—1936
Railway oper. revenue
$90,504
$79,120
Railway oper. expenses.
94,148
86,081
r
1937—5 Mos.—1936
$534,207
479,131
$432,179
432,242
def$3,644
7,785
def$63
31,925
def$14,002
Cr2,109
Drl,928
$16,090
Drl0,463
D/-9.713
def$31,988
Cr4,584
Br 9,720
1,443
$13,821
1,126
$4,087
6,619
$37,124
6,626
def$l 1,866
accruals—
$55,077
38,987
def$l1,429
from ry. oper.
def$6,961
7,041
def$12,694
919
929
$2,532
4,645
def$30,498
4,756
Cr43
Equipment rents (net) _ _
(net)
Drl,923
deficit—
$13,309
Net ry. oper.
—
Non-operating income.
_
Deductions from income
1936
$2,113
$35,254
Jan. 1 to June 21
1937
1936
Gross earnings
—V. 144, p.
4345.
$21,600
$21,500
$599,007
$13,623
Week of June
$492,680
83,908
93,463
18,417
1.286,320
2
2
64,610
2,107
75,127
7,105
$4,106,573
$3,878,300
$3,891,932
2,475
13,239
747
31,388
_
Securities purchased
Dividends payable
but not received
x
,
account
"5,099
5,840
3,843,418
3,873,594
$3,878,300
$3,891,932
9,984
y4,064,454
$4,106,573
These assets are
26" 566
------
Reserve for taxes
calculated at RM 4.20 to $1.
Due to conditions now
prevailing and exchange restrictions in force, the value of these assets,
measured in terms of dollars, is indeterminable.
y First preferred, entitled in liquidation to $100 per share: Authorized,
(100,000 shs), $10,000,000; less purchased for retirement (24,097 shares),
$2,409,700; balance, $7,590,300; less uncalled payments, $5,692,725; bal¬
ance, $1,897,575.
Second preferred, entitled in liquidation to $100 per
share: Authorized and issued
(20,000 shares), $20,000; general reserve,
set up out of amount paid in cash by subscribers to 2d pref. stock, $1,680,000
1937
—Third
276,257
73,441
513,148
16,647
956,615
.
Common
shares,
no
par;
stock and surplus account: Authorized and issued, 500,000
less 3,500 shares held in treasury, and surplus, $466,879.
Dividends receivable only.
Note— Based on the market quotations at Jan. 1, 1937, the value of
ketable securities in the United States was greater than the above
z
value
of
approximately $941,920.—V.
Giddings & Lewis
See list
See list given on
of this department.—V. 143, p. 1229.
Tubes Co.—Registration Withdrawn—
first page of this department.—V. 144, p. 4179.
Grabler Mfg. Co.—Registers with SEC—
first page of this department.
See list given on
mar¬
book
144, p. 774.
Machine Tool Co.—Registers with SEC
given on first page
Globe Steel
$12,785
Deficit.
43,150
2
56,673
payable
Total..
transfer
16
62,411
10,961
445,350
857
Liabilities—
Capital stock & surplus
3673.
1,927,580
23,494
corporation
-
$61,324
—
Prepaid taxes
Accounts
1935
1936
$42,424
5,793
2,160,360
225,333
Stock of industrial
Total
$36,043
$21,023
$426,780
$350,908
Note—No provision has been made in the above statement for Federal
undistributed profits taxes other than reflecting the accrual for the calendar
year 1936 in the figures for the 12 months ended May 31, 1937.—V. 144,
Joint facil. rents
z2,175
2,544,477
Real estate.
stock and surplus._
rev.
1937
$797,251
United States—Cash in bank
Divs. received & accrued interest-.
Marketable securs. at market prices
Assets in France—Cash
Marketable securities
x Assets in Germany (at cost)—
Cash in bank
Deposit with Conversion Office for
German foreign debts—
Marketable securities
Assets in
Accrued interest
Bal. avail, for common
Net
$8,670 loss$34,667 loss$545,693
$289,349
ating surplus
Long-term loans
income
Railway tax
88,954
Such of the profit
x
marks
Assets—
$111,679
p.
54,882
549,173
61,942
$148,322
;
Gross income
Net
dollars
prior years.
Charges of subsidiaries:
Int. & amortization—
Fed.
on
Adj. to convert RM ac¬
cepted at rate of RM
2.49 to $1 in repaym't
of dollar loans & int. to
basis of RM 4.20 to $1
Ic
of Gen.
Inc.
(excl.
operating divisions)
on
40,130
RM depos. were
l
Exp. & taxes (other
Int.
66,369
which
carr'd
the books over the
Excess of amt. at
Profit carried to oper¬
Net oper. income
Non-operating income..
Utilities,
liquid, of RM
French francs or
on
amt. realized in
Inc. (& Subs.)—Earnings—
39,008
44,015
erai income).
Depreciation..
Fed. inc.)
Exch.
shares stated value of $50 per share.—
178,922
19,127
aintenance.
Ma
3,581
year
dollars
1937—Month—1936
$385,376
$429,384
Period End. May 31—
Operating expenses.
op
acquired during
corp.
into
$6,826,306
Total
$53,349
66,893
3,954
528,197
for stock of indus.
Res.
.
General Public Utilities,
Gross
851,666
$162,349
64,353
Provision for reserves
1,734,751
$6,826,306
Total
2,897,100
Expenses and taxes
Loss on sale of securities
950,253
Capital surplus
Earned surp. from June 1,1935
819
4,721,466
Sub-participation in syndicate
x
y2,333
cost
1937
Liabilities—
Assets—
Cash
upon
—$851,666
31,1937 (from June 1,1935)
114
Financial
Chronicle
Gorton-Pew Fisheries Co., Ltd.—Earnings—
Sales, Surplus, Dividends, cfee
1928...
1929—
1930...
1931
Surplus
$708,000
.$3,602,000
3,650,000
4,066,000
3,461,000
2,417,000
2,035,000
2,370,000
2,689,000
3,559,000
3,641,000
.
—
.
1932...
.
1933—
1934—
.
.
1935...
1936-.
.
.
1937—
.
Dividends
Earnings
(Per Share)
Outstanding (Per Share)
36,670
37,875
38,099
38.200
38,200
38,200
38,700
38,700
38,700
39,500
850,000
943,000
945,000
711,000
436,000
497,000
372,000
492,000
614,000
.
$1.50
7.24
4.00
4.00
Rutherford Water Co. into Hackensack Water Co., a supplemental in¬
denture, dated April 14, 1937, has been executed, conveying to the trustee
of the Hackensack Water Co.'s first
mortgage 4% 50-year gold bonds all
the property so consolidated and merged to be held
by the trustee under the
terms of the indenture dated July 1, 1902.
Concurrently with the execution
and delivery of said supplemental indenture, the Hackensack Water Co.
received from the trustee all of the stock of the merged
companies. All of
the stock has been duly canceled.
$7.27
4.00
7.52
4.17
.31
2.75
2.00
2.00
2.00
2.75
3.75
.15
2.80
3.94
5.39
5.14
Registration Withdrawn—
Assets—
$97,711
Notes & accounts receivable..
x230,875
936,036
Merchandise and supplies
Plant, equipment and vessels.
After
for
reserve
364,184
614,776
.
Surplus
doubtful
$612,898.
have
no par
was
Harnischfeger
Corp.—Accumulated
accounts
a dividend of $1.25
per share on account of
cumulative preferred stock, par $100, payable
July 15 to holders of record July 1.—Y. 143, p. 3318.
accumulations
Total
$2,487,192
of $15,555.
by
y
39,500
After
for
reserve
no-par
the 5%
on
Hat
shares.—
Corp. of America—20-Cent Dividends—
The directors have declared a quarterly dividend of 20 cents
per share
the class A and class B common stocks payable
on
Grand Trunk Western RR.
Mag—
record
1935
1934
$2,237,078
577,182
317,095
$2,278,442
716,280
540,786
$1,700,810
344,016
199,961
$1,529,209
233,204
10,972,529
3,034,933
1,602,047
Gross from railway
10,187,503
2,664,011
1,833,016
8,451,782
1,688,849
Net from railway
after rents
From Jan. 1—
Gross from railway
Net from railway
on
on
4346.
Hearn Department
40,854
Aug. 1 to holders of
May 1 and on March 1,
the stocks.—V. 144, p.
Stores, Inc. (& Subs.)—Earnings—
Consolidated Income Account for Year Ended Jan. 31,1937
__
920,637
Consolidated
Electric Power
Net sales (incl. of fur storage and licensed
departments' sales).. $18,298,652
Net sales (excl. of fur storage and licensed
departments' sales)
17,054,071
Cost of goods sold, advertising, buying,
occupancy, selling,
general and administrative expenses
16,435,253
7,836,843
1,567,725
—
566,961
<
•—V. 144, p. 3673.
Great
July 15.
Similar payments were made
last, these latter being the initial distribution
1936
Net
Net after rents.
Earnings—
1937
'
Dividend—
The directors have declared
\.
Represented
z
stock,
A similar amount
21,800
35,758
$2,487,192
depreciation of
V. 143, p. 1879.
for contingencies lncl. of
plant & vessels obsolescence
common
Res.
33,945
Stock In other companies
Total
Common stock
13,651
•
directors
declared a dividend of 25 cents per share on the
value, payable July 31 to holders of record July 24.
paid on April 30, last and compares with 20 cents
paid in each of the four preceding quarters; 75 cents paid on April 30, 1935;
40 cents on April 30, 1934, and 5 cents per share on April
29, 1933 and on
Nov. 29, 1932.
In addition, an extra dividend of $1 per share was paid
on Jan. 26, last.—V. 144,
p. 2482.
$92,951
24,000
78,781
zl,312,500
Reserve for taxes
y817,415
Fishing gear—
Prepaid expense and advances
Mortgage notes receivable
The
Accounts payable
Accrued expense
300,000
x
Halle Bros. Co.—25-Cent Dividend—
Liabilities-
Cash
,
See list given on first page of this department.—Y. 144, p. 4346.
Consolidated Balance Sheet Mar. 31, 1937
Marketable secur.—at market
1937
3,
The company has notified the New York Stock
Exchange that, in con¬
nection with the consolidation and merger of Boiling Springs Water Co. and
Years Ending March 31
,
Shares
Sales
July
Hackensack Water Co.—Indenture—
Depreciation of fixtures and
leasehold improvements
Co., Ltd.- -Bonds
equipment
and
amortization
of
75,346
64,376
Called—
Taxes (other than Federal income taxes)
Dillon, Read & Co., as f seal agent for this company, announced that
$450,000 principal amount of first mortgage 7% sinking fund bonds,
series A, have been drawn for redemption on Aug. 1 out of
moneys in the
Balance
Income from licensed departments and other oper.
income, net.
sinking fund. Payment will be made at 100 and interest at the office
Dillon, Read & Co. in New York or at the office of J. Henry Schroder
of
Operating profit.
$479,097
173,787
$652,884
3,409
....
Other income
&
Co. in London.—V. 144, p. 106.
Great
Lakes Towing Co.—Doubles Common Dividend—
The directors have declared
dividend of $2 per share on the common
stock, payable June 30 to holders of record June 26. This compares with
$1 paid
Dec. 15, 1936, this latter being the first payment made
stock since December, 1931.—V. 143, p. 4000.
on
common
Great
Northern
Ry.—RFC Makes
Report—Survey Shows Track, Structures,
Rolling Stock Well Maintained—
Public
on
the
and
other
are
rolling stock
that
have
:
the
track
Preferred dividends paid
Common dividends paid
Note—The operations of Hamilton Commercial Corp.
(the subsidiary
which is engaged in the business of financing certain deferred
included herein, cover the period
incorporation) to Jan. 31, 1937, although
Power
Motive
payment sales of the parent company)
from June 19, 1936 (the date of its
and
and structures,
motive
power
been
the common stock of Hamilton Commercial
Corp.
Hearn Department Stores, Inc., until Jan.
21, 1937.
May—
1937
Net from railway
Net after rents.—,
1935
1934
$7,691,509
3,056,531
2,20 0,179
$6,432,366
2,544,098
1,939,840
$5,877,036
1,551,178
942,178
32,087,613
8,208,273
4,934,994
Net after rents
From Jan. 1—
Gross from railway
1936
$8,849,060
3,659,007
2,753,689
Gross from railway
Net from railway
28,584,239
7,147,459
4,238,262
25,782,878
7,328,951
3,948,626
23,298,128
5,420,388
2,073,584
—V. 144, p. 3838.
'
1
•
...
Green Bay & Western
May—
$141,723
30,948
10,500
Net after rents
From Jan. 1—
Gross from railway
694,925
167,648
Net from railway
Net after rents
•
•
•
•
'
Assets—
90,540
1936
$117,261
25,633
14,592
1934
$83,928
defl 0,640
defl5,544
589,897
128,396
82,373
—V. 144, p. 3838.
446,514
23,102
def9,969
Furn.,
fixtures,
The directors have declared
a dividend of $1.50 per share on the
$6 conv.
value, payable July 15 to holders of record June 30.
May 15, last and compares with $2 paid on Dec.21
and Oct. 20,1936; dividends of $1 per share paid on
Aug. 15 and on May 15,
1936; $1.11 paid on March 2, 1936; 50 cents paid on Jan. 6, 1936; $1 per
share paid on Nov. 1, 1935; 75 cents paid on
Aug. 1, 1935, and 50 cents per
share distributed on May i, 1935, this latter
being the initial payment on
the preferred stock.—V. 144, p. 2999.
preferred stock,
a
•
like amount
no par
was
paid
on
Grocery Store Products Co.—Registers with SEC—
See list given on first page of this
department.—V. 144, p. 3502.
Gulf &
May—
Gross from railway
Net from railway
Net after rents
*
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1937
$134,259'
28,721
1,675
$119,232
22,766
def2,471
defl0,535
697,174
143,705
4.326
627,215
114,963
def8,350
68,744
def46,735
1936
1935
$107,099
13,086
541,289
—V. 144, p. 3674.
Gulf States Utilities
revenues
Balance after operation, maintenance & taxes
Bal. for div. & sur.— after
approp. for retir. res)
—V. 144, p. 4180.
527,540
100,895
def30,377
$6,008,019
1936
2,665,377
_
_
$5,624,074
2,419,057
922,129
727,626
sold-...
6%
cum.
conv.
pref.
($50 par)
Common stock ($5 par)
141,346
85,000
31,939
Def'd credit to income
758,058
13,177
stock
Surplus
a
$4,856,505
After
reserve for
1,483,450
1,404,965
1,314,637
Total
$4,856,505
|
bad debts of $22,805.
relating to purchases of refrigerators,
$204,400.—V. 144, p. 3503.
Hercules Motors
c
b In connection with contracts
After reserve for depreciation of
Corp.—Earnings—
Calendar Years—
1936
1935
Manufacturing profit
$1,199,474
587,146
$1,055,998
513,378
$747,121
439,163
$508,995
276,969
$612,328
76,241
$542,620
62,781
$307,958
87,015
$232,025
42,948
$688,569
$605,401
140,906
64,057
$394,973
151,873
28,594
$274,973
147,002
11,651
39,804
$432,696
543,550
$400,439
248,080
$214,506
186,060
$76,516
Balance, surplus
def$110,854
Shs.com.stk.out. (no par)1
310,600
$1.39
$152,358
310.100
$1.29
$28,446
310,100
$0.69
$76,516
310,100
$0.25
Sell.,
gen. & admin, exp.
Operating income
Other income
Depreciation
Federal
152,876
83,953
19,044
taxes
Other deductions.
Net
inc<
Earns, per share.
1934
1933
Balance Sheet Dec. 31
Assets—
1936
$ 29,943
1935
$43,682
Marketable securs.
(at
x
cost)
Recelv.
(cust.)—
Liabilities—
1936
Notes payable
Accounts payable.
579,341
726.924
815,803
1,611,04 7
29,832
1,249,211
21,344
104,548
1,175,354
Accrued
$377",384
77,218
699,169
41,982
Unpaid payroll...
1935
$500,000
310,399
26,100
119,387
1,315,738
1,536,886
89,548
21,281
Land
z
taxes
Capital stock...
Profit & loss sur p.
75,461
1,315,738
1,640,240
yBldgs., machry.,
patterns,dies,&c
Construe, in prog.
Deferred charges.
55,540
_
Total
$3,808,511 $3,486,042
Total
$3,808,511 $3,486,042
After reserve of $20,000 on 1935 and $30,000 in 1936.
y After reserve
depreciation of $622,641 in 1936 and $469,764 in 1935.
z Repre¬
sented by 310,100 no
par shares in 1935 and 310,600 no par shares in 1936.
—V. 144, p. 3838.
x
for
Home Oil & Refining
on
Co.—Registers with SEC—
first page of this department.
Heyden Chemical Corp.—Earnings—
Calendar
Years—
Operating profit
Other income
Total income.
Other
deductions, &c
Prov. for Fed. inc. taxes.
Prov. for Fed. surtax.
Common stock
1937
appliances
16,014
Total
Net income..
Co,—Earnings—
12 Months Ended May 31—
Operating
1934
$93,458
15,785
defll,397
3,095,147
12,000
Miscellaneous assets
See list given
Ship Island RR.—Earnings—
158,119
165,217
Res. for Fed. Income taxes
Res. for service work on major
equipment
and building prorovements.
Deferred charges
Other assets
Corp.—Preferred Dividend—
$200,000
payable-
Accr'd & other current liab
102,406
Inv. in IT. S. Treas. bonds....
c
Accounts
128.068
Inventories
Inventory
Greenfield Tap & Die
acquired by
Notes payable to bank
$326,535
276,930
Sundry acc'ts receivable
bAdvances.net
Cash
639,261
149,676
71,543
hand...
on
Instal. accts. receivable
a
'
1935
$129,708
22,759
2,087
not
Liabilities—
Cash in banks and
Dividends.
•
RR.—Earnings—
1937
Gross from railway
Net from railway
.
was
Consolidated Balance Sheet Jan. 31, 1937
Earnings for May and Year to Date
«
85,000
$571,293
22,252
463,638
company
adequately and thriftily maintained;
there is no deferred maintenance; the fixed plant is stout and
sound, and
the equipment well fitted to the needs of the road; the conduct of trans¬
portation is efficiently handled, and expenses are well controlled.
The property has been very substantially improved since
1920, the report
points out, both from the standpoint of revision of physical characteristics,
addition of needed facilities and the
modernization of equipment,
all
devised to promote economy and efficiency in maintenance and
operation.
"The traffic of the property has suffered during the past few
years from
the depressed condition of the agricultural interest and its curtailed
pur¬
chasing power; reduced volume in the steel industry has reduced and, in
the year 1932, almost eliminated, the movement of iron ore.
Revenues
are now on the up-grade; iron ore
tonnage, while still much below former
high levels, is steadily increasing.
Intensive development of a diversified
farming territory is much in evidence and should prove a valuable traffic
support if and when drought conditions again reappear in the grain-raising
territory.
"The road has a well-coordinated, effective and
forward-looking manage¬
ment.
Ability to carry a very substantial portion of increased gross
earnings down to net has been demonstrated in recent years."
t
$656,293
Net profit
Examiners'
The Reconstruction Finance Corporation has made public a
compre¬
hensive report prepared by examiners of the Railroad Division who
made
an
exhaustive survey and physical study of the road.
The principal
findings of the report
Net profit before providing for Federal income taxes
Provision for Federal income atxes
a
Preferred dividends
Balance, surplus
Earns, per sh. on 150,000
shs. com.stk.(par $10)
1936
1935
1934
$636,089
32,434
$570,470
53,245
1933
$485,427
45,483
$793,300
111,280
100,190
26,289
$668,523
83,291
80,400
$623,715
62,498
78,573
$530,910
45,627
60,500
$555,540
336,674
21,700
$504,832
187,035
21,700
$482,646
199,235
21,700
$424,783
146,758
21,700
$197,167
$296,094
$261,711
$3.56
$3.22
$4.07
$744,028
49,272
$256,325
1
$2.68
Volume
Financial Chronicle
145
Comparative Consolidated Balance Sheet Dec. 31
Assets—
1935
1936
Trade
Diva,
accepts.,
Inventories-----Invests.
In
&
299,099
540,390
371,899
511,238
b
Plant,
formulae, Ac.
-
exp.
Total-
stock—
2,287,260 Paid-in surplus—
526,633
1,914,337
Dr88
Earned surplus.--
510,000
40,321
67,715
510,000
34,041
50,729
-
items
310,000
1,500,000
c
Treas.stk.(com.)
directors
stock,
share
per
316,038
327,062
221,344
$33,454
19,294
$404,516
206,716
10,688,
$252,862
242,570
9,717
593
651
352
7,717
2,083
$22,700
$13,214
$179,395
def$l,508
a No provision has been made for
the Federal surtax on undistributed
1937, since any liability for such tax cannot be
determined until the end of the year.—-V. 144, p. 3674.
-54,712,640 $4,408,267
Total
Houston
in 1935.
in 1935.
Lighting & Power Co.—Earnings—
Period End. May 31
Operating
1937—Month—1936
1937—12 Mos.—1936
$872,395
$798,566 $10,053,701
$9,120,937
405,105
386,259
4,876,488
4,205,788
revenues
Oper. exps., (incl. taxes)
Pay $1 Dividend—
Property retirement
declared a dividend of $1 per share on the com¬
value, payable Aug. 2 to holders of record July 16. A
year-end dividend of 25 cents was paid on Dec. 21, 1936, and a dividend of
$1 was paid on Nov. 27, 1936, this latter being the first dividend paid on
the common stock since July 1,1932 when a quarterly dividend of 25 cents
The
355,577
283,190
a281,298
&
Net income..—
Represented by 3 2-5 shares of common stock, at cost.—V. 143, p. 3468.
mon
disc.
$2,223,164
1,105,857
25,914
24,579
19,293
net income for the year
$4,712,640 $4,408,267
Holland Furnace Co.—To
of debt
$2,596,240
1,271,658
$40,947
16,051
1,544
I
$201,727
98,487
expense
Dr88
a After reserve for doubtful Items of $33,589 In 1936 and $23,996
b After reserve for depreciation of $1,072,892 in 1936 and $982,307
c
Amort,
1937—12 Mos.—1936
$247,194
118,068
34,700
24,923
a28,555
Retirement accruals-:
Net oper. revenues
Interest on bonds
Other interest, &c_
Earnings-
1937—Month—1936
Taxes
3,300
310,000
1,600,000
526,633
1,697,666
3,300
Preferred stock—
Common
property
25,000
by
held
public—
and equipment. 2,547,224
Patents, processes,
Prepaid
------
corp.
130,501
83,227
5,425
70,000
Pref. stock of sub.
reo.
105,005
Development
payable
Res. for conting—
from affil. & oth.
companies
Period End. May 31—
Operating revenues -;
Operation.
Maintenance
$212,104
Fed.
taxes
10.218
notes & accts. rec
$301,665
items--
for
Reserve
ties at cost
1935
&
131,794
accrued
5522,762
$582,502
Marketable securi¬
a
payable
Accts.
hand..
on
1936
Liabilities—
Cash In hanks and
115
Houston Electric Co.
have
serve
re¬
appropriations
144,313
100,005
1,358,353
1,186,639
Net oper, revenues
Other income
$322,977
1,150
$312,302
776
$3,818,860
14,508
$3,728,510
14,432
Gross income
Interst on mtge. bonds.
Other int. & deductions.
$324,127
80,208
$313,078
108,125
7,537
$3,833,368
1,185,833
111,543
$3,742,942
12,214
Net income.........
$231,705
$197,416
$2,535,992
$2,350,365
Dividends applicable to pref. stocks for period,
whether paid or unpaid
315,078
315,078
$2,220,914
$2,035,287
no par
was
distributed.—V. 144,
Honolulu Oil Corp.,
Calendar
p.
3335.
Ltd.(& Subs.)- -Earnings-
1936
1935
1934
Gross operating income-
$3,406,269
1,335,333
$2,816,543
1,133.341
$1,942,942
138,012
305,224
339.471
545.472
896,456
181,415
220,899
229,868
420,961
Intangible develop, costs
Depletion
Deprec. and retirement-
475,184
436,629
$2,918,482
1,260,859
146,117
533,033
486,707
509,053
Net operating incomeNon operating income--
$470,621
599,891
loss$17,287
382,174
$355,024
614,565
loss$6,659
245,422
Net inc. for the year..
$1,070,512
3,118,436
99,594
$364,886
3,466,733
$969,588
4,185,053
$238,764
4,544,192
$4,288,542
937,743
$3,833,721
703,157
$5,154,641
937,143
572,862
$4,782,956
234,286
136,472
39,497
Costs, oper. & gen. exp.
Taxes—
1,297,500
95,077
1933
Years—
217,363
—
471,138
x
Balance
Regular dividends
_x
7% and $6 pref. stocks
on
were
paid
on
May 1,
1937.
Earned surplus Jan. 1—
Ad j. of prior years earns -
Total
Cash dividends paid
Def. of Seacliff Dev. Co.
18,008
9,024
Howey Gold Mines, Ltd.—To Pay Two-Cent Dividend—
Dec. 14, 1935; three cents on May 1, 1935; four cents on Dec. 1, 1934; and
three cents per share distributed on July 12, and on Feb. 20, 1934, this
178423
9,895
12.127
excl.
shares
held
9,525
latter being the iniitial dividend on the issue.—V
per
$4,185,053
share on
(no par)
$1.14
937,143
937,143
937,743
$0.39
$0.25
$1.03
Assets—
Inventories
Accrued int. recelv.
Def. accts. receiv.
8,162,634
Special funds.
x
45,706
5,953,014
Fixed assets....
Prepaid & deferred
99,251
charges..
Total-.
333,511
2,440,000
161,700
9,285,945
47,500
15,893,5681
15.719.203 15,893,568
Total
deducting reserve for depreciation, depletion and intangible
development costs of $16,470,344 in 1936 and $15,416,896 in 1935. y Repre¬
sented by 937,743 no par shares.—V. 143, p. 1559.
Horn & Hardart
wages
come
oth.oper.exp-*
Maintenance and repairs
17,348,267
439,760
16,249.515
354,193
15,194,231
332,650
taxes.
Other income
--
—.
Deprec
Prov
and amortiza'n.
Deductions from income
Prov. for Fed. inc. taxes
Net income
—
$2,806,722
687,855
$2,277,978
682,213
305,999
$2,065,467
710,613
261,100
$2,073,079
755,888
272,675
inventories
$1,289,766
196,000
894,690
$1,093,754
$1,044,516
196,000
782,845
196,000
196,000
1,118,362
$606,659
128,004
$1,321,815
15,078
a272,000
$900,627
2,477
121,300
$1,234,771
237,973
122.381
$734,663
36,491
43,100
$1,034,737
741,236
$776,851
523,917
$874,416
526,223
$655,072
526,249
$4.38
$3.31
$3.81
$2.67
a
$199",076 def$220,608
560,024
560,024
$178,890
560,024
$2.47
_
$1.95
$1.60
$65,671
660,024
$1.51
receivable------
1,218,024
1,702,038
Cash .surr. value of
273.794
Prepaid insur. and
miscell. expenses
b Fixed assets
a
"
1936
Assets—
$
int. bear. ctfs. of
2,193,985
deposit)
Accts. of notes rec.
Inventories
31,631
567,313
Loan receivable.
-
Mtge. receivableInvestments—---.
Com.
treas.
24,495
49,097
110,504
stock
Pref. treas. stock.
Def. chgs.,
&c...
x
After
reserves
and $8,630,510
p.
$
1935
$
2,800,000
3,501,440
1,660,000
602,783
1,895,000
472,663
stock-
279,590
466,484
223,672
231,763
8,748
4,049,149
y
($100 par)
Common stock-
-
Real estate mtges.
payable
Accts. pay. & accr.
16,000
24,495
129",072
Dividend
pay.
common
8,563
4,213,208
13,532,069 13,182.437
for depreciation and amortization of $8,205,091 In 1935
in 1936.
y
776.
48,893
1,468,255
Sold July 20—
a
judgment of foreclosure and sale entered in the New York Supreme
Chase National Bank
Court on June 15, 1937, and which was obtained by
as
corporate trustee under the mortgage.
The judgment provides that $1,700,000
is
a
fair upset price below which
shall not be sold and that bidders must qualify at least
24 hours in advance of the sale.
It also states that the amount of lien or
such property
charge to satisfy which the property is to be sold is $4,148,148, together
with certain interests, costs and allowances.
The property is to be sold free and clear of all liens for taxes, assessments
and water rates.—V. 144, p. 4347.
2,088,200
1,023,420
2,122,300
963,420
347,128
1,726,323
c
-
$6.50 cum. conv.
preferred
246,003 d Common stock.
Capital surplus
50.363 Earned surplus
1,234,042
4,000
-—$6,636,745 $5,829,067
-
412,258
2,025,198
Total
$6,636,745 $5,829,067
After provision for doubtful accounts of $55,192 in 1936 and $41,770
b After provision for depreciation of $1,914,035 in 1936 and
1935.
Period End. May 31—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
1937—Month—1936
$423,329
$383,074
199,618
197,625
32,000
36,000
1937—12 Mos.—1936
$4,956,906
2,525,653
450,000
$4,490,499
2,206,066
425,000
$1,859,433
$191,711
$149,449
$1,981,253
Dr393
Dr 674
Dr716
Crl,433
$148,775
54,167
5,358
$1,980,537
650,000
80,892
Crl2,845
$1,860,866
650,000
65,647
Cr7,128
$132,452
$89,250
pref. stocks for the period,
$1,262,490
$1,152,347
Net oper. revenues,
Other income (net)
Int. on mtge. bonds._
Other int. & deducts
Int. chgd. to
constructs
Net Income
x
The Hotel Drake is to be sold at public auction on July 20 at noon in the
Exchange Salesroom, 18 Vesey Street. The sale is being made pursuant
to
209,660
Res. for pensions.
$1,592,504 in 1935.
c Represented by 23,800 shares no par value before
deducting 2,918 shares in 1936, 2,577 shares in 1935, held in treasury,
d Represented by 204,684 no par shares in 1936 and 192,684 no par shares
in 1935.—V. 144, p. 1441.
Represented by 560,024 no par shares.—V. 144,
Hotel Drake, N. Y. City—To Be
430,053
25,000
725,058
1,516,898
on
Deposits on leases.
Surplus
!
Total---
$189,786
270,448
Idaho Power Co.- —Earnings—
2,800,000
3,501,440
Reserves for taxes-
1,863,920
19,845
385,189
13,532.069 13,182,437
Total
Liabilities—
10,743,914 7% cum. pref. stk.
(par$100)----5% cum. pref. stk.
15,000
500,000
-
1936
1935
$
Property
10,040,042
Cash (incl. $200,000
*
1935
$249,064
383,552
1
Total
in.
1936
Liabilities—
1935
Goodwill
Including Federal surtax on undistributed profits, $47,891.
Condensed Balance Sheet, Dec. 31,
undistributed profits.
$433,571 Accounts payable.
1,389,797 Accr.items and res.
229,331 Prov. for Federal
Accts. and notes
Invest .in bank stk.
Balance to surplus
Shs.com.stk.out.(nopar)
Earnings per share—_
on
and State taxes.
$564,129
930,494
431,116
life insurance---
1,202,239
$1,172,235
62,536
1936
Assets—
V. S. Govt, oblig.
Other market, see-
Common dividends
$803,108
97,519
Comparative Balance Sheet Dec. 31
13.701,498
307,547
$1,973,877
99,202
Preferred dividends
54,008
1,045,077
Including $50,000 provision for surtax
a
$2,000,934
64,533
$1,577,129
60,786
1,029,208
Earns, per sh. on no par
shs. common stock
$2,234,263
43,715
a541,737
Net income
84,839
1,093,570
$1,218,703
103,112
Operating income
$2,704,949
101,773
for taxes.
1933
$7,080,486
5,095,291
279,449
174,459
Other income
a
Total income
1934
$7,949,648
5,363,707
323,709
1,210,378
_
ministration expenses.
Cash*
Operating profit
7,289,926
340,855
-.
1953
$7,913,989
5,629,854
302,618
Selling, general and ad¬
cjilnripc
PActc
&
Cost of goods sold
Depreciation
Taxes (other Federal in¬
Deduct, divs. dec. & paid
Co.—Earnings—
Calendar Years—
1936
1935
1934
1933
Gross operating revenue$20,492,976 $18,837,970 $17,527,816 $15,982,922
TVTntprial
Hygrade Sylvania Corp.- -Earnings—
Years Ended Dec. 31—
1936
Gross sales—less returns
& allowances
$10,234,322
230,227
3,118,436
on
July 2 to holders of record June 22.
An initial dividend of 40
paid on this issue on Dec. 26, 1936.—V. 144, p. 107.
on
.
-
15,719,203
—
132,440
143,808
After
x
back dividends on this
quarterly dividends of
the preferred stock payable on Sept. 30 and
Dec. 30 to holders of record Sept. 20 and Dec. 20, respectively.
A dividend of 50 cents per share was paid on the common stock, no
par
$
$
-
Inv. in stock of, &c
to other cos
Liabilities
$
345,668
186,706
14,395
153,624
June 22.
This payment clears up all
directors also declared two regular
The
$1.75 per share each,
1935
1936
720,953 Accounts payable210,567
366,931 Acer. liabilities
221,182
175,607 Res. for self-carried
Insurance
14,458
341,609
149,502 Long-term oblig.
1,980,000
Minority
int.
in
8.262.634
subsidiary cos__
161,700
39,488 y Capital stock
9,285,945
47,500
6,058,894 Cap. surp. paid In
Earned surplus ap¬
105,097
148,925
prop. for contUnapprop. earned
3,321,775
surplus
758,204
—.
Accts. receivable..
of record
cents was
1935
$
Cash
The company paid a dividend of $2.25 per share on account of accumu¬
on the 7% cumulative pref. stock,
par $100, on June 30 to holders
lations
value,
Consolidated Balance Sheet Dec. 31
1936
143, .p. 2373.
Huttig Sash & Door Co.—Preferred dfc Common Divs.—
issue.
937,743
capital stock
$3,466,733
in
treasury
Earnings
$3,118,436
directors on June 15 declared a dividend of two cents per share
the capital stock, par $1, payable Aug. 2 to holders of record June 26.
a two cent dividend paid on July 14, 1936; and on
This compares with
.
Consol. earned surplus
Dec. 31
$3,321,775
Shares cap. stk. outstand.
No such provision has been made to date for 1937.
The
on
150",666
20,000
—
income for that year.
—V. 144, p. 4347.
2,102
Adj. ofdepl & depr., &c
Approp. for conting—Adj. or prior years earns.
Net earnings of insurance
fund, &c-
After the payment of these dividends there were no accumulated
at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
unpaid dividends
Divs.
applic.
to
whether paid or unpaid.
Balance.
$191,318
54,167
8,355
Cr3,656
414,342
-----
414,342
$848,148
—
$738,005
x Regular dividends on 7%
and $6 preferred stocks were paid May 1.
1937.
After the payment or these dividends there were no accumulated
unpaid dividends at that date.
Note—Includes provision of $29,000 made during last 12 months ($17,600
in 1936 and $11,400 in 1937) for Federal surtax on undistributed profits.—
V. 144, P. 4348.
Income Foundation Fund—Extra Dividend—
The directors have declared an extra dividend of
addition
to the regular quarterly dividend of 1H
% cents per share in
cents on the common
116
Financial
Chronicle
stock, both payable June 21 to holders of record June 10.
An extra of
1
cents was paid on March 20, last; a special dividend of 1 % cents was
paid on Dec. 23, 1936; an extra of IK cents on Nov. 2, 1936; an extra of
3K cents on Aug. 1 and on May 1, 1936 and an extra dividend of 1 cent
paid on Feb. 1, 1936.—V. 144, p. 1961.
Illinois Central
1936
Assets—
1937
$9,574,921
1,937,036
Gross from railway
Net from railway
Contractual constr.
Misc. stocks & bds.
8
$7,775,823
1,258,694
386,171
$7,533,482
1,683,534
905,253
Notes & accts.
38,980,901
36,654,632
9,606,561
5,547,570
Accts.
Federal securities.
Accts.
47,705,365
10,527,222
44,726,190
10,012,812
4,988,937
4,747,758
Net after rents
7,889,761
4,205,946
932,132
rec.
1934
Gross from railway
Net from railway
$8,296,191
Net after rents—
559,504
$7,799,017
1,662,641
725,104
$6,778,453
1,031,590
347,937
Customers' deps..
138,775
Taxes accrued
116,138
722,950
664,913
1 ,686,059
109.549
1,777,170
110,695
41,109,916
8,433,206
3,730,836
Net after rents
39,152,405
8,492,722
4,503,293
34,423,087
7,023,087
4,258,849
Total
x
Illinois Terminal
Co.—Earning
1936
1937
$481,513
147,168
62,015
May—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
2,070,941
891,597
629,488
636,277
430,253
The directors on
$413,030
131,696
94,823
87 449
1936
1935
2,016,649
603,126
372,438
1934
1933
$1,346,012
Reserve for income tax.
Miscellaneous
charges.
617,185
pledged
as
on account,
496,010
Dividends
Shares of
$728,828
61,999
$1,043,375
143,444
20,263
$790,827
102,416
16,131
$241,637
30,536
20,642
$879,667
751,396
$672,280
563,547
$190,459
234,811
187,849
$5.83
187,849
$4.69
187,849
$3.57
_
Including
a
United
July 1 declared
_
States
surtax
$938.24.—V. 144,
p.
International Cigar
a
dividend of 30 cents per share
on
on
the
Notes—
Calendar Years—
4348.
Machinery Co.—Earnings—
1936
1935
1934
1933
Gross revenue
_x$3,134,287 x$2,937,431 x$2,782,907
Mgt. costs & expenses..
1,271,585
1,203,489
1,135,404
Deprec. & amortization.
155,673
149,078
140,023
U. S. income tax
248,074
214,503
200,314
Federal surtax
Other corporate taxes..
$2,503,570
914,258
142,392
198,269
244
27",512
$1,335,636
1,400,195
$1,279,655
1,321,876
Drl,336
$1,248,651
1,010,890
Dr37,665
$2,735,831
1,200,000
$2,600,195
1,200,000
$2,221,876
900,000
$1,545,728
Adjust, acct. prior
*34",724
$1,419,714
1,535,831
Previous surplus
38,996
$2,955,728
1,410,000
$1.01
undistributed profits of $3,112-
on
143, p. 925.
security for the notes.
Payments will be made as of July 1
of the amount due on the notes at the rate of
$41.55 per $1,000
Sept. 1, 1932 coupon, and $1.45 per $35 coupon upon
187,849
-
capital stock
outstanding (no par)
Earns, per sh. on cap. stk
54,047,812 52,899,442
shares.—V
the outstanding and unpaid coupons
maturing prior to Sept. 1,1932.
After
this distribution, the balance due on each
$1,000 note and $35 coupon will
$147,418
94,219
$1,096,272
986,207
_
$978,075
65,300
$1,307,464
al92,722
18,470
_
Total
3,571,800
9,560,775
2,651,058
note and appurtenant
$643,428
712,384
$1,269,213
38,251
Operating profit
.
__
3,958,500
3,571,800
9,660,775
3,113,825
Interborough Rapid Transit Co.—Payment
amount to
Misc. income (net)
par)...
Common stock.
Bankers Trust Co., as trustee for the
10-year secured convertible 7%
notes, which became due Sept. 1, 1932, is notifying holders that it has been
authorized by Court order to distribute funds received as
interest on bonds
*
$1,690,459
— —
940
stock payable from income on July 30 to holders of record
July 6.
A dividend of 25 cents per share was paid on
April 30, last, and one of $1.90
per-share was distributed on Dec. 22, 1936.—V. 144, p. 3002.
Independent Pneumatic Tool Co. (& Subs.)- -Earnings
Calendar Years—
of
common
—V. 144, p. 3675.
Grossprofits
$2,151,781
Sell., adm. & gen. exp.
& depreciation.
882,568
in aid
pref.
stock
($100 par)
3,958,500
6%
pref.
stock
52.899,4421
no-par
20,503
5,466,850
Incorporated Investors—Larger Dividend—
1934
$397,353
123,719
2,434,758
2,615,151
962,216
605,710
Net after rents
1935
$488,894
176,825
123.731
...54,047,812
Represented by 720,260
9,364
8,740
construction
Surplus
—V. 144, p. 3840.
9,995
7%
($100
32,101,961
8,452,988
5,358,610
528,602
1,073,643
5,624,414
Contrib.
exp.
1—
From Jan.
339,137
1,032,019
Reserves
x
Gross from railway
Net from railway
84,034
360,763
545,160
Other accr. accts..
8,509
debits
152,174
29,341
Unadjusted credits
$6,568,048
1,402,576
801,530
1,563,282
748,540
payable
(affiliated cos.).
Interest accrued..
(not current)—
Unamortized debt
discount &
1935
payable
(general)
receivable
Unadjusted
1936
May—
$
25,483,000 25,483,000
Accounts
(affili¬
rec.
ated cos.)..
Earnings of Company Only
1937
1,872,636
3,125,368
750,941
4 010,991
Mat'ls & supplies.
Gross from railway
Net from railway
8
729,440
1934
1935
$
debt
Accounts
17,210
343,897
Cash
1935
$9,037,171
717,898
Net after rents
From Jan. 1—
1937
3,
1936
Liabilities—
Funded
45 365,502 44,464,361
1936
2,097,555
940,343
1935
$
Fixed capital
System—Earnings-
May—
July
Balance Sheet Dec. 31
$1,535,831
600,000
$2.37
600,000
$2.23
$1,400,195
600,000
$1,321,876
600,000
$2.08
Crl83
years
Consolidated Balance Sheet Dec. 31
$68,938
Liabilities—
Accts.
$269,256
1,135,869
352,149
46,872
1,202,321
48,838
972,884
35,417
notes
Customers'
Sundry accts. rec.
Work fds. & adv..
expenses
.
1935
&
$205,009
$132,461
Surplus.
Prov. for British &
& accts. rec
Inventories
1936
payable
accrued expenses
1,135,869
515,963
24,911
16,538
U. S. Govt, sec.--
Prepaid
1935
1936
Assets—
Cash In banks
Shs. cap. stk. out. (nopar)
United States in¬
Earnings
come taxes
53,577
191,120
Capital stock
y3,482,450
Earned surplus...
761,909
142,582
3,482,450
658,112
^
per
share
x^Includes interest earned of $3,565 in 1936, $( ,143
1936
54,492
53,217
Prop., pit. & eq_
676,653
595,526
Cash
900,835
Assets—
895,964
will & patents..
767,535
200,000
402,623
y
Represented by 187,849
96,323
80,845
154,467
179,470
352,936
338,450
x
$4,640,489 $4,415,606
no par shares.—V. 144, p. 1962.
Indiana General Service
Pats., pat. rights,
licenses, devel.,
goodwill, &c
10,269,304
1936
Fixed assets
Depreciation
Taxes
-—
Other income (net).
Interest
on
funded debt
Amortization of debt discount & exp_.
Other deductions
.
1934
$3,467,994
1,773,816
84,769
429,828
$3,073,043
1,581,972
78,670
403,575
398,095
$878,478
31,484
Maintenance
1935
$3,972,898
2,035,963
114,421
413,954
a530,082
$771,896
20,717
$610,730
20,628
$909,962
192,815
18,522
11,604
$792,613
$631,358
195,785
18,807
9,858
407,683
195,395
18,769
10,650
$687,021
$567,799
$406,908
Includes surtax on undistributed profits, amounting to $5,171.
Balance Sheet Dec. 31
1936
A
1935
1936
$
Fixed capital
Contract, construe
9
57,847
147,647
98,875
509,518
278,072
Special deposits—
Cash
Federal securities.
Accounts recelv
—
Matls. & supplies.
54,188
471,754
Accts.
500,000
435,318
Customers' deps__
Interest accrued..
221,041
Taxes accrued
2,921
current)
disct.
203,738
37,660
225,234
41,095
160,640
39,590
602,228
5.090
975
2,842,444
Contributions
stock
4,640
15,946,834
3,971,100
3,000,000
3,000,000
1,369,962
1,196,249
stock
'.
Surplus
16,096,071
32,659
3,971,100
($100 par)
Total
148,869
513,108
5,086
5,850
2,943,303
($100
par)
Common
106,228
In
aid of construct.
Pref.
Total..
16,096,071 16,946.834
-V. 144, p. 4181.
Indiana & Michigan Electric Co.—
Calendar Years—
Operating income
(net).
Other income
Total income
Interest on funded debt
Amortization of debt discount & exp.
Other deductions
Net income
7 % pref. dividend
6% pref. dividend
Common dividend
on
$6,451,907
2,341,260
224,659
1,074,753
752,783
$2,326,754
175,942
$2,058,451
133,933
$2,793,394
1,274,150
91,112
27,478
$2,502,697
1,274,150
91,112
25,915
124,063
70,525
273,355
taxes accrued
Reserves
for
242,700
con¬
tingencies
111,278
111,278
Capital 8tock__.10,000,000 10,000,000
Surplus
1,545,728
1,535,831
103,988
76,223
24,297
21,214
...12,213,439
12,021,3091
Total
12,213,439 12,021,309
x After
deducting reserve for amortization of $3,546,551 in 1936 and
$3,423,258 in 1935.
y After depreciation of $50,598 in 1936 and
$107,326
in 1935.
z 600,000 no-par shares.—V.
143, p. 2524.
International Great Northern RR.-Earnings—
May—
1937
Gross from railway..
Net from railway
Net after
rents
..
..
From Jan. 1—
Gross from railway
$1,042,177
152,129
—
Net from railway
Net after rents
—V. 144, p. 3840.
def22,654
5,465,581
908,995
def781
1936
1935
1934
$996,847
157,791
defl 1,661
$991,028
332,120
215,147
$1,084,234
321,767
161,694
4,823,288
727,551
defl4,476
4,768,005
947,358
5,251,820
1,484.529
659,653
310,036
International Paper Co.—Offer Made in 1928 to Stock¬
holders to
Exchange Stock for International Paper & Power Co.
$802,907
277,095
214,308
194,470
The directors of International
Paper & Power Co. have now definitely
withdrawn and terminated the offer made
by that company in 1928 to
issue its shares in
exchange for stock in International Paper Co. as of the
close of business
July
15,
1937.
Until that date, but not
thereafter, stockholders may still exchange their
shares for shares of International
Paper & Power Co. on the following basis:
For each share of
7% preferred stock of International Paper Co.: 1 share
of 7% pref. stock of International
Paper & Power Co.
For each share of
6% pref. stock of International Paper Co.: 1 share of
6% pref. stock of International Paper & Power Co.
For each share of common stock of
International Paper Co.: 1 share of
class A common
stock, 1 share of class B common stock and 1 share of class O
common stock of International
Paper & Power Co.
If
International Paper & Power Co.'s plan for
change in capitalization
becomes effective, the shares of that
company which stockholders of Inter¬
national Paper Co. would receive on
electing to make such exchange will
be changed into the shares or
shares and warrants as called for in the
plan.
Stock certificates should be
presented for exchange at one of the following
banks before the close of business on
July 1*. 1937: (1) 7% preferred and
common
stocks, to Bankers Trust Co., 16 Wall St., New York, First Na¬
tional Bank, 17 Court
St., Boston, or Montreal Trust Co., 11 Place d'Armes,
24,215
$1,111,520
277,095
214,308
579,809
undistributed profits.
co
60,974
z
Deferred charges..
$2,192,385
1,274,150
91,112
$1,400,654
277,095
214,308
929,135
Taxes
1934
$6,953,586
2 ,.479,140
275,702
1,092,593
779,396
1,623,849
169,546
Depreciation
Includes $5,866 surtax
1935
$7,807,999
2,915,230
276,961
1,104,283
a887,676
Maintenance
a
Earning
1936
Operating revenue, electric
Operation
rec.
yr. or
after date,
Total
affiliated
159,013
Terminated—
119,137
Reserves
debits
$
3,907,900
116,480
(affil.
Unadjusted credits
debt
b expense
Unadjusted
pay.
cos.)
Other accrd. accts.
(not
rec.
Unamortiz.
$
lstmtge. 5% bonds
due Jan. 1, 1948 3,856,300
Accts. pay. (gen.)_
123,965
9
Mlscell. invest
Accts.
Liabilities—
14,753,069 13,998,194
6,714
1935
$
9,994,102
y
Notes & accts.
maturing 1
Co.—Earnings-
Calendar Years—
1935
$
Accounts payableAccounts
payable
Fed., State & other
Inventories
more
Operating revenue
Operation
a
Total
Liabilities—
363,468
Notes and accepts.
receivable
_
$4,640,489 $4,415,6061
1936
$
U. S. Treas. ctfs..
Accts. receivable.
After reserve for depreciation of $1,233,705 in 1935 and $1,251,654 in
x
1936.
1935
$
809,499
Trademarks, good¬
Total
in 1935 and $6,707
Balance Sheet Dec. 31
Adv. to empl. cap.
stock club
x
$2.13
Montreal, P. Q.
(2) 6% preferred stock, to First National Bank, 17 Court
St., Boston.—V. 144, p. 3505.
International Railways of Central
America—Earnings.
Period End.
Gross
May 31—
revenues
Oper. exps. &
Income
taxes
before
1937—Month—1936
$592,447
$536,876
283,377
245,824
1937—5 Mos.—i 936
$2,787,690
$2,617,518
1,412,719
1,218,839
$309,070
$1,374,971
fixed
charges and without
prov.
for
undis-
tributed profits tax.
-V. 144, p. 3841.
$291,052
Investors Fund Co.,
Inc.—Special Dividend—
$1,398,6
Directors have declared a
quarterly dividend of 12 cents per share an
special dividend of 5 cents
per share on company's shares, payabl
July 15 to holders of record June 30.
a
Volume
Financial
145
The quarterly dividend will
the special dividend will
and
of socuri bios
be paid from dividend and interest income
be paid from profits realized from the sale
•
special dividend of 4 cents and a quarterly dividend of 12 cents were
paid on April 15 last and a special dividend of 90 cents and a quarterly
dividend of 20 cents were paid on Dec. 18, 1936.
See also V. 144, p. 2132,
for detailed record of previous dividend payments.—V. 144, p. 2658.
A
$3,999,371
86,561
198,264
$5,541,045
176,626
$4,622,236
603.634
$4,197,635
629,530
$5,717,671
857,317
$3,879,150
x3,337.875
....
$4,092,690
743^086
$3,489,057
x3,338,800
$3,568,105
x3,337,335
$150,257
$230,770
$1,524,783
..I.
Net income
..
Common dividends—
..
Surplus
stock
outstanding (nopar)..
Earnings per share
Shares
common
_
„
3,340,300
3,339,900
3,338,300
3,350,000
$1.16
$1.04
$1.06
$1.45
x Exclusive
of $12,125 in 1937, $11,200 in 1936 and $12,664 in 1935,
dividends on company's own stock.
y Subsidiary plants during the six months of 1937 produced materials
amounting to $23,995,448, which combined with company's sales made a
total business transacted of $68,470,673.
Consolidated Balance Sheet May 31
1937
$
2 ,265,868
1,518,485
Accounts payable.
7,952,332 12,163,421
4,243,476
U. S. Govt, secur. 4,514,446
Accts. receivable.. 17,479,766 13,360,072
Inventories
32,004,551 28,760,826
Officers & employ.
86,230
248,176
343,720
1,332,676
162,168
226,389
1,800,000
Deferred charges..
607,306
Int.
After
x
Earned
on
9,700 in
(10,100 in
1937
by 3,350,000
no-par
1936)
shares.—
Telephone Co.- -Earnings—
Divs.
applic. to pref.
whether paid or unpaid
x
$724,850
224,537
88,471
86,219
$668,986
208,395
85,797
78,331
earns,
$354,612
100,000
1,745
7,821
$325,623
100,000
1,786
7,821
$296,464
100,000
1,236
7,821
$257,104
100,000
1,248
7,821
Cr246
Cr305
_
bef. deprec.
funded debt
General interest, &c
Amort, of dt. dis. & exp.
Int.
construction
during
520,784
$216,323
$245,291
Gross from
1937
$189,273
94,585
railway
53,463
914,228
444,919
railway
Net from railway
Net after rents
85,999
61,919
258,980
$155,862
71,631
43,927
$149,662
60,859
29,978
979,559
501,417
314,772
782,781
338,850
199.151
785,434
389,565
239,534
Keyroc Gold Mining Co.—Registration Withdrawn—
first page of this department.—V. 144, p. 3339.
See list given on
June 25 declared a dividend of $1 per share on the
$16.66 2-3, payable July 10 to holders of record July 1.
an extra dividend of $2.50 and a dividend of $1 (or
$3.50 per share) paid on Dec. 15, 1936; dividends of $1 paid on July 10,
1936;, Dec. 20, July 10, and Jan. 15, 1935, and on July 16, 1934.
This
latter dividend was the first paid on the issue since Feb. 1, 1931, when a
semi-annual dividend of 75 cents per share was distributed on the old
$25 par stock.—V. 143, p. 3635.
stock,
on
par
This compares with
Key West Electric Co.—Earnings
12 Months Ended May
$187,406
—V.
138,956
140,496
142,244
102,978
$75,827
$45,162
$45,056
102,877
29,445
14,963
In sub.
dated (at cost).
Misc.
disc.
Kirkland-Hudson
Years Ended
Bay Gold Mines, Ltd.—Earnings—
1937
April 30—
43,747
644
9,623
of
26,169
341,144
1,374
28.578
93,139
32,530
102,564
reserve
19,593
16,100
766",164
783,819
Capital surplus—
Surplus
279,092
276,586
232,955
Trust
374
—
Co.
has
Jade Petroleum
been
Total
$5,458,724 $5,489,071
in 1936 and $8,687
shares.—V. 143, p. 925.
appointed New
Investments
437,901
$1,874
20,722
477,243
1,453,335
1,453,335
459
54
$3,185
& office turn
$1,922,914 $1,953,723
After reserve for
York registrar for this
$7,619,668
incident to operations, including repairs
estimated provision for all taxes except
Federal surtax on undistributed net income, but excluding charges direct
to surplus in respect of cost of moving, changing and dismantling existing
plant and equipment incident to major construction program.
Note—No provision has been made for Federal surtax on undistributed
profits applicable to 1937 and no provision was required on undistributed
profits applicable to 1936.—V. 144, p. 4349.
& Light Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$1,329,421 $17,235,261 $16,126,584
652,904
8,352,053
7,707,819
$1,436,961
720,822
Depreciation
$716,139
115,935
8,497
187,565
$676,517
133,780
9,115
184,292
$8,883,208
1,473,300
104,434
2,229,398
4,219
72,000
"6",633
12,596
396,431
366",095
$327,923
Interest charges
Amortiz. of disc. & prem.
$342,696
$4,667,049
$4,113,831
$0.61
$8.41
$7.38
$8,418,764
1,615,604
109,309
2,213,925
of limited
investments
Fed, & State inc. taxes
Net income
Earnings per share com¬
after income tax.
$0.59
Note—No deduction is made in the foregoing statement for the surtax,
if any.—Y. 144, p.
3676.
account-_
93,670
Total
.-..$1,922,914 $1,953,723
Knapp Monarch Co.—Stock Dividend—
directors
have declared
a
stock dividend
of two additional shares
share now held, payable to holders of
Toll Co.—Group Gives Report Reviewing Year's
Developments—
Concurrently with the distribution June 29 to holders of registered
of deposit for Kreuger & Toll Co. secured debentures issued
of which Grayson M.-P. Murphy is Chairman,
payment totaling approximately $246.80, the committee mailed a
to its certificate holders briefly reviewing developments of the
past year and indicating as far as possible the prospects for the future.
Of the total payment, one check in the amount of 880.62 Swedish kronor1
of
Months Ended April 30, 1937
$16,054,234
6,919,855
1,514,711
income
Operating expenses
Surplus
a
report
After deducting all expenses
and maintenance of plants and
Kansas City Power
1,764,417
p.1885.
by the protective committee
x
Period End. May 31—
$635
1,764,418
146,778
95,000
Capital stock
certificates
depreciation and depletion
Interest charges on funded and long-term debt—
Gross earnings
1936
$11,718
Bank loans
depreciation of $441 in 1937 and $351 in 1936.—V. 143,
no-par common stock for each
record June 30.—V. 143, p. 2057.
Laughlin Steel Corp. (& Subs.)—Earnings—
Provision for
Accounts payable-
Prospecting eqpt.
The
department.—V. 144, p. 1788.
earnings
1937
549
Mining properties.
«x
on
Corp.—Registration Withdrawn—
Consolidated Income Account for 12
mon
109
$10,642
Liabilities—
1936
department.—V. 144, p. 4182.
See list given on first page of this
term
"""840
Balance Sheet April 30
1937
$18,907
12,312
Total
company's American shares.—V. 144, p. 3337.
Amortization
662
113
90
Kreuger &
Net
1,700
229,497
taxes
Italo-Argentine Electric Co.—Registrar—
Total
425
400
$3,583
.......
Accts. receivable--
Co.—Registration Withdrawn—
See list given on first page of this
x
257
2,693
1,448
Interest and exchange
Assets—
inc.
for uncollectible accounts of $8,828
Iowa Public Service
Jones &
404
5,795
1,327
Depreciation
44,484
17,879
taxes—.
State
&
b Represented by 23,000 no par
Schroder
393
'
Cash in bank
Reserves
$5,458,724 $5,489,0711
After
$26,445
12,354
3,118
3,279
2,842
Directors' fees
x
1935.
848
4,151
Legal expenses
31,371
25,000
Misc. curr. iiabs..
Accts. receivable
a
22,276
$53,747
21,300
5,474
6,883
573
2,000,000
25,000
31,886
307,352
3,072
dep
Total
$4,169
48,252
$28,971
14,220
revenue
Net profit.
40,490
Fed.
Materials & suppl.
in
1935
$5,495
50
28,921
Prospecting and explorationReports and examinations
Expense general
Expense, transfer agency
Traveling expenses
ser.
Accounts payable.
General
197,482
189,661
&
Working funds
a
$885,838
1,196,000
Accrued interest--
..
(lncl. certifi¬
cate
$881,550
1,196,000
A,
due April 1,1961 2.000,000
bonds,
51,161
43,081
51,241
.
► In proc. of amort
Cash
_
1936
'
1st mtge. 5% gold
& exp.
Prepaid accts.
def. charges
pref. stock
cum.
b Common stock.
Investments
Special deposits
Debt
$6
&c.$4,701,743 $4,691,602
oper.
consoli¬
not
1935
1936
Liabilities—
1935
9,908
144, p. 4182.
Taxes
Balance Sheet Dec. 31
1936
1936
$139,572
47,134
$148,034
$106,335
period
1937
$147,238
59,636
19,628
31—
Operating revenues
Balance after operation, maintenance & taxes.
Bal. for div. & sur.— after appro, for retir. res.)_»
Interest
Pref. dividends for prior
co.
1934
1935
1936
$193,592
96,523
51,847
—V. 144, p. 3676.
Total
Net income
Inv.
$555,346
Kansas Oklahoma & Gulf Ry.—Earnings—
May—
Gross from
Dividends
Surplus net income be¬
fore depreciation
Prov. for deprec. as de¬
termined by company.
Tel. plant, eq.,
520,784
$790,518
Rents
Assets—
0496
$1,076,130
x Regular dividends on 7 % and $6 preferred stocks were paid on April 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
1937.—V. 144, p. 4182.
$620,350
215,329
Taxes...
on
$1,311,302
180,000
99,143
Cr2,048
Balance
1933
1934
1935
1936
233,481
102,334
92,491
$782,918
Operation expenses
Net
$2,065,327
720,000
180,000
89,693
$92,793
$77,995
stocks for the period,
Net income
The directors
.84,560,272 82,417,806.
Total
Represented
c
Gross earnings
Int.
$2,308,397
720,000
Keystone Watch Case Corp.—To Pay SI Dividend—
b Consists of
Calendar Years—
Maintenance expenses.
$160,554
60,000
15,000
7,559
Int. chgd. to construct'n
surplus—29,474,931 28,183,386
V. 144, p.1112.
Interstate
13,055
$176,718
60,000
15,000
8,925
Other int. & deductions.
307,384
cost,
at
$2,052,272
21.318
267,776
depreciation,
shares
$2,287,079
887
mortgage bonds.
deb. bonds
on
Int.
common
common
$159,667
Gross income
569,546
84,560,272 82,417,806
Total
$169,788
6,930
1,670,000
Insurance reserve.
1,315,657
b Co.'sownstock.
Inv. in other cos..
balance & depos.
Res. for Inc. taxes.
468,482
Empl. notes rec._.
600,000
From Jan. 1—
50,250,000
ch'y, equip., &c 20,598,375 21,530,714
Cash
600,000
Other income (net)
$
S
Liabilities—
Common stock. .50 ,250,000
c
463
50,000
res. approp.
Net from railway
Net after rents
1936
1937
1936
$
Assets—
Land, bldg., ma
a
93
50,000
investments
Prop, retire,
_
.
*
1937—12 Mos.—1936
$6,003,065
$5,519,372
3,115,893
2,866,637
Amortiz. of limited-term
$4,860,354
3,335,571
$541,275
Total income.
Federal taxes
i
$4,006,130
$4,564,709
57,527
Operating profit
1937—Month—1936
$453,831
$484,258
244,164
264,470
Net oper. revenues
Nit$37^390,464 S36&7 $37^.504
39'°8S:I?I 32« 32'M 31jj^
Other income
Kansas Gas & Electric Co.—EarningsPeriod End. May 31—
Operating revenues
Oper. exps. (incl. taxes).
Subs.)—Earnings
International Shoe Co. (&
117
Chronicle
(about $223) per $1,000 principal amount of deposited debentures, repre¬
an initial distribution from the Swedish bankruptcy estate, and the
principal amount, represents payments received
by the committee as a shareholder of Kreutoll Realization Co., Ltd.
Discussing the assets remaining in the Swedish bankruptcy estate, the
report states in part:
"The first dividend proposal of the Swedish liquidators contemplated
the payment to all non-priority creditors of a total of approximately
72,000,000 kronor ($18,288,000) or substantially all of the cash then
held.
Approximately 9,000,000 kronor of this is expected to revert
to
Kreuger
&
Toll upon the liquidation of its subsidiary, 'Dutch
Kreuger & Toll,' in liquidation.
After the payment of this distribution
there remain in the Swedish bankruptcy various assets the realization
of some of which wjll presumably take a considerable period of time.
Included among these assets as at March 31, 1937, were 169,308 B shares
of Swedish Match Co., of which 141,808 were under option to others at
20 kronor each, £1,673,584 principal amount of non-interest bearing serial
Greek notes, £294,500 principal amount of Kingdom of Rumania 4%
consolidation loan bonds, stock of a corporation having extensive real
estate holdings in Stockholm, Sweden, stock of 'Dutch Kreuger & Toll'
in liquidation, various assets in litigation, &c.
Because of the fact that
many of these assets are non-liquid it is not possible to predict at what
time, at what price or upon what conditions they can be realized upon.
At the present time it would appear reasonable, however, to suppose that
the proceeds of such assets will be sufficient to permit of substantial further
distributions from the Swedish bankruptcy."
As to the activities of Kreutoll Realization Co., Ltd., the report states
among other things:
"It will be recalled that the plan of readjustment stated that it would
be the policy of Kreutoll to dispose of the securities as promptly as this
could be accomplished on acceptable terms.
This policy was formally
confirmed by the board and the officers and directors have endeavored to
sents
other of $23.80 per $1,000
carry
it into effect.
"As
a
result of these efforts, Kreutoll has sold all its holdings of 70,605,000
French francs Rumanian
Monopolies Institute 714 % bonds for
an aggregate
118
of
Financial
$832,705.85.
outsiders
This
price was considerably in excess of prices which
prepared to bid for these securities at the auction sale last
were
October.
"With respect to the Hungarian Land Reform
bonds, following negotia¬
tions in Budapest by a
representative of Kreutoll, a sale of the January
1933, and the January and July, 1937, coupons for 2,133,798.40
pengoes
was
concluded.
Of these
1,256,940.62 pengoes have been received
and
have been converted into dollars.
The payments
inland pengoe saleable only in
special transactions."
made
are
in
blocked
the
total
amount
common stock.
.«
The stockholders at a special meeting held on June
15, 1937 authorized
an increase in the authorized common stock from
400,000 shares to 1,200.000
shares (no par) and the change of each share of common stock
then issued
into two shares of common stock.
Directors at a meeting held May 20, 1937, authorized the issuance
and
sale
of $3,500,000 10-year 4% convertible
sinking fund debentures and
not exceeding
150,000 shares of common stock (as the same
be constituted) for issuance on exercise of the conversion
privilege of
the debentures.
The rate of conversion of debentures into common stock
by the
The original registration, of which
has not yet been fixed,
hearing
on
the statement to determine
satisfaction whether
Information relative to an agreement
any material fact had been omitted.
between
the
the
committee
and
one
of
amendment, which the SEC has
the
now
underwriters
was
furnished
in
approved.
Statement by Mr. Colby on Registration—
Bainbridge
Colby,
Chairman of the independent committee, com¬
by the SEC in connection with making
effective a post-election amendment filed by the
committee, said:
"The amended registration statement
was
intended to meet
the exception taken by the SEC to the omission of any reference to
certain
verbal negotiations between counsel.
These negotiations had not taken
the form of any commitment at the time the registration statement
was filed.
menting
on
"The
discussions referred to
between
.
the
.
respective counsel had to
do
proposed settlement with certain bondholders who had prima facie
claims for recision against the original holders of the bonds.
Counsel
a
of the
—Year
Period—
End.
Sept. 30— 6 Mos. End.
1935
Net sales
Cost and expenses...
Profit
Other income
1936
Mar. 31
$11,012,807 $13,705,977
9,548,046
11,845,352
'37
$6,595,101
6,022,692
$1,464,761
367,226
...
$1,860,624
503,117
$572,408
158,936
$1,831,988
578,470
179
65,034
89,222
$2,363,742
646,121
$731,344
330,981
4,569
announcement
an
.
with
common stock to be"
not exceed 150,000 shares.
Consolidated Income Account
its
to
but the number of shares of
initially reserved for such conversion will
the amendment is now made a
part, was filed originally in April, 1936,
and became effective that month.
Later in the year, the SEC called a
public
making
will
Group's Amendment Declared Effective—
Securities and Exchange Commission.
July 3, 1937
4%convertible
sinking fund
debentures,
applied for not in excess of 850,000 shares of
reserved
An amendment filed by the Colby committee,
representing 5% secured
of Kreuger & Toll Co., has been declared effective
-
debentures
Chronicle
has testified that it never occurred to them as
being
It certainly never occurred to any member of the committee."
144, p. 4011.
committee
Total profit.
Provision for depreciation
Interest charges
Provision for profit sharing
6,567
180,000
9,240
$903,273
437,500
Prov. for pensions and group insur
Prov. for unemployment insur. tax..
4,911
104,507
237,738
38,972
Cr5,980
220,000
10,648
$1,106,823
647,500
...
Foreign exchange fluctuations
Provision for income taxes
Propor. of profits appl. to min. int..
36,630
61,285
21.365
2,082
material.
—V.
Net profit.
Dividends...
Kroger Grocery & Baking Co.—Sales—
Four Weeks Ended—
Jan.
1937
1936
Comparative Consolidated Balance Sheet
1935
Sept. 30'36 Mar. 31'37
1934
30
$18,700,086 $16,813,862 $17,182,877 $15,401,157
Feb. 27
19,468,978
17,535,357
17,609,448
16,692,181
Mar. 27
19,995,928
17,958,321
18,072,214
17,380.973
Apr. 24
20,546,829
18,291,410
18,545,165
17,354,758
May 22
20,029,539
18,557,305
18,801,918
17,135,060
June 19
19,252,996
18,304,966
18,032,395
17,483,570
There were 4,190 stores in operation on June 19,
against 4,247 a year
earlier.—V. 144, p. 4011.
Assets—
$
Sept. 30'36
$
Liabilities—
Notes payable
Accts. payable, &c
Cash in banks and
on
hand
1,241,950
Marketable
at
739,688
securs.
cost
191,564
115,015
4,183,768
2,911,525
4,412,755
4,431,092
32,205
188,042
...
Notes & accts
Lake
Superior & Ishpeming RR.—Earnings—
1937
Gross from railway
Net from railway
rec.
Inventories
Other assets
1934
$528,198
383,681
291,615
$346,287
233,881
187,129
$190,373
110,681
93,295
498,709
67,603
def46,016
375,015
Customers'
def 1,405
def78,531
—V. 144, p. 3676.
Langley's, Ltd.—To Recapitalize—
reorganization of capital for the purpose of eliminating preferred dividend
and reducing preferred dividend charges.
Under the plan it is proposed to issue two shares of new
5% preferred
stock of $50 par value for each share of preferred stock now
outstanding
together with one share of new second preferred of no par value and entitled
arrears
to cumulative
annual
dividend of $1
a
share after Oct.
19,
1939 and
one
share of common stock. An additional 9,000 shares of common stock will be
created of which 5,657 shares will be given to
present preferred holders and
3,550 shares will then remain in treasury.
Upon completion of reorganization the outstanding capital will be as
5% first preferred of $50 par value, $565,700 second preferred
stock no par value 5,657 shares and common no par value 26,450 shares.—
V. 143, p. 277.
follows:
May—
Ry.—Earnings—
1937
Gross from
railway
1936
1935
1934
140,973
39,633
14,830
$143,983
47,149
20,476
$127,763
38,941
15,292
$128,455
38,339
16,474
709,745
229,599
94,613
Net from railway
Net after rents
railway
648,178
187,453
62,127
632,918
207,810
638,618
193,504
85,936
78.390
—V. 144, p. 3677.
Lehigh & New England RR.—Earnings1937
May—
1936
$375,278
Net after rents
$413,327
157,823
102,709
$295,134
129,945
131,975
$306,326
83,415
72,732
1,689,985
469,721
353,632
130,362
103,314
...
1934
from
railway
1,703,498
491,631
Net from railway
Net after rents
1,383,533
1,557,319
453,643
387,862
394,252
359,847
365,983
18,562,471 20,740,8921
Power
.18,562,471
Oper.
1936
1935
$2,044,089
a870,874
$1,871,757
990,612
1934
$1,868,754
1,030,367
1933
$1,991,737
989,036
$1,173,215
15,323
& taxes.
expenses
$881,145
$838,387
$1,002,701
Dr300
Lloyds Insurance Co. of America—Liquidating Div.—
Superintendent of Insurance Louis H. Pink on June 29 mailed checks
for
3% liquidation dividend to 5,737 policyholder creditors of the
company
which is being liquidated by the Insurance
Department.
Because or the
large number of small claims in this proceeding,
approximately 20,000 having
been allowed for less than $100 and the small
percentage being distributed
checks are being mailed at this time
only to the claimants with an allowance
in excess of $100.
Checks on claims under that amount will be
paid at the
time of the next
distribution, or prior thereto upon application to the
liquidator.
This procedure is being followed in the interests of
economy.
This dividend, the first to be
paid in the Lloyds Co., aggregates $123,295
on allowed claims
and, in addition, provides for a $123,158 reserve to cover
suspended claims which may later be allowed.
The total sum being paid
set
up as reserves amounts to $246,454. " There will be
subsequent
distributions from other assets in the hands of the
liquidator.
The company was placed in rehabilitation on
Aug. 4, 1933 and in liquida¬
tion on Aug. 16, 1933.
The date for filing of claims in liquidation
expired
on Feb. 16, 1934.—V.
137, p. 2282.
Long Island RR.
May—
Gross from railway
Net from railway
1937
$2,226,313
570,408
110,051
1936
1935
1934
$2,167,432
666,426
227,788
$2,052,095
508,235
81,483
$2,037,868
10,000,355
1,536,763
def329,658
9,811,159
1,993,314
272,418
9,389,871
9,568,267
2,189,869
568,371
__
from railway
Net from railway
Net after rents
—V.
144,
Los
p.
Earnings—
1,616,764
def79,281
Angeles Ry. Corp.—Earnings—
Calendar Years—
Passenger
Other
Other income
1936
1935
$11,709,503 $10,486,179
108,312
105,700
revenue
revenue
$1,188,538
Interest
on
funded debt.
Interest
on
unfund. debt
$881,145
819,798
27,965
799,146
26,281
Amortiz. of debt discount
and expense
Taxes.
a
on
com.
$838,087
848,925
6,891
$1,003,168
859,481
19,888
38,889
40,053
41,782
42,444
$324,222
125,000
loss$6,672
loss$59,510
$81,354
stock..
Including $16,471, Federal surtax
on
1936
Interest
Interest
$
Accounts
affiliated
for
3,848
co
244,101
fd., &c.
Cash (Incl. work¬
ing funds)
542
1,042
12,513
155,928
3,845
198,417
1,001,702
1,051,038
23,271,721
23,360,775
exp., sk.
Mat'ls & supplies.
Def. debit items..
4,953,625
5,699,258
15,285,200 15,891,900
614,455
424,742
244,101
251,256
(contra)
Accounts payable.
Taxes accrued
Miscell. accruals.
13,220
3,502
Net income to profit and loss
42,723
160,960
402
Capital surpl
Corporate sur pi..
bl61,882 def 441,133
al935
$
investments
68,419,962 72,993,749
Cash....
937,713
652,324
Loans & notes rec. 1
16,712
25,712
Accts. receivable-.
92,860
78,396
Material & supplies
512,633
413,496
Other curr. assets.
25,117
29,117
Unadjust, debits..
188,233
176,128
23,271,721 23,360,775
b Since Jan. 1, 1936.—V. 144,
conversion of
Total
70,193,231
Funded
debt
$
un¬
matured
Loans & notes pay.
Audit,
accts.
15,860,000 16,346,000
20,000
3,974,644
and
wages
615,598
482,705
5,169,925
171,546
62,210
Other curr. liab...
1,250
1,250
Unadjust. credits.17,710,428 16,386,479
Corporate surplus. 6,858,657
6,774,163
98,308
74,590
liability
Total
70,193,231 74,368,922
Figures adjusted for comparative purposes.—V. 143,
p.
1886.
Louisiana & Arkansas Ry.- -EarningsGross from railway
proposed issue of 10-year
74,368,9221
al935
$
stock...20,000,000 25,000,000
Preferred stock
8,954,400
Tax
May—
a
1936
Liabilities—
Common
Mat. int. unpaid
Accrued interest..
304,500
par) now
outstanding and listed, on the basis of one additional share for each share
held, and (b) not exceeding 150,000 additional shares of common stock
on
red figures.
57,103
Liquid Carbonic Corp.—Listing—
official notice of issuance
$78,813 def$727,551
are
1,314,281
Total
8,131
bonds in sinking fund.
206
1,501,550
2,322
.
The New York Stock Exchange has authorized the listing of
(a) 350,000
additional shares of common stock (no par) on notice of issuance to the
holders of certificates for 350,000 shares of common stock (no
on
on
77,347
Res. for retire., &c
Misc. unadj. credit
Represented by 198,145 no par shares,
p.3677.
a
Excludes interest
Note—Items in parentheses
a
Total...
unfunded debt
251,256
85,814
Matured bond int.
bd. int. (contra)
Depoa. for constr.
.
$
payable
to affll. co
mat'd
Accts. receivable.
Common stock..
1935
5
Funded debt
Note
a
funded debt
on
$239,788
821,044
144,088
2,207
Consolidated Balance Sheet Dec. 31
1936
Mobilities—
Plant, prop., &c..21,825,433 21.814,845
Investments
23,807
27,453
from
on
$147,727
83,930
$944,945
774,638
90,427
1,067
Miscellaneous rent, &c
1936
<4. $S€tS$
1935
$
sscts
Depos.
$802,805
135,507
6,633
Miscellaneous income
undistributed profits.
Balance Sheet Dec. 31
rec.
_____
Operating income
Profit on sinking fund purchases
a
Divs.
$11,817,815 $10,591,879
8,909,930
8,447,553
1,449,620
1,438,344
655,460
558,255
Gross income
Gross income
552,694
158,172
3678.
468
_
20,740.892
a
Operating expenses.
Depreciation
Co.—Earnings—
136,276
10,500,000
2,747,387
2,511,247
2,749,822
Total.
Total operating revenue
r
969,342
—V. 144, p.4349.
—V. 144, p. 3841.
Calendar Years—
134,194
Earned surplus.2,691,217
From Jan. 1—
Gross
int. in cap.
stocks & surplus
of subsidiaries-.
Capital surplus
Gross
1935
421,121
119,766
Mln.
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
39,945
287,103
221,299
104,507
140,000
984,444
stock
(350,000 shares)
10,500,000
From Jan. 1—
Gross from
Net from railway
Net after rents
119,068
35,342
Cap.
or
River
Lehigh & Hudson
Divs. payable
Miscell. reserves-.
processes, &c...
Total
A special meeting of stockholders has been called for
July 19 to approve
961,735
credit
bals. & deposits.
Res. for inc. taxes.
Res. for prof. shar.
308,770
def25,618
def103,229
1—
Gross from railway
Net from railway
Net after rents
$
2,215,000
559,592
154,946
for
unempl.
Insurance tax...
260,288
277,630
Cap. assets (net).. 9,646,408 10,469,423
Deferred charges.
94,759
107,343
Goodwill, patents,
$181,103
100,602
84,631
919,847
426,981
260,250
Net after rents
From Jan.
1935
Mar. 31*37
Res.
-
1936
$
Accrued commis..
Investments
May—
$275,029
455,000
Net from railway
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 3842.
$496,716
164,723
103,743
1937
1936
$489,213
188,037
119,172
$398,524
149,867
107,535
$365,090
124,410
83,784
2,425,160
780,483
477,106
2,280,750
848,912
540,880
1,822,758
579,449
371,538
1.753,592
590,164
394,596
1935
1934
*1
Volume
Financial
145
Louisiana Arkansas & Texas Ry.-
■Earnings—
1935
1934
$112,069
26,983
5,644
$72,032
21,139
7,493
$72,376
13,021
def3,347
527,846
122,049
497,392
10,848
May—
22,467
368,004
60,645
def8,864
391,556
90,631
5,194
1937
$101,698
29,625
1
Gross from railway
Net from railway
Net after rents
7,818
From Jan. 1—
Gross from railway
Net from railway
1936
.
Net after rents
119,240
—•V. 144, p. 3678.
Louisiana Power & Light
Period End. May 31—
Co.—Earnings—
1937—12 Mos.—1936
$7,502,030
$6,406,152
4,828,590
3,987,700
747,500
470,000
1937—Month—1936
$603,828
$543,659
388,895
338,626
55,500
45,000
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
Net oper. revenues.._
for lease of plant
*
$159,433
$1,948,452
$160,033
$1,925,940
416
Cr2,515
1,227
Rent
(net)-
•
*»
tm
m
m
+- «*
Operating income
Other income (net)
$159,433
2,785
$159,617
1,073
$1,928,455
23,004
$1,947,225
27,579
Int.
$162,218
72,976
$160,690
72,917
3,961
$1,951,459
875,305
52,386
$1,974,804
875,000
46,614
$83,812
the period.
$1,023,768
$1,053,190
356,532
356,532
mortgage bonds.
Other int. & deductions.
on
4,148
Net income
x
Divs.
$85,094
applic.
to
pref
stock
.
for
Chronicle
Bond Retirement and Property Improvement Fund—Company will covenant
in the mortgage that, so long as any of the bonds of the 4)^ % series due 1952
remain outstanding, it will, on or before April 30 in each year (commencing
April 30, 1938) pay to the trustee, in cash, as a "bond retirement and
property improvement fund," the sum resulting after deducting from $50,000, all or any part of the following amounts which the company may elect
From such sum of $50,000: (1) any or all
defined in t.he mortgage) completed or
the books of the company during the period from Jan. 1, 1937,
to the Dec. 31 immediately preceding each aforesaid April 30; and
(2)
100% of the principal amount of bonds of the 43^ % series due 1952 there-'
tofore issued and outstanding under the mortgage and delivered to the
trustee by the company during the 12 months' period ending on such
April 30 for cancellation and retirement; provided, that such bondable
property additions have not been and shall not thereafter be used as the
to subtract or take as deductions
L
whether paid or unpaid
bondable property additions (to be
charged
Balance
x
$696,658
$667,236
Regular dividend on $6 preferred stock was paid on May 1, 1937.
the payment of this dividend there were no accumulated unpaid
After
dividends at that date.
Note—Includes provision made during December, 1936, of $31,860 for
Federal surtax on undistributed profits for 1936.
No such provision has
been made to date for 1937.—V. 144, p. 4349.
Louisiana Steam
Generating Corp.—Earnings—
12 Months Ended May 31—
Operating revenues
Balance after operation, maintenance and taxes
—V. 144, p. 4012.
1937
Subs.)—Earnings
1936
$10,240,917
5,108,333
$10,723,938
5,515,645
$5,132,584
325,246
$5,208,292
382,095
Net oper. rev. (before approp. for retire, res.)..
Other
688,412
1937
income
Net oper. rev. & other income (before appropria¬
tion for retirement reserve)
$5,457,830
1,200,000
37,000
Gross
(net)
Balance
Divs.
on
pref. stk. of Louisv. Gas & El. Co. (Ky.)_
Net income
$4,528,388
1,436,980
128,112
13,592
$2,905,601
1,354,920
$2,949,704
1,354,920
$1,550,681
income..
Interest charges
Amort, of debt discount and expense....
Other income deductions
$5,590,388
1,025,000
37,000
$4,220,830
1,151,437
146,188
17,604
Appropriation for retirement reserve
Amort, of contractual capital expenditures
$1,594,784
Note—No provision was made for Federal income taxes or for surtax on
undistributed profits for 1936. as the company will claim as a deduction
in its final income tax return the unamortized discount and
expense and
redemption premium and
result in
no
on bonds redeemed in
It is estimated that no surtax
expense
taxable income.
1936, which will
on
undistributed
profits under the Revenue Act of 1936 will be incurred by the other
panies consolidated herein for the year 1936.—V. 144, p. 4349.
Louisville & Nashville
May—
1936
1935
1934
2,282,800
1,566,408
$7,203,276
2,008,724
1,488,891
$6,151,259
1,405,752
1,035,338
$5,987,422
1,420,847
1,023,452
37,809,407
9,820,334
6,943,516
35,440,312
8,769,568
6,606,687
30,270,304
6,698,506
5.071,846
29,928,635
7,922,494
6,282,443
Net from railway
Net after rents
From Jan.
com¬
RR.—Earnings—
1937
$8,019,480
Gross from railway
1—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 3842.
Louisville
1935
1934
1933
$3,076,164
70,065
$3,137,021
82,642
$2,978,490
111,478
$3,395,012
2,301,180
$3,146,228
2,192,359
$3,219,663
2,244,769
$3,089,968
2,166,572
$1,093,832
379,930
$953,869
319,000
$974,894
308,500
$923,396
281.000
$713,902
13,519
expenses
Taxes.
$634,869
30,787
$666,394
52,902
$642,396
18,329
Net oper. income
Non-oper. income
$727,421
Net income
365,585
$665,656
441,750
4,190
$719,295
486,750
$219,716
1936
Assets—
Other
$232,545
1395
$
S
equlpm't.18,532,157 18,018,692
cos.
4,136,501
investments
90,323
Current assets
Unadjusted
896,251
debits
used
The remaining amount, approximately $40,381
for the construction of additions
and
(estimated), will be
betterments to the plant and
facilities of the company.
Capitalization to Be Outstanding After This Financing
First mortgage
bonds, 4K% series due 1952
promissory notes due June 1, 1957
stock ($100 par)
$750,000
1,376,309
364,301
789,360
1,137,286
Liabilities—
stock,
1935
$
Common stock—
Bonds
Current liabilities.
$
3,500,000
8,298,800
7,129,500
235,234
3,500,000
8,323,600
8,035,000
412,120
liabilities
1,717
1,258
2,062,654
2,111,507
Total
Calendar Years
20,895,041 24,446,140
-V. 142, p. 2164.
1936
$378,950
281,483
$456,261
344,531
Apr. 30, '37
$454,683
343,232
Net oper. revenues...
$92,322
$111,451
577
$97,467
787
$111,730
Non-operating income..
605
594
$92,899
$98,254
$112,335
$112,045
20,000
revenues
Gross income
.
Provision for retirements
Interest on consumers' deposits.
$92,045
556
....
McCrady-Rodgers Co.—Pays Accumulated Dividend—
Balance before interest on long-term debt
J
Ann. int. requirements on 1st mtge. bonds 4 H % series due 1952
Number of times such annual interest requirements earned:
Magnetic Control Corp.—Registration Withdrawn—
See list given on
1, 1937; due June 1, 1952.
Principal and int. (J. & D )
payable at principal office of Central Hanover Bank & Trust Co., New
York, in such coin or currency of the United States as at the time of pay¬
ment shall be legal tender for the payment of public and
private debts
Red. as a whole at any time, or in part from time to time, at
option of
company, on not less than 30 days nor more than 90 days' notice at foUowing prices and accrued int.: 105 if red. on or before June 1, 1941; 104 if red.
thereafter on or before June]l, 1942; 103 if red. thereafter on or before
June 1
1943; 102 if red. thereafter on or before June 1, 1944; 101
if red. there^
after on or before June 1, 1945; 101 if red. thereafter on or before
June 1
first page of this department.—V. 144, p.3507.
Manati Sugar
Macon
(Ga.) Gas Co.—Bonds Offered—Chandler & Co.,
Inc. and G. L. Ohrstrom & Co., Inc., on
July 1 offered
$750,000 1st mtge. 4%% bonds at 92 and accrued int. to
yield about 5.27% to maturity.
$91,489
33,750
Before provision for retirements
3.30
After provision for retirements
2.71
Management and Control—All of the common stock of the company is
owned by Consolidated Electric & Gas Co., all of whose common stock is
owned by Central Public Utility Corp. (Del.).
All of the common stock of
Central Public Utility Corp. is held by Christopher H. Coughlin, William
T. Crawford and Rawleigh Warner, as voting trustees.
Underwriting—The name of each underwriter and the respective amounts
severally underwritten, are as followsChandler & Co., Inc., Philadelphia
$434,000
G. L. Ohrstrom & Co., Inc., New York
316,000
—V. 144, p. 3006.
The company paid a dividend of $1.50 per share on account of
accumu¬
on the 7% cum. pref. stock on June 30 to holders of
record June 19
—V. 137, p. 2985.
oper.
Operating expenses
lations
W Dated June
12Mos.End.
1935
$354,321
261,999
Gross
Balance before interest and other income charges—
$172,278
5%
cumulative
Deferred
20,895,041 24,446,140
140,000
4,755 shs.
($100 par)
200 shs.
Earnings—The operations of the company for the years ended Dec. 31,
1934, 1935 and 1936, and for the 12 months ended April 30, 1937, and the
annual interest requirements on the bonds of the 4K% series due 1952
to be outstanding upon completion of the present financing, as shown in the
preceding statement of capitalization, are summarized as follows:
...
31
1936
Pref.
$660,725
488,247
Unadjusted credits 2,090,422
Corporate surplus.def360.632
Total
$30,000 will be applied to the payment of notes payable to banks
(c)
(d)
200
Condensed General Balance Sheet Dec.
Invest, in affil.
of the company.
and manufacturers.
1934
$361,836
bonds and notes.
Miscellaneous debits
Bond &
be delivered to the trustee pursuant to the provisions of the bond retire¬
and property improvement fund, and that during each of the
ive
following 12 months' periods ending April 30, at least $35,000-in cash and
(or) principal amount of bonds of the 4H % series due 1952 will be delivered
to the trustee pursuant to the provisions of the bond retirement and
prop¬
erty improvement fund.
Any cash so received by the trustee pursuant to the provisions of the bond
retirement and property improvement fund shall be applied by the trustee
in the purchase of bonds of the 4series due 1952 in the open market at
any time at or below the redemption price (and accrued interest) then in
effect with respect to the redemption of bonds of the 4M% series due 1952
through the bond retirement and property improvement fund.
If, after
90 days from the receipt of any such money, the remaining amount then
held by the trustee is sufficient to redeem $10,000 or more in principal
amount of bonds, such balance shall be applied by the trustee to the re¬
demption of bonds of the 4M % series due 1952. Any cash remaining in the
hands of the trustee after 90 days from the receipt of such money, if in¬
sufficient to redeem $10,000 of bonds of the 4
% series due 1952, shall be
applied from time to time thereafter by the trustee to the purchase of
bonds of the 43^% series due 1952 in the open market at not exceeding
the redemption price (and accrued int.) then in effect with respect to the
redemption of bonds of the 4H% series due 1952 through the bond retire¬
ment and property improvement fund, and to the extent that such moneys
are not so applied by the following April 30, the balance then
remaining
shall be combined by the trustee with other moneys then or thereafter paid
to the trustee pursuant to the provisions of the bond retirement and
property
improvement fund and applied as above provided.
Purpose—Proceeds will be used for the following purposes:
(a) $448,000 for the payment of the $448,000 first mortgage 7% gold
bonds, due Sept. 1, 1941.
(b) $153,000 will be applied to the payment of the 6% demand notes
ment
Second preferred stock
1936
$3,309,592
85,420
Total oper. revenues._
on
succeeding 12 months' periods ending April 30, at least
$15,000 in cash and (or) principal amount of bonds of the 4H% series due
1952 will be delivered to the trustee pursuant to the provisions of the bond
retirement and property improvement fund, and that during each of the
next five succeeding 12 months' periods ending April 30, at least $25,000 in
cash and (or) principal amount of bonds of the 4H% series due 1952 will
Common
Ry.—Earnings-
Calendar Years—
Int.
basis of the issuance of any additional bonds or as a subtraction or deduc¬
tion in determining the amounts of payments to such fund; provided, fur¬
ther, that during the 12 months' period ending April 30, 1938, and during
Unsecured 5%
Revenue from transp
Other oper. revenues
Operating
on
each of the four
1936
$2,379,784
$2,609,128
702,793
Louisville Gas & Electric Co. Del. (&
12 Months Ended April 30—
Operating revenues
Operating expenses, maintenance and taxes
119
1946; 100 H if red. thereafter on or before June 1, 1947; 100H if red. there¬
after on or before June 1, 1949; 100 if red. thereafter before maturity, pro¬
vided that in the event bonds shall be called for redemption through the
bond retirement and property improvement fund, such bonds shall be red.
at following
prices and accrued interest: 101H if red. on or before June 1,
1940; 101 if red. thereafter on or before June 1, 1943; 100 H if red. thereafter
on or before June
1, 1946; 100M if red. thereafter on or before June 1, 1949;
100 if red. thereafter before maturity.
Coupon bonds in the denom. or
$1,000, registerable as to principal only. Company will agree to reimburse
the holders of the bonds, upon proper application, for Pennsylvania personal
property taxes not exceeding 5 mills and Mass. taxes based on or measured
by income not exceeding 6% per annum on the interest payable thereon.
Issuance—Authorized by the Georgia Public Service Commission.
History & Business—Company was incorp. in Georgia in 1876. Company,
which has no subsidiaries, is engaged in the business of purchasing, dis¬
tributing and selling natural gas- for any purpose tor which gas may be
used, and of merchandising appliances necessary and desirable for the
utilization of such gas.
Prior to Nov., 1930, artificial gas was manufac¬
tured and distributed by the company.
Natural gas service is furnished in Macon, Ga., and its environs, including
the outlying suburban sections.
Population of territory served estimated
65,000.
As of Dec. 31, 1936, the company supplied natural gas service to approxi¬
mately 7,150 customers.
The
bondholders'
Co.—Plan Filed—
protective
committee for the first mortgage 20 year
7H %
bonds announced June 26 that it had filed a revised plan of re¬
organization for the company and that a hearing on the plan would be held
in the U. S. District Court House, Foley Square, on July 14.
Thepresent
plan, the committee said, was approved by order of the U. S. District
Court on June 23.
The committee, which consists of John C. Jay, Andrew J. Miller and
A. Tompkins, said it understood that the New York Stock Exchange
might make a ruling to the effect that in transactions involving cer¬
tificates of deposit for Manati bonds or stock only certificates bearing a
B.
soon
reference to the modifications of the plan as now presented would constitute
a good delivery.
(For details of plan see V. 143, p. 2376).—Y. 144, p. 4350.
Manning Bowman & Co.—Registers with SEC—
See list given on
first page of this department.—V. 144,
p.
4184.
Financial
120
Manufacturers Life Insurance
Market Street
Ry.—Allowed to Charge 2 Cents for Transfer
Railroad Commission of
State
California on June 22 denied the
application of the company to increase passenger fares from 5 cents to 7
cents, but granted the company permission to charge 2 cents for each
transfer issued.
The company may put the transfer charge into effect on
five days' notice within 30 days.
The schedule granted also increases the
charge for Sunday passes from 20 to 25 cents, but leaves the fare for school
children at 20 rides for 50 cents, with free transfers.
Samuel Kahn, President announced that the company would accept the
it out. He said:
decision, since the Commission left its door
for review if the experimental 2-cent charge for trans¬
produce sufficient revenue to pay the cost of increased wages
Commission's decision and try
"We shall be guided by the
open
to us to return
fers fails to
and
social insurance.
Dividend—
Exploration Co. covering the third distri¬
stock of Pilgrim
The capital
Mayflower
bution in liquidation, was paid June 30 on the capital stock of
Associates, Inc., to holders of record June 25.
The distribution was at the rate of two shares of the capital
stock of
each share of the capital stock of Mayflower
distributions by the corporation in complete
accordance with the plan of dissolution and
complete liquidation approved by the stockholders on Dec. 9, 1936.
In the notice to stockholders of June 22, 1937, it was indicated that the
distribution would consist of one share of Pilgrim stock and a warrant to
purchase an additional share of Pilgrim stock at $3 per share, for each
share of Mayflower stock.
However, directors determined that it would
be for the best interests of the corporation and its stockholders to exercise
the warrants and to distribute the shares so acquired.
Pilgrim Exploration Co. for
—Straight 7-Cent Fare Denied—
The
1937
3,
Co. Stock as Liquidating
Pilgrim Exploration
Distributes
Co.—Larger Dividend—
semi-annual dividend of $6 per share on its common
stock, on July 2 to holders of record June 28.
A dividend of $5 per share
was paid previously.—V. 142, p. 790.
The company paid a
July
Chronicle
(
decision we are permitted to charge 2 cents for a transfer,
transfers issued to school children. At present we are issuing
purposes, transfers at the rate of 59,000,000 per year, but when the
and is the third of a series of
cancelation of all its stock in
Balance Sheet at June 25,
1937
Giving effect to the distribution in liquidation on June 29, 1937, of
454,000 shares of Pilgrim Exploration Co. capital stock, par $1, to holders
of record June 25.
"Under the
Assets—
'
$507,501
except those
Cash in banks
for all
receivable, incl. $13,577 for which the corporation
holds 3,366 shares of American Republics Corp. common
stock as collateral
n
Miscellaneous investments of an indeterminate and doubtful
value, at cost (except for one item carried at written-down
becomes effective we believe that the number sold will be
substantially less than 50% of the number issued at this time."
Chief grounds for denial of the company's application to charge 7 cents
for single rides, or 25 cents for four, were that the road would have to
charge its patrons an additional $1,350,000 to obtain $350,000 in revenue.
This was based upon estimates in the record that large numbers of
Market Street Railway patrons would use the Municipal Railway lines in
case the fare increase were granted.
The remaining Market Street car
riders would have to make up that loss, estimated at $1,000,000, and in
2-cent charge
provide the $350,000 increase the company expected to realize.
"The Commission has concluded that the existing 5-cent fare, in com¬
bination with a 2-cent charge for a transfer, affords the greatest promise
for the most favorable results to both the traveling public and the applicant
carrier," stated the opinion of the regulatory body.
"Such a plan can be adopted upon an experimental basis and if it de¬
velops that this fare is not fulfilling the requirements, the matter can be
reviewed and a record developed which will place the Commission in a
addition
better position to select a form of fare best suited to meet the needs
public and meet the cost of performing the service."
The opinion disclosed the Commission recognized the company's
to additional revenue, but did not like its proposed solution.
of the
right
$750,000 annual increase in labor costs and the
$250,000 it estimated social security legislation would cost as the reason
for applying for a higher fare.
The Commission stated that under the 2-cent transfer charge the com¬
pany's gross earnings would increase by more than $350,000.—V. 144,
The company
p.
gave a
4184.
Mead Corp.
(& Subs.)—Earnings—
12
*
Period—
June 12,
$7,886,735
6,511,280
55,844
$711,963
77,512
$2,432,011
108,591
$1,375,455
112,212
$789,475
$2,540,602
Total..
336,085
302,136
107,769
672,143
210,635
Other income
•a.
Total
Depreciation
-
Interest, &c
105,200
Other deductions..
117,321
123,995
70,685
45,971
236,025
237,222
11,577
13,499
604,273
218,292
27,007
Fed. & State inc. taxes--
Minority
interest
Capital
stock
29,740
p.
4013.
Men gel
Co.—Registers with SEC—
See list given on
first page of this
department.—V. 144, p. 3679.
Mayflower Associates, Inc.—Speculative Oil Leases and
Royalties Transferred to Pilgrim Exploration Co.—Stock of
Latter Distributed to Mayflower Stockholders—
Robert E. McConnell, in a letter to stockholders, June 22, states:
"In the notices to stockholders dated Dec. 6, 1936 and Dec. 23, 1936,
reference was made to certain leases and royalties on prospective oil acreages
located in Louisiana and Texas, which corporation owned jointly with
Fohs Oil Co.
It was pointed out that these properties (which cost corpo¬
ration $238,978), were highly speculative and that it was not possible to
determine their value without drilling.
It was pointed out that corporaton
had an obligation to provide its proportion of the cost of drilling and develop¬
ment work.
It was estimated that this obligation might amount to $1,000 ,terminated and its obligations
finally discharged.
This has been effected
interest in these proper¬
pertaining thereto have been
by the formation of Pilgrim
Exploration Co. and the transfer to it of corporation's interest in these
properties and $454,000 in cash, in exchange for 227,000 snares of that com¬
pany's capital stock and warrants for the purchase of 22/ ,UUu additional
shares at $3 a share.
The stock of Pilgrim Exploration Co. held by corpora¬
tion represents all shares of that company now outstanding.
"In the notice of June 5, 1937 stockholders were informed of the dis¬
covery of oil on the properties known as
the Bourg Area in and sur¬
rounding Lake Long, LaFourche Parish, La., owned one-half by Pilgrim
Exploration Co. and one-half by Fohs Oil Co.
The well was brought in
June 22, and is expected to flow at the rate of approximately 800 barrels of
oil per day through a quarter-inch choke, but until more holes have been
put down and further geophysical work done it will not be practicable to
estimate the thickness or area of oil sands that may be productive.
"Corporation will shortly distribute in liquidation to its stockholders the
of Pilgrim Exploration Co.
"In addition to the Bourg Area, Pilgrim Exploration Co. owns leasehold
and royalty interests jointly with Fohs Oil Co. on properties in the western
extension of the Rodessa field in eastern Texas.
Pilgrim Exploration Co.'s
interest therein is 56.1 %.
Drilling by others has demonstrated the existence
of oil-bearing sands on properties adjoining and in the vicinity of some of
these holdings.
The properties held are in small blocks and scattered over
a wide area.
A well now being drilled on a 40-acre tract in this area by
Pilgrim Exploration Co. and Fohs Oil Co. should reach the producing sands
55,686
697,962
681,653
$177,484
$167,727
341
:$2,191,435
31,923
$1,966,292
26,710
$177,484
61,448
3,218
$168,068
61,448
3,001
!$2,223,358
737,375
42,522
$1,993,002
737,375
$112,818
$103,619
preferred stocks for the
$1,443,461
$1,216,572
Gross income
on mtge. bonds
Other int and deductions
Int.
Net income
Dividends applicable to
„
"Pilgrim Exploration Co. has
and royalties in several
holds
^,
.
Balance
($46,199 in 1936 and $45,000 in
profits.—V. 144, p. 4350.
"Fohs Oil Co.
will manage the exploration and
Merchants
dividend of $1.75 per share on account
pref. stock, no par value, payable Aug. 2
to holders of record July 23.
A like payment was made on May 1, and
Feb. 1 last; a dividend of $2.25 was paid on Dec. 10, 1936; $1.75 was paid
on Nov. 2, 1936 and dividends of $1 per share were paid on Aug. 1, May 1
and Feb. 1, 1936, and Nov. 1 and Aug. 1, 1935, prior to which regular
quarterly dividends of $1.75 per share were distributed.
Accruals after the payment of the current dividend will amount to $1.50
per share.—V. 144, p. 2309.
River Ry.—Trustees' Certificates—
Meridian & Bigbee
The Interstate Commerce
Commission on June 18 authorized the com¬
trustee's certificates, $5,000 thereof
individual in reimbursement of
H. Currie in payment
the trustee.—V. 144,
pany to issue not exceeding $20,000 of
to be delivered to W. E. Hopkins as an
incurred by him as trustee, and $15,000 to J.
for legal services and expenses incurred as counsel for
p. 3679.
expenses
Mersey Paper Co., Ltd.
(& Subs.)—Earnings—
$824,219
res.
properties.
"Exclusive of the stock and warrants of Pilgrim Exploration Co. (the
real value of which is undoubtedly many times their cost to corporation of
with the oil
$3.05 per share), the net value of Mayflower Associates, Inc. as of May 31,
1937 consists of cash in the amount of $4.17 per share and miscellaneous
securities and investments of an indeterminate and doubtful value, which are
carried on the books of corporation at cost of 44 cents per share."
397,041
$355,088
445,995
and depletion—
$652,502
391,536
$445,995
for deprec.
$746,624
378,224
other loans
Balance
Less
1934
1935
1936
Calendar Years—
Gross profit for the year
Interest on funded debt &
355,088
$255,461
255,461
Consolidated Balance Sheet Dec. 31
4?199
Cash.__
785,276
Inventories
hands
in
1,195,900
8,120
1,146,540
663,222
Bank loans
Accts. & notes pay.
sundry
b Bank
1,054
4,730
Investments
1,291
12,308
75,951
Fixed assets
13,062,886
13,064,283
holders
Deferred charges..
charges.
loan
115,093
2,760,000
120,804
2,760,000
640,494
Mtges. payable.625,921
20,000
tlmberlands
30,000
Bal. owing on pur¬
Bonds
c
15,137,812
579,610
Agree, of purch. of
6,339
55,000
Reserves
...
1,899,500
2,672,884
6H% cum. pf.stk. 5,000,000
a Common stock..
749,988
a
$
813,000
chase of shares.
Total
1935
891,000
348,426
Acer, int., wages &
of
trustee for bond¬
$
Liabilities—
$
Accts. & notes rec.
Cash
1936
1935
1936
Assets—
14,894,289
Total
1,899,500
2,300,891
5,000,000
749,988
15,137,812 14,894,289
Represented by 150,000 no par shares,
b Secured by
cFor depreciation and contingencies.—Y. 144, p.
bonds.
first mortgage
4351.
Messenger Corp.—Initial Dividend—
Exploration Co.
each respective
property, whereunder compensation will be payable to Fohs Oil Co. at the
rate of '10% of the net profits realized by Pilgrim Exploration Co. from its
interest in the joint leases' with respect to each such property.
This is
the only 'management compensation' that will be payable in connection
Dividend—
Refrigerating Co.—Accumulated
The directors have declared a
of accumulations on the $7 cum.
development of all of the
properties under lease jointly by that company and Pilgrim
Management contracts have been entered into covering
394,876
$821,696
1937) for Federal surtax on undistributed
principally
properties.
394,876
x Regular dividends on the $7 and $6 preferred stocks were paid on April 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—Includes provision of $91,199 made during the last 12 months
also approximately a 50% interest in lease¬
other areas, which are owned jointly by
Pilgrim Exploration Co. and Fohs Oil Co.
These areas are
in
Louisiana.
On most of them some geophysical work has been done and some
of the results to date have been very encouraging.
"It is contemplated that the funds received by Pilgrim Exploration Co.
from the sale of additional stock pursuant to the exericse of the warrants
mentioned above will be sufficient to cover that company's proportion of the
estimated cost of drilling and development work on the above described
39,055
$ 1,048,585
period, whether paid or unpaid--
stock and warrants
within a month.
1937—12 Mos.—1936
$8,202,682
$7,381,755
5,313,285
4,733,810
57,321
Net operating revs
Other income (net)
000 depending upon drilling developments.
"Since the sending of these notices corporation's
ties has been
Earnings—
1937—Month—1936
$660,181
$596,703
425,376
373,290
Period Ended May 31—
Operating revenues
Oper. exps. (incl. taxes).
Property retirement re¬
serve appropriations.
x
1444.
Exploration Co. below.—V. 144, p.
Memphis Power & Light Co.
x$606,854
619,374
income
$629,009
—
-
(issued and outstanding 311,803 shares, less 84,803
outstanding 227,000 shares (no par) at stated value
of $20 each, $4,540,000; capital surplus, $8,094,986; total, $12,634,986:
earned deficit at Jan. 1, 1937, after deducting adjustments of $109,579
respresenting excess tax reserves, $130,778; net income for the period
from Jan. 1, 1937 to June 25, 1937, $149,744; balance, $12,653,951; less,
liquidating distributions in cash ($3,456,168) and in kind (cost of invest¬
ments $8,639,650), $12,095,818; balance, $558,134.
Notes—Above balance sheet includes no provision for costs of liquidation
which may be incurred after June 25, 1937.
The cost of the 84,803 shares
held in the treasury was $3,421,794, including in such figures the amount
at which the corporation carries 660 shares received as stock dividends
a
146,960
83,786
$249,415 x$l,157,570
$404,616
Shs. com. stock outstdg.
588,552
619,374
588,552
Earnings per share
$0.85
$0.34
$1.67
$0.53
Note—The 1937 figures include the operations of Dill & Collins, Inc.,
which were not consolidated in the corresponding periods of 1936.
No
estimate was included for Federal surtax on undistributed profits.—V. 144
Net
70,876
558,134
shares in treasury; net
_
Total income
$629,009
-
estimated balance of expenses incidental to prepa¬
ration of plan of dissolution and complete liquidation, for esti¬
mated Federal and State taxes and for other accrued expenses
Capital stock and surplus
$1,487,667
$1,245,188
Operating profit
—
Provision for
See also Pilgrim
$3,876,156 $13,104,748
3,164,193 10,672,737
5,331,959
99,096
8,533
—
under escrow agreement
Cash deposited
13, '36
$1,301,032
Costs and expenses--,
valuation)
13,880
in 1930.
Weeks
24
Weeks
'37 June 13, '36 June 12, '37 June
$6,577,147
Net sales
Accounts
The
directors
on
the
p.
have
declared an initial dividend of 25
stock, payable July 31 to
cents per share
holders of record June 15.—V. 144,
3508.
common
Metal
Box
Co.,
Ltd.—Final Dividend—Rights—
has declared a final dividend of 10% less tax, on the
stock making 15% for the year 1936 against 12}4% paid in 1935.
Common shareholders are being asked to subscribe to one new share of
The
company
common
common
stock at £3 for every 10 shares held.
Continued expansion,
state, makes further capital [necessary.
The amount involved
by the issue is approximately £327,800. A similar offer was made last year,
which yielded approximately £300,000 new capital.—V. 143, p. 3849,
directors
Financial
145
Volume
$264,443, $1.
wholly-owned
1935
1936
$13,884
®64,97b
63,000
Dividends
4,200
$0.33
51.55
stock (no par) —
31,1936
Balance Sheet Dec.
$24,101 Accounts payable
130,948 Notes payable
4,629 Deposits from customers
Notes receivable
Accounts receivable
Adv. paym. on
4,990
chassis
Inventories.-
Land, bldgs. & equipment----
Prepaid expenses
depreciation of $130,495.—V.
Profit
divs.
7,128,337
16,174,877
3,659,409
14,351,299
2,495,202
7,260,085
1,187,107
12,515,468
1,475,253
11,856,097
1,503,395
6,072,978
I,108,281
Balance Sheet Dec. 31 (In
50,399,105
48,567,904
8,916,052
7,556.070
47,337,535
19,675,822
37,956,806
21,327,680
35,452,018
curities & cash 40,322,156
29,236,226
stores, &c
Debtors
Deposit
Treas.
Creditors
Divs.
7%
accru.
32,589.469
share of Midwest Oil Co. stock to
1936
and
Operating revenues...
Operating expenses
Operating taxes
Interest
140
Profit and loss on sale of stock
on
166,650,669 180,096.706
Provision for Federal income tax.
on
contract
storage oil
$334,298
2,927
1,068,312
Liabilities—
$1,036,029 Accounts and vouchers pay¬
able (trade)
3,050,061
Accounts receivable
162,766 Royalties payable
Accrued interest receivable._
13,604 Unclaimed dividends...;
Federal income tax (current
Inventory stock at wells (cur¬
$3,385,315
2,128,101
$3,043,798 $16,417,406 $14,700,745
1,861,918
10,052,242
9,167,484
rent market prices)
$1,181,880
359,117
$6,365,164
2,114,461
$5,533,261
$4,250,703
$822,763
$840,226
1,765,557
48,988
Investments..
tic)
870,367
— ---
(domes¬
Stocks in affil. co.
2,261,000
(cost)
3,210,006
145,203
Oil lands and leases
$3,767,704
June 25 declared
Withdrawn—
department.—V. 144, p. 3181.
Co.—Preferred Dividends—
of $1.75 per share on the
declared dividends
Total
1935
15,737
$84,169
21,142
11,146
588,469
266,976
187,082
487,459
189,889
113,526
500,900
188,494
120,429
1936
$99,337
2 9,501
13,011
Gross from railway
569,796
Net from railway
246,495
158,563
after rents
From Jan.
1—
Net after rents
—V. 144, p.
3679.
Net
depreciation)
Selling and general and administrative expenses (excluding com¬
pensation of officers and employees paid in common stock) __
From Jan.
645
the year before deducting compensation of offi¬
cers and employees paid in common stock.
Compensation of officers and employees paid in common stock,
for services rendered dining the period (18,306 shares at
required for Federal income and surtax as there
deductions exceeding net income as above.
Balance Sheet Dec.
Accounts receivable—
-
advances, &c.
Buildings
Machinery and equipment--
Prepaid insurance and taxes._
d Intangible assets
$56,341 Accounts payable (trade)
27,067 Accr'd salaries and wages
45,324 Accrued taxes—
26,890 Employees' bond deposits....
42,452 Customers' credit balances
123,544
31,732
2,419
128,176
$483,947
Total
a
After
1934
3,351,114
461,418
40,469
2,786,605
48,048
defl76,800
161,760
defl22,433
$2,337,725
642,404
342,052
$1,969,312
599,175
10,550,882
1,634,138
310,016
9,775,405
1,321,513
def45,335
8,334,862
570,829
def589,832
Gross from railway
Net from railway
Net after rents
2,873,687
348,006
$2,039,119
443,953
149.763
8,675,998
1,080,746
def249,749
4352.
31—
Operating revenues
Oper. exps. (incl. taxes).
Property retirement re¬
& Light Co.—Earnings-—
1937—Month—1936_
1937—12 Mos—1936
_
$592,579
300,611
$521,283
217,392
$6,672,236
3,219,937
$5,846,861
2,563,648
appropriations-_
38,750
33,750
460,000
405,000
$253,218
$270,141
$2,878,213
serve
340
2,493
749
1,070
Common stock ($1 par)
209,186
100,770
28,839
Dr4,623
Deficit
-
Paid-in surplus
Treasury common stock
Total
$483,947
$1,702.
b Investment, in
subsidiary, less reserve of
55
$2,992,299
1,500
$253,558
136.217
5,932
Crl,515
$270,196
137,679
5,378
$2,993,799
1,643,607
67,635
$2,879,045
1,657,061
63,307
Cr72
Cr4,894
Crl,529
Other income
Int. on mtge.
bonds
deductions.
charged to constr'n.
Other int. &
Net income
Dividends applicable to
$112,924
$127,211
preferred stocks for the
paid or unpaid
832
$1,287,45L $1,160,206
990,717
990,633
$296,734
$169,573
Dividends accumulated and unpaid to May 31, 1937, amounted to
$639 886.
Latest dividends, amounting to $2.34 a share on 7% preferred
stock
$2 a share on 6% preferred stock, and $2 a share on $6 preferred
stock were paid on April 1,1937.
Dividends on these stocks are cumulative.
j\T0te—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
Balance
x
1937.—V.
144. p. 4352.
4,230
315,600
for doubtful accounts of
Bakeries, Inc., wholly-owned
reserve
Cookie
$27,172
Preferred stock ($40 par)
e
Mama
26,1936
Liabilities—
hand & in bank..
Land.
c
$10,945,011
Total
$2,432,287
530,492
210,115
Net after rents
From Jan. 1—
period, whether
$15,350
profit for the year
Ass6ts~~~
c
1,800,255
2,433,814
3679.
p.
Net from railway
x
Note—No provision is
b Investments,
144,
Gross from railway
$38,232
22,882
$1.25 per share)
a
....
surplus
Minneapolis St. Paul & Sault Ste. Marie Ry.— -Earnings
1934
May—
1937
1936
1935
Int.
Inventories
deficit
1,649
15,558
9,984,442
3,223,933
332,736
defl21,596
after rents
Net
—V.
Net profit for
on
Earned
140,367
1—
Gross from railway
Net from railway
Gross income
$38,878
Total income.
Cash
8% cum. pref. stock ($1 par)
Common stock ($10 par)
$550,860
def33,817
def91,146
809
Interest paid—
statutory
Suspense (contra) account
Carried working interest
$575,022
def2,617
def53,676
Net after rents
102,122
11,815
$38,068
Gross income.
Other income...
are
1,334
year)
Net oper. revenues—
Provision for depreciation
Net
(current
$738,345
161,607
77,121
Minnesota Power
$934,926
782,920
629
Federal unemploy. insurance
$670,853
84,578
984
Net from railway
Period Ended May
sales.
35,705
tax
(current year)
Minneapolis & St. Louis RR.—Earnings—
1937
1936
1935
Weeks Ended Dec. 26, 1936
Cost of sales (excluding
(current
property
at Dec.
—V. 144, p.
for 52
year)
general
State
May—
Mickelberry's Food Products Co .—Earnings—
Income Account
as
Gross from railway
1934
$82,589
29,985
20,595
$97,604
26,515
1937
May—
State production tax
the .amount of $1,635,500 shown on balance
31,1935, represents purchase at par of additional shares in
Saltmount Oil Co.
Percentage ownership in Saltmount Oil Co. did not
change substantially by purchase of these additional shares as Mountain
Producers Corp. owning a like amount of its stock, made a corresponding
additional purchase.—V. 144, p. 1967.
RR.—Earnings—
Gross from railway
Net from railway
3,712
Increase in this item over
a
sheet
7%
pref. stock, par $100, and $1.50 per share on the 6% cum. pref.
stock, par $100.
Both dividends are payable on account of accumulations,
on Aug. 2 to holders of record July 15.
Like distributions were made in
each of the five preceding quarters.
Dividends of
and $1.12H
per share, respectively, were paid on Feb. 1, 1936 and on Nov. 1, 1935,
while in each of the six preceding quarters dividends of 87H cents and 75
cents per share, respectively, were paid.
Prior to then regular quarterly
dividends of $1.75 per share on the 7 % preferred stock and $1.50 per share
on the 6% preferred stock were distributed.—V. 144, p. 2488.
$10,945,0111
-
$36,329
5,014
86,710
year)
Unrealized
Co.—Accumulated Dividends—
dividends of $1.40 per share on the 7 %
Michigan Public Service
Midland Valley
1,649
(contra)
cum.
Net
4,881
140,367
Suspense (contra) accounts.Carried working interest acct.
July 10.
Dividends of $4.90 and $4.20 per share were distributed on the
respective issues on Dec. 15, 1936.
These latter were the first payments
made since May 1, 1935. when dividends at one-quarter the regular rate
were distributed.—V. 144, p. 3342.
have
87
Other equipment
Other assets.
first page of this
$798,520
Note—Earnings and expenses for the year 1936 include operations from
properties received from the Wyoming Oil Fields Co. (subsidiary) liquidated
to Midwest Oil Co., Jan. 1, 1936.
Earnings and expenses for the year of 1935 exclude operations of Wyom¬
ing Oil Fields Co. properties, except dividends paid to Midwest Oil Co.
Balance Sheet Dec. 31,1936cc etc
lien stock and $1.20 per share on the $6 prior lien stock as payments
These dividends will be paid on July 20 to holders of record
directors
$872,735
71,730
2,485
617,243
Cash on hand
arrears.
The
Crl0,859
...
Marketable securities
Michigan Gas & Electric
Directors
50
Dr6,964
$1,038,251
86,710
and bonds
II,238,662
12,829,115
Michigan Bumper Corp.—Registration
on
$769,041
50,651
42,133
117,082
40,714
1937—Month—1936
1937—5 Afos.—1936
$3,388,022
$3,045,327 $16,449,340 $14,720,617
2,707
1,529
31,934
19,872
Net oper. income...
V. 144, p.3843.
prior
$839,354
70,313
income
Lease investment
See list given on
$993,190
105,911
General administrative expense.
a
Net oper. revenues
$1,428,011
398,491
190,165
Direct operating expense
Depletion, depreciation and other charges..
$1,257,214
416,988
_
465,077
210,260
Purchases and crude oil costs
Preferred dividends..
loss
Michigan Bell Telephone Co.—Earnings—
Uncollectible oper. rev.
$1,497,484
69,472
3,232,815
depreciation,
y With
Bataafsche Petroleum Maatschahpij
against its guarantee in connection with the company's appeal to the
Supreme Court of Mexico in the Amatlan lawsuit (since released).—V.143,
p.2526.
Operating revenues
1935
$1,727,684
59,157
royalties and working inter¬
revenue
1st
After
Period End. May 31—
the stock of Midwest Oil Co.
stockholders on the basis of
each one share of Salt Creek
$1,668,527
est
Loss
on
cum.
Total
166,650,669 180,096,706
a
Miscellaneous income
3,400,000
pref. stock
account
x
dissolved by vote of its stockholders, and
distributed to the Salt Creek Producers
56,331,044
50.923,686
60,833,955
15,867,879
Reserves
Profit
Total
was
Dividend income
22,381,028
8% participating
pref. shares-3,400,000
Ordinary shares 56,331,044
se¬
Oil Fields Co. was liqui¬
dated into Midwest Oil Co., the latter company acquiring all its business
and properties.
In October, 1936, Salt Creek Producers Association, Inc.
1935
1936
17,388,677
shares
and
equipment, &c
Stocks
of
oils,
131,748
first pref.
Cum.
fin. equip., &c
Co., in turn, then owned 100%
During January, 1936, Wyoming
Oil Fields Co.
Mexican Pesos)
Liabilities—
1935
1936
Assets—
xReal estate, re-
west Oil
$887,279
13,958,006
393,293
14,024,528
1,390,054
Total income
Mexican taxes
Salt Creek Pro¬
owning as its only sub¬
of Midwest Oil Co. Mid¬
of the outstanding stock of Wyoming
Calendar Years—
15,885,171
289,706
353,281
stockholders of the company were
Association, Inc.
Creek Producers
of Salt
Gas and crude oil sales,
1933
1935
18,557,993
4,533,466
__
1, 1936, most of the present
ducers Association, Inc. was a holding company,
stantial asset 99.18% of the outstanding stock
Producers stock.
„,
18,204,712
Profit on trading.
Dividends, interest, &c_
Brit.
_
of capital stock
values assigned to the net
Represented by 845 shares at cost.
preferred stock were in arrears at Dec.
of $14 per share, or $110,460 in total.—V. 144,
Midwest Oil Co.—Annual Statement—
On Jan.
stockholders
69-100 of
1936
Calendar Years—
y
26, 1936, to the amount
p. 4351.
was
144, p. 3342.
(In Mexican Pesos)
Loose plant
140,000
186,611
Eagle Oil Co., Ltd.—Earnings—
Mexican
First pref.
6,938
10,100
5,976
$431,573
Total
$431,573
—
After
a
11,948
-----
-
4,925 Reserve for Fed. inc. tax (est.)
126,574 Deferred income
133,773 Capital stock (no par)
1,632 Surplus earned
Accrued Interest
Total
Accruals
$19,999
50,000
—
representing excess of par value
1926, at date of reorganization, over
assets then acquired,
e
Note—Cumulative dividends on
tangible
Liabilities—
Assets—
Cash
a
routes,
issued in
Federal income tax
Earns. per sh. on 42,000 shs. cap.
Notes receivable from Mama Cookie Bakeries,
Inc.,
subsidiary,
$26,889.
c After
reserve for
depreciation,
d Distribution
Meteor Motor Car Co.—Earnings—
Calendar Years—
Net profit after depreciation,
and other charges
121
Chronicle
Mining &
Development Corp.—Reorganization Sought—
The corporation
of which August
Heckscher is Chairman of the board,
Floyd de L. Brown, Treasurer and Director, filed July 1 in Federal
Court a petition for permission to reorganize under Section 77B of the bank-
and
rU?tC{s
noted in the petition,
the company, that
which has not ben
tangible assurances such as may be provided by. reorganization.
asserts that the corporation's Bolivian properties have not
operated for several years and that $100,000 is needed to get them going
without
The petition
been
filed by George F. Thompson, attorney for
Mr. Heckscher and Mr. Brown have advanced money
repaid and that they are not willing to invest more
122
Financial
Chronicle
again.
This property, with stock in various North and South
American
companies, is valued at $2,791,666.
Total assets are valued at $3,648,666.
There is no estimate of the
corporation's liabilities, but the petition notes
that a $100,000 foreclosure
proceeding has been brought against properties
in Oregon which include the
Independence and Cougar Mines in Grant
County.—V. 143, p. 118.
Assets—
Cash
x
May—
1937
$70,598
1935
$72,818
20,005
13,611
$56,769
16,113
9,758
374,901
54,798
6,202
From Jan. 1—
Gross from railway
Net from railway
Net after rents
352,643
82,925
48,733
272,456
275,387
36,919
8,730
—V. 144, p. 3679.
879
32,225
866
1937—Month—1936
$501,642
356,962
serve
$415,059
284,169
33,300
Oper. exps. (incl. taxes).
Property retirement re¬
31,667
,412,775
4,413,358
388,167
$1,611,250
x
2,294
239
$99,878
$1,608,956
93
2,253
$1,343,197
4,340
161
$111,466
68,142
7,380
$99,971
68,142
5,866
Balance
$1,611,209
817,700
77,019
net income for that year.
1937.—V. 144, p. 4352.
Gross from railway
Net from railway
Depreciation
Selling expenses
Administrative
3.353,118
3,680,578
590,361
54.787
50,050
7l9,445
262,645
212,869
defl97,601
Co.—-Earnings—
depreciation, selling, administrative
$417,710
38,362
25,502
railway
railway
$90,419
$78,679
22,461
13,874
income
Gross from railway
Net from railway
Net after rents
410,326
86,754
31,574
119,771
34,771
21,333
411,915
69,084
12,851
26,847
9,667
417,715
85,226
12,015
Cash
on hand and in banks..
Marketable securities
Accrued
Cash
and Year to
1937
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
1935
$6,765,031
1,257,580
notes
surrender
and
8,775,351
3,768,627
$5,855,130
1,581,363
893,152
$6,333,307
1,544,108
799,937
34,282,900
7,230,828
2,732,244
38,065,159
28,907,368
4,904,731
1,484,897
29,905,223
6,959,442
3,272,721
[Including Garth Co.]
Consolidated Income Account for Year Ended Dec.
31, 1936
-
_.
Interest and income from investments
Total income
$64,325
686
-
$65,010
4,141
35,050
2,758
bank loans, &c
Salaries—Chairman of board and executive officers.
on
expenses
Net profit for the year, before
charging
ferred to surplus account
depreciation, trans¬
$23,061
Consolidated Balance Sheet Dec. 31, 1936
[Including Garth Co.]
WAssets—
Liabilities—
hand and in banks._
$66,314
Accounts recivable (less res.)
Accounts payable
$54,342
107,663
Taxes payable
Accrued liabilities
4,266
10,776
1,050,000
36,858
t
6,331
Inventories:
111,742
Investments
7
b
Capital stock..
Capital surplus.
life
21,110
3,872
Total
$1,132,546
a After
allowance of $20,589 to reduce to
approximate market values at
Dec. 31, 1936.
b After allowance for doubtful notes
and accounts of
$8,746.
c After allowance for
depreciation of $541,335.
d Represented
by 120,000 no par shares, e Rising from
change from par value to no par
value capital stock,
f Represented by 4,934 shares at
cost.—V. 144, p.
3680.
May—
Gross from railway
Net from
railway
Total
$1,156,243
b Represented by 70,000
1936
1935
1,648,204
989,314
485,323
1,039,328
545.438
$104,404
Net profit before interest
charges and Federal income taxes._
Bond interest, amortiz. of bond
discount and expenses, &c
Provision for Federal income taxes
(incl. surtax of
$45,000)
Net profit to earned
surplus
Preferred stock dividend
paid
Nil
59,404
connection with the
foregoing
Midwest Co. in
arrearages.
Balance Sheet Dec. 31, 1936
Invest, in advs. to subs,
cos,
b Plant and
equipment
Limestone deposits.
Prepaid insur. & taxes, bond
c
Liabilities—
$499,067
287,541
120,577
1,368,451
2,256,932
2,446,889
Accounts payable
Accrued
taxes,
$189,851
salaries
and
wages...
Prov. for Fed. inc. taxes, &c.
1st mtge. 6% sink. fund,
gold
bonds
Res. for compensation insur.
32,680
1
Pref. stock (par $10)
e Common stock.
Capital surplus
Proceeds of
litigation, disc,
Nil
Earned surplus
Total
Nil
$7,012,1391
Total
&o
30,797
120,095
591,000
26,443
1,464,460
2,237,240
1,670,018
393,750
on
128,507
159,976
$7,012,139
Monolith Portland Midwest Co.
pref. stock (approx. 25%) on which
dividends have been
paid, $149,565; common stock (100%
interest,
$1,143,750; total, $1,293,315; plus advances,
$42,689; total, $1,336,004;
Western Yelo & Cement
Specialties Co.:
Investment in capital stock
a
i 8,43 5
$350,615
48.751
116,000
146,446
$47,752
$18,435
146,613
$185,864
:
1934
45.000
110,0Q0
Notes—Cumulative dividends have not been declared or
paid in the
approximate amounts of $490,000 on the
pref. stock of Monolith Portland
Cement Co.
The 8% cumulative pref. stock
$10 par value per share is
callable at $10.75
plus cumulative dividends.
The
company owns approximately 25% of the preferred stock
and all of
the common stock of
Monolith Portland Midwest Co., such
investment
being carried on the books at $1,293,315. No dividends
have been declared
or paid on the
pref. stock of the Midwest Co., and the
arrearages on the
shares of such pref. stock
held by the public, amounted to
approximately
$1,570,000 at Dec. 31, 1936, of which
approximately $179,000 applied to
the year 1936.
No adjustment has been made
by Monolith Portland
Cement Co. of the book value of
its investment in the
reacquired stock,
$104,404
$2,530,984
1,645,842
301,615
$326,914
23,702
29,317
$111,148
45,000
66,148
1,724,854
Co.—Earnings—
f Excess of book value
$111,148
Mill & Lumber oper.(before
deprec)
Balance.
1,973,624
1,210,127
609,613
Monolith Portland Cement
disc. & exp. and def.
charges
d Patents and
goodwill
Moirs, Ltd.—Earnings—
Net operating profit
Bond interest.
Transferred as depreciation
1934
$335,291
198,604
98,677
Income Account for the Year Ended Dec.
31, 1936
Net sales
Cost of sales (excl. of
deprec. and amortiz. of leasehold)
Selling, general and administrative expenses
Provision for depreciation
(as allowed by Fed. income tax)
Additional prov. for depreciation and amortization
of leasehold.
Non-current assets
shares.—V. 143, p. 4160.
1935
$339,650
209,986
104,824
.Assets—
for depreciation of
$227,468.
Years Ended Dec. 31—
1936
$387,884
242,520
123,953
1,950,925
1,146,951
556,302
Net after rents
From Jan. 1—
a
Operating profit from confectionery &
baking depts (before depreciation).
Operating loss from Bedford Shook
1937
$354,981
206,002
85,913
Gross from railway
Net from railway
Inventories
1
$1,156,243
Treasury stock
$1,132,5461
Cash in banks, notes &
accts.
857,571
Goodwill
I
3,598
372,952
Patents
6,613
plant &
machinery
6,157
1,374
250,000
500,000
284,822
Z>r27,275
Paid-in surplus
Earned surplus
e
Net profit from
operations
Other income
(Robert) Mitchell Co., Ltd.—Earnings—
operations
71,276
d Common stock
1,976
value,
$46,191
1934
311,320
1,301,439
371,817
Net after rents
—V. 144, p. 4352.
reserve
on
Net after rents.
—V. 144, p. 3680.
Date
1936
$7,062,429
Accounts payable
Accrued taxes
Monongahela Ry.—Earnings—
3342)
Deferred charges
Land & buildings,
int.
insurance
Equip. Trust Ctfs.—
railway
$2.24
Commissions accrued.
Accrued wages
267,684
Prepaid insurance
c
Land, buildings, and equip.
Under Advisement—
The Interstate Commerce Commission on
June 16 authorized the com¬
to assume obligation and liability in
respect of not exceeding $4,260,000 equipment-trust certificates, series
BB, to be issued by the Bank
of New York & Trust
Co., as trustee, and sold at 100.1556 and accrued
dividends in connection with the
procurement of certain equipment.
(See
fay—
$34,790
125,894
300,668
securities
383,132
98,487
42,411
pany
Gross from railway
stock (no par)
Liabilities—
Total
Earnings for May
common
Balance Sheet Dec. 31, 1936
$87,450
27,429
12,353
424,996
95,556
32,106
$320,145
4,226
45,776
12,064
$258,078
149,586
115,066 shs. of
Assets—
1934
$86,656
13,629
4,976
$100,254
Missouri Pacific RR.—Interest
a
on
Inventories
1935
_
Net income
Dividends paid
per share
Federal District Judge George H.
Moore, at St. Louis has taken under
advisement a motion of the trustees
asking for instruction regarding pay¬
ment of $6,601,012 of interest due in
1933 on the 1st & refunding mtge. of
the road and also $1,141,675 of interest on
first mortgage and income bonds
of New Orleans, Texas & Mexico.
also V. 144, p.
$305,125
15,020
b Receivables
1936
144, p. 3844.
Trustees'
taxes
Earnings
596,796
188,866
84,677
48,720
Federal normal income tax
(estimated)
Federal surtax on undistributed profits
$88,926
20,712
11,244
23,194
11,181
$120,171
30,326
9,692
-
expenses.
Other income
Ry.—Earnings—
Net after rents
From Jan. 1—
par
4,062,835
Profit before other income and
expenses and estimated Federal
1934
1937
Gross from
no
5,073,114
1,224,350
603,318
1934
Profit before other expenses and
estimated Fed. income taxes
Other expenses
1935
64,712
May—
After
$771,908
134,669
21,532
Income Account for the Year Ended
Dec. 31,1936
a
a
1935
$744,203
116,951
14,236
Profit before provision for
and general expenses
on
1936
def3,212
Missouri Illinois
Deposits
1936
$861,359
160,915
Monarch Machine Tool
-Earnings-
464,618
Net after rents
—V. 144, p. 3680.
on
shares.—V. 142, p. 4027.
1937
Net from railway
Net after rents
—V. 144, p. 3680.
403,608
$98,369
20,045
5,670
Gross from railway
Cash
par
$1,053,163
239,670
106,743
From Jan. 1—
Gross from railway
$459,706
403,608
1937
Net from railway
Net after rents
From Jan. 1—
Legal
no
RR.—Earnings—
May—
undistributed profits
undistributed adjusted
No such provision has been made to
date for
Missouri & Arkansas Ry.May—
Interest
15,500
for uncollectibles of $40,000 in 1936 and
$60,000 in 1935.
Gross from railway
$1,347,537
817,700
70,131
$716,490
Note—No provision was made for Federal surtax
1936, inasmuch as the company reported for
on
$2,083,160
975.000
—
for
Profit
reserve
Net from railway
Net after rents
$312,882
$56,098
x Dividends
accumulated and unpaid to
May 31, 1937, amounted to
$655,863.
Latest dividend amounting to $1.50 a share
on $6 preferred
stock, was paid on May 1, 1937.
Dividends on this stock are cumulative.
Net from
After
Represented by 15,500
$1,343,436
Cr645
Net income$35,944
$25,963
Dividends applicable to preferred stock for the
period, whether paid or unpaid
—V.
$203,000
139,660
750,000
387.500
Mobile & Ohio
$111,305
on
Net from
$367,000
187,636
750,000
975,000
15,500
$2,295,136
'
$99,233
(net)
mtge. bonds
Other int. & deductions-
x
$2,083,160
...
Total.
$5,313,570
3,582,634
75
Operating income
Int.
1,195.486
$2,295,136
Ordinary shares
y
12 Mos —1936
$111,380
(net)
income
1,193,472
Accounts payable
1st mtge. 6% s. f. gold bonds, due Jan.
1,1953
Cumulative redeemable pref. shares, 6%
y
appropriations-_
Net oper. revenues—
Rent for lease of plant
Other
1937-
—
real
Liabilities-
Mississippi Power & Light Co.—Earnings
revenues
963
357
11.312
—
19,601
equipment,
—
Period Ended May 31—
Operating
364
...
$7,544
;
Deferred charges to operations
Buildings, plant, machinery &
estate, timber limits, &c
$56,264
6,016
230
1935
458,047
402,955
6,495
Cash in hands of Eastern Trust Co
1934
def8,784
Net after rents
1936
Mortgage
1936
1937
3,
$11,267
525,307
537,861
6,970
293
Accounts and bills receivable
Inventories
Trav. advs., empl's' accts. &
sundry debit bals
Investments in & ad vs. to subs, companies.
Mississippi Central RR.—Earnings—
•
Gross from railway.....
Net from railway
July
Balance Sheet Dec. 31
no
Volume
Financial
145
Interest), $20,528; advances, $11,918; total, $32,447.
b After
reserve for depreciation of $2,184,815.
c After reserve for amortization of
leasehold,
d At nominal value,
e Represented by 223,724 no par shares
after deducting 1,276 shares held in treasury,
f Of investment in Monolith
Portland Midwest Co. over stated value of 75,000 shares of common issued
therefor.—V. 144, p. 2836.
Chronicle
123
Consolidated Balance Sheet
(100%
Assets—
Cash
on
Liabilities—
hand and on deposit.
Customers notes
$104,558
(secured)--
Customers accounts.
Inventories
K
a
.....
$294,392
$195,838
32,662
3,665
12,417
39,906
3,000
12,216
26,404
$188,577
826,521
$185,435
803,619
$239,069
780,670
48,637
Depreciation
4,750
$234,175
12,413
$237,485
12,490
33.426
2,992
—
Federal income tax
Federal capital stock tax
Net income for yearEarned surplus, Jan. 1—
Cash surrender value of
life insurance
accrual of Fed.
stk. tax for 1935-
3,750
$153,467
719,083
Gross
11,130
10,800
918
$835,614
.
8i"6§5
78*990
$826,521
$803,619
$780,670
220,696
Inventories—-
121,972
1,047
21,643
,■
Acer. int. on Govt.
162
bonds
503
•
Cash
vali
surr.
life Ins.
Stocks
)
1935
$18,161
7,889
39,228
341,100
383,500
383,500
826,521
Earned surplus—
835,614
Drl74,203 Drl70,752
y Treasury stock.
41,339
331,500
_
1
57,222
2,123
254,002
owned
2,071
262.813
642,803
10,848
policy-.
z Property
Goodwill,
1936
$153,027 Dividends payable
225,401 Accounts payable.
&
120,256 Federal taxes
other
accrued
2,095
expenses
21,643
x Capital stock
162 Paid-in surplus
2,189
Advs. to employe
After reserve of $1,500.
Deferred charges.-
$1,709,540
reserve for
depreciation of $52,337.
642,803
14,871
$1,445,528 $1,445,646
■
<
■
1
$548,344
215,766
$2.54
Ifex Before undistributed profits surtax.—V. 144, p. 3844.
Mullins
Manufacturing
Corp,—Declares
100%
Stoclc
Dividend—
stock dividend of 100%
a
the class B
common stock payable July 20 to holders of record July 7.
This dividend
was declared pursuant to the plan of recapitalization voted on
by stock¬
holders at a meeting held April 27, last.
on
Additional Stock Listed—
Pt The
Governing Committee of the Boston Stock Exchange has approved
for addition to the list and registration under the Securities Exchange Act
of 1934 will become effective on notice of issuance on, 375,525 additional
shares ($1 par) class B common stock.
The shares covered by the company's current application are in addition
to 170,525 class B shares currently outstanding and listed and are to be
_
the rate of one additional share for each share held of record on
July 7.
200,000 shares to
Sharon Steel Corp. or its wholly-owned subsidiary,
Youngstown Pressed Steel Co., for and in acquisition of substan¬
tially all of the property and assets of Youngstown Pressed Steel
Co.
The property and assets of Youngstown Pressed Steel Co.
consist principally of land, buildings, machinery and equipment
locditod dbtt Warren, Ohio
$1,445,528
Total.
5,000 shares to Damon, Walk & Murray, Chicago, HI., as reorganization
counsel in connection with the promulgation and consummation
of the plan of reorganization approved and providing for the
acquisition of the property and assets of Youngstown pressed Steel
Co.—V. 144, p. 4014.
of this department.—V. 144, p. 4189.
(& Subs.)-—Earnings—
1937—12 Mos .—1936
$1,044,711 $14,304,090 $11,782,490
5,847,097
470,174
6,874,410
1937—Month—1936
$1,421,048
Operating revenues.. _
Oper. exps. (incl. taxes).
599,993
Prop, retire. & depletion
reserve appropriations
137,445
1937—12 Mos.—1936
$368,393 x$l ,035,430
215,766
265,516
$1.7l
$3.90
170,525 shares as a stock dividend to holders of class B common stock at
Munising Paper Co.—Registers with SEC—
Period End. May 31-
;
x$582,823
265,516
$2.20
issued for the following purposes:
r
i.
preciation.—V. 143, p.3850*
Montana Power Co.
1937—6 Mos—1936
_
x
Represented by 20,100 (25,800 in 1935) shares of no par pref. stock
and 126,000 shares no par common stock,
y Cost of 4,900 shares of pref.
stock, no par, in 1936 and 5,070 shares m 1935.
z After reserve for de¬
See list given on first page
Co.—Earnings—
Period End. May 31—
Net inc. after exps, incl.
est. income taxes.
Shares common stock...
tr
mark, Ac—
950
332,604
403,146
338,113
....
Total—
b After
The directors have declared
$17,587
10,191
Liabilities—
1935
1936
$110,920
Notes A accts. rec.
—
insurance
Capital stock (par $1)
Capital surplus
*
Earned surplus
126,000
Condensed Balance Sheet Dec. 31
U. S. Govt, bonds
Adv. payments on storage and
Total—,..—....—,— $1,709,540
Earnings per share
73,824
78,750
70,616
138,600
31
$872,550
13,790
665
tax..
$1,019,739
$993,803
18,840
Dividends on pref. stock
Divs. on common stock
Due from bank—
82.023
7,432
1,712
Interest A compensation ins.
583,583
25,000
17,944
7,511
Brands, trade rights, Ac
Unexpired lnsur. premiums—
Prepaid taxes and expenses..
Mueller Brass
Excess of cost over stated
value of pref. capital
stock retired.
Additional Fed. income
Assets—
12,614
183,188
600
$1,064,335
surplus
Earned surpl. Dec.
$347,756
—
-V. 144, p. 3510.
Excess,
cap.
money
;
Other taxes.
furniture and fixtures..
a
for
payable for construc¬
tion and equipment—
7,160 Accounts payable
37,500 Federal taxes on Income for
current and prior year (est.)
24,611
Roads, land improvements,Ac
b Buildings, mach. A equip.,
1933
1934
payable
borrowed..
Notes
202,467
153,217
Land
1935
1936
Calendar Years—
Net income before depre.
& Federal taxes......
Notes
545,988
Other assets
Monroe Chemical Co.—Earnings—
Jt>ec. 31.1936
703,338
1,051,446
60,000
Muskegon Motor Specialties Co.—Accumulated Div.—
The directors have declared a dividend of $1 per share on account of
accumulations on the $2 cum. class A stock, no par value, payable July 10
to holders of record July 6. This compares with $1.50 paid on June 5 last;
50 cents paid on April 5, last; $1 paid on March 1, last; $3 paid on Dec. 21,
1936 50 cents on July 30, June 1 and April 4, 1936; 25 cents on Aug. 10
July 10, 1935, and 50 cents on May 4, 1935. this latter payment being
the first made since June 1, 1932, when a regular quarterly dividend of
and
$5,232,055
29,617
$683,610
737
$514,537
1,908
$6,378,234
$516,445
131,769
52,083
to constr—
C*rl8,639
$6,405,110
1,724,891
629,331
339,376
0146,922
$5,261,672
1,581,421
Other int. & deductions.
$684,347
162,161
44,125
33,592
$3,858,434
$2,770,656
956,989
956,377
Net oper. revenues
Other income (net)
-.
Gross income....
on mortgage bonds.
Int. on debentures
Int.
Int. charge
26,876
23,641
625,000
284,595
50 cents per share was distributed.—V. 144, p. 4189.
Nashville Chattanooga & St. Louis
1936
1935
1934
$1,046,859
94,207
30,349
$1,093,295
45,129
$1,095,151
97,028
49,237
6,383,665
1,174,329
677,686
5,550,459
637,696
342,921
5,229,559
519,171
189,736
5,643,101
1,006,456
667,209
163,088
Net after rents
x
Net income
$463,108
$308,952
Dividends applicable to preferred stock for the
$2,901,445
Balance
x
$1,814,279
1937.
Regular dividend on $6 pref. stock was paid on May 1,
the payment of this
at that date.
Montreal Loan & Mortgage Co.—Earnings—
Years Ended Dec. 31—
1936
1935
1934
1933
$49,952
$52,192
57,000
$63,346
$73,325
78,000
48,000
Dividends paid
63,000
deprecia¬
for
26,946
tion of real estate-—
10,384
Bal. carried forward—
910
def$31,754
32,664
$346
32,318
def$15.059
47,378
$2,862
Surplus.
Previous surplus.......
$910
$32,664
$32,318
$1,952
a After deducting interest on borrowed capital, ex
together with Dominion income taxes, provincial an<
making provision for contingencies.
Comparative Balance Sheet Dec. 31
Liabilities—
1935
1936
Assets—
1936
Capital stock
Mortgages on real
$600,000
Reserve fund.
estate...——$1,518,912 $1,754,812
213,753 Profit and loss....
338,142
7,856 Reserve to pay div.
53,116
.
..
.
Real estate.......
Cash
.......
Deposits...
Sterling debens
Currency debens.
Deb.
.
int. reserved
Sundry accounts..
Total.
Total—
-$1,910,171 $1,976,421
.
..
—
850,000
2,862
12,000
141,441
48,667
238,900
4,710
11,591
1935
$600,000
850,000
910
12,000
156,104
1
—V. 144, p. 3680.
Nashua Manufacturing Co .—Plan
-$1,910,171 $1,976,421
Amory, in
Consolidated Income Account for the Year Ended Dec. 31, 1936
Net sales
*
$1,837,872
1,349,935
—
.
Gross profit.
——
Selling, administrative and general expenses
—-—
—
— —
$487,937
95,058
on
June 28,
recapitalization of June 8, 1937, was approved
at the special meeting of stockholders held June 23, 1937, and its consum¬
mation authorized.
The vote was 33,222 shares, about 82% of preferred
stock for the plan, and 410 shares, about 1%, against; 49,650 shares, about
80%, of common stock for the plan and none against.
The plan has now
been unanimously declared operative by the board of directors and the
company will now accept preferred stock for exchange under the plan.
To make the exchange provided for in the plan, preferred stockholders
should now mail or deliver their present certificates for preferred stock to
the transfer agent, the State Street Trust Co., Boston, Mass.
Upon
request of any stockholder, the Second National Bank, the Nashua Trust
Co. or the Indian Head National Bank, all of Nashua, N. H., or the Man¬
chester National Bank, Manchester, N. H., will, without charge to stock¬
holders, accept and receipt for certificates for stockholders, make the ex¬
change for them, and deliver to them the new certificates.
Preferred stockholders will receive in exchange new certificates share for
share for the new first preferred stock, carrying rights to the special prefer¬
ential dividends referred to in the plan.
The directors have stated their intention to declare $5.50 in cash per
share on account of the special preferential dividend as soon as a very larger
proportion of the new first preferred stock has been issued in exchange for
the present preferred stock.
Holders of common stock should also forward their certificates in the
same way, to be exchanged for new certificates representing such common
shares which have been changed to shares without par value.—V. 144,
P. 4352.
National Bellas Hess,
See list given on
Inc.—Registration Withdrawn—
first page of this department.—V. 144,
National Bond
p.
3009.
& Investment Co.—Registration
With-
drawn—
See list given on first page of this
(Tom) Moore Distillery Co. (& Subs.)—Earnings—
Operative—
letter sent to stockholders
a
stated in part as follows:
The company's plan of
48,667
291,550
6,131
11,060
-V. 142, p. 4028.
Cost of sales-
—
President Robert
Profits for the year—
Provision
Net from railway
Net after rents
After
dividend there were no accumulated unpaid dividends
Npte—No provision was made for Federal surtax on undistributed profits
for i936, inasmuch as the companies reported no undistributed a justed
net income for that year.
No such provision has been made to date for
1937.—V. 144, P. 4188.
a
159,331
95,867
From Jan. 1r—
Gross from railway
period, whether paid or unpaid—...—
Ry.—Earnings—
1937
$1,194,312
May—
Gross from railway
Net from railway.
National
department.—V. 144,
p.
3510.
Cylinder Gas Co.-—Initial Dividend
on
New
Shares—
Directors have declared a dividend of 25 cents a share on the capital
stock, payable July 15, to holders of record July 1.
This is the first divi¬
dend declared since the stock was split two-for-one in May and an offering
of 120,000 shares of treasury stock made to the public.—V, 144, p. 4189.
National Investors Corp.—Initial Dividend—
Operating profit
$392,879
16,152
-—
Other income
—
The directors have declared an initial dividend of five cents per
share
company's stock, payable July 29 to holders of record June 30.
This
be the first dividend to be paid since the consolidation of National
Investor companies.—V. 144, p. 3343.
on
will
Total income
—
—
Other deductions..
(estimated)
undistributed profits (estimated)--....
Provision for normal Federal income tax
Provision for surtax on
Net profit
;
Cash dividends paid..
Earnings per share on 332,604 shares common stock ($i par)..
$409,032
39,584
56,941
22,580
$289,927
130,965
$0.87
No provision has been made herein for State of Kentucky Income tax of
approximately $12,000, now in dispute.
maximum amount of
National
Malleable
&
Steel
Castings
Co.—To
Pay
50-Cent Dividend-—
The directors have declared a dividend of 60 cents per share on the
com¬
mon stock, no par value, payable July 24 to holder .of record July 10.
A
similar amount was paid on April 17, last; a dividend of $1 was paid on
Dec. 15,1936,65 cents per share on Oct. 23.1936, and previously dividends
of 10 and 25 cents per
share
were
distributed durincr 1Q3B.—V
1n
009.7
124
Financial
National Pumps Corp.-
Earnings
a
—3 Mos. End. Mar. 311937
1936
$32,367
67,420
share
per
excess
$19,661
Accts.
net
30,361
27,441
348,214
267,254
Reorganization
collat.
as
Mar.
31'37 Dec.
$63,871
5,880
25,169
personal & misc.
2,752
148,600
11,565
595
595
taxes, wages,<fcc.
28,715
6,956
104,193
19,639
104,255
24,085
Res. for unemploy¬
ment Insurance-
1
1
Reserve for old age
expenses,
14,248
323
461
1,679
payable
ma¬
turing Aug. 1937
Unearned interest.
40,000
4,286
40,000
Conv. pref. stockCommon stock
122,100
47,714
49,846
138,300
31,514
49,846
13,678
Surplus, paid in__
Surplus, earned
5,106
11,999
25,288
Profit & loss, curr't
Profit & loss, sund.
1,789
Total
$711,457
$669,488
—Y. 144, p. 2311.
National Radiator Corp.
Selling, adminis. and general
Operating profit before depreciation.
1936
$143,184
183,085
$33,756
7,775
loss$39,901
6,709
$41,531
20,782
66,580
54,263
loss$33,191
31,929
Other income
Profit before other exps., deprec. & int. on debs.
Other exps., incl. maint. of idle props
Allow, for deprec. of oper. props
Prov. for accrued int. on income debs
Loss, including provision for interest
58,099
54,243
Mexican
of
Decree—President
Department
Will
Run
Mexico—Rails
Cardenas
Lines
on
After
Nationalized
Announces
That
New
Expropriation—Foreign
June 23 announced that the Government
take
to
$1,526,286
$404,594
228,230
of
debt
47,282
$5,663,013
2,936,936
596,827
$5,554,433
2,631,353
614,330
$186,993
3,006
$2,129,250
81,729
$2,308,750
61,239
$189,999
112,493
$2,210,080
1,338,113
$2,369,989
1,389,944
7,056
1,273
8,043
1,100
87,241
13,710
99,364
13,292
$16,381
$68,362
$771,915
$867,388
30,390
Dr258
25,163
146,449
Cr803
Drl,124
Cr7,938
Drl2,983
$47,574
$66,980
$805,016
$1,000,854
disc.
expenses
Misc. income deductions
Net income
*
Profits
on
retirement
of
bonds and debentures
Other
necessary measures to reorganize the railways and put the
system on a profitable basis.
The Government will reimburse United States and other foreign bond¬
holders after a valuation of the expropriated properties.
The inventory
of the property will be under the supervision of the
Treasury Department,
which will determine the amount to be paid to foreign investors.
The railways already have been under operation
1937—12 Mos.—1936
$439,553
202,819
49,742
$136,024
111,314
Interest
Amortiz.
and
Corp. (& Subs.)—Earnings
1937—Month—1936
$129,083
6,941
Other income
misc.
debits
and
Earned surp. avail, for
redemption of bds.,
dividends, &c___
in
would expropriate the National Railways of Mexico, says a
dispatch from
Mexico, which further states:
The railways, said a Presidential decree, will be administered
by a new
Federal department to be appointed.
The new department will be empow¬
ered
499,100
$1,264,745
Nevada-California Electric
$177,463
Bondholders to Be Reimbursed After the Property Is Evaluated—
President Lazaro Cardenas
$2,025,386
499,100
credits to surplus
$100,093
Railways
$1,763,845
Cr270
income
Period End. Apr. 30—
Operating revenues
Oper. rev. deductions._
Depreciation
—V. 144, p. 3511.
National
$3,063,597
742,500
210,000
88,666
Cr2,955
x Regular dividends on 7% and 6% pref. stocks were
paid on March 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on June 1, 1937.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
1937.—V. 144, p. 4189.
incomei
on
210,000
96,637
Cr36,879
Net oper. revenues
1937
$291,910
258,154
expenses
$2,776,103
742,500
Balance
(Md.)—Earnings
3 Mos. Ended March 31—
Gross profit before depreciation
$252,419
61,875
17,500
7,292
$133,553
$166,022
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
14,248
$669,488
$215,579
61,875
17,500
8,963
Cr6,312
Int. charged to constr'n.
x
Unpaid dlv. checks
$711,457
$2,799,625
263,972
.
514
& exc. prof. tax.
Total
$2,643,338
132,765
Net
pension tax
Res. for Fed. Inc.
Mtge.payable,
$202,070
50,349
Interest on mtge. bonds.
Int. on debenture bonds
1,566
Dlvs.
$201,611
13,968
Net oper. revenues
Other int. & deductions.
ties—mkt. val._
Land, bldgs., machin'y & equip.Deferred charges..
Patents
1937—12 Mos.—1936
$7,109,443
$6,943,678
3,945,271
3,694,053
520,834
450,000
Gross income
_
Accrued commis's.
Accrued
$548,422
308,852
37,500
82,211
204,299
15,516
Sec'd by pledged
Install, sales.
1,853
151,706
1S6.040
Marketable securi¬
$568,388
325,110
41,667
Other income
reg. accts. rec.
Co.—Earnings—
1937—Month—1936
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
16,203
25,169
78,709
.
Sec'd by pledged
Acc'ts receivable—
Inventories
31*36
$53,576
Bank and others
reserve—
pledged
Nebraska Power
Liabilities—
receivable,
of
65,800
$1.21
PeriodEnd. May SI—
Accounts payable
Notes payable—
$92,298
Notes receivable.-
Year
1936
a$79,478
Balance Sheet
Mar. 31'37 Dec. 31'36
Cash
1937
3,
(at cost of Busfield Oil Co., Inc., stock to National Service
Cos.).
z Represented by common shares expressed value $1 per share.
Authorized 8,000,000 shares, of which 8,150,000 shares are reserved for
conversion of convertible participating preferred shares of National Service
Companies. Outstanding 1,443,722 shares, less 10,242 shares in treasury.—
V. 140, p. 2713.
profits taxes.
Condensed Comparative
Assets—
Cal.
$11,935
65,800
$0.18
$0.46
After Federal income and
July
Oil Co., Inc.
-Earnings—
Period—
Net profit before Federal taxes
Shares common stock outstanding—
Chronicle
Note—This statement properly omits extraordinary credits and debits to
sin-plus arising from sale of property, amortization of pension fund, Sac.
The slight change in presentation of this statement results from
adoption
1, 1937.
accurate.—V.
of Federal Power Commission uniform system of
accounts, Jan.
Comparisons with
144, p. 4016.
earlier
Nevada Northern
May—
will
periods
be
approximately
Ry.—Earnings—
1937
1936
1935
1934
$54,652
25,750
$32,637
8,936
17,745
$53,642
27,345
21,881
6,086
$25,996
4,303
1,427
279,961
133,088
95,488
Gross from railway
Net from railway
232,431
102,098
77,047
149,507
25,919
11,987
129,491
19,619
7,358
Net after rents
From Jan. 1—
Gross from railway
Net from railway
which
Net after rents
—V. 144, p. 3846.
issues divided principally amohg French, Belgians and Germans,
according
to estimates.
The Mexican Government is listed as the holder of vir¬
The plan of reorganization confirmed by the U. S. District Court for
the
Western District of Michigan, Northern Division (as modified and
by
the
Government,
now holds more than half of the
capital stock.
About 37% of Mexico's railway bonds are held by British interests and
about 30% by United States investors, with the rest of the outstanding
tually all the
common
stock of the National Rys. of Mexico and of sub¬
stantial percentages of the first and second preferred.
The stock issues of
the railway system are carried in published statements at about
$225,000,000
and the funded debt at more than $400,000,000.
An international committee of bankers has carried on talks
looking
a settlement of the
railway debt question for several years, without re¬
sult in the form of payments, the latest conference
to
having taken place
about six weeks ago.—V.
144, p. 4015.
National Service Co. (&
Subs.)—Earnings—
Earnings for Year Ended Dec. 31, 1936
(Westchester Service Corp. in process of reorganization under
77-B of the Federal Bankruptcy Act. as amended, is not included.)
Gross
revenue
from sales
Operating and general
expenses
is
now
in
amended)
of consummation
course
and certificates for the
new
series A
pref. stock, series B pref. stock and series C pref. stock and voting trust
certificates for the new common stock are available for distribution
by Con¬
tinental Illinois National Bank & Trust Co. of
Chicago, which has been
designated the agent for that purpose.
The plan or reorganization having been confirmed is now
binding upon all
holders of bonds, stock, voting trust certificates and certificates of
deposit
therefor, both as to those holders who deposited their holdings under the
plan as well as those who did not.
Holders of 10-year 5% 1st mtge. bonds, together with all
unpaid coupons
appertaining thereto, and holders of certificates of deposit for such bonds
and unpaid coupons are entitled to receive shares of new series A
pref. stock
($100 per share) of the company equal to 115% in par value of the
principal
amount
$3,566,948
1,963,826
1,369,098
Cost of sales
x
Section
Newberry Lumber & Chemical Co.—Reorganization Plan
of such bonds.
Holders of pref. stock and certificates of deposit therefor are entitled to
receive an equal number of shares of new series B pref. stock
($100 per share)
of the company.
Holders of class A
Net profit from operations
Non-operating income
$234,024
22,957
Balance before interest, depreciation, &c
Interest on bonds
$256,981
115,060
28,427
Interest on notes and other indebtedness
Provision for, and bad debts charged off
13,753
Depreciation charges
155,611
common stock and certificates of deposit therefor are
a like number of shares of new series O
pref. stock (no
value) of the company.
Holders of voting trust certificates for class B common stock and cer¬
tificates of deposit therefor are entitled to receive voting trust certificates
for a like number of shares of new common stock
(no par value) of the com¬
entitled to receive
par
pany.
The
only
231
Net loss
$55,870
,
Including
x
maintenance,
local
taxes
and
provision
for
Federal
and
State taxes).
Consolidated Balance Sheet, Dec. 31, 1936
(Westchester Service Corp. in process of reorganization under Section
77-B of the Federal Bankruptcy Act, as amended, is not included in con¬
solidation)
on
Liabilities—
dep. & on hand
Accounts payable
$49,047
Cash for int., sinking funds, &c
Cash in closed banks
Accts.
Notes
6,036
receivable—trade
236,225
6,679
Inventories
Securities owned
bldgs.,
mach.,
&
notes,
32,698
Other deferred credits
14,412
Bonds payable
Part paid subscripts, on bonds
y282,018
Mtge. note payable
Min. ints. in subs. pref. stocks
$4 conv. partic. pref. shares..-
tools,
accts.
$3
&
int. receiv. from Westchester
Service Corp..
Invests,
int.
from
Co
partic. pref. shares...
15,661
5,771
1,702,600
4,453
130,600
40,000
337,000
448,557
4,578,497
Common shares & surplus____zl,275,966
Total
After
an
Salle
St., Chicago, of outstanding 10-year 5% 1st mtge.
pref. stock, class A common stock, voting trust
common stock, and certificates of deposit for such
bonds, pref. stock, class A common stock and voting trust certificates for
class B common stock properly assigned in blank and
accompanied by the
specified letter of transmittal properly executed.
New Mexico & Arizona Land Co.
Calendar
Rentals
Years—
Earnings—
1936
1935
1934
1933
$39,254
5,438
$38,269
3,842
$38,383
1,477
1,230
5,041
Expenses
Taxes
Profit
Dividends paid.
791
$42,902
6,638
25,844
$39,120
6,115
25,268
$41,090
6,393
25,978
$16,297
10,000
Total income.
$34,754
3,225
1,141
$49,733
6,926
26,509
Interest
Other
$10,420
$7,737
$8,720
General Balance Sheet Dec. 31
Assets—
1936
Lands
$653,026
Misc.
1935
Liabilities—
46,606
$689,658
42,267
169,233
128,520
486
486
1,988
2,277
$873,615
$865,509
investments
Unadjusted
1936
Capital stock
1935
1,810
2,768
Current assets....
U. S. Treas. notes.
Deferred assets.
&
130,081
Other deferred charges
x
La
bonds, certificates for
certificates for class B
__
debits
$1,000,000 $1 ,000,000
Current liabilities.
Unadjusted credits
1,184
543
25,856
25,030
153,426
160,063
$873,615
Deficit
$865,509
Springfield Ice
Goodwill, rights, &c.
Organization expenses
under
conv.
74,739
2,098,829
in, & notes, accts.
rec.
30,042
...
3,819,986
in
225,605
funded debt of a sub.
Purchase money obligations.-
&c
Invests,
payable—Others
on
Int., taxes & other accruals—
Reserve for insurance
1,908,990
Nat, Service Cos. int. in notes,
accts., &c.__
18,469
overdue
750
Prepd. int., ins. taxes, &c.._.
Mtges., sec'd by real estate
Land,
Int.
100,079
Int. receivable accrued
$454,739
Notes payable—Banks
30,578
Notes receivable—Trade
x
stock certificates and voting trust certificates will be delivered
surrender to Continental Illinois National Bank & Trust Co.,
.
Assets—
Cash
new
upon
South
Newport Industries, Inc.—Dividend—
I
The
Total.
$9,342,698
depreciation of $1,357,067.
y Held
by trustees
agreement dated Feb. 14, 1935, on account of sale of Busfield
reserve
Total.
-V. 143, p. 2528.
18,445
120,109
$9,342,698
for
Total.
487,736
directors
common
stock,
have
par
declared
a
dividend
of 75
cents
per
share
on
$1, payable July 26 to holders of record July 8.
the
This
dividend is payable in
5% 10 year notes due July 26, 1947. Cash will be
paid for all amounts less than $25 and for factional parts of $25.
Financial
145
Volume
paid a dividend
initial dividend of 60 cents on
The company
an
$270,790
100,281
33,087
Net from railway
after rents
Net from railway
after rents
Net
$190,984
50,381
13.402
1,050,986
907,263
197,696
28,548
931,423
224,418
33,262
301,460
81,191
Operating revenues
Oper. exps. (incl. taxes) _
Prop, retire, res. approp.
1937—Month—1936
$1,464,515
$1,296,505
'893,665
964,917
on
$3,517,386
545
3,040
7,181
$226,385
$3,190,469
$3,221,317
2,632,761
2,861
850
$3,520,426
14,760
$322,908
$227,235
211,845
18,606
$3,535,186
2,477,152
242,647
•
—
204,831
38.799
bonds.
deductions.
mortgage
Dividends applicable to
period, whether paid or
unpaid
income
30,848
213,919
$374,637
$815,387
$79,278
def$3,216
preferred stock for the
Net
$3,183,288
$225,840
(net)
Gross income
Other int. &
1937—12 Mos—1936
$320,047
Operating income
x
authorization
$17,574,678 $16,054,295
11,933,292
10.747,007
2,124,000
2,124,000
$322,598
Dr2,551
Net oper. revenues—
Rent from lease of plant-
Other income
177,000
177,000
544,586
544,586
-
x
144, P. 4353.
profits.—V.
& Mexico Ryv
New Orleans Texas
1934
1935
$193,488
$245,969
126,504
119,460
$176,406
70,248
55,208
$137,756
75,950
82,410
84,008
94,842
1.415,978
987,593
350,971
278,863
752,375
843,891
314,529
367,413
Net from railway
Net after rents
■Earnings—
1936
1937
May—
Gross from railway
...
From Jan. 1—
Gross from railway
731,625
664,658
Net from railway
Net after rents
254.676
294,783
of System
1937—Month—1936
Earnings
Period End. May 31—
$1,347,899
Operating revenues
262,129
Net ry. oper. income...
1937—5 Mos. —1936
$i 1,744,048
$8,302,473
2,467,285
$1,019,737
69,064
872.188
Central RR.—Earnings—
From Jar. 1—
1935
126,110.769
155,829,496 142,029,465 125,427,003
32,909,277
39,654,649 33,236,179 29,330,739
14.037,967
12,493,615
21,345,947 15,448,569
Gross from railway
Net from railway
Net after rents
—V. 144, p.
1934
$31,127,851 $28,154,613 $24,986,254 $25,636,965
7,080,043
5,907,669
7,522,379
6,903,667
3,239,727
2,439,953
3,956,380
3,280,984
Net after rents
4190.
New York Connecting
RR.- —Earnings—
Net from railway
Net after rents
—V. 144, p. 3683.
New York New Haven
1,202,155
898.618
557,805
1,190,316
922,212
578,644
1,245,069
1,001,584
697,599
Gross from railway
Net from railway
$234,526
185,460
110,133
1,153,177
174,212
102,367
119,873
Net after rents
From Jan. 1—
968,353
605,377
& Hartford RR.—R.
C. C. Inter¬
*
venes—
The Railroad Credit
Commerce
1934
$218,059
167,675
97,366
$248,385
$239,620
184,671
Gross from railway
1935
1936
1937
May—
Corporation has been authorized by
the Interstate
Commission to intervene in
New Haven reorganization
the Railroad Credit Corp. $2,765,118.
case.
The road owes
Earnings for May and Year to
Date
1937—5 Mos.—1936
$6,349,556 $34,463,899 $31,263,248
421,495 a3,274,406
1,610,818
Net deficit after chgs...
b770,403
614,951 bl,558,708
3,813,916
a
The leases of the following companies were rejected on dates stated
below, but net railway operating income includes the results of operations
of these properties: Old Colony RR., June 2, 1936; Hartford & Connecticut
Western RR., July 31, 1936; Providence Warren & Bristol RR., Feb. 11,
1937.
b Effective as of those dates no charges for the stated leased rentals
are included covering the Old Colony RR., Hartford & Connecticut Western
RR., and Providence Warren & Bristol RR. leases,
c Before guarantees
on separately operated properties.—V. 144, p. 4354.
1937—Month—1936
Period End. May 31—
$6,897,294
al61,441
Total oper. revenue
Net railway oper. inc
& Western Ry.— -Earnings-
New York Ontario
$599,815
94,899
12,864
1936
$694,655
206,607
129,541
2,901,046
468,419
28.348
3,680,006
824,022
432,973
1937
May—
Gross from railway
Net from railway
Net after rents
Net from railway
Net after rents
—V. 144, p.
New
1934
1935
$771,706
251,474
183,479
$819,931
229,408
127,754
3,574,644
4,118,466
1,047,130
576,854
From Jan. 1—
Gross from railway
909,101
515,724
4193.
Electric
State
York
&
Gas
Corp.—Owego Gas
Merger Refused—
Public Service Commission on June 25 denied the
for permission to merge with Owego Gas
The New York
cation of the corporation
and acquire
the latter's capital stock.—V.
New York Steam
See Consolidated
New
appli¬
Corp.
144, p. 4354.
Corp.—Exchange Offer Approved—
Edison Co. of New York,
Susquehanna
York
&
Inc.—V. 144, p..4193.
Western
RR.-—Trustees
Named—
Federal Judge William
Walter Kidder of
and Hudson J. Bordwell
trustees of the company,
77 of the Federal Bank¬
ruptcy Act.
Approval of the plans for reorganization was given
Clark on June 1.
Officials of the railroad have been in charge of
New
& Power Co.
Special meetings of the stockholders of the 12 companies will be held
July 29 and 30.
In making known to stockholders of the constituent companiesTthe
details of the consolidation plan, the letter states:
'Wfr
"This consolidation should result in an improved and simplified financial
structure for the several corporations to be consolidated, and permit the
refunding of the outstanding funded debt at lower interest rates.
The
constituent corporations are faced with the necessity of obtaining addi¬
tional capital for the necessary extension of plant and facilities for the
rendition of electric and gas service in the large and growing communities
now
served
Westchester
will be possible"at a
constituent units.
additional capital for extension of plant and facilities
lower cost than could be accomplished by the individual
in which there is a
& Boston
RR.—Asks Equity
by Federal Judge Carroll C. Hincks of a petition that the road
Final hearing of the road's affairs will be held July 6 when
will receive the report of trustee Clinton L. Bardo.
be liquidated.
Judge Hincks
place the road in equity receivership was filed by Harry
R. Trainer, a bondholder, who stated that under Section 77B of the Bank¬
ruptcy Act the Federal Court had no jurisdiction over the proposed liqui¬
dation of a road and that an equity suit was necessary.—V. 144,p. 3011.
of pref.fsoock (par $100)
stated value of $25 per
shares of pref. stock of the Consolidated
Corporation, 259,000 shares will be issued initially as pref. stock, 5% series.
The shares of pref. stock, 5% series, will be redeemable at the option of the
corporation either in whole or in part at any time at $105 per share plus
accrued dividends to the date of redemption.
Holders of the pref. stock,
5% series, will be entitled to one vote for each share held at all meetings
Of the 300,000 authorized
share.
of stockholders of the corporation.
According to the notices now being sent to
companies, the proposed exchange
stituent
the stockholders of the con¬
ratio, based upon the call
prices of the present securities, provides for the issuance of the following
shares of $100 par value 5% pref. stock of Niagara Hudson Public Service
pref. share of the constituent
publicly held:
Corp. for each
are
Northern New York
5% Pref. to Be
Issued in Exchange
Utilities, Inc.-
1
110
First preferred
preferred
companies whose securities
Call Prices
Syracuse Lighting Co., Inc.—
8% preferred
6
preferred
shares
110
1-10 shares
105
1-20
shares
_
Gas & Electric Co.—
105
1-20 shares
"
1-20
105
Niagara Share Corp. of
The directors have declared a
common
1-10
1-5 shares
120
7% preferred
$6 preferred
shares
Md.—15-Cent Class B Dividend—
dividend of 15 cents per share on the class B
26 to holders of record July 2.
This
stock, par $5, payable July
with 50 cents paid on Dec. 18, 1936 and 10 cents paid
1936, this latter being the first payment made since January,
10 cents per share was also distributed.—V. 144, p. 3512.
compares
North American Gas &
July 15,
1933 when
on
Electric Co.- •Call for Tenders of
6% Cumulative Income Debentures—
Leo Loeb,
letter, dated July
debentures which says in part:
President has addressed a
the 6% cumulative income
1, to holders of
District of New
By order of the U. S. District Court for the Southern
York dated May 24, 1937, the reorganization proceedings of the company
were terminated
and operations are, therefore, no longer subject to
the
jurisdiction of the court.
The amended plan of reorganization provides that payment of interest
on the 6%
cumulative income debentures shall be made semi-annually
(J. & J.), based on the net income of the company for the six months
ended Nov. 30 and May 31, respectively.
Net income for the six months ended May 31,1937, computed as provided
in the plan, amounted to $19,110, 60% of which amount is applicable to
the payment of interest. Accordingly, directors have declared to be
as interest on July 1, 1937 the sum of $1.50 with respect to each
$100 of
income debentures and a proportionate amount with respect to income
debentures of other denominations.
Pursuant to the amended plan of reorganization, company calls for tenders
of its 6% cumulative income debentures, dated Jan. 1, 1937, and due
Jan. 1,. 1949, for cancellation and retirement.
Tenders will be received
it up to and including 11 o'clock a. m. (Daylight Savings Time) on July
and no tenders received thereafter will be considered.
Company proposes
to expend the sum of $30,000 in the purchase of income debentures
The sum of $30,000 which the company proposes to expend in the pur¬
chase of 6% cumulative income debentures consists of the aggregate of the
following amounts arising from the following sources, respectively.
though the company has the right to reject any and all tenders, it
gated to expend the respective amounts shown below by
dates, respectively, provided that income debentures can be purchased
it at not more than their principal amount:
_ , ,
Date by Which
Same Must Be
period
payable
by
19,
tendered.
Al¬
is obli¬
the following
by
Expended
Source of Funds—
Amount
Approximately 40% of net income for 18 months
Oct. 22, 1937
period ended Nov. 30, 1936
$18,918
Approximately 40% of net income for six months
Nov. 30, 1937
period ended May 31, 1937
7,648
Proceeds of liquidation at par of open account in¬
Nov. 25, 1937
debtedness owing by Loeb & Shaw, Inc
1,692
That part of proceeds of sale (prior to the effective
date of the amended plan) of 6,619 shares of
class A stock of Southeastern Gas & Water Co. at
the aggregate price of $9,895 not required for
1,742
Oct. 22, 1937
reorganization expenses and working capital
As the amended plan provides that all income debentures purchased out
of funds available therefor must be purchased on tenders, if tenders of a
sufficient amount of income debentures are not accepted upon this call,
further calls for tenders by the company will be necessary in order to
comply with its obligations under the amended plan.
To tender 6%
cumulative income debentures, holders thereof should
forward to the company at 95 Summit Avenue, Summit, N. J., the form
of tender properly filled out and signed by the debenture holder.
Earnings for 12
Months Ended May 31
1937
Income from
Income from
dividends
earnings
and taxes (other than Fed.
demand note payable to bank
Total gross
Interest on
Net income
1936
$29,269
41,250
interest
inc.).
$23,849
12,750
$70,519
5,857
14,023
$36,599
7,487
16,891
$50;637
$12,220
amended plan of reorganization 60% of net income is pre¬
applicable to the payment of interest on the 6 % cumulative income
debentures (annual interest charges on which income debentures issued
and to be issued amounts to $45,847, and the remaining 40% thereof is
required to be applied to the acquisition of such debentures.
Of the $62,858 of aggregate net income for the two-year periods shown
above, $24,830 has been paid or is reserved for payment of interest pursuant
to the court order dated Feb. 9, 1937; $11,461 is payable as interest on
6% cumulative income debentures on July 1, 1937; and the remaining
♦
bankrupt road was assigned on June 29 to the
Southern District of New York after approval
the Consolidated Corporation
will be 2,650,000 shares to consist of 300,000 shares
and 2,350,000 shares (no par) common stock of a
*
The petition to
contiguous, integrated territory
community of interest in the continued agricultural.and
industrial growth of the entire area."
The amount of authorized capital stock of
General expenses
Relief—
Equity receivership of this
U.S. District Court for the
The refunding of the present outstanding funded
and the obtaining of the necessary
them.
by
debt of the constituent corporations
by Judge
its affairs
now.—V. 144, p. 4354.
York
companies' stockholders, according^to
on
Clark at Newark, N. J. on June 28 appointed
Montclair, a consulting engineer,
of Jersey City, former general manager of the road,
which is undergoing reorganization under Section
from then until
by the
*h—1
Hudson Public
served by the
constituent corporations.
These include, in addition to those named above,
St. Lawrence County Utilities, Inc.; St. Lawrence Valley Power Corp.;
Peoples Gas & Electric Co. of Oswego; Malone Light & Power Co.; Baldwinsville Light & Heat Co.; Fulton Fuel & Light Co.; Fulton Light, Heat &
Power Co.; Norwood Electric Light & Power Co. and the Antwerp Light
Utica
'' 1936
1937
May—
Net from railway
plan
involved.
6%
Gross from railway
the
of
Constituent Cos. Pref. Stocks—
—V.144,p.4016.
New York
other nine
included in the
of the New
The Consolidated Corporation will serve a
$270,801 def$169,949
Dividends accumulated and unpaid to May 31, 1937 amounted to
$2,337,182.
Latest dividend, amounting to 87H cents a share on $7 pref.
stock, was paid April 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $587,600 made during the last 12 months
($348,600 in 1936 and $239,000 in 1937) for Federal surtax on undistributed
Balance
Gas & Electric
letters received by the stockholders of the companies
The proposed name of the new corporation is "Niagara
Service Corp."
It will render service in the territories now
Earnings—
Public Service Inc.
31—
Period End. May
Lighting Co., Inc., Utica
Co., and of the Northern New York Utilities, Inc. and of the
operating utility companies in the Niagara Hudson System
plan of consolidation which recently received the approval
York P. S. Commission, have approved the proposal and recommend
144, p. 3682.
New Orleans
Int.
$178,419
36,411
487
1—
Gross from railway
—V.
$208,670
66,427
23,342
1,356,638
535,656
258,358
Gross from railway
From Jan.
_
of
Corp.—Details
Consolidation—•,
The directors of the Syracuse
1934
1935
1936
1937
Service
Public
Hudson
Niagara
last, and
Earnings—
Northeastern RR.-
New Orleans &
May—
Net
of 50 cents per share on April 5,
Dec. 15, 1936.—V. 144, p. 3682.
125
Chronicle
Under the
sently
126
Financial
Chronicle'
$26,565 forms a part of the sum of
$30,000 proposed to be expended in
the
purchase of income debentures
pursuant to the call for tenders.
Balance Sheet
as at
(at
or est.
Exchange has approved the application of the com¬
pany to list 205,266 shares of common stock
($2.50 par), to be admitted
trading in the form of permanent certificates on
notice of registration
under the Securities
Exchange Act of 1934.
Liabilities—
mkt.
approx.
values
values
of March
as
6%
1,
under
court
order)
Accrued Int. receivable
Deferred items..........
$764,120
229,900
Accounts payable
Accrued Int. on inc. debs
Accrued taxes
dep. for
Int.
to
debentures
Demand note pay. to bank
1937—pledged In part agst.
demand note payable*)
-$1,026,136
Cash (excl. of $8,486
unpaid
cum. inc.
8,028
Capitalization Adjusted to Give Effect Changes Made
May 20, 1937
314
19,103
Other accrued liabilities
Common stock (par 80
cents)Earned surplus
43,249
1937
3,
Chicago Stock
May 31, 1937
Assets—
Inv.
July
Nunn-Bush Shoe
Co.—Listing—
The
192
Authorized
Outstanding
20,000 shs.
15,000 shs.
300,000 shs.
175,266 shs.
Dividend Record on
Common—1935, $0.50 per share; 1936, $1.25 per share;
1937 (through April 30), $0.50 per
share, equivalent to $1.50 per share on
the no par stock
previously outstanding.
5%
677
pref. stock ($100 par)
Common stock ($2.50
par)
2.822
65,929
def5,261
cum.
Total
$1,077,605 1
Total
*
$1,077,605
Secured by investments
representing $469,313 of the
$1,026,136 at
which total investments of
company are shown above.
The holder of this
note has agreed not to assert
any deficiency claim against the
the event that the
company in
proceeds of the collateral
pledged therefor shall be in¬
sufficient to pay the
principal and interest on the note in
Excerpts from Financial Statements
Current assets
Total assets
full.
Ohio Associated
Period End. May 31—
Operating
1937
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1,921,335
373,178
Northern Alabama
1935
1937
1,844,274
306,355
Net from railway
Net after rents—
19351
$45,599
16,508
333
298,055
129,620
49,275
237,165
81,179
and
Net oper. revenues.
1937
1,319 J
Co.—Earnings—
$170,063
a
$895,567
$589,764
current payments will
amount to the full
dividend
Northern Pacific
■
cos.
459,550
215,013
19,055,812
893,437
198,891
18,471,323
2,490,068
1,592,700
7,132.043
1,243,796
for
prop. for retire,
res.)
income
on
10,681
&
accr'd
_
18,297
on
99,032
99,032
4,697
63,655
11,094,225
Reserves
accts.
411,005
174,266
367,480
12,419,356
Contrib. in aid of
receivable
3,223,511
3,367,420
89,934
Matis & suppl's
Notes & accts.
2,115,081
77,295
1,876,382
rec. (not curr.)
Unamort'd debt
42,743
disc. & exp...
5,874,891
6,175,504
Unadjust. debits
522,939
450,958
receiv.—
construction
16,384
_
6%
x
pref. stock
($100 par)... 19,806,500
Common stock 17,782,015
19.806,500
17,782,015
Surplus
7,785,475
5.325,258
stock
x
$4,278,203
1,542,367
188,038
17,300
580,908
54,065
of
275,000
no par
Total
123,305,119
121,150,813
50.204
22,589
22,589
65,968
61,624
$2,069,244
$5,337,843
$4,974,654
Northern States Power
Co., Minn. (&
first page of this department.
1936
,
.
Oklahoma Power & Water Co.
(&
Calendar Years—
Gross earnings
Subs.)—Earnings—
1935
1934
1933
$1,296,419
869,699
$1,193,983
835,836
$1,121,065
774,639
$1,077,749
701,716
Net earns, from
operOther income (net)
$426,720
1,863
$358,147
2,079
$346,426
3,104
$376,034
2,870
Interest deductions.
$428,583
327,661
$360,226
340,226
$349,530
344,286
$378,903
Net income
6% pref. dividends
$100,922
26,450
$20,000
$5,244
$27,018
23,000
expenses, maintenance and taxes
Net oper. rev. (before
approp. for retire.
Other income
_
reserve).
reserve
1,045,022
1,132,473
1936
income
,
Other income deductions
__
$10,621,040 $10,313,429
4,629,423
5,077,722
548,676
532,992
44,292
39,500
$5,398,649
$
Plant, prop., lease¬
hold,rights,fran¬
chises, &c
9,629,328
Bond disct. & exp.
in proc's of amor
Prep'd insur. & int
U.
Interest charges (net)
Amortization of debt discount and
expense
1935
$
Assets—
Spec, deposits, &c.
$13,065,272 $12,751,068
2,444,232
2,437,638
S.Treas" bills::
9,645,790
1,354
7,374
90,177
281,201
19,909
b Common
stock-
7,998
Consumers' secur'y
& extension dep.
Curr't mat. of 5%
428,290
$
539,099
5,886,000
2,300,000
539,099
6,205,000
88,357
82,028
41,000
34,321
36,000
31,119
notes payable to
349,961
Sand Spgs Home
Accounts payable.
102,369
99,038
37,953
34,619
Accrued State and
local taxes
Fed.
Income
62,434
$4,663,215
taxes
19,449
Accrued interest.Reserves
104,881
1,281,134
113,180
Earned surplus
Total
a
10,469,855
10,516,847
—
Total
62,692
3,726
109,184
1,109,867
38,130
10,469,855 10,516,847
reserve for uncollectible accounts of
$8,020 in 1935 and $8,356
b Represented
by 60,000 no par shares.—V. 144,
After
in 1936.
1935
cum.
Funded debt
251,339
notes
& warrants
rec.,
Mat'ls & supplies.
$
pref. stk.
($100 par)
2,300,000
aCust.accts.
&c
1936
Liabilities—
6%
Weekly Output—
Electric output of the Northern
States Power Co. system for the week
ended June 26,
1937, totaled 24,607, 179 kwh., an increase of
5.5% com¬
pared with the corresponding week last
year.—V. 144, p. 4355.
351,886
Balance Sheet Dec. 31
1936
$30,499,824 $29,158,676
18,479,574
17,540,081
res.)___$12,020,250 $11,618,595
_
Net oper. rev. & other
income (before appropria¬
tion for retirement
.
Subs.)—Earnings
1937
revenues
shares.—V. 143, p. 932.
563,422
$2,216,272
Appropriation for retirement
on
275,000
12 Months Ended
April 30—
.i*
Represented by 3,556,403
Oper., expenses & taxes.
203,375
18,600
by public
Net income
-123,305,119 121,150,813
Ohringer Home Furniture Co.—Registers with SEC—
subsidiary
Gross
54,924
149,000
1,938,933
Divs.
pref. stock
depos.
See list given
883,333
Net income
—V. 144, p. 4354.
Operating
Operating
19,093,409
$5,158,078 $14,699,279 $14,479,337
883,333
2,900,000
2,900,000
$4,274,745 $11,799,279 $11,579,337
1,977,574
5,485,495
5,929,433
Min. int. in net income
of
20,654,358
$5,161,537
deduct'ns
pref.
55,768
96,000
271.386
2,713,826
Taxes accrued.
270,000
1,146,344 $14,604,758 $14,430,832
11,734
94,521
48,505
expense
sub. held
Oth. accr'd accts
Contrac'l liabll.
UnadJ. credits.-
720,285
158,941
395,834
288,636
&
Federal securs..
Notes
Total.
res
Gross income
Interest charges (net)__
Amort, of debt disc, and
Divs.
58,830
1,295,951
owned
fund
special
Cash
retir.
Net oper. rev. & other
income (before ap¬
Other
75.549
1,324,793
cos.
Affiliated
(affll. cos.)...
$5,126,577
34,960
retir.
1,258,144
General
Customers' dep.
Interest accrued
(before
reserve)
Other income
Approp. for
500
310,914
Municipal scrip.
6,700,962
$
62,288,000
500
cos
Sinking
Accts.
and taxes
1935
Liabilities—
$
Funded debt
62,287,500
Accts. payable—
361,214
-
jointly
1934
Apr. 30— 1937—4 Mos.—1936
1937—12 Mos.—1936
Operating revenues
$12,258,619 $11,847,307 $35,259,115
$33,524,241
Operating exps., maint.
25,393
$4,346,881
1,188,390
2,631,738
1936
98,522
Miscell. stocks &
$3,918,585
438,010
274,959
Period End.
$4,641,427
1,188,390
3,271,891
.
1935
Subs.)—Earnings—
$7,585,742
2,912,813
300,653
2,911,471
300,622
25,894
1935
$
Contr. construct
$3,974,685
255,102
68,113
Northern States Power Co. Del.
(&
890,722
undistributed profits.
capital...108,050,965 106.260,616
592,725
335,667
—V. 144, p. 3848.
on
1936
Assets—
1936
911,263
909,835
$7,879,415
Balance Sheet Dec. 31
$4,646,091
21,248,522
2.410,150
$6,659,578
926,163
28,934
Includes $28,239, surtax
1937
24,931,934
3,661,017
2,574,902
2,453,694
$6,988,693
$4,801,119
1,188,390
2,773,994
Common dividends
$5,082,128
railway
1934
$8,041,741
2,911,075
300,613
Other deductions (net)
Ad vs. to sub. &
Ry.—Earnings—
1935
$7,139,295
902,445
on
bonds
Net after rents
1936
$20,894,394 $19,697,958 $18,251,609
6,961,773
7,625,162
6,030,241
1,487,344
1,359,853
1,193,972
2,621,557
2,270,555
1,957,667
funded debt
Amortization of debt discount &
exp_
a
for two years.—V.
144, p. 2839.
approp.
J
Total income
^•Arrearages after the
rev.
Co.—Earnings—
revenue
a2,684,423
Stks. of sub.
From Jan. 1—
Gross from railway
Net from
$4,041,696
Operating income
Fixed
May—
$4,354,451
Other income (net)
dividend of $1.37per share on
the 5^%
cumulative preferred stock,
par $100, all payable on
account of accumulations on
July 14 to holders of
record July 3.
Gross from railway
Net from railway
Net after rents
$867,912
Taxes
a dividend of
$1.75
share on the 7% cumulative
preferred stock, par $100; a
dividend of
$1.50 per share on the
6% cumulative preferred
stock, par $100, and a
Net oper.
$764,654
meeting held June 28 declared
per
$6,307,469
2,265,773
6% preferred dividends
$131,224
Accumulated Dividends—
33,324
$6,807,287
2.452,836
Maintenance
Depreciation
1937—5 Mos.—1936
15,672
451,770
Net income
income taxes
1937—5 Mos.—1936
5,759
$1,319,682
Operation
Federal
The directors at
$94,816
470,988
Ohio Power
Interest
Month—1936
$101,496
$1,235,642
Net oper. income.
-V. 144, p. 3185.
234,612
83,808
18,522
interest,
deprec.,
$21,254
$3,264,890 $17,314,104 $15,885,331
1,945,208
10,506,817
9,577.862
Operating taxes
1934
$45,963
15,343
1,918
Northern Indiana Public Service
Period End. May 31—
Net income after
$116,741
21,925
Calendar Years—
1936
$54,602
21,247
5,222
144, p. 3684.
25,960
$3,270,649 $17,329,776 $15,918,655
Operating
339,978
154,980
68,344
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
$127,456
4,385
$280,379
163,638
$3,466,633
2,603
1,843,533
386,703
119,488
49,638
$59,111
23,375
5,669
Gross from railway
$25,639
185,537
Operating revenues— $3,464,030
Operating expenses
2,228,388
Ry.—Earnings—
May—
$312,993'
1937—Month—1936
revenues
Uncollectible oper. rev„
1934
$373,967
71.603
14,110
$378,114
50,446
def 1,278
1,703,614
239,865
29,140
102,290
—V. 144, p. 3848.
—Y.
1936
$346,044
48,009
1,470
$57,742
32,103
$281,797
1,418
Telephone Co.—Earnings—
Period End. May 31—
Operating
RR.—Earnings—
$387,422
63,135
5,237
893
144, p. 4194.
Ohio Bell
demand note payable.
Gross from railway
Net from railway
Net after rents
$313,886
226
$34,415
5,217
,
Net oper. income
—V.
int. in com. stock.
All of these
securities, except $10,000 of Southern Utah
Power Co. 6%
are pledged as
collateral for the $229,900
Norfolk Southern
$57,968
184
$72,290
37,875
Operating taxes.;
Management Co., common stock.
412K Interstate Gas Co., common stock.
412K Interstate Pipe Line Co., common
stock.
1,063.9 Long-Bell Lumber Co. ctfs.
of beneficial
May—
1937—5 Mos.—1936
$72,474
'
.
_
Net oper. revenues
Washington Gas & Electric
4,250 Colonial Ice Co., common
stock.
5,000 Loeb & Shaw, Inc., common
stock.
10 North American
*
1937—Month—1936
f
common stock.
Co. common stock.
142,450
undistributed pro its.
$29,198
Operating revenues.
Operating expenses
7% preferred stock.
Southeastern Gas & Water Co., cl.
B, common stock.
42-46 Southeastern Gas & Water
Co.
on
Telephone Co.—Earnings—
revenues
Uncollectible oper. rev..
& Elec. Co.
debentures,
3,520,517
814,109
3,139,578
Net income after taxes
x No
provision has been made for Federal taxes
—V. 144, p. 3345.
Schedule
—V. 144, p. 3011.
$2,798,618
-
April 30, 1937)
x
of Investments as at May 31, 1937
Southern Utah Power Co.
6% debs., due 1961.
Washington Gas & El. Co. 1st mtge.
5M % bonds, due 1953
Loeb & Shaw, Inc., demand
notes receivable.
Washington Gas & Elec. Co. demand notes
receivable.
Interstate Gas Co. demand notes
and interest receivable.
Interstate Pipe Line Co. demand
notes & int. receivable.
Shares
Washington Gas
April 30, 1937
of April 30, 1937
Current liabilities as of
April 30, 1937
Net sales (six months ended
*$29,000
*325,000
31,916
6,290
*409,943
*183,287
*2,500
179,806
43,754
100,000
of
as
as
p.
4356.
Volume
Financial
145
Oklahoma
R y,—Earnings—
City-Ada-Atoka
Gross from railway
Net from railway
Net after rents
1936
1935
1934
$50,987
1937
$47,546
15,530
May—
$36,892
11,852
3,294
$29,143
11,255
1,900
183,062
67,488
141,357
49,597
1,821
22,525
12,994
5,573
r
230,213
120,364
81,938
216,480
72,554
24,752
Net after rents
22,904
—V. 144, p. 3684.
Oklahoma
Gas
& Electric Co.-
-Earnings—
rev.
& other income after taxes, deprec.,
&c—
$12,791,011 $11,694,702
4,587,485
4,910,183
1,958,532
2,561,977
Net income after int., amortiz., &c
—V. 144, p.
1936
1937
12 Months Ended May 31—
Gross
I
Net
4356.
Pacific Clay
$5 per share up to and including June 30,1930; $6 per share up to and includ¬
ing June 30, 1942.
The notes shall be secured by deposit of all the capital stock of the
several subsidiary corporations.
Indenture shall provide for the creation
of a first mortgage lien or charge upon the net oil run receipts (that is,
Summary of Income for the Year
Profit from operations (net sales, less cost
Ended Dec. 31, 1936
of product sold, and
all selling
$140,412
6,880
Gross income
$147,292
21,586
and general and administrative expenses)
Income credits (discounts, interest, &c.)
Fed. taxes on inc. (incl. surtax on undistributed profits,
Other (interest, discounts, uncollectible accounts, &c.)
$4,005)
23,506
Net income
$102,200
Dividend paid
74,319
$27,881
205,219
Surplus for the year.
Deficit, Jan. 1, 1936-.
$177,338
Deficit, Dec. 31, 1936—.
Balance Sheet, Dec. 31, 1936
Disposition of Notes and Stock Purchse Warrants—The notes in the aggre¬
be sold for cash at par less a
The proceeds from the sale of
these notes will be used to pay the expenses of these proceedings and to
settle the outstanding liability of debtor and its subsidiaries and provided,
and to provide additional working capital.
Said Stock purchase warrants
will be issued and delivered to the initial purchasers of notes or their
nominees.
Treatment of the Present
$250,000
36,025
Wages payable
13,313
Taxes payable and accrued..
33,079
Shareholders' equity
zl.586,180
Inventories..
Property
Notes
new common stock.
are now outstanding 198,770 shares of common stock
The number of authorized shares of common stock will
be increased from 300,000 shares to 1,500,000 shares and the par value
thereof will be changed from no par value to the par value of $1 per share.
For each two shares of common stock now outstanding, the owner thereof,
upon surrender of his certificate therefor and all rights and claims in con¬
nection therewith will receive 1 share of new common stock without adjust¬
receive 35 shares
xl 17,983
406,322
y890,681
(at cost)
27,179
Deferred charges—
$1,741,259
Total
x
After
177,338
depreciation of $539,074.
143, p. 4163.
Pacific
z
$1,741,259
Total
for losses of $19,685.
reserve
y
After reserve for depletion and
Represented by 99,092
no
par
shares.—V.
first page of this department.—V. 143, p. 3852.
on
$1.30
the
cumulative first
preferred stock,
no
purchase by executive officers and employees as hereinafter set forth,
50,000 shares; (d) reserved for future issue for corporate purposes, free of
for
stockholders pre-emptive rights, 492,615 shares.
The 50,000 shares of new common stock reserved
more
no
than
Court.
New
Capitalization of Debtor
Consolidated
Reserved for issuance upon conversion of notes, 150,000 shs.; reserved
under stock purchase warrants, 120,000 shs.; reserved under option for
x
Pro
Forma
20,658,026
1,560,207
402,704
Net operating revenues
Social security taxes
Other taxes
5,881,493
Sheet
Balance
as
at
April
1,
1937
Liabilities—
$606,834
222,868
462,555
al,693,352
Notes & accts. receivable
Inventories
Unamortized
discount
Current
&
$264,207
but can be paid at any time
170,030
prior to maturity
accounts
March
no
337,094
due April 1
42,000
37,875,317
3,352,895
647,711
9,990,276
due
payable
Current
on
indebtedness
Current indebtedness not due,
53,852
Prepaid & deferred charges._
debentures
Federal income taxes
reserved for future
purchase by executives and employees, 50,000 shs.;
issue, 492,615 shs.; outstanding, 687,385 shs.
Fixed assets
64,110,101 107,306,204
43,452,074
69,430,887
$600,000
__xl ,500,000 shares
5-year 5% convertible secured notes
New common stock (par $1),, authorized
Cash
Earnings for 12 Months Ended April 30, 1937
Telephone operating income (x)
Operating expenses
under option for pur¬
10,000 shares in the aggregate to be pur¬
one-fifth, or
Assets—
& Telegraph Co.—EarningsCompany
or a total of 687,385 shares as above provided, there will be (a) re¬
served for issuance upon conversion of notes, 150,000 shares; (b) reserved
under stock purchase warrants, 120,000 shares; <p) reserved under option
stock
par
value, payable Aug. 2 to holders of record July 15.
Similar amount was
paid on May 1, last. A div. of 32H cents was paid on Feb. 1, last; $1.50
was paid on Dec. 15, 1936; dividends of 32H cents per share were paid on
Nov. 2, Aug. 1 and May 1, 1936, and 20 cents was paid on Feb. 1, 1936, and
on Nov. 1 and Aug. 1, 1935, this latter being the first payment made since
May 1, 1932 when a regular quarterly dividend of 3234 cents per share was
paid.—V. 144, p. 3346.
Pacific Telephone
Disposition of Remainder of Common Stock
of new common stock remaining after providing for the
issue of 588,000 shares to the holders of the present outstanding preferred
stock and 99,385 shares to the holders of the present outstanding common
chased in any one year, and such option to continue for five years from and
after the amended plan is or may be declared in effect by the U.S. District
The directors have declared a dividend of 65 cents per share on account
accumulations
for fractional parts.
Of the shares
share
Pacific Public Service Co.—Accumulated Dividend—
of
value.
par
chase by executive officers and employee, is reserved under option to such
executive officers and employees and in such amounts as the board of direc¬
tors of debtor may designate to purchase the same at the price of $3 per
Distillers, Inc.—Registration Withdrawn—
See list given on
no
payable
Deficit
of
Common—There
Accounts payable.
;
Outstanding Preferred and Common Stock.
Preferred—There are now outstanding 16,800 shares of preferred stock.
For each share of preferred stock, the owner thereof, upon surrender of his
certificate therefor and all rights and claims in connection therewith, will
ment
Liabilities—
$299,094
Notes and accounts receivable
Long-term debt
(not due in
1937)
104,542
-
9,459
600,000
Operating reserves
5-year
5% debentures
687,385
908,741
Common stock
12,813,623
Net operating income
income
Other
—
10,926,117
23,884,434
177,194
Capital surp lus
Total
Total income
Interest
on
23,739,740
2,084,092
Other interest deductions
Amortisation of discount
on
57,738
Cr8,625
9,000
24,061,628
2,086,497
755,735
57,738
Cr8,625
9,000
21,035,560
_
funded debt
21,161,283
561,975
,
funded debt
Release of premium on funded debt
Other fixed charges
Net income
After deducting uncollectible operating revenues
consolidated $435,906).
x
Note—No
distributed
liability in this respect for the first eight months of the period under report.
Liability for such tax, if any, on 1937 earnings cannot be determined until
the close of the year.—V. 144, p. 4018.
Eastern
See list given on first page of this
Paramount Pictures,
been filled.—V.
144, p. 4357.
Patterson & Hudson River
An
U.
S.
RR.—Pays $2.25 Dividend—
The company paid a dividend of $2.25 per share on the capital stock, par
$50, on July 1 to holders of record June 21. This compares with 50 cents
paid on March 30, last; 75 cents paid on Jan. 5, last; dividends of 6% paid
during 1936; payments of 7% made during the years 1935, 1934, 1933 and
1932 and a dividend of 7H% Paid in the year 1931.—V. 142, p. 134.
Pennsylvania Power & Light Co.—Earnings—
1937—12 Mos.—1936
$2,976,995 $37,873,825 $35,514,180
19,412,958
1,642,268
21,580,494
-----
1937—Month—1936
Period End. May 31—
_
!,120,197
-----
1,714,265
210,000
Net oper. revenues—
Rent for lease of plant. .
2,315,000
1,854,000
$1,195,932
1,799
$1,174,727 $13,978,331
1,890
21,850
$14,247,195
22,548
$1,194,133
Panhandle Producing & Refining Co.—Amended Plan
of Reorganization—
Inc.—Director Resigns—
resignation as a director was accepted at the organiza¬
of the board held June 28, creating a vacancy which has not
H. A. Fortington's
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire't res. approp
department.—V. 144, p. 4356.
depletion and amortization of $4,308,-
—V. 144, p. 4356.
tion meeting
Pipe Line Co.—Registration With¬
drawn—
deducting depreciation,
$3,081,460
Total
$3,081,460
-
After
a
773.
(company $211,7061
provision has been made for Federal surtax, if any, on un¬
earnings.
The company does not consider that it had any
Panhandle
the
the
producing properties located in Jack County, including the Smith, Eaton
and Daniels, Steele, McKelvy, McKelvy A, Leffel, Leffel A and Box
producing leases lying north of the town of Bryson (exclusive of portions of
the Leffel A, McKelvy A and Eaton and Daniels leases which have been
included in a drilling block) and the Cook Lease lying south of the town of
Bryson, upon which the company has recently drilled wells 4, 5 and 6,
and the McCluskey Lease in Young County, to secure the sinking fund
payments to the extent of $61,500 annually, plus interest on the out¬
standing notes.
of
Assets—
only direct expenses of operation) from the properties
Refining Co. (a subsidiary of debtor) heretofore known
the Dial District, including all of the interest of said subsidiary in
Dial or Joint Gulf Property located in Hutchinson County, Texas, and
as
gate principal amount of $600,000 are to
discount of $52,000 to net debt $558,000.
Products—Earnings—
Cash
returns less
gross
of the Panhandle
From Jan. 1—
Gross from railway
Net from railway
.127
Chronicle
$1,172,837 $13,956,481 $14,224,647
18,232
234,168
286,193
160,000
amended plan of reorganization
District Court of Delaware.
company sell an issue of
shares of capital stock.
Capitalization
has been filed by debtor with the
The amended plan provides that the
$600,000 notes and increase its capital to 1,500,000
of Debtor—The present capitalization is as follows:
Operating income
mtge. bonds
debentures
Int.
on
Int.
on
$1,680,000; common stock (no par) authorized 300,000 shares, issued and
outstanding 198,770 shares, carried on books at total stated valuation of
$1,054,872.
New Notes—A brief description of the note issue (underwritten by Hall,
Cherry, Wheeler & Co., New York), follows;
The notes will be dated as of July 1, 1937.
Notes will be issued in the
aggregate principal amount of $600,000, with interest coupons attached, with
with privilege of registration as to principal and interest and interchangeable
if so registered, for bearer coupon notes, will bear interest at the rate of 5%
per annum payable semi-annually (J. & J.) and will mature July 1, 1942.
Notes will be entitled to the benefit of a sinking fund into which the debtor
covenants to pay or deposit quarterly (Feb., May, Aug. and Nov.)
be¬
ginning Nov. 1, 1937, (a) the sum of $15,375 in cash, or (b) notes in the
aggregate principal amount of $15,375 or (c) partly cash and partly notes
in the combined aggregate principal amount of $15,375.
Any and all
cash thus deposited will be used by the trustee to purchase and retire notes
upon tenders therefor at the lowest price tendered but not to exceed 102 H %
and interest of the par value thereof or to call and retire by lot such notes
at not more than said 102H%, in the manner provided in the indenture.
The notes will be subject to redemption in whole or in part at 102)^% at
any time on 30 days' previous notice.
The notes will be convertible at any time prior to redemption in to
the new common stock as follows: For the first six months from the date of
the notes on the basis of $1,000 of notes into 250 shares of said new com¬
mon stock.
For the succeeding six months on the basis of $1,000 of notes
into 222 shares of new common stock.
For the balance of the life of the
notes on the basis of $1,000 of notes into 200 shares of new common stock.
Other int.
Stock Purchase
Warrants—As additional consideration of the purchase of
bo issued to the initial purchasers of notes separate
the notes there shall
stock purchase warrants in
negotiable form entitling the holders in the aggre¬
gate to purchase a total of 120,000 shares of new common stock, at prices
for such stock as follows: $4 per share up to and including June 30, 1938'
$1,203,562
453,750
50,000
& deductions. 19,300
Gross income
8%
preferred stock (par $100) authorized 40,000 shares, issued
16 800 shares (exclusive of 704 shares held in treasury),
and outstanding,
cumulative
9,429
Other income (net)
Int. charged to constr..
Net
x
' Cr2,026
$682,538
income..
$670,486
for
applicable to preferred stocks
period, whether paid or unpaid
Dividends
the
$1,191,069 $14,190,649 $14,510,840
454,271
5,445,521
5,468,648
600,000
50,000
600,000
208,724
17,577
218,849
018,169
01,265
015,606
Balance-.
$7,941,885
$8,251,637
bj_
3,846,545
$4,095,341
-
3,846,544
$4,405,092
x Regular dividends on all classes of preferred stock were paid on April 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Noie—no provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
1937.—V. 144, p. 4357.
Pennsylvania RR.—Earnings—.
[Excludes L. I. RR. and B. & E. RR.]
Period End. May 31—
1937—Month—1936
Rvmoper °revenuST~...$40,726,718
1937—5 Mos—1936
$35,460,727 $195193,051 $169333,937
30,151,107
24,575,987 147,117,981 124,368,013
Net rev. from ry. op.. $10,575,611
Ry!
oper. expenses
Equipment rents—Dr..
Jt. facil. rents—Dr
307,254
163,837
$10,884,740 $48,075,070 $44,965,924
12,662,400
10,300.048
2,470,141
788,932
155,025
1,849,882
1,604,957
538.300
3,172,435
683.301
857,991
3,052,414
903,243
1,027,576
192,961
income.
$6,041,366
$6,845,012 $28,629,119 $28,191,997
Railway taxes
Unempl. insur. taxes.
RR. retirement taxes.
Net ry. oper.
—V. 144, p. 4357.
_.
3,036,700
385,272
641,182
128
Financial
Patino
Mines
&
Enterprises
Consolidated
Income Statement for Year Ended\Dec.
31,
(Inc.)—
1936
Income from Operations—
* .Bolivian Currency
on definite account sales of
previous year's
_
1936
&
Ril
-
Production 1936.
Dividend from subsidiary,
i I
General Tin Indus-liifcg
tries, Inc
Sundry profits, incl. interest and exchange
&
Rs.5,338
Inventory of Tin Concentrates at Dec. 31,1936:
1067.3 long tons of fine tin exported, at esti¬
mated selling price
,1170.000
| 18,436
,
,
Bs.822,012
£1,704,253
22,953,783
Bs.23.775,795
Government, and Bolivian
.
Deductions—
Production cost of 1935
£1.007,977
concentrates
527,702
|
223,090
37,576
5,575,524
2,892,020
155,247
108,565
296
15,482,674
1,251
Bs.8,293,121
£479,454
309,463
1936 profits
1,493,992
200,640
2,049,817
defl09,859
1.868,203
def410,690
1.957,081
def220,551
1—
from
railwayNet from railway
Net after rents
—
...
..def 1,013,112
def824,650def1,067,512 dfl,013,346
—V. 144. p. 3686.
Earnings for the 5 Months Ended May 31, 1937
Operating
Operating
revenues
$2,457,574
659,269
197,485
x291,475
expenses
Renewals & replacements expense
...
£166,232
4,873
$1,309,344
162,550
Other income
Gross income
Interest
on
$1,471,894
437,888
long-term debt
Taxes assumed
on
interest
15,833
8,100
Miscellaneous income deductions
Net income
$1,010,073
44,777
716,413
Preferred dividends
Common dividends
Surplus
Loss
on
operation of railway
Sundry transfers, adjustments and differences in
exchange
7,203
£159,326
51,000
550,000
329,564
Results of
operations carried to surplus
Special div. of $0.60 U. S. currency per share
declared Dec., 1936
Special div. of Bs. 0.80 per share declared
£100,360
167,533
1,096,733
as at
Dec. 31, 1936
Bolivian Currency
Sterling1
£290,075
Bs.16,961,270
(trade)
Accounts receivable (trade)
Inventories
56,300
3,453,332
4,450,114
286,581
981,115
3,824
996,556
62,930
3,272,453
1,623,26*6
b2,574,252
54,477
841,699
15,371
Bs.27.866,454
£8,057,984
__
Other current assets
Investments
Property, plant and equipment
Machacamarca-Unica Ry. (net worth)
Deferred charges
Total
Liabilities—
Drafts
outstanding and in transit against
centrates at mill, in transit and at smelter
Accounts payable
(trade)
Accrued liabilities—Payrolls
payable
Provision for taxes.
Retentions and guarantees
Provision for unpaid charges
826
5| Bolivian Currency
Sterling
con¬
172,287
550,000
91,811
'
35,869
31,722
11,299
Drafts drawn
on New York Office.
Other accrued charges.
accounts
Simon I. Patino
C. M. A. Oploca
Current accounts of employees
55,347
payable:
86,867
57,522
9,586
1,096,733
Dividend payable
Statutory Reserve—Balance
at Dec.
Capital stock
Surplus—
currency
attached
surplus,
per
statement
orized issue
.27,866,454
b After
Bolivian Currency Items
The bondholders protective committee for the
4% bonds, due July 1,
1937 (William P. Buckner, chairman), states that the
Philippine Govern¬
through its duly authorized representative has indicated its intention
of paying off the bonds, despite the fact that it has no
legal obligation with
respect to the principal thereof, according to its own interpretation.
Responding to a request by the Philippine Government to submit a price
it
would recommend for acceptance
by the bondholders,
committee on June 14
formally offered the bonds to the
The
currency items having been converted
Exchange transactions in Bolivia are controlled by the Government and
since June, 1933 the company has been
obliged to sell the Government at
prescribed rates approximately 50% of the
sterling derived from sales, the
being about Bs.37.50 to the pound sterling.
The
Bolivian currency thus obtained is in excess of the
company's requirements
of this currency and, as free
exchange transactions are not permitted, there
has been a steady accumulation of Bolivian
currency by the company.
present prescribed rate
It has been the company's
practice in its published reports to convert
the Bolivian currency items in its accounts
into sterling on the basis of the
Bolivian Government official export draft rate
which, until recently,
approximated the exchange value as far as could be determined from
un¬
official exchange transactions of limited
amount.
At Dec. 31, 1935 the
official export draft rate was Bs. 80 to the
pound sterling and the accounts
were submitted on this basis.
Since Jan. 1, 1936, however, the official
export draft rate of Bs. 80 to the
pound sterling was discontinued by the Bolivian Government and
was
substituted by an official rate of Bs. 50 to the
pound sterling, while on the
contrary there are indications that the actual exchange value of Bolivian
currency has decreased
sharply from the rate of Bs. 80.
It would appear,
therefore, that the use of an official rate for conversion purposes is no
longer warranted, nor is there obtainable at this time from other sources a
satisfactory exchange rate for use in conversion of Bolivian currency into
sterling.
the.company's directors,
officers, counsel and accountants that it would be unsound and inaccurate
to present accounts for the current
period in a single currency as formerly.
The attached accounts for the
year ended Dec. 31, 1936 are, therefore,
presented in such form as to show the assets and
operating results in the
currencies in which they originated, that is to
say, in sterling or in Bolivian
currency without conversion.
Since the items in the two
currencies
are
stated
making any conversion, no exchange loss appears
In view of the exchange conditions referred
to,
as
it
separately
without
such in the accounts.
is
the
practicable to
indicate the amount of reserve for
exchange loss required at Dec. 31, 1936
nor the effect on the results of
operations for the year ended on that date,
if the Bolivian
currency items in these accounts were converted into ster¬
not
ling,
as in the past.
In the extreme event that the company should be unable
to derive any value whatever from the
accumulated Bolivian currency, the
position of the company Jat Dec. 31, 1936 and the results of its
operation
protective
Philippine Govern¬
ment at par.
•
committee
states
that
to date no answer has been received, but
informal discussion has indicated that the Government
probably is willing
to make the same offer as that of a
year ago—namely 35.
Negotiations will continue in an attempt to arrive at an agreement on
the price to be paid for the
bonds, and the committee states "every indica¬
tion points toward an
early settlement."
With respect to the petition filed under Section
77B
pany, the committee states it will be guided by
Government,
so
long
as
they
"It should be noted,
against the
com¬
the wishes of the Philippine
are consistent with
the best interests of the
however, that absolute provision has been made for
July 1, 1937."—V. 144, p 4195.
prompt payment of all interest due
July 1 Interest Paid—
The interest due July 1, 1937, on the first
mortgage 4% 30-year sinking
fund gold bonds, due 1937, is
being paid but the principal due
is not
being paid—V. 144,
July 1, 1937,
p.
4195.
Pilgrim Exploration Co.—Formed by Mayflower Associates, Inc,, to Acquire Speculative Oil Leases and Royalties—
See
Mayflower Associates, Inc., above.
Balance Sheet
Assets—
Cash in banks—on demand.
a Investments
Fixed assets
;
as
at June
25, 1937
$958,197
37,500
315,906
25,000
progress
36,124
Organization expense
244
;
..A
Total
—
Liabilities—
Capital stock ($1 par)
Paid-in surplus.
Earned deficit
*
Total
The operations of the
company are conducted in both Bolivian currency
sterling and the reports of the company have in recent
years been
and in
In view of these conditions it is the
opinion of
4019.
ment
£8,057,984
(no par); issued: 1,380,316 shares
shares issued in respect of additions and
lto sterling.
gublished in sterling, the Bolivian
p.
Be Paid—
Work in
84,768
betterments 1924-1927, deposited in
treasury per contra, £569,898.
deducting depletion and depreciation reserve, £4,467,454.
Note Regarding Treatment
of
3H% debentures, due June 15, 1952, auth¬
$20,285,000.—V. 144,
Philippine Ry.:—Government Indicates Intention of Paying
Off 4% Railway Bonds—Negotiations Under Way on Price to
shares
stated at £6,250,000 and 138,351
Phelps Dodge Corp.—Trustee—
Special deposit with Fohs Oil Co
1
attached
Bs
2,500,000
Dr 1
634,995
110,516
143,268
6,819,898
24,185,870
per statement
Total
Authorized:
587
329,564
61,480
a
Sterling deficit,
498
31, 1928..
5% of profits since Dec. 31, 1928
Reserve for taxes and contingencies
Bolivian
undistributed profits.—V. 144,
The Central Hanover Bank & Trust Co. has been
appointed trustee of
this corporation's convertible
54,336
unliquidated
concentrates
Affiliated companies—current
$248,883
on
bondholders.
£225,508
70,973
3,283
Bs.1,169,387
_
on
Includes $10,102 for Federal surtax
3015.
7,966
Bs.5,711,721
December, 1936
Balance Sheet
Assets—Cash & Demand Deposits:
In London and New York
In Bolivia
Notes receivable
x
p.
2,033
Bs.6,591,285
Net profits from operations.
Provision for taxes and
contingencies.
Reserve, 5% of profits from operations
•
3,759
Bs.6,598,488
Balance
a
1934
$385,821
def36,736
def206,499
2,105,558
def253,231
...
1935
$388,927
def53.125
defl89,564
1140,075
6,449,853
(other than income)
Delaware franchise tax
Cost of examination of other mines
Jan.
1936
$475,155
39,734
defl23,369
Operating income
charges on unliquidated concentrates
Selling, general and administrative expense
on
1937
$512,076
35,524
defl33,352
...
Taxes
exported ^
Taxes
Balance
Depletion and depreciation
Addit'l Bolivian income tax paid
initial quarterly dividend of 25 cents
payable June 30 to holders of record
Pennsylvania Water & Power Co.—Earnings—
Production cost of 1936
concentrates, excluding}
1
depletion and depreciation
Shipping and smelting, incl. provision for unpaid
Deduct:
From
currency received
exchange therefor.
„
an
stock,
Pennsylvania Reading Seashores Lines—Earnings—
696,276
Proportion of sterling proceeds sold to Bolivian
declared
May—
Net after rents
^ 382,495
816,674 1
33,126
309.1 long tons of fine tin unexported, at cost
have
Gross from railway..
Net from railway
Gross
per ton
directors
per share on the common
June 29.—Y. 144, p. 2143.
1248,074
1754.6 long tons of fine tin in transit, at £218
in
91,668
810,732
1937
3,
Peaslee-Gaulbert Corp.—Initial Common Dividend—
The
£49,722
HO
July
for the year ending at that date would be as indicated in those
parts of the
financial statements which are in sterling, without regard to those
parts
which are in Bolivian currency.—V. 144, p. 3686.
Sterling
Profit
inventory.
Sales, as per definite account sales of:
1935 inventory exported 1936
Chronicle
$1,372,971
454,000
919,978
1,007
$1,372,971
Note—Company's portion of current joint account expenditures made by
Fohs Oil Co. for the
period from June 1 to June 25, 1937, are not known at
June 25, 1937, and have not been included in
this balance sheet.
The
special deposit of $25,000 with Fohs Oil Co. has been made to take care
of
such expenditures and is
considerably in excess of the company's portion of
expenditures made by Fohs Oil Co. during the.Month of
June, 1937.
Company's office, Experson Building, Houston, Texas.
Pilgrim Mills—Pays $1.50 Dividend—
The company
paid a dividend of $1.50 per share on the common stock
July 2 to holders of record June 30.
This compares with $2 paid on
March 31 last and on Dec.
15,
on
paid since
p. 4164.
Sept.
29,
1936, this latter being the first dividend
1934, when $1 per share was distributed.—Y. 143,
Pittsburgh Hotels Corp.—Reorganization—
The protective committee for the
15-year 6H % sinking fund gold deben¬
tures (and unsecured notes
the holders of what has
payable of corporation) in a final letter, advise
transpired since its last letter was sent on March
29, 1937.
The amended plan of
reorganization was confirmed
by the court at a hear¬
ing held in Pittsburgh, on April 12, 1937, at which time the committee filed
proceeding acceptances to the plan received from the holders of $1,987,512 of 6Yi% debentures and other unsecured creditors
claims, repre¬
senting 68.8% of the total claims of this class, amounting to
$2,887,309,
that were allowed
by the court as properly proven against the debtor.
in the
After the plan had been
confirmed, the first mortgage committee on April
12, 1937, nominated the following to be voting trustees, as
provided for in
plan, which nominations were approved by the court: William H.
Donner, Marshall S. Morgan, Brandon Barringer,
Philadelphia, Pa.;
Alexander C. Robinson and John W.
Weibley, Pittsburgh, Pa.
At the same
time, the first mortgage committee nominated William H.
Donner, Henry G. Brengle and James G. Scarff to constitute a reorganiza¬
tion committee to
carry the plan into effect, which nominations were also
approved by the court.
At a subsequent
hearing held on May 10, counsel for the reorganization
committee presented to tne court the several
legal documents, necessary
to give effect to the
plan, which, after an open hearing thereon, were duly
approved by the court.
the
A
new
company
thereafter incorporated in Pennsylvania, entitled
over all of the assets of the debtor as at
May 31, 1937.
The Union Trust Co. of Pittsburgh
exchange agent of the new company, for the nurpose
was
"Pittsburgh Hotels, Inc.", to take
the close of business
has been
appointed
on
Volume
of receiving
129
Financial Chronicle
145
Railway Express Agency,
exchanging the same for securities
the securities of the debtor and
in accordance with the
Charges for transporta'n
Other revs. & income
Total revs. &
exchangeable, viz.:
To
sinking fund gold debenture
of the debtor, upon surrender of such debenture with all unpaid coupons
appurtenant thereto, voting trust certificates and scrip for 2 1-5 shares of
stock and warrants to purchase voting trust certificates for 4 2-5
which said stock and warrants are
the holder of each $1,000 15-year 6 H%
debtor for
$13,859,184
250,416
income_$14,109,600
8,219,133
474,534
Operating expenses
Express taxes.
Int. & disc, on fund, debt
885,129
827,091
$14,042,328 $52,662,558
32,233,202
$48,127,916
29,190,473
1,876,440
1,150,297
533,294
40,074
542.161
11,278
$5,965,842 $17,979,548
$17,233,707
238,010
7,557,979
383,906
132,742
1,859
133,533
15,482
deductions
Other
Inc.—Earnings—
1937—i Afos .—1936
$13,804,318 $51,777,429 $47,300,825
1937—Month—1936
Period End. Apr. 30—
plan.
The new company through its exchange agent shall deliver voting trust
certificates and warrants, fractional warrants and scrip certificates to the
following creditors upon surrender of the securities of or claims against the
of the new company
common
stock;
To general creditors whose claims have been
tificates and scrip for 2 1-5 shares of common stock
shares of common
x
Rail transport, rev..
x
allowed, voting trust cer¬
and warrants to pur¬
chase voting trust certificates for 4 2-5 shares of common stock, for each
$1,000 principal amount of their claim without interest.
Holder of less than $1,000 of bonds or claims shall receive the proportion
of the above securities that their bonds or claims bear to $1,00 J provided,
however, that no scrip shall be issued for less than one-tenth of a share an
fractional warrant shall be issued for less than one-fifth of a share.
Payments to rail and
Ray
Revere
1613.
V. 144,p.
Pioneer
Gold Mines of
1937
$2,259,134
Gold bullion
Premium
earned and
accrued thereon
$2,295,859
income
profit before deprec.,
Net
deplet. &
_
Dominion and
Provincial taxes
84,035
261,090
480,207
$1,500,986
1,401,400
$1,593,641
1,333,813
19,586
$279,828
$0.86
$0.91
per share on 1,751,750
capital stock ($1 par).....
$0.52
Balance Sheet
$506,719 $1,159,030
225,220
160,575
751,815
924,677
Gold bullion
Investments
1936
236,642
175,175
$93,398
411,270
350,350
payable
Dividends
Res. for deprec. on
plant, buildings,
Loans & accounts
352,051
properties.. 1,371,601
1,751,750
capital
1,254,703
1,751,750
Res. for
and ma¬
100,638
terials on hand.
Mining properties- 1,725,105
Plant,
buildings,
mach'y & equip. 1,205,069
min
95,984
deplet. on
b Share
1,702,562
Premium on shares
Surplus
13,008
25,000
836,358
25,000
524,663
sold....;
1,116,383
13,662
Deferred charges..
461,171
mach'y & equip.
10,876
5,626
receivable
Supplies
.$38,597,428
30,692,569
Gross profit before depreciation
$7,904,859
Selling and administrative expenses
2,858,903
Provision for doubtful accounts
48,846
Net operating profit before depreciation
$4,997,110
Non-operating income
143,854
Total
$5,140,964
Expenses of idle plants
Cr4,750
Cash discounts on sales
281,713
Loss
corporations' bonds purchased and retired
3,418
Miscellaneous charges
119,100
Depreciation
1,288,391
Interest
bonds.
—385,563
Amortization of bond premium, discount and other expense
61,516
Provision for Federal income tax.
;
387,500
Provision for Federal surtax on undistributed profits
272,000
Net profit
$2,346,513
144, p. 3189.
—V.
1937
$96,070
Res. for inc. taxes-
hand and
in banks.
Copper & Brass Inc. (& Subs.)—Earnings—
Earnings for the 12 Months Ended Jan. 31, 1937
on
March 31
Liabilities—
department.—V. 144, p. 3189.
on
Sundry creditors..
1936
1937
Assets—
Co.—Registers with SEC—
Reynolds Metals
first page of this
See list given on
department.—V. 144, p. 4358.
Richfield Oil Corp. —To Build New Refinery—
Directors have authorized the expenditure of approximately
for the construction of what will amount to practically a new refinery
Watson, Calif., site of one of the company's present refineries.—V.
$5,000,000
at
144,
p.
2146.
Richmond Dairy
Co.—Earnings—
Earnings for
Year Ended Dec.
31, 1936
,
$1,884,095
1,706,429
$177,666
1,947
Net sales
$4,642,072 $5,074,880
Total
.$4,642,072 $5,074,880
a
After reserve for bad debts of $4,766
Represented by shares of $1 par.—V. 144,
in 1937 and
p.
4020.
$4,866 in 1936.
Cost of sales
and expenses
Operating profit, before
depreciation
Other income
Inc.—New Company—
Pittsburgh Hotels,
See Pittsburgh
$
def$311,695
shs. of
Balance
Earns,
b
$2,418,973
102,578
274,684
421,073
$914,530
1,226,225
profit for year
Total
$2,299,321
223,840
Dividends..
a
774,319
109,391
116,898
Depletion
Cash on
812,936
$1,364,659
income tax
Depreciation
Net
104,426
$3,193,292
931,200
Cost of production
1,277,129
$3,112,256
Corp.—Registration Withdrawn—
first page of this
less returns and allowances
Cost of goods sold, excl. of depreciation
$1,811,737
67,068
36,725
Miscellaneous income
Total
$3,045,188
privileges.—V. 144, p.3851.
Gross sales,
British Columbia, Ltd.—Earns.
1935
1936
March 31—
Years Ended
Airconditioning
See list given on
no
$5,266,918
other carriers—express
$179,613
Total income
Hotels Corp. above.
Interest, &c.,
25,826
60,636
xl6,350
deductions
of prop., plant and equipment.
Provision for Federal and State income taxes
Prov. for deprec.
Pittsburgh & Lake Erie RR.—Earnings—
1937
railway __
Net from railway
...
1936
1935
$2,191,706
$1,824,036
$1,340,261
529,073
588,097
May—
Gross from
493,303
506,836
291,494
345,496
10,337,434
1,899,604
2,000,520
7,721,102
6,321,395
1,141,109
1,376,273
Net after rents
From Jan. 1—
Gross from railway
Net from railway
..
Net after rents
--
1,440,489
1,686,217
1934
$1,488,635
364,854
*
414,926
6,367,359
1,125,850
1,391,289
Net from railway
Net after rents.
$30,044
..
def 8,774
Net after rents
144, p. 3688.
290,507
27,352
def2,979
36,363
235,355
271,904
def9,538
4,701
Net from railway
def3,147
defl,416
def4,075
From Jan. 1—
Gross from railway
$43,314
def 9,911
$22,522
def22,087
defl8,131
._
1935
1936
1937
May—
Gross from railway
—V.
dividends
Common
Includes $400 for
x
undistributed profits tax.
Balance Sheet
receivable
....
Inventories
1934
Other receivables
$61,692
12,526
15,521
Due from officers
320,216
58,702
80,223
Dec. 31,1936
Liabilities—
Assett—
Accounts
Pittsburgh & Shawmut RR.—Earnings—
$76,801
17,500
60,000
...
Cash
144, p. 4195.
—V.
Net income
Preferred dividends
Cash with trustee
...—
& employees
for sink.fund
Investments-
.
Prepaid exp. & def. charges—
Prop., plant & equip., at costBottles, cases and cans
Good-will
$21,895
59,174
40,843
9,040
4,721
20
34,544
Accounts
$87,823
payable
25,576
Accrued expenses
15,065
y552,778
22,622
248,725
deposits
(current) ..
Employees' cash
Mortgage payable
Sinking fund
instalments
pref. stock
Dividend pay. on
Due to
affiliated companies—
Prov. for Fed.&
State inc.taxes
Mtge. payable,
1937
subsequent to
1st mtge.
15-year 6% bonds..
Reserve for
contingencies
7% cum. pref. stk.
.
(par $5)
Common stock
Pittsburgh Shawmut &
1937
May—
Northern RR.—Earnings—
1934
1936
1935
$77,016
$75,204
80
def8,855
Gross from railway
Net from railway
Net after rents
$66,493
def4.408
defl0,595
From Jan. 1—
445,508
65,971
14,551
Gross from railway
Net from railway
after rents
Net
—V.
423,932
57,006
16,335
$76,975
4,369
def2,602
424,090
56,640
15,842
def2,673
def 9,146
Pittsburgh & West
Virginia Ryv
1937
$363,998
44,219
56,993
Gross from railway
Net from railway
Net after rents
1—
Gross from railway
Net from railway
Earnings—
1936
$327,772
116,015
122,456
From Jan.
1,826,013
498,108
529,857
Net after rents
—V. 144, p.
1,495,887
514,077
564,222
1,189,426
380,815
403,382
$262,719
75,860
89,334
1,206,539
380,856
430,033
4020.
of Canada,
Power Corp.
Ltd.—Interim Dividend—
declared an interim dividend of 25 cents per share on
payable July 26 to holders of record July 6.
A similar
amount was paid on Dec. 21, 1936, this latter being the first
payment
made on the common stock since May, 1932.—V. 143, p. 3645.
The directors have
the common stock,
Richmond Fredericksburg
Operating
See Union Electric
Co.—Merged—
Co. of Missouri—V.
144, p. 3850.
Dividend—
Propper-McCallum Hosiery
The
Clellan
Co.—Plan Approved—
reorganization plan was confirmed
in United States District Court
payment of 75 cents on the
$800,000.—V. 144, p. 4196.
July 1, by Judge Hugh L. Mc-
at Boston.
The plan calls for
dollar to creditors with claims totaling nearly
—V.
144, p. 4358.
Quakertown &
The
Interstate
Bethlehem RR.—Abandonment—
Commerce
Commission on June 14 issued a
certificate
the
permitting abandonment, as to interstate and foreign commerce, by
company of its entire line of railroad extending from Quakertown to Durham,
approximately 13 miles, all in Bucks County, Pa.—V. 137, p.
1936.
—
1—
railway
from railway
Net after
rents
—Y. 144, p.
depreciation
1937
$709,383
209,855
103,498
& Potomac RR.
1935
1936
$648,122
$607,435
151,921
116,805
53,761
49,017
-Earnings
4,038,072
1,254,245
631,225
3,290,919
692,033
232,882
2,985,523
656,650
298,071
1934
$567,548
130,086
51,873
2,873,21-7
675,331
289,974
3691.
Antelope Copper Mines, Ltd.—Listing—
The New York Stock Exchange has authorized the listing of 105,000
"American shares" upon official notice of issuance, which may be issued by
the depositary pursuant to the provisions of the deposit agreement, dated
July 10, 1928, against the deposit thereunder of 420,000 ordinary shares of
the
company presently issued and outstanding,
such ordinary shares
having been sold to Cull & Co., Ltd. and of 1,125 "American shares" upon
Roan
the depositary against
which were issued on
company; making a
total of 1,663,320 "American shares" authorized to be listed.
By resolution of a committee of the board of directors of the company,
dated Feb. 9, 1937 the 420,000 ordinary shares were sold to Cull & Co.,
Ltd. for 75s. Od. per share, less Is. Od. per share commission.
The proceeds
of this sale were applied to the redemption on May 11, 1937 of the whole
of the company's outstanding 6 % debenture stock at a premium of £7 10s.
The remaining 1,125 "American shares" will be issuable against the
deposit of 4,500 ordinary shares, of which 1,500 were authorized for issu¬
by the board of directors on Oct. 2, 1934, 1,500 were similarly auth¬
orized for issuance on Oct. 1, 1935, and 1,500 were similarly authorized
for issuance on Sept. 1, 1936.
These 4,500 ordinary shares were all issued
to employees under employee options for 7s. 6d. per share.—V. 144, p. 3691.
Rollins Hosiery Mills, Inc.—Listing—
The Chicago Stock Exchange has approved for listing 598,000 shares of
official notice of
issuance,
which may be issued by
deposit of 4,500 ordinary shares of the company
exercise of certain options to employees of the
ance
stock ($1 par).
application to list
common
598,000 shares of common stock ($1 par) to be
action of stockholders at a special meeting
the issuance of 600,000 shares of common
stock and 37,000 shares of convertible stock was approved.
The 37,000
issued shares of $3.60 cumulative convertible preferred stock will be re¬
classified into convertible stock and common stock on the basis of one share
of convertible stock and eight shares of common stock for each share of $3.60
cumulative convertible preferred stock.
The stock is to be admitted to trading in the form of permanent cer¬
tificates upon official notice of registration under the Securities Exchange
Act of 1934, subject to the filing of an amendment to the certificate of
incorporation of the company in the State of Delaware.—V. 143, p. 2066.
The
& Light Co.—Earnings—
12 Months Ended May 31—
1937
1936
Operating revenues
$15,754,882 $14,136,324
Balance after operation, maintenance & taxes
6,734,426
6,165,775
Bal. for div. & sur.—(after appro, for reti. reserve).
1,798,062
1,434,314
Puget Sound Power
reserve for
From Jan.
Gross from
Net
the
Premier Shares, Inc.—To Pay Nine-Cent
The directors have declared a dividend of 9 cents per share on the capital
stock, payable July 15 to holders of record June 30.
This compares with
10 cents paid on Jan. 15, last; 8 cents paid on July 15, 1936; 7 cents paid on
Jan. 15, 1936 and on July 15, 1935; 8 cents paid on Jan. 15, 1935; 10 cents
on July 15 and Jan. 15, 1934; 15 cents on July 15 and Jan. 16, 1933, and
quarterly dividends of 10 cents per share paid from Oct. 15, 1931 to and
incl. July 15, 1932.—V. 144, p. 117.
railway
Net after rents
the
Power
250,000
x89,608
$1,009,428
Total.
Represented by 1,000 no par shares, y After
of $485,264.—V, 141, p. 765.
Net from
1934
1935
$235,579
97,578
91,907
16,751
and revaluation
May—
Gross from railway
144, p. 3688.
May—
$1,009,428 I
4,500
329,000
69,090
Earned surplus
Total
4,375
22,831
16,650
81,604
Donated surplus
x
459.950
71,639
32,670
121
1,000
10,500
issued in accordance with the
held June 15, 1937, authorizing
130
Financial
Chronicle
Rotating Valve Corp.—Registration Withdrawn—
See list given
May—
Royal Typewriter Co., Inc.—$2.50 Dividend—
Rutland
July 22 to holders
Earnings for May and Year
May—
1937
Gross from railway
Net from railway
to
—V. 144, p. 4197.
1,337,542
revenue
$435,583
68,394
6,435
160,169
115,940
2,654,881
818,864
440,377
2,307,560
xl936
expenses
Depreciation.
Federal unemploy. taxes
Federal & State inc. taxes
Provision for injury and
damage claims 1
813,621
524,826
Subs.)—Earnings—
xl934
-■
xl933
.
1,031,105
1,108,802
"2",03 5
"2",382
1,096,230
905,289
843,317
792,264
$1,022,874
24,070
$617,855
30,466
$1,307,734
1,037,817
564,839
$823,011
1,047,842
572,935
$1,046,944
1,050,556
591,646
$648,321
1,055,706
612,939
10,196
7,701
20,268
23*952
30*696
$312,819
Total income
$818,035
$624,750
$1,051,014
on
abandonment of
investment property.
Taxes on non-oper.
prop.
Other expenses
Net
loss for the
ended Dec. 31
5,541
year
Receiver's report.
Consolidated Balance Sheet, Dec. 31
1936
Assets—
Road
and
(incl.
1935
$
$
equip.
intang.)..68,374,791 69,718,660
Buses and equip
Miscell. phy. prop.
712,412
People's
794,012
1,152,742
1,156,208
Inv. in & advs. to
Motor-
closed bank
1,494,144
5,298
5,298
S. Govt, bonds
tenants
lease
on
dep.
special
2,000
710,077
715,781
564,484
Working funds...
40,583
&
558,129
40,834
acc'ts
receivable
Cash on hand and
in banks..;
2,664,329
2,664,329
Operating deficit.. 3,842,920
3,530,100
Funded debt
23,605,875 24,005,875
Collateral 6% loan 9,276,453
9,276,453
Acer. int.
on fund,
debt & collateral
Accounts payableAccrued int. on 1st
5,401,892
6,751,606
251,747
53,912
45,522
3,560,574
Deferred charges..
2,098,286
188,139
162,363
514 % notes
Accrued wages
77,436,547 76,811,549
11,000
251,674
26*9*784
Outstanding tickets
Employees' depos.
78,986
79,877
7,743
390,440
323,359
3,940
Accrued taxes
Res. for Fed. and
State inc. taxes.
Tenants lease deps.
(contra)
Total
3,816,927
7,070,369
257,453
mtge. real estate
constr. & oper__
Notes
$
Surplus from repur¬
Reserves
for
purpose-
Mater. & suppl. for
a
1935
$
7,084,800
7,084,800
Common stock. .10,308,625
10,308,625
Capital surplus...15,181,114
15,181,114
c
6% loan.
deps. (contra)..
Cash
1936
pref.,
series A, stock..
chase of bonds..
bus Co. of St. L.
2,093,843
Ctf. of partic. of a
U.
Liabilities—
b 87 cumul.
2,035
7,758
2,130
Total
77,436,547 76,811,549
-™arAfter reserve of $5,435 in 1935 and $2,252 in 1936. b Represented
by
70,848 no par shares,
c
Represented by 343,620 15/18 no par
shares.—V.
143, p. 770.
St. Louis-San Francisco
Ry.—Interest—
Federal Judge George H. Moore
at St.
authorizing the trustees to pay semi-annual
general
Louis
May—
Gross from
railway
1937
to
has
entered
an
order
1936
Date
1935
1934
railway
Net from railway.
Net after rents
$3,876,320
581,525
244,454
$3,725,598
586,007
261,626
$3,194,000
435,333
167,957
$3,365,414
575,535
256,684
20,138,708
Net from railway
Net after rents..
From Jan. 1—
Gross from
17,972,633
2,625,885
1,331,995
15,423,814
16,350,957
2,950,080
1,389,574
3,335,537
1,690,729
1,242,633
21,511
Earnings of System
Period End. May 31-
Operating
Operating
revenues
expenses
Net ry. oper. inc
Other income
x
Total income
Deductions from income
Bal. avail, for int., &c.
x
After
Jan. 1
to
1937—Month—193 6
1937—5 Mos.—1936
$4,039,092
$3,896,352 $20,931,792 $18,763,905
3,456,200
3,330,268
17,630,787
16,314,760
$200,946
12,426
$188,082
$213,373
p. 4198.
19,988
$900,680
103,374
5,127
$208,070
5,494
$1,467,536
28,434
$1,004,054
$208,245
$202,576
$1,439,101
$970,159
33,895
charges of $122,194 for May,
1937, and $610,540 for period
May 31, 1937, for accruals for Federal
Railroad Retirement Act
Unemployment Acts, as compared with $91,193
1936, and $304,231 for period Jan. 1 to
May 31,
1936.—V. 144,
May 31—
Balance after operation,
maintenance & taxes
Bal for div. &
sur.—(after appro, for reti.
reserve).
—V. 144, p. 4198.
Net deficit
$514,880
$2,327,871
97,708
547,891
433,635
$347,736
25,406
$417,172
24,712
$1,779,980
121,054
$2,057,242
118,627
$2,175,869
$2,490,877
$373,143
$441,883
$1,901,034
165,668
1,035,277
885,372
$169,711
8,021
$276,215
5,411
$865,757
36,105
$1,290,496
30,729
$177,732
275,426
$281,626
282,431
$901,862
1,358,733
$1,321,226
1,469,714
$805
$456,871
$148,488
,
The plans of reorganization for the
company proposed by directors of the
road. Southern Pacific Co. and certain
banking creditors of the road are
criticized as "unfair and unequitable" in a brief
filed with the Interstate
Commerce Commission
by Anglo-Continentale Treuhand, A. G. and
Mondaile Handles-und
Verwaltungs, A. G., holders of first terminal and
unifying 5% mortgage bonds.
The brief contends that the former
Reconstruction Finance Corporation
Belt, now owned by the Southern Pacific which is the
controlling stockholders of the Cotton Belt, should be
relegated to a stock
position in any reorganization and that stockholders
note of the Cotton
should not be per¬
mitted to participate except upon
furnishing new money.
The brief asks that the Southern Pacific as
a condition to
participating
the reorganization, be
compelled to guarantee payment of principal
and interest of all securities allotted
to the first terminal bondholders and
to hold open for a reasonable time an
offer of purchase of such securities
at a price to be approved
by the Commission.
in
Southern
Fixed
Pacific Co. Suggests Altered Plan—Would
Charges—
Lower
The Southern Pacific Co. on
July 1 attacked the soundness of all four
plans of reorganization for the road now
pending before the Interstate Com¬
merce
Commission, and suggested a substantially altered plan of its own.
Under the revised proposal, annual fixed
charges would total $1,007,136,
compared with charges of $1,709,370 called for under a
plan previously
suggested by Southern Pacific.
The latest Southern Pacific
proposal
provides for the lowest fixed interest
requirements of any plan yet offered,
as it
compares with $1,134,500 annual fixed interest called for
by the Cotton
Belt management's
plan, $1,772,230 under the plan offered by Chase
National Bank and
Mississippi Valley Trust Co., and $1,871,124 under the
Glines committee plan.
as
Treating each of the four pending plans individually, Southern Pacific
attacked the Cotton Belt plan
principally on the ground that it provides
for contingent interest far
beyond the reorganized company's ability to
pay except in times of highest
prosperity.
It was pointed out that the plan
provides for over $44,000,000 of income debentures
which would mature
shortly after the proposed first and second mortgages.
Refunding of this large indebtedness would be difficult, if not
impossi de,
and there could be no
hope of it ever being retired, Southern Pacific stated.
The bank's plan preserves in the main
the present involved corporate
structure and complicated
inter-mortgage relationships, it was asserted.
The Glines plan was attached
principally on the ground that it does not
provide
an adequate medium for future
financing.
If the company is to be
reorganized on a sound basis that may be expected
keep it free from further financial peril and immune from effects of
economic depressions, the capital structure must be so
built that prospective
earnings will cover all requirements, the Southern Pacific stated.
The
to
10-year average of earnings, 1927 to 1936
inclusive, which amounted to
$2,350,138 is as high a figure as may safely be used as the foundation for a
new
capital structure, it was stated.
Revised Proposal
On the Southern Pacific's revised
proposal, $21,907,000 of existing debts
would be left undisturbed.
This consists of the equipment
obligations, the
$20,000,000 of 1st mtge. certificates, the Gray's Point Terminal first
mort¬
gage bonds and the Shreveport Bridge & Terminal
first mortgage bonds.
The second mortgage income certificates
would be refunded by an eqaul
amount
of proposed
33^% second mortgage bonds due Nov., 1989.
All
other obligations
except the Stepbenville North & South Texas and Central
Arkansas & Eastern bonds would be refunded
partly by 4% income bonds,
due Nov. 1,
1989, in varying amounts and partly by new non-cumulative
4% convertible preferred stock.
The Stephenville holders would receive
part in new preferred stock and
part in new common stock.
The Central Arkansas & Eastern first
mortgage bonds would get part new
preferred and part new common stock.
The Cotton Belt
preferred stock, outstanding at present in the amount
$19,893,600, would be replaced by 99,468 shares of new common, while
common
stock would be replaced by 34,372.20
shares of new common.
1937
$2,046,574
944,665
351,505
:
4
The plan provides for
merging the folowing companies withCotton Belt;
St. Louis Southwestern
Ry. of Texas; Central Arkansas & Eastern RR.;
Dallas Terminal
Ry.
1936
Union
Depot Co.;
San Antonio Uvalde & Gulf
May— #
" "
Gross from
railway
Net from
railway
Net after rents..
From Jan. 1—
Gross from
railway
Net from
railway
Net after rents
—V.
144,
Gray's Point
Terminal
1937
Ry.;
RR.—Earnings—
1936
1935
1934
$95,437
7,411
def21,949
$104,624
37,925
11,684
578,377
109,509
def57,214
578,950
387,782
212,556
61,679
def78,388
p. 3692.
$73,986
$82,602
17,908
def4,771
30
def24,094
520,891
185,735
62,375
42,022
Milling Co., Ltd.—Larger Dividend—
The directors have declared a
dividend of 50 cents per share on the com.
stock, par $10, payable
July 15 to holders of record July 2. This compares
with dividends of
20 cents per share paid each month
previously. In ad¬
dition the
following extra disbursements were also made:
50 cents on
Dec. 15, 1936; 30 cents on
Sept. 15 and May 15, 1936; 50 cents on Jan. 15,
1936, and on Aug. 15,1935; 80 cents paid on
May 15, 1935, and on April 14,
1934; 30 cents on Feb. 15, 1934, and 50 cents
per share paid on Oct. 15,
Aug. 15 and May 15,1933.—V. 143, p. 3857.
Seaboard Air Line Ry.—Earnings—
May—
.
Net after rents.
$1,847,948
813,881
260,405
&
Paragould
Southeastern Ry., Stephenville North & South
Texa$ Ry.;
Pine Bluff Arkansas River
Ry., and Shreveport Bridge &
Terminal"Co.
There should be added to this
list, Southern Pacific said, the Valley
Terminal Ry., which owns the
"indispensable" East St. Louis Terminal.
—V. 144, p. 3691.
Gross from
railway
Net from
railway
Savannah Electric & Power
Co.—Earnings—
12 Months Ended
Operating revenues
Deducts, from gross inc.
San Carlos
$1,405,275
62,261
and for Federal and
State
for May,
$451,914
existing $17,186,100 of
mortgage
Earnings for May and Year
1937—5 Mos—1936
$9,026,378
$7,569,801
6,698,507
5.078,925
of
interest due Sept. 1, next, on
4% bonds and income 5% bonds of Kansas
City
Memphis & Birmingham RR.
The payment amounts to
$66,460 on the
general mortgage and $89,550 on
the income bonds or an
aggregate of
$156,010.
Special Master John T.
Harding had recommended the payment.
the
Lines—Earnings—
1937—Month—1936
$1,847,446
$1,574,061
1,395,532
1,059,180
$97,694
Net ry. oper. income-
1,374,378
$799,948
23,063
& credits
Interest on funded debt.
Other interest
x
2,332,735
880,774
517,923
$910,909
396,825
operating income
381,013
def53,778
def203,378
Revamping Plans Criticized
xl935
964,441
54,681
3,940
370,086
def83,908
def220,810
203,432
Gross income
__
Taxes assignable to
way and bus operation
Loss
(&
_
income
$473,267
145,594
79,718
def28,019
$66,149
def23,079
def52,227
1,296
104,178
Tot. ry. oper. income.
Deducts, from ry. oper.
1934
$11,960,035 $11,439,559 $11,677,684
$11,197,151
7,356,057
7,111,513
7,147,605
6,594,498
326,747
195,786
139,268
5,929
1,437,969
1,455,853
1,464,489
1,508,262
rail¬
Bus rental_;
Non-oper. inc.
1935
1934
$87,599
un¬
Ry. oper. income
-Earnings—
116,001
Years Ended Dec. 31—
from ry. opers
Non-oper. income
$435,432
St. Louis Public Service
Co.
rev.
Other ry. oper. income.
1,355,753
68,596
defl4,601
4,180,996
1,907,050
1,340,831
Gross from railway
Net from
railway
Net after rents
—V. 144, p. 3691.
Net
1934
31,717
13,586
1936
$615,673
189,610
Net after rents
From Jan. 1—
oper. expenses
Net
$283,329
1,289,984
def7,865
def89,890
def54,524
oper. revenues
collectible ry. revs
9,094
6,864
1937
Dav
def9,869
460,644
def88,466
def273,558
3851.
Ry. tax accruals &
$273,602
St. Louis Brownsville & Mexico
Ry.May—
Gross from railway
Net from railway
Ry.
Ry.
1935
$107,124
def6,151
def44,861
St. Louis Southwestern
Ry.
Date
39,451
24,631
29,841
defl75,900
Period End. May 31—
1935
1,483,070
.
116,869
34,536
Net from railway
Net after rents
Operating
Operating
—V. 144, p.
of record
The companv will
$295,195
563,790
Net from railway.
plan for adjustment of
1936
$310,936
44,469
26,557
Net after rents
From Jan. 1—
Gross from railway
a
def26,199
Net after rents
Ry.—Earnings—
1936
$126,931
15,160
From Jan. 1—
Gross from railway
RR.—Bond Deposit Extended—
The time for deposit of
company's bonds under
interest payments has been extended
to Nov. 1.
30% of the bond interest due July 1.
1937
Gross from railway
Net from railway
Net after rents
The directors have declared a
dividend of $2.50 per share on the
common
stock, payable July 22 to holders of record
July 12. This compares with
75 cents paid on June 15 and on
March 15, last, this latter
being the first
dividend paid on the common stock
since July 17,
1931, when a semi¬
annual distribution of $1
per share was made.
Due to the change in dividend dates and
dividend periods on the
preferred
stock, a separate dividend of 58 1-3 cents
per share was declared on
the
July 12.—V. 144, p. 3691.
referred stock for the month of July, payable
July 3, mi
St. Louis San Francisco & Texas
first page of this
department.—V. 144, p. 788.
on
From Jan. 1—
Gross from
railway
Net from
railway
Net after rents
—V. 144, p. 4360.
1937
1936
1935
1934
$3,564,392
703,468
325,804
$3,097,296
514,627
171,030
$2,959,632
524,265
187,595
$3,047,367
603,339
259,460
19,978,702
5,134,011
2,843,624
16,535,685
2,991,196
1,126,490
15,553,290
3,554,301
1,731,175
16,320,187
3,871,750
1,860,612
/
Financial
Volume 145
Statement—
Sands-O-Penn, Inc.—Refiling of Registration
of this department.—V. 144, p.
See list given on first page
Seaboard Finance
Corp.—Earnings—
March 31, 1937
for the Six Months Ended
Income Account
Operating income
3517.
$348,701
.*•
-
-
149,512
71,915
operating expenses..
bad debts, depreciation and contingencies
Main office and direct
Reserve for
$127,274
Net operating income
18,681
only
Reserve for accrued normal Federal income tax
50,000
Dividends paid
$58,593
(tentative)
Net additon to surplus
1937
Balance Sheet March 31,
Liabilities—
Assets—
Cash
hand and in banks.
on
$91,841
2,840,688
_
Receivables
a
32,476
3,235
Automobiles, furn. & fixtures
Other assets and def. exps—
$750,000
58,972
(banks & others).
Notes pay.
payable
Reserves and def. Income
Accounts
164,476
1,250,000
pref. stock
b $2 cumul.
Common stock ($1 par)
479,452
158,280
$2,968,241
$130,786.
After reserves for bad debts of
b Represented by 50,000 no
shares.—V. 144, p. 3851.
par
Louis—Extra Common
Securities Investment Co. of St.
The sole assets of Sierra Pacific Electric Co. (holding company) consist
of all the securities of its subsidiary, Sierra Pacific Power Co. (operating
company), junior to its first mortgage & refunding bonds, and certain cash.
Directors are of the opinion that the holding company should be merged into
the operating company, thereby eliminating the holding company, simpli¬
fying the present corporate structures and effecting management, operating
and financing economies.
To that end a consolidation agreement has been approved and entered
into between the two companies and a special stockholders' meeting of the
company will be held July 23, for the purpose of adopting or rejecting such
consolidation agreement and acting on other related matters.
The consolidation agreement provides that holders of the 35,000 shares
of the present 6% cumulative preferred stock of the holding company
(par $100) having one vote for each share, will receive, for each share now
owned, one share of 6% cumulative preferred stock of the operating com¬
pany as consolidated (par $100) having two votes for each share, and that
the holders of the present 103,000 shares of common stock of the holding
company (no par) having one vote for each share, will receive, for each share
now owned, 2.2 shares of common stock of the operating company as con¬
solidated (par $15) having one vote for each share.
Holders of the preferred
stock of the operating company as consolidated will have the same prefer¬
ences and liquidation rights as those of the present preferred stock of the
holding company and their voting rights in relation to the common stock
will be
Directors have declared dividends, payable Aug. 2, to holders of record
July 15, amounting to $1.50 per share on the preferred stock and $1.35
per share on the common stock of the holding company.—V. 144, p. 4361.
Sierra Pacific Power
of 50 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, no par value, both payable July 1 to holders of record June 28.
Similar amounts were paid on April 1 last.
An extra dividend of $1.50
was paid on Dec. 23, 1936.—V. 144, p. 4198.
Period End. May
The directors have declared an extra dividend
Schumacher Wall Board
Operating
Operation
$66,518
$67,989
97
57
$803,335
5,450
$721,316
Non-operating inc.—net
$184,510
127,851
$56,659
1,892
Profit
Other income.
$66,615
8,479
$68,047
8,333
$808,785
97,374
$727,438
100,000
$58,135
18,644
$59,713
18,462
$711,411
217,400
$627,438
217,216
$39,491
$41,251
$494,010
$410,222
Balance
Retirement accruals
Gross income
Int. & amortiza'n, &c
$58,551
Total income.
Net
J
3,323
Products Corp.
$55,228
14,705
preferred stock
Note—No provision for Federal income taxes has been made inasmuch
as allowable deductions are expected to exceed the taxable income.
Balance Sheet
Cash
on
in
Other
$67,940
Accrued
z61,482
$29,092
108,658
wages
income
2,405
1,987
notes receivable.
$57,127
5,379
$44,698
4,739
4,160
Sundry accrd. exps
Reserve
for
Fed.
and
accts.
1936
1937
Accounts payable-
bank ana
hand..
Trade accounts rec.
taxes
2,830
of
729,773
Common stock..
66,000
66,000
Cap'l surplus aris¬
ing from reduc¬
tion of capital..
25,571
charge..
$1 ,077,344
Total..
868,932
y
711,862
14,041
and goodwill
2,250
868,932
30,224
61,647
19,281
prior years
Notes payable
Properties, patents
Deferred
21,450
stock.
18,993
165,532
Preferred
Operating deficit-- sur21,241
Investments.
21,450
x
31,632
162,162
Inventories
$1,077,344 $1,053,787
Total
$1,053,787
3,350
Represented by 29,410 no par shares,
y Represented by 66,000 no
par shares,
z Includes
$11,290 from an affiliated company.—V. 144,
p.3350.
x
Shell Transport
& Trading Co.- -Earnings—
1936
1935
1934
1933
£6,034,499
£5,067,195
£3,852,601
£2.790,969
£6,034,499
51,043
£5,067,195
45,949
£3,852,601
45,126
£2,790,969
42,934
£5,983.456
100,000
700,000
5,427,306
£5,021,246
100,000
700,000
4,221,238
£3,807,475
100,000
700,000
3,015,170
£2,748,035
Calendar YearsInterest received
Dividends
received
:::}
Total income
—_
Expenses
Profit
.
Pref.divs. (5%)
2d pref. divs. (7%)
Ordinary dividends
-
100,000
700,000
1,809,102
...loss £243,850
Balance
Brought forward.
_
£8
381,691
381,683
389,378
£138,933
250,445
£137,841
£381,691
£381.683
£389,378
_
Carried forward
the Federal surtax on undistributed
1937, which may be payable under the Revenue
Act of 1936, since any liability for such tax cannot be determined until the
end of the year.—V. 135, p. 2655.
income for the year
Simmons Co.—Interim Dividend—
June 28 declared an interim dividend of 50 cents per
stock, no par value, payable July 19 to holders of
A similar payment was made on April 16 last and com¬
pares with $1.75 paid on Dec. 21, 1936; 75 cents paid on Nov. 24, 1936,
and 50 cents per share paid on Sept. 1, 1936, this latter being the first
dividend paid by the company since May 1, 1930, when a regular quarterly
payment of 75 cents per share was made.—V. 144, p. 3693.
The directors
April 30
Liabilities—
1936
1937
Assets—
income
loss£7,695
Balance Sheet Dec. 31
Property (shares, &c.)__£36,064,959 £33,519,749
15946
Debtors and loans
36,227
Dividends due
5,501,199
4,824,500
Investments
10,991,988
10,849,378
Cash
244,714
95,860
..
share
on
record
the
on
common
July 8.
Refinery Co., Inc.—Stock Offered—
Co., Chicago, are making public offer¬
ing of 125,000 shares of 6% cumulative preferred stock
($10 par) at $10 per share.
Brothers
Smith
W. Earle Phinney &
stock carries common stock purchase warrant, entitling
of common at prices ranging from $5
1947.
Proceeds from the financing will be used for additional plant equipment,
retirement of notes payable, payable of current accounts payable, purchase
of additional properties, working capital and new development work.
Head offices of the company are in McLean, Texas.
The preferred
holders to buy two additional shares
a share to $10 a share before June 1,
The company owns two gasoline absorption plants for processing of
gasoline from natural and casinghead gas and interests in 1,660 acres of
producing oil and gas leaseholds on which there are 34 producing oil wells
and six gas wells.
In addition, it also owns interests in about 1,980 acres
of undeveloped oil and gas leaseholds.
One of its plants, located in Wheeler
County, Texas, has a productive capacity of about 30,000 gallons of gasoline
daily.
The other, in Winkler County, Texas, has a 50,000 gallon daily
capacity.
The company's crude oil production is now being sold to the
Texas Pipe Line Co. and Humble Pipe Line Co.
All the company's prop¬
erties are in the Panhandle field, the largest known natural gas field in
the world, and the Permian Basin field in Winkler County.
Net earnings last year after all charges, including Federal income tax,
were $181,874 as against net of $139,644 in 1935 and $65,600 in 1934.
Net for the first two months this year was $47,144.
Balance sheet as of Feb. 28 shows total assets of $1,837,703.—V. 144,
p.
3852.
Southern Bell Telephone
Period End. May 31—
IQ^d
1Q36
1 qoo
£33,678,415 £33,941,063
12.949
3,692,489
10,519,794
191,554
...
14,806
2,397,000
10,198,966
332,335
£48,095,201
£46,884,170
Operating
revenues
Uncollectible oper. rev..
& Telegraph Co.—Earnings
1937—Month—1936
1937—5 Mos—1936
$5,210,436
$4,680,816 $25,963,578 $23,358,019
20,53.9
1 5,485
104,412
67,607
Operating revenues._ $5,189,897
Operating expenses
3,416,292
$4,665,331 $25,859,166 $23,290,412
3,070,376 . 16,802,052
15,419,736
$1,773,605
$1,594,955
$9,057,114
681,702
602,538
3,451,107
$7,870,676
2,949,992
operating income $1,091,903
$992,417
$5,606,007
$4,920,684
Net oper. revenues—
£52,839,087 £49,305,433
Total
6,122
No provision has been made for
a
net
Profit for the year
on
-
1937—12 Mos.—1936
$1,754,188
$1,647,421
630,590
648,203
96,332
77,064
a223,931
200,838
Net operating revenues
April 30, 1937
Gross profit on sales, after deducting $27,966 depreciation
Selling, shipping and general expenses, incl $5,444 depreciation
Dividends
revenues
Taxes
Co.—Earnings—
1937—Month—1936
$139,833
$129,971
41,532
38,165
11,717
5,015
a20,066
18,802
31—
Maintenance
Corp.—Earnings—
Earnings for the Year Ended
of Gypsum
Commission is requisite to the issuance
operating company as con¬
of the preferred stock and common stock of the
solidated.
Dividend—
assets
forth above.
set
as
The approval of the Federal Power
Total
$2,968,241
Total
a
107,060
Capital surplus
Earned surplus
131
Chronicle
Operating taxes
Liabilities—
Capital
Reserve, &c
Creditors
Unclaimed dividends
Pref. div. accrued
2d pref. div. accrued
Profit balance
£36,121,361 £36,121,361 £36,121,361 £36,121,361
8,131,609
8,131,609
8,131,609
10,676,619
63,321
70,912
62,823
66,230
57,799
53,230
93,063
69,546
25,000
25,000
25,000
25,000
291,667
291,667
291,667
291,667
2,198,480
5,565,147
4,602,929
3,396,853
£52,839,087
Total
—V. 144, p.
£49,305,433
£48,095,201
Maintenance
Taxes
Southern
(& Subs.)—Earnings—
1937—Month—1936
$139,833
$130,112
41,579
38,481
11,717
5,014
a21,997
20,376
1927—12 Mos.—1936
$1,754,310
635,560
96,332
a248,575
$1,650,787
659,925
77,150
216.273
$66,240
97
Dr84
$773,843
4,413
$697,439
3,806
$64,637
8,479
$66,157
8,333
$778,256
97,374
$57,822
10,912
$680,882
126,800
$601,245
126,616
$45,063
Gross income
Int. & amortization, &c_
Net income
$46,910
$554,082
209,226
257,500
$474,629
209,226
206,000
Pref. divs. declared
Common divs. declared.
100,000
No provision has been made for Federal surtax on undistributed net
income for year, 1937, since any liability for such tax cannot be determined
a
$1,026,892
300,000
Gross
New
Southern
George A. Campbell,
July 1 states:
President, in
a
letter addressed to stockholders
England
Co.—Dividend
Telephone
Again Increased—
The directors
have declared a dividend of $2 per share on the capital
record June 30. This compares with
last, and dividends of $1.50 per share
stock, payable July 15 to holders of
$1.75 paid on April 15, and Jan. 15,
previously distributed each three
months.—V. 144, p. 3020.
Southern Pacific SS. Lines—Earnings—
1937
May
railway
Net
after rents
1—
1936
1935
1934
$569,392
defl8,230
def33,603
$479,172
3,392
def 7,462
$395,550
def63,049
def63,839
$396,332
def72,069
def71,683
3,303,109
147,523
11,730
2,253,629
def85,358
def124,627
1,976,625
def254,133
def258,230
1,787,623
def320,159
def321,958
From Jan.
Gross from railway
Merge with Operating Company—
$170,064
144, p. 4361.
Net from railway
,
$601,554
427,397
4,100
Net income
Gross from
To
$726,892
432,473
6,047
—
(net)
$864,150
262,593
,373
income
Interest charges
subsidiary company on Jan. 1, 1937 adopted the Federal
Power Commission System of Accounts, hence previous year's figures are
not exactly comparative.
Note—The
683
& other incqme (before approp.
until the end of the year.
►
$863,467
614
income.
Net oper. rev.
$701,245
$56,157
11,094
Retirement accruals
1936
$2,011,753
1,148,285
$1,026,279
-V.
Balance
1937
$2,289,653
1,263,374
Other income deductions.
$64,540
Net oper. revenues
Non-oper. income (net).
Colorado Power Co.—Earnings—
12 Months Ended May 31—
Operating revenues
Oper. expenses, maint. & taxes
Other
Sierra Pacific Electric Co.
4023.
£46,884,170
4022.
Period End. May 31—
Operating revenues
Operation
Net
-V. 144, p.
Nefcsfrom railway
Net
after rents
—V. 144, p.
3694.
132
Financial
Chronicle
Southern Ry.- -Earnings
May—
1937
Gross from railway.
Net from railway
...
..
.-
33,734,739
9,388,358
6,100,208
—Third Week of June—
1937
1936
Period,—
Gross earnings
est.)..
144, p. 4361.
—V.
$6,465,505
1,498,713
850,686
37,564,783 32,972,895
10,166,722
7,687,013
6,511,650
4,590,534
$2,413,323
..
1937
3,
Spokane Portland & Seattle Ry.—Earnings-—
i qq4.
56,420,384
1,289,605
700,032
43,111,326
13,187,485
8,289,129
..
Net from railway....
Net after rents.
iq^*;
$7,464,175
2,047,382
1,308,584
2,190,832
1,313,251
-
Net after rents
From Jan. 1—
Gross from railway..
1936
$8,079,691
...
July
May—
Net
1936
1937
$757,689
268,754
142,822
Gross from railway
Net from railway
after rents
1935
$620,039
From Jan. 1—
Gross from railway
1,207,880
639,146
831,841
236,306
—V.
$2,304,697 $64,518,858 $56,509,158
$472,340
219,680
2,696,732
877,686
396,545
2,850,491
Net from railway
Net after rents
Jan. 1 to June 21
1937
1936
3,546,707
1934
$644,651
322,468
203,675
2,121,351
922,304
520,416
228,119
123,544
133,682
144, p. 3853.
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the Public Utility operating companies in the Standard
Gas & Electric Co. system for the week ended June
Spang, Chalfant & Co., Inc.—Clears Pref. Arrearages—
The directors
have
797
declared
a
dividend of $3 per share on account of
6% cumulative preferred stock, par $100, payable
Aug. 2 to holders of record July 16.
This payment will clear up all arrears
on the preferred stock.
For detailed record of previous dividend
payments
see V. 144, p. 3852.
accumulations
kwh.,
an
last year.—V.
the
on
26,1937, totaled 108,366,compared with the corresponding week
increase of 12.5%
144, p. 4362.
Standard Oil Co.
(Ind.)—Files Registration Statements—
The company on June 30, filed with the Securities and
Exchange Com¬
a registration statement
(No. 2-3279, Form A-2) under the Se¬
curities Act of 1933 covering 261,496 shares ($25 par) capital stock, and
mission,
Spokane International Ry.- -Earnings-
May—
1937
Gross from railway
Net from railway
1936
1935
Net from railway
Net after rents
$61,960
12,318
3,785
$45,668
8,442
2,563
def2,386
318,876
55,091
11,989
Net after rents
From Jan. 1—
Gross from railway
$9,868,859 of investment contracts under the applicant's Fifth Employees'
Stock Purchasing Plan.
Up to and including Dec. 31, 1936, pursuant to this plan, there has been
sold to the trustees of the plan, lli,496 shares of issued and
reacquired
capital stock. Subsequently, 39,082 shares of the 150,000 shares of unissued
1934
$65,377
7,002
def2,554
266,420
50,164
10,408
191,064
def4,857
def31,848
187,556
def4,690
def35,450
—V. 144, p. 3694.
$46,807
4,525
stock have been sold and transferred to the trustees
pending approval of
this registration.
The "investment contracts" are offered to all
qualified employees of the
registrant and its qualified subsidiaries under the terms of the plan.
There are to be no underwriters, and no commissions will be
paid.
The estimated net proceeds of $9,845,845 will be or have been added
to working capital "as a matter of course and not because additional
working
capital is needed," the registrant stated.
The company on the same date filed a
registration statement (No.
2-3280, Form A-2) covering 20,000 shares ($25 par) capital stock.
Springfield Gas Light Co.—To Issue Notes—
The company has petitioned the Mass.
Department of Public Utilities
one or more 10-year
3K % notes in the aggregate
principal amount of $300,000. Proceeds are to be used to provide funds for
payment of $300,000 of notes now outstanding and
maturing Sept. 1,
1937. It is expected that the notes will be issued at
par.—V. 144, p. 4024.
for approval of issuance of
Standard Chemical Co., Ltd. (&
Years End. Mar. 31—
Profits
Subs.)—Earninqs—
1937
Prov. for income taxes
1936
1935
$88,754
17,500
10,594
Depreciation
The stock is
$58,464
17,500
5,000
$19,806 loss$119,191
17,500
17,500
1934
$60,660
1937
$35,963
1936
$50,631
3,464
199,006
$22,574
5,640
Working funds—
Accts. rec.,less res.
Accts.
rec.
from
198,160
The Chase National Bank as trustee has
designated by lot for redemption
on Aug. 1, 1937, at
102% and accrued interest, out of sinking fund moneys,
$356,000 principal amount of first mortgage bonds. 4% series due 1946.
The bonds will be paid at the principal trust office of the
bank, 11 Broad
St., N. Y.—V. 144, p. 3853.
1936
,
liabilities
$67,000
$130,343
140,000
14,186
10,060
Res. for taxes pay.
Due to
240
752,922
760,616
Agree, for sale and
4,956
Sundry invests, &c
Fire insurance fund
4,781
37,870
16,861
38,962
40,505
1,336,582
95,691
Deficit
40,318
18,891
Wood
Net from
x
Total
After
in 1936.
497,241
Represented by 37,277
y
Total
on
..$1,525,547 $1,532,676
no
shares.—V. 143, p. 1729.
par
Standard Commercial Tobacco
zl936
Net loss
Other income:
Divs. rec. from in vest.
Interest receivable
774
53,179
1,856
lossl7,302
151,712
74,207
73,377
25,302
394,498
$154,894
78,718
$286,562
9,732
~4~449
Interest
"""600
Federal taxes.
a90
Net profit
Earnings
$238,230
b$0.16
xOn
283,191 shares,
outstanding after
of
804
$435,410
12,016
Sell.,
gen.
& adminis. expenses (incl. deprec., $1,290)
$423,394
x$0.23
x$1.31
Consolidated Balance Sheet Dec. 31
Due
from
Fisher
Tobacco
Securities owned.
Invest,
stk.
in
com.
of
Fisher
3,040
1,700
253,175
_
1,084,862
_
1936
1935
$434,492
$434,492
141,578
459,309
6,616
133,937
550,000
Comm.
Bank loan secured
Due
Tobacco
payables._.
on
682,923
200,000
112,082
Res. for conting
Earned surplus
504,436
_
61,641
purchase
of stock
2,938,504
109,504
Invest, in option.
Cash surr. val. of
life insur.
a
awards
Other
Axton-
for.subs.
Common stock.
Claims
474,525
B
Co
Invest.in
Liabilities—
Reserve for Mixed
Co
Receivables
Capital .surplus.--
173,147
Earned surplus, April 30, 1937
Capital surplus, balance. May 1, 1936
Adjust, of res. for deprec. of plant prop,
238,887
2,275,959
229,140
Condensed Balance Sheet April 30, 1937
Assets—
U.
'
4,968
&c
&
252,593
22,843
rec.
22,691
x
'
123,159
Total
$649,066
of $572,790.
y
Represented
at
1937—Month—1936
1937—12 Mos.—1936
$81,061
58,681
4,000
$77,335
56,239
4,000
$981,910
719,586
48,000
$954,231
675,934
48,000
$18,380
$17,096
$214,324
$230,297
364
726
$214,688
5,450
97.720
Cr 25
9,279
75,270
18,276
develop¬
$4,439,763
$3,707,557
Represented by 283,192
no par
x
Total
shares,
y
$4,439,763 $3,707,557
Represented by shares of $i
par.
z After reserves of $37,696 in 1936 and $37,107 in 1935.
of Axton-Fisher Tobacco Co. an unconsolidated
$18,380
on
mortgage bonds.
Other interest
Int. charged to constr..
50,818
&
Def. debit, items._
Total
depreciation
Gross income
ments at cost
.
for
of convertible preference stock
Net oper. revenues
Int.
50,818
rights
after
April 30,1934)
1,793
$649,066
Other income
of
In c
mining
b61,699
(arising
surplus
by 766
cost,
z After reserve of $6,538.
Represented by 19,121 shares cumulative convertible
preference stock and
65,617 shares of common stock both of no par value,
b After
stk.
National Herald,
Mineral
Earned
$231,023
5,450
94,831
Cr34
$111,543
$130,776
mtge.
cap.
note
—
Capital surplus-
yl4,046
Total
reserves
27,213
a427,520
....
xl40,462
Period End. May 31—
Operating revenues
Oper. exps. (.incl. taxes).
Prop, retire't res. approp
7,774
260,234
—
1st
z6,524
62,353
741
Plant property, atcost
After
taxes, &C-_.
Capitalstock
5,031
Treasury stock
$9,476
Accrued prop. & inc. & cap. stk.
352,750
Value of life insuranceOther accounts receivable
x
Accounts payable
&
notes,atcost-..........
Land, wareh'ses,
bonds
bills
Superior Water, Light & Power Co.- -Earnings—
311,025
U. S. Mixed claims
Chattel
Treas.
Accts. & contracts rec. (less res.)
Inventories
ard Comm. To¬
z
Govt.
there against the adjusted
profit and loss deficit as of April 30, 1934.
Of
which $14,046 is restricted in
respect of treasury stock.—V. 144, p. 2149.
Misc. receiv. partly
Comm. award..
Liabilities—
$65,367
S.
charging
Comm. Export &
Finance Corp...
Com. stk. of Stand¬
secured
$61,699
$184,858
a
Due from Standard
bacco Co
$123,159
94,784
33,085
of April 30,1934
Total surplus
Prepaid insurance premiums...
238,229
2,089,257
as
Balance, April 30, 1937
200,000
4,247
229,197
$218,956
95,798
.
shares
policy
$125,694
93,263
Earned surplus, May 1, 1936 (arising after
April 30,1934)
•
1935
y
199
Net income
Cash
Axton-
$151,135
22,187
3,055
.
Gross surplus.
on convertible preference stock
$119,008
y$0.55
$870,840
93,870
$106,136
44,999
Gross income
Provision for income taxes
scrip.
$72,328
$1 per share paid
on June 30,1936.
Additional Federal income tax for years 1935 and 1936
Interest paid
Tobacco Co. an unconsolidated
subsidiary,
Includes $40 for surtax on undistribted
profits,
b On 434,491 shares and
Cash
share distributed
Profit from operations
Other income credits
y On 434,492 shares of new common stock and
exchange of old preferred and common shares,
al936
cents per
Net sales—briquets
$918,477
Cost of goods sold (incl. $23,084 deprec. of
bldgs., mach. & equip). 718,471
Axton-Fisher
Assets—
of 50
Divs.
on
stock
Exclusive
404
$141,710
20,463
2,240
38,000
$71,637
share
per
common
a
$40,229
78,655
Adjust, of tobacco inv
Misc. charges
z
$85,708
608
one
Earnings for Year Ended April 30, 1937
$532,576
449,800
123,005
10,920
57,701
2,339
Profit
Lithograph Corp.—Div. Doubled—
Briquet Co., Inc.—Earnings—
1933
$57,577
44,378
98,906
40,358
13,253
Miscellaneous
Sept. 30 1936, and
144, p. 2322.
Stott
1934
$629,364
420,766
110,668
142,602
2,997
Net profit on commodity
futures sold
Net prof, on sale of secur
722,241
126,526
def39,271
Sterling, Inc.—Registers with SEC—
$61,665 prof$97,930
Admin. & gen. expenses.
scrip
1935
$222,484
185,182
98,967
Cost of sales.
611,669
def 14,964
def236,845
See list given on first page of this department.—V.
144, p. 3352.
Co., Inc.—Earnings-—
Consolidated Income Account for Calendar .Years
Net sales.
19,940
def12,003
—V.
for depreciation of plant of
$245,000 in 1937 and $227,500
reserve
def41,208
no
$1,525,547 $1,532,676
x
1934
$136,665
195
The company paid a dividend of $1 per share on the common
stock,
par value, on June 30 to holders of record June 25.
This compares
with 50 cents paid on March 31
last; an extra dividend of $1 in addition to
a dividend of $1.50
paid on Dec. 31, 1936; a dividend of
1
459,769
Fixed assets
670,941
def2,805
defl85,038
1935
$123,232
144, p. 3695.
Stecher Traung
Prod¬
1
railway
Net after rents
—V.
Co., Ltd...
651,769
defl,109
defl44,755
From Jan. 1—
Gross from railway
Invest, in cap. stk.
ucts
$132,606
5,473
def31,382
Net after rents
34,237
19^6
1937
$125,122
1,981
def25,341
railway
Net from railway
1,336,581
35,032
.
Capital stock
Rapid Transit Ry.— ■Earnings—
Gross from
170
24,604
Unexp. ins.prems.,
prep'd taxes, &c.
a
Reserve for contin.
Fire ins. reserve.
y
invest..
Staten Island
May—
sub. co.,
not consolidated
Products
Inventories
1937
Bank loans
Co., Ltd
of
American
,
Accts. pay. & accr.
"
sundry
minority stockholders of Pan
The offer will expire 90 days after notice of it has been mailed to stock¬
holders of Pan American Southern Corp.—V. 144,
p. 3193.
$1,960 loss$136,691
Liabilities—
hand and
in banks
Wood
to
346
Consolidated Balance Sheet March 31
Assets—
on
offered
(A. E.) Staley Mfg. Co. —Bonds Called—
Net profit
Cash
be
to
Southern Corp. for exchange at the ratio of one share of the
registrant's
stock to four shares of the capital stock of Pan American Southern
Corp.
There are no underwriters and no discounts or commissions will be
paid.
a
Exclusive
subsidiary.—V. 144, p.2500.
$17,096
454
454
8,509
8,068
Net income
Dividends applicable
$9,417
$8,574
to preferred stock for
the period, whether
paid or unpaid
35,000
x
Regular dividend
After
the
payment
on
7% preferred stock
of this
dividends at that date.
dividend
there
was
were
35,000
$76,543
Balance
$95,776
paid
no
on
April
1, 1937.
unpaid
accumulated
Volume
Financial
145
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 144, p. 4200.
Sunshine Mining Co,—Earnings—
Years Ended Dec. 31—
Income from ore production
1934
1935
1936
$6,758,493
15,086
$4,135,297
19,466
$2,068,166
12,143
Deductions
$6,773,580
2,864,505
$4,154,764
1,752,046
$2,080,309
872,114
Net profit year
Dividend
$3.909,074
3,349,847
$2,402,718
2,084,350
$1,208,195
1,012,399
Income from miscellaneous
sources
Gross income
.
Surplus.
$559,227
$195,796
$318,368
Chronicle
Tennessee Public Service Co.—Earning
Period End. May 31—
1936
528,898
3,046
277,611
17,262
Taxes
138,784
113,294
21,000
Reserves
Accts. receivable..
fund
res.
dep.
"""275
-
U. S. bonds
Surplus
87,409
8,813
29,844
24,011
Inventory
130,065
148,882
116,471
663,055
50,864
face rights
y
Office
furn.
415,440
372,332
Sundry assets &
construe, in pro¬
58,138
Balance
Total
$2,916,886 $1,674,515
x After depreciation of $197,281 in 1936 and
$117,798 in 1935.
depreciation reserves.—V. 144, p. 3696.
y
After
$562,862
$382,605
$169,894
$84,987
$2,894,754
65,776
$3,207,304
$264,616
$244,902
326
$3,152,304
1,565
$2,828,978
449
$265,065
140,542
$245,228
140,542
2,249
$3,153,869
1,686,500
18,618
$2,828,871
1,686,500
26,510
$124,523
Interest
on mtge. bonds.
Other int. & deductions.
x
$102,437
.,448,751
$1,115,861
55,000
Dr 107
Dividends applicable to preferred stock for the
375,678
375,678
$1,073,073
$740,183
period, whether paid or unpaid
$2,147,237
28,190
$1,931,892
24,174
$1,584,817
31,774
,558,912
$2,175,427
884,576
60,112
$1,956,066
789,101
59,117
$1,616,592
696,478
53,395
$1,558,912
605,516
34,775
Net operating earnings
Interest income
$1,230,740
$1,107,848
$866,719
$918,621
27,163
Total net earnings....
$1,230,740
$1,107,848
Reserve for depreciation
Reserve for taxes
125,045
119,732
160,000
113,000
$866,719
115,777
27,500
$945,784
96,008
80,400
$945,695
824,875
$875,116
659,900
$723,442
659,900
$769,376
494,928
39,908
Net
Gross from railway
Net after railway
654,871
217,946
Net
140,737
1934
1937—12 Mos—1936
$6,975,020
3,709,428
604,162
370,838
$7,822,692
4,011,226
$249,902
5,000
$264,616
_
1935
Balance.....——.
—
Regular dividend on $6 preferred stock was paid on April 1, 1937.
the payment of this dividend there were no accumulated unpaid
x
Total oper. income
297,618
def$127,724
Co.—Earnings—
1937—Month—1936
$670,051
$580,320
355,435
301,252
50,000
29,166
1936
Less: Operating expenses
Administrative exps...
389,000
3,968
x Dividends accumulated
and unpaid to May 31, 1937, amounted to
$657,240.
Latest dividend amounting to $6 a share on the $6 pref. stock,
paid on Dec. 12, 1936.
Dividends on this stock are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 144, p. 4363.
1937
Bullion produced
Exchange compensation
^01
98,577
was
Net Income
Sylvanite Gold Mines, Ltd.—Earnings—
Years End. Mar. 31—
$776,605
389,000
5,000
589
.....
Gross income
$1,674,5151
$2,916,886
$49,662
32,417
297,618
Operating income
Other income (net)
21,779
Total....
$555,765
7,097
whether paid or unpaid
Net oper. revenues
Rent for lease of plant.
3,638
gress
$764,594
12,011
Net income
$38,630
$16,944
Dividends applicable to pref. stock for period,
Operating revenues
Oper.exps. (incl. taxes).
Prop, retire, res. approp.
&
Constr. in progress
$49,073
Texas Electric Service
8,500
fixtures
348,288
$457,188
368
Period End. May 31—
8,500
Bldgs., machry.,
equipment, &c.
373,731
$666,293
98,301
$71,415
32,417
Gross income
Int. on mortgage bonds.
Other int. and deduct'ns
31,011
$40,865
8,208
$70,134
1,281
Other income
18,352
7,957
estate—sur¬
x
$3,101,737
2,296,261
515,648
33,572
Prepaid insurance.
Oper. supplies
y
.
Contingent liabs..
Capital stock
$3,578,222
2,538,198
31,147
Operating income
x
1937—12 Mos.—1936
$61,928
8,206
Net oper. revenues
Rent from lease of plant
$100,394
7,664
cos.
Def'd mining costs
Real
payable-..
$172,034
936,062
311,848
148,882
143,671
1,204,389
237
49,757
Accrued interest.
Stock in other
Current liabilities.
in
bank
Indem. bond
1935
1936
Liabilities—
$731,755
Due from smelter.
Cash
1935
$1 ,562,666
1937—Month—1936
$311,857
$267,369
218,782
195,493
Operating revenues....
Oper. Exp. (incl. taxes).
Property retire, reserve
apropriations
Condensed Balance Sheet Dec. 31
Assets—
Cash
133
After
dividends at that date.
Note—No provision was
made for Federal surtax on undistributed profits
reported no undistributed adjusted net
for 1936, inasmuch as the company
Profit
Common dividends
Taxes thereon & exch
Surplus for year...
Previous surplus
Profit
on
$120,820
705,303
6,658
D/T87.502
$215,216
661,504
3,897
ZM75.313
$63,542
713,138
34,938
Drl50,115
$234,540
478,276
forward..$645,279
$705,303
$661,504
$713,138
bonds sold
Devel. chgs. written off.
Balance,
Balance Sheet
Assets—
1937
Cash
Accts. receivable-
-
Stores & materials
Bonds and debs..
1936
$195,777
139,503
3,560
52,769
399,063
Bullion.
.
471,537
a
Accts.
pay.,
1937
1936
$139,383
62,393
2,383,000
Profit and loss bal.
645,279
71,014
2,383,000
705,303
Payroll payable.
-.
Accrued charges..
Reserve
for
con¬
1,670,922
17,048
23,228
b Subscribed cap..
Shares in and adv.
to wholly-owned
subsidiary
1,055,385
Prepaid exps
509,898
26,651
20,427
after rents
Total
.....$3,366,905 $3,338,976
After depreciation of $822,854 in 1937 and $704,814 in 1936,
discount on shares of $916,500.—V. 144, p. 953.
a
b After
1937
x$3,538,766
1,831,582
Tampa Electric Co.—Earnings—
Maintenance
Taxes
Net oper. revenues....
$160,147
$150,128
Non-oper. income (net).
Dr346
1937—12 Mos.—1936
$4,331,381
$4,107,010
1,707,399
1,636,035
238,100
250,919
a524,420
477,707
...
Gross income.
Interest
Net income
Pref. divs. declared
.....
1.695
$1,742,349
24,904
$159,801
35,833
$151,823
35,833
$1,863,221
430,000
Gross from railway
Net from railway
Net after rents
16,037,415
3,452,658
13,875,052
2,605,014
908,575
12,812,049
1,952,488
defl99,084
System—-Earnings—
Third Avenue Ry.
$349,248
130,132
*
Gross income
$3,318,517
1,291,623
$219,116
33,129
$228,274
39,724
$2,026,894
385,724
$1,962,291
419,569
$252,245
228,729
Operating income
Non-oper. income
$342,885
114,611
$267,998
235,280
$2,412,618
2,516,463
$2,381,860
2,517,014
$23,516
Thrifty Drug Stores Co., Inc. (&Subs.)—Earnings—
9 Mos. End.
$115,990
1,593
$1,433,221
12,303
$114,396
$1,420,918
70,000
1,269,508
$1,324,535
70,000
1,269,328
Tennessee Central
J
Gross from railway
Net from railway
Net after rents.
294,466
for taxes.
301,283
California corporation operates a chain of 30 stores all
Angeles and adjacent Southern California communities.
The company's stores have increased from 16 in 1934 to 30 in 1937.
The company recently filed a registration statement with the Securities
and Exchange Commission covering the issuance of 42,252 shares of 6%
The company a
located
in
Los
cumulative preferred stock
series "A", (par $25), and 446,492 shares (no
par) common stock.
Public offering of 19,248 shares of the series "A" preferred stock with
common stock warrants attached and 100,000 shares of no par value com¬
mon is expected shortly through an underwriting syndicate composed of
Fuller, Rodney & Co., King, Grandall & Latham Co., Inc., and Conrad,
Bruce & Co.—V. 144, p. 3023.
Tide Water Power
Co.—Earnings—
1936
1935
1934
$1,424,837
$1,264,605
315,786
103,101
30,220
5,000
$1,176,021
324,539
110,994
28,345
4,800
136,898
$1,718,713
675,045
113,425
$1,644,700
646,844
131,094
162,888
a257,502
157,450
246,267
130,154
231,61»
10.546
$526,525
8,605
$504,987
10,605
$517,118
313,075
21,947
13,924
$535,130
313,075
13,913
13,924
Crl5
$515,592
313,075
9,637
13,924
Crl ,887
$168,171
143,148
$194,233
143,148
$180,843
143.180
$1,337,253
$122,884
Year End.
May 31, *37 Aug. 31,'36
$7,409,069
$8,077,108
Operating Revenues—
336,174
107,428
34,143
Gas.
430,000
Water
Miscellaneous.
12,718
$1,902,583
838,722
Operating expenses—
Maintenance
!
Provision for retirement, renewals &
replacement of fixed capital
No provision has been made for the Federal surtax on undistributed
net income for the year 1937 since any liability for such tax cannot be de¬
termined until the end of the year.—Y. 144, p. 4363.
May—
$3,177,532
1,215,241
$32,718 loss$103.844 loss$135.154
Period—
a
Gross from railway
1,289,737
Period End. May 31—
1937—Month—1936
1937—11 Mos.—1936
Operating revenue
$1,224,173
$1,197,325 $12,549,801 $12,371,156
Operating expenses
874,925
854,440
9,231,284
9,193,624
$1,767,253
Common divs. declared.
Net from railway
Net after rents
From Jan. 1—
1934
$2,785,338
514,486
94,695
Calendar Years—
$1,861,461
1,760
$123,968
1,084
Balance..
Retirement accruals
1935
$2,902,768
562,922
226,869
Net earnings after allowance
1936
$3,688,678
1,856,583
Net profit
$1,707,184
$1,832,094
Earns, per sh. on 4,807,144 shs. outstanding
$0.36
$0.38
x Includes $80,241 income from investments.—V. 144, p. 4363.
1937—Month—1936
$382,268
$353,700
155,523
140,552
20,619
21,388
a45,978
41,631
1936
$3,224,946
558,970
90,978
19,908,255
5,145,974
2,532,589
Net from railway
Net after rents
Gross sales
Teck-Hughes Gold Mines, Ltd.—Earnings—
Period End. May 31—
Operating revenues
Operation
391,504
115,382
68,347
$3,849,010
822,898
296,559
Net income
__
575,126
210,693
152,764
—V. 144, p. 4200.
The New York Curb Exchange has admitted to unlisted trading privileges
the new common stock, $1 par, in lieu of old common stock, no par.
New
common stock issued share for share in exchange for old common stock.
V. 144, p.3696.
Gross earnings
Deductions from earnings
588,683
198,324
138,536
RR.—Earnings—
1937
May—
Gross from railway..
Deductions.
Taggart Corp.—Admitted to Unlisted Trading—
9 Months Ended May 31—
$94,682
32,777
18,146
—V. 144, p. 4026.
Taxes
.$3,366,905 $3,338,976
1934
$130,248
52,744
40,257
1—
Net oper. revenue
and
sundry assets...
Total
after rents
From Jan.
1935
1936
$160,351
80,701
66,089
—V. 144, p. 3696.
tingencies
93,400
1937
$159,554
62,572
44,089
Gross from railway
Net from railway
From Jan. 1—
$231,136
20,944
24,154
.
Ry.—Earning,
May—
Texas & New Orleans
incl.
reserve for tax.
Texas Mexican
No such provision has been made to date for 1937.
322
at March 31
Liabilities—
$419,154
115,200
3,579
34,859
Buildings, plant,
mach. & equip..
10,776
Mining properties. 11,483,420
Prelim, dev., &c./
as
income for that year.
—V. 144, p. 4200.
$506,572
Other income
Ry.—Earnings—
1937
$203,294
43,706
20,875
1,062,401
261,846
138,548
—V. 144, p. 4200.
1936
$175,525
36,410
14,377
967,732
249,520
151,116
1935
1934
$175,817
48,072
31,811
$162,357
36,398
18.462
895,942
230,987
149,757
896,099
253,178
156.792
(net)
Gross income
—--
Interest on funded debt—
—._
Interest on unfunded debt.
Amortization of debt discount & exp .
Interest charged to
construction—__
Preferred dividends...
a
Includes $6.
provision for surtax on undistributed profits.
134
Financial
Chronicle
Balance Sheet Dec. 31
11 ,715,260 11,488,050
Investments
Dep. for mat. bond
Interest
Liabilities—
$
Fixed capital
&
24,389
46,197
Cumul. pref.
stock 2,218,794
Common
4,020
685
.
Cash (lncl. working
from
A(lvs.
funds)
Notes receivable..
Accounts receivable
Int. & divs. receiv.
Materials & suppl.
140,738
Deferred debit items
74,407
67,642
4,339
333,480
2,218,794
698,428
296
1,157,890
6,261,500
90
"After
145,765
109,539
Mat. bond int. and
272,001
(contra)..
Rural
86,095
divs.
from
Adv.
56,618
155,077
12,000
130,633
100,494
109,987
1,284,214
1,197,136
29,648
28,285
677,130
Interest accrued-Dividends accrued
11,929
Consumers' serv. &
line deposit
MIscell. unadjusted
credits
for
Contributions
extensions
(non¬
refundable)
Capital surplus..- 1,180,819
x
13,011,396
12,756,4001
503,689
195,488
General surplus-
225,651
Corporate surplus.
Total.
13,011,396 12,756.460
Total
to be voted on by the stock¬
July 10, to declare a dividend on Transamerica shares, payable
stock, equivalent to one share of Bank of America
stock for each 10 Transamerica shares now outstanding.
Stockholders can dispose of any part of their holdings at prevailing quota¬
tions without commission by approving directly to the offices of the com¬
pany in San Francisco or New York.—V. 144, p. 3520.
This last reference was to the proposal,
holders
in
on
Bank of America
Troxel Mfg.
1,846
Reserves
your management decided to purchase for
substantial number of shares of Transamerica at such
consideration
Bank of America stock."
4,800
73,847
73,874
67",425
Taxes accrued
due
account of treasury a
price or prices as in its judgment are warranted by underlying values.
"Shares purchased will be retired to treasury and later extinguished, and
for every 10 shares so purchased we will save from distribution one share of
4,626
Electric. Admin.
168,612
718,970 Notes pay.—trade
Accounts payable-
47
on June 17, in a letter to stockholders.
He said in part:
"Considering present market conditions induced by strikes and labor
uncertainty and considering also the evident undue pressure on Trans¬
america stock, your management is of the opinion that it should protect
the interests of the stockholders who have evidenced their good faith and
confidence through good times and bad by retaining their holdings.
announced
affil.
financ. co
Corp.—To Buy Own Stock—
interests
stock
-
1937
3,
The corporation will "buy its own stock for retirement to "protect the
of stockholders," John M. Grant, President of the company,
$
1,157,890
Funded debt—- 6,261,500
Accounts
payabe,
affiliated cos—
9,685
24,777
dlvs.
.
1935
$
($10 par)
(contra).-..--.
Special deposits-
Transamerica
1936
1935
1936
Assets—
July
Co.—Defers Common Dividend—
The directors have decided to defer payment of the dividend on the com¬
pany's $1 par capital stock ordinarily due on July 1.
Dividends of 20 cents
per share were paid in each of the three preceding quarters, the Nov. 1,
1936 dividend being the initial distribution on the $1 par stock.
Reason for postponement of action on the dividend is due to labor unrest
among the company's employees, in addition to the "higher cost of doing
business" and desire of the company to maintain a strong current position,
according to a letter mailed to stockholders by President J. W. Brandt.—
V. 143, p. 2698.
Arising from exchange of no par common stock for $10 par value com¬
stock as authorized by stockholders Feb. 20,1933, less charges thereto.
—V. 144, p. 3856.
x
Twin Coach Co.—15-Cent Dividend—
mon
The directors
have declared
a
dividend of 15 cents per share on the
stock, no par valuo, payable July 15 to holders of record July 10.
A like payment was made on May 10 last.
A special dividend of $1 was
common
Todd
Shipyards Corp. (& Subs.)—Earnings—•
Year End. March 31—
1937
Net earnings from oper. $2,038,446
Reserve for depreciation
457,824
1934
1935
1936
$1,390,964
499,729
$1,111,470
534,794
146,281
cl3,277
'103,931
108,207
.b$l ,421,063
826,436
a$787,304
413,218
Federal income tax
Prov. for surtax (est.)..
Net income
Dividends
Balance.
Shs.cap.stk. out. (no par)
Earns.per sh.on cap.stk.
$1,237,262
514,530
54,558
IV67
$468,469
309,913
$158,556
206,609
$2.27
$374,086
206,609
$3.81
$594,627
206,609
$6.86
^
$461,117
206,612
$3.23
1937
1,161,742
1,653,455
3,181,514
Work in progress..
548,005
Mat'ls & supplies. 1,177,899
1,161,742
1,273,188
2,431,225
318,401
1,073,650
365,516
in
Dry
Docks, Inc
Cash
Acots. & notes rec.
Marketable secure.
408,281
35,000
Special deposit
Deferred notes and
received
515,123
569,957
Conting's reserve.
4,180
415,123
stalment contr.
accounts receiv.
577,858
61,188
192,595
_
581,000
598,238
72,215
24,005,143 23,022,544
Total
in
1936.
Tokheim Oil Tank & Pump Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents
per share in
quarterly dividend of like amount on the common
stock, both payable July 14 to holders of record July 7.
An initial dividend
of 25 cents was paid on
April 30 last.—V. 144, p. 2849.
addition to the regular
Toledo Peoria & Western
863
$198,696
68,265
36,144
1935
$134,468
12,860
def2,361
951,996
285,648
121,748
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144. p. 4201.
Trane
RR.—Earnings1936
1937
937,370
285,443
145,357
670,680
126,341
40,541
$183,126
21,597
Light & Power Co. of 111.—Merger, &c.
Electric
3857.
(Mo.)—Name
Changed, &c.—See Union Electric Co. of Missouri.—V. 144,
p. 3696.
Union
Light
&
Co.
Power
Offering of
Notes—Subscription Books Closed—An offering of
$80,000,000 first mortgage & collateral trust bonds, 3%%
series due 1962, and $15,000,000 of 3% notes, due 1942,
was made June 28 by Dillon, Read & Co. and a large group
of underwriters, including the First Boston Corp., Spencer
Trask & Co., Stone & Webster and Blodget, Inc., Blyth &
Co., Inc., Brown Harriman & Co., Inc., Edward B. Smith
& Co., Coffin & Burr, Inc., Goldm&n, Sachs & Co. and
J. & W. Seligman & Co.
The Z%% bonds were priced at
100 and the 3% notes at 1003^, in each case plus accrued
interest, if any, from July 1 to date of delivery.
Dillon,
Read & Co. announced on the day of offering that both issues
had been sold and subscription books closed.
660,680
108,375
30,562
New Issues—The securities
5 Months Ended May 31—
1937
1936
$1,558,079
926,824
$836,149
460,684
$631,256
5,160
$385,465
4,029
$636,416
461,948
$389,494
278,845
$174,468
23,687
Cost of goods sold
$110,649
$198,155
46,516
$118,537
$151,639
2,210,104
1,197,060
$84,889
1,270,897
jobbing sales.
expenses.
Other income.
Total income.
Disc, allowed, prov. for doubtful accts. & sundryNet profit before prov. for Fed. & State inc. tax1 to May 31
Orders received Jan.
Unfilled orders—May 31
7,888
33,648
635,226
offered by this prospectus are
$80,000,000
1962, to be issued as the
bonds under a mortgage
June 15, 1937, to be executed by the company to
of 1st mtge. & coll. trust bonds, 3M% series due
an issue of 1st mtge. & coll. trust
initial series of
and deed of trust dated
Sales.
Operating
1934
$137,629
25,892
7,861
f
Co.—Earnings-
Gross profit on
Union Electric
See Union Electric Co. of Missouri.—V. 144, p.
Bonds and
24,005,143 23,022,544|
May—
3857.
p.
Union Electric Co. of Missouri—$95,000,000
145,361
a After
depreciation of $8,905,280 in 1937 and $8,630,362
b Represented by 206,609 no
par shares.—V. 144, p. 954.
Gross from railway
Net from railway
Name, &c.—
St. Louis Light & Power Co. on May 28 merged Union Electric
Light & Power Co. of 111., Power Operating Co., Alton Light & Power
Co., and Alton Gas Co., and changed its name to Union Electric Co. of
Illinois.
For further details see Union Electric Co. of Missouri.—V. 144,
in¬
money
t
Miscell. investingDeferred charges..
Total..-..
Union Electric Co. of Illinois—New
Adv. on def. notes
Purch.
The building has reported 87.19% occupied on Feb. 1, 1937, and has
been assessed for 1937 at $1,625,000.
Real estate taxes are paid to date.
On May 1, 1937. $25 per $1,000 bond was distributed by the trustee out
East
than
4,919,674
4,919,674
Accts. pay., &c— 1,356,294
1,053,100
Earned surplus... 16,644,094 16,049,467
Todd-
Johnson
announced.
$
earned surplus.-
703,055
Invest,
oth.
2.32% for 1934.
Gross operating income from the property was $185,230
compared with $178,528 and $171,304, respectively, for 1935 and
1934. At this time the rent roll is in excess of $205,000.
Approximately 72% of the outstanding bonds are now on deposit with a
committee headed by Clarkson Potter as chairman.
No plan has been
for 1936,
1936
$
Liabilities—
b Stated capital &
Equity
Company showed operating income, before depreciation and Federal
1936, compared with income of $30,836 for
of accumulated income.
1930
Property, Ac... 14,418,302 14,879,891
Tools, tool parts,
a
589,302
(Fifth Avenue & 28th Street Realty
1935 and $40,685 for 1934, according to Amott, Baker & Co., Inc. in a
current report on the property.
The percentage earned before depreciation
and Federal taxes, on the $1,750,000 of outstanding first mortgage bonds,
on an annual basis, was 2.57% for 1936, as against
1.77% for 1935 and
Consolidated Balance Sheet March 31
^
245 Fifth Avenue
income taxes, of $44,892 for
No provision has been made for the three months ended March 31,
1937
on Dec. 16, 1936.
A regular quarterly dividend of 10 cents per share
paid on Oct. 15, 1936.
An extra dividend of 10 cents was paid on
$668,174
207,057
•
A.ssctSmm^m
was
Nov. 14, 1936.—Y. 144, p. 3857.
Co.)—Earnings—
a Does not include
equity of $47,520 in net earnings of Todd-Johnson
Dry Docks, Inc., from commencement of business, Jan. 1,1936 to March 31,
1936. b The equity in the earnings for the
year (exclusive of undistributed
profits, if any) of Todd-Johnson Dry Docks, Inc., exceeds the dividends
received from that company by $81,998. No credit has been taken for this
excess in the above statement,
c This represents provision for calendar year
1936.
paid
St. Louis Union Trust Co. as trustee, and under an indenture supplemental
thereto, dated June 15, 1937, and $15,000,000 of the 3% notes due 1942,
due July 1, 1942, to be issued under an indenture dated June 15, 1937, to
be executed by the company to Irving Trust Co. as trustee.
The issuance
of the bonds of 3 % % series and the 3 % notes has been authorized by the
stockholders and by the board of Directors of the company, and by the
Missouri P. 8. Commission, and the declaration with respect to such
securities filed by the company with the Securities and Exchange Com¬
mission pursuant to the Public Utility Holding Company Act of 1935
has become effective.
The bonds ot'i%% series are to be dated as of July 1, 1937, and are to
bear interest at the rate of Z%% per annum, payable J. & J.
Principal
of and interest on such bonds are to be payable in any coin or currency of
the United States of America which at the time of payment is legal tender
for public and private debts.
Principal and interest are to be payable at
the
agencies of the company in New York and St. Louis. Mo.
The
definitive bonds of 3 M % series are to be issued in coupon form, registerable
as to
principal only, in the denom. of $1,000, and in fully registered form
in the denoms. of $1,000, $5,000, or any multiple of $5,000.
The 3% notes are to
be dated
as
of July 1, 1937, and are to bear interest
at the rate of
3% per annum, payable J. & J.
Principal of and interest
such 3 % notes are to be payable in any coin or currency of the United
States of America which at the time of payment is legal tender for public
and private debts.
Principal and interest are to be payable at the agency
on
Comparative Balance Sheet May 31
Assets—
1937
1936
Cash on hand and
deposit
Customers' notes &
accts.
$269,108
in
&
601,790
362,405
347,938
95,340
82,975
520,908
Res.
336,115
220,837
19,267
7,951
24,193
6,593
Def. exp. & prepay.
for
for
J
-V.
144,
p.
Trenton
28,018
9,510
unempl.
13,106
conting.
Fed.
net
21,894
11,404
&
at 30%
profit
Surplus
Total
of the company in New York.
The definitive
in coupon form, registerable as to principal only,
3% notes are to be issued
in the denom. of $1,000.
Company has agreed to use its best efforts to procure in due course the
listing of the bonds of 3 % % series on the New York Stock Exchange and
the registration thereof under the Securities Exchange Act of 1934 as
amended.
Purpose of Issue—The Missouri P. S. Commission has authorized the
provide for the redemption of bonds of the
purchase of bonds of Union Electric Co. of
Illinois, a subsidiary, and the reimbursement of the treasury of the company
for expenditures heretofore made for extensions, additions and improve¬
ments to the company's properties.
The company intends to apply the funds so provided, which will amount
to approximately $92,887,388, exclusive of accrued interest on, and after
allowing for estimated expenses in connection with, the securities being
offered by this prospectus, to the following purposes:
issuance of the securities to
company now outstanding, the
of
Pf. stk. (6% cum.)
Common stock
$1,850,479 $1,099,305
116,496
State inc. taxes—
est.
& receivables
$100,000
147,110
79,944
13,920
State inc. taxes.
Res.
Land, bldgs., mach.
& equip., &C-_Sundry investm'ts
for
1936
$100,000
insuranceRes.
adv.
to Canadian sub.
Total....
1937
payable
Accounts payable.
Fed. & State taxes
Accrued expenses.
allow, for doubtf.
Mdse. inventories.
Invest,
$54,362
less
rec.
Liabilities—
Notes
on
45,492
300,000
500,000
642,118
25,467
194,500
440,250
160,555
$1,850,479 $1,099,305
3023.
(a) For the payment
on or about Aug. 2, 1937, of the principal
of and redemption premium on all of the funded debt of the
comprising
$63,687,000
(Accrued interest of approximately
company
Valley Distillers Corp.—Registers with SEC—
See list given on first page of this
department.—Y. 144, p. 122.
to be redeemed will be
of gen.
mtge.
bonds.
$1,176,400 on the bonds
paid from other funds of the company) -$66,136,975
Volume
Financial
145
Power Co., and other subsidiaries as an interconnected system.
The
following tabulation shows the electric energy production of the hydro¬
electric and steam plants of the system for the years 1932 to 1936, inclusive:
For the payment of $17,085,000 of bank loans of Union
Electric Co. of 111. incurred for the purpose of retiring the
following securities:
(1) $6,750,000 1st mtge. bonds, 5 Yi %.
series A, of Union Electric Light & Power Co. of 111., called
for redemption on July 1, 1937; (2) $2,400,000 1st mtge. 5%
bonds of East St. Louis Light & Power Co. (now Union
Electric Co. of 111.) called for redemption on July 1, 1937, in
connection with which the company received $1,241,582 and
accrued interest upon the retirement of $1,306,000 of such
bonds owned by it; and (3) $8,000,000 6% cum. pref. stock
of Union Electric Co. of 111., called for redemption on July 1,
(b)
1937
System Production in Millions of Kilowatthours a
Mississippi
Electric
7% series, 90,000 shares
7,500,000
4,000,000
c
3% notes due 1942, due July 1,1942
$15,000,000
80,000,000
15,000,000
Subsidiaries•—
Ry. & Illuminating Co. 5%
mtge. 20-year bonds
e Alton
Ry., Gas & Electric Co. 5%
mtge. 40-year bonds
Other Subsidiaries—
250,000
250,000
500,000
b250,000
1st
16,000,000
8,841,000
g63,000
8,234,475
750,000
K493,800
250,000
250,000
25,000,000
3,000,000
c
16,212,300
2,817,000
700,000
Aggregated stated value $52,500,000 and all owned by North American
Edison Co.
b The bonds of Alton Ry. & Illuminating Co. and Alton
Ry., Gas & Electric Co., which are not redeemable, underlie the bonds
of Union Electric Co. of 111. to be initially pledged as part of the security
for the company's 1st mtge. & Coll. trust bonds and are to be refundable
by the issuance of additional 1st mtge. & Coll. trust bonds,
c Additional
bonds may be issued under the respective mortgages upon compliance
with the provisions thereof,
d Payment of principal and interest assumed
by Alton Light & Power Co., which subsidiary of the company was merged
into Union Electric Co. of 111. May 28, 1937.
e Payment of princ'pal1
and interest assumed by Alton Gas Co., which subsidiary of the company
was merged into Union Electric Co. of 111. May 28, 1937.
f In addition,
$250,000 bonds pledged under the mortgage securing the Alton Ry. &
Illuminating Co. bonds,
g In addition, $15,937,000 held by the company,
h In addition, $256,200 held by the company.
a
History and Business—Company was incorporated in Missouri as Missouri
Electric Light & Power Co. in November, 1922.
Name changed to Union
Electric Light & Power Co. in December, 1922, and on May 29, 1937,
changed to Union Electric Co. of Missouri and the corporate
existence was made perpetual.
was
Company is the successor to a number of predecessor companies, the
oldest of which was organized in 1881.
Company is
engaged primarily in
;
the transmission,
distribution and
which it generates and purchases from its sub¬
sidiaries.
The territory served by the company includes the City of
St. Louis, Mo. (population 822,000 based on the 1930 U. S. Census)
and portions of five adjacent counties in Missouri.
Company does approxi¬
mately 86% of the public utility electric business in St. Louis, the balance
of such business being done by Laclede Power & Light Co., a competitor.
The major portion of the electric energy requirements of the company
is purchased from subsidiaries and substantially the entire balance is
produced by the company in its Osage hydro-electric plant located in
central Missouri approximately 136 miles west of St. Louis and in its
sale
of
electric
710.5
939.9
599.3
0.9
777.4
919.1
1,070.7
550.2
0.8
1,076.0
736.6
b5.4
533.5
667.9
812.8
0.7
663.2
1,346.3
2,009.5
—83.3
175.0
1,287.2
652.9
0.8
1,371.3
827.9
2,199.2
694.0
energy,
plants in and near St. Louis.
Company also furnishes steam heating
n the business section of St. Louis.
more important subsidiaries of the company are engaged primarily
in the following businesses:
Union Electric Co. of 111. produces electric energy in its Cahokia steam
steam
assembly.
Security for Bonds—In the opinion of counsel for the company, the bonds
all of the fixed properties
of execution and delivery
of the mortgage (subject to certain exceptions)
by pledge of all of the
outstanding capital stock of Union Electric Co. of 111., and initially by the
pledge of 1st mtga bonds, 3%% series due 1962, of Union Electric Co. of
HI. presently to be outstanding ($22,000,000 principal amount), subject
to existing leases, the rights of the parties to the contract between the
company and Mississippi River Power Co., dated Oct. 26, 1908, existing
easements for streets, rights-of-way and railroad purposes, permitted liens
as
defined in the mortgage, certain exceptions and reservations in the
instruments by which the company acquired title to its properties which
in the opinion of such counsel do not seriously affect the company's title
to, or its rights to use, such properties, and the prior lien of the trustee for
its compensation, expenses and liabilities.
Principal Underwriters—The names of the principal bond underwriters
and the respective principal amounts of bonds of 3 % % series severally
to be purchased by them are as follows:
will be secured
by a valid and direct first lien on
and franchises owned by the company on the date
The
generating plant on the Illinois bank of the Mississippi River
opposite St. Louis and in two smaller plants, transmits and sells energy
to the company and Illinois Iowa Power Co. (an affiliate), and distributes
and sells energy directly in three areas (including the cities of East St.
Louis and Alton) on the Illinois side of the Mississippi River.
Union
Electric Co. of 111. also distributes and sells in Alton a mixture of manu¬
factured and natural gas which it purchases from Illinois Iowa Power Co.
On May 28, 1937, four other subsidiaries of the company, Union Electric
Light & Power Co. of 111., Power Operating Co., Alton Light & Power
Co., and Alton Gas Co., were merged into East St. Louis Light & Power
Co., the name of which was changed to Union Electric Co. of 111.
Mississippi River Power Co. produces electric energy in its Keokuk
hydro-electric generating plant (approximately 144 miles north of St.
Louis) in the Mississippi River between Keokuk, Iowa, and Hamilton,
111., and transmits and sells such energy to the company, to Union Electric
Co. of 111., to certain other subsidiaries of the company, to two affiliated
utility companies (Missouri Power & Light Co. and Illinois Iowa Power
Co.), to certain non-affiliated utility companies and to certain industrial
customers, but it does not distribute electric energy at retail.
The operations of other subsidiaries are of minor importance in com¬
parison with the operations of the company and its subsidiaries as a whole.
Three subsidiaries, Cupples Station Light, Heat & Power Co., St. Charles
Electric Light & Power Co., and Lakeside Light & Power Co., distribute
electric energy in certain small areas in Missouri; the Cupples company
also generates a small amount of electric energy and steam and sells steam
in
St. Louis.
Three indirect subsidiaries, Keokuk Electric Co., Fort
Madison
Electric Co., and
Dallas City Light Co., distribute electric
energy in small areas in Illinois or Iowa near the Keokuk plant; the Keokuk
company also sells gas in Keokuk, Iowa.
Union Electric Land & Devel¬
opment Co. holds for sale extensive acreage surrounding the Lake of the
Ozarks formed by the dam at the company's Osage plant.
St. Louis
& Belleville Electric Ry. and St. Louis & Alton Ry. are electric railway
companies.
Union Colliery Co., a subsidiary of Union Electric Co. of
111. operates a coal mine near Duquoin, 111., and sells coal to Union Electric
Co. of 111., the company and to commercial customers.
Missouri Trans¬
mission Co., a subsidiary of Mississippi River Power Co., owns certain
transmission lines in Missouri.
Other subsidiaries are inactive, in process
of dissolution or of no practical Importance.
The company's generating plants and transmission system are operated
in conjunction with those of Union Electric Co. of 111., Mississippi River
R. W. Pressprich & Co
$10,000,000
5,750,000
4,000,000
Dillon, Read & Co
First Boston Corp
Spencer Trask & Co
Edward B. Smith & Co.
Mellon Securities
——
Corp
Coffin & Burr, Inc
Goldman, Sachs & Co
J. & W. Sellgman & Co
Harris, Hall & Co. (Inc.)--.
Kidder, Peabody & Co
Halsey, Stuart & Co., Inc.-Lazrad Freres & Co.,
Inc—
Bonbright & Co., Inc
Glore, Forgan & Co
W. C. Langley & Co
Lee Higginson
Corp
F. S. Moseley & Co..
A. G. Becker & Co., Inc
Estabrook & Co
400,000
400,000
Hallgarten & Co
400,000
L. F. Rothschild & Co
400,000
Lawrence Stern & Co., Inc.-
400,000
Dean Witter &Co
3,800,000
3,800,000
3,400,000
2,450,000
2,000,000
2,000,000
2,000,000
1,500,000
1,500,000
1,250,000
1,250,000
,1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
400,000
Francis, Bro. & Co
Gatch
Bros.,
Jordan
McKInney
350,000
&
-
Metropolitan St. Louis Go-Otis & Co
-
—
Arthur Perry & Co., Inc
Smith, Moore & Co.
Stifel, Nicolaus & Co., Inc—
First of Michigan Corp
350,000
350,000
350,000
350,000
350,000
350,000
300,000
300,000
Schwabacher & Co
William R. Staats Co
300,000
Edgar, Ricker & Co
250,000
250,000
250,000
1,000,000
Mitchell, Herrlck & Co
Newton, Abbe & Co.
I. M. Simon & Co
250,000
1,000,000
Battles & Co., Inc
200,000
200,000
1,000,000
Riter & Co
E. H. Rollins <fc Sons, Inc.--
Rockefeller &
Schroder
Co.,
Inc
1,000,000
,Inc
&
200,000
Bryan, Pennington & Colket.
Francis I. du Pont & Co
1,000,000
Co
.1,000,000
Tucker, Anthony & Co
—
Blair, Bonner &Co
Y. E. Booker & Co
Securities Co. of Milwaukee,
Shields
'1
500,000
Inc.-
4,000,000
Brown Harriman & Co., Inc.
500,000
Whiting, Weeks & Knowles,
Stone & Webster and Blodget,
Eastman, Dillon & Co
750,000
750,000
Harriman & Keech
Dominick & Dominick-:
750,000
Hayden, Stone & Co
750,000
750,000
750,000
MItchum, Tully & Co.
Starkweather & Co
Washburn & Co., Inc
Bancamerica-Blalr
Corp
Hemphill, Noyes & Co
Ladenburg, Thalmann & Co.
-
Laurence M. Marks & Co—
750,000
—
Graham, Parsons & Co
,
—
Hayden, Miller & Co
500,000
500,000
500,000
Shepard,
Inc
500,000
Cassatt & Co., Inc
E. W. Clark & Co
150,000
150,000
Farwell, Chapman & Co
Fields, Richards &
200,000
200,000
200,000
Bacon, Whipple & Co
500,000
—
200,000
200,000
200,000
200,000
Stix & Co
750,000
G. M .-P. Murphy & Co
White, Weld & Co
Alex. Brown & Sons
200,000
200,000
750,000
Central Republic Co
J. E. Baker & Co
-
-
Hawley, Huller &Co
-—
Illinois Co. of Chicago—.—
150,000
150,000
150,000
150,000
Merrill, Turben A Co
and the respective principal
3% notes severally to be purchased by them are as follows:
The names of the principal note underwriters
amounts of
Dillon, Read &Co
First Boston Corp
$3,471,000
Brown Harriman &
Edward B. Smith & Co-..--
1,389,000
Mellon Securities Corp
Coffin & Burr, Inc
Stone & Webster and Blodget,
1,389,000
Statement for
—
J. & W. Seligman & Co
Calendar
Years
(Company
1,320,000
1,180,000
850,000
695,000
695,000
695.000
Goldman, Sachs & Co
1,320,000
Inc
Blyth & Co., Inc
Income
Co., Inc.
1,996,000
Spencer Trask & Co
and Subs. Consolidated)
1935
1936
$24,435,295 $25,913,512 $28,223,828
679,303
708,285
747,443
224,499
231,138
220,870
845,496
688,998
230,464
450,924
452,056
663,400
1934
service
electric
b Indicates
stations,
population of the terri¬
tories
Missouri subsidiaries is
estimated at approximately 1,133,000 (incl. population in St. Louis served
competitively), the population of the territories served directly by Union
Electric Co. of 111. at approximately 139,000 and the population of the
territories near the Keokuk plant served directly by other subsidiaries
at approximately 39,000.
Among the more important industries in the
territories served by the company and its subsidiaries are lead mining and
refining, the manufacture of glass, iron and steel castings, rolled steel
products, cement, carbide and shoes, petroleum refining and automotive
on
Blyth & Co., Inc
1st
Mississippi River Power Co. com. ($100 par)
6% cumulative preferred ($100 par)
Central Mississippi V alley Electric Properties
6 % cumulative preferred ($100 par)
Keokuk Elec. Co. 6% cum. pref. ($100 par).
Mississippi River Power Co. 1st mtge. 5s—
5% debentures, 1947
Keokuk Elec. Co. 1st mtge. 6s, series A
name
0.9
782.8
186.4
Inc
Union Electric Co. of Illinois:
d Alton
1.650.4
1.696.5
1.812.6
709.6
319.8
the 1930 U. S. Census, the aggregate
served by the company and three small
1st mtge. & coll. trust bonds, Z%% series due
1962, due July 1, 1962-b
|
4.5
.
..
Based
2,295,000 shs. a2,295,000 shs.
250,000 shs.
$9,000,000
6% series, 40,000 shares
tion
b6.3
—
..
—
Outstanding
Authorized
Produc¬
Electric
electric Electric
-System-
Net output, after deducting energy used in generating
excess of generating station use over output.
2,165,413
preferred, issue of 1922 ($100 par)
Total
Hydro-
Electric
Electric
Hydro
a
Capital Stock and Funded Debt, Giving Effect to Present Financing
Cum.
Total
Steam
electric
230.3
1933
1936
Co.
P Company—
Common stock (no par)
Total
Steam
Steam
1935.--.
1936, and prior to June 15, 1937, the company
of 111. each expended approximately $1,700,000
for gross additions to their respective properties; and the company and
Union Electric Co. of 111. made property retirements of approximately
$570,000 and $130,000, respectively.
Additional bonds may not be
issued against property additions made prior to June 15. 1937.
In connection with such application of proceeds, the company will pur¬
chase from Union Electric Co. of 111. for $21,560,000, exclusive of accrued
interest, the $22,000,000 of the latter's 1st mtge. bonds, 2>ZA% series due
1962, to be initially pledged as part of the security for the bonds.
Such
$21,560,000 will be applied to the extent of $17,085,000 to the payment
of the bank loans referred to in (b) above, to the extent of $4,000,000
to the deposit referred to in (c) above, and the balance toward the repayment
of advances made by the company for proerty additions.
Union
sidiary
Hydro-
1932
1934
For other corporate purposes of the company and Union
Electric Co. of 111
Sub¬
Co.
Eleciric
P Note—Since Dec. 31,
and
Power
of III.
Steam
For deposit of $3,500,000 under the mortgage of the com¬
pany and of $4,000,000 under the mortgage of Union Electric
Co, of 111., withdrawals against gross property additions
made after June 15, 1937, to the mortgaged property of the
company in the case of the $3,500,000 and of the company or
Union Electric Co. of 111. in the case of the $4,000,000, or
applicable to the retirement of a like principal amount of
bonds issued under the mortgage.
(No additional bonds
may be issued against any property additions made the basis
of such withdrawals; the exact nature of any such property
additions is not now determinable except as indicated below)
_
River
Co.
—Company—
(c)
(d)
Other
Union
El.
$17,085,000
-
135
Chronicle
Operating revenues—Electric
Heating
Gas
Transportation
Coal
$26,635,519 $27,993,991
Total operating revenues
Net operating revenues
Non-operating revenues
...
$30,086,007
15,431,153
17,547,877
$10,599,810 $12,562,837
12,976
Drl7,871
$12,538,129
59,317
16.035,708
Operating expenses and taxes
..$10,612,787 $12,544,966 $12,597,447
4,614,699
4,591,672
4,634,550
212,935
223,089
213,910
46,220
Other interest charges.
57,020
127,461
Cr 13,401
Cr 18,829
Interest during construction..
Cr8,831
1,018,207
Preferred dividends of subsidiaries
1,009,172
995,393
2,900
7,145
Minority interest
3,305
Gross income
Interest
on
funded debt
Amortization of bond discount & exp.
$4,637,819
Net income—
$6,656,419
$6,744,340
Exchange of Power Operating Co. Shares—
Union Electric
Co.
has notified the New York
Stock Exchange, that,
pursuant to the merger, effective May 28, 1937, of Union Electric Light
& Power Co. of Illinois, Alton Light & Power Co., Alton Gas Co. and
Power Operating Co. into East St. Louis Light & Power Co., the name of
was changed to Union Electric Co. of Illinois, the 4,995 shares of
capital stock of Power Operating Co. (par $5; pledged under the company's
general mortgage bonds, 5% series, due 1957, have been converted into and
now represent shares of common stock of Union Electric Co. of Illinois
(par $20), at the rate of four shares of capital stock of Power Operating
Co. for one share of common stock of Union Electric Co. of Illinois.—
Y. 144, p. 4364.
which
United Electric Coal Cos,—Discontinues Unit—
Effective June 30, 1937, this company will discontinue operation of its
wholly-owned sales subsidiary, Coal Sales Corp., and will henceforth sell
and invoice coal in its own name.
This change will in no way affect com¬
pany's selling arrangements as the management and personnel of the two
organizations are identical and Coal Sales Corp., has previously been
operating, in effect, as the sales department of the parent organization.—
V. 144, p. 4028.
136
Financial
Union Gas Co. of Canada,
[Including
Chronicle
July
Ltd.—Earnings—
Assets—
Wholly-Owned Subsidiaries]
Year Ended March 31—
1937
Net profit from operations
$1,728,455
Interest on bonds of controlled companies
43,009
Discount earned on bonds of controlled companies
3,832
Miscellaneous
in
304
$315,532
785
bonds
on
Provision for depreciation'
Provision for amortization of development costs.Other deductions
445,891
203,142
38,246
amortization—
32,810
737
1,985
31,090
7,597
21,051
Dividends payable
41,250
1937
$
$
566,356
Acc'ts receivableAccr'd int. receiv.
574,861
35,899
7,425
Sundry
177,779
184,040
6,649
6,938
assets
Amts.
Consol.
1,633,282
Prepaid & deferred
charges
142,303
88.211
357,186
195,792
128,567
128,902
stallations
Stores
and
282,080
302,720
(Incl. Kentucky Power & Light Co.)
sur. acct—
1,388,561
1,005,191
State, local and miscellaneous Federal taxes
Federal and State income taxes
\
Net operating
mortgage.
Interest
140,000
422,669
92,758
a
Represented by 706,199
144, p. 3521.
no par
Dividends paid.
Deficit
97,762
82,625
5,099,145
23,844,614 23,698,5821
Total
$68,187
94,555
Net income-
131,035
Res.fordeprec'n.. 5,289,781
—-
funded debt
on
Dom.
-
of
a
Can. inc. taxes.
Total
on
General interest
160,000
259,148
bonds & mtge.
for
shares in 1937 and 706,192 no
par
shares
$26,368
-
Includes $3,809 undistributed profits tax.
Consolidated Balance Sheet Dec. 31, 1936
(Incl. Kentucky Power & Light Co.)
Liabilities—
A SS€tS*mmm
—23,844,614 23,698,582
—
in 1936.—V.
Union Investment Co.
(& Subs.)—Consolidated Balance
Assets—
Cash
$744,261 Collateral trust notes payable.$4,434,500
7,241,221 Notes payable
697,654
30,816 Accounts payable and accruals
48,043
—
Notes & accts. receivable
a
—
Inventory of merchandise.
Accts. receivable,
-.
Reserves for Fed. & State taxes
other notes
and investments
Cash
value
of
life
discount
&
expense
Deferred liabilities.
61,228
41,803
Accrued State & local taxes...
Accounts
in
96,813
170,000
270,565
287,036
Mortgage payable
policies
b Office building and site
Reserve for losses.—
28,568
252,080 Deferred dlsct. on notes rec.
15,850 10-year 5% conv. debentures.
7.6% cum. 1st pref. stock
38,851 c Common stock—
-.
b Furniture and equipment...
and supplies-
Capital surplus
14,494
4,328
33,746
After
reserve
declared
Capital surplus
Earned surplus
$3,735,7.54 I
Total.
interest—
current liabilities
Reserves-.--
Sou.
United Ice Co
a
Miscell
of $16,492.—V. 143, p. 3860.
United Shirt Distributors,
Inc.—Earnings—
Year
Dec.
At
a
no par
value,
market
1
Total
$8,396,635
b After depreciation,
c
Expenses
$33,905
35,172
$145,155
1,023
loss$l,266
$146,177
22,250
1,750
loss$l,199
$122,177
5,814
107,205
loss$l,199
1937
9,918
$51,034,793
5,992,898
2,008,241
803,738
2,626,010
-
Mail
Express
All other
Total
revenue
-
Transportation
All other expenses
Net
revenue
from operations
Other operating income and charges
Net income from transportation operations
x
.
..
Q C07
4,768,427
1,888,140
770,159
2,004,460
$4,141,274
Surtax
Note—This statement does not include income from securities owned and
other non-operating income, nor interest on funded debt and non-operating
income charges.—V. 144, p. 4364.
June 26 '37
June 19 '37
88,811,685
82,333,227
Realty Corp. (& Subs.)—Earnings—
1937
$15,853
Registration Withdrawn—
United States Cold Storage Corp.—Accumulated Div.—
The company paid a dividend of $2.50 per share on account of accumula¬
tions on the 7% cumulative class A preferred stock, par $100, on June 30
Years Ended
Total gross income
General expenses
1936
1935
State and miscellaneous Federal taxes
Federal income tax
1
$83,603
63
.
—$555,708
$555,708
Total
After reserve for depreciation and amortization of $41,721.
y
Repre¬
sented by 125,000 no par shares.—V. 144, p. 4028.
United States Life Insurance Co.—New Director—
Graham C. Wells was elected to the board of directors of this company,
announced on June 17.—V. 143, p. 2866.
was
United States Glass Co.—New President—
Directors have elected Dyright M. Allgood, President to succeed William
R. Nickel, resigned, who continues as a director of the company, it was
announced on June 26.-—V. 144, p. 3025.
United
States
Realty
&
Improvement
Co.—New
Director—
a
director of this company to fill a
Corp.—Preferred Dividend—
The directors on June 29 declared a dividend of $2
per share on account
of accumulations on the 7% cumulative preferred stock, par $100, payable
July 30 to holders of record July 9.
A like amount was paid on June 29
last and compares
$7
on
with $5.75 paid on May 29 and $1.75 on Feb. 27, 1937;
Dec. 24, $3.75 on Nov. 28 and $1 on Aug. 29, 1936, and dividends of
50 cents per share distributed each three months from Feb. 27, 1933, to
and incl. May 29, 1936.
Arrearages after the current payment will amount
to $1.25 per
share.—V. 144, p. 4202.
Utah Light & Traction
Period End. May 31—
Operating revenues
Oper.exps. (incl.taxes).
Co.—Earnings—
1937—Month—1936
$93,781
$94,349
85,007
82,246
1937—12 Mos.—1936
$1,150,335
$1,091,605
1,052,612
947,157
175
$80,063
7,071
2,165
9,512
8,440
$83,778
5,387
$52,875
94,555
$54,846
def$41,680
$54,846
817
20,526
2,200
$8,774
43,663
$12,103
40,445
$97,723
530,603
$144,448
482,627
$52,437
$52,548
$628,326
$627,075
1,469
$52,437
51,858
907
$52,548
51,858
1,018
$628,326
622,300
9,967
$628,544
621,988
10,497
$328
$328
$3,941
$3,941
Other income
Gross income
Interest on mtge. bonds.
Other int. & deductions.
Balance, deficit
Notes—No provision has been made in the above statement for unpaid
on the 6% income demand note, payable if earned,
amounting to $1,476,000 for the period from Jan. 1,1934, to Dec. 31,1936.
No provision was made for Federal surtax on undistributed profits for
1936, inasmuch as the company reported no undistributed adjusted net in¬
cumulative interest
for that year.
—Y. 144, p. 4364.
come
9,066
106,412
Fixed assets, at cost..
x68,934
Def. charges to future operat'ns
11,109
Total
-
Accr. taxes (other than inc. taxes)
Accrued salaries
wholly-
Operating income
si
$80,000
Amortiz. of bond discount of sub. company
Balance, surplus
to
Net oper. revenues...
Interest & divs. from sub. companies
Miscellaneous income
Dividends paid.
adv.
&
owned sub. not consolidated-
Rent from lease of plant
Corp.—Earnings—
Income Account for the
Gross income:
Net income
in
$72,090
13,787
7,561
6,764
Unclaimed divs. and interest
1,695
Reserve for Federal Income taxes
24,725
Common stock
__yl25,000
Paid-in and capital surplus.,-- 186,045
Earned surplus
118,041
Accrued rents.
$7 per share.
144, p. 2326.
United Public Service
—
Claims against closed banks
Invest,
Accounts payable—trade.
$163,310
3,172
193,704
United States Steel
a dividend of 50 cents per share on the com¬
stock, no par value, payable July 1 to holders of record Jiine 26.
Like payment was made on April 1 iast and on Jan. 2 last.
A dividend of
$1.25 was paid on the common stock on Dec. 1, 1936, and dividends of
25 cents per share were paid on Oct. 1, July land on Jan. 2, 1936, this latter
being the initial distribution on the issue.
Dividends similar to the above have been paid on the $3 cum. partici¬
pating pref. stock, no par value, in addition to the regular quarterly divi¬
dends of 75 cents per share.—V. 144, p. 2153.
—V.
hand
Inventories
United Milk Products Co.—50-Cent Dividend—
The directors have declared
now amount to
Liabilities—
on
L. Boyd Hatch, has been elected
vacancy.—V. 144, p. 3196.
mon
Accumulations
—
Notes and accounts receivable..
1936
$12,306
See list given on first page of this department.—V. 144, p. 3521.
tolhoiders of record June 26.
67
Balance Sheet Jan. 31, 1937
June 27 '36
87,741,403
—V. 144, p. 4201.
United Investors
—
Assets—
Cash in banks and
it
Improvement Co.—Weekly Output—
6 Months Ended March 31—
Net income after all charges
undistributed profits
Common dividends.-
x
Week Ended—
Electric output of system (kwh.)
on
Net profit
Preferred dividends
$3,167,044
Net charge.
United Gas
Profit before prov. for Federal income taxes
Income and excess profits taxes
$44,538^084
$13,370,226 $10,891,492
6,507,574
5,184,563
2,721,378
2,539,885
Taxes
,
1936
■
$62,465,680 $53,969,270
7,704,775
7,158,022
13,440,917
11,646,518
1,811,283
1,587,025
22,186,610 18,879,598
3,951,869
3,806,615
revenues
Maintenance of way and structures
Maintenance of equipment
Traffic
x
167,594
RR.—Earnings—
5 Months Ended May 31—
Average miles of road operated
Freight revenue
Passenger revenue
►
Represented by
shares.—V. 144, p. 3857.
Union Pacific
*36
Other income.
—$8,396,6351
Total——
Month of
Jan., 1937
End.
31
$628,667
483,512
Gross profit on sales
t
13,833
$3,735,754
Total
292,268
-
Deferred dlsct. & exps. on debs
receiv. from
--
payable
Dividends
84,979
Materials arid supplies
181,000
750,000
732,152
369,767
Earned surplus
Prepaid int., taxes, insurance
Accrd. int.
66,835
Reserves withheld from dealers
30,492
Insurance
Accrued
1,114
Deposit for pay. of bond int..
a Customers' accts. receiv., &c
--
-
Federal Income taxes
335,933
Cash
Liabilities—
hand and in banks.
on
Bond
Funded debt of sub. company.
44,213
process of amortization
Prepaid accts. &defd charges.
April 30,1937—
$315,532
1,364,700
39,777
37,647
59,791
39,095
22,646
7,597
50,006
236,839
1,548,291
Capital stock (par $1)
Plant, property & equipment..$2,980,350
Invests. & advs. (less res.)
148,060
Special deposits, &c
Sheet
$159,244
77,942
2,011
11,103
Amortization of bond discount and expense
charges..
Res.
54
_
Gross income
1,068,000
207,000
$159,189
income
Other income (net)
Accts. pay. & accr.
accrued
201,500
156,661
37,144
73,070
42,266
al9,743
Provision for retirements
4,500,000
Int.
$689,576
Operation expenses
Maintenance
to
Balance payable on
less
written off
amt.
5,503,806
Co., Ltd
1,036,000
1st mtge. 6% bds.
Of City Gas Co.
201,000
spare
equipment
disc't,
Bond
5,503,806
1st mtge. 5% bds.
of Windsor Gas
in¬
account receivable.
Includes
Total operating revenues
Power and gas purchased
1st mtge. bonds of
Union Gas Co. of
2,503,478
and notes receivable of $961,284.
Consolidated Income Account Year Ended Dec. 31,1936
Canada, Ltd— 4,250,000
cos—
heating
y
$
Union
repaid
54,846
$1,917,198 $1,402,216
Total.
After deducting reserve for investments
11,163,635
shareholders- -Dr5,611,250 £>r5611,250
tees for bd. issues
Inv. in & advs. to
House
x
$
and Windsor cos.
Deposits with trus¬
controlled
of
1,000,000
1,548,291
13,166
—
48,712
—$1,917,198 $1,402,216
Total
1936
Capital stock—11,163,775
Surp. arising from
reval. of physical
assets
organization
Earned surplus—
$468,680
a
258,339
532,405
47,309
re¬
y57,656
Utd.
Ice Co
335,469
Liabilities—
--19,932,228 19,450.448
4,328
106,979
surplus
corded at date of
25,024
Accrd. int. receiv.
31
1937
Cash
Inventory
$815,613
March
1936
Assets—
Property
Cap.
25,022
Sou.
8,656
credits
predeces¬
($25,000),
&c
from
unadjstd.
Miscell.
Dep. for Fed. inc.
sor co.
145
Estd. reorg. exp—
Cash
Profit before prov. for Dominion income taxes..
Dividends paid..
Consolidated Balance Sheet
$1,399,287
348,012
357,815
194,916
29,865
$315,532
Accrd. Fed. taxes.
Ky. P. &. L. Co.
process
of
taxes of
$1,775,448
272,555
1935
Cap. stock (par$l)
Accounts payable.
Disct.
$1,239,032
146,631
13,319
1936
Liabilities—
1935
1936
Invests. & advs—.$1,748,060 $1,229,573
on bonds of
1936
151
Total earnings
Interest and discount
1937
3,
Balance Sheet Dec. 31
No such provision has been made to date for 1937.
Volume
Financial
145
Victor
-Earnings—
Utah Power & Light Co. (& Subs.)
.
1937—12 Mos.—1936
1937—Month—1936
Operating revenues
$910,057 $12,439,420 $10,908,444
$1,014,466
6,433,116
7,169,455
Oper. exps. (incl. taxes).
647,172
681,721
747,298
755,632
62,275
Prop.retire.res. approp.
63,942
Period End, May 31—
$368,803
$300,610
435
4,769
Gross income
Interest
Interest
$369,044
195,879
25,000
19,335
mtge. bonds.
deb. bonds..
Other int. & deductions.
on
on
Cr704
Int. chgd. to construct'ni
x
$3,755,977
2,360,257
300,000
205,689
Crl ,321
$4,519,102
2,350,550
300,000
206,493
Cr3,933
$301,045
195,879
25,000
16,969
Net income
$128,830
$63,901
Dividends applicable to preferred stocks for the
$891,352
$1,665,992
Wabash Ry.-
-Earnings—
1937
1936
1935
1934
$3,693,215
751,863
238,015
$3,714,202
888,399
403,240
$3,463,954
943,642
546,117
$3,477,909
976,748
501,542
19,919,295
5,020,605
2,386,228
18,610,028
4,524,066
2,131,902
17,190,400
4,350,929
2,178,864
16,272,393
4,492,564
2,090,313
May—
Gross from railway..
Net from railway.
...
Net after rents
From Jan. 1—
Gross from railway..
...
Net from railway.
Net after rents.
—V. 144, p. 4365.
...
..
_
...
Inc.—New Vice-President—
Warner Bros. Pictures,
1,704,761
1,704,761
period, whether paid or unpaid
Equipment Co.—Common and Preferred Listed—
Listing of issues of the company became effective on the San Francisco
Stock Exchange at the opening of business, June 23.
The issues consist
of 225,989 shares of common stock ($1 par), and 72,480 shares of convertible
cumulative preferred stock ($5 par) .—V. 144, p. 3026.
$3,728,030
27,947
$4,514,333
241
Net oper. revenues...
Other income (net)
137
Chronicle
Directors have elected Joseph H. Hazen a
Balance, deficit..
Dividends accumulated
$813,409
$38,769
...
unpaid to May 31, 1937, amounted to
$5,966,664, after giving effect to dividends of 87H cents a share on the
$7 preferred stock and 75 cents a share on $6 preferred stock, declared for
payment on July 1, 1937.
Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed.profits
for 1936, inasmuch as the companies reported no undistributed adjusted
net income for that year.
During 1937 provision for Federal surtax on
undistributed profits has been made in the amount of $4,000.—V. 144, p.
x
—V. 144,
and
Washington Gas Light Co.—Initial Dividends—
The directors have declared
an initial quarterly dividend of 30 cents per
stock, payable Aug. 2 to holders of record July 15.
declared an initial quarterly dividend of $1.12K
per share on the $4.50 cumulative convertible preferred stock, payable
Aug. 10 to holders of record July 31.—V. 144, p. 4030.
share
1937
$37,989
defll.,034
defl0,740
Gross from railway
Net from railway..
Net after rents..
From Jan. 1—
Gross from railway.
1934
$26,595
defl0,341
def23,967
1935
$41,959
def6,946
1936
$43,528
def3,793
def3,398
defl5,563
474,124
140,205
75,903
576,789
111,656
35,472
Net from railway
Net after rents.
—V. 144, p. 4030.
directors
also
Washington & Suburban Companies—Earnings—
246,350
30,990
def56,927
387,882
97,081
17,604
Interest on notes and bonds
Interest on notes of Alexandria Gas Co. accrued
but not paid
Total income
Interest
refunds on
Camp Milk Co.—Annual Report—
Cost of sales
...........
Selling, administration and general expenses
expense
12,076
$208,029
51,365
............
Net profit before provision for income taxes
Prov. for Federal, State income & undistrib. profits taxes.
$72,698
48,051
Net profit..
$223,696
Pref. divs. $59,160; com. divs., $37,500—
$170,354
a1,452,973
Deficit beginning of period
a$1,623,327 a$1,452,973
subsidiaries in propor¬
of acquisition amounting to $2,592,980
Dec. 31,1936 and $2,451,707 at Dec. 31,1935.
a
Deficit does not reflect net surplus increases of
at
Comparative Balance Sheet Dec. 31
96,656
$2.19
stock
Balance Sheet
as
Assets-
(net)
Invest. securitiesl9,101,456
19,250,966
Cow notes receiv., less res've..
Inventories
Deps. in closed banks, less res.
Co. (bankrupt) net
Trustee In Bankruptcy.....
Total——
*
144,
..
$2,079,1351
2,684,805
1, 1941
adustments
2,864,805
7,483,900
4,719,755
1,452,973
Share capital:
b $6
cum.
pref.
shares
c
Com. shares— 7,483,900
Capital surplus-
—
Deficit
20,666,338 20,737,959
a
Less
of
reserve
4.719,756
1,623,327
20,666,338 20,737,959
Total
$501,650. in 1936 and $352,150 in 1935.
b Repre
shares, c Represented by 6,000, no par shares.
sented by 70,000, no par
—V. 144, p. 4030.
Total
Represented by 14,528 shares (no par)
p. 1981.
$2,079,135
stated at $80
per
revenues
Balance after operation, maintenance and taxes..
Bal. for divs. & sur. (after appro, for retire't res.)
Washington Water Power Co. (& Subs.)—Earnings-
share.—Y.
Virginia Electric & Power Co.—Earnings—
12 Months Ended May 31—
Operating
497,282
bonds, due Mar.
Reserve for conting.
and
Total
—
6,500,000
590,834
5H % coll. tr. gold
220,636
Reciprocal lnsur.
subscribers'
fund & surplus reserve
14,558
Prepaid exps. & def. charges..
14,593
Land, bldgs., mach. & eqpt.
(net)
1,092,432
Estab. milk supply system
1,000
6,022
119,167
6,500,000
Accrued int. pay—
—
Due from Van Camp Products
$
$
11,204
119,167
Accounts payable.
1,068,796
rec.
(sub. cos.)
Accrued int. receiv.
a
Liabilities—
$
1,077,396
268,162
Demand notes
$118,012 Accts. pay. A accrued expenses $263,131
207,447 Res. for income taxes
I..
27,762
4,170 Reserve for declines
15,000
471,881 Reserve for contingencies
70,000
1,096 x $4 cum. pref. stock
1,162,240
Common stock (par $1)
75,000
136,405 Capital surplus
338,964
17,541 Earned surplus.
127,040
1935
1936
1935
195,912
1,658
Liabilities—
Acots. & notes rec.
$
217,174
2,149
Cash in banks
Accounts receiv—
at March 31.1937
Assets—
Cash
$160,931
al,292,042
tion to stock holdings since date
$127,040
on common
45,500
149,500
Reserve for write-down of investments
1936
Balance, surplus
Earnings per share
$79,069
45,000
45,500
149,500
Co.)
Deficit end of period
35,698
35,292
—
—
Reserve for amortization of bond discount
$259,394
...
......
------
30,731
for subsidiary company
Loss for the year
Net profit from operations
Miscellaneous income—Net
9,948
--
Net income for the period, before reserves.
Reserve against accrual of int. (Alexandria Gas
$4,471,022
4,113,260
149,733
357,500
7,257
8,083
bond interest, &c
General
Van
45,000
$489,066
Transfer taxes
Registration
Earnings for Fiscal Year Ended March 31, 1937
Sales, net....
48,051
$481,088
357,500
;.
.
Tax
1935
$410,462
33,604
1936
$401,706
31,331
Calendar Years—
Income received—Dividends
Ry.—Earnings—
May—
the common
on
The
4365.
Utah
Vice-President of the company.
p.3698,1127,795.
1937
1936
$16,965,748 $15,568,458
7,061,955
6,731,537
3,289,763
3,067,176
Period End. May 31—
Operating revenues
Oper.exps. (incl. taxes).
Property retir. reserve
appropriations
Net oper. revenues—
Other income (net)
1937—Month—1936
1937—12 Mos.—1936
$854,871
$755,687 $10,477,741
$9,160,382
477,264
399,276
5,830,949
4,693,559
760,418
1,025,942
86,314
83,545
$270,097
$294,062
1,930
1,975
$3,706,40
41,917
$3,620,850
31,885
—V. 144, p. 4204.
$295,992
82,963
Gross income
Virginian Ry.-
•Koppers Co. and Eastern Gas Get Indirect
Interest in Road—
H.
Lee, President of Eastern Gas & Fuel Associates in a letter accom¬
panying the July 1 dividend checks, says:
"A number of inquiries have been received from stockholders resulting
from news items appearing in the press to the effect that Eastern Gas &
Fuel Associates and Koppers Co. had acquired 'control' or 'working control'
of the Virginian Ry.
"Early in January, 1937, certain holders of large blocks of common and
preferred stock of the Virginian Ry. organized the Virginian Corp., a
Delaware corporation, and transferred to it 236,000 shares of common
stock of the Virginian Ry. in exchange for $23,364,000 of collateral trust
5% serial notes of the new company and 78,120 shares of 6% class A pref.
stock and 58,590 shares of common stock of that company.
"Your association and Koppers Co. (a large stockholder of your asso¬
ciation) together then purchased all of said class A preferred and common
stock of the Virginian Corp. for a total purchase price of $7,870,600.
Your
association supplied one-half of said purchase price, or $3,935,300, and
acquired one-half of each class of stock purchased.
Shortly thereafter,
your association sold all of the class A preferred and one-third of the com¬
mon stock which it had purchased to a group consisting principally of certain
stockholders and interests closely associated with stockholders of Koppers
United Co. (the parent company of the Koppers group) for $3,915,765.
"The Virginian Corp. owns 236,000 shares of the common stock of the
Virginian Ry., or approximately 75% of the total.
However, the preferred
stock of the Virginian Ry. also has voting rights so that the Virginia Corp.
owns somewhat less than 40% of the voting shares of the
Railway Co. We
understand that the former holders of the common stock of the railway
company which was sold to the Virginian Corp. retained common and pre¬
ferred snares of the railway company to an amount which gives them a
block of voting stock somewhat, if not entirely, comparable to that of the
Virginian Corp.
"Many of the mines of your association's subsidiary, the Koppers Coal
Co., located in southern West Virginia, are served both by the Virginian
Ry. and by another railroad.
Much of this tonnage, in the past, has moved
from the mines to tidewater via the Virginian Ry. and thence has been
shipped in colliers of a subsidiary, Mystic Steamship Co., to commercial
customers and to coke plants of the Koppers Co. and your association and
itis subsidiaries
"It is felt that the
acquisition of this direct interest in the Virginian Ry.
association and its associated company, Koppers Co., tends to
by your
complete the chain under which your association has an interest in all the
steps by which coal is mined, transported, and processed, ultimately reach¬
ing the consumer in many different forms."
Earnings for May and Year to Date
May—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 4030.
1937
$1,541,529
773,980
660,880
7,952,989
4,394,605
3,741,638
Int.
on
mtge. bonds
deb. bonds..
Other int. and deduct'ns
Interest
$3,652,735
995,550
"2",§81
"1,626
x
46,204
CV9.797
$187,483
for period,
$2,620,778
$3,748,322
995.550
29,125
34,792
on
Int. charged to construe.
Net income.....
$210,648
Dividends applicable to pref. stock
whether paid or unpaid
... *
$2,688,855
622,518
662,518
^
Balance....
-
.......
$1,998,260
-
$2,066,337
x Regular dividend on the $6 pref. stock was paid on March 15, 1937.
After payment of this dividend there were no accumulated unpaid dividends
at that date.
Regular dividend on this stock was declared for payment on
1937.
M
Note—Includes provision made during December, 1936, of $1,500 for
1936. No such
provision has been made to date for 1937.—V. 144, p. 4204.
June 15,
Federal surtax on undistributed profits of a subsidiary for
Waterloo Mfg. Co., Ltd. (&
Year Ended Dec. 31—
Subs.)—Earnings—
1936
~
1935
^
15,164
1,635
21,171
$81,541
14,980
1,595
100,000
49,141
$126,554
Operating loss
$247,257
$88,584
-
Executive salaries.-
Legal fees
Additional provision for bad debts
Additional prov. for inventory, obsolescence
Deficit for year.
Consolidated Balance Sheet Dec. 31
1936
Assets—
1935
$2,556
797,447
407,593
5,634
draft$2,094
911,894 Accts. pay. & accr.
in bank
Notes & accts rec.
Inventory
Prepaid expenses,
r
x Amount owing foi
421,038
5,776
shares of co., &c.
38,662
63,662
Equity in life ins.
Invest.,
Sunshine1
Waterloo
Co.,
Ltd. (atcost).—
147
Deferred charges.,
y
Fixed assets
expenses.-
350,000
138,419
439,777
$2,181,252 $2,332,786
23,564
24,110
645
Sunshine Waterloo
Co., Ltd., unp'd
call (see contra)
z
350,000
138,419
440,794
1,230,940
Capital stock.
Operating deficit—
Total
100,000
1,926,509
1,075,328
100,000
1,926,509
948,774
$2,181,252 $2,332,786
which authorizes the purchase of shares for the benefit of em¬
29
1936
1935
1934
ployees.
$1,331,661
703,185
665,976
$1,261,191
676,035
562,143
$1,126,323
in 1935.
7,019,226
3,807,514
3,375,176
6,243,881
3,283,797
2,716,704
5.935,749
3,112,930
2,700,872
both of
1935
1,205,861
Municipal & cor¬
poration taxes..
126
_
1936
Liabilities—
Bank loan & over¬
Cash on hand and
No.
566,557
480,080
$272,072
82,963
y
z
no
After reserve for depreciation of $42,331 inl936 and $44,298
Represented by 81,840 shares class A and 27,500 shares class B.
value.—V. 141, p. 1953.
par
Wehle Brewing Co.—Pays
Stock Dividend—
dividend
2j4 % payable in class B stock on the $10 par common and class B shares
on July 1 to holders of record June 19.
A stock dividend of 10% was paid
The directors at a special meeting held June 17 declared a stock
of
on
Jan. 4 last.
See also V. 144, p. 296.
Financial
138
Chronicle
Wheeling & Lake Erie Ry.—Earnings-
WayneJjPumpJjCo.(j(&J5ubs.)—Earnings-
sales
(approx. $50,000 applies to prior periods)■_
This
78,666
$746,545
289,658
$2.58
...
share
Court; it
Supreme Court,
y Excess profits and undistributed profits taxes are not
provided, as they are not determinable until the end of the fiscal year.
—V. 144, p. 3198.
West Coast Oil
Co.—Earnings—
1936
Calendar Years—
1934
1935
$157,206
93,652
7,843
$153,069
84,242
6,785
$149,215
80,935
5,570
Interest earned—
$55,711
10,883
$62,042
11,052
$62,710
10,608
Total income
$66,594
$73,094
13,403
$73,318
8,419
Sales and other
revenues
Cost of sales & other operating exps.
Taxes—other than income
_
Net operating income.
419,437
From Jan. 1—
$502,087
208,376
$2.41
provision is based on a recent decision of the Indiana Supreme
is expected that this decision will be appealed to the United States
per
1937
$1,531,750
501,613
May—
Gross from railway
Net from railway
Net after rents
x63,000
_
y103,000
Net profit for the period
Shares of capital stock outstanding
x
$580,087
$912,545
Estimated normal Federal income tax
Earnings
1936
mi
6 Months Ended May 31Profit after all charges, except Federal income tax
and special provision for Indiana taxes
._
Provision for Indiana gross income tax on interstate
11,859
_
871
Dividends
>4.021
Gross from railway
6,977,902
Net from railway
Net after rents
2,377,296
2,046,793
$55,669
72,856
$60,665
41,632
1935
1936
Accounts payable.
Accrued taxes, inch
improve., devel.
$248,231
$199,499
546
& personal prop.
546
Stocks owned
$1,069,120
338,862
246,835
244,516
144,556
5,299,589
1,116,532
677,698
4,902,494
1,330,470
812,228
5,713,268
1,357,858
861,794
Williamsport Wire Rope
Co.—Objection to Sale
been expressed and exceptions and objections filed
of preferred stockholders opposing the confirmation of foreclosure
sale of the property of the Williamsport Wire Rope Co. to the Bethlehem
Steel Co. for $3,300,000.
These preferred stockholders, represented by
Kennedy, Hall & Co., allege that this sale price is wholly inadequate and
unjustifiably takes away from them the very substantial equity they have
in this property.
Kennedy, Hall & Co., who are reported to represent ap¬
proximately '25% of the outstanding preferred stock, point out that the
company currently has on hand almost $1,000,000 in cash and that earnings
are running at an annual rate of approximately $40 per share on the pre¬
ferred stock.
They expect shortly to solicit deposits of preferred shares
under a protective committee agreement,—V. 143, p. 3167.
a group
Wil-Low Cafeterias,
Inc.—Transfer Agent—
Trust Co., is transfer agent for the common
$624,480
20,254
(Rudolph) Wurlitzer Co. (& Subs.) -Earnings1937
$8,215,307
4,452,026
1935
1934
$2,470,287
3,096,628
1936
$4,467,996
292,419
Years Ended Mar. 31—
Gross income from sales.
$2,451,470
3,288,899
161,430
3,255,942
3,990
\
Sessions & doubtful accts
$624,480
8,538
7,036
$3,470,861
Operating profit
565,297
Miscellaneous income—
Federal inc. tax.
Unmatured
stock
stock of this company.—V. 144, p. 2851.
and convertible preference
Prov. for losses on repos1935
1936
Liabilities—
Preferred stock
Oil lands & leases,
$1,126,861
Dissatisfaction has
by
Operating expenses
Balance Sheet Dec. 31
Assets—
x
_
—V. 144, p. 3699.
4,233
$53,863
41,632
Net income.
1934
1935
1936
$1,215,902
303,101
150,505
_
The Manufacturers
Frov. for depreciation and depletion.
Prov. for Federal income tax..
1937
3.
July
505,167
15,444
523,528
Accts. receivable--
OU products lnven.
3,902
4,038
Paid-in
surplus.101,862
101,862
3,282
Earned
surplus.--
15,168
2,937
income taxes estimated
$776,161
$744,853
$1,050,623 Ioss$626,341 loss$837,428
529,699
552,181
553,956
loss$74,160 loss$283.472
Prov. for Federal & State
Cash
$4,036,158
526,662
Total income
declared
13,959
Prepaid tax & ins.
divs
10,408
Misc. deduction
$1,580,323
464,506
850,000
206,654
274,016
378,378
20,000
Prop. taxes for ap¬
2,871
pointment
Net profit...
x$2,659,496
$5.74
Earns, per sh. on com._
Total
x
$744,853
$776,161
After
for
reserves
Total
depreciation and
and $1,387,279 in 1935.—V.143. p.
depletion
2702.
V>
.
of $1,357,490 in
1936
^ : '
The Interstate Commerce Commission
abandonment
by
the
on
company
a
of goods
For 1935 and 1934 depreciation has been
included
(or) expenses.
operating expenses.
certificate per¬
abandonment
of
Consolidated Balance Sheet March 31
operation
291.
§
Assets—
Cash
S
747,051
337,728
8,492
Marketable secur.
Western
Maryland Ry.—Earnings—
Period End. May 31—
1937—Month—1936
$1,411,639
$1,277,828
993,755
886,961
Operating revenues
Operating expenses
Net oper. revenue.
z
Receivables
8,372,928
2,319,568
29,796
Inventories
1937—5 Mos.—1936
$7,717,424
4,998,855
$6,591,487
4,391,866
Life insurance
Empl.
house
$390,867
100,000
$2,718,569
595,000
$2,199,621
$297,884
$290,867
20,039
Drl2,867
$2,123,569
120,378
Dr68,522
$1,729,621
$298,039
Other income
$315,824
11,137
$2,175,425
31,298
439,690
30,807
399,766
6,173,146
90,790
7,066,999
93,190
4,308
chase contract..
$1,794,087
26,281
$326,961
261,603
$302,457
264,069
$2,206,723
Fixed charges.
$1,820,368
1,319.471
_.
Taxes
Operating income
Equipment rents
Joint
32,625
Drl4,685
facility rents (net)
Netry. oper.income..
4,418
470,000
132,460
Dr67,994
1,308,652
Land,
bldg.,
1,995,500
543,742
2,570,500
payable.
619,778
Accounts
Reserve
for
add'l
compensation
_
95,000
72,850
.
Mtges.pay.—curr.
87,922
.
406,931
589,911
3,511,550
&c
interest,
curr.
liabils.
Reserves
Deferred income..
516,912
3,696.645
259,202
1,585,042
Long term liabs
Other
&c.,
less depreciation
Deferred charges.
$
$
Liabilities—
Notes payable
Acer, taxes, wages,
pur¬
Other assets
$417,884
120,000
5,035,109
1,636,124
19,922
1936
1937
1936
1937
thereof by the New York Central RR., lessee, of that portion of the socalled Chenango branch of the West Shore extending from Cazenovia to
Earlville. about 23 miles, all in Madison County, N. Y.—V. 141, p.
of $354,559 in
1936 and $395,441 in 1937.
Note—For 1936 and 1937 depreciation has been included in cost
in
June 8 issued
and
x$909,163 loss$472,538 loss$557,489
$2.16
Nil
Nil
Before amount transferred to reserve for contingencies
sold and
West Shore RR.—Abandonment—
mitting
x
640,621
354,316
283,115
7% pref.stk. (S100
Pats., copyrights &
goodwill.
1,308,500
1,306,600
y3,785,200 x3,129,200
par)
Common stock
572,105
225,000
1,479,655
Capital surplus.,.
Paid-in
225,000
2,944,618
surplus
Earned surplus
Total
18,177,279 14,628,140
18,177,279 14,628,140
Total
Represented oy shares of $100 par.
y Represented by shares of $10
z After reserve for loss on repossessions, doubtful accounts, music
lessons. &c. of $1,046,506 in 1937 and $761,869 in 1936—V. 144, p. 4032.
x
Net income.
$65,358
.
.
$38,388
$898,071
—Third Week of June
1937
Gross earnings
—V.
144,
p.
$315,361
.
$289,441
$500,897
Jan. 1 to June 21
1936
1937
$8,678,699
'
1936
$7,459,810
4365.
1937
May-
1936
$1,388,631
def95,695
Net after rents
def210,6l7
$1,162,505
33,368
defl49,599
1934
1935
$968,942
$1,017,099
260,344
149,423
199,549
111,065
From Jan. 1—
Gross from railway
Net from railway
6,295,177
151,224
def615,802
Net after rents
4,992,681
217,860
def510,344
4,251,446
774,158
343,339
4,420,390
498,840
defll9,526
—V. 144, p. 3699.
Western Public Service
Co.—Earnings—
12 Months Ended May 31—
revenues
Balance after operation, maintenance and taxes._
Bal. for divs. & sur. (after approp. for retire't res.)
1937
$2,165,287
720,419
154,352
1936
$2,035,849
654,348
138,746
144. p. 4365
-Earnings—
1937
$143,940
Mai/—
Gross from railway.
Net from railway
Net after rents
23,810
12,241
1936
1935
$124,466
5,737
$113,108
def4,486
def7,176
def4,868
'
$102,906
def10,938
def11,622
1934
1936
$1,238,154
434,914
206,039
1935
$989,359
219,093
31,734
$965,434
280,958
93,979
6,595,449
2,094,016
968,622
5,573,785
1,520,090
444,544
4,558,150
846,223
def90,478
4,552,671
1,153,573
140,142
From Jan. 1—
Gross from railway
Net from railway
Net after rents
_
—V. 144, p. 3701.
York Knitting Mills, Ltd.—Bonds Offered—A new issue
of $1,000,000 first mortgage bonds was offered June 25 in
the Canadian markets by Wood, Gundy & Co., Ltd., and
Wills, Bickle & Cayley, Toronto.
Maturities consist of
$600,000 15-year 43^% bonds at 98 and int., yielding 4.68%,
and $200,000 of 3^% and $200,000 of 4% serial bonds
having been disposed of.
Dated Aug. 2, 1937; Serial bonds to mature Aug. 1, 1938-45, 15-year
bonds mature Aug. 1,1952.
Principal and int. (F. & A.) payable at principal
offices of the company's bankers in Toronto, Hamilton, Montreal, Winnipeg
and
Vancouver, and at the principal offices of the agents of bankers in
Halifax and St. John, in lawful money of Canada at holders' option.
of $1,000 for the serial bonds, and $1,000 and
bonds in denorn.
1—
Gross from railway
Net from railway
716,506
82,871
32,760
Net after rents
619,155
30,767
def 1,884
541,786
def25,875
def43,870
555,654
def 6,427
def21,237
—V. 144, p. 4031.
1934
1937
$1,278,730
373,754
148,394
Net after rents
both issues
Western Ry. of Alabama-
From Jan.
Mississippi Valley RR.—Earnings—
Gross from railway
Net from railway
RR.—Earnings—
Gross from railway
Net from railway
—V.
Yazoo &
May—
Western Pacific
Operating
par.
the
Coupon
$500 for
to principal only.
Red. in whole or in
part at option of company on any int. date prior to maturity on 30 days'
15-year bonds, registerable
as
notice at
102 for the 334% and 4% bonds, if redeemed prior to Aug. 1,
1941; at 101 for the 4% series A bonds if redeemed on or after Aug. 1, 1941,
prior to Aug. 1, 1945; the 434% bonds to be redeemable at 103 ir
redeemed on or before Aug. 1, 1942; thereafter at 102 if redeemed on or
before Aug. 1, 1948; and thereafter at declining premiums of 34 of 1% per
annum prior to maturity; in each case twith accrued interest to date of
redemption.
On partial redemption, bonds will be redeemed in order of
maturity.
Commencing 1946, tnere will be provided for the 434% 15-year
bonds, a sinking fund sufficient to redeem annually $50,000 principal
amount of 434% series A bonds.
Trustee; Royal Trust Co.
In the opinion of counsel, these bonds will be a legal investment for
funds of Insurance Companias registered under the Canadian and British
Insurance Companies Act, 932.
Company—Incorporated under the laws of the Province of Ontario in
1911.
Since then the company has engaged in the spinning of cotton and
woolen yarns, adding French spun worsted yarns in 1918. Until 1932 a
knit goods department was also operated.
Upon the completion of the present financing, company will own all the
businesses, goodwill, assets and undertakings of Toronto Hosiery Co., Ltd.,
Woods Underwear Co., Ltd., Zimmerknit Co., Ltd.,
Heavey Knitting
Co., Limited and Hosiers, Ltd.
and
Western Reserve
Investing Corp.—Debentures Called—
A total of $344,000 15-year 5 J4 % gold debentures due Feb. 1, 1944 have
been called for redemption on
Aug. 1,
next, at 105 and accrued interest.
Payment will be made at the Guaranty Trust Co. of New York.—V. 144,
796.
p.
Westchester Lighting
The
Co.—Registers with SEC—
wholly-owned subsidiary of Consolidated Edison Co.
June 30 filed with the Securities and Exchange Com¬
mission two registration statements (Nos. 2-3277 and 2-3278, Form A-2)
under the Securities Act of 1933, covering the issuance of $25,000,000
of general mortgage bonds, 3H% series due 1967.
The bonds are guaranteed as to principal and interest by Consolidated
Edison Co. of New York, Inc., and the proceeds of the bonds will be applied
to the repayment of advances payable to the Consolidated Edison Co.
which aggregate $25,100,000,,exclusive of accrued interest.
The estimated net proceeds, the names of the underwriters, underwriters'
discounts and commissions and the price to the public are to be furnished
by amendment to the registration statement.
Consolidated Edison Co. of New York, Inc., also filed a registration
statement setting forth its guaranty of the bonds to be issued by West¬
chester Lighting Co.
R. H. Tapscott of New York, N. Y., is President of Consolidated Edison
Co. of New York, Inc.
E. P. Prezzano of Mt. Vernon, N. Y., is President
of Westchester Lighting Co.—V. 144, p. 3859.
of New
company,
a
York, Inc.,
West
on
Virginia Coal & Coke Corp.—New President—
Robert W.
Lea
was
elected President of the company on June 22 at a
will succeed John C. Cosgrove, who has
meeting of the directors.
He
resigned.—V. 144, p. 3523.
Windsor Land Co.,
See list given on
first
page
Inc.—Registration Withdrawn—
of this department.—V. 144, p. 1982.
Capitalization—
>
1st mortgage bonds (present issue)
1st preferred stock
2nd preferred stock
Authorized
*
$2,000,000
Outstanding
$1,000,000
150,000
300,000
150,000
300,000
300,000 shs.
Common shares (no-par)
229,012 shs.
Purpose—Proceeds will be applied toward the redemption of $240,250
Co., Ltd. 6% 1st mortgage bonds, $487,300 Zimmerknit
Co., Ltd. 6% 2nd mortgage bonds and $250,000 Zimmerknit Co., Ltd.
7% preference stock, with interest or dividends respectively accrued thereon
to date of redemption.
Upon completion of this financing, this issue will
constitute the only outstanding mortgage or funded indebtedness of the
Zimmerknit
company.
Zimmerknit Co.,
Ltd.—Merged—
See York Knitting Mills, Ltd.—V. 144, p.
1303
I
Volume
Financial
145
COMMERCIAL EPITOME
1937
Coffee—On the 28th ulto. futures closed 5 to 1 points
decline in the Santos contract, with sales of 5i lots.
The
Rio contract closed 8 to 1 points lower, with sales of 7 lots.
Friday Night, July 2,
closed on Saturdays in
the next
notice day will be Wednesday.
Rio futures in Brazil were
unchanged to 25 reis lower at 19.000 for June and 18.250 for
August.
The Rio spot quotation held at 19.000 and the open
market dollar rate was 10 reis stronger at 15.070 milreis to
the dollar.
Havre futures were 1.25 to 4.50 francs off.
Owing to the fact that the market is
summer,
notices could be issued today, and
no
On the 29th ulto. futures closed 3 to 14
contract, with sales of 55 lots.
points
up
points off in the Santos
The Rio contract closed 2
to 12 points off, with sales
of 15 lots.
loss orders in the September Santos
accentuated the weakness.
Commission houses
small stop
One or two
reportedly
the
were
principal sellers and the liquidation was absorbed by the
trade and other shorts.
Rio de Janeiro futures, traded only
at the call because
reis off.
of the Brazilian holiday—were 50 to 75
The open market
15.040 milreis to the dollar.
11
points
up
dollar rate
with sales
The Rio contract closed 4 points off to un¬
The only month where
changed, with sales of only 4 lots.
was
30 reis firmer at
to 5 points off in the Santos contract,
of only 24 lots.
trading
was
On the 30th ulto. futures closed
large enough to have any importance was the
July Santos, which ended 11 points higher as New Orleans
trade interests covered.
No notices were issued in either
Janeiro futures
50 reis higher
contract.
Rio
18.775 for
July and 17.900 for September.
de
were
at
The Rio spot
price held at 19.000, and the open market dollar rate was
unchanged at 15.040 milreis to the dollar.
The "C" contract
unchanged to 100 reis off from June 26 at 23.400
for July, 23.175 for September and 22.950 for December.
The fact that the Havre market is still closed as a result of
at Santos was
have had something to do with the
extremely small volume of business in the day's markets.
On the 1st inst. futures closed 2 to 10 points up in the
Santos contract, with sales of 46 lots.
The Rio contract
the financial crisis may
points higher, with sales of 12 lots.
Rio mar¬
were closed for a holiday.
Futures on the
were traded only at the call when the "B"
contract was unchanged to 100 reis off from June 26 and the
"C" contract was unchanged to 100 off from the previous
close at 23.400 for July, 23.150 for September and 22.825
for December.
The Havre market remained shut owing to
the French financial crisis.
Today futures closed 4 points
closed 5 to 1
kets in Brazil
Santos bolsa
down to 3 points up in the Santos contract,
contracts.
The Rio contract closed 8 points
with sales of 46
down to
un¬
changed, with sales of 7 contracts.
The trading was very
quiet, with price changes irregular.
Rio de Janeiro futures
were 25 to 175 reis higher, while in the Santos, Brazil, mar¬
ket the C contract was unchanged to 175 reis lower.
Cost
and
freight offers
were
for Maniz&les.
11
Rio coffee
unchanged. Milds were steady at
The Havre market continued closed.
prices closed as follows:
December
6.99 [September..
7.01
May
July
6.91 (March
6.93
Santos coffee
7.10]
May
July.
Dec ember
10.12 ~
10.09 September
10.86
Cocoa—On the 28th ult. futures closed
10.2
10.55
unchanged to 1
point lower. Activity in the July cocoa beans, which has been
the market feature for the past week or so, fell to a compara¬
tively nominal level yesterday. This was taken as an indi¬
cation that the spot delivery is fairly well evened up. Prices
opened unchanged to 4 points up. During the first hour
prices scored maximum gains of 10 to 13 points over Friday's
finals. Towards the close, however, the market reacted and
lost virtually all of the early gains.
Transactions totaled
255 lots, or 3,417 tons.
London came in 3d. higher on the
outside and 9d. to 6d. stronger for futures on the Terminal
Cocoa Market, with 540 tons trading.
Local closing: July,
7.19; Sept., 7.42; Oct., 7.45; Nov., 7.50; Dec., 7.55; Jan.,
7.58; Mar., 7.67; May, 7.77.
On the 29th ulto. futures
closed 8 to 5 points lower. The market started with losses
of 2 to 4 points. Transactions totaled only 79 lots, or 1,059
tons. London came in third lower for actuals, and lOJ^d. to
6d. weaker for futures on the Terminal Cocoa Market, with
480 tons of the latter trading. It is the belief in not a few
quarters locally, that as many as 200 to 300 more notices
will be tendered tomorrow, but it is expected that they will
be largely absorbed by a leading manufacturer.
Local clos¬
ing: July, 7.13; Sept., 7.37; Oct., 7.37; Dec., 7.49; Jan.,
7.57; Mar., 7.62. On the 20th ulto. futures closed 4 to 7
points higher. Transactions totaled 405 lots, or 5,427 tons,
with the total swelled by switches of 95 July and 30 Sep¬
tember into later deliveries. There were also 61 direct sales
of
The market opened unchanged to 3 points off.
further substantial deliveries against the July
July.
There
were
position, and they were absorbed in good fashion, 175 trans¬
notices being stopped virtually 100%.
It was be¬
lieved that a leading manufacturer took between 70 and 80
of these, while a large cash-and-carry house is said to have
stopped most of the remainder. Outside prices ruled 3d.
lower in London and 3d. to 7M>d. easier on the Terminal
Cocoa Market, where 780 tons traded. Local closing: July,
7.17; Oct., 7.44; Nov., 7.49; Dec., 7.54; Jan., 7.56.
On the 1st inst. futures closed 3 to 6 points net higher.
Transactions totaled 233 lots, or 3,122 tons.
London came
in 6d. stronger on the outside and 6 to 9d. firmer for futures
on the Terminal
Cocoa Market.
In the local market ex¬
ferable
pectations are for further substantial July deliveries, with
as high as 200 more notices being expected.
Others main¬
tain that the contract is quite thoroughly liquidated.
Local
closing: July, 7.21; Sept., 7.44; Dec., 7.59; March, 7.73.
Today futures closed unchanged to 1 point up.
Transac¬
tions totaled 105 contracts.
The market held steady despite
considerable evening up over the holidays.
The London
market also was quiet/and steady.
Licensed warehouse
stocks increased 200 bags.
The total now is 1,354,200
bags.
Local closing: July, 7.21; Sept., 7.44; Dec., 7.59;
March, 7.74.
to 2 points
relatively quiet.
The feature of the
session was the crossing of 100 lots of September at 2.52c.
by a broker acting for the Wall Street house with the leading
Cuban producing connection.
Including this transaction
the volume of business was only 195 lots, or 9,750 tons.
The
rest of the trading was scattered and without particular
significance.
In the market for raws there was a sale of 800
tons of St. Croix raws at 3.45c. to Arbuckle.
After this the
Sugar—On the 28thXulto. futures closed 1
down.
Trading
was
turned quiet.
The world sugar contract market
H to l}/2 points higher, the near months showing
the most strength.
Sales in this market were 358 lots.
London terme prices were unchanged to 3^ higher.
Parcels
of actuals sold at 6s. 9d. equal to 1.20c. f. o. b. Cuba, with
freight at 25s. 6d.
Refined was advanced l^d.
On the
29th ulto. futures closed 1 to 2 points up.
Transactions
totaled 309 lots, or 15,450 tons.
This total was swelled by
the posting of 100 lots of September at 2.51c. by the broker
who acts for the Wall Street house with the leading Cuban
market
closed
producing connection.
A bid for 200 lots at 2.52c. for a
Cuban operator went unfilled.
Outside of the September
position, trading was small.
In the market for raws interest
was
solicited July-August shipment Philippines at 3.45c.
and 3.46c., but refiners and operators were not ready to
talk at those prices.
There seemed to be a general disposi¬
tion to await further developments.
The world sugar con¬
tract closed
to 2 points lower, with sales totaling only
103 lots, or 5,150 tons.
The London terme market was
l/i to %d. lower.
Raws there were held at 6s. 9d., equal to
1.20c. f. o. b. Cuba, with freight at 25s. 6d.
This price was
unchanged from the previous day.
On the 30th ulto. futures
closed 1 point higher to 1 point lower.
Transactions totaled
331 lots.
The turnover of large blocks of September, as
previous sessions this week, helped swell the volume of
futures.
In the first half-hour,
the broker acting for the Wall Street house with the leading
Cuban producing connection, posted 120 lots of September
at 2.54c.
On Monday this same firm posted 100 lots at
2.52c. and on Thursday 100 lots at 2.15c.
This business
was against actuals, it was generally beheved.
While de¬
tails have been withheld, a substantial volume of business
in
business in domestic sugar
prices closed as follows:
March
139
Chronicle
today and during previous sessions this week,
much of it for
destination at American Sugar Refining Co. wharves, was
reported to have been effected around current levels.
This
latter applies to raws.
The world sugar contract market
closed y to iy points lower, with sales totaling 262 lots,
or
13,100 tons.
points higher. Trans¬
As sentiment veered to the view
On the 1st inst. futures closed 1 to 3
actions totaled 245 lots.
that the so-called
this session,
Jones compromise bill will be enacted at
domestic
sugar
futures
were
firmer.
Although
only two sales were reported in the market for raws, a cargo
of Puerto Ricos for late July loading at 3.5c. to the National
and 2,075 tons
3.45c. to
beheved
prices.
an
to
of Philippines for July-August shipment at
operator, additional quantities were generally
been transacted, some at even higher
have
Confirmation, however, was lacking.
The world
contract closed 13^ to 3 points higher. Sales in this
contract were 284 lots, or 14,200 tons.
Increased European
demand for world sugar contracts was largely responsible
sugar
140
Financial
for the firmness
displayed in this market.
Today futures
closed 4 to 1 points up in the domestic contract.
Transac¬
tions totaled 314 contracts.
Domestic sugar futures con¬
tinued to advance in active buying featured
by
new
outside
demand for 1938 positions, ascribed to imminent settlement
of the controversy over sugar legislation. In the raw market
sales
were
were
on
made
offer
yesterday at 3.47c., while today
under
In
3.50c.
the
world
no raws
sugar
market
prices were 1H to 1 point down at the close, with sales
totaling 206 contracts. In London futures were Hd. higher
to Hd. lower, while Cuban raws were held at about 1.20
He.
a pound.
Prices
July
September
_2.57 IJanuary__
2.54
December
2.47
March
2.47
2.57 /May
2.50
Lard—On the 28th ulto. futures closed
10 to 15 points
during the session showed losses
of 20 to 25 points below the previous close. With the
grains
showing such pronounced strength, new buying of lard
made its appearance, which resulted in a partial
recovery of
the earlier losses. Final prices, however, were
substantially
below the previous finals. Hog prices were 5c. to 10c. lower.
Total receipts of hogs for the Western run were 53,200
head,
against 72,900 for the same day a year ago. No export
clearances of lard were reported.
Liverpool lard futures
unchanged, with the spot price 6d. higher. On the 29th ulto.
futures closed 7 to 15 points off. Heaviness
prevailed through¬
out the session. Early liquidation in
anticipation of a bearish
Government pig report and the lower hog market caused a
break of 15 to 20 points. It was
reported that there is con¬
siderable open interest in the nearby July option, and
selling
in this delivery was credited to longs. Some of these holders
transferred to the later months, principally
September and
December. The pig report showed that on June 1, 38,779,000
pigs were saved on farms, this figure representing a reduction
of 7.3% below the crop of a year ago. Trade interests were
looking for a reduction in the neighborhood of 10%. Hog
prices at Chicago closed 5c. to 20c. lower, the top price for
the day being $11.90, with the major portion of sales
ranging
from $10.40 to $11.75.
Total receipts for the Western run
were 51,500
head, against 67,000 for the same day last year.
Export shipments of lard from the Port of New York totaled
12,600 pounds today, destined for London. Liverpool lard
futures were Is. lower, while the spot position was 6d. lower.
On the 30th ulto. futures closed
unchanged to 2 points higher.
The lard stocks report will be issued
tomorrow, and it is
expected to show a decrease of approximately 6,000,000
pounds in Chicago lard stocks for the month of June. Chi¬
cago lard stocks on June 15 totaled 116,872,000 pounds,
against 49,727,000 on June 15, 1936. No lard shipments were
reported from the Port of New York. Hog prices at Chicago
were
firmer, final quotations being 10c. to 15c. higher,
with the top price registering $12.
Receipts at Chicago
were rather
light and totaled 11,000 head. Liverpool lard
futures were easy, with prices at the close 6d. to 9d. lower.
On the 1st inst. futures closed 15 to 7
points higher. Short
covering influenced by expectations of a liberal decrease in
Chicago lard stocks for the month of June caused an ad¬
vance of
12 to 15 points in lard futures.
Opening prices
were 2 to 5
points higher.
The Chicago lard stocks report
issued after the close, showed that
supplies last month de¬
creased only 2,255,755 pounds, or about 3,500,000
pounds
less than expected.
Total stocks now at Chicago are 115,771,273 pounds, against 53,409,065 pounds on the same date
a
year ago.
Chicago stocks decreased 1,154,089 pounds
during the first half of June and only 1,101,666 pounds
during the last half. In June 1936, stocks increased 7,110,758
pounds.
Hog prices at Chicago closed 15c to 25c. higher,
the top price registering $12.25, with the
major portion of
sales ranging from $10.60 to $12.10.
Total receipts for the
Western run were 32,000 head, against 39,000 for the same
day last year. Lard exports were only 2,800 pounds. To¬
day futures closed 7 to 2 points up on the near months, with
the distant deliveries
unchanged to 2 points down.
There
was
considerable short covering of short lines put out on
dowh.
Prices at
the recent lard
one
time
stocks report,
caring to hold commitments
DAILY CLOSING PRICES
Sat.
July
September
most of these interests not
open over
OF
LARD
Mon.
the three-day holiday.
FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Fri.
__.__11.95
12.25
11.85
11.70
11.70
11.85
11.92
12.12
12.00
12.00
12.15
12.30
12.15
12.20
12.00
12.05
12.07
12.20
12.17
12.25
11.92
11.95
12.02
12.00
October
December
Pork—(Export), mess, $36.123^ per barrel (per 200
pounds); family, $25.12H, nominal, per barrel; fat backs,
$24 to $28 per barrel.
Beef: (export) steady.
Family (ex¬
port) $23 to $24 per barrel (200 pounds), nominal.
Cut
Meats: Pickled Hams, Picnic, Loose, c.a.f.—4 to 6
lbs., 17c.;
6 to 8 lbs., 16c.; 8 to 10 lbs.,
14%. Skinned, Loose, c.a.f.—
14 to 16 lbs., 21c.; 18 to 20
lbs., 20c.; 22 to 24 lbs., 18%c.
Bellies: Clear, f.o.b., New York—6 to 8 lbs.,
21c.; 8 to 10lbs.,
21c.; 10 to 12 lbs., 20%c. Bellies: Clear, Dry Salted, Boxed,
N. Y.—16 to 18 lbs.,
17%c.; 18 to 20 lbs., 17%c.; 20 to 25
lbs., 17 He.; 25 to 30 lbs., 17%c. Butter: Creamery, Firsts
to Higher than Extra and Premium Marks: 25c. to 31
%c.
Cheese: State, Held '36, 22 He. to 23 He.
Eggs: Mixed
Colors, Checks to Special Packs: 19c. to 23%c.
Oils—Linseed oil crushers are holding to the 10.4c., prices.
Quotations: China Wood: Tanks, June for'd 11.9c. to 12.0c.;
Drums 12Hc. to 12 %c.
Coconut: Sept. for'd 5 He.; Coast
July 3, 1937
Forward, 4%c.
Corn: West tanks, old crop 8 to 8%e.
Olive: Denatured, Nearby, African, $1.48; Greek, $1.48 to
$1.50.
Soy Bean: Tanks, resale, West 7%c.; New crop
7%c.; L.C.L., 10.5c.
Edible: 76 degrees, 11 He.
Lard:
Prime, 13He.; Extra winter, strained, 12HeCod: Crude,
Japanese, 56c., nominal; Norwegian, light yellow, 40c.
Turpentine: 39c. to 43c. Rosins: $9.20 to $10.15.
Cottonseed Oil, sales, including switches, 259 contracts.
Crude, S. E., 8c.
Prices closed as follows:
July
August
September
9.10@ 9.15 November
9.10@
December
9.10@
January
90.5@ 9.08 February
9.05@
9.03@
9.05®
9.05®
....
October
follows:
were as
Chronicle
.
9.08
Rubber—On the 28th ulto. futures closed 33 to 41 points
Transactions totaled 4,690 tons.
At the opening
down.
prices were 13 to 22 points off. The market showed no
appreciable rallying power, a heavy undertone prevailing
right up to the close. Outside prices were reduced to a spot
basis of 19%c. for standard sheets. The London and
Singa¬
pore markets closed quiet and dull, respectively, prices
3-16d. to
5-16d. lower.
tons last week to
British rubber stocks declined 250
low of 43,403 tons.
Local closing:
July, 19.17; Sept., 19.38; Oct., 19.45; Dec., 19.57; Jan.,
19.64; Mar., 19.74; May, 19.86. On the 29th ulto. futures
closed 3 points lower to 3
points higher. At the opening
prices were 9 to 32 points lower than the previous finals, with
July the weakest delivery month. Further liberal offerings
of shipment rubber together with the issuance of 410 trans¬
ferable notices against July contracts, were the factors
largely
responsible for the heaviness in the futures market. Trans¬
actions totaled 3,870 tons.
The outside market continued
to be a very quiet
affair, with prices at the close unchanged
at a spot level of
19He. for standard sheets. London and
Singapore closed steady and easy, prices declining l-16d. to
Hd. Local closing: July, 19.15; Sept., 19.37; Oct., 19.44;
Dec., 19.55; Jan., 19.62; Mar., 19.72. On the 30th ulto.
futures closed 5 to 11 points higher. At the
opening prices
were 9
points lower to 6 points higher. Transactions totaled
2,000 tons. Prices moved over a range of 25 points, but there
a
new
definite trend until toward the close when the market
Outside prices were quoted on a spot basis of
19Hd. for standard sheets. London and Singapore closed
was no
steadied.
quiet and dull, respectively, the former unchanged, while
Local closing: Julv, 19.26; Sept.,
19.44; Oct., 19.50; Dec., 19.62; Jan., 19.70; Mar., 19.80.
the latter advanced l-16d.
On the 1st inst. futures closed 30 to 39
points higher.
Transactions totaled 5,430 tons.
The market started with
gains of 11 to 22 points. Outside prices were raised to a spot
basis of 19He. for standard sheets, but factories were re¬
luctant to make
new
commitments at this level.
London
and
Singapore closed steady, prices advancing Hd-to 3-16d.
Local closing:
July, 19.65; Sept., 19.83; Oct., 19.88; Dec.,
19.97; Jan., 20.02.
Today futures closed 32 to 27 points
down.
Transactions totaled 269 contracts.
An increase in
Malayan rubber shipments and heavy liquidation of long
holdings in a desire to get out of commitments over the ex¬
tended holiday, were given as the influences responsible for
the heavy declines registered in the futures market today.
The London market closed 1-16 to Hd. lower, but Singapore
advanced Hd. to 5.32d.
Local closing: July, 19.33; Oct.,
19.56; Dec., 19.66; Jan., 19.72; March, 18.93.
Hides—On the 28th ulto. futures closed 11 to 12 points
higher.
Trading today was reported the heaviest in some
time, hide futures transactions totaling 6,360,000 pounds.
Stocks of certificated hides in warehouses licensed biy the
Exchange remained unchanged at 839,980 hides.
In the
Argentine and Uruguay spot markets about 40,000 hides sold
on June
25 and 26, with frigorifico steers bringing from
15 5-16 to
15 9-16c.
Local closing: Sept.,
15.70; Dec.,
16.10; Mar., 16.44; June, 16.75.
On the 29th ulto. futures
closed 27 to 31 points up.
Transactions totaled 3,360,000
pounds.
At the opening, prices were 2 to 5 points down,
but the market increased in strength as the session
progressed.
Stocks of certificated hides in warehouses licensed by the
Efxchange remained unchanged at 839,980 hides.
Sales in
the domestic spot hides market in Chicago were 56,300 hides,
with May-June light native cow hides selling at 15He. a
pound.
Local closing: Sept., 15.97; Dec., 16.40; Mar.,
16.75; June, 17.06.
On the 30th ulto. futures closed un¬
changed to 1 point up.
Transactions totaled 5,480,000
pounds.
Trading was fairly active, with prices starting
4 to 10 points up.
Stocks of certificated hides in ware¬
houses licensed by the Exchange increased by 1,000 hides to
a total of 840,980 hides.
In the domestic spot hide market
it was reported there were 31,400 hides sold, with June light
native cow hides selling at 15He.
In the Argentine market
for frigorifico hides, 8,000 light steers were reported sold at
15%c. a pound.
Local closing: Sept., 15.98; Dec., 16.40;
Mar., 16.75; June, 17.06.
On the 1st inst. futures closed 19 to 27 points higher.
The market was irregular at the start, first prices ranging
from 10 points higher to 3 points decline.
As the session
progressed the market gained in strength and closed not far
from the highs of the day.
Transactions totaled 3,440,000
pounds. Stocks of certificated hides in warehouses licensed
by the Exchange remain unchanged at 840,980 hides. No
new
developments were reported in the domestic or Argen¬
tine spot hide markets during the day.
Local closing:
Sept., 16.25; Dec., 16.62; Mar., 16.97; June, 17.25. Today
Volume
Financial
145
futures closed 5 to 13 points up.
Transactions totaled 123
appeared strong throughout most
of the session, due to news of further advances in prices of
spot hides.
Sales in the spot maket yesterday included
6,800 June hides at 15Hc., with River Points selling at
15 He.
Additional sales today at 15
for light native
cows were reported,
with rumors that packers were with¬
drawing further offerings.
Local closing:
Sept., 16.30;
The
contracts.
market
Dec., 16.72; March, 17.10.
Ocean
Freight—Chartering was again fairly active this
a good deal of scrap chartering in evidence.
Charters included: Scrap: North Atlantic to United Kingdom,
25s. 6d. Another item: 8 to 10 months, general trade, 7s. 6d.,
delivery St. Lawrence early July. Range to United Kingdom,
July, 25s. 6d.
Range to United Kingdom, July, 25s. 6d.
Atlantic to United Kingdom, end July, 25s. 6d.
Range
to United
Kingdom, July, 25s. 6d.
North Atlantic to
West Italy, July, $8.
Trips: Trip across, July, $2.25.
Trip
down Atlantic Coast to West Indies, prompt.
Fixed Pacific
Coast trade, 8s. 6d., delivery North of Hatteras.
Canada
to United Kingdom—Continent, July, 9s.
Canada to United
Kingdom—Continent, July, 9s.
Trip across, St. Lawrence
to United Kingdom-Continent, 9s.
Grain Booked: August,
25c. per 100 pounds.
Sugar: Cuba to United Kingdom, July,
24s.
Cuba to United Kingdom-Continent, August, 25, 25s.,
Santo Domingo, 24s.
Cuba to United Kingdom, July, no
rate.
Cuba to Liverpool, July, 24s.
week,
with
Coal—The advances of 15c. a ton on egg and nut at the
mines, of 10c. on stove and 5c. on pea announced by Smoke¬
less Coals, Inc., took effect Thursday.
The other West
Virginia operators are apparently waiting for an improve¬
ment in demand before
following suit. The slight improve¬
ment in the line demand over a month
ago has been more or
less counteracted, according to advices from authoritative
sources, thus leaving smokeless producers about where they
stood at the end of May.
However, the more marked sea¬
sonal improvement in the line business is
expected to begin
in the not too distant future.
141
Chronicle
transactions in futures totaled 2,600 bales.
Local closing:
July, 1.79H; Aug., 1.81; Sept., 1.81; Oct., 1.81 H; Nov.,
1.81 H; Dec., 1.80.
On the 30th ulto. futures closed 4Hc.
to 2He. higher.
Transactions totaled 2,880 bales.
The
market opened 3He. to 2c. up and with reactions now and
then finally ended with the early gains fairly well maintained.
The forward positions were sold very heavily at the close by
certain trade interests, and in view of this exceptional
pressure, prices held up remarkably well.
Two more notices
brought the total to 189. Crack double extra was 2He. up
at 1.87.
at
Grade D
Kobe,
24 to
rose to 855 yen at Yokohama and 860 yen
20 yen higher in both cases. Futures were up
or
15 yen at Yokohama
and 15 to 7 yen higher in the
Spot sales in the two markets totaled 1,025
bales, while futures transactions totaled 7,875 bales. Local
closing: July, 1.84; Aug., 1.85; Oct., 1.84; Nov., 1.83H;
Dec., 1.83H.
On the 1st inst. futures closed unchanged to 2c. lower.
Transactions totaled 520 bales.
The opening was unchanged
to lc. higher.
The official figures placing United States mill
takings for June at 35,783 bales, against 35,278 bales for
May, more or less fulfilled expectations and therefore fur¬
nished no cause for any market movement one way or an¬
other.
Ten more notices brought the total for July to 199.
Grade D at Yokohama was quoted at 860 yen, or 5 yen
higher.
At Kobe Grade D was also 860 yen.
Futures at
Yokohama were 10 to 1 yen off, and at Kobe 4 yen up to 3
yen lower.
Spot sales in the two markets were 925 bales and
futures transactions totaled 7,950 bales.
Local closing:
July, 1.83; Sept., 1.83; Oct., 1.83; Dec.,# 1.83.
To-day
futures closed 5H to 3 points up.
Transactions totaled 200
Kobe market.
statistical reports caused a
In the spot silk
Favorable
contracts.
further
market
He. to $1.92. The Yokohama
Bourse closed 6 to 12 yen higher.
Grade D silk in the outside
market advanced 2H yen to 862H yen a bale.
Local closing:
July, 1.88H; Aug., 1.88H; Oct., 1.87H; Dec., 1.86H; Jan.,
rise in the
silk futures market.
raw
crack double extra advanced
1.86.
It is stated that the
falling off
loadings has not been very great, and that the total
Lake trade continues to exceed last
year's volume by a very
great margin.
in Lake
Metals—The
of Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the
department headed
report
"Indications of Business
more
Activity," where they
fully,
are
covered
;
Wool—The strike plague has now reached the wool mar¬
Wool movement in and out of the
city of Boston is
kets.
completely tied
up
bitration
thus
have
far
been
ineffective
in
mediating the
steamship lines have
embargo against wool for Boston, while union
officials are making arrangements to
prevent the handling of
wool at the ports of New York and
Philadelphia.
It- is
feared that if the strike is continued too
long, the controversy
may result in mills needing additional supplies of raw ma¬
terial, turning for relief to other wool selling centers.
In¬
an
coming wools from the West and abroad are congesting the
docks and, on the other hand, wool houses are unable to
make
plea.
in
delivery of a single pound, no matter how urgent the
Some mill buyers show interest in Western grown wool
the
country,
scoured
Texas
of
the
Friday Night, July 2, 1937.
Crop, as indicated by our tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 15,752
bales, against 19,653 bales last week and 15,944 bales the
preceding week, making the total receipts since Aug. 1,
1936, 6,247,345 bales, against 6,685,631 bales for the same
period of 1935-36, showing a decrease since Aug. 1, 1936, of
438,286 bales.
411
Houston
—
—
—
99
Competition
was
reported
as
keen
-L
—
833
948
511
1,117
205
277
178
2
5
5
178
2,039
2,684
Savannah
462
—
—
—
'
in the
transactions
;
were
up
15
deliveries.
two
markets
totaled
yen
on
Kobe
10,550 bales.
the
near
futures
200
bales, while futures
Futures
at
Yokohama
and 2 yen off
on
363
—
507
llie
405
2,329
142
664
2,690
15,752
150
1,580
ioiiowmg
itLUie
suuws
me
weens
tutcti
leeeipta,
uue
since Aug. 1, 1936 and the stocks tonight, compared
total
with last year:
1936-37
Receipts to
July 2
This
Aug
1, 1936
Week
Texas
1,297 1,291,559
99
Corpus Christi
Since Aug
Week
1,1935
2,006 1,560,486
44,483
4,602 1,726,403
60
271,984
38,052
City
Houston
This
284,019
23,286
Beaumont
4",441
2,017,828
4,529
319,359
New Orleans
Mobile.,
Savannah
1937
321,219
1936
9",923 1,794,062
392,369
166,337
3,693
314,589
1,528
126,934
396,385
1,872
251,025
28,821
28,139
305,082
96,034
6,508
2,237
162,526
27,032
28",036
5,040
12,067
22,691
12,580
13,668
28,554
"Too
1,116 1,697,396
Galveston
Stock
1935-36
Since
'"2",325
4,181
1,350
1,425
258", 115
25,203
14,264
292,437
44,501
3,663
Brunswick
'507
Lake
169",552
"152
"405
56,000
26,809
533
664
Charleston
43,349
429
214,348
56,028
23,815
45,820
70"305
i",6io
33", 162
Charles
Wilmington
Norfolk
Newport News—
168
::::
New York
Boston
1,580
Baltimore
471
Philadelphia15,752 6,247,345
21,952 6,685,631 1,160,325 1,365,688
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
were
we
Receipts at—
1936-37
1935-36
1934-35
1933-34
futures closed
a
-
the distant
unchanged to 4 yen up.
2He. to 4c. higher. The
range of He. off to 1 He. up, and closed
at approximately the highs of the day.
Transactions totaled
249 bales. Crack double extra was up He. at 1.84
H. Thirtyfive additional notices, bringing the total for the first
two
days to 187, were issued and circulated, but the bulk of the
July liquidation was apparently at an end, for the present
at least.
Grade D at Yokohama was 2H
yen off at 835 yen.
At Kobe the same grade was 5 yen higher at 840
yen.
At
Yokohama futures were 8 to 4 yen up, and at Kobe 8 to 2
yen up.
Spot sales for both centers totaled 475 bales, while
On the 29th ulto.
market started with
1
totaled
7
178
—
—
1,580
"782
sales
-
4,041
1,969
l",U4
an
-
Baltimore
Totals this week-
1,157
1,130
on
99
342
189
4,477
142,496
even basis.
The market opened lc. off to
and closed at about the lows of the day for most
options. Crack double extra was off 2c. at 1£4. Grade D
was 7H yen lower at
Yokohama, with the price 837 H yen.
At Kobe the same grade was off 10
yen, at 835 yen.
Spot
324
398
_
100,910
up,
1,297
4,441
4,529
1,114
'
Norfolk
—
Jacksonville
December
1,116
-
'
__
Pensacola, &c
2c.
-*-
690
12
144
Charleston,
Wilmington
notices,
July alone, and sales for the whole day totaled 8,000 bales,
with 1,940 bales done on switches,
chiefly between July and
1,023
—
1,103
2,030
Silk—On the 28th ulto. futures closed
2He. off to He. up.
The outstanding feature of the session was the issue
of 152
today being the first notice day for July. This
resulted in exceptionally
heavy selling of the spot raw silk
futures position.
More than 5,000 bales were traded in
123
-
—
867
Mobile
Total
12
309
189
—
Fri.
Thurs.
85
102
New Orleans
combing fine territory wools in original
The final series of wool sales at Brisbane for the sea¬
and general, best greasy and scoured merinos
selling at the
highest point of the sales. Other grades were firm.
Wed.
Tues.
159
Christi-_
Corpus
a
30th.
Mon.
Sat.
Receipts at—
Galveston
few sales being closed at around 95c.,
delivered East, for good twelve months'
closed June
Movement
grams
and French
bags.
son
basis,
The
and the efforts of the State Board of Ar¬
controversy between the wool handlers' union and repre¬
sentatives of the Boston wool trade over the
question of a
closed shop.
Further, several of the
declared
COTTON
Houston
New
Orleans.
Mobile.
Savannah
Brunswick
Charleston
_
Norfolk
Total this wk_
Since
3,501
4,064
18,561
4,468
1,322
"l",859
"7~, 981
"""892
782
340
194
"""152
"""628
405
664
533
326
230
901
429
177
1,164
1,776
2,365
4,012
"
Newport News
All others
1931-32
9,562
18,080
23,815
3,479
5,930
2,006
4,602
9,923
1,157
—
Wilmington.
1932-33
11,143
9,263
16.710
5,025
3,109
518
1,116
1,297
4,441
4,529
1,114
"""507
Galveston
154
36
"
"
"l",679
"2,368
"""628
"l",696
"~8", 747
"l",437
15,752
21.952
9,188
50,199
80.277
34,435
Aug. 1-- 16,247,345 6,685,631 4,004,266 ,7.292.430 8,561,714 9,633,902
Financial
142
The exports
for the week ending this evening reach a total
which 6,932 were to Great Britain, 4,103
to France, 7,092 to Germany,
12,623 to Italy, 7,282 to
Japan, 150 to China and 6,724 to other destinations.
In
the corresponding week last year total exports were 70,930
bales.
For the season to date aggregate exports have been
5,329,498 bales, against 5,891,962 bales in the same period
of the previous season.
Below are the exports for the week:
of 44,906 bales, of
Exported to—
Week Ended,
July 2,
1937
Exports from—
Ger¬
Great
France
Britain
Houston
37
16
102
100
•
-
-
•m
1,700
---
-
---
257
«
4,533
3,526
1,700
-
,
,
.
30
92
.......
1,248
1,883
400
San Francisco--.
110
800
1,727
..
•
_
477
15,823
57
3,526
Angeles
3,515
311
2,006
Norfolk-
921
2,381
•
Mobile
Los
871
Total
10,162
2,162
42
2,309
48
1,224
72
1,871
Charles—
Wilmington
Other
1,551
6,245
397
52
Savannah
China
Japan
3,424
2,478
2,917
Corpus Christi-New Orleans
Lake
Italy
many
499
Galveston
379
3,131
....
1,150
1,550
6,932
4,103
7,092
12,623
7,282
150
6,724
Total
1936
38.128
7,591
3,838
5,958
4,885
300
10,230
70,930
Total
1935
9,915
7,594
9,608
13,104
17,559
13,049
70,829
Total
From
44,906
Exported to—
Aug. 1, 1936, to
Great
July 2, 1937
Exports from—
France'
Britain
Galveston
180,003 179,564
Houston
176,181114,400
Corpus Christi.
51,022
9,728
46,949
963
405,234 277,925
11,077 21,353
116,522 37,565
Beaumont
Hew
Orleans--
Lake Charles.Mobile
Jacksonville
Pensacola,
11,603
6,613
149,639
Savannah
57,984
1,791
Charleston
67,320
2,542
Gulfport-__
6,172
985
6
275
Boston
"~8~,945
"2",850
2,415
89,324
3,718
1,516
13,258
127,172
18,000
5,317
148,697
27,217!
3,960
2,900
"
30
"l~,498
2,757
333
8,611
4,601
393
1,422
6,516
6,879
2
"62
4
55,318
301,820
5,661
100
261
Baltimore
17,484
27,660
15,271
1,121
1,004
4,007
17,454
1,130179,8201331,855
182,382
210
l",706
Norfolk
York
66,045
135",725
1,200
New
18,387246,8261517,673
2,213144,344 930,222
355, 26,893 210,912
276,935
58,060
Wilmington
Total
150
5,194
83,911
2,330
29,601
48,905
1,794
599,313
8,045
Other
China
Japan
175,858 117,722
118,422 97,727
1,630
47,003
<fec.
Italy
many
639
26,105
7,701
419
22,063
11,626
784
33
3,157
12,409
13,495
277,275
100
16,184
378,152
100
122,979
1,000
5,629
147,376
10
634
30,265
1,330
10
Philadelphia—.
Los Angeles—
San Francisco.
30,935
5,258
Seattle
Total
1176,414
Total
1934-35.
708,44l|
1935-36. 1410,192
Total
710,480, 743,825 405,2871558,166
768,341388,818
3,862
23,185712,1415329,498
856,089 393,5991532,461 41,875 949,305 5891,962
422,849 481,5961561,041108,474 922,880 4653,992
been our practice to Include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It Is Impossible to give
NOTE—Exports to Canada—It has never
returns
concerning the same from week to week, while reports from the customs
districts
the Canadian border are always very slow in coming to hand.
on
In view,
numerous Inquiries we are receiving regarding the matter, we will
the month of May the exports to the Dominion the present season
however, of the
say that for
have been 16,950 bales.
In the corresponding month of the preceding season the
For the ten months ended May 31, 1937, there were
against 203,820 bales for the ten months of 1935-36.
exports were 22,000 bales.
239,806 bales exported,
as
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
1937
3,
July
been closed with sales during the
period from Feb. 1 totaling
1,335,467 bales.
Southern spot markets, as officially re¬
ported, were 5 points higher to 1 point lower. Average price of
middling at the 10 designated spot markets was 12.54 cents.
On the 28th ulto. prices closed unchanged to 6 points lower.
Trading was relatively light, with prices fluctuating within a
range of 8 to 15 points for the active months.
Most of the
day's business was confined to local traders, who were on
both sides of the market.
It was generally accepted that the
market was in a between-seasons position, which accounts
in large measure for the prevailing apathy among traders
generally.
Crop advices were considered entirely too favor¬
able to encourage new speculative buying and a report
by a Western commission house placed the condition of
the crop at 89.5%, which on an estimated acreage of 34,000,000, pointed to a yield of 14,580,000 bales.
Newcrop cotton, which is usually sold in considerable volume
at this season of the year, was unusually quiet.
Southern
spot markets, as officially reported, were unchanged to
6
points lower.
Average price of middling at the 10
designated spot markets was 12.53 cents.
On the 29th
ult.
prices
closed 4 to 6 points down.
Trading was
active, with price moving irregularly over a ranged of
approximately $1 a bale.
Lower Liverpool cables and
financial developments in France resulted in an initial
decline of 8 to 18 points.
Subsequently, there wras a rally as
the result of local and New Orleans
Ger¬
i
Chronicle
selling
pressure.
ments
in
Attention
buying and easing
up
of
focused largely on develop¬
July delivery.
Before the opening, notices
issued against 9,100 bales of July contracts, and as
were
was
the
these
circulated, July liquidation became heavy, and at one
July was down 18 points under the previous close and at
time
discount of 12 to 13 points under October.
This equaled
last week's maximum discounts.
New Orleans houses took
a
most of the notices.
New outside interest was virtually nil.
The weather map showed more rain over
quite a large area in
the cotton belt.
These rains were not wanted, and it was
feared might again stimulate insect
activity.
Southern
officially reported, were 5 points lower to 10
points higher.
The average price of spot cotton at the 10
designated spot markets was 12.52 cents.
On the 30th ulto. prices closed 5 to 12
points down. There
was continued
July liquidation, and this together with favor¬
able crop reports, did much to
depress the market.
Circula¬
tion of 50 July notices caused active
liquidation in that
position and at one time July was 14 points under October.
The notices were stopped
by strong interests and at the close
the July discount was reduced to 7
points, compared with 4
points at the close Tuesday.
The late positions fluctuated
nervously over a range of 12 to 17 points, and at one time
showed gains over the previous finals of 5 to 7
points.
Crop
news was
particularly favorable.
The weekly weather and
crop bulletin presented an encouraging outlook while a trade
publication estimated the possible yield at 15,449,000 bales,
on
an
acreage of 35,474,000.
Southern spot markets, as
officially reported, were 8 to 12 points lower.
Average price
of middling at the 10
designated spot markets was 12.42 cents.
spot markets,
as
On the 1st inst. prices closed 4 to 8
points up. The market
one time showed a decline of 9 to 14
points, which was
followed by an upturn of 17 to 19
points.
Prices started
4 to 10 points
lower, with the market under considerable
at
On
Shipboard Not Cleared for—
June 2 at—
Leaving
Ger¬
Other
Coast¬
many
Foreign
wise
Great
Britain
France
Stock
Total
in
pressure
Galveston
New
Orleans
100
__
200
"960
2,400
4,039
6,730
Houston
1,200
2,021
8,400
1,026
7,263
1,500
671
12,600
6,936
16,974
Savannah
Charleston
"894
Mobile
"150
1,044
308,619
251,179
275,463
126,934
27,032
43,457
Norfolk
22,691
Other
67,396
ports—
Total
1937—
Total
1936—
14,063
9,046
Total
1935—
877
1,060
1,525
1,773
3,421
7,664
3,107
16,839
12,240
25,058
2,171
1,084
912
37,554 1,122,771
31,559 1,334,129
31,727 1,175,393
some
week
moderately active, with the trend generally down¬
was
Weather and crop reports continued to dominate the
ward.
almost
market
entirely,
being rather numerous
are
inclined
fined
while
Trading
bearish
the coming
to be aggressive on
On the 26th ulto.
decline.
and with
on
estimates
crop, very
now
few traders
the upward side.
prices closed 2 points higher to 1 point
was
relatively slow, operations being
con¬
largely to scattered liquidation and trade buying, and
prices ranged slightly lower,
steadied
movement
ported that
a
the
market
a
last minute covering
considerably.
It
was
re¬
leading cooperative association had taken 6,500
bales of the 8,300 on which notices were issued on Friday.
This apparent
willingness to take cotton offered for July
delivery, and the fact that notices
made traders
market to
a
give
were
bit wary on the short
way
to
any
smaller than expected,
side.
The failure of the
appreciable extent
as a
the continued bearish weather and crop reports,
firmed the belief of many that
was
anything but
was
up
weak.'
result of
also
con¬
the market's technical position
approximately $2.50
a
downward movement reached
bale from the low levels of the
on
June 14.
The
Commodity
Credit Corp. announced that owing to a falling off in demand
for cotton out of the loan stocks, the
disposal
program
had
of
liquidation,
now
foreign
selling and
in south Texas.
crop cotton
selling petered out, the market rallied considerably.
news,
the
well as
as
nervousness
over
Iiusso-Japanese political situation and French finances,
were
largely responsible for the early selling.
Estimates of
possible crop of from 14,500,000 to 15,500,000 bales served
to undermine buying confidence.
However, those bearishly
a
were
market.
not
When
at all aggressive on the down
the
wheat
side of the
market
developed pronounced
strength and shorts attempted to cover, they found little cot¬
ton for sale and prices advanced nearly
$1 a bale. Average
price of middling at the 10 designated spot markets
12.49c.
was
Today prices closed 12 to 19 points down.
Scattered
liquidation and foreign selling of the distant positions were
given
as
generally
the chief
quiet,
in
Great
factors
about 2
favorable weather
news
Britain.
The
in
to
and
the
7
decline.
points
poorer
volume
of
Futures
down,
on
opened
continued
cables from the market
business
was
decidedly
small, with*a pre-holiday atmosphere prevailing.
terests
were
the
Spot in¬
especially of the
while the bulk of the demand came from
sellers
distant positions,
in
a
moderate
Continent, Liverpool and
some
way,
trade
shorts.
Orders
were
relatively small and price movements narrow in the
first half hour.
Later in the day there was considerable
evening up over the holidays, with the preponderance of
orders on the selling side, and the market suffered as a
result, closing at the lows of the day. Overnight the weather
map
showed light and scattered showers and generally fav¬
orable
At the advance today the market
form
Lower Liverpool cables than
expected, together with favor¬
able weather and crop
inclined
Speculation in cotton for future delivery during the past
the
hedge selling against
As this
crop
growing weather.
Premiums and Discounts for Grade and Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
on
contract on July 9, 1937.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of
Agriculture,
for deliveries
Volume
and
143
Financial Chronicle
14S
staple premiums represent 60%
of the average premiums
19371 V| 1936
755,000
622,000
146,000
94,000
July 2—
Stock at Liverpool
Stock at Manchester
.
1 In.
15-16
Inch
%
15-16
1 In. &
Inch
Inch
Longer
.12 on
.38 on
.68 on
.08 off
.19 on
.50 on
.72 off
&
Longer
Mid. Fair
.69 on 1.07 on 1.41
on
.62 on 1.00 on 1.34
.55 on
.93 on 1.27
on
St. Mid
on
.49 off
.25 off
Mid
Good Mid
St. Mid
.36 on
.74
on
1.07
on
Mid
Basis
.37 on
.70
on
St. Low Mid...
.70 off
.39 off
1.53 off 1.36 off 1.14 off
♦St. Good Ord. 2.24 off 2.15 off 2.06 off
2.80 off 2.78 off 2.75 off
♦Good Ord
Low
Mltf
Good Mid
.55 on
.93 on 1.27
on
St. Mid
.36 on
.74 on 1.07
♦Low Mid
.70
.37 on
Even
on
Stock at Venice and Mantra
Stock
at Trieste
10,000
9,000
8,000
539,000
453,000
840,000
...
-
Total Continental stocks
-
22,000
72,000
48,000
61,000
21.000
Tinged—
Good Mid
.44 off
.22 oft
.03 on
St. Mid.
.72 off
.60 off
.24 off
.58 off 1.46 off 1.27 off
.33 off 2.22 off 2.11 off
.84 off 2.79 off 2.73 off
♦Mid
♦Low Mid
on
Mid
979,000
463,000
207,000
23,000
69,000
Stock at Genoa
.57 off 1.43 off 1.22 off
.28 off 2.17 off 2.06 off
♦St. Low Mid—
White—
Extra
.
♦St. Low Mid—
.10 off
646,000
186,000
94,000
26,000
8,000
6,000
716,000
203,000
150,000
11,000
73,000
79,000
11,000
12,000
Stock at Barcelona
Good Mid
St. Good Mid-
881,000
98,000
901,000
164,000
179.000
10,000
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Spotted—
p White—
574,000
72,000
393,000
bales
Total Great Britain
K
Inch
1934
1935
Yel.
Stained—
.83 off
.25 off 1.05 off
.82 off 1.69 off 1.56 off
.49 off 2.43 off 2.35 off
Good Mid
.08 off
.69 off
.38 off
1.49 off 1.32 off 1.11 off
♦St. Mid
♦St. Good Ord. 2.22 off 2.10 off 1.99 off
2.78 off 2.71 off 2.68 off
♦Good Ord
1,294,000 1,255,000 1,099,000 1,819,000
Total European stocks
India cotton afloat for Europe
Stock in U. S. ports
Stock in U. S. interior towns
75.000
90,000
214,000
107,000
152,000
169,000
157,000
814,000
117,000
American cotton afloat for Europe
115,000
Egypt. Brazil,&c.,afi't for Europe 159,000
Stock in Alexandria, Egypt
124,000
Stock in Bombay, India..:
1,001,000
182,000
133,000
159,000
149,000
272,000
715,000 1.088,000
1,160,325 1,365,688 1,207,120 2,486,306
930,969 1,384,154 1,181,353 1,222,383
8,603
4,907
19,043
2,911
Gray—
St. Low MidLow Mid
♦Mid
Good Mid
.84 off
4,904,205 5,422,885 4.842,380 7,263,292
Total visible supply
.40 off
.61 off
.45 off 1.29 off 1.10 off
♦Mid
*
.15 off
.36 off
.59 off
St. Mid
.
U. S. exports today
U. S. exports today
343,000
194,000
256,000
45,000
31,000
39,000
53,000
126,000
140,000
118,000
76,000
116,000
144,000
712,000
107,000
98,000
26,000
133,000
214,000
152,000
115,000
1,160,325 1,365,688 1,207,120 2,486,306
930,969 1,384,154 1,181,353 1,222,383
19,043
4,907
8,603
2,911
Total American
2,837,205 3,578,885 3,132,380 4,950,292
bales-
Liverpool stock
Not deliverable on future contract.
Manchester stock
quotation for middling upland cotton in
market each day for the past week has been:
the
The official
New York
New York
_
1936
1935
1934
1933
1932
1931
1930
Wed.Thura.
12.54 12.62
Tues.
12.66
>
18.20c.
23.10c.
17.15c.
18.25c.
23.80c.
_
12.00c.
39.75c.
33.40c.
31.00c.
26.40c.
12.90c.
9.60c.
13.25c.
1921
1920
1919
1918
1917
29.90c.
1916
27.85c.
22.05c.
1914
1915
Market and Sales at New
12.45c.
11.65c.
14.70c.
15.35c.
12.60c.
11.40c.
1913
1912
1911
1910
1909
1908
,13.50c.
10.80c.
1907
1906
York
each day during the
The total sales of cotton on the spot
Bremen stock
Havre stock
Other Continental stock
Fri.
12.51
Quotations for 32 Years
12.51c. 1929
12.51c. 1928
12.35c. 1927
12.10c. 1926
—.10.30c. 1925
5.95c. 1924
10.00c. 1923
.13.60c. 1922
1937
Mon.
12.70
Sat.
12.76
June 26 to July 2—
Middling upland
American afloat for Europe
U. S. port stock
U. S. interior stock
For
which show at
closed
glance how the market for spot
days.
on same
SALES
Futures
Spo t Market
V*»
Total
Closed
Steady, 2 pts. adv..
Steady, 6 pts. decSteady, 4 pts. decSteady, 12 pts. dec.
Steady, 8 pts. adv—
Quiet, 11 pts. dec —
..
Market
Closed
Saturday—.
Monday
Tuesday
WednesdayThursday
Friday
and futures
Steady
Steady
Steady
Barely steady. .
Very steady —
Barely steady—
Spot
Total
Contact
"500
"500
418
418
8",366
8,300
highest, lowest and closing prices
week have been as follows:
Futures—The
at
New York for the past
366,000
117,000
55,000
63,000
34,000
79,000
107,000
41,000
60,000
18,000
75,000
90,000
169,000
182,000
124,000
157,000
149,000
1,001,000
814,000
715,000
-
Havre stock
Other Continental stock
Indian afloat for Europe
...
Egypt, Brazil, &c., afloatStock in Alexandria, Egypt
Stock in Bombay, India
Total East India,
128,000
75,000
159,000
272,000
1,088,000
2,067,000 1.844,000 1,710,000 2,313,000
2,837,205 3,578,885 3,132,380 5,950,292
&c
Total American
5,422,885 4,842,380 7,263.292
Total visible supply
4,904,205
Middling uplands, Liverpool
6.87d.
Middling uplands, New York
12.51c.
Egypt, good Sake], Liverpool
10.90d.
Broach, fine, Liverpool
5.93d.
Peruvian Tanguis, g'd fair, L'pool
8.20d.
staple,s'fine,Liv
C.P.Oomra No.l
538,000
53,000
380,000
93,000
46,000
35,000
24,000
159,000
Bremen stock
7.l8d.
6.94d.
6.66d.
12.49c.
12.20c.
12.15c.
9.98d.
5.87d.
7.88d.
8.34d.
$.28d.
6.06d.
5.lid.
5.90d.
5.83d.
been 63,000 bales.
decrease from last
loss of 518,680 from 1935, an
over 1934, and a decrease of
Continental imports for past week have
The above figures for 1936 show a
128,952 bales, a
61,825 bales
2,359.087 bales from 1933.
week
of
increase
918
9,218
8,300
71.629 147,100 218,729
week.
Since Aug. 1
468,000
Manchester stock
are
a
287,000
East Indian, Brazil, &c.—
Liverpool stock
indicated in the following statement.
the convenience of the reader, we also add columns
week at New York
follows2
above, totals of American and other descriptions are as
Of the
At
of
movement—that
the
Towns
Interior
the
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 periods of the previous year—is set out in
detail below:
Saturday
Monday
Tuesday
Wednesday
June 26
June 28
June 29
June 30
Thursday
July 1
Friday
July 2
Movement to
July (1937)
July 2,
Movement
1937
Season
Week
Ships-
Stocks
ments
Receipts
Towns
11.95-12.12 12.00-12.10
Range— 12.20-12.28 12.17-12.28 12.02-12.21 12.04-12.14
12.00
12.04-12.05 12.12
12.16
Closing. 12.26-12.28 12.20
2
July 3,
July
Week
to
1936
Ship¬
Week
Season
Stocks
ments
Receipts
July
Week
3
Aug.—
Range-
12.21*
12.17*
12.06*
12.14*
12.00*
12.22*
Closing. 12.25*
12.18*
12.08*
12.16*
Ala., Birming'm
12.00*
Closing. 12.25*
Forest
Closing.
168.184
83
12.24*
12.18*
12.10*
12.16*
891
384
16
7,691
4
193,135
581
27,981
142.453
1
33,695
5,292
13,300
46,186
14,026
13
29.466
1.252
362,723
667
19,363'
"28
I
364
104| 13,855
115,253'
l,547i 34,262
44
34,468
240
24,336
50
16,070
10
66,136
275
36,010
1,887
1,167
306,288
9,176114,896
186,728
300
46,989
43
3,760103,986
400 33,480
929 35,002
9,975
13.852
870 14,773
5.485110.373
2,033 75,848
900 34,300
1,469 19.838
1
1,312
205.696
200
18,625
Macon
205
47.536
21,198
550
21,032
2,197
Miss.Clarksdale
100,182
164,830
212
96
294
3,995
1,023
Columbus...
1
39,528
1,158
16,759
102
54,700
15,448
71,436
127,196
41,612
265
262,608
690
179,047
1,982
63.177
242
9,438
4,498
441!
42
9
58,172
642
Vicksburg...
"l5
"60
1,093
8,795
31,564
431
Yazoo City..
3
20,998
39,423
51.399
34
578
2,117
331,385
2,518
5,049
235,768
5,136
102
10,969
9
1,787
2,362
3,435
37,807
Mo., St. Louis.
N.C.Gr'nsboro
12.15*
12.20*
433
9,523
307
10
177.307
464
82
387.577
1,943
1,568
166,506
12.02*
Rome
La., Shreveport
April—
Range—
12.29*
Closing. 12.31*
12.25*
12.19*
12.24*
12.05*
Jackson
Natchez
May—
12.18-12.30 12.06-12.24 12.05-12.18
Range— 12.30-12.35 12.27-12.32 12.21-12.36
12.24
12.05
12.20 —
12.25
12.30
12.32 —
Closing
<
.
June—
Range—
9,836
1,013. 44.893
31,264!
Greenwood..
12.26*
12.22*
7,026
163,854'
347
—
35,101
16,279
31,826!
Columbus...
Closing. 12.28*
942
11,734
375, 21,759
165
2,315
469
96
15,650
2,826
21,429
9,493
8,345
1,582
2,763
1,879
2,671
2,400
Oklahoma—
Closing.
15 towns *—
Nominal.
S.
Range for future prices at New York for
July 2, 1937, and since trading began on each
week ending
option:
C.,Greenville
Tenn., Mem phis
Texas, Abilene.
Austin
235,613
1,874
3,542 2,559,334
38,932
16,253
6.423
—
Brennam
Range for Week
Option for—
1937- 11.95 July
Aug. 1937Sept. 1937-
July
1 12.28 June 26
Range
41
Since Beginning of Option
Nov. 12 1936 14.59
50 Aug. 29 1936 12.92
52
Nov.
Mar. 30 1937
Mar.
3 1937
4 1936 13.95 Mar. 17 1937
1 12.33 June
05
Nov. 12 1936 13.98
Apr.
12.29 June 26 12.29 June
87
June 17 1937 12.29
15
Dallas
Paris
Robstown—
San Antonio.
Texarkana
—
31
Waco
June 29 1937
1937- 12.00 July
Feb.
1 12.30 June
56 Dec.
1 12.31 June
70
Feb.
10
Jan.
1937- 11 97 July
1938._ 11.99 July
Mar.
1938-
Dec.
68,168
8.258
1,901
Augusta
March—
12.24-12.40 12.19-12.35 12.18-12.31 12.05-12.24 12.05-12.19
^ Range— 12.27-12.31
12.05
12.24-12.25 12.19 — 12.24
12.28
I
Closing. 12.31
Oct.
21
36,949
Atlanta
Range—
Nov. 1937-
54,698
27,501
2
Athens
Feb.—
*
55,478
350
109,803
137
Walnut Ridge
Ga., Albany
12.09-12.25 11.99-12.16 11.99-12.12
Range— 12.21-12.29 12.22-12.30 12.12-12.31
12.16
11.99
12.12 —
12.20
12.25
Closing. 12.26 —
10,936
257
85,724
"243
Pine Bluff
.
Jan.(1938)
133
82,886
15
400
6
Newport
12.06-12.22 11.97-12.15 11.97-12.10
Range- 12.17-12.24 12.16-12.30 12.10-12.28
12.13-12.15 11.97-11.98
12.16-12.17 12.09
12.22
12.24
Closing
15,567
'"2
20,491
34,761
2.408
59,115
14
156
Little Rock-
11.99*
200
18,830
6,121
27,395
4,995
3,850
60,510
54,557
19,784
Hope
Closing. 12.29*
f
191
32.786
City—
Jonesboro—
12.29-12.29
Dec.—
T
1,022
Helena
Nov.—
Range—
1.056
55,380
Ark.,Blythevllle
12.08-12.25 12.00-12.19 12.01-12.15
Range— 12.18-12.26 12.18-12.33 12.12-12.32
12.01
12.19
12.24-12.25 12.24-12.25 12.20-12.21 12.11
1,626
9,405
53,148
1
Selma
Oct.—
2,202
16
Montgomery.
Range-
83,871
134
Eugaula
Sept.—
t
364
Mar. 1938- 12.05
July
1938—
May 1938— 12j05 July
Apr.
1 12.40 June 28
17 1936 13.93 Apr.
3 1937 13.94 Apr,
1 1937 13.85
5 1937
5 1937
6 1937
Mar. 31 1937
85 June 14 1937 13.97 Apr.
6 1937
2 12.36 June 29 11.89 June 14 1937 12.96 May 21 1937
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
The Visible
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
Total, 56 towns
*
Includes the
The
83,035
71,825
13,701
8,952
35,243
79,615
54,330
3,727 71.039
16,584 270,264
1,614
9,6982,034,531
280
499
1,279
3,335
23
646
9
124
49
38
"33
4
143
16
2,102
2
....
573
88,184
42,677
600
193
2,991
441
4,106
146
3,646
996
10,533
5,910
44
4
194
24,918
80,132
124
6,848
2,658
243
23,016 5,203,910 63,4741384154
12.1486,057,382 45,571930,969
combined totals of 15 towns in
54,782
18,553
12,216
58,315
34,820
3,343
22,898429,270
1,249
Oklahoma.
totals show that the interior stocks have
during the week 33,423 bales and are tonight
above
decreased
453,185 bales less than at the same
receipts of all the towns have been
the same week last year.
period last year. The
10,868 bales less than
Overland Movement for the Week and Since Aug. 1—
We
give below a statement showing the overland movement
and since Aug. 1, as made up from telegraphic
for the week
reports Friday night.
The results for the
Aug. 1 in the last two years are as follows:
week and since
144
Financial
1936-37
July 2—
Week
Via St. Louis
Since
belt generally are high but not too high.
Very few
plaints
Aug. 1
h
49
44
h
h
200
h
4,580
5,793
h
h
4,010
3,000
h
h
14,059
H
13,866
h
1,580
h
1,010
h
192
h
6,731
h
--
Via Louisville
Via Virginia points.
Via other routes, &c
Total gross overland-^
5,136
1,520
h
coming from
are
have been
the cotton
section of the belt.
any
com¬
Showers
in eastern third of the cotton belt but
numerous
the central and western thirds have been mostly dry.
Rain
Rainfall
Days
Deduct Shipments—
Overland to N. Y., Boston, &c
by tele¬
over
h
h
Week
graph this evening indicate that temperatures
h
Aug. 1
2,518
1,075
Via Mounds, &c
Via Rock Island
July 3, 1937
Weather Reports by Telegraph—Reports to us
1935-36
Since
Shipped—
Chronicle
Inches
1
0.04
Texas—Galveston
—■—Thermometer
High
Low
Mean
92
Total to be deducted
.
h
8,503
Leaving total net overland *
234
Amarilio
2
0.74
94
76
62
Austin
2
0.80
98
72
1
1.24
100
Brenham
2
0.70
100
70
72
2
0.03
96
74
85
Corpus Ohristi
1
0.36
92
76
84
100
110
72
86
66
88
102
62
60
82
h
12,062
h
5,556
h
h
Brownsville
Inland, &c., from South
10,818
Abilene
Between interior towns
h
1,804
Dallas
*
Including movement by rail to Canada,
h We withhold the
since Aug. 1 so as to allow for proper adjustment at end of crop year.
1936-37
In
Sight and Spinners'
Takings
Week
Receipts at ports to July 2
Kerrville
Lampasas
Lujing
Nacogdoches
1935-36
Since
Since
Aug. 1
Week
dry
dry
dry
-
Henrietta
totals
Aug. 1
84
78
85
'
85
86
1
1
0.08
0.72
102
72
87
2
.
0.20
98
66
82
Palestine
102
dry
dry
81
98
102
68
85
San Antonio
1
0.12
102
72
Taylor
1
0.70
102
66
87
84
70
84
15,752
H
Net overland to July 2
5,556
South'n consumption to July 2—.140,000
h
h
21,952
1,804
90,000
h
h
h
80
h
h
113,756
*40,458
h~~
60
161,308
*33,423
Oklahoma—Oklahoma City
1
0.24
98
64
h
Arkansas—Eldorado
2
0.34
103
64
81
84
—-
h
Paris
Weatherford
Total
marketed
Interior stocks in
Excess
excess
of Southern mill takings
consumption to June 1
over
Came into sight during week
Total in sight July 2
dry
Fort Smith
127,885
h
h
h
73,298
dry
New Orleans
North, spinn's'takings to Jmy 2-_
*
h
27,828
adjustment at the end of the
h
62
0.10
96
68
82
1.02
97
59
78
83
85
78
79
81
2
Shreveport.
Mississippi—Greenwood
Meridian
to allow for
so as
crop year.
1.32
92
68
0.16
60
0.08
96
66
0.45
0.26
2
80
74
101
100
98
-
1
2
2
Vicksburg
h We withhold the totals since Aug. 1
Decrease,
proper
15,973
82
98
1
Amite
66
2.50
2
Louisiana—Alexandria
h
83
0.14
100
98
66
1
4
Little RockPine Bluff.
h
100
55
Alabama—Mobile
3
0.92
94
70
Birmingham
Montgomery
Florida—Jacksonville..
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
1
2
1.14
100
98
58
64
79
0.40
Tampa
1.86
96
70
83
1
-
0.34
90
72
81
3
5.52
90
72
5
3.40
96
69
82
2
Georgia—Savannah
1.66
96
58
62
77
96
58
77
98
70
84
Atlanta
Closing Quotations for Middling Cotton
Augusta
on-
Week Ended
Saturday Monday
July 2
Tuesday
Wed'day Thursday
4
3
0.72
0.36
5
1.68
Macon
South Carolina—Charleston..
Friday
Greenwood
12.43
12.53
12.51
12.85
Galveston
12.43
12.39
12.57
12.30
12.38
12.47
12.47
12.53
12.45
12.40
12.31
12.34
12.84
12.80
Norfolk
12.85
12.85
12.80
12.71
12.70
12.69
12.75
Montgomery.
Augusta
Memphis
12.45
12.45
12.40
12.30
12.40
12.20
12.35
12.16
12.51
12.55
12.20
12.94
12.76
12.45
12.25
12.21
New Orleans.
.
Mobile
Savannah
_
12.99
12.99
12.95
12.35
12.35
12.45
Houston
12.45
12.41
12.86
12.35
12.33
Little Rock
Dallas
12.25
12.25
12.20
12.10
12.20
12.24
12.24
12.11
12.19
Fort Worth
12.24
12.24
12.20
12.20
12.11
12.19
12.45
12.41
Wilmington
Tennessee—Memphis
Chattanooga
1.87
4
2
1
Nashville...
1
Weunesday
June 26
June 28
June 29
June 30
Thursday
July 1
121551218a 12.11
Bid.
60
2
0.42
86
48
5
2.64
96
62
1.19
96
0.28
99
58
2.36
92
66
0.85
96
63
0.02
0.02
96
54
76
67
79
79
79
79
79
75
96
54
75
12.18
12.33
12.29
12.26
12.18
12.21
12.28
12.20
12.23
12.39
12.35
12.33
122661228a 12.29
12.11
12.42
12.38
12.36
12.28
Above
zero
Above
zero
Shreveport
Vicksburg
12.06
zero
Nashville
12.04-12.05
12.31
Above
Memphis
12.00-12.02
Jan.(1938) 12.35
Orleans
Above
zero
zero
Feet
of gauge.
of gauge.
Above
July 3,1936
of gauge.
of gauge.
of gauge.
6.3
16.9
9.1
6.6
19.0
1.5
5.6
9.7
4.7
4.1
11.90611.93a
12.12
62
Feet
July 1
12.26-12.28 12.22-12.23 12.22
79
80
62
92
July 2, 1937
Friday
120351207a 12.12
59
98
0.10
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:
June(1937)
12.23
80
The
New
Tuesday
81
3
2
Weldon
closing quotations
leading contracts in the New Orleans cotton market for
week have been as follows:
Monday
99
4.15
1
the past
Saturday
98
5
Raieigh
New Orleans Contract Market—The
for
3
Columbia
North Carolina—Charlotte
Asheville
Newbern
12.00
12.01
12.01
81
2
Pensacola.
of the week:
82
•
12.10612.10a
July
August
September
October
..
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland
November
December.
February
receipts nor
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Southern
_
March
April
May
—
12.31
consumption; they
are
Tone—
Steady,
Options.
—
Quiet.
Steady.
Spot
Steady.
Quiet.
Steady.
Week
Quiet.
Steady.
Quiet.
Steady
Steady.
Receipts at Ports
Barely ,~t'y
Stocks at Interior Towns
Receipts from Plantations
Ended
1937
1936
1935
1937
1936
1935
1937
1936
1935
CCC Extends Time in Which
Buyers May File Claims
for Loan Cotton—The Commodity Credit Corporation
announced on June 30 that in order to permit buyers to
complete all claims for adjustment in grade and staple and
weight on cotton released on 1934-35 CCC Cotton Form P,
it would accept all claims postmarked prior to midnight,
July 15, 1937.
Claims submitted thereafter will be ac¬
ceptable only if postmarked within 90 days from the date of
the invoice and draft, as provided in the printed instruc¬
Apr.
2..
59.427
35,770
9_.
50,142
35,607
16..
42.828
34.922
23..
40,673
30
44,904
40.825
25,927 1,569,244 1.902.472 1.492.794
25,529 1,503.310 1,871,482 1.474.028
6.060
Nil
Nil
Nil
4,617
6,763
Nil
Nil
34.771
15,829 1 440.172 1 833,913 1.451,845
21,251 1,387,245 1,814,475 1,423.178
Nil
15,333
20.044
15.791 1
322,016 1.779.076 4.396 198
N,
N,
No
39.157
21.595 1,255.379 1.732.379 1.370.838
21.061 1 ,206,606 1,693,071 1.345,933
Nil
Nil
Nil
18,627 1.162,626 1.651,649 1.328,412
21,846 1,107,259 1,594,234 1,301,899
Nil
4,060
1,106
Nil
Nil
Nil
7.151
Nil
May
714..
31,296
40,509
21..
28,231
45.482
28-
25.457
52,4/0
1
N|1
201
Nil
June
was
also announced that
the time for filing claims
no
4..
further extensions of
would be granted.
Requests for Release of Loan Cotton—The Commodity
Credit Corporation announced on June 25 that requests for
release totaling 1,335,467 bales of cotton had been received
at the loan agencies of the Reconstruction Finance Corpora¬
tion
through June 24, 1937.
United States Carryover of American Cotton July 1
Estimated 1,000,000 Bales Below Year Ago—A carryover
of about 4,400,000 bales of American cotton in the United
States
July 31 was estimated June 24 by the Bureau of
Agricultural Economics, United States Department of Agri¬
on
culture.
This will be about
Cotton
mill
activity in the United
States
An
of
said:
was
a
channels in the United States is about the same as the average carryover
in the five years ended 1929-30.
But in these five years, domestic consump¬
tion plus exports annually averaged about 15,000,000 bales, or nearly
more
than the anticipated total for the 1936-37
Nil
Nil
39.972
13,466
998.705 1.465.362 1,218,931
Nil
Nil
Nil
19,653
21,698
8,706
964,392 1,424,612 1,201,295
Nil
Nil
Nil
930,9691,384,154 1,181,353
Nil
Nil
Nil
47,072
J
2-
15,752
•
21,952
f
9,188
season.
Nil
World's
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
Cotton Takings,
Week and Season
or
Visible
supply July 25
Visible supply Aug. 1..^
American in sight to July 2
Bombay receipts to July 1
Other India ship'ts to
July 1__
Alexandria receipts to June 30
Other supply to June 30 *
Total
Week
h
5,606,954
5,033,157
h
h
h
73",298
h
h
52,000
18,000
h
h
h
h
h
h
~i"o",060
h
h
5,760,252
h
h
5,422,885
h
326,837
230,837
Total takings to July 2 a
Of which American
..
of
Season•
h
127,885
36,000
24,000
1,000
9,000
h
h
96,000
h
337,367
199,367
138,000
Deduct—
,
out
1935-36
Season
5,231,042
Visible supply July 2
other
gone
4,904,205
supply
Of which
from which statistics
amounts
1936-37
Week
"high degree of activity" among the cotton textile
industries in foreign countries was reported, although "the outlook is some¬
what uncertain in England, France and Japan."
But Italian mills, the
Bureau said, are "more than holding the improvement shown during the
past few months."
World cotton production in 1936-37 was tentatively estimated at 30,900,000 bales, of which the foreign production is placed at 18,500,000.
Both figures are record highs, the Bureau said.
The Bureau explained that the expected carryover of cotton in trade
2.000,000
Nil
15,944
announce¬
reported as continuing
"very high," despite the gradually declining tendency in May and the first
half of June.
New orders were said to have been running behind mill output
since the middle of March.
Maintenance
32,597
18.907 1,064,946 1,554,313 1,269,564
14,317 1,030,520 1,517,933 1,244,820
Nil
23,325
•
1,000,000 bales less than the
carryover on the corresponding date last year.
ment by the Department of Agriculture also
23,761
il¬
ls..
25—
It
tions.
h
* Embraces receipts in Europe from Brazil, Smyrna, West
h We withhold the totals since
Aug.
at end of crop year,
b Estimated.
1
so
as
h
h
Indies, &c.
to allow proper adjustments
Volume
All Ports—The receipts
and the shipments from all India
India Cotton Movement from
of Indian cotton at Bombay
1,919-
24—Quistconck,
ORLEANS—To Genoa—June
June 28—Nicolo Odero, 2,054
NEW
—
-
24—Quistconck, 513—June 28—Ida, 1,576.
Trieste—June 24—Quistconck, 33—June 28—Ida, 150—
To Venice—June
cabled,
the season from Aug. 1 as
ports for the week and for
145
Chronicle
Financial
145
To
To Oslo—June 24—Tortugas, 224
To
July 1
Bombay
18,000 2,469,000
52,000 2,931,000
36,000 3,052,000
Aug. 1
Week
Aug. 1
Week
Aug. 1
Week
150
Antwerp—June 24—Winnipeg, 263
To Havre—June 24—Winnipeg, 821
June 28—Nashaba, 350
To Dunkirk—June
24—Winnipeg,
250—June
28—Nash¬
aba, 450---.
To Bremen—June 25—Endicott, 2,309
To
Since
Since
Since
Receipts—
Gdynia—June 24—Tortugas, 200
To Gothenburg—June 24—Tortugas,
To Abo—June 24—Tortugas, 100
1934-35
1935-36
1936-37
-
To
For the Week
2,917
Liverpool—June 26—City of Omaha,
To Ghent—June 28—Nashaba, 144
Since Aug. 1
-
To
Exports
Great
Continent
China
Britain
Total
.Japan &
China
»
Continent
Jap'nte
Britain
From—
Great
Varburg—June 30—Georgia, 300
To Japan—June 30—Kurima Maru, 100
To Sydney—June 30—Kurima Maru, 100,
To Porto Colombia—June 29—Sixaola, 200
To Valparaiso—June 26—Sixaola, 700-MOBILE—To Bremen—June 25—Frankfurt, 666
To Trieste—June 20—Livenza, 350To Venice—June 20—Livenza, 990To Gdynia—June 26—Braheholm, 500
To Gothenburg—June 26—Braheholm, 200---.To Varburg—June 26—Braheholm, 100
To Japan—June 27—Tirpitz, 1,727
CORPUS CHRISTI—To Liverpool—June 2—Endicott, 52
To Ghent—June 19—Menaha, 295
To Havre—June 19—Nemaha, 72
Total
.
Bombay-1
375,0001,483,0001,940,000
388,0001,295,0001,795,000
64,000! 329,0001,262,0001.655,000
11,000
3,000
5,000
1936-371935-36-
1934-35-
28,000' 39,000
24,000
18,000
16,000
480,000
364,0001
266,000,
63,000
61,000
39,000
562,0001,042,0001,483,000 3,087,000
476,0001 979,0001,295,0002,750,000
330,0001 892,000 1,262,000 2,484,000
43,000
23,000
40,000
18,000
82,000
112,000
Oth. India—
1935-36-
6,000
24,000
13,000
1934-35-
15,000
1,000
1936-37-
1,147,000
667.000,
591,000,
I
563,000
955,000
I
829,000
all—
Total
28,000
40,000
18,000
35,000
1936-371935-36-
5,000
16,000
1934-35-
15,000
6,000
To Bremen—June
show a
compared with last year in the week's receipts of
16,000 bales. Exports from all India ports record an increase
of 2,000 bales during the week, and since Aug. 1 show an
increase of 337,000 bales.
According to the foregoing, Bombay appears to
SAVANNAH—To Liverpool—June 26—Shickshinny,
To Manchester—June 26—Shickshinny, 2,498
decrease
To
June
Receipts (cantars)—
Since Aug.
To Japan—1,150
LAKE CHARLES—To Liverpool—June 26—Magician, 2
1
To Manchester—June
26—Magician, 35
57
16
NORFOLK—To Hamburg—July 2—City of Havre, 157To Bremen—July 2—City of Havre, 100
To Genoa—July 2—City of Havre, 30
To Varburg—July 2—City of Havre, 92
To Ghent—June 24—Nemaha,
To Havre—June 24—Nemaha,
Nil
Nil
5,000
8,828,345
This week
7,355,963
8,207,101
5"666
Exports (Bales)—
To
189,294
202,536
715,817
Liverpool
To Manchester, &c
To Continent & India—
Week
7",666
42.020
To America
Since
Week
1
Aug.
198,604
156,970
653,403
36,524
Density
1
Aug.
129,238
148,452
707,779
38,070
12",666
Trieste
d.45c.
,57c.
Flume
d.45c.
.60c.
.36c.
Rotterdam
,39*c.
<
d.45c.
Genoa
Barcelona
5.000 1149668
12,000 1023539
7,000 1045501
Venice
d.45c.
.60c.
Copenhag'n.52c.
Naples
d.45c.
.67c.
Leghorn
d.45c.
Gothenb'g .52c.
.60c.
*
.50c.
.65c.
Egyptian bales weigh about 750 lbs.
that the receipts for the week ended June
.53c.
.68c.
Bremen
.37c.
.53c.
3tockholm
.52c.
.67c.
Hamburg
.37c.
This statement shows
*
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
those
We give prices today below and leave
present prices.
for
previous weeks of this and last year
for comparison:
Rate is
x
open,
June 11
Total
imports
Of which American
Of which American.—
The
Cotton
Shirt¬
8* Lbs. Shirt¬
Cotton
ings, Common
Middl'g
32s Cap
ings, Common
Middl'g
Upl'ds
Twist
to Finest
Upl'ds
32s Cap
to Finest
Twist
d.
*
s.
d.
t».
s.
d.
d.
Apr.-2..
14* @15*
10
7* @10 10*
9,.
14*@15*
14* @15*
10
9
10
14* @15* 10
10
14
@15
16..
23..
30..
9* @11*
9
e*@n*
9
7..
21..
28..
14* @15* 10
14*@15* 10
8.
1*@ 9
1*@ 9
d.
4*
4*
July 2
62,000
886,000
352,000
57,000
901,000
341,000
38,000
16,000
165,000
27,000
10,000
129,000
24,000
of the Liverpool market for spots
tone
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet.
Spot
9
@11
0
7.47
9h @11*
9
1*@
9
4*
6 58
6
@10
9
7 49
9
7 22
1*@ 9
1*@ 9
4*
4*
6.62
@10
9* @11*
9* @11*
9
6
6 46
Market,
Quiet.
Moderate
Quiet.
Quiet.
Moderate
I
12:15
6
@10
9
7 45
9*@11*
1*@ 9
4*
6
@10
9
7.12
9*@11*
9
1*@
9
4*
9
1*@
9
6.57
9
4*
4*
3
4*
4*
4*
6.68
9 10*
7.18
demand
6
@10
9
6
@10
9
7.36
9*@11*
9
1*@
10
14@15
13*@14* 10
6
@10
10
6
@10
9
6.92
9
9
9
0
@10
9
8
7.31
6
9
1*@ 9
9
6
Market
6.64
opened
decline.
decline.
[
to
3
Barely stdy
Steady,
Quiet.
Quiet.
Quiet but
1 stdy., 1 pt. 3 to 5 pts. 1
Futures, f
pts. 2
decline.
to
3
6.87d.
6.81d.
6.94d.
6.91d.
6.97d.
7.00d.
.Upl'ds
6 56
9*@11*
Mid
demand.
[
P. M.
6.46
9
14*@15* 10
10
14
@15
and futures
the past week and the daily closing prices of
spot cotton have been as follows:
;
6.57
7.87
7.29
78,000
d.
0
9
June 25
51,000
913.000
360,000
58,000
5,000
162,000
28,000
each day of
6.50
@11
May14..
d.
s.
7.97
-
June 18
58,000
909,000
379,000
54,000
16,000
169,000
29,000
Forwarded--.
Total stocks.
Of which American
1936
8* Lbs
d Direct steamer
Only small lots.
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Amount afloat
1937
.67c.
30 were
5,000 bales.
Market—Our report received by cable to¬
Manchester
.60c.
.53c.
Note—A cantar is 99 lbs.
5,000 cantars and the foreign shipments
1.00
*
•
*
Oslo
Total exports
.85c.
Salonica
1.00
*
*
Japan
,54*c. Shanghai
Bombay x
.60c.
,51c.
Havre
.85c.
Piraeus
.60c.
39*c. .54*c.
Antwerp
Standard
Density
ard
Density
.57c.
Liverpool
.42c.
Manchester.42c.
High
Stand-
High
Standard
High
1
Aug.
This
Since
This
Since
This
Week
64;
1934-35
1935-36
1936-37
Egypt,
30
Japan——Oregon Maru, 419; President Harrison,
Chichibu, 700---June 27—Kuansai Maru, 700-_
SAN FRANCISCO—To Great Britain, 400-
Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
A lexandria,
1,028------
LOS ANGELES—To Havre—?__Santiago, 1,248
and
Receipts
Alexandria
42
19—Nemaha, 16
2—Endicott,
To Rotterdam—June
WILMINGTON—To Genoa—June 24—Mongioia, 1,700
pts. 8
9
to
pts.
decline.
advance.
Quiet
at
1 to 4 pts.
advance
June
4..
il¬
ls-.
25..
13* @15
13* @15
10
6
@10
9
6.95
9* @11*
9*@11*
10*@11*
10*@11*
9
6
@10
9
6.87
10*@11*
7.06
@ 9
1*@ 9
1*@ 9
Market,
[
P.M.
6.82
7.18
Barely st'y,
Steady,
Quiet, 1 pt.
Steady,
Quiet but
1 pt. adv.
pts. steady, un¬ 4 to 6 pts. dec. to 1 pt 5 to 8 pts.
to 2 pts.dec
decline.
advance.
decline.
changed to
Steady.
1
7.00
1
to
4
decline.
2
pts.
dec.
July
2.
-
13* @14*
@
Prices of futures at
News—As shown on a previous page, the
exports of cotton from the United States the past wdek have
reached 44,903 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
Liverpool for each day
are
Shipping
Ghent—June 25—Floride, 50---June 28—
Nemaha, 161; Leerdain, 134
Havre—June 25—Floride, 50—June 28—Nemaha, 18
Dunkirk—June 25—Floride, 53—June 28—Nemaha, 378-Genoa—June 25—Nicolo Odero, 907—June 26—Quistcomck, 1,837
Venice—June 26—Quistconck, 508
Naples—June 26—Quistconck, 172-Bremen—June 29—Schwanheim, 2,414-:.
Hamburg—June 29—Schwanheim, 64
Rotterdam—June 28—Nemaha, 50; Leerdam,*205
1
Gdynia—June 28—Vigilout, 540—June 30—Tortugas, 291
Japan—June 29—Dryden, 1,551
To
To
To
To
To
To
To
To
To
29—Dryden, 48
To Copenhagen—June 30—Tortugas, 311
To Gothenburg—June 30—Tortugas, 420
HOUSTON—To Copenhagen—June 25—Georgia, 200
To Havre—June 25—Nemaha, 128—
To Dunkirk—June 25—Nemaha, 172—June 28—Floride, 97To Rotterdam—June 25—Leerdam, 16
To China—June
To
Gdynia—June 26—Vigilant,
To Tallin—June
To
To
To
To
To
To
To
To
To
68
431
d.
d.
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
6.83
6.79
6.81
6.73
6.76
6.76
6.75
6.64
6.67
6.70
6.68
October
6.88
6.85
6.87
6.79
6.82
6.82
6.82
6.73
6.74
6.77
6.74
508
172
2,414
64
-
-
-
6.74
-
—-
—
-
6.73
6.85
6.87
6.79
6.81
6.82
6.82
6.73
6.75
6.77
6.74
6.85
6.89
6.81
6.83
6.84
6.84
6.76
6.77
6.79
6.76
6.92
-
6.88
6.90
—
May
July
6.81
6.81
6.86
6.87
December
January (1938)
2,744
6.89
6.91
6.83
6.85
6.86
6.86
6.78
6.80
6.82
6.78
6.85
6.86
6.80
6.78
6.80
6.76
6.77
6.72
6.70
6.76
6.72
6.73
6.68
6.67
6.78
6.74
6.74
6.69
6.68
6.92
6.91
October
6.81
January (1939)--
6.77
May
6.78
--
--
__
__
255
831
1,551
48
311
420
200
128
269
16
369
9
28—Quistconck, 300
28—Quistconck, 166-_Susak—June 28—Quistconck, 55
Copenhagen—June 28—Tortugas, 81
Oslo—June 28—Tortugas, 16
Gothenburg—June 28—Tortugas, 123
300
166
55
Close Noon Close Noon Close Noon Close Noon Close Noon Close
March
871
2
To Venice—June
•
345
Japan—June 26—Dryden, 871
Sydney—June 26—Dryden, 2
Manila—June 26—Dryden, 50
China—June 26—Dryden, 102
Genoa—June 28—Quistconck, 730——*—
Naples—June 28—Quistconck, 28
To Trieste—June
To
160-.-June 28—Tortugas, 209
25—Leerdam, 9
Fil.
to
July 2
July (1937)
GALVESTON—To
To
given below:
Thurs.
Wed.
Tues.
Mon.
Sat.
June 26
50
102
730
28
81
16
123
BREADSTUFFS
,
Friday Night, July 2, 1937
Flour—The
tremendous upward
surge
naturally had its effect on flour prices.
of
wheat values
Mills jumped their
bakery patents 2oc. per barrel on Thurs¬
prices developed great
strength.
Clear flours, 10c. firmer, as was rye. Semolina
advanced 20c.
No change was heard on family patents,
though it may come shortly.
As far as could be learned,
consumers showed surprising apathy in the face of a mar¬
ket that has been running away for approximately the past
two weeks.
The belief is apparent among consumers that
the advance has been too rapid and that a consequent reac¬
tion of important proportions can be anticipated.
prices on standard
day.
In addition, Northwestern cash
146
Financial
Chronicle
Wheat—On the 26th ulto. price3 closed, %|to;lc. net
Traders did not
seem
bullish weather and
K
concerned
much
so
DAILY
flower.
continued
with
Price fluctuations
erratic.
were very
Sat.
SIlLY"
Heavy
profit-taking began at the opening bell to take advantage
of gains of 12 to 13c. a bushel since
early
this month.
the
market
When this liquidation had
Season's
July
September.
spent
rally of lc. occurred before the last bell.
News
try
wave of
buying prices rushed up
points throughout North America.
Some estimates put the probable size of the 1937 Canadian
wheat crop as low as 150,000,000 bushels, about 50% of
general expectations a month ago.
Meanwhile, various
sections of northeastern Kansas, northern Missouri and
central Illinois were reported as showing black rust damage
of as much as 80%.
From the day's bottom prices, wheat
in Chicago scored an extreme upturn of nearly 7c.
The day's
minimum level of quotations, showing a reaction of 2c. a
bushel, was largely due to immense receipts of newly har¬
vested domestic wheat in the Southwest, wnere nine markets
today had arrivals totaling 5,708 cars, against 3,290 cars a
year ago.
At the close, heavy profit-taking caused prices to
react more than lc. a bushel from the day's peak at Chicago
and latest trades were 3% to 3J^c. above Saturday's finish.
On the 29th ulto. prices closed 1% to 2Yo. net higher.
Price movement in the Liverpool market was most sensa¬
tional.
Suddenly soaring 8 j^c., the most spectacular rise for
one
day in years, the English market injected unusual
strength in all the wheat markets of the world.
In Chicago,
Winnipeg and other North American grain centers, wheat
prices skyrocketed around 5c., the allowable limit for one
day's trading on this side.
The jump of wheat prices here
amounted to about 10c. for the last 48 hours.
Drought
disaster, reported as on a colossal scale in Canadian wheat
crops, together with advices of a swift increase in black rust
damage in United States winter wheat States, were the
powerful factors in this great rise of wheat values.
Seasonpeak price records were smashed right and left.
Heavy
profit-taking caused prices to drop considerable of the early
gains, but sentiment generally is most emphatically bullish.
Canadian
advices
report
that
Saskatchewan,
usually
Canada's largest producer, will yield a wheat crop of less
than 90,000,000 bushels, the lowest total on record.
On
the 30th ulto. prices closed IK to 2Yc. lower.
A break in
the prolonged Canadian drought was the chief factor
respon¬
sible for^the day's declines.
Showery weather over Canada's
drought region transformed late today Chicago wheat market
advances of about Y^o. a bushel into losses of around 3c.
Prior to the break in prices, Winnipeg scored new peak
price
records for the season.
From the day's top quotations,
Winnipeg wheat fell almost 7c.
Contributing to the set¬
back
were
crisis
at
times
at
associated
with
France's
financial
reported as adversely affecting
wheat prices at Liverpool.
December wheat at Chicago led
the decline in that market, reacting from a
top of $1.25%
to a low of $1.21%.
On
the
wheat
1st
inst.
market
was
prices closed 4% to 7%c. higher.
The
today on continued reports of wide¬
soared
spread black rust damage in domestic wheat
longed
areas,
the pro¬
drought in Canada, together with news of
grave happenings in the Far East between Japan and Russia
The panicky state that prevailed
resulting in a war scare.
July
July
September
June
2, 1936
7,1937
December
107
June
14. 1937
Mon.
Tues.
Wed.
131
12634
135%
13134
140%
135%
138%
130%
-
On
the
1st
inst.
prices closed 2%
with
96,000,000
bushels
of
wheat
this
season
as
against
nothing last year.
It was pointed, out that this
quota from the United States might be greatly enlarged if
Canada
should
unable to supply 136,000,000 bushels
Although the sensational climax of to¬
prove
expected from her.
day's wheat trading did not come until shortly before the
close, during the entire session there was a noticable air
of uneasiness.
The current month scored
an
advance of 8c.
Today prices closed ;2%c. lower to %c. higher.
a
conflict
deliveries
of
interests
down
and
in
the wheat
others
up.
There
pit today, with
There
was
heavy
was
some
profit-
taking and evening-up over the holidays.
The more distant
Chicago deliveries of wheat, September and December,
reached
new
high price records for the
season.
measure, this was attributed to reports that
In
large
owing to high
temperatures and drought, 50% of Canada's wheat acreage
season would yield only seed.
Open interest in wheat
86,763,000 bushels.
this
was
to
H
O
143%
135%
3^c. higher.
dinary flight of wheat prices naturally affected
grains, especially corn
crop
developments
some
of the other
in
and
The
wheat
down.
up
other
affect
consideration not lost
a
Today prices closed % to l%c.
The general
disposition among traders was to even
the extended three-day holiday, and most of this
over
evening-up appeared at the
in
naturally must
areas
grains, and this is
sight of by many traders.
the
The serious weather and
rye.
corn was
expense
DAILY CLOSING PRICES
OF CORN IN
Mon.
Sat.
No. 2 yellow
DAILY
of values.
Open interest
34,813,000 bushels.
13934
NEW YORK
Tues.
Sat.
Mon.
14134
123%
108%
79%
September (new)
December.
Season's
High and
July
127
July (new)
129%
Sept. (new)__.115%
Dec. (new)— 85%
When Made
I
June 29, 1937
June 29, 1937
Apr.
5, 1937
May
6, 1937
.
Tues.
125%
127
112%
81
Thurs.
Wed.
143%
143%
CLOSING PRICES OF CORN FUTURES
July..
July (new)
Fri.
144%
143%
CHICAGO
IN
Wed.
Thurs.
Fri.
124%
124%
110%
7834
126%
127%
112%
80
128
113%
81%
126%
Season's Low and
July
85
July (new)
86%
Sept. (new).
93
Dec. (new)
73
112%
81
When Made
Oct.
1,1936
2, 1936
2,1937
June 14, 1937
Nov.
Feb.
Oats—On the 26th ulto. prices closed Yc. to lj^c. up.
gain in oats was attributed largely to covering by shorts,
h
This
apparently influenced by the stamina of the wheat market
generally as concerns the growing
wheat crops.
On the 28th ulto. prices closed K to 2c, net
higher.
With wheat, corn and rye showing pronounced
strength, it was hard to see how oats could remain unaffected.
On the 29th ulto. prices closed Y to Yc. higher.
This was
a very light
response to the vigorous upward movement in
wheat and corn, and could only be explained by the fact that
the trade's attention is focused largely on the wild activity
in wheat and to a somewhat lesser degree on corn.
On the
30th ulto. prices closed 1 ^ to 2Yg. down.
This was largely
a sympathetic movement with wheat and corn.
and to the bullish advices
On the 1st inst. prices closed 1%
to 2*4c. up. There was
explanation of this advance outside of the extraordinary
happenings in the wheat market, where prices soared 8c. a
no
bushel,
which
naturally had a powerful influence on all
Today prices closed % to %c. off. This reactionary
was largely in sympathy with the lowering trend in
grains.
trend
the other grains.
DAILY CLOSING PRICES
OF
Sat.
No. 2 white
59%
.
DAILY CLOSING PRICES
OF
Sat.
_
Season's High
July
September
December
and
50%
47%
41%
»
OATS
Mon.
60%
OATS
39%
Europe
Fri.
Thurs.
sensational happenings in the wheat market and the extraor¬
December
furnish
to
Made
"
that
upon
12634
Oct.
38
called
124%
12534
127%
125
When
September
be
Fri.
126%
and
42%
would
CHICAGO
Thurs.
118%
12034
121%
96%
105
July
States
Low
July
5,1937
2. 1937
2. 1938
in the wheat market today recalled conditions prevalent
Latest authoritative figures were
during the World War.
United
IN
Wed.
121
122%
12434
Season's
\
Made
Tues.
118%
120
122%
138
_
severe
the
Mon.
Fri.
13734
i,r —
124 %_129% _133 34,128 %
L_ 133 %
Corn—Qn the 26th ulto ."prices closed Yfi. off to 1 cent up.
The strength in July and September corn was associated
with statements that only 138,000 bushels of contract corn
are
stored in Chicago public elevators.
Favorable crop
prospects caused the weakness in December. On the 28th ult.
prices closed lKc. to 3%c. up.
At one time this grain rose
the full allowable limit for one day, or 4 cents a bushel, this
taking place in tk#July delivery.
Corn derived its strength
chiefly from the upward movement of the other grains, especi¬
ally wheat and rye.
Stress was also laid on the immediate
scarcity of corn.
On the 29th ulto. prices closed 1 Y cents off
to IY cents up.
In the early trading corn was carried up¬
ward by the powerful upward surge of wheat values in most
all markets of the world.
Subsequently, however, corn
developed a downward trend as a result of heavy selling for
Eastern houses.
This selling was regarded as largely profit
taking.
On the 30th ulto. prices closed 1 to 2K cents,
down.
There was very little demand for corn, a fact attribu¬
ted largely to Government estimates showing the prospective
crop of pigs is about 7 % under last year.
many
uncertainties
which
When
Apr.
128%
13034
Decemoer
On this fresh
bushel
a
High and
130 H
FUTURES
WHEAT
October
areas
Canada.
5c.
OF
Sat.
con¬
most serious as a result of black rust in the domestic
and prolonged drought in wide wheat areas of
are
PRICES
July
cerning the domestic and Canadian crops in substantial areas,
continued largely pessimistic.
There was the usual run of
drought complaints from western Canada and rust and grass¬
hopper reports from crop experts examining domestic grain,
but advices received by a leading commission house indicated
grain trade sentiment in the Northwest holds to the belief
that the United States spring wheat belt as a whole is slowly
but surely rounding out one of the best crops in several
seasons.
On the 28th ulto. prices closed 3 Y± to 3 Y%o. higher.
Crop damage complaints again caused wheat prices to soar.
The reports from Canada and substantial areas in this coun¬
wheat
Thurs.
145%
DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
selling carried prices down about 2c. from the day's high.
A final
YORK
Wed.
14534
115%
J16 34
118%
December
itself, the market rebounded somewhat, but another burst
of
CLOSING
December
touched its
NEW
147%
142%
July.
September
1937
3,
WHEAT IN
Mon.
Tues.
OF
PRICES
Sat.
down profits.
low
CLOSING
N°. 2red
reports as they were with taking
crop
July
IN
NEW YORK
Tues.
Wed.
61%
FUTURES
Mon.
44%
38%
40
When Made
I
Season's
Apr.
5, 1937IJuly
Apr.
6, 1937 September
June 29, 19371 December
Tues.
Thurs.
IN CHICAGO
Wed.
44%
39%
40%
Low
Fri.
61%%' 60%
59
Thurs.
42%
37%
38%
and
37%
34%
36
45
3934
40%
When
Fri.
44%
38%
40%
Made
Oct.
1. 1936
June 14, 1937
June 14, 1937
y^DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat.
July
October..
57%
48%
Mon.
59%
49%
Tues.
63%
53%
Wed.
60%
50%
Thurs.
HOL
Fri.
64%
55%
Rye—On the 26th ulto. prices closed unchanged to Kc.
off.
This market was relatively a quiet affair, with
very
little feature to the news or trading.
On the 28th ulto.
prices closed 4Y'to 4%c. higher.
Rye at Winnipeg hit the
5c. limit.
Even'though the rye crop in the United States
may prove bountiful, the extremely heavy inroads of black
rust and
drought on the wheat crops of Canada and this
country, naturally means a greater demand for rye.
Be¬
sides, it is a question, if the growing crop of rye is not being
more or less affected
by the highly detrimental conditions
reported in the wheat areas.
On the 29th ulto. prices closed
lfs to 2c. higher. With the weather and crop advices pro-
Volume
nouncedly bullish on wheat and the highly spectacular rise
of prices in the latter grain, it was only natural that rye
should take the upward side, especially in view of its close
relationship as a breadfood to wheat.
On the 30th ulto.
closed 2}/g to 3c. down.
Selling was quite general in this
grain, influenced largely by the pronounced heaviness in
wheat and
the week and since
The destination of these exports^ for
July 1, 1936, is
below:
as
Corn
Wheat
Flour
Exports for Week
Since
Week '
Week
Since
Week
Since
June 26
July 1
June 26
July 1
June 26
1936
1937
1936
1937
1936
Barrels
Bushels
Bushels
Bushels
Bushels
and Since
July 1 to—
1937
July 1
corn.
On the 1st inst.
4^0. higher, influenced
prices closed 1 to
wheat.
Today prices closed
1% to 2c. down.
These losses were more substantial than
in any of the other grains, and were attributed to favorable
report concerning the growth of rye generally, and, of
course, the heaviness of the other grains was an influence
in the depression of rye values.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
by the sharp rise in
of course
147
Financial Chronicle
145
Barrels
United
25,801
11,500
25,500
So. & Cent. Amer.
West Indies
68,441,000
47,102,000
550,000
26,000
851,000
2,493,240
701,025
26,465
Kingdom.
Continent
924,000
19,000
639,000
1,372,000
"Y.OOO
~18",666
19,000
5,000
25,000
Brit. No. Am. Col.
lO",145
160,383
2,219,000
99,411
Other countries...
5,390,648
4,653,018
1,794,000 118,338,000
2,597,000 107,972,000
^
92
88
8534
December
Season's
July
September
112
10334
.
71
June 14. 1936
735*
June 14, 1937
763^
OF RYE FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Frt.
DAILY CLOSING PRICES
90
October
HOL 137^
10134
FUTURES IN CHICAGO
133^ 132%
94 K
9934
9634
12934
-.125
July
BARLEY
DAILY CLOSING PRICES OF
fri.
Thurs.
Wed.
Tues.
Mon,
Sat.
July
93 M 91
Made
Oct.
3.1936
88 Vs
Dec. 28, 19361 July
Dec. 29, 19361 September
May' 6, 19371 December
96
December
91
90
89
101,740
visible
at
granary
DAILY CLOSING PRICES
OF BARLEY FUTURES IN WINNIPEG
i
Sat. Mon.
Tues.
Wed. Thurs. Fri.
July
60H
68>|
71H
HOL
6634
71H
6634
64*4
64*4
October—
68M
63^4
Closing quotations were as follows:
seaboard ports Saturday,
Wheat
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
New York
30,000
Baltimore
6.10
16,000
20,000
560,000
New Orleans
Galveston.
St. Joseph..
Omaha
Sioux City
St.
Louis
Corn, New York—
No. 2 yellow,
14334
ggnri I
All the statements below
On Lakes
"
595,000
1937—
Total June 27, 1936*
prepared by us
Exchange.
from figures collected by the New York Produce
First we give the receipts at Western lake and
Duluth—Wheat
includes
Note—Bonded grain not
Barley
930,000
62,000
Toledo
Peoria
92,000
28,000
Kansas City..
12,000
LouLs
20,000
356,000
64,000
138,000
4,000
Indianapolis..
~i4~666
279,000
1,799,000
228,000
Sioux City...
Buffalo
12,000
449.000
295,000
Same wk.1936
391,000
Same wk.1935
318,000
113,000
14,000
365,000
............
4,773,000
2,115,000
4,507,000
2,838,000
7,301,000 31,004,000
bushels
included above:
28,000
feed wheat.
1,431,000
1,520,000
6,636,000
x
3,578,000
4,259,000
9,570,000
Buffalo—Also
has
Oats—On Lakes, 129,000 bushels: total,
Barley—Buffalo, 14,000 bushels: Duluth,
Duluth, 698,000; Chicago, 27,000; on Lakes,
1,883,000; on Canal, 44,000; total,
1936.
7,421,000 bushels, against 16,003,000 bushels in
Wheat
Corn
Oats
Rye
Barley
Buehsls
Canadian—
Bushels
Bushels
Bushels
Bushels
11,251,000
7,626.000
801,000
81,000
530,000
293,000
53,000
1,857,000
19,355,000
2,812,000
155,000
1,747.000
38,232,000
Total June 19, 1937- 40,047,000
Total June 27, 1936- 75,736,000
3,906,000
3,903,000
2,839,000
289,000
281,000
2,040,000
4,134,0p0
4,153,000
2,569,000
1,431,000
3,578,000
289,000
4,134,000
Other Canadian & other
8,601,000
4,253,000
Summary—
American
57,000
63,000
....
11,133,000
67,000
65,000
147,000
1,670,000
887,000
332,000
327,000
805,000
966,000
955,000
4,773,000
38,232,000
Canadian
49,365,000
49,706,000
Total June 27, 1936—
3,000
969,000,
2,884,000
Total June 26, 1937-
Total June 19, 1937-
28,666
2,462,000!
7,506,0001
8,625,000
Total wk.1937
58,000
1,000
617.000
Wichita
4,000
109,000
167,000
10,000
103,000
10,000
34,000
4,634,000
10,000
Joseph-..
72,000
26,000
134,000
84,000
Omaha
62,000
156,000
166,000
281,000
7,000
1,000
24,000
1,000
27,000
102,000
29*000
3,000
28.000
13,000
10,000
75,000
2,000
198,000
.
42,000
Milwaukee...
4,000
563,000
448,000
1,333,000
322,000
130,000
bush 32 lbs bush 56 U>s bush 48 lbs
bush 56 lbs
358,000
616,000
150.000
_
207,000
356,000
129,000 bushels, against none in 1936.
elevator stocks
Duluth
864,000
'
3,000
128,000
89,000
3,000
23,000
14,000
538,000; Chicago, 75,000; on Lakes, 59,000; total, 686,000 bushels, against none in
1936.
Wheat—New York, 2,554,000 bushels; Albany, 1,005,000; Buffalo, 1,210,000;
board
bbls 196 lbs bush 60 lbs
Chicago
22,000
987.000
131,000 bushels Argentine corn in store.
Ft. William & Pt. Arthur
Rye
Oats
Corn
Wheat
Minneapolis..
916,000
Lake, bay, river and sea¬
of the last three years:
Receipts at-
11,133,000
9,659,000
21,949,000
river ports
Saturday and since Aug. 1 for each
27,000
1,000
14,000
66,000
Total June 19, 1937—
9354
6,000
12,000
73,000
16,000
94,000
58,000
3,000
200,000
afloat.
8,000
*
50,000
1,380,000
60,000
Tota June 26,
regarding the movement of grain
—receipts, exports, visible supply, &c.—are
Flour
91,000
502,000
58,000
1,178,000
42,000
6034
..
for the week ended last
187,000
7,000
30,000
21,000
1,000
43,000
1,083,000
97,000
Y..14954
71 @97
6,000
36",000
138,000
23,000
On Canal
Rye, No. 2. f.o.b. bond N.
Barley, New York—
4734 lbs. malting
Chicago, cash
*
all rail
55",000
106,000
...
4 7^
Oats, New York—
No. 2 white
1,000
16,000
'
...
41,000
1,791,606
GRAIN
Wheat, New York—
No. 2 r> d, c.i.f., domestic
138
Manitoba No. l.f.o.b. N.Y..150H
«.
1,003,000
572,000
36,000
Kansas City
Duluth*.
6.90@7.25
15,000
118,000
178,000
91,000
Detroit..
Fancy pearl,Nos.2,4&7
_
2,000
85,000
69,000
16,000
247,000
Milwaukee
3.70
-
1,000
74,000
'
-»
2,859,000
Fort Worth
Wichita..
3 30
Cosrs0
6.55@6 90
5.75@6.00
232,000
552,000
685,000
151,000
307,000
16,000
70,000
Philadelphia
Peoria
6.35@6 70 Oats, good
5.50@6.45 Cornflour
6.40@6 75 Barley goods—
Hard winter clears—-
St.
Corn
Bushels
United States—
Boston
Indianapolis
Rye flour patents
5 85@
Seminola, bbl.,Nos.l-3_10.80@
.8.05@8.45
7.55@7.95
Hard winter patents
St.
June 26, were as
GRAIN STOCKS
FLOUR
Spring oats, high protein
Spring patents
Clears, first spring
Soft winter straights
Hard winter straights
the stocks in
at lake and
follows:
grain, comprising
supply of
Hutchinson
,
25,000
637,000
18,000
157.000
principal points of accumulation
Season's Low and When
I
Made
When
High and
The
Frt.
92
91 %
91
87 H
94
89 M
87 %
87 Vs
83 %
Thurs.
Wed.
Tues.
Mon.
Sat.
July
September
Total 1937
Total 1936
97,685,000
Total June
26,1937.
-.
2,115,000
3,906,000
4,773,000
6,021,000
4,507,000
6,741,000
7,301,000 33,843,000
shipment of wheat and corn, as furnished by
the New York Produce Exchange, for the week
The world's
Broomhall to
ended June 25, and since July 1,
1936, and July 1, 1935, are
shown in the following:
Since Aug. 1—
Corn
Wheat
1936
18.841,000212,575,000151,648,000' 75,980,00017,477,00080,505,000
1935
17.554,000319,477,000 189,694,000 129,226,00025,236,000 92,724,000
16,853,000191,276,000172.033,000 48,051,00014,758,00058,651.000
1,720,000
7,712,000
1,801,000
8,412,000
8,676,000 12,139,000
Since
Since
July 1
Week
follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rye
Barley
Argentina
Australia
York—
New
100,000
47,000
129,000
87,000
6,000
10,000
New Orleans *
345,000
6,000
19,000
Galveston
44,666
—
Total
1,634,000
296",000
Total wk.1937
243,000'
Since Jan.1*37
6,901,000
1,999,000
30,270,000
840.0001
19,554,000'
246,000
183,000
3,000
Week 1936.
3,111,000
53,736,000
245,000
Slnce Jan. 1'36
166,000
2,299,000
262,000'
7.437,000
2,146,000
through bills of lading,
134,000
520,000
157,000
3,059,000
102,000
165,000
2,326,000
2,103.000
through New Orleans for foreign ports on
Includes 32,000 bushels U. S. wheat and 99,000 bushels
a
U. S. Rye.
The exports
from the several seaboard ports for the week
1937, are shown in the annexed
ended Saturday, June 26,
statement:
'
New
Corn
Bushels
Total week 1937-.
*
1936
1,794,000
2,597,000
includes 32,000 U. S. wheat
Bushels
Bushels
Bushels
2,729,000 189,447,000 190,777,000
376,000 65,184,000 36,594,000
815,000 163,546,000 77,294.000
1,868,000 103,161,000 109,246,000
520,000
1,056,000 12,920,000
448,000 31,872,000 38,921,000
592,000
7,000
28,309,000 11,056,000
399,822,000 281.742,000
6,586,000
7,666,000448,923,000335,100,000
Weather
689",000
391,000
20,785",000 41,710,666
Barley
the week ended June 30 follows:
weather prevailed over the
Great Plaints, with maximum temperatures ranging up to 100 deg. or higher
from western North Dakota southward to Kansas on the 22d.
The fol¬
lowing day 100 deg. temperature readings were reported eastward to Iowa,
western Missouri, and western Arkansas, and by the 24th as far east as
the western Ohio Valley, locally, but in the meantime an extensive polarair mass had moved into the northern Great Plains and the latter part of
the week was cooler, except in the Southwest where maxima of 100 deg. or
higher continued." The hot wave did not extend into eastern sections
where temperatures remained moderate.
Precipitation was of a decidedly
local character, though fairly extensive rains occurred in the Southwest
and from the lower Lake region and northern Ohio Valley westward to
tne
beginning of the week much warmer
Rocky Mountains.
for the week, as a whole, averaged somewhat subnormal
Atlantic area, and near normal in the south Atlantic States,
Valley, and eastern Lake region.
However, from the Mississippi
Valley westward to the Rocky Mountains the weekly means ranged mostly
from 5 deg. to as much as 8 deg. above normal.
West of the Rocky Moun¬
The temperatures
in the north
107",000
246",000
183", 000
18,000
99,411
107,000
246,000
133,000
157,000
101,740
18,000
69,000
211,000
and 99,000 U. S. rye.
Ended June 30—The
bulletin issued by the
of Agriculture, indicating the influence of the
Report for the Week
weather for
Bushels
8,000
Halifax
Same week
Rye
Bushels
2"66o
44,000
1,634,000
Montreal *
Oats
Btishels
"
018,666
Orleans
Flour
Barrels
45,411
75,000
85,000
York
Albany
New
Wheat
Bushels
Exports from—
Bushels
Department
2,291.000
Receipts do not include grain passing
*
1935
Bushels
general summary of the weather
At the
151,000
1936
1936
12,000
8,000
Halifax
—
India.—
Oth. countr's
14,000
107,666
13,000
Boston
July 1
1937
"Y.OOO
4,000
20,000
_
Baltimore
2,000
6,000
"Y.OOO
3~iT~666
Philadelphia
Montreal .a
34,000
June 25
1935
7,292,000566,130,000 453,352,000
North Amer.
bush 56 lbs bush 48 lbs
July 1
Bushels
Black Sea
Receipts at—
Since
July 1
Exports
seaboard ports for
Total receipts of flour and grain at the
the week ended Saturday, June 26, 1937,
Since
June 25
1937
1934
Week
a Argentine.
the Ohio
tains
above-normal warmth prevailed rather generally, except locally in
Maximum temperatures of 100 deg. or higher occurred
all sections between the Mississippi Valley and Rocky Mountains.
highest maximum reported in this area was 106 deg. at Huron, S. Dak.,
northern sections.
in nearly
The
148
Financial
Valentine, Nebr., Sioux City, Iowa, and Concordia,
Kans., occurring
the 22-24th.
On the
extreme
Northeast
Except in limited
other hand, they did not go as
high as 80
and some localities in the
upper Lake
areas,
precipitation during the week
Substantial falls occurred in
was
Chronicle
on
deg. in the
region.
generally light.
some broomcorn
damaged by wind in Lindsay dis¬
Livestock fair to good; pastures
improved, but weedy.
Arkansas—Little Rock: Progress of cotton good to
excellent due to
light to heavy rains; well cultivated; clean,
except where soil too wet until
Oregon.
general, another favorable week for agriculture was
experienced in
sections of the country, though rainfall
recently has been scanty in
much of the western Great
Plains, where good rains occurred
previously,
and the soil is again
becoming dry, though not yet seriously so in an ex¬
tensive way.
Pastures and truck crops are needing moisture in
most
places in the western Plains sections.
Also, high temperatures of the week
did more or less damage,
especially to small-grain crops.
decidedly favorable, but
States,
showers
the
latter
some sections are still
part
of the week
recently; squaring and
blooming, except in north; condition good to ex¬
cellent.
Condition and progress of corn
very good to excellent, except
in some hill sections where
dry soil and warmth were unfavorable; tasseling
in nearly all portions;
growing rapidly; weh cultivated. Other crops favored
in nearly all portions.
Tennessee—Nashville: Ideal for crop growth and cultivation.
Progress
of cotton very good,
except only fair in few wet areas where still
grassy:
condition mostly good to very
good; squaring generally.
Progress and
corn fair to
very good, but needing rain; much laid by; some
tasseling; some just planted.
Winter-wheat threashing progressed; weather
favorable; condition and yields fair to very good.
Tobacco improved
considerably.
Vegetables and pastures mostly good; hay good to
excellent.
were
condition of
needing moisture, especially
parts of North Carolina, Alabama, and
Mississippi.
Also, more moisture
would be helpful
locally in the interior valleys, especially in Missouri.
In general, however, the weather continued
decidedly favorable over
the
eastern
half of the country and was
especially so for cultivated crops in
nearly all sections east of the Mississippi River.
Farm work
was
THE DRY GOODS TRADE
interrupted
by rainfall in local areas, principally the
extreme Northeast, the northern Ohio
Valley, and southern Lake region;
elsewhere, activities made satisfactory progress rather
generally with har¬
vest of winter wheat
advancing rapidly.
West of the Rocky Mountains
conditions in general are
unusually favorable, with crops making good
advance
and
New
there;
and
security markets, served
to stimulate retail business
during the past week, although
comparisons with the corresponding period of 1936 made
a
slightly less favorable showing, due to the fact that last
outlook
parts of Washington show the heaviest June rainfall of
record.
Grains—Winter wheat ripened rapidly
during the week, es¬
pecially in the western part of the belt where temperatures were
abnormally
The heat caused some damage in the northwestern
nigh.
Winter Wheat
Belt as considerable grain was in a
stage susceptible to damage from this
some
Small
year
cause.
centered in
rapid progress
made
under favorable conditions; in the
south-central and eastern
of the State one-half to three-fourths of the
wheat has been har¬
vested.
Some local rust was reported in the Ohio
in nearly all
plants
central and eastern portions of the
belt.
In
North Dakota
mostly heading, or in boot, and in good to excellent condition
most central parts of the
State, but poor in the west
where many fields have been grazed.
In Minnesota wheat is
heading, with
condition excellent.
There are some reports of rust, but
fair, cooler weather
the latter part of the week was favorable in
checking development.
In
Montana spring wheat is growing
rapidly in most places, but winter wheat
needs rain for filling.
in
are
the eastern and
In
the
Pacific
Northwest recent rains have
improved the outlook, ex¬
light soils where wheat was too far gone to benefit.
The
oat crop made unusually favorable advance and
has headed, or is head¬
ing, generally, in interior sections; growth is mostly rank,
however, and
subject to lodging.
Rice is growing rapidly in the lower
Mississippi Valley
and is doing well in west Gulf sections.
Corn—Nearly ideal conditions prevailed for the corn crop and growth
was
unusually rapid.
Cultivation made good progress and the general out¬
look at the present time is decidedly favorable.
However, rains are begin¬
ning to be needed in the extreme western belt and there is
considerable
grasshopper damage in sections.
Some corn has been laid
by in the western
Ohio Valley, while in Iowa the earlier fields are
shoulder high, with cul¬
tivation making good progress.
Some corn is tasseling in southeastern
cept
on
some
Kansas.
In the more eastern States the corn
crop is making good advance.
Cotton—In general, the week was warm and
sunny in the Cotton Belt,
with very little precipitation until the latter
part when showers were general
over the eastern belt.
The weather was
generally favorable.
In Texas progress of cotton was fair to
good, but it averages nearly two
weeks late in most districts; bolls are
forming well into the northern portion,
but in the northwest plants are in all
stages of development from just
planted to knee high; picking is general in southern sections,
in Oklahoma
progress and condition are mostly good, with
replanting about finished in
the west.
In the central States of the belt the weather was
mostly favorable, though
in some wet sections fields are still
grassy.
Squares are forming generally
into northern sections and plants are
blooming in the south; the weather
was rather
favorable for holding boll weevil in check.
In the Atlantic
area squares are
forming well into northern districts and bolls are appearing
as
far north as southeastern North Carolina.
In this area the weather
was generally favorable
also, but in some moister sections, such as
parts of
South Carolina, plants are sappy, with fields
grassy and weevil active.
The Weather Bureau furnished
conditions in the different States:
the
following
resume
of
in
east to moderate
Favorable to crops and farm work, but
frequent showers needed
Tidewater
section
where
ground becoming badly baked.
Early corn
being laid by; looking good.
Meadows and pastures good to
excellent;
most hay cut.
Cotton and peanuts above normal growth.
Tobacco fair
condition; growing slowly.
Potatoes good to excellent.
Sweet potatoes
good.
Fruits advancing favorably.
North Carolina—Raleigh: Normal
warmth; scattered light to locally
heavy rains.
Progress of cotton good; squares forming in east,
early be¬
ginning to bloom in southeast.
Tobacco poor to good
progress, mostly
only fair, due to poor, irregular stands and insufficient rainfall in rather
large areas: beginning to prime early tobacco near southeast border.
Corn,
truck, peanuts, and other crops doing well where sufficient
rainfall, but
some east and central sections need rain
badly.
Crops, as a whole, well
cultivated.
South Carolina—Columbia: Hot
Sunday and Monday, followed by
heavy to excessive rains in central and southwest and
locally moderate
elsewhere.
Mostly favored crop progress.
Cotton squaring in north;
some
bloom in south; plants becoming sappy.
Weevil favored where
overmoist; some poisoning to check; fields grassy in wet sections.
To¬
bacco growth favorable; some curing.
Pastures improving.
Florida—Jacksonville: Warm; light rains.
Cotton
good
condition;
progress fairly good,
weather favorable for checking weevil;
blooming
and
beginning to make bolls.
Corn fair;
being harvested.
Tobacco
good; harvesting and curing.
Truck mostly over; watermelons good.
Citrus groves good; cultivating, fertilizing, and
spraying.
Cane and pea¬
nuts good.
Alabama—Montgomery: Local rams in middle and south during week;
none in north,
except locally light at close.
Progress and condition of
cotton good to very good, with squares and some
bloom well to north.
Other crops need rain generally in north, in considerable
areas in
middle,
and locally in south.
Mississippi—Vicksburg: Progress of cotton generally fairly good, but
good locally; condition mostly rather poor; early showing
plentiful squares
in north, blooming in central, small bolls in south.
Progress of corn fair
to very good in northwest and extreme
south; in considerable areas else¬
where progress locally poor account lack of rain.
Progress of gardens
and pastures good in moist regions,
poor to fair elsewhere.
Louisiana—New Orleans: Warmer than normal with
mostly light rain
near end.
Dry weather and abundant sunshine advanced all
crops rapidly,
except locally in west where rain urgently needed.
Farm work well
up;
fields clean.
Condition of cotton good; progress
excellent; bolls general in
south, locally in north; weather favorable for checking weevil.
Corn, cane,
and rice growing rapidly; early rice
seeding.
Sweet potatoes and truck
doing well.
Texas—Houston: Normal in extreme south and warm
elsewhere; rains,
locally heavy, scattered throughout State.
Progress and condition of
cotton generally fair to good, but about two weeks
late in most
districts;
blooming well to northward; crop in northwest in all stages from just planted
to knee-high; picking now general in extreme south
where some shedding
reported.
Winter wheat harvest advanced to middle Panhandle
with
condition good.
Corn generally good condition, but some
rain
now
needed in most sections.
only fair and
Truck and rice
generally good.
drying, but livestock continue good.
Ranges
agricultural
sections.
Urban and industrial districts
gave a less favorable
although it was noted that even in the strikeinvested territories consumer
buying held up fairly well.
While the margin of
gain in the sales volume recorded
during
the first half of the month was
not maintained
during the
second half, early estimates for
the entire period, never¬
account
theless,
forecast
gains
average
from 7 to 10%.
over
June,. 1936,
ranging
Trading in the wholesale dry goods markets continued
quiet.
Some initial orders for fall
goods were placed by
but the total volume of sales did not
come
up to expectations as
prevailing uncertainties con¬
cerning future price developments and the
inventory situa¬
tion, induced caution among buyers.
An early seasonal
revival in business is
anticipated,
retail
merchants,
however, as soon as the
official Government cotton
crop acreage report, scheduled
to be released on
July 8, is out of the way.
Business in
silk goods remained
dull, with disturbed labor conditions
and the unfavorable
statistical position of the raw silk
market, exerting
a somewhat
depressing influence on senti¬
Trading in rayon yarns continued quite active.
for September
delivery were opened at unchanged
quotations and, although many
consuming mills are now
ment.
Books
curtailing operations, the call for
pace,
and
no
reported.
to the
yarns maintained
an
active
marked
enlargement in surplus stocks was
types of yarns, notably those needed
by
Some
knitters, continued
scarce
reflecting the loss in output due
shutdown of two large
plants.
Domestic Cotton
Goods—Trading in the gray cloths
markets continued
very dull with actual sales restricted to
small fill-in lots.
No revival is
buying in expected until
after the release of the
Government cotton
report
was
Virginia—Richmond: Normal warmth; light rains in
in west.
summer
merchandise, notably in vacation items.
heretofore, best results were obtained in the
As
third
Valley and severe rust
damage has occurred in west-central Missouri, parts of southeastern
and
northeastern
Kansas, and locally in extreme northeastern Oklahoma.
Rust is reported locally from other
parts of the belt.
In Oklahoma and
Texas threshing is in progress.
Spring wheat made good advance under favorable weather conditions
the payment of the soldier bonus exerted an extraor¬
on the volume of sales.
Chief interest again
dinary effect
Harvest has progressed northward to
Pennsylvania, and is in full swing
in the immediate Ohio Valley and Missouri.
In Kansas
was
York, Friday Night, July 2, 1937
Favorable weather
conditions, an abatement in labor dis¬
turbances and a mild rally on the
pasture lands in mostly
satisfactory condition.
Recent rains in the Pacific Northwest have
greatly improved the
ranges
south
advance, except considerable grasshopper
damage in west and
In
Southeastern
in
trict.
most
the
1937
3,
and scattered light rains in north
at close.
Grains mostly cut, with
good
progress threashing and some
combining; rust damage reported in few ex¬
treme northeast counties.
Progress and condition of cotton good to very
good; replanting about finished in west.
Progress and condition of corn
fair to very good, but rain would
help in most sections.
Gardens, alfalfa,
and minor crops
mostly good
northwestern Iowa and parts of eastern
South
Dakota and eastern
Nebraska, and also in the northern Ohio Valley and
lower Lake region, as well as
locally in the Middle Atlantic area.
Else¬
where in the northern half of the
country rainfall was generally light.
In
the South moderate to rather
heavy rains occurred in many parts of the
eastern Cotton Belt, but elsewhere there
was
very little, except locally.
West of the Rocky Mountains most stations
reported inappreciable amounts,
except in western Washington and northwestern
In
July
Oklahoma—Oklahoma City: Hot with light to heavy rains
when
towards
the
acreage
substantial increase in inquiries
end of the
period under review
a
moderate rally in
security prices and the slightly
of the raw cotton
market caused sentiment
a
better
crop
July 8, although
on
noted
tone
among traders to show
number of inquiries,
a mild
improvement.
The larger
however, resulted in few actual sales
generally did not fell disposed to accede to the
mills
as
lower price demands of
prospective buyers.
fine goods gave further
indications of an early
Inquiries
Business
in
improvement.
grew more numerous
although little actual business
unwillingness of buyers to
quotations.
Closing prices in print
cloths were as follows:
39-inch 80's, 834 to
834c., 39-inch
72-76's, 834c., 39-inch 68-72's,
734 to 7&c., 3834-inch
64-60's, 634c., 3034-inch 60-48's',
534 to 5%c.
materialized,
concede
Woolen
inactive.
in
view
of
the
prevailing
Goods—Trading in
men's
wear
While numerous
continued to come into the
fabrics remained
inquiries for tropical worsteds
market, little spot material was
available, pending the opening of new lines for the
1938
season
expected to take place after the
Independence holiday.
Mills kept busy on deliveries
against older
few
new
has been
fall orders
contracts, but
were
received
as
the bulk of this business
placed.
Reports from retail clothing centers made
a
fairly good showing though it was noted that the
consumer
demand was
largely confined to strictly summer garments.
Business in women's
wear
goods
gave
a
slightly better ac¬
was
reported to
count, and the backlog of unfilled orders
have shown a further increase.
Foreign Dry Goods—Trading in linens was
very quiet.
Household items were
neglected but a few fill-in orders on
suitings and dress goods came into the market.
Prices
followed a slightly easier trend under
the influence of some¬
what less favorable
reports from the primary markets over¬
seas.
Business in burlap continued at a virtual
standstill
as
consumers
generally were reported to have ample supplies
nearby requirements.
Prices reacted sharply, in
sym¬
pathy with lower Calcutta quotations.
Domestically light¬
weights were quoted at 4.05c., heavies at 5.30c.
for
Volume
Financial
145
Chronicle
149
MUNICIPAL
Specialists in
Decder
Illinois & Missouri Bonds
BONDS
Markets
WM. J. MERICKA &
CO.
INCORPORATE
Union Trust Bldg.
105 W. Adams St.
DIREOT
CHICAGO
WIRE
PUBLIC
Limit
WORKS
Federal
ST. LOUIS
ADMINISTRATION
Grants Amended—The
on
release made
news
314 N. Broadway
public
on
following is the text of a
June 25 by the above named
agency:
Revocation of the order which limited Public Works Administration
grants to 115% of the amount paid to workers taken from relief rolls was
announced today by the Public Works Administration.
A new order sent to all PWA field offices reads
"Administrative
Order
No.
197
be
(Signed)
and
the
follows:
as
same
Horatio B.
hereby is rescinded.
Hackett,
Assistant Administrator."
Under Order 197, which was issued
April 24, 1937, the amount of the
grant, which theretofore had been an amount equal to 45% of the cost of
a project, was changed to an amount
equal to the amount of wages paid to
workers on the project certified for
relief, and referred for such work by
the United States Employment Service or
agencies designated by it, plus
15% of such amount so paid by the Public Works Administration, but in
no instance could a grant be in excess of
45% of the cost of the project.
on
Seven
Projects Approved—The following statement (Press
No. 3171) was made
public recently by the said
Federal body:
Release
The
seven
Public Works Administration announced Presidential
approval of
projects in seven States which will make possible construction esti¬
$3,257,203.
mated to cost
The
allotments call for a total of $1,466,191 in Federal
grants.
The
applicants themselves will furnish as local contribution the balance, or
55% of the construction costs, from either their own treasuries or through
the sale of their bonds to private individuals.
The applicants informed the
Public
Works
that
projects
unskilled
will
furnish
employment
for
Administration
2,000 skilled and
almost
the
One Wall Street
135 S. La Salle St
CLEVELAND
STIFEL, NICOLAUS & CO., Inc.
NEW YORK
CHICAGO
Section 1. Savings banks may invest not
exceeding 10% of their de¬
posits and surplus in the stocks, bonds or any interest bearing obligations of
any State of the United States, which has not, within 20 years previous to
the making of such
investment, defaulted for more than 90 days in the
payment of any part of either principal or interest of any stock, bond or
interest-bearing obligation authorized by the Legislature of such State to
be contracted since the first
day of January, 1890, and provided such stocks,
bonds or interest-bearing obligations shall be the direct
obligation of such
State and the full faith and credit of such State shall be
pledged for the
payment of such principal and interest.
Any investment made by a
savings bank under the provisions of this subdivision shall not be subject
to or limited by
any other subdivision pertaining to any unpaid or overdue
obligation, either principal or interest, that may be outstanding.
Proposed Amendment to Act Concerning Canadian Bonds
Savings banks may invest not exceeding 10% of their deposits and surplus
in the obligation of the Government of the Dominion of
Canada, or any of
its Provinces, provided that such
obligations are payable in United States
dollars within this
country and such obligations have a fixed and definite
date of maturity and shall be the direct
obligation of such Government
Province and that the full faith of such Government
county.
A list of the projects allotted with detailed
description follows:
Location
Description
Grant
Changes in List of Legal Investments—In connection with
we give herewith a statement issued as of
July 1
(Certificate No. 48, Bulletin No. 2), by Walter Perry, Bank
Commissioner, showing the following changes in the list
of investments considered
legal:
Under the provisions of Chapter 298
following additions
to
of the Public Acts of 1937,
the "Legal List" are effective this date:
Atchison Topeka & Santa Fe
General mortgage 4s, 1995
Cost
Fulton
Schools
$111,273
$247,273
15,955
35,455
North Dakota—•
San
Haven
Sanitarium improvement.
Oklahoma—
Tulsa
Rhode
School
South
632,091
School
105,918
1,404,648
Island—
Pittsburgh & Lake Erie
Monongahela Ry.
235,373
Carolina—
Darlington
33,545
73,5^5
.Ward Building
South
Disposal plant
76,500
170,000
Dakota—
Tennessee—
Chattanooga
Hospital
490,909
1,090,909
1st 3 Ms and 4s,
mortgage 4s, 1958
Chicago Union Station (guar.)
1949
and 4s,
1st 3 Ms
1903
St. Paul Union Depot (guar.) 1st & ref.
5s, 1972
Padueah & Illinois
(guar.) 1st 4 Ms, 1955
1st 4s, 1957 (guar, by Cin. N. O. &
Tex.)
St.
Louis Division 3s,
$1,466,191
$3,257,203
PWA EXTENDED TO JULY 1, 1939 WITH ADDITIONAL
FUNDS—
Roosevelt has signed an Act which provides for the
extension of the Public Works Administration
up to July 1,
1939 and
authorizes the setting aside of additional funds to the
financing of works
projects.
This Act increases the Reconstruction Finance
Corporation
revolving fund, through which the PWA has been liquidating its bond
holdings, from $250,000,000 to $400,000,000.
It also enlarges from $300,000,000 to $359,000,000, the amount which the PWA is authorized to
Phil. & Reading, Del River Term. 5s,1942
Phil. & Reading, Del River Terminal ex¬
tension 5s, 1942
New York Short Line 4s, 1957
North
Pennsylvania 3 Ms,
Reading Belt 4s, 1950
First mortgage 5s, 2000
Pacific
Term'l
Western Maryland
First mortgage
(guar.)
4s, 1952
Potomac Valley 5s,
Baltimore &
Norfolk & Western
Southbound
Pacific—Missouri
(guar.) 5Ms, 1964
1930
(gu.) 4s, 1952
Memphis Union Station (guar.) 5s, 1959
Winston-Salem
1953
Catawissa RR. 4s, 1948
Atlantic City RR. 5s, 1954
Texas
Unified mortgage 4s, 1940
Padueah & Memphis 4s, 1946
1941
Harrisburg 5s, 1938
Wheeling & Lake Erie
1st
4s, 1960
First consolidated 4s, 1949
Refunding 4s, 1966
provisions of Chapter 298 of the
following equipment trust obligations
Chicago Burlington & Quincy
Series of 1936 2Ms, 1937-1946
are
Public Acts of 1937, the
added to the "legal list," effective
Union Pacific
Series E 2 Ms, 1938-1952
Cincinnati New Orleans & Texas
Series H 2 Ms. 193S-1952
Louisville & Nashville
Series E4Ms 1923-1937.
Series F 5s, 1924-1938
Virginian Ry.
Series D 5s, 1924-1938
Series E 4Ms, 1926-1940
Western Maryland
Trust of 1922 5s, 1923-1937
Series E 4 Ms, 1927-1941
Series G 2.Ms, 1938-1952
from monies realized from the sale of securities.
It has been announced by the PWA that it will
accept no more nonFederal applications for allotments.
The explanation of this action is that
there remain pending sufficient projects in an advanced
stage of preparation
to absorb all available funds.
Phil. & Reading, prior lien 4Ms, 1943
Phil. & Reading Terminal 5s, 1941
Texas Pacific Ry.
Louisville & Nashville
Mobile & Montgomery 4 Ms, 1940
South & North Alabama
5s, 1963
this date:
President Franklin D.
use
Chicago Burlington & Quincy
Blinois Division
General
Under the
Total.
(guar.) 1st 4s, 1960
Reading Company
Louisville & Nash v. Term'l
Bristol
the
Transcontinental Short Line 4s, 1958
Chattanooga Station
Est.
Missouri—
or
Province shall be
the above
workmen.
Largest of the seven projects is at Tulsa, Okla., where a high school,
estimated to cost $1,404,648, will be constructed.
The present school is
exceedingly overcrowded.
Second largest is that at
Chattanooga, Tenn., where a hospital, estimated
to cost $1,090,909 will be built.
The applicant is Hamilton County which
at present has no hospital facilities other than those found in
Chattanooga.
These are not adequate to provide modern
hospitalization for the entire
or
pledged to their payment, principal and interest, and further provided that
the Province issuing such
bonds, or said Dominion shall have not defaulted
in either principal or interest for over 90
days for the five years next pre¬
ceding the purchase of any such bond by any savings bank.
The investment of any savings bank in any Province shall not
exceed 2%
of the deposits and
surplus of such savings bank.
Texas Pacific
Series C»G 5s, 1925-1939
Series HH 4 Ms, 1926-1940
Trust of 1936
2Ms, 1937-1946
Wheeling & Lake Erie
Series D 2Ms,-1937-1946
Series E 2Ms, 1937 to 1941
Series II 4 Ms, 1928-1942
Series A 4 Ms, 1929-1943
Series B 4s, 1929-1943
Series C 4 Ms, 1930-1941
"
Also the following additions:
WE OFFER SUBJECT—
State of Louisiana
$15,000 DELAND Imp. 6% Bonds
New
Price—6.25 Bads"
report
Company
Harvey Building
WEST
PALM
BEACH,
Commission, that there would be a deficit of
approximately $3,000,000 in relief funds for 1937 was spread
upon the minutes of the Assembly on June 28, but no action
was taken before the
body recessed until November, accord¬
It was stated earlier by Mr. Mudd
ing to Trenton advices.
FLORIDA
that
now
Connecticut—Savings Banks Investment Laws Amended
1937—In
a
letter
dated
June
29,
we
informed
are
by
William P. Landon, Manager of the Bond
Department, office
of the State Bank Commissioner, that at the
recently ad¬
journed session of the Legislature an Act was passed author¬
izing investment in bonds of any State of the United States
which has not defaulted since 1890.
approved
relating
Canadian bonds.
to
investments
Another Act
by
savings
The effect of this amendment
qualify the bonds of the Province of Alberta.
measures
are now
also
banks
is
to
in
dis¬
Both of these
in effect.
Mr. Landon furnishes the text of the above
we
was
give herewith:
Jersey—Action on Relief to Await Fall Session—The
of Arthur Mudd, Director of the State Finance
Assistance
News Items
in
action before
on
which
November
hand would last that
was
not
necessary,
as
funds
long.
New
York, N. Y.—City Increases Pay of 90,000 by $9,434,Estimate, at a special meeting held on
June 30, voted salary restorations for more than
90,000 city
employees, effective as of July 1 and totaling $9,434,161.98
161—The Board of
for the balance of this year.
The restorations, in general, go to
civil service and per diem
employees of the city government whose annual income was
$5,000 or less in the 1937 budget.
In forcing the adoption
of this policy by the Board of
Estimate, Mayor LaGuardia
is said to have won a victory, as he made it
plain recently
that he
Acts,
ref. 3Ms. 1967
New York & Queens Elec. Light & Power
Co first & consolidated
3Ms. 1965
Macon, Ga.
Due—Jan. 1, 1955
Thomas M. Cook &
[New York Telephone Co.
Atlanta, Ga.
was
opposed to restoring any administrative or ap¬
pointive salaries to 1932 levels, especially those in the higher
brackets.
Financial
150
However, certain exceptions were voted by the board over the objections
of the Mayor and Raymond V. Ingersoll, Borough President of Brooklyn,
which have the effect of raising the salaries of 190 positions to 1932 levels,
and
in
most
these
cases
increases
are
far
above those originally recom¬
mended for the jobs by Leo. J. McDermott, Director of the Budget.
It
was in the discussion of these jobs that most of the political discussion of
meeting occurred.
Many of these job holders, it was learned,
received raises outside of the general formula, are active in politics.
In six heated executive sessions during the last weeks the board
the
gone over
who
though nothing was made public about these meetings, it was
Democratic majority was in
the
has
the recommendations of Mr. McDermott in following the legis¬
lative mandate to restore the emergency pay cuts to city employees.
Al¬
learned that
favor of kiting the salaries of many ad¬
ministrative and exempt positions,
heads.
When it became evident
including commissioners and department
the most generous Democrat
that there was not
enough
money available—only $9,500,000
was in¬
cluded in the budget—to do this and still restore the lower-paid employees,
the Democrats beat a hasty retreat.
even
to
1937
3,
July
Chronicle
Lazard's view, have been offset by such factors as
effect, an adequate pledge of revenue
in debt total since 1934, and by the
relatively low debt burden of the State's political subdivisions.!
These conditons, in
the sound budget procedure now in
behind all serial bonds, the decline
ALABAMA, State of—FISCAL
CONSULTANT ENGAGED—In a letter
W. W. Brooks, Financial Secretary to
dated June 28, we are informed by
that W. Barrett Brown, of New York Oity, has been
engaged as a fiscal consultant, with a view to developing a State Department
of Statistics to be carried forward under the supervision of Mr. Brooks, in
accordance with a program developed by Governor Graves and the Com¬
mittee on Public Credit of the Alabama Bankers Association.
Governor
Graves,
BONDS MATURED BEFORE
from the Montgomery
MATURITY—We quote in part as follows
"Advertiser" of June 25:
"Buying in and retiring before maturity, $550,000 of State refunding
bonds, with a surplus of revenue from the State income tax, the State of
Alabama yesterday saved a total of approximately $350,000 that would
have been paid in interest had the bonds purchased remained outstanding
to maturity.
"The State had been advertising for $500,000 more or less of these 3 M%
bonds issued to refund the original warrant refunding bonds, to be tendered
to the Governor's office at the Capitol yesterday
at noon—funds to be
,
_
New York State—Revision
of Financial Policies Advocated
by Senator—Adoption
of a long-term
capital outlay
budget, change in the fiscal year and a pay-as-you-go basis
for the State were suggested by Senator Thomas C. Desmond
at Albany on June 30, according to the "Wall Street Journal"
which continued
as
follows:
fiscal year yesterday, an accumulated six-year
of approximately $20,000,000 and a bonded debt of more than
$500,000,000 emphasize the need for revising the State's financial policies,
At
close of the State's
deficit
the Senator said.
changes in the financial practices of the State include the
His suggested
following:
1. Change in the fiscal year to April 1 from July 1.
2. A long-term capital outlay budget should be prepared.
3. The State should operate on a pay-as-you-go, instead of a
you-go
4. A
bond-as-
basis.
permanent legislative commission of accounts and investigation
should be established, to study and report methods of reducing expenditures
and increasing the efficiency of State departments.
5. The Legislature should be limited, in even-numbered years, to a
consideration only of appropriation bills and emergency measures.
Change in the fiscal year, Senator Desmond believed, would reduce
temporary borrowings, permit more equitable distribution of tax payments,
compel the budget to be for a full fiscal year and permit more accurate
forecasting of revenues and expenditures.
In Mr. Desmond's opinion a capital outlay budget would give the Legis¬
lature a comprehensive picture of the State's capital projects and tend to
stabilize local economic conditions through issuance of credit in favorable
markets.
It would also make possible construction work at a time of low
cost, he adds.
Establishment of a legislative commission of accounts would aid the
Legislature in its study of the budget, he says, while limiting the legis¬
lative action in even numbered years to appropriation bills and emergency
measures would enable the legislature to concentrate its attention every
other year on the
budget.
Pennsylvania—Supreme
Court
Rules
on
Frequency
of
Amendments—The
State
Supreme
Court
decided on June 25 that the State Constitution can be
amended oftener than once every five years, according to an
Constitutional
Associated Press dispatch from Philadelphia.
The Court is
said to have made this decision in upholding the right of the
expended for their purchase being payable out of a surplus accumulated
bonds due July 1 had been paid, together with
interest on those still outstanding.
"At noon yesterday, a total of $866,000 of the refunding bonds were
tendered by various holders, through their representatives, maturities of
those offered, ranging from 1950 to 1965.
The State bought 550 of them,
each bond being of $1,000 denomination.
"Just how highly Alabama State bonds are regarded as an investment by
their holders was demonstrated, however, when these holders offered them
not at par, but at a premium above the par mark.
The purchase was
finally negotiated at a premium of $110.70 for each $1,000 bond.
The
purchase price, therefore, was $608,831.59, including total premiums of
$58,831.59.
"Had the bonds purchased thereby reducing the State's bonded indebted¬
ness by the amount stated, run to maturity, the State would have paid
interest on them for an average of 20 years.
The net saving effected through
buying and permanently retiring them, was $639.30 on each bond, or^a
total on all of them of approximately $350,000t"
from income tax returns, after
ANNISTON, Ala.—BOND SALE—The $20,000 issue of 5% semi-ann.
public improvement refunding bonds offered for sale on June 24—V. 144,
4216—was awarded to Marx & Co. of Birmingham, paying a premium
of $460, equal to 102.30, a basis of about 4.52%.
Dated July 1, 1937.
Due $2,000 from July 1, 1938 to 1947, inclusive.
p.
COUNTY
ETOWAH
(P.
O.
Gadsden),
recently disposed of an issue or
price slightly above par.
The county
at
a
MOBILE
COUNTY
O.
(P.
Mobile),
Ala.— WARRANT SALE—
$50,000 3% school warrants
Ala.—WARRANT SALE—The
$152,000 issue of refunding school tax warrants offered for sale at public
auction on June 28—V. 144, p. 4047—was awarded jointly to the First
National Bank, and the Merchants National Bank, both of Mobile, as 4s,
at a
price of 103.05, a basis of
from Feb. 1, 1939 to
about 3.35%.
Dated Aug. 1, 1937.
Due
1945.
MONTGOMERY, Ala.—WARRANTS OFFERED TO PUBLIC— C. W.
McNear & Co. of Chicago, are offering for investment a block of $600,000
5% water works revenue warrants.
Denom. $1,000. Dated June 1,
1937.
Due on June 1 as follows: $27,000, 1938, $29,000. 1939; $31,000,
1940; $32,000, 1941; $34,000, 1942; $36,000, 1943; $37,000, 1944; $39,000,
1945; $41,000, 1946; $43,000, 1947; $45,000, 1948; $48,000, 1949; $50,000,
1950; $53,000,1951, and $55,000 in 1952.
Prin. and int. (J. & D.) payable
at the City Treasurer's office, or
at the Chemical Bank & Trust Co.,
New York City.
Legal approval by Reed, Hoyt & Washburn, of New York.
These warrants are issued by
the City to pay the cost of extending and
Commonwealth, through its Secretary, to advertise a pro¬
enlarging the municipally owned water works system.
posed amendment to consolidate the city and county govern¬
ments of Philadelphia, prior to its being placed on the ballot
payment the Oity has by ordinance agreed to establish and maintain a special
fund known as the "Water Works Fund of 1937" and to set aside monthly
in November.
sufficient to pay both principal and interest on the warrants as same become
due.
The ordinance further provides that the City will, subject only to the
United States—Municipal Bond Debt Decrease in 1936
Reported—General recession in the bonded debt of all but
the largest American cities during 1936 is disclosed in the
15th annual tabulation on city debt compiled by the Detroit
Bureau
of
Governmental
Research,
for
the National
regulatory power of any State agency, fix, maintain and collect rates for
water service which will at all times be sufficient to make the necessary
Municipal League.
by Mayor Robert Beasley that the city intends to issue, probably in Septem¬
ber or October, a total of $250,000 in water bonds.
bonded debt of $5,662,462,000, as of Jan. 1, 1937, for cities
30,000 population, and excluding New York, is shown in the report.
debt and the obligations of several other cities
that did not report place the total gross bonded debt as $8,239,000,000, or
$175.65 per capita.
'
Statistics from 241 cities which reported their debt situation in 1936 and
1937 indicate that the bonded debt for all groups of cities, except Group I
(500,000 and over) had declined.
Increases in the debt obligations of the
very largest cities resulted in a slight gain of $14,500,000 in the total gross
bonded debt of all cities, as compared with a year ago.
While the total
indebtedness increased, 152 cities reduced their gross debt, as compared with
83 cities which increased their debt obligations.
This marked very little
change over the trend displayed a year ago, when 156 cities showed reduced
aebt obligations, and 84 increased them over 1935.
A total gross
of
from
the revenues of the water works system
To provide for their
into this fund an amount
payments to the water works fund, also that the City will continuously
operate and maintain the system in good condition and will not sell, lease
or dispose of all or any part of same until principal and interest on the war¬
rants shall have been paid in full.
TUSCUMBIA, Ala.—BOND OFFERING ANTICIPATED—It is stated
over
Estimates of New York's
Bond Proposals
and Negotiations
of—BONDS RETIRED BEFORE MATURITY—
Montgomery on June 24 reported as
by the State:
Alabama retired $550,000 of its $17,000,000 refunding bond issue before
maturity Thursday from collections under the State income tax law.
In
addition, Gov. Bibb Graves said, arrangements already have been made
to retire $225,000 of the 1933 bonds maturing July 1.
The State paid a premium of $58,831 on the $550,000 retired before
maturity, W. W. Brooks, financial adviser to the Governor, said.
This
brought the total outlay to $608,831 on the part of the State.
Mr. Brooks said the bonds, which draw an interest of 3H%, would not
have matured before 1950 and he estimated the average maturity date was
Press dispatch from
Associated
follows on bonds purchased
more
MIAMI, Ariz .—BONDS AUTHORIZED—An ordinance has been passed
banks and brokerage houses offered the bonds, Mr.
outstanding bonds.
authorizing the refunding of $395,000
RIVER
VALLEY
WATER
Ariz .—SUPREME
USERS'
COURT
ASSOCIATION
RULING
(P.
O.
ON LEGALITY EX*
Legal
Adviser to the above Association, dealing with a report that appeared in
these columns recently that the State Supreme Court was to pass on the
legality of the district's organization and its right to issue bonds, that the
court has not yet ruled on the cases but a decision is expected momentarily.
He states that if the ruling is favorable, then in all probability new bonds
will be offered for sale as soon thereafter as the machinery can be set up.
He says that it will probably be at least two months after the said ruling is
given before there will be a call for bids on the new bonds.
PECTED—Under date of June 28 we are informed by Greig Scott,
than 20 years distant.
A group of
Phoenix),
10 A. M. on
July 14, by J. E. De Souza, Clerk of the Board of Supervisors, for the pur¬
chase of a $19,500 issue of school bonds.
Interest rate is not to exceed 5%,
payable M & S. Denom. $500.
Dated March 1, 1937. Due on March 1
as follows: $500 in 1939; $1,000,1940 to 1956, and $2,000 in 1957.
No bids
for less than par will be considered.
The purchaser will be furnished with a
certified copy of the transcript of the proceedings so that same may be
passed upon by his attorney.
A certified check for 5% of the bid, payable
to the County Treasurer, is required.
(This report supersedes the offering notice given in these columns recently
—Y. 144, p. 4380.)
Phoenix),
State
ALABAMA,
Ariz .—BOND OFFERING—Sealed bids will be received until
SALT
ALABAMA
An
ARIZONA
MARICOPA COUNTY SCHOOL DISTRICT NO. 33 (P. O.
ARKANSAS
Brooks
BONDS
said.
The bonds are of $1,000 denomination,
State
would
and Mr. Brooks estimated that the
$750 interest each
Largest Retail Distributors
have been required to pay approximately
if they had been permitted to run to their maturity dates before
There were $866,000 of the bonds tendered, but Mr. Brooks
come tax excess
retirement.
said the in¬
would permit retirement of only $550,000 worth at the pres¬
is pledged specifically to retirement of the refund¬
WALTON, SULLIVAN & CO.
ent time. The income tax
ing bonds floated in 1933 to put the State on a "cash basis" under
Fletcher budget and control Act.
After retirement of the bonds, the tax revenues then may be used
a reduction of ad valorem taxes.
the
ALABAMA, State of—REVISED FINANCIAL STUDY PREPARED—
the New York banking
this State has greatly
improved its credit rating during the last four or five years.
Since 1933 a large amount of floating debt has been funded and stringent
restrictions established covering the future issuance of warrants.
A sound
budgetary policy that insures a balance between income and outgo has also
A study of the finances of Alabama just issued by
house of Lazard Freres & Co., Inc., shows that
been adopted.
The study shows
that about half of the State's funded debt was incurred
highway purposes, and that with the advent of the automobile the
general property tax has become less important as a contributing factor to
revenues than formerly.
The automobile owner in Alabama now pays a
third of the income of the State Government, mostly through the form of
for
State's
per
capita debt, according to the study, is
comparatively
that
heavy in relation to the State's revenues, and it is likewise noted
sinking funds for retirement of term bonds have not been provided.
ARK.
ARKANSAS
ARKANSAS, State of—BRIEF ANALYSIS ON SCHOOL DISTRICT
BONDS—We quote in part as follows from a letter sent out recently by
Dabbs Sullivan of Walton, Sullivan & Co., Little Rock investment house,
summarizing the outstanding features of school district bonds.
"We have, on a great number of occasions, heard Arkansas investors
say they do not want to buy scholl district bonds.
Understanding con¬
ditions pertaining to this particular type of security, we can realize why
such a statement is made.
Up until 1931 special school districts desiring
to borrow money merely advertised so many bonds for sale and used the
proceeds as they saw fit.
The people of the district did not vote the
bonds nor, in many cases, did they know what became of the money
obtained from the sale of the bonds.
In addition, no specific tax was
payment.
The district's affairs in general were in most
badly handled.
All districts were limited to an 18-miil ad
which could be levied against all of the real and personal
property within its boundaries, plus funds received from the State Enu-
levied
gasoline taxes.
The
LITTLE ROCK,
for
cases
for their
very
valorem
tax,
Volume
Financial
145
$5 per child
paying teachers
meration Fund, which usually amounted to between $3 and
of school age.
This money, to a large extent, was used for
salaries and other miscellaneous operating costs.
and when interest or principal
borrowed enough from the local
bank to pay the debt, repaying the bank from next year's revenue.
This
procedure of operating in excess of revenue receipts necessarily could not
continue indefinitely, and with the decrease in property or assessed valua¬
tions at the beginning and during the depression, something had to be
done.
Operation of tne public school system was, of course, paramount.
At the same time, valid obligationns of the school districts had to be
accounted for.
This was realized and steps were taken to correct it as
early as 1931, for in that year a new school law was passed by the Legis¬
lature and through its enactment the foundation was laid whereby school
operations and school bonds could be handled on a businesslike basis.
The said Act is No. 169 of the Acts of 1931, and sections of it provide as
"Most districts had
became
due
the
one or
school
two bond issues,
board
merely
follows:
,
„
,
,
imT 'That a school district may not issue bonds in excess of 7% of its
assessed valuation.
(Prior to this there was no limit on bonded indebted¬
ness.)
That a school district could, through qualified electors of the
district, vote a specific tax of so many mills for debt service.
(To the
best of our knowledge there had been no law permitting a segregation of
the 18-mill ad valorem school tax, which is collected by the county col¬
lector along with State and county taxes.)
Where a school district has a
bonded indebtedness in excess of 7% of its assessed valuation, only re¬
funding bonds may be issued.
(This eventually would mean that all
districts will have a bonded indebtedness of 7% or less.)
Where a school
district has voted a specific tax for debt service, it becomes the duty of the
County Treasurer to countersign all warrants drawn on this fund, which
is known as the "Building Fund."
It is also their duty to see that this
fund is used for no other purpose than payment of interest and principal
of bonded indebtedness dur in that particular year.
A violation of this
provision makes the County Treasurer or his bondsmen responsible for
any losses incurred.
Where bonds are issued under a sinking fund proposal
the proceeds of the building fund may never be used for any purpose
other than debt service until the entire indebtedness has been paid in full.
"Due to the financial condition of the school districts as a whole the
special session of the Legislature in 1933 passed Act No. 28, which pro¬
vided that from and after its passage a district could vote a continuous
tax for debt service only on refunding or new issues.
This Act was passed
to enable districts to refund and adjust indebtedness in line with present
day revenues.
school bonds have
in most cases this tax
have voted this con¬
tax are now receiving sufficient funds to amply care for their
indebtedness as it matures against present day assessed valuations."
"Please bear in mind
a
that it is not mandatory that
permanent tax voted for debt service: however,
been voted.
Also, most school districts that
has
tinuous
bonded
ARKANSAS, State ot—REPORT ON JULY 1 BOND PAYMENTS—
The State was to pay $716,609 of bond principal and interest July 1 and
was to include $601,737 as interest on $41,421,325 of Road District
refunding bonds of which the First National Bank in St. Louis is paying
agent.
Other items in the payment by State Treasurer Earl Page include
the following:
$3,316 interest on $132,666 of University of Arkansas en¬
dowment bonds; $3,838 incerest and $3,500 principal on $95,950 of Arkansas
State College bonds;i$88,046 interest on $5,869,739 of municipal paving and
refunding certificates; $6,030 interest on $402,013 of contractors notes, and
$6,019 .interest on $401,308 of DeValls Bluff bridge refunding bonds.
this
FRANCIS LEVEE DISTRICT (P. O. Piggott), Ark.—BOND
CALL—W. M. Smith, President of the Board of Directors, is said to be
ST.
calling for redemption on Jan. 1, 1938, 5% ievee bonds, Series E, numbered
115 to 325, being all of this issue now outstanding.
Dated July 1, 1909.
Due in 1949, optional in 1929.
Prin. and accrued interest on the bonds to
date called
Trust Co.,
or
wil) be paid upon?presentation to the Bank of Commerce &
Memphis, and (or) the National Bank of Commerce in Memphis,
Hanover Bank & Trust Co., New York City.
Interest
on date called.
at the Central
shall cease
CALIFORNIA
MUNICIPAL
Chronicle
151
BOND
OFFERING—Offering of Bonds of Wasco and Lerdo School Dis¬
tricts—The County Clerk will receive bids until 11 A. M. August 2 for the
the Allowing 5% School District bonds:
$75,000 Wasco Union Elementary School District bonds.
25,000 Lerdo School District bonds.
Denom. $1,000.
Cert, check for 10%, required.
LOS ANGELES COUNTY (P. O. Los
Angeles), Calif.—CARMENITA
SCHOOL DISTRICT BOND SALE—The $25,000 issue of school bonds offered
for sale on June 22—V. 144, p. 4216—was awarded to Redfield, Royce &
Co.
of Los
Angeles,
3 Ms, paying a premium of $260, equal to 101.04,
Dated June 1, 1937.
Due $1,000 from June 1,
as
basis of about 3.64%.
1938 to 1962, incl.
a
£ MARIN
COUNTY
SCHOOL
(P.
O.
Rafael),
San
Calif.—MILL
VALLEY
BOND OFFERING—As previously reported in these columns—
V. 144, p. 4380—County Clerk George S. Jones will receive bids until
11a.m. July 12 for the purchase of an issue of $30,000 5% school bonds <5f
Mill Valley School District.
Denom. $1,000.
Cert, check for 10% required.
MOTOGCbu^VTPTb. Alturas), Catif .—BOND
ELECTION IN
MODOC UNION HIGH SCHOOL DISTRICT—An election will be held in
Modoc Union High School District on July 14, at which a proposition to
issue $163,000 school building bonds will be submitted to a vote.
MONTEREY
COUNTY
(P.
Salinas),
O.
Calif.—ALISAL
SCHOOL
DISTRICT BOND SALE DETAILS—It is reported by the County Clerk
that the $25,000 couponischool
Co. of San Francisco, at a price
bonds purchased on June 14 by Kaiser &
of 100.09, as noted here recently—V. 144,
p. 4216—were awarded as follows: 5% bonds, maturing from 1938 to 1941,
and 3M% bonds, maturing from 1942 to 1961.
^RIVERSIDE
COUNTY
(P.
O.
Riverside), Calif.—INDIO SCHOOL
BONDS SOLD—The $23,000 Indio School District bonds offered on June 28
V. 144, p. 4216—were awarded to the Citizens National Trust & Savings
Bank of Riverside, as 4Ms, at par plus a premium of $354, equal to
basis of about 4.37%.
There were no other bids.
Dated May
101.539,
1, 1937.
a
Due
May 1
on
follows: $4,000, 1952 to 1956, and $3,000 in 1957.
as
COUNTY
W SACRAMENTO
BOND
DISTRICT
SCHOOL
(P.
O.
Calif.—SYINAN
Sacramento)
OFFERING—Sealed
bids
will
received
be
until
,10 a. m. on July 12, by T. F. Patterson, County Clerk, for the pur¬
chase of a $15,000 issue of school bonds.
Interest rate is not to exceed
5%, payable J. & J. Denom. $500. Dated July 1, 1937. Due on July 1 as
follows:
$500. 1938 to 1943, and $1,000, 1944 to 1955.
Prin. and int.
payable in lawful money at the County Treasurer's office.
The bonds will
be sold for cash only and at not less than par and accrued interest to the
date of delivery.
Each bid must state separately the premium, if any,
offered for the bonds.
A certified check for 10% of the amount of bonds
bid for, payable to .the Chairman of the Board of Supervisors, is required.
COUNTY
SACRAMENTO
O.
(P.
Sacramento),
RIDGE SCHOOL DISTRICT BONDS SOLD—The
Calif.—FRUIT
$60,000 issue of school
Ridge School District, which was offered on June 28—
V. 144, p. 4380—was awarded to the Bankamerica Co. of San Francisco,
at 3M% interest, on a bid of par plus a premium of $251, equal to 100.418,
a
basis of about 3.70%.
Dated July 1, 1937.
Due $3,000 yearly on
July 1 from 1939 to 1958, incl.
Dean Witter & Co. of San Francisco were
second high bidders, offering a premium of $128 for 3Ms.
bonds
of Fruit
SAN
FRANCISCO
(City and
County),
Calif.—SUBWAY BOND
CONTEMPLATED—The "Wall Street Journal" of July 1
under a San Francisco heading:
"City and County Supervisors have not yet acted on the proposed plan
to submit to voters at the November election a resolution providing for
the issuance ^of $49,250,000 bonds for rapid transit subway.
"As the first step toward placing the matter on the November ballot.
City Attorney John J. O'Toole presented the proposed resolution to the
Board of Supervisors, with a blank space for the amount of bonds to be
issued. The Board will take up the proposal on July 12.
"The $49,250,000 probable bond issue would be exclusive of some $6,000,000 interest required during the construction period. It is likely that
general city-county funds will be used for the interest payment."
ELECTION
carried the following report
BONDS
COUNTY (P. O. San Jose), Calif.—BOND ELEC¬
IN ALUM ROCK UNION SCHOOL DISTRICT—A proposal to
$35,000 school building removal bonds will be submitted to the voters
an election scheduled for July 14.
SANTA CLARA
TION
Revel Miller & Co.
MEMBERS;
650 So.
Issue
at
Los Angeles Stock Exchange
Spring Street
•
SANTA CLARA COUNTY SCHOOL DISTRICTS (P. O. San Jose),
Calif.—BOND OFFERINGS—Sealed bids will be received until 11 a. m.
Los Angeles
on
Teletype: LA 477
Telephone: VAndike 2201
A
July 12, by Frank W. Hogan, County Clerk, for the purchase of two
aggregating $240,000, divided as follows:
issues of school bonds
SANTA ANA
SAN FRANCISCO
$135,000 Campbell Union High School District bonds.
Due $5,000 from
1938 to 1942; $6,000, 1943 to 1947, and $8,000 from 1948 to 1957.
105,000 Santa Clara Union High School District bonds.
Due $5,000
from 1938 to 1952, and $6,000, 1953 to 1957.
CALIFORNIA
Interest
CALIFORNIA, State of—AGE PENSIONS AND BLIND BENEFITS
INCREASED—We quote in part as follows from the San Francisco
"Chronicle" of June 17:
Governor Merriam yesterday approved of two bills passed by the
recent Legislature to increase old age pension and blind aid payments in
California by approximately $13,000,000 biennially.
In signing the two measures, the Governor said California has now
reached the limit in this form of relief.
Amendment to the old age pension law liberalizes the existing Act in
several respects by permitting the recipients to earn or receive in gifts
outside income of $15 per month without deductions from their $35 a month
pension.
Persons receiving aid will no longer have to give the counties a yen, on
their property, ana rental from property owned by the pensionsers will not
be considered income.
~_-
The second of the bills establishes a
basic blind aid of $50 a month as
against an average of $42.50 at present.
In addition, blind perons would
be permitted to earn up to $33.33 a month.
Shortly before the Governor signed the two bills, increasing relief pay¬
ments to the aged and to the blind, an adverse opinion from Attorney
General Webb on the constitutionality of the new relief administration
law, signed Tuesday,
cast grave
rate
Dated July
office.
1,
is
not
1937.
to exceed 5%, payable J. & J.
Denom. $1,000.
Prin. and int. payable at the County Treasurer's
Each bid shall specify the rate of interest desired and the premium
One or more alternative bids or offers for said bonds at
be made.
The definite rate said bonds shall
of sale.
The award will be made at
the lowest net interest cost to the district.
A certified check for 5% of
the amount of bonds bid for, payable to the County Clerk, is required.
(This report supersedes the offering notice given in these columns recently
—V. 144, p. 4380.)
offered, if any.
different interest rates may
bear shall be determined at the time
fWVENTURA COUNTY (P. O. Ventura) Calif.—MOORPARK UNION
HIGH
SCHOOL
DISTRICT
BOND
OFFERING—Sealed
bids
will
be
received until 10 a. ra. on July 19, by L. E. Hallowell, County Clerk, for
the purchase of a
$40,000 issue of school bonds.
by .the voters at an
election held on June 14.
YOLO COUNTY
JOINT
These bonds were approved
(P. O. Woodland), Calif.—OFFERING OF DAVIS
DISTRICT BONDS—H. R. Saunders,
UNION HIGH SCHOOL
County Clerk, will receive /bids until 10 A. M. July 12 for the purchase of
$50,000 bonds of Davis Joint Union High School District.
Interest rate
is not to exceed 5%.
Denom. $1,000.
Cert, check for $5,000, required.
doubts over the future handling of all
relief funds.
CALIFORNIA
(State
of)-—BOND
OFFERING—State
Treasurer
until 10 a. m. July 22 for the purchase
dated Jan. 2, 1929.
Certified check for 10%
Charles G. Johnson will receive bids
of $19,000 State Park bonds,
required.
CALIFORNIA
(State\>f)—IFARRANT SALE—'The issue of $1,500,000
registered general ;fund warrants issued for unemployment relief, which
was offered on June 128, was awarded to the Bankamerica Co., the Anglo
California National Bank, both of San Francisco, and thq Capitol National
Bank of Sacramento, jointly, on a bid of par for 1%% warrants.
Dated
July 1, 1937.
DINUBA, Calif.—BONDS OFFERED7FOR INVESTMENT—Coughlininvestors at prices to yield from
McCabe & Co. of Denver are offering to
2.80% to 3.80% an issue of $25,000 4M% general improvement fund bonds
of 1937, series A.
Dated Jan. 1, 1937.
Principal and semi-annual interest
(Jan. 1 and July 1) payable at the City Treasurer's office.
Due
1, 1941, and $4,000, yearly on Jan. 1 from 1942 to 1947.
$1,000
Jan.
EUREKA, Calif.—BOND OFFERING—It is stated by A. Walter Kildale,
City Clerk, that he will receive sealed bids until 8 p. m. on July 2, for the
purchase of a $625,000 issue of 4% semi-ann. water bonds.
Denom.
$1,000.
Dated July 6, 1937.
Due on July 6 as follows: $16,000, 1938
to 1941; $20,000. 1942 to 1961; $25,000, 1962 to 1965; $30,000, 1966 and
$31,000 in 1967.
The approving opinion of Orrick, Palmer & Dahlquist,
of San Francisco, will be furnished.
A certified hceck for $32,000, payable
to the
city, must accompany the
bid.
HEALDSBURG, Calif .—ADDITIONAL OFFERING DETAILS—City
bids for the $35,000 4% municipal im¬
Clerk D. A. Bane informs us that
provement sewer bonds being offered on July 6—V. 144, p. 4380—will be
received until 4.30 p. m., not 7.30 p. m. as reported.
He also states that
a certified check for 10%
of the amount of the bid, payable to himself,
must accompany
KERN
each bid.
COUNTY
(P.
O.
Bakersfield), Calif .—RED ROCK SCHOOL
Smith, County Clerk, will receive
$8,000 5% bonds
check for 10%,
DISTRICT BONDS OFFERED—F. E.
COLORADO
DENVER
BEING
(City
and
PREPARED—In
County),
a
letter
Colo.—IVEPF BOND
dated
June
25,
Glenn
ORDINANCE
G.
Saunders,
Assistant City Attorney, confirms the report given in these columns recently
that the City Council is engaged in the preparation of a new ordinance
which they expect to be the basis of a suit to test the validity of the proposed
$4,595,000 special improvement district refunding bonds
LARIMER COUNTY SCHOOL
Colo.—BONDS NOT SOLD—It
is
DISTRICT NO. 2 (P. O. Lovoland),
stated by Marie M. Curtis, District
Secretary, that the $160,000 not to exceed 3 H
bonds approved by the voters on June 14,
V. 144, p. 4380—have not been sold.
It is
for sale sometime in December.
Due from
% semi-annual school building
as noted in these columns—
said that they will be offered
1939 to 1953 Incl.
CONNECTICUT
"^"BRIDGEPORT, Conn.—BOND OFFERING—Perry W. Rodman, City
Comptroller, will receive sealed bids until July 12 ror the purchase of
$700,000 refunding bonds, dated July 15, 1937.
EAST
HAVEN, Conn.—NOTE SALE—Frank Cox, Town Treasurer,
of $30,000 2% notes, due in two months, was sold
bids until 11'A. M. July 26 for the purchase of an issue of
of Red Rock School District.
Denom. $1,000.
Cert,
informs us that an issue
required.
recently to the First National
Bank & Trust Co. of New Haven
Financial
152
STAFFORD, Conn.—BONDS VOTED—-At
election
issue
of $100,000 high school building construction bonds was authorized for
sale.
They will bear interest at not more than 3% and mature $5,000
yearly, all in accordance with an Act passed by the General Assembly in
January.
The PWA has agreed to provide a grant of $73,350 toward cost
of the
a recent
an
building.
Chronicle
is
DELAWARE
FRANKFORD, Del.—BOND SALE DETAILS—Laird, Bissell & Meeds
of Wilmington, which were awarded June 22 an issue of $31,000 3M%
refunding bonds, as previously reported—V. 144, p. 4380, paid a price of
par plus a premium of $77.50 for the loan, equal to 100.25, a basis of about
3.41%.
Dated July 1, 1937.
Due July 1, 1972; redeemable after three
years.
LEWES, Del.—BOND SALE—The $44,000 3H% coupon refunding
bonds offered on June 28—V. 144, p. 4217—were awarded to the Sussex
Trust Co. and the Lewes Trust Co., both of Lewes, at par.
Dated July 1,
1937.
Due July 1, 1957; optional after five years.
July 3, 1937
payable F. & A.
Denom. $1,000.
Dated Aug. 1, 1937.
Due on Aug. 1»
1958.
Principal and interest payable at the City Treasurer's office or at
the Manufacturers Trust Co., New York.
The Legality of the bonds
will be approved by Thomson, Wood & Hoffman of New York, whose
opinion will be delivered free or charge to the purchaser.
No bid for less
tnan tbe par value of the bonds will be considered.
A certified check for
2% of the par value of the bonds bid for, payable to the City Treasurer,
required.
(This report supersedes the offering notice given in these columns recently
—V. 144, p. 4381.)
LAKE COUNTY (P. O. Tavares), Fla.—BOND TENDERS INVITED
Dyes, Clerk of the Board of County Commissioners, states that
on July 12, at 10 a. m., consider sealed offerings of the following:
Road and bridge refunding bonds, dated July 1, 1935, of the following
issues: Countywide (series A and B).
Special road and bridge districts, as follows: Leesburg, South Lake,
County, No. 3, No. 5, East Lake County, No. 7, No. 8, No. 9, No. 10,
No. 14 and Lady Lake.
Countywide general refunding bonds, dated July 1, 1935 (series A and B).
(Series must be specified.)
—Geo. J.
he will
The amount or bonds to be
purchased will be determined by the under¬
Offerings must be firm for at least 10 days or the same will not be
signed.
FLORIDA
considered.
BONDS
LAKE COUNTY
SPECIAL TAX
SCHOOL DISTRICTS (P. O*
Tavares), Fla.—BOND TENDERS INVITED—D. H. Moors, Secretary
Board of Public Instruction, states that he will consider* sealed
offerings until l:30p. m.on Aug. 2 of the following bonds, dated July 1,1935:
District No. 5, series A; District No. 6, series A and B; District No. 10,
series A and B; District No. 24, series A: District No. 25, series A; District
No. 26, series A; District No. 16 (Mt. Dora), series A and B; District No.
18 (Tavares), series A and B; District No. 21 (Leesburg), series A and B;
District No. 31 (Olermont-Minneola), series A, and District No. 36 (Groveland), series A and B.
of the
Clyde C. Pierce Corporation
Barnett National Bank Building
JACKSONVILLE-
-
-
Branch Offices
lrst National
Bank Buildlrg
•
FLORIDA
TAMPA
T. S. Pierce, Resident Manager
FLORIDA
BAY
COUNTY
(P. O. Panama City), Fla.—BOND TENDERS IN
VITED—It is stated by H. A. Pledger, Clerk of the Board of County Com
missioners, that he will consider sealed offerings until 10 a. m. on July 6
for the purchase of road and bridge, series A, B, C and D, refunding bonds,
dated Aug. 1, 1932.
DADE COUNTY SCHOOL DISTRICTS (P. O. Miami), Fla.—BONDS
OFFERED FOR INVESTMENT—One of the large municipal bond opera¬
tions of recent months was announced on June 30 with the offering of
$7,514,000 of non-callable 4% bonds of special tax school districts 2, 3,
4, 5, 6, 7, 9 and 13 by a banking syndicate consisting of R. E. Crummer &
Co., Inc., investment bankers of Chicago, Orlando and Miami;
John
Nuveen & Co. of Chicago and Miami; and B. J. Van Ingen & Co., Inc. of
New York.
(These bonds were sold on April 27, as noted in these columns
at that time.)
Miami, largest city in Florida, is located in Dade County.
Holders of
the outstanding optional bonds of these eight school districts will be given
938 to 1967.
Total tax collections in all eight districts mature serially
?rior opportunity to subscribe for the new 4% bonds, whichduring the past
three years have exceeded annual interest and sinking fund requirements.
Of the total offering $5,018,000 represent the bonds of special tax school
District No. 2 which embraces
Miami
approximately nine-tenths of the
area
MIAMI BEACH, Fla.—BOND SALE—The sale of the $375,000 coupon
golf course bonds scheduled for June 28—V. 144, p. 4217—did not take place,
the bids that were received being rejected.
The bonds were again offered
on June 30, and on that date were awarded to
John Nuveen & Oo. of
Chicago, the Wells-Dickey Co. of Minneapolis, Childress & Co. of Jack¬
sonville, and the Miami Beach First National Bank of Miami Beach.
The
syndicate bid in the bonds as 3 Ms, offering a price of $368,700, equal to
98.32, a basis of about 3.90%.
Dated April 1, 1937. Due on April 1
as follows: $12,000,
1938 to 1940; $4,000, 1941 to 1945; $12,000, 1946;
$16,000,1947 to 1950; $19,000,1951; $24,000.1952; $27,000, 1953; $31,000,
1954 $34,000 1955 and 1956;
and $74,000 in 1957.
The Mercantile
Mational Bank of Miami Beach was second high bidder, offering to pay
$368,062.50 for 3M % bonds.
Form of
Government—Council-Manager.
Property Valuation
Current Year
States census 1930,
Last winter (estimated), 55,000.
Population—United
13,300.
Bonded Debt
of
adjacent territory.
Per capita debt of this district is only
Dade County itself is the largest and wealthiest county in Florida
Its winter population is in excess of 300,000, which is 50% greater than the
estimated winter population of Duval County (Jacksonville) the next
largest county.
Special tax school District No. 2 bonds are being offered
to yield from 2% to 3.95% from 1938 to 1947.
Those maturing from 1948
to 1967 are priced from 100 to 99 according to maturity.
DAYTON A
BEACH,
Fla .—CERTIFICATE OFFERING—Sealed bids
will be received until 10 a. m. on July 26, by F. R. Mills, City Clerk, for
the purchase of a $25,000 issue of 4% semi-annual Water revenue certificates.
Dated Jan. 1,1935.
Due on Jan. 1 as follows: $3,000,1956; $12,000,1957,
and $10,000 In 1958.
Legality to be approved by Giles J. Patterson,
A $250 certified check must accompany the bid.
of Jacksonville.
has been, on the whole, decidedly more constructive than that passed by
the immediately preceding ones, particularly as regards the legislation per¬
taining to municipal obligations.
It has not changed the allocation of the
gas tax insofar as it relates to debt service for road bonds issued by counties
districts.
The Legislature repealed three laws pertaining to mu¬
nicipals which were decidedly unfriendly to the bondholder and the source
of considerable litigation.
The Acts referred to are the so-called Split
Budget Act, allowing separate levies for operating and debt service; the
Pro Rata Mandamus Distribution Act, which pro rated moneys obtained
mandamus suit according to the amount of bonds on which suit was brought
as com
red with the total outstanding; and the so-called 1935 Refunding
Act, which, in effect, was the "Municipal Bankruptcy Act."
It also passed
a bill requiring the State Board of Administration to accept refunding bonds
for securities held in the sinking fund of the various counties and road dis¬
tricts.
It also failed to pass a bill which would have allowed the use of
bonds to pay current debt service taxes.
These Acts are perhaps the outstanding legislation pertaining to municipals particularly, although the
placing of city liens on an equal basis with State and county certificates
was important.
The Legislature also took cognizance of the fact that the Reconstruction
Finance Corporation has proposed a loan to the Everglades Drainage Dis¬
trict and passed a new Act giving the Everglades a new setup, particularly
as regards legislation which will be applicable when, as and if the refunding
is acceptable to a majority of the bondholders.
Without attempting to
argue for or against the value of Everglades Drainage District bonds, any
legislation seeking to straighten out this situation is of great importance.
Potentially, the Everglades possesses wonderful possibilities in an agri¬
cultural way.
Development has been retarded by excess taxes.
With the
elimination of excess taxation and with the proper supervision of the drain¬
age work, it is conceivable that thousands of acres at present uncultivated
will produce in abundance.
During the past few years, whenever the Florida Legislature has been
in session, the prices of Florida municipals have softened and the demand
has lessened.
This has been true during the past 60 days.
It is perfectly
understandable because previous Legislatures have gone out of their way,
apparently, to pass laws hampering and hindering the holders of municipal
bonds.
Now that the 1937 Legislature is a thing of the past, prices of
Florida bonds should advance; and they have already shown symptoms in
this direction.
Business conditions throughout the State are good, crops
are abundant, building permits breaking all records, and, in our opinion,
the State is decidedly on the upgrade.
Sooner or later this prosperity,
which is confined in no one section of the State, should be reflected in higher
and
prices for bonds.
there is
our
a
As we have pointed out in previous bulletins however,
municipalities; therefore,
very general one, since certain issues have previously
vast difference between bonds of many
statement
is
a
advanced far more than others.
HALIFAX HOSPITAL DISTRICT (P. O.
Daytona Beach), Fla.—
BONDS REFUNDED—Attorney Alfred A. Green is reported to have made
announcement to the effect that the bonds of the above district have
an
been refunded and now pay interest at the rate of
increases after three years.
The refunding issue, originally
4%.
The rate, however,
.
.
^
,
have been cleared up, and the
newly authorized four-mill levy is expected to raise $26,000 for debt ser¬
It is
as
6,419.
said that practically all defaults
vice this year.
Fla.—BOND TENDERS
Clerk of the Board of County
HERNANDO COUNTY (P. O. Brooksville),
INVITED—It is stated by H. O. Mickler,
Commissioners, that he will consider sealed offerings until 2 p. m. on July
19, of road and bridge refunding, series A, B and C bonds, dated Sept. 1,
1936.
JACKSONVILLE, Fla.—BOND OFFERING—It is stated by M.
Bishop, Secretary of the City Commission, that be will receive
refunding, Second Issue of 1937 bonds.
http://fraser.stlouisfed.org/
/
Federal Reserve Bank of St. Louis
W.
sealed bids
of a $300,000 issue of coupon
Interest rate is not to exceed 6%,
until 2.30 p. m. on July 21, for the purchase
State
census
of June 1, 1937
Refunding bonds
Sinking
Fund
Outstanding
$3,695,000.00
from
291,000.00
-
also
$18,548.85
*1,703,000.00i
Total general obligations
Other than general obligation bonds
*
1935,
$5,689,000.00
$18,548.85
None
None
sold at private sale following public offering.
were
Defaults—On July 1, 1933, the city had a technical default during
funding operations.
This was on principal only and
upon completion of refunding July 1, 1934.
was
Total General Obligation Bonds
As of June
-
1,1936--
As of June 1, 1935
As of June 1, 1934----
'
$3,840,000.00
4,117,000.00
4,741,000.00
—
-----
-
re¬
entirely cleared
but not issued:
The only bonds authorized but not
$375,000 public improvement bonds recently authorized,
to be dated April 1, 1937, for the purpose of purchasing a golf course, which
are now being offered for sale on June 28, 1937.
Utility bonds are fully supported by earnings.
The legal debt of this
municipality is limited by our charter to 15% of total assessed valuation.
Bonds authorized
issued
are
the
Overlapping Debt
\
(That part of debt of county, school and special districts, payable by
in this municipality.)
taxes levied on property
Gross Debt
Less
Name of Overlapping
Dade County.
This
Special School District No. 14
School (at large).
Sinking Fund
$6,437,425.00
Municipality's
Share
$1,505,713.70
994,354.00
1,441,650.00
Entity—
994,354.00
337,201.93
Condition of Sinking Fund
Cash
on
hand
or
in
bank
(actually available over current
year's debt service requirements)
Investment in bonds
In
$18,548.85
None
municipality has sinking fund assets of
I$72,305.96, which include $31,651.55 taxes receivabla and $40,654.41
mprovement liens receivable.
Amount of term bonds for which sinking
unds are required, none.
(All bonds mature serially.)
addition
to
the
above this
MONROE COUNTY (P. O. Key West), Fla.—BOND TENDERS
INVITED—It is stated by Ross C. Sawyer, Clerk of the Board of County
Commissioners, that he will consider sealed offerings until 8 p. m. on July
14 of road and bridge refunding bonds, dated July 1, 1936.
OSCEOLA
COUNTY
Kissimmee). Fla.—BOND TENDERS
Board of County Commissioners,
offerings until 10 a. m. on July 16, on road
and bridge refunding bonds, dated May 1, 1936, of the following issues:
Countywide and Special Road and Bridge Districts, numbered 2 and 4,
(P.
O.
INVITED—J. L. Overstreet, Clerk of the
states that he will consider sealed
PALM BEACH COUNTY SCHOOL DISTRICTS (P.
O. West Palm
Beach), Fla.—DETAILS ON REFUNDING PROGRAM—In connection
columns recently, to the effect that a refunding
with the report given in these
plan for the bonds of School Districts Nos. 3, 4, 5, 6 and 9 had been an¬
nounced by the Palm Beach County Refunding Agency—V. 144, p. 4217—
we give herewith a brief summary of the proposal:
Under the program, $800,100 of bonds will be exchanged at
par for
refunding non-callable bonds dated July 1, 1937, maturing serially from
3 to 30 years from date of issue.
Interest will be paid at the rate of 4M % per annum on the new bonds,
but in the event of a default of 24 months, the rate will revert to the original
rat e upon written declaration of holders of 51 % of the bonds.
At least 75 %
of the indebtedness must be subscribed before operation of the plan.
Unpaid interest to the date of the plan will be paid at the rate of 4M%
or a new bond at
4M % maturing in 10 years may be substituted for unpaid
interest.
.
about $750,000, has been lowered to about
$565,000.
1
$100,000,000.00
40,811,661.00
Bonds
Purpose of Issue—
General public improvement
Special
assessment,
payable
general taxation.
Refunding bonds.
FLORIDA, State of—REPORT ON RECENT LEGISLATIVE ACTS—
The following summary of municipal legislation enacted by the recent
session of the State Legislature, is taken from the June bulletin issued by
A. B. Morrison & Co., Congress Building, Miami:
The legislation passed by the Florida Legislature which has just adjourned
.
-
$125,000,000.00
50,514,315.00
and
$28.50.
Previous Year
1936-37
Actual or full valuation (approx.)
Assessed valuation
Holders are requested to commnunicate with Secretary Robert M. Hart,
135 South La Salle St., Chicago, 111.
The new bonds will be validated by the Circuit Court of Palm Beach
County and, if necessary, an appeal will be taken to the Supreme Court.
Messrs. Chapman & Cutler, of Chicago, furnish approving legal opinion.
The Circuit Court hearing on the validation is scheduled fpr today and a
favorable decree is expected to be handed down.
PINELLAS COUNTY (P. O. Clearwater), Fla.—BOND TENDERS
INVITED—It is stated by A. G. McQuagge, Clerk of the Board of County
Commissioners, that he will consider sealed offerings until 2 p. m. on
July 20, of road and brudge refunding bonds of the following issues:
Countywide, series A. B. C. or D, dated April 1, 1933; special road and
bridge district issues, as follows: No. 1, dated April 1, 1933; No. 2 (series
A and
B), dated Jan. 1, 1933; No. 3, dated April 1, 1933; No. 4, dated
Volume
Financial
145
153
Chronicle
Dec. 1, 1932; Nol 5, dated Jan. 1, 1933; No. 6,
dated Jan. 1, 1933; No. 8, dated Dec. 1, 1932;
from unlimited ad valorem taxes on all of the county's taxable property.
A certified check for 3% of the bonds bid for must accompany each pro¬
No. 11, dated June 1,1932; No. 13 (series
posal.
dated Dec. 1. 1932; No 7
No. 9, dated Jan. i, 1933;
A and B), dated July 1,1936. and
countywide general refunding bonds, seires A, B and C, dated Dec. 1,1932.
(Where series are indicated, the particular series offered msut be specified.)
The approving opinion of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished the successful bidder.
GAS CITY, Ind.—BOND OFFERING—Robert A. Wesling, City ClerkTreasurer, will receive sealed bids until 10 a. m. on July 12 for the purchase
of $6,000 not to exceed 5% interest street grading bonds.
Dated July 1,
1937. Denom. $500. Due $500 on July 1 from 1939 to 1950 incl. Principal
and interest (J. & J.) payable at the Twin City State Bank, Gas City.
Bidder to name a single rate of interest.
A certified check for 2% of the
amount bid must accompany each proposal.
Delivery of the bonds will be
made to the purchaser at the office of the City Clerk-Treasurer.
TAMPA, Fla.—NOTES SOLD—The First National Bank, the Ex¬
change National Bank, and the First Savings & Trust Co., all of Tampa,
jointly, are said to have purchased $395,000 notes at 4%. Due on Sept. 30,
1937.
GEORGIA
ATLANTA, Ga.—BOND SALE DETAILS—In connection with its sale
$1,800,000 2%% refunding bonds at par to a syndicate headed by the
Chase National Bank of New York, as noted in these columns recently—
V. 144, p. 4381—we are now informed that the principal and interest are
payable at the city's fiscal agency m New York, or at the office of the City
Tteasurer.
Legality to be approved by Storey, Thorndike, Palmer & Dodge
of Boston.
These bonds are said to be general, unlimited obligations of the
GERMAN
of the
city
as
a
whole.
'
date
has been canceled.
of issue,
on
amount bid,
the annual amortization plan.
the
the
payable to the County Treasurer, is required.
LATAH COUNTY (P. O. Moscow),
Idaho—BOND ELECTION—We
informed by the County Clerk that an election will be held on
in order to vote on the issuance of $150,000 in hospital bonds.
are
July 28
INDEPENDENT
COUNTY
years.
.
<
-
June 1, 1938.
Township reports a
CITY, Ind.—BOND SALE—The issue of $10,000
COUNTY
Vincennes),
Ind.—BOND SALE—The
al. drainage bonds offered on
the Registration & Management
Corp. of Vincennes at par.
Dated May 3, 1937.
Due $1,246.25 yearly
on July 1 from 1938 to 1946, and $1,246.31 July 1, 1947.
(P.
O.
$12,462.56 6% coupon Fred Armuth et
June 29—V. 144, p. 4217—were awarded to
LEXINGTON
TOWNSHIP
SCHOOL
(P.
O.
Lexington),
Ind.—
BOND
SALE—The $57,181.42 funding bonds offered on June 25—V.
144, p. 3872—were awarded to a group composed of Kenneth S. Johnson,
McNurlen & Huncilman, Brentlinger & Lemon, all of Indianapolis.
Dated
July 1, 1937.
Due as follows: $1,181.42 Jan. 1 and $1,000 July 1, 1939;
$1,500 Jan. 1 and $1,000 July 1 from 1940 to 1961, incl.
SALE—The $50,000 general purpose
144, p. 4381—were awarded to the
a 1% interest basis plus a premium
of $10.
Dated July 1, 1937.
Due Dec. 15, 1937.
The Wabash Valley
Trust Co. of Peru placed a bid of 1M% Plus a premium of $3.
The In¬
dianapolis Bond & Share Corp. placed a bid of I
Plus a premium of $3.
The Indianapolis Bond & Share Corp. of Indianapolis bid 3% interest,
MARION,
Ind.—WARRANT
time warrants offered
SCHOOL DISTRICT NO. 1
(P. O. Salmon), Idaho—BOND ELECTION—It is reported that an elec¬
tion will be held on July 6 to have the voters pass on the proposal to issue
$100,000 in not to exceed 6% building and equipment bonds.
Due in 20
LEMHI
Ind.—
refunding bonds offered on June 29—V. 144, p. 4381—was awarded to
Stokes, Woolf & Co. of Chicago as 3s at par plus a premium of $375, equal to
103.75, a basis of about 2.53%.
Dated July 1,1937 and due July 1,1946.
KNOX
Due in from 1 to 12 years after
Prin. and int. payable
Dated July 15, 1937.
County Treasurer's office.
These bonds were approved by
voters at the election held on May 26.
A certified check for 5% of
the
at
County,
GOODLAND, I nd.—WARRANT OFFERING—The Board of Trustees
16 for the purchase of an
GOSHEN SCHOOL
by
JEFFERSON COUNTY (P. O. Rigby), Idaho)—BOND OFFERING—
Sealed bids will be received until 1 p. m. on July 15, by William Sauer,
Clerk of the Board of County Commissioners, for the purchase of a $35,000
issue of court house and jail bonds.
Interest rate is not to exceed 5%,
payable J. & J.
Vanderburgh
of the town will receive bids until 7:30 p. m. July
issue of $6,000 street improvement warrants.
IDAHO
William T. Reed, City Clerk, that the sale of the $300,090 power plant
bonds on April 12 to the Ballard-Hassett Co. of Des Moines, as 4s, at a
price of 100 95, noted in these columns at that time,
TOWNSHIP,
of 10 years, with the first payment on
net assessed valuation of $1,241,720.
.
I DA HO—BOND SALE CANCELED—It is stated
COEUR D'ALENE
SCHOOL
PROPOSED BOND ISSUE—The township plans to issue $15,000 not to
exceed 4M % school building bonds, to mature semi-annually over a period
on
July 1—V.
First National Bank in Marion on
plus a premium of $8.
TROY, Idaho—BONDS VOTED—At an election held on June 14 the
said to have approved the issuance of $11,050 in bonds, divided
as follows:
$6,600 street improvement, and $4,450 funding bonds.
SCHOOL
bonds offered
on
CITY,
July 1—V.
PRINCETON
voters are
144,
p.
Ind.—BOND
SALE—The
$33,000
4217—were awarded to the City Se¬
plus a premium of $349, equal
curities Corp. of Indianapolis, as 3s, at par
to
Municipal Bonds of
ILLINOIS
INDIANA
IOWA
MICHIGAN
101.057.
SHELBY COUNTY
WISCONSIN
Bought—Sold—Quoted
The
of
(P. O. Shelbyville), Ind.—NOTE OFFERING—
County Auditor will receive bids until 10a.m. July 8 for the purchase
issue of $40,000 notes.
Denom. $2,000.
an
TIPTON, Ind.—PRICE PAID—The Fletcher Trust Co. of Indianapolis,
on June 23 for $17,000 4% coupon municipal swimming
pool construction bonds—V. 144, p. 4381—paid a price of $18,026, equal to
106.035.
Denom. $500.
Dated Dec. 1, 1936.
Interest payable annually
on Dec. 1.
Due serially from Dec. 1, 1938 to Dec. 1, 1946.
successful bidder
tfe.
gftc&nAcm V
MUNICIPAL BOND DEALERS
VANDERBURGH COUNTY
135 So. L^ Salle
St., Chicago
State 0540
Teletype CGO. 437
a
HENDERSON, 111.—BONDS VOTED—At a recent election the voters
approved a proposition to issue $28,000 street improvement
of the village
bonds.
NO. 108 (P. O. Highland
Park), 111.—BONDS VOTED—The issuance of $180,000 bonds to finance
buildings was approved by the voters
at an election held on June 16.
construction of additions to school
ILLINOIS, State of—INSURANCE CODE SIGNED—Governor Horner
signed the insurance code, described by Ernest Palmer, insurance director,
as a measure to bring the State's insurance laws "up to date," according
to an Associated Press dispatch from Springfield on June 29.
It is said
that the code increases minimum capital and surplus requirements in
virtually all classes of insurance business.
(P. O. Kirkland), 111.—
election the voters of the district
KIRKLAND SCHOOL DISTRICT NO. 415
BONDS
VOTED—At
a
recent special
approved a proposal to issue $44,000 school building bonds.
MALTA
HIGH
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Malta),
16 in
III.—BONDS VOTED—The residents of the district voted on June
favor of the issuance
of $75,000 school building bonds.
MILLSTADT, 111.—BONDS SOLD—N. L. Rogers & Co. of Peoria pur¬
water revenue bonds.
Interest payable F. & A.
chased $18,000 43^%
MINONK COMMUNITY HIGH SCHOOL DISTRICT NO. 124 (P. O.
Minonk), 111.—BOND SALE—The issue of $135,000 high school building
approved by the voters—V. 144, p. 4217—have been sold
to the White-Phillips Corp. of Davenport.
bonds recently
interest and are dated June 1, 1937.
Denom.
$1,000.
Principal and interest (J. & D.) payable in Chicago,
approved by Chapman & Cutler of Chicago.
Legality
The
bear 3K%
bonds
MOUNT VERNON TOWNSHIP )P. O. Mount Vernon), 111.—BONDS
SOLD—An issue of $48,000 3M% gravel road bonds was sold in January
to Lansford & Co. of Chicago, at par plus a premium of $814.16, equal to
101.69.
Dated Feb.
1,
Interest Jan. 1 and June
1937.
Denom. $1,000.
Due serially until 1947.
30.
PARK DISTRICT, 111.—BONDS SOLD—The National
Bank of Savanna purchased $12,000 4% improvement bonds at a price
of par. Dated July 1, 1937.
SAVANNA
SULLIVAN, 111.—BOND ELECTION—The City Council has set Aug. 5
as the date of a special election at which a proposal to issue $25,000 street
improvement bonds will be voted upon.
DISTRICT (P. O. Bluford), 111.—
BOND SALE CONTRACT—Frank Parker,
Secretary of the Board of
Education, states that Lansford & Co. of Chicago have contracted to
purchase an issue of $40,000 school building bonds, providing the loan is
approved by the voters at the July 3 election.
The voters rejected the
proposition at an election on June 12, Mr. Parker reports.
WEBBER TOWNSHIP SCHOOL
WINNEBAGO COUNTY NON-HIGH SCHOOL DISTRICT (P. O.
Rockford), 111.—BONDS VOTED—Residents of the district on June 19
approval of the issuance of $95,000 funding bonds.
voted
WOODFORD
AND
Dated
National City Bank of Evansville in
the above purchase.
VINCENNES, Ind.—WARRANT OFFERING—Joseph I. Muentzer,
City Clerk-Treasurer, will receive sealed bids until noon on July 15 for the
purchase of $30,000 not to exceed 6% interest temporary loan warrants.
Denom. $1,000.
Due Dec. 27, 1937.
Payable at the office of the CityClerk-Treasurer.
The approving legal opinion of Matson, Ross, McCord &
Clifford of Indianapolis will be furnished the successful bidder.
<4
IOWA
CHEROKEE COUNTY
(P. O. Cherokee) Iowa—BOND SALE—The
$500,000 primary road bonds offered on June 28—V. 144, p. 4381—were
awarded to Halsey, Stuart & Co. on a bid of 101.1402 for 2Mjs, a basis of
about2.39%.
in
Dated July 1.1937. Due as follows: $25,000 in 1948; $375,000
1950.
The Northern Trust Co. of Chicago bid
1949; and $100,000 in
101.14 for 2Ms.
HORNICK CONSOLIDATED SCHOOL DISTRICT (P. O.
Hornick),
Iowa—BOND SALE—The $7,000 coupon school building bonds offered
on
4382—were awarded to the Carleton D. Beh Co. of
Des Moines, as 2 Ms, at par plus a premium of $65, equal to 100.922, a
basis of about 2.25%.
Denom. $1,000.
Dated July 1, 1937.
Interest
payable May 1 and Nov. 1. Due yearly on Nov. 1 from 1938 to 1944, incl.
June 25—V.
144,
p.
HUMBOLDT COUNTY (P. O. Dakota City), Iowa—BOND SALE—
road bonds offered on June 28—V. 144, p. 4382—
awarded to Halsey, Stuart & Co. of Chicago on a bid of 101.0252 for
The $400,000 primary
were
basis of about 2.40%.
Dated July 1, 1937.
Due on May 1 as
$20,000 in 1948; $300,000 in 1949, and $80,000 in 1950.
2Ms,
a
follows:
IOWA, State of—COUNTY PRIMARY ROAD BONDS OFFERED TO
PUBLIC—Halsey, Stuart & Co., Inc., are offering two new issues of 2)4%
primary road
bonds, the obligations of Cherokee County, Iowa, and Hum¬
County, Iowa, respectively.
The offerings, aggregating $900,000,
serially May 1, 1948-50, and are optional as to payment May 1,
1943, or any interest date thereafter.
Both issues are offered at prices to
boldt
mature
yield 2.15% to the optional maturity and the coupon rate, 2M %, thereafter
until redeemed.
15 as follows: $3,000 in 1938 and 1939; $4,000.
1940 and 1941; $5,000, 1942 to 1944, incl.; $6,000 in 1945 and 1946, and
$7,000 in 1947.
The bonds mature Dec.
NO. 120 (P.
premium of $1,075, equal to 100.537, a basis of about 2.15%.
July 1, 1937, and due $10,000 June 1 and Dec. 1 from 1938 to 1947, incl.
The Harris Trust & Savings Bank of Chicago was associated with the
ILLINOIS
HIGHLAND PARK SCHOOL DISTRICT
(P. O. Evansville), Ind.—BOND SALE
—The issue of $200,000 poor relief bonds offered June 28—V. 144. p. 4381—
was awarded to the National City Bank of Evansville, as 2Ms, at par plus
MARSHALL COUNTIES SCHOOL DISTRICT
O. Washburn), 111.—BONDS SOLD—An issue of $15,000 4%
the White-Phillips Corp. of Davenport.
school building bonds was sold to
INDIANA
Boonville), Ind.—BONDS NOT
of bonds offered to bear interest at not more than
5% on June 25—V. 144, p. 4049—was not sold.
Dated April 15, 1937.
Due as follows:
$500, July 1. 1938; $500, Jan. 1 and July 1 from 1939 to
1947 incl. and $500 Jan. 1, 1948.
BOON SCHOOL TOWNSHIP (P. O.
SOLD—The $10,000 issue
CLARK COUNTY (P. O. Jeffersonville), Ind.—BOND OFFERING—
Auditor, will receive sealed bids until noon on
Charles A. Nutting, County
July 9 for the purchase of $60,000 not to exceed 5% interest series A of 1937
advancement fund bonds.
Dated June 1, 1937.
Denom. $1,000.
Due
$3,000 on June 1 and Dec. 1 from 1938 to 1947, incl.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%.
Interest
payable J. & D.
The bonds are direct obligations of the county, payable
In
eral
opinion of counsel, these bonds will constitute binding and gen¬
obligations of the respective counties, all taxable property within
being subject to the levy of taxes to meet annual prin¬
cipal and interest requirements without constitutional or statutory limita¬
the issuing county
tions on rate or amount
significance, the bankers point out, is the fact that the State
Of further
annually so that allotments from it are made
each year by the State to the several counties and used by them to pay the
annual interest and principal requirements of the bonds.
Since 1927, it
primary road fund is budgeted
Iowa county has been required to impose an ad valorem tax
either principal or interest on its primary road indebtedness.
is stated, no
to pay
MAPLE
BOND
GROVE SCHOOL
DISTRICT
(P.
O.
Humboldt), Iowa—
OFFERING—It is stated by Inez Skow, District Secretary, that she
the purchase of a $7,500 issue
will receive bids until 9 p. m. on July 9, for
of 3H% coupon semi-ann. building bonds.
Denom. $750. Dated July 1,
1937.
Due $750 from July 1, 1939 to 1948, incl.
These bonds were
approved on April 24.
SCHOOL DISTRICT (P. O.
Hartford), Iowa—BONDS SOLD—It is reported by the Secretary of
that $8,000 refunding bonds have been pur¬
chased by the Carleton D. Beh Co. of Des Moines.
NEW HARTFORD CONSOLIDATED
New
the Board of School Directors
ROLFE,
Iowa—BOND ELECTION—An election has been called for
July 27 at which a proposition to issue $85,000 municipal light and power
plant bonds will be submitted to a vote.
Iowa—BOND SALE—The $5,000 issue of water works
bonds offered for sale on June 25—V. 144, p. 4382—was awarded
Carleton D. Beh Co. of Des Moines, as 2Ms, at a price of 100.02,
a basis of about 2.24%.
Dated July 1, 1937.
Due $1,000 from Nov. 1,
1938 to 1942, incl.
SIDNEY,
revenue
to the
SUPERIOR RURAL
INDEPENDENT SCHOOL DISTRICT
(P.
O.
Webster City),
Iowa—BOND SALE—The $2,200 school house bonds
offered for sale on June 25—V. 144, p. 4382—was purchased by the First
State Bank of Webster City, as 3s.
Dated July 15, 1937. Due $200 each
six months from
Nov. 1, 1938 to Nov. 1, 1943.
WAPELLO COUNTY (P. O. Ottumwa), Iowa—BOND OFFERING—
The County Supervisors will receive bids until 2P.M. July 14 for the pur-
\
154
Financial
chase of $171,000 bonds, including $164,000 poor fund bonds and $7,000
soldiers relief bonds.
Dated June 1, 1937.
Due as follows: $43,000 in
1949; $56,000 in 1950 and 1951; and $16,000 in 1952.
KANSAS
CHANUTE, Kan.—BOND ELECTION—The city will hold an election
July 27 at which propositions to issue $35,000 Memorial Activity building
bonds and $25,000 library addition construction bonds will be placed before
DISTRICT NO. 40 (P. O. Hoyt),
Kan.—BOND OFFERING—E. O. Joy, District Clerk, will receive bids
until 1 p. m. July 15, for the purchase at not less than par of $4,000
2A%
bonds.
Denom. $500.
Dated July 1, 1937.
Interest payable Jan. 1 and
July 1.
Due $500 yearly on July 1 from 1938 to 1945, incl.
Certified
check for 10% of amount of bid, required.
JACKSON
COUNTY
SCHOOL
OTIS, Kan.—BONDS SOLD—It is staled "by T~37'RotheTCity Clerk,
that $3,500 3 % semi-annual city hall bonds have been purchased by the
State School Fund Commission.
Denom. $500.
Dated May 1, 1937.
Due $500 from 1938 to 1944, incl.
Principal and interest payable at the
►
State Treasurer's office.
PARK
OVERLAND
SCHOOL DISTRICT
(P.
O.
Overland
Park),
Kan.—BONDS VOTED—A proposal to issue $70,000 school building bonds
received the voters' approval at a recent election.
PRATT SCHOOL DISTRICT
(P. O. Pratt), Kan .-"BONDS SOLD—
It is stated by the District Clerk that the $160,000 high school building
bonds approved by the voters in April, as noted in these columns at the
were
1199336254
July 3, 1937
by the several Acts hereinabove mentioned, there are other revenues of the
Louisiana Highway Commission which may be dedicated to the servicing
of said bonds in the event the revenues arising from the gasoline tax should
prove insufficient.
Such revenues, including the tax on lubricating oil
and licenses imposed upon motor vehicles presently account for annual
receipts of approximately four million dollars.
Licenses imposed on motor vehicles alone, during the last several years
1936524
follows:
were as
Collections
Amount
Year—
the voters.
time,
Chronicle
purchased by the State School Fund Commission.
—
-
-
-
-
1937 to June 10, 1937
In addition
to
—-
3,536,010.43
-
-
$3,544,872.19
3.613,756.28
3,805,474.03
2,982,754.86
3,622,320.27
the automobile licenses also account for the
the above,
following amounts pledged primarily for the servicing of Chef Menteur
bonds:
Collections
Year—
1
Amount
'
a
—
-
1937 to June 10. 1937
$434,352.67
482,181.77
480,548.57
497,380.37
547.461.46
524,000.00
JACKSON PARISH SCHOOL DISTRICT NO. 18
(P. O. Jonesboro), La.—BOND OFFERING—Sealed bids will be received until 10 a. m.
July 22 by W. H. McLaurin, Secretary of the Parish School Board,
for the purchase of a $5,000 issue of coupon or registered school bonds.
Interest rate is not to exceed 6%, payable F. & A.
Denom. $100.
Dated
Aug. 1, 1937.
Due from Aug. 1, 1938 to 1957.
Payable at such place as
may be agreed upon between the School Board and the purchaser.
The
approving opinion of Chapman & Cutler of Chicago will be furnished.
A $250 certified check, payable to Geo. P. Mackay, President of the School
Board, must accompany the bid.
on
SALINA SCHOOL DISTRICT (P. O.
It is stated that $17,500 2lA % school
Salina), Kan.—BONDSSOLTj—
bonds
were
purchased recently by the
Brown-Crummer Investment Co. of Wichita, paying a premium of $194.25,
equal to 101.11,
a
basis of about 2.28%.
Due in from
one to
10
years.
KENTUCKY
CORBIN, Ky.—BOND SALE DETAILS—In connection with the sale
of the $15,000 light and water refunding bonds, mentioned in these columns
last March, it is stated by the City Clerk that the bonds were purchased
by the Bankers Bond Co. of Louisville, as 43^s.
Due in 1952.
HAZARD, Ky.—BONDS AUTHORIZED—The City Council lias voted
issue
to
$25,000
bonds to finance improvements to the water and light
plant.
HENDERSON, Ky.—BOND ISSUE APPROVED—The Court~oT"Appeals on June 22 :is said to have approved a bond issue of $74,186.17
proposed by the city to fund a floating indebtedness, according to an
Associated Press dispatch,
^
P^HOPKINSVILLE,
Ky .—COURT UPHOLDS I VALIDITY OF BOND
ISSUE—The
Kentucky Court of Appeals has upheld the validity of a
$249,000 bond issue by the City of Hopkinsville to fund a debt made up of
$80,160 owed to individuals and $68,958 owed by the general fund of the
city to the school fund ancL.certain trust funds for moneys misappropriated
by certain officials.
The court refused to approve Hopkinsville's plan to
issue refunding bonds to take care of a $100,000 issue floated in 1915 and
maturing in 1936.
The city sought to levy a special tax to set up a sinking
fund for the bonds, without a public vote.
The court also approved an
issue of $175,000 proposed by Pike County and a $30,000 issue proposed
by Cumberland County to fund floating indebtedness.
KNOX COUNT.
(P. O. Barbourville), Ky .—BONDS OFFERED FOR
& Holzmann of Cincinnati are offereng for
prices to yield from 3 % % to 4 A %, an issue of $48,000 5)4%
funding bonds.
Denom. $1,000.
Dated Feb. 1, 1937. Principal and semi¬
annual interest (Feb. 1 and Aug. 1) payable at the Chase National Bank,
in New York.
Due on Feb. 1 as follows:
$10,000, 1942 and 1947; $13,000,
1952, and $15,000 in 1957.
The bankers state that the bonds have been
validated and confirmed by a decree of the Kentucky Court of Appeals,
and that they are direct obligations of the county.
INVESTMENT—Widmann
investment at
MANDEVILLE, La.—BONDS VOTED— The voters of the town at" a
approved the issuance of $48,000 street, drainage and park
recent election
extension bonds.
MONROE, La.—BOND ELECTION DETAILS—In connection with the
be held on
report given in these columns recently that an election would
July 8 in order to vote on the proposed issuance of $1,500,000 in improve¬
ment bonds—V. 144, p. 3873—the purposes of the bonds up for approval
described
are
as
follows:
New and extended sewerage system
for outlying subdivisions and certain
older sections; purchase of a generator for the light plant;
purchase of capacitors for the city electric lines; purchase of new boilers
for the light plant; improvement of water supply; building warehouse for
light plant; extension of water, light and sewerage lines.
parts of the
DISTRICT
(P. O. New~Or1eans), La.—bdWI)
a. m. (Central Standard
Time), on July 21, by Charles J. Donner, Secretary of the Board of Com¬
missioners, for the purchase of two issues of bonds aggregating $1,324,000:
ORLEANS
LEVEE
OFFERING—Sealed bids will be received until 11
Due on Sept. 1 as follows:
$1,124,000 reparations refunding bonds.
$33,000, 1942; $35,000, 1943; $36,000, 1944 $37,000, 1945 and
1946; $39,000, 1947; $41,000, 1948; $42,000, 1949: $44,000,
1950; $47,000, 1951 and 1952; $50,000, 1953; $52,000, 1954;
$53,000, 1955; $56,000, 1956; $57,000, 1957; $59,000, 1958;
$62,000, 1959; $65,000, 1960; $67,000, 1961; $70,000, 1962;
$72,000, 1963, and $23,000 in 1964.
200,000 refunding bonds.
Due on Sept. 1 as follows: $4,000, 1946 to
1948; $5,000, 1953; $6,000, 1954 to 1958; $7,000, 1959 to 1962;
$8,000, 1963 to 1965; $9,000, 1966 and 1967; $10,000, 1968
and 1969; $11,000, 1970 and 1971; $12,000, 1972; and $9,000
in 1973.
Interest rate is not to exceed 4)4%, payable M. & S.
margin]
Rate or rates to
expressed in multiples of )4 of 1%, and no bids shall be considered
offering to pay less than par and accrued interest.
The bonds will be
awarded on the basis of the lowest total interest cost, the premium offered
being considered as a reduction of interest cost.
Denom. $1,000.
Dated
Sept. 1,1937.
Principal and interest payable in lawful money at the State
Treasurer's office, or at the fiscal agency of the Board in New Orleans, or
at the Manufacturers Trust Co., New York City.
These bonds may, at
the option of the Board, be redeemed in whole or in part in inverse numerical
order, on.any interest payment date at the par value thereof plus a premium
of 5% of the reparations refunding, and a premium of 10% of the refunding
bonds, and accrued interest.
All bidders must agree to accept delivery of
the bonds in New Orleans, on Sept. 1, 1937, and pay the purchase price
thereof upon tenders of the bonds by the Board, together with the pre¬
liminary opinion of Thomson, Wood & Hoffman, of New York City, as
to the validity of the bonds.
A certified check for $25,000, payable to
the Board of Commissioners, must accompany the bid.
(The above district offered $3,784,000 various refunding bonds on
Jan. 28, the sale of which was deferred because of flood conditions, as noted
in these columns at the time. • Also reported here was the unsuccessful
offering on March 29 of a total issue of $1,221,000 refunding bonds.)
*
KGUEYDAN DRAINAGE DISTRICT (P. O. Gueydan), La.—BONDS
CALLED—It is reported that Leo P. Bonin, District Treasurer, called for
payment on July 1, at the Bank of Gueydan, bonds numbered 2, 5 and 6,
9 to 11, 27. 37, 43, 72, 91 and 110.
Ernest M. Loeb Co., Inc., of New Orleans, successful bidders on June 22
for $90,000 coupon jail bonds at 4*4% interest, paid a price of $90,462.75
for the issue, equal to 100.514.
Denom. $1,000.
Dated April 1, 1937.
LONDON, Ky.—BONDS SOLD—It is reported by the City Clerk that
$8,000 works project bonds approved by the voters last November have
been purchased by the State Finance Co. of Mayville.
LOUISIANA
CALCASIEU PARISH SCHOOL DISTRICT NO. 26 (P. O. Lake
Charles), La.—BONDS VOTED—The voters of the district recently gave
their approval to a proposition to issue $60,000 school building bonds.
CALCASIEU PARISH SCHOOL DISTRICT NO. 26 (P. O. Vinton),
are said to have
La.—BOND PAYMENT TAX APPROVED—The voters
approved recently a .special tax to service a $60,000 bond issue for a school
gymnasium at Vinton and additional classrooms.
DE
QUINCY^SCHOOL
DISTRICT
(P.
O. Lake Charles),
La.—
BONDS TO BE SOLD—It is expected that the said district will undertake
to sell
its
The voters
$50,000 in school building bonds about the middle of August
approved the.bonds at the election on May 31 by a wide
EVANGELINE PARISH SCHOOL DISTRICTS (P. O. Ville Platte),
are informed by the Secretary of the Parish
be
F*
TANGIPAHOA
Interest
PARISH
payable April 1
(P.
O.
Oct.
and
Amite),
1.
La.—PRICE PAID—The
Due serially from
1938 to 1953.
La.—BONDS NOT SOLD—We
issues of not to exceed
5% semi-ann. bonds,
aggregating $85,000, offered on June 22—V. 144, p. 4218—were not sold.
He states that .Campbell & Holmes, municipal attorneys of New Orleans,
will attempt to negotiate the sale of these bonds.
The issues are divided
School
as
Board that
the two
follows:
$65,000 Consolidated School District No. 1, First Police Jury Ward bonds.
20,000 School District No. 1, Fourth Police Jury Ward bonds.
Dated July 1,1937.
Due from July 1, 1940 to 1967.
LOUISIANA, State of—ADDITIONAL INFORMATION—In conned
July 14, of the $5,000,000 not to exceed
semi-annual highway, series S, coupon or registered bonds, a report
on which was given in these columns recently—V. 144, p. 4050—the follow¬
ing information is furnished with the official offering circular:
fct Revenue Pledged for the Payment of Interest and Retirement of Bonds
1
Prior to Jan. 4. 1929, the State collected a tax of two cents per gallon
on gasoline,
benzine, naphtha or other motor fuel.
Subsequent to that
date, however, the State-wide tax on gasoline, benzine, haphtha or other
motor fuel, levied for highway purposes, has been four cents per gallon.
Under the provisions of Article VI, Section 22 of the Constitution of
Louisiana, as amended by the several Acts hereinabove mentioned, which
Acts were adopted as amendments to the State Constitution, there is
specifically pledged for the servicing of the highway bonds therein authorized
for issuance, the revenue realized from a tax of four cents per gallon on gaso¬
line, bezine, naphtha or other motor fuel.
tion with the offering scheduled for
4%
Statement
Showing (4 Cents) Gasoline Tax Collections Since Jan. 1,1933
1934
1933
S
512,566.31
522,880.69
413,290.46
474,309.89
489,485.08
548,320.79
597,726.05
515,077.49
$
601,200.70
568,188.01
490 498.40
538,053 67
579,690.05
617.569.90
579,874.20
611,288.42
610,732.77
629,285 44
605,318.35
602.504.17
688.658.38
581,532.72
587,732.12
596,157 88
1935
$
1936
$
1937
$
665,685.13
539,162.80
516,178.13
580,604 56
602.890.33
612,713.04
664,224.88
631,280.77
573.700.20
665,394.13
652,968.89
701,258.72
725.097.71
794,591.32
717,508.47
749.665.68
811,740.77
740,626.36
750,744.51
658.204.51
611,565.53
724,478.36
732,394.69
612,026.12
640,037.00
677,210.08
636,538.01
702,838.32
690,875.49
6,433.725 73 7,128,216 21 7,476,759.01 8.428.057 90
In addition the four cents per gallon gasoline tax, levied under the Con¬
stitution and Statutes of the State, and pledged primarily for the payment
of Interest and the retirement of highway bonds issued under the provisions
of Article
VI,
Section 22 of the Constitution of Louisiana, as amended
MAINE
AUBURN, Maine—BOND OFFERING— George A. Arnold, City Treas¬
will receive bids until 7 p. m. July 6 for the purchase at not less than
of $20,000 coupon construction bonds.
Bidders are to specify rate of
m a multiple of )4%.
Denom. $1,000.
Dated July 1, 1937.
Principal and semi-annual interest payable at the Merchants National
Bank of Boston.
Due $2,000 yearly on July 1 from 1938 to 1947, inclusive.
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 approved by Ropes, Gray, Boyden & Perkins of Boston, whose
opinion will be furnished the purchaser.
Delivery will be made at the
Merchants National Bank of Boston for Boston funds.
Legal papers inci¬
dent to the issue will be filed with the Merchants National Bank or Boston,
where they may be inspected.
urer,
par
interest,
Financial Statement—
1933
Tax
1935
1934
1936*™
levy
$651,581.40 $666,305.28 $654,038.56 $654,897.94
Uncollected June 221937
None
46.70
8,508.82
11,340.95
Tax titles, June 22, 1937, $54,260.27.
1936 valuation, $17,769,850.
Tax rate, 1936, $37.50.
Population, 18,571.
Bonds Outstanding as of June 22,
Consolidated bonds
$23,400
Denison & Crystal Springs
Bonds
Fire Equipment bonds
Highway and bridge bonds.
Machinery & equip. notes.
_
a
17,000
10,000
64,000
17,500
1937
New Auburn Park bonds.. $19,000
Public improvement bonds.
30,000
School bonds and notes
480,000
State Aid construction notes
13,000
a$673,900
Total
$14,000 of total being retired on July 1, 1937, from cash on hand.
Webster School issue, $4,800.
Cash in sinking fund toward
BANGOR,
Me.—BOND
SALE—The^$40,000
2*4%
refunding bonds
offered
on June 29—V. 144, p. 4382—were awarded to H. M. Payson &
Co. of Portland, at a price of 103, a basis of about 2.42%.
Dated July 1,
1937 and due $2,000 annually on July 1 from 1938 to 1957 incl. Other bids
were
as
follows:
/
Bidder—
Rate Bid
E. H. Rollins & Sons
Merchants National Bank of Boston
Pierce, White & Drummond, Inc
Eastern Trust & Banking Co., Bangor
Kennedy, Spence & Co
Frederick M. Swan & Co
Coffin & Burr, Inc
102.14
101.96
„■
101.87
101.81
101.319
..—.101.279
100.688
Volume
Financial
145
Chronicle
MARYLAND
MARYLAND
155
For $100,000 Bond
Issue
Bidder—
First Boston Corp
Newton, Abbe & Co
Burr & Co., Inc
of)—PLANS BOND FINANCING—The above
State is expected to enter the long-term capital market sometime during
August witn an offering of $3,400,000 bonds.
(State
Int. Rate
Goldman. Sachs & Co
124%
100.369
134%
134%
100.34
100.31
Lazard Freres
134 %
134%
134%
134%
134%
2%
2%
&
Co., Inc.
Whiting, Weeks & Knowles
Bancamerica-Blair Corp
Estabrook & Co
MASSACHUSETTS
Salomon Bros. & Hutzler
Harris Trust & Savings Bank
senior high
school addition bonds offered on June 29—V. 144, p. 4383—were awarded
to Arthur Perry <fc Co. of Boston on a bid of 100.12 for 2s, a basis of about
1.99%.
Dated July 1, 1937.
Due on July 1 as follows: $4,000, 1938 to
1951; and $3,000, 1952 to 1957.
The National Shawmut Bank of Boston
was next high with a bid of par for 2% bonds.
Mass.—BOND
Other bids were
as
$74,000
SALE—The
coupon
R. L. Day & Co
Jackson & Curtis
Merchants National Bank
Merchants National Bank of Boston...
First National Bank of Boston..
Whiting, Weeks
Estabrook & Co
100.368
Newton, Abbe & Co
„
National
100.05
Bank of the Manhattan Co
First Boston Corp
the
National
Shawmut
Bank
of
Bonds are engraved under the supervision of and authenticated as to
genuineness by the National Shawmut Bank of Boston; their legality will
be approved by
was
Financial
WAKEFIELD,
None
Mass.—BOND
lows:
$46,000
sewer
bonds.
Due July 1
on a bid of 100.21 for
124s, a basis of about 1.71%.
Denom.
Dated July 1, 1937.
Principal and semi-annual interest (Jan. 1
1) payable at the First National Bank of Boston.
Due $7,000
yearly on July 1 from 1938 to 1947.
Arthur Perry & Co. of Boston, offering
100.185 for 124s, were second high in the bidding.
Each
Due $2,000
140,000
issue is
name a
Financial Information—July
1936
None
Year—
$671.
Assessed
valuation
Tax rate
CHICOPEE,
Mass.—BOND (SALE—-The issue of $125,000 coupon
municipal relief bonds offered on June 30 was awarded to Whiting, Weeks
& Knowles of Boston on a bid of 100.11 for
2s, a basis of about 1.98%.
Dated July 1, 1937.
Due on July 1 as follows: $13,000, 1938 to 1942; and
Tax levy
Uncollected
Financial Statement, June 15, 1937
Assessed valuation for year 1936 (incl. motor vehicle excise).$41,798,440.00
Other bids were
as
on a
$627,500
128,000
$499,500
pre¬
vious report in these columns—V. 144, p. 4382—of the award to Tyler &
Rate Bid
234 %
234%
234%
Co., Inc., of Boston of $40,000 municipal relief bonds
100.869
134s at
Bidder—
a
price
Rate Bid
Kennedy, Spence & Co
Union Market National Bank of Water town
100.537
100.534
100.534
100.51
100.467
Bancamerica-Blair Corp
100.446
Goldman, Sachs & Co
Whiting, Weeks & Knowles
Newton, Abbe & Co., Inc
100.444
_
First Boston Corp
Burr & Co., Inc
First National Bank of Boston
....
100.384
100.377
National Shawmut Bank
100.36
Jackson & Curtis
100.30
Estabrook & Co
100.226
Edward B. Smith & Co
100.21
R. L. Day & Co
bid of 100.695 for 2s:
$50,000 relief notes.
Due serially from 1938 to 1947.
8,000 fire department aerial ladder notes.
Due serially from
as
of 100.622, a basis of about 1.55%, we give herewith the following list
of the other bids submitted for the issue, all of which named an interest
rate of 134%:
100.569
100.142
FRAMINGHAM, Mass.—NOTE SALE—The $58,000 notes described
below, which were offered on July 2, were awarded to Kennedy, Spence &
Boston,
66,000
...
Net debt
EVERETT, Mass.—NOTE OFFERING—Emil W. Lundgren, Temporary
City Treasurer, wJl receive bids until 11 a. m. (Daylight Saving Time)
July 9 for the purchase at discount of $450,000 revenue anticipation tem¬
porary loan notes, dated July 9,1937.
The notes will be payable $200,000
May 20,1938, and $250,000 June 10,1938, at the National Shawmut Bank
of Boston.
Delivery will be made at that bank on or about July 9 against
payment in Boston funds.
Denom. 14 for $25,000, 8 for $10,000 and 4 for
$5,000.
The notes will be authenticated as to genuineness and validity
by the National Shawmut Bank of Boston under advice of Ropes, Gray,
Boyden & Perkins of Boston, and all legal papers incident to the issue will
be filed at the bank, where they may be inspected.
Co. of
1934
WATERTOWN, Mass.—OTHER BIDS—In connection with the
Int. Rate
Halsey, Stuart & Co., Inc
Goldman, Sachs & Co
1935
Population, 1935—16,494.
None
Brown Harriman & Co
held, $88,560.
1,1937
$21,986,494 $22,324,189 $22,280,139
$35.20
$34.00
$34.00
748,792
738.551
739,545
163,098
15,285
3,359
No tax title loans.
$561,500
Less water debt.
1,553,751.64
311,000.00
* Includes $419,251.64 tax title loan.
follows:
Bidder—
taxes
Tax titles
Total bonded debt
Present issues
$12,000 1943 to 1947.
Estabrook & Co. of Boston submitted the second
high bid, offering 100.067 for 2% bonds.
Sinking funds
Population, 43,981.
follows: $5,500 in 1938 and $4,500
July 1 from 1938 to 1947, incl.
14 of 1%.
952,000
*
on
dated July 1, 1937.
Denom. $1,000 and $500.
Bidder
single interest rate for all of the bonds, expressed in a multiple of
Principal and interest (J. & J.) payable at the Second National
Bank of Boston.
The bonds are exempt from taxation in Massachusetts
and will be engraved under the supervision of and certified as to genuine¬
ness by the Second National Bank of Boston.
Legal opinion of Storey,
Thorndike, Palmer & Dodge of Boston will be furnished the successful
bidder.
The bonds will be delivered to the purchaser at the Second Na¬
tional Bank of Boston, 111 Franklin St., Boston, on or about July 19,1937.
to
$41,919,400
Total bonded debt (above issue not included)
Water debt, included in total debt
as
from 1939 to 1947, inclusive.
20,000 street bonds.
$1,000.
.
$54,494,060
1,417,500
411,500
OFFERING—Arthur
H.
Boardman,
Town Treasurer, will receive sealed bids until 7:30 p. m. (Daylight Saving
Time) on July 8 for the purchase of $66,000 coupon bonds, divided as fol¬
and July
Sinking funds..
Population, 25,871.
1935 Tax levy, $l",423"566,""uncollected,
1936 Tax levy, $1,430,256, uncollected, $83,230.
1937
Sinking funds
Population, 43,500.
of Boston
...
June 15,
valuation for year 1937
Total bonded debt (including this issue).;
Water debt (included in above)
of $70,000 coupon municipal
awarded to Edward B. Smith & Co.
Water debt, included in total debt
Statement,
Assessed
Boston, at holder's option.
Financial Statement, June 22, 1937
Assessed valuation for year 1937 (incl. motor vehicle excise)
Total bonded debt (present loan not included)
Storey, Thorndike, Palmer & Dodge, whose opinion will
All legal papers incident to this issue will be
Bonds will be delivered
Bdfeton, 40 Water Street,
be furnished the purchaser.
filed with said bank, where they may be inspected.
to the purchaser at the National Shawmut Bank of
Boston.
BEVERLY, Mass.—BONE SALE—An issue
July 2
0.80%
0.81%
July 1 from 1938 to 1942.
Boyden & Perkins of Boston as to the validity of the issue will be furnished
by the city.
All legal papers incident to the issue will be filed at the bank,
where they may be inspected.
on
'
and July 1) payable at the National Shawmut Bank of Boston, in Boston
or at the City Treasurer's office, at holder's
option.
Due $9,000 yearly on
Due $6,000 yearly on July 1 from 1938 to 1942.
The bonds will be engraved
under the supervision of and certified as to genuineness by the National
Shawmut Bank of Boston, and the favorable
opinion of Ropes, Gray,
relief loan bonds offered
Co., Inc
SALEM, Mass.—BOND OFFERING—Charles G. F. Coker, City Treas¬
urer, will receive bids until 11 a. m. (Daylight Saving Time) July 3 for the
purchase at not less than par of $45,000 coupon Derby Wharf Memorial
bonds.
Bidders are to specify rate of interest, in a multiple of >4%«
Denom. $1,000.
Dated July 1, 1937.
Prin. and semi-ann. int. (Jan. 1
BOND OFFERING—The City Treasurer will receive bids at the same hour
for the purchase at not less than par Of an issue of $30,000 coupon, fully
registerable, water loan bonds.
Bidders are to specify rate of interest, in a
multiple of 34%.
Denom. $1,000.
Dated July 1, 1937.
Principal and
semi-annual interest (Jan. 1 and July 1) payable at the City Treasurer's
at
&
Second National Bank of Boston
E. H. Rollins & Sons, Inc
BROCKTON, Mass.—NOTE OFFERING—Leo V. Clancy. City Treas¬
will receive bids until noon (Daylight Saving Time) July 8 for the
purchase at discount of $300,000 revenue anticipation temporary loan notes,
dated July 8, 1937 and payable $100,000 on each of the dates Feb. 25,
March 16 and April 14, 1938, at the National Shawmut Bank of Boston,
in Boston.
Delivery is to be made at that bank on or about July 9.
De¬
nominations to suit the purchaser.
The notes will be authenticated as to
genuineness and validity by the National Shawmut Bank of Boston under
advice of Storey, Thorndike, Palmer & Dodge of Boston and all legal papers
incident to the issue will be filed with the bank, where they may be inspected.
or
Shawmut Bank
Faxon
urer,
office
0.74%
0.75%
0.76%
0.78%
0.79%
0.794%
0.80%
<sc Knowles
234
2
2
234 vo
234%
234%
100.52
Ballou, Adams & Whittemore
Graham, Parsons & Co
Whiting, Weeks & Knowles, Inc
100.16
Discount
2H%
2>4%
234
101.539
101.155
101.036
100.788
100.65
100.6113
100.317
Bidder—
Int. Rate
Rate Bid
Bido&r—
R. L. Day & Co
Tyler & Co
100.279
100.216
100.146
100.108
100.08
For $300,000 Note Issue
follows:
.
100.486
100.444
100.399
Tyler & Co., Inc.
Edward B. Smith & Co_
SOMERSET COUNTY (P. O. Princess Anne), Md.—BONDS DE¬
FEATED—At a recent special election the proposal to issue $200,000 school
building bonds failed to carry.
AMHERST,
Rate Bid
134%
134%
134%
100.13
1938 to
1941.
We
Dated July 1, 1937.
Tyler &
Co. of Boston
were
Mass.—NOTE
SALE—The
anticipation notes offered June 25
of
Boston
MICHIGAN MUNICIPALS
*
MALDEN,
at
0.814%
discount.
was
issue
of
$500,000 revenue
awarded to the First National Bank
Dated June 28,
April 15, 1938, and $250,000 May 18, 1938.
1937.
Other bids
Cray,McFawn & Company
Due $250,000
were as follows:
Bidder—
DETROIT
Discount
First National Bank of Maiden.
Shawmut National Bank
0.82%
0.83%
Maiden Savings Bank
Middlesex County National Bank
0.85%
0 .86%
0.87%
0.87%
0.88%
Whiting, Weeks <& Knowles.
Faxon <Sc Co., Inc
:
Maiden Trust Co...
MASSACHUSETTS (State of)—NOTE SALE—A syndicate headed
by the Bankers Trust Co. of New York and including the National Shawmut
Bank of Boston, the Boston Safe Deposit & Trust Co. of
Boston, the
Merchants National Bank of Boston, the Second National Bank of
Boston,
and the Day Trust Co. of Boston, received the award of the
$4,000,000
notes offered on June 28—V. 144, p. 4383.
The bankers took the notes
on a 0.64%
interest basis, plus a premium of $57.
The notes are dated
July 8, 1937, and will mature June 30, 1938.
Other bids were
Buy for Our Own Account
second high bidders, offering a price of 100.65
for 2s.
as
Int. Rate
First Boston Corp
First National Bank of Boston...
Salomon Bros. & Hutzler
Premium
0.70%
0.714%
0.77%
$160
Par
200
Chase National Bank of N. Y. and Whiting, Weeks
& Knowles, Boston
0.79%
47
Halsey, Stuart & Co., Inc.; Ladenburg, Thalmann &
Co.; G. M.-P. Murphy & Co.; Spencer, Trask & Co.,
and Jackson & Curtis
0.80%
125
QUINCY, Mass.—LIST OF BIDS-—In connection with the
previous
the city of
in these columns—V. 144, p. 4383—of the award by
$100,000 municipal relief bonds to the First Boston Corp. as 134s, at a
price of 100.486, and $300,000 notes to the Merchants National Bank of
Boston at 0.74% discount, we give herewith a complete list of the bids
submitted for each of the issues:
report
A. T. T. Tel. DKT 347
MICHIGAN
DETROIT, Mich.—APPOINTS NEW FISCAL AGENT—The National
Bank of Detroit, successful low bidder, was approved as the city's fiscal
agent for the coming year at the Common Council's meeting recently.
During the current year the National Bank of Detroit has been a subagent under the Bankers Trust Co. of New York.
Controller John N.
Daley said that the position of the two institutions would probably be
reversed under the new contract.
DETROIT,
Mich.—STUDY
CITES
FAVORABLE
FINANCIAL
appropriations for bond retirement during the
beginning July 1 and reduced interest reuqirements on the funded
debt of the City of Detroit are pointed out in a report on the city's finances
CONDITION—Increased
year
follows:
Bidder—
T*UplH>n« CH*rry *921
'otal debt service appropriations of $23,269,640 have been set up
Prepared by the First of Michigan Corp., 1 Wall St., New York in the
City,
city's budget for the coming year as against $20,168,579 for the current
year, according
to the report.
Bond retirement is schedule to
increase $4,161,179 to $7,450,312, while interest requirements decreased
fiscal
$1,061,018 to $15,818,328.
These figures include the Street Railway and
Water Department appropriations as well as tax appropriations.
Annual interest savings of $1,142,925 have been effected since
the city
inaugurated in June, 1935, its present program of refunding callable, term
bonds into serial issues bearing lower rates of interest.
Bonds totaling
$80,693,000 have been refunded in this manner to date.
Receipts of current
and delinquent taxes to May 15 of this fiscal year total $67,195,844, or
122.55% of the current tax levy, an increase of $5,004,810 over total collec¬
tions of the previous fiscal year, which amounted to 113.40% of that year's
levy.
Current taxes alone are 84.83% collected, compared with 78.96%
156
Financial
the same date last year.
tions when only 65.25% of
on
The year 1932 was the low point in tax collec¬
the current levy was paid in by the end of the
corporate year, according to the report.
Considerable improvement in the finances of the Detroit Water Depart¬
ment is noted.
During the 10 months ended April 30, last, the Department
was able to transfer $431,499 to surplus.
For the comparable period a
year ago, only $46,243 was available for this purpose.
A similar com¬
parison of Street Railway Department figures shows a "residue available
for replacements, improvements,
&c.," of $349,121, against $481,750
the previous year.
Debt statistics place the net debt of the city at $276,958,7 5, or $176.55
per capita.
Details of annual bond maturities and other schedules of
particular interest to bonduoiaers are also listed in the booklet report.
ECORSE, Mich.—BOND OFFERING— Don. H. Beckmann. Village
Clerk, will receive sealed bids until 7:30 p. m. on July 6 for the purchase of
$668,000 not to exceed 4 3^% interest non-callable series B refunding
bonds of 1937.
Dated July 1, 1937.
Denom. $1,000.
Due July 1 as
follows:
$12,000, 1940 to 1944 inel.; $14,000 in 1945, and $33,000 from
1946 to 1963 inch
Principal and semi-annual interest payable at the
Manufacturers National Bank, Detroit.
The bonds are general obliga¬
tions of the village, payable from unlimited ad valorem taxes on all of its
taxable property.
A certified check for 2% of the bonds bid for, payable
to the order of the village, must accompany each proposal.
The approving
opinion of Miller, Canfield, Paddock & Stone of Detroit will be furnished
the successful bidder.
The village will pay the cost of printing the bonds.
Permission has been granted by the Public Debt Commission of the State
for the village to issue the bonds for the purpose of effecting a savings
Chronicle
July 3, 1937
PROCTORKNOTT
(P.
O.
Proctor),
Minn.—BOND SALE—The
$14,900 village hall building bonds offered on June 28—V. 144, p. 4383—
were awarded to the Allison-Williams Co.
of Minneapolis as 4s.
Dated
July 1, 1937.
Due as follows: $400 1940; $500 1941 to 1961; and $1,000
1965.
1962 to
RAMSEY COUNTY SCHOOL DISTRICT NO.
16
(P. O. St. Paul).
Minn.—BOND SALE— The $1,000 issue of 3% coupon semi-annual school
bonds offered for sale on June 23—V. 144, p. 4051—was purchased by a
local investor at par, according to the Distiict Clerk.
No other bid was
received.
Dated Dec. 31, 1936.
Due $200 from Dec. 31. 1937 to 1941,
incl.
SCOTLAND
Scotland),
INDEPENDENT
Minn.—BOND
SCHOOL
NO. 4 (P. O.
of Education has
DISTRICT
Board
ELECTION—The
special election for July 20 at which a proposal to issue $30,000
school building will be submitted to a vote.
called
a
STILLWATER
DISTRICT
SCHOOL
(P.
O.
Stillwater),
Minn.—
BOND SALE— The $50,000 issue of refunding, series A. bonds offered for
sale on June 24—V. 144, p. 4051—was awarded to Bigelow, Webb & Co.
$40.00, equal to 100.08, a basis of
Due $10,000 from July 1, 1938 to
of Minneapolis as 2s. paying a premium of
about
Dated July 1,
1.97%.
1937.
1942, inclusive.
Offerings
LOUISIANA
Wanted:
& MISSISSPIPI
in interest.
MUNICIPALS
(Proceeds of the sale will be used to redeem outstanding 1934 series E
refunding bonds in like amount.)
TENDERS
WANTED—Don.
H.
Bond Department
Beckmann,
Village Clerk, also an¬
of certificates of indebtedness, due Feb. 1,
7:30 p. m. on July 6.
Tenders must fully
describe the certificates offered and state the lowest price at which they
will be sold to the sinking fund for cancelation.
The sum presently avail¬
able for the above purpose is $22,000, although purchases will be made
up to the amount of the balance in the sinking fund as of July 6.
that
nounces
1943,
sealed
tenders
WHITNEY
be received until
will
Bell Teletype
Mich.—BOND SALE—The $45,000 special assessment
on July 1 were awarded to Barcus, Kindred & Co. of
Chicago,
bidder, at par plus a premium of $450, equal to 101, for 4s.
N
ESCANABA,
HAMTRAMCK, Mich.—TAX RATE UNCHANGED—The tax rate
for the current year is $19.20 per $1,000 of assessed valuation, the same as
last year.
Total assessed valuation is $73,949,001.
Budget requirements
$2,366,669, an increase of $200,000 over 1936.
Salaries of police and
fire department personnel have been restored to the 1929 lebel.
are
HIGHLAND PARK, Mich.—TAX RATE UP $1.20—Tax rate has been
$14.30 per $1,000 of assessed valuation, an increase of $1.20 over
according to George L. Voorhis, City Assessor.
Assessed valua¬
tion, at $81,140,000, represents a gain of $2,163,750.
set at
last year,
ORLEANS, LA.
Raymond 6409
O. 182
MISSISSIPPI
bonds offered
the only
NATIONAL BANK
NEW
CANTON
SCHOOL
DISTRICT
SOLD—In connection with
a
)P.
O.
Canton)
Miss.—BONDS
report that $80,000 4% school bonds had been
gurchased by the Public Works Administration, it is now stated that the
onds were purchased by private interests, as 3Ms, and are being handled
by the Union Planters National Bank & Trust Co. of Memphis.
Denom$1,000.
Dated Dec. 1, 1936.
Due on Dec. 1 as follows:
$4,000, 1937 to
1941, and $6,000. 1942 to 1951.
CLEVELAND,
men
Miss.—BONDS AUTHORIZED—'The Board of Alder¬
15 passed an ordinance authorizing the issuance of $21,000
improvement bonds.
June
on
water works
ISSAQUENA COUNTY (P. O. Mayersville) Miss.—BONDS OFFERED
HART SCHOOL DISTRICT (P. O. Hart), Mich.—BONDS VOTED—
By a vote of 179 to 18 the electors of the district on June 14 approved the
proposition to issue $25,000 school building bonds.
MICHIGAN, State of—GOVERNOR SIGNS ROAD APPROPRIATION
BILL—Norman H. Hill, Executive Secretary to Governor Frank
Murphy,
announced
on
June 22 that the Governor had signed a bill
$5,000,000 to the State Highway
appropriating
TO PLBLIC—An issue of $150,000 4M% road bonds is being offered by
Dane & Weil, Inc., of New Orleans, for general investment at prices to
yield from 2.00 to 4.30%, according to maturity.
Dated March
Due on March 1 as follows:
$3,000, 1938 to 1942; $6,000, 1943
$7,000, 1953 to 1957, and $8,000, 1958 to 1962, all incl.
Prin.
(M. & S.) payable at the Chase National Bank, New York City.
approved by Charles & Trauernicht, of St. Louis, Mo.
Department for road construction.
MIDLAND, Mich.—BOND SALE—The $47,609.93 special
assessment
street
improvement bonds offered on June 28—V. 144, p. 4219—were
awarded to Martin, Smith & Co. of Detroit, as 2 )4s, at par plus a
premium
of $177.25, equal to 100.37, a basis of about
2.12%.
The total consists of:
$26,372.42 bonds.
One bond for $372.42, others $1,000 each.
Due July 1
follows:
$5,000, 1938 to 1940, incl.; $5,372.42 in 1941, and
$6,000 in 1942.
One bond for $578.65, others $1,000 each.
16,578.65 bonds.
Due July 1
as follows:
$3,000, 1938 to 1940, incl.; $3,578.65 in 1941, and
$4,000 in 1942.
2,707-66 bonds.
One bond for $707.66, others $500 each.
Due July 1
as follows:
$500 from 1938 to 1941, incl. and $707.66 in 1942.
1,951.20 bonds.
One bond for $351.20, others $400 each.
Due July 1
as follows:
$400 from 1938 to 1941, incl. and $351.20 in 1942.
All of the bonds are dated July 1, 1937.
Financial Statement {Officially Reported June 1,
PORT
Less—Issaquena Co. bonds owned by
sinking fund
$32,420.00
Cash in sinking fund
32,347.29
$64,767.29
23^s at par plus a premium of $46.40, equal to 100.16,
a basis of about 2.47%.
Dated July 1, 1937.
Due on July 1 as follows:
$3,000 from 1939 to 1947. and $2,000 in 1948.
Other bidders were:
Crouse & Co., Detroit—Par, accrued int. at 2}4% and a
prem. of $21.10.
First of Michigan Corp., Detroit—Par, accrued int. at 2M% and a
pre¬
mium of $10.15.
People's Savings Bank, Port Huron—Par, accrued int. at 3% and a pre¬
mium of $275.50.
First National Trust & Savings Bank, Port Huron—Par, accrued int. at
3% and a premium of $275.50.
Ryan, Sutherland & Co., Toledo—Par, accrued int. at 3% and a pre¬
mium of $91.00.
Prudden & Co., Toledo—Par, accrued int. at 3% and a prem. of $127.00.
Braun, Bosworth & Co., Toledo—Par, accrued int. at 2%% and a pre¬
mium of $17.00.
Channer Securities Co., Chicago—For bonds $15,000 due July 1,
1939-1943,
at 2% % plus accrued interest.
For bonds $14,000 due July 1, 1944-1948,
2K% plus accrued interest and a premium of $23.00.
Martin, Smith & Co., Detroit—For bonds $15,000 due 1939-1943, 2%%
plus
Net county bonded debt
Percentage of net county bonded debt to assessed valuation
Total district bonded debt
Less: Cash in sinking funds
accrued
accrued
interest.
interest
For
bonds
$14,000
and premium of $7.25.
due
1944-1948,
2}4%
plus
212,732.71
7.12%
$278,920.00
$34,632.01
Net district bonded debt
Total cash balances
on
hand
Gasoline taxes collected July 1, 1936 to June 1, 1937
244,287.99
120,738.23
16,827.21
(The above figures do not include the debts of other political sub-division
having power to levy taxes on any of the property in the county.)
During the Past 3H
HURON, Mich.—BOND SALE—The $29,000 refunding bonds
June 25—V. 144, p. 4383—were awarded to Stranahan, Harris
as
$2,985,957.00
277,500.00
-
on
& Co. of Toledo
1937)
Assessed valuation, 1936-37.
Total county bonded debt (including this issue)
as
offered
1, 1937.
to 1952;
and int.
Legality
Years the County Has Paid in Cash $140,000.00
of Bonds
Fiscal Year—
.
Tax collections—Amount levied
Amount collected to June 1,1937
1936-37
193A-36
1934-35
$125,651.60 $121,050.15 $104,958.96
124,156.46
106,369.41
101,830.69
JENNINGS SCHOOL DISTRICT (P. O. Clayton), Miss.—BOND
SALE DETAILS—We are now informed that the $10,000 school bonds
purchased by the Mississippi Valley Trust Co. of St. Louis, as noted here
recently—V. 144, p. 3874—were sold as 3Mls, at par.
Coupon bonds,
dated May 1,1937.
Denom. $1,000.
Interest payable on May and Oct. 1.
LEE COUNTY SUPERVISORS DISTRICT NO.
(P.
O.
District
1, ROAD DISTRICT
Tupelo), Miss.—BONDS SOLD—It is stated by Byron Long,
Clerk, that $43,000 5% refunding bonds were purchased by the
Federal Securities Co. of Memphis.
Dated Jan. 5, 1937.
YAZOO CITY, Miss .—BONDS AUTHORIZED—'The Board of Alder¬
and Mayor on June 14 adopted an ordinance
authorizing the issuance of
$18,000 street intersection refunding bonds.
men
YOCONA DRAINAGE DISTRICT NO. 2 (P. O.
Pope) Miss.—
BONDS SOLD TO RFC—it is reported that $70,000 4% semi-ann. refunding
bonds have been purchased by the Reconstruction Finance
Corporation.
Dated Oct. 1, 1936.
STEPHENSON, Mich.—BOND ELECTION—An
election is scheduled
for July 14 at which a proposition to issue $25,000 water and sewer bonds
will be submitted to a vote.
MISSOURI
MINNESOTA
BATTLE LAKE, Minn.—CERTIFICATE SALE—The $12,000 issue of
certificates of indebtedness offered for sale on May 21, as noted in these
columns—V. 144, p. 3376—have been purchased by Kalman & Co. of
St. Paul as 4%s, according to report.
Dated May 4, 1937.
Due $800
from May 4, 1938 to 1952, inclusive.
BLUE EARTH
COUNTY
(P. O. Mankato), Minn.—PRICE PAID—
by the County Auditor that the $33,600 drainage
funding bonds purchased on June 22 by 18 local investors, in amounts from
$1,000 to $3,000, as noted here—V. 144, p. 4383—were sold as 2Hs, at par.
Due from July 1, 1942 to 1946.
We
are
now
FILLMORE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 16
(P. O. Rutthford), Minn.—BOND SALE—The $10,000 issue of 3% coupon
semi-annual funding bonds offered for sale
on
June 25—V.
144, p. 4383—
Dated July 1, 1937.
purchased at par by the Rushford State Bank.
Due $1,000 from July 1,1938 to 1947; optional on any interest
payment date.
was
GLENCOE, Minn.—BOND SALE—The $75,000 issue of
the Justus F. Lowe Co. of
3s.
on
on June 25—V. 144, p. 4219—was awarded to
Minneapolis, for a premium of $200.00, equal to
as follows: $50,000 as SHs, and
$25,000 as
Due from July 1, 1940 to 1957 incl.
HENNEPIN COUNTY (P. O. Minneapolis), Minn.—BOND OFFER¬
ING—Al. P. Erickson, County Auditor, will receive bids until 11 a. m.
July 12 for the purchase of $20,000 2)4% courthouse repair and improve¬
ment bonds.
Denom. $1,000.
Dated July 1, 1937.
Principal and semi¬
annual interest payable at the First National Bank & Trust Co. of Min¬
neapolis, or at the Northwestern National Bank & Trust Co. of Minneapolis.
Due $4,000 yearly on July 1 from 1939 to 1943.
Certified check for 5%
of amount of bonds bid for, payable to
Approving
opinion
of
Henry Yoegeli, County Treasurer,
Junell,
Fletcher,
Dorsey, Barker &
The bonds will
Colman of Minneapolis will be furnished
by the county.
be furnished and printed at the expense of the
county.
BUILDING, ST. LOU S. MO.
MISSOURI
JACKSON TOWNSHIP (P. O. Ravenwood), Mo.—BOND ELECTION
held in Jackson Township on July 8 to vote on the
question of issuing $125,000 road improvement bonds.
—An election will be
MEMPHIS,
July 6 to
Mo.—BOND ELECTION—An election is scheduled for
question of issuing $18,000 waterworks system bonds.
vote on the
POLK TOWNSHIP (P. O.
Marysville), Mo.—BONDS DEFEATED—
$300,000 road
A recent election resulted in
rejection of a proposition to issue
bonds.
the bonds divided
Dated July 1, 1937.
required.
LANDRETH
coupon electric
light bonds offered for sale
100.266,
SCHERCK, RICHTER COMPANY
informed
CLOQUET,
Minn.—BONDS
AUTHORIZED—The
City
Council
recently adopted an ordinance authorizing the issuance of $50,000 water
works improvement bonds.
BONDS
Markets in ail State, County & Town issues
POPLAR
BLUFF, Mo.—BOND SALE—A block of $3,000 2*4% fire
equipment bonds
of Kansas
was
sold
recently to the City National Bank & Trust Co.
City.
MONTANA
BOZEMAN, Mont.— WARRANTS CALLED—It is stated by Walter
Davis, Director of Finance, that various special walk, curb and special
improvement district warrants are being called for payment on July 1, on
which date interest shall
It is also
for payment
cease.
reported that Special Improvement District warrants called
as of March 1, nave not been presented as yet.
GALLATIN COUNTY HIGH SCHOOL DISTRICT (P. O. Bozeman),
Mont.—BOND OFFERING—As previously reported in these columns—
V. 144, p. 4220—Ella N. Conklin, Secretary of the Board of Trustees, will
Volume
Financial
145
157
Chronicle
NOTES NOT SOLD—An issue of
$100,000 revenue anticipation temporary
not sold, as no bids were received.
and mature July 1, 1938.
loan notes offered at the same time was
OFFERINGS
The notes
WANTED
later sold to Burr & Co., Inc.,
The following other bids were submitted
ISSUE SOLD LATER—The notes were
WYOMING
UTAH—IDAHO—NEVADA-MONTANA-
July 1, 1937,
to be dated
were
of New York at
1.75% discount.
for the bond issue:
MUNICIPALS]
100.012
254 %
,
_
100.561
101.056
PITTSFIELD, N. H.—BONDS SOLD—The Pittsfield Savings Bank
purchased $10,000 3% street improvement bonds, due $1,000 each June 1
3%^
334%
Goldman, Sachs & Co
Ballou, Adams & Whittemore
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Bell Teletype: SL K-372
Phono Wasatch 3221
Rate Bid
254%
First National Bank of Boston
.
^
,,
Int. Rate
Bidder—
Halsey, Stuart & Co., Inc
from 1938 to 1947, incl.
MONTANA
receive bids until 10 a. m. July 12 for the
purchase of $7,500 school
building
H. L ALLEI & Compmy
bonds.
Amortization bonds will be the first
second choice of the School
choice and serial bonds
will be the
Board.
New Jersey
entire issue may be put into one single
divided into several bonds, as the Board of Trustees may determine
If amortization bonds are sold the
bond
or
five years
M^fmcipal Bonds
Telephot®3SifeWor 2-7333
A. T. & T. "SIMe N. Y. 1-528
the time of sale, both principal and interest to be payable in semi¬
annual instalments during a period of 20 years from the date of issue.
If serial bonds are issued, they will be 20 bonds in the amount of $375
each.
The sum of $375 will become payable on June 30, 1938, and a like
amount on the same date each year thereafter. The bonds, whether amortiza¬
tion of serial bonds, will bear date of June 30, 1937, and will bear interest
at a rate not exceeding 4% payable semi-annually on June 30 and Dec. 30,
and will be redeemable in full on any interest payment date from and after
upon at
100 Broadway
New York
'
BONDS
MUNICIPAL
from the date of issue.
will be sold for not less than their par value with accrued
all bidders must state the lowest rate of interest at which
The bonds
nterest
and
they will purchase the bonds at par.
All bids other than by or on behalf of the State Board of Land
accompanied by a certified check in the sum of
missioners must be
Com¬
$250,
payable to the order of the Secretary.
COUNTY (P. O. Jordan),
GARFIELD
New
Jersey and
B. J. Van
Mont.—BOND OFFERING—
Grant, Clerk of the Board of County Commissioners, will receive
bids until 10 a. m. July 12 for the purchase of $25,000 refunding bonds.
Amortization bonds will be the first choice and serial bonds will be the
R. A.
57
WILLIAM STREET,
A. T. & T.: N. Y.
General Market Issues
Ingen & Co. Inc.
Telephone: John 4-6364
N. Y.
Newark Tel.: Market 3-3124
1-730
second choice of the Board.
sold the entire issue may be put into one single
as the Board may determine upon at
both principal and interest to be payable in semi-annual
instalments during a period of 10 years from the date of issue.
If serial bonds are issued they will be in the amount of $500 each; the
sum of $2,500 will become payable on July
1, 1938, and like amount on
the same day each year thereafter.
The bonds, whether amortization or serial bonds, will bear date of July 1,
1937, and will bear interest at a rate not exceeding 5)4%, payable semi¬
annually on Jan. 1 and July 1 and will be redeemable in full on any interest
payment date from and after five years from the date of issue.
The bonds will be sold for not less than their par value with accrued
interest and all bidders must state the lowest rate of interest at which they
If amortization bonds are
bond
or
divided into several bonds,
the time of sale,
Due
Colyer, Robinson $ Company
INCORPORATED
1180
BASIN
COUNTY
Mont.—BOND
bonds offered
on
June
SCHOOL
SALE—The
15—V.
DISTRICT
$6,000
NO.
(P.
5
144, p. 3545—were awarded to the State
a bid of par for 4s.
Board of Land Commissioners on
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 1
York
A. T. & T. Teletype
Wire:
NWRK 24
REctor 2-2055
NEW
(P. O.
ABSECON, N. J.—BONDS A UTHORIZED—The Common
June 23 approved on final reading an ordinance authorizing the
$252,500 refunding bonds.
The following other bids were
Guarantee
choice and serial
If amortization
issue may be put into one single bond
or divided into several bonds, as the board of trustees may determine upon
at time of sale, both principal and interest to be payable in semi-annual
instalments, during a period of 20 years from the date of issue.
If serial bonds are issued, and sold, they will be 120 bonds in the amount
of $1,000 each, and 20 bonds in the amount of $250 each. Six of said $1,000
bonds and one of said $250 bonds making a total sum of $6,250, of said
serial bonds will become payable on July 1, 1938, and a like amount on the
same day of each year thereafter until all of such bonds are paid.
The bonds, whether amortization or serial, will be redeemable in full
on any interest paying date from and after five years from the date of issue.
Enclose a certified check for $10,000, payable to the District Clerk.
bonds
are
sold and issued, the entire
SCOBEY
SCHOOL
DISTRICT
(P.
O.
Scobey),
Mont.—BONDS
VOTED—The voters of the district have given their approval to a plan to
$18,000 gymnasium-auditorium construction bonds.
issue
SILVER BOW COUNTY SCHOOL DISTRICT NO. 1 (P. O. Butte),
ported in these columns.—V.
as
amortization bonds.
No other bid was received.
NEBRASKA
Neb.—BOND OFFERING—C. F. Petersen, Village
Clerk, states that he will receive sealed bids until July 1, for the purchase
of a $3,000 issue of 5% semi-annual dam improvement bonds.
Due in
1947, optional after five years from date.
DANNEBROG,
Neb.—BOND SALE—The $110,000 refunding special as¬
offered on June 26—V. 144, p. 3874 and 4220—were
of Omaha, as 2s, at par plus a premium
of $150, equal to 100.136, a basis of about 1.98%.
Dated July 1, 1937.
Due $11,000 yearly on July 1 from 1938 to 1947, incl.
Other bidders were;
PLINCOLN,
sessment
bonds
awarded to the Wacho-Bender Corp.
Int.
_
,
2%
2)4 %
2)4, %
23^ %
Continental National Bank, Lincoln..
Boettcher & Co., Omaha
Halsey, Stuart & Co., Chicago
Ware Hall & Co., Omaha
Greenway-Raynor Co., Omaha
Greenway-Raynor Co., Omaha
2)1%
—1*3%
1x234 %
{2)4%
First Trust Co., Lincoln
Kirkpatrick, Pettis, Loomis Co., Omaha
Steinauer & Schweser, Lincoln
*
First five maturities,
SHELTON
SCHOOL
x
Premium
,
$27.00
363.00
30.00
807.50
232.00
121.00
115.00
j
2%%
259.00
Second five maturities.
DISTRICT,
Neb.—BOND
ELECTION—An
the question
election is scheduled for July 16, for the purpose of voting on
of issuing $17,000 school addition construction bonds.
NEVADA
ELY PUBLIC SCHOOL DISTRICT NO. 1
(P. O. Ely), Nev.—BONDS
NOT SOLD—The $55,000 issue of not to exceed 6% semi-annual coupon
school building bonds offered on June 30—V. 144, p. 4220—was not sold as
all the bids were rejected, according to the District Clerk.
Dated April 1.
1937.
Due from April 1, 1938 to 1957, incl.
NEW
HAMPSHIRE
BERLIN, N. H.—BOND SALE—The $100,000 coupon public improve¬
awarded to Burr & Co. and Bond &
Goodwin, both of Boston on a bid of 100.159 for 254% bonds, a basis of
about 2.72%.
Denom. $1,000.
Dated July 1, 1937.
Principal and semi¬
annual interest (Jan. 1 and July 1) payable at the National S>hawmut Bank
of Boston, in Boston.
Due $10,000 yearly on July 1 from 1938 to 1947
O. F. Childs & Co. of Boston were next high bidders, offering 100 079
ment bonds offered on June 25 were
for
254s.
5%
(par)
BELLEVILLE SCHOOL DISTRICT, N. 3—FINANCIAL STATE¬
MENT—The following is given in connection with the recent offering by
J. S. Rippel & Co. of Newark, of $120,000 434% school bonds.—V. 144,
p.4384:
Financial Statement as of May 31, 1937
$30,123,104
1,461,000
Assessed valuation, 1937
Total school debt
Less sinking funds
—
Percentage of net
116,397
$1,344,603
4.46%
Net debt
debt to assessed valuation
Population, 1930 census, 26,974.
The above statement does not include the overlapping debt of the Town
of Belleville which is co-terminous with the school district nor the debt
of any other political subdivision having power to levy taxes on the property
within the school district.
Total gross
debt of Town of Belleville is
$458,000 and sinking funds
as
Int. Rate
—434% (par)
Philadelphia
Boardwalk National Bank of Atlantic City
debt of $3,429,931.
These bonds are,
3%s,
144, p. 4384:
Bidder—
C. C. Collings & Co.,
bonds that
purchased by the State Board of Land Commissioners, as
noted in these columns recently—V. 144, p. 4220—was sold at par,
Atlantic City), N. 3.—OTHER BIDS—
submitted for the $100,000 notes sold to the
previously re¬
of Atlantic City, as 434s, at par, as
Trust Co.
Mont.—PRICE PAID—The $120,000 issue of coupon high school building
was
Council on
issuance of
ATLANTIC COUNTY (P. O.
Helena), Mont.—BOND OFFERING DETAILS—In connection with the
offering scheduled for 8 p. m. on July 15, of the $125,000 not to exceed
4% semi-ann. building bonds, notice of which was given in these columns
recently—V. 144, p. 4219—the following details are furnished by J. F.
McBride, District Clerk:
Dated July 1, 1937. Amortization bonds will be the first
bonds will be the second choice of the School Board.
JERSEY
O.
alteration
gymnasium
MArket 3-1718
Raymond Blvd., Newark
New
purchase the bonds at par.
All bids other than by or on behalf of the State Board of Land Com¬
missioners of the State of Montana must be accompanied by a certified
check in the sum of $1,250, payable to the order of the Clerk.
JUDITH
Sept. 1, 1957-59
yield 4.10%
To
will
Moccasin),
Gen. Ref. 4i/2s
$28,000 Millville, N. J.,
$4,150,925; less water debt of
other than for water $262,994, leaving a net
,
^
t
in the opinion of counsel,
valid and legally binding
obligations of the Board of Education of the Town of Belleville, and are
payable as to both principal and interest from ad valorem taxes which may
be levied without limitation as to rate or amount upon all the taxable
district. During 1935
the 1934 Laws of New
operations of the town
that law.
property within the territorial limits of the school
Belleville issued bonds pursuant to Chapter 60 of
and thus contracted to conduct future
in accordance with the "cash basis" provisions of
Jersey,
Tax Collections
Tax levy
Uncoil. May 31,
Percent
1935
1934
Year—
1936
$1,213,535
1937---
uncollected
$1,188,645
$1,130,526
25,842
2.13%
49,244
4.14%
168,918
14.94%
1937
$1,129,455
760,720
67.35%
N. J.—BOND OFFERING—P. X. Grady, Borough
Treasurer, will receive sealed bids until 8 p. m. (Daylight Saving Time)
on July 13 for the purchase ot $167,000 not to exceed 6% interest coupon or
registered bonds, divided as follows:
BOUND BROOK,
$147,000 general improvement bonds. Due
1938 to 1951 incl., and $7,000 in
Aug. 1 as follows: $10,000 from
1952.
20,000 sanitary sewer assessment bonds.
Due $4,000 no Aug. 1 from
1938 to 1942 incl.
Dated Aug. ], 1937.
Denom. $1,000.
The entire $167,000 bonds will
mature annually in the following amounts:
$14,000, 1938 to 1942 incl.;
$10,000 from 1943 to 1951 incl. and $7,000 in 1952.
Bidder to name a
single rate of interest, expressed in a multiple of )i or l-10th of 1%.
Int.
payable F. & A. A certified check for 2% of the bonds bid for, payable to
the order of the Borough Treasurer, must accompany each proposal.
The
approving
furnished
opinion of Caldwell &
bidder.
Raymond of New York City will be
the successful
BURLINGTON COUNTY (P. O. Mount Holly), N. J.—BONDS
AUTHORIZED—The Board of Chosen Freeholders has adopted a resolu¬
tion authorizing the issuance of $230,500 almshouse construction bonds.
TOWNSHIP, N. J.—TOWNSHIP AND SCHOOL DIS¬
REFINANCED—The successful completion of its refinan¬
Burlington County, was announced by the New
Jersey Municipal Finance Commission June 25.
The Commission has been handling Chester's affairs for the benefit of
its creditors since March, 1933.
According to Chairman Darby, it is the
third of the 13 defaulting municipalities operated by the Commission where
improvements made by the Commission in financial methods and position
justified asking the creditors' assent to refinancing at this time.
He
pointed out that current tax collections had been raised from 28% in 1933
to 54% in 1936, and that the gross debt, including unpaid bills and state
and county taxes enjoying preferential positions, had been cut from about
$1,602,780, in 1933 to $951,275.77 in 1937, after this refinancing.
Litigation and mandamus proceedings attacking the constitutionality
of the Commission Act and involving $36,275.77 of the outstanding bonds
were voluntarily discontinued as part of the plan.
A judgment against the
Township in the Federal Courts had been taken in November, 1935, but
CHESTER
TRICT DEBTS
cing plan for Chester,
158
Financial
mandamus writ to pay the bonds had been
granted by the court to the
no
plaintiff.
F More
than 91% of the $951,275.77
outstanding bonds and notes of
Chester were exchanged par for par for the new
refunding bonds June 24.
$866,275.77 refunding bonds were delivered, of which $152,500 were
school
district bonds and $713,775.77 were
Township bonds.
The defaulted
interest to June 1, 1937 was adjusted
by a cash payment of $93,577.08.
The basis of this settlement was one-third of the
interest defaulted to
Dec. 31, 1935, and 3% per annum thereafter.
WThe new bonds bear interest at
3% per annum until Dec. 1, 1940, and
3H% per annum thereafter.
The township bonds mature Dec.
1, 1975,
subject to prior redemption.
The school district bonds are serial bonds
maturing annually from 1937 to 1975; except those holders
requesting
longer maturities, each School District bondholder received new bonds
averaging 27 years or less.
The bonds were approved as to
legality by
Messrs. Hawkins, Delafield & Longfellow, counsel to the
Commission.
More than 97.9% of the
outstanding paper will have been refinanced
when additional agreements already in hand are
fulfilled, the Commission
said.
It is expected that this additional
step will be taken shortly after
July 4.
Chairman Darby said that the plan followed
very closely the pattern
established by Chapter 60 of the Laws of 1934 and the
refunding recently
completed by the Commission in North Bergen Township with the
helpful
cooperation of bondholders' committees.
The plan provides for the socalled "cash basis" method of operation and a debt
service fund admin¬
istered by a fiscal agent, which is
designed to retire the Township bonds
prior to maturity.
The 91% completion at this date compares with
90%
initial exchanges on May 7, 1937 in North
Bergen, and the promised 97.9%
success compares with the
98% attained by the committees in North Bergen
in the seven weeks since May 7.
Commissioner Darby pointed out, how¬
ever, that the estimated percentage of direct refinancing
expense to Chester,
and
consequently to its creditors, was lower in Chester, despite the much
smaller amount of debts involved:
an estimated
0.75% in Chester.
were
follows:
as
Bidder—
Int. Rate
H. L. Allen & Co
J. S. Rippel&Co
NEW
ROOSEVELT
HAMMONTON,
N.
J.—BOND
FINANCING
DETAILS—As
pre¬
viously reported in these columns, the borough sold $32,000
4% refunding
Trust Co. of Hammonton, at
par, and ex¬
changed an additional $144,000 of the same series with holders of the
original bonds.
The $32,000 bonds mature Sept. 1 as follows: $2,000 from
1938 to 1950 incl. and $3,000 in 1951 and 1952.
The $144,000 bonds, aiso
bearing 4% interest, are due on Sept. 1 as follows: $9,000,1938 to 1941 incl.i
$10,000 from 1942 to 1950 incl. and $9,000 in 1951 and 1952.
JACKSON TOWNSHIP SCHOOL DISTRICT
(P. O.
N. J.—BONDS DEFEATED—At the June 2 election the
the proposal to issue $16,400
Lakewood).
voters defeated
COUNTY
CITY, N. J.—BOND SALE POSTPONED—The city postponed
$180,000 general improvement bonds—Y. 144, p. 4384.
No reason was
given by City Comptroller Raymond M. Greer who announced the action.
MANTUA TOWNSHIP (P. O.
Mantua), N. J.—BOND SALE DE¬
TAILS—As previously reported in these columns—V.
144, p. 4385, BoenCo. of Philadelphia purchased privately an issue of $123,000 4%
ning &
feneral refunding bonds May price of 93.50. They are 1938 to 1941, 1937.
dated May 1, incl.;
)enom. $1,000.
Due at a
1
follows:
$2,000,
as
$3,000 in 1942 and 1943; $4,000, 1944 to 1948, incl.; $5,000, 1949 to 1954,
incl.; $6,000 from 1955 to 1958, incl. and $7,000 from 1959 to 1963, incl.
Principal and interest (M. & N.) payable at the National Bank of Mantua.
In the opinion of counsel, the bonds will be valid and
legally binding obliga¬
tions of the township, payable both principal and interest from ad valorem
taxes within the township without limitation as to rate or
amount, and they
are issued under Chapter
77, Laws of 1935, as amended, including the
"cash basis" section, which requires that the
municipal budget will have to
be made up each year on a cash basis.
Legality to be approved by Hawkins,
Delafield & Longfellow of New York City.
MEXICO
SCHOOL DISTRICT
Due $500 from Jan. 1, 1939 to 1955, inclusive.
SAN JUAN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 5
(P. O. Aztec), N. M.—BOND SALE—The $10,000 issue of school bonds
on June 28—V. 144, p. 4054—was purchased by the First
National Bank of Farmington, as 3^s, paying a premium of $133.00,
equal to 101.33, a basis of about 3.55%.
Dated July 1,1937.
Due $1,000
from July 1, 1940, to 1949, incl.
offered for sale
SANTA
ROSA,
N.
M.—BONDS
AUTHORIZED—The
au¬
YORK
BRONXVILLE, N. Y —BOND SALE—The $129,000 coupon or regis¬
144, p. 4221—were awarded to Coffin &
Burr, Inc. of Boston, as 2Hs, at a price of 100.0436, a basis of about 2.49%
.
The sale consisted of:
$99,000 land acquisition bonds.
Due July 1 as follows:
$5,000 from 1938
to 1956, incl.
and $4,000 in 1957.
30,000 street improvement bonds.
Due $5,000 on July 1 from 1938 to
1943, incl.
Each issue is dated July 1, 1937.
Other bids were as follows:
Bidder—•
Int. Rate
Phelps, Fenn & Co
Halsey, Stuart & Co., Inc
Adams, McEntee & Co., Inc
O. F. Herb & Co
Roosevelt & Weigold
Sherwood & Co
Co
A. O. Allyn & Co., Inc
Bacon, Stevenson & Co
Manufacturers & Traders Trust Co
—
are
New York
BUFFALO,
State.
N.
Y.—FINANCIAL
STATEMENT—'The following Is
given in connection with recent award of $4,700,000 refunding bonds to a
syndicate headed by Edward B. Smith & Co. of New York, as previously
reported in these columns—V. 144, p. 4221:
Financial Statement, May 20, 1937
Property Valuations—
% Assessed
Assessed Valuations
Year
Tax Rates
Value to
Fiscal
All Purposes
Actual
Spec. Franch.
Total
mission and the State Teachers Pension and
1934-35
930,155,600
1,038,770,775
969,222,560
100%
100%
100%
1935-36
923,498,120
40,637,305
39,066,960
38,800,180
962,298,300
100 %
1936-37
925,368,130
37,949,185
963,317,315
100%
on
general refunding bonds at par plus
f721.89, equal to 100.617, a basis of about 3.14%.
a
June 21
an
premium of
Dated April 1, 1937.
)enom. $1,000.
Due June 15 as follows:
$10,000 from 1938 to 1946,
incl. and $9,000 from 1947 to 1949, incl.
Principal and interest (J. & D.)
payable at the Hackensack Trust Co., Hackensack.
Legality approved by
Walter Carson of Camden.
premium of $47.60, equal to 100.34.
PALISADES PARK, N. J.—PRICE PAID—In connection with the
previous report in these columns—V. 144, p. 4053—of the sale of $120,000
4% refunding bonds to H. L. Schwamm & Co. of N. Y. City, we learn that
the bankers paid par for the loan.
PASSAIC, N. J.—BONDS PUBLICLY OFFERED—SchaumbUrg, Rebare offering for public investment $100,000
4*A% school and sewer bonds at prices to yield 4% to maturity.
Due
hann & Lynch of New York
serially
on March 1 from 1957 to 1960 incl.
In connection with the offering,
the bankers point out that the city has never defaulted on debt
obligations
and, since 1933, has shown continued improvement in current tax collec¬
tions, maintained operations on a cash basis, funded all temporary debt
accomplished
a
$1,575,000 reduction in its net debt.
Tax Collections
Year—
'
-
1935-
♦Collected
-
-
on
account
at
End of
Levy
Year of Levy
$4,760,379
$1,786,130
4,493,315
1,805,601
3,817,417
1,701,326
3,895,646
1,401,838
3,745,332
1,205,289
3,747,279
905,510
3,667,715*
1937 taxes, $1,118,816.
at
May 31, '37
$50,946.55
63,757.62
53,856.91
161,770.51
374,941.14
527,418.63
RIDGEWOOD,
N. J.—BONDS PASSED ON FIRST READING—
of the viliage
has passed on first reading
authorizing the issuance of $170,000 improvement bonds.
Final consideration will be given the measure on July 13.
The Board of Commissioners
ordinance
If RUTHERFORD SCHOOL DISTRICT, N. J.—BONDS DEFEATED
District Clerk, reports that at the June 29 election
the voters rejected the proposed $400,000 school building bond issue, the
vote being 337 for and
548 against.
At an election on May 13 an issue
of $735,000 was defeated.
—William Hillhouse,
BTEANECK TOWNSHIP (P. O. Teaneck), N. J .—BOND OFFERING
—Henry E. Diehl, Township Clerk, will receive sealed bids until 8:30
p. m. (Daylight Saving Time) on July 20 for the .purchase of $54,000 not
to exceed 5% interest coupon or registered bonds, divided as follows:
$31,000 street paving assessment bonds.
23,000 building and equipment bonds.
Each issue is dated Aug. 1, 1937.
Denom. $1,000.
Due Aug. 1 as
follows:
$10,000, 1938 to 1941 incl.; $5,000 in 1942, and $3,000 from
1943 to 1945 incl.
Bidder to name a single rate of interest, expressed in
a multiple of A of
1%.
Principal and interest (.F. & A.) payable at the
West Englewood Trust Co., Teaneck.
The sum required to be obtained
at the sale of bonds is $54,000.
The bonds will be legally binding obliga¬
tions of the township, which will be empowered to levy ad valorem taxes
unlimited as to rate or amount to provide for payment of both principal
and interest.
A certified check for 2% of the amount of bonds bid for,
payable to the order of the township must accomnany each proposal.
Legal
opinion
of
Hawkins,
Delafield
&
Longfellow of
New
York
City will be furnished
by the township.
(The
township
announced
several offerings of bonds so far this year and in each instance postponed
the actual sale.
The latest offering of that nature, involving $37,000 not
to exceed 4% interest bonds, occurred on May 4.)
Total
Bonded Debt—
81%
81%
82%
80%
82%
82%
Exempt
$27.94
23.619
20.469
25.396
22.272
26.724
Amounts in
Debt
Sinking Funds
Outstanding
General
$44,365,275
157,575
(1)$299,475
Utility debt—Water
17,721,637
17,721,637
27,995,000
General refunding
Deficiency refunding
21,970,000
.
Special assessment
$956,503
--
(2)5,402,067
—
27,995,000
3,775,495
5,000,000
Total bonded debt
Net
Debt
$43,109,296
157,575
—
21,970,000
1,194,000
1,224,504
$10,134,067
$95,492,800
$10,134,067
$95,492,800
1,194,000
Tax loan
$118,403,488
$18,178,687
$1,900,000
$1,900,000
617,262
Unfunded Debt—
Tax anticipation notes
Certificates of indebtedness.
Bond anticipation notes
Warrants..
617,262
...
(3)582,442
Contracts and unpaid bills.. (3)1,526,176
Total unfunded debt
Uncollected
100%
Population of the City as of July 1, 1936 estimated at 592,794. Popula"
tion per 1930 U.S. Census was 573,076.
♦Figures for years prior to 1934-35 include Personal Property valuations.
Indebtedness—May 20, 1937 (exclusive of present offering):—
(4)582,442
(4)1,526,176
$4,625,881
$4,625,881
Grand total, all indebtedness$123,029,369
$22,804,568
(Officiary Reported)
Uncollected
Tax
$1,120,181,005
1,125,853,030
41,070,080
Home and work relief
MOUNTAINSIDE, N. J.—BOND SALE—B. J. Van Ingen & Co., Inc.
purchased privately $14,000 4M% refunding bonds at par
of New York
Per M
Real Sp. Franch.
$37,330,230
issue of $117,000
Value
,
Real Property*
998.133.470
J.—BOND
Par
100.31
100.19
100.23
100.19
exempt from present Federal and New York State income taxes and,
opinion of counsel, are legal investment for savings banks and trust
$1,082,850,775
1,084,782,950
N.
100.19
100.43
100.40
in the
funds in
1932-33
Annuity Fund.
100.01
100.416
•
Coffin & Burr, Inc., of New York are making public offering of a new
issue of $129,000 2H% land acquisition and street improvement bonds at
prices to yield from 0.85% to 2.75%, according to maturity.
The bonds
1933-34
MOORESTOWN TOWNSHIP (P. O.
Moorestown),
SALE—C. O. Codings & Co. of Philadelphia
purchased
Rate Bid
2H%
2.60%
2.60%
2.70%
2.70%
2.70%
2.80%
2.80%
2.90%
2.90%
1931-32
an
village
thorities have passed an ordinance providing for the issuance of $22,000
sewer bonds.
MONTCLAIR, N. J.—NOTES REFUNDED—Notes in amount of
$59,000 incurred for relief purposes last year have been refinanced over a
period of six years.
A bond issue was taken by the Sinking Fund Com¬
and
$112.50
140.00
NO. 39 (P. O. Portales), N. Mex.—BOND SALE—The $8,500 issue of school bonds offered
for sale on June 28—V. 144, p. 3875—was purchased by a local
investor,
as 4s at par, according to the County Treasurer.
Dated June 26, 1937,
Rutter &
building bonds.
the sale scheduled for June 30 of $980,000 series C
city hospital bonds and
a
Premium
4^%
4*4%
NEW
bonds to the Peoples Bank &
1937624
WOODRIDGE,
N.
J.—OTHER BIDS—As previously reported in
these columns—V. 144, p. 4385—H. B. Boland & Co. of New York
City
purchased on June 23 an issue of $45,000 sewer bonds as 4s at par plus a
premium of $40, equal to 100.09, a basis of about 3.975%.
Other bids
tered bonds offered on June 30—V.
r
plus
1937
3,
N.
J.—BONDS PASSED ON FIRST READING—On
June 22 the Borough Council gave first reading to an ordinance
authorizing
the issuance of $70,000 incinerator bonds.
TOWNSHIP, Atlantic County, N. J.—BONDS PASSED
READING—The Township Committee on June 21
gave first
reading to an ordinance providing authority for the issuance of $242,500
refunding bonds.
The measure will receive final consideration on
July 6.
JERSEY
July
TENAFLY,
about 1.7% in North Bergen as against
P HAMILTON
ON FIRST
Chronicle
(1)
Represents bonds (other than Water and Special Assessment bonds)
to be retired
been
(2)
during the remainder of the fiscal year for which the tax has
levied.
Not deductible in determining net debt
as
total Water Debt is already
exempt.
(3)
(4)
As of April 30, 1937—Estimated at same figure for May 20.
Exempt for the reason that cash on hand April 30 available to meet
these obligations totaled $3,758,813.36.
Debt Margin: Subtracting the Net Debt of $95,492,800.78 from the
Constitutional Limitation of $96,331,731.50 (10% of Total Valuations)
leaves
a
borrowing margin on May 20, 1937 of $838,930.72.
On July 1,
1937 this margin will be increased by $4,053,201.11, representing bonds
to be paid off in the 1937-38
budget.
However, the proposed issuance of
refunding bonds is not regulated by our present or future borrowing margin
since
they do not. represent the creation of
replace
a
any
addi tional debt but simply
like amount of old bonds.
Sinking Funds—
Cash
hand or in bank (less committments)
Securities (City of Buffalo bonds)
on
......
Total
$4,944,582.93
5,189,484.75
-$10,134,067.68
Amount of term bonds for which sinking funds are provided.$18,396,929.41
Debt Service Requirements
for Next
Five Years (Exclusive of Present Offering)
To Be Paid By
1937-38
1938-39
'
Principal Due, Including
Sinking Fund Deposits
$12,589,664.61
1939-40
1940-41
1941-42
11,456,518.61
8,565,154.89
6,836,658.73
6,823,626.25
Bond interest due in the fiscal
*$4,700,000 of this
year
Sinking and
Other Funds
$2,590,985.00
4,023,766.21
387,566.21
308,566.21
533,395.62
Tax Levy
$9,998,679.61*
7,432,752.40
8,177,588.68
6,528,092.52
6,290,320.63
1937-38 is $4,648,766.96.
amount to be refunded.
Tax Data:—
Taxes for fiscal year beginning July 1, 1936, are due July 1,1936, one-half
of which may be paid during the month of July without penalty and onehalf during the month of December without penalty.
No discounts for
prepayments are
allowed.
All unpaid taxes are sold annually about June 1.
Local taxes due and
unpaid on March 1 of each year are spread and added to general city tax
Volume
rolls of ensuing fiscal year,
and collection enforced in
general city taxes
The
Constitution of
fe> tm
State
the
by tax in any one year to "2% of the assessed valuation
erty, in addition toiproviding for the principal and interest
Indebtedness."
raised
in excess of actual
against delinquencies.
The city has never levied taxes
to provide a margin
Manufacturers & Traders Trust Co
Rutter & Co
the amount to be
James H. Causey & Co
"Washburn & Co
of all prop¬
on existing
Tax Collection Data:—
amounts collected In each year
Taxes levied for past four years with
amounts uncollected on May 20, 1937:
a
of levy, and
1933-34
1934-35
1935-36
$26,591,148
$21,262,218
$24,614,987
$21,431,778
613,311
434,502
350.499
214,704
$27,204,460
24,079,558
$21,696,720
19,136,555
$24,965,487
22,422,710
$21,646,483
20,687,097
$3,124,901
$2,560,165
$2,542,776
$959,385
Unpaid local assessments
Total to collect
Collected in year of levy
of levy
11.5%
11.8%
10.19%
4.43%
$722,106
$756,657
$1,055,300
$688,285
2.65%
Uncollected May 20, 1937--
3.49%
4.23%
3.18%
Per cent uncollected.
b Taxes levied and amounts collected to
May 20th of each
1934-35
$24,965,487
$21,646,483
Uncollected..
Accumulated total of uncollected taxes on May
20,1937 (exclusive of current
representing tax sale certificates purchased and held by the
Sheet
Balance
Current Account
$4,389,036
sales
400,000
193-56784.
731,227
5,629,650
1936 sale
Uncollected taxes due
Tax sale bonds and certificates
...
Reserve
for
unspent
7,000,000
1,657,746
appro¬
1,466,771
priations
Accounts receivable
344,829
Miscellaneous reserves
130,920
N. Y.
534,780
Surplus
233,240
Total
$12,079,764
State T. E. R. A
Miscellaneous
240
Total
$12,079,764
CAROGA UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Caroga
Lake), N. Y.—BOND SALE—The $23,000 registered school bonds offered
on June 30—V. 144, p. 4385—were awarded to the Manufacturers & Traders
Trust Co. of Buffalo as 3>ss at a price of 100.44, a basis of about 3.45%.
_
Dated June 1, 1937, and due $1,000 annually on
inclusive.
June 1 from 1938 to
I960,
DOYLE
FIRE DISTRICT NO.
1, Town of Cheektowaga, Erie
County? N. Y.—BOND OFFERING—John Szydlowski, District Secretary,
will
receive
chase
bids until 3p.m. (Eastern Standard Time) July 6 for the pur¬
less than par of $6,000 coupon, fully registerable, general
not
at
tax fire apparatus bonds.
Bidders are to specify
rate of interest, in a multiple of
or 1-10%, but not to exceed 5%.
Denom. 5 for $1,000 and 2 for $500.
Dated July 1, 1937.
Principal and
semi-annual interest (Jan. 1 and July 1) payable at the Manufacturers
& Traders Trust Co. in Buffalo, with New York exchange.
Due on July 1
obligation
unlimited
Certi¬
$1,500,1938 and 1939, and $1,000, 1940, 1941 and 1942.
follows:
as
Keczek, District Treasurer, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be
furnished by the district.
fied check for $120, payable to Stanley
EASTH AMPTON, N. Y.—BONDS VOTED—The taxpayers of the village
of $20,000 bonds for the purchase of
f
at a recent election voted the issuance
a
bathing beach site.
N. Y.—BOND OFFERING—The Village Board has de¬
advertise for bids to be received to 12.15 p. in. Sept. 1 on an issue
FALCONER,
cided to
of
$42,000
sewage
disposal plant bonds.
COVE, N. Y.—BONDS AUTHORIZED— On June 22 the City
authorizing the issuance of a total of $150,000
bonds, as follows: $90,000 incinerator bonds, $30,000 sewage disposal plant
improvement bonds, $10,000 bulkhead and dock bonds and $20,000 work
relief projects bonds.
Mi
mm
GLEN
Council passed four ordinances
-J. ill
"
nun
■«»
-
KENSINGTON, N. Y.—FINANCIAL STATEMENT—In connection
with the July 7 offering of $80,000 not to exceed 6% interest park bonds,
previously reported in these columns (V. 144, p. 4385), the following has
issued:
Financial Statement
incl. special franchises
$4,019,380
Total bonded debt, including this issue
90,666
(The above statement of bonded debt does not include the debt of any
other subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the village.)
Population, 1930 Federal Census, 815.
Assessed valuations, real property,
Last Four Pre-
ceding Tax Levies
Year
$35,141.33
34,638.06
33,936.84
31,981.44
31,155.04
-
LACKAWANNA,
N.
'Taxes "Uncollected
End of Fiscal Year
$6,303.60
5,784.19
5,202.50
3,242.40
Taxes
as
tJncollected
of June 15 *37
$1,130.40
1,114.70
1,365.00
1,752.80
Y.—BONDS AUTHORIZED—On June 25 the
bond issue of $105,000 to finance improve¬
Common Council approved a
ment of the
city's pumping station and sewer system.
LARCHMONT, N. Y.—BOND OFFERING— Edward I. Graff, Village
Clerk, will receive sealed bids until 1:30 p. m. (Daylight Saving Time) on
July 7, for the purchase of $9,500 not to exceed 4% interest coupon or
registered drainage bonds.
Dated Aug. 1, 1937. One bond for $500, others
$1,000 each.
Due Aug. 1 as follows: $1,000 from 1938 to 1946, incl. and
$500 in 1947. Bidder to name a single rate of interest, expressed in a mul¬
tiple of
or l-10th of 1%.
Principal and interest (F. & A.) payable at
the Central Hanover Bank & Trust Co., New York City.
The bonds are
general obligations of the village, payable from unlimited taxes.
A certified
check for $200, payable to the order of the village, must accompany each
proposal.
The approving opinion of Clay, Dillon & Vandewater of New
York City will be furnished the successful bidder.
Lowville), N. Y.—BOND SALE—The $125,registerable, general obligation bonds described below,
LEWIS COUNTY (P. O.
000 coupon, fully
offered on June30—V. 144, p. 4385—were awarded to Sherwood
& Co. of New York as 2.20s, at par plus a premium of $250, equal to 100.20
a basis of about 2.16%:
which
George B.
Weigold
were
$20,000 highway bonds.
Due $2,000 yearly on July 1 from 1938 to 1947
75,000 public relief and welfare bonds.
Due on July 1 as follows: $7 000
1938 to 1942, and $8,000, 1943 to 1947.
30,000 county buildings
bonds.
Due $2,000 yearly on July 1 from 1938
to 1952.
Premium
►
..
$215.09
.
Roosevelt &
188.40
157.77
2%
2%
2%
;
108.33
100.48
2%
2%
4742
527.52
2.10%
— -
2.10%
2.20%
& Co
517.94
156.98
(TOWN) FIRE DISTRICT NO. 1 (P. O. Chappaqua),
N. Y.—BOND OFFERING—Jules H. Blazej, Secretary of the Board of
Fire Commissioners, will receive bids until 4.30 p. m. (Daylight Saving
Time), July 2 for the purchase at not less than par of $19,000 coupon,
fully registerable, general obligation, unlimited tax, equipment bonds.
Bidders are to specify rate of interest, in a multiple of K% or 1-10%, but
not to exceed 6%.
Denom. $1,000.
Dated July 1, 1937.
Principal and
semi-annual interest (Jan. 1 and July 1) payable at the Chappaqua National
Bank, in Chappaqua, with New York exchange.
Due on July 1 as follows:
$4,000, 1938 to 1941; and $3,000 in 1942.
Certified check for $400, pay¬
able to the District Treasurer, required.
Approving opinion of Clay,
Dillon & Vandewater of New York will be furnished by the district.
NEW CASTLE
Newburgh, M. D. 14), N. Y.—BOND SALE
registered funding bonds offered June 25
awarded to the C. E. Weinig Co. of Buffalo as
2.60s at a price of 100.07. a basis of about 2.58%.
Dated June 1, 1937,
and due March 1 as follows:
$3,000 from 1938 to 1942 incl., and $2,000
from 1943 to 1947 incl.
Other bids were as follows:
Bidder—
Int. Rate
Rate Bid
NEW WINDSOR (P. O.
—The issue of $25,000 coupon or
—V.
144, p. 4222—was
Co., Inc
A. C. Allyn &
Rutter & Co
-
3.20%
Buffalo
& Co
Rate Bid
100.24
Zn(. Rate
2.80%
2.90%
3%
Bidder—
-
100.216
100-29
100.17
3.20%
Bacon, Stevenson & Co
National Bank of Newburgh
NEW
_
^
Rutter & Co
J. & W. Seligman
100.216
100.19
2.90%
Other bids were as follows:
Marine Trust Co.,
100.177
2.70%
---
Roosevelt & Weigold—
Par
3.50%
YORK, N. Y —RATES ON TEMPORARY BORROWINGS UN¬
city has completed arrangements with its
bankers
CHANGED—The
collections due in the
whereby temporary borrowings in anticipation of tax
second half of 1937 will be effected at 1H% interest,
the same rate as was
operative during the first six months.
The city will issue revenue bills as
security for such credit, in accordance with the four-year agreement with
local bankers which will expire at the end of 1937 and is not expected to
be renewed.
The rate on revenue notes has also been continued at 1^%
for the next six months.
These are issued to fund such portion of revenue
bills which are not paid from tax collections.
NEW YORK (State
of)—$115,000,000 NOTES RETIRED—A maturity
$115,000,000 notes, issued in anticipation of revenues, was met by the
28.
Funds for the payment were on hand at the Bank of
the Manhattan Co., New York City.
The payment reduced the State's
tax-anticipation debt to nominal proportions.
of
ALLOCATIONS INCREASED—Fifty-seven counties of
New York City have received $1,417,705 as
fuel tax for the three-month period ended March 31,
1937, Mark Graves, Commissioner of Taxation and Finance, announced
on June 23.
New York City received $354,426, he said.
Substantial increases are noted over the figures for the same period last
year, when the counties received $1,224,109 and the City of New York
was apportioned $306,027.
.
Motor fuel revenue is distributed to the counties on the basis of unim¬
GAS
New
TAX
York
State outside of
their share of the motor
proved highways located within the counties.
Steuben and St. Lawrence,
with the greatest mileage of unimproved highways, again received the
pointed out that the total mileage of unimproved
increased from 71,476 miles last year to 71,558 this
PATCHOGUE, N. Y.—BOND ELECTION—A
construction of a shorefront park will be submitted
to be held on July 20.
PLEASANT
VALLEY FIRE
highways
year.
$45,000 bond issue for
to a vote at an election
DISTRICT (P. O. Pleasant Valley),
Y.—CERTIFICATE OFFERING—Lewis L. Erhart, Secretary of Board
will receive bids until 2 p. m. (Eastern Standard
Time) July 6 for the purchase at not less than par of $4,600 registered,
general obligation, unlimited tax, fire apparatus certificates of indebtedness.
Bidders are to specify rate of interest, in a multiple of M% or 1-10% , but
not to exceed 6%.
Denom. $1,150.
Dated July 15, 1937. Principal
and semi-annual inttrest (March 15 and Sept. 15) payable at the First
National Bank, Poughkeepsie, in New York exchange.
Due $1,150 yearly
on March 15 from 1938 to 1941.
Certified check for $100, payable to the
N.
of Fire Commissioners,
District Treasurer,
required,
Y.—OTHER BIDS—The $20,000 water bonds awarded
& Traders Trust Co. of Buffalo, as 3s, at
par plus a premium of $79.80, equal to 100.38, a basis of about 2.96%, as
previously reported—V. 144, p. 4386—were also bid for as follows:
SIDNEY,
June 25 to
N.
the Manufacturers
InL Rate
Bidder—
Premium
3%
$39.00
7nf. Rate
Wood, Trubee & Co
Marine Midland Trust Co.,
Rate Bid
104.00
3.10%
31.80
3.20%
56.00
3.25%
70.00
Rutter & Co
—
3.30%
58.00
First National Bank, Sidney
3.40%
200-00
A. C. Allyn & Co., Inc
3.50%
57.20
Roosevelt & Weigold
3.75%
40.00
YAPHANK FIRE DISTRICT (P. O. Yaphank), N. Y —BOND
SALE—The $6,500 fire department bonds offered on June 30—V. 144, p.
4*jan
were awarded to the Bank of Port Jefferson on a bid of par for 3.30s.
Dated Aug. 1, 1937.
Due serially on March 1 from 1938 to 1942. The
P
B. Roura Co. of New York submitted the second high bid, offering
3.10%
Binghamton.
Bonbright & Co
J. &W. Seligman & Co
E. H. Rollins & Sons, Inc
j
George D. B.
Patchogue Union Savings
Center Moriches Bank
Bellnort Bank
Roosevelt & Weigold
follows:
County
smallest
....
.
Mr. Graves
in the State
premium of $175 for 2 ><8.
Francis I. du Pont & Co. of New York were associated with Sherwood &
Co. of New York in the purchase of the above bonds.
Other bids were
$1,000.
of $57,091 was allocated to Steuben
County. Hamilton County, with the
largest amounts.
The sum
and $55,081 to St. Lawrence
mileage, received $5,709.
100.18 for 3.40s.
Other bids were as
as
and
Co
Dated July 1, 1937.
Principal and semi-annual
interest (Jan. 1 and July 1) payable at the County Treasurer's office.
Roosevelt & Weigold of New York were second high bidders, offering a
Denom.
Int. Rate
2%
Bank
Co., Inc.
—
H. C. Wainwright
,
follows:
Gibbons &
Charles D. Barney &
First Boston
„
$7,000 in
State on June
"HERKIMER, N. Y.—CERTIFICATE OFFERING—Helen F. Gillette,
Village Clerk, will receive bids until 2 p. m. (Daylight Saving Time), July 7
for the purchase at not less than par of $4,160 Austin Roller certificates of
indebtedness.
Interest late is not to exceed 6%.
Denom. 1 for $760 and
4 for $850.
Principal and semi-annual interest (June 1 and Dec. 1) pay¬
able at the First National Bank of Herkimer, with New York exchange.
Due $760 June 1,1938 and $850 yearly on June 1 from 1939 to 1942.
Certi¬
fied check for $200, payable to the Village, required.
been
were as
Blyth & Co., Inc
Halsey, Stuart & Co., Inc
Brown Harriman & Co., Inc
$1,588,116
2,968
payable..
Reserve for uncollected taxes
Individuals—
to
Warrants
Par
67,000 street improvement bonds.
Due July 1 as follows:
1938, and $10,000 from 1939 to 1944, inclusive.
All of the bonds are dated July 1, 1937.
Lazard Freres & Co
(June 30, 1936)
Accounts payable
cipation notes
May,
year)
city was $4,512,189.
Liabilities—
Assets—
Cash
Investments—City bond anti¬
2.70%
3-3.75%
Bidder—
$1,750,489
93.23%
$1,668,772
92.29%
$2,665,111
89.32%
$2,639,941
87.83%
Per cent collected
2.50%
-
3H-4%
Harris Trust & Savings
24,116,603
19,977,710
22,300,376
19,056,779
467-20
346.25
211.50
267.50
232.50
Par
2.50%
$90,000 general bonds of 1937, series A.
Due July 1 as follows: $8,000,
1938: $10,000, 1939 to 1944, incl.; $8,000 in 1945, and $7,000 in
1946 and 1947.
.
Other bids
$25,867,092
of
each year
Tax
1936-37
1935-36
1933-34
$21,696,720
357.75
„
year—present year
compared with three previous years:
Total levy (as above)
Collected to May 20th
-
2.50%
2.50%
NEWBURGH, N. Y.—BOND SALE—The $157,000 coupon or regis¬
tered bonds offered on July 1—V. 144, p. 4385—were awarded to Sherwood
& Co. and Brown & Groll, both of New York City, jointly, as 2s, at a price
of 100.419, a basis of about 1.90%.
The bankers are re-offering the bonds
for public investment at prices to yield from 0.75% to 2%, according to
maturity.
Second high bid of 100.333 for 2s was made by an account
composed of the Manufacturers & Traders Trust Co., Buffalo, and Adams,
McEntee & Co., Inc., New York.
The sale consisted of:
Uncollected at end of year
Per cent uncollected
223.75
2.40%
2.40%
--
-
H. P. Gould..
1932-33
General city tax levy
.....
George B. Gibbons & Co., Inc
Harris Trust & Savings Bank
Bacon, Stevenson & Co
Adams, McEntee & Co., Inc
Halsey, Stuart & Co., Inc
Crogan National Bank
requirements in order
Premium
$123.85
210.00
Int. Rate
2.25%
2.30%
Bidder—
the same manner as
of New York limits
159
Chronicle
Financial
145
follows:
^
Bidder—
3.50%
Bank. —
-
-
4%
4%
4 70%
Par
Par
Par
E $100.12
160
1936475
Financial
YORKVILLE,
N.
Y.—
Chronicle
PUBLICLY
BONDS
OFFERED—Ottering is
being made by the Marine Trust Co. of Buffalo of $7,500 2.70% public
works bonds at prices to yield from 2.40% to
2.70%, according to maturity.
Due
on
July 1 from 1943 to 1947, incl.
1937.
Population
Uncollected at
End of Fiscal Year
$4,323.05
3,466.02
3,027.67
In
as
June 14,
1937
Commission,
process of collection
-
missioners of the town have adopted an ordinance
providing authority for
the issuance of $20,000 street improvement bonds.
27,086.39
NORTH
DAKOTA
CASSELTON, N.
Dak.—BOND OFFERING—Sealed bids will be re¬
July 14. by L. E. Correll, City Auditor, for the
purchase of a $7,000 issue of artesian well bonds.
Denom. $500.
Due
$500 from July 1, 1940, to 1953, incl.
A certified check for 2% of the bid
ceived until 2 p. m.
WINSTON-SALEM, N. C., 4i/2s
1/1/71-78
1937
3,
Government
WHITEVILLE, N. C —BONDS AUTHORIZED—'The Board of Com¬
$886.34
1,463.19
2,232.48
$40,000
Due
Local
WHITEVILLE, N. C.—NOTE OFFERING—W. E. Easterling, Secre¬
tary of Local Government Commission, will receive bids until li a. m.
July 6, for the purchase of $7,500 revenue anticipation notes.
Interest
rate is not to exceed 6%.
Dated July 1, 1937.
Due in 90 days. Principal
and interest payable in Whiteville.
Denominations to suit the purchaser.
Certified check for $37.50 payable to the State Treasurer, required.
Begins March 1
Uncollected at
Levy
$39,756
34,950
34,400
33,500
the
WEST JEFFERSON, N. C.—BONDS SOLD—The First National Bank
$1,980,205
82,000
69,439
3,406
debt
Tax Data Fiscal Year
by
ann.
—
Year—
sold
were
of West Jefferson is reported to have purchased recently $4,000 4% semisewer bonds at par.
Financial Statement
Net bonded
July
notes
Raleigh, N. C.
Denom. $500.
Assessed value
Total bonded debt
These
is
@ 3.70% basis & int.
on
required.
INKSTER, N. Dak.—BOND OFFERING—Sealed bids will be received
July 12 by Ira L. Muir, City Clerk, for the purchase of a
$5,000 issue of building bonds.
Interest rate is not to exceed 5%, payable
J. & D.
Denom. $200, $300 and $400.
Due on Dec. 1 as follows: $200,
1937 to 1946; $300,1947 to 1952, and $400,1953 to 1955.
Bidder to satisfy
himself as to legality at his own expense.
A certified check for 2% of the
bid, payable to the City Auditor, is required.
until 2 p. m. on
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va. 83
NORTH
NORTH
CAROLINA
The
DAKOTA, State of—REPORT ON BOND RETIREMENT—
brief article is taken
following
from the Minneapolis
"Commercial
West" of June 26:
"North Dakota shucks off another
DURHAM, N. C.—NOTE OFFERING—It
is stated by W. E. EasterlIng, Secretary of the Local Government Commission, that he will receive
sealed bids at his office in Raleigh, until July 6, for the
purchase of $55,000
Board of Education notes.
$3,243,000 of its bonded debt July 1 by
retiring that amount of real estate bonds of series A, B and C, the very
bonds involved in the recent court action wherein the State's right "to
call or not to call" prior to maturity date was in question.
GATES COUNTY (P. O.
Gatesville), N. C.—FINANCIAL STATE¬
MENT—The following information is furnished in connection with the
call
"With that matter settled, and legal establishment that the State could
these particular bonds, North Dakota is about to save itself annual
interest
charges of $210,245 by paying off these bonds, which normally
would mature in 1941, 1942, 1946, 1947, 1948, 1949.
The saving will be
accomplished by benefit of money largely obtained from refinancing farm
mortgages held by the Bank of North Dakota with Federal funds.
"After retirement of these bonds, bearing interest of 5H, 5M and 6%,
the State's bonded debt will be in the neighborhood of $25,000,000—a con
siderable reduction from the some $42,000,000 a few years back, before the
Bank of North Dakota began to refinance by benefit of Federal refinancing
of farm mortgages securing these bonds.
"Of the bonds to be retired, the first of July, $394,000, it is reported, are
held by various State departments.
The retirement will leave $2,695,189.26
in the sinking fund for bond retirement, and there are no more "retirable'
until 1939, when $5,000 series D real estate bonds and $372,000 series E
real estates, come due."
offering scheduled for July 6, of the $45,000 coupon school building bonds,
described in detail in these columns recently—Y.
144, p. 4386:
Financial Statement
Assessed valuation",
19o6
$5,051,877.00
Outstanding debt:
Bonded debt (roads)
t Bonded debt for school
Bonds now offered
purposes
(excl. of bonds
now
81,000.00,
64,000.00
45,000.00
offered)
,
School notes (State building and literary)
74,622.00
Total outstanding debt, including bonds now offered
$264,622.00
22,946.80
County sinking fund (cash in banks)
1936 tax rate, $1.00.
Federal Census, 1930,10,551.
It is estimated that a little more than
80% of the 1936
collected.
t
r
taxes
has
been
k* The County has never defaulted in the payment of any part of either
principal or interest of any debt.
Practically all of the County debt is
payable in annual serial instalments.
Amendments of the North Carolina Constitution of interest to bond¬
holders
OHIO
adopted at the last General Election.
One amendment pro¬
hibits counties and municipalities from contracting debts
during any fisca
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,
andfbe approved by a majority oi those voting thereon.
Under another
MUNICIPALS
were
MITCHELL, HERRICK & CO.
700 CUYAHOGA
CANTON
AKRON
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
from taxation.
issue of coupon or
June 29-—V. 144, p. 4386—
sition to issue $125,000 school building bonds is to be submitted to
has been postponed from June 29 to July 8.
3Ms, paying a
Dated June 1,
rates not
exceeding
6% per annum in multiples of M of 1%.
Each bid may name one rate
for part of the bonds (having the earliest
maturities), and another rate for
the balance, but no bid may name more than two
rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the town, such cost to be determined by
deducting the total
amount of the premium bid for from the aggregate amount of the
premium
bid from the aggregate amount of interest upon all of the bonds
until,their
respective maturities.
No bid of less than par and accrued interest will be
entertained.
Federal help in the form of PWA financing.
CINCINNATI
Weil, Roth &
Outstanding Debt—
Street improvement bonds (PWA)
Total bonds (including bonds now
offered)
Total debt
Taxes—
1934^35
1935-36
$6,892,055.00
.80
.91
.91
FORM—In
connection
offering the following statement is furnished
with
the
above
by the Local Government
Due to
an
Proposal distributed
the alternative proposal for $80,000 Water and Sewer
Refunding bonds the
words "$
of said bonds of the earliest maturities"
that it will read as follows:
bonds.
"or
of
said
at
int.
Dollars
($
MORGANTON, N. C.—NOTES SOLD—The First National Bank of
Morganton is reported to have purchased on June 29 a block of
$12,000
revenue anticipation notes at
3% plus a premium of $30.00.
RED
of
SPRINGS, N. C —BONDS
AUTHORIZED—The Board of Com¬
missioners of the town has passed an ordinance
authorizing the issuance of
$82,000 refunding bonds.
I
Springfield),
Ohio—BONDS NOT FOR
Due
$1,000
annually
on
Dec.
1
from
1938
to
Due
$1,000
annually
on
June
1
from
1938
to
Due $500 annually on June 1 from 1938 to 1947,
are
dated June 1,
1937.
$1,00Q.
15 and
Dated March 15, 1937.
Prin. and semi-ann.
Sept. 15) payable at the County Treasurer's office.
on
JENERA, Ohio—BOND OFFERING—Ivan Winkler, Village Clerk, will
receive bids until
noon July 7 for the
purchase at not less than par of $1,000
6% improvement bonds.
Denoms. two for $330 and one for $340.
Dated
April 1, 1937.
Interest payable semi-annually.
Due $330 Oct. 1 in 1949
1950, and $340 Oct. 1, 1951.
Certified check for $20, payable to the
Village Treausrer, required.
LONDON, Ohio—BONDS
ment
funding bonds offered
MADISON
COUNTY
NOT SOLD—The issue of $1,700 4%
judg¬
144, p. 4387—was not sold.
June 26—V.
(P. O. London), Ohio—BOND SALE—The
$4,600 poor relief bonds offered on June 28—V.
144, p. 4055—were awarded
Saunders, Stiver & Co. of Cleveland as 2Ms at par plus a premium of $3,
1O0.O6, a basis of about 2.24%.
Dated July 1, 1937, and due
March 1 as follows: $600 from 1938 to
1940, incl.; $650, 1941; $700 in 1942
and 1943, and $750 in 1944.
Other bids were as follows:
.
THOMASVILLE, N. C.—NOTE SALE DETAILS—It is now stated by
the City Manager that the $60,000 bond
anticipation notes purchased by
the First National Bank of
Thomasville, as noted in these columns recently
—V. 144, p. 4386—were sold at 2
%, plus a premium of $1. Due on Aug. 21,
a premium
required.
)"
MURFREESBORO, N. C.—NOTES SOLD—The Farmers Bank
Murfreesboro is said to have purchased $1,000 notes on June
29 at 6%.
O.
March 15 and $15,000 on Sept. 15 in each of the years from
1938 to 1953, and $14,000 on March 15 and
Sept. 15 in each of the years
from 1954 to 1960.
Certified check for 1% of amount of bonds bid
for,
of the
earliest maturities
bearing interest
% per annum, and the remainder bearing interest
% per annum we will pay
—
Denom.
(March
Due $14,000
bonds
—
Inc., both or*
FRANKLIN COUNTY (P. O. Columbus), Ohio—BOND OFFERING
—Reedie W. McDonald, Clerk of the Board of
County Commissioners, will
received bids until 10 a. m. (Eastern Standard
Time) July 24 for the pur¬
chase at not less than par of $660,000 3
M % tuberculosis hospital addition
so
For $80,000 Water and Sewer Refunding bonds $
Co.,
inclusive.
con¬
omission in the proposal for bonds you will
please insert in
at
bonds.
All of the bonds
in
(P.
1952, inclusive.
15,000 series B bonds.
1952, inclusive.
5,000 series C bonds.
Commission:
Attention is directed to Notice and Bank
nection with the offering of the above bonds.
COUNTY
$15,000 series A
53,560.69
63,495.38
63,664.67
52,322.70
60,424.69
57,364.45
Population—1930 U. S. census, 6,532; estimated present, 9,500.
BIDDING
&
CONCORD RURAL SCHOOL DISTRICT (P. O.
Urbana, R. R.
No. 2), Ohio—BONDS NOT SOLD—The $35,000
5% coupon bonds offered
June 23 were not sold.
The offering consisted of:
Amount collected
IN
Hinsch
on
Amount levied
CORRECTION
Irving Co., and Charles A.
refunding bonds—V. 144, p. 4223, we learn that the bonds will be ex¬
changed for a similar amount of anticipatory notes and, therefore, no bids
will be considered for the purchase of the issue.
$6,899,404.00
Rate per $100 valuation
SALE—
SALE—TO BE ISSUED ON EXCHANGE BASIS— In connection with the
report in these columns of the projected sale on July 1 of $29,750 3%
1936-37
$6,600,877.00
Assessed valuation
CLARK
$627,000.00
32,213.28
Uncollected paving assessments
Ohio—BOND
Blyth & Co., Inc., New York, second high bidder, offered to pay
$602,000.00
25,000.00
Revenue anticipation notes.
DISTRICT,
of $7 for 2Ms.
27,000.00
35,000.00
Water bonds (PWA)
SCHOOL
Cincinnati, as 2Ms, at par plus a premium of $124.10, equal to 100.146, a
basis of about 2.24%.
Dated Aug. 1, 1937, and due Sept. 1 as follows:
$11,000 from 1949 to 1953, incl., and $10,000 from 1954 to 1956, incl.
$63,000.00
345,000.00
116,000.00
16,000.00
Street improvement bonds
Fire alarm system bonds (PWA)
CITY
The issue of $85,000 refunding bonds offered June 28—V. 144, p. 4055—was
awarded to a group composed of E. H. Rollins & Sons, Inc., New York;
Financial Statement June 15, 1937
Public improvement bonds
Water and sewer bonds
vote
amount paid for wages to workers on the project taken from certified relief
rolls; further, the city must agree to finance the project 100% prior to
starting the work.
Cincinnati had two large projects under consideration,
aggregating in cost $5,600,000.
Without Federal assistance, as stipu¬
lated in the new rules, private contractors, it was found, could bid and do
the work cheaper than with such assistance.
"Shall we go on and do our own public work as we used to do, or try to
carry on a limping, halting PWA program?" City Manager Dykstra asked
the Council.
It decided to do the work without waiting for or seeking
Commission, who
or
a
CINCINNATI, Ohio— TO FINANCE PROJECTS WITHOUT PWA
AID—Under the old Public Works Administration, the United States gave
45% of the cost of a project as a grant, and loaned, if desired, 55% to the
sponsor of it.
Under the new PWA, grants are limited to 115% of the
LENOIR CITY, N. C.—ADDITIONAL INFORMA TI ON—In connec¬
tion with the offering scheduled for July 6, of the
$100,000 refunding bonds,
described in our issue of June 26, the following information is furnished
by
W. E. Easterling, Secretary of the Local Government
will receive sealed bids at his office in Raleigh:
Bidders are requested to name the interest rate
SPRINGFIELD
ASHTABULA TOWNSHIP SCHOOL DISTRICT (P. O.
Ashtabula),
Ohio—BOND ELECTION POSTPONED—The election at which a propo¬
GREENVILLE, N. C.—BOND SALE—The $15,000
registered equipment bonds offered for sale on
was awarded
to Ryan, Sutherland & Co. of Toledo, as
premium of $66, equal to 100.44, a basis of about 3.11%.
1937.
Due $3,000 from June 1, 1938 to 1942, inclusive.
COLUMBUS
OHIO
Act
pass any
to exempt property
BUILDING, CLEVELAND
CINCINNATI
to
equal to
Volume 145
Financial
Bidder—
Madison National Bank
Farmers Bank of
Sedalia,.
int. Rate
Chronicle
161
Premium
2% %
3%
$3.22
Par
City of Philadelphia
NELSONVILLE, Ohio—PROPOSED
the
BOND ISSUE—It is
reported
effort to issue $60,000 in
revenue bonds for
mortgage
improvement of the municipal electric
to overcome
plant, has decided
previous handicaps
by declaring the existence of an "emer
gency."
Moreoever, the amount of the issue will be increased
to $90,000,
it is said.
Original plans were stopped
by a petition for a referendum.
that
city,
prevented
in
earlier
5% Bonds due June 1, 1982-52
Price:
NEW
To Net
3.35%
Moncure Biddle & Co.
PHILADELPHIA, Ohio—BOND ELECTION—At the
August
primary election the voters will be
asked to approve an issue of
bonds for a new
$100,000
municipal building.
1520 Locust Street
Philadelphia
PORTSMOUTH,
offered
Ohio—BOND SALE—The $140,000
refunding bonds
on July 1—V.
144, p. 4223 and 4387—were awarded to
Pohl & Co.,
Inc., and Nelson, Browning &
Co., both of Cincinnati, as follows:
$68,000 bonds, part of an issue of
$124,000, payable from ample limited
taxes in
CITY OF
72,000 bonds, part of
an
BOUGHT
RITTMAN, Ohio—BOND
A.
UNION
...
CANTON
CITY, Ohio—BOND OFFERING—W.
R. Pinney, Village
Clerk,
July 20 for the purchase of $5,000
3% water
$250.
Dated July 1, 1937.
Interest payable
semi-annually.
Due $250 each six months
from March 15,1939 to
1948, incl.
Sept. 15,
Certified check for
$500, payable to the Village
required.
Treasurer,
WEST
MANSFIELD, Ohio—BONDS
TOWNSHIP SCHOOL
elec¬
Ok Cy
19
30,000 for construction of
a
(P. O. Beaver),
a
Council
CLEARFIELD COUNTY POOR DISTRICT
(P. O. Clearfield), Pa.—
FINANCIAL STATEMENT—The
following is given in connection with the
recent award of
$115,000 refunding bonds to Charles D.
Barney & Co. of
1892
Philadelphia,
as
previously reported.—V. 144, p. 4223:
Fii ancial Statement
Assessed valuations
Gross bonded debt
Long Distance 158
as of
May 1, 1937
(25% of actual), 1937
$15,145,148.00
125,000.00
Floating debt
None
Gross debt
125,000.00
14,955.24
110,044.76
109,026.03
1,018.73
0.006%
40,000.00
Sinking fund: cash
Net funded and
OKLAHOMA
ALEX SCHOOL DISTRICT
(P. O. Alex), Okla.—bond
offering
—D. B. Patterson, Clerk of
the Board of
Education, will receive bids until
2 p. m. June
29, for the purchase at not less than
par of $11,000 school
building bonds, to bear interest at rate
determined by the bidding.
Due
$1,000 yearly beginning three
years after date of bonds.
Certified check
for 2% of amount of
bid, required.
DEWEY* Okla.—bonds sold—It is stated
by James Chance, City
Clerk, that the $36,500 water works
bonds approved by the
voters in
March, as noted in these columns at
the time—V. 144,
p. 2356—were
purchased on June 1 by the
Brown-Crummer Co. of Wichita, as follows:
$18,000 as 5Ms, maturing from
1940 to 1948, and
$18,500 as 5s, maturing
from 1949 to 1957.
FREDERICK SCHOOL DISTRICT
(P. O. Frederick),
Okla.—bond
sale—The $29,000 issue of school
building bonds offered for sale on June
28—V. 144, p. 4387—was
purchased by the city, as
3s, according to the
District Clerk.
PAWNEE, Okla.—bond sale—The $35,000
June 30—V.
on
evidences of indebtedn's
Bonds authorized but unissued
(this issue) (to refund above
debt—will not increase District's
debt)
Tax rate (mills)
Amount
SCHOOL
OREGON
COOS
$376,000
COUNTY
are
not to exceed
(P.
O.
Coquille),
Ore.—bond
informed by L. W.
Oddly,
issuance
County Clerk,
that the
5% semi-ann. funding bonds validated
the State Supreme
recently by
Court, as noted in these columns—V.
will be advertised for
144, p. 4056—
sale shortly,
perhaps within a month.
Due
five to 20 years from
date of issue.
in from
JOSEPHINE COUNTY SCHOOL
DISTRICT NO. 7 (P. O.
Grants
Pass), Ore.—bond sale—The issue of
$48,000 school bonds offered
June 25—V.
on
144, p. 4223—was awarded to
Tripp & McClearey of Port¬
land.
Under the terms of the
successful bid, the first
$35,000 bonds will
bear interest at 2
% % and the balance of the issue at
2 M %.
The price bid
was par.
Dated July 1, 1937.
Due on Jan. 1 as
follows:
$7,000, 1941 to
1946; and $6,000 in 1947.
The First National Bank
of Portland bid
100.Q87 for 2%% bonds.
MEDFORD, Ore.—bonds
voted—At the election held on
—V. 144, p. 3878—the
June 18
voters approved the
issuance of the
$49,000 street
repair bonds by a count of 429 to
204.
SILVERTON, Ore.—bonds not sold—It is
stated
by George
Cusiter, City Recorder, that the $7,307.55
refunding bonds scheduled for
award on June 15 were not
sold due to an
error in the notice of
sale.
bond offering—Mr.
Cusiter will receive sealed
bids until 6
July 15, for the sale of the said bonds.
p. m,
The bonds shall bear
such rate as the bidder
interest at
may specify.
Dated June 1, 1937. Due on
as follows:
June 1
$500, 1941 to 1944; $1,307.55 in
1945, and $2,000 in 1946
1947.
Prin. and int.
and
(J. & D.) payable at the
City Treasurer's office. A
certified check for
5% of the bid, payable to the
city, must be enclosed.
on
115,000.00
8M
duplicate (levy) 1937 (1937 tax in process of
(1936 tax collected to May 1, 1937
(59.1%)
$86,789.31)
143,592.32
Debt service charge
(1937—M-year only—issue called):
Exclusive of refunding bond issue
Interest.
$2,812.50
Principal
N°im
State tax
184.00
2,996.50
$185.90
743.60
Assessed value per capita
Actual value per capita
Assessed Val.
0.006%
0.637%
bNet indirect debt burden
Total debt burden
a
DISTRICT
(P. O.
bond sale
details—It is stated by the District Stillwater), Okla.—
Clerk that the
school building,
$92,000
repair and equipment bonds sold on
April 27 as 3Ms, as
noted here at that
time—V. 144, p. 3051—were
purchased at par
First National Bank &
by the
Trust Co. of Oklahoma
City.
Due from 1940 to
1956.
scheduled—We
of
collection)
and $1,000 in 1959.
STILLWATER
floating debt
Deductions: liened and unliened taxes
(50 % of actual)
Net debt
Net debt ratio
Tax antic, notes, bank loans or other
aNet direct debt burden
issue of
hospital bonds
144, p. 4387—was awarded to
C. Edgar
Honnold of Oklahoma
City, according to the City Clerk.
Due $2,000
from 1942 to 1958
offered for sale
Pa.—
June 22 resulted in
approval of a bond
school building.
uthorized—The Borough
has voted to issue
$11,250 bonds for road improvements.
Oklahoma City, Oklahoma
AT&T
of
^ENTRALIA7""Pa.—bonds
EDWARDS, Inc.
Municipal Bonds Since
100.388
100.39
100.35
DISTRICT
CENTER TOWNSHIP SCHOOL
DISTRICT
bonds voted—An election held on
J.
100.87
100.81
100.59
100.51
CATAWISSA, Pa .—bond offering—As already reported in these
columns—V. 144, p. 4223—Thomas C.
Beard, Chairman of the Borough
Finance Committee, will receive bids
unti 6 p.m. (Eastern Standard
Time),
July 3, for the purchase at not less than
par of $10,000 3M% coupon fund¬
ing bonds.
Denom. $500.
Dated June 1, 1937.
Interest payable June 1
and Dec. 1.
Due $1,000 yearly on June 1 from
1938 to 1947, incl.
Certified
check for 3% of amount of
bid, payable to Edward R. Unangst,
Borough
Treasurer.
issue
R.
Rate Bid
3%
3%
3%
3%
3M%
3M%
3M%
June 28—V.
win receive bids until
noon
works bonds.
Denom.
DEFEATED—The recent
tion resulted in the
defeat of the
proposition to issue $16,000 bonds.
Int. Rate
(P. O. Washington,
R. D. 3), Pa.—bond
sale—The issue of $10,000 coupon bonds
offered
144, p. 4223—was awarded to John M.
Knox, as 3s, at par
plus a premium of $50,
equal to 100.50, a basis of about
2.90%.
Dated
July 1, 1937 and due $1,000 annually on
July 1 from 1938 to 1947 incl.
$306.66
117.00
181.85
4%
Teletype—Phila. 22
Singer, Deane & Scribner
Dougherty, Corkran & Co
Leach Bros., Inc
Premium
3%%
3M%
T.
Street, Philadelphia
E. H. Rollins & Sons.
Edward Lowber, Stokes & Co
Battles & Co
Glover & MacGregor
Bidder—
Co., Cincinnati
&
The successful bidders
made public
reoffering of the bonds at prices to
yield from 1 % to 2.77%,
according to maturity. Other bids were as follows:
Bidder—
29—V. 144, p. 4055—was
awarded to
Saunders, Stiver & Co. of Cleve¬
land as 3Ms at
par plus a premium of
$121.50, equal to 100.27.
Due as
follows: $1,000, April 15 and
Oct. 1, from 1938 to
1959, incl., and $500
April 15 and Oct. 15, 1960.
Bonds maturing from
April 15, 1953, to Oct.
15, 1960, incl., are callable at not
more than
par on April 15, 1938.
Other bids were as follows:
&
QUOTED
PENNSYLVANIA
SALINE TOWNSHIP RURAL
SCHOOL DISTRICT (P. O.
Ohio—BOND SALE—The issue of
Irondale),
$45,000 school building bonds offered on
June
Fox, Einhorn
—
BANGOR SCHOOL
DISTRICT, Pa .—bond sale—The issue of
$25,000 coupon, registerable as to
principal only, school bonds offered on
June 28—V. 144,
p. 4056—was awarded to Chandler
& Co. of Philadelphia,
as 3s, at a
price of 101.109, a basis of about
2.78%. Dated June 1, 1937 and
due June 1 as follows:
$3,000, 1938; $2,000, 1939; $3,000, 1940;
$2,000,
1941; $3,000, 1942; $2,000, 1943;
$3,000, 1944; $2,000, 1945; $3,000 in
1946 and $2,000 in 1947.
W. Baker, Village Clerk,
noon July 17 for
the purchase at not less than
par of
$30,000 4M% coupon
municipal building bonds.
Denom. $500.
Dated
April 1, 1937.
Interest payable
April 1 and Oct. 1.
Due $3,000 yearly
on Oct. 1 from
1938 to 1947, incl.
Certified check for
$350, payable to the
village, required.
Johnson, Case & Co., ClevelandSeasongood & Mayer, Cincinnati
T.
1528 Walnut
OFFERING—Roy
int. Rate
SOLD
—
YARNALL & CO.
issue of
$113,000, payable from ample limited
the proportion of
$77,000 within a 15-mill limitation and
$36,000 within a 10-mill
limitation, as 3Ms, at par plus a premium
of $439.20,
equal to 100.61, a basis of
about 3.18%.
Due $8,000
yearly on Oct. 1 from 1943 to
1951.
Dated March 1, 1937.
Weil, Roth & Irving Co. of
Cincinnati submitted the second
high bid,
offering a premium of $42.80 for
$140,000 3M % bonds.
taxes in
will receive bids until
PHILADELPHIA
BONDS
the proportion of
$81,800 within a 15 mill limitation and
$42,200 within a 10 mill
limitation, as 3Ms, at par plus a premium
of $414.80, equal to
100.61, a basis of about 3.18%.
Due on Oct. 1
as follows:
$7,000,1943 and 1944; $8,000,1945 to
1949, and $7,000,
1950 and 1951.
nus.
as
of
Per
Capita
0.0015%
0.2290%
0.643%
b Clearfield County and the
Poor District,
Clearfield County net debt
Actual Val,
1.72
0.2305%
$1.73
Poor District
are
cotermi-
May 1, 1937, is $163,041.07.
Tax Collections
Year-
Mills
1932
1933
1934
1935
1936
8.5
1937
8.5
9.5
9.5
8.5
8.5
Levy
$185,836.30
184,088.71
Collected
in Levy Year
Outstanding
May 1, 1937
$89,116.46
$11,202.49
78,219.43
16,645.51
70,466.22
15,424.32
77,567.87
17,239.16
72,310.25
60,122.22
(in process of collection)
154,128.24
155,299.17
146,851.62
143,592.32
%
6.0
9.0
10.0
11.1
40.9
Tax rate: Usually set about Jan. 15 of
each year of levy.
Rebate: 5% from July 1 to Aug. 1. (collected
flat from Aug. 1 to Nov.
1).
Penalty: 5% from Nov. 5 to first Monday of
May of follwoing year.
Delinquent taxes: Filed with Prothonotary of
county.
District levies its
own taxes and is
independent of any other taxing
authority.
The Clearfield County Poor District
operates under authority of an Act
of
Assembly of the Commonwealth
of
Pennsylvania being the Act of May 14,
1925, P. L. 762, the amendments thereto and the
supplements thereof.
The fiscal year of the District is from Jan.
1 to Jan. 1.
.
DERRY
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Derry), Pa.—
sale—The $75,000 coupon
operating expense bonds offered on
June 28—V. 144, p. 4388—were
awarded to Chandler & Co. of
Philadelphia,
as 3 Ms, at par
plus a premium of $195, equal to
100.26, a basis of about
3.20%. * Dated July 1, 1937.
Due on July 1 as follows:
$8,000, 1938 to
1942, and $7,000, 1943 to 1947.
Johnson & McLean of
Pittsburgh,
offering a premium of $181 for 3M%
bond
bonds,
EAST DEER TOWNSHIP
ing—The district is making
(P.
were second
high.
O. Creighton), Pa.—bond
offer¬
offering of $35,000 not to exceed
4%
interest bonds.
Sealed bids will be received
by Michael P. Kuchta, District
Secretary, until 7 p. m. (Daylight Saving
Time) on July 8.
Interest rate
is to be determined by the
bidding in a multiple of M %, but not to
exceed
4%.
The bonds will be dated July 1, 1937.
Denom. $1,000.
Due on
Julv 1 as follows: $5,000 from
1948 to 1951, incl. and
yearly from 1953 to
195*5, incl. Interest payable J. & J. A certified check
for $750, payable
to the order of the
Township Treasurer, must
accompany each proposal.
Successful bidder will be furnished
with the
approving legal opinion of
Burgwin, Scully & Churchill of Pittsburgh.
Township will print the bonds.
an
162
(It
Financial
previously reported in these columns—V. 144, p; 4388—that the
offering was to take place on July 9.)
Chronicle
was
W HAZLETON SCHOOL DISTRICT, Pa.—BOND SALE—The
$110,000
coupon registerable, as
to principal only, refunding and improvement
bonds offered on June 28—V. 144, p. 4223—were awarded to
Chandler &
Co. of Philadelphia on a bid of 101.249 for 3s, a basis of
about 2.90%.
Dated June 15, 1937.
Due $10,000 yearly on June 15 from 1948 to 1955:
and $15,000 on June 15 in 1956 and 1957.
A joint bid of 100.339 for 3s,
submitted by Dougherty, Corkran & Co. of
Philadelphia and Singer,
Deane & Scribner of Pittsburgh, jointly, was second
high.
HOPEWELL TOWNSHIP SCHOOL DISTRICT
(P. O. New Sheffield
R. D. No. 1), Pa.— BOND SALE—The
$70,000 coupon, registerable as to
principal only, school bonds offered on June 28—V. 144, p. 4388—were
awarded to Johnson & McLean of Pittsburgh, as 3s.
Dated July 1, 1937.
Due $5,000 yearly on Juiy ] from 1939 to
1953, inci.
Johnson & McLdan paid a premium of $211.65 over
par, equal to 100.302,
a basis of about
2.96%.
Other bidders were:
Bidders—
S. K. Cunningham
Int. Rate
&
Co., Inc.,
Pittsburgh
Otis & Co., Cleveland
E. H. Rollins & Sons, Philadelphia
E. Lowber Stokes Co., Philadelphia
and
Grover
3H%
3%%
364.00
126.31
69.40
474.00
4%
4Yi%
...
OFFERING—J.
1937
3,
decided to submit to the voters at the primary elections on Sept.fel4i.&
proposal to issue $65,000 refunding and fire department bonds.
PITTSBURGH,
UNITE&lfr
Pa .—CITY, SCHOOL AND COUNTY
DRIVE TO COLLECT $35,000,000 IN BACK TAXES—Establishment of a
permanent delinquent tax board will be recommended soon to spur the
collection of $35,000,000 outstanding on the books of the city, county and
school district, it was announced June 11.
,
A sub-committee named by a joint conference of the taxing divisions
recently and headed by Councilman George E. Evans, has formulated the
plan to administer uniform ways and means of proceeding against taxpayers
who owe.
.
,,
,
The Legislature by enacting three bills at its recent session, provided
that the taxing powers could act in unison instead of independently, as in
the past, which usually worked to the disadvantage of one or more divisions.
The new legislation gives any one of three agencies authority to sell
properties and to bid in at the cost price only.
After the sale and after the
mortgages, if any, are satisfied, the proceeds are then to be divided on a
pro-rata basis;
,
Pending sale, the legislation also gives the agencies authority to seques¬
trate rents which can be divided on a pro-rata basis.
The plan is the culmination of a year's effort on the part of the taxing
bodies to reach some uniform agreement on tax sales.
It came to a head
last year when former Mayor McNair began a wholesale drive on deliquent
taxpayers in the name of the city only.
The city's books reveal there are $14,000,000 in deliquent taxes due it.
The county's books show $11,000,000 and the School Board's $10,000,000.
,.
McGregor,
HVCE*PARiCPa.—BOND
Premium
&
July
PHILLIPSBURG, Pa.—BOND ELECTION—The" Borough Counciljhas
J. Zanotti, Borougfc Secrt^
tary, will receive sealed bids at the office of Marquis M.
Smith, Solicitor,
Glunt Law Bldg., Greensburg, until 5 p. m.
(Eastern Standard Time) on
July 14 for the purchase of $7,000 4% municipal building bonds.
Dated
July 15, 1937.
Denom. $1,000.
Due $1,000 on July 15 from 1940 to
1946 incl.
Callable on any interest date at par upon 60
days' notice.
Interest payable J. & J.
A certified check for $500, payable to the order
of F. Earle Bash, Borough Treasurer, must
accompany each proposal.
Sale will be made subject to approval of issue
by the Department of Internal
Affairs.
;
,
,
PLYMOUTH, Pa.—BOND SALE—The $15,000 3M% equipment bonds
on June 17 were awarded to the First National Bank of Plymouth,
the only bidder, at a price of par and accrued interest. Dated July 1, 1937.
Due Jan. 1 as follows: $3,000 in 1939, and $4,000 in 1940, 1941 and 1942;
redeemable Jan. 1 of any year.
offered
ROARING
SPRING, Pa.—BONDS VOTED—At
SCHOOL DISTRICT
(P. O. Mayfield), Pa .—BOND
$15,000 5% coupon school bonds offered on June 21—V.
144, p. 4056—were awarded to the Mayfield State Bank of
Mayfield at par.
Dated June 15,1937.
Due $1,000 yearly on June 15 from 1938 to
1952, incl
voters of the borough
sanitary sewer bonds.
MEAD TOWNSHIP SCHOOL DISTRICT fP. O.
Tiona), Pa.—SALE
DETAILS—Glover & MacGregor of Pittsburgh, which
purchased June 22
an issue of
$20,000 school building and funding bonds, as
previously re¬
ported—V. 144, p. 4388, paid a price of par plus a premium of
$936 for 4s,
equal to 104.63.
Dated June 1, 1937, and due
serially over a period of 20
years.
Other bids were as follows:
a recent election the
their approval to a proposal to issue $47,500
than par
MAYFIELD
SALE—The
Bidder—
Int. Rate
Singer, Deane & Scribner, Inc
Rate Bid
4%
100 35
103^06
NEW CASTLE,
Pa.—BOND OFFERING—C. Ed. Brown, City Clerk,
will receive sealed bids until 10 a. m.
(Eastern Standard Time) on July 26,
for the purchase of $70,000
3% funding bonds.
Dated July 15, 1937.
Denom. $1,000.
Due $5,000 annually on July 15 from 1943 to
1956, incl.
Principal and interest (J. & J.) payable at the City Treasurer's office.
A
certified check for $2,000 must
accompany each
proposal.*
NEWPORT
TOWNSHIP (P. O.
Wilkes-Barre), Pa.—BONDS AU¬
THORIZED—The Townsnip Board of Commissioners
recently adopted an
ordinance authorizing the issuance of
$55,000 improvement projects bonds.
PHILADELPHIA,
Pa.—BOND
SALE—The
$5,000,000 3H% regis¬
tered and coupon bonds offered on
July 1—Y. 144, p. 4056—were awarded
to the Sinking Fund at a price of
100.25, a basis of about 3.24%.
Dated
July 1, 1937.
Due July 1, 1987; redeemable at the
city's option at par.
after 20
'
years.
Other bids
were
as
follows:
Amt
„
Bidder—
of Bonds
Rate Bid
x
Bid for all but
no
100.05
$1,000,000
Par
1,000.000
Par
part.
THREE NEW TAXES PASSED BY CITY
COUNCID—When the State
amusement tax
expires on July 23 a city amusement tax of the same amount
will replace it at once,
according to the Philadelphia "Inquirer" of June 25.
The City Council voted the three new tax
measureres on June 24 to raise
$3,000,000 in the coming year, as part of the
muncipal financing program.
In addition to the amusement
tax, which affects motion picture houses,
theatres and other places of
entertainment, a franchise tax on all uses of
the city streets and a tax on the gross revenues of
all outdoor parking lots
were also
voted.
The amusement tax was ordered for
five years, but
estimates as to possible proceeds from it were
said to be very vague
ranging from $1,000,000 to $5,000,000.*
EIGHT GOVERNMENT BILLS APPROVED BY
GOVERNOR—A
Harrisburg on June 25 reported as follows on the
from
dispatch
signing of eight bills
concerning Philadelphia:
Eight bills affecting Philadelphia's Municipal
Government, including one
permitting City Council to spread $25,000,000 of an anticipated
$30,00,000
deficit over a five-year period, were
signed by Governor Earle today.
In approving the deficit
bill, Earle, on information furnished by Demo¬
cratic City Chairman John B.
Kelly, said it would avert a $1.50 tax rise
next year.
Other bills signed, six of them effective
immediately, are designed to:
1. Provide for consolidation of the 51
city wards by having 100 or more
citizens of respective wards petition the courts for
consolidation or division.
2. Give authority to the
City Controller to audit the books of the Board
of City Trusts and all municipal
departments.
3.
Granting
power to the Controller to name the seventh member of the
newly created Board of Revision of Taxes if he and the
City Treasurer
unable to agree within 10 days.
4.
at
Permit the Board of Revision of Taxes to
maximum
comes
salaries
under the
ture, but
Act.
now
of
$1,500 annually.
Receiver of Taxes, which
before the Supreme Court for
5.
Make the Controller Bail-approval
check the value of real estate offered as
offenses.
name
are
30 water meter readers
Reading of water meters now
was abolished by the Legisla¬
decision of the validity of the
a
Commissioner
security by
in
prsons
an
effort
arrested
to
for
6. Authorize City Council to fix the salaries of
county officers, except
those already established by the General
Assembly.
This bill is effective
Sept. 1.
7.
Require Council to appropriate the actual
anticipation notes and prohibit the
bookkeeping entry.
sale of tax
as
a
amount realized from
use
the
of any proposed issue
PHILADELPHIA
SCHOOL
DISTRICT, Pa.—BOND SALE—The
$2,000,000 1K% registered school bonds offered on
July 2—Y. 144, p.
4224—were awarded to the Loan Tax Fund of the
District at par plus a
premium of $100, equal to 100.005, a basis of about
1.49%.
Dated Aug. 1,
1937.
Due Aug. 1, 1967; redeemable at
par at any interest period.
PENNSYLVANIA
(State
of)—LOCAL
ISSUES
APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has
approved
the following bond issues.
In formation includes the name of the
issuer,
amount and purpose of issues and date
approved:
Date
Municipality and Purpose—
Approved
Catawissa Borough,
Columbia Co. funding
indebtedness; making street improvements
June 21
Co. Poor District
refunding bonded in¬
debtedness
June 21
Avalon Borough, Allegheny Co.
erection of fill and
construction of a permanent highway thereon to re¬
June 22
_
Glenfield Borough, Allegheny Co.
constructing a water
improvements
sewer
supply
$10,000
115,000
system
and
resolution favoring the issuance
buildings.
of
new
1199433086452
RHODE
ISLAND
PAWTUCKET, R. I.—BONDS AUTHORIZED—On June 23 the City
retunding
SOUTH
CAROLINA
CHARLOTTE,
Easterly,
N. C.—BOND OFFERING—It is stated by W. E.
Secretary of the Local Government Commission, that he will
receive sealed bids at his office in
Raleigh, until 11
a. m.
(Eastern Standard
Time) on July 13, for the purchase of two issues of coupon or registered
bonds aggregating $1,400,000, divided as follows:
$1,300,000 water bonds.
Due on Feb. 1 as follows: $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 1977, all incl.
t
100,000 street improvement funding bonds.
Due on Feb. 1 as follows:
$7,000, 1939 to 1948, and $10,000, 1949 to 1951, all incl.
is
to exceed 6%, payable F. & A.
Denom. $1,000.
For each issue a separate bid (not less than par and
Interest rate is to be stated in multiples of
M of 1%.
No bid may name more than two rates for any issue and each
bid must specify the amount 01 bonds of each rate.
The lowest interest
cost to the city will determine the award.
The water bonds were author¬
ized at an election by a vote of 2,797 to 190.
Prin. and int. payablo in legal
tender in New York City.
Bids must be on a form to be furnished by the
above Secretary.
The approving opinion of Masslich
&
Mitchell, of
New York, will be furnished to the purchaser.
A certified check for $28,000
payable to the State Treasurer, must accompany the bid.
rate
Dated Aug.
not
1, 1937.
ORANGEBURG
COUNTY
(P.
O.
Orangeburg), S. C.—BOND
OFFERING—S. J. McCoy, Chairman of the County Highway Commis¬
sion, will receive bids until noon July 14 for the purchase at not less than par
of $60,000 coupon hospital improvement bonds.
Bidders are to specify
rate of interest, not to exceed 5%.
Dated July 1, 1937.
Principal and
semi-annual interest (Jan. 1 and July 1) payable at the Chase National
Bank in New York.
Due 011 July 1 as follows: $4,000, 1938 to 1940;
$5,000,1941 to 1946, and $6,000, 1947 to 1949.
Certified check for $1,000,
payable to the County Treasurer, required.
County will pay for printing
of bonds and will furnish the opinion of Nathans & Sinkler of Charleston
that the bonds are valid obligations of the county.
PUTNAM
SCHOOL DISTRICT NO.
22 (P.
O. Union), S. C.—
is reported that sealed bids were received until
30, by Lewis H. Gault, County Superintendent of Education,
for the purchase of $3,300 school bonds.
Due from 1938 to 1957.
The
amount to mature in any one year shall be at the discretion of the Board.of
BONDS
35,000
OFFERED—It
June
noon on
Trustees.
SOUTH
ABERDEEN
June 22
34,000
15,000
18,000
SCHOOL
DISTRICT
O.
(P.
ceen) S. Dak.—BOND OFFERING CONTEMPLATED—We
are
Aber-
informed
He also supplies the following information:
Actual
Current Year
Previous Year
1936—37
or
1935—36
full valuation
$27,237,223.00 $27,271,566.00
Assessed or taxable valuation
13,890,984.00
13,908,499.00
Assessed valuation is legally 51% of actual valuation.
This district has
never defaulted on debt
obligations,
Bonded debt, not including this issue
$183,000.00
Sinking funds (cash) for above
89,465.00
Net bonded debt
93,535.00
Tax
Total Tax Levy
Tax
Valuation
Year—
Rate
$16,779,062.00
13,906,923.00
14,148.775.00
13,908,499.00
13,890.984.00
for All
This
16.72
Purposes
Municipality
17.88
$280,568.00
259,850.00
254,950.00
260,941.00
18.14
267,844.00
15.24
18.26
Comparative Statement of Annual Receipts and Disbursements
Fiscal Year Ending June 30
1933
Balance on hand
$165,330.12
Total inc. (excl. all bor¬
rowing)
Total expenditures
For bond prin. & int..
For all other purposes.
on
Report
Assessed
hand July 1
245.564.00
321,189.00
55,624.00
265,565.00
89,705.00
1934
1935
1936
$89,705.00
$84,285.00
$74,168.00
287,708.00
293,128.00
53,711.00
239.417.00
275,127.00
285,244.00
51,793.00
233,451.00
74,168.00
366,429.00
316,517.00
49,889.00
84,285.00
266.628.00
124,080.00
Principal and Interest Requirements for Next Five Years
Year—
making
DAKOTA
INDEPENDENT
by Frank E. Wyttenbach, Business Manager and Clerk, that the $150,000
semi-ann. school auditorium and gymnasium bonds approved by the voters
on June 15—V. 144, p. 3724—will be
offer
for sale in the near future.
Due as follows. $7,000, 1938 to 1947, and $8,000. 1948 to 1957, all incl.
Bal.
paying part cost of
Plymouth Borough, Luzerne Co.
paying cost of fire
truck and installing new fire alarm
system
June''23
Mt. Pleasant Twp. S. D., Westmoreland Co.
payment
of operating expenses
JuneT25
Amount
floating
Clearfield
place bridge
a
accrued interest), is required.
Inc
x
DISTRICT, Pa.—BONDS APPROVED
Council passed an ordinance authorizing the issuance of $497,000
bonds.
Interest
Bid For
Dougherty, Corkran & Co., First Boston Corp.,
Janney & Co., Inc., and Lazard Freres & Co.,
Philadelphia Saving Fund Society
Philadelphia National Bank
WEST HAZELTON SCHOOL
School Board has adopted
$100,000 bonds for construction of
—The
102 32
4%
5%
Edward Lowber Stokes & Co
Leach Bros., Inc
Warren National Bank
ROCK WOOD, Pa.—BOND OFFERING—Peter P. Hauger, Borough
Secretary, will receive bids until noon July 17,for the purchase at notless
of $23,000 3H % coupon funding bonds.
Denom. $1,000. Dated
July 1, 1936.
Interest payable Jan. 1 and July 1.
Due $1,000 yearly on
July 1 from 1941 to 1963, incl.
Certified check for 2% of amounts of
bonds bid for, required.
M
103 21
4%
...
gave
Principal
$37,000.00
37,000.00
37,000.00
Interest
$8,985
7,070
5,155
Year—
1941
1942.
Principal
$12,000.00
12,000.00
Interest
$3,240
2,700
FLANDREAU, S. Dak.—BOND OFFERING ATTACKED—It is stated
by Carl Hanson, City Auditor, that the city was served with a court order
Volume
tolshow
the
Financial
145
why they should not be enjoyed from preceding further witn
the $93,000 electric light and power bonds, previously
on June 29, as noted in these columns recently—V. 144,
He states that the court hearing was scheduled for June 26.
cause
Issuance
of
scheduled for sale
p. 4388.
MITCHELL,
.
Dak.—BONDS
S.
citizens approved a proposal to issue
$40,000 armory bonds.
Dak.—BOND REFUNDING
Plin
(P. O. Bison), S.
COUNTY
PERKINS
VOTED—At a recent election the
PLAN OUTLINED—Holders of bonds have
received a letter from M.
Beebe, Ipswich, giving an explanation of a plan offered by the county,
which already has been discussed with owners of more than half of the bonds,
and which is looked upon with favor by them.
The plan provides:
1. All interest to be paid to June 1, 1937.
2. New bonds of $1,000 each, with prepayment privileges,
1937, interest and principal payable at EHrst National Bank
Minneapolis.
3. Interest at 3^% semi-annually.
dated June 1,
& Trust Co.,
4. Maturities—
$50,000
150,000
17,000
$217,000
Legal opinion by Kingman, Cross, Morley,
Cant and Taylor, Min¬
deposit and exchange—First National
Place of
INVITED—It is reported that the
1, for $4,000 refunding, series
of 1936 bonds.
PITTSBURG, 'Texas—BOND OFFERING—Sealed bids will be received
by E. F. Garrison, City Secretary, for the purchase
semi-annual sewer system revenue bonds. Denom.
$500.
Dated May 15, 1937.
Due from May 15, 1938 to 1958.
It is
said that all legal requirements have been complied with, bonds passed on
by competent bond counsel, and approved by the Attorney General.
The
Secretary states that the revenues of the present sewer system have been
pledged to the new system and they will be greatly increased by the addi¬
tion of new lines.
We understand that these bonds are part of a $50,000
is£Ue, the remainder of which will be offered in the latter part of this year.
until 6'p. m. on July 20,
of a $25,000 issue of 5%
SAN
JACINTO
TRINITY COUNTIES, Texaa-^-ROAD BOND
J.
R. Phillips Investment
Co.,
AND
SUMMARIZED—The
SITUATION
Esperson Building, Houston, has released under date of June 23 a
report on the road districts of the above counties.
Included in the report
is a copy of House Bill No. 1004, relative to the refunding of county obliga¬
tions, and said company points out the effect such legislation will have on
the road bonds.
Holders are requested to forward a description of their
securities and any
Bank & Trust Co.,
Minneapolis.
inquiries they may care to
make to the investment com¬
pany.
SEYMOUR,
voters of
neapolis.
6.
ODESSA, Texas—BOND TENDERS
City Council will receive tenders until Aug.
401
$10,000 due June 1, 1941 to 1945, inclusive
15,000 due June 1, 1945 to 1955, inclusive
17,000 due June 1, 1956
5.
163
Chronicle
Texas.—BONDS
VOTED—At the June 22 election the
$65,000 water and sewer system
Seymour approved the issuance of
bonds.
TENAHA
DISTRICT
SCHOOL
(P.
TEXAS.
STATE OF TENNESSEE
including automobiles,
$109,732,000.00
182,886,000.00
Actual valuation (estimate)
Bonded debt
14,462,600.00
2.00
119,798
Tax rate per $100.00
Population, 1930
including State, county and
city, and are exempted from Federal income tax.
(P. O. Lewisburg), Tenn.—BOND SALE—
3% semi-annual school bonds offered for sale on June
4057—was awarded to Robinson, Webster & Gibson of
Nashville, paying a premium of $30.00, equal to 100.15, a basis of about
2.98%.
Dated July 1,1937.
Due $1,000 from July 1,1938 to 1957, incl.
MARSHALL
COUNTY
The $20,000 issue of
144,
Federal
$5,-
42.73% of all State expenditures, with the
contributor; $37,073,234 for public free schools,
tion and improvement, or
Assessed valuation, 1936
30—V.
and
$5,210,049; interest
$25,533,986.
beer licenses and
CHARLESTON. S. C.
free from all taxes in Tennessee,
included the following items:
taxes, $12,225,844; licenses,
$6,295,467; cigarette stamps, $5,459,386; inherit¬
taxes,
ance
TENNESSEE
are
FOR LAST FISCAL
brought into the State
State revenue for the
State Comptroller's
insurance
CHATTANOOGA, Tenn.—FINANCIAL STATEMENTS—The fol¬
lowing information is furnished in connection with the offering scheduled for
July 8, of the $100,000 not to exceed 6% semi-ann. electric power bonds,
issue No. 1, described in th3se columns recently—V. 144, p. 4388:
Bonds
REVENUES
$1,143,711; poll taxes, $1,685,244: cocupation imposts on
companies, $2,270,492: liquor licenses and taxes, $1,7'31,047;
taxes, $1,361,639; franchise taxes, $1,587,367; fees
permits, $3,570,563; land sales, rentals and royalties,
on State funds, $3,995 059; and county, Federal and other aid,
Expenditures included the following:
$53,076,667 on highway construc¬
NEW YORK
Telephone WHiteball 4-6765
S. C.
ON
gallon tax on gasoline last year
annual report.
STREET
GREENVILLE.
a
a
Revenue last year totaled $127,092,235, and
Ad valorem taxes, $16,126,948" gross receipts
McALISTER, SMITH & PATE, Inc.
BROAD
of—REPORT
total of $36,242,686, or 28.52% of the total
year ended Aug. 31, 1936, according to the
fiscal
price to yield 3.00%
67
State
YEAR—Tne 4-cent
treasury
s>4» due Dec. 1111!
Texas—BOND
approved by the voters
Tenaha),
O.
SALE—The $18,000 school building bonds recently
have been issued to the State Board of Education.
p.
MEMPHIS, Tenn .—REPORT ON BOND RETIREMENT—With a total
scheduled for July 1, the city is reported as retiring a
$300,000 issue marketed in 1907 for public school construction.
It is said
that payments by D. O. Miller, City Clerk, will include $213,000 principal
and $180,607 interest on other city issues.
The 1907 bonds are reported to
represent the second oldest issue outstanding against the city.
of $393,607 that was
TEXAS
AUSTIN, Texas—BONDS SOLD—It is reported that $100,000 2%%
purchased jointly by Roche & Co.,
of Austin, and Fenner & Beane, oi New Orleans, paying a price of par.
semi-ann. fire station bonds have been
BRAZORIA COUNTY COMMON SCHOOL DISTRICT NO. 1 (P. O.
Angleton), Texas—BOND SALE DETAILS—It is stated by the County
Government a large
for eleem<^ynary
859,397 for higher educational institutions, and $338,419
education; $4,188,977 for pensions; $2,849,171 for relief;
judiciary; $2,395,933 for executive and administrative costs;
regulation of business and industry; $2,211,652 for
servation
of
natural
NOTICE—'The deficit
increase of
Treasurer, with
issued
numbered through
TEXAS, State of— WARRANT REDEMPTION
fund rose to $10,515,077 on June 21, an
$537,327, it was announced by Charley Lockhart, State
a call for payment of $306,583 warrants.
It is said that warrants
through June 12 were called for payment, including those
in the general revenue
77 136
$4,702,585.
pension fund deficit is said to have risen to
reported to have announced that warrants issued
The Confederate
The Treasurer is
July, 1936, would be purchased
1935, would be paid regardless
DENISON. Texas—BOND SALE—The $16,000 paving bonds and
$8,000
if not discounted
of discount ,
through
and those through July,
Texas—MATURITY—In connection with the sale of the
improvement bonds to Mahan, Dittmar & Co. or sa,n
100.16, as noted in these columns recently V. 144,
p. 4225—it is reported that the bonds were: sold^as^follows:
$10,000 as
3Ks, maturing $2,000, 1938, $3,000, 1939; $2,000
1940; $1 000, 1941 to
1943; $49,000 as 3s, maturing $2,000. 1944 to 1946; $4,000,i94nn'n?3iJ5?:
1948 to 1951; $5,000. 1952; $4,000, 1953;. $5,000, 1954;, «4,0W,
1955,
$5,000, 1956, and $4,000 in 1957; the remaining $42,000 as
matmmg.
$5,000, 1958; $4,000, 1959; $5,000, 1960; $4,000, 1961; $5,000, 1962,
$4,000, 1963; $5,000, 1964; $4,000
1965 and $5,000 in 1966, giving a
VICTORIA,
$101,000 street
Antonio, at a price of
basis of aoout
3.30%.
VIRGINIA
.
Superintendent of Schools that the $35,000 school bonds sold recently, as
noted in these columns—V. 144, p. 4057—were purchased by the
State
Department of Education (not the First National Bank of Angleton),
paying par on the bonds divided as follows: $15,000, as
and $20,000
as 48.
Coupon bonds, dated June 8, 1937.
Denon. $500.
Due in 1955.
Interest payable April and Sept. 1.
$325,146 for
correctional costs.
resources;
231,289 for eleemosynary and
$2,156,849 for
$1,932,069 for
development and con¬
legislative costs; and $6,-
Va.—BOND SALE—
funding bonds offered
by the Cumber¬
received, according to
1937. Due $3,000
DICKENSON COUNTY (P. O. Clintwood),
The $30,000 issue of 4% coupon semi-annual school
for sale on July 1—V. 144, p. 4225—was purchased at par
land Bank & Trust Co. of Clintwood, the only bid
the Clerk of the County School Board.
Dated June 1,
from June 1, 1939 to 1948.
Va .—BOND OFFERING—It is stated by Landon
Comptroller, that he will receive sealed bids until 5 p.
""rTcHMOND,
storm
Edwards, City
Rauscher, Pierce & Co. of Dallas were second high, bidding
$300, $400 and $500. Interest payable Jan. 1 and July 1.
b.
m.
(Eastern Standard Time) on July 15, for the
000 3% coupon or registered public improvement
Dated July 1, 1937. Due $75,000 from July 1,
sewer bonds,
bearing 4% interest, offered on June 25—V. 144, p.
4389—were awarded to Mahan, Dittmar & Co. of San Antonio at 103.27.
20 years.
103.20. Denom.
Due serially in
,
r ECTOR COUNTY (P. O. Odessa), Texas—BOND SALE—The State
of Texas recently purchased $135,000 courthouse bonds, bearing interest at
3K% and 3M %, from the county.
(P. O. Sulphur Springs)
5% bonds are being
HOPKINS COUNTY ROAD DISTRICTS
Texas—BOND
CALL—It is said
that the following
National Bank of Dallas, on Aug. 1, on
called for
payment at the First
which date interest shall cease:
of Road District No. 1, numbered 105 to 172.
Dated
March 1, 1916.
5,000 bonds of Road District No. 2, numbered 17 to 21. Dated June 15.
$68,000 bonds
purchase of an issue of $1,500,bonda• Denomu $1,000.
1938 to 1957 incl Prin. and
int. (J. & J.) payable at the office of the City Comptroller or (at the option
of the holder), unless the bonds be registered, at the Bankers Trust Co.,
New York, or other fiscal agent of the city in New York.
The purchaser
will be furnished with the legal approving opinion of Reed. Hoyt & Wash¬
burn
of New York,
certifying that the
said bonds are general
obligations
under the supervisions
the genuineness of the
signatures of the officials and the seal impressed thereon. A certified check
for 1H % of the face amount of the bonds bid for is required.
(This report supersedes the offering notice given in our issue of June 26
of the city as a
of the Bankers
V. 144, p.
whole. The bonds will be prepared
Trust Co., which will certify as to
4389.)
1916.
5,000 bonds of Road District No. 5, numbered 15 to 19.
Dated Aug. 1,
1918.
_
NORTHWESTERN MUNICIPALS
Washington—Oregon—Idaho—Montana
KARNES COUNTY ROAD DISTRICT NO. 4 (P. O. Karnes City),
Texas—BOAT) SALE—An issue of $30,000 4^ % road bonds was disposed
or
by the district
of
about
on
4.47%.
payaole A. & O.
June 30 at
a
price of $30,101, equal to 100.33, a basis
Denom.
$1,000.
Dated April 10, 1937.
Interest
Due $2,000 yearly on April 10 from 1945 to 1959.
KENEDY, Texas—BONDS SOLD—It is stated by the City Secretary
that the $20,000 city hall bonds approved by the voters last March, as
noted in these columns at that time, have been purchased by the W. K
<DnimWbr, Ehrlkhman & White
SAN FRANCISCO
SEATTLE
Teletypes
SEAT 187, SEAT
188
Teletype SF 296
Ewing Co. of San Antonio.
Tex.—BOND ELECTION—An election has been called
will decide whether or not the following
school improvement bonds, $15,000 water
improvement bonds and $15,000 street improvement bonds.
LAMPASAS,
for July 14 at which the voters
bonds should be issued: $65,000
works
LA PORTE INDEPENDENT SCHOOL
DISTRICT (P. O. La Porte)
Texas—BONDS NOT SOLD—The two issues of bonds aggregating $115,000
offered for sale
on
June 28—V.
144, p. 4389—were not sold, according
The bonds are divided as follows:
building, and $40,000 high school gymnasium
report.
_
to*
$75,000 elementary school
bonds.
McCANEY INDEPENDENT SCHOOL DISTRICT (P. O. McCaney).
is stated by the District Secretary
refunding bonds purchased by the State
as noted here recently—V. 144, p. 3879-—were sold
at par.
Dated April 18, 1937.
Due from April 10, 1938 to 1949 incl.,
optional on any interest payment date.
Denom. $1,000.
Interest payable
Texas—BOND SALE DETAILS—It
that
the
$272,000 4%
coupon
Board of Education,
April 1.
WASHINGTON
VP. O. Kelso).
Treasurer, will
$20,000 school addi4%. payable
Principal and interest
Treasurer s office.
required.
GRANT COUNTY HIGH SCHOOL DISTRICT NO. 115 (P. O.
Eohrata) Wash.—BOND OFFERING—It is reported that sealed bids
will be received until July 17. by R. Gibbons, County Treasurer, for the
purchase of a $30,000 issue of building bonds. Interest rate is not to exceed
COWLITZ COUNTY SCHOOL DISTRICT NO. 131
Wash
BOND OFFERING—H.
D. Renner, County
receive bids until 10 a. m. July 15, for the purchase of
tion construction bonds, to bear interest at no more than
annually.
Denom. $.500.
Dated July 1. 1937.
payable at the County Treasurer's office, or at the State
Due annually.
Certified check for 5% of amount of bid,
6%, payable
KING
—BOND
MONTGOMERY
COUNTY
(P.
O.
Conroe), Tex.—BONDS DE¬
election rejected a proposal
semi-annually.
COUNTY SCHOOL DISTRICT NO. 164 (P. O. Seattle), Wash.
OFFERING—Ralph S. Stacy, County Treasurer, will receive
bids until 11a.m.
July 17, for the purchase of $20,000 school addition con¬
Which are to bear interest at no more than 5% payable
2 to 20 years. Certified check for 5% of
FEATED—The voters of the county at a recent
struction bonds.
to issue
annually.
Due serially in from
amount of issue, payable to the
_
$2,500,000 road paving bonds.
NUECES COUNTY NAVIGATION DISTRICT
NO. 1 (P. O. Corpus
Christi) Texas—BOND SALE DETAILS—In connection with
of the $300,000 4% coupon semi-ann. dock construction revenue
the
State
National
Bank
of Corpus
bonds to
Christi, as noted in these columns
p. 4225—it is stated by the Port Director that the bonds
1, 1937, and mature on Aug. 1 as follows:
1938 and 1939, and $20,000, 1940 to 1951; subject to call after
years from date at par, plus accrued interest.
recently—V. 144,
were
sold at par, are dated Aug.
$30,000,
two
the sale
County Trequired.
SOUTH BEND,
Wash.—BOND ELECTION—We are
Charles H. Mills, City Clerk, that an election will be held
order to vote on the issuance of $90,000 in revenue bonds, of
will be issued to purchase the present water system.
SPOKANE COUNTY
informed by
on July 27 in
which $75,000
SCHOOL DISTRICT NO. 343 ,P. O. Spokane),
of $25,000 school bonds "offered on
Wrah.—BOND SALE—The issue
164
Financial
Chronicle
June 25—V. 144, p. 4058—was awarded
to Paine, Rice & Co. of
Spokane,
as 3
Ms. at par plus a premium of $21.45, equal to 100.0858, a basis of
about
3.49%.
Due in from 2 to 20 years after date of
issuance; redeemable after
five years.
Richards & Blum of Spokane offered a premium of
$326 for 4s.
WISHRAM SCHOOL DISTRICT NO.
92, Klickitat County, Wash.
W. Gray, County Treasurer, will receive
bids
until l p. m. July 9 at
Goldendale, for the purchase of $23,000 bonds of
Wishram School District No. 94.
Interest rate is not to exceed 5%,
payable
annually.
Denom. from $2,200 to $2,500.
Due serially for ten years.
Principal and interest payable at the County Treasurer's office, at the State
Treasurers office, or at the fiscal agency of the State of
Washington in
New York.
Certified check for 5% of amount of bid, required.
Tax rate,
1936, 34 mills.
Total tax
$517,732; uncollected, $111,971.
arrears,
1937
3,
$207,165; last year's levy,
Assets and Liabilities
Value of assets
Total debenture debt
—BOND OFFERING—J.
$1,232,036
674,602
Debenture Debt
General
$184,569
131,157
202,346
49,998
56,533
Local improvements
Hydro-electric
Water
works
Schools
-
$674,602
WISCONSIN
BEAVER DAM, Wis.—BOND SALE—The issue of
$60,000 3% coupon
coupon general liability water works improvement bonds offered on
June 28
—V. 144, p. 4226—was awarded to the Chancer
Securities Co. of
Chicago
a basis of about 2.30%.
Dated March 1, 1937.
Due on March 1 as follows: $3,000, 1938 and
1939;
$6, >00, 1940 to 1945; and $9,000, 1946 and 1947.
Harley, Haydon & Co.
of Madison, submitted the second
high bid, offering a premium of $2,280.
at par plus a premium of
July
$2,o40, equal to 10.390,
DUMMONDVILLE,
awarded
to
Que.—OTHER
BIDS—'The
the
$232,900
Banque Canadienne Nationale at a
previously reported—V. 144, p. 4390—were also bid for
4% bonds
price of 99.415, as
follows:
as
Bidder—
Rate Bid
„
L. G. Beaubien & Co
Hanson Bros., Inc
99.38
99.12
A. E. Ames & Co
Mead & Co
98.527
98.30
MADISON,
Wis.—BOND SALE—It is reported that the Channer
Securities Co., and T. E. Joiner &
Co., both of Chicago, purchased jointly
on June 24 a block of
$64,000 refunding bonds as 2}is, paying a premium of
$30, equal to 100.04.
The city is said to have purchased
$22,000 refunding bonds at the
time.
same
FOREST HILL, Ont.—BOND SALE—Wood,
Gundy & Co. of Toronto
awarded a new issue of $122,495 3 M % local improvement and fire hall
were
construction bonds at a price of 101.08, a basis of about
3.35%.
serially in from 1 to 20 years. Other bids were as follows:
Bidder—
STEVENS
POINT, Wis.—NOTE SALE—The city has arranged with
the T. E. Joiner Co. of
Chicago for a sale of $70,000 2M % corporate purpose
notes.
The notes arc dated June
22, 1937 and will be
payable Aug. 15,
1938, subject to redemption April 1, 1938.
UNIONTOWN, Wash.—BOND
and fire station
SALE—The $4,500 issue of
bonds offered for sale
on
June 29—V.
Surchased by the Farmers 15-year period, Uniontown
State Bank of redeemable
uly 1, 1937.
Due
over a
144,
town
hall
4225—was
p.
as 4s at par.
in 10 years.
Dated
WAUKESHA COUNTY JOINT SCHOOL DISTRICT
NO. 1 (P. O.
Pewaukee), Wis.—BONDS SOLD—H. F. Washburn, District Clerk,
states that $30,000 high school addition bonds
approved by the voters in
February have been purchased by the Channer Securities Co. of
Chicago.
Due
Rate Bid
Dominion Securities Corp
Dyment, Anderson & Co
R. A. Daly & Co
Bell, Gouinlock & Co
Cochran, Murray & Co
101.077
100.307
100.18
100.05
100.04
100.027
J. L. Graham & Co
Midland Securities Corp__
Harrison & Co..
99.72
99.31
Bartlett, Cayley & Co
98.59
MAGOG, Que.—BOND SALE—The issue of $80,000 school bonds offered
June 29— V. 144, p. 4390—was awarded to L. G. Beaubien & Co. of
as 3 Ms at a price of
96.09, a basis of about 3.82%.
Dated June 1,
1937, and due serially in from 1 to 30 years.
on
Montreal
WINNEBAGO
COUNTY (P. O.
Oshkosh), Wis.—BOND OFFERING
a. m.
(Central Standard Time), on
July 19, by Arthur E. Hedke, County Clerk, for the purchase of a
$550,000
issue of court house and jail
building bonds.
Interest rate is not to exceed
3%, payable M. & N.
Denom. $1,000.
Dated May 1, 1936.
Due
$50,000 from May 1, 1938 to 1948; optional on May 1, 1941, or on
any
interest payment date thereafter.
Rate of interest to be stated in multiples
of M of 1%, and must be the same for
all of the bonds.
The approving
opinion of Chapman & Cutler of Chicago, will be furnished.
The pur¬
chaser shall pay for the
printing of the bonds.
A certified check for 2%
of the par value of the
bonds, payable to the County Treasurer, must
accompany the bid.
—Sealed bids will be received until 10
WYOMING
HOT
SPRINGS
COUNTY SCHOOL DISTRICT NO. 9
(P. O.
Thermopolis) Wyo.—BOND SALE—The $97,600 issue of school
building
bonds offered for sale on June 28—V.
144, p. 4058—was awarded to Geo.
W. Vallery & Co., of Denver, and the American National Bank
of Cheyenne,
as 3Ms, at a price of
100.59, a basis of about 3.20%. Dated July 1, 1937.
Due from 1938 to 1962 incl.
OTTAWA,
Ont.—LOWERING
OF
NEW ISSUE SOON—A
reduction
debt from $22,900,000 to
BONDED
DEBT
the
outstanding
EXPECTED-
$21,700,000
in
city's
REGINA, Sask.—CONDITION OF SINKING FUND—Detailed report
of the trustees for the city sinking fund show total
sinking fund assets of
$7,505,181 at the end of 1936. This includes arrears of $867,424 of interest
and principal unpaid on investments held.
Levies due from the city were
$140,196.
Total sinking funds are stated to be $364,386 above the legal
redemption reserve requirements.
The grand total of the city's debenture
debt at Dec. 31, 1936, was $16,870,226, before
deducting sinking fund,
compared with $16,855,423 at the end of 1935.
SAINT JOHN,
N. B.—OTHER BIDS—The $100,000 3M% bonds
to a group composed of Wood,
Gundy & Co.; Bank of Nova
Scotia, and the Eastern Securities Co., at a price of 102.09, a basis of about
2.67%, as previously reported—V. 144, p. 4226—were also bid for as
awarded
follows:
Bidder—
RAWLINS, Wyo.—BOND CALL—It
is stated that all outstanding 5 M
%
water bonds are being called for
payment, interest to cease on Dec. 1.
We understand that holders desiring to
dispose of their bonds prior to the
call date are to communicate with Geo. W.
Vallery & Co. of Denver, which
company is said to be willing to pay a premium of $22.50
per thousand
with accrued interest from June 1 to date of
Due
delivery.
on
Dec. 1, 1952, optional on Dec.
1, 1937.
Dated Dec. 1,1922.
TORRINGTON, Wyo .—BONDS SOLD—It is stated by J. C. Ballard,
Town Clerk, that the $75,000 issue of
Improvement District No. 2 bonds
sale on June 4r—V. 14i, p. 3550—was purchased as follows:
$40,000 by the Stockgrowers National Bank of Cheyenne, as
4Ms, at par;
offered for
$25,000 by the town, and $10,000 to local investors.
debenture
is expected by the end of 1937.
The
city is expected to market $830,475 of debentures shortly for relief and
public works, but $2,100,000 of debentures will be paid off on July 1.
Rate Bid
Irving, Brennan & Co
W. C. Pitfield & Co
T. M. Bell & Co
101.57
101.41
101.38
100.28
-
Dominion Securities Corp
_
TAX RATE UP 54 CENTS—The city's tax rate for 1937 has been set at
$4.22 per $100, an increase of 54 cents over the 1936 rate. The total levy
for 1937 is $2,100,000, an increase of $215,992 over 1935. Assessed value of
property has been reduced $1,233,450 to $46,304,500.
The increase in the
tax rate is attributed to revision of
exemptions in income tax and the
decision
practice
from the
assess for
interest and sinking fund rather than pursue the
adopted for the past three years of taking such requirements
special assessment account set up from the remaining proceeds
to
of the sale of the harbor to the Dominion.
ST. THOMAS, Ont .—TAX COLLECTIONS HIGHER—Collections of
1937 taxes to the end of May have totaled $319,427, or 51.7% of the
year's levy.
In the corresponding period of 1936 49.7% of the current
levy was collected.
If arrears collected are included, the total collections
to the end of May, 1937, were
61.3% of the year's levy against 59% in
1936. Arrears collected so far this year have totaled $59,180, or 16.2% of
the total unpaid arrears at the beginning of the year.
Canadian Municipals
Information and Markets
SMITH FALLS, Ont .—BONDED DEBT REDUCED—A. reduction of
$97,442 in debenture debt features the financial statement of the above
municipality for 1936:
BRAWLEY, CATHERS & CO.
25
KING
ST. WEST,
TORONTO
ELGIN
6438
Income and Assessment Year Ended Dec. 31, 1936
Revenue
......
$102,662
102,976
4,573,223
957,300
_
Expenditure
Assessment value for taxation
CANADA
Exemptions not included above
ANNAPOLIS
ROYAL, N. S.—BOND SALE—The Eastern Securities
Co. of Halifax recently obtained award of
$12,000 4% improvement bonds
at
of 101.78, a basis of about 3.87%.
June 1, 1957.
Other bids were as follows:
a
price
Bidder—
Rate Bid
Dated June 1, 1937 and
Bidder—
Rate Bid
Cornell, MacGillivray, Ltd
101.17
Johnston & Ward
T. C. Douglas, Ltd
101.03
Dominion Securities Corp
Nova Scotia Bond Corp
100.69
Irving, Brennan & Co
Royal Securities Corp
100.63
100.28
99.72
99.57
BRANTFORD, Ont.—TAX COLLECTIONS IMPROVE—'Tax collections
to May 31, 1937, totaled $612,823
compared with $576,520 for the corre¬
sponding period of 1936.
Of the 1937 collections, $490,258 was current
levy and $122,565 on arrears.
When the $22,000 received from the Gov¬
ernment as a supplementary relief allowance is
added, the city treasury is
approximately $58,300 ahead this year so far as revenue is concerned.
BRIDGEWATER, N. S —BOND SALE—The
Halifax recently was awarded an issue of
$20,000 4% improvement bonds
price of 101.78, a basis of about 3.84%.
Dated July 1, 1937 and due
Other bids
were as
follows:
101.45
101.25
101.00
100.82
_
99.00
,
CANADA (Dominion of)—TREASURY BILLS SOLD—The Dominion
additional $25,000,000 on Treasury bills on June 30. Dated
July 2,
1937 and due Oct. 1, 1937. Average interest cost was 0.634%.
an
CHARLOTTETOWN, P. E. I.—BOND
SALE—The $209,500 improve¬
bonds offered on June 24—V. 144, p. 4390—were awarded to
Bell,
Gouinlock & Co. of Toronto, at a price of 96.61 for 3 Ms.
Bonds mature in
5, 10 and 15 years. Among the other bids were the following:
ment
Bidder—
Rate Bid
Eastern Securities Co
96.289
Wood, Gundy & Co
96.327
Dominion Securities Corp
R. A. Daly & Co. and associates
96.03
93.15
CHATHAM, ONT.—BONDED DEBT REDUCED $108,574—A reduction
in total debenture debt of $108,574 was effected
by the city which operates
under the city manager type of administration.
Tax collections in 1936
were
111.07% of the current year's levy.
The 1937 budget provides for
of $501,588 against $517,731 in 1936.
$137,110
918,274
—
Total debenture debt
Total sinking fund
Nil
Bank loans
60,000
Debenture Debt—
Public utilities
Local improvements:
$191,999
.
Ratepayers'share.
Municipality's share
_
..i...
.........
General
School
-
Total
308,725
288,037
94,618
34,896
$918,896
Public Utilities—
Net Profits
Waterworks-
Rate Bid
Acadia Trust Co
sold
$87,807.
Assets and Liabilities—
Value of assets
$1,840
9,681
Electric light
Bidder—
Johnston & Ward
T. C. Douglas, Ltd
Cornell, MacGillivray, Ltd
Irving, Brennan & Co
rate, 1936—General,
18.525; debenture, 13.687; school, 15.288;
mills.
Last year's tax levy, $254,847 uncollected, $40,806;
47.5
total tax arrears,
Eastern Securities Co. of
at a
in 15 years.
Tax
total,
SOREL, Que— BOND SALE— The $22,500 4% school bonds offered
on
June 29—V.
144, p. 4390—-were awarded to the Banque Canadienne
Nationale of Montreal, the only bidder, at a price of 98.57, a basis of about
4.21%. Dated July 2, 1937 and due serially in from 1 to 15 years.
SUDBURY, Ont.—ISSUANCE OF BONDS VIEWED
AS SOLUTION
OF DEBT PROBLEM—In
a final settlement of
Sudbury's debt problem,
by Premier Hepburn, the institutions ana estates
holding Sudbury debentures which are overdue have agreed to purchase a
new issue of
$409,000 of debentures, bearing interest at 4M % for a period
of 15 years.
These will replace debentures formerly hypothecated and held
by the Royal Bank of Canada for a capital loan bearing a rate of interest
from 5 to 6%.
The debentures will be callable at par, thereby allowing the
municipality to reduce its obligations before final maturity, if possible,
declared Mr. Hepburn.
The settlement is the result of
many conferences held between the On¬
tario Department of Municipal Affairs,
representatives of debenture hold¬
ers'
committees, municipal officials of Sudbury and bankers of that city.
It provides for payment in full of all the debenture
obligations matured up
to the present
date, and for the financing of the city by way of bank credit
for the present and future
years on the plan and basis of expenditures agreed
upon.
It is also the first refunding to be completed by the
Department
since Mr.
Hepburn assumed direction of it and since E. A. Horton of St.
Thomas was appointed
Deputy Minister.
'
as
announced
June
25
revenue
Income and Assessment—Year Ended Dec. 31, 1936
Cash receipts
Disbursements
Assessed value for taxation
$1,018,497
1,017,166
14,339,140
VERDUN, Que.—BOND SALE— The issue of $240,000 4% school bonds
offered oaJune 29—V.
144, p. 4390—was awarded to L. G. Beaubien &
Co. of Montreal at a
price of 97.54, a basis of about
1937, and due serially in from 1 to 30 years.
the loan.
4.22%.
Dated July 2,
There was only one bid for
@FedFRASER